MIRA INFORM REPORT

Report Date :

16.11.2011

IDENTIFICATION DETAILS

Name :	SUBONIYO CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	A – 86 - 89, M.I.D.C. Industrial Estate, Ajanta Road, Chauphuli, Jalgaon – 425 003, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.05.1978
Com. Reg. No.:	11-20340
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U24110MH1978PTC020340
PAN No.: [Permanent Account No.]	AADCS2682N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Protein Hyrolysate, Amiono Acid Chelated Minerals, Human and Animal Agricultural Bio-Nutritional Products.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 178000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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. Suyog Kumar Chaudhari
Designation :	Director
Contact No.:	91-9371999999
Date :	10.11.2011

LOCATIONS

Registered Office/ Factory :	A – 86 - 89, M.I.D.C. Industrial Estate, Ajanta Road, Chauphuli, Jalgaon – 425 003, Maharashtra, India.
Tel. No.:	91-257-2211754/2211756
Mobile No.:	91-9371999999 (Mr. Suyog Kumar Chaudhari)
Fax No.:	91-257-2210748/2212264
E-Mail :	cheminfo@dataone.in chieminfo@dataone.in cheminfo_jal@sancharnet.in ravindrakulkarni786@gmail.com suboneyo@gmail.com
Website :	http://www.suboneyo.com
Area :	1 ½ Acres
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mrs. Sunanda Sudhakar Chaudhari

Designation :

Director

Address :

A-86-89, MIDC, Ajantha Chauphuli, Jalgaon – 425003, Maharashtra, India

Date of Birth/Age :

31.12.1948

Qualification :

Chemicals Engineer

Date of Appointment :

12.05.1978

DIN No.:

01429014

Name :

Mr. Sunil Kumar Sudhakar Chaudhari

Designation :

Director

Address :

A-86-89, MIDC, Ajantha Chauphuli, Jalgaon – 425003, Maharashtra, India

Date of Birth/Age :

27.07.1972

Qualification :

BSC

Date of Appointment :

01.10.2003

DIN No.:

00413976

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51497MH1997PTC107961	Samruddhi Farmchem Marketing Private Limited	Director	12-05-97	12-05-97	-	Active	NO
2	U24110MH1978PTC020340	Suboniyo Chemicals and Pharmaceuticals Private Limited	Director	01-10-03	01-10-03	-	Active	NO
3	U01403MH2007PTC174785	Samruddhi Groway Sciences Private Limited	Director	05-10-07	05-10-07	-	Active	YES

Name :

Mr. Suyog Kumar Sudhakar Chaudhari

Designation :

Director

Address :

A-86-89, MIDC, Ajantha Chauphuli, Jalgaon – 425003, Maharashtra, India

Date of Birth/Age :

06.03.1977

Qualification :

MBA

Date of Appointment :

15.06.2001

DIN No.:

00422368

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110MH1978PTC020340	Suboniyo Chemicals and Pharmaceuticals Private Limited	Director	15-06-01	15-06-01	-	Active	NO
2	U01403MH2007PTC174785	Samruddhi Groway Sciences Private Limited	Director	05-10-07	05-10-07	-	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sudhakar Chaudhari	2545
Sunanda Chaudhari	2345
Sunilkumar Chaudhari	55
Suyogkumar Chaudhari	55
TOTAL	5000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Protein Hyrolysate, Amiono Acid Chelated Minerals, Human and Animal Agricultural Bio-Nutritional Products.
Products :	· Food Ingredients And Neutraceuticals · Bacteriological Media Ingredients/Fermentation Nutrients · Animal Poultry Nutrition - Veterinary And Poultry Supplement · Plant/Agricultural Nutrition · Human Nutrition - Iron Supplements And Organic Minerals · Cosmeceuticals/Cosmetic Ingredients · Importance Of Trace Elements
Products :	Protein Hyrolysate
Countries :	· USA · Germany
Imports :
Products :	Raw Materials
Countries :	· Asian Countries · European Countries
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, End Users and Manufacturer

No. of Employees :

100 (Approximately)

Bankers :

