MIRA INFORM REPORT

Report Date :

27.04.2012

IDENTIFICATION DETAILS

Name :	ADACHI NATURAL POLYMER PRIVATE LIMITED
Registered Office :	C - 91/15, GIDC Estate, Phase – 1, Vatva, Ahmedabad - 382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.2011
Com. Reg. No.:	04-066638
Capital Investment/ Paid-up Capital:	Rs.16.500 Millions
CIN No.: [Company Identification No.]	U24100GJ2011PTC066638
TAN No.: [Tax Deduction & Collection Account No.]	AHMA08548B/AHMA10995F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Guar, Gum Tamarind and Starch Derivatives.
No. of Employees:	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 83000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of Adachi Paste Company, a partnership concern started in the year 1983. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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. Gaurav Vinodchandra Patel
Designation :	Director
Contact No.:	91-9925037759
Date :	24.04.2012

LOCATIONS

Registered Office/Factory :	C - 91/15, GIDC, Estate Phase - 1 Vatva, Ahmedabad - 382445, Gujarat, India
Tel. No.:	91-79-25831375/76
Mobile No.:	91-9825036759 (Mr. Mihir Vinodchandra Patel) 91-9925037759 (Mr. Gaurav Vinodchandra Patel)
Fax No.:	91-79-25893255
E-Mail :	Info@adachigroup.com garypatel@gmail.com
Website :	http://www.adachigroup.com
Area :	1000 Sq. ft
Location :	Owned

DIRECTORS

Name :

Mr. Gaurav Vinodchandra Patel

Designation :

Director

Address :

28, Nirant Park, Opposite Sun-And-Step Club, Ahmedabad – 380061 Gujarat India

Date of Birth/Age :

15.07.1976

Date of Appointment:

4.08.2011

Din No.:

02301209

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	U25202GJ2008PTC055602	ADACHI NATURAL COLLOIDS PRIVATE LIMITED	Director	4/12/2008	4/12/2008	-	Active	NO
2	U24100GJ2009PTC057339	SPARKLE REGIES PRIVATE LIMITED	Director	24/06/2009	24/06/2009	-	Active	NO
3	U45201GJ2009PTC058910	SHREE BHAVANI INFRA SPACE PRIVTE LIMITED	Director	16/12/2009	16/12/2009	-	Active	NO
4	U24100GJ2011PTC066638	ADACHI NATURAL POLYMER PRIVATE LIMITED	Director	4/8/2011	4/8/2011	-	Active	NO
5	U40107GJ2012PTC068784	SYNERGIA BIOMETHANE PRIVATE LIMITED	Managing director	1/3/2012	25/02/2012	-	Active	NO

Name :

Mr. Mihir Vinodchandra Patel

Designation :

Director

Address :

28 Nirant Park House Owners Assoication Opposite Sun N Step Club Ahmedabad - 380061 Gujarat India

Date of Birth/Age :

09.11.1974

Date of Appointment:

4.12.2008

Din No.:

01407305

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	U45209GJ2005NPL046417	VATVA INDUSTRIAL ESTATE INFRASTRUCTURE DEVELOPMETN LIMITED	Director	1/10/2006	1/10/2006	-	Active	NO
2	U25202GJ2008PTC055602	ADACHI NATURAL COLLOIDS PRIVATE LIMITED	Director	4/12/2008	4/12/2008	-	Active	NO
3	U45201GJ2009PTC058910	SHREE BHAVANI INFRA SPACE PRIVTE LIMITED	Director	16/12/2009	16/12/2009	-	Active	NO
4	U45209GJ2005NPL046416	NOVEL INFRASTRUCTURE LIMITED	Director	1/10/2010	1/10/2010	-	Active	NO
5	U24100GJ2011PTC066638	ADACHI NATURAL POLYMER PRIVATE LIMITED	Director	4/8/2011	4/8/2011	-	Active	NO

Name :

Mr. Vinodchandra Shanabhai Patel

Designation :

Director

Address :

