MIRA INFORM REPORT

Report No. :	318670
Report Date :	27.04.2015

IDENTIFICATION DETAILS

Name :	SANAT PRODUCTS LIMITED
Registered Office :	B-8, Industrial Area, Sikandrabad, Bulandshahar – 203205, Uttar Pradesh
Tel. No.:	91-5735-222415
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.05.1984
Com. Reg. No.:	20-006565
Capital Investment / Paid-up Capital :	Rs.740.000 Million
CIN No.: [Company Identification No.]	U24111UP1984PLC006565
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACL1711A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and marketing of standardized Herbal Extracts, Spirulina, Ayurvedic Medicine, Dietary Supplements, Nutraceuticals and Pharmaceuticals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 760000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has reported some accumulated losses from its operations during FY14. However, trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with slight caution.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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 DENIED BY

Name :	Mr. Manish Mishra
Designation :	Marketing Manager
Contact No.:	91-9958217221
Date :	23.04.2015

LOCATIONS

Registered Office / Manufacturing Unit 1 :	B-8, Industrial Area, Sikandrabad, Bulandshahar – 203205, Uttar Pradesh, India
Tel. No.:	91-5735-222415 / 222137
Mobile No.:	91-9958217221 (Mr. Manish Mishra)
Fax No.:	91-5735-222406
E-Mail :	info@sanat.co.in
Website :	www.sanat.co.in
Manufacturing Unit 2 :	Ramnagar, K, Rajdhani Kottai, Kodai Road, Dindigul – 624206, Tamilnadu, India
Tel. No.:	91-4543-238227 / 238341
Fax No.:	91-5735-238296
Head / Marketing / Administrative Office :	3^rd Floor, Sagar Plaza, Laxmi Nagar District Centre, Vikas Marg, Delhi – 110092, India
Tel. No.:	91-11-22050536 / 22518794 / 22518795
Fax No.:	91-11-22518792

DIRECTORS

AS ON 26.09.2014

Name :

Mr. Anil Kumar Nehru

Designation :

Director

Address :

71 Sector-9, Union Trritory, Chandigarh - 160009, India

Date of Birth/Age :

02.05.1941

Date of Appointment :

13.02.2006

DIN No.:

00038849

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	L55101WB1949PLC017981	EIH LIMITED	Director	06/08/2014	23/11/2002	-	Active	NO
2	L92490TN1983PLC009903	EIH ASSOCIATED HOTELS LIMITED	Director	08/08/2014	22/11/2004	-	Active	NO
3	U24111UP1984PLC006565	SANAT PRODUCTS LIMITED	Director	13/02/2006	13/02/2006	-	Active	NO
4	U74899DL1992PLC050587	AYURVET LIMITED	Director	30/09/2006	24/02/2006	-	Active	NO
5	L35999TN1936PLC002202	RANE HOLDINGS LIMITED	Director	12/08/2014	06/02/2013	-	Active	NO

Name :

Mr. Pradip Burman

Designation :

Director

Address :

A-5/3 (G/F) Vasant Vihar Opposite A5/8, New Delhi - 110057, India

Date of Birth/Age :

02.11.1942

Date of Appointment :

29.09.1995

DIN No.:

