MIRA INFORM REPORT

Report Date :

11.06.2011

IDENTIFICATION DETAILS

Name :	YASHAM BIO-SCIENCE PRIVATE LIMITED
Registered Office :	401, Satyadev, Plot No. A-6, Veera Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.01.2007
Com. Reg. No.:	11-166815
Capital Investment / Paid-up Capital :	Rs.2.500 millions
CIN No.: [Company Identification No.]	U24296MH2007PTC166815
TAN No.: [Tax Deduction & Collection Account No.]	MUMY01872D
PAN No.: [Permanent Account No.]	AAACY2899N
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Traders of Cosmetics, Chemicals and Pharmaceutical Products.
No. of Employees :	17 (In office – 15, In Branch – 2) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 41000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well – established company having satisfactory track. Trade relations are fair. Payments are 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	401-A, Satyadev, Plot No. A-6, Veera Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-40639900
Fax No.:	91-22-40639901
E-Mail :	yasham@yasham.in
Website :	www.yasham.in
Area :	9000 sq ft
Location :	Owned
Branch Office :	201, 2^nd Floor, Vardhaman Star City Mall, LSG III, Sector 7, Dwaraka, New Delhi, India
Tel. No.:	91-11-25084172
E-Mail :	sanjeev@yasham.in
Location :	Rented
Corporate Office :	Akash Warehousing Company, 6, Simla Compound, Dalmill Road, Opposite J k Petrol, Pump, Purna Village, Bhiwandi – 421 302, Thane, Maharashtra, India
Location :	Rented

DIRECTORS

As on 19.09.2010

Name :	Mr. Vivek Dattatray Samant
Designation :	Director
Address :	405, Raheja Crest – 1, Raheja Complex, Off Link Road, Oshiwara, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	05.02.1958
Date of Appointment :	17.01.2007
DIN No. :	00107774
Other Directorship :	CIN of company: U51100MH1997PTC104919 Name of the company: Yasham Importers and Exporters Private Limited CIN of company: U24117MH2001PTC130598 Name of the company: Yasham Chemphar Private Limited
Name :	Mrs. Namita Vivek Samant
Designation :	Director
Address :	405, Raheja Crest – 1, Raheja Complex, Off Link Road, Oshiwara, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	25.07.1962
Date of Appointment :	17.01.2007
DIN No. :	00107808
Other Directorship :	CIN of company: U51100MH1997PTC104919 Name of the company: Yasham Importers and Exporters Private Limited CIN of company: U24117MH2001PTC130598 Name of the company: Yasham Chemphar Private Limited

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2010

Names of Shareholders	No. of Shares
Vivek Samant	100000
Namita V. Samant	50000
Vivek Samant (HUF)	100000
Total	250000

As on 19.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer and Traders of Cosmetics, Chemicals and Pharmaceutical Products.
Products :	· Chemicals - N-Methyl-2-pyrrolidone - Tertiary Butylacetate · Cosmetics - AC – 138 Lenotin WP - AC 215 Lenocare SLS - Adipoless - Aquaxyl - Lipacide C8G - MC 300 · Pharmaceuticals - Sepifilm 002 - 3,5-Lutidine - Montane 20 PHA - Montane 60 PHA - J P Magnesium - Di Sodium Glycine
Imports :
Products :	Cosmetics, Chemicals and Pharmaceutical Products
Countries :	Japan, China, France, Singapore
Terms :
Selling :	Credit (30-60 days), L/C, Cash
Purchasing :	Credit (30-90 days), cash

GENERAL INFORMATION

No. of Employees :

17 (In office – 15, In Branch – 2) (Approximately)

Bankers :

• Corporation Bank, Versova Branch, Sheroo Villa, Jayprakash Road, Andheri West, Mumbai – 400 053, Maharashtra, India
• Bank of India
• State Bank of India

Facilities :

Secured Loans :

	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Corporation Bank (Against Motor Car)	0.891	1.418
Cash Credit facility from Corporation Bank, Versova Branch (Secured by hypothecation of stocks and book debts)	8.248	10.774
Total	9.139	12.192

Unsecured Loans :

	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
Vidya D. Samant	0.000	1.631
Vivek D. Samant (HUF)	0.000	1.158
Yasham Chemphar Private Limited	6.000	7.470
Yasham Importers and Exporters Private Limited – Loan	8.800	8.800
Total	14.800	19.059

Banking Relations :

--

Auditors :

Name :

Ashok Taparia

Chartered Accountants

Address :

18/1, Om Heera Panna, Oshiwara Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Tel No.:

91-22-40107675 / 22928848

Fax No.:

91-22-40166978

E-Mail:

ashoktaparia2000@yahoo.co.in

Group Companies :

· Yasham Importers and Exporters Private Limited

Address : 401, Satyadev Plot No. 6A, Veera Industrial Estate, Off Veera Desai Road, Andheri – West, Mumbai – 400 053

Activity : Indenting commission Agent

· Yasham Chemphar Private Limited

Address : 401, Satyadev Plot No. 6A, Veera Industrial Estate, Off Veera Desai Road, Andheri – West, Mumbai – 400 053

