MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	CAROTINO (INDIA) PRIVATE LIMITED (w.e.f. 14.08.2008)
Formerly Known As :	SYNERGY FOODS PRIVATE LIMITED
Registered Office :	The synergy, 2^nd Floor, Plot No.70/21, Law College Road, Pune – 411004, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.08.2003
Com. Reg. No.:	11-018199
Capital Investment / Paid-up Capital :	Rs.11.111 Millions
CIN No.: [Company Identification No.]	U15339PN2003PTC018199
TAN No.: [Tax Deduction & Collection Account No.]	PNES09300E
PAN No.: [Permanent Account No.]	AAHCS7033D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Natural Carotene and Vitamin E rich Cooking Oils,
No. of Employees :	Not Available

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 270000
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 Office :	The synergy, 2^nd Floor, Plot No.70/21, Law College Road, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25455904 / 25469360
Mobile No.:	91-9890817123 (Mr. Durga Prasad Patnaik)
Fax No.:	91-20-25455904
E-Mail :	mhbhave@carotinoindia.com info@carotinoindia.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Manjusha Harshvardhan Bhave

Designation :

Manager

Address :

Plot No. 70/21, the Synergy, Law College Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

25.06.1959

Date of Appointment :

01.08.2003

DIN No.:

00139165

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	U01122PN1996PTC017487	KASTORKING (INDIA) PRIVATE LIMITED	Director	22/03/1996	22/03/1996	-	Active	NO
2	U15339PN2003PTC018199	CAROTINO (INDIA) PRIVATE LIMITED	Managing director	5/9/2005	1/8/2003	-	Active	NO
3	U15140PN2004PTC136409	PRIME OLEOCHEM PRIVATE LIMITED	Director	16/12/2004	16/12/2004	-	Active	NO
4	U15141PN2005PTC020250	MALAYSIAN VEGETABLE OILS (INDIA) PRIVATE LIMITED	Director	7/2/2005	7/2/2005	-	Active	NO
5	U72200PN2007PTC129874	SYNERGY IF SOLUTIONS INDIA PRIVATE LIMITED	Director	27/03/2007	27/03/2007	-	Active	NO
6	U01110MH1995PTC088845	VANARAI-VILE PLANTATION PRIVATE LIMITED	Director	30/09/2007	6/8/2007	-	Active	NO
7	U01403PN2008PTC131327	SYNERGY SEEDS PRIVATE LIMITED	Director	23/01/2008	23/01/2008	-	Active	NO
8	U55101PN2008PTC132293	VILLE VALLEY HOLIDAY RESORTS PRIVATE LIMITED	Director	20/06/2008	20/06/2008	-	Active	NO
9	U74900PN2008PTC132042	ATHARVA PROCTEK PRIVATE LIMITED	Additional director	28/07/2008	28/07/2008	1/12/2008	Active	NO
10	U15143PN2009PTC133561	GOLWALKAR OILS PRIVATE LIMITED	Director	23/02/2009	23/02/2009	-	Active	NO
11	U01400PN2010PTC136310	MK BIOFA TECHNOLOGIES PRIVATE LIMITED	Director	12/5/2010	12/5/2010	-	Active	NO

Name :

Mr. Harshavardhan Vaman Bhawe

Designation :

Director

Address :

1A, Ardmore Park # 14-01, Ardmore Point, Singapore – 259945

Date of Birth/Age :

12.02.1957

Date of Appointment :

01.08.2003

DIN No.:

00110188

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	U01122PN1996PTC017487	KASTORKING (INDIA) PRIVATE LIMITED	Director	22/03/1996	22/03/1996	-	Active	NO
2	U15339PN2000PTC134739	HIGHTECH ENERGY FEEDS (INDIA) PRIVATE LIMITED	Director	6/2/2002	6/2/2002	-	Active	NO
3	U51213PN2002PTC016776	BERG AND SCHMIDT (INDIA) PRIVATE LIMITED	Director	22/02/2002	22/02/2002	-	Active	NO
4	U15339PN2003PTC018199	CAROTINO (INDIA) PRIVATE LIMITED	Director	1/8/2003	1/8/2003	-	Active	NO
5	U15140PN2004PTC136409	PRIME OLEOCHEM PRIVATE LIMITED	Director	16/12/2004	16/12/2004	-	Active	NO
6	U15141PN2005PTC020250	MALAYSIAN VEGETABLE OILS (INDIA) PRIVATE LIMITED	Director	7/2/2005	7/2/2005	-	Active	NO
7	U51909PN2005PTC021372	BERG AND SCHMIDT INGREDIENTS (INDIA) PRIVATE LIMITED	Director	5/6/2006	5/6/2006	-	Active	NO
8	U72200PN2007PTC129874	SYNERGY IF SOLUTIONS INDIA PRIVATE LIMITED	Director	27/03/2007	27/03/2007	-	Active	NO
9	U51397PN2005PTC020706	LEAGUE PHARMACEUTICALS PRIVATE LIMITED	Additional director	23/01/2008	23/01/2008	-	Active	NO
10	U37200PN2009PLC134390	RUDRA ENVIRONMENTAL SOLUTION INDIA LIMITED	Director	16/11/2009	16/11/2009	-	Active	NO

Name :

Ajay Arvind Bedekar

Designation :

Director

Address :

S. No. 26 Plot No. 69, Kothrud Fl-P-1, Dahanukar Colony, Pune – 411029, Maharashtra, India

Date of Birth/Age :

09.01.1968

Date of Appointment :

01.08.2003

DIN No.:

01605646

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	U01122PN1996PTC017487	KASTORKING (INDIA) PRIVATE LIMITED	Director	9/12/2001	9/12/2001	-	Active	NO
2	U15339PN2003PTC018199	CAROTINO (INDIA) PRIVATE LIMITED	Director	1/8/2003	1/8/2003	-	Active	NO
3	U01110MH1995PTC088845	VANARAI-VILE PLANTATION PRIVATE LIMITED	Director	30/09/2007	6/8/2007	-	Active	NO
4	U01403PN2008PTC131327	SYNERGY SEEDS PRIVATE LIMITED	Director	23/01/2008	23/01/2008	-	Active	NO
5	U55101PN2008PTC132293	VILLE VALLEY HOLIDAY RESORTS PRIVATE LIMITED	Director	20/06/2008	20/06/2008	-	Active	NO
6	U15143PN2009PTC133561	GOLWALKAR OILS PRIVATE LIMITED	Director	23/02/2009	23/02/2009	-	Active	NO
7	U01400PN2010PTC136310	MK BIOFA TECHNOLOGIES PRIVATE LIMITED	Director	12/5/2010	12/5/2010	-	Active	NO

Name :

Mr. Chu Shuen Chang

Designation :

Director

Address :

No. 19, Jalan Emas, Taman Kolam Air, Johor Bahru – 80200, Malaysia

Date of Birth/Age :

12.02.1951

Date of Appointment :

24.01.2007

DIN No.:

01233477

Name :

Mr. Teck Mack Chang

Designation :

Director

Address :

22, Jalan Hulubalang, Stulang Laut, Johor Bahru – 80300, Malaysia

Date of Birth/Age :

19.08.1948

Date of Appointment :

24.01.2007

DIN No.:

01233436

Name :

Mr. Unnikrishnan Ramchandra Unnithan

Designation :

Director

Address :

No.12, Jalan Tembaga, Taman Kolam Air, Johor Bahru – 80200, Malaysia

Date of Birth/Age :

14.05.1962

Date of Appointment :

24.01.2007

DIN No.:

01233360

KEY EXECUTIVES

Name :	Kan and Associates
Designation :	Company Secretaries
Address :	3-4, Aishwarya Sankul, S. No.17, G.A. Kulkarn Path, Opposite Joshi Railway Museum, Kothrud, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-2546625 / 65204591 / 65296055
Fax No.:	91-20-25461561

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kastorking (India) Private Limited, India	500000
Carotino SDN. BHD, Malaysia	500000
Kastorking (India) Private Limited, India	55555
Unnikrishnan Ramchandra Unnithan	55555
Total	1111110

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	45.01
Bodies corporate	50.00
Directors or relatives of Directors	4.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Natural Carotene and Vitamin E rich Cooking Oils,

Products :

Product Description	ITC Code
Lecithin	29232010

Brand Names :

“CAROTINO’ and “CAROFRY”