00042241

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	L24230DL1975PLC007908	DABUR INDIA LIMITED	Whole-time director	01/05/2007	14/11/1979	31/01/2012	Active	NO
2	U51397DL1989PTC038048	WRAPSTER FOODS Private LIMITED	Director	23/11/1989	23/11/1989	30/06/2009	Amalgamated	NO
3	U74899DL1979ULT021615	CHOWDRY ASSOCIATES	Director	15/10/1990	15/10/1990	-	Active	NO
4	U74899DL1979PTC021610	RATNA COMMERCIAL ENTERPRISES PRIVATE LTD.	Director	15/10/1990	15/10/1990	-	Active	NO
5	U74899DL1979PTC021612	GYAN ENTERPRISES PRIVATE LIMITED	Director	15/10/1990	15/10/1990	-	Active	NO
6	U74899DL1992PLC050587	AYURVET LIMITED	Director	12/10/1992	12/10/1992	-	Active	NO
7	U65990DL1981ULT165522	SAHIWAL INVESTMENT AND TRADING COMPANY	Director	29/06/1993	29/06/1993	-	Active	NO
8	U24239DL1989PTC034593	BURMANS FINVEST Private LIMITED	Director	11/08/1995	11/08/1995	29/08/2008	Active	NO
9	U24111UP1984PLC006565	SANAT PRODUCTS LIMITED	Director	29/09/1995	29/09/1995	-	Active	NO
10	U74899DL1970PTC005269	UPVAN FARMS AND SERVICES PRIVATE LIMITED	Director	31/08/1996	31/08/1996	-	Active	NO
11	U65990DL1981ULT165521	BARCELONA INVESTMENT AND TRADING COMPANY	Director	02/09/1996	02/09/1996	-	Amalgamated	NO
12	U51900DL1982PTC167498	FLAGSHIP TRADING COMPANY	Director	03/09/1996	03/09/1996	-	Amalgamated	NO
13	U73100DL1979NPL010092	DABUR RESEARCH FOUNDATION	Director	24/04/1998	24/04/1998	-	Active	NO
14	U51109DL1989PTC034865	MIRACLE COMMERCIAL PRIVATE LIMITED	Director	01/08/2002	01/08/2002	-	Amalgamated	NO
15	U74899DL1992PTC047570	WAKARUSA LABORATORIES PRIVATE LIMITED	Director	01/08/2002	01/08/2002	-	Amalgamated	NO
16	U74899DL1990PTC039561	MARGDARSHAK CONSTRUCTIONS PRIVATE LIMITED	Director	01/08/2002	01/08/2002	-	Amalgamated	NO
17	U15541DL1952PTC002196	KBC INDIA PRIVATE LIMITED	Director	15/11/2002	15/11/2002	23/11/2009	Active	NO
18	U74999DL2004PTC131133	B R BEE PRODUCTS PRIVATE LIMITED	Director	03/02/2011	09/12/2004	-	Active	NO
19	U72200DL2005PTC137486	CNS INFOTECH (INDIA) PRIVATE LIMITED	Director	10/06/2005	10/06/2005	-	Active	NO
20	U70101GA2006PTC004851	TERRA NOVA REAL ESTATE GOA PRIVATE LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO
21	U67190DL1996PTC076834	M.B. FINMART PRIVATE LIMITED	Director	29/09/2007	01/02/2007	29/08/2008	Active	NO
22	U66010DL2000PLC107880	AVIVA LIFE INSURANCE COMPANY INDIA LTD	Nominee director	07/09/2011	05/09/2008	-	Active	NO
23	U74899DL2000PTC106058	GREEN VALLEY PRODUCTS PRIVATE LIMITED	Director	16/09/2009	16/09/2009	-	Active	NO
24	U01407DL2010PTC199584	AYURVET AGES PRIVATE LIMITED	Director	26/02/2010	26/02/2010	-	Active	NO
25	U55101HP1990PTC010584	KULLU VALLEY LEISURE RESORTS PVT LTD	Director	09/03/2011	09/03/2011	-	Active	NO

Name :

Mr. Shyam Chandani

Designation :

Director

Address :

B/1, Old Dlf Colony, Sunder Singh Marg Near Sector-14, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

27.11.1938

Date of Appointment :

18.05.2000

DIN No.:

00076337

Name :

Mr. Ashok Bahl

Designation :

Director

Address :

3, Malcha Marg, New Delhi - 110021, Delhi, India

Date of Birth/Age :

12.11.1946

Date of Appointment :

30.09.1999

DIN No.:

00085867

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	U74899DL1993PTC053965	SURBHI ADVENTURE PRIVATE LIMITED	Director	09/06/1993	09/06/1993	-	Active	NO
2	U74899DL1984PTC017370	KAMET PLASTICS PRIVATE LIMITED	Director	31/03/1994	31/03/1994	-	Active	NO
3	U24111UP1984PLC006565	SANAT PRODUCTS LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
4	U74899DL1990PTC038964	KAUSHALYA SPINNERS PRIVATE LIMITED	Director	07/09/2001	07/09/2001	-	Active	NO
5	U70101GA2006PTC004851	TERRA NOVA REAL ESTATE GOA PRIVATE LIMITED	Director	09/11/2006	09/11/2006	-	Active	NO
6	U74300DL2009PTC195549	Most Technical India Private Limited	Director	01/12/2009	01/12/2009	-	Active	NO
7	U74999DL2013PTC251823	CRAYON EVENTS & ENTERTAINMENT PRIVATE LIMITED	Director	08/05/2013	08/05/2013	-	Active	NO

Name :

Mr. Mohanji Saxena

Designation :

Director

Address :

A-601, 6^th Floor, Tower Block Apartment, Swasthya Vihar, Delhi - 110092, India

Date of Birth/Age :

12.06.1956

Date of Appointment :

24.09.2008

DIN No.:

01484550

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	U74899DL1992PLC050587	AYURVET LIMITED	Managing director	01/02/2013	01/02/2005	-	Active	NO
2	U72200DL2005PTC137486	CNS INFOTECH (INDIA) PRIVATE LIMITED	Director	10/06/2005	10/06/2005	-	Active	NO
3	U24111UP1984PLC006565	SANAT PRODUCTS LIMITED	Director	24/09/2008	07/08/2008	-	Active	NO
4	U01407DL2010PTC199584	AYURVET AGES PRIVATE LIMITED	Director	26/02/2010	26/02/2010	-	Active	NO

