MIRA INFORM REPORT

Report No. :	315106
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	SF DYES PRIVATE LIMITED
Formerly Known As :	SF DYES AND CHEMICALS PRIVATE LIMITED
Registered Office :	Hague Building, 9, Sportt Road, Ballard Estate, Mumbai – 400038, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.08.1979
Com. Reg. No.:	11-021522
Capital Investment / Paid-up Capital :	Rs.0.960 Million
CIN No.: [Company Identification No.]	U24200MH1979PTC021522
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 :	Subject is engaged in the manufacture of eco-friendly and solubilized sulphur dyes, pigments and auxiliaries and also engaged in the import and high-sea sales of textile chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established private limited liability company having moderate track record. The company has reported low profitability for the current year. Long term debt funds seems to be increasing. However, trade relations seems to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	ICRA
Rating	Long Term Fund Based Cash Credit = BB
Rating Explanation	Inadequate credit quality and high credit risk.
Date	September 2014

Rating Agency Name	ICRA
Rating	Short Term Non Funds Based Facility = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	September 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.

LOCATIONS

Registered Office :	Hague Building, 9, Sportt Road, Ballard Estate, Mumbai – 400038, Maharashtra, India
Tel. No.:	91-22-22658888
Fax No.:	91-22-22619099
E-Mail :	mumbai@sfdyes.com
Website :	http://www.sfdyes.com
Factory :	1012, Barton Centre, 84 MG Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-40061000
Fax No.:	91-80-25580424
Overseas Office :	1 North Bridge Road, 19-04, High Street Centre, Singapore - 179094
Tel. No.:	+65 3158 5100
Fax No.:	+65 3158 1445

DIRECTORS

As on 30.09.2014

Name :

Mr. Ravindra Surinder Arora

Designation :

Director

Address :

R/32 F. 3,W:P: 50 G, White House, Dr. Gopalrao Deshmukh Marg, Cumballa Hill, Mumbai - 400026, Maharashtra, India

Date of Appointment :

01.06.1992

PAN No.:

AAAPA6053B

DIN No.:

00050687

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	U24200MH1979PTC021522	SF DYES PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
2	U24200MH1979PTC021847	SF CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
3	U24220MH1994PTC083233	GARUDA COLOURS PRIVATE LIMITED	Director	01/02/1995	01/02/1995	-	Converted to LLP	NO
4	U67120MH1984PTC034104	RAJKAMAL ESTATES AND PROPERTIES PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
5	U70100MH1984PTC034099	AVISHKAR ESTATE AND PROPERTIES PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
6	U67190MH1998PTC116689	VISTA SERVICES PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Active	NO
7	U74910MH2003PTC139110	TELESOURCE EXECUTIVE SEARCH INDIA PRIVATE LIMITED	Director	07/06/2003	07/06/2003	-	Active	NO
8	U70100MH2005PTC156559	SOUTHCITY ESTATES PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Converted to LLP	NO
9	U70200MH2005PTC156583	DOCKSIDE PROPERTIES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	-	Active	NO
10	U85110KA1995PTC018810	DYNASTY STOCK HOLDINGS PRIVATE LIMITED	Director	10/01/2006	10/01/2006	-	Amalgamated	NO
11	U92199WB2000PTC092648	ARJOE ENTERTAINMENT INDIA PRIVATE LIMITED	Director	01/02/2007	01/02/2007	15/11/2009	Under liquidation	NO
12	U70101MH2007PTC166726	ELECTRA ESTATES PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Active	NO
13	U70109MH2007PTC166778	WHITE SEAS ESTATE PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Strike off	NO
14	U70101KL1995PTC008794	PET PROPERTIES AND CONSTRUCTIONS PRIVATE LIMITED	Director	21/09/2011	28/01/2011	-	Active	NO
15	U45201KA1995PTC017952	UDHYAMAN INVESTMENTS PRIVATE LIMITED	Director	21/09/2011	28/01/2011	-	Active	NO
16	AAB-3762	GREAT OAK ESTATES LLP	Designated Partner	11/03/2013	11/03/2013	-	Active	NO
17	AAC-7863	SOUTHCITY ESTATES LLP	Designated Partner	07/10/2014	07/10/2014	-	Active	NO
18	AAD-0210	GARUDA COLOURS LLP	Designated Partner	05/12/2014	05/12/2014	-	Active	NO

Name :

Mr. Rakesh Sachdev Fakirchand

Designation :

Director

Address :

R/11 F. 3,W:P: 50 G, White House, Dr. Gopalrao Deshmukh Marg, Cumballa Hill, Mumbai - 400026, Maharashtra, India

