MIRA INFORM REPORT

Report Date :

15.05.2013

IDENTIFICATION DETAILS

Name :	ASIAN AEROSOL PRIVATE LIMITED
Registered Office :	58,CIB 100 Shed Area, G I D C Vapi – 396195, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.05.1982
Com. Reg. No.:	04-005236
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24249GJ1982PTC005236
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aerosol Products.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 73000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears continuous dip in its profitability recorded by the company. However, networth of the company seems to be strong. Trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual trade terms and conditions. Profit and Loss A/c for the year 2012 is not available.

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 (GENERAL DETAILS)

Name :	Ms. Anita
Designation :	Accounts Department
Contact No.:	91-22-23003232
Date :	14.05.2013

LOCATIONS

Registered Office/ Factory :	58, CIB 100 Shed Area, G I D C, Vapi – 396195, Gujarat, India
Tel. No.:	91-22-23003232
Fax No.:	Not Available
E-Mail :	aeroind@asianitg.com asianaerosol@asianitg.com
Website :	www.asianaerosol.com
Location :	Owned
Factory 2 :	Village Kishan Pura, Post Gurumajra, Baddi, Solan - 173205, Himachal Pradesh, India
Head Office :	228, Pragati Industrial Estate, N. M. Joshi Marg, Lower Parel (East) Mumbai - 400011, Maharashtra, India
Tel. No.:	91-22-23003232/33/34
Fax No.:	91-22-23070618
E-Mail :	asianaerosol@asianitg.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Bhogilal L Patel

Designation :

Director

Address :

63 Apurwa Apartments, 5 Nepeansea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

06.10.1943

Date of Appointment :

02.06.1982

DIN No.:

00887998

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	U24249GJ1982PTC005236	ASIAN AEROSOL PRIVATE LIMITED	Director	02/06/1982	02/06/1982	-	Active	NO
2	U29100MH1987PTC045610	PRECISION VALVE (INDIA) PRIVATE LIMITED	Director	16/12/1987	16/12/1987	-	Active	NO
3	U29120MH1998PTC114081	PREVAL PUMPS AND ACCESSORIES (INDIA) PRIVATE LIMITED	Managing director	20/03/1998	20/03/1998	-	Active	NO
4	U30007MH1998PTC115515	RINCON INDIA SOLUTIONS PRIVATE LIMITED	Director	26/06/1998	26/06/1998	-	Active	NO
5	U70102MH2008PTC182624	SILICON VALLEY REAL ESTATES PRIVATE LIMITED	Director	23/05/2008	23/05/2008	-	Active	NO
6	U45200MH2008PTC183409	WALL STREET DEVELOPERS PRIVATE LIMITED	Director	11/06/2008	11/06/2008	-	Active	NO
7	U45209MH2009PTC189517	NANO WORKS DEVELOPERS GUJARAT PRIVATE LIMITED	Director	12/01/2009	12/01/2009	-	Active	NO
8	U85190MH2009PTC189536	MEDISOL LIFESCIENCE PRIVATE LIMITED	Director	13/01/2009	13/01/2009	-	Active	NO
9	U45300MH2009PTC189540	NANO INFRASTRUCTURES PRIVATE LIMITED	Director	13/01/2009	13/01/2009	-	Active	NO
10	U28112MH2010PTC202020	HIPACK CONTAINERS PRIVATE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO
11	U15541MH2010PTC202011	NANO HYDROWORKS PRIVATE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO
12	U70102MH2010PTC203376	NAVINMAIL REALTY PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
13	U24233MH2011PTC213502	ASIAN AEROSOL OAN PRIVATE LIMITED	Director	14/02/2011	14/02/2011	-	Active	NO
14	U55204MH2012PTC238208	FAIR BRIDGE HOTELS (INDIA) PRIVATE LIMITED	Director	23/11/2012	23/11/2012	-	Active	NO
15	U72900MH2013PTC239377	Xmitter TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	07/01/2013	07/01/2013	-	Active	NO

Name :

Mrs. Laxmiben Bhogilal Patel

Designation :

Director

Address :

