MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED
Registered Office :	Novel House, Road No. 13, MIDC, Marol, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.05.2007
Com. Reg. No.:	11-170590
Capital Investment / Paid-up Capital :	Rs.14.101 Millions
CIN No.: [Company Identification No.]	U24119MH2007FTC170590
TAN No.: [Tax Deduction & Collection Account No.]	MUMF0517F
PAN No.: [Permanent Account No.]	AABF1130G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Perfumes, Flavours and Aromatic Chemicals.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Recently commenced business
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2007, it has recently commenced business activities from year 2011. Trade relations are reported as fair. Business is active. Payments are slow. The company can be considered for business dealings on a safe and secured 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.

INFORMATION DECLINED BY

Management Non Co-operative

LOCATIONS

Registered Office :	Novel House, Road No. 13, MIDC, Marol, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-66400648/564
Fax No.:	91-22-66400609
E-Mail :	Sudhir.RAO@firmenich.com
Website :	www.firmenich.com
Factory :	Plot No. Z-10, SEZ Area, Dahej Taluka Vagra, Bharuch-392130, Gujarat, India

DIRECTORS

As on 27.09.2011

Name :

Mr. Matthew Howard Furner

Designation :

Director

Address :

52, Route de Valavran 1293, Bellevue, Switzerland

Date of Birth/Age :

07.11.1972

Date of Appointment :

04.05.2007

Din No.:

01399462

Name :

Mr. Sudhir Narasinga Rao

Designation :

Director

Address :

C7, Om Sabari CHS, Hanuman Cross Lane – 2, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

11.11.1961

Date of Appointment :

04.05.2007

Din No.:

01399719

Name :

Mr. Robert Michael Weinstein

Designation :

Director

Address :

276, Holcombe way Lambertville, New Jersey 08230 USA

Date of Birth/Age :

24.10.1958

Date of Appointment :

24.12.2009

Din No.:

02801654

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	U24119MH2007FTC170590	FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED	Director	30-12-10	24-12-09	Active	NO

Name :

Mr. Sanjay Govindrao Kalyankar

Designation :

Director

Address :

Flat No. 13, 3^rd Floor, Hill Grangea, Ghodbunder Road, Hiranandani Estate, Thane (West), Mumbai – 400607, Maharashtra, India

Date of Birth/Age :

14.09.1961

Date of Appointment :

22.03.2010

Din No.:

02969691

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	U24119MH2007FTC170590	FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED	Director	30-12-10	22-03-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashit Patel
Designation :	Manager
Address :	2901, Odyssey II, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India
Date of Birth/Age :	11.03.1951
Date of Appointment :	22.03.2010
PAN No.:	AAAPP7483Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Names of Shareholders	No. of Shares
Firmenich Trading Corporation, Switzerland	194990
Fragar (Europe) SA, Switzerland	1
Total	194991

As on 27.09.2011

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]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Industrial Perfumes, Flavours and Aromatic Chemicals.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Chemicals	2914

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity
Ingredients Plant	KGS.	9200000
Perfumery Plant	KGS.	9912000

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

Not Available

Facilities :

UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Term Loans from Banks [Payable within one year Rs. Nil (Previous year: Rs. Nil)]	1240.000	1240.000
Foreign Currency Loan from Firmenich Trading Corporation, Switzerland, under External Commercial Borrowings Scheme [USD700000 (Previous year USD Nil)]	313.271	315.672
Working Capital borrowing from Bank [Payable on demand]	474.688	100.000
Bank Overdraft	85.138	0.000
TOTAL	2113.097	1655.672

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Lodha Excellus, 1^st Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-39896000
Fax No.:	91-22-39836000
Pan No.:	AAIFB4734C
Holding Company:	Firmenich Trading Corporation
Fellow Subsidiaries Company:	· Firmenich SA (Firsa) · Firmenich Incorporated (Firinc) · Firmenich Chemical and Manufacturing (Firchem) · Firmenich Citrus Centre (Firharbor) · Firmenich Asia Pte Limited (Firsin) · PT Firmenich Indonesia (Firjava) · Firmenich De Mexico S.A. DE C.V. (Firmex) · Firmenich Aromatics (China) Company Limited, (Firchina) · Firmenich Aromatics (India) Private Limited, (Firindia)
	·

CAPITAL STRUCTURE

As on 27.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
194991	Equity Shares	Rs.100/- each	Rs.19.499 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
141010	Equity Shares	Rs.100/- each	Rs.14.101 Millions

NOTE: Of the above 141009 equity shares of Rs.100/- each were issued in cash at a premium of Rs.9.900 per equity share, pursuant to a resolution passed at the meeting of the Board of Directors held on 30^th December 2010.

