MIRA INFORM REPORT

Report Date :

18.04.2012

IDENTIFICATION DETAILS

Name :	APNA ORGANICS PRIVATE LIMITED
Registered Office :	101/102, Balashram Tejpal Scheme Road No. 3, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.1993
Com. Reg. No.:	11-71280
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U24110MH1993PTC071280
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21804G
PAN No.: [Permanent Account No.]	AAACA9654R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Textile Chemicals and Textile Auxiliaries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 452000
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 terns 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 :	101/102, Balashram Tejpal Scheme Road No. 3, Vile Parle (E), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-32483747 / 26831180/ 26842311
Fax No.:	91-22-26831182/ 26826500
E-Mail :	info@apnaorganics.in accounts@apnaorganics.in vikassaraf@hortmail.com sales@apnaorganics.in
Website :	http://apnaorganics.in
Factory :	A-664, TTC Industrial Estate, MIDC, Mahape, Pawne, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-27781044/ 26842311
Fax No.:	91-22-27781044/ 26826500

DIRECTORS

As on 26.09.2011

Name :

Mrs. Kalpana O Saraf

Designation :

Director

Address :

51, Shubh Ashish, Tejpal Scheme Road No. 2, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

16.07.1964

Date of Appointment :

23.03.1993

DIN No.:

00081319

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	U24110MH1993PTC071280	APNA ORGANICS PRIVATE LIMITED	Director	23-03-93	23-03-93	19-12-11	Active	NO
2	U24114MH1993PTC070478	BOMBAY AUXILARIES PRIVATE LIMITED	Director	19-12-11	19-12-11	-	Active	NO

Name :

Mr. Santosh B Saraf

Designation :

Director

Address :

51, Shubh Ashish, Tejpal Scheme Road No. 2, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Birth/Age :

20.01.1965

Date of Appointment :

01.12.1998

DIN No.:

00081978

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	U24114MH1993PTC070478	BOMBAY AUXILARIES PRIVATE LIMITED	Director	21-01-93	21-01-93	-	Active	NO
2	U24297MH1995PLC092805	INTER CONTINENT CHEMICALS (INDIA) LIMITED	Director	18-09-95	18-09-95	-	Active	NO
3	U24114MH1983PTC031504	SAWARI CHEMICALS PRIVATE LIMITED	Director	18-09-95	18-09-95	-	Active	NO
4	U24110MH1993PTC071280	APNA ORGANICS PRIVATE LIMITED	Director	01-12-98	01-12-98	-	Active	NO

Name :

Mr. Omprakash B. Saraf

Designation :

Director

Address :

5, Sheela Smruti, Tejpal Scheme Road No.3, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

01.07.1963

Date of Appointment :

15.03.1997

DIN No.:

01519884

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	U24110MH1989PTC051817	SAWARI PLASTOCHEM PRIVATE LIMITED	Director	19-05-89	19-05-89	-	Active	NO
2	U24297MH1995PLC092805	INTER CONTINENT CHEMICALS (INDIA) LIMITED	Director	19-09-95	19-09-95	-	Active	NO
3	U24110MH1993PTC071280	APNA ORGANICS PRIVATE LIMITED	Director	15-03-97	15-03-97	-	Active	NO
4	U52390MH2008PTC184226	GRD STEEL INDUSTRIES PRIVATE LIMITED	Director	02-07-08	02-07-08	04-04-11	Active	NO

Name :

Mr. Ashutosh Omprakash Saraf

Designation :

Director

Address :

101, Kavita Bldg, Plot No.37, Road No.11, Vitthalnagar CHS Ltd, JVPD, Juhu, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

07.10.1990

Date of Appointment :

20.06.2011

DIN No.:

03564652

Name :

Mr. Shivam Santosh Saraf

Designation :

Director

Address :

RH#5, Blue Diamond CHS Ltd Paranjape Scheme "B", Cross Road, Plot #658, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

02.04.1993

Date of Appointment :

20.06.2011

DIN No.:

03564645

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Savitri Saraf	5
Suresh Sarf	3280
Bishwambarlal Saraf	10
Santosh Sarf	3330
Nisha Sarf	3280
Kalpana Sarf	3280
Manisha Sarf	3280
Omprakash Sarf	3280
Ramesh Sarf	5
Shivam Saraf	50
Ashutosh Sarf	50
Vikas Saraf	50
Vinay Sarf	50
Ruhi Saraf	50
Total	20000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Textile Chemicals and Textile Auxiliaries.

