MIRA INFORM REPORT

Report Date :

26.03.2011

IDENTIFICATION DETAILS

Name :	DRYTECH PROCESSES (INDIA) PRIVATE LIMITED
Registered Office :	B – 45, Girikunj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India.
Financials (as on) :	31.03.2010
Date of Incorporation :	17.12.1991
Com. Reg. No.:	11-064511
CIN No.: [Company Identification No.]	U02004MH1991PTC064511
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Spray and Vegetable Powders, Nutraceutical Ingredients under strict hygiene conditions.

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 161000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported to be slow but correct. The company can be considered for small to mediocre 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 :	Ms. Rachna Shah
Designation :	Technical Service Manager
Contact No.:	91-9322165111
Date :	23.03.2011

LOCATIONS

Registered Office/ Factory:	B – 45, Girikunj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-66938962/ 26875361-64
Mobile No.:	91-9322165111 (Ms. Rachna Shah)
Fax No.:	91-22-26875221/ 22
E-Mail :	dryesh@bom8.vsnl.com marketing@drytechindia.com
Website:	www.dytechindia.com
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Yogesh Amritlal Shah
Designation :	Managing Director
Address :	Building No. 27, B / 12, Takshila, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	01.07.1955
Date of Appointment :	17.12.1991
DIN No.:	00880019
Name :	Mr. Jayesh Amritlal Shah
Designation :	Director
Address :	29 B, 11 / 12, Takshila, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	13.06.1962
Date of Appointment :	17.12.1991
DIN No.:	00879960
Name :	Mr. Sanjay Devchand Shah
Designation :	Director
Address :	14 A / 11, Takshila, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	03.10.1965
Date of Appointment :	15.12.2006
DIN No.:	00907620

KEY EXECUTIVES

Name :	Ms. Rachna Shah
Designation :	Technical Service Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Yogesh A. Shah	489000
Dilip A. Shah	38200
Sanjay D. Shah	290700
Jayesh A. Shah	73000
Mahendra A. Shah – HUF	19500
Dilip A. Shah – HUF	21900
Trupti Y. Shah	85200
Siddhartha J. Shah	3700
Rachana Y. Shah	3500
Rajan D. Shah	68600
Nayan M. Shah	20500
Yogesh A. Shah – HUF	117900
Jayesh A. Shah – HUF	22300
Ketan D. Shah	8000
A. K. Haria	90500
A. K. Shah	4000
Jyotsna N. Haria	16000
Devchan K. Shah	36500
Harsha J. Shah	82000
Maniben A. Shah	2500
Arvind K. Haria (HUF)	6500
Dipti D. Shah	375000
Dhirendra V. Shah	375000
Total	2250000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Spray and Vegetable Powders, Nutraceutical Ingredients under strict hygiene conditions.
Products :	Spray Dried Gums and Hydro Colloids Spray Dried Fruit and Vegetable Powders Nutritional Ingredients Miscellaneous Food Ingredients
Exports :
Products :	Spray and Vegetable Powders
Countries :	America Japan China Australia
Imports :
Products :	Raw Materials
Countries :	China Africa Europe
Terms :
Selling :	L/C, Cash and Credit (30 days)
Purchasing :	L/C, Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (In office – 30, In factory – 70) (Approximately)

Bankers :

The Shamrao Vithal Co-Operative Bank Limited, 7, Sanskriti Park, Opposite Canossa High School, Mahakali Caves Road, Andheri (East), Mumbai–400 093, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loan from The Shamrao Vithal Co-Operative Bank Limited (Secured by equitable mortgage of land and buildings and hypothecation of plant and machinery)	26.767	50.579
Cash Credit from Term Loan from The Shamrao Vithal Co-Operative Bank Limited (Secured by hypothecation of raw materials, work in process, finished goods, book debts and by second charge over fixed assets of the company)	51.869	27.012
Vehicle Loans (Secured by hypothecation of Vehicles)	1.191	0.792
Total	79.827	78.383

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Short Term Loans and Advances
From Shareholders and Relatives	81.009	62.822
Total	81.009	62.822

Banking Relations :	--
Auditors :
Name :	Anay Gogte and Company Chartered Accountants
Address :	1 / F– 6, Krishna Nagar, Chandavarkar Road, Borivali (West), Mumbai – 400 092, Maharashtra, India
Memberships :	PFNDAI (Protein Food and Nutrition Development Association of India) AFSTI (Association of Food Scientist and Technologists, India)
Associates / Subsidiaries :	Bharat Rubber Works, Mumbai

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs.10/- each	Rs.22.500 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		22.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		17.699	13.799	10.635
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		40.199	26.299	23.135
LOAN FUNDS
1] Secured Loans		79.827	78.383	44.981
2] Unsecured Loans		81.009	62.822	39.783
TOTAL BORROWING		160.836	141.205	84.764
DEFERRED TAX LIABILITIES		3.627	3.603	4.045
TOTAL		204.662	171.107	111.944
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.792	66.812	64.191
Capital work-in-progress		1.736	0.000	0.000
INVESTMENT		0.503	0.503	0.052
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	112.701	81.330	43.218
	Sundry Debtors	36.804	28.191	24.328
	Cash & Bank Balances	2.604	1.596	2.450
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.086	10.648	4.158
Total Current Assets		168.195	121.765	74.154
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.634	3.513	13.046
	Other Current Liabilities	12.987	10.380	11.390
	Provisions	6.943	4.080	2.017
Total Current Liabilities		29.564	17.973	26.453
Net Current Assets		138.631	103.792	47.701
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		204.662	171.107	111.944

