MIRA INFORM REPORT

Report No. :	346325
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	AMPACET SPECIALITY PRODUCTS PRIVATE LIMITED
Registered Office :	D-276, D-277 and D-283, Ranjangaon Industrial Area, Karegaon, Shirur, Pune – 412220, Maharashtra
Tel No.:	91-213-611999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.03.2010
Com. Reg. No.:	11-143078 (NEW) 11-200706 (OLD)
Capital Investment / Paid-up Capital :	Rs. 547.269 Million
CIN No.: [Company Identification No.]	U25209PN2010FTC143078 (NEW) U25209MH2010FTC200706 (OLD)
IEC No.:	0310011353
TAN No.: [Tax Deduction & Collection Account No.]	MUMA36916F
PAN No.: [Permanent Account No.]	AAICA2806P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the trading, manufacture and sale of Plastic master batches and Color Concentrates.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of "Ampacet Cyprus Limited” having moderate track. It is an established company incorporated in the year 2010, engaged in trading, manufacture and sale of plastic master batches and color concentrates, etc. Rating is constrained on account of company’s weak financial position marked by accumulated losses reported from last few years, negative reserves level and leverage balance sheet profile of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of aforesaid} the company can be considered for business dealings with some caution.

NOTES :

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

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sachin Khabale
Designation :	Account Department
Contact No.:	91-2138-611999
Date :	20.10.2015

LOCATIONS

Registered Office / Factory :	D-276, D-277 and D-283, Ranjangaon Industrial Area, Karegaon, Shirur, Pune – 412220, Maharashtra, India
Tel. No.:	91-2138-611999
Fax No.:	91-2138-674301
E-Mail :	alwin.salins@ampacet.com
Website :	http://www.ampacet.com
Location:	Owned
Branch Office :	408, B Wing, Everest Chambers, Kurla Road, Marol Naka, Andheri (East), Mumbai-400059, Maharashtra, India.
Tel. No.:	91-22-66779933
Fax No.:	91-22-28562266
Overseas Office :	Located at Thailand China

DIRECTORS

As on 30.09.2014

Name :	Mr. Wipawadee Paopaka
Designation :	Director
Address :	119/29-30, Wuttakad Road, Taladphlu Sub-District, Thonburi District, Bangkok-10600
Date of Birth/Age :	17.11.1976
Date of Appointment :	10.03.2010
DIN No.:	02856750
Name :	Mr. Udomsri Sakdiarpa
Designation :	Director
Address :	479/46, Moo 12, Nongprue Sub-District, Banglamung District, Chonburi Province-20260
Date of Birth/Age :	14.05.1967
Date of Appointment :	10.03.2010
DIN No.:	02856919
Name :	Mr. Yves Achille Jacques Carette
Designation :	Director
Address :	Lot No. 7, Burapha Golf, 281 Moo 4, Tambon Bung, Sriracha, Chonburi-20110
Date of Birth/Age :	03.11.1954
Date of Appointment :	10.03.2010
DIN No.:	02881789
Name :	Rudi Raymond Joseph Scheman
Designation :	Additional Director
Address :	64/19, Moo4, Pluakdaeng, Rayong 21140, Thailand
Date of Birth/Age :	22.09.1964
Date of Appointment :	21.05.2010
DIN No.:	03072306
Name :	Amnon Kones
Designation :	Additional director
Address :	14975 24 Ave, Surrey Bc, V4pln9, Canada
Date of Birth/Age :	07.09.1956
Date of Appointment :	21.05.2010
DIN No.:	03075440
Name :	Mr. Alwin Godfrey Salins
Designation :	Additional director
Address :	Flat No. B-2-201, Yellow Blossom SNO 50 B T, Kawade Road, Ghorpadi, Pune-411036, Maharashtra, India
Date of Birth/Age :	16.10.1969
Date of Appointment :	30.09.2013
PAN No.:	AIWPS0546F
DIN No.:	03213774
Name :	Kamton Sa Nguanpruk
Designation :	Additional director
Address :	2/245 Sukhumvit 42 Alley, Prakanong Sub-District, Klongtoey District. Bangkok, 10110, Thailand
Date of Birth/Age :	29.10.1971
Date of Appointment :	30.09.2013
DIN No.:	05209811
Name :	Mr. Dnyaneshwar Bhagwantrao Kawade
Designation :	Director
Address :	Dwarka Sun Crest Apts Flat 202, Rahatni Road. Pimple Saudagar Pune:411027, India
Date of Birth/Age :	09.02.1971
Date of Appointment :	29.09.2012
DIN No.:	06393196
Name :	Mr. Santosh Dinkarrao Choudhari
Designation :	Director
Address :	Green Groves Garcinia, A 3/103, Behind Moze College Nagar Road, Wagholi, Pune – 412207, Maharashtra, India
Date of Birth/Age :	20.03.1968
Date of Appointment :	30.09.2013
DIN No.:	06646284