Date of Appointment :

02.08.1979

PAN No.:

AACPS0433R

DIN No.:

00195100

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	U24200MH1979PTC021522	SF DYES PRIVATE LIMITED	Director	02/08/1979	02/08/1979	-	Active	NO
2	U24200MH1979PTC021847	SF CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	02/11/1979	02/11/1979	-	Active	NO
3	U67120MH1984PTC034104	RAJKAMAL ESTATES AND PROPERTIES PRIVATE LIMITED	Director	24/09/1984	24/09/1984	-	Active	NO
4	U70100MH1984PTC034099	AVISHKAR ESTATE AND PROPERTIES PRIVATE LIMITED	Director	24/09/1984	24/09/1984	-	Active	NO
5	U70101MH1994PTC077639	BITRAG PROPERTIES PRIVATE LIMITED	Director	02/08/1995	02/08/1995	-	Active	NO
6	U24220MH1994PTC083233	GARUDA COLOURS PRIVATE LIMITED	Director	24/11/1995	24/11/1995	-	Converted to LLP	NO
7	U67190MH1998PTC116689	VISTA SERVICES PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Active	NO
8	U45201TZ2005PTC011900	TOUCH STONE GARDEN RETREAT INDIA PRIVATE LIMITED	Director	13/06/2005	13/06/2005	05/12/2014	Active	NO
9	U70100MH2005PTC156559	SOUTHCITY ESTATES PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Converted to LLP	NO
10	U70200MH2005PTC156583	DOCKSIDE PROPERTIES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	-	Active	NO
11	U70101MH2007PTC166726	ELECTRA ESTATES PRIVATE LIMITED	Director	04/01/2007	04/01/2007	-	Active	NO
12	U70109MH2007PTC166778	WHITE SEAS ESTATE PRIVATE LIMITED	Director	06/01/2007	06/01/2007	-	Strike off	NO
13	U92199WB2000PTC092648	ARJOE ENTERTAINMENT INDIA PRIVATE LIMITED	Director	01/02/2007	01/02/2007	-	Under liquidation	NO
14	AAB-3762	GREAT OAK ESTATES LLP	Designated Partner	11/03/2013	11/03/2013	-	Active	NO
15	AAC-7863	SOUTHCITY ESTATES LLP	Designated Partner	07/10/2014	07/10/2014	-	Active	NO
16	AAD-0210	GARUDA COLOURS LLP	Designated Partner	05/12/2014	05/12/2014	-	Active	NO

Name :

Mr. Rajesh Fakirchand Sachdev

Designation :

Director

Address :

R/31 F. 3,W:P: 50 G, White House, Dr. Gopalrao Deshmukh Marg, Cumballa Hill, Mumbai - 400026, Maharashtra, India

Date of Appointment :

01.06.1992

PAN No.:

AADPS2766G

DIN No.:

00197299

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	U24200MH1979PTC021847	SF CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
2	U24200MH1979PTC021522	SF DYES PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
3	U24220MH1994PTC083233	GARUDA COLOURS PRIVATE LIMITED	Director	01/02/1995	01/02/1995	-	Converted to LLP	NO
4	U70101MH1994PTC077639	BITRAG PROPERTIES PRIVATE LIMITED	Director	02/08/1995	02/08/1995	-	Active	NO
5	U67120MH1984PTC034104	RAJKAMAL ESTATES AND PROPERTIES PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
6	U70100MH1984PTC034099	AVISHKAR ESTATE AND PROPERTIES PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
7	U67190MH1998PTC116689	VISTA SERVICES PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Active	NO
8	U74910MH2003PTC139110	TELESOURCE EXECUTIVE SEARCH INDIA PRIVATE LIMITED	Director	07/06/2003	07/06/2003	-	Active	NO
9	U70100MH2005PTC156559	SOUTHCITY ESTATES PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Converted to LLP	NO
10	U70200MH2005PTC156583	DOCKSIDE PROPERTIES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	-	Active	NO
11	U70109MH2007PTC166778	WHITE SEAS ESTATE PRIVATE LIMITED	Director	06/01/2007	06/01/2007	-	Strike off	NO
12	U70101MH2007PTC166726	ELECTRA ESTATES PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Active	NO
13	AAB-3762	GREAT OAK ESTATES LLP	Designated Partner	11/03/2013	11/03/2013	-	Active	NO
14	AAC-7863	SOUTHCITY ESTATES LLP	Designated Partner	07/10/2014	07/10/2014	-	Active	NO
15	AAD-0210	GARUDA COLOURS LLP	Designated Partner	05/12/2014	05/12/2014	-	Active	NO

