MIRA INFORM REPORT

Report No. :	330720
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	GEM AROMATICS PRIVATE LIMITED
Registered Office :	A/410, Kailas Complex, Vikhroli Powai Link Road, Park Site, Vikhroli (West), Mumbai – 400079, Maharashtra
Tel. No.:	91-22-25185231
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.10.1997
Com. Reg. No.:	11-111057
Capital Investment / Paid-up Capital :	Rs.9.500 Million
CIN No.: [Company Identification No.]	U24246MH1997PTC111057
IEC No.:	0398001570
TAN No.: [Tax Deduction & Collection Account No.]	MUMG05248F
PAN No.: [Permanent Account No.]	AAACG5135D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, importers and exporters of essential oils viz. peppermint oil and spearmint oil, co-products and other related products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is established company having satisfactory track record. Rating draw strength from established operations, moderate financial risk profile marked by moderate profitability backed established track record of the company. The strengths are, however, partially offset by continued high outstanding receivables position and competitive market which adversely impacts operational efficiency and profitability. However, trade relation are fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DENIED BY

Name :	Mrs. Kaksha Parekh
Designation :	Director
Name :	Mrs. Priyanka
Designation :	Export-Import Department
Contact No.:	91-22-25185231
Date :	07.07.2015

LOCATIONS

Registered Office :	A/410, Kailas Complex, Vikhroli Powai Link Road, Park Site, Vikhroli (West), Mumbai – 400079, Maharashtra, India
Tel. No.:	91-22-25185231
Fax No.:	Not Available
E-Mail :	vparekh@gemaromatics.in
Website :	www.gemaromatics.in

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Vipul Nathalal Parekh
Designation :	Director
Address :	401, Parimal, R B Mehta Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	09.10.1962
Date of Appointment :	27.10.1997
DIN No.:	00235974
Name :	Mrs. Kaksha Vipul Parekh
Designation :	Director
Address :	401, Parimal, R B Mehta Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	20.09.1965
Date of Appointment :	27.10.1997
DIN No.:	00235998
Name :	Mr. Yash Vipul Parekh
Designation :	Director
Address :	401, Parimal, R B Mehta Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Date of Birth/Age :	07.10.1986
Date of Appointment :	29.04.2011
DIN No.:	03514313

KEY EXECUTIVES

Name :	Mrs. Priyanka
Designation :	Export-Import Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Vipul Nathalal Parekh	396500	41.74
Kaksha Vipul Parekh	237250	24.97
Vipul N Parekh HUF	50000	5.26
Yash Vipul Parekh	266250	28.03
Total	950000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, importers and exporters of essential oils viz. peppermint oil and spearmint oil, co-products and other related products.
Products :	Essential Oils
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 :	Development Credit Bank Limited
Branch :	301, Delta Plaza, 414, Veer Savarkar Marg, Prabhadevi, Mumbai -400025, Maharashtra, India
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

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

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

· Bank of India, Ghatkopar (West) Branch, Desai Niwas, M.G. Road, Ghatkopar (West), Mumbai - 400086, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loans
From banks (Secured against immovable property offered by directors)	7.446	10.014
From banks -Vehicle loan (Secured against hypothecation of vehicles)	0.215	1.332
Short Term Borrowings
Cash credit from schedule bank	113.271	38.308
Cash credit from schedule bank for EPC	67.002	19.997
Loans from schedule bank (Buyers credit limit) (Secured against hypothecation of stocks and book dents)	12.098	38.887
Total	200.032	108.538

Auditors :
Name :	D. B. Shah and Associates Chartered Accountants
Address :	D-605, Neelkanth Business Park, Kirol Road, Behind Vidyavihar Bus Depot, Vidyavihar (West), Mumbai – 400086, Maharashtra, India
PAN No.:	AACPS9152R
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs.9.500 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	9.500	9.500	9.500
(b) Reserves & Surplus	40.394	32.843	26.090
(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)	49.894	42.343	35.590
(3) Non-Current Liabilities
(a) long-term borrowings	56.085	31.533	42.947
(b) Deferred tax liabilities (Net)	1.158	0.767	0.927
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	57.243	32.300	43.874
(4) Current Liabilities
(a) Short term borrowings	192.371	97.192	126.316
(b) Trade payables	144.051	8.563	18.691
(c) Other current liabilities	10.350	13.712	13.330
(d) Short-term provisions	1.168	1.461	1.084
Total Current Liabilities (4)	347.940	120.928	159.421
TOTAL	455.077	195.571	238.885
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.922	27.542	31.860
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.100	1.230	0.524
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	33.022	28.772	32.384
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	124.300	75.411	80.204
(c) Trade receivables	253.234	56.896	66.420
(d) Cash and cash equivalents	2.247	10.558	29.950
(e) Short-term loans and advances	41.739	23.707	29.825
(f) Other current assets	0.535	0.227	0.102
Total Current Assets	422.055	166.799	206.501
TOTAL	455.077	195.571	238.885

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	NA	572.867	476.487
Less	EXPENSES	NA	557.695	466.890
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	15.172	9.597
Less	DEPRECIATION/ AMORTISATION	NA	4.267	3.606
	PROFIT/(LOSS) BEFORE TAX	12.013	10.905	5.991
Less	TAX	3.990	2.942	2.856
	PROFIT/(LOSS) AFTER TAX	8.023	7.963	3.135
	Earnings Per Share (Rs.)	8.45	--	--

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets)	(%)	2.64	5.58	2.51
Return on Investment (ROI) (PBT/Networth)		0.24	0.26	0.17
Debt Equity Ratio (Total Debt /Networth)		4.98	3.04	4.76
Current Ratio (Current Asset/Current Liability)		1.21	1.38	1.30

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	9.500	9.500	9.500
Reserves & Surplus	26.090	32.843	40.394
Net worth	35.590	42.343	49.894
long-term borrowings	42.947	31.533	56.085
Short term borrowings	126.316	97.192	192.371
Total borrowings	169.263	128.725	248.456
Debt/Equity ratio	4.756	3.040	4.980

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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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 two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

REVIEW OF OPERATION:

During the year, the profit for the year has been Rs.8.023 million as against profit of Rs.7.962 million during the previous financial year. The directors are continuously looking for avenues for future growth of the subject.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Term loan – from banks	0.000	2.241
Term loan – from others	0.000	1.041
Loan from directors and shareholders	48.824	16.905
Total	48.824	20.187

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10529990	20/10/2014 *	80,000,000.00	Bank of India	Ghatkopar(West) Branch, Desai Niwas, M.G. Road, Ghatkopar (West), Mumbai, Maharashtra - 400086, India	C33151655
2	10514923	23/04/2014	15,000,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	C16423287
3	10445603	25/09/2013 *	194,750,000.00	ICICI Bank Limited	Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India	B85489250

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Factory Equipments

· Office Equipments

· Electrical Installation

· Vehicles

· Computer

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.63.57
UK Pound	1	Rs.98.22
Euro	1	Rs.69.93

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.