MIRA INFORM REPORT

Report Date :

08.09.2011

IDENTIFICATION DETAILS

Name :	AKRY ORGANICS PRIVATE LIMITED
Registered Office :	A-318 Ahura Centre 82 Mahakali Caves Road, Andheri (East), Mumbai 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.04.1993
Com. Reg. No.:	071527
Capital Investment / Paid-up Capital :	Rs. 2.800 millions
CIN No.: [Company Identification No.]	U24110MH1993PTC071527
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20203B
PAN No.: [Permanent Account No.]	AAACA6005E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ethylene Glycols
No. of Employees :	200 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1458684
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company is doing well. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be 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.

INFORMATION PARTED BY

Name :	Mr. Pratik Sanghvi
Designation :	Director
Contact No.:	91-9820361615
Date :	07.09.2011

LOCATIONS

Registered Office :	A-318 Ahura Centre 82 Mahakali Caves Road, Andheri (East), Mumbai 400093, Maharashtra, India
Tel. No.:	91-22-30863372
Mobile No.:	91-9820361615 (Mr. Pratik Sanghvi)
Fax No.:	91-22-30863350
E-Mail :	creatfinance@akry.in pratik@akry.in
Website :	www.akry.in
Location :	Owned
Plant :	Plot No. 20and 21 MIDC Tarapur, Boisar, Palghar 401506, Thane, Maharashtra, India
Tel. No.:	91-2525-324455
Branches :	302 Parshva Chambers, 17/21 Issaji Street, Vadgadi, Mumbai 400003, Maharashtra, India
Tel. No.:	91-22-32552336
Fax No.:	91-22-23447472

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Kamlesh Sanghvi
Designation :	Director
Date of Birth/Age :	16.05.1953
Date of Appointment :	04.08.1993
Name :	Mrs. Daksha K Sanghvi
Designation :	Director
Date of Birth/Age :	07.09.1958
Date of Appointment :	04.08.1993
Name :	Mr. Mitul Sanghvi
Designation :	Director
Date of Birth/Age :	29.11.1980
Date of Appointment :	04.01.2004
Name :	Mr. Pratik Sanghvi
Designation :	Director
Date of Birth/Age :	23.01.1984
Date of Appointment :	01.01.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mr. Kamlesh Sanghvi	12000
Mrs. Daksha K Sanghvi	11000
Mr. Mitul Sanghvi	2500
Mr. Pratik Sanghvi	2500
Total	28000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Ethylene Glycols
Exports :
Countries :	European Countries, Australia
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C, Cash, Credit (30-60 Days)
Purchasing :	L/C, Cash, Credit (30-60 Days)

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Glycols	Kgs	30000000	21445994

Note:

Actual production includes for captive consumption of 2512985 kgs of Finished good and excluding production of finished and semi finished goods 13020 kgs processed by third parties.

GENERAL INFORMATION

Customers :

· OEM’s

· Manufacturer

No. of Employees :

200 Approximately

Bankers :

· HDFC Bank, Senapati Bapat Marg, Lower Parel (West) Mumbai 400013, Maharashtra, India

· Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai 400051, Maharashtra, India

· Bank of India, Mumbai Corporate Banking Branch, 4^th Floor, 70 / 80 M G Road, Mumbai 400023, Maharashtra, India

· State Bank of India, BAckbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai 400021, Maharashtra, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
From Banks
Term Loans
Foreign Currency Loan	63.650	100.558
Interest Accrued But Not Due	0.403	0.543
Working Capital Loan	0	0
Working Capital Borrowings From Banks	83.464	129.467
Interest Accrued But Not Due	0.064	0.887
TOTAL	147.581	231.455
UNSECURED LOAN
From Directors	0.670	5.313
From Standard Chartered Bank
Specific O/D Facility for Purchases from RIL	9.356	1.290
Deferred Sales Tax Loan	57.347	58.608
TOTAL	67.373	65.211