Name :

Mr. Goldie Gaba

Designation :

Additional Director

Address :

701 Raison Armor Homes, Ahinsa Khand Ii Indirapuram, Ghaziabad - 201010, Uttar Pradesh, India

Date of Appointment :

19.01.2015

DIN No.:

03468979

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	U74999DL2004PTC131133	B R BEE PRODUCTS PRIVATE LIMITED	Director	03/02/2011	03/02/2011	-	Active	NO
2	U55101HP1990PTC010584	KULLU VALLEY LEISURE RESORTS PVT LTD	Director	09/03/2011	09/03/2011	-	Active	NO
3	U24111UP1984PLC006565	SANAT PRODUCTS LIMITED	Additional director	19/01/2015	19/01/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Goldie Gaba
Designation :	Chief Financial Officer
Address :	701 Raison Armor Road, Ahinsa Khand-II, Indirapuri, Ghaziabad - 201014, Uttar Pradesh, India
Date of Appointment :	21.05.2014
PAN No.:	AIRPG8693E
Name :	Mr. Raman Deep Bhatti
Designation :	Secretary
Address :	House No-38, 2^nd Floor, Pocket-10, Sector-24, Rohini, New Delhi - 110085, India
Date of Appointment :	24.11.2014
PAN No.:	AJZPB1673J
Name :	Mr. Manish Mishra
Designation :	Marketing Manager

MAJOR SHAREHOLDERS

AS ON 26.09.2014

Names of Equity Shareholders	No. of Shares
Welltime Investment Private Limited, India	25
Sabur (India) Limited, India	50000
Biplab Das Gupta	1000
Pradip Burman	1780915
Chetan Burman	107060
Sahiwal Investment and Trading Company, India	1000
Ratna Commercial Enterprises Private Limited, India	850000
Total	2790000

Names of Preference Shareholders	No. of Shares
Ratna Commercial Enterprises Private Limited, India	4610000
Total	4610000

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2014

Category	Percentage
Bodies corporate	33.00
Directors or relatives of Directors	67.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and marketing of standardized Herbal Extracts, Spirulina, Ayurvedic Medicine, Dietary Supplements, Nutraceuticals and Pharmaceuticals.
Products :	Standardized Herbal Extracts Spirulina Ayurvedic Medicine Dietary Supplements Nutraceuticals Pharmaceuticals
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	ICICI Bank Limited
Branch :	Not Divulged
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

· Standard Chartered Bank

Auditors :
Name :	Satish K Gupta and Associates Chartered Accountants
Address :	103, D.B. Plaza, C-11 RDC
PAN No.:	ACHPG9259L
Collaborators :	Not Divulged
Membership :	Not Divulged
Associates :	· Ayurvet Limited · Ratna Commercial Enterprises Private Limited · Green Valley Products Private Limited · Dabur Nepal Private Limited · Dabur Research Foundation · CNS Infotech India Private Limited

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2800000	Equity Shares	Rs.100/- each	Rs.280.000 Million
4700000	Preference Shares	Rs.100/- each	Rs.470.000 Million
	Total		Rs.750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2790000	Equity Shares	Rs.100/- each	Rs.279.000 Million
4610000	Preference Shares	Rs.100/- each	Rs.461.000 Million
	Total		Rs.740.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	740.000	732.500	700.000
(b) Reserves & Surplus	(475.695)	(499.224)	(523.792)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	7.500	0.000
Total Shareholders’ Funds (1) + (2)	264.305	240.776	176.208
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	8.562
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.987	7.187	8.487
(d) long-term provisions	5.827	8.365	7.862
Total Non-current Liabilities (3)	10.814	15.552	24.911
(4) Current Liabilities
(a) Short term borrowings	8.898	27.462	10.477
(b) Trade payables	34.412	26.515	40.457
(c) Other current liabilities	13.752	8.789	67.619
(d) Short-term provisions	4.132	2.343	4.098
Total Current Liabilities (4)	61.194	65.109	122.651
TOTAL	336.313	321.437	323.770
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	146.071	134.024	130.764
(ii) Intangible Assets	1.250	0.679	1.131
(iii) Capital work-in-progress	0.000	2.542	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.881
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.882	3.165	2.493
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	150.203	140.410	135.269
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	72.119	70.397	104.574
(c) Trade receivables	65.701	40.688	52.353
(d) Cash and cash equivalents	36.140	52.218	17.805
(e) Short-term loans and advances	11.939	17.513	13.651
(f) Other current assets	0.211	0.211	0.118
Total Current Assets	186.110	181.027	188.501
TOTAL	336.313	321.437	323.770