28, Nirant Park, Opposite Sun and Step Club, Sola Road, Ghatlodia, Ahmedabad 380061 Gujarat India

Date of Birth/Age :

15.05.1947

Din No.:

02301186

Date of Appointment:

4.08.2011

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	U25202GJ2008PTC055602	ADACHI NATURAL COLLOIDS PRIVATE LIMITED	Director	4/12/2008	4/12/2008	-	Active	NO
2	U24100GJ2011PTC066638	ADACHI NATURAL POLYMER PRIVATE LIMITED	Director	4/8/2011	4/8/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.07.2011

Names of Shareholders	No. of Shares
Vinodchandra Shanabhai Patel	30000
Mihir Vinodchandra Patel	30000
Gaurav Vinodchandra Patel	30000
Ranjaben Patel	3000
Komal Mihir Patel	3000
Vihangi Gaurav Patel	3000
Jaynthibhai Ramanbhai Patel	1000
Total	100000

As on 30.07.2011

Names of Allotees	No. of Shares
Komal Mihir Patel	155000
Ranjaben Patel	126000
Vihangi Gaurav Patel	155000
Gaurav Vinodchandra Patel	557000
Mihir Vinodchandra Patel	557000
Total	1550000

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Guar Gam, Tamarind and Starch Derivatives.
Exports :
Products :	· Guar · Tamarind · Starch Derivatives
Countries :	· South East Asia · Pakistan · America · South America
Imports :
Products :	Raw Material
Countries :	Europe
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Suppliers :	Lemberdi, Europe
Customers :	· End users and Distributors · Mayur Dychem Limited, Ahemdabad · Vishwakarma Textiles Private Limited
No. of Employees :	60 (Approximately)
Bankers :	State Bank of India, Vatva

Banking Relations :

--

Auditors :

Name :

Manubhai and Company

Chartered Accountants

Address:

Vatva

Associates/Subsidiaries :

Company Name:	Bhavani Chemicals
Address :	C - 91/15, GIDC, Estate Phase - 1 Vatva, Ahmedabad - 382445, Gujarat, India
Line of Business :	Manufacturer and Exporter of Guar, Tamarind and Starch Derivatives.
Company Name:	Adachi Exports
Address :	C - 91/15, GIDC, Estate Phase - 1 Vatva, Ahmedabad - 382445, Gujarat, India
Line of Business :	Manufacturer and Exporter of Guar, Tamarind and Starch Derivatives.

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1650000	Equity Share	Rs.10/- each	Rs.16.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ADACHI NATURAL POLYMER PRIVATE

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		16.500
3]Share Application Money		0.000
4] Reserves & Surplus		4.309
5](Accumulated Losses)		0.000
NETWORTH		20.809
LOAN FUNDS
1] Secured Loans		0.093
2] Unsecured Loans		16.121
TOTAL BORROWING		16.214
DEFERRED TAX LIABILITIES
		0.677
TOTAL		37.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.765
Capital work-in-progress		2.292
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.144
	Sundry Debtors	15.390
	Cash & Bank Balances	1.150
	Other Current Assets	1.879
	Loans & Advances	4.895
Total Current Assets		47.458
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	34.866
	Other Current Liabilities	0.282
	Provisions	0.667
Total Current Liabilities		35.815
Net Current Assets		11.643
MISCELLANEOUS EXPENSES		0.000
TOTAL		37.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	260.195
		Other Income	1.631
		Indirect Income	1.209
		TOTAL	263.035
Less	EXPENSES
		Cost of goods sold	232.768
		Direct Expenses	8.962
		Indirect Expenses	4.643
		Insurance Expenses	0.448
		Miscellaneous Expenses	0.456
		Staff salary	0.495
		Telephone and Internet Expenses	0.202
		Travailing and conveyance	0.571
		Vehicle Expense	0.307
		Freight and Cartage	0.960
		Wages and Bonus	0.482
		Auditor remuneration	0.033
		Bank Charges	0.618
		Carriage outward	3.406
		TOTAL	254.351
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8.684
Less	FINANCIAL EXPENSES		2.604
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION)		6.080
Less/ Add	DEPRECIATION/ AMORTISATION		1.770
	PROFIT BEFORE TAX		4.310

