MIRA INFORM REPORT

Report Date :

29.07.2011

IDENTIFICATION DETAILS

Name :	COMBII ORGANOCHEM PRIVATE LIMITED
Registered Office :	803, Mercantile House, 15 Kasturba Gandhi Marg, New Delhi – 110001, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.04.1976
Com. Reg. No.:	55-8140
Capital Investment / Paid-up Capital :	Rs.0.210 Million
CIN No.: [Company Identification No.]	U74899DL1976PTC008140
TAN No.: [Tax Deduction & Collection Account No.]	DELC06945B
PAN No.: [Permanent Account No.]	AAACC2347K
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers and Exporters of Natural Cosmetic Products like Hair Conditioner, Facial Moisturizer, Acne Care Cosmetics, Sunscreens and Corrugated Boxes, Jars And Caps, Pet Bottles, Plastic Bottles.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 120000
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. Dhru Kumar
Designation :	Marketing Manager
Contact No.:	91-9810334788
Date :	23.07.2011

LOCATIONS

Registered Office :	803, Mercantile House, 15 K G Marg, New Delhi – 110 001, India
Tel. No.:	91-11-23706096/ 26386562/ 24693396/ 26386496/ 26387845/ 26385090/ 23706095/ 23706075/ 24604604 (R)
Mobile No.:	91-9810334788 (Mr. Dhru Kumar)
Fax No.:	91-11-26385090/ 23313473
E-Mail :	combii@vsnl.com combii@gmail.com combii@vanl.com
Website :	www.herbline.com
Location :	Owned
Factory :	A – 14 / 2, UPSIDC Industrial Area, Bhimtal, Dist., Nainital, Uttranchal, Himalaya, India
Tel. No. :	91-5942-248282 / 91-5942-247825
Fax No. :	91-5942-248281
Area :	1 Acress
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Anil Khanna
Designation :	Managing Director
Address :	D – 199, Defence Colony, New Delhi – 110 024, India
Date of Birth/ Age :	01.04.1945
Date of Appointment :	02.04.1976
Name :	Mrs. Veena Khanna
Designation :	Director
Address :	D – 199, Defence Colony, New Delhi – 110 024, India
Date of Birth/ Age :	05.01.1947
Date of Appointment :	01.05.1981
Name :	Mr. Pawan Pershad
Designation :	Director
Address :	J – 14, Hauz Khas, New Delhi – 110 016, India
Date of Birth/ Age :	23.06.1950
Date of Appointment :	02.04.1976

KEY EXECUTIVES

Name :	Mr. Dhru Kumar
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Anil Khanna	16900
Pawan Pershad	200
Veena Khanna	3900
Total	21000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of Natural Cosmetic Products like Hair Conditioner, Facial Moisturizer, Acne Care Cosmetics, Sunscreens and Corrugated Boxes, Jars And Caps, Pet Bottles, Plastic Bottles.
Products :	· Herbal and Botanical Products : Face and Body Kit, Astringent, Skin Tonic, Body Spray, Sun Screen Lotion, Nourishing Cream, Moisturizer · Skin Care Products : Massage Cream, Bridal Face Pack, Bridal Scrub, Cleansing Gel, Fairness Gel, Sandalwood Gel, Cleansing Milk, Papaya Scrub.
Exports :
Products :	Cosmetics Hair Conditions etc.
Countries :	· Japan · Australia · Middle East
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Suppliers :

(As on 31.03.2009)

Guest Toiletries to the hotel industry in India and abroad.

Customers :

(As on 31.03.2009)

· The Oberoi Hotels and Resorts Chain

· Welcomgroup-Sheraton Chain

· Radisson Hotels

· Marriot

· Park Royal

· Mansing Group

· Manhindra Resorts

· Yak and Yeti

· Palace on Wheels

· Hotel Intercontinental

· Nikko Hotels, etc.

