MIRA INFORM REPORT

Report Date :

06.06.2013

IDENTIFICATION DETAILS

Name :	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED
Registered Office :	A – 127, Okhala Industrial Area, Phase – II, New Delhi – 110020, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.05.1991
Com. Reg. No.:	55-044438
Capital Investment / Paid-up Capital :	Rs.9.603 Millions
CIN No.: [Company Identification No.]	U74899DL1991PTC044438
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial Flavor, Fragrances, Essential Oils.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 398000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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

Name :	Mr. Rohit Gogia
Designation :	Director
Contact No.:	91-9810111253
Date :	30.05.2013

LOCATIONS

Registered Office :	A – 127, Okhala Industrial Area, Phase – II, New Delhi – 110020, Delhi, India
Tel. No.:	91-120-25612851
Mobile No.:	91-9810111253 (Mr. Rohit)
Fax No.:	91-120-2561281
E-Mail :	info@gogia.com pratapvikram_ca@rediffmail.com
Website :	http://www.gogia.com
Area :	2600 Sq.mtr.
Location :	Owned
Factory :	C – 8/3, Site – C, U.P.S.I.D.C., Industrial Area, Surajpur, Greater Noida, Noida, Uttar Pradesh, India
Tel. No.:	91-120-2561285 to 256190
Fax No.:	91-120-2561281

DIRECTORS

As on : 28.09.2012

Name :

Mr. Rohit Gogia

Designation :

Director

Address :

C-11, Sector – 26, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

09.04.1969

Qualification :

Post Graduate

Date of Appointment :

29.05.1991

DIN :

00148977

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	U74899DL1991PTC044438	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	29-05-91	29-05-91	-	Active	NO
2	U24293DL2002PTC113932	GOGIA FLAVOURS AND FRAGRANCES PRIVATE LIMITED	Director	22-01-02	22-01-02	-	Active	NO
3	L34102DL1985PLC020668	COMPETENT AUTOMOBILES COMPANY LIMITED	Director	29-09-12	31-10-11	-	Active	NO

Name :

Mr. Har Narain Gogia

Designation :

Director

Address :

C-11, Sector – 26, Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India

Date of Birth/Age :

01.03.1941

Qualification :

Post Graduate

Date of Appointment :

23.11.1994

DIN :

00148949

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	U74899DL1991PTC044438	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED	Director	23-11-94	23-11-94	-	Active	NO
2	U24293DL2002PTC113932	GOGIA FLAVOURS AND FRAGRANCES PRIVATE LIMITED	Director	31-08-04	31-08-04	-	Active	NO
3	U74900DL2008PTC182782	GOGIA FRAGRANCES PRIVATE LIMITED	Director	02-09-08	02-09-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 28.09.2012

Names of Shareholders	No. of Shares
Har Narain Gogia	30000
Rohit Gogia	48515
Rohit Chemical Ind. (HUF), New Delhi	1
Rohit Gogia HUF	1
Manorama Gogia	17507
S.K. Dhody	1
Mohit Gogia (HUF)	1
Sonali Gogia	1
Anjul Gogia	1
Madhukar Kumar Malvee	1
Rakesh Darolia	1
Total	96030

Equity Share Break up (Percentage of Total Equity)

As on : 28.09.2012

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial Flavor, Fragrances, Essential Oils.
Products :	· Industrial Flavor · Fragrances · Essential Oils
Exports :
Products :	· Industrial Flavor · Fragrances · Essential Oils
Countries :	· Malaysia · Thailand · Srilanka · Nigeria
Imports :
Products :	Raw Material
Countries :	· UK · USA · Spain
Terms :
Selling :	L/C / Cash and Credit
Purchasing :	L/C / Cash and Credit

GENERAL INFORMATION

Suppliers :

Sukhjit Starch Private Limited, India

Customers :

Wholesalers

· Mayor Chemicals

No. of Employees :

100 (Approximately)

Bankers :

· Bank of India, Grater Kailash II, New Delhi - 110048, Delhi, India

· CitiBank, Jeevan Bharti Building, 4^th Floor, 124 Connaught Circus, Connaught Place, New Delhi - 110001, India

Facilities :

SECURED LOAN	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Loans from Banks
Advance against.fbp (603785110000002)	4.760	0.000
Axis Bank Car Loan - 22307	0.007	0.083
Bank of India	8.608	9.786
Bank of India car loan 603760510000111	0.000	0.829
Bank of India,(advance against f b p )	0.000	9.977
HDFC Bank Limited A/c Car Loan	0.092	0.175
Kotak Mahindra Prime Limited.	0.617	0.000
Loan ( boi ) 6037770410000008	8.100	13.281
Loan against. FDR (603727110000014)	3.498	1.426
TOTAL	25.682	35.557

Note :

Loans secured against stocks and other movable properties, book debts, plant and machinery, all other current and fixed assets of the company.

