MIRA INFORM REPORT

Report No. :	304278
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	COLOURTEX INDUSTRIES PRIVATE LIMITED (w.e.f. 03.03.2014)
Formerly Known As :	COLOURTEX INDUSTRIES LIMITED (w.e.f. 20.03.2007) COLOURTEX INDUSTRIES PRIVATE LIMITED PANDESARA DYES AND INTERMEDIARIES PRIVATE LIMITED
Registered Office :	S. No.80, Bhestan, G.I.D.C., Pandesar, Surat – 394221, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.10.1989
Com. Reg. No.:	04-012922
Capital Investment / Paid-up Capital :	Rs.45.811 Millions
CIN No.: [Company Identification No.]	U24231GJ1989PTC012922
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTP00070A
PAN No.: [Permanent Account No.]	AABCP6359B
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of Manufacturing and Trading of Dyes and Intermediates.
No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 16300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track record. Management has seen a better increase in its sales volume as well as net profitability during 2014. The company possesses a healthy financial profile marked by decent networth. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	05.08.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	05.08.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Vinod Patel
Designation :	Accounts Manager
Contact No.:	91-9825041931

LOCATIONS

Registered Office/ Factory 1 :	S. No.80, Bhestan, G.I.D.C., Pandesar, Surat – 394221, Gujarat, India
Tel. No.:	91-261-2890122
Mobile No.:	91-9825041931 (Mr. Vinod Patel)
Fax No.:	91-261-2891011
E-Mail :	vinod@colourtex.co.in colourtexind@drdcs.net mitul.naik@colourtex.co.in mitulnaik30@gmail.com sales.ludhiana@colourtex.co.in
Website :	www.colourtex.co.in
Location :	Owned
Locality :	Industrial
Head Quarter :	Survey No.91, Opposite Navin Fluorine Industries, Bhestan, Surat – 395023, Gujarat, India
Tel. No.:	91-261-2897800/ 801/ 802
Fax No.:	91-261-2892364/ 2890080
E-Mail :	sales.surat@colourtex.co.in
Factory 2 :	Survey No.74/79/80, Plot No.158/15 to 19, 19, 438-1, 2, 3, 4, Bhestan G.I.D.C., Pandesara, Surat – 394 221, Gujarat, India
Tel. No.:	91-261-2891428/ 2891429/ 2897800/ 801/ 802
Fax No.:	91-261-2890080/ 2892364
E-Mail :	colourtex@vsnl.com sales.surat@colourtex.co.in colourtexind@drdcs.net info@colourtex.co.in
Website :	www.colourtex.co.in
Area :	69000 Sq. Mtrs. (Land area – 80000 Sq. mtrs.)
Location :	Owned
Factory 3 :	Kim, Karanj, Bhestan, District Surat, Gujarat, India
Factory 4 :	Survey No.75/50/80, Plot No.158, Bhestan, GIDC, Pandesara, Surat – 394221, Gujarat, India
Factory 5 :	Plot No. 8108/2, 288/1-2, 289/2 G.I.D.C., Sachin, Surat – 394230, Gujarat, India
Overseas Office 1 :	Colourtex Inc. 8000 Corporate Lane Drive, Suite # 105, Charlotte, NC 28226, USA
Tel. No.:	+ 1 704 540 1528
Fax No.:	+ 1 704 540 1529
E-Mail :	ctxdyes@bellsouth.net
Overseas Office 2 :	Colourtex (Asia Pacific) Limited Unit 01, 11/F, Technology Plaza, 651, King's Road, North Point, Hong Kong
Tel. No.:	+852 35273633
Fax No.:	+852 35273661
E-Mail :	richardchow@colourtexap.com
Branch Offices :	Plot No HB 17, Phase VI, Focal Point, Opposite Raghav Woolen Mills, Ludhiana – 414010, Punjab, India Tel No.: 91-161-2670286 Also Located At: Ahmedabad Bhilwara Chandigarh Chennai Ghaziabad Ichhalkaranji Mumbai Tirupur
Sales Office :	Located at: Bangalore Delhi Gorakhpur Hyderabad Kanpur Kolkata

DIRECTORS

As on 30.09.2014

Name :

