MIRA INFORM REPORT

Report Date :

06.04.2011

NOTE : The Correct Name of the company is “Gogia Chemical Industries Private Limited”

IDENTIFICATION DETAILS

Name :	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	A – 127, Okhala Industrial Area, Phase – II, New Delhi – 110020, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.05.1991
Com. Reg. No.:	55-044438
CIN No.: [Company Identification No.]	U74899DL1991PTC044438
TAN No.: [Tax Deduction & Collection Account No.]	DELG03470F DELG03426D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Flavor, Fragrances, Essential Oils

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 324000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade Relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Rohit
Designation :	Director
Contact No.:	91-9810111253
Date :	18.03.2011

LOCATIONS

Registered Office :	A – 127, Okhala Industrial Area, Phase – II, New Delhi – 110020, Delhi, India
Mobile No.:	91-9810111253 (Mr. Rohit)
E-Mail :	info@gogia.com
Website :	http://www.gogia.com pratapvikram_ca@rediffmail.com
Area :	1991 Sq.ft.
Location :	Owned
Factory :	C – 8/3, Site – C, U.P.S.I.D.C., Industrial Area, Greater Noida, Noida, Uttar Pradesh, India
Tel. No.:	91-120-2561285 to 256190
Fax No.:	91-120-2561281

DIRECTORS

As on 30.09.2010

Name :	Mr. Rohit Gogia
Designation :	Director
Address :	C-11, Sector – 26, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	09.04.1969
Date of Appointment :	29.05.1991
DIN :	00148977
Name :	Mr. Har Narain Gogia
Designation :	Director
Address :	C-11, Sector – 26, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	01.03.1941
Date of Appointment :	23.11.1994
DIN :	00148949
Name :	Mr. Mohit Gogia
Designation :	Director
Address :	C-11, Sector – 26, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India
Date of Birth/Age :	09.04.1969
Date of Appointment :	29.05.1991
DIN :	00148961

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mr. Rohit Gogia	25506
Mr. Har Narain Gogia	30000
Mr. Mohit Gogia	23009
Rohit Chemical Ind. (HUF), New Delhi	1
Rohit Gogia HUF	1
Manorama Gogia	17507
S.K. Dhody	1
Mohit Gogia (HUF)	1
Sonali Gogia	1
Dr. Devdutt Kulpathi Sharma	1
Anjul Gogia	1
Madhukar Kumar Malvee	1
Total	96030

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Flavor, Fragrances, Essential Oils
Products :	Ø Industrial Flavor Ø Fragrances Ø Essential Oils
Exports :
Products :	Ø Industrial Flavor Ø Fragrances Ø Essential Oils
Countries :	Ø Malaysia Ø Thailand Ø Srilanka Ø Nigeria
Imports :
Products :	Ø Raw Material
Countries :	Ø UK Ø USA Ø Spain
Terms :
Selling :	L/C / Cash / Credit (30 days)
Purchasing :	L/C / Cash / Credit (30 days)

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

100 (in office – 20 / in factory - 80) Approximately

Bankers :

Ø Bank of India, Grater Kailash II, New Delhi - 110048, Delhi, India

Ø Axis Bank

Ø State Bank of Patiala

Ø HDFC Bank Limited

Ø ICICI Bank

Facilities :

Secured Loan (Rs.in millions)	31.03.2010	31.03.2009
Axis Bank car loan – 22307	0.150	0.000
Bank of india	9.580	21.460
Bank of India (advance against F B P)	9.944	7.860
Bank of India (loan against Fdr)	0.000	4.104
Car loan (State Bank of Patiala)	0.000	0.216
HDFC Bank Limited A/c car Loan	0.250	0.000
ICICI Bank Car loan 630005008272 fiesta	0.226	0.426
ICICI car loan#2744 – bolero	0.000	0.062
ICICI Indica@3906 – indicav2	0.000	0.049
Loan (Boi) 6037770410000008	15.463	17.499
Total	35.613	51.676
Unsecured loan
From corporate sectors	0.000	1.000
From directors	9.132	2.990
From share holders	2.315	2.303
Total	11.447	6.293

Banking Relations :	--
Auditors :
Name :	Pratap Vikram and Associates Chartered Accountant
Address :	212-213, Rajiner Jaina Tower – 1, Wazirpur Commercial Area, Delhi – 110052, Delhi, India
Pan No. :	AAEFB6495L
Associates/Subsidiaries :	Gogia Chemicals, New Delhi, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs.100/-each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96,030	Equity Shares	Rs.100/-each	Rs.9.603 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.603	9.603	9.603
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		71.513	61.158	38.994
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.116	70.761	48.597
LOAN FUNDS
1] Secured Loans		35.613	51.676	30.907
2] Unsecured Loans		11.447	6.293	6.841
TOTAL BORROWING		47.060	57.969	37.748
DEFERRED TAX LIABILITIES		0.655	0.705	0.000
TOTAL		128.831	129.435	86.345
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		65.655	69.980	39.008
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.952	0.698
DEFERREX TAX ASSETS		0.000	0.000	0.244
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.506	13.596	18.449
	Sundry Debtors	78.784	93.204	63.576
	Cash & Bank Balances	10.719	12.660	11.036
	Other Current Assets	1.157	1.060	2.589
	Loans & Advances	9.910	8.014	10.063
Total Current Assets		126.076	128.534	105.713
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	47.980	47.290	45.549
	Other Current Liabilities	9.448	11.525	7.896
	Provisions	5.472	11.216	5.873
Total Current Liabilities		62.900	70.031	59.318
Net Current Assets		63.176	58.503	46.395
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		128.831	129.435	86.345