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Soya Lecithin	MT	3480	3480	1014.155
Standard Soya Lecithin	MT	3480	3480	156.415
Lecithinated Soya Oil by Product)	MT	2520	2520	404.852

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Term loan from Bank (Secured by Fixed Deposits of the Company)	1.062	6.404
Cash Credit [Secured by hypothecation of Stock of the company, and book debts, extension of mortgage of specific immovable property fine company and stand by L/C of the bank)	7.914	2.661
Packing Credit	3.588	6.468
Total	12.564	15.533
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
Form Director and Shareholders	2.877	3.637
Total	2.877	3.637

Banking Relations :	--
Auditors :
Name :	Shahane and Company Chartered Accountants
Address :	1455, Anant Laxmi Appartment, Next to Renuka, Swaroop Girls School, Khajinavihar, Sadashiv Peth, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24450857
PAN.:	AHDPS4372H
Related Party :	Berg and Scmidt Malaysia Berg and Scmidt Asia Pie Limited Hightech Energy feeds Private Limited Hightech Energy Feeds mid Private Limited – Bangalore Kastorking India Private Limited Dinar Marketing Services Private Limited Galwalkar Oils Private Limited Synergy If Solutions India Private Limited
Joint Venture :	Carofino SDN BHD

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs.11.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1111110	Equity Shares	Rs.10/- each	Rs.11.111 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.022
3] Reserves & Surplus		57.904	27.882	15.555
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		67.904	37.882	25.577
LOAN FUNDS
1] Secured Loans		12.564	15.533	17.824
2] Unsecured Loans		2.877	3.637	5.843
TOTAL BORROWING		15.441	19.170	23.667
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		83.345	57.052	49.244
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.317	14.867	17.553
Capital work-in-progress		1.849	1.849	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		4.200	4.525	4.072
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.240	17.785	6.621
	Sundry Debtors	17.416	20.182	13.699
	Cash & Bank Balances	46.067	34.222	10.675
	Other Current Assets	0.015	3.292	2.763
	Loans & Advances	7.792	0.938	3.182
Total Current Assets		86.530	76.419	36.940
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.419	23.721	5.406
	Other Current Liabilities	18.053	20.604	4.700
	Provisions	0.116	0.116	0.891
Total Current Liabilities		31.588	44.441	10.997
Net Current Assets		54.942	31.978	25.943
MISCELLANEOUS EXPENSES		3.037	3.833	1.676
TOTAL		83.345	57.052	49.244

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	241.295	225.719	78.281
		Other Income
		TOTAL	241.295	225.719	78.281
Less	EXPENSES
		Office Expenses
		Administrative Expenses	208.243	210.238	68.901
		Advertising Expenses
		TOTAL	208.243	210.238	68.901
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		33.052	15.391	9.380
Less/ Add	DEPRECIATION/ AMORTISATION		2.705	3.655	2.842
	PROFIT BEFORE TAX		30.347	11.736	6.538
Less	TAX		0.326	(0.591)	1.854
	PROFIT AFTER TAX		30.021	12.327	4.684
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.316	7.989	3.305
	BALANCE CARRIED TO THE B/S		50.337	20.316	7.989
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	138.343	78.386	45.117
		Other Earnings	0.038	6.301	10.438
	TOTAL EARNINGS		138.381	84.687	55.555
	TOTAL IMPORTS		38.282	112.525	3.358
	Earnings Per Share (Rs.)		30.35	123.26	46.74

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	12.44	5.46	5.98
Return on Total Assets (PBT/Total Assets}	(%)	28.67	12.86	12.00
Return on Investment (ROI) (PBT/Networth)		0.45	0.31	0.26
Debt Equity Ratio (Total Liability/Networth)		0.69	1.68	1.36
Current Ratio (Current Asset/Current Liability)		2.74	1.72	3.36

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	No
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

CONTINGENT LIABILITY

Rs. In Million

Particular	31.03.2010	31.03.2009
Excise bond	30.000	30.000

Fixed Assets

• Leasehold Land
• Plant and Machinery
• Furniture, Fixtures
• Building
• Vehicle
• Computer
• Office Equipment

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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	YES
--AFFILIATION	YES/NO	NO
--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.