MIRA INFORM REPORT

Report No. :	302897
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	COLOUR CHROMES PRIVATE LIMITED
Registered Office :	17, Chittaranjan Avenue, 3^rd Floor, Kolkata - 700072, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.08.1996
Com. Reg. No.:	21-080808
Capital Investment / Paid-up Capital :	Rs.9.433 Millions
CIN No.: [Company Identification No.]	U24121WB1996PTC080808
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chromium Chemicals.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is well established company having satisfactory track record. As per Registrar of companies the date of balance sheet i.e. financial filed is shown as 31^st March 2014 but the date document related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for normal business dealings at usual trade terms and condition.

NOTES:

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 DENIED BY

Name :	Mr. Ashok Saraf
Designation :	Manager
Contact No.:	91-33-22215193
Date :	13.01.2014

LOCATIONS

Registered Office / Corporate Office / Head Office:	17, Chittaranjan Avenue, 3^rd Floor, Kolkata - 700072, West Bengal, India
Tel. No.:	91-33-22215191-93
Fax No.:	91-33-22251488
E-Mail :	contact@colourchromes.com
Website :	www.colourchromes.com
Manufacturing Facility 1:	Shri Goenka Mills, Station Road, Shivpur, Varanasi - 221003, Uttar Pradesh, India
Manufacturing Facility 2:	Plot No. E103 and B58, Sathariya Industrial Development Authority, Jaunpur – 222202, Uttar Pradesh, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Sashi Prasad Goenka

Designation :

Director

Address :

105, Southern Avenue, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

27.11.1950

Date of Appointment :

07.08.1996

PAN No.:

ADOPG4922A

DIN No.:

00170962

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	U24121WB1996PTC080808	COLOUR CHROMES PRIVATE LIMITED	Director	07/08/1996	07/08/1996	-	Active	NO
2	U70109WB1935PTC008327	VIGNESH PROPERTIES PRIVATE LIMITED	Director	25/01/1999	25/01/1999	28/02/2011	Active	NO
3	U45201RJ2011PTC036877	VIVAT BUILDERS PRIVATE LIMITED	Director	02/11/2011	02/11/2011	-	Active	NO
4	U51909WB2011PTC163394	SUBHBIJAY VANIJYA PRIVATE LIMITED	Additional director	28/09/2012	28/09/2012	01/12/2012	Active	NO
5	U51909WB2011PTC163363	LINKPLAN SALES PRIVATE LIMITED	Additional director	28/09/2012	28/09/2012	01/12/2012	Active	NO
6	U51909WB2011PTC163438	MEANTIME TRADELINK PRIVATE LIMITED	Additional director	28/09/2012	28/09/2012	01/12/2012	Active	NO

Name :

Mrs. Manju Goenka

Designation :

Director

Address :

105, Southern Avenue, Kolkata - 700029, West Bengal, India

Date of Birth/Age :

23.12.1952

Date of Appointment :

07.08.1996

PAN No.:

AGNPG4932E

DIN No.:

00304788

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	U24121WB1996PTC080808	COLOUR CHROMES PRIVATE LIMITED	Director	07/08/1996	07/08/1996	-	Active	NO
2	U45201RJ2011PTC036877	VIVAT BUILDERS PRIVATE LIMITED	Director	02/11/2011	02/11/2011	-	Active	NO

Name :

Mr. Apurva Goenka

Designation :

Director

Address :

105, Southern Avenue, Kolkata-700029, West Bengal, India

Date of Birth/Age :

11.01.1981

Date of Appointment :

25.09.2006

PAN No.:

AFAPG2396C

DIN No.:

00305146

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	U70109WB1935PTC008327	VIGNESH PROPERTIES PRIVATE LIMITED	Director	30/09/2002	30/09/2002	06/04/2009	Active	NO
2	U24119WB2004PTC098379	MAGNUS CHEMICALS PRIVATE LIMITED	Director	22/04/2004	22/04/2004	-	Active	NO
3	U24121WB1996PTC080808	COLOUR CHROMES PRIVATE LIMITED	Director	25/09/2006	25/09/2006	-	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares
Vishakha Goenka	120500
M P Goenka and Sons (HUF)	500
Sashi Prasad Goenka (HUF)	138000
Apurva Goenka	1218000
Manju Goenka	1301000
Sashi Prasad Goenka	1477000
Apurva Goenka (HUF)	12500
Magnus Chemicals Private Limited, India	448750
Total	4716250

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	9.52
Directors or relatives of Directors	90.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chromium Chemicals

Products :

