MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	INDFRAG LIMITED
Registered Office :	15, 12^thCross, Service Road, HAL II stage, Bangalore – 560008, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.02.1987
Com. Reg. No.:	08-051014
Capital Investment / Paid-up Capital :	Rs. 39.900 Millions
CIN No.: [Company Identification No.]	U02424KA1987PLC051014
TAN No.: [Tax Deduction & Collection Account No.]	CHEI00305E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Natural Extracts, Botanical Extracts for Health and Beauty.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having sound track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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

LOCATIONS

Registered Office / Corporate Office :	15, 12^thCross, Service Road, HAL II stage, Bangalore – 560008, Karnataka, India
Tel. No.:	91-80-25285365 / 25285366
Fax No.:	91-80-25284636
E-Mail :	info@indfrag.com satakopan@indfrag.com
Website :	http://www.indfrag.com
Factory / (EOU Division):	100 / 1& 2, Kundumaranapalli Village, 12^th KM, Hosur – Kelamangalam Road, Hosur – 635113, Tamil Nadu, India
US Branch Office and Warehouse :	One Main Street, Suite 204, Eatontown, NJ 07724
Tel. No.:	+1 732- 3809530
Fax No.:	+1 732- 3809532
E-Mail :	lkopp@indfrag.com
Contact Person :	Mr. Larry Kopp
France Branch Office :	96, Rue Jeane D’arc, 76000 Rouen, France
Tel. No.:	+33 235 073 374
Fax No.:	+33 235 075 074
E-Mail :	ldavid@indfrag.com
Contact Person :	Mr. Loic David

DIRECTORS

As on 23.09.2011

Name :	Mr. Philip Samuel
Designation :	Managing Director
Address :	103, 4^th Main, Domlur 2^nd Stage, Domlur, Bangalore – 560071, Karnataka, India
Date of Birth/Age :	18.09.1947
Date of Appointment :	30.08.1995
DIN No.:	00582590

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U02424KA1987PLC051014	INDFRAG LIMITED	Managing director	30-08-95	30-08-95	Active	NO
2	U24239KA2000PTC026409	SUSHRUT HERBALS PRIVATE LIMITED	Director	16-02-00	16-02-00	Active	NO
3	U65993KA2007PTC043335	STONESCAPE HOLDINGS PRIVATE LIMITED	Director	06-07-07	06-07-07	Active	NO

Name :	Ms. Anita Samuel
Designation :	Whole Time Director
Address :	103, 4^th Main, Domlur 2^nd Stage, Domlur, Bangalore – 560071, Karnataka, India
Date of Birth/ Age	26.01.1955
Date of Appointment :	29.05.1997
DIN No.:	00586165

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74210TN1983PTC010447	TRANS PROJECTS EASTERN PRIVATE LIMITED	Director	11-11-83	11-11-83	Strike off	NO
2	U02424KA1987PLC051014	INDFRAG LIMITED	Whole-time director	29-05-97	29-05-97	Active	NO
3	U24239KA2000PTC026409	SUSHRUT HERBALS PRIVATE LIMITED	Director	16-02-00	16-02-00	Active	NO
4	U65993KA2007PTC043335	STONESCAPE HOLDINGS PRIVATE LIMITED	Director	06-07-07	06-07-07	Active	NO

Name :	Ms. Fabian Samuel
Designation :	Whole Time Director
Address :	103, 4^th Main, Domlur 2^nd Stage, Domlur, Bangalore – 560071, Karnataka, India
Date of Birth / Age	19.08.1978
Date of Appointment :	26.09.2003
DIN No.:	00586178

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U02424KA1987PLC051014	INDFRAG LIMITED	Whole-time director	26-09-03	26-09-03	Active	NO
2	U74210TN1983PTC010447	TRANS PROJECTS EASTERN PRIVATE LIMITED	Director	26-12-03	26-12-03	Strike off	NO
3	U65993KA2007PTC043335	STONESCAPE HOLDINGS PRIVATE LIMITED	Director	06-07-07	06-07-07	Active	NO

Name :	Ms. Sumant Kapur
Designation :	Director
Address :	B 17/2, DLB City, Phase I, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	05.09.1952
Date of Appointment :	10.05.1996
DIN No.:	00593751

