MIRA INFORM REPORT

Report Date :

13.12.2012

IDENTIFICATION DETAILS

Name :	AROMA CHEMICAL AGENCIES (INDIA) PRIVATE LIMITED
Registered Office :	12 Peninsula Centre, S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.02.2003
Com. Reg. No.:	11-138969
Capital Investment / Paid-up Capital :	Rs. 2.000 millions
CIN No.: [Company Identification No.]	U24220MH2003PTC138969
TAN No.: [Tax Deduction & Collection Account No.]	MUMA18788A
PAN No.: [Permanent Account No.]	AAECA1185F
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Resins and Additives.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 434000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is part of Aroma Group. It is a well established company having good track. The latest financial is missing from government department. As per previous year company has performed well. Liquidity position of the company appears to be good. Fundamental appears to be healthy and strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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	SME
Rating	SME 1
Rating Explanation	The level of creditworthiness is highest
Date	October, 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.

INFORMATION DENIED BY

Name :	Mr. Saurin K. Shah
Designation :	Director
Date :	13.12.2012

LOCATIONS

Registered/ Head Office :	12 Peninsula Centre, S. S. Rao Road, Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-66606061 / 40649494
Mobile No.:	91-9702027986 (Mr. Saurin K Shah)
Fax No.:	91-22-66607887 / 24131873
E-Mail :	aroma@vsnl.com in1957@rediffmail.com info@aromaagencies.com
Website :	www.aromaagencies.com
Area :	10000 Sq. ft
Location :	Owned
Branches :	Y – 26, Okhala Industries, AL Estate, Phase II, New Delhi Area : 1000 sq. ft. Location : Rented C. S. Dag No. 64, 119/5 Moula Girati, 24 Parganas, Kolkata Area : 3000 sq. ft. Location : Rented 115 5, M B Road, Birati, Kolkata – 700051, West Bengal, India
Warehouse :	Located at : New Delhi Kolkata Vadodara Chennai Faridabad

DIRECTORS

As on 13.08.2012

Name :	Mr. Kirit Ramanlal Shah
Designation :	Managing Director
Address :	97/2, Nand Ghanshyam, Sion (West), Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	15.11.1943
Qualification :	B. Sc
PAN No.:	AAFPS3476H
Date of Appointment :	03.02.2003
Voter ID No.:	MT/06/.035/141263
DIN No.:	00239525
Name :	Mr. Anantrai Keshavji Kamdar
Designation :	Director
Address :	110/2, Shakuntal, Sion (West), Mumbai - 400022, Maharashtra, India
Date of Birth/Age :	10.11.1943
Qualification :	B. Sc
PAN No.:	ADYPK2666D
Date of Appointment :	03.02.2003
Voter ID No.:	GJ/22/148/543799
DIN No.:	00239909
Name :	Mr. Saurin Kirit Shah
Designation :	Director
Address :	97/2, Nand Ghanshyam, Sion (West), Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	15.03.1972
Qualification :	B. Sc
Date of Appointment :	03.02.2003
Voter ID No.:	MT/06/035/141252
PAN No.:	AACPS2763A
DIN No.:	00760288
Name :	Mr. Haresh Vinaychand Mehta
Designation :	Director
Address :	Flat No. A-15, 6^th Floor, Konark Indraprasth Co-Op society Limited, Jain Mandir Road, Mulund (West), Mumbai- 400080, Maharashtra, India
Date of Birth/Age :	30.07.1962
Date of Appointment :	21.01.2008
PAN No.:	AABPM8204D
DIN No.:	01986449

