MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	AROMATHERAPY INTERNATIONAL LIMITED
Registered Office :	53, Ganesh Wadi, Ist Floor, Zaveri Bazar, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.1995
Com. Reg. No.:	11-095560
Capital Investment/ Paid-up Capital:	Rs.19.800 Millions
CIN No.: [Company Identification No.]	U24240MH1995PLC095560
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Exporter of Essential Oils, Skin Care, Hair Care, Perfumes and Bulk Fragrances
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 45000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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

LOCATIONS

Registered Office :	53, Ganesh Wadi, Ist Floor, Zaveri Bazar, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-66305187
Fax No.:	91-22-66305189
E-Mail :	trushnajhaverics@gmail.com essence@aromatherapyinternational.com
Website :	www.aromatherapyinternational.com

DIRECTORS

As on: 29.09.2001

Name :

Mr. Harshad Shantilal Sanghrajka

Designation :

Managing Director

Address :

32/B, Anita, Mount Pleasant Road , Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.07.1951

Date of Appointment :

21.12.1995

DIN No.:

01673957

Other Directorships :

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	U24240MH1995PLC095560	AROMATHERAPY INTERNATIONAL LIMITED	Managing director	21-12-95	21-12-95	-	Active	NO
2	U99999MH1990PTC055068	CREATIVE PERFUMERS PRIVATE LIMITED	Managing director	21-12-95	21-12-95	-	Strike off	NO
3	U85100MH2010PTC205506	VEDAROMES HEALTHCARE PRIVATE LIMITED	Director	16-07-10	16-07-10	-	Active	NO

Name :

Ms. Sona Harshad Sanghrajka

Designation :

Director

Address :

32/B, Anita, Mount Pleasant Road , Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.06.1950

Date of Appointment :

21.12.1995

DIN No.:

01674001

Other Directorships :

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	U24240MH1995PLC095560	AROMATHERAPY INTERNATIONAL LIMITED	Director	21-12-95	21-12-95	-	Active	NO
2	U99999MH1990PTC055068	CREATIVE PERFUMERS PRIVATE LIMITED	Director	21-12-95	21-12-95	-	Strike off	NO

Name :

Mrs. Payal Harshad Sanghrajka

Designation :

Director

Address :

32/B, Anita, Mount Pleasant Road , Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.09.1980

Date of Appointment :

01.09.2003

DIN No.:

01674029

Other Directorships :

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	U24240MH1995PLC095560	AROMATHERAPY INTERNATIONAL LIMITED	Director	01-09-03	01-09-03	-	Active	NO
2	U85100MH2010PTC205506	VEDAROMES HEALTHCARE PRIVATE LIMITED	Director	16-07-10	16-07-10	-	Active	NO

Name :

Ms. Shilpi Jay Mehta

Designation :

Director

Address :

57, Aviillion, Little Gibbs Road, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

05.04.1978

Date of Appointment :

01.09.2003

DIN No.:

01674052

Other Directorships :

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2011

Names of Shareholders	No. of Shares
Harshad S. Sanghrajka	500000
Sona H. Sanghrajka	290000
Payal H. Sanghrajka	34800
Shilpi J. Mehta	34800
Dipak Kothari	110000
Udai Kotharu Beneficiary Trust	150000
Dipak Kothari Huf	170000
Dipti D. Kothari	50000
Savitri R. Kothari	80000
U. Y. Industries Private Limited, India	280000
Alpa Computer Centre Private Limited, India	280000
Rupa R. Punatar	100
Jigar R. Punatar	100
Rajendra Pratap Singh	100
Narendra F. Doshi	100
Total	1980000

As on: 18.02.2012

Names of Allottee	No. of Shares
Harshad Shantilal Sanghrajka	120000
Sona Harshad Sanghrajka	120000
Payal Harshad Sanghrajka	80000
Total	320000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter of Essential Oils, Skin Care, Hair Care, Perfumes and Bulk Fragrances
Products :	· Essence · Fragrance

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India, Tardeo Road Branch, Hotel Rosewood Building, Tulsiwadi Road, Tardeo, Mumbai – 400034, Maharashtra, India

· ABN Amro Bank

· Citi Bank

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Emami Capital Markets Limited	15.252	0.000
Total	15.252	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
loan from Directors
Harshad Sangrajka	1.919	5.311
Visco Agencies Private Limited	2.552	2.552
Payal H Sangharajka	1.900	2.461
Sona Sagharajka	0.247	0.201
Arihant Infracon Private Limited	0.600	0.000
Vedaromes Healthcare Private Limited	3.221	0.000
Total	10.439	10.525

