MIRA INFORM REPORT

Report No. :	345010
Report Date :	14.10.2015

IDENTIFICATION DETAILS

Name :	AVIGNON EXIM PRIVATE LIMITED
Registered Office :	301- Evershine Mall, Chincholii Bunder Junction, Link Road, Malad (West), Mumbai- 400064, Maharashtra
Tel. No.:	91-22-42172222/ 23
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.06.1994
Com. Reg. No.:	11-079238
Capital Investment / Paid-up Capital :	Rs. 2.419 Million
CIN No.: [Company Identification No.]	U51900MH1994PTC079238
IEC No.:	0396066275
TAN No.: [Tax Deduction & Collection Account No.]	MUMA14950F
PAN No.: [Permanent Account No.]	AAACA7303H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Chemicals.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 166100
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a Mumbai based company incorporated on 28^th June, 1994. It has satisfactory track record. There seems unfavorable gap between trade receivables and trade payables. However, the company possesses a decent networth base payables. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Shridhar
Designation :	Admin Department
Contact No.:	91-22-42172222
Date :	13.10.2015

LOCATIONS

Registered Office :	301- Evershine Mall, Chincholii Bunder Junction, Link Road, Malad (West), Mumbai- 400064, Maharashtra, India
Tel. No.:	91-22-42172222/ 23
Fax No.:	91-22-42172233
E-Mail :	info@resonancesl.com
Website :	www.resonancesl.com
Factory :	Located at: · Tarapur

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Anoop Atma Gupta

Designation :

Director

Address :

Westwib CHS Limited, Flat No 72, Plot No 45, Lokhandwala Comp, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

12.02.1978

Date of Appointment :

26.10.1996

DIN No.:

01908365

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	Company/ LLP Status	Defaulting status
1	U24100MP1990PTC005721	VISTA ORGANICS PRIVATE LIMITED	Director	03/09/1996	03/09/1996	Active	NO
2	U99999MH1986PTC040511	AVIGNON CHEMICALS PRIVATE LIMITED	Director	26/10/1996	26/10/1996	Active	NO
3	U65910MH1989PTC051995	VISTA FINANCE AND LEASING PRIVATE LIMITED	Director	26/10/1996	26/10/1996	Active	NO
4	U51900MH1994PTC079238	AVIGNON EXIM PRIVATE LIMITED	Director	26/10/1996	26/10/1996	Active	NO
5	U73100MH1991PTC063083	USHMAA TECHNOLOGIES PRIVATE LIMITED	Director	03/01/1998	03/01/1998	Active	NO
6	U65990MH1989PTC051996	USHMA INVESTMENTS PRIVATE LIMITED	Director	03/01/1998	03/01/1998	Active	NO

Name :

Ms. Urvi Atma Gupta

Designation :

Director

Address :

71/45 West Wind Apartment, Lokhandwala Complex, Andheri (West), Mumbai-400058, Maharashtra, India

Date of Birth/Age :

20.02.1984

Date of Appointment :

18.08.2002

DIN No.:

02378375

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	Company/ LLP Status	Defaulting status
1	U51900MH1994PTC079238	AVIGNON EXIM PRIVATE LIMITED	Director	18/08/2002	18/08/2002	Active	NO
2	U65910MH1989PTC051995	VISTA FINANCE AND LEASING PRIVATE LIMITED	Director	31/03/2007	31/03/2007	Active	NO
3	U65990MH1989PTC051996	USHMA INVESTMENTS PRIVATE LIMITED	Director	31/03/2007	31/03/2007	Active	NO
4	L25209MH1989PLC051993	RESONANCE SPECIALTIES LIMITED	Additional director	31/03/2015	31/03/2015	Active	NO

Name :

Mr. Navinkumar Virendra Jha

Designation :

Director

Address :

R / No. 1, Ramapati Singh Chawl No. 2,, Pratap Nagar, Caves Road, Jogeshwari (East), Mumbai- 400060, Maharashtra, India

Date of Birth/Age :

21.02.1988

Date of Appointment :

30.09.2011

DIN No.:

03274823

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	Company/ LLP Status	Defaulting status
1	U51900MH1994PTC079238	AVIGNON EXIM PRIVATE LIMITED	Director	30/09/2011	19/10/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Shridhar
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	No. of Shares
Ushma Benefit Trust, India	241700	99.92
Atma Gupta	100	0.04
Usha Atma Gupta	100	0.04
Total	241900	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	0.08
Others	99.92
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Chemicals.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Chemicals
Countries :	· China · Japan · USA · Australia
Imports :
Products :	Raw Material
Countries :	· Germany · Vietnam
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

35 (Approximately)

Bankers :

Bank Name:	Bank of Baroda
Branch:	Vile Parle (East), Mumbai, Maharashtra, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Inter Corporate Deposits from associate company	1.538	1.538
SHORT TERM BORROWINGS
Overdraft	1.877	20.318
Total	3.415	21.856

Banking Relations :	--
Auditors :
Name :	Hardik Vora and Associates Chartered Accountants
Address :	605,Vasupujya Apartment , Sarvodaya Nagar, Mulund (West), Mumbai-400080, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABUPV9829M
Memberships :	--
Collaborators :	--
Associate Company :	· Resonance Specialities Limited · Ushma Investments Private Limited · Vista Finance and Leasing Private Limited
Subsidiary Company :	· Avignon Chemicals Private Limited (U99999MH1986PTC040511) · Vista Organics Private Limited (U24100MP1990PTC005721)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
241,900	Equity Shares	Rs. 10/- each	Rs. 2.419 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	2.419	2.419	2.419
(b) Reserves & Surplus	55.738	52.254	48.948
(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)	58.157	54.673	51.367
(3) Non-Current Liabilities
(a) Long-term borrowings	1.538	1.538	0.000
(b) Deferred tax liabilities (Net)	0.212	0.207	0.218
(c) Other long term liabilities	22.483	17.754	26.658
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	24.233	19.499	26.876
(4) Current Liabilities
(a) Short term borrowings	1.877	20.318	35.223
(b) Trade payables	72.176	47.888	51.140
(c) Other current liabilities	1.073	0.214	0.312
(d) Short-term provisions	1.316	1.704	2.800
Total Current Liabilities (4)	76.442	70.124	89.475
TOTAL	158.832	144.296	167.718
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.920	1.975	2.364
(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	25.300	17.579	4.212
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	32.964	32.697	71.359
(e) Other Non-current assets	0.644	0.048	0.047
Total Non-Current Assets	60.828	52.299	77.982
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.965	18.147	9.032
(c) Trade receivables	9.157	2.633	10.404
(d) Cash and cash equivalents	69.373	69.633	69.339
(e) Short-term loans and advances	1.509	1.584	0.961
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	98.004	91.997	89.736
TOTAL	158.832	144.296	167.718

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	152.120	204.531
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		3.484	3.306	3.986
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports (Material)*	NA	60.108	89.956
	TOTAL EARNINGS		NA	60.108	89.956
	IMPORTS
		Raw Materials	NA	20.864	29.075
	TOTAL IMPORTS		NA	20.864	29.075
	Earnings Per Share (Rs.)		14.40	13.67	16.48

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	2.17	1.95
Debt Equity Ratio (Total Debt/Networth)		0.06	0.40	0.69
Current Ratio (Current Asset/Current Liability)		1.28	1.31	1.00

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	2.419	2.419	2.419
Reserves & Surplus	48.948	52.254	55.738
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	51.367	54.673	58.157
Long-term borrowings	0.000	1.538	1.538
Short term borrowings	35.223	20.318	1.877
Total borrowings	35.223	21.856	3.415
Debt/Equity ratio	0.686	0.400	0.059

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 two 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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FINANCIAL RESULTS:

The Company earned a profit of Rs. 3.484 Million (Previous Year Profit Rs. 3.306 Million) during the year.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from 54 A M Vasanji Roadelite Auto Building, Andheri (East), Mumbai-400093, Maharashtra, India to the present address w.e.f 01.11.2008

FIXED ASSETS:

Tangible Assets

· Residential Flat

· Projector

· Furniture and Fixtures

· Office Equipment

· Air Conditioner

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. 65.02
UK Pound	1	Rs. 99.89
Euro	1	Rs. 73.92

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		45

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.