MAJOR SHAREHOLDERS

As on 13.08.2012

Names of Shareholders	No. of Shares
Kirit Ramanlal Shah	107340
Saurin Kirit Shah	19200
Anantrai Keshavji Kamdar	5100
Indira Kirit Shah	10000
Sheetal Saurin Shah	46000
Parikh Sachin Roma	10000
Narendra S. Mehta	10
Tejal Milan Kamdar	10
Suresh Hemchand Doshi [HUF]	10
Shailesh K. Kamdar	10
Navinchandra C. Shah	10
Rakesh Navinchandra Shah	10
Rasila Navinchandra Shah	10
Biren Paravinchandra Shah	10
Indersen Nanchand Shah	10
Rinesh Jayantilal Shah	10
Jyotsna Navinbhai Shah	10
Kumud Indersen Shah	10
Sunil Pravinchandra Shah	10
Puspa Family Trust	10
Susnisha Siddharth Fozdar	10
Siddharth Nanubhai Fozdar	10
Gaurav Siddharth Fozdar	10
Ami Gaurav Fozdar	10
Sujata R. Khanderia	10
Shailesh K. Kamdar	20
Manisha Shailesh Kamdar	10
A K Kamdar [HUF]	10
Atman G. Fozdar	10
Pooja J. Oswal	10
Mehta V Harish	2000
Pooja R Shah	10
Manish Navinbhai Shah	10
Rajesh J Oswal	10
Dharmendra Mathurdas Parikh	10
Sachin Dharmendra Parikh	10
Kusum Dharmendra Parikh	10
Rajiv S Satarkar	10
Milan K Kamdar [HUF}	10
Dinesh Harilal Mehta	10
Shridhar Krishna Are	10
Padmaja Rajnikant Shah	10
Total	200000

Equity Share Break up (Percentage of Total Equity)

As on 13.08.2012

Category	Percentage
Directors or relatives of Directors	99.80
Other top fifty shareholders	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Resins and Additives.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

• Citibank N. A.

Trent House, 2^nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	89.441	91.105
Total	89.441	91.105
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loans directors unsecured	67.228	46.552
Other debt unsecured	77.264	63.451
Total	144.492	110.003

Banking Relations :	--
Auditors :
Name :	Akshay Doshi and Company Chartered Accountants
Address :	13-14, Ram Sharan, Plot No. 45, Sion [West], Mumbai – 400022, Maharashtra, India
Tel No. :	91-22-23434211
Fax No.:	91-22-23434138
PAN No. :	AFPPD0854F
Associates :	Alchemie Agencies Private Limited Finco Trade Links Private Limited Rosalee Colours Private Limited Grin Travels Private Limited Aroma Agencies

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs. 2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- 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		106.524	76.861	51.880
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		108.524	78.861	53.880
LOAN FUNDS
1] Secured Loans		89.441	91.105	21.806
2] Unsecured Loans		144.492	110.003	150.496
TOTAL BORROWING		233.933	201.108	172.302
DEFERRED TAX LIABILITIES		0.636	0.343	0.459
TOTAL		343.093	280.312	226.641
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.726	33.329	15.328
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	142.434	131.482	63.466
	Sundry Debtors	214.599	195.893	174.589
	Cash & Bank Balances	0.506	3.360	9.830
	Other Current Assets	1.067	27.273	20.241
	Loans & Advances	51.481	33.143	27.830
Total Current Assets		410.087	391.151	295.956
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	91.765	111.546	56.973
	Other Current Liabilities	0.987	1.051	0.188
	Provisions	45.968	31.571	27.482
Total Current Liabilities		138.720	144.168	84.643
Net Current Assets		271.367	246.983	211.313
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		343.093	280.312	226.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	1299.366	1210.250	905.065
		Other Income	9.003
		TOTAL	1308.369	1210.250	905.065
Less	EXPENSES
		TOTAL	1260.770	1170.834	880.448
	PROFIT BEFORE TAX		47.599	39.416	24.617
Less	TAX		NA	14.436	9.360
	PROFIT AFTER TAX		NA	24.980	15.257
	Earnings Per Share (Rs.)		NA	124.90	76.29

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.06	1.68
Return on Total Assets (PBT/Total Assets}	(%)	9.88	9.29	7.90
Return on Investment (ROI) (PBT/Networth)		0.44	0.49	0.46
Debt Equity Ratio (Total Liability/Networth)		3.43	4.38	4.77
Current Ratio (Current Asset/Current Liability)		2.96	2.71	3.50

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Creditors due others	91.765	111.546	56.973
Total	91.765	111.546	56.973

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	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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

FIXED ASSETS:

• Plant and Machinery
• Godown
• Computers
• Furniture and Fixtures
• Vehicles
• Office Equipments

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.54.27
UK Pound	1	Rs.87.43
Euro	1	Rs.70.55

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	MRI

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.