MIRA INFORM REPORT

Report Date :

23.07.2012

IDENTIFICATION DETAILS

Name :	ORGO CHEM (GUJARAT) PRIVATE LIMITED
Registered Office :	1st Floor, Green Villa, Jyoti Studios Compound, Kennedy Bridge, Nana Chowk, Mumbai – 400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.12.1985
Com. Reg. No.:	11-038401
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U24110MH1985PTC038401
TAN No.: [Tax Deduction & Collection Account No.]	MUMM19128E
PAN No.: [Permanent Account No.]	AAAC00619C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Various Dye Intermediates.
No. of Employees :	70 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealing 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.

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 PARTED BY

Name :	Mr. Rajesh Parekh
Designation :	Export Manager
Contact No.:	91-9987096601
Date :	21.07.2012

LOCATIONS

Registered Office :	1st Floor, Green Villa, Jyoti Studios Compound, Kennedy Bridge, Nana Chowk, Mumbai – 400007, Maharashtra, India
Tel. No.:	91-22-23829669
Mobile No.:	91-9987096601 (Mr. Rajesh Parekh)
Fax No.:	91-22-23806903
E-Mail :	info@orgochem.com rajesh.parekh@orgocjem.org mcafiling@yahoo.co.in parasmehta@orgochem.com
Website :	http://www.orgochem.com
Area :	1000 sq. ft.
Location :	Owned
Factory :	Plot No.256, G.I.D.C., Sachin, District Surat – 394230, Gujarat, India
Tel. No.:	91-261-2397474/ 2372515
Fax No.:	91-261-2397541/ 2372616
Area :	1000 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.07.2011)

Name :	Mr. Arunkumar Maganlal Mehta
Designation :	Director
Address :	10-A, Sidhkruti Apartment, Sarelawadi, Ghod Dod Road, Surat – 395007, Gujarat, India
Date of Birth/Age :	18.10.1940
Date of Appointment :	19.12.1985
DIN No.:	00216255
Name :	Mr. Mihir Mahendra Jain
Designation :	Director
Address :	3/31, Navrang Housing Society, Peddar Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	12.09.1977
Date of Appointment :	27.04.2010
DIN No.:	03044841
Name :	Mr. Amar Mahendra Jain
Designation :	Director
Address :	6/16, Arya Nagar, Tulsiwadi, Tradeo, Mumbai – 400034, Maharashtra, India
Date of Birth/Age :	09.04.1970
Date of Appointment :	27.03.1997
DIN No.:	00262290
Name :	Mr. Paras Ravindrabhai Mehta
Designation :	Director
Address :	11A, Megha Tower No.2, B/H. Union Park, Ghod Dod Road, Surat – 395001, Gujarat, India
Date of Birth/Age :	03.06.1971
Date of Appointment :	27.03.1997
DIN No.:	00216218
Name :	Mr. Nagaraj Vaman Patil
Designation :	Director
Address :	5/3, Chikuwadi Com, GHB Road, Pandesara Surat – 394221, Gujarat, India
Date of Birth/Age :	01.01.1965
Date of Appointment :	30.08.2007
DIN No.:	01716861

KEY EXECUTIVES

Name :	Mr. Rajesh Parekh
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.07.2011)

Names of Shareholders	No. of Shares
Arunbhai Mehta	2400
Jyotsnaben Mehta	4200
Amar Jain	50
Arunbhai Mehta	900
Amar Jain	750
Amar Jain	2000
Paras Mehta	1300
Amar Jain	500
Paras Mehta	2000
Jigna Jain	2500
Shetal Mehta	3200
Amar Jain	1700
Parasd Jain	1000
Mihir Jain	2500
Total	25000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	90.00
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Various Dye Intermediates.
Exports :
Products :	Various Dye Intermediates
Countries :	· Europe · Far East · America
Imports :
Products :	Raw Material
Countries :	· Germany · China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

Particulars	(AS ON 31.03.2011)
Licensed Capacity	--
Installed Capacity	3000.000
Actual Production	843.116

GENERAL INFORMATION

Suppliers :

· Chem Cruz, Baroda

Customers :

End Users

· BASF

No. of Employees :

