MIRA INFORM REPORT

Report Date :

13.04.2011

IDENTIFICATION DETAILS

Name :	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	A – 127, Okhala Industrial Area, Phase – II, New Delhi – 110020, Delhi
Country :	India
Financials (as on) :	30.03.2011
Date of Incorporation :	29.05.1991
Com. Reg. No.:	55-044438
Capital Investment / Paid-up Capital :	Rs.9.603 Millions
CIN No.: [Company Identification No.]	U74899DL1991PTC044438
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Flavor, Fragrances, Essential Oils
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 340000
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

INFORMATION PARTED BY

Name :	Mr. Rohit
Designation :	Director
Contact No.:	91-9810111253 (Mr. Rohit)
Date :	10.04.2012

LOCATIONS

Registered Office :	A – 127, Okhala Industrial Area, Phase – II, New Delhi – 110020, Delhi, India
Tel. No.:	Not Available
Mobile No.:	91-9810111253 (Mr. Rohit)
Fax No.:	Not Available
E-Mail :	info@gogia.com
Website :	http://www.gogia.com pratapvikram_ca@rediffmail.com
Area :	1991 Sq.ft.
Location :	Owned
Factory :	C – 8/3, Site – C, U.P.S.I.D.C., Industrial Area, Greater Noida, Noida, Uttar Pradesh, India
Tel. No.:	91-120-2561285 to 256190
Fax No.:	91-120-2561281

DIRECTORS

As on 30.09.2011

Name :

Mr. Rohit Gogia

Designation :

Director

Address :

C-11, Sector – 26, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

09.04.1969

Date of Appointment :

29.05.1991

DIN :

00148977

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	U74899DL1991PTC044438	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	29-05-91	29-05-91	-	Active	NO
2	U24293DL2002PTC113932	GOGIA FLAVOURS AND FRAGRANCES PRIVATE LIMITED	Director	22-01-02	22-01-02	-	Active	NO
3	L34102DL1985PLC020668	COMPETENT AUTOMOBILES COMPANY LIMITED	Additional director	31-10-11	31-10-11	-	Active	NO

Name :

Mr. Har Narain Gogia

Designation :

Director

Address :

C-11, Sector – 26, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

01.03.1941

Date of Appointment :

23.11.1994

DIN :

00148949

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	U74899DL1991PTC044438	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	23-11-94	23-11-94	-	Active	NO
2	U24293DL2002PTC113932	GOGIA FLAVOURS AND FRAGRANCES PRIVATE LIMITED	Director	31-08-04	31-08-04	-	Active	NO
3	U74900DL2008PTC182782	GOGIA FRAGRANCES PRIVATE LIMITED	Director	02-09-08	02-09-08	-	Active	NO

Name :

Mr. Mohit Gogia

Designation :

Director

Address :

C-11, Sector – 26, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

09.04.1969

Date of Appointment :

29.05.1991

DIN :

00148961

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	U74899DL1991PTC044438	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	29-05-91	29-05-91	01-02-12	Active	NO
2	U24293DL2002PTC113932	GOGIA FLAVOURS AND FRAGRANCES PRIVATE LIMITED	Director	22-01-02	22-01-02	-	Active	NO
3	U74900DL2008PTC182782	GOGIA FRAGRANCES PRIVATE LIMITED	Director	02-09-08	02-09-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mr. Rohit Gogia	25506
Mr. Har Narain Gogia	30000
Mr. Mohit Gogia	23009
Rohit Chemical Ind. (HUF), New Delhi	1
Rohit Gogia HUF	1
Manorama Gogia	17507
S.K. Dhody	1
Mohit Gogia (HUF)	1
Sonali Gogia	1
Dr. Devdutt Kulpathi Sharma	1
Anjul Gogia	1
Madhukar Kumar Malvee	1
Total	96030

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Flavor, Fragrances, Essential Oils
Products :	· Industrial Flavor · Fragrances · Essential Oils
Exports :
Products :	· Industrial Flavor · Fragrances · Essential Oils
Countries :	· Malaysia · Thailand · Srilanka · Nigeria
Imports :
Products :	· Raw Material
Countries :	· UK · USA · Spain
Terms :
Selling :	L/C / Cash / Credit
Purchasing :	L/C / Cash / Credit

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

100 (Approximately)

Bankers :

Bank of India, Grater Kailash II, New Delhi - 110048, Delhi, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Secured Loan	35.557	35.613
Total
Secured Loan	As on 31.03.2011	As on 31.03.2010
Unsecured Loans From Directors	11.646	9.131
Unsecured Loans From Shareholders	1.865	2.315
Total	13.511	11.446

Banking Relations :
Auditors :
Name :	Pratap Vikram and Associates Chartered Accountant
Address :	212-213, Rajiner Jaina Tower – 1, Wazirpur Commercial Area, Delhi – 110052, Delhi, India
PAN.:	AAEFB6495L
Associates/Subsidiaries :	Gogia Chemicals, New Delhi, India

