1. Summary Information

		Country	India
Company Name	Narayan Organics Private Limited	Principal Name 1	Mehul Dahyabhai Patel
Status	Satisfactory	Principal Name 2	Dhyabhai Narayandas Patel
		Registration #	04-17951
Street Address	Plot No. 1305/ 6/ A+B, Phase 4, GIDC Estate, Naroda, Ahemadabad - 382330, Gujarat, India
Established Date	08.07.1992	SIC Code	--
Telephone#	91-79-22821099/ 22814789	Business Style 1	Manufacturer
Fax #	91-79-22823572/ 25631830	Business Style 2	--
Homepage	http://www.narayan-pigments.com	Product Name 1	Copper Phthalocynine Blue
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.16,141,250/-	Product Name 3	--
Shareholders	Directors or relative of directors – 100%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	19 years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (45)
Related Company
Relation	Country	Company Name	--
Group Company	India	Narayan Industries	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	251,693,000	Current Liabilities	210,114,000
Inventories	39,734,000	Long-term Liabilities	14,578,000
Fixed Assets	31,999,000	Other Liabilities	11,382,000
Deferred Assets	0,000	Total Liabilities	236,074,000
Invest& other Assets	9,363,000	Retained Earnings	80,574,000
		Net Worth	96,715,000
Total Assets	332,789,000	Total Liab. & Equity	332,789,000
Total Assets (Previous Year)	208,689,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Total Income	736,441,000	Net Profit	12,354,000
Total Income (Previous yr)	366,839,000	Net Profit(Prev.yr)	8,436,000

MIRA INFORM REPORT

Report Date :

26.11.2011

IDENTIFICATION DETAILS

Name :	NARAYAN ORGANICS PRIVATE LIMITED
Registered Office :	Plot No. 1305/ 6/ A+B, Phase 4, GIDC Estate, Naroda, Ahemadabad - 382330, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.07.1992
Com. Reg. No.:	04-017951
Capital Investment / Paid-up Capital :	Rs.16.141 Millions
CIN No.: [Company Identification No.]	U24110GJ1992PTC017951
TAN No.: [Tax Deduction & Collection Account No.]	AHMN02915D
PAN No.: [Permanent Account No.]	AACCN0460G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Phthalocyanine pigments and Its Derivatives.

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 390000
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 – 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

LOCATIONS

Registered/ Corporate Office :	Plot No. 1305/ 6/ A+B, Phase 4, GIDC Estate, Naroda, Ahemadabad - 382330, Gujarat, India
Tel. No.:	91-79-22821099/ 22814789
Mobile No.:	91-9824032335 (Mr. Dahyabhai Patel)
Fax No.:	91-79-22823572/ 25631830
E-Mail :	narayan_pig@yahoo.com narayan-pig@icenet.net ppsystem@yahoo.co.in pmsystem@sancharnet.in dnpatel@narayanorganics.com mehulpatel@narayanorganics.com info@narayanorganics.com
Website :	http://www.narayan-pigments.com
Factory 1 :	Plot No. 1107/1 and 2, G.I.D.C. Estate, Ankleshwar – 393002 District Bharuch, Gujarat India
Tel. No.:	91-2646-253756/ 220517 / 222379
Fax No.:	91-2646-252608
E-Mail :	nopl_ank@yahoo.com ankleshwar@narayanorganics.com
Overseas Office :	Espee Headquarters 2761 Manu ct, Glenview, ILLinois 60026, USA
Tel. No.:	+1 201.253.9053 +1 248.990.7454
Fax No.:	+1 888.317.5667
E-Mail :	info@narayanorganics.com ravip@espeeusa.com swapnil@espeeusa.com

DIRECTORS

As On : 30.09.2011

Name :	Mr. Mehul Dahyabhai Patel
Designation :	Director
Address :	301-B, Shilalekh, Shahibaug, Ahmedabad – 380004, Gujarat, India
Date of Birth :	14.09.1985
Date of Appointment :	01.05.2004
DIN No.;	01338239

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	U24110GJ1992PTC017951	Narayan Organics Private Limited	Director	01-05-04	01-05-04	-	Active	NO
2	U29120GJ1995PTC026976	Narayan Industries Private Limited	Director	25-03-08	25-03-08	-	Active	NO
3	U24297GJ1991PTC016699	Narayan Pigments Private Limited	Director	15-07-09	15-07-09	-	Active	NO
4	U24119GJ2008PTC053684	Avani Dye Chem Private Limited	Director	15-09-11	15-09-11	-	Active	NO

Name :	Mr. Dhyabhai Narayandas Patel
Designation :	Director
Address :	301-B, Shilalekh, Shahibaug, Ahmedabad – 380004, Gujarat, India
Date of Birth :	01.05.1955
Date of Appointment :	08.07.1992
DIN No.:	01338509

