MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	ADACHI NATURAL POLYMER PRIVATE LIMITED
Formerly Known :	ADACHI PASTE COMPANY
Registered Office :	C-1, 91/15, GIDC, Phase-I, Vatva, Ahmedabad-382445, Gujarat
Country :	India
Date of Incorporation :	04.08.2011
Com. Reg. No.:	04-066638
Capital Investment / Paid-up Capital :	Rs. 10.000 Millions
CIN No.: [Company Identification No.]	U24100GJ2011PTC066638
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and Supplier of Textile Painting Gum
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a successor of “Adachi Paste Company” a partnership concern started in the year 1982. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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. Jayantibhai
Designation :	Accounts Manager
Contact No.:	91-79-25831376
Date :	18.01.2012

LOCATIONS

Registered Office / Factory :	C-1, 91/15, GIDC, Phase-I, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25831376
Fax No.:	91-79-25893255
E-Mail :	info@adachigroup.com
Website :	www.adachigroup.com
Location :	Owned

DIRECTORS

Name :	Mr. Gaurav Patel
Designation :	Director
Address :	28, Nirant Park, Opposite Sun and Step Club, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	15.07.1976
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	Company Status	Defaulting status
1	U25202GJ2008PTC055602	ADACHI NATURAL COLLOIDS PRIVATE LIMITED	Director	04-12-08	04-12-08	Active	NO
2	U24100GJ2009PTC057339	SPARKLE REGIES PRIVATE LIMITED	Director	24-06-09	24-06-09	Active	NO
3	U45201GJ2009PTC058910	SHREE BHAVANI INFRA SPACE PRIVTE LIMITED	Director	16-12-09	16-12-09	Active	NO
4	U24100GJ2011PTC066638	ADACHI NATURAL POLYMER PRIVATE LIMITED	Director	04-08-11	04-08-11	Active	NO

Name :	Mr. Mihir Vinodbhai Patel
Designation :	Director
Address :	28, Nirant Park, Opposite Sun and Step Club, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	09.11.1974
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	Company Status	Defaulting status
1	U45209GJ2005NPL046417	VATVA INDUSTRIAL ESTATE INFRASTRUCTURE DEVELOPMETN LIMITED	Director	01-10-06	01-10-06	Active	NO
2	U25202GJ2008PTC055602	ADACHI NATURAL COLLOIDS PRIVATE LIMITED	Director	04-12-08	04-12-08	Active	NO
3	U45201GJ2009PTC058910	SHREE BHAVANI INFRA SPACE PRIVTE LIMITED	Director	16-12-09	16-12-09	Active	NO
4	U45209GJ2005NPL046416	NOVEL INFRASTRUCTURE LIMITED	Director	01-10-10	01-10-10	Active	NO
5	U24100GJ2011PTC066638	ADACHI NATURAL POLYMER PRIVATE LIMITED	Director	04-08-11	04-08-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Jayantibhai
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2011

Names of Shareholders	No. of Shares
Vinodchandra Patel	30000
Mihir Viondbhai Patel	30000
Gaurav Patel	30000
Ranjanben Patel	3000
Komal Patel	3000
Vihangi Patel	3000
Jayantibhai Patel	1000
Total	100000

AS ON 30.07.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Textile Painting Gum
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :	· Dipal Marketing
Customers :	Wholesalers and Retailers · Vishvakarma Textile Still Private Limited
No. of Employees :	10 (Approximately)
Bankers :	State Bank of India, Vedva Branch
Facilities :	Cash Credit and Over Draft Rs. 20.000 Millions

Banking Relations :	--
Auditors :
Name :	Manubhai and Company Chartered Accountant
Address :	Vetva, Ahmedabad, Gujarat, India
Sister Concern :	· Bhavani Chemical · Adachi Natural Colloid Private Limited

CAPITAL STRUCTURE

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

Expected Sales (2011-2012) : Rs. 150.000 Millions

The above information has been parted by Mr. Jayantibhai.

