MIRA INFORM REPORT

Report No. :	327820
Report Date :	17.06.2015

IDENTIFICATION DETAILS

Name :	CAMPHOR AND ALLIED PRODUCTS LIMITED
Registered Office :	Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara – 391340, Gujarat
Tel. No.:	91-265-2840251
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	07.04.1972
Com. Reg. No.:	04-011626
Capital Investment / Paid-up Capital :	Rs.51.337 Million
CIN No.: [Company Identification No.]	L17299GJ1972PLC011626
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Fine Chemicals.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. The company possesses an acceptable financial profile marked by adequate networth base and moderately high use of leverage in capital structure on account of debt funded project along with adequate debt protection metrics. Management has witnessed an improvement in its performance marked by increase in sales volume during 2015. The ratings also take into consideration the raw material price fluctuation risk which may further affect the profitability during the year under review. However, Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of being one of the largest domestic manufacturers of chemicals and technical support from Dupont of USA, the subject 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

Rating Agency Name	ICRA
Rating	Long Term rating=BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	02.06.2014

Rating Agency Name	ICRA
Rating	Short Term rating=A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	02.06.2014

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 DECLINED

Management non co-operative (91-265-2840251)

LOCATIONS

Registered Office/ Branch Office 1/ Factory 1 :	Plot No. 3, GIDC Industrial Estate, Nandesari, Vadodara – 391340, Gujarat, India
Tel. No.:	91-265-2840251
Fax No.:	91-265-2840224
E-Mail :	vipul@camphor-allied.com
Website :	http://www.camphor-allied.com
Corporate Office :	Jehangir Building, 133 M.G. Road, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-43214000
Fax No.:	91-22-43214099
E-Mail :	sales_bom@camphor-allied.com
Branch Office 2/ Factory 2 :	Clutterbuckganj, Bareilly - 243502, Uttar Pradesh, India
Tel. No.:	91-581-2561115/ 2561128
Fax No.:	91-581-2561112
E-Mail :	sales_cbj@camphor-allied.com

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Anil K. Bodani
Designation :	Executive Chairman
Name :	Mr. Dharmil A. Bodani
Designation :	Managing Director
Name :	Mr. Shyamal A. Bodani
Designation :	Executive Directo
Name :	Mr. D. S. Raghava
Designation :	Executive Director
Name :	Mr. Harshvardhan Piramal
Designation :	Non-Executive Director
Name :	Mr. Ranjit A. Puranik
Designation :	Non-Executive Director
Name :	Mr. Amitabh Himatsingka
Designation :	Non-Executive Director
Name :	Mr. Prakash Mehta
Designation :	Non-Executive Director
Name :	Madam. Amrudha Nair
Designation :	Non-Executive Director

KEY EXECUTIVES

Name :	Mr. Vipul Kumar Singh
Designation :	Company Secretary (Upto 28.10.2012)
Name :	Ms. Nirmala Agarwal
Designation :	Company Secretary (From 19.11.2012)
Name :	Mr. Girish Khandelwal
Designation :	Chief Financial Officer
Name :	Mr. Alpesh Karodia
Designation :	Accounts Officer

SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	2960280	57.66
Sub Total	2960280	57.66
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2960280	57.66
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2150	0.04
Financial Institutions / Banks	1154	0.02
Central Government / State Government(s)	5	0.00
Venture Capital Funds	6500	0.13
Sub Total	9809	0.19
(2) Non-Institutions
Bodies Corporate	145738	2.84
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1764388	34.37
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	214252	4.17
Any Others (Specify)	39207	0.76
Non Resident Indians	31151	0.61
Clearing Members	8056	0.16
Sub Total	2163585	42.14
Total Public shareholding (B)	2173394	42.34
Total (A)+(B)	5133674	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5133