MIRA INFORM REPORT

Report Date :

12.08.2013

IDENTIFICATION DETAILS

Name :	VDH ORGANICS PRIVATE LIMITED
Registered Office :	654, Kabool Nagar, Shahdara, New Delhi – 110032
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.08.2002
Com. Reg. No.:	55-116768
Capital Investment / Paid-up Capital :	Rs. 0.715 Million
CIN No.: [Company Identification No.]	U24239DL2002PTC116768
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Aromatic Chemicals and Essential Oils.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 102000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The latest Profit and Loss Statement are not available with us. As per financial data available, financial position of the company appears to be above average. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL NSIC
Rating	SE1B
Rating Explanation	Moderate financial strength and highest performance capability.
Date	October 11, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	654, Kabool Nagar, Shahdara, New Delhi – 110032, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mdsaro@yahoo.com
Website :	http://www.vdhthymol.com
Factory :	C 7/1/6, Meeruth Road, Industrial Area, Guldher, Ghaziabad – 201001, Uttar Pradesh, India
Tel. No.:	91-120-2787932
Fax No.:	91-120-2787932

DIRECTORS

AS ON 26.09.2012

Name :

Mr. Guneet Singh

Designation :

Managing director

Address :

R 9/53, Sector-9, Raj Nagar, Ghaziabad – 201003, Uttar Pradesh, India

Date of Birth/Age :

17.10.1975

Date of Appointment :

29.08.2002

DIN No.:

00402296

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	U24239DL2002PTC116768	VDH ORGANICS PRIVATE LIMITED	Managing director	29/08/2002	29/08/2002	Active	NO
2	U24249DL2008PTC183708	WHITE ROSE AROMATICS PRIVATE LIMITED	Director	25/09/2008	25/09/2008	Active	NO
3	U24100DL2011PTC215740	VDH CHEM TECH PRIVATE LIMITED	Director	14/03/2011	14/03/2011	Active	NO

Name :

Mr. Ramandeep Singh

Designation :

Director

Address :

R 9/53, Sector-9, Raj Nagar, Ghaziabad – 201003, Uttar Pradesh, India

Date of Birth/Age :

23.01.1979

Date of Appointment :

29.08.2002

DIN No.:

00402292

Name :

Chan Preet Singh

Designation :

Director

Address :

R 9/53, Sector-9, Raj Nagar, Ghaziabad – 201003, Uttar Pradesh, India

Date of Birth/Age :

03.09.1984

Date of Appointment :

23.10.2010

DIN No.:

03290553

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	U24239DL2002PTC116768	VDH ORGANICS PRIVATE LIMITED	Director	23/10/2010	23/10/2010	Active	NO
2	U24100DL2011PTC215740	VDH CHEM TECH PRIVATE LIMITED	Director	14/03/2011	14/03/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2012

Names of Shareholders	No. of Shares
Ramandeep Singh	1750
Guneet Singh	1900
Guneet Kaur	1750
Harvinder Pal Singh	1750
Total	7150

AS ON 26.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Aromatic Chemicals and Essential Oils.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Central Bank of India, Wright Ganj, Ghaziabad - 201001, Uttar Pradesh, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Central Bank of India	23.547	14.435
Total	23.547	14.435

Banking Relations :	--
Auditors :
Name :	Manjit Singh Arora and Company Chartered Accountants
Address :	J-40, Patel Nagar-I, Ghaziabad – 201001, Uttar Pradesh, India
Mobile No.:	91-9810144006
Income-tax PAN of auditor or auditor's firm :	AAZPA1911H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7,150	Equity Shares	Rs. 100/- each	Rs. 0.715 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.715	0.715
(b) Reserves & Surplus	20.579	13.018
(c) Money received against share warrants	0.000	0.000
(d) Advance against Share	4.144	4.144
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	25.438	17.877
(3) Non-Current Liabilities
(a) long-term borrowings	23.547	14.435
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	23.547	14.435
(4) Current Liabilities
(a) Short term borrowings	14.113	9.778
(b) Trade payables	54.718	25.082
(c) Other current liabilities	8.703	1.612
(d) Short-term provisions	2.600	0.550
Total Current Liabilities (4)	80.134	37.022
TOTAL	129.119	69.334
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.249	9.185
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	12.249	9.185
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	32.332	26.483
(c) Trade receivables	39.892	24.068
(d) Cash and cash equivalents	0.626	0.319
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	44.020	9.279
Total Current Assets	116.870	60.149
TOTAL	129.119	69.334

