MIRA INFORM REPORT

Report Date :

05.07.2013

IDENTIFICATION DETAILS

Name :	FINE ORGANIC INDUSTRIES PRIVATE LIMITED (w.e.f. 16.02.2009)
Formerly Known As :	FINE ORGANIC INDUSTRIES (MUMBAI) PRIVATE LIMITED
Registered Office :	Fine House, M.G. Road, Ghatkoper (East), Mumbai-400077, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.05.2002
Com. Reg. No.:	11-136003
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U24119MH2002PTC136003
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer additives and amides used in various industries such as food, plastic, rubber, paint and inks, these products are also used as auxiliaries for textiles and refinery chemicals.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

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 :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The Financial of 2011 and 2012 are not available. Mr. Menon, Office Executive had denied to disclose any detail of the subject to us. As per the financial of 2010, the external borrowing of the company appears to be huge. However, the status of the company is active in ROC. Payments are unknown. 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.

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB (Suspended) = Long Term Rating
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	27 November 2012

Rating Agency Name	CRISIL
Rating	A3+ (Suspended) = Short Term Rating
Rating Explanation	Moderate degree of safety and high credit risk
Date	27 November 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.

INFORMATION DECLINED BY

Name :	Mr. Menon
Designation :	Office Executive
Contact No.:	91-22-21025000
Date :	03.07.2013

LOCATIONS

Registered / Head Office :	Fine House, M.G. Road, Ghatkoper (East), Mumbai-400077, Maharashtra, India
Tel. No.:	91-22-21025000/21028899/20126666/25093400/1/2/3/4/5/6/7/8/9/10/11
Fax No.:	91-22-25162276/25153215
E-Mail :	info@fineorganics.com vijayan_k@fineorganics.com co.secretaries@gmail.com
Website:	http://www.fineorganics.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Jayen Ramesh Shah

Designation :

Director

Address :

1002, Indraprastha Building, Rajawadi, Ghatkopar East, Mumbai-400077, Maharashtra, India

Date of Appointment :

24.05.2002

DIN No.:

00106919

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	U74100MH1982PTC028539	SMOOTHEX CHEMICALS PRIVATE LIMITED	Director	21/10/1982	21/10/1982	-	Active	NO
2	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Director	19/08/1985	19/08/1985	-	Amalgamated	NO
3	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
4	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
5	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO

Name :

Mr. Tushar Ramesh Shah

Designation :

Director

Address :

1104, Indraprastha Building, Rajawadi, Ghatkopar East, Mumbai-400077, Maharashtra, India

Date of Appointment :

24.05.2002

DIN No.:

00107144

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	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
2	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Amalgamated	NO
3	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
4	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO

Name :

Mr. Mukesh Maganlal Shah

Designation :

Director

Address :

1003, Indraprastha Building, Rajawadi, Ghatkopar East, Mumbai-400077, Maharashtra, India

Date of Appointment :

24.05.2002

DIN No.:

00106799

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	U74100MH1982PTC028539	SMOOTHEX CHEMICALS PRIVATE LIMITED	Director	21/10/1982	21/10/1982	-	Active	NO
2	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Director	19/08/1985	19/08/1985	-	Amalgamated	NO
3	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PRIVATE LIMITED	Director	01/04/1996	01/04/1996	-	Active	NO
4	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
5	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO

Name :

Mr. Prakash Damodar Kamat

Designation :

Director

Address :

Neelkanth Tirth Co-operative Housing Society, Bungalow No.3, Road No. 6, Chembur, Mumbai-400071, Maharashtra, India

Date of Appointment :

24.05.2002

DIN No.:

00107015

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	U74100MH1982PTC028539	SMOOTHEX CHEMICALS PRIVATE LIMITED	Director	21/10/1982	21/10/1982	-	Active	NO
2	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Director	19/08/1985	19/08/1985	-	Amalgamated	NO
3	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PRIVATE LIMITED	Director	15/09/1987	15/09/1987	-	Active	NO
4	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	24/05/2002	24/05/2002	-	Active	NO
5	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Director	23/10/2003	23/10/2003	-	Active	NO

