MIRA INFORM REPORT

Report Date :

22.09.2014

IDENTIFICATION DETAILS

Name :	INDRAS AGENCIES PRIVATE LIMITED
Registered Office :	New No. 285 (Old No. 128), Wall Tax Road, Chennai – 600003, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	04.09.1995
Com. Reg. No.:	18-032799
Capital Investment / Paid-up Capital :	Rs. 80.000 Millions
CIN No.: [Company Identification No.]	U15419TN1995PTC032799
TAN No.: [Tax Deduction & Collection Account No.]	CHEI02123C
PAN No.: [Permanent Account No.]	AAACI2667J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Perfumery and Other Chemicals.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1280000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for 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.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Jagannath
Designation :	GM Finance
Contact No.:	91-44-25352648
Date :	19.09.2014

LOCATIONS

Registered Office :	New No. 285 (Old No. 128), Wall Tax Road, Chennai – 600003, Tamilnadu, India
Tel. No. :	91-44-25352648/ 25358216
Fax No. :	91-44-25352045
E-Mail :	r.jagan@indrasagencies.com
Website :	www.indrasagencies.com
Area :	1200 Sq.ft.
Location :	Rented
Factory :	128, Chamarajpet, Bangalore - 560018, Karnataka, India
Tel. No.:	91-80-26608754
Area :	2500 Sq.ft.
Location :	Rented
Branch Office 1 :	Ekadkar Estate, Godown No.4, Dal Mill Road, Gopinath Compound, Near Bombay Haryana Transport, Purna Village, Bhiwandi, Thane, Maharashtra, India
Tel. No.:	91-22-27102700
Fax No.:	91-22-27102700
Branch Office :	Also located at: · Bangalore New Delhi Hyderabad Kolkata Cochin Madurai

DIRECTORS

As on 30.09.2013

Name :

Mr. Ramadoss Srinivas

Designation :

Managing Director

Address :

No.28, Ananda Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

07.03.1966

Qualification :

B. Sc, PGDBA

Date of Appointment :

31.07.2008

DIN No.:

01133214

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	U15419TN1995PTC032799	INDRAS AGENCIES PRIVATE LIMITED	Managing director	31-07-2008	04-09-1995	-	Active	NO
2	U28996KA2001PTC028427	VINTOP PRODUCTS PRIVATE LIMITED	Director	09-01-2001	09-01-2001	04-04-2013	Active	NO

Name :

Mr. Anandarao Ramadas Rao

Designation :

Director

Address :

No.28, Ananda Road, Alwarpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

14.08.1935

Date of Appointment :

04.09.1995

DIN No.:

01133254

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	U15419TN1995PTC032799	INDRAS AGENCIES PRIVATE LIMITED	Director	04-09-1995	04-09-1995	-	Active	NO
2	U07513TZ2001NPL009693	TAMILNADU FOOD INDUSTRIES ASSOCIATION	Director	28-09-2004	28-09-2004	-	Active	NO

Name :

Shrikisan Mathuralal Bhutada

Designation :

Director

Address :

33, Seva Sadan Kapad Market, Ichalkaranji – 416115, Maharashtra, India

Date of Birth/Age :

30.01.1962

Date of Appointment :

19.04.2013

DIN No. :

01640649

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	U27104PN1985PTC135740	POWER CUBE ELECTRO CONTROLS PRIVATE LIMITED	Director	29-09-2007	25-08-2007	17-02-2011	Active	NO
2	U29299PN2002PLC017050	FABTECH PROJECTS AND ENGINEERS LIMITED	Director	30-09-2010	01-10-2009	01-04-2012	Active	NO
3	U15419TN1995PTC032799	INDRAS AGENCIES PRIVATE LIMITED	Director	19-04-2013	19-04-2013	-	Active	NO

Name :

Mr. Kishorilal Gajanand Kedia

Designation :

Director

Address :

404, Panchsheel, Gokukdham, Goregaon (East), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

04.04.1944

Date of Appointment :

30.09.2013

DIN No. :

