MIRA INFORM REPORT

Report Date :

06.12.2013

IDENTIFICATION DETAILS

Name :	KATRA PHYTOCHEM (INDIA) PRIVATE LIMITED (w.e.f. 10.02.2009)
Formerly Known As :	AGRO-BIOCHEM (INDIA) PRIVATE LIMITED
Registered Office :	313-314, 1^st Floor, 100 Feet Road, Hal II Stage, Bangalore – 560008, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.08.1996
Com. Reg. No.:	08-020933
Capital Investment / Paid-up Capital :	Rs.78.000 Millions
CIN No.: [Company Identification No.]	U15134KA1996PTC020933
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Product.
No. of Employees :	110 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 860000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of a well-diversified “Katra Group”. It is an established company having a satisfactory track record. The management has seen a dip in its sales volume as well as net profitability during 2013. However, financially the company appears to be sound, marked by a decent networth. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of support from the group, the subject can be considered normal 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ganesh
Designation :	Account Department
Contact No.:	91-8110653906
Date :	06.12.2013

LOCATIONS

Registered Office :	313-314, 1^st Floor, 100 Feet Road, Hal II Stage, Bangalore – 560008, Karnataka, India
Tel. No.:	91-80-41808000
Mobile No.:	91-8110653906
Fax No.:	91-80-40808043
E-Mail :	nharish@katraphyto.com
Website :	www.katraphyto.com
Location :	Owned
Factory:	Plot No. 7, A-1 Attibele Industrial Area, Anekal Taluk, Bangalore – 562107, Karnataka, India
Tel. No.:	91-80-27820053/27820053
Fax No.:	91-80-27820306

DIRECTORS

As on 28.09.2013

Name :

Mr. Jacob Thomas Avoorathu

Designation :

Director

Address :

# 22, 17th Main, Hal Ii Stage, Indirangar, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

11.06.1954

Date of Appointment :

05.08.1996

DIN No.:

01663815

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	U15134KA1996PTC020933	KATRA PHYTOCHEM (INDIA) PRIVATE LIMITED	Director	05/08/1996	05/08/1996	-	Active	NO
2	U45201KA1995PTC017371	ARUDRAMA DEVELOPMENTS PRIVATE LIMITED	Director	14/07/1997	14/07/1997	-	Active	NO
3	U01122KA1998PTC023509	AVAN AGRO-TECH PRIVATE LIMITED	Director	18/03/1998	18/03/1998	-	Active	NO
4	U74140AP1999PTC032718	VECTOR PROGRAM PRIVATE LIMITED	Director	26/08/2003	26/08/2003	-	Active	NO
5	U67190DL1998PTC091660	GLOBAL AGRI SYSTEM PRIVATE LIMITED	Director	09/03/2009	02/03/2004	-	Active	NO
6	U01409KA2004PTC034446	KATRA PHYTOCHEM PRIVATE LIMITED	Director	06/08/2004	06/08/2004	-	Amalgamated	NO
7	L24233KL1992PLC006592	KERALA AYURVEDA LIMITED	Director	30/09/2009	31/01/2009	-	Active	NO
8	U74140KA2003PTC031511	AYURVEDAGRAM HERITAGE WELLNESS CENTRE PRIVATE LIMITED	Additional director	05/05/2009	05/05/2009	-	Active	NO
9	U85110KA2001NPL029777	ASHA MEDICAL FOUNDATION PRIVATE LIMITED	Director	01/02/2010	01/02/2010	-	Active	NO
10	U73100KA2011PTC057886	RENOVEL DISCOVERIES PRIVATE LIMITED	Director	28/03/2011	28/03/2011	-	Active	NO
11	U74140DL2004PTC131725	GLOBAL NUTRIFOOD PRIVATE LIMITED	Additional director	17/08/2011	17/08/2011	-	Active	NO
12	U73100KL2011NPL029298	KAL AYURVEDA RESEARCH AND EDUCATION FOUNDATION	Director	05/09/2011	05/09/2011	-	Active	NO

Name :

Mr. Ramesh Vangal

Designation :

Director

Address :

7, International Business Park, 05-00, Transtech Building, Jurong East, 601119 , Singapore

Date of Birth/Age :

28.07.1954

Date of Appointment :

14.08.1997

DIN No.:

00064018

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	U01122DL1989PTC038321	SEGROW BIO-TECHNICS (INDIA) PRIVATE LIMITED	Director	09/11/1989	09/11/1989	-	Active	NO
2	U45201KA1995PTC017371	ARUDRAMA DEVELOPMENTS PRIVATE LIMITED	Director	14/07/1997	14/07/1997	-	Active	NO
3	U15134KA1996PTC020933	KATRA PHYTOCHEM (INDIA) PRIVATE LIMITED	Director	14/08/1997	14/08/1997	-	Active	NO
4	U67190DL1998PTC091660	GLOBAL AGRI SYSTEM PRIVATE LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
5	U85195TN2002PTC048412	APOLLO ASHA BIOELECTRO PRIVATE LIMITED	Director	02/12/2002	02/12/2002	-	Strike off	NO
6	U63023KA2002PTC030146	KATRA MARINE PRIVATE LIMITED	Director	26/05/2003	26/05/2003	-	Active	NO
7	U63010DL2003PTC181975	KATRA WILHELMSEN LOGISTICS PRIVATE LIMITED	Director	09/07/2003	09/07/2003	-	Active	NO
8	U05190KA2003PTC032633	KATRA HOLDING PRIVATE LIMITED	Director	25/09/2003	25/09/2003	-	Active	NO
9	U18101KA2004PTC034293	TULA TRADING PRIVATE LIMITED	Director	31/07/2004	31/07/2004	30/03/2009	Active	NO
10	U15531KA2004PTC033886	MASON AND SUMMERS ALCOBEV PRIVATE LIMITED	Director	17/03/2006	17/03/2006	-	Active	NO
11	L24233KL1992PLC006592	KERALA AYURVEDA LIMITED	Director	02/09/2006	02/09/2006	-	Active	NO
12	U85110KA2001NPL029777	ASHA MEDICAL FOUNDATION PRIVATE LIMITED	Director	30/09/2006	30/09/2006	09/08/2010	Active	NO
13	U74140KA2003PTC031511	AYURVEDAGRAM HERITAGE WELLNESS CENTRE PRIVATE LIMITED	Director	30/09/2006	30/09/2006	-	Active	NO
14	U63040KA2004PTC034827	MASON AND SUMMERS LEISURE PRIVATE LIMITED	Director	26/06/2007	26/06/2007	-	Active	NO
15	U01551KA2005PTC036347	MASON AND SUMMERS MARKETING SERVICE PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
16	U63022MP1999PTC013910	INDORE AGRISYSTEM PRIVATE LIMITED	Director	30/09/2009	27/03/2009	29/08/2012	Active	NO
17	U74996DL2006PTC149714	AMAYA FOODS PRIVATE LIMITED	Director	30/09/2009	27/03/2009	29/08/2012	Active	NO
18	U01403DL2007PTC162746	SUNSHINE AGRISYSTEM PRIVATE LIMITED	Director	30/09/2009	27/03/2009	29/08/2012	Active	NO
19	U74140DL2004PTC131725	GLOBAL NUTRIFOOD PRIVATE LIMITED	Director	12/07/2012	12/07/2012	-	Active	NO

Name :

Mr. Gokul Patnaik

Designation :

Director

Address :

# K-13 A, Hauz Khas Enclave, New Delhi - 110 016, India

Date of Birth/Age :

15.11.1946

Date of Appointment :

12.06.1999

DIN No.:

00027915

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	U67190DL1998PTC091660	GLOBAL AGRI SYSTEM PRIVATE LIMITED	Director	13/01/1998	13/01/1998	-	Active	NO
2	U74140DL1998PTC093465	GOKUL PATNAIK ASSOCIATES PRIVATE LIMITED	Director	28/04/1998	28/04/1998	-	Active	NO
3	U15134KA1996PTC020933	KATRA PHYTOCHEM (INDIA) PRIVATE LIMITED	Director	12/06/1999	12/06/1999	-	Active	NO
4	U01122DL1989PTC038321	SEGROW BIO-TECHNICS (INDIA) PRIVATE LIMITED	Director	14/08/2000	14/08/2000	-	Active	NO
5	U63023KA2002PTC030146	KATRA MARINE PRIVATE LIMITED	Director	26/05/2003	26/05/2003	-	Active	NO
6	U63010DL2003PTC181975	KATRA WILHELMSEN LOGISTICS PRIVATE LIMITED	Director	09/07/2003	09/07/2003	-	Active	NO
7	U05190KA2003PTC032633	KATRA HOLDING PRIVATE LIMITED	Director	25/09/2003	25/09/2003	09/08/2010	Active	NO
8	U01551KA2003PTC032105	KATRA LIQUOR PRIVATE LIMITED	Director	31/07/2004	31/07/2004	09/08/2010	Active	NO
9	U18101KA2004PTC034293	TULA TRADING PRIVATE LIMITED	Director	31/07/2004	31/07/2004	24/04/2009	Active	NO
10	U15531KA2004PTC033886	MASON AND SUMMERS ALCOBEV PRIVATE LIMITED	Director	31/07/2004	31/07/2004	-	Active	NO
11	U01409KA2004PTC034446	KATRA PHYTOCHEM PRIVATE LIMITED	Director	09/08/2004	09/08/2004	-	Amalgamated	NO
12	U45201KA1995PTC017371	ARUDRAMA DEVELOPMENTS PRIVATE LIMITED	Director	31/08/2004	31/08/2004	09/08/2010	Active	NO
13	U85110KA2001NPL029777	ASHA MEDICAL FOUNDATION PRIVATE LIMITED	Director	31/08/2004	31/08/2004	09/08/2010	Active	NO
14	U01122KA1998PTC023509	AVAN AGRO-TECH PRIVATE LIMITED	Director	31/08/2004	31/08/2004	-	Active	NO
15	U63040KA2004PTC034827	MASON AND SUMMERS LEISURE PRIVATE LIMITED	Director	07/10/2004	07/10/2004	09/08/2010	Active	NO
16	U74140DL2004PTC131725	GLOBAL NUTRIFOOD PRIVATE LIMITED	Director	31/12/2004	31/12/2004	-	Active	NO
17	U15532DL2005PTC136903	SEEBHAL DISTILLERY PRIVATE LIMITED	Director	31/05/2005	31/05/2005	26/04/2013	Active	NO
18	U01551KA2005PTC036347	MASON AND SUMMERS MARKETING SERVICE PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Active	NO
19	U51109DL1997PTC085784	HHS INDIA PRIVATE LIMITED	Director	30/11/2006	30/11/2006	01/03/2007	Active	NO
20	U22222DL2007PTC163072	KATRA VISION PRIVATE LIMITED	Director	08/05/2007	08/05/2007	-	Strike off	NO
21	U01403DL2007PTC162746	SUNSHINE AGRISYSTEM PRIVATE LIMITED	Director	14/05/2007	14/05/2007	-	Active	NO
22	U41000DL2007PTC167537	BLUE WATER PROJECT PRIVATE LIMITED	Director	30/08/2007	30/08/2007	20/03/2012	Active	YES
23	U74996DL2006PTC149714	AMAYA FOODS PRIVATE LIMITED	Director	30/09/2008	04/10/2007	-	Active	NO
24	U63022MP1999PTC013910	INDORE AGRISYSTEM PRIVATE LIMITED	Director	30/09/2008	14/01/2008	-	Active	NO
25	U55101OR1995PLC004224	MAYFAIR HOTELS & RESORTS LIMITED	Director	04/03/2010	04/03/2010	-	Active	NO
26	U67120DL2008PLC182140	INDIAN COMMODITY EXCHANGE LIMITED	Nominee director	25/02/2011	25/02/2011	-	Active	NO
27	U01403DL2011PTC218307	INDIAN AGRI SERVICES PRIVATE LIMITED	Director	29/04/2011	29/04/2011	02/11/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Ganesh
Designation :	Account Department
Name :	Mr. K.S. Srinivasa Iyengar
Designation :	Secretary,
Address :	"Yogashri", # 270, I Block, Ii Main, 8th Cross, R.T. Nagar, Bangalore – 560032, Karnataka, India
Date of Birth/Age :	01.03.1939
Date of Appointment :	02.08.2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

Names of Shareholders	No. of Shares
Jacob Thomas Avoorathu	250000
Ramesh Vangal (HUF)	1457000
Tita Patnaik	40000
Gokul Patnaik	106000
Katra Estate Private Limited, Mauritius	1743000
Katra Holding Private Limited	4100000
Gokul Patnaik Associates Private Limited	104000
Total	7800000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	22.35
Bodies corporate	52.56
Directors or relatives of Directors	25.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical Product.

Products :

Item Code No.	Product Description
32030090	Lutein and Formulations thereof
13019045	Marigold Oleoresin

Exports :

Products :

Finished Good

Countries :

France

Terms :

Selling :

Cash and credit

Purchasing :

Cash and credit, Depend

GENERAL INFORMATION

Customers :

· Retailers

· End Users

No. of Employees :

110 (Approximately)

Bankers :

· Axis Bank Limited, Corporate Banking Branch, Queens Road, Bangalore - 560001, Karnataka, India

· State Bank of India, Overseas Branch, M.G. Road, Bangalore - 560001, Karnataka, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks (Equitable Mortagage of immovable assets and further secured by hypothecation of entire current assets of the company)	139.142	138.557
Total	139.142	138.557