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	330.918	311.174	311.911
		Other Income	24.476	16.540	18.846
		TOTAL (A)	355.394	327.714	330.757
Less	EXPENSES
		Cost of Materials Consumed	138.308	114.980	137.647
		Purchase of Stock-in-trade	15.901	16.655	47.077
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(6.538)	24.052	2.492
		Employee Benefits Expenses	77.455	73.133	78.645
		Other Expenses	89.537	89.860	102.073
		Exceptional Items	2.611	2.930	6.084
		Extraordinary Items	0.000	(32.839)	0.000
		TOTAL (B)	317.274	288.771	374.018
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		38.120	38.943	(43.261)
Less	FINANCIAL EXPENSES (D)		3.579	2.619	5.921
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.541	36.324	(49.182)
Less	DEPRECIATION/ AMORTISATION (F)		11.012	11.759	9.968
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		23.529	24.565	(59.150)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		23.529	24.565	(59.150)
	Earnings in Foreign Currency - FOB Value		140.550	125.052	139.672
	CIF Value of Imports – Raw Material		22.497	4.913	15.721
	Earnings Per Share (Rs.)		8.43	8.80	--

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	7.11	7.89	(18.96)
Operating Profit Margin (PBDIT/Sales)	(%)	11.52	12.51	(13.87)
Return on Total Assets (PBT/Total Assets)	(%)	7.00	7.70	(18.32)
Return on Investment (ROI) (PBT/Networth)		0.09	0.10	(0.34)
Debt Equity Ratio (Total Debt /Networth)		0.03	0.11	0.11
Current Ratio (Current Asset/Current Liability)		3.04	2.78	1.54

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	700.000	732.500	740.000
Reserves & Surplus	(523.792)	(499.224)	(475.695)
Share Application money pending allotment	0.000	7.500	0.000
Net worth	176.208	240.776	264.305
long-term borrowings	8.562	0.000	0.000
Short term borrowings	10.477	27.462	8.898
Total borrowings	19.039	27.462	8.898
Debt/Equity ratio	0.108	0.114	0.034

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	311.911	311.174	330.918
		(0.236)	6.345

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	311.911	311.174	330.918
Profit	(59.150)	24.565	23.529
	(18.96%)	7.89%	7.11%

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	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	No
34]	External Agency Rating, if available	No

NATURE OF OPERATIONS

Health and well-being with the power of nature that is the foundation of the subject. The company is engaged in the manufacturing and marketing of standardized Herbal Extracts, Spirulina, Ayurvedic Medicine, Dietary Supplements, Nutraceuticals and Pharmaceuticals. Company has two manufacturing facilities located at Sikandrabad and Dindigul for Herbal Extraction and Spirulina Products.

OPERATIONS

The turnover of the company during the year has been Rs.330.918 Million as compared to Rs.311.174 Million in the previous year. Turnover of EPD/CPD has been Rs.46.833 Million and HED Rs.284.084 Million in comparison to Rs.47.846 Million and Rs.263.328 Million in previous financial year.

PLANT OPERATIONS

Plant capacity has been increased from 85.5 MT to 94.2 MT by installation of additional Distillation vessel, Layer Separator and Vertical Extraction modification (Nearly 10% Increase of plant capacity). Focus has been more on Water based products in 2013-14 to save on solvent cost. Newly installed Chilled Water System 20 TR has also lead to improvement in solvent recovery for other products.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Other loans and advances	8.898	27.462
Total	8.898	27.462

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10522784	30/09/2014	27,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C23490196
2	10019192	28/08/2006	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A04723318
3	90276166	27/09/2000 *	2,000,000.00	PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-
4	90277286	13/03/2003 *	20,000,000.00	PUNJAB NATIONALBANK	BRANCH NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-
5	90277251	16/06/2001	20,000,000.00	PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-
6	90277179	27/09/2000	25,000,000.00	`PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-
7	90275136	14/01/1986 *	124,050,000.00	`PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-
8	90277088	28/09/2000 *	124,000,000.00	`PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-
9	90277081	06/10/1999	80,000,000.00	PNB	NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-
10	90275084	06/10/1999 *	30,250,000.00	PNB	NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH, INDIA	-
11	90273937	14/02/1997 *	2,000,000.00	PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-
12	90278186	29/05/1985	2,000,000.00	PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-
13	90273936	29/05/1993 *	17,500,000.00	PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-
14	90273934	23/05/1985	20,000,000.00	PUNJAB NATIONAL BANK	NAVYUG MARKET BRANCH, GHAZIABAD, UTTAR PRADESH, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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 records 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.