MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	FINE AROMATICS AND HERBAL EXTRACTS PRIVATE LIMITED (w.e.f. 15.09.2007)

Formerly Known As :	FINE AROMATIC AND MEDICINAL EXTRACTS PRIVATE LIMITED

Registered Office :	113 Jolly Maker Chambers, No 2, Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	23.09.2004

Com. Reg. No.:	11-148792

Capital Investment / Paid-up Capital :	Rs.5.000 Millions

CIN No.: [Company Identification No.]	U01117MH2004PTC148792

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacture of Herbal Extracts

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 16000

Status :	Moderate

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appear some accumulated losses recorded by the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	113 Jolly Maker Chambers, No 2, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22020644
Fax No.:	Not Available
E-Mail :	finefrag@vsnl.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Jashvant M Shah

Designation :

Director

Address :

11-A, Aashina 5, Altamount Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

19.11.1936

Date of Appointment :

23.09.2004

DIN No.:

01422531

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	U17100MH1972PTC015802	M J EXPORTS PRIVATE LIMITED	Director	17/05/1972	17/05/1972	-	Active	NO
2	U74999MH1980PTC022167	FINE FRAGRANCES PRIVATE LIMITED	Director	13/06/1980	13/06/1980	-	Active	NO
3	U65990MH1984PLC032444	M J HOLDINGS AND LEASING LIMITED	Director	21/03/1984	21/03/1984	-	Amalgamated	NO
4	U30007MH1984PTC033383	APTEK COMPUTERS PRIVATE LIMITED	Director	7/7/1984	7/7/1984	-	Amalgamated	NO
5	U24120MH1986PTC038906	MARVEL CHEMICALS PRIVATE LIMITED	Director	11/2/1986	11/2/1986	-	Active	NO
6	U99999MH1987GAT042776	M.J.INSTITUTE OF RESEARCH	Director	3/3/1987	3/3/1987	-	Active	NO
7	U51101DL1989PTC035109	TECNOVA OVERSEAS PRIVATE LIMITED	Director	17/02/1989	17/02/1989	-	Active	NO
8	U91110MH1991GAP060635	INDO-MALGACHE CHAMBER OF COMMERCE AND INDUSTRY IN INDIA	Director	6/3/1991	6/3/1991	-	Active	NO
9	U99999MH1980PTC022132	APTEK ELECTRONICS PRIVATE LIMITED	Director	7/1/1992	7/1/1992	-	Amalgamated	NO
10	U24230MH1999PTC119044	MARVEL LIFE SCIENCES PRIVATE LIMITED	Director	1/7/1999	1/7/1999	-	Active	NO
11	U01117MH2004PTC148792	Fine Aromatics And Herbal Extracts Private Limited	Director	23/09/2004	23/09/2004	-	Active	NO
12	U29249MH1987PTC044458	M J BIOPHARM PRIVATE LIMITED	Alternate director	7/1/2009	7/1/2009	-	Active	NO

Name :

Mr. Ashok Chhabildas Shah

Designation :

Director

Address :

402-A, Maryland Corner Building, Sion East, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

08.09.1952

Date of Appointment :

23.09.2004

DIN No.:

00478184

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	U74999MH1980PTC022167	FINE FRAGRANCES PRIVATE LIMITED	Director	29/01/1980	29/01/1980	-	Active	NO
2	U30007MH1984PTC033383	APTEK COMPUTERS PRIVATE LIMITED	Director	22/09/1988	22/09/1988	-	Amalgamated	NO
3	U17100MH1972PTC015802	M J EXPORTS PRIVATE LIMITED	Director	1/1/2000	1/1/2000	-	Active	NO
4	U99999MH1987GAT042776	M.J.INSTITUTE OF RESEARCH	Director	27/04/2001	27/04/2001	-	Active	NO
5	U24230MH1999PTC119044	MARVEL LIFE SCIENCES PRIVATE LIMITED	Director	1/11/2001	1/11/2001	-	Active	NO
6	U24120MH1986PTC038906	MARVEL CHEMICALS PRIVATE LIMITED	Director	1/11/2001	1/11/2001	-	Active	NO
7	U01117MH2004PTC148792	FINE AROMATICS AND HERBAL EXTRACTS PRIVATE LIMITED	Director	23/09/2004	23/09/2004	-	Active	NO
8	U99999MH1980PTC022132	APTEK ELECTRONICS PRIVATE LIMITED	Director	28/03/2005	28/03/2005	-	Amalgamated	NO

Name :

Mr. Amol Jashvant Shah

Designation :

Director

Address :

11-A, Aashiani, 5 Altamount Road, , Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

10.11.1965

Date of Appointment :

23.09.2004

DIN No.:

00171006

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	U24120MH1986PTC038906	MARVEL CHEMICALS PRIVATE LIMITED	Director	29/05/1986	29/05/1986	-	Active	NO
2	U17100MH1972PTC015802	M J EXPORTS PRIVATE LIMITED	Director	28/12/1989	28/12/1989	-	Active	NO
3	U99999MH1980PTC022132	APTEK ELECTRONICS PRIVATE LIMITED	Director	1/2/1992	1/2/1992	-	Amalgamated	NO
4	U29249MH1987PTC044458	M J BIOPHARM PRIVATE LIMITED	Managing director	3/12/1997	3/12/1997	-	Active	NO
5	U30007MH1984PTC033383	APTEK COMPUTERS PRIVATE LIMITED	Director	1/8/1998	1/8/1998	-	Amalgamated	NO
6	U65990MH1984PLC032444	M J HOLDINGS AND LEASING LIMITED	Director	1/8/1998	1/8/1998	-	Amalgamated	NO
7	U24230MH1999PTC119044	MARVEL LIFE SCIENCES PRIVATE LIMITED	Director	1/1/2000	1/1/2000	-	Active	NO
8	U15311MH1991PTC061659	STONEWOOD CEM-FAB (INDIA) PRIVATE LIMITED	Director	17/02/2000	17/02/2000	19/10/2007	Amalgamated	NO
9	U24230GJ1993PTC020258	BDR LIFESCIENCES PRIVATE LIMITED	Director	22/09/2000	22/09/2000	17/05/2010	Active	NO
10	U74999MH1980PTC022167	FINE FRAGRANCES PRIVATE LIMITED	Director	22/11/2000	22/11/2000	-	Active	NO
11	U24230MH2003PTC143625	INNOVA LIFE SCIENCES PRIVATE LIMITED	Director	23/12/2003	23/12/2003	-	Active	NO
12	U01117MH2004PTC148792	FINE AROMATICS AND HERBAL EXTRACTS PRIVATE LIMITED	Director	23/09/2004	23/09/2004	-	Active	NO
13	U24234MH2002PTC136337	SCIGEN BIOPHARMA PRIVATE LIMITED	Additional director	9/11/2010	9/11/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Mansukhlal Shah		3500
Jashvant Shah		3500
Ashok Chhabildas		3000
Total		10000

As on 06.06.2011

Names of Allottee		No. of Allotted
Fine Fragrance Private Limited. India		490000
Total		490000

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	98.00
Directors or relatives of Directors	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Herbal Extracts

PRODUCTION STATUS (31.03.2009)

Particulars	Actual Production
Herbal / Extracts / Absolutes / Oils	3387

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Canara Bank, Overseas Branch, 211, Dalamal Towers, N.P. Mumbai – 400021, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2010

As on

31.03.2009

Canara Bank Term loan A/c

(Secured against equitable mortgage of immovable properties of the company)

0.000

1.293

Total

0.000

1.293


Banking Relations :	--

Auditors :
Name :	N. V. Parmar and Company Chartered Accountants
Address :	D-603, Vrajdham, Rambaug Lane, Shastri Nagar, Off. S. V. Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28089889
Mobile No.:	91-9821099832
Fax No.:	91-22-28089889
E-Mail :	nnvp95@vsnl.net nvparmarco@yahoo.co.in
PAN.:	AACPP0432B

Holding Company:	Fine Fragrances Private Limited

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital : Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 9.900 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.000	5.000	0.100
2] Share Application Money		0.000	0.000	4.900
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.800)	(2.784)	(1.798)
NETWORTH		4.200	2.216	3.202
LOAN FUNDS
1] Secured Loans		0.000	1.293	2.040
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	1.293	2.040
DEFERRED TAX LIABILITIES		0.000	0.000	0.256

TOTAL		4.200	3.509	5.498

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		6.211	6.881	7.679
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.020	0.020	0.020
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.890	3.056	0.252
	Sundry Debtors	0.885	0.407	0.000
	Cash & Bank Balances	1.581	0.238	0.494
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.662	0.351	0.215
Total Current Assets		8.018	4.052	0.961
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.149	0.125	0.569
	Other Current Liabilities	9.929	7.373	2.678
	Provisions	0.021	0.021	0.015
Total Current Liabilities		10.099	7.519	3.262
Net Current Assets		(2.081)	(3.467)	(2.301)

MISCELLANEOUS EXPENSES		0.050	0.075	0.101

TOTAL		4.200	3.509	5.498

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	7.795	1.767	1.136
		Other Income
		TOTAL	7.795	1.767	1.136

Less	EXPENSES
		Office Expenses
		Administrative Expenses	4.997	1.974	1.610
		Advertising Expenses
		TOTAL	4.997	1.974	1.610

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2.798	(0.207)	(0.474)

Less	FINANCIAL AND DEPRECIATION EXPENSES		0.814	1.029	1.056

	PROFIT / (LOSS) BEFORE TAX		1.984	(1.236)	(1.530)

Less	TAX		0.000	(2.222)	0.268

	PROFIT / (LOSS) AFTER TAX		1.984	(0.986)	(1.798)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.784)	(1.798)	0.000

	BALANCE CARRIED TO THE B/S		(0.800)	(2.784)	(1.798)

	Earnings Per Share (Rs.)		3.968	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	25.45	(55.80)	(158.27)

Return on Total Assets (PBT/Total Assets}	(%)	13.94	(11.31)	(17.71)

Return on Investment (ROI) (PBT/Networth)		0.47	(0.56)	(0.48)

Debt Equity Ratio (Total Liability/Networth)		2.40	3.98	1.66

Current Ratio (Current Asset/Current Liability)		0.79	0.54	0.29

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	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three 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	--
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	No
30) Major Shareholders, if available	Yes

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Factory Equipment

· Fire Extinguishers

· Furniture and Fixtures

· Laboratory Equipment

· Electrical Installation

· Air Conditioners

· Computer

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.57.07
UK Pound	1	Rs.88.96
Euro	1	Rs.71.40

INFORMATION DETAILS

Report Prepared by :

NTH

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.

MIRA INFORM REPORT

4.890

0.885

1.581

0.000

0.662

8.018

0.149

9.929

0.021

10.099

(2.081)

25.45

13.94

0.47

2.40

0.79

Unit