Mr. Jayantilal Thakordas Jariwala

Designation :

Managing Director

Address :

3, Etka, Opposite Trinidhi Apartment, Ghad Dod Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

04.11.1943

Qualification :

B Com

Date of Appointment :

02.03.2011

DIN No.:

00110103

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24114GJ1982PLC066278	COLOURTEX LIMITED	Director	15/11/1983	15/11/1983	-	Amalgamated	NO
2	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Managing director	03/03/2011	22/09/1989	-	Active	NO
3	U24231GJ1989PTC012917	COLOURTEX EXPORTS PRIVATE LIMITED	Director	23/10/1989	23/10/1989	-	Amalgamated	NO
4	U24231GJ1989PTC013037	ANTHRACOL DYES AND INTERMEDICATES PRIVATE LIMITED	Director	22/11/1989	22/11/1989	-	Amalgamated	NO
5	U27100GJ1974PTC002605	VIJAY FOUNDRY AND MACHINE WORKS PRIVATE LIMITED	Director	20/05/2000	20/05/2000	-	Active	NO
6	U63022GJ1995PTC026971	COLOURTEX MARKETING PRIVATE LIMITED	Director	01/01/2003	01/01/2003	-	Amalgamated	NO
7	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Managing director	03/03/2011	02/03/2011	-	Active	NO
8	U45201GJ2003PTC042773	DHANESH ENTERPRISE PRIVATE LIMITED	Managing director	03/03/2011	02/03/2011	-	Active	NO
9	U24231GJ1989PTC012922	COLOURTEX INDUSTRIES Private Limited	Managing director	03/03/2011	02/03/2011	-	Active	NO
10	U45203GJ2014PTC081152	JENIL ENTERPRISE PRIVATE LIMITED	Director	08/12/2014	08/12/2014	-	Active	NO

Name :

Mr. Vishadkumar Jayantilal Jariwala

Designation :

Director

Address :

4, Etka, Opposite Trinidhi Apartment, Ghaddod Road, Surat – 395007, Gujarat, India

Date of Birth/Age :

26.09.1975

Qualification :

B Com

Date of Appointment :

29.12.1994

DIN No.:

00076314

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1989PTC013039	JAYCOL INDUSTRIES PRIVATE LIMITED	Director	16/08/1993	16/08/1993	-	Amalgamated	NO
2	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Director	10/09/1993	10/09/1993	-	Active	NO
3	U24299GJ1982PTC005533	COLOUR SYNTHE INDUSTRIES PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Amalgamated	NO
4	U24231GJ1989PTC012917	COLOURTEX EXPORTS PRIVATE LIMITED	Director	18/07/1994	18/07/1994	-	Amalgamated	NO
5	U24231GJ1989PTC012922	COLOURTEX INDUSTRIES Private Limited	Director	29/12/1994	29/12/1994	-	Active	NO
6	U24114GJ1982PLC066278	COLOURTEX LIMITED	Director	02/06/1997	02/06/1997	-	Amalgamated	NO
7	U72200MH2000PTC124590	COCONUT SOFTWARES PRIVATE LIMITED	Director	31/10/2000	31/10/2000	26/10/2007	Active	NO
8	U24124GJ2000PTC039091	VI COL PRIVATE LIMITED	Director	07/12/2002	07/12/2002	-	Amalgamated	NO
9	U45201GJ2003PTC042773	DHANESH ENTERPRISE PRIVATE LIMITED	Director	21/08/2003	21/08/2003	-	Active	NO
10	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Director	05/02/2004	05/02/2004	-	Active	NO
11	U17119GJ2003PTC042080	PARTH PRINTS PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Amalgamated	NO
12	U24100GJ2010PTC059677	CORA FINE CHEM PRIVATE LIMITED	Director	23/02/2010	23/02/2010	-	Amalgamated	NO
13	U17120GJ2010PTC060198	VENUS SILK PRIVATE LIMITED	Director	07/04/2010	07/04/2010	-	Amalgamated	NO
14	U17120GJ2011PTC070079	CONAC TEXTILES PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Amalgamated	NO
15	U17200GJ2011PTC070078	JTJ CHEMICALS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Amalgamated	NO
16	U45203GJ2014PTC081152	JENIL ENTERPRISE PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO

Name :

Mr. Kanakkumar Jayantilal Jariwala

Designation :

Director

Address :

3, Etka, Opposite Trinidhi Apartment, Ghad Dod Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

17.11.1973

Qualification :

BSC

Date of Appointment :

18.01.1994

DIN No.:

00110182

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24114GJ1982PLC066278	COLOURTEX LIMITED	Director	10/09/1993	10/09/1993	-	Amalgamated	NO
2	U24231GJ1989PTC012922	COLOURTEX INDUSTRIES Private Limited	Director	18/01/1994	18/01/1994	-	Active	NO
3	U24231GJ1989PTC012917	COLOURTEX EXPORTS PRIVATE LIMITED	Director	18/07/1994	18/07/1994	-	Amalgamated	NO
4	U24231GJ1991PTC016030	JAYTEE CHEM PRIVATE LIMITED	Director	29/12/1994	29/12/1994	-	Amalgamated	NO
5	U24299GJ1982PTC005533	COLOUR SYNTHE INDUSTRIES PRIVATE LIMITED	Director	02/01/1995	02/01/1995	-	Amalgamated	NO
6	U24231GJ1989PTC013039	JAYCOL INDUSTRIES PRIVATE LIMITED	Director	01/03/1995	01/03/1995	-	Amalgamated	NO
7	U27100GJ1974PTC002605	VIJAY FOUNDRY AND MACHINE WORKS PRIVATE LIMITED	Director	20/05/2000	20/05/2000	-	Active	NO
8	U17119GJ1981PTC004517	VAKHARIA SILK MILLS private limited	Director	01/08/2000	01/08/2000	-	Amalgamated	NO
9	U63022GJ1995PTC026971	COLOURTEX MARKETING PRIVATE LIMITED	Director	01/01/2003	01/01/2003	-	Amalgamated	NO
10	U45201GJ2003PTC042773	DHANESH ENTERPRISE PRIVATE LIMITED	Director	21/08/2003	21/08/2003	-	Active	NO
11	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Director	05/02/2004	05/02/2004	-	Active	NO
12	U17119GJ2003PTC042080	PARTH PRINTS PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Amalgamated	NO
13	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Director	30/09/2011	02/03/2011	-	Active	NO
14	U24224GJ2011PTC066072	VIPAN COLOUR CHEMICALS PRIVATE LIMITED	Director	28/06/2011	28/06/2011	-	Amalgamated	NO
15	U52310GJ2011PTC066082	COLOURTEX CHEMICALS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Amalgamated	NO
16	U45203GJ2014PTC081152	JENIL ENTERPRISE PRIVATE LIMITED	Director	31/10/2014	31/10/2014	-	Active	NO

Name :

Mr. Maheshchandra Dhansukhlal Kabutarwala

Designation :

Director

Address :

4, Etka Society, Opposite Mamta Apartment, Ghad Dod Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

16.11.1965

Qualification :

B Com

Date of Appointment :

22.09.1993

DIN No.:

00110317

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1989PTC013037	ANTHRACOL DYES AND INTERMEDICATES PRIVATE LIMITED	Director	25/11/1989	25/11/1989	-	Amalgamated	NO
2	U24231GJ1989PTC012922	COLOURTEX INDUSTRIES Private Limited	Director	22/09/1993	22/09/1993	-	Active	NO
3	U24299GJ1982PTC005533	COLOUR SYNTHE INDUSTRIES PRIVATE LIMITED	Director	16/11/1999	16/11/1999	-	Amalgamated	NO
4	U05003GJ2007PTC050627	KM INDIGOS PRIVATE LIMITED	Director	23/04/2007	23/04/2007	-	Amalgamated	NO
5	U45203GJ2007SGC051232	PANDESARA INFRASTRUCTURE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO

Name :

Mr. Pravinchandra Dhansukhlal Kabutarwala

Designation :

Director (Operating and HRD)

Address :

4, Etka Society, Opposite Mamta Apartment, Ghad Dod Road, Surat – 395001, Gujarat, India

Date of Birth/Age :

03.10.1956

Qualification :

BSC

Date of Appointment : 

23.10.1989

DIN No.:

00110351

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24299GJ1982PTC005533	COLOUR SYNTHE INDUSTRIES PRIVATE LIMITED	Director	24/09/1982	24/09/1982	-	Amalgamated	NO
2	U24231GJ1989PTC012922	COLOURTEX INDUSTRIES Private Limited	Director	23/10/1989	23/10/1989	-	Active	NO
3	U24231GJ1989PTC013039	JAYCOL INDUSTRIES PRIVATE LIMITED	Director	16/08/1993	16/08/1993	-	Amalgamated	NO
4	U24231GJ1989PTC012917	COLOURTEX EXPORTS PRIVATE LIMITED	Director	02/10/1995	02/10/1995	-	Amalgamated	NO
5	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Director	02/10/1995	02/10/1995	-	Active	NO
6	U27100GJ1974PTC002605	VIJAY FOUNDRY AND MACHINE WORKS PRIVATE LIMITED	Director	20/05/2000	20/05/2000	-	Active	NO
7	U17119GJ1981PTC004517	VAKHARIA SILK MILLS private limited	Director	01/08/2000	01/08/2000	-	Amalgamated	NO
8	U45201GJ2003PTC042773	DHANESH ENTERPRISE PRIVATE LIMITED	Director	21/08/2003	21/08/2003	-	Active	NO
9	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Director	05/02/2004	05/02/2004	-	Active	NO
10	U24100GJ2010PTC059677	CORA FINE CHEM PRIVATE LIMITED	Director	23/02/2010	23/02/2010	-	Amalgamated	NO
11	U17120GJ2010PTC060198	VENUS SILK PRIVATE LIMITED	Director	07/04/2010	07/04/2010	-	Amalgamated	NO
12	U17120GJ2011PTC070079	CONAC TEXTILES PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Amalgamated	NO
13	U17200GJ2011PTC070078	JTJ CHEMICALS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Vinod Patel
Designation :	Accounts Manager
Name :	Mr. Chirag
Designation :	Finance Department

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Jayantilal Jariwala	1068492
Kanakkumar Jariwala	490950
Vishadkumar Jariwala	484899
Rameshchandra Kabutarwala	475895
Pravinchandra Kabutarwala	495652
Bipinchandra Kabutarwala	471669
Maheshchandra Kabutarwala	490032
Shilpa Jariwala	3200
Urmila Asumati Trust (Proprietor of Shree Corporation Trustee-Jayantilal Thakordas), India	346
Thakor Private Trust Trustee- Vishadkumar Jariwala	2
Total	3981137

Names of Shareholders (Preference Shares)	No. of Shares
Jayantilal Jariwala	48000
Kanakkumar Jariwala	36000
Vishadkumar Jariwala	36000
Rameshchandra Kabutarwala	60000
Pravinchandra Kabutarwala	60000
Bipinchandra Kabutarwala	48000
Maheshchandra Kabutarwala	48000
Bhavesh Kabutarwala	12000
Jenish Kabutarwala	24000
Ketan Kabutarwala	24000
Jagrutiben Kabutarwala	24000
Urmilaben Jariwala	24000
Hemlataben Kabutarwala	24000
Ishwariben Kabutarwala	24000
Ushaben Kabutarwala	12000
Shyam Kabutarwala	24000
Shilpa Jariwala	12000
Jyotiben Jariwala	24000
Jay Kabutarwala	24000
Krunal Kabutarwala	12000
Total	600000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the business of Manufacturing and Trading of Dyes and Intermediates.

Products :

Product Description	Item Code No. (ITC Code)
Synthetic Organic Dyes Other Organic Dyes, Other Organic Surface Active Agent	32041119

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Dyes and Intermediates

Countries :

• America
• China

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Actual Production
S.O. Dyes	2131592
Dyes Intermediates	29678
Organic Surface Active Agents	1013
Misc. Chemical Products	250162
Intermediates	1324263
Mineral Fuel, Oils, etc.	4500
Articles of Plastics	5

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

5000 (Approximately)

Bankers :

· Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380006, Gujarat, India

· Dena Bank, Bhestan Branch, Bhestan, Gujarat, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

• IDBI Bank Limited

· Bank of Baroda

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	375.984	372.531
SHORT TERM BORROWINGS
Working capital loans from banks	1649.688	921.803
Other loans and advances, others	418.510	418.379
Total	2444.182	1712.713

Notes:

Secured / Long term borrowings:

The company has availed Term Loan facility of Rs.300.000 Millions from IDBI Bank Limited. for acquiring thermal power boiler & evaporator plant. The said term loan is secured against all the assets created from said loan as first charge and on all the present and future total current assets of the company as second pari-passu charge. The rate of interest for the said loan is BBR + 75 bps with annual review of spread The said loan is repayable in monthly Installments of Rs.7.693 Millions starting from July, 2014.

