MIRA INFORM REPORT

Report No. :	312738
Report Date :	17.03.2015

IDENTIFICATION DETAILS

Name :	D. R. DYECHEM (INDIA) PRIVATE LIMITED
Registered Office :	B-1/8, Ashok Vihar, Phase-II, New Delhi-110052
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.05.2001
Com. Reg. No.:	55-111090
Capital Investment / Paid-up Capital :	Rs. 31.411 Million
CIN No.: [Company Identification No.]	U24119DL2001PTC111090
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 :	Subject is engaged in the business of Trading of Dyes and Chemicals Mainly used in textile Industries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 250000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a rise in its total revenue and profitability for the financial year 2013-14. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payments are reported to be 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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.

LOCATIONS

Registered Office :	B-1/8, Ashok Vihar, Phase-II, New Delhi-110052, India
Tel. No.:	91-11-27463391/27463392/27463393/42263266/70/27130379/27139106/22051580
Fax No.:	91-11-27463391
E-Mail :	indiancompany@gmail.com jindalca@yahoo.in

DIRECTORS

As on: 30.09.2014

Name :

Ms. Neena Khurana

Designation :

Director

Address :

H-2, Ashok Vihar, Phase I, Delhi – 110052, India

Date of Birth/Age :

28.04.1960

Date of Appointment :

31.05.2001

DIN No.:

01115385

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	U36911DL1999PTC102330	M.N.JEWELLERS PRIVATE LIMITED.	Director	08-11-1999	08-11-1999	-	Active	NO
2	U24119DL2001PTC111090	D R DYECHEM (INDIA) PRIVATE LIMITED	Director	31-05-2001	31-05-2001	-	Active	NO
3	U24114DL2001PTC111651	C.M.S. IMPEX (INDIA) PRIVATE LIMITED.	Director	12-07-2001	12-07-2001	-	Active	NO
4	U51909DL2002PTC115667	PUSHKAR PLAZA PRIVATE LIMITED	Director	04-06-2002	04-06-2002	-	Active	NO
5	U65910DL2003PTC121381	PUSHKAR CAPITAL (INDIA) PRIVATE LIMITED	Director	18-07-2003	18-07-2003	-	Active	NO

Name :

Mr. Sumir Khurana

Designation :

Director

Address :

H-2, Ashok Vihar, Phase I, Delhi – 110052, India

Date of Birth/Age :

14.10.1986

Date of Appointment :

16.10.2004

DIN No.:

00372734

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	U24119DL2001PTC111090	D R DYECHEM (INDIA) PRIVATE LIMITED	Director	16-10-2004	16-10-2004	-	Active	NO
2	U24114DL2001PTC111651	C.M.S. IMPEX (INDIA) PRIVATE LIMITED.	Director	16-10-2004	16-10-2004	-	Active	NO
3	U36911DL1999PTC102330	M.N.JEWELLERS PRIVATE LIMITED.	Director	24-02-2005	24-02-2005	-	Active	NO
4	U51909DL2002PTC115667	PUSHKAR PLAZA PRIVATE LIMITED	Director	25-02-2005	25-02-2005	-	Active	NO
5	U65910DL2003PTC121381	PUSHKAR CAPITAL (INDIA) PRIVATE LIMITED	Director	25-02-2005	25-02-2005	-	Active	NO

Name :

Ms. Mansi Khurana

Designation :

Director

Address :

H-2, Ashok Vihar, Phase I, Delhi – 110052, India

Date of Birth/Age :

15.04.1982

Date of Appointment :

31.05.2001

DIN No.:

00372765

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	U24119DL2001PTC111090	D R DYECHEM (INDIA) PRIVATE LIMITED	Director	31-05-2001	31-05-2001	-	Active	NO
2	U24114DL2001PTC111651	C.M.S. IMPEX (INDIA) PRIVATE LIMITED.	Director	12-07-2001	12-07-2001	-	Active	NO
3	U51909DL2002PTC115667	PUSHKAR PLAZA PRIVATE LIMITED	Director	01-06-2007	01-06-2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2014

Names of Shareholders	No. of Shares
Sumira Khurana	780000
Neena Khurana	610000
Mansi Khurana	10000
C.M. Khurana and Sons (HUF)	160000
C.S. Bhadauria (HUF)	200
Pushkar Capital India Private Limited, India	1004600
Shree Gopal Vyas (HUF)	4400
Priya Vyas	4000
Preeti Vyas	4000
Shree Gopal Vyas	4000
Devendra Nath	3264
Namo Resorts Private Limited, India	130000
Nepostel India Private Limited, India	70000
Evernew Software Solutions Private Limited, India	80000
Shivalik Myco Foods and Industries limited, India	30000
Stuti Holiday Resorts Limited, India	30000
Chinu Press and Prakashan Private Limited, India	5400
Sunder Builwell Limited, India	7400
Global Medicate Limited, India	2400
Shine Gold Builders Limited, India	2400
Fressia Infratech Limited, India	12000
Sharan Exports India Limited, India	8400
Symbolic Finance and Investment Private Limited, India	4000
swarna Buildwell Limited, India	8000
Monika Global Private Limited, India	166667
Total	3141131

