MIRA INFORM REPORT

Report No. :	349528
Report Date :	20.11.2015

IDENTIFICATION DETAILS

Name :	HEUBACH COLOUR PRIVATE LIMITED
Registered Office :	Plot No. 9002-9010, Phase VI, G.I.D.C., Ankleshwar – 393002, Gujarat
Tel. No.:	91-2646252160
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.09.1993
Com. Reg. No.:	04-033372
Capital Investment / Paid-up Capital :	Rs.412.376 Million
CIN No.: [Company Identification No.]	U24110GJ1993PTC033372
IEC No.:	3793000117
TAN No.: [Tax Deduction & Collection Account No.]	BRDH00571E
PAN No.: [Permanent Account No.]	AAACH2578P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of organic pigments such as CPC green, CPC blue, yellow, red and aluminium hydroxide.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 5265000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject was incorporated in 1993. It manufactures organic pigments such as CPC green, CPC blue, yellow, red and aluminium hydroxide. The company was founded by the European-based Heubach group; Mr. Ravi Kapoor manages HCPL’s daily operations. It has fine track record. As per registrar of companies the date of balance sheets i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As available financial of 2013, the company possesses a healthy profile marked by adequate networth base along with fair liquidity and profitability. As per indirect source, company has reported a Profit after tax (PAT) of Rs. 149.000 million on net sales of Rs. 4200.000 million for the FY2013-2014 as compared to PAT of Rs. 103.000 million on net sales of Rs. 3600.000 million for the FY2012-2013. The rating also takes into consideration HCPL’s healthy market position, backed by the established position of its parent, the European-based Heubach group, in the pigments industry. Further, the rating also considered company’s diversified product profile and geographical presence, along with its healthy financial risk profile, marked by comfortable capital structure and debt protection metrics. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealing at usual trade terms and conditions. Note : Partial information is gathered from indirect source i.e. CRISIL.

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	CRISIL
Rating	Long Term Rating = A-
Rating Explanation	Having adequate degree of safety and carry low credit risk
Date	23.12.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A2 +
Rating Explanation	Having strong degree of safety and carry low credit risk
Date	23.12.2014

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Bakul Makwana
Designation :	Accountant
Contact No.:	91-2646-252160
Date :	09.11.2015

LOCATIONS

Registered Office/ Factory :	Plot No. 9002-9010, Phase VI, G.I.D.C., Ankleshwar – 393002, Gujarat, India
Tel. No.:	91-2646-251623/ 252160/ 252289/ 250363
Fax No.:	91-2646-250343
E-Mail :	kirti.pawar@heubach-india.com ankplant@heubach-india.com
Website :	www.heubach-india.com
Area :	5000 sq.fts
Location :	Owned
Mumbai Office :	Neelkanth Business Park, A-Wing, Office No-302, Khalia Village, Vidyavihar (West), Mumbai – 400 086. Maharashtra, India
Tel. No.:	91-22-65685999
Marketing Office :	Land Mark", 2nd Floor, Gotri Road, Race Course Circle, Vadodara - 390007, Gujarat, India
Tel. No.:	91-265-2343310/ 2314860/ 2341651
Fax No.:	91-265-2341682/ 2354827
E-Mail :	baroda@heubach-india.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Ravi Brijmohan Kapoor

Designation :

Managing Director

Address :

91b, Lotus Court Wing,, Race Course Circle, Vadodara, 390007, Gujarat, India

Date of Birth/Age :

07.02.1961

Qualification :

B.Com, Dip. In Journalism

Date of Appointment :

15.05.1994

PAN No.:

AAFPK0850K

DIN No.:

01761752

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	U24110GJ1993PTC033372	HEUBACH COLOUR PRIVATE LIMITED	Managing director	15/05/1994	15/05/1994	-	Active	NO
2	U40101GJ2000NPL037236	NARMADA CLEAN TECH	Director	05/12/2008	05/12/2008	-	Active	NO
3	U74200GJ2009PTC055822	RESOR TECH PRIVATE LIMITED	Director	02/01/2009	02/01/2009	-	Active	NO
4	U24233GJ2013PTC075468	HEUBACH TOYO COLOUR PRIVATE LIMITED	Director	05/06/2013	05/06/2013	26/03/2014	Active	NO

Name :

Mr. Ashok Chitre

Designation :

Whole-time Director

Address :

1319, Near Gil Colony, G.I.D.C., Ankleshwar, Bharuch – 393002, Gujarat, India

Date of Birth/Age :

13.01.1945

Date of Appointment :

01.07.2000

PAN No.:

ABSPC2952L

DIN No.:

00110105

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	U24110GJ1993PTC033372	HEUBACH COLOUR PRIVATE LIMITED	Whole-time director	01/07/2000	01/07/2000	-	Active	NO
2	U24114MH2002PTC136128	EUSA PIGMENTS PRIVATE LIMITED	Director	30/11/2002	30/11/2002	-	Amalgamated	NO
3	U40101GJ2000NPL037236	NARMADA CLEAN TECH	Nominee director	07/05/2012	30/12/2002	-	Active	NO
4	U29197GJ2005PLC047281	SPENT ACID RECYCLERS LIMITED	Director	14/12/2005	14/12/2005	18/06/2011	Active	NO

Name :

Mr. Mahesh Sahu

Designation :

Director

Address :

A/302, Parijat Residency, Behind Fab India, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

10.01.1954

Date of Appointment :

30.09.2014

DIN No.:

00034051

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	U45201GJ1992GOI018678	GUJARAT GROWTH CENTRES DEVELOPMENT CORPORATION LTD	Director	13/07/2002	13/07/2002	02/05/2010	Active	NO
2	U74899DL2000GOI107739	BHARAT SANCHAR NIGAM LIMITED	Nominee director	08/03/2006	08/03/2006	05/02/2008	Active	NO
3	U36999DL1989PLC036647	TBL INTERNATIONAL LIMITED	Director	19/05/2006	19/05/2006	19/05/2006	Active	NO
4	L32101DL1986GOI023501	MAHANAGAR TELEPHONE NIGAM LIMITED	Nominee director	05/08/2006	05/08/2006	27/02/2008	Active	NO
5	U64200MH2000GOI124302	MILLENNIUM TELECOM LIMITED	Nominee director	25/09/2007	19/12/2006	29/04/2008	Active	NO
6	U74899DL2005PTC142561	C-DOT Alcatel-Lucent Research Centre Private Limited	Alternate director	13/12/2007	19/01/2007	29/01/2008	Active	NO
7	U40101GJ2000NPL037236	NARMADA CLEAN TECH	Director	15/04/2008	15/04/2008	20/03/2009	Active	NO
8	U45209GJ2004PLC044779	DAHEJ SEZ LIMITED	Director	17/06/2008	17/06/2008	25/03/2014	Active	NO
9	U99999GJ1992PLC017798	GUJARAT CHEMICAL PORT TERMINAL COMPANY LIMITED	Nominee director	22/12/2008	18/06/2008	18/04/2009	Active	NO
10	U51395GJ1999PLC036886	VADODARA ENVIRO CHANNEL LIMITED	Director	21/06/2008	21/06/2008	13/03/2009	Active	NO
11	U45203DL2006PLC155511	Bharuch Dahej Railway Company Limited	Nominee director	30/06/2008	30/06/2008	25/06/2009	Active	NO
12	L14100GJ1963SGC001206	GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED	Director	18/03/2009	18/03/2009	01/02/2014	Active	NO
13	U45209GJ2009SGC056466	GUJARAT INDUSTRIAL CORRIDOR CORPORATION LIMITED	Director	29/06/2009	30/03/2009	01/02/2014	Active	NO
14	U74900GJ2009PLC057291	GUJARAT VITTAL INNOVATION CITY LIMITED	Director	18/06/2009	18/06/2009	01/02/2014	Strike off	NO
15	U67120GJ2000SGC037295	INFRASTRUCTURE FINANCE COMPANY GUJARAT LIMITED	Director	28/07/2009	28/07/2009	17/07/2014	Active	NO
16	U45208GJ2009SGC058064	GUJARAT INDUSTRIAL AREA DEVELOPMENT COMPANY LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
17	U74999GJ1994SGC022952	ALCOCK ASHDOWN (GUJARAT) LIMITED	Director	13/11/2009	13/11/2009	10/07/2012	Active	NO
18	U65990GJ1968SGC001524	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	Director	13/01/2010	13/01/2010	07/03/2014	Active	NO
19	U74999GJ1999SGC035459	GUJARAT INFORMATICS LIMITED	Nominee director	23/08/2010	23/08/2010	01/02/2014	Active	NO
20	U65910GJ1992SGC018602	GUJARAT STATE FINANCIAL SERVICES LTD	Director	27/09/2011	27/09/2011	31/03/2014	Active	NO
21	U62100GJ2012SGC068709	DHOLERA INTERNATIONAL AIRPORT COMPANY LIMITED	Director	20/01/2012	20/01/2012	01/02/2014	Active	NO
22	U85110GJ2012SGC071667	GUJARAT MEDICAL SERVICES CORPORATION LIMITED	Director	23/08/2012	23/08/2012	26/12/2012	Active	NO
23	U74140GJ2014PLC078943	GVFL Advisory Services Limited	Director	08/06/2015	06/03/2014	-	Active	NO
24	U65923GJ1990PLC013966	GVFL LIMITED	Director	17/09/2014	20/03/2014	-	Active	NO
25	U24110GJ1993PTC033372	HEUBACH COLOUR PRIVATE LIMITED	Director	30/09/2014	10/06/2014	-	Active	NO
26	U26109DL2005PLC143705	GOLD PLUS GLASS INDUSTRY LIMITED	Director	27/09/2014	01/09/2014	-	Active	NO
27	U74130GJ2005PTC062544	SOLVAY SPECIALITIES INDIA PRIVATE LIMITED	Director	26/09/2014	11/09/2014	-	Active	NO
28	U85100GJ2015NPL081763	SME MAVENS FOUNDATION	Director	06/01/2015	06/01/2015	-	Active	NO
29	U45200GJ2008PLC054999	GIFT SEZ LIMITED	Director	15/07/2015	16/02/2015	-	Active	NO
30	L17110MH1973PLC019786	RELIANCE INDUSTRIES LIMITED	Director	28/03/2015	19/02/2015	30/03/2015	Active	NO
31	U45209RJ2005PLC021207	MAHINDRA WORLD CITY (JAIPUR) LIMITED	Director	26/03/2015	26/03/2015	-	Active	NO

Name :

Mr. Milin Kaimas Mehta

Designation :

Director

Address :

204, Meghdhanush Apartment, Race Course Circle, Vadodara – 390007, Gujarat, India

Date of Appointment :

25.09.2015

DIN No.:

01297508

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	U65910GJ1994PTC022002	STARTRONIC INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	09/05/1994	09/05/1994	-	Active	NO
2	U24111GJ2000PTC037305	GUJARAT LIFE SCIENCES PRIVATE LIMITED	Director	03/03/2000	03/03/2000	-	Active	NO
3	U93090GJ2007PTC050527	K. C. MEHTA CONSULTING PRIVATE LIMITED	Director	13/04/2007	13/04/2007	15/06/2007	Active	NO
4	L26100GJ1907PLC000033	ALEMBIC LIMITED	Director	30/07/2010	30/03/2010	-	Active	NO
5	L24230GJ2010PLC061123	ALEMBIC PHARMACEUTICALS LIMITED	Director	29/08/2011	31/03/2011	-	Active	NO
6	U24233GJ2013PTC073668	TechnoKraft Products Private Limited	Director	22/02/2013	22/02/2013	-	Active	NO
7	U80902GJ2014NPL079837	SARASWATIBAI CULTURAL FOUNDATION	Director	18/06/2014	18/06/2014	-	Active	NO
8	U24110GJ1993PTC033372	HEUBACH COLOUR PRIVATE LIMITED	Director	25/09/2015	20/10/2014	-	Active	NO
9	L51900GJ1980PLC065554	SHAILY ENGINEERING PLASTICS LIMITED	Director	08/08/2015	08/11/2014	-	Active	NO
10	U92412GJ2009NPL058550	VADODARA MARATHON	Additional director	16/10/2015	16/10/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Kirti Ramachandra Pawar
Designation :	Secretary
Address :	5, Dindayal Society, Munjmahuda, Old Padra Road, Vadodara, 390020, Gujarat, India
Date of Birth/Age :	19.07.1985
Date of Appointment :	17.01.2011
PAN No.:	APJPP6699A
Name :	Mr. Bakul Makwana
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. Preference of Shares	No. Equity of Shares
HP Colour Cyprus Limited – Cyprus	-	873735
Ravi Kapoor	-	167
Pigment Colour Limited - Nicosia	-	6600
Pigment Colour Limited - Cyprus	3243260	-
Total	3243260	880502

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.98
Directors or relatives of Directors	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of organic pigments such as CPC green, CPC blue, yellow, red and aluminium hydroxide.

Products :

• Monolite and Monastral
• Vynamon and Heuco
• Monolite TR and Monolite US
• Aquis I and Monolite MC

PRODUCT DESCRIPTION	ITC CODE
Organic Pigment	3204
Pigment Preparation	3204
Aluminium Hydroxide	2818
CPC Green	32041761
Yellow	32041719
CPC Blue	32040751
Red	28183000

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

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 :

Information declined by the management

Bankers :

Bank Name	ICICI Bank Limited
Branch	Mezannine Floor, Landmark Building, Race Course Circle, Vadodara - 390007, 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

Deutsche Bank, Hazarimal Somani Marg, Mumbai - 400001, Maharashtra, India

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Million]	As on 31.03.2012 [Rs. in Million]
Long Term Borrowings
Foreign currency Term Loans from Bank	301.549	385.086
Short Term Borrowings
Working Capital Loans repayable on demand from banks* (*Secured by land, building, plant and machinery and hypothecation of present and future inventories and book debts.)	651.538	909.737
TOTAL	953.087	1294.823

Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	President Plaza, First Floor, Opposite Muktidham, Derasar, Thaltej, Ahmedabad – 380054, Gujarat, India
PAN No:	AABFL5878L
Holding Company (AS ON 31.03.2013) :	HP Colour Cyprus Limited, Cyprus
Ultimate Holding Company (AS ON 31.03.2013):	SP Colour Holdings Limited, Cyprus
Subsidiary Company (AS ON 31.03.2013):	Heubach Research Centre s.r.o Heubach Japan Kabushikikaisya
Other related parties where there is significant influence and transactions have taken place (AS ON 31.03.2013):	Heubach GmbH, Germany Heucotech Limited, USA
Fellow Subsidiaries where common control exists and transactions have taken place (AS ON 31.03.2013):	Pigment Colour Limited, Cyprus