• State Bank of India
• Jalgaon Janata Sahakari Bank Limited, Market Yard Branch, 117/119, Seva, Navi Peth, Jalgaon – 425001, Maharashtra, India
• HDFC Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Cash Credit with Jalgaon Sahakari Bank (Secured against stock, debtors and directors personal guarantees)	9.877	9.781
Term Loan plant and machinery Jalgaon Janata (Secured against machinery) [172/239]	0.000	0.207
Temporary overdraft for working capital	0.000	0.000
Term Loan for Machinery [WCTL 166/28] JJSB (Secured against machinery)	0.000	0.105
Term Loan against Deposits [WCTL 177/969] JJSB (Secured against fixed deposits )	0.000	1.420
Term Loan for factory building [WCTL 177/270] JJSB (Against mortgage of factory building)	0.573	1.831
Term Loan for Machinery [WCTL 172/274] JJSB (Against Hypothecation of machinery)	8.492	5.766
Term Loan for Windmill [WCTL 172/279] JJSB (Against Hypothecation of Windmill )	5.307	6.679
HDFC Car Loan (Against Hypothecation of Car)	0.204	0.369
Term Loan for windmill (172/287 JJSB) Against hypothecation of windmill	25.482	0.000
Total	49.935	26.158

Banking Relations :
Auditors :
Name :	Gosavi Yardi and Company Chartered Accountants
Address :	243/244 Adhar Building, Narayan Peth, Pune – 411030, Maharashtra, India
PAN.:	ABMPG3739M
Associates/Subsidiaries :	· Samruddhi Chemicals Private Limited · Sampatti Industries

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

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		0.500	0.489	0.489
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.018	26.909	18.305
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.518	27.398	18.794
LOAN FUNDS
1] Secured Loans		49.935	26.158	6.376
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		49.935	26.158	6.376
DEFERRED TAX LIABILITIES		9.205	3.691	0.492
TOTAL		103.658	57.247	25.662
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		106.202	52.512	23.931
Capital work-in-progress		0.000	0.000	4.535
INVESTMENT		0.499	0.500	0.135
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.315	2.154	1.592
	Sundry Debtors	14.961	11.781	9.671
	Cash & Bank Balances	0.109	4.582	3.972
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.685	5.728	11.085
Total Current Assets		28.070	24.245	26.320
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.144	9.937	15.541
	Other Current Liabilities	2.161	0.429	5.114
	Provisions	13.808	9.644	8.604
Total Current Liabilities		31.113	20.010	29.259
Net Current Assets		(3.043)	4.235	(2.939)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		103.658	57.247	25.662

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Income	81.471	53.385
		Other Income	1.034	0.269
		TOTAL (A)	82.505	53.654
Less	EXPENSES
		Material Consumed	38.950	24.731
		Office and Administration Expenses	11.319	8.105
		Selling and Distribution Expenses	7.396	4.479
		TOTAL (B)	57.665	37.315
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.840	16.339
Less	INTEREST & FINANCIAL EXPENSES (D)		2.647	0.678
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		22.193	15.661
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.843	1.982
	PROFIT BEFORE TAX (E-F) (G)		16.350	13.679
Less	TAX (H)		1.347	3.390
	PROFIT AFTER TAX (G-H) (I)		15.003	10.289
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.305	0.592
Less	APPROPRIATIONS
		Transfer to General Reserve	6.000	5.000
	BALANCE CARRIED TO THE B/S		8.908	6.305
	EARNINGS IN FOREIGN CURRENCY		38.922	29.616
	Earnings Per Share (Rs.)		3343.50

Particulars	31.03.2011
Sales Turnover (Approximately)	155.000

The above information has been parted by Mr. Suyogkumar Chaudhari – Director

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	18.18	19.18
Net Profit Margin (PBT/Sales)	(%)	NA	20.07	25.62
Return on Total Assets (PBT/Total Assets}	(%)	NA	21.30	27.22
Return on Investment (ROI) (PBT/Networth)		NA	0.60	0.73
Debt Equity Ratio (Total Liability/Networth)		1.82	1.69	1.90
Current Ratio (Current Asset/Current Liability)		0.90	1.21	0.90

