MIRA INFORM REPORT

Report No. :	309782
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	HIGH-TECH TECHNOLOGIES
Registered Office :	2102, 21^st Floor, Guruprabha CHSL, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.10.2014 [Provisional]
Year of Establishment :	1993
Capital Investment :	Rs. 30.219 Millions
IEC No.:	0309039215
PAN No.: [Permanent Account No.]	AHXPM8772B
Legal Form :	Sole Proprietary Concern
Line of Business :	Manufacturer and Importer of Flavors and also into Marketing and Development of Forensic Tools.
No. of Employees :	14 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having satisfactory track record. There seems sharp dip in the turnover of the concern during FY2014. However, general financial position of the concern is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The concern 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 – 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 PARTED BY

Name :	Mr. Bipin Thakur
Designation :	Consultant
Contact No.:	91-9833809750
Date :	25.02.2015

LOCATIONS

Registered Office :	21^st Floor, Guruprabha CHSL, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24373701
Mobile No.:	91-9833809750 [Mr. Bipin Thakur]
Fax No.:	Not Available
E-Mail :	info@htt.co.in
Website :	http://www.htt.co.in
Location :	Owned
Factory :	F-13/ 14/ 15, G-13/6, Chirag Industrial Complex, Golden Industrial Estate, Somnath Road, Dabhel, Daman (U.T) - 396210, Daman and Diu, India
USA Office :	16192 Coastal Highway, Lewes, DE 19958
Tel. No.:	+1-302-295-0825
E-Mail :	info@htt-us.com

SOLE PROPRIETOR

Name :	Mrs. Kanchan Mhatre
Designation :	Proprietor
Address :	2103, 21^st Floor, Guruprabha CHSL, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra
PAN No.:	AHXPM8772B

KEY EXECUTIVES

Name :	Mr. Bipin Thakur
Designation :	Consultant

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Flavors and also into Marketing and Development of Forensic Tools.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	Orange Oil
Countries :	Brazil
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference:	Fragrance World
Name of the Person (Designation):	Mr. Mehul Seth [Proprietor]
Contact Number:	91-9987980009
Since how long known:	More than 10 years
Maximum limit dealt:	Not Divulged
Experience:	Product Quality = Excellent Delivery Behaviour = Excellent Overall = Excellent
Remark	As claimed by Mr. Seht that the subject is one of good customer. Payment behavior is on time.

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	Parle Products Private Limited
Name of the Person (Designation):	Mr. Amitabh Tiwari [General Manager]
Contact Number:	91-9967990561
Since how long known:	More than 20 years
Maximum limit dealt:	Rs. 7.200 Millions [Monthly]
Experience:	Product Quality = Excellent Delivery Behaviour = Excellent Overall = Excellent
Remark	As claimed by Mr. Tiwari that they Purchase orange oil from subject. They are having only one supplier for orange oil, which is subject concern they are very mush satisfied.

No. of Employees :

14 (Approximately)

Bankers :

Bank Name:	Dena Bank
Branch:	Dadar [East], Mumbai, Maharashtra, India
Person Name (with Designation):	Mr. Devendra Katkar
Contact Number:	91-9820441307/ 91-22-24123724
Name of Account Holder:	High-Tech Technologies
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Mr. Devendra is on leave, told to call on landline number, spoken to Mr. Azar declined to part any information. [Mr. Azar – Chief Manager]

Facilities :

--

Auditors :
Name :	M.G. Shah and Company Chartered Accountants
Address :	A-303, Shaheen Chambers, D A Wood Baug Cross Lane, Near P K Jewellers, Off J P Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26760705
Telefax :	91-22-26760706
E-Mail :	mgshahcait@gmail.com
Associates/Subsidiaries :	High-Tech E Technologies Private Limited

CAPITAL STRUCTURE

AS ON 31.10.2014 [PROVISIONAL]

PARTICULARS	RS. IN MILLIONS	PARTICULARS	RS. IN MILLIONS
To Advance Tax paid	0.500	By Balance b/f	20.862
To Withdrawals	0.410	By Net Profit transferred from Profit and Loss Account	10.267
To Balance c/d	30.219
Total	31.129	Total	31.129

FINANCIAL DATA

[all figures are in Rupees Millions]

Expected Sales (2014-2015) : Rs. 180.000 Millions [Due to Less orders]