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs.100/-each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96,030	Equity Shares	Rs.100/-each	Rs.9.603 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		9.603	9.603	9.603
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		75.840	71.513	61.158
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		85.443	81.116	70.761
LOAN FUNDS
1] Secured Loans		35.557	35.613	51.676
2] Unsecured Loans		13.511	11.447	6.293
TOTAL BORROWING		49.068	47.060	57.969
DEFERRED TAX LIABILITIES		1.090	0.655	0.705
TOTAL		135.601	128.831	129.435
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.466	65.655	69.980
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.952
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.854	25.506	13.596
	Sundry Debtors	74.079	78.784	93.204
	Cash & Bank Balances	12.196	10.719	12.660
	Other Current Assets	2.352	1.157	1.060
	Loans & Advances	8.760	9.910	8.014
Total Current Assets		123.241	126.076	128.534
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.785	47.980	47.290
	Other Current Liabilities	10.548	9.448	11.525
	Provisions	5.773	5.472	11.216
Total Current Liabilities		51.106	62.900	70.031
Net Current Assets		72.135	63.176	58.503
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		135.601	128.831	129.435

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	224.819	219.984	257.410
		Other Income	1.713	1.717	7.952
		TOTAL (A)	226.532	221.701	265.362
Less	EXPENSES
		Direct Expenses	155.011	160.670	171.854
		Administrative Expenses	19.160	18.535	20.634
		Selling and Distribution Expenses	15.690	12.992	15.257
		Indirect Expenses	6.518	11.506	8.050
		Increase / Decrease in stock	(0.348)	(11.910)	4.853
		TOTAL (B)	196.031	191.793	220.648
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		30.501	29.908	44.714
Less	FINANCIAL EXPENSES (D)		6.539	6.456	4.937
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.962	23.452	39.777
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.943	7.628	5.112
	PROFIT BEFORE TAX (E-F) (G)		17.019	15.824	34.665
Less	TAX (I)		7.206	5.519	12.502
	PROFIT AFTER TAX (G-I) (J)		9.813	10.305	22.164
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		66.027	61.158	38.994
Add	Deferred Tax Credit		0.000	0.050	0.000
	BALANCE CARRIED TO THE B/S		75.840	71.513	61.158
	EARNINGS IN FOREIGN CURRENCY		70.142.	91.290	101.904
		Export Earnings	70.142	91.290	101.904
	TOTAL EARNINGS
	IMPORTS
		Raw Materials		14.555	8.149
	TOTAL IMPORTS			14.555	8.149
	Earnings Per Share (Rs.)		102.18	108.16	NA

Sales Turnover (2011-2012): Rs.240.000 Millions

Expected Sales (2011-2013) : Rs.250.000 Millions

The above information has been parted by Mr. Rohit - Director

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.33	4.65	8.35
Net Profit Margin (PBT/Sales)	(%)	7.57	7.19	13.47
Return on Total Assets (PBT/Total Assets}	(%)	13.80	8.25	17.46
Return on Investment (ROI) (PBT/Networth)		0.19	0.20	0.49
Debt Equity Ratio (Total Liability/Networth)		0.59	1.36	1.81
Current Ratio (Current Asset/Current Liability)		2.41	2.00	1.84

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	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last Three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
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

GENERAL REVIEW:

During the year, the company achieved turnover of Rs.224.819 millions against the previous year figures of Rs.219.984 millions. Net Profit has increased to Rs. 17.019 million as compared to previous year’s figure of Rs.15.856 millions. The directors are quite hopeful for the better result in coming year.

Corporate identity number of the company	U74899DL1991PTC044438
Name of the company	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-127 Okhla Industrial Area phase-Ii New Delhi – 110020, Delhi, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10025025
Type of charge	· Immovable Property · Book Debts
Particular of charge holder	Bank of India, Grater Kailash II, New Delhi - 110048, Delhi, India Email : selvam.deep@gmail.com
Nature of instrument creating charge	Letter From Bank Of India For Release Of Property Dt.2-3-2009
Date of instrument Creating the charge	02.03.2009
Amount secured by the charge	Rs.5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest As Per Bank Norms Terms of Repayment As Per Bank Norms Margin Margin As Per Sanction Terms And Bank Norms Extent and Operation of the charge 100% Others First Charge On i) Bills And Other Documents of Title II)EM of Property At C-8/3 Surajpur Industrial area site C, Gautam Budh Nagar, Greater Noida 201306 IS to secure the bills Limit of Rs. 5.000 Millions Sanctioned to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge on I) Bills and other document of title II)EM of Property At C-8/3 Surajpur Industrial area site C, Gautam Budh Nagar, Greater Noida 201306
Particulars of the present modification	Amount secured by this charge remains same at Rs.5.000 Millions. Modification of charge is only to the extent that charge created on property at A-127 Okhla Industrial Area phase-Ii New Delhi stands vacated subsequent to release of security of the said property by the bank vide letter from bank of India Dated 02.03.2009 Attached Security: As mentioned in Col.14 Above other terms and conditions remain same.

FIXED ASSETS

· Computer and Printers

· Furniture and Fixtures

· Office Equipments

· Plant and Machinery

· Electrical Fittings

· Vehicles

· Capital Work in Progress

· Land and Building

· Freehold Land

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.51.44
UK Pound	1	Rs.81.96
Euro	1	Rs.67.60

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	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--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		48

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.