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	189.112	130.860
		Job Work Charges	10.182	6.976
		Other Income	3.977	2.399
		TOTAL (A)	203.271	140.235
Less	EXPENSES
		Increase/ (Decrease) in stock of Finished Goods	(7.581)	(2.040)
		Raw Materials Consumed	95.100	95.059
		Freight, Containers and Labour Charges	5.433	4.662
		Power and Fuel	23.691	19.352
		Packing Materials	14.807	5.793
		Processing Charges	1.095	0.171
		Other Expenses	33.671	24.292
		TOTAL (B)	166.216	147.289
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.055	(7.054)
Less	INTEREST (D)		19.681	16.383
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.374	(23.437)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.116	9.891
	PROFIT BEFORE TAX (E-F) (G)		7.258	(33.328)
Less	TAX (H)		3.024	1.621
	PROFIT AFTER TAX (G-H) (I)		4.234	(34.949)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11.289	24.893
	TOTAL EARNINGS		11.289	24.893
	Earnings Per Share (Rs.)		3.39	(27.96)

Expected Sales (2010-2011): Rs.300.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.08	(24.92)	NA
Net Profit Margin (PBT/Sales)	(%)	3.84	(25.47)	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.13	(17.67)	NA
Return on Investment (ROI) (PBT/Networth)		0.18	(1.27)	NA
Debt Equity Ratio (Total Liability/Networth)		4.74	6.05	4.81
Current Ratio (Current Asset/Current Liability)		5.69	6.77	2.80

LOCAL AGENCY FURTHER INFORMATION

Note:

Registered office of the company has been shifted from B – 16, Girikunj Industrial Estate, Mahakali Caves Road, Andheri (West), Mumbai – 400 093, Maharashtra to the present address w. e. f. 15.02.2008

Bankers Charges Report as per Registry

Name of the company	DRYTECH PROCESS (I) PRIVATE LIMITED
Presented By	UNION BANK OF INDIA – ANDHERI (EAST) BRANCH, MUMBAI.
1) Date and description of instrument creating the change	Hypothecation of Book-Debts dated 02.11.1998.
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.300 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	Hypothecation of all the borrower’s present and future book debts outstanding moneys receivables claims bills contract securities investments rights and assets.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest at the rate of 17.34% per annum or at such other rate as shall from time to time be agree upon with quarterly rests.
5) Name and Address and description of the person entitled to the charge.	Union Bank of India. Andheri (East) Branch Mayani Manor, Andheri (East). Mumbai – 400069.
6) Date and brief description of instrument modifying the charge	Hypothecation of Book-Debts dated 30.03.2000
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.	The original charge dated 02.11.1990 for Rs. 1.300 Millions is hereby modified by granting an additional sum of Rs. 0.700 Millions thereby enhancing CC Book-Debts limit from Rs. 1.300 Millions to Rs. 2.000 Millions against hypothecation of all the borrower’s present and future book-debts, out standings, moneys, receivables, claims, bills, contracts, securities, investments, rights and assets. Interest at the rate of 17.09% p.a. or at such other rate as shall from time to time be agreed upon with quarterly rests.

Corporate identity number of the company	U02004MH1991PTC064511
Name of the company	DRYTECH PROCESS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 45, Girikunj Industrial Estate, Off Mahakali Caves Road, Andheri (East) Mumbai – 400093, Maharashtra. India. drytech@bom8.nsnl.com
This form is for	Modification of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	The Shamrao Vithal Co. Op. Bank. 7,Sanskriti Park, Opp Canossa Hight School. Mahakali Caves Road, Andheri (East). Mumbai – 400093, Maharashtra, India.
Nature of instrument creating charge	Supplementary Deed of Hypothecation
Date of instrument Creating the charge	26.06.2009
Amount secured by the charge	Rs. 45.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest – PLR – 1.50% p.a. or at such lending rate that RBI / Bank Policies may determine to charge from time to time. Margin – As may be decided, from time to time, by the Bank. Extent and Operation of the charge – To secure the due repayment of Cash Credit facility of Rs. 45.000 Millions, together with all interest, costs, charges and expenses thereon, granted by the Bank to the Company.
Particulars of the property charged	All, present and future, stocks of raw material, goods – in – process of manufacture and all finished and manufactured goods and articles, with all stores of the Company.
Date of instrument modifying the charge	01.04.2006
Particulars of the present modification	This Charge shall now also hold good to secure the due repayment of additional Cash Credit of Rs. 12.500 Millions granted to the Company. Hence, the aggregate Cash Credit facility enhanced from Rs. 32.500 Millions to Rs. 45.000 Millions. Therefore, the overall charge now stands at Rs. 45.000 Millions.

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Electrical Installation

· Laboratory Equipments

· Office Equipments

· Air Conditioner

· Computer

· Material Handling Equipment

· Tube well

· Bore well

· Fax Machine

· Vehicles

· Furniture and Fixture

· Instruments and Equipments

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.44.65
UK Pound	1	Rs.71.91
Euro	1	Rs.63.28

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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.