KEY EXECUTIVES

Name :	Mrs. Memangi Deepak Bhatt
Designation :	Secretary
Address :	C-210, Shanti Kishan Building – 2, V.S Road, Maratha Colony, Dahisar Road (East), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	30.01.1983
Date of Appointment :	01.01.2013
PAN No.:	AMJPB2559C
Name :	Mr. Sachin Khabale
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ampacet Cyprus Limited	40639032
Ampacet Investment II S.a.r.l.	1
Ampacet Europe, SA	14087897
Total	54726930

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the trading, manufacture and sale of Plastic master batches and Color Concentrates.
Products :	Plastic Colours Master Batches Colour Concentrates Additive Concentrates Chemicals Pigments Natural and Synthetic Resins Moulding Powder.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	European Country Thailand Vietnam
Imports :
Products :	Raw Material
Countries :	European Country China
Terms :
Selling :	Cheque and Credit
Purchasing :	Cheque and Credit

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 :

Wholesalers, Retailers and Manufacturer

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 :

80 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Kothur, Andhra Pradesh, 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

Auditors :
Name :	Walker Chandiok and Company Chartered Accountants
Address :	16Th Floor, Tower IiIndiabulls Finance Centre, Sb Marg, Elphiston (West), Mumbai, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Ampacet Cyprus Limited
Ultimate Holding company:	Ampacet Corporation USA
Associate:	Ampacet Thailand Company Limited Ampacet Australia Pty. Limited Ampacet Thailand Company Limited Ampacet Malaysia Sdn Bhd Ampacet Europe S.A. Ampacet Investment II Sarl

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs. 700.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54726930	Equity Shares	Rs.10/- each	Rs. 547.269 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	547.269	180.023	180.023
(b) Reserves & Surplus	(5.327)	(155.921)	(87.443)
(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)	541.942	24.102	92.580
(3) Non-Current Liabilities
(a) long-term borrowings	385.346	619.914	569.475
(b) Deferred tax liabilities (Net)	0.000	0.000	20.683
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.263	0.000	0.790
Total Non-current Liabilities (3)	386.609	619.914	590.948
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	971.099	639.349	485.073
(c) Other current liabilities	5.369	56.091	33.102
(d) Short-term provisions	2.553	2.917	2.425
Total Current Liabilities (4)	979.021	698.357	520.600
TOTAL	1907.572	1342.373	1204.128
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	379.303	365.895	391.550
(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	0.000
(d) Long-term Loan and Advances	173.499	110.222	88.293
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	552.802	476.117	479.843
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	575.279	303.359	407.049
(c) Trade receivables	633.880	460.807	260.492
(d) Cash and cash equivalents	59.451	66.440	46.264
(e) Short-term loans and advances	85.465	35.224	7.404
(f) Other current assets	0.695	0.426	3.076
Total Current Assets	1354.770	866.256	724.285
TOTAL	1907.572	1342.373	1204.128

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1931.911	1270.297	471.863
	Other Income
	TOTAL	1931.911	1270.297	471.863
Less	EXPENSES	1969.714 (Including Financial Expenses and Depreciation)	1359.458 (Including Financial Expenses and Depreciation)	541.871
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			(70.008)
Less	FINANCIAL EXPENSES			15.730
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			(85.738)
Less/ Add	DEPRECIATION/ AMORTISATION			32.216
	PROFIT/ (LOSS) BEFORE TAX	(37.803)	(89.161)	(117.954)
Less	TAX	0.000	(20.683)	33.558
	PROFIT/ (LOSS) AFTER TAX	(37.803)	(68.478)	(151.512)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	509.376	138.700	41.235
	TOTAL EARNINGS	509.376	138.700	41.235
	Earnings / (Loss) Per Share (Rs.)	(0.69)	(3.80)	(8.42)

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 flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(1.98)	(6.64)	(9.80)
Return on Investment (ROI) (PBT/Networth)		(0.07)	(3.70)	(1.27)
Debt Equity Ratio (Total Debt /Networth)		0.71	25.72	6.15
Current Ratio (Current Asset/Current Liability)		1.38	1.24	1.39

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	180.023	180.023	547.269
Reserves & Surplus	(87.443)	(155.921)	(5.327)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	92.580	24.102	541.942
long-term borrowings	569.475	619.914	385.346
Short term borrowings	0.000	0.000	0.000
Total borrowings	569.475	619.914	385.346
Debt/Equity ratio	6.151	25.720	0.711

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)
Total Income	471.863	1270.297	1931.911
		169.209	52.083

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	471.863	1270.297	1931.911
Profit	(151.512)	(68.478)	(37.803)
	(32.11%)	(5.39%)	(1.96%)

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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

BACKGROUND AND PRINCIPAL ACTIVITIES

Subject was incorporated as a private limited company on 10 March 2010 under the Companies Act, 1956 and is a subsidiary of Ampacet Cyprus Limited, Cyprus (the ‘holding company’). The Company is engaged in the trading, manufacture and sale of Plastic master batches and Color Concentrates.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Fully convertible debentures banks	0.000	272.195
Other loans and advances, others	385.345	347.719
Total	385.345	619.914

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

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 records 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.64.82
UK Pound	1	Rs.100.12
Euro	1	Rs.73.75

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	HNA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		28

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.