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U02424KA1987PLC051014	INDFRAG LIMITED	Director	10-05-96	10-05-96	-	Active	NO
2	U01222AP1989PTC010489	PRIYADARSHINI FARMS PRIVATE LIMITED	Director	11-06-96	11-06-96	05-10-11	Active	NO
3	U74899DL1993PTC055964	PRIYADARSHNI FARMS PRIVATE LIMITED	Director	11-06-96	11-06-96	-	Active	NO
4	U74899DL1995PTC072735	JUMERIA INVESTMENT AND REAL ESTATES PRIVATE LIMITED	Director	06-02-98	06-02-98	-	Active	NO
5	U74899DL1987PTC026835	CRYSTAL TECHNOLOGY PRIVATE LIMITED	Director	29-03-00	29-03-00	-	Active	NO
6	U74140KA2003PTC032191	ALPHA DESIGN TECHNOLOGIES PRIVATE LIMITED	Director	02-07-03	02-07-03	11-08-09	Active	NO
7	U74899DL1995PTC073311	SWEET HOME ESTATES PRIVATE LIMITED	Director	20-11-03	20-11-03	-	Active	NO
8	L85110KA1995PLC018045	Kingfisher Airlines Limited	Alternate director	27-12-03	27-12-03	28-06-07	Active	NO
9	U70101DL2004PTC123854	PRIMELAND REAL ESTATES PRIVATE LIMITED	Director	02-02-04	02-02-04	-	Active	NO
10	U70102KA2001PTC028962	G CORP PRIVATE LIMITED	Director	20-08-04	20-08-04	-	Active	NO
11	U45201DL2004PTC128598	GRANDEUR REAL ESTATES PRIVATE LIMITED	Director	25-08-04	25-08-04	21-04-07	Amalgamated	NO
12	U45201DL2004PTC128604	ELEGANCE BUILDCON PRIVATE LIMITED	Director	25-08-04	25-08-04	21-04-07	Amalgamated	NO
13	U45201DL2004PTC128597	DREAMZ-HOMES BUILDTECH PRIVATE LIMITED	Director	25-08-04	25-08-04	21-04-07	Amalgamated	NO
14	U45201DL2004PTC128594	DOME REAL ESTATES PRIVATE LIMITED	Director	25-08-04	25-08-04	21-04-07	Amalgamated	NO
15	U45201DL2004PTC128599	ABODE BUILDTECH PRIVATE LIMITED	Director	25-08-04	25-08-04	21-04-07	Amalgamated	NO
16	U45201DL2004PTC128595	MARVEL BUILDTECH PRIVATE LIMITED	Director	25-08-04	25-08-04	21-04-07	Amalgamated	NO
17	U45201DL2004PTC128596	MAJESTIC BUILDTECH PRIVATE LIMITED	Director	25-08-04	25-08-04	21-04-07	Amalgamated	NO
18	U45201DL2004PTC128764	BIG INDIA MALLS PRIVATE LIMITED	Director	02-09-04	02-09-04	09-10-07	Active	NO
19	U70102DL2004PTC129017	Acropolis Architectural And Projects Private Limited	Director	13-09-04	13-09-04	02-07-07	Active	NO
20	U70101DL2004PTC129016	BIG SOUTHERN INDIA MALLS PRIVATE LIMITED	Director	13-09-04	13-09-04	-	Active	NO
21	U70101DL2004PTC131449	PARADISE BUILDTECH PRIVATE LIMITED	Director	21-12-04	21-12-04	21-04-07	Amalgamated	NO
22	U70101DL2004PTC131450	OPULENCE REAL ESTATES PRIVATE LIMITED	Director	21-12-04	21-12-04	21-04-07	Amalgamated	NO
23	U70101DL2005PTC133143	REGAL BUILDTECH PRIVATE LIMITED	Director	18-02-05	18-02-05	-	Active	NO