00211694

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	U17100MH1969PTC014416	JAGDISH TEXTILES PRIVATE LIMITED	Director	13-10-1969	13-10-1969	-	Active	NO
2	U15420MH1964PTC013017	ABHISHEK DYECHEM INDUSTRIES PRIVATE LIMITED	Director	15-11-1984	15-11-1984	-	Active	NO
3	U24110MH1988PTC047037	JAYTEX DYES AND CHEMICALS PRIVATE LIMITED	Director	14-04-1988	14-04-1988	-	Active	NO
4	U24110GJ1988PTC011206	JAGSONS INTERMEDIATES PRIVATE LIMITED	Director	31-05-1994	31-05-1994	-	Active	NO
5	U65990MH1994PLC076830	ROHA LEASING AND FINANCING LIMITED	Director	05-07-1995	05-07-1995	-	Active	NO
6	U24110MH1996PTC099750	NILAYA CHEMICALS PRIVATE LIMITED	Director	26-08-1996	26-08-1996	-	Active	NO
7	U24112MH1996PTC099657	SAPIN CHEMICALS PRIVATE LIMITED	Director	26-08-1996	26-08-1996	-	Active	NO
8	U24119MH1994PLC082238	ATMIYA COLOUR CHEM LIMITED	Director	22-10-1996	22-10-1996	-	Amalgamated	NO
9	U24110MH1997PTC107244	ANCHIT CHEMICALS PRIVATE LIMITED	Director	30-04-1997	30-04-1997	-	Active	NO
10	U24116MH1998PTC117235	JAGSONS FOOD AND PHARMACHEM PRIVATE LIMITED	Director	26-11-1998	26-11-1998	-	Active	NO
11	U27109MH1972PTC015615	SHREE KAMAL ISPAT UDYOG PRIVATE LIMITED	Director	15-11-2000	15-11-2000	-	Active	NO
12	U15134MH2006PTC164107	JAGSONS HEALTH CARE PRIVATE LIMITED	Director	26-08-2006	26-08-2006	-	Active	NO
13	U72200MH1998PLC117274	RS GLOBAL INFOTECH LIMITED	Director	15-06-2007	15-06-2007	-	Active	NO
14	U29199DL2004PTC128952	MR ORANCE JUICING SYSTEMS PRIVATE LIMITED	Director	02-03-2009	02-03-2009	-	Dormant under section 455	NO
15	U74990MH2010PTC205398	SIDDHII ENTERPRISES PRIVATE LIMITED	Director	12-07-2010	12-07-2010	-	Active	NO
16	U40105MH2010PTC209822	ROHA ENERGY PRIVATE LIMITED	Additional director	01-12-2010	01-12-2010	-	Active	NO
17	U15419TN1995PTC032799	INDRAS AGENCIES PRIVATE LIMITED	Director	30-09-2013	20-06-2013	-	Active	NO
18	U24233MH2013PTC245701	JAYTEX DYES AND INTERMEDIATES PRIVATE LIMITED	Director	16-07-2013	16-07-2013	-	Active	NO
19	U72900MH2012PTC232965	ROHA INFOSYSTEMS PRIVATE LIMITED	Director	12-12-2013	12-12-2013	-	Active	NO
20	U45201MH2006PTC162778	ROHA INFRASTRUCTURE DEVELOPERS PRIVATE LIMITED.	Director	12-12-2013	12-12-2013	12-12-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Jagannath
Designation :	GM Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
A. Ramadas Rao	100	0.01
R. Srinivas	399900	49.99
Ramakant Jagdish Prasad Tibrewala	32000	4.00
Mahesh Ramakant Tibrewala	24000	3.00
Annapurna Shrikant Tibrewala	56000	7.00
Brijesh Ramakant HUF	240000	30.00
Deepesh Shrikant HUF	48000	6.00
Total	800000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Perfumery and Other Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
29124910	Perfumery Chemicals
33021010	Food Flavours
29124100	Vanillin and Ethyl Vanillin

Exports :

Not Divulged

Imports :

Products :

Raw material

Countries :

· China

France

Switzerland

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit and DP

GENERAL INFORMATION

Supplier :

Wei Fang Ensign, China

Customers :

FOOD AND ALLIED DIVISION

· Auro Food Private Limited               

Milka Group of Companies                                   

Elite Foods Private Limited       

Parry's (Lotte) India Corporation Limited                   

Nestle India Limited   

PHARMACEUTICAL DIVISON

· Wardex Pharmaceuticals Limited   

Tablets India Limited

Apex Laboratories Limited

Polaris Healthcare Private Limited

T.T.K Health care Limited

FRAGRANCE DIVISION

· Parimala Mandir

Padmini Products Private Limited

A.C.P Industries

Gogia Chemical Industries    

Hem Corporation

No. of Employees :

100 (Approximately)

Bankers :

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

Citibank N.A., Ground Floor, ELC Division, No.2, Club House Road, Chennai – 600041, Tamilnadu, India

· HDFC Bank Limited, Madapur Branch, Chennai, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans taken for vehicles	0.000	0.057
SHORT TERM BORROWING
Working capital loans from banks	214.885	164.340
Total	214.885	164.397

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	No, 10, Mahatmagandhi Road, Chennai – 600034, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAIFB4734C
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Roha Dye Chem Private Limited CIN No.: U40300MH1972PTC015941 Vintop Products Private Limited CIN No.: U28996KA2001PTC028427 Ind Aroma Viveka Agencies