Name :

Mr. Yogesh Fakirchand Sachdev

Designation :

Director

Address :

R/22 F. 3,W:P: 50 G, White House, Dr. Gopalrao Deshmukh Marg, Cumballa Hill, Mumbai - 400026, Maharashtra, India

Date of Appointment :

01.06.1992

PAN No.:

AACPS4464N

DIN No.:

00197469

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	U24200MH1979PTC021522	SF DYES PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
2	U24200MH1979PTC021847	SF CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	01/06/1992	01/06/1992	-	Active	NO
3	U24220MH1994PTC083233	GARUDA COLOURS PRIVATE LIMITED	Director	01/02/1995	01/02/1995	-	Converted to LLP	NO
4	U70101MH1994PTC077639	BITRAG PROPERTIES PRIVATE LIMITED	Director	02/08/1995	02/08/1995	-	Active	NO
5	U67120MH1984PTC034104	RAJKAMAL ESTATES AND PROPERTIES PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
6	U70100MH1984PTC034099	AVISHKAR ESTATE AND PROPERTIES PRIVATE LIMITED	Director	19/05/1997	19/05/1997	-	Active	NO
7	U67190MH1998PTC116689	VISTA SERVICES PRIVATE LIMITED	Director	28/09/1998	28/09/1998	-	Active	NO
8	U70100MH2005PTC156559	SOUTHCITY ESTATES PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Converted to LLP	NO
9	U70200MH2005PTC156583	DOCKSIDE PROPERTIES PRIVATE LIMITED	Director	06/10/2005	06/10/2005	-	Active	NO
10	U70101MH2007PTC166726	ELECTRA ESTATES PRIVATE LIMITED	Director	04/02/2007	04/02/2007	-	Active	NO
11	U70109MH2007PTC166778	WHITE SEAS ESTATE PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Strike off	NO
12	AAB-3762	GREAT OAK ESTATES LLP	Designated Partner	11/03/2013	11/03/2013	-	Active	NO
13	AAC-7863	SOUTHCITY ESTATES LLP	Designated Partner	07/10/2014	07/10/2014	-	Active	NO
14	AAD-0210	GARUDA COLOURS LLP	Designated Partner	05/12/2014	05/12/2014	-	Active	NO

Name :

Mr. Aakash Rakesh Sachdev

Designation :

Additional Director

Address :

11, White House, 50 G, Pedder Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

06.11.2012

PAN No.:

ALTPS4464N

DIN No.:

05292079

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	U55204MH2012PTC234686	Budgetel Hotels India Private Limited	Director	18/08/2012	18/08/2012	-	Active	NO
2	U24200MH1979PTC021522	SF DYES PRIVATE LIMITED	Additional director	06/11/2012	06/11/2012	-	Active	NO
3	U70101MH2007PTC166726	ELECTRA ESTATES PRIVATE LIMITED	Additional director	06/11/2012	06/11/2012	-	Active	NO
4	AAD-1754	SFG VENTURES LLP	Designated Partner	12/01/2015	12/01/2015	-	Active	NO

Name :

Mr. Fakirchand Fatehchand Sachdev

Designation :

Director

Address :

1, Floor-0, 50 G, White House, Dr. Gopalrao, Deshmukh Marg, Cumballa Hill, Mumbai - 400026, Maharashtra, India

Date of Appointment :

15.03.2014

PAN No.:

AACPS2121G

DIN No.:

06879503

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Fakirchand Fatehchand Sachdev	50
Rakesh Sachdev Fakirchand	21550
Aakash Rakesh Sachdev	9600
Rajesh Fakirchand Sachdev	18350
Yohan Sachdev	3200
Yogesh Fakirchand Sachdev	18350
Yogesh Fakirchand Sachdev HUF	3200
Surinder Arora	50
Surinder Arora HUF	50
Ravindra Surinder Arora	18350
Krish Arora	1600
Ashan Arora	1600
Bhaskaroday F Sachdev HUF	25
Vaibhav F Sachdev HUF	25
Total	96000

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 :	Subject is engaged in the manufacture of eco-friendly and solubilized sulphur dyes, pigments and auxiliaries and also engaged in the import and high-sea sales of textile chemicals.
Products :	Eco-Friendly and Solubilized Sulphur Dyes Pigments and Auxiliaries Textile Chemicals
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Apex Dye Chem
• Classic Chemicals
• Dalal Associates
• K C Sons
• Persons Enterprises
• R P Mehra and Sons
• San Dyechem
• Vishal Corporation
• R Biotech
• Swastic Chemicals

