MIRA INFORM REPORT

Report Date :

04.06.2012

IDENTIFICATION DETAILS

Name :	HAVIT REMEDIES PRIVATE LIMITED
Registered Office :	Plot No.3476, Phase-4, G.I.D.C. Estate, Taluka: Kalol, District Gandhinagar, Chhatral – 382 729, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.05.2009
Com. Reg. No.:	04-056805
Capital Investment / Paid-up Capital :	Rs.0.800 million
CIN No.: [Company Identification No.]	U24239GJ2009PTC056805
TAN No.: [Tax Deduction & Collection Account No.]	AHMH03126E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of wide range of Natural Essential Oils, Oleoresins, Herbal Extracts, Natural Food Color, Dehydrated Fruits and Vegetable Powder.
No. of Employees :	26 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 3000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for small business dealings with some cautions.

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. Kaushikkumar Tulsidas Patel
Designation :	Director
Contact No.:	91-9228117849
Date :	16.05.2012

LOCATIONS

Registered Office/ Factory :	Plot No.3476, Phase-4, G.I.D.C. Estate, Taluka: Kalol, District Gandhinagar, Chhatral – 382 729, Gujarat, India
Tel. No.:	91-2764-233476
Mobile No.:	91-9228117849 (Mr. Kaushikkumar Tulsidas Patel)
Fax No.:	91-2764-233607
E-Mail :	themakers@indiatimes.com info@havit.in hvlab@rediffmail.com
Website :	http://www.havit.in
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Kaushikkumar Tulsidas Patel
Designation :	Director
Address :	34, Surbhin Apartment, Gulab Tower, Sola Road, Thaltej, Ahmedabad – 380 054, Gujarat, India
Date of Birth/Age :	04.08.1978
Qualification :	B. E.
Date of Appointment :	04.05.2009
DIN No.:	02532873
E-Mail :	er_kaushik@yahoo.com
Name :	Mr. Chiragkumar Tulsidas Patel
Designation :	Director
Address :	C-37, Sardarnagar Society, At – Maktupur, Taluka – Unjha, Mehsana – 384 170, Gujarat, India
Date of Birth/Age :	27.03.1981
Qualification :	B. Sc
Date of Appointment :	04.05.2009
DIN No.:	02594286
Name :	Mrs. Jakuben Tulshidas Patel
Designation :	Director
Address :	C-37, Sardarnagar Society, At – Maktupur, Taluka – Unjha, Mehsana – 384 170, Gujarat, India
Date of Birth/Age :	01.12.1952
Qualification :	Retired Teacher
Date of Appointment :	04.05.2009
DIN No.:	02594260
Name :	Mrs. Alpaben Kaushikkumar Patel
Designation :	Director
Address :	C-37, Sardarnagar Society, At – Maktupur, Taluka – Unjha, Mehsana – 384 170, Gujarat, India
Date of Birth/Age :	08.12.1979
Qualification :	M.A.
Date of Appointment :	04.05.2009
DIN No.:	02532750

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Chirag Tulsidas Patel	35000
KaushikTulsidas Patel	25000
Alpa Kaushikkumar Patel	5000
Jakuben Tulshidas Patel	15000
Total	80000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of wide range of Natural Essential Oils, Oleoresins, Herbal Extracts, Natural Food Color, Dehydrated Fruits and Vegetable Powder.
Products :	v Food Supplements v Instant Energy Drink v Nutraceuticals and Food supplement v Animal Feed Supplement v Body Building Supplement v Glucose Boosters v Herbal Cosmetics v Psyllium Husk v Essential Oil v Herbal Medicine
Terms :
Selling :	Cash and Credit (30/ 60 days)
Purchasing :	Cash and Credit (30/ 60 days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	2010-11
Licensed Capacity	N.A.
Licensed Capacity	15 M.T.
Production during the year	18.5 M.T.

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

26 (Approximately)

Bankers :

Bank of Baroda, SSI Chhatral Branch, SSI Chhatral Branch - Sagar Complex, Near Hotel Amiras, Chhatral – 382 729, Gujarat, India

Facilities :

Cash Credit – Rs.1.500 millions and Term Loan – Rs.2.740 millions (Bank of Baroda)

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
1 Bank of Baroda Term loan A/c	0.783	0.000
2 Cash Credit Limit with Bank of Baroda	0.399	0.189
3 GIDC Plot Loan	0.000	0.028
Total	1.182	0.217

Notes:

1. Term Loan is secured against E.M. of factory land and building

2. Cash Credit is secured against Hypothecation of stock and Book Debts and moveable machinery

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
a. From Directors	0.219	0.320
b. From Relatives	0.054	0.261
Total	0.273	0.581

Banking Relations :	--
Auditors :
Name :	Alkesh Patel and Associates Chartered Accountants
Address :	106, "Shaan", Near Sakar II, Near Sanyash Ashram, Ashram Road, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AFUPP7672L