24	U70101DL2005PTC133139	SEVEN WONDERS REAL ESTATES PRIVATE LIMITED	Director	18-02-05	18-02-05	21-04-07	Active	NO
25	U70101DL2005PTC133141	TOWN HALL REAL ESTATES PRIVATE LIMITED	Director	18-02-05	18-02-05	21-04-07	Active	NO
26	U74899DL2005PTC133142	SEVEN SEAS REAL ESTATES PRIVATE LIMITED	Director	18-02-05	18-02-05	21-04-07	Active	NO
27	U70101DL2005PTC133140	PICCADILLY REAL ESTATES PRIVATE LIMITED	Director	18-02-05	18-02-05	21-04-07	Active	NO
28	U70101DL2005PTC133138	HABITAT BUILDCON PRIVATE LIMITED	Director	18-02-05	18-02-05	21-04-07	Active	NO
29	U45201DL2005PTC133426	SAHARA ACROPOLIS LUXURY HOMES DEVELOPERS PRIVATE LIMITED	Director	28-02-05	28-02-05	02-07-07	Active	NO
30	U55101DL2005PTC138155	SHANTI HOSPITALITY PRIVATE LIMITED	Director	27-07-05	27-07-05	-	Active	NO
31	U45201DL2004PTC128600	FORTUNE BUILDTECH PRIVATE LIMITED	Director	25-08-05	25-08-05	21-04-07	Active	NO
32	U45201DL2005PTC140977	RUCHI MALLS PRIVATE LIMITED	Director	21-09-05	21-09-05	21-04-07	Active	NO
33	U74899DL2005PTC144006	RUCHI HOSPITALITY PRIVATE LIMITED	Director	22-12-05	22-12-05	01-07-08	Active	NO
34	U74899DL1979PTC010091	IHHR HOSPITALITY PRIVATE LIMITED	Director	02-03-06	02-03-06	-	Active	NO
35	U70100DL1996PTC199140	HERMITAGE BUILDERS PRIVATE LIMITED	Director	06-03-06	06-03-06	-	Active	NO
36	U45201DL2005PTC140139	TULIP BUILDTECH PRIVATE LIMITED	Director	10-03-06	10-03-06	-	Active	NO
37	U92199GA1999PTC002652	CRYSTAL ISLAND PARK PRIVATE LIMITED	Director	23-06-06	22-04-06	20-04-07	Active	NO
38	U70101DL2005PTC132002	DAFFODILS BUILDTECH PRIVATE LIMITED	Director	08-05-06	08-05-06	21-04-07	Amalgamated	NO
39	U45201DL2005PTC138242	ACROPOLIS BUILDTECH PRIVATE LIMITED	Director	08-05-06	08-05-06	21-04-07	Active	NO
40	U45201DL2005PTC138239	SERENDIPITY BUILDTECH PRIVATE LIMITED	Director	08-05-06	08-05-06	-	Active	NO
41	U45201DL2005PTC140141	PENGUIN BUILDTECH PRIVATE LIMITED	Director	08-05-06	08-05-06	21-04-07	Active	NO
42	U45201DL2005PTC138238	REINDEER BUILDTECH PRIVATE LIMITED	Director	08-05-06	08-05-06	21-04-07	Amalgamated	NO
43	U45201DL2003PTC123135	ALPHA G:CORP DEVELOPMENT PRIVATE LIMITED	Director	29-12-07	26-07-06	-	Active	NO
44	U70102MH2005PTC184185	G:CORP PROPERTIES PRIVATE LIMITED	Director	02-09-06	02-09-06	-	Active	NO
45	U55101DL2005PTC135721	IHHR HOSPITALITY (ANDHRA) PRIVATE LIMITED	Director	25-09-08	23-09-08	-	Active	NO
46	U55101DL2008PTC184632	NIDRA HOSPITALITY PRIVATE LIMITED	Additional director	05-12-11	05-12-11	-	Active	NO

