MIRA INFORM REPORT

Report Date :

07.12.2012

IDENTIFICATION DETAILS

Name :	SYMEGA SAVOURY TECHNOLOGY LIMITED (w.e.f. 16.03.2009)
Formerly Known As :	SYMEGA SAVOURY TECHNOLOGY PRIVATE LIMITED
Registered Office :	Synthite Taste Park, No. XI 312 G, Pancode, Near Kolenchery, Ernakulam, 682310, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.07.2006
Com. Reg. No.:	09-019598
Capital Investment / Paid-up Capital :	Rs. 65.726 Millions
CIN No.: [Company Identification No.]	U51225KL2006PLC019598
TAN No.: [Tax Deduction & Collection Account No.]	CHNS03851B
PAN No.: [Permanent Account No.]	AAKCS0062P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Engaged in the business of manufacturing and marketing of spice blends, Savoury flavours and seasonings
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Even though the company has achieved some growth in its revenue earned from operations during 2011, it has incurred loss. There appear huge accumulated losses recorded by the company. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 3C
Rating Explanation	Moderate performance capability and low financial strength.
Date	09.02.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Synthite Taste Park, No. XI 312 G, Pancode, Near Kolenchery, Ernakulam, 682310, Kerala, India
Tel. No.:	91-484-2734636
Fax No.:	91-484-2731470
E-Mail :	cri@symega-savoury-technology.com symega@symega.in
Website :	http://www.symega-savoury-technology.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Varghese Jacob

Designation :

Director

Address :

Nechupadom, Kadayirippu Po, Kolenchery, Ernakulam – 682311, Kerala, India

Date of Birth/Age :

20.03.1961

Qualification :

B. Com, PHD

Date of Appointment :

07.07.2006

Din No.:

00030179

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15495KL1984PTC004002	HERBAL ISOLATES PRIVATE LIMITED	Director	10-05-85	10-05-85	-	Active	NO
2	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Whole-time director	01-10-12	31-12-85	-	Active	NO
3	U70101KL1993PLC007482	SYNTHITE PROPERTIES AND INVESTMENTS LIMITED	Director	30-09-94	30-09-94	-	Active	NO
4	U51909KL2000PLC013664	SYNTHITE EXPORTS LIMITED	Director	17-04-00	17-04-00	-	Active	NO
5	U51225KL2006PLC019598	SYMEGA SAVOURY TECHNOLOGY LIMITED	Director	07-07-06	07-07-06	-	Active	NO
6	U52201KL2005PLC018757	OMEGA FLAVOUR TECHNOLOGY LIMITED	Additional director	06-11-12	06-11-12	-	Active	NO

Name :

Mr. Aju Jacob

Designation :

Director

Address :

Nechupadom, Kadayirippu Po, Kolenchery, Ernakulam – 682311, Kerala, India

Date of Birth/Age :

29.05.1964

Qualification :

B Tech ,PGDM (ISB)

Date of Appointment :

07.07.2006

Din No.:

00030332

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24299KL1970PLC002294	SYNTHITE INDUSTRIES LIMITED	Whole-time director	01-10-12	05-01-87	-	Active	NO
2	U15142KL1977PLC002933	SIJMAK OILS LIMITED	Director	01-02-94	01-02-94	-	Amalgamated	NO
3	U70101KL1993PLC007482	SYNTHITE PROPERTIES AND INVESTMENTS LIMITED	Director	30-09-94	30-09-94	-	Active	NO
4	U51225KL2006PLC019598	SYMEGA SAVOURY TECHNOLOGY LIMITED	Director	07-07-06	07-07-06	-	Active	NO
5	U33112KA2011PTC059915	S3V VASCULAR TECHNOLOGIES PRIVATE LIMITED	Additional director	29-06-12	29-06-12	-	Active	NO

Name :

Mr. Assaf Burstein

Designation :

Director

Address :

Ha-Egoze, ST 31, Asseret, Israel 31

Date of Birth/Age :

31.07.1964

Date of Appointment :

27.07.2010

Din No.:

03019590

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52201KL2005PLC018757	OMEGA FLAVOUR TECHNOLOGY LIMITED	Director	30-09-10	05-01-10	-	Active	NO
2	U51225KL2006PLC019598	SYMEGA SAVOURY TECHNOLOGY LIMITED	Director	27-07-10	20-01-10	-	Active	NO

Name :

Mr. Yuval levy

Designation :

Director

Address :

Moshav Udim – 42905, Israel

Date of Birth/Age :

04.11.1958

Date of Appointment :

27.07.2010

Din No.:

03037284

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52201KL2005PLC018757	OMEGA FLAVOUR TECHNOLOGY LIMITED	Director	30-09-10	05-01-10	-	Active	NO
2	U51225KL2006PLC019598	SYMEGA SAVOURY TECHNOLOGY LIMITED	Director	27-07-10	20-01-10	-	Active	NO

Name :

Mr. Santhosh Stephen

Designation :

Managing Director

Address :

5/321 A, Jubilee Road, Nazareth, Alwaye, Ernakulam – 683101, Kerala, India

Date of Birth/Age :

12.08.1964

Qualification :

B. Tech ,MBA

Date of Appointment :

25.11.2010

DIN No.:

03077416

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52201KL2005PLC018757	OMEGA FLAVOUR TECHNOLOGY LIMITED	Director	30-09-10	05-01-10	25-08-11	Active	NO
2	U51225KL2006PLC019598	SYMEGA SAVOURY TECHNOLOGY LIMITED	Managing director	25-11-10	25-11-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Omega Flavour Technology Limited, India	3614969
Synthite Industrial Chemicals Limited, India	6243951
Christoph Langwallner	1
Erich Zirm	1
Varghese Jacob	1
Aju Jacob	1
P J Joseph	1
Total	9858925