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.10/- each	Rs.0.800 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.10/- each	Rs.0.800 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.800	0.400
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.042	0.016
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.842	0.416
LOAN FUNDS
1] Secured Loans		1.182	0.217
2] Unsecured Loans		0.273	0.581
TOTAL BORROWING		1.455	0.798
DEFERRED TAX LIABILITIES		0.000	0.002
TOTAL		2.297	1.216
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.412	0.452
Capital work-in-progress		1.046	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.001	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.673	0.501
	Sundry Debtors	1.136	0.845
	Cash & Bank Balances	0.087	0.076
	Other Current Assets	0.000	0.000
	Loans & Advances	0.080	0.013
Total Current Assets		1.976	1.435
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.086	0.664
	Other Current Liabilities	0.025	0.001
	Provisions	0.053	0.028
Total Current Liabilities		1.164	0.693
Net Current Assets		0.812	0.742
MISCELLANEOUS EXPENSES		0.026	0.022
TOTAL		2.297	1.216

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	4.275	2.975
		Other Income	0.000	0.002
		TOTAL (A)	4.275	2.977
Less	EXPENSES
		Increase/ Decrease in Stock	(0.067)	(0.210)
		Material & Manufacturing Expenses	3.273	2.434
		Personnel Expenses	0.576	0.352
		Administrative Expenses	0.243	0.145
		Selling & Distribution Expenses	0.094	0.153
		TOTAL (B)	4.119	2.874
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.156	0.103
Less	FINANCIAL EXPENSES (D)		0.065	0.036
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.091	0.067
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.053	0.044
	PROFIT BEFORE TAX (E-F) (G)		0.038	0.023
Less	TAX (H)		0.012	0.007
	PROFIT AFTER TAX (G-H) (I)		0.026	0.016
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.016	0.000
	BALANCE CARRIED TO THE B/S		0.042	0.016
	Earnings Per Share (Rs.)		0.32	0.40

Particulars	31.03.2012
Sales Turnover (Approximately)	6.300

Expected Sales (2012-2013): Rs.8.000 millions

The above information has been parted by Mr. Kaushikkumar Tulsidas Patel (Director).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.61	0.54
Net Profit Margin (PBT/Sales)	(%)	0.89	0.77
Return on Total Assets (PBT/Total Assets}	(%)	1.59	1.22
Return on Investment (ROI) (PBT/Networth)		0.05	0.06
Debt Equity Ratio (Total Liability/Networth)		3.11	3.58
Current Ratio (Current Asset/Current Liability)		1.70	2.07

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	No
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 two years	Yes
12) Profitability for last two 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	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
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	Yes
30) Major Shareholders, if available	Yes

OPERATIONS:

During the year the company has achieved turnover of Rs.4.275 millions. Company is hoping for good Business in the next years to come.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239GJ2009PTC056805
Name of the company	HAVIT REMEDIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.3476, Phase-4, G.I.D.C. Estate, Taluka: Kalol, District Gandhinagar, Chhatral – 382 729, Gujarat, India E-Mail: hvlab@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	10197161
Type of charge	Immovable Property Movable Property (not being pledge) Others (Letter of Continuity Security, D.P. Note, Stocks)
Particular of charge holder	Bank of Baroda, SSI Chhatral Branch, SSI Chhatral Branch - Sagar Complex, Near Hotel Amiras, Chhatral – 382 729, Gujarat, India E-Mail: ssichh@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement for Hypothecation of premises for credit facilities of Rs.4.243 millions between Havit Remedies and Bank of Baroda, SSI Chhatral Branch
Date of instrument Creating the charge	14.03.2011
Amount secured by the charge	Rs.4.243 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Base Rate + 3.25 @ 12.75% (base rate at present 9.50%) on monthly rest Terms of Repayment: Working Capital Facility: Repayable on demand Term Loan: In 60 monthly installments with six months moratorium period Margin: 25% on the stocks 50% on book debts 25% on movable machinery Extent and Operation of the charge: Secured by way of extension of charge on the hypothecated premises, hypothecation of goods, book debts, movable machinery, existing and future. Extension of E.M. of Factory Land and Building situated at Survey No.1119(p), 1121(p), 1104/1(p) Plot No:3476 at Chhatral Industrial Area, GIDC, Chhatral, Taluka-Kalol, District-Gandhinagar having plot area of 1000 sq. mtrs and Building Construction area of about Rs.265.31 Mtrs and M.V. of Rs.5.890 millions
Short particulars of the property charged	Hypothecation of stocks/goods, book debts and movable machinery, existing and future, of the company located at Plot No.3476, Phase IV,GIDC, Chhatral, Taluka: Kalol, District: Gandhinagar, Pin-382721 Extension of E.M of Factory Land and building at Survey No.1119(p), 1121(p), 1104/1(p), Plot No.3476 at Chhatral Industrial Estate, GIDC, Chhatral, Taluka Kalol, District Gandhinagar Plot area:1000 s.mtr, construction area 265.31 s.mtr
Particulars of the present modification	Working capital facility in form of Cash credit-Hypothecation of stock and Book Debt limit of Rs.0.300 million has been increased to Rs.1.500 millions and sanctioned New Term Loan of Rs.2.743 millions.

FIXED ASSETS:

v Factory Shed

v Computers and Printer

v Plant and Machineries

v Furniture and Fixture

v Dead Stock

v Car – Maruti

v Miscellaneous Fixed Asset

v Factory Plot

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

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.