Products :

Product Description	ITC Code
Textile Chemicals	3809.91.00

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Dye Carrier	Kg	11980
Dye Fixing Agent	Kg	13177
Mixture of Chemicals	Kg	90968
Other Organic Components	Kg	200
Polymer in Primary Foam	Kg	80805
Polymer in Vinyl Acetate	Kg	47440
Prepared Enzymes	Kg	20455
Surface Active Agent	Kg	91632
Textile Finishing Agent	Kg	811465

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Corporation Bank
• State Bank of India
• Central Bank of India, Mumbai
• Central Bank of India, Bhilwara

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Tata Capital Limited Secured against hypothecation of vehicle	1.437	0.000
Total	1.437	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Santosh B Saraf	1.000	0.000
Total	1.000	0.000

Banking Relations :	--
Auditors :
Name :	Shankarlal Jain & Associates Chartered Accountants
Address :	12, Engineer Building, 265, Princess Street, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22065739 / 22036623
Fax No.:	91-22-22086269
E-Mail :	info@sliindia.com
PAN.:	AACFS6967Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		111.122	98.837	84.211
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		113.122	100.837	86.211
LOAN FUNDS
1] Secured Loans		1.437	0.000	2.888
2] Unsecured Loans		1.000	0.000	0.000
TOTAL BORROWING		2.437	0.000	2.888
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		115.559	100.837	89.099
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.371	3.457	2.587
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.040	0.069	0.035
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.795	11.650	7.976
	Sundry Debtors	91.635	76.470	51.050
	Cash & Bank Balances	7.415	7.054	41.412
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.514	33.573	8.575
Total Current Assets		144.359	128.747	109.013
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.508	22.807	15.355
	Other Current Liabilities	2.324	1.034	0.501
	Provisions	6.379	7.595	6.680
Total Current Liabilities		34.211	31.436	22.536
Net Current Assets		110.149	97.311	86.477
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		115.559	100.837	89.099

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	131.827	127.546	84.018
		Other Income	0.621	3.063
		TOTAL	132.448	130.609	84.018
Less	EXPENSES
		Consumption of Raw Material	83.879	78.912	64.699
		Administrative and Other Expenses	28.857	28.998
		Increase/ Decrease in Stock	(0.026)	(0.219)
		TOTAL	112.710	107.691	64.699 (Including Depreciation)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		19.738	22.918
Less/ Add	DEPRECIATION/ AMORTISATION		0.993	0.722
	PROFIT BEFORE TAX		18.745	22.196	19.319
Less	TAX		6.408	7.561	6.680
	PROFIT AFTER TAX		12.338	14.635	12.725
	Excess Provision for Income Tax		(0.067)	0.000
	Excess/ Short Provision for FBT		0.015	(0.009)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		98.837	84.211	NA
	BALANCE CARRIED TO THE B/S		111.123	98.837
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	12.929	8.205	5.427
	CIF Value of IMPORTS		0.640	0.414	2.017
	Earnings Per Share (Rs.)		616.90	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.32	11.21	15.15
Net Profit Margin (PBT/Sales)	(%)	14.22	17.40	NA
Return on Total Assets (PBT/Total Assets}	(%)	12.77	63..61	17.31
Return on Investment (ROI) (PBT/Networth)		0.16	0.22	0.22
Debt Equity Ratio (Total Liability/Networth)		0.32	0.31	0.29
Current Ratio (Current Asset/Current Liability)		4.22	4.10	4.84

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	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 three 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	No
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	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

OPERATION

The turnover and other income of the company was Rs.132.474 millions as compared to Rs.130.829 millions in previous year due to favorable market conditions.

FIXED ASSETS

• Leasehold Land
• Building
• Electric Installation
• Office Equipments
• Laboratory and Factory Equipments
• Motor car
• Scooter
• Machinery
• Computer

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.51.63
UK Pound	1	Rs.81.94
Euro	1	Rs.67.65

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	5
--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	NO
--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		50

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.