MIRA INFORM REPORT

Report No. :	323290
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	TINA ORGANICS PRIVATE LIMITED
Registered Office :	C-1/ 28, Safdarjung Development Area, New Delhi – 110016
Tel. No.:	91-11-27691390
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.06.2000
Com. Reg. No.:	55-106041
Capital Investment / Paid-up Capital :	Rs.46.990 Million
CIN No.: [Company Identification No.]	U11102DL2000PTC106041
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
IEC NO:	0506058875
PAN No.: [Permanent Account No.]	AABCT6410H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Suppliers of Industrial Performance Chemicals.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for business dealings at usual business 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Asha
Designation :	Office Executive
Contact No.:	91-11-27691390
Date :	19.05.2015

LOCATIONS

Registered Office :	C-1/ 28, Safdarjung Development Area, New Delhi – 110016, India
Tel. No.:	91-11-27691390
Fax No.:	Not Available
E-Mail :	sales@tinaorganic.com
Location :	Owned
Locality:	Commercial
Factory:	16, Rajasthani Udyog Nagar, Azadpur, Delhi – 110033, India
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Lalit Kumar Jain

Designation :

Director

Address :

C-1/ 28 Safdar Jung Development Area, New Delhi – 110016, India

Date of Birth/Age :

10.12.1951

Date of Appointment :

01.06.2000

DIN No.:

00389013

Name :

Mr. Pradeep Kumar Jain

Designation :

Director

Address :

C-1/ 28 Safdar Jung Development Area, New Delhi – 110016, India

Date of Appointment :

01.06.2000

DIN No.:

00388946

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	U11102DL2000PTC106041	TINA ORGANICS PRIVATE LIMITED	Director	01/06/2000	01/06/2000	-	Active	NO
2	U74999DL2005NPL140828	APEX CHAMBER OF COMMERCE & INDUSTRY OF NCT DELHI	Director	25/03/2011	25/03/2011	-	Active	NO

Name :

Mrs. Neelam Jain

Designation :

Director

Address :

C-1/ 28 Safdar Jung Development Area, New Delhi – 110016, India

Date of Appointment :

30.09.2010

DIN No.:

02234386

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	U11102DL2000PTC106041	TINA ORGANICS PRIVATE LIMITED	Director	30/09/2010	01/06/2010	-	Active	NO

Name :

Mr. Pramukta Jain

Designation :

Director

Address :

C-1/ 28 Safdar Jung Development Area, New Delhi – 110016, India

Date of Birth/Age :

20.10.1946

Date of Appointment :

29.09.2012

DIN No.:

05263666

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	U11102DL2000PTC106041	TINA ORGANICS PRIVATE LIMITED	Director	29/09/2012	27/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Asha
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Lalit Kumar Jain	2220000
Pradeep Kumar Jain	1230000
Neelam Jain	490000
Tina Jain	320000
Lalit Kumar Jain (HUF)	93000
Laxmi Chand Jain	1000
Pramukta Jain	28000
Gaurav Mohan	4000
Charu Jain	1000
Nidhi Jain	1000
Siddhant Jain	209990
Tia Mohan	1000
Lochheed Commercial Company Limited, India	10
Lalit Kumar Jain	2220000
Pradeep Kumar Jain	1230000
Total	4699000

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 :	Manufacturer, Exporter and Suppliers of Industrial Performance Chemicals.
Products :	Phosphate Ester Performance Chemicals Health Safety Chemical Alcylated phosphate Esters Organo Phosphate Esters
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Chemicals
Countries :	European Countries
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30,60,90 Days)
Purchasing :	Cash and Credit (30,60,90 Days)

PRODUCTION STATUS: (As on 31.03.2014)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
TPP/TCP/CDP/TAP	M.T	NA	6000	654.825
HCL	M.T	NA	3000	548.880

GENERAL INFORMATION

Suppliers :

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

Wholesalers, Retailers and End Users

Customers :

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

No. of Employees :

25 (Approximately)

• Bank of India - Azadpur, New Delhi, India
• Indusind Bank- New Delhi, India

Bankers :

Bank Name	Standard Charted Bank
Branch	Sansad Marge, New Delhi, 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 Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From bank
- Jammu & Kashmir Bank Term loan	0.000	(1.279)
ICICI Bank Loan For Property	4.371	0.000
Short-term borrowings
Form Bank
-Jammu & Kashmir Bank–Cash Credit	0.000	33.683
- Jammu & Kashmir– Packing credit	0.000	19.806
-Indusind Bank- Packing credit	17.744	0.000
-Indusind Bank- Cash Credit	38.801	0.000
-Indusind Bank-WCDL	9.852	0.000
Total	70.768	53.489

