MIRA INFORM REPORT

Report No. :	339407.2
Report Date :	04.09.2015

IDENTIFICATION DETAILS

Name :	ZYDEX INDUSTRIES PRIVATE LIMITED
Registered Office :	25A, Gandhi Oil Mill Compound, Gorwa, Vadodara – 390016, Gujarat
Tel. No.:	91-265-3312346
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.09.2007
Com. Reg. No.:	051659
Capital Investment / Paid-up Capital :	Rs.5.600 Million
CIN No.: [Company Identification No.]	U24100GJ2007PTC051659
IEC No.:	3413002651
TAN No.: [Tax Deduction & Collection Account No.]	BRDZ00083G
PAN No.: [Permanent Account No.]	AAACZ3193J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of textile and industrial chemicals.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject company was incorporated during the year 2007. It is the manufacturer chemicals technologies for agriculture sector, textiles sector and construction sector. It has a moderate track. Mr. Vinod from Import Department has provided the information and said that the company has started its business activities from august 2014. As this is the first running year of its business activities, the company has not generated any income, it possesses huge borrowings. However, trade relations are improving. Payment terms are unknown. In view of recent commencement of business activities, the company can be considered for business dealings on fully safe and secure 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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vinod
Designation :	Import Department
Contact No.:	91-265-3312346
Date :	02.09.2015

LOCATIONS

Registered Office :	25A, Gandhi Oil Mill Compound, Gorwa, Vadodara – 390016, Gujarat, India
Tel. No.:	91-265-3312346 / 3312000
Mobile No.:	91-9825008145 (Mr. Ajay)
Fax No.:	91-265-3312111
E-Mail :	zydexind@rediffmail.com info@zydexonline.com
Website :	http://www.zydexindustries.com
Location :	Owned [Commercial]
Factory :	Block No.:466 (B) to 480, Villagew Gavasad, Padra, Jamsusad Road, Taluka Padra, District Vadodara, Gujarat, India
Location :	Owned
Corporate Office :	Zydex House, 61, Gotri-Sevasi Road, Sevasi, Vadodara- 391101, Gujarat, India
Branches :	Located At : Ahmedabad Bangalore Cochin Delhi Hyderabad Ludhiana Pune Tirupur Kolkata Indore

DIRECTORS

AS ON 30.09.2014

Name :	Ajay Ishwarlal Ranka
Designation :	Director
Address :	9/10, Akashvan Society, Gotri Sevasi Road, Sevasi, Vadodara - 391101, Gujarat, India
Date of Birth/Age :	24.10.1956
Date of Appointment :	03.09.2007
DIN No.:	01676073
Name :	Ranka Seema Ajay
Designation :	Director
Address :	9/10, Akashvan Society, Gotri Sevasi Road, Sevasi, Vadodara - 391101, Gujarat, India
Date of Birth/Age :	25.08.1957
Date of Appointment :	03.09.2007
DIN No.:	01684197

KEY EXECUTIVES

Name :	Mr. Vinod
Designation :	Import Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Ajay Ishwarlal Ranka	480,000	85.71
Ranka Seema Ajay	80,000	14.29
Total	560,000	100.00

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 :	Subject is engaged in the business of manufacturing of textile and industrial chemicals.
Products :	Textile and industrial chemicals.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	USA European Countries
Imports :
Products :	Raw Material , Machinery
Countries :	Japan Singapore China Malaysia
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :

Wholesalers and Retailers

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 :

125 (Approximately)

Bankers :

Bank Name	Citi Bank N.A.
Branch	Not Divulged
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 :	Shah Mehta and Bakshi Chartered Accountants
Address :	2Nd Floor Prasanna House Associated Society, Near Akota Stadium Akota, Vadodara – 390020, Gujarat, India
PAN No.:	AABFJ1738M
Memberships :	--
Collaborators :	--
Subsidiaries :	Guangzhou Zydex Trading Company Limited
Related party:	Zydex Industries

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
560,000	Equity Shares	Rs.10/- each	Rs.5.600 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	5.600	5.600	5.600
(b) Reserves & Surplus	0.000	0.000	0.000
(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)	5.600	5.600	5.600
(3) Non-Current Liabilities
(a) long-term borrowings	99.318	29.547	29.247
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	99.318	29.547	29.247
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	15.483	0.862	0.026
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	0.098	0.006	0.005
Total Current Liabilities (4)	15.581	0.868	0.031
TOTAL	120.499	36.015	34.878
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	27.737	27.737	27.737
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	76.674	0.788	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.129	3.129	3.129
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.604	0.417	0.417
(e) Other Non-current assets	7.561	2.950	2.564
Total Non-Current Assets	116.705	35.021	33.847
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.200	0.184	0.222
(e) Short-term loans and advances	3.594	0.810	0.809
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3.794	0.994	1.031
TOTAL	120.499	36.015	34.878

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	0.000	0.000	0.000
	Other Income	0.000	0.000	0.000
	TOTAL	0.000	0.000	0.000
Less	EXPENSES
	Transferred to pre-operative expenses	(4.611)	(0.223)	(0.655)
	Employees benefits expense	0.380	0.000	0.000
	Other expenses	4.231	0.223	0.655
	TOTAL	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	0.000	0.000	0.000
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	0.000	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)	0.00	0.00	0.00

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)	(%)	0.00	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		17.74	5.28	5.22
Current Ratio (Current Asset/Current Liability)		0.24	1.15	33.26

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	5.600	5.600	5.600
Reserves & Surplus	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5.600	5.600	5.600
long-term borrowings	29.247	29.547	99.318
Short term borrowings	0.000	0.000	0.000
Total borrowings	29.247	29.547	99.318
Debt/Equity ratio	5.223	5.276	17.735

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

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans from shareholders
Ajay Ishwarlal Ranka	53.397	29.547
Ranka Seema Ajay	45.921	0.000
Total	99.318	29.547

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10587792	01/07/2015	80,000,000.00	CITI BANK N.A.	1ST FLOOR, PELICAN, ABHISHEK COLONY,, OPP RACE CO  URSE TOWER, GOTRI ROAD,, BARODA, GUJARAT - 390007,  INDIA	C62488184
2	10587787	08/05/2015	150,000,000.00	CITI BANK N.A.	1ST FLOOR, PELICAN, ABHISHEK COLONY,, OPP RACE CO  URSE TOWER, GOTRI ROAD,, BARODA, GUJARAT - 390007,  INDIA	C62486006
3	10516152	25/08/2014	100,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR  A (E),, MUMBAI, MAHARASHTRA - 400051, INDIA	C17529199

CORPORATE INFORMATION

Subject having registered office in 25A, Gandhi Oil Mill Compound, Gorwa, Vadodara, Gujarat engaged in the business of manufacturing of chemicals and no commercial activity commenced as on date of balance sheet.

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.66.22
UK Pound	1	Rs.101.22
Euro	1	Rs.74.33

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	TRS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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		11

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.