MIRA INFORM REPORT

Report No. :	323909
Report Date :	23.05.2015

IDENTIFICATION DETAILS

Name :	MEGHMANI DYES AND INTERMEDIATES LIMITED

Registered Office :	Plot No. 97, Phase II, GIDC Estate Vatva, Ahmedabad – 382445, Gujarat
Tel. No.:	91-79- 26467511 / 25894442 / 3 / 4

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	21.07.1999

Com. Reg. No.:	04-036306

Capital Investment / Paid-up Capital :	Rs.69.300 Million

CIN No.: [Company Identification No.]	U24110GJ1999PLC036306

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCM6639D

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Dyes and OBAs.

No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 4700000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is an established company having fine track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal for 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	CRISIL
Rating	Long term rating = A
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	October 3, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A1
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	October 3, 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. Niranjan
Designation :	Export Manager
Contact No.:	91-79-26467511
Date :	21.05.2015

LOCATIONS

Registered Office / Unit I :	Plot No. 97, Phase II, GIDC Estate Vatva, Ahmedabad – 382 445, Gujarat, India
Tel. No.:	91-79- 26467511 / 25894442 / 3 / 4
Fax No.:	91-79-25834588
E-Mail :	jbrahma@meghmanidyes.com jignesh@meghmanidyes.com
Website :	www.meghmanidyes.com

Corporate Office :	2^nd Floor, White Cross, 15 Patel Society. Gulbai Tekra Road, Panchvati, Ahmedabad – 380 006, Gujarat, India
Tel. No.:	91-79-26569901 / 26562827 / 26463900
Fax No.:	91-79-26463999
E-Mail :	exports@meghmanidyes.com

Unit – II :	Plot No.100/A, Phase-II G.I.D.C, Vatva, Ahmedabad – 382 445, , Gujarat, India

DIRECTORS

As on 27.08.2014

Name :

Mr. Lalt Kantilal Patel

Designation :

Director

Address :

31, Park Hill, Near Narmada Vasahat, Opposite. Karnavati Club, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

15.02.1967

PAN No. :

ACNPP2094C

Date of Appointment :

21.07.1999

DIN No.:

00011773

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Director	22/02/1993	22/02/1993	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21/07/1999	21/07/1999	-	Active	NO
3	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
4	U24100GJ2007PLC051935	MEGHMANI SPECIALTY CHEMICALS LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO
5	U24231GJ1993PTC020229	SYNERGY CHLORINATION PRIVATE LIMITED	Director	27/10/2007	27/10/2007	-	Active	NO
6	U24100GJ2007PLC051763	UNISON INDUSTRIES LIMITED	Director	22/09/2008	25/08/2008	-	Active	NO
7	U67120GJ2009PTC058361	ALB STOCK BROKING PRIVATE LIMITED	Director	15/10/2009	15/10/2009	-	Active	NO
8	U24100GJ2012PTC068727	UNIWORTH ENTERPRISES PRIVATE LIMITED	Director	23/01/2012	23/01/2012	-	Converted to LLP	NO
9	AAA-6362	NAVRATAN SPECIALTY CHEMICALS LLP	Designated Partner	23/09/2011	23/09/2011	-	Active	NO
10	AAB-4707	UNIWORTH ENTERPRISES LLP	Designated Partner	18/04/2013	18/04/2013	-	Active	NO

Name :

Mr. Natwarlal Maghjibhai Patel

Designation :

Chairman Cum Managing Director

Address :

6-B, Ashok Vatika, No.1, Opposite. Ekta Farm, Ambli, Bopal Road, Bodakdev, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

01.06.1953

PAN No. :

AAUPP1727H

Date of Appointment :

01.04.2013

DIN No.:

00027540

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	-	Active	NO
2	U24231GJ1993PLC019271	MEGHMANI CHEMICALS LIMITED	Director	26/12/1994	26/12/1994	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Managing director	01/04/2014	02/01/1995	-	Active	NO
4	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	01/04/2013	21/07/1999	-	Active	NO
5	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	27/01/2000	27/01/2000	-	Active	NO
6	U52100GJ1965PLC001347	GSEC LIMITED	Director	18/03/2004	18/03/2004	-	Active	NO
7	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
8	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
9	U24211DL1970NPL005200	CROP CARE FEDERATION OF INDIA	Director	25/07/2008	25/07/2008	30/09/2013	Active	NO
10	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	-	Active	NO
11	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Rameshbhai Mahjibhai Patel