Moreover, the company has also availed ECB term loan facility from Standard Chartered Bank, London for USD 12.2 million for acquiring plant & machinery named as S10 plant at Sachin unit. The rate of Interest for the said term loan is LIBOR + 2.40% p.a. However, the company has entered into interest rate swap and thereby, interest rate has been fixed at 5.72%. The said term loan is secured against all the movable assets, either present or future, of the company. The loan is repayable in Quarterly Installments of 6.25% of the total principal amount. The current maturities for the said term loan is $ 2287500. The company has given fixed deposit of Rs.35.000 Millions as a margin money. The company has also signed undertaking that its unsecured loans from promoters/directors/shareholders shall always be maintained at Rs.750.000 Millions or more.

Secured / Short term borrowings:

The company has availed Term Loan facility from IDBI Bank Limited. for acquiring plant and machinery. The said term loan is secured against all the plant and machineries acquired from said loan as first charge and on all the unencumbered movable fixed asset of the company situated at sachin unit of the company. The rate of interest for the said loan is BPLR -2.25% p.a. The said loan is repayable in monthly Installments of Rs.6.479 Millions.

Moreover, the company has also availed ECB term loan facility from Standard Chartered Bank, London for USD 12.2 million for acquiring plant & machinery named as S10 plant at Sachin unit. The rate of Interest for the said term loan is LIBOR + 2.40% p.a. However, the company has entered into interest rate swap and thereby, interest rate has been fixed at 5.72%. The said term loan is secured against all the movable assets, either present or future, of the company. The loan is repayable in Quarterly Installments of 6.25% of the total principal amount. The current maturities for the said term loan is $ 2287500. The company has given fixed deposit of Rs.35.000 Millions as a margin money. The company has also signed undertaking that its unsecured loans from promoters/directors/shareholders shall always be maintained at Rs.75 Millions or more.

Auditors :
Name :	S.N.K. and Company Chartered Accountants
Address :	45, Sai Nagar Society, Behind Bhulka Bhavan School, Adajan Road, Surat – 395009, India
Tel. No.:	91-261-2656273-4/ 6544791-2/ 3299540-47
Fax No.:	91-261-2656868
E-Mail:	snk@snkca.com snk@youtele.com
Website :	www.snkca.com
PAN No.:	AAJFS8455L
Memberships :	--
Collaborators :	--
Subsidiary Company :	Name: C T X Dyestuffs Private Limited Address: S. No.80, Bhestan, G.I.D.C., Pandesar, Surat – 394221, Gujarat, India Line of Business: Manufacturer of Textile Yarn.
Related Parties :	CTX Lifescience Private Limited C M C Industries Shree Corporation Thakor Private Trust Bhavin Textiles Bhavin Industries Coconut Software Private Limited Colourtex Inc. Colourtex (Asia Pacific) Limited Coltex. S.A Coltex Brasil Productos Textiles Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
22230000	Equity Shares	Rs.10/- each	Rs.222.300 Millions
7650000	Preference Shares	Rs.10/- each	Rs.76.500 Millions
	Total		Rs.298.800 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3981137	Equity Shares	Rs.10/- each	Rs.39.811 Millions
600000	Preference Shares	Rs.10/- each	Rs.6.000 Millions
	Total		Rs.45.811 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.811	38.311	38.306
(b) Reserves & Surplus	5,675.469	3,835.493	3,597.049
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	5,721.280	3,873.804	3,635.355
(3) Non-Current Liabilities
(a) long-term borrowings	3,187.524	3,644.391	3,315.832
(b) Deferred tax liabilities (Net)	19.107	2.324	0.000
(c) Other long term liabilities	9.505	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3,216.136	3,646.715	3,315.832
(4) Current Liabilities
(a) Short term borrowings	2,068.198	1,340.182	680.112
(b) Trade payables	3,657.472	2,532.264	2,460.365
(c) Other current liabilities	487.473	375.846	307.583
(d) Short-term provisions	619.693	151.527	50.501
Total Current Liabilities (4)	6,832.836	4,399.819	3,498.561
TOTAL	15,770.252	11,920.338	10,449.748
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2,971.670	2,976.075	2,691.218
(ii) Intangible Assets	2.585	4.308	5.410
(iii) Capital work-in-progress	298.252	149.582	538.803
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	26.548	26.548	26.516
(c) Deferred tax assets (net)	0.000	0.000	13.246
(d) Long-term Loan and Advances	104.320	126.623	159.355
(e) Other Non-current assets	93.254	92.851	19.978
Total Non-Current Assets	3,496.629	3,375.987	3,454.526
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4,322.704	3,351.523	2,932.203
(c) Trade receivables	5,543.267	3,964.373	3,222.382
(d) Cash and cash equivalents	652.726	432.830	339.019
(e) Short-term loans and advances	1,754.926	795.625	501.618
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	12,273.623	8,544.351	6,995.222
TOTAL	15,770.252	11,920.338	10,449.748