70 (Approximately)

Bankers :

· Bank of India

Cumballa Hill Branch, ‘Delstar’, N. S. Patkar Marg, (Huges Road), Mumbai – 400026, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bank of India, Mumbai on EPC A/c Collaterally Secured by equitable mortgage of Factory Land and Building at Sachin, Surat	0.217	6.451
From Bank of India, Mumbai CC A/c Collaterally Secured by equitable mortgage of factory Land and Building at Sachin, Surat.	7.383	2.674
From Bank of India, Mumbai PCFC A/c Secured by Foreign Bills	9.659	0.000
Total	17.259	9.125
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholding/ Others
Mr. Arun M. Mehta	3.357	3.357
Mrs. Jyotsna Mehta	3.700	3.700
Mr. Arunbhai M. Mehta – HUF	0.675	0.675
Mr. Amar M. Jain – HUF	0.400	0.400
Total	8.132	8.132

Banking Relations :	--
Auditors :
Name :	A. R. Khandwala and Company Chartered Accountant
Address :	B-509, Tirupati Plaza, Athawagate, Nanpura, Surat – 395001, Gujarat, India
PAN No.:	ABGCK4041C
Tel No.:	91-261-3013523
Mobile No.:	91-9428148068
Associates/Subsidiaries :	· Orgo Chem 1st Floor, Green Villa, Jyoti Studio Compound, Kennedy Bridge, Nana Chowk, Mumbai – 400007, Maharashtra, India Activity: Manufacturer and Exporter of Various Dye Intermediates.

CAPITAL STRUCTURE

(AS ON 30.07.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Note:

(Including 20000 shares of Rs.100/- each fully paid up issued for consideration other than cash as bonus shares)

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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		31.637	28.838	27.660
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.137	31.338	30.160
LOAN FUNDS
1] Secured Loans		17.259	9.125	3.652
2] Unsecured Loans		8.132	8.132	10.032
TOTAL BORROWING		25.391	17.257	13.684
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		59.528	48.595	43.844
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.792	21.099	23.345
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.317	0.414	0.427
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.108	13.522	12.232
	Sundry Debtors	23.988	17.454	5.923
	Cash & Bank Balances	11.151	0.503	1.880
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	11.663	15.162	15.212
Total Current Assets		64.910	46.641	35.247
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	30.620	15.340	10.560
	Other Current Liabilities	4.871	4.219	4.615
	Provisions	0.000	0.000	0.000
Total Current Liabilities		35.491	19.559	15.175
Net Current Assets		29.419	27.082	20.072
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		59.528	48.595	43.844

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	107.136	84.343	70.144
		Other Income	5.067	5.029	5.231
		Closing Stock of Finished Goods	10.604	7.673	5.724
		TOTAL (A)	122.807	97.045	81.099
Less	EXPENSES
		Opening Stock of Finished Goods	7.673	5.724	7.241
		Raw Materials Consumed	75.377	60.337	54.381
		Production Overheads	15.818	9.873	8.789
		Personnel Overheads	4.087	3.425	2.942
		Administrative Overheads	4.511	4.074	3.502
		Directors Remunerations	1.276	1.443	1.336
		Sales Overheads	6.258	6.033	3.129
		TOTAL (B)	115.000	90.909	81.320
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.807	6.136	(0.221)
Less	FINANCIAL EXPENSES (D)		2.212	1.143	1.952
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.595	4.993	(2.173)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.796	2.837	3.133
	PROFIT BEFORE TAX (E-F) (G)		2.799	2.156	(5.306)
Less	TAX (H)		0.000	0.978	1.067
	PROFIT AFTER TAX (G-H) (I)		2.799	1.178	(6.373)
	Earnings Per Share (Rs.)			--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	150.000

Expected Sales (2012-13): Rs.200.000 Millions

The above information has been parted by Mr. Rajesh Patel.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.28	1.21	(7.86)
Net Profit Margin (PBT/Sales)	(%)	2.61	2.56	(7.56)
Return on Total Assets (PBT/Total Assets}	(%)	2.96	3.18	(9.06)
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	(0.18)
Debt Equity Ratio (Total Liability/Networth)		1.78	1.17	0.96
Current Ratio (Current Asset/Current Liability)		1.83	2.38	2.32

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	30.620	15.340	10.560
Total	30.620	15.340	10.560

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s 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	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered office of the company has been shifted from, 1^st Floor, Jyoti Studio Compound, Kennedy Bridge, Nana Chowk, Mumbai – 400007, Maharashtra, India, to the present address w.e.f. 08.07.2009.