Designation :

Chairman Cum Managing Director

Address :

No 54, Shreenath Park Society, Behind Avishkar Party Plot, Manekbaug, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.03.1956

PAN No. :

ABHPP4316J

Date of Appointment :

01.04.2013

DIN No.:

00027637

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	U29199GJ1993PLC019013	MEGHMANI INDUSTRIES LIMITED	Managing director	01/11/2011	22/02/1993	-	Active	NO
2	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	01/04/2014	02/01/1995	-	Active	NO
3	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Managing director	01/04/2013	21/07/1999	-	Active	NO
4	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12/09/2001	12/09/2001	-	Active	NO
5	U92410GJ1989GAP012192	KARNAVATI CLUB LIMITED	Director	29/12/2011	17/09/2002	-	Active	NO
6	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
7	U45209GJ2005NPL046417	VATVA INDUSTRIAL ESTATE INFRASTRUCTURE DEVELOPMETN LIMITED	Director	13/07/2005	13/07/2005	28/12/2011	Active	NO
8	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
9	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
10	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mr. Anand Ishwerbhia Patel

Designation :

Director

Address :

53, Shrinath Park Society, Behind Manekbag, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

17.09.1962

Date of Appointment :

21.07.1999

DIN No.:

00027836

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	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Whole-time director	01/04/2014	02/10/1995	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	21/07/1999	21/07/1999	-	Active	NO
3	U50101GJ1996PTC030122	FIDELITY EXPORT PRIVATE LIMITED	Director	12/09/2001	12/09/2001	-	Active	NO
4	U51909GJ2002PLC041575	VANGUARD OVERSEAS LIMITED	Director	21/03/2003	21/03/2003	-	Active	NO
5	U40105GJ2006PLC048974	MEGHMANI ENERGY LIMITED	Director	29/08/2006	29/08/2006	-	Active	NO
6	U93090GJ2007NPL050142	NOVEL SPENT ACID MANAGEMENT	Director	02/03/2007	02/03/2007	-	Active	NO
7	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	11/09/2007	11/09/2007	-	Active	NO
8	U24100GJ2008PLC054564	MEGHMANI CHEMTECH LIMITED	Director	25/03/2011	25/03/2011	-	Active	NO
9	U90000GJ2012PTC069814	CLUSTER ENVIRO PRIVATE LIMITED	Director	11/04/2012	11/04/2012	15/12/2013	Active	NO

Name :

Mr. Khandwala Manubhai Mukesh

Designation :

Additional Director

Address :

9, Jivan Prakash Society, St. Xaviers School Road, Ahmedabad – 380014, Gujarat, India

Date of Birth/Age :

02.08.1954

Date of Appointment :

27.06.2011

DIN No.:

02323581

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	U51420OR1997PLC005092	LATASHA EXPORTS LIMITED	Additional director	08/09/2008	08/09/2008	-	Active	NO
2	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	27/06/2011	30/10/2010	-	Active	NO
3	U74900GJ2011PTC065565	KHANDWALA CONSULTANTS PRIVATE LIMITED	Director	23/05/2011	23/05/2011	-	Active	NO

Name :

Maheshkumar Natwarlal Vyas

Designation :

Director

Address :

14, Ashwamegh Bungalows – Part IV, 132 Ft. Ring Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.06.1957

Date of Appointment :

27.08.2014

DIN No.:

00432810

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	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Managing director	01/09/2014	09/10/1987	-	Active	NO
2	U15147GJ1994PLC023496	JOHN OIL AND GAS LIMITED	Managing director	01/12/2013	01/11/1994	01/04/2014	Active	NO
3	U29220GJ2007PTC051281	JOHN ENGINEERING PRIVATE LIMITED	Director	05/07/2007	05/07/2007	-	Amalgamated	NO
4	U11200GJ2010PTC061637	SYNERGY DRILLING FLUIDS PRIVATE LIMITED	Director	16/07/2010	16/07/2010	-	Active	NO
5	U11200GJ2011PTC065383	JOHN DRILLING SERVICES PRIVATE LIMITED	Director	11/05/2011	11/05/2011	-	Active	NO
6	U24110GJ1999PLC036306	MEGHMANI DYES AND INTERMEDIATES LIMITED	Director	27/08/2014	27/08/2014	-	Active	NO
7	U74140GJ2015NPL082106	AHMEDABAD INSTITUTE OF DRILLING TECHNOLOGY	Director	02/02/2015	02/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Manohar Satyanarayan Maheshwari
Designation :	Secretary
Address :	C-401, Sumadhur – II, Near Vastrapur Telephone Exchange, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	21.06.1972
Date of Appointment :	02.04.2003
PAN NO.:	AHDPM1848E

