MIRA INFORM REPORT

Report Date :

01.10.2007

IDENTIFICATION DETAILS

Name :	PUSHPAK ORGANICS (INDIA) PRIVATE LIMITED
Registered Office :	Hari Krupa, Plot No. 30, Kamla Nehru 'X' Road No. 3, Kandivli (West), Mumbai-400 067, Maharashtra
Country :	India
Financials (as on) :	31.03.2006
Date of Incorporation :	19.01.1985
Com. Reg. No.:	11-35115
CIN No.: [Company Identification No.]	U24240MH1985PTC035115
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16362D
PAN No.: [Permanent Account No.]	AABCP4963F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer/exporter of synthetic aroma chemicals, food colors mainly used in flavors, fragrances, food products and cosmetics.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 25000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track records. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office / Corporate Office :	Hari Krupa, Plot No. 30, Kamla Nehru 'X' Road No. 3, Kandivli (West), Mumbai-400 067, Maharashtra, India
Tel. No.:	91-22-28051552 / 28060998
Fax No.:	91-22-28051444
E-Mail :	pushpak_organics@vsnl.com / srg@bom2.vsnl.net.in
Website :	http://www.pushpakindia.com
Factory :	A/2-2/3, GIDC Industrial Estate, Nandesari, Baroda – 391340, Gujarat, India

DIRECTORS

Name :	Mr. Rajnikant Dungarshi Ghelani
Designation :	Managing Director
Address :	Hari Krupa, Plot No. 30, Kamla Nehru 'X' Road No. 3, Kandivli (West), Mumbai-400 067, Maharashtra, India
Date of Birth/Age :	28.03.1946
Date of Appointment :	19.01.1985
Name :	Mr. Pradip Dungarshi Ghelani
Designation :	Director
Address :	Hari Krupa, Plot No. 30, Kamla Nehru 'X' Road No. 3, Kandivli (West), Mumbai-400 067, Maharashtra, India
Date of Birth/Age :	21.08.1955
Date of Appointment :	19.01.1985
Name :	Mr. Pankaj Dungarshi Ghelani
Designation :	Director
Address :	Hari Krupa, Plot No. 30, Kamla Nehru 'X' Road No. 3, Kandivli (West), Mumbai-400 067, Maharashtra, India
Date of Birth/Age :	12.01.1958
Date of Appointment :	19.01.1985
Name :	Ms. Pushpa Rajnikant Ghelani
Designation :	Director
Address :	Hari Krupa, Plot No. 30, Kamla Nehru 'X' Road No. 3, Kandivli (West), Mumbai-400 067, Maharashtra, India
Date of Birth/Age :	13.09.1947
Date of Appointment :	19.01.1985
Name :	Mr. Sitanshu Rajnikant Ghelani
Designation :	Director
Address :	Hari Krupa, Plot No. 30, Kamla Nehru 'X' Road No. 3, Kandivli (West), Mumbai-400 067, Maharashtra, India
Date of Birth/Age :	03.12.1973
Date of Appointment :	01.12.1997

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Rajnikant Dungarshi Ghelani	2000
Pankaj Dungarshi Ghelani	2000
Prabhavati Dungarshi Ghelani	2000
Pushpa Rajnikant Ghelani	2000
Pradip Dungarshi Ghelani	2000
Smita Pankaj Ghelani	1600
Daksha Pradip Ghelani	1600
Sitanshu Rajnikant Ghelani	2000
Dhara Rajnikant Ghelani	1600
Dhruv Pankaj Ghelani	400
Chinmay Pradip Ghelani	400
Jannahvi Pankaj Ghelani	400
Total	18000
Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer/exporter of synthetic aroma chemicals, food colors mainly used in flavors, fragrances, food products and cosmetics.
Products :	Amly Salicylate Alpha Amly Cinnamic Aldehyde Benzyl Salicylate

PRODUCTION STATUS

Particulars	Unit	Installed Capacity
Aromatic Chemicals	MT	400

GENERAL INFORMATION

Bankers :

Bank of Baroda Central Bank of India The Shamrao Vithal Co-operative Bank Limited HDFC Bank Limited

