MIRA INFORM REPORT

Report Date :

20.07.2013

IDENTIFICATION DETAILS

Name :	ASHAPURA AROMAS PRIVATE LIMITED
Registered Office :	Unit 22/23, Champaklal Industrial Estate, Sion (East), Mumbai-400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.07.2003
Com. Reg. No.:	11-139985
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U24244MH2003PTC139985
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Aromatic Chemicals
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company and a reputed company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 1 B
Rating Explanation	Highest performance capability and moderate financial strength
Date	13 March 2013

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 DENIED BY

Name :	Mr. Bhushan
Designation :	Account Department
Contact No.:	91-22-24074493
Date :	19.07.2013

LOCATIONS

Registered Office :	Unit 22/23, Champaklal Industrial Estate, Sion (East), Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-24074493/24012225/24091923
Fax No.:	91-22-24076336
E-Mail :	gudka@vsnl.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Ajaykiran Kantilal Gudka
Designation :	Director
Address :	78/2, Mehta Building, Jain Society, Sion West, Mumbai-400022, Maharashtra, India
Date of Birth/Age :	27.02.1969
Qualification :	Graduate
Date of Appointment :	09.04.2003
Election commission Identity Card No.:	MT/06/035/180768
DIN No.:	01253267
Name :	Mrs. Harsha Ajaykiran Gudka
Designation :	Director
Address :	78/2, Mehta Building, Jain Society, Sion West, Mumbai-400022, Maharashtra, India
Date of Birth/Age :	18.09.1968
Qualification :	Graduate
Date of Appointment :	09.04.2003
DIN No.:	01253153
Name :	Mr. Nayan Kantilal Gudka
Designation :	Director
Address :	78/2, Mehta Building, Jain Society, Sion West, Mumbai-400022, Maharashtra, India
Date of Birth/Age :	19.09.1977
Date of Appointment :	01.05.2009
Election commission Identity Card No.:	DCF1026087
DIN No.:	02406744

KEY EXECUTIVES

Name :	Mr. Bhushan
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ajaykiran Kantilal Gudka	4991
Harsha Ajaykiran Gudka	5000
Kantilal Hemraj Gudka	1
Hansa Kantilal Gudka	1
Nayan Kantilal Gudka	1
Nehal Nayan Gudka	1
Kantilal Hemraj Gudka (huf)	1
Ajaykiran Kantilal Gudka (huf)	1
Shreya Ajaykiran Gudka	1
Kairvi Ajaykiran Gudka	1
Rayansh Nayan Gudka	1
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Aromatic Chemicals

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

Citi Bank NA, Trent House, 2^nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, India

Union Bank of India, Sion Branch, Sunita Apartments, 169/B, Sion (East), Mumbai – 400022, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans from Bank Repayable on demand Cash Credit facility from Bank Secured by Hypothecation of Stock and Book Debts of the company and Mortgage of the Properties of the Directors and share holders and Personal Guarantee of Directors and share holders of the company.	3.982	22.773
Total	3.982	22.773

Banking Relations :	--
Auditors :
Name :	Dipesh J Mehta and Company Chartered Accountants
Address :	201, Swasti House, 70, Kazi Sayed Street, Mumbai – 400003, Maharashtra, India
Tel. No.:	91-22-23438669
Fax No.:	91-22-66346374
E-Mail :	dipeshjmehta@hotmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAEPM3651M
Enterprises over which Major Shareholders, Key Management Personnel and their relatives have significant influence:	· Anupam Industries · Kwality Aromas · AIM Enterprise · Anupam Ingrediants Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs. 1.000 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	1.000	1.000
(b) Reserves & Surplus	97.842	74.257
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	98.842	75.257
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.475	0.285
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.475	0.285
(4) Current Liabilities
(a) Short term borrowings	206.896	190.413
(b) Trade payables	154.529	103.626
(c) Other current liabilities	16.095	6.469
(d) Short-term provisions	5.220	4.848
Total Current Liabilities (4)	382.740	305.356
TOTAL	482.057	380.898
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.239	7.343
(ii) Intangible Assets	0.030	0.050
(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	10.232	0.088
(e) Other Non-current assets	15.379	8.925
Total Non-Current Assets	47.880	16.406
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	145.417	168.179
(c) Trade receivables	280.845	182.915
(d) Cash and cash equivalents	2.418	8.448
(e) Short-term loans and advances	5.497	4.950
(f) Other current assets	0.000	0.000
Total Current Assets	434.177	364.492
TOTAL	482.057	380.898

