MIRA INFORM REPORT

Report Date :

28.04.2011

IDENTIFICATION DETAILS

Name :	AROMA CHEMICAL AGENCIES (INDIA) PRIVATE LIMITED
Registered Office :	12 Peninsula Centre, S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.02.2003
Com. Reg. No.:	138969
CIN No.: [Company Identification No.]	U24220MH2003PTC138969
TAN No.: [Tax Deduction & Collection Account No.]	MUMA18788A
PAN No.: [Permanent Account No.]	AAECA1185F
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Resins and Additives.

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 315000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be 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. Saurin K. Shah
Designation :	Director
Contact No.:	91-9702027986
Date :	27.04.2011

LOCATIONS

Registered/ Head Office :	12 Peninsula Centre, S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-66606061
Mobile No.:	91-9702027986 (Mr. Saurin K Shah)
Fax No.:	91-22-66607887 / 24131873
E-Mail :	aroma@vsnl.com in1957@rediffmail.com
Website :	www.aromaagencies.com
Area :	10000 Sq. ft
Location :	Owned
Branches :	Y – 26, Okhala Industries, AL Estate, Phase II, New Delhi Area : 1000 sq. ft. Location : Rented C. S. Dag No. 64, 119/5 Moula Girati, 24 Parganas, Kolkata Area : 3000 sq. ft. Location : Rented 115 5, M B Road, Birati, Kolkata – 700051, West Bengal, India
Warehouse :	Located at : New Delhi Kolkata

DIRECTORS

AS ON 15.07.2010

Name :	Mr. Kirit Ramanlal Shah
Designation :	Managing Director
Address :	97/2, Nand Ghanshyam, Sion (West), Mumbai – 400022
Date of Birth/Age :	15.11.1943
Qualification :	B. Sc
Date of Appointment :	03.02.2003
Election Commission Identity Card No. :	MT/06/.035/141263
Name :	Mr. Saurin Kirit Shah
Designation :	Director
Address :	97/2, Nand Ghanshyam, Sion (West), Mumbai – 400022
Date of Birth/Age :	15.03.1972
Qualification :	B. Sc
Date of Appointment :	03.02.2003
Election Commission Identity Card No. :	MT/06/035/141252
Name :	Mr. Anantrai Keshavji Kamdar
Designation :	Director
Address :	110/2, Shakuntal, Sion (West), Mumbai - 400022
Date of Birth/Age :	10.11.1943
Qualification :	B. Sc
Date of Appointment :	03.02.2003
Election Commission Identity Card No. :	GJ/22/148/543799
Name :	Mr. Haresh Mehta
Designation :	Director
Address :	Flat No. A-15, 6^th Floor, Konark Indraprasth Co-Op society Limited, Jain Mandir Road, Mulund (West), Mumbai- 400080, Maharashtra, India
Date of Birth/Age :	30.07.1962
Date of Appointment :	21.01.2008

KEY EXECUTIVES

Name :	Mr. S. P. Neelkanth
Designation :	Import Manager
Name :	Mr. Bijal Shah
Designation :	Marketing Manager
Name :	Mr. Kirit Patel
Designation :	Branch Manager – Baroda
Name :	Mr. Bhavin Kapasi
Designation :	Regional Manager – New Delhi
Name :	Mr. Atanu Roy
Designation :	Regional Manager – Kolkata
Name :	Mr. Ashish Shah
Designation :	Marketing Manager – Technical
Name :	Mr. Rajeen Nadkarni
Designation :	Marketing Manager – Technical
Name :	Mr. Jignesh Mehta
Designation :	Marketing Manager – Technical
Name :	Mr. Paresh Bhatkar
Designation :	Marketing Manager – Technical
Name :	Mr. P. P. Parekh
Designation :	Admin Manager
Name :	Mr. Rakesh Bajaria
Designation :	Exice – in-charge
Name :	Mr. Vinod Shah
Designation :	Manager Finance
Name :	Mr. Nirav Shah
Designation :	Finance Executive
Name :	Mr. Bhavik Doshi
Designation :	Logistics