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		14.101	9.589	4.855
2] Share Application Money		0.000	0.009	0.001
3] Reserves & Surplus		950.489	503.771	35.145
4] (Accumulated Losses)		(397.146)	(32.064)	(5.251)
NETWORTH		567.444	481.305	34.750
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2113.097	1655.672	607.560
TOTAL BORROWING		2113.097	1655.672	607.560
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2680.541	2136.977	642.310
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1980.989	242.275	232.022
Capital work-in-progress		278.604	1744.963	437.043
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	866.882	211.992	0.000
	Sundry Debtors	279.344	0.000	0.000
	Cash & Bank Balances	30.825	158.964	14.719
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	36.856	31.387	11.187
Total Current Assets		1213.907	402.343	25.906
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	785.837	239.228	52.111
	Other Current Liabilities	3.272	11.995	0.545
	Provisions	3.850	1.381	0.005
Total Current Liabilities		792.959	252.604	52.661
Net Current Assets		420.948	149.739	(26.755)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2680.541	2136.977	642.310

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		0.000	0.000
		Other Income		0.250	0.000
		TOTAL (A)	742.472	0.250	0.000
Less	EXPENSES
		Rates and Taxes		0.263	0.000
		Employee cost
		- Salaries, Wages and Bonus		5.915	0.000
		- Contributions to Provident Fund		0.283	0.000
		- Staff Welfare		2.608	0.000
		- Leave Encashment and Gratuity		1.368	0.000
		Professional Fees		6.460	2.820
		Rent		0.794	0.000
		Insurance Charges		1.223	0.000
		Travel and Conveyance		2.805	0.000
		Office Supplies		1.068	0.122
		Entertainment Expenses		0.367	0.112
		Telephone		0.425	0.031
		Exchange Loss (net)		0.000	0.853
		Miscellaneous Expenses		0.655	0.381
		TOTAL (B)	997.291 [Including Financial Expenses]	24.234	4.319
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(23.984)	(4.319)
Less	FINANCIAL EXPENSES (D)			1.336	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(254.819)	(25.320)	(4.319)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		110.263	1.492	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(365.082)	(26.812)	(4.319)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(365.082)	(26.812)	(4.319)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(32.064)	(5.252)	(0.933)
	BALANCE CARRIED TO THE B/S		(397.146)	(32.064)	(5.252)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	739.751	0.000	NA
	TOTAL EARNINGS		739.751	0.000	NA
	IMPORTS
		Raw Materials	914.511	209.021	0.000
		Capital Goods	18.545	106.342	0.000
	TOTAL IMPORTS		933.056	315.363	0.000
	Earnings / (Loss) Per Share (Rs.)		(3629.58)	(445.36)	(88.97)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(49.17)	(10724.80)	0.00
Net Profit Margin (PBT/Sales)	(%)	NA	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(11.43)	(4.16)	(1.67)
Return on Investment (ROI) (PBT/Networth)		(0.64)	(0.06)	(0.12)
Debt Equity Ratio (Total Liability/Networth)		5.12	3.96	19.00
Current Ratio (Current Asset/Current Liability)		1.53	1.59	0.49

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. in Millions

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Trade Creditors
Micro, Small and Medium Enterprise	0.000	0.000	0.000
Others	785.837	239.228	52.111
Total	785.837	239.228	52.111

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	No
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

NOTE: The registered office of the company has been shifted from 74/II, C Cross Road, MIDC, Andheri (East), Mumbai-400093, Maharashtra, India to the present address w.e.f. 01.07.2010.

BACKGROUND:

Subject (‘the company’) was incorporated on 4^th May 2007. The company is engaged in the business of compounding of industrial fragrance and flavours and manufacturing of chemicals.

FIXED ASSETS:

· Land – Leasehold

· Furniture and Fixtures

· Information Systems (IS) Equipments

· Office Equipment

· Building

· Laboratory Equipment

· Vehicles

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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--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		14

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.