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.715
2] Share Application Money		0.000
3] Reserves & Surplus		11.476
4] (Accumulated Losses)		0.000
NETWORTH		12.191
LOAN FUNDS
1] Secured Loans		9.403
2] Unsecured Loans		5.232
TOTAL BORROWING		14.635
DEFERRED TAX LIABILITIES		5.604
TOTAL		32.430
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.235
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.912
	Sundry Debtors	20.780
	Cash & Bank Balances	0.489
	Other Current Assets	0.000
	Loans & Advances	10.617
Total Current Assets		50.798
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.428
	Other Current Liabilities	2.022
	Provisions	2.250
Total Current Liabilities		26.700
Net Current Assets		24.098
MISCELLANEOUS EXPENSES		0.097
TOTAL		32.430

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	121.488	89.252
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	119.239	81.105
	PROFIT BEFORE TAX		2.249	8.147
Less	TAX		0.550	2.249
	PROFIT AFTER TAX		1.699	5.898
	Earnings Per Share (Rs.)		237.62	824.90

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	1.40	6.61
Return on Total Assets (PBT/Total Assets}	(%)	NA	3.24	13.80
Return on Investment (ROI) (PBT/Networth)		NA	0.13	0.67
Debt Equity Ratio (Total Debt/Networth)		1.48	1.35	1.20
Current Ratio (Current Asset/Current Liability)		1.46	1.62	1.90

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 two 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	No
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	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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10401663	26/12/2012	425,000.00	CENTRAL BANK OF INDIA	WRIGHT GANJ, GHAZIABAD - 201001, UTTAR PRADESH, INDIA	B67508903
2	10401666	26/12/2012	500,000.00	CENTRAL BANK OF INDIA	WRIGHT GANJ, GHAZIABAD - 201001, UTTAR PRADESH, INDIA	B67509737
3	10345659	06/02/2012	1,500,000.00	CENTRAL BANK OF INDIA	WRIGHT GANJ, GHAZIABAD - 201001, UTTAR PRADESH, INDIA	B36335339
4	10034513	07/02/2013 *	35,000,000.00	CENTRAL BANK OF INDIA	WRIGHT GANJ, GHAZIABAD - 201001, UTTAR PRADESH, INDIA	B68232636
5	10034514	17/01/2007	1,000,000.00	CENTRAL BANK OF INDIA	WRIGHT GANJ, GHAZIABAD - 201001, UTTAR PRADESH, INDIA	A09717133
6	10034192	17/01/2007	2,400,000.00	CENTRAL BANK OF INDIA	WRIGHT GANJ, GHAZIABAD - 201001, UTTAR PRADESH, INDIA	A09729757
7	90037610	07/02/2013 *	35,000,000.00	CENTRAL BANK OF INDIA	WRIGHT GANJ, GHAZIABAD - 201001, UTTAR PRADESH, INDIA	B68288356

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT TERM BORROWINGS
Unsecured loans from outsiders	14.113	9.778
Total	14.113	9.778

FIXED ASSETS:

· Land

Building

Electric Installation

Generator

Plant and Machinery

Vehicles

Inverter

Computer

Office Equipments

Furniture and Fixture

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 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. 61.12
UK Pound	1	Rs. 94.77
Euro	1	Rs. 81.54

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.