Customers :

• Aarvee Genims and Exports Limited
• Arvind limited
• Ashima limited
• Athul Colours
• Agni Biotech
• Agni Orgaanics
• Bhaskar Industries Limited
• Chemzone
• Chitharahar Colours
• K C Sons
• Reliance Industries Limited

No. of Employees :

Not Available

Bankers :

The Zoroastrian Co-Operative Bank Limited, Mumbai Main Branch, Yusuf Building, Ground Floor, V.N. Road, Fort, Mumbai – 400001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
HDFC Bank A/C Auto Loan (Against hypothecation of motor car)	0.691	0.891
Bank of Baroda (against hypothecation of book debts and personal guarantees of director)	58.921	43.404
Max Life Insurance (Against policies of keyman insurance)	3.544	3.545
Kotak Mahindra Prime Limited – Auto Loan (Against hypothecation of motor car)	0.763	0.000
Zorostrain Co-Op Bank Limited – WCD Loan A/C (against hypothecation of book debts and personal guarantees of director)	17.398	0.000
Kotak Mahindra Prime Limited – Auto Loan (Against hypothecation of motor car)	1.539	0.000
Total	82.856	47.840

Financial institution :	Housing Development Finance Corporation Limited, Ramon House, 169, Backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India
Auditors :
Name :	Yusuf M. A. Vafrawalla Chartered Accountants
Address :	Round Building No.7, 2nd Floor, Kalbadevi Road, Mumbai – 400002, Maharashtra, India
PAN No.:	AAAPV7566N
Memberships :	--
Collaborators :	--
Wholly Owned Subsidiary :	SF Globals Pte Limited
Companies in which directors are interested :	Avishkar Estate and Properties Private Limited Bitrag Properties Private Limited Dockside Properties Private Limited Southclty Estate Private Limited Rajkamal Estates And Properties Private Limited Vista Services Private Limited Garuda Colours Private Limited Telesource Executive Search

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs.1.500 Million
250000	18% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.2.500 Million
100000	Unclassified Shares	Rs.10/- each	Rs.1.000 Million
	Total		Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96000	Equity Shares	Rs.10/- each	Rs.0.960 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	0.960	0.960	0.960
(b) Reserves & Surplus	75.657	71.311	65.624
(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)	76.617	72.271	66.584
(3) Non-Current Liabilities
(a) long-term borrowings	189.336	130.540	102.286
(b) Deferred tax liabilities (Net)	4.196	4.196	4.196
(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)	193.532	134.736	106.482
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	14.294	17.680	7.218
(c) Other current liabilities	5.899	5.879	5.687
(d) Short-term provisions	3.403	1.695	2.114
Total Current Liabilities (4)	23.596	25.254	15.019
TOTAL	293.745	232.261	188.085
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42.155	42.632	49.290
(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	1.881	1.881	1.101
(c) Deferred tax assets (net)	3.678	3.206	2.605
(d) Long-term Loan and Advances	98.264	19.889	15.735
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	145.978	67.608	68.731
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	76.720	61.242	60.339
(c) Trade receivables	54.128	94.987	54.302
(d) Cash and cash equivalents	4.644	2.032	1.571
(e) Short-term loans and advances	12.275	6.392	3.142
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	147.767	164.653	119.354
TOTAL	293.745	232.261	188.085