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,250,000	Equity Shares	Rs.100/- each	Rs.125.000 Million
3,250,000	Preference Share	Rs.100/- each	Rs. 325.000 Million
	Total		Rs.450.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
880,502	Equity Shares	Rs.100/- each	Rs.88.050 Million
3,243,260	Preference Share	Rs.100/- each	Rs.324.326 Million
	Total		Rs.412.376 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	412.376	412.376	412.376
(b) Reserves & Surplus	1430.431	1324.504	1289.397
(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)	1842.807	1736.880	1701.773
(3) Non-Current Liabilities
(a) long-term borrowings	704.031	642.915	323.441
(b) Deferred tax liabilities (Net)	33.929	37.408	40.124
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	11.940	5.616	22.584
Total Non-current Liabilities (3)	749.900	685.939	386.149
(4) Current Liabilities
(a) Short term borrowings	821.176	909.737	990.535
(b) Trade payables	496.426	268.549	299.938
(c) Other current liabilities	249.915	294.903	190.628
(d) Short-term provisions	5.511	15.473	7.203
Total Current Liabilities (4)	1573.028	1488.662	1488.304
TOTAL	4165.735	3911.481	3576.226
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1331.283	1221.071	979.724
(ii) Intangible Assets	71.085	86.335	145.703
(iii) Capital work-in-progress	103.559	122.116	226.345
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	21.833	21.833	21.825
(c) Deferred tax assets (net)	0.000	0.056	0.000
(d) Long-term Loan and Advances	321.338	254.509	223.226
(e) Other Non-current assets	53.548	0.205	5.205
Total Non-Current Assets	1902.646	1706.125	1602.028
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1220.195	1252.789	1160.286
(c) Trade receivables	877.872	718.742	627.578
(d) Cash and cash equivalents	28.999	92.689	38.666
(e) Short-term loans and advances	135.889	141.079	146.641
(f) Other current assets	0.134	0.057	1.027
Total Current Assets	2263.089	2205.356	1974.198
TOTAL	4165.735	3911.481	3576.226

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3659.659	3163.440	NA
		Other Income
		TOTAL	3659.659	3163.440	NA
Less	EXPENSES
		TOTAL	3374.545	2781.191	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		285.114	382.249	403.301
Less/ Add	DEPRECIATION/ AMORTISATION		188.964	273.644	274.073
	PROFIT / (LOSS) BEFORE TAX		96.150	108.605	129.228
Less	TAX		(6.877)	37.284	7.379
	PROFIT / (LOSS) AFTER TAX		103.027	71.321	121.849
	ADJUSTMENT OF FOREIGN CURRENCY		0.000	0.000	11.742
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1047.382	976.061	842.470
	BALANCE CARRIED TO THE B/S		1150.409	1047.382	976.061
	EARNINGS IN FOREIGN CURRENCY		2728.611	2400.712	2512.758
	Earnings / (Loss) Per Share (Rs.)		24.98	17.30	NA

Particulars	31.03.2014
Net Sales	4200.000
PAT	149.000

The above information has been gathered from indirect source by CRISIL Rating.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	186.191	225.671	0.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	289.364	259.639	234.408
Net cash flows from (used in) operating activities	428.152	278.668	287.706

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.82	2.25	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.38	2.88	3.88
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.08
Debt Equity Ratio (Total Debt/Networth)		0.93	1.02	0.77
Current Ratio (Current Asset/Current Liability)		1.44	1.48	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	412.376	412.376	412.376
Reserves & Surplus	1289.397	1324.504	1430.431
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1701.773	1736.880	1842.807
long-term borrowings	323.441	642.915	704.031
Short term borrowings	990.535	909.737	821.176
Current Maturities of Long Term Debt	0.000	225.671	186.191
Total borrowings	1313.976	1778.323	1711.398
Debt/Equity ratio	0.772	1.024	0.929

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Total Income	3163.440	3659.659
		15.686

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Total Income	3163.440	3659.659
Profit	71.321	103.027
	2.25%	2.82%

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	Yes
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	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 1363 of 2011

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Status : PENDING

( Converted from : ST/2952/2011 )

CCIN No : 001092201101363

Last Listing Date:

15/02/2012

Coram

· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

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S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF CENTRAL EXCISE AND CUSTOMS	MR RJ OZA for: Appellant(s) 1

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S.NO.	Name of the Respondant	Advocate On Record
1	HEUBACH COLOUR PRIVATE LIMITED	MR S N THAKKAR for :Opponent(s) 1

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Presented On	: 10/10/2011	Registered On	: 10/10/2011
Bench Category	: SINGLE BENCH	District	: SURAT
Case Originated From	: THROUGH HIS/HER/THEIR ADVOCATE	Listed	: 92 times
StageName	: FOR REGULAR ADMISSION (SPL.)