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
800,000	Equity Shares	Rs.100/- each	Rs. 80.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800,000	Equity Shares	Rs.100/- each	Rs. 80.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	80.000	80.000	80.000
(b) Reserves & Surplus	240.160	189.773	137.167
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	320.160	269.773	217.167
(3) Non-Current Liabilities
(a) long-term borrowings	60.000	60.057	60.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	13.165	10.694	9.145
Total Non-current Liabilities (3)	73.165	70.751	69.145
(4) Current Liabilities
(a) Short term borrowings	214.885	164.340	205.091
(b) Trade payables	110.741	124.192	105.451
(c) Other current liabilities	14.341	21.255	26.741
(d) Short-term provisions	2.553	11.024	9.692
Total Current Liabilities (4)	342.520	320.811	346.975
TOTAL	735.845	661.335	633.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.134	4.482	3.977
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.018	0.018	0.018
(c) Deferred tax assets (net)	17.838	15.502	13.057
(d) Long-term Loan and Advances	24.761	12.307	11.387
(e) Other Non-current assets	0.750	0.000	0.000
Total Non-Current Assets	47.501	32.309	28.439
(2) Current assets
(a) Current investments	0.000	0.000	5.099
(b) Inventories	217.619	205.833	222.018
(c) Trade receivables	338.074	337.985	327.239
(d) Cash and cash equivalents	111.564	66.480	32.190
(e) Short-term loans and advances	12.060	12.984	15.440
(f) Other current assets	9.027	5.744	2.862
Total Current Assets	688.344	629.026	604.848
TOTAL	735.845	661.335	633.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	1550.240	1543.290	1433.670
Less	EXPENSES
		TOTAL (B)	1464.830	1454.640	1341.920
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		85.410	88.650	91.750
Less	FINANCIAL EXPENSES (D)		9.680	9.190	10.380
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.730	79.460	81.370
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.120	1.380	0.900
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		74.610	78.080	80.470
Less	TAX (H)		24.220	25.480	27.700
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		50.390	52.600	52.770
	EARNINGS IN FOREIGN CURRENCY		4.834	10.121	7.209
	IMPORTS
		Purchases of material	477.229	481.735	567.393
	TOTAL IMPORTS		477.229	481.735	567.393
	Earnings / (Loss) Per Share (Rs.)		62.99	65.75	65.96

Particulars	31.03.2014
Sales Turnover (Approximately)	1760.000

The above information has been parted by Mr. Jagannath (GM Finance)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.25	3.41	3.68
Return on Total Assets (PBT/Total Assets}	(%)	10.39	12.09	12.97
Return on Investment (ROI) (PBT/Networth)		0.23	0.29	0.37
Debt Equity Ratio (Total Debt/Networth)		0.86	0.83	1.22
Current Ratio (Current Asset/Current Liability)		2.01	1.96	1.74

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	137.167	189.773	240.160
Reserves & Surplus	0.000	0.000	0.000
Net worth	137.167	189.773	240.160
long-term borrowings	60.000	60.057	60.000
Short term borrowings	205.091	164.340	214.885
Total borrowings	265.091	224.397	274.885
Debt/Equity ratio	1.933	1.182	1.145

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1433.670	1543.290	1550.240
		7.646	0.450

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1433.670	1543.290	1550.240
Profit	52.770	52.600	50.390
	3.68%	3.41%	3.25%

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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10227071	14/05/2010	20,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A88999578
2	10159169	27/04/2009	20,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A62548292
3	10076087	15/10/2007	35,600,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A27079235
4	10067266	07/08/2007	42,200,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A22928741
5	10061820	07/07/2007	30,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A19897479
6	10057556	22/05/2007	130,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA	A17825209
7	90294557	20/03/2003 *	15,500,000.00	INDIAN OVERSEAS BANK	N.S.C. BOSE ROAD, SOWCARPET BRANCH, CHENNAI, TAMILNADU - 600079, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans and advances from directors	60.000	60.000
Total	60.000	60.000

BACKGROUND

The Company is principally engaged in trading various chemical products of leading international and national players, catering to Food, Pharmaceuticals and Perfumery industries. INDRAS (INDustrial RAw Material Supplier) was established in 1989 to cater to the growing demand of raw materials to food and pharmaceutical industries as a partnership firm. The partnership firm was converted into a private limited company in the year 1995.

OPERATIONS

The Company principally caters to customers among Aromatics, Food and Pharma industries. During the year, the Company continued to be one of the single largest distributors in India for a global Flavours and Fragrances company. During the year, the Company has registered a significant growth of 64% in sales of Enzymes, required by the Potable Alcohol industry. The Company is confident that this new vertical will add to the overall Revenues and EBITDA in coming years. During the period, the Company has also concentrated on consolidation of its existing operations with special emphasis on recovery from overdue debtors as well as focusing on movement of inventory items.

The working of the Company has registered net sales during 2012-13 at Rs. 1540.000 Millions as compared to the net sales of Rs. 1528.000 Millions in previous year. Sales of Enzymes products during 2012-13 increased to Rs. 97.000 Millions as compared to Rs. 59.000 Millions in the previous year. Total income amounted to Rs.1550.000 Millions during 2012-13 as compared to the total income of Rs. 1544.000 Millions during the previous year. EBITDA during 2012-13 has registered at Rs.85.000 Millions as compared to Rs.88.000 Millions during the previous year. Consequently, the net profit before tax for the year is Rs. 75.000 Millions as compared to Rs. 78.000 Millions during the previous year. Profit after tax for the year is Rs. 50.000 Millions as compared to the Rs.53.000 Millions during the previous year.

FIXED ASSETS

Tangible Assets

· Plant and Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

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.60.81
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	MRI

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		45

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.