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	1.64
Net Profit Margin (PBT/Sales)	(%)	1.66
Return on Total Assets (PBT/Total Assets}	(%)	6.05
Return on Investment (ROI) (PBT/Networth)		0.21
Debt Equity Ratio (Total Liability/Networth)		2.50
Current Ratio (Current Asset/Current Liability)		1.33

ADACHI NATURAL POLYMER

(FORMERLY KNOWN AS ADACHI PASTE COMPANY)

PARTNERSHIP FIRM

ABRIDGED BALANCE SHEET AS AT 31^ST JULY 2011

SOURCES OF FUNDS		31.07.2011 (4 Months)	31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1]Partners Capital Account		1.000	1.000	0.000	0.000
2]Partners Current Account		15.426	11.661	21.579	4.722
3]Share Application Money		0.000	0.000	0.000	0.000
4]Reserves & Surplus		0.000	0.000	0.000	0.000
5] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		16.426	12.661	21.579	4.722
LOAN FUNDS
1] Secured Loans		13.587	14.478	3.264	1.880
2] Unsecured Loans		2.199	2.799	3.704	2.867
Deferred payments liabilities for business of vehicles		0.385	0.549	1.039	0.397
TOTAL BORROWING		16.171	17.826	8.007	5.144
DEFERRED TAX LIABILITIES		0.677	0.677	0.254	0.000
TOTAL		33.274	31.164	29.840	9.866
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.378	16.566	6.203	1.054
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.584	7.340	1.581	0.686
	Sundry Debtors	23.434	8.451	4.992	7.095
	Cash & Bank Balances	5.856	5.103	4.662	3.288
	Other Current Assets	0.000	0.000	0.139	0.119
	Loans & Advances	0.939	1.658	17.700	0.734
Total Current Assets		39.813	22.552	29.074	11.922
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor
	Current Liabilities & Provisions	23.917	7.954	5.437	3.110
Total Current Liabilities		23.917	7.954	5.437	3.110
Net Current Assets		15.896	14.598	23.637	8.812
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		33.274	31.164	29.840	9.866

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.07.2011 (4 Months)	31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	45.302	97.714	59.928	27.084
		Other Income	0.005	2.384	1.260	0.407
		TOTAL (A)	45.307	100.098	61.188	27.491
Less	EXPENSES
		Raw material consume		55.328	32.620	17.728
		Purchase Scrap		20.774	8.989	0.000
		Manufacturing Expense		7.636	6.290	3.368
		Remuneration Partners		0.323	1.420	0.840
		Administrative Expense		9.811	8.009	3.470
		TOTAL (B)	45.280	93.872	57.328	25.406
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.027	6.226	3.860	2.085
			Including financial expense
Less	FINANCIAL EXPENSES (D)			2.629	2.072	0.804
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.027	3.597	1.788	1.281
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.682	1.937	0.415	0.151
	PROFIT BEFORE TAX (E-F) (G)		(0.655)	1.660	1.373	1.130
Less	TAX (H)		0.000	0.443	0.501	0.387
	PROFIT AFTER TAX (G-H) (I)		(0.655)	1.217	0.872	0.743

KEY RATIOS

PARTICULARS		31.07.2011 (4 Months)	31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(1.45)	1.22	1.43	2.70
Net Profit Margin (PBT/Sales)	(%)	(1.45)	1.70	2.30	4.17
Return on Total Assets (PBT/Total Assets}	(%)	(1.15)	4.24	3.90	8.71
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.13	0.06	0.24
Debt Equity Ratio (Total Liability/Networth)		2.44	2.04	0.62	1.75
Current Ratio (Current Asset/Current Liability)		1.66	2.84	5.35	3.83

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

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 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.52.59
UK Pound	1	Rs.85.03
Euro	1	Rs.69.56

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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.