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	U24110GJ1992PTC017951	Narayan Organics Private Limited	Director	08-07-92	08-07-92	-	Active	NO
2	U29120GJ1995PTC026976	Narayan Industries Private Limited	Director	03-08-95	03-08-95	-	Active	NO
3	U73100GJ2005PLC046186	Ankleshwar Research And Analytical Infrastructure Limited	Director	29-09-08	29-09-08	-	Active	NO
4	U29199GJ1995NPL027917	Naroda Enviro Projects Limited	Additional director	02-02-09	02-02-09	-	Active	NO
5	U24297GJ1991PTC016699	Narayan Pigments Private Limited	Director	15-07-09	15-07-09	-	Active	NO
6	U90000GJ2010PLC060122	Ankleshwar Cleaner Process Technology Centre Limited	Director	02-04-10	02-04-10	-	Active	NO
7	U24119GJ2008PTC053684	Avani Dye Chem Private Limited	Director	15-09-11	15-09-11	-	Active	NO

Name :	Mr. Purav D Patel
Designation :	Director
Address :	301-B, Shilalekh, Shahibaug, Ahmedabad – 380004, Gujarat, India
Date of Birth :	03.11.1991
Date of Appointment :	24.06.2010
DIN No.:	03107908

KEY EXECUTIVES

Name :	Rohit Bajpai and Associates
Designation :	Company secretary
Address :	B – 404 Pramukh Residency, Jodhpur Gam Road, Side to P and T Colony, Ahmedabad -380 015, Gujarat, India
Tel No.:	91-79-26922707
Mobile No.:	91-9824341027

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dhyabhai N Patel	268500
Vimlaben D Patel	314100
Mehul D Patel	301700
Dhyabhai N Patel , HUF	133100
Purav D. Patel	150000
Narayan Industries Private Limited, India	231100
Rishabh Finstock and Consultancy Limited, India	200000
Samir Patel	15625
Total	1614125

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relative of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Phthalocyanine pigments and Its Derivatives.
Products :	Metal Phthalocyanines Crude Blue Phthalocyanine Pigments Copper Salts

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Production/Inward
Copper Phthalocynine Blue	Qty. In M.T	3245.935
Job Work	Qty. In M.T	33.000

GENERAL INFORMATION

Bankers :

· State Bank of India, Laghu Udhyog Branch, Opposite Gandhigram Railway Station, Ahmedabad – 380009, Gujarat, India

· ICICI Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
State Bank of India (Cash Credit) (Secured by hypothecation of inventories and book debts and equitable mortgage of Land and building)	9.522	9.265
Kotak Mahindra Car Loan (Hypothecation against car)	0.749	1.094
ICICI Bank Car Laon (Hypothication against car)	2.598	0.000
Total	12.869	10.359

Note :

Closing Cash credit from State Bank of India of Rs.9.522 Millions which was secured against Hypothecation of stock of raw materials, stock in process, finished and book-debts and also mortgage of all factory land and building. Further directors had provided their personal guarantee’s in addition to the above. Vehicle loan from Kotak Mahindra Rs.0.749 Million and vehicle loan from ICICI Bank is Rs.2.598 Millions against hypothecation of vehicles.

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	0.430	1.168
From Shareholders	1.279	4.563
Total	1.709	5.731

Banking Relations :

--

Auditors :

Name :

KPSJ and Associate

Chartered Accountants

Address :

504/C Sahjanand Shopping Centre, Shahibaug, Gujarat – 380004, Ahmedabad, India

Tel No.:

91-792-25621950/ 4627

Fax No.:

91-9327014733

Email :

pmsyslem@yahoo.co.in

PAN No.:

AAGFK2924D

Group Companies :

· Swastik Industries

· Narayan Industries

Address : Plot No. 1303/1 - 2 and 1305/6/ A+B, Phase 4, G.I.D.C. Estate Naroda, Ahmedabad – 382330, Gujarat, India.

Tel No.: 91-79-22821099/ 22814789

Fax No.: 91-79-22823572/ 25631830

E-Mail : ahmedabad@narayanorganics.com

CAPITAL STRUCTURE

As On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1614125	Equity Shares	Rs.10/- each	Rs.16.141 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		16.141	15.985	13.780
2] Share Application Money		0.000	0.000	5.000
3] Reserves & Surplus		80.574	57.483	29.531
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		96.715	73.468	48.311
LOAN FUNDS
1] Secured Loans		12.869	10.359	9.081
2] Unsecured Loans		1.709	5.731	6.681
TOTAL BORROWING		14.578	16.090	15.762
DEFERRED TAX LIABILITIES		0.384	0.341	0.000
TOTAL		111.677	89.899	64.073
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.999	22.333	8.854
Capital work-in-progress		6.517	2.304	10.368
INVESTMENT		2.726	2.226	1.500
DEFERREX TAX ASSETS		0.000	0.000	0.516
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.734	19.995	16.739
	Sundry Debtors	210.773	133.382	87.109
	Cash & Bank Balances	3.884	4.433	2.597
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	37.036	24.016	30.877
Total Current Assets		291.427	181.826	137.322
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	205.058	109.072	86.784
	Other Current Liabilities	5.056	4.046	2.155
	Provisions	10.998	5.672	5.548
Total Current Liabilities		221.112	118.790	94.487
Net Current Assets		70.315	63.036	42.835
MISCELLANEOUS EXPENSES		0.120	0.000	0.000
TOTAL		111.677	89.899	64.073