No. of Employees :

40 (Approximately)

Bankers :

· State Bank of Bikaner and Jaipur

· HSBC Bank, Branch Bara Khamba, Delhi, India

· Royal Bank of Scotland

· Punjab National Bank

· ABN Amro Bank

· HDFC Bank Limited

· State Bank of India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. in millions)
HDFC Bank (Car Loan)	0.293	0.846
HDFC Bank (Car Loan)	0.680	0.197
Total	0.973	1.043

Banking Relations :	--
Auditors :
Name :	R Nanda and Company Chartered Accountants
Address :	1212, New Delhi House, 27 Barakhamba Road, New Delhi – 110 001, India
Tel. No.:	91-11-23314687
Associates/Subsidiaries :	· Combii Chem · Middlesex, UK

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21000	Equity Shares	Rs.10/- each	Rs.0.210 million

NOTE

Out of the above shares, 1500 Equity Share of Rs.10/- each are allotted as fully paid up pursuant to a contract without payment being received in cash.

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		0.210	0.210	0.210
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		30.406	32.286	25.522
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.616	32.496	25.732
LOAN FUNDS
1] Secured Loans		0.973	1.043	1.828
2] Unsecured Loans		0.000	0.000	0.019
TOTAL BORROWING		0.973	1.043	1.847
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		31.589	33.539	27.579
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.633	16.257	11.314
Capital work-in-progress		0.000	0.000	2.782
INVESTMENT		0.000	1.500	1.500
DEFERREX TAX ASSETS		0.000	0.000	0.042
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.762	4.695	3.314
	Sundry Debtors	11.335	8.173	8.219
	Cash & Bank Balances	3.164	5.807	5.796
	Other Current Assets	2.290	1.412	2.579
	Loans & Advances	0.419	0.287	0.405
Total Current Assets		21.970	20.374	20.313
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.890	3.575	5.031
	Other Current Liabilities	0	0.898	2.434
	Provisions	1.124	0.119	0.907
Total Current Liabilities		6.014	4.592	8.372
Net Current Assets		15.956	15.782	11.941
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		31.589	33.539	27.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	42.658	37.177	35.185
		Other Income	0.533	1.322	0.496
		Closing Stock	4.762	4.695	3.313
		TOTAL	47.953	43.194	38.994
Less	EXPENSES
		TOTAL	44.343	35.932	37.403
	PROFIT BEFORE TAX		3.610	7.262	1.591
Less	TAX		1.301	0.497	0.370
	PROFIT AFTER TAX		2.309	6.765	1.221
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.287	25.522	26.512
Less	APPROPRIATIONS
		Transfer to General Reserve	--	--	--
		Interim Dividend Paid	3.570	--	1.890
		Tax on Dividend	0.619	--	0.321
	BALANCE CARRIED TO THE B/S		30.407	32.287	25.522
	Earnings Per Share (Rs.)		109.95	322.14	58.14

Particulars	31.03.2011
Sales Turnover (Approximately)	40.000

Expected Sales (2011-12): Rs.60.000 Millions.

The above information has been parted by Mr. Dhru Kumar

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.82	15.66	3.13
Net Profit Margin (PBT/Sales)	(%)	8.46	19.53	4.52
Return on Total Assets (PBT/Total Assets}	(%)	9.60	19.82	5.03
Return on Investment (ROI) (PBT/Networth)		0.12	0.22	0.06
Debt Equity Ratio (Total Liability/Networth)		0.23	0.17	0.40
Current Ratio (Current Asset/Current Liability)		3.65	4.44	2.43

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCE:

· Grand Heart

· J W Marriot

FIXED ASSETS – NEW DELHI

· Land

· Air Conditioners

· Fax Machine

· Factory Building

· Furniture and Fixtures

· Computers

· Computer Software

· Shed

· Generator

· Office Equipment

· Lab Equipments

· Car

· Pump Set

· Plant and Machinery

· Patent and Trade Marks

· Refrigerator

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.44.12
UK Pound	1	Rs.72.05
Euro	1	Rs.63.33

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	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.