Activity: exporter of Chemicals

· Yasham Agrotech

CAPITAL STRUCTURE

As on 31.03.2010

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
250000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.772	3.036	1.531
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10.272	5.536	4.031
LOAN FUNDS
1] Secured Loans		9.139	12.192	13.845
2] Unsecured Loans		14.800	19.059	19.460
TOTAL BORROWING		23.939	31.251	33.305
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		34.211	36.787	37.336
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.755	3.421	3.642
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	2.061	2.730
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.642	24.711	28.984
	Sundry Debtors	22.247	15.604	13.208
	Cash & Bank Balances	0.040	0.271	0.256
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.408	4.475	3.755
Total Current Assets		63.337	45.061	46.203
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.054	12.354
	Other Current Liabilities	1.068	0.221	15.134
	Provisions	7.253	1.839	1.112
Total Current Liabilities		32.375	14.414	16.246
Net Current Assets		30.962	30.647	29.957
MISCELLANEOUS EXPENSES		0.494	0.658	1.007
TOTAL		34.211	36.787	37.336

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	89.549	77.140	85.949
		Other Income	2.194	0.285	0.740
		TOTAL (A)	91.743	77.425	86.689
Less	EXPENSES
		Cost of Goods Sold	64.149	55.551	71.307
		Administrative Expenses		14.528	8.553
		Other Expenditure	16.528	0.348	0.598
		TOTAL (B)	80.677	70.427	80.458
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	6.998	6.231
Less	FINANCIAL EXPENSES (D)		NA	3.723	3.087
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11.066	3.275	3.144
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.683	0.828	0.794
	PROFIT BEFORE TAX (E-F) (G)		10.383	2.447	2.350
Less	TAX (I)		3.914	0.942	0.885
	PROFIT AFTER TAX (G-I) (J)		6.469	1.505	1.465
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.035	1.530	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	0.000	NA
		Provision for Tax (A.Y. 2007-08)	1.500	0.000	NA
	BALANCE CARRIED TO THE B/S		5.504	3.035	NA
	IMPORTS
		Trading Goods	55.333	41.241	NA
	TOTAL IMPORTS		55.333	41.241	NA
	Earnings Per Share (Rs.)		28.44	6.02	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.05	1.94	1.69
Net Profit Margin (PBT/Sales)	(%)	11.59	3.17	2.73
Return on Total Assets (PBT/Total Assets}	(%)	15.71	5.05	4.71
Return on Investment (ROI) (PBT/Networth)		1.01	0.44	0.58
Debt Equity Ratio (Total Liability/Networth)		5.48	8.25	12.29
Current Ratio (Current Asset/Current Liability)		1.96	3.13	2.84

LOCAL AGENCY FURTHER INFORMATION

change of address

The Registered Office of the company has been shifted from B/ 5, Pooja, Unik Co-Operative Society Limited, Model Town, Four Bunglows, Andheri (West), Mumbai - 400 053, Maharashtra to the present address w.e.f. 01.01.2008.

OPERATIONS

The company has fared well during the year. It has earned income of Rs. 91.700 Millions and earned net profit before tax of Rs.10.400 Millions (Rs.2.400 Millions).The current fiscal seems to be promising.

form 8:-

This form is for	Modification of charge
Charge identification number of the modified	10063860
Corporate identity number of the company	U24296MH2007PTC166815
Name of the company	YASHAM BIO-SCIENCE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	401, Satyadev, Plot No. A-6, Veera Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Type of charge	Book Debts Movable Property Others (Stocks, Current assets etc)
Particular of charge holder	Corporation Bank, Versova Branch, Sheroo Villa, Jayprakash Road, Andheri West, Mumbai – 400 053, Maharashtra, India E-Mail: adlalwani@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Common Agreement of Hypothecation
Date of instrument Creating the charge	18.12.2008
Amount secured by the charge	Rs.38.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As stipulated by Bank from time to time. Terms of Repayment: As stipulated by Bank from time to time. Margin: As stipulated by Bank from time to time. Extent and Operation of the charge: First charge (present and future) total limits of Rs.38.000 millions (CC Rs.18.000 millions, ILC = Rs.19.000 millions, B.G. = Rs.1.000 million) and/ or as stipulated by Bank from time to time. Others: As stipulated by Bank from time to time. And as per agreement.
Short particulars of the property charged	First charge (present and future): 1. Hypothecation of stock / inventory/ goods 2. Hypothecation of all book debts and receivables 3. Hypothecation of all current and movable assets of the company 4. Hypothecation of all inventory/ goods/ plant and machinery etc brought under L.C. and / or bank finance.

Fixed Assets:

· Computer Systems

· Software System

· Plant and machinery

· Office Equipments

· Electrical Installation

· Office Renovation

· Motor Vehicles

· Furniture and Fixtures

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.44.72
UK Pound	1	Rs.72.93
Euro	1	Rs.64.72

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	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	NO
--AFFILIATION	YES/NO	YES
--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	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.