Name :	Mr. Thoppur Rajagopal Natarajan
Designation :	Additional Director
Address :	Plot No.17, 4^th Main Road, VGP Layout Part I Palavakkam, Chennai – 600 041, Tamilnadu, India
Date of Birth/Age :	20.02.1948
Date of Appointment :	16.03.2009
DIN No.:	02575903

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U02424KA1987PLC051014	INDFRAG LIMITED	Director	29-09-09	16-03-09	Active	NO

Name :	Mr. Venkatachalam Arunachalam
Designation :	Additional Director
Address :	No.3, Bishops Garden, Greenways Road, R.A. Puram, Chennai – 600 028, Tamilnadu, India
Date of Birth/Age :	05.09.1961
Date of Appointment :	20.06.2009
DIN No.:	00115568

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209TN1992PTC023721	PLACON (INDIA) PRIVATE LIMITED	Director	29-10-92	29-10-92	-	Active	NO
2	U29309TN1993PLC025896	POLUTECH LIMITED	Director	29-09-93	29-09-93	-	Active	NO
3	U25209TN1995PLC030909	ESPIEM PLASTICSS LIMITED	Director	04-06-98	04-06-98	16-07-08	Active	NO
4	U65991TN1941PLC001437	AMBADI ENTERPRISES LIMITED	Director	01-10-98	01-10-98	-	Active	NO
5	U70109TN2007PTC063410	Gen four properties Private Limited	Director	08-05-07	08-05-07	-	Active	NO
6	U02424KA1987PLC051014	INDFRAG LIMITED	Director	29-09-09	20-06-09	-	Active	NO

Name :	Mr. Vellayan Arunachalam
Designation :	Alternate Director
Address :	No.5, Ambadi Road, Kotturpuram, Chennai - 600085, Tamilnadu, India
Date of Birth/Age :	19.02.1953
Date of Appointment :	22.06.2009
DIN No.:	00148891

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U93090TN1982NPL009389	MURUGAPPA EDUCATIONAL AND MEDICAL FOUNDATION	Director	26-07-84	26-07-84	30-08-10	Active	NO
2	U65991TN1941PLC001437	AMBADI ENTERPRISES LIMITED	Director	30-11-89	30-11-89	18-07-09	Active	NO
3	U02424KA1987PLC051014	INDFRAG LIMITED	Alternate director	22-06-09	30-09-95	-	Active	NO
4	L24110WB1960PLC024910	KANORIA CHEMICALS & INDUSTRIES LTD	Director	01-10-97	01-10-97	-	Active	NO
5	L24211TN1975PLC006989	E.I.D PARRY (INDIA) LIMITED	Director	01-11-99	01-11-99	-	Active	NO
6	U85300DL1955NPL002999	THE FERTILISER ASSOCIATION OF INDIA.	Director	17-04-01	17-04-01	-	Active	NO
7	U30007TN2000PTC045768	LASER WORDS PRIVATE LIMITED	Director	25-01-02	25-01-02	23-10-09	Active	NO
8	L24239AP1981PLC003325	GODAVARI FERTILISERS AND CHEMICALS LTD	Director	12-07-03	12-07-03	-	Amalgamated	NO
9	U14219TN1955PLC000961	INDIAN POTASH LIMITED	Nominee director	25-02-04	25-02-04	08-08-11	Active	NO
10	U15421TN1983PTC010243	ROCA BATHROOM PRODUCTS PRIVATE LIMITED	Director	19-03-11	23-02-06	-	Active	NO
11	L24120AP1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Director	18-07-06	18-07-06	-	Active	NO
12	U67190TN2000PLC045617	Cholamandalam Distribution Services Limited	Director	18-06-07	18-10-06	24-04-08	Active	NO
13	L65993TN1978PLC007576	CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED	Director	30-07-07	19-10-06	25-04-08	Active	NO
14	U17229TN2006PTC061400	PARRY MURRAY AND COMPANY FURNISHINGS AND FLOOR COVERINGS (INDIA) PRIVATE LIMITED	Director	30-10-06	30-10-06	13-10-09	Active	NO
15	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	27-07-07	27-01-07	27-01-10	Active	NO
16	U74999TN1910NPL002343	SOUTHERN INDIA CHAMBER OF COMMERCE & INDUSTRY	Director	17-09-07	17-09-07	-	Active	NO
17	U15421TN2006PTC058579	Silkroad Sugar Private Limited	Director	13-05-08	13-05-08	20-02-12	Active	NO
18	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	31-07-08	31-07-08	-	Active	NO
19	U45203TN2006PTC058518	PARRY INFRASTRUCTURE COMPANY PRIVATE LIMITED	Director	24-07-09	29-10-08	-	Active	NO
20	U01119TN1977PLC070246	MURUGAPPA HOLDINGS LIMITED	Additional director	09-02-12	09-02-12	-	Active	NO
21	U01116TN1942PTC003659	AMBADI INVESTMENTS PRIVATE LIMITED	Additional director	20-02-12	20-02-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Larry Kopp
Designation :	Vice president
Name :	Mr. Loic David
Designation :	Business Manager
Name :	Mr. R. Krishnan
Designation :	Chief Finance Officer Vice president