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.07.2010

Names of Shareholders	No. of Shares
Kirit Ramanlal Shah	107370
Saurin Kirit Shah	19200
Anantrai Keshavji Kamdar	5100
Indira Kirit Shah	10000
Sheetal Saurin Shah	46000
Parikh Sachin Roma	10000
Narendra S. Mehta	10
Tejal Milan Kamdar	10
Suresh Hemchand Doshi [HUF]	10
Shailesh K. Kamdar	10
Navinchandra C. Shah	10
Rakesh Navinchandra Shah	10
Rasila Navinchandra Shah	10
Biren Paravinchandra Shah	10
Indersen Nanchand Shah	10
Rinesh Jayantilal Shah	10
Jyotsna Navinbhai Shah	10
Kumud Indersen Shah	10
Sunil Pravinchandra Shah	10
Puspa Family Trust	10
Susnisha Siddharth Fozdar	10
Siddharth Nanubhai Fozdar	10
Gaurav Siddharth Fozdar	10
Ami Gaurav Fozdar	10
Sujata R. Khanderia	10
Shailesh K. Kamdar	20
Manisha Shailesh Kamdar	10
A K Kamdar [HUF]	10
Atman G. Fozdar	10
Pooja J. Oswal	10
Mehta V Harish	2000
Pooja R Shah	10
Shailesh K Kamdar	10
Rajesh J Oswal	10
Dharmendra Mathurdas Parikh	10
Sachin Dharmendra Parikh	10
Kusum Dharmendra Parikh	10
Rajiv S Satarkar	10
Milan K Kamdar [HUF}	10
Total	200000

AS ON 15.07.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		99.80
Other top fifty shareholders		0.20
	Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor of Resins and Additives.
Products :	Epoxy Resins Acrylic Polymer Resin Paint and Plastic Additives Waxes and other Products for Paint, ptg. Inks Coating Industries etc. Saturated Polyester Resins Vinyl Resins Acrylic Resins for Water based systems Resins for OEM Resins for Plastics Resins for Metal and Productive Coating Resinous Sag Control Additives Resins for Wood Coating Adhesion Resins
Imports :
Products :	Resins and Additives
Countries :	Thailand, Germany, USA
Terms :
Selling :	Cash, Credit (30-60-90 Days)
Purchasing :	L/C, Cash, Credit (30-60-90 Days)

GENERAL INFORMATION

Customers :

• End Users
• OEM’s
• Manufacturer

No. of Employees :

80 Approximately

Bankers :

• Union Bank of India, Khand Bazar Branch, Mumbai – 400003.
• Citibank, Fort House, Fort, Mumbai – 400001
• Citibank N.A., Trent House, 2^nd Floor, G Block, Plot No.: C60, Bandra Kurla Complex, Bandra [East], Mumbai – 400051, Maharashtra, India
• HDFC Bank Limited

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Loan form Banks
Citi Bank Buyers Credit A/C (On security of company’s assets)	47.322	21.724
ICICI Bank Limited – Car Loan (On security of cars)	0.000	0.082
Citi Bank Buyers W C D L Loan (On security of company assets)	25.000	0.000
Citi Bank N.A. O/D A/c (On security of company’s assets)	18.783	0.000
TOTAL	91.105	21.806
UNSECURED LOAN
Loan from directors	46.552	53.918
Loan from shareholders and relatives	63.451	70.702
Inter corporate deposits	0.000	25.876
TOTAL	110.003	150.496

Banking Relations :	--
Auditors :
Name :	Akshay Doshi and Company Chartered Accountants
Address :	13-14, Ram Sharan, Plot No. 45, Sion [West], Mumbai – 400022, Maharashtra, India
Tel No. :	91-22-23434211
Fax No.:	91-22-23434138
PAN No. :	AFPPD0854F
Associates/Subsidiaries :	AL Chemie Agencies Private Limited Address: 12, Peninsula Center, S. S. Road, Parel, Mumbai – 400012, Maharashtra, India Finco Trade Links Private Limited Rosalee Colours Private Limited Grin Travels Private Limited Aroma Agencies