Banking Relations :	Satisfactory
Auditors :
Name :	Milan Desai Chartered Accountants
Address :	7, Hira Moti Building, Shri Nagar Society, M. G. Road, Goregaon – West, Mumbai – 400062, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs. 100/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,000	Equity Shares	Rs. 100/- each	Rs. 1.800 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		1.800	1.800	1.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.372	3.734	3.455
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.172	5.534	5.255
LOAN FUNDS
1] Secured Loans		0.148	0.488	0.804
2] Unsecured Loans		14.184	13.352	16.280
TOTAL BORROWING		14.332	13.840	17.084
DEFERRED TAX LIABILITIES		0.379	0.059	0.000
TOTAL		20.883	19.433	22.339
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.530	5.954	6.696
Capital work-in-progress		0.488	0.488	0.488
INVESTMENT		1.283	1.011	0.634
DEFERREX TAX ASSETS		0.000	0.000	0.074
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.785	5.391	13.724
	Sundry Debtors	11.172	6.098	6.343
	Cash & Bank Balances	6.812	4.925	4.748
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.135	0.575	1.568
Total Current Assets		27.904	16.989	26.383
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	14.110	4.979	11.936
	Provisions	0.212	0.030	0.000
Total Current Liabilities		14.322	5.009	11.936
Net Current Assets		13.582	11.980	14.447
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		20.883	19.433	22.339

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		54.601	51.934	22.327
Export Turnover		28.745	32.515	0.000
Other Income		0.000	0.000	31.935
Total Income		83.346	84.449	54.262
Profit/(Loss) Before Tax		1.140	0.493	[3.211]
Provision for Taxation		0.000	0.000	[0.061]
Profit/(Loss) After Tax		1.140	0.493	[3.150]
Earnings in Foreign Currency :
Total Earnings		N.A.	N.A.	29.688
Expenditures :
	Raw Material Consumed	0.000	0.000	40.237
	Interest	0.891	1.068	0.000
	Manufacturing, Selling and Other Expenditure	51.723	49.365	16.152
	Depreciation & Amortization	0.847	1.007	1.085
Total Expenditure		53.461	51.440	57.474

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
PAT / Total Income	(%)	1.36	0.58	5.81
Net Profit Margin (PBT/Sales)	(%)	1.36	0.58	14.38
Return on Total Assets (PBT/Total Assets}	(%)	3.40	2.14	0.10
Return on Investment (ROI) (PBT/Networth)		0.18	0.08	0.61
Debt Equity Ratio (Total Liability/Networth)		4.64	3.40	5.52
Current Ratio (Current Asset/Current Liability)		1.94	3.39	2.21

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

- Factory Shed

- Electrical Installation

- Equipment / Plant and Machinery

- Computer

- Typewriter

- Furniture and Fixture

- Laboratory Equipment

- Scooter

- Motor Cars

- Office Equipment

- Pollution Control Equipment

- Fire Fighting Equipment

- Building

Bankers Charges Report as per Registry

Name of the company	PUSHPAK ORGANICS (INDIA) PRIVATE LIMITED
Presented By	Bank of Baroda, BFS Branch, Matru Ashish, S. V. Road, Kandivali – West, Mumbai – 400067 and Pushpak Organics (India) Private Limited
1) Date and description of instrument creating the change	Composite Hypothecation Agreement dated 16.10.2005
2) Amount secured by the charge/amount owing on the securities of charge	Letter of Credit – Rs. 6.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The Borrower’s stocks, relating to all the materials purchased through Foreign / Inland L/C issued by Bank of Baroda, BFS, Kandivali both present and future and including but without prejudice to the generality of the foregoing words, all stocks arising from the usage of materials purchased through Foreign / Inland L/C issued by Bank of Baroda, BFS, Kandivali viz. raw materials, semi finished goods and finished goods, whatsoever and wheresoever situate and / or in transit whether now belonging to or that may at any time during the continuance of this security belong to the borrower or that may be held by any party anywhere to the disposition of the borrower. All the present and future book – debts, outstanding, monies, receivables, claims, bills, contracts, engagement and security which are now due and owing or which may at anytime hereafter during the continuance of this security become due and owing to the borrower in the course of its business by any person, firm, company or body corporate or by the Government of India or any State Government of India Railways or any Government Department or office or any Muncipal or Local or public or Semi – Government body or authority whatsoever including those relating to the assets leased out and given on hire purchased basis.
4) Gist of the terms and conditions and extent and operation of the charge.	Margin security and rate of interest as per bank rules
5) Name and Address and description of the person entitled to the charge.	Bank of Baroda, BFS Branch, Matru Ashish, S. V. Road, Kandivali – West, Mumbai – 400067
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

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 records 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.39.73
UK Pound	1	Rs.81.37
Euro	1	Rs.56.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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