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	736.442	365.532	278.614
		Other Income		1.307	2.741
		TOTAL	736.442	366.839	281.355
Less	EXPENSES
		Manufacturing Expenses	717.205	37.972	27.294
		Raw Material Consumed		293.289	239.048
		Administrative Expenses		3.698	3.282
		Increase/ Decrease in Stock		4.521	(6.652)
		Payment to Employees		4.321	4.185
		Selling And Distribution Expenses		3.407	2.742
		TOTAL	717.205 (Including Financial Charges and Depreciation)	347.208	269.899
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			19.631	11.456
Less	FINANCIAL EXPENSES			2.465	3.487
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			17.166	7.969
Less/ Add	DEPRECIATION/ AMORTISATION			4.506	2.698
	PROFIT BEFORE TAX		19.237	12.660	5.271
Less	TAX		6.883	3.907	1.978
	PROFIT AFTER TAX AND BEFORE EXTRA ORDINARY ITMES		NA	8.753	3.292
Less	Excess/Shortfall Provision Income Tax		NA	0.317	0.048
	PROFIT AFTER TAX AND AFTER EXTRA ORDINARY ITMES		12.354	8.436	3.245
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	27.967	25.528
Less	APPROPRIATIONS
		Dividend	NA	0.827	0.689
		Tax on Dividend	NA	0.136	0.117
	BALANCE CARRIED TO THE B/S		NA	36.074	27.967
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	17.572	3.246	14.315
	TOTAL EARNINGS		17.572	3.246	14.315
	IMPORTS
		CIF Value of Import	37.762	15.425	16.808
	TOTAL IMPORTS		37.762	15.425	16.808
	Earnings Per Share (Rs.)		7.70	6.35	2.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.68	2.30	1.15
Net Profit Margin (PBT/Sales)	(%)	NA	3.46	1.89
Return on Total Assets (PBT/Total Assets}	(%)	5.95	6.20	3.61
Return on Investment (ROI) (PBT/Networth)		0.20	0.17	0.11
Debt Equity Ratio (Total Liability/Networth)		2.44	1.84	2.28
Current Ratio (Current Asset/Current Liability)		1.32	1.53	1.45

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The performance of the Company was quite satisfactory during the year, it shows a fast growing treak. The total Sales was achieved of Rs.802.237 Millions as compare to Rs402.978 Millions during last year, whereas current year profit before taxes are arrived at Rs.19.237 Millions as compare to Rs.12.660 Millions of last year. Which shows that company PBT has gone by more than 150% as compare to the last year. In the current year we could able to manage so much local market customers and orders so that we were not required to approach overseas market

FORM 8:

Corporate identity number of the company	U24110GJ1992PTC017951
Name of the company	NARAYAN ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 1305/6 A + B, Phase 4 GIDC Naroda, Ahmedabad – 382 330, Gujarat, India E-Mail : ppsystem@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10008914
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Laghu Udhyog Branch, Opposite Gandhigram Railway Station, Ahmedabad – 380009, Gujarat, India E-Mail : jr.shah@sbi.co.in
Nature of instrument creating charge	Memorandum Relating to Deposit of title deeds for creation of further charge for term loan overall limit where the initial charge is created by way of mortgage by deposit of title deeds dated on 15.03.2011
Date of instrument Creating the charge	15.03.2011
Amount secured by the charge	Rs.60.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at 6.50 above Base Rate (BR+8.25% w.e.f. 14.02.2011) with a minimum of 14.75% p.a. Terms of repayment Payable on demand Margin A] FUND BASED LIMITES (A) Raw Material: Imported- 30% (B) Raw Material: Indigenous - 30% (C) Stock in process- 30% (D) Finished Goods- 30% (E) Domestic Receivables (cover 90days)- 50% (F) Letter of Credit- 25% (G) BG- NIl: Extent and operation of the charge All the securities Described Herein below in column no 14 have been charge to the bank to secure facility of total Rs.60.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Equitable mortgage of factory land and building located at Plot No -1107/1 and 2, GIDC Estate , Ankleshwar, Revenue Survey Nl. 407/P the village limit of piraman of Taluka Ankleshwar, District Bharuch.
Date of instrument modifying the charge	14.03.2011
Particulars of the present modification	Enhanced /reviewed /granted credit facilities of Rs.40.500 Millions total Credit facilities aggregating to Rs.60.000 Millions

FIXED ASSETS:

· Computer

· Factory Building

· Factory Plant and Machinery

· Furniture

· Office Equipments

· Plant and Machinery

· Vehicles

· Scrap Stock

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 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.52.17
UK Pound	1	Rs.80.64
Euro	1	Rs.69.43

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.