Banking Relations :	--
Auditors :
Name :	Jain Ambavat and Associates Chartered Accountants
Address :	10, Chemox House, Opposite Bombay Hospital, Above Panchvati Hotel, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-43473636/ 40
PAN No.:	AAAFJ1780E

CAPITAL STRUCTURE

After: 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2300000	Equity Share	Rs.10/- each	Rs.23.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2300000	Equity Share	Rs.10/- each	Rs.23.000 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs.10/- each	Rs20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1980000	Equity Share	Rs.10/- each	Rs.19.800 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		19.800	19.800	19.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.615	1.615	1.615
4] (Accumulated Losses)		(9.976)	(9.422)	(9.378)
NETWORTH		11.439	11.993	12.037
LOAN FUNDS
1] Secured Loans		15.252	0.000	0.000
2] Unsecured Loans		10.439	10.525	9.171
TOTAL BORROWING		25.691	10.525	9.171
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.130	22.518	21.208
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.788	15.329	13.744
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.102	0.038	0.038
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.895	6.229	5.019
	Sundry Debtors	2.533	0.325	0.035
	Cash & Bank Balances	0.575	0.507	1.186
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.686	3.373	3.134
Total Current Assets		18.689	10.434	9.374
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.861	3.073	1.756
	Other Current Liabilities	0.565	0.187	0.000
	Provisions	0.023	0.023	0.192
Total Current Liabilities		4.449	3.283	1.948
Net Current Assets		14.240	7.151	7.426
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		37.130	22.518	21.208

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9.960	3.120	2.075
		Other Income	0.027	0.025	0.032
		TOTAL	9.987	3.145	2.107
Less	EXPENSES
		Purchases	10.232	2.801	0.819
		Direct Expenses	0.445	0.233	0.176
		Director Remuneration	0.039	0.117	0.117
		Other Expenses	0.944	0.758	0.615
		Increase/ Decrease In Stock	(3.666)	(1.210)	0.198
		TOTAL	7.994	2.699	1.925
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1.993	0.446	0.182
Less/ Add	DEPRECIATION/ AMORTISATION		2.547	0.490	0.485
	PROFIT/ (LOSS) BEFORE TAX		(0.554)	(0.044)	(0.303)
Less	TAX		0.000	0.000	0.023
	PROFIT/ (LOSS) AFTER TAX (G-H)		(0.554)	(0.044)	(0.326)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9.421)	(9.377)	(9.051)
	BALANCE CARRIED TO THE B/S		(9.975)	(9.421)	(9.377)
	Earnings/ (Loss) Per Share (Rs.)		(0.28)	(0.02)	(0.16)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(5.55)	(1.40)	(15.47)
Net Profit Margin (PBT/Sales)	(%)	(5.56)	(1.41)	(14.60)
Return on Total Assets (PBT/Total Assets}	(%)	(1.34)	(0.17)	(1.31)
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.00)	(0.03)
Debt Equity Ratio (Total Liability/Networth)		2.63	1.15	0.92
Current Ratio (Current Asset/Current Liability)		4.20	3.18	4.81

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

FIXED ASSETS:

· Trade Marks

· Gold Bar

· Silver Articals

· Patent Rights

· I.P. Assets

· Fax Machines

· Weighing Machines

· Typewriters

· Air conditioners

· Aquagard Gold

· Furniture and Fixtures

· Computers

· Mobile Phones

· Moulds

· Computer Software

· Samsung LCD TV

· Telephone Instrument

· Laboratory Equipment

· Motor Car

· Chimney

· Hand Blander 2619

· Cutter

· Jali With Fram

· Supari Cutter With Dryer

· Supari Dryer With Accessories

· Sundry

· Electrical Fittings

AS PER WEBSITE DETAILS:

PROFILE

With more than 2 decades of experience in India and abroad, supplying fragrances to many successful brands, developing a library of over 2400 fragrance as well as flavour formulations and 600 cosmetics formulations, Mr. Harshad Sanghrajka, embarked upon innovating his dreams with a view to deliver something exotic to the consumers that can make them irrestible. With the help of his wife, Mrs. Sona Sanghrajka, he founded a young and fast growing company in 1995, today well known as Subject. They were later joined by their daughters Shilpi and Payal Sanghrajka.

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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
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	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.