LOCAL AGENCY FURTHER INFORMATION

ABRIDGED BALANCE SHEET

ADACHI PASTE COMPANY

[Partnership Firm]

SOURCES OF FUNDS		31.07.2011
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		15.426
4] (Accumulated Losses)		0.000
NETWORTH		16.426
LOAN FUNDS
1] Secured Loans		13.587
2] Unsecured Loans		2.199
TOTAL BORROWING		15.786
DEFERRED TAX LIABILITIES		0.677
Deferred Payment Liabilities for Purchase of Vehicles		0.385
TOTAL		33.274
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.378
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.584
	Sundry Debtors	23.434
	Cash & Bank Balances	5.856
	Loans & Advances	0.939
Total Current Assets		39.813
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	23.917
	Provisions
Total Current Liabilities		23.917
Net Current Assets		15.896
MISCELLANEOUS EXPENSES		0.000
TOTAL		33.274

KEY RATIOS

PARTICULARS	31.07.2011
Debt Equity Ratio (Total Liability/Networth)	2.46
Current Ratio (Current Asset/Current Liability)	1.66

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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 three 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	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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	------

NOTE:

1. As confirmed from Mr. Jayant Accounts Manager company was a partnership firm in 1982 and now it has been converted into “Adachi Natural Polymers Private Limited” in the year 04.08.2011.

2. Registered office of the company has been shifted from C-1, 91/15, GIDC, Phase-I, Vatva, Ahmedabad-382445, Gujarat, India to the present address w.e.f.22.12.2011

TRADE REFRENCES:

· Vishvakarma Textile Still Private Limited

· Dipal Marketing

WEB SITE DETAILS

PROFILE

ISO 9001 : 2000 Certified, Subject is highly experienced and specialized technocrat in Natural Polymer field was time-honored in the year 1983 in Ahmedabad, India. They are the printing thickners suppliers and the main objective of the company was to develop, manufacture and market products from naturally available Polysaccharide and modify them which set the industry standards for optimum quality, service, reliability and business expansion in every facet. This means that at every level of their company committed to deliver the best and integrate them into our daily operations.

Over an epoch of two decades, The Company has developed number of Guar, Tamarind, Corn, and Tapioca derivates widely used in textile printing, food processing, oil well drilling, explosives manufacturing and paper industries. They specialize in guar gum thickeners for textiles and other thickeners for printing fabric.

Years of In-depth research and progress in the natural polymer field, Subject has a vision to produce innovative high-quality products for the above industries and supply thickeners from India.

Subject is well equipped with First Rated production facilities supported by rigid quality control and R and D facilities constantly remain full of productivity in finding out the different economical methods of profitable production and the various new applications of the Guar Gum, Tamarind, Corn, and Tapioca derivates.

Subject has a full-grown pilot plant for development of new products as well as to improve quality of existing products. Microbiological laboratory helps them for testing of Guar Gum to fulfill requirements of food industries. Subject is operating with modern laboratory that caters industry specific customer requirements.

Subject exports its products in international market of South Korea, China, Indonesia, Thailand, Turkey, Egypt, Iran, Germany, Bangladesh and other African countries.

Subject has the distinction of achieving top-notch standards and hi-tech thickeners from Guar and Tamarind, as they are natural resource of India, which makes us more flexible in prices as well. Subject manufacture and process derivatives for frozen food and bakery industries, textile printing industries, cosmetic and personal care industries, oil-well drilling and hydro fracturing, pulp and paper industries and mining and explosive manufacturing industries like,

• Deploymerized Guar Gum
• Hydrolysed Guar Gum
• Carboxy Methyl Guar Gum
• Carboxy Methyl Tamarind
• Carboxy Methyl Starch
• Cationic Guar Gum

More meaningfully, above products are used as stabilizing, suspending moisturizing and thickening agent, as a printing thickener, as a emulsifying and smoothing agent, as a viscosifying, gelling agent and water loss additives and as a flocculating, film forming agent.

Subject can ensure its consistent good quality and competitive price. They are confident, will find them a reliable supplier and worth long term support for optimum products, services, solutions and technology to its vast and growing worldwide customer base.

Their satisfaction and pleasure direct in expanding business with large number of their customers spread all over the globe. Their long outstanding loyalty with them speaks of their ultimate product quality and perfection in their services. These satisfied adherence customers continuously.

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. 50.28
UK Pound	1	Rs. 77.60
Euro	1	Rs. 64.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		27

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.