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		40.683
4] (Accumulated Losses)		0.000
NETWORTH		40.783
LOAN FUNDS
1] Secured Loans		54.937
2] Unsecured Loans		85.437
TOTAL BORROWING		140.374
DEFERRED TAX LIABILITIES		0.202
TOTAL		181.359
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.021
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	97.893
	Sundry Debtors	140.926
	Cash & Bank Balances	1.644
	Other Current Assets	0.000
	Loans & Advances	10.844
Total Current Assets		251.307
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	70.201
	Other Current Liabilities	0.402
	Provisions	4.370
Total Current Liabilities		74.973
Net Current Assets		176.334
MISCELLANEOUS EXPENSES		0.004
TOTAL		181.359

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	968.313	726.169	469.560
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	930.975	672.451	456.435
	PROFIT BEFORE TAX		37.338	53.718	13.125
Less	TAX		12.590	18.083	4.517
	PROFIT AFTER TAX		24.748	35.635	8.608
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	3.630	29.942
		Commission	0.000	0.482
	TOTAL EARNINGS		3.630	30.424	16.477
	VALUE OF IMPORTS ON C.I.F. BASIS		NA	230.561	133.245
	Earnings Per Share (Rs.)		2474.80	3563.54	8607.70

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.56	4.91	1.83
Return on Total Assets (PBT/Total Assets}	(%)	7.75	14.10	5.22
Return on Investment (ROI) (PBT/Networth)		0.38	0.71	0.32
Debt Equity Ratio (Total Debt /Networth)		2.09	2.53	3.44
Current Ratio (Current Asset/Current Liability)		1.13	1.19	3.35

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	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	Yes
34]	External Agency Rating, if available	Yes

OPERATIONS

During the year the company has achieved Sales Turnover of Rs. 965.546 Millions (Previous year Rs. 723.956 Millions) there is a growth of 33% over a previous financial year. The growth is0020remarkable in the competitive circumstances in the industry

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans from Bank Repayble on demand Overdraft facility from Bank Against deposit receipt of Third Party	0.000	2.162
Loans and advances from related Parties	202.914	165.478
Total	202.914	167.640

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24244MH2003PTC139985
Name of the company	ASHAPURA AROMAS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit 22/23, Champaklal Industrial Estate, Sion (East), Mumbai-400022, Maharashtra, India Email: gudka@vsnl.com
This form is for	Creation of charge
Type of charge	· Immovable property
Particular of charge holder	CIN: U24244MH2003PTC139985 Citi Bank NA, Trent House, 2^nd Floor, G Block, Plot No. C60, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra, India Email: roc@sdpa.in
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	25.10.2012
Amount secured by the charge	Rs.44.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms and as may be decided by the bank and company mutually from time to time. 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 exclusive charge on land and building on immovable property situated at: 1. Godown Nos.1, 2, 3, 6, 7, 8, 9 and 10, Building No.D-4, Shri Arihant Complex, Village Kalher Bhiwandi 2. Godown Nos. 5, 6 and 7, Building No.31, Shri Arihant Complex, Village Kalher Bhiwandi 3. Godown Nos. 1 and 2, Shed No. 61, Shri Arihant Complex, Village Kalher Bhiwandi. 4. Unit No. 18, Champaklal Industrial Estate, Sion East Mumbai- 400022 Others The repayment of all monies in respect of the banking facilities including outstanding balance and also all interests, costs, charges, expenses and other moneys payable to Citibank N.A as per Memorandum of Entry is secured by the properties.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Land and building on immovable property situated at Godown Nos.1, 2 and 3, Building No.D-4, Shri Arihant Complex, Village Kalher Bhiwandi Land and building on immovable property situated at 6, 7 and 8, Building No.D-4, Shri Arihant Complex, Village Kalher Bhiwandi Land and building on immovable property situated at Godown Nos. 9 and 10, Building No.D-4, Shri Arihant Complex, Village Kalher Bhiwandi Land and building on immovable property situated at Godown Nos. 5, 6 and 7, Building No.31, Shri Arihant Complex, Village Kalher Bhiwandi Land and building on immovable property situated at Godown Nos. 1 and 2, Shed No. 61, Shri Arihant Complex, Village Kalher Bhiwandi. Land and building on immovable property situated at Unit No. 18, Champaklal Industrial Estate, Sion East Mumbai- 400022

FIXED ASSETS

Tangible Assets

· Building

· Plant and Equipment

· Computers

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Computer Software

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.
UK Pound	1	Rs.
Euro	1	Rs.

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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.