Banking Relations :	--
Auditors :
Name :	A J S and Associates Chartered Accountants
Address :	313 - 314, Richmond Towers, No.12, Richmond Road, Bangalore - 560025, Karnataka, India
Tel. No.:	91-80- 22219261
Fax No.:	91-80- 22217293
E-Mail :	office@ajsca.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFA3729M
Holding Company:	· Katra Holding Private Limited, India CIN: U05190KA2003PTC032633
Subsidiary Company:	· Katra Phytochem (Singapore) Pte Limited
Associate:	· Tula Trading Private Limited, India CIN: U18101ka2004ptc034293 · Mason And Summers Leisure Private Limited, India CIN: U63040ka2004ptc034827 · Ayurvedagram Heritage Wellness Centre Private Limited, India CIN: U74140ka2003ptc031511 · Kerala Ayurveda Limited, India CIN: L24233kl1992plc006592 · Avan Agro-Tech Private Limited, India CIN: U01122ka1998ptc023509

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7800000	Equity Shares	Rs.10/- each	Rs. 78.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	78.000	78.000	78.000
(b) Reserves & Surplus	137.389	114.782	59.615
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	215.389	192.782	137.615
(3) Non-Current Liabilities
(a) long-term borrowings	4.013	0.000	0.000
(b) Deferred tax liabilities (Net)	13.511	11.794	8.598
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17.524	11.794	8.598
(4) Current Liabilities
(a) Short term borrowings	313.404	162.207	322.401
(b) Trade payables	19.556	10.528	14.180
(c) Other current liabilities	24.212	40.383	17.085
(d) Short-term provisions	2.698	0.000	0.000
Total Current Liabilities (4)	359.870	213.118	353.666
TOTAL	592.783	417.694	499.879
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	134.224	136.728	127.293
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.358	1.343	1.309
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.634	1.804	1.561
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	137.216	139.875	130.163
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	226.248	126.613	63.376
(c) Trade receivables	65.950	79.599	75.613
(d) Cash and cash equivalents	6.490	23.211	170.872
(e) Short-term loans and advances	156.879	48.396	59.855
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	455.567	277.819	369.716
TOTAL	592.783	417.694	499.879

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	315.127	325.704	244.800
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		71.695	94.682	7.241
Less	FINANCIAL EXPENSES (D)		27.158	11.206	1.383
	PROFIT BEFORE TAX, DEPRECIATION, PRELIMINARY EXPENSES AND AMORTISATION (C-D) (E)		44.537	83.476	5.858
Less/ Add	DEPRECIATION/ AMORTISATION / PRELIMINARY EXPENSES (F)		9.782	8.653	2.515
	PROFIT BEFORE TAX (E-F) (G)		34.755	74.823	3.343
Less	TAX (H)		12.147	19.656	(0.122)
	PROFIT AFTER TAX (G-H) (I)		22.608	55.167	3.465
	Earnings Per Share (Rs.)		2.90	7.07	4.44

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	5.88	17.97	0.67
Return on Investment (ROI) (PBT/Networth)		0.16	0.39	0.02
Debt Equity Ratio (Total Debt /Networth)		1.47	0.39	0.02
Current Ratio (Current Asset/Current Liability)		1.27	1.30	0.01

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No

BUSINESS REVIEW:

During the year, the company achieved a turnover of Rs.315.127 Millions and reported Profit of Rs. 22.608 Millions, as against a turnover of Rs.325.704 Millions and Profit of Rs. 55.167 Millions during the previous year.

The company continues to focus on expanding its market share for value added products and maintained the turnover of the same. However the adverse market conditions, for Oleoresin sales, resulted in reduction of turnover by about 3 % as compared to the Previous year. During the current year, the company has taken new initiatives by entering into strategic alliance for marketing its products to ensure steady growth.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans taken for fixed assets	4.013	0.000
Short-term borrowings
Intercorporate borrowings	174.263	15.260
Loans taken for fixed assets	0.000	8.390
Total	178.276	23.650

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10357356	08/05/2012	15,200,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, EXPRESS BUILDING, 2ND FLOOR, NO. 1, QUEENS ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B40215071
2	10031119	30/07/2013 *	157,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, QUEENS ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B82008939
3	10028059	15/11/2006	160,000,000.00	UTI BANK LIMITED	ESQUIRE CENTRE NO. 9 M G ROAD, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	A07722200
4	10025759	15/11/2006 *	160,000,000.00	UTI BANK LIMITED	NO 9 ESQUIRE CENTRE M G ROAD, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	A06694749
5	90198549	14/03/2005 *	77,500,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH; ST MARK'S ROAD, BANGALORE, KARNATAKA - 560001, INDIA	-
6	90197838	18/10/2000	15,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, M.G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	-
7	90197263	18/10/2000 *	12,500,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, M.G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	-
8	90200213	18/10/2000 *	12,500,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	-
9	90200140	28/02/1997 *	12,200,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	VIKAS DEEP, STATION ROAD, LUCKNOW, UTTAR PRADESH, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipment’s

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment’s

· Other equipment’s

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.61.67
UK Pound	1	Rs.100.65
Euro	1	Rs.84.25

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.