PERFORMANCE AND FUTURE OUTLOOK:

During the year the turnover of the company has increased to Rs.107.136 Millions compared to previous year turnover of Rs.84.343 Millions. The Chemical industry has faced severe recession during the last year; however with the revival of world economy export turnover has been increased. The company has recorded net profit of Rs.2.799 Millions compared to last year profit of Rs.1.178 Millions.

The directors are putting maximum efforts to improve the performance of the company in the current year and hopeful that the performance of the company will improve further in the current year.

TRADE REFERENCE:

· Chem Cruz, Baroda

· BASF

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	80032223
Corporate identity number of the company	U24110MH1985PTC038401
Name of the company	ORGO CHEM (GUJARAT) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	62 Peacock Palace, E69 Warden Road Mumbai – 400026 Maharashtra, India
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	· Bank of India Cumballa Hill Branch, ‘Delstar’, N. S. Patkar Marg, (Huges Road), Mumbai – 400026, Maharashtra, India cumballahill@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Continuing Oral Assent
Date of instrument Creating the charge	31.05.2008
Amount secured by the charge	Rs.25.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest EPC: upto 180 days 8.75% & beyond 180 days upto 270 days 13% p.a. CC: 0.50% over BPLR presently 13.25% p.a. with monthly rests, FBD DP/DA 90 days (i) on demand bills: 9% p.a. (ii) Usance upto 90 days 9% p.a. (iii) Beyond 90 days and upto 6 months 12.50% p.a. or as notified by the Bank from time to time. Terms of Repayment On Demand Margin JEPCIFBP 10%, CC stock 25% , BD 40% , LC 25% in TDR or As required by the Bank from time to time. Extent and Operation of the charge Security in favour of Bank for due repayment by company to Bank at Cumballa Hill Br. of the said aggregate facilities of Rs.25.000 Millions with interest at agreed rates of interest, security shall remain and continue for any advance of any nature now due or pending or that may be made or become due hereafter from time to time either in said accounts or in any other accounts and whether singly or jointly with another or others and whether at Cumballa Hill. Others Branch or any other branch or office of the Bank and /or for any indebtedness or liability whatsoever and for all costs, charges, and expenses whatsoever paid or incurred by fie Bank. Revised Facility and Limit: 1. EPC: Rs.25.000 Millions, 2. FBD DP/DA 90 days Rs.25.000 Millions, 3.CC Hypothecation of Stocks and Book debts Rs.10.000 Millions, Max.1+2+3 Rs.25.000 Millions, 4. LC (I) DP/DA 90 days Rs.7.000 Millions Maximum Rs.25.000 Millions.
Short particulars of the property charged	(1) a) All tangible movable machineries and plant both present and future b) All tangible movable properties and assets of whatsoever nature (both present and future) wheresoever’s situate c) All present and future book debts, outstanding, money receivables, claims, bills present and future. (2) EM of immovable property of the company situated at Plot/Shed No.256, Sachin Industrial Arkal Estate, Survey No.280/p and 306/p of Moje Village, Gabheni, Tal Chorgaqsi District Surat.
Date of latest modification prior to the present modification	30.05.2008
Particulars of the present modification	3^rd Modification. The chrge on the mortgaged property of the company is increased from 15.000 Millions to Rs.25.000 Millions.

FIXED ASSETS:

· GIDC Land Plot

· Residential Flats

· Factory Building

· Plant and Machinery

· Gas Burners

· Electrical Installations

· Furniture and Fixtures

· Computer Purchased

· Mobile Purchased

· Office Equipment

· Air Conditioner

· Typewriters

· Vehicles – Moro Cars, Scooter, Motor Cycle, Cycle

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.55.38
UK Pound	1	Rs.86.75
Euro	1	Rs.68.06

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.