MIRA INFORM REPORT

Report No. :	337545
Report Date :	20.08.2015

IDENTIFICATION DETAILS

Name :	FIRMENICH AROMATICS PRODUCTION (INDIA) PRIVATE LIMITED
Registered Office :	Arena Space, 9th Floor, New Shyam Nagar Road, Off. Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra
Tel. No.:	91-22-66196000/ 66400648/ 66400564
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.05.2007
Com. Reg. No.:	11-170590
Capital Investment / Paid-up Capital :	Rs.24.499 Million
CIN No.: [Company Identification No.]	U24119MH2007FTC170590
IEC No.:	0307088901
TAN No.: [Tax Deduction & Collection Account No.]	MUMF0517F
PAN No.: [Permanent Account No.]	AAACF1621M / AABCF1120G
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of compounding of industrial fragrance and flavours and manufacturing of chemicals.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Vikas Jadhav
Designation :	Accounts Department
Contact No.:	91-22-66196551
Date :	08.06.2015

LOCATIONS

Registered Office :	Arena Space, 9th Floor, New Shyam Nagar Road, Off. Jogeshwari Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	91-22-66196000/ 66400648/ 66400564
Fax No.:	91-22-66196010
E-Mail :	suman.sinha@firmenich.com Sudhir.rao@firmenich.com
Website :	http://www.firmenich.com
Factory :	Plot No. Z-10, SEZ Area, Dahej Taluka Vagra, Bharuch - 392130, Gujarat, India
Tel. No.:	91-2641-619256

DIRECTORS

AS ON 10.09.2014

Name :	Arijit Ganguli
Designation :	Managing Director
Address :	73 Royde Park, Rishi Bankimchandra, Behala, Kolkata – 700034, West Bengal, India
Date of Birth/Age :	20.05.1970
Date of Appointment :	25.09.2013
DIN No.:	06688173
Name :	Mr. Sanjay Govindrao Kalyankar
Designation :	Director
Address :	Flat No. 13, 3^rd Floor, Hill Grangea, Ghodbunder Road, Hiranandani Estate, Thane (West), Mumbai – 400607, Maharashtra, India
Date of Birth/Age :	14.09.1961
Date of Appointment :	30.12.2010
DIN No.:	02969691
Name :	Mr. Johan Willem Peter Brinkgreve
Designation :	Director
Address :	17 Route Du Creux De, Genthod – 1294, Switzerland
Date of Birth/Age :	01.09.1970
Date of Appointment :	28.06.2012
Date of Cessation :	30.03.2015
DIN No.:	05313616
Name :	Suman Sinha
Designation :	Director
Address :	A1/202, Ganga Mamlet Society, Viman Nagar, Pune – 411014, Maharashtra, India
Date of Birth/Age :	01.10.1971
Date of Appointment :	28.06.2012
DIN No.:	05313557
Name :	Gregory Hew Teck Chew
Designation :	Director
Address :	263, River Valley Road, 03 17 Aspen Heights, Singapore 238309
Date of Birth/Age :	14.03.1976
Date of Appointment :	10.04.2013
Date of Cessation :	30.03.2015
DIN No.:	06542215
Name :	Sonal Sanjay More
Designation :	Additional director
Address :	46/003, A, Paragon Apartment, Lokhandwala Complex, Apna Ghar, S S Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India
Date of Appointment :	03.06.2015
DIN No.:	07140198

KEY EXECUTIVES

Name :	Mr. Vikas Jadhav
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2014

Names of Shareholders	No. of Shares
Firmenich Trading Corporation, Switzerland	272290
Fragar (Europe) SA, Switzerland	1
Total	272291

Equity Share Break up (Percentage of Total Equity)

AS ON 10.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.0
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of compounding of industrial fragrance and flavours and manufacturing of chemicals.

Products :

Item Code No.	Product Description
33012934	Patchouli Oil

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

• European Countries
• Gulf Countries
• USA

Imports :

Products :

Raw Material

Countries :

• European Countries

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	DRT-Anthea Aroma Chemicals Private Limited
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 :

Wholesalers, Retailers and End Users

Reference :	Hindustan Unilever Limited
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 :

400 (Approximately)

Bankers :

Bank Name	Citi Bank
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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

BNP Paribas (Bank)

Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Lodha Excelus, 1st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalkshmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AAIFB4734C
Memberships :	--
Collaborators :	--
Holding company :	Firmenich Trading Corporation (FIRTRAC) (holds 100% of issued, subscribed and paid up capital)
Fellow subsidiary companies :	Firmenich SA - (Firsa) Firmenich, Incorporated - (Firinc) Firmenich Chemical & Manufacturing - (Firchem) Firmenich Citrus Centre - (Firharbor) Firmenich Asia Pte Limited - (Firsin) PT Firmenich Indonesia - (Firjava) Firmenich De Mexico S.A.DE C.V. - (Firmex)
Other related Parties where transactions have taken place during the year (Continued) :	Firmenich Aromatics (China) Company Limited - (Firchina) Firmenich Aromatics (India) Private Limited - (Firindia) Firmenich (Pty) Limited (Firsouth) Firmenich S.A. (Fideco) Firmenich & CIA. Limited (Firbrass) Firmenich S.A.I.C. Y F.(Firar) Firmenich FZ-LLC (Firgulf) Firmenich Grass SAS (Firgrass) Kunming Firmenich Aromatics Company Limited (Firming) Firmenich & CIA LTDA (Fibras) Firmenich Thailand Limited (Firthai) Firmenich Belgium SA - (Firbell) Nihon Firmenich K.K.- (Firnin)