Classification	· DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G
Act	· CENTRAL EXCISES AND SALT ACT, 1944

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2011	VAKALATNAMA	MR RJ OZA ADVOCATE for PETITIONER(s) 1	-	MR RJ OZA:1
2	15/08/2011	VAKALATNAMA	MR S N THAKKAR ADVOCATE for RESPONDENT(s) 1	-	MR SN THAKKAR:1
3	10/10/2011	CERTIFIED COPY	MR RJ OZA ADVOCATE for PETITIONER(s) 1	4	MR RJ OZA:1
4	10/10/2011	MEMO OF PETITION/APPEAL/SUIT	MR RJ OZA ADVOCATE for PETITIONER(s) 1	50	MR RJ OZA:1
5	21/03/2012	VAKALATNAMA	MR S N THAKKAR ADVOCATE for RESPONDENT(s) 1	5	MR SN THAKKAR:1

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	02/11/2011	1	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	· ADDITIONAL REGISTRAR ( JUDICIAL)
2	15/02/2012	1	-	FOR REGULAR ADMISSION (SPL.)	RULE/ADMIT	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/1363/2011	· HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA · HONOURABLE MR.JUSTICE J.B.PARDIWALA	15/02/2012	N	ORDER	-	Y

Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MR RJ OZA	ORDINARY	16/02/2012	O/5355/2012	15/02/2012	23/02/2012	24/02/2012	Delivered	ORDER

UNSECURED LOAN

PARTICULARS	As on 31.03.2013 [Rs. in Million]	As on 31.03.2012 [Rs. in Million]
Long Term Borrowings
Loans and advances from related parties	195.802	257.829
Other loans and advances	206.680	0.000
Short Term Borrowings
Working capital loans from banks	169.638	0.000
TOTAL	572.120	257.829

NOTE : The registered office of the company has been shifted Plot No. 9002-9010, Phase 4, G.I.D.C., Ankleshwar – 393002, Gujarat, India to the present address w.e.f. 10.02.2011.

FINANCIAL AND WORKING RESULTS (AS ON 31.03.2013)

The Company has registered growth in total income by 15.69%. In view of increase in energy and input cost as also turbulent global economy including devaluation in rupee, there is a drop in Profit Before Tax by 11.46% However, judicious management has enabled the Company to reduce inventory and finance cost.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE H OLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10355376	23/03/2012	465,354,300.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B39525225
2	10330075	15/04/2013 *	400,000,000.00	AXIS BANK LIMITED	VARDHMAN COMPLEX, OPP. GEB CIRCLE, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA	B74844473
3	10300371	23/03/2012 *	465,354,300.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B39557996
4	10288540	11/07/2013 *	400,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA	B79964680
5	10113490	26/04/2013 *	670,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA  RASHTRA - 400005, INDIA	B74666249
6	90098812	19/12/2013 *	300,000,000.00	ICICI BANK LIMITED	MEZANNINE FLOOR, LANDMARK BUILDING, RACE COURSE CIRCLE GUJARAT - 390007, VADODARA, , INDIA	B93562825

* Date of charge modification

FIXED ASSETS

Tangible Assets

• Leasehold Land
• Buildings
• Plant and Machinery
• Vehicles
• Laboratory Equipments
• Computers
• Furniture and Fixtures
• Office Equipments
• GIDC Pipeline Development

Intangible Assets

• Computer Software
• Goodwill
• Trademarks
• Technical Know-How

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.66.11
UK Pound	1	Rs.101.03
Euro	1	Rs.70.88

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--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		53

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.