PROFIT & LOSS ACCOUNT

	PARTICULARS				31.03.2014	31.03.2013	31.03.2012
	SALES
			Income		21,696.005	15,287.638	12,698.700
			Other Income		59.748	29.615	18.307
			TOTAL (A)		21,755.753	15,317.253	12,717.007
Less	EXPENSES
			Cost of Materials Consumed		15,813.252	11,065.231	9,311.648
			Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(414.563)	(244.483)	(225.625)
			Employee Benefits Expenses		837.948	642.653	521.555
			Other Expenses		2,706.358	2,380.653	2,129.005
			TOTAL (B)		18,942.995	13,844.054	11,736.583
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				2,812.758	1,473.199	980.424
Less	FINANCIAL EXPENSES (D)				494.414	480.306	336.930
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				2,318.344	992.893	643.494
Less	DEPRECIATION/ AMORTISATION (F)				616.426	620.784	546.347
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)				1,701.918	372.109	97.147
Less	TAX (H)				601.283	133.041	35.660
	PROFIT/(LOSS) AFTER TAX (G-H) (I)				1,100.635	239.068	61.487
	EARNINGS IN FOREIGN CURRENCY
				Export Earnings	7345.646	4305.610	3148.936
	TOTAL EARNINGS				7345.646	4305.610	3148.936
	IMPORTS
		Raw Materials			NA	3541.146	2875.427
		Capital Goods			NA	15.560	19.413
		Advance for Capital Goods			NA	0.000	17.518
	TOTAL IMPORTS				NA	3556.706	2912.358
	Earnings / (Loss) Per Share (Rs.)				337.63	73.99	19.03

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.07	1.56	0.48
Operating Profit Margin (PBDIT/Sales)	(%)	12.96	9.64	7.72
Return on Total Assets (PBT/Total Assets}	(%)	11.02	3.17	0.98
Return on Investment (ROI) (PBT/Networth)		0.30	0.10	0.03
Debt Equity Ratio (Total Debt /Networth)		0.92	1.29	1.10
Current Ratio (Current Asset/Current Liability)		1.80	1.94	2.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	38.306	38.311	45.811
Reserves & Surplus	3597.049	3835.493	5675.469
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3635.355	3873.804	5721.280
Long Term borrowings	3315.832	3644.391	3187.524
Short Term borrowings	680.112	1340.182	2068.198
Total borrowings	3995.944	4984.573	5255.722
Debt/Equity ratio	1.099	1.287	0.919

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	12,698.700	15,287.638	21,696.005
		20.387	41.919

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	12,698.700	15,287.638	21,696.005
Profit	61.487	239.068	1,100.635
	0.48%	1.56%	4.88%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans repayable on demand	2811.540	3271.860
Total	2811.540	3271.860

Notes:

Unsecured Long term borrowings from Directors and Shareholders:

As per the information and Explanation given to us by the management, all unsecured loans from directors and shareholders are long term borrowings. In view of provisions of Companies Act, 2013, some portion from the said unsecured loan may be repayable within 12 months from the balance sheet date. However, considering draft rules on the acceptance of loans by private companies, the said loans are considered as long-term borrowings only.