Product Description	Item Code No. (ITC Code)
Chromic Acid Flakes	28191000
Chrome Oxide Green	28199000
Potassium Chromate	28415090
Sodium Chromate	28415010
Magnesium Carbonate	28369920
Sodium Sulphate	28331900

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Chromium Chemicals	MT	1216.79
Other Salts	MT	89.12

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

Axis Bank Limited, Corporate Banking Branch, 3rd Floor, AC Market, 1 Shakespeare Sarani, Kolkata - 700071, West Bengal, India

Facilities :

--

Auditors :
Name :	L B Jha and Company Chartered Accountant
Address :	GI, Gillander House, 8 Netaji Subhas Road, Kolkata-700001, West Bengal, India
Tel. No.:	91-33-22425858 / 5407 / 4277
Fax No.:	91-33-22420650 / 2230846
E-Mail :	lbjha@lbjha.com
PAN No.:	AABFL0464G
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4716250	Equity Shares	Rs.10/- each	Rs.47.163 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
943250	Equity Shares	Rs.10/- each	Rs.9.433 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.433	9.433	8.758
(b) Reserves & Surplus	66.558	60.580	43.229
(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)	75.991	70.013	51.987
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.093	0.823	0.709
Total Non-current Liabilities (3)	1.093	0.823	0.709
(4) Current Liabilities
(a) Short term borrowings	24.201	21.210	23.407
(b) Trade payables	3.166	36.339	51.278
(c) Other current liabilities	0.354	0.472	0.706
(d) Short-term provisions	5.298	2.448	2.625
Total Current Liabilities (4)	33.019	60.469	78.016
TOTAL	110.103	131.305	130.712
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.386	18.646	15.533
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.171	0.000	2.831
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.157
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.191	0.127	10.143
Total Non-Current Assets	30.748	18.773	28.664
(2) Current assets
(a) Current investments	0.000	0.000	7.500
(b) Inventories	27.945	19.526	52.234
(c) Trade receivables	25.162	37.935	25.550
(d) Cash and cash equivalents	11.111	32.579	1.206
(e) Short-term loans and advances	14.656	21.700	14.355
(f) Other current assets	0.481	0.792	1.203
Total Current Assets	79.355	112.532	102.048
TOTAL	110.103	131.305	130.712

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income			301.682	269.671
		Other Income			2.642	2.062
		TOTAL (A)		307.511	304.324	271.733
Less	EXPENSES
		Cost of Materials Consumed			188.737	176.203
		Purchase of Stock-in-trade			6.463	5.614
		Employee Benefits Expenses			87.689	76.727
		Other Expenses			7.233	(5.103)
		TOTAL (B)		298.682	290.122	253.441
				(Including Financial and Depreciation)
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				14.202	18.292
Less	FINANCIAL EXPENSES (D)				4.518	4.129
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				9.684	14.163
Less	DEPRECIATION/ AMORTISATION (F)				2.917	7.520
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			8.829	6.767	6.643
Less	TAX (H)			2.850	2.241	2.491
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			5.979	4.526	4.152
	IMPORTS
			CIF Value of Import	NA	116.064	154.040
	TOTAL IMPORTS			NA	116.064	154.040
	Earnings / (Loss) Per Share (Rs.)			6.34	5.17	4.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	NA	1.50	1.54
Operating Profit Margin (PBDIT/Sales)	(%)	NA	4.71	6.78
Return on Total Assets (PBT/Total Assets}	(%)	8.41	5.15	5.20
Return on Investment (ROI) (PBT/Networth)		0.12	0.10	0.13
Debt Equity Ratio (Total Debt /Networth)		0.32	0.30	0.45
Current Ratio (Current Asset/Current Liability)		2.40	1.86	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	8.758	9.433	9.433
Reserves & Surplus	43.229	60.580	66.558
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	51.987	70.013	75.991
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	23.407	21.210	24.201
Total borrowings	23.407	21.210	24.201
Debt/Equity ratio	0.450	0.303	0.318

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	271.733	304.324	307.511
		11.994	1.047

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	271.733	304.324	307.511
Profit	4.152	4.526	5.979
	1.53%	1.49%	1.94%

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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	No
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	No
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	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
SHORT TERM BORROWINGS
Loans Repayable on Demand
From Related Parties	19.215	21.210
From Others	4.986	0.000
Total	24.201	21.210

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10175464	08/05/2014 *	150,000,000.00	AXIS BANK LIMITED	Corporate Banking Branch, 3rd Floor, Ac Market, 1 Shakespeare Sarani, Kolkata, West Bengal - 700071, India	C05198031

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.10
UK Pound	1	Rs.94.09
Euro	1	Rs.73.42

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.