Name :

Ms. Bimal Mukesh Shah

Designation :

Additional director

Address :

1003, Indraprastha Building, Rajawadi, Ghatkopar East, Mumbai-400077, Maharashtra, India

Date of Appointment :

01.04.2011

DIN No.:

03424880

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	U24110MH1985PTC037177	OLEOFINE ORGANICS (INDIA) PRIVATE LIMITED	Additional director	01/10/2009	01/10/2009	-	Amalgamated	NO
2	U24119MH2002PTC136003	FINE ORGANIC INDUSTRIES PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	-	Active	NO
3	U24100MH1987PTC044410	FINE SPECIALITY SURFACTANTS PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	-	Active	NO
4	U73100MH2003PTC142832	FINE RESEARCH AND DEVELOPMENT CENTRE PRIVATE LIMITED	Additional director	01/04/2011	01/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Menon
Designation :	Office Executive
Name :	Mr. Vijay
Designation :	Senior Executive

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Mukesh Maganlal Shah	807884
Jayen Ramesh Shah	807308
Prakash Damodar Kamat	941350
Tushar Ramesh Shah	859572
Smoothex Chemicals Private Limited, India	1142
Jyotsna Ramesh Shah	922479
Jayshree Mukesh Shah	80600
Bimal Mukesh Shah	52300
Neeta Jayen Shah	80600
Shailee Jayen Shah	12000
Manali Jayen Shah	12000
Bina Tushar Shah	52300
Rhea Tushar Shah	17000
Esha Tushar Shah	17000
Miti Jitendra Gandhi	571
Harsha Jitendra Gandhi	567
Jayantilal P. Gandhi (HUF)	5
Muktaben Jitendra Gandhi	5
Vaibhav Jitendra Gandhi	5
Heman V. Mehta	5
Bina Vinod Mehta	5
Jayen R. Shah HUF	50945
Tushar R. Shah HUF	16985
Mukesh M. Shah HUF	23211
Prakash D. Kamat HUF	22645
V D Mehta HUF	5
R M Shah HUF	51507
TOTAL	4829996

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	0.02
Directors or relatives of Directors	99.96
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer additives and amides used in various industries such as food, plastic, rubber, paint and inks, these products are also used as auxiliaries for textiles and refinery chemicals.

PRODUCTION STATUS [AS ON 31.03.2010]

Installed Capacity	25000 Tons Phase I
	5000 Tons Phase II – Line I
	5000 Tons Phase II – Line II

PRODUCTION:

Particular	Production Qty. Tonnes
Finalux G-161	183.59
N.B. Stearate	148.36
SMS (Flakes and Powder)	195.98
Calcium Propionate (Agglomerated)	356.40
GMS Powder and Flakes	3515.29
Glyceryl Di-Ricinoleate	0.13
Fynol - 40	178.51
Fineset - 35	119.10
Finamul - P - 4107	175.36
Finamul - 97	1018.52
Gemesol	138.43
Finawax - VL	104.68
Finawax - SE (Powder and Beads)	168.55
Finawax - O (Beads and Microbeads)	990.13
Finawax - E (Beads and Microbeads)	1936.44
Finawax - C (Beads and Fine Powder)	827.02
GMS 40	75.90
Finanox - 18	162.32
Finamul - VR - 42	222.22
Finamul – 9750	368.96
Finamul - 1909	137.29
Rubaid - 222	80.68
Finalux - G - 9180	122.40
Finalux - G - 9020	128.33
Finalux - G - 748	108.25
Finalux - G - 741	140.70
Finalux - G - 701	281.33
Finalux - G - 605	151.12
Finalux - G - 602	121.18
Sorbiton Tri Stearate (STS)	67.66
Plastaid - GR - 943	89.11
Plastaid - 440	87.78
HMGL Liquid	83.56
Finoleic - 70	117.27
Finastat - STIMP	74.05
Finamul - PGE (Powder and Flakes)	98.28
Finamul – 90	55.08
Finamul - 87	63.91
Finalux - G - 322	73.63
Finalux - G - 321	43.58
Finalux - G3	111.25
Finalux - G171	55.78
Finalux - G101	79.03
Finagel	77.59

