MIRA INFORM REPORT

Report Date :

27.05.2013

IDENTIFICATION DETAILS

Name :	AMI ORGANICS PRIVATE LIMITED
Registered Office :	Plot No 440/5 and 6, Road No 82, G.I.D.C. Sachin, Surat – 394230, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.06.2007
Com. Reg. No.:	04-051093
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U24100GJ2007PTC051093
TAN No.: [Tax Deduction & Collection Account No.]	SRTA03241A
PAN No.: [Permanent Account No.]	AAGCA4014R
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is Engaged in the Business of Drugs Intermediate Chemicals and Related Activities.
No. of Employees :	Not Available

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 244000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. It has recorded an increase in its sales turnover and profits during 2012. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct. The company can be considered 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.

LOCATIONS

Registered Office / Factory :	Plot No 440/5 and 6, Road No 82, G.I.D.C. Sachin, Surat – 394230, Gujarat, India
Tel. No.:	91-261-3222566/3222586/3292077
Fax No.:	91-261-2398436
E-Mail :	accounts@amiorganics.com gunjan.shah@amilifescience.com
Website :	www.amiorganics.com
Location :	Owned

DIRECTORS

As on : 29.09.2012

Name :	Mrs. Kiranben Girishbhai Chovatia
Designation :	Whole-Time Director
Address :	A-56, Samarpan Housing Society, B/h Raneshwar Temple, Vasna Road, Vadodara- 390020, Gujarat, India
Date of Birth/Age :	31.12.1971
Qualification :	B.Com
Experience :	3 Years
Date of Appointment :	29.04.2009
DIN No.:	00803912
Name :	Mr. Nareshbhai Ramjibhai Patel
Designation :	Whole-Time Director
Address :	26, Saibaba Nagar, Opposite Katargam Fire Station, Katargam, Surat – 395004, Gujarat, India
Date of Birth/Age :	20.09.1974
Date of Appointment :	12.06.2007
DIN No.:	00906232
Name :	Mr. Girishbhai Limbabhai Chovatia
Designation :	Whole-Time Director
Address :	B-22, OM Society, B/h. Mother School, Gotri Vasna Road, Vadodara – 390015, Gujarat, India
Date of Birth/Age :	01.06.1969
Qualification :	MBA
Experience :	5 Years
Date of Appointment :	12.06.2007
DIN No.:	00907321
Name :	Mr. Chetanbhai Chhaganbhai Vaghashiya
Designation :	Whole-Time Director
Address :	B-202, Indra Prastha Complex, Opposite Nagina Wadi, Sumul Dairy Road, Surat – 395004, Gujarat, India
Date of Birth/Age :	11.04.1974
Date of Appointment :	12.06.2007
DIN No.:	01375540
Name :	Mrs. Shital Nareshbhai Patel
Designation :	Whole-Time Director
Address :	26, Saibaba Nagar, Opposite Katargam Fire Station, Katargam, Surat – 395004, Gujarat, India
Date of Birth/Age :	26.08.1977
Date of Appointment :	29.04.2009
DIN No.:	02664489
Name :	Mrs. Parulben Chetanbhai Vaghasia
Designation :	Whole-Time Director
Address :	B-202, Indra Prastha Complex, Opposite Nagina Wadi, Sumul Dairy Road, Surat – 395004, Gujarat, India
Date of Birth/Age :	01.06.1977
Date of Appointment :	29.04.2009
DIN No.:	02664499

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 29.09.2012

Names of Shareholders	No. of Shares
Girishbhai Limbabhai Chovatia	375000
Nareshbhai Ramjibhai Patel	187500
Chetanbhai Chhaganbhai Vaghashiya	187500
Shitalben Nareshbhai Patel	187500
Parulben Chetanbhai Vaghasia	187500
Kiranben Girishbhai Chovatia	350000
Mehul Manukhbhai Koladia	10000
Haresh Hansrajbhai Chovatia	15000
Total	1500000

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 :

The Company is Engaged in the Business of Drugs Intermediate Chemicals and Related Activities.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

· Standard Chartered Bank, 1^st Floor, C K Tower, B/S Sargam Shopping Centre, Parle Point, Surat-395007, Gujarat, India

· State Bank of India, Spld. Commercial Branch, 1st Floor Kiran Chambers, Opposite J K Tower, Ring Road, Surat - 395002, Gujarat, India

Facilities :

(Rs. in Millions)

SECURED LOAN	31.03.2012	31.03.2011
HSBC Limited	(0.025)
SBI-SLC A/c 3145872026	4.467	4.478
Cash Credit A/c with State Bank of India (Secured against hypothecation of book debts and stock)	49.243	59.424
Total	53.685	63.902

Auditors :
Name :	V. B. Choksi and Company Chartered Accountants
Address :	A-204, Shri Siddhi Vinayak Commercial Complex, Opposite Alkapuri Side Railway Station, Near Shilalekh, Vadodara – 390007, Gujarat, India
Mobile No :	91-9325800012
E-Mail :	Vcbs2005@yahoo.co.in
PAN No.:	AAVPC7385B