The above information has been parted by Mr. Bipin Thakur (Consultant)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.10.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor Capital		30.219	20.862	40.973	40.257
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		30.219	20.862	40.973	40.257
LOAN FUNDS
1] Secured Loans		60.086	39.448	56.143	50.828
2] Unsecured Loans		0.150	27.060	3.003	7.209
TOTAL BORROWING		60.236	66.508	59.146	58.037
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		90.455	87.370	100.119	98.294
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.040	22.843	31.303	38.245
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.396	28.720	30.969	11.167
	Sundry Debtors	12.843	17.306	8.847	33.332
	Cash & Bank Balances	4.310	5.649	9.687	2.545
	Other Current Assets	3.483	5.596	3.535	7.102
	Loans & Advances	39.281	45.122	43.958	39.865
Total Current Assets		83.313	102.393	96.996	94.011
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.275	16.656	17.135	32.556
	Other Current Liabilities	0.623	2.246	1.045	1.406
	Provisions	0.000	18.964	10.000	0.000
Total Current Liabilities		9.898	37.866	28.180	33.962
Net Current Assets		73.415	64.527	68.816	60.049
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		90.455	87.370	100.119	98.294

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.10.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
	SALES
		Sales	111.311	110.811	189.221	205.818
		Other Income	0.000	7.844	13.524	10.756
		TOTAL	111.311	118.655	202.745	216.574
Less	EXPENSES
		Cost of goods sold	59.463	63.888	113.304	137.329
		Excise duty paid	0.000	10.644	20.511	17.317
		Wages	0.897	1.381	1.086	0.832
		Custom Duty	15.201	11.524	14.653	15.493
		Professional Fees	0.936	2.620	2.337	1.934
		Transport Expenses	1.334	0.967	1.715	1.966
		Salary and Wages	4.829	5.911	6.902	5.502
		Motor Car/ Scooter Expenses	0.000	0.841	0.770	0.259
		Loan processing charges	0.000	1.125	0.344	0.225
		Interest paid on loan	5.325	1.075	0.010	0.221
		Loan interest paid against property	0.000	3.301	3.250	3.016
		Car loan interest paid	0.000	0.204	0.198	0.000
		Loan interest paid against property	0.000	4.518	4.205	3.467
		Other Expenses	7.132	9.254	15.009	8.440
		TOTAL	95.117	117.253	184.294	196.001
	PROFIT/ (LOSS) BEFORE DEPRECIATION AND AMORTISATION		16.194	1.402	18.451	20.573
Less/ Add	DEPRECIATION/ AMORTISATION		5.926	10.506	9.840	9.398
	NET PROFIT/ (LOSS)		10.268	(9.104)	8.611	11.175

KEY RATIOS

PARTICULARS		31.10.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.22	(8.22)	4.55	5.43
Return on Total Assets (PBT/Total Assets}	(%)	10.23	(7.27)	6.71	8.45
Return on Investment (ROI) (PBT/Networth)		0.34	(0.44)	0.21	0.28
Debt Equity Ratio (Total Debt/Networth)		1.99	3.19	1.44	1.44
Current Ratio (Current Asset/Current Liability)		8.42	2.70	3.44	2.77

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Proprietor Capital	40.257	40.973	20.862
Profit and Loss Account	0.000	0.000	0.000
Net worth	40.257	40.973	20.862
Secured Loans	50.828	56.143	39.448
Unsecured Loans	7.209	3.003	27.060
Total borrowings	58.037	59.146	66.508
Debt/Equity ratio	1.442	1.444	3.188

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	205.818	189.221	110.811
		(8.064)	(41.438)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	205.818	189.221	110.811
Profit/ (Loss)	11.175	8.611	(9.104)
	5.43%	4.55%	(8.22%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years and seven months	Yes
12]	Profitability for last three years and seven months	Yes
13]	Reasons for variation <> 20%	Yes
14]	Estimation for coming financial year	Yes
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	Yes
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

· Electrical Installation

· Plant and Machinery

· Gala

· Air Conditioner

· Computer

· Furniture and Fixture

· Fax Machine

· Vehicles

· EPBX System

· Fire Extinguisher

· Aqua Guard

· Mobile Phone

· Container Mould

· Other 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 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. 62.05
UK Pound	1	Rs. 96.03
Euro	1	Rs. 70.43

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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		46

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.