NOTE: The installed capacity is as certified by technical director and being a technical matter is relied upon by Auditors.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

• Union Bank of India, Ghatkopar (East) Branch, Silver Court, 1^st Floor, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
• Citi Bank N.A. Trent House, 2nd Floor, G Block, Plot No. C 60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Bank :
a) Term Loans (Secured against hypothecation of Land and Building and Plant and Machinery)	59.993	90.364
b) Foreign Currency Term Loan (Secured against equitable mortgage over Land and Building and Plant and Machinery)	225.000	225.000
c) Cash Credit (Secured against hypothecation of stock and book debts)	243.404	256.941
d)Bank Overdraft (Secured against hypothecation of stock and book debts)	0.000	2.561
TOTAL	528.397	574.866

Banking Relations :	--
Auditors :
Name :	D B Shah and Associates Chartered Accountants
Address :	310, D S Trade Centre, Kirol Road Vidyavihar West Mumbai - 400086 Maharashtra India
PAN No:	AACPS9152R
Other Related Parties :	Oleofine Organics (India) Private Limited Fine Organic Industries Fine Speciality Surfuctants Private Limited Fine Research and Development Centre Private Limited Smoothex Chemicals Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5100000	Equity Shares	Rs. 10/- each	Rs. 51.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4829996	Equity Shares	Rs. 10/- each	Rs. 48.300 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1999995	Equity Share	Rs. 10/- each	Rs. 20.000 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		20.000	20.000	1.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		92.739	0.000	0.000
4] (Accumulated Losses)		0.000	(66.778)	(57.965)
NETWORTH		112.739	(46.778)	(56.865)
LOAN FUNDS
1] Secured Loans		528.397	574.866	415.245
2] Unsecured Loans		447.214	331.359	272.949
TOTAL BORROWING		975.611	906.225	688.194
DEFERRED TAX LIABILITIES		6.726	0.000	11.125
TOTAL		1095.076	859.447	642.454
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		628.670	561.977	269.489
Capital work-in-progress		0.200	0.000	224.793
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	220.842	159.660	140.660
	Sundry Debtors	215.433	109.558	81.432
	Cash & Bank Balances	213.696	34.159	6.244
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	156.100	96.674	85.415
Total Current Assets		806.071	400.051	313.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	231.664	82.022	147.386
	Other Current Liabilities	12.493	19.924	17.516
	Provisions	95.708	0.807	0.707
Total Current Liabilities		339.865	102.753	165.609
Net Current Assets		466.206	297.298	148.142
MISCELLANEOUS EXPENSES		0.000	0.172	0.030
TOTAL		1095.076	859.447	642.454

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1593.781	1068.020	682.691
		Other Income	101.779	77.541	2.089
		TOTAL (A)	1695.560	1145.561	684.780
Less	EXPENSES
		Cast of materials		758.676	487.615
		Manufacturing and Other Expenses		203.654	155.982
		Variation in stock		5.419	(13.611)
		TOTAL (B)	1435.123 (Including Financial and Depreciation)	967.749	629.986
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			177.812	54.794
Less	FINANCIAL EXPENSES (D)			137.282	50.847
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			40.530	3.947
Less/ Add	DEPRECIATION/ AMORTISATION (F)			65.883	45.428
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		260.437	(25.353)	(41.481)
Less	TAX (H)		54.276	(16.540)	(2.823)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		206.161	(8.813)	(38.658)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(66.778)	(57.965)	(19.307)
	BALANCE CARRIED TO THE B/S		139.383	(66.778)	(57.965)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	956.873	443.931	166.806
	IMPORTS
		Raw Materials	190.348	222.978	106.589
		Laboratory	1.550	0.000	0.000
		Plant and Machinery	3.141	6.177	0.000
	TOTAL IMPORTS		195.039	229.155	106.589
	Earnings/ (Loss) Per Share (Rs.)		103.08	(88.13)	(35.14)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	12.16	(0.77)	(5.65)
Net Profit Margin (PBT/Sales)	(%)	16.34	(2.37)	(6.08)
Return on Total Assets (PBT/Total Assets}	(%)	18.15	(2.64)	(7.11)
Return on Investment (ROI) (PBT/Networth)		2.31	(0.54)	(0.73)
Debt Equity Ratio (Total Debt /Networth)		8.65	(19.37)	(12.10)
Current Ratio (Current Asset/Current Liability)		2.37	3.97	1.89