Banking Relations :	--
Auditors :
Name :	K K Garg and Company Chartered Accountant
Address :	413/415, Hind Rajsthan Building, Dadasaheb Phalke Road, Dadar (East), Mumbai 400028, Maharashtra, India
Tel. No.:	91-22-24112575
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 100 each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28000	Equity Shares	Rs. 100 each	Rs. 2.800 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		2.800	2.800	2.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		361.871	223.122	202.392
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		364.671	225.922	205.192
LOAN FUNDS
1] Secured Loans		147.581	231.455	151.032
2] Unsecured Loans		67.373	65.211	87.572
TOTAL BORROWING		214.954	296.666	238.604
DEFERRED TAX LIABILITIES		5.726	8.486	9.706
TOTAL		585.351	531.074	453.502
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		152.490	121.629	136.639
Capital work-in-progress		46.831	53.361	13.259
INVESTMENT		33.617	14.690	0.779
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.107	185.407	162.422
	Sundry Debtors	197.107	160.032	125.022
	Cash & Bank Balances	16.316	5.662	5.347
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	97.615	81.613	61.074
Total Current Assets		445.145	432.714	353.865
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.533	91.014	50.188
	Other Current Liabilities	0.199	0.306	0.852
	Provisions	0.000	0.000	0.000
Total Current Liabilities		92.732	91.320	51.040
Net Current Assets		352.413	341.394	302.825
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		585.351	531.074	453.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	916.940	801.659	528.129
		Other Income	0.000	0.000	0.000
		TOTAL (A)	916.940	801.659	528.129
Less	EXPENSES
		Office Expenses
		Administrative Expenses	690.726	749.760	485.649
		Advertising Expenses
		TOTAL (B)	690.726	749.760	485.649
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		226.214	51.899	42.480
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		226.214	51.899	42.480
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.725	20.716	5.937
	PROFIT BEFORE TAX (E-F) (G)		202.489	31.183	36.543
Less	TAX (H)		63.740	10.454	12.017
	PROFIT AFTER TAX (G-H) (I)		138.749	20.729	24.526
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		219.047	198.318	173.792
	BALANCE CARRIED TO THE B/S		357.796	219.047	198.318
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	127.800	169.690	NA
	IMPORTS
		Raw Materials	85.679	183.093	NA
		Stores & Spares	16.380	0.000	NA
		Capital Goods	0.000	0.040	NA
		Others	0.000	4.066	NA
	TOTAL IMPORTS		102.059	187.199	NA
	Earnings Per Share (Rs.)		4955.00	740.00	875.93

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.13	2.58	4.64
Net Profit Margin (PBT/Sales)	(%)	22.08	3.88	6.91
Return on Total Assets (PBT/Total Assets}	(%)	33.88	5.62	7.45
Return on Investment (ROI) (PBT/Networth)		0.55	0.13	0.17
Debt Equity Ratio (Total Liability/Networth)		0.85	1.75	1.45
Current Ratio (Current Asset/Current Liability)		4.80	4.73	6.93

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	92.533	91.014	50.188

Note:

Registered office of the company has been shifted from 302 Parshva Chambers, 17/21 Issaji Street, Vadgadi, Mumbai 400003, Maharashtra, India to the present address w.e.f.07.04.2010

FIXED ASSETS:

· Lease Hold Lands

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicle

· Electrical Installation

· Office Equipments

FORM 8

Corporate identity number of the company	U24110MH1993PTC071527
Name of the company	AKRY ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-318 Ahura Centre 82 Mahakali Caves Road, Andheri (East), Mumbai 400093, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Commonwealth Bank of Australia, Level 2, Hoechst House, Nariman Point 400021, Maharashtra, India Email: kiran.bhosale@commbank.co.in
Nature of instrument creating charge	Deed of Hypothecation of goods, vehicle, plant and machinery, Stocks and Book Debts
Date of instrument Creating the charge	04.05.2011
Amount secured by the charge	Rs. 50.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1/ Import LC / Buyers Cr. / Pre and Post-shipment Cr: as negotiated with and agreed by the Bank. 2/ CC: @3% above bank base rate i.e.11% p.a. presently, on a monthly compounding basis. Terms of repayment Import LC - Sight / Usance (USD) - Maximum upto 180 days Sub-limit: Buyer's credit (USD) and Pre shipment / Post-shipment (USD) - Maximum 180 days Sub-limit: - Cash credit (INR): Annual renewal Margin Margin to be maintained for cash credit at 25% on net stock (stock less creditors) and 40% on debtors and for Pre-shipment / Post-shipment credit @10% or at such other rate as may be fixed by the bank from time to time. Extent and operation of the charge Security created by way of first charge and to cover the principal amount together with interest, costs, charges, expenses etc. Other Security created in respect of the following facilities: (Rs. In Millions) Import LC (USD) Rs. 50 Sub-limits under Import LC (USD) - Buyers Credit (USD) (Rs.50) - Pre shipment / Post-shipment (USD) (Rs.50) - Cash Credit (INR) (Rs.10) Total Limit Rs. 50
Short particulars of the property charged (Including location of the property)	All tangible movable machineries and plant, both present and future whether installed or not and whether lying loose or in cases at site or in transit or which may at any time being installed or lying loose or in cases or being in or upon or about the company's premises godowns at Mumbai, Daman and Tarapur or wherever else the same may be or in the course of transit. All tangible movable properties, goods, documents of title to goods, vehicles and assets of whatsover nature (both present and future) and including all stocks of raw materials such as merchandise and inished goods and semi finished goods, spare parts, components (incl. spare parts and stores relating to plant and machinery both present and future) and stocks in process of the company whatsoever situate at Mumbai, Daman and Tarapur and which may be lying loose or wherever else or in transit. All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may at any time hereinafter become due and owing to the company. All office furniture, fixtures and fittings, stores, spares, equipments, computers etc. both present and future whatsoever situated at Mumbai, Daman and Tarapur and which may be any time installed and lying loose or in cases or being in or upon or about the company's premises godowns at Mumbai, Daman and Tarapur or wherever else or in transit.

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.46.02
UK Pound	1	Rs.73.60
Euro	1	Rs.64.77

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.