CAPITAL STRUCTURE

AS ON 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
272291	Equity Shares	Rs.100/- each	Rs.27.229 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
244990	Equity Shares	Rs.100/- each	Rs.24.499 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	24.499	24.499	19.499
(b) Reserves & Surplus	2482.702	1490.106	534.902
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	50.090
Total Shareholders’ Funds (1) + (2)	2507.201	1514.605	604.491
(3) Non-Current Liabilities
(a) long-term borrowings	598.900	412.840	1096.133
(b) Deferred tax liabilities (Net)	126.077	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	12.076	10.192	6.417
Total Non-current Liabilities (3)	737.053	423.032	1102.550
(4) Current Liabilities
(a) Short term borrowings	1523.213	2277.713	1613.214
(b) Trade payables	1451.340	868.546	506.626
(c) Other current liabilities	503.541	1066.692	987.031
(d) Short-term provisions	186.587	56.140	0.719
Total Current Liabilities (4)	3664.681	4269.091	3107.590
TOTAL	6908.935	6206.728	4814.631
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2433.287	2210.087	2307.780
(ii) Intangible Assets	1.938	2.583	1.242
(iii) Capital work-in-progress	15.527	279.426	33.336
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	292.403	21.982	27.250
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2743.155	2514.078	2369.608
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2390.469	2525.392	2072.114
(c) Trade receivables	1305.885	893.543	324.190
(d) Cash and cash equivalents	435.656	239.271	15.489
(e) Short-term loans and advances	33.770	34.444	33.230
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4165.780	3692.650	2445.023
TOTAL	6908.935	6206.728	4814.631

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		8373.337	6174.093	2187.834
	Other Income
	TOTAL		8373.337	6174.093	2187.834
Less	EXPENSES		7103.863	5498.074	2898.596
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1269.474	676.019	(710.762)
Less/ Add	DEPRECIATION/ AMORTISATION		183.469	161.415	(157.909)
	PROFIT/ (LOSS) BEFORE TAX		1086.005	514.604	(552.853)
Less	TAX		93.409	54.400	0.000
	PROFIT/ (LOSS) AFTER TAX		992.596	460.204	(552.853)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(489.795)	(949.999)	(397.146)
	BALANCE CARRIED TO THE B/S		502.801	(489.795)	(949.999)
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B. basis	8126.745	5870.992	2096.920
		Freight Income		129.668	58.821
	TOTAL EARNINGS		8126.745	6000.660	2155.741
	IMPORTS
		Raw Materials	4151.695	3779.137	1933.582
		Components & spare parts	0.466	0.691	20.953
		Capital Goods	7.469	42.700	18.967
	TOTAL IMPORTS		4159.630	3822.528	1973.502
	Earnings/ (Loss) Per Share (Rs.)		4051.58	1878.45	(2256.63)

Particular	31.03.2015
Sales Turnover (Approximately)	9500.000

Expected Sales ( 2015-2016 ) : Rs.11000.000 Million

The above information has been parted by Mr. Vikas Jadhav (Accounts Department).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	250.000	869.960	400.000
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	1195.764	846.458	(747.081)
Net cash flows from (used in) operating activities	1079.888	846.458	(747.081)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	11.85	7.45	(25.27)
Return on Total Assets (PBT/Total Assets}	(%)	15.75	8.68	(11.56)
Return on Investment (ROI) (PBT/Networth)		0.43	0.34	(0.91)
Debt Equity Ratio (Total Liability/Networth)		0.95	2.35	5.14
Current Ratio (Current Asset/Current Liability)		1.14	0.86	0.79

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	19.499	24.499	24.499
Reserves & Surplus	534.902	1490.106	2482.702
Share Application money pending allotment	50.090	0.000	0.000
Net worth	604.491	1514.605	2507.201
long-term borrowings	1096.133	412.840	598.900
Short term borrowings	1613.214	2277.713	1523.213
Current Maturities of Long Term Debt	400.000	869.960	250.000
Total borrowings	3109.347	3560.513	2372.113
Debt/Equity ratio	5.144	2.351	0.946

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)
Total Income	2187.834	6174.093	8373.337
		182.201	35.621

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	2187.834	6174.093	8373.337
Profit/Loss	(552.853)	460.204	992.596
	(25.27%)	7.45%	11.85%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	---
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from others	598.900	162.840
Rupee term loans from banks	0.000	250.000
Short-term borrowings
Working capital loans from banks	1523.213	2272.709
Other loans and advances, others	0.000	5.004
Total	2122.113	2690.553

Note: The Registered Office of the company has been shifted from Novell House, Road No. 13, MIDC, Marol, Andheri (East), Mumbai – 400093, Maharashtra, India to the present address w.e.f. 11.02.2013.

INDEX OF CHARGES : NO CHARGES EXIST FOR THE COMPANY

BACKGROUND

The company was incorporated on 4 May 2007. The Company is engaged in the business of compounding of industrial fragrance and flavours and manufacturing of chemicals.

FIXED ASSETS:

· Buildings

· Factory building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipment’s

· Other equipment’s

· Leasehold improvements

· 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 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.65.25
UK Pound	1	Rs.101.25
Euro	1	Rs.72.19

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.