63 Apurwa Apartments, 5 Nepeansea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

14.04.1946

Date of Appointment :

03.01.1995

DIN No.:

02727981

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	U24249GJ1982PTC005236	ASIAN AEROSOL PRIVATE LIMITED	Director	03/01/1995	03/01/1995	-	Active	NO
2	U24233MH2011PTC213502	ASIAN AEROSOL OAN PRIVATE LIMITED	Director	14/02/2011	14/02/2011	15/01/2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Anita
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Bhogilal L Patel	510
Laxmiben Bhogilal Patel	99
B L Patel HUF	100
Yogesh B Patel	100
P L Patel HUF	50
Harilal L Patel	50
Dinesh L Patel	50
Babulal A Patel Trustee of Laxmi Trust	39
Ami Bhogilal Patel	1
Jyoti Bhogilal Patel	1
Total	1000

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 :	Manufacturer of Aerosol Products.
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :	End Users Aditya Birla Retail Limited Jyothy Laboratories Limited Dabur India Limited Danmet Chemicals Private Limited Dow Corning (India) Limited Godrej Consumer Products Limited Amway India Hindustan Lever Limited Hindustan Petroleum Corporation Limited Ajanta Pharma J L Morison Limited Paramount Cosmetics (India) Limited Pest Control (India) Private Limited Pidilite Industries Limited Reckitt Benckiser (India) Limited S.C. Johnson Product Private Limited Spencers Retail Limited Eva Uni Pack
No. of Employees :	300 (Approximately)
Bankers :	Dena Bank, Maheshwari Udyan Branch, 467-A, Vora Bhuvan, Matunga, Mumbai - 400019, Maharashtra, India Contact No.: 91-22-24095618

Banking Relations :	--
Auditors :
Name :	H. M. Shah and Company Chartered Accountants
Address :	A/6 Hiramanik Co-Operative Housing Society 48 D Bapista Road Opposite BMC Market Ville Parle (West) Mumbai - 400056, Maharashtra, India
Tel. No.:	91-22-26180244
Mobile No.:	91-9821211128
E-Mail :	hmshah@yahoo.co.in
PAN. No.:	AAGFH1983D

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.293	17.826	16.517
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.393	17.926	16.617
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		48.193	34.330	23.035
TOTAL BORROWING		48.193	34.330	23.035
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		66.586	52.256	39.652
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.090	11.301	9.993
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.150	0.150	0.150
DEFERREX TAX ASSETS		0.000	0.000	0.105
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.351	36.991	28.962
	Sundry Debtors	1.601	7.987	6.554
	Cash & Bank Balances	0.869	0.695	3.242
	Other Current Assets	1.080	0.000	0.000
	Loans & Advances	55.520	39.008	23.320
Total Current Assets		89.421	84.681	62.078
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	11.903	39.647	25.405
	Other Current Liabilities	20.486	2.379	6.558
	Provisions	1.686	1.850	0.711
Total Current Liabilities		34.075	43.876	32.674
Net Current Assets		55.346	40.805	29.404
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.586	52.256	39.652

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	GROSS INCOME	NA	156.580	62.840
Less	TOTAL EXPENSES		155.120	6.100
	PROFIT BEFORE TAX		1.460	1.840
Less	TAX		0.260	0.000
	PROFIT AFTER TAX		1.200	1.840
	Earnings Per Share (Rs.)	NA	1200.00	1840.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.52	2.55
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.11
Debt Equity Ratio (Total Debt /Networth)		2.62	1.92	1.39
Current Ratio (Current Asset/Current Liability)		2.62	1.93	1.90

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
From other Parties
L Patel (Asian Aersol)	27.757	11.679
B L Patel	18.568	20.768
B L Patel (Laxmi Trust)	0.355	0.355
B L Patel (LCP Trust)	1.222	1.237
PGM Sandsera	0.105	0.105
Car Rent Deposit	0.186	0.186
Total	48.193	34.330

FIXED ASSETS:

• Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles

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.54.63
UK Pound	1	Rs.83.67
Euro	1	Rs.71.02

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.