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Bodies corporate	47.00
Directors or relatives of Directors	52.00
Other	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Trading of Dyes and Chemicals Mainly used in textile Industries.
Products :	--
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Union Bank of India, Khari Baoli, Delhi-110006, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Cash Credit Loan from UBI	51.695	66.618
Total	51.695	66.618

Auditors :
Name :	Jindal s Chartered Accountants
Address :	411, Vikas Deep, Laxmi Nagar District Centre, Delhi-110092, India
Tel. No.:	91-11-22051580
Mobile No.:	91-
Fax No.:	91-22054309
E-Mail :	jindalca@yahho.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFJ2192G
Memberships :	Not Available
Collaborators :	Not Available
Related parties :	CM Khurana and Sons HUF Pushkar Capital India Private Limited Pushkar Plaza Private Limited CMS Impex India Private Limited MN Jewellers Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs. 40.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
3,141,131	Equity Shares	Rs.10/- each	Rs. 31.411 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	31.411	29.745	29.745
(b) Reserves & Surplus	57.901	52.345	50.487
(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)	89.312	82.090	80.232
(3) Non-Current Liabilities
(a) long-term borrowings	7.165	3.654	10.227
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	7.165	3.654	10.227
(4) Current Liabilities
(a) Short term borrowings	51.695	66.618	54.337
(b) Trade payables	5.601	32.776	13.755
(c) Other current liabilities	2.043	1.762	1.234
(d) Short-term provisions	1.000	0.900	0.874
Total Current Liabilities (4)	60.339	102.056	70.200
TOTAL	156.816	187.800	160.659
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.528	2.301	3.025
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	17.770	27.770	17.770
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.379	2.326	2.329
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	22.677	32.397	23.124
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	30.103	31.985	26.586
(c) Trade receivables	97.168	99.865	84.424
(d) Cash and cash equivalents	5.855	22.649	25.776
(e) Short-term loans and advances	1.013	0.904	0.749
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	134.139	155.403	137.535
TOTAL	156.816	187.800	160.659

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	275.314	242.078	226.406
		Other Income	0.091	0.274	0.377
		TOTAL (A)	275.405	242.352	226.783
Less	EXPENSES
		Cost of Materials Consumed	239.383	213.557
		Purchases of Stock-in-Trade	1.882	(5.398)
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	20.701	21.034
		Employees benefits expense	5.310	4.734
		TOTAL (B)	267.276	233.927
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.129	8.425	224.082 (including Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		4.259	4.938
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.870	3.487
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.636	0.690
	PROFIT BEFORE TAX (E-F) (G)		3.234	2.797	2.701
Less	TAX (H)		1.000	0.900	0.876
	PROFIT AFTER TAX (G-H) (I)		2.234	1.897	1.825
	Earnings Per Share (Rs.)		0.75	0.62	0.61

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.81	0.78	0.81
Operating Profit Margin (PBIDT/Sales)	(%)	2.95	3.48	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.33	1.75	1.89
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.03
Debt Equity Ratio (Total Debt /Networth)		0.66	0.86	0.80
Current Ratio (Current Asset/Current Liability)		2.22	1.52	1.96

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	29.745	29.745	31.411
Reserves & Surplus	50.487	52.345	57.901
Net worth	80.232	82.090	89.312
long-term borrowings	10.227	3.654	7.165
Short term borrowings	54.337	66.618	51.695
Total borrowings	64.564	70.272	58.860
Debt/Equity ratio	0.805	0.856	0.659

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operation	226.406	242.078	275.314
		6.922	13.729

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operation	226.406	242.078	275.314
Profit	1.825	1.897	2.234
	0.81%	0.78%	0.81%

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	No
10]	Designation of contact person	No
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	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	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	No

FINANCIAL RESULTS:

Total Net Profit of Company for the year is Rs. 2.235 Million and Profit before tax is Rs. 3.235 during the year.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Related Parties	7.165	3.654
Total	7.165	3.654

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90057616	12/04/2014 *	49,000,000.00	UNION BANK OF INDIA	111/112, FATEHPURI,, KHARI BAOLI, DELHI -  110006, INDIA	C04172920

Date of charge modification

FIXED ASSETS:

· Electric Fitting

· Epabx and Telephone

· Type writter

· Recording Tread Machine

· Water Filter

· Computer

· Vehicle

· Furniture and Fixture

· Air Condtions

· Cooler

· Office Equipment

· Invertor

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.62.82
UK Pound	1	Rs.92.83
Euro	1	Rs.66.17

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.