Name :	Mr. Niranjan
Designation :	Export Manager

MAJOR SHAREHOLDERS

As on 27.08.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Natwarlal Maghjibhai Patel	1344000	19.39
Rameshbhai Mahjibhai Patel	1344000	19.39
Ganpatbhai M. Patel	346500	5.00
Amitaben Kantibhai Patel	900900	13.00
Kuverben Ishwerbhai Patel	207900	3.00
Shardaben Popatbhai Patel	806400	11.64
Praful Ganpatbhai Patel	138600	2.00
Lalit Kantilal Patel	693000	10.00
Anand I. Patel	346500	5.00
Popatbhai M. Patel	25200	0.36
Ankit Natwarlal Patel	735000	10.61
Karana Ramenshbhai Patel	42000	0.61
Total	6930000	100.00

As on 27.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Dyes and OBAs.

Products :

Item Code No. (ITC Code)	Product Description
32041219	Dyes and Intermediates

· Reactive Dyes

· Vat Dyes

· Acid Dyes

· Wood Stains

· Solvent Dyes

· Petroleum Dyes

· Leather Dyes

Brand Names :

Reactobond
Megawhite

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

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 :

200 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Overseas Branch, 3^rd Floor, Navjivan Trust Building, Near Navjeevan P.O. Ahmedabad – 380014, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Working Capital loans from banks	242.648	89.057
Total	242.648	89.057

Auditors :
Name :	Balkrishna T. Thakkar and Company Chartered Accountants
Address :	602, Saffron Building, Ambawadi, Ahmedabad – 380006, Gujarat, India
PAN.:	AAGPT9505M

Memberships :	Not Available

Collaborators :	Not Available

Subsidiary company :	Synergy Chlorination Private Limited

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Unison Industries Limited · Fidelity Export Private Limited · Vanguard Overseas Limited · Meghmani Chemicals · Patel Trading And Investment Company · Tapasheel Enterprise · Meghmani Specialty Chemicals Limited · Meghmani Energy Limited · Meghmani Organics Limited · Matangi Industries · Trent Chemical Industries · ALB Stock Broking Private Limtied

Sister concern :	Meghmani Industries, India

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

22000000	Equity Shares	Rs.10/-each	Rs.220.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

6930000	Equity Shares	Rs.10/-each	Rs.69.300 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	69.300	69.300	99.000
(b) Reserves & Surplus	1593.794	1299.244	1723.173
(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)	1663.094	1368.544	1822.173

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	17.738	17.819	21.627
(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)	17.738	17.819	21.627

(4) Current Liabilities
(a) Short term borrowings	433.921	323.725	47.517
(b) Trade payables	406.947	364.577	268.526
(c) Other current liabilities	50.345	46.130	36.313
(d) Short-term provisions	103.566	47.841	2.346
Total Current Liabilities (4)	994.779	782.273	354.702

TOTAL	2675.611	2168.636	2198.502

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	246.163	250.482	287.216
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.303	1.470	0.214
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	40.241	40.192	145.543
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	530.382	432.085	428.566
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	821.089	724.229	861.539

(2) Current assets
(a) Current investments	0.000	0.000	33.321
(b) Inventories	693.267	512.206	524.501
(c) Trade receivables	1037.201	813.361	557.206
(d) Cash and cash equivalents	39.887	45.633	63.958
(e) Short-term loans and advances	71.568	54.918	49.739
(f) Other current assets	12.599	18.289	108.238
Total Current Assets	1854.522	1444.407	1336.963

TOTAL	2675.611	2168.636	2198.502

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	3303.191	2441.764	1727.829
	Other Income	38.662	30.690	28.927
	TOTAL	3341.853	2472.454	1756.756

Less	EXPENSES
	Cost of Materials Consumed	2059.343	1464.073	1109.518
	Purchases of Stock-in-Trade	280.635	280.943	108.910
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(44.022)	38.488	(16.784)
	Employees benefits expense	50.526	47.148	47.148
	Other expenses	461.944	462.601	421.321
	TOTAL	2808.426	2293.253	1670.113