Auditors :
Name :	Tekhrya Gupta and Company Chartered Accountants
Address :	50, 1^st Floor U.I.T Complex, Opposite Bus Stand, Alwar – 301001, Rajasthan, India
Tel. No.:	91-144-2343595 / 2344462
Mobile No.:	91-9414277623
E-Mail :	mlguptaca@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFT8354J
Memberships :	Not Available
Collaborators :	Not Available
Other Reaated Parties :	Plasticizers and Allied Chemical R.K Chemicals

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4699000	Equity Shares	Rs.10/- each	Rs.46.990 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	46.990	45.990	19.990
(b) Reserves & Surplus	12.575	11.968	(0.538)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	11.000	26.000
Total Shareholders’ Funds (1) + (2)	59.565	68.958	45.452
(3) Non-Current Liabilities
(a) long-term borrowings	17.050	11.277	28.653
(b) Deferred tax liabilities (Net)	0.419	0.194	0.000
(c) Other long term liabilities	0.000	0.000	41.206
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17.469	11.471	69.859
(4) Current Liabilities
(a) Short term borrowings	66.398	53.489	60.774
(b) Trade payables	26.611	27.601	24.679
(c) Other current liabilities	2.340	1.568	10.059
(d) Short-term provisions	0.240	3.406	0.186
Total Current Liabilities (4)	95.589	86.064	95.698
TOTAL	172.623	166.493	211.009
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.482	43.985	50.262
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.917
(d) Long-term Loan and Advances	0.616	0.550	0.550
(e) Other Non-current assets	0.048	0.064	0.080
Total Non-Current Assets	44.146	44.599	51.809
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	70.314	78.951	86.371
(c) Trade receivables	42.153	31.344	64.372
(d) Cash and cash equivalents	6.047	2.068	2.015
(e) Short-term loans and advances	0.242	0.887	0.542
(f) Other current assets	9.721	8.644	5.900
Total Current Assets	128.477	121.894	159.200
TOTAL	172.623	166.493	211.009

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue From Operation	195.859	147.688	132.831
		Other Income	1.722	31.402	0.402
		TOTAL	197.581	179.090	133.233
Less	EXPENSES
		Cost of Materials Consumed	92.660	80.738	59.778
		Purchases of Stock-in-Trade	42.148	27.956	47.810
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	4.170	10.168	(13.287)
		Employees benefits expense	3.818	3.345	3.027
		Other expenses	38.791	22.146	17.421
		TOTAL (B)	181.587	144.353	114.749
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		15.994	34.737	18.484
Less	FINANCIAL EXPENSES		9.198	11.437	10.246
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.796	23.300	8.238
Less/	DEPRECIATION/ AMORTISATION		5.724	6.277	7.320
	PROFIT/(LOSS) BEFORE TAX		1.072	17.023	0.918
Less	TAX		0.465	4.517	(0.100)
	PROFIT/(LOSS) AFTER TAX		0.607	12.506	1.018
	Earnings Per Share (Rs.)		0.13	2.72	0.51

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	1.279	9.934
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.31	8.47	0.77
Operating Profit Margin (PBIDT/Sales)	(%)	8.17	23.52	13.92
Return on Total Assets (PBT/Total Assets}	(%)	0.62	10.22	0.44
Return on Investment (ROI) (PBT/Networth)		0.02	0.25	0.02
Debt Equity Ratio (Total Debt /Networth)		1.40	0.94	1.97
Current Ratio (Current Asset/Current Liability)		1.34	1.42	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million.)	(INR in Million.)	(INR in Million.)
Share Capital	19.990	45.990	46.990
Reserves & Surplus	(0.538)	11.968	12.575
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	26.000	11.000	0.000
Net worth	45.452	68.958	59.565
Long Term borrowings	28.653	11.277	17.050
Short Term borrowings	60.774	53.489	66.398
Total borrowings	89.427	64.766	83.448
Debt/Equity ratio	1.968	0.939	1.401

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	132.831	147.688	195.859
		11.185	32.617

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	132.831	147.688	195.859
Profit	1.018	12.506	0.607
	0.77%	8.47%	0.31%

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)	Yes
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
From Director	5.667	4.591
From Other	7.012	6.686
Total	12.679	11.277

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10568932	24/04/2015	110,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, Delhi - 110001,  INDIA	C53414926
2	10496060	22/02/2014	22,500,000.00	ICICI BANK LIMITED	SECTOR-14, GURGAON, Haryana - 122001, INDIA	C04856811
3	10466307	09/01/2014 *	140,000,000.00	INDUSIND BANK LIMITED	Dr. Gopal Das Bhawan, 28 Barakhamba Road, New Del  hi,- 110001, INDIA	B93972180

FIXED ASSETS

• Land
• Factory Building
• Plant and Machinery
• D.G Set
• ETP Plant
• Motor Car
• Computer

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.63.94
UK Pound	1	Rs.98.63
Euro	1	Rs.69.85

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	SAN
Report Prepared by :	PJA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION		-
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.