MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	MANKO NATURAL FLAVORS AND EXTRACTS PRIVATE LIMITED
Registered Office :	III 622 and 623 (XI-400F and G), Kinfra Industrial Park, Kinfra Park, Koratty Post, Nalukettu Road, Koratty – 680309, Kerala
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.02.2004
Com. Reg. No.:	016879
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U15142KL2004PTC016879
TAN No.: [Tax Deduction & Collection Account No.]	CHNM03018B
PAN No.: [Permanent Account No.]	AADCM9833F
Legal Form :	Private Limited Liability Company
Line of Business :	Traders, Manufacturers and Distributors of Edible Oils.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 10132
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments 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

LOCATIONS

Registered Office/Factory :	III 622 and 623 (XI-400F and G), Kinfra Industrial Park, Kinfra Park, Koratty Post, Nalukettu Road, Koratty – 680309, Kerala, India
Tel. No.:	91-480-2735593
Fax No.:	91-480-2735544
E-Mail :	mankonaturalflavours@yahoo.co.in

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ouseph Konuparambu Ittoop
Designation :	Managing Director
Address :	Konuparambu House, Chalakudy P O, Thrissur – 680307, Kerala, India
Date of Birth/Age :	15.10.1958
Date of Appointment :	19.02.2004

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	U15142KL2004PTC016879	MANKO NATURAL FLAVOURS AND EXTRACTS PRIVATE LIMITED	Managing director	19/02/2004	19/02/2004	-	Active	NO
2	U15142KL2004PTC017233	MITHUN AGRO OILS PRIVATE LIMITED	Managing director	02/07/2004	02/07/2004	-	Active	NO

Name :	Mr. Johny Poulose Kaitharath
Designation :	Director
Address :	Kaitharath House, Koodapuzha Near Kseb Power House, Chalakudy P O, Thrissur – 680307, Kerala, India
Date of Birth/Age :	28.05.1955
Date of Appointment :	19.02.2004

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	U15142KL2004PTC016879	MANKO NATURAL FLAVOURS AND EXTRACTS PRIVATE LIMITED	Director	19/02/2004	19/02/2004	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ouseph Konuparambu Ittoop	4500
Lissy Ittoop	500
Johny Poulose Kaitharath	4500
Ciline Johny	500
Total	10000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Traders, Manufacturers and Distributors of Edible Oils.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· The Catholic Syrian Bank Limited, Chalakudy Branch, Kaitharath Buildings, Main Road, Chalakudy, Thrissur - 680307, Kerala, India

· State Bank Of Travancore, Chalakudy Branch, Thissur - 680307, Kerala, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
SBT MTL A/c No.57069059725 (Secured by Land, Building, Plant and Machinery)	0.000	1.346
SBT MTL A/c No.57069059736 (Secured by Land, Building, Plant and Machinery)	0.000	0.364
CSB Chalakudy (HP 001)	0.220	0.000
TOTAL	0.220	1.710
UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Ittop Koonuparamban	0.516	3.566
Johny Manapuram	0.510	3.560
TOTAL	1.026	7.126

Banking Relations :	--
Auditors :
Name :	Manikandan C.K. (Manikandan and Associates) Chartered Accountant
Address :	Second Floor, Suprabha Complex, Chalakudy – 680307, Kerala, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.533	0.220	0.000
4] (Accumulated Losses)		0.000	0.000	(0.627)
NETWORTH		2.533	1.220	0.373
LOAN FUNDS
1] Secured Loans		0.220	1.710	3.151
2] Unsecured Loans		1.026	7.126	10.026
TOTAL BORROWING		1.246	8.836	13.177
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3.779	10.056	13.550
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.834	8.293	8.117
Capital work-in-progress		1.483	0.532	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.353	2.766	3.317
	Sundry Debtors	4.242	0.453	3.416
	Cash & Bank Balances	0.439	6.749	1.991
	Other Current Assets	0.125	0.148	0.269
	Loans & Advances	0.297	0.505	0.000
Total Current Assets		8.456	10.621	8.993
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.121	9.139	3.398
	Other Current Liabilities	10.105	0.101	0.000
	Provisions	0.785	0.168	0.184
Total Current Liabilities		15.011	9.408	3.582
Net Current Assets		(6.555)	1.213	5.411
MISCELLANEOUS EXPENSES		0.017	0.018	0.022
TOTAL		3.779	10.056	13.550

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL (A)	32.740	21.022	13.309
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.186	1.915	1.794
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.186	1.915	1.794
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.088	0.900	0.875
	PROFIT BEFORE TAX (E-F) (G)		2.098	1.015	0.919
Less	TAX (I)		0.785	0.168	0.006
	PROFIT AFTER TAX (G-I) (J)		1.313	0.847	0.913

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.01	4.03	6.87
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	12.13	5.36	5.37
Return on Investment (ROI) (PBT/Networth)		0.83	0.83	2.46
Debt Equity Ratio (Total Liability/Networth)		6.42	14.95	44.93
Current Ratio (Current Asset/Current Liability)		0.56	1.13	2.51

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office address of the company shifted from Room No.XXII-131A Bhospital Road, Chalakudy P O, Thrissur, Kerala, India to Present address w.e.f. 01.06.2009

Form 8:

Corporate identity number of the company	U15142KL2004PTC016879
Name of the company	MANKO NATURAL FLAVOURS AND EXTRACTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	III 622 and 623 (XI-400F and G),Kinfra Industrial Park, Kinfra Park, Koratty Post, Nalukettu Road, Koratty – 680309, Kerala, India
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	The Catholic Syrian Bank Limited
Nature of instrument creating charge	1.Agreement for Loan-1 2.General letter of Undertaking 3. Deposit of Title deed.
Date of instrument Creating the charge	24.06.2011
Amount secured by the charge	Rs.31.806 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC-13.00% per annum, Machinery Loan-1-13.00% per annum, Machinery Loan-2-13.00% per annum, Motor Vehicle loan-11.00% per annum,-As per agreements. Terms of Repayment Cash Credit-Repayable in lumpsum on demand machinery Loan-1-Repayable in monthly installments of Rs.0.047 Million within 3 months. machinery Loan-2-Reapayable in monthly installments of Rs.0.242 Million within 58 months. Motor Vehicle Loan-Repayable in monthly installments of Rs.0.005 Million within 46 Months. Margin Stock-25% Receivables-50% Extent and Operation of the charge The charge operates against hypothecation of Goods, Machinery, Motor Vehicles, Book-debts, Movable assets and Immovable properties of the company
Short particulars of the property charged	Hypothecation of Goods, all the plant and machinery of the company. Motor Vehicles, Book-debts and other Movable assets. Lease Deed Document No.5578/2008

FIXED ASSETS:

· Land

· Building

· Electrical Fittings

· Plant and Machinery

· Tools and Equipments

· Laboratory Equipments

· Computer 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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.