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	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	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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

UNSECURED LOAN:

Particulars	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors	249.216	187.569
From Shareholders	197.998	143.790
TOTAL	447.214	331.359

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24119MH2002PTC136003
Name of the company	FINE ORGANIC INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Fine House, M.G. Road, Ghatkoper (East), Mumbai-400077, Maharashtra, India Email ID : co.secretaries@gmail.com
This form is for	Creation of charge
Type of charge	Book debts Floating charge Others (Stocks)
Particular of charge holder	Citi Bank N.A. Trent House, 2nd Floor, G Block, Plot No.C60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India Email ID : pintu.das@citi.com
Nature of instrument creating charge	Goods security Agreement
Date of instrument Creating the charge	10.01.2013
Amount secured by the charge	Rs. 144.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 13.00% per annum. Terms of Repayment Repayable on demand, annually renewable. Margin Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the bank. Extent and Operation of the charge First pari-passu charge by hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets both present and future in favour of Citibank N.A for Rs. 144.000 Millions and Union Bank of India for Rs. 240.000 Millions for the repayment of all monies in respect of the credit facility, including outstanding balance and also all interest, costs, charges and expenses.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets both present and future

NEWS:

FINE ORGANICS INAUGURATES A 10,000 MTPA DMG FACILITY NEAR MUMBAI

On March 18, 2012, Fine Organics inaugurated its newest facility dedicated to the production of distilled mono-glycerines (GMS) near Mumbai.

The 10,000 MTPA facilities is designed in keeping with Fine's high standards in plant safety, productivity and controls. The world-class facility, built with in-house knowledge and technology expertise, is a result of the collaborative efforts of Fine's R and D team and the Projects team.

Fine Organics finds itself in the middle of a high growth market in India and abroad. It is witnessing a surging global demand for specialty additives derived from plant sources. The new facility will enable Fine to stay ahead of this demand and to increase its reach and presence locally as well as globally. Fine Organics is determined to maintain its reputation as a leading global supplier of specialty additives by building such facilities. These facilities feature a safe work environment, a high level of productivity and consistent quality achieved through complete process automation and a streamlined organizational structure. The new facility is one of the many expansions planned by Fine Organics until 2013.

FINE ORGANICS ORGANIZES A POLYMER ADDITIVE APPLICATION AND PRODUCT DEVELOPMENT WORKSHOP

Fine Organics organized a two day polymer additive application and product development workshop at its Fine Research and Development Centre in Navi Mumbai. The event was attended by the Fine Organics Plastics team and several of its regional distributors. The program was aimed at educating the attendees about the various industry standard tests, equipment and metrics used to technically evaluate polymer additives.

The agenda consisted of a series of experiments prepared and conducted by Narendra Ayare, Application Head for Polymer Additives, and Souvik Sengupta, Technical Manager for Polymer Additives, in close collaboration with the Fine R and D team. The agenda included conducting tests that measured filter pressure, hydrophilic and hydrophobic nature of polymer additives. Additionally, studies were undertaken to evaluate and prove superior antifogging, rheological, dispersion, slip, anti-scratching, purging, anti-static, mold release and torque release properties of Fine's range of additives.

