MIRA INFORM REPORT

Report Date :

11.02.2012

IDENTIFICATION DETAILS

Name :	MOHINI ORGANICS PRIVATE LIMITED
Registered Office :	210, Mahavir Industrial Estate, Ramchandra Lane Extn., Kanchpada, Malad (West), Mumbai – 400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.11.1990
Com. Reg. No.:	11-058779
Capital Investment / Paid-up Capital :	Rs.3.100 Millions
CIN No.: [Company Identification No.]	U51900MH1990PTC058779
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Fatty Acid Easters and Surfactants
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 440000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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. Kapil Mahavir Kanoi
Designation :	Key Executive
Contact No.:	9819176671
Date :	28.01.2012

LOCATIONS

Registered Office / Factory :	210, Mahavir Industrial Estate, Ramchandra Lane Extn., Kanchpada, Malad (West) ,Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-28831043 /1053 /1056
Mobile No.:	91-9819176671(Mr. Kapil Mahavir Kanoi)
Fax No.:	91-22-28831035
E-Mail :	info@mohiniorganics.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Anil Mahavir Kanol

Designation :

Director

Address :

A-701, Orion, Vasant Galaxy, Bangur Nagar, Goregaon (West), Mumabi-400090, Maharashtra, India

Date of Birth/Age :

Date of Appointment :

22.11.1991

DIN No.:

00844890

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	U51900MH1990PTC058779	MOHINI ORGANICS PRIVATE LIMITED	Whole-time director	1/4/2008	22/11/1991	-	Active	NO
2	U45200MH1995PTC087894	MOHINI ORACLES PRIVATE LIMITED	Director	1/5/1995	1/5/1995	-	Active	NO

Name :

Mr. Sunil Mahavir Kanol

Designation :

Director

Address :

M - 7/ 9, Bhanumati Society, Bangur Nagar, Goregaon (West), Mumabi-400090, Maharashtra, India

Date of Birth/Age :

Date of Appointment :

01.09.1998

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	U45200MH1995PTC090982	MOHINI ORIELS PRIVATE LIMITED	Director	25/07/1995	25/07/1995	-	Strike off	NO
2	U45200MH1995PTC087894	MOHINI ORACLES PRIVATE LIMITED	Director	3/9/1995	3/9/1995	-	Active	NO
3	U51900MH1990PTC058779	MOHINI ORGANICS PRIVATE LIMITED	Whole-time director	1/4/2008	1/9/1998	-	Active	NO

Name :

Mrs. Kanta Mahavir Kanol

Designation :

Director

Address :

M – 7 / 13, Bhanumati Society, Bangur Nagar, Goregaon (West), Mumabi-400090, Maharashtra, India

Date of Appointment :

20.11.1991

DIN No.:

00247893

Name :

Mr. Madan Mohan Manglunia

Designation :

Director

Address :

Jajodia Road, Ward No.24, Sujangarh-331507, Rajasthan, India

Date of Appointment :

16.01.1998

DIN No.:

02181387

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	U45200MH1995PTC087894	MOHINI ORACLES PRIVATE LIMITED	Director	3/8/1995	3/8/1995	-	Active	NO
2	U51900MH1990PTC058779	MOHINI ORGANICS PRIVATE LIMITED	Whole-time director	1/4/2008	16/01/1998	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kapil Mahavir Kanoi
Designation :	Key Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anil Mahavir Kanol	660
Pradeep Kumar Manglunia	500
Sunil Mahavir Kanol	1020
Kanta Mahavir Kanol	660
Mahavir Kanoi	3140
Kapil Mahavir Kanoi	1500
Madan Mohan Manglunia	250
Ashmi S. Manglunia	2350
Vinay Manglunia	6650
Madhu Anil Kanoi	1270
Shilpa Sunil Kanoi	1750
Master Udit Kanoi (Minor)	1000
Master Vidit Kanoi (Minor)	1000
Yukit Kanoi	500
Master Rishabh Manglunia (Minor)	4000
Ruchi Manglunia (Minor)	1000
Ritu Manglunia	750
Anil Kanoi HUF	1000
Sunil Kanoi HUF	1000
Kapil Kanoi HUF	1000
Total	31000

As on 30.09.2011

Equity Share Break up

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Fatty Acid Easters and Surfactants
Products :	Sorbitan Esters Glycol Esters Fatty Amides Glycerol Esters Fatty alcohol Esters Alcohol Esters Plastic Lubricants High Polyol Esters Polyglycerol and Polyglycol Esters* Polysorbates Polyethlene glycols and Esters PIBSA AND PIBSA based Surfactants(Polymerised Emulsifiers)
Exports :
Products :	Fatty Amides, Glycol Esters etc
Countries :	South Africa UAE Turkey Soudi Arabia
Imports :
Products :	Row Material
Countries :	Malaysia Indonesia China
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

PRODUCTION STATUS

As on 31.03.2011

Licensed Capacity : NA

Installed Capacity : 3910 MT Per Annum

Particulars	Unit	Actual Production
Fatty Acid Easters and other Surfactants	Kgs.	4009035

GENERAL INFORMATION

Suppliers :

Sorini

Customers :

Wholesalers and Retailers

• Dabur

No. of Employees :

100 (Approximately)

Bankers :