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year Of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type Of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	No
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	No
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

TRADE REFERENCES

• Esteem Industries Private Limited

FORM 8

Corporate identity number of the company	U24110MH1978PTC020340
Name of the company	SUBONEYO CHEMICALS PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-86-89, MIDC, Ajantha Chauphuli, Jalgaon – 425003, Maharashtra, India E Mail: ravindrakulkarni786@gmail.com
This form is for	10282900
Charge identification (ID) number of the charge to be modified	Modification of Charge
Type of charge	Immovable Property
Particular of charge holder	Jalgaon Janata Sahakari Bank Limited, Seva, 117/119, Navi Peth, Jalgaon – 425001, India Email : csrsk786@gmail.com
Nature of instrument creating charge	Loan agreement cum hypothecation deed for priority advances Dated 30.04.2011 for modification in the security of term loan
Date of instrument Creating the charge	30.04.2011
Amount secured by the charge	Rs. 17.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term loan at the rate of interest 12% with monthly rests and/or at such other rate as may be prescribed by the mortgagees from time to time Terms of Repayment : Term loan together with interest in 60EMI commencing from 12month after the date of first disbursement. Margin: A minimum margin of 30% on the value of assets considered as per the cost of project shall be maintained at the time of disbursement of the loan. Extent and operation of the charge: To the extent as per the mortgage deed Dated 30.04.2011
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Gut. No.1182, Plot No.1S Highway No.190, Nasirbad 2, Plot No.A 86/89 MIDC Jalgaon
Particulars of the present modification	Loan agreement cum hypothecation deed for priority advances dated 30.04.2011 for modification in the security of term loan

FIXED ASSETS:

• Land
• Factory Building
• Plant and Machinery
• Computer and Software
• Motor Car
• Furniture
• Trade Mark
• Wind Mill
• Office Equipments
• Vehicle
• Air Conditioner
• Tractor

WEBSITE DETAILS:

PROFILE:

Largest Manufacturers of Protein Hyrolysate based Neutraceuticals, Human ,Veterinary, Poultry, Agricultural Nutrition Products and Bacteriological Media Ingredients.

Subject is the Manufacturer and Exporter located in India in the of Human and Animal, Agricultural bio-nutritional products based on Hydrolysed Proteins as well Bacteriological Media Ingredients such as Peptones.

Subject is the Pioneer manufacturer of Amino Acid Chelated Minerals in India for use in various applications.

The wide Variety of products are produced by proprietary patented processes and have been widely appreciated for their effectiveness in all over the Globe.

Founded in the year 1978 by Dr. Rer. Nat. S.M Chaudhry in the state of Maharashtra, they at subject Chemicals and Pharmaceuticals Private Limited have come a long way and have established theirselves as one of the leading names in the bio -nutritional industry.

Being a professionally managed organization, they have employed a skillful team of experts, market analysts and various other personnel who keep themselves abreast with latest market trends to offer bio-nutritional products of most suitable range to the customers.

Equipped by the state-of-the-art manufacturing facilities and through constant innovation in technology, they have been able to meet even bulk requirements of the clients with ease. The sophisticated and stringent quality check procedures ensure that the finished products are of superior quality and absolutely flawless.

Under the able guidance of the mentor, Dr. Chaudhary, a Doctorate in Science from University of Berlin ,Germany who had worked as Scientist in many MNC’s such as BASF, BAYER, SIEMENS in Germany, having wide experience of 40 years, they have shown the consistency towards delivering finest quality products that has helped them build a long lasting and fruitful relationship with the buyers.

All the products are very well accepted by leading pharmaceutical formulation manufacturers, agro input manufacturers, overseas agro and animal nutrition manufacturers. The unflinching efforts blended with the adherence to various quality parameters facilitate them to offer customized products to the widespread clients. The pro-active marketing professionals effectively promote the brand name and cater to product related queries of the clients.

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.50.56
UK Pound	1	Rs.80.29
Euro	1	Rs.68.79

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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		50

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.