As per the information and Explanation given to us by the management, all unsecured loans from directors and shareholders are long term borrowings. Interest charged on said unsecured loans are also generally not repayble within 12 months from Balance sheet date.

CORPORATE INFORMATION

The company is a Private Company Domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of Manufacturing and Trading of Dyes and Intermediates.

OPERATIONS:

The performance of the company during the year 2013-14 was satisfactory. The company has earned net revenue of Rs.21696.005 Millions from operations and Rs.59.748 Millions from other sources for the year. After providing an expenditure of Rs.20053.835 Millions and taxes of Rs.601.283 Millions, the company has earned Net Profit of Rs.1100.635 Millions.

ALLOTMENT OF SHARES UNDER THE SCHEME OF AMALGAMATION:

The scheme of amalgamation of Colourtex Chemicals Private Limited, Conac Textiles Private Limited, JTJ Chemicals Private Limited, Venus Silk Private Limited and Vipan Colour Chemicals Private Limited with our Company has been sanctioned and approved by the Hon’ble High Court of Gujarat vide its order dated 27.01.2014. As per the scheme of amalgamation, equity shares of our company are issued to the shareholders of Colourtex Chemicals Private Limited, Conac Textiles Private Limited, JTJ Chemicals Private Limited, Venus Silk Private Limited and Vipan Colour Chemicals Private Limited in the ratio approved in the scheme of amalgamation.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10429532	15/12/2013 *	700,000,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	B95868410
2	10295304	19/12/2011 *	550,000,000.00	Standard Chartered Bank	Abhijeet Ii, Ground Floor,, Near Mithakali Six Roads,, Ahmedabad, Gujarat - 380006, India	B28170983
3	10208255	09/10/2012 *	750,000,000.00	Standard Chartered Bank	Abhijit Ii, Ground Floor, Near Mithakhali Six Road, Ahmedabad, Gujarat - 380006, India	B65403362
4	10097978	05/02/2010 *	1,136,800,000.00	Idbi Bank Limited	Ess En House, Ghod Dod Road, Surat, Gujarat - 395001, India	A79591194
5	10015403	10/07/2006	20,000,000.00	The Surat People's Co.Op Bank Limited	Vasudhara Bhavan, Timaliawad, Nanpura, Surat, Gujarat - 395001, India	A02325090
6	90160885	30/12/1996 *	50,000,000.00	State Bank Of India	Salabat Pura, Surat, Gujarat, India	-
7	90315433	21/03/1995	9,000,000.00	Gujarat State Financial Corporation	Jaldarshan Building, Ashram Road, Ahmedabad, Gujarat, India	-
8	90166260	19/10/1994 *	5,000,000.00	Canara Bank	Patel Chambers, Nanpura, Surat, Gujarat - 395001, India	-
9	90108849	11/02/1992	4,900,000.00	State Bank Of India	Salabatpura Branch, Salabatpura, Surat, Gujarat, India	-
10	90162237	28/06/1989 *	6,100,000.00	Gujarat Indudstrial Investment Corporation Limited	Chunnibhai Chambers, Asharam Road, Ahmedabad, Gujarat - 380009, India	-
11	90162045	14/06/1987 *	1,942,000.00	Gujarat State Financial Corporation	Jal Darshan Building, Ashram Road, Ahmedabad, Gujarat, India	-
12	90162037	28/04/1989 *	4,000,000.00	Gujarat State Financial Corporation	Jaldarshan Building, Ashram Road, Ahmedabad, Gujarat, India	-
13	90165926	30/01/1992 *	3,589,702.00	Canara Bank	Patel Chambers, Surat, Gujarat - 395001, India	-

*Date of modification Charges

FIXED ASSETS:

· Buildings

· Residential Building

· Factory Building

· Plant and Equipment

· Factory Equipments

· Vehicles

· Computer Equipments

· Office Equipments

· Land

· Furniture and Fixtures

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.