CAPITAL STRUCTURE

As on : 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 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		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46.087	32.586	20.033
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		61.087	47.586	35.033
LOAN FUNDS
1] Secured Loans		53.685	63.902	42.650
2] Unsecured Loans		10.374	7.916	5.675
TOTAL BORROWING		64.059	71.818	48.325
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		125.146	119.404	83.358
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.577	54.917	32.600
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		9.143	6.045	1.024
DEFERRED TAX ASSETS		1.227	1.300	1.388
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.655	30.366	14.941
	Sundry Debtors	82.276	81.145	64.114
	Cash & Bank Balances	1.836	1.087	0.703
	Other Current Assets	0.023	0.068	0.000
	Loans & Advances	18.507	27.269	22.709
Total Current Assets		163.297	139.935	102.467
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	92.229	74.896	47.420
	Other Current Liabilities	0.012	0.471	0.000
	Provisions	7.857	7.426	6.797
Total Current Liabilities		100.098	82.793	54.217
Net Current Assets		63.199	57.142	48.250
MISCELLANEOUS EXPENSES		0.000	0.067	0.096
TOTAL		125.146	119.404	83.358

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	338.987	279.880	194.631
		Other Income	7.012	6.796	0.175
		TOTAL (A)	345.999	286.676	194.806
Less	EXPENSES
		Cost of Materials	253.408	188.427
		Changes in Inventories	(26.862)	(5.674)
		Employees Benefits	27.410	24.834
		Other Expenses	50.187	46.278
		Deferred revenue expenses written off	0.044	0.041
		TOTAL (B)	304.187	253.906	170.704
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		41.812	32.770	24.102
Less	FINANCIAL EXPENSES (D)		10.944	6.325	4.020
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.868	26.445	20.082
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.521	7.313	5.368
	PROFIT BEFORE TAX (E-F) (G)		20.347	19.132	14.714
Less	TAX (H)		6.846	6.579	5.244
	PROFIT AFTER TAX (G-H) (I)		13.501	12.553	9.470
	BALANCE CARRIED TO THE B/S		13.501	12.553	9.470
	Earnings Per Share (Rs.)		9.00	8.37	7.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.90	4.38	4.86
Net Profit Margin (PBT/Sales)	(%)	6.00	6.84	7.56
Return on Total Assets (PBT/Total Assets}	(%)	9.47	9.82	10.89
Return on Investment (ROI) (PBT/Networth)		0.33	0.40	0.42
Debt Equity Ratio (Total Debt /Networth)		1.05	1.51	1.38
Current Ratio (Current Asset/Current Liability)		1.63	1.69	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	No
10]	Designation of contact person	No
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	No
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	No
34]	External Agency Rating, if available	No

UNSECURED LOAN :

Rs in Millions

Particulars	31.03.2012	31.03.2011
HDFC Bank Limited Business Loans	0.486	1.224
HDFC-Geneo commercial loan	0.465	0.000
Kotak Mahindra Bank – Business	2.709	0.000
Kotak Mahindra Bank (Tempo Loan)	0.000	0.023
Religare finvest Limited	3.527	0.000
Reliance Capital Limited	0.000	0.611
S C Bank Business Loan	1.355	2.605
Tata Capital Limited	1.753	3.373
SBS Temporary Loan	0.080	0.080
Total	10.374	7.916

BANKERS CHARGES REPORT AS PER REGISTRY :

Corporate identity number of the company	U24100GJ2007PTC051093
Name of the company	AMI ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No 440/5 and 6, Road No 82, G.I.D.C. Sachin, Surat – 394230, Gujarat, India E-mail Id : accounts@amiorganics.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India E-mail Id : RBBform8@hdfcbank.com CIN No : L65920MH1994PLC080618
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	21/07/2012
Amount secured by the charge	Rs. 90.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest : Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment : Working Capital facility shall be payable on demand. Term Loan facility shall be repayable in suitable installments. Margin : As may be stipulated by the Bank from time to time. . Extent and Operation of the charge : The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.90.000 Millions by the Company including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc. Others : NIL
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Property bearing Plot No.148 Admeasuring 96.25 Sq.yard. i.e. 80.57 Sq. meters along with 46.96 Sq. Meters undivided Share in the land of C.O.P. And Road margin in "Krishna Park" Situate At Revenue Survey No.54 and 55, Block No.55 admeasuring 36118 Sq.meters, Moje Pardi Kande, Taluka Choryasi, District Surat, Gujarat, India Property bearing Plot No.440/5 Admeasuring 100.00 Sq.meters in Sachin Industrial Area, Situate At Revenue Survey No.559/p Within the village limits of Talangpur, Taluka Chorysai, District Surat, Gujarat, India Property bearing Plot No.440/6 Admeasuring 100.00 Sq.meters in Sachin Industrial Area, Situate At Revenue Survey No.559/p AND 560/P Within the village limits of Talangpur, Taluka Chorysai, District Surat, Gujarat, India

FIXED ASSETS:

• Computer
• Electric Installation
• Land and Building
• Furniture and Fixture
• Vehicles
• Laboratory Equipments
• Office Equipments
• Plant and Machinery
• Safety 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. 55.61
UK Pound	1	Rs. 83.98
Euro	1	Rs. 71.94

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--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.