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	219.984	257.410	210.008
		Other Income	1.717	7.952	1.409
		TOTAL (A)	221.701	265.362	211.417
Less	EXPENSES
		Direct Expenses	160.670	171.854	151.525
		Administrative Expenses	18.535	20.634	19.026
		Selling and Distribution Expenses	12.992	15.257	11.156
		Indirect Expenses	11.506	8.050	7.316
		Increase / Decrease in stock	(11.910)	4.853	0.907
		TOTAL (B)	191.793	220.648	189.930
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		29.908	44.714	21.487
Less	FINANCIAL EXPENSES (D)		6.456	4.937	4.118
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.452	39.777	17.369
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.628	5.112	1.538
	PROFIT BEFORE TAX (E-F) (G)		15.824	34.665	15.831
Less	TAX (I)		5.519	12.502	5.944
	PROFIT AFTER TAX (G-I) (J)		10.305	22.163	9.887
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		61.158	38.994	29.064
Add	Deferred Tax Credit		0.050	0.000	0.043
	BALANCE CARRIED TO THE B/S		71.513	61.158	38.994
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	91.290	101.904	80.933
	TOTAL EARNINGS		91.290	101.904	80.933
	IMPORTS
		Raw Materials	14.555	8.149	3.117
	TOTAL IMPORTS		14.555	8.149	3.117
	Earnings Per Share (Rs.)		107	--	--

Expected Sales ( 2010.2011 ) : Rs.250.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.65	8.35	4.68
Net Profit Margin (PBT/Sales)	(%)	7.19	13.47	7.54
Return on Total Assets (PBT/Total Assets}	(%)	8.25	17.46	10.94
Return on Investment (ROI) (PBT/Networth)		0.20	0.49	0.33
Debt Equity Ratio (Total Liability/Networth)		1.36	1.81	2.00
Current Ratio (Current Asset/Current Liability)		2.00	1.84	1.78

LOCAL AGENCY FURTHER INFORMATION

GENERAL REVIEW :

During the year, the company achieved turnover of Rs.219.984 millions against the previous year figures of Rs.257.478 millions. Net Profit has decreased to Rs. 15.860 millions as compared to previous year’s figure of Rs.34.665 millions. The directors are quite hopeful for the better result in coming year.

FIXED ASSETS :

Ø Furniture and Fixture

Ø Office Equipment

Ø Plant and Machinery

Ø Electric Installation

Ø Vehicles

Ø Land and Building

Ø Free hold Land

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10038771
Corporate identity number of the company	U74899DL1991PTC044438
Name of the company	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-127 Okhla Industrial Areaphase-Ii New Delhi – 110020, Delhi, India
Type of charge	Ø Book Debts Ø Movable Property Ø Immovable Property Ø Floating Charge
Particular of charge holder	Bank of India, Grater Kailash II, New Delhi - 110048, Delhi, India Email : selvam.deep@gmail.com
Nature of description of the instrument creating or modifying the charge	AG-51 agreement dt.27-3-2009
Date of instrument Creating the charge	27.03.2009
Amount secured by the charge	Rs.43.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - interest on term loan of Rs.17.500 million is chargeable at min.11.25% pa or at such other rates as may be applicable from time to time as per bank norms Terms of Repayment - term loan of Rs.17.500 million is repayable in monthly installments of Rs.0.318 million each commencing from april 2009 till full repayment of loan along with interest. Margin - margin as per sanction terms and bank norms Extent and Operation of the charge – 100% Others - first charge on i) stocks and other movable properties,book debts, plant and machinery, all other current and fixed assets of the company present and future ii) Em of property at C- 8/3 Surajpur Industrial Area Site C, Gautam Budh Nagar, Greater Noida 201306 is to secure the i)cc limit Rs.10.000 million ii) cheque purchase limit Rs.0.500 million iii) term loan Rs.17.500 million iv) overdraft (tdr) Rs.3.500 million v) fbp (dp/da) Rs.10.000 million vi)l/c dp/da Rs.2.000 million aggregating to Rs.43.500 million
Short particulars of the property charged	I) first charge on stocks and other movable properties, book debts, plant and machinery, all other current and fixed assets of the company present and future as detailed in part-a, b and c of schedule ii to hypothecation cum loan agreement dt.31-1-2007 ii)em of property at C- 8/3 Surajpur Industrial Area Site C, Gautam Budh Nagar, Greater Noida 201306
Date of latest modification prior to the present modification	02.03.2009
Particulars of the present modification	Amount secured by this charge remains same at Rs.43.500 million. modification of charge is only to the extent of some changes in terms and conditions with regard to term loan of Rs.17.500 million sanctioned to the company as follow: i) interest on term loan of Rs.17.500 million is chargeable at min.11.25% pa or at such other rates as may be applicable from time to time as per bank norms ii) repayment in monthly installments of Rs.0.318 million each commencing from April 2009 till full repayment of loan along with interest.

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.44.45
UK Pound	1	Rs.71.58
Euro	1	Rs.63.01

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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
TOTAL		48

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.