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	99.00
Directors or relatives of Directors	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in the business of manufacturing and marketing of spice blends, Savoury flavours and seasonings

PRODUCTION STATUS (As on 31.03.2011)

1. Installed Capacity: 300 MTs per month/

(As certified by the Managing Director on which reliance is placed by the auditor, being a technical matter)

2. Actual Production: 1647.45 MTs

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, 1^st Floor , Vankarath Towers, Byepass Junction, Padivattom, Cochin – 682024, Kerala, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans banks secured	37.242	21.477
Total	37.242	21.477
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans taken for vehicles unsecured	0.707	0.000
Total	0.707	0.000

Banking Relations :	--
Auditors :
Name :	JVR and Associates Chartered Accountants
Address :	No. 39/3639, Valanjambalam Lane, South FO, South Overbridge, Kochi – 682016, Kerala, India
PAN.:	AAFFJ2815H
Holding Company :	Omega Flavour Technology Limited CIN No.: U52201KL2005PLC018757
Associate Company :	Synthite Industrial Chemicals Limited

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9858925	Equity Shares	Rs.10/- each	Rs.98.589 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6572617	Equity Shares	Rs.10/- each	Rs.65.726 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		65.726	58.907	58.907
2] Share Application Money		0.001	6.819	3.701
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(56.749)	(55.097)	(43.409)
NETWORTH		8.978	10.629	19.199
LOAN FUNDS
1] Secured Loans		37.242	21.477	24.826
2] Unsecured Loans		0.707	0.000	0.000
TOTAL BORROWING		37.949	21.477	24.826
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		46.927	32.106	44.025
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.914	39.013	38.592
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	51.669	27.568	23.914
	Sundry Debtors	51.866	18.798	14.636
	Cash & Bank Balances	1.573	0.891	1.806
	Other Current Assets	5.577	2.712	4.663
	Loans & Advances	8.722	0.606	0.784
Total Current Assets		119.407	50.575	45.803
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.259	56.545	39.591
	Other Current Liabilities	1.593	0.635	0.418
	Provisions	0.602	0.381	0.380
Total Current Liabilities		109.454	57.561	40.389
Net Current Assets		9.953	(6.986)	5.414
MISCELLANEOUS EXPENSES		0.060	0.079	0.019
TOTAL		46.927	32.106	44.025

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	294.753	109.797	51.217
		Other Income	1.163	0.546	4.540
		TOTAL (A)	295.916	110.343	55.757
Less	EXPENSES
		Consumption materials changes inventories	195.524	65.883
		Manufacturing service costs	22.006	9.405
		Contract cost	0.262	0.688	67.104
		Employee related expenses	18.843	9.972
		Administrative selling other expenses	50.765	27.344
		Research development expenditure	2.084	0.955
		TOTAL (B)	289.484	114.247	67.104
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.432	(3.904)	(11.347)
Less	FINANCIAL EXPENSES (D)		4.039	3.855	3.478
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.393	(7.759)	(14.825)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.045	3.929	1.827
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(1.652)	(11.688)	(16.652)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(1.652)	(11.688)	(16.652)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(55.097)	(43.409)	(26.757)
	BALANCE / (LOSS) CARRIED TO THE B/S		(56.749)	(55.097)	(43.409)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	104.880	32.223	18.261
	TOTAL EARNINGS		104.880	32.233	18.261
	VALUE OF IMPORTS		15.475	1.435	0.454
	Earnings /(Loss) Per Share (Rs.)		(0.26)	(1.98)	(3.73)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.56)	(10.59)	(29.86)
Net Profit Margin (PBT/Sales)	(%)	(0.56)	(10.65)	(19.73)
Return on Total Assets (PBT/Total Assets}	(%)	(1.06)	(13.05)	(18.58)
Return on Investment (ROI) (PBT/Networth)		(0.18)	(1.10)	(0.86)
Debt Equity Ratio (Total Liability/Networth)		16.42	7.44	3.67
Current Ratio (Current Asset/Current Liability)		1.09	0.88	1.13

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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 involved in	----------------------
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BACKGROUND

The company was incorporated on 07.07.2006 and is primarily engaged in the business of manufacturing and marketing of spice blends, savoury flavours and seasonings.

Note :

The Registered office address of the company has been shifted from X/558, Kinfra Small Industries Park, Nellad P O - 686721, Kerala, India to Present address w.e.f. 30.04.2009.

OPERATIONS AND FINANCIAL RESULTS

During the year, the company achieved a turnover of Rs.294.753 Millions, an increase of 168.45% over the previous year. This remarkable growth has been achieved despite the intense competition faced by the Company. The net loss for the year is Rs.1.652 Millions as compared to net loss of Rs.11.688 Millions of the previous year. The Company has made a cash profit of Rs.2.393 Millions for the current year. They expect the volumes and the capacity utilization to improve substantially in the next financial year. The out look for the next financial year looks promising on the domestic as well as the export front. Many projects that were initiated in the during the year would come to fruition in the next financial year .The Company is well poised to take advantage of the continued growth in the Foods and Snacks industry in the years ahead.

CONTINGENT LIABILITIES NOT PROVIDED FOR

(Rs. In Millions )

Particulars	31.03.2011	31.03.2010
Guarantees issued by Banks	4.900	0.854

FIXED ASSETS:

· R and D Equipments

· Plant and Machinery

· Electrical Fittings

· Office Equipments

· Computer Systems and Accessories

· Furniture and Fixtures

· Vehicle

· Technical Knowhow

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.54.47
UK Pound	1	Rs.87.63
Euro	1	Rs.71.12

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		19

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.