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	533.427	179.201	86.643

Less	FINANCIAL EXPENSES	15.860	7.240	1.080

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	517.567	171.961	85.563

Less/ Add	DEPRECIATION/ AMORTISATION	27.316	27.421	28.901

	PROFIT/ (LOSS) BEFORE TAX	490.251	144.540	56.662

Less	TAX	159.216	42.566	11.130

	PROFIT/ (LOSS) AFTER TAX	331.035	101.974	45.532

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1160.044	1412.674	1393.653

Add	Earlier year excess proposed dividend and dividend distribution tax	0.000	(324.335)	0.000

Less	APPROPRIATIONS
	Transfer to General Reserve	30.000	10.000	3.500
	Proposed Dividends	20.790	17.325	0.000
	Interim Dividend	10.395	0.000	23.013
	Dividend Distribution Tax	5.300	2.944	0.000
	Total	66.485	30.269	26.512

	Balance Carried to the B/S	1424.594	1160.044	1412.674

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1912.748	1284.100	NA
	TOTAL EARNINGS	1912.748	1284.100	NA

	IMPORTS
	Raw Materials	1485.906	955.721	NA
	TOTAL IMPORTS	1485.906	955.721	NA

	Earnings / (Loss) Per Share (Rs.)	47.77	14.71	6.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

Cash generated from operations

0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Net Profit Margin PAT / Sales	(%)	10.02	4.17	2.63

Operating Profit Margin (PBDIT/Sales)	(%)	16.14	7.33	5.01

Return on Total Assets (PBT/Total Assets}	(%)	18.63	6.80	2.76

Return on Investment (ROI) (PBT/Networth)		0.29	0.11	0.03

Debt Equity Ratio (Total Debts/Networth)		0.26	0.24	0.03

Current Ratio (Current Asset/Current Liability)		1.86	1.85	3.77

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	99.000	69.300	69.300
Reserves & Surplus	1723.173	1299.244	1593.794
Net worth	1822.173	1368.544	1663.094

long-term borrowings	0.000	0.000	0.000
Short term borrowings	47.517	323.725	433.921
Total borrowings	47.517	323.725	433.921
Debt/Equity ratio	0.026	0.237	0.261

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	1727.829	2441.764	3303.191
		41.320	35.279

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	1727.829	2441.764	3303.191
Profit	45.532	101.974	331.035
	2.64%	4.18%	10.02%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----------------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	----------------------
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	----------------------
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

STAMP NUMBER No. 1842 of 2012

Status : PENDING

CCIN No : 001087201201842

Last Listing Date:

Coram

· -

Not Before :

· HONOURABLE MR. JUSTICE AKSHAY H.MEHTA

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX	MRS MAUNA M BHATT for: null 1

S.NO.	Name of the Respondant	Advocate On Record
1	MEGHMANI DYES AND INTERMEDIATES LTD	MRS SWATI SOPARKAR for : Opponents(s) 1


Presented On	: 05/09/2012	Registered On	: 05/09/2012
Bench Category	: DIVISION BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 0 times
StageName	: ADMISSION (FRESH MATTERS)

Classification

· DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA

Act

· INCOME-TAX ACT, 1961

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	C.O.282/AHD/2011	INCOME TAX APPELLATE TRIBUNAL AHMEDABAD C BENCH	ACCOUNTANT MEMBER AND JUDICIAL MEMBER	27/02/2012	AHMEDABAD
Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	05/09/2012	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	-

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10148357	13/08/2009 *	70,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST , MUMBAI, Maharashtra - 400013, INDIA	A68969856
2	90105762	31/01/2014 *	365,000,000.00	State Bank of India	Overseas Branch,3rd Floor,, Navjivan Trust Building, Near Navjeevan P.O., Ahmedabad, Gujarat - 380014, INDIA	B96988308

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	191.273	234.668
Total	191.273	234.668

FIXED ASSETS

· Land

· Factory Building

· Office Building

· Furniture and Fixtures

· Plant and Equipment

· Electricals and Fittings

· Laboratory Equipments

· Vehicles

· Office equipment

· Computers

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.63.57
UK Pound	1	Rs.99.66
Euro	1	Rs.70.92

INFORMATION DETAILS

Information Gathered by :	RKH

Analysis Done by :	RAS

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		54

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.

MIRA INFORM REPORT

10.02

16.14

Unit