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		352.384	377.783	186.711
		Other Income		16.053	0.642	1.840
		TOTAL (A)		368.437	378.425	188.551
Less	EXPENSES
		Cost of Materials Consumed		109.135	93.676	78.570
		Purchase of Stock-in-trade		139.215	174.367	0.000
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(8.634)	(0.719)	12.873
		Employee Benefits Expenses		28.191	14.290	25.063
		Other Expenses		63.922	56.163	48.019
		TOTAL (B)		331.829	337.777	164.525
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			36.608	40.648	24.026
Less	FINANCIAL EXPENSES (D)			23.461	25.286	12.571
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			13.147	15.362	11.455
Less	DEPRECIATION/ AMORTISATION (F)			7.409	7.728	8.360
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			5.738	7.634	3.095
Less	TAX (H)			2.856	2.012	1.408
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			2.882	5.622	1.687
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			69.269	63.583	70.176
Less	INCOME TAX REFUND			0.400	0.000	0.000
Less	DEFERRED TAX ASSETS			0.472	0.600	0.684
Less	APPROPRIATIONS
			Income tax for earlier year	0.000	0.000	0.168
			Excess amount provided in refundable 2007-08	0.000	0.000	0.151
			Excess amount provided in refundable 2009-10	0.000	0.000	7.488
			Interim divided	0.000	0.000	1.157
			Appeal fees AY 2010/11	0.000	0.001	0.000
			Income tax demand part payment AY 2010/11	0.000	0.400	0.000
			Short Provision of tax AY 2012-13	0.000	0.289	0.000
			Reserves of TDS 31-03.2010	0.000	(0.154)	0.000
			Entry tax assessment demand 2006-07	0.018	0.000	0.000
			Self-assessment tax for AY 2013-14	0.975	0.000	0.000
			IT refund received for AY 2006-07	(1.703)	0.000	0.000
			Exceeds provision for tax earlier	0.119	0.000	0.000
	BALANCE CARRIED TO THE B/S			73.614	69.269	63.583
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	32.978	29.015	22.337
	TOTAL EARNINGS			32.978	29.015	22.337
	IMPORTS
			Finished Goods	139.215	174.368	0.000
			Raw Materials	33.073	15.072	15.072
	TOTAL IMPORTS			172.288	189.440	15.072
	Earnings / (Loss) Per Share (Rs.)			30.02	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.82	1.49	0.90
Operating Profit Margin (PBDIT/Sales)	(%)	10.39	10.76	12.87
Return on Total Assets (PBT/Total Assets}	(%)	1.99	3.36	1.68
Return on Investment (ROI) (PBT/Networth)		0.07	0.11	0.05
Debt Equity Ratio (Total Debt /Networth)		2.47	1.81	1.54
Current Ratio (Current Asset/Current Liability)		6.26	6.52	7.95

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	0.960	0.960	0.960
Reserves & Surplus	65.624	71.311	75.657
Share Application money pending allotment	0.000	0.000	0.000
Net worth	66.584	72.271	76.617
Long Term borrowings	102.286	130.540	189.336
Short Term borrowings	0.000	0.000	0.000
Total borrowings	102.286	130.540	189.336
Debt/Equity ratio	1.536	1.806	2.471

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
Sales	186.711	377.783	352.384
		102.336	(6.723)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	186.711	377.783	352.384
Profit	1.687	5.622	2.882
	0.90%	1.49%	0.82%

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	Yes
18]	Major customers	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
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 Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
From Director
Rakesh Sachdev Fakirchand	6.100	6.250
Rajesh Fakirchand Sachdev	12.300	6.750
Ravindra Surinder Arora	13.800	6.750
Yogesh Fakirchand Sachdev	23.800	14.250
Aakash Rakesh Sachdev	0.055	2.000
From Shareholder
Fakirchand Sachdev	25.800	32.500
Yohan Sachdev	4.500	4.500
Krish Arora	2.500	2.000
Aditya Kiran	3.000	0.250
Bhaskaroday F Sachdev	7.000	0.000
Ishan Arora	2.500	0.000
Vaibhav	5.000	0.000
From Companies
Telesource Exective Search India Private Limited	0.125	0.050
Vista Services Private Limited	0.000	7.400
Total	106.480	82.700

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10540384	17/12/2014	142,500,000.00	HDFC Bank Limited	HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India	C39099171
2	10107986	27/03/2008	21,000,000.00	Karnataka State Financial Corporation	No.1/1, Thimmaiah Road, Bangalore, Karnataka - 560052, India	A39788872
3	10078239	01/06/2007	8,500,000.00	Karnataka State Financial Corporation	No.48, Church Street, Bangalore, Karnataka - 560041, India	A16426900
4	10023077	11/10/2006	6,500,000.00	Housing Development Finance Corporation Limited	Ramon House 169 Backbay Reclamation, H T Parekh marg, Mumbai, Maharashtra - 400020, India	A05730817
5	90186863	23/07/2001	2,300,000.00	Karnataka State Financial Corporation	Rurai Branach; Church St., Bangalore, Karnataka, India	-
6	90186650	27/02/1999	3,400,000.00	M/S Karnataka State Financial Corporation	No. 1/1; Thimmaiah Road, Near Cantonment Railway Station, Bangalore, Karnataka, India	-
7	90184033	31/01/1996	563,000.00	M/S Karnataka Stat Efinancial Corpoartion	No. 25; M.G Road, Bangalore, Karnataka - 560001, India	-
8	90184001	20/01/1995	1,700,000.00	M/S Karnataka Stat Efinancial Corpoartion	No. 25; M.G Road, Bangalore, Karnataka - 560001, India	-
9	90183929	15/09/1989	6,000,000.00	M/S Karnataka Stat Efinancial Corpoartion	No. 25; M.G Road, Bangalore, Karnataka - 560001, India	-

*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.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		34

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.