According to Mukesh Shah, Director of Marketing, the event, a first of its kind at Fine, proved to be a useful avenue for its distributors by giving them an inside looks at what goes on at the state-of-the-art Fine Research and Development Centre. A hands-on approach to conducting these tests and evaluating the results, gave the attendees increased confidence in Fine's products. Fine Organics thanks all the attendees for their time and participation in the workshop.

FINE ORGANICS ORGANIZES BAKERY INGREDIENTS AND TECHNOLOGY TRAINING WORKSHOP FOR ITS CUSTOMERS AND DISTRIBUTORS

The Fine Organics Foods team conducted a bakery training workshop at the Fine Research and Development Centre in Navi Mumbai. Attendees included several of Fine's customers, agents and distributors. The training course was aimed at creating technical awareness surrounding the science and technology involved in process of baking.

The agenda consisted of a series of presentations related to industrial production of breads and cakes made by industry veteran and bakery technology expert, Mr. Hartmuth Goelitz. Ms. Shaili Shah, Fine's in-house expert on Baking ingredients, explained the role of Fine's additives in enhancing the quality of baked goods. Lab trials focused on breads, cakes, cookies and rusks were conducted in the centre's food application lab.

According to Mr. Jayen Shah, Director of Fine Organics, it is the responsibility of Fine to create sufficient technical awareness about the use of its specialty food additives among its distributors and its customers. Fine Organics hopes that such training will help its customers gain insights into the optimum use of Fine additives in their own production processes to achieve desirable end results. Fine Organics has always followed a customer-centric product development strategy. The workshop created an avenue for Fine to discuss and understand the bakery industry's needs and challenges. Fine Organics thanks all the attendees for their time and participation in the workshop.

FINE ORGANICS ADDS AN INJECTION MOLDING MACHINE AND A SPECTROPHOTOMETER AT ITS R AND D CENTRE

The Fine R and D Centre has added two more machines, an injection molding machine and a spectrophotometer, to its state-of-the-art application lab for polymer additives. Fine will use these machines to develop and enhance their line of slip additives, dispersants, antistatic agents and flow improvers.

The Injection Molding machine along with the relevant moulds will facilitate an in-depth study a wide range of additive functions. For example, a step chip mould will aid in developing data on the effect and efficiency of Fine's range of dispersing additives for filled / color formulations. The surface resistivity specimen mould will perform accurate testing of Fine's Antistatic additives range. The spiral flow mould will help in quantification of flow measurement with Fine's range of flow improvers. The cap mould will help to generate useful data on torque release measurements.

The Spectrophotometer will provide quantifiable data on dispersion characteristics in filled/color formulations. It will also help in calculating the required dosage of Fine's dispersing additives to achieve optimum results in master batches and compounds.

The Fine Organics team is focused on delivering innovative products cantered around its customer's needs. A high-tech application laboratory is instrumental in helping us achieve this objective.

FINE ORGANICS LAUNCHES NEW COMPANY WEBSITE

Fine Organics has launched a revamped version of its website featuring improved performance, easy navigation and rich information. The Fine homepage now shows the newest announcements as well as upcoming events and exhibitions that it will be participating in.

Information on Fine's product range is now available via a product navigator in the 'Products' section of the website. Also featured in the new website are pictures from Fine's research and manufacturing facilities. The website has a 'Resources' section offering the presentations that our experts have made in conferences and seminars. Fine Organics hopes that the new website will be an effective communication medium by enabling its customers, distributors and visitors to find information easily and efficiently.

FIXED ASSETS:

• Factory Land
• Factory Building
• Plant and Machinery- Mechanical
• Plant and Machinery
• Furniture and Fixture
• Automobiles
• Air-Conditioner
• Computer System
• Office Equipments

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. 60.10
UK Pound	1	Rs. 91.07
Euro	1	Rs. 77.95

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		19

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.