CAPITAL STRUCTURE

AS ON 15.07.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs. 10 each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 10 each	Rs.2.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	1250.000

Expected Sales (2011-2012) : Rs.1500.000 millions

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		76.861	51.880	36.623
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		78.861	53.880	38.623
LOAN FUNDS
1] Secured Loans		91.105	21.806	67.567
2] Unsecured Loans		110.003	150.496	101.503
TOTAL BORROWING		201.108	172.302	169.070
DEFERRED TAX LIABILITIES		0.343	0.459	0.440
TOTAL		280.312	226.641	208.133
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.329	15.328	16.204
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.482	63.466	86.790
	Sundry Debtors	195.893	174.589	170.018
	Cash & Bank Balances	3.360	9.830	4.679
	Other Current Assets	27.273	20.241	9.337
	Loans & Advances	33.143	27.830	20.291
Total Current Assets		391.151	295.956	291.115
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.546	56.973	81.351
	Other Current Liabilities	1.051	0.188	0.200
	Provisions	31.571	27.482	17.635
Total Current Liabilities		144.168	84.643	99.186
Net Current Assets		246.983	211.313	191.929
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		280.312	226.641	208.133

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	1210.250	905.065
		Other Income	0.000	0.000
		TOTAL (A)	1210.250	905.065
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1170.834	880.448
		Advertising Expenses
		TOTAL (B)	1170.834	880.448
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		39.416	24.617
Less	FINANCIAL EXPENSES (D)		NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.416	24.617
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA
	PROFIT BEFORE TAX (E-F) (G)		39.416	24.617
Less	TAX (H)		14.436	9.360
	PROFIT AFTER TAX (G-H) (I)		24.980	15.257
	Earnings Per Share (Rs.)		124.90	76.29

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.06	1.68	NA
Net Profit Margin (PBT/Sales)	(%)	3.25	2.71	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.28	7.90	NA
Return on Investment (ROI) (PBT/Networth)		0.49	0.28	NA
Debt Equity Ratio (Total Liability/Networth)		4.38	4.77	6.95
Current Ratio (Current Asset/Current Liability)		2.71	3.49	2.93

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
For goods	108.233	51.519	80.036
For expenses	3.313	5.322	1.155
For other	0.000	0.132	0.160
Sundry Creditors	111.546	56.973	81.351

OPERATIONS AND OUTLOOK

The company made sales of RS. 1134.899 millions (previous year Rs. 926.528 millions)an increase of approximately 22.49% compared to the previous year. The company also earned during the year other income of RS. 0.548 million. After offsetting the expenses the company made a profit of RS. 39.416 millions (before tax) (previous year Rs. 24.617 millions) during the year. The directors are optimistic about the future of the company.

FIXED ASSETS:

• Plant and Machinery
• Godown
• Computers
• Furniture and Fixtures
• Vehicles
• Office Equipments

FORM 8

Corporate identity number of the company	U24220MH2003PTC138969
Name of the company	AROMA CHEMICAL AGENCIES (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	12 Peninsula Centre, S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Citibank N.A., Trent House, 2^nd Floor, G Block, Plot No.: C60, Bandra Kurla Complex, Bandra [East], Mumbai – 400051, Maharashtra, India Email: vlaxman@vsnl.com
Nature of instrument creating charge	Deed of Modification
Date of instrument Creating the charge	05.08.2010
Amount secured by the charge	Rs. 165.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge The Stocks, Book Debts of the Company as described in Column No.15 hypothecated as and by way of first exclusive charge as security for the repayment of the loan together with all interest, liquidated damages, premia on repayment or on redemption, costs, charges and other expenses payable by the Company to the Bank.
Short particulars of the property charged (Including location of the property)	Hypothecation of first exclusive charge on the Current Assets (including Stocks, Book Debts) of the Company both present and future.
Date of instrument modifying the charge	04.11.2009
Particulars of the present modification	The charge now stand increased from Rs.140.000 millions to Rs.165.000 millions.

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.44.40
UK Pound	1	Rs.73.26
Euro	1	Rs.65.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.