Canara Bank, Kakad Market Branch, Kalbadevi Road, Mumbai-4100002, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
1.Canara Bank- Term Loan No.02237773000013	0.000	1.130
2.Canara Bank-Term Loan No.02237773000018 (Including accured Interest of Rs.0.490 Million previous year Nil)	3.762	10.000
3. Canara Bank - O.C.C. Book Debts	18.436	6.099
4. Other Secured Loan	0.000	0.420
Total	22.198	17.649
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Sales tax Deferral liability / loan under package scheme of incentives	12.308	13.058
Loan form share holders	2.166	3.531
Loan form Corporate Bodies	5.709	2.234
Total	20.183	18.823

Note:

1. Fully secured against 1^st mortgage of lease hold land right at Plot no. T78, T79, T91, factory premises and hypothecation of other fixed assets at factory also collateral security of flat at Boiser and personal Grantee of director.
2. Fully secured against 1^st Mortgage of lease hold right at Plot no. N-189, factory premises and hypothecation of other fixed assets at factory also collateral security of flat at Boiser and personal Grantee of director.
3. Fully secured against hypothecation of stock of Raw Materials, work in progress, Finished Goods, Sundry debtors, receivables and first charge of fixed assets and also personal gurantee of Directors and equitable mortgage of factory land and building at plot no. T-78, and T-79, and land at plot no. T-91.
4. Secured against hypothecation of specified assets.

Banking Relations :	---
Auditors :
Name :	Mandhania and Associates Chartered Accountants
Address :	6-A, Pil Court, 6^th Floor, 111, Maharshi Karve Road, Churchgate, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-090365 / 078214 / 078215
Fax No.:	91-22-092673
E-Mail :	Mandhania_ca@rediffmail.com
PAN.:	AAAFM1942M
Memberships :	BIA, Chemexcil, IMC

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.100/- each	Rs.4.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31000	Equity Shares	Rs.100/- each	Rs.3.100 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		3.100	3.100	3.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		106.894	76.920	44.680
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		109.994	80.020	47.780
LOAN FUNDS
1] Secured Loans		22.198	17.649	5.060
2] Unsecured Loans		20.183	18.823	19.729
TOTAL BORROWING		42.381	36.472	24.789
DEFERRED TAX LIABILITIES		3.741	3.447	3.658
TOTAL		156.116	119.939	76.227
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		41.510	36.757	34.426
Capital work-in-progress		31.818	22.442	6.475
INVESTMENT		0.000	0.146	0.146
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.240	25.217	16.825
	Sundry Debtors	76.691	59.577	42.308
	Cash & Bank Balances	3.407	2.073	1.981
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.688	8.003	4.473
Total Current Assets		128.026	94.870	65.587
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.486	26.728	25.255
	Other Current Liabilities	6.752	3.633	2.705
	Provisions	0.000	3.915	2.447
Total Current Liabilities		45.238	34.276	30.407
Net Current Assets		82.788	60.594	35.180
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		156.116	119.939	76.227

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	432.606	303.296	NA
		Other Income	2.535	1.897	NA
		TOTAL (A)	435.141	305.193	NA
Less	EXPENSES
		Increase (Decrease) in Stock of Finished Goods	(6.440)	(6.927)	NA
		Raw Material Consumed	293.231	183.699	NA
		Stores, Spares and Packing Materials Consumed	13.064	11.428	NA
		Manufacturing Expenses	35.579	27.458	NA
		Administration, Selling and Other Expenses	48.433	35.867	NA
		TOTAL (B)	383.868	251.525	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.273	53.668	NA
Less	FINANCIAL EXPENSES (D)		2.580	1.184	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.693	52.484	25.695
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.433	3.205	2.825
	PROFIT BEFORE TAX (E-F) (G)		45.260	49.279	22.870
Less	TAX (I)		15.295	17.039	8.578
Add:	Prior Period Tax Adjustments		0.008	0.000	0.000
	PROFIT AFTER TAX (G-I) (J)		29.973	32.240	14.292
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.740	13.903	49.611
Less	APPROPRIATIONS
		Transfer to General Reserve	30.000	29.404	50.000
	BALANCE CARRIED TO THE B/S		16.713	16.739	13.903
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	77.578	31.549	20.282
	TOTAL EARNINGS		77.578	31.549	20.282
	IMPORTS
		Raw Materials	82.799	34.470	41.297
	TOTAL IMPORTS		82.799	34.470	41.297
	Earnings Per Share (Rs.)		966.89	1040.03	461.04

Expected Sales (2011-12 ) : Rs.550.000 Millions

The above information has been parted by Mr. Kapil.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.89	10.56	NA
Net Profit Margin (PBT/Sales)	(%)	10.46	16.25	NA
Return on Total Assets (PBT/Total Assets}	(%)	26.70	37.44	22.87
Return on Investment (ROI) (PBT/Networth)		0.41	0.62	0.48
Debt Equity Ratio (Total Liability/Networth)		0.80	0.88	1.14
Current Ratio (Current Asset/Current Liability)		2.83	2.77	2.16

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Operation:

During the year company has achieved turnover of Rs.458.443 Millions as against Rs.321.580 Millions in previous year and has also earned PBT of Rs.45.260 Millions as against Rs.49.279 Millions in previous year the company has been certified as an ISO9001:200 certified company for quality management system and the company has got the Export House Recognition form Center Government

Trade references:

• Dabur
• Sorini

Fixed Assets:

• Lease hold Land
• Factory Building
• Plant and Machinery
• Furniture and Fixture –Office
• Furniture and Fixture –Factory
• Air Conditioners
• Office Equipment
• Office Premises
• Scooter
• Computer
• Residential Flat and Bunglow
• Motor Car
• Generator

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.