Auditors :
Name :	Pratap Vikram and Associates Chartered Accountant
Address :	212-213, Rajiner Jaina Tower – 1, Wazirpur Commercial Area, Delhi – 110052, Delhi, India
PAN No.:	AAEFB6495L
Associates Concern :	· Aroma Aromatics · Aroma Aromatics and Flavours · Gogia Flavours and Fragrances Private Limited · Gogia Fragrances

CAPITAL STRUCTURE

As on : 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96030	Equity Shares	Rs.100/- each	Rs.9.603 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.603	9.603	9.603
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		89.962	75.840	71.513
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		99.565	85.443	81.116
LOAN FUNDS
1] Secured Loans		25.682	35.557	35.613
2] Unsecured Loans		13.853	20.451	11.447
TOTAL BORROWING		39.535	56.008	47.060
DEFERRED TAX LIABILITIES		1.546	1.090	0.655
TOTAL		140.646	142.541	128.831
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.241	63.466	65.655
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.320	25.854	25.506
	Sundry Debtors	80.550	74.079	78.784
	Cash & Bank Balances	7.065	12.196	10.719
	Other Current Assets	7.151	2.352	1.157
	Loans & Advances	11.593	8.760	9.910
Total Current Assets		128.679	123.241	126.076
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	24.139	21.716	47.980
	Other Current Liabilities	16.751	16.676	9.448
	Provisions	6.384	5.774	5.472
Total Current Liabilities		47.274	44.166	62.900
Net Current Assets		81.405	79.075	63.176
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		140.646	142.541	128.831

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	280.805	224.819	219.984
		Other Income	5.896	1.713	1.717
		TOTAL (A)	286.701	226.532	221.701
Less	EXPENSES
		Cost of Material Consumed	193.120	136.882
		Changes in Inventories of Finished Goods	(1.006)	3.184
		Employees Benefits Expenses	5.878	5.529
		Prior Period Items	0.127	0.998
		Other Expenses	53.277	50.435
		TOTAL (B)	251.396	197.028	191.793
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.305	29.504	29.908
Less	FINANCIAL EXPENSES (D)		6.630	6.539	6.456
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28.675	22.965	23.452
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.713	6.944	7.628
	PROFIT BEFORE TAX (E-F) (G)		20.962	16.021	15.824
Less	TAX (H)		6.840	6.208	5.519
	PROFIT AFTER TAX (G-H) (I)		14.122	9.813	10.305
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		75.840	66.027	61.158
Less	DEFERRED TAX CREDIT		0.000	0.000	0.050
	BALANCE CARRIED TO THE B/S		89.962	75.840	71.513
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	74.054	70.142	91.290
	TOTAL EARNINGS		74.054	70.142	91.290
	IMPORTS
		Raw Materials	34.916	19.012	14.555
		Capital Goods	0.000	2.578	0.000
	TOTAL IMPORTS		34.916	21.590	14.555
	Earnings Per Share (Rs.)		147.05	102.19	108.16

Particulars	31.03.2013
Sales Turnover (Approximately)	300.000

Expected Sales ( 2013-2014 ) : Rs. 350.000 Millions

The above information has been parted by Mr. Rohit Gogia (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.93	4.33	4.65
Net Profit Margin (PBT/Sales)	(%)	7.46	7.13	7.19
Return on Total Assets (PBT/Total Assets}	(%)	11.15	8.59	8.25
Return on Investment (ROI) (PBT/Networth)		0.21	0.19	0.20
Debt Equity Ratio (Total Debt /Networth)		0.40	0.66	0.58
Current Ratio (Current Asset/Current Liability)		2.72	2.79	2.00

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

UNSECURED LOAN :

[Rs. In Millions]

Particulars
Loans from Directors	7.267	11.646
Loans from Shareholders	0.471	1.865
Advance from Customer	6.115	6.940
TOTAL	13.853	20.451

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U74899DL1991PTC044438
Name of the company	GOGIA CHEMICAL INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-127 Okhla Industrial Area phase-Ii New Delhi – 110020, Delhi, India Email : pratapvikram_ca@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10352496
Type of charge	· Immovable Property · Book Debts · Movable Property (not being pledge) · Floating Charge · Others (Stocks, Plant and Machinery)
Particular of charge holder	CitiBank, Jeevan Bharti Building, 4^th Floor, 124 Connaught Circus, Connaught Place, New Delhi - 110001, India Email : tushar.makkar@citi.com
Nature of instrument creating charge	Memorandum of Entry
Date of instrument Creating the charge	02.01.2013
Amount secured by the charge	Rs. 40.000 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 by hypothecation of all the borrowers movable and non movable assets (including plant & machinery, stocks and book debts) forming part of its current assets both present and future AND EM on Industrial Plot No.C-8/3, Site C, Village Gulistanpur, Tehsil Sadar, District Gautam Budh Nagar, Uttar Pradesh, India 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
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all the borrowers movable and non movable assets (including plant and machinery, stocks and book debts)forming part of its current assets both present and future EM on Industrial Plot No.C-8/3, Site C, Village Gulistanpur, Tehsil Sadar, District Gautam Budh Nagar, Uttar Pradesh, India
Particulars of the present modification	By this modification the overall limit remains same at Rs. 40.000 Millions and the charge on First exclusive charge by hypothecation of all the borrowers movable and non movable assets (including plant and machinery, stocks and book debts) forming part of its current assets both present and future is additionally secured by EM on Industrial Plot No.C-8/3, Site C, Village Gulistanpur, Tehsil Sadar, District Gautam Budh Nagar, Uttar Pradesh, India

FIXED ASSETS

· Computer and Printers

· Furniture and Fixtures

· Office Equipments

· Plant and Machinery

· Electrical Fittings

· Vehicles

· Capital Work in Progress

· Land and Building

· Freehold Land

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. 56.42
UK Pound	1	Rs. 86.54
Euro	1	Rs. 73.86

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		48

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.