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Phillip Samuel	1779161
Anita Samuel	343135
Fabian Samuel	589333
Rajan Asirvatham	180000
Ashok Samuel	900
A. Vellayan	73900
A. Venkatachalam	60000
A.V. Arunachalam	90000
V.Narayanan	90000
V.Arunachalam	90000
Dunbridge Investments	404000
Jamestown Investments	232000
P.P.Madappa	19800
K.Ullas Kamath	16000
Sandeep Chakrabarthi	2400
C.R. Shivshankar	1500
G.Jagadeesan	930
Issac Mathai Nooranai	3000
L.Raghunathan	2500
Mario Crasto	2700
Rajkumar Sathyaraj	900
Nalini Mohandas Pai	900
Chetna Shah	900
Haresh Shah	900
Harinder Singh Patheja	900
P. Pandian	3100
Santhivetriselvan	1100
Total	3989959

As on 23.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	15.94
Directors or relatives of directors	77.83
Other top fifty shareholders	6.23
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Natural Extracts, Botanical Extracts for Health and Beauty.

Products :

Item Code No. (ITC Code)	Product Description
330122.01, 330129.28	Herbal Extracts

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Actual Production
Herbal Extracts	(In MTs)	750.00	379.22

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	ABN Amro Bank N. V., 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai - 400021, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	P. Chandrasekar Chartered Accountant
Address :	S-616, Manipal Centre, 47, Dickenson Road, Bangalore – 560042, Karnataka, India
Tel. No.:	91-80-25585443
Fax No.:	91-80-25597494
E-Mail :	partner@pchandrasekar.com
PAN.:	AABFP1561H
Associates/Subsidiaries :	Sushrut Herbals Private Limited CIN No.: U24239KA2000PTC026409

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3989959	Equity Shares	Rs.10/- each	Rs.39.900 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		39.899	39.899	39.899
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		263.631	226.077	206.766
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		303.530	265.976	246.665
LOAN FUNDS
1] Secured Loans		0.000	0.000	20.531
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	20.531
DEFERRED TAX LIABILITIES		0.334	0.836	0.908
TOTAL		303.864	266.812	268.104
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		156.225	160.600	177.587
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.997	2.071	2.071
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	89.192	52.541	52.649
	Sundry Debtors	63.763	23.689	41.643
	Cash & Bank Balances	20.350	65.496	59.952
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	50.485	34.111	38.564
Total Current Assets		223.790	175.837	192.808
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.553	23.999	49.331
	Other Current Liabilities	47.595	47.697	55.031
	Provisions	0.000	0.000	0.000
Total Current Liabilities		96.148	71.696	104.362
Net Current Assets		127.642	104.141	88.446
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		303.864	266.812	268.104

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	370.283	302.029	605.770
		Other Income	13.155	8.451	8.600
		TOTAL (A)	383.438	310.480	614.370
Less	EXPENSES
		Increase/ (Decrease) in Stock	(36.724)	(2.773)	4.146
		Raw Material Consumed	113.357	60.254	130.874
		Operating Expenses	231.479	183.730	356.174
		TOTAL (B)	308.112	241.211	491.194
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		75.326	69.269	123.176
Less	FINANCIAL EXPENSES (D)		0.660	0.087	2.900
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		74.666	69.182	120.276
Less/ Add	DEPRECIATION/ AMORTISATION (F)		22.297	22.979	21.449
	PROFIT BEFORE TAX (E-F) (G)		52.369	46.203	98.827
Less	TAX (I)		3.184	4.842	4.232
	PROFIT AFTER TAX (G-I) (J)		49.185	41.361	94.595
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		194.920	181.211	109.956
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	4.620	0.000
		Proposed Dividend	9.975	5.985	19.950
		Interim Dividend	0.000	13.965	0.000
		Interim / Proposed Dividend	1.657	3.082	3.390
	BALANCE CARRIED TO THE B/S		222.473	194.920	181.211
	EARNINGS IN FOREIGN CURRENCY
		Sales through branch office at US	107.123	114.484	120.861
		FOB Value of exports	197.320	151.551	473.589
		Service charge / Consultancy Charges	0.000	0.000	11.011
	TOTAL EARNINGS		304.443	266.035	605.461
	IMPORTS
		Raw Materials	49.919	28.500	80.017
	TOTAL IMPORTS		49.919	28.500	80.017
	Earnings Per Share (Rs.)		12.33	10.37	23.71

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.83	13.32	15.40
Net Profit Margin (PBT/Sales)	(%)	14.14	15.30	16.31
Return on Total Assets (PBT/Total Assets}	(%)	13.78	13.73	26.68
Return on Investment (ROI) (PBT/Networth)		0.17	0.17	0.40
Debt Equity Ratio (Total Liability/Networth)		0.32	0.27	0.43
Current Ratio (Current Asset/Current Liability)		2.33	2.45	1.85

LOCAL AGENCY FURTHER INFORMATION

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	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
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 in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-------------
Litigations that the firm/ Promoters Involved in	------------
Banking details	Yes
Banking Facility Details	No
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:

Registered office of the company has been shifted from 102/3, Kundumaranpalli Village, Kelamangalam Town, Hosur – 635 113, Tamil Nadu, India to the present address w.e.f. 16.03.2009.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10144211
Corporate identity number of the company	U02424KA1987PLC051014
Name of the company	INDFRAG LIMITED
Address of the registered office or of the principal place of business in India of the company	102/3, Kundumaranpalli Village, Kelamangalam Town, Hosur – 635 113, Tamilnadu, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	ABN Amro Bank N.V., 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: reenabang@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Hypothecation deed of movable assets.
Date of instrument Creating the charge	02.03.2009
Amount secured by the charge	Rs.40.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Credit Facilities. Commission/ Interest – At negotiated Rates Terms of Repayment: As agreed by and with the Bank from time to time. Margin: As applicable, if any. Extent and Operation of the charge: The Bank is having sole charge on the security given by the Company.
Short particulars of the property charged	Sole Charge on all current assets (present and future) Credit limits availed from ABN Amro Bank NV is only INR 40 millions as against charge created on 12.10.2004 and the present charge being modified.
Particulars of the present modification	Sole Charge on Book debts and all movable fixed assets (both present and future) within the overall limit of Rs. 40.000 millions.

FIXED ASSETS:

• Land

- Factory

- Office

• Building

- Factory

- Office

• Computers
• Electrical Installation
• Furniture and Fixtures
• Office Equipments
• Plant and Machinery
• R and D Equipment
• Vehicles
• Intangibles

CONTINGENT LIABILITIES:

Particulars	(Rs. in millions) 31.03.2011	(Rs. in millions) 31.03.2010
Counter guarantees in respect of guarantees given by bank for import of Raw Materials.	0.800	1.800

AS PER WEBSITE DETAILS

PROFILE

Subject is a producer of natural extracts for the Dietary Supplement, Sport Nutrition, Pharmaceutical, Food and Cosmetic Industries in the North American, European and Asian regions. Committed to delivering quality products at competitive prices, Indfrag sources high quality botanical feed stock from an established global network and uses ISO-9001 certified water and solvent extraction facilities. To service the company's rapidly expanding customer base, manufacturing facilities have grown and now have a capacity which is in excess of 3000 MTs of raw material per annum or 750 MTs of finished product with an emphasis in the production of Garcinia Cambogia, Green Coffee, Green Tea, Naturals Extracts, Gymnema Sylvestre and a host of other botanical extracts. Indfrag is headquartered in India with two manufacturing plants and has a Marketing, Warehousing and Customer Servicing Facility located in New Jersey, USA and affiliates in France, UK, Germany, Japan, Malaysia, Australia, S. Korea, Chile etc.

HISTORY

Indfrag commenced operations in 1989 for the manufacture of fresh floral extracts for some of the finest Perfumery Houses in France. Indfrag was backed with a technical and marketing alliance from Quest International, a Unilever subsidiary. Indfrag's extracts were used in some of the most exotic and well known perfume brands.

In the early 90's they moved from floral extracts and into the manufacture of botanical extracts for the emerging dietary supplement industry with a focus on the following regions: The United States, Europe and Japan.

The company established a reliable global network for sourcing high quality botanical feed stock. This, coupled with the construction of specialized extraction facilities and state of the art testing laboratories, positioned Indfrag to offer standardized extracts comparable to the best in the world. Complementing the company's formidable manufacturing capabilities is their team of R and D chemists specialized in natural product chemistry. Today, Indfrag has grown to become the largest producer of Garcinia Cambogia in the world and a leading producer of other botanical extracts.

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. 56.05
UK Pound	1	Rs. 86.69
Euro	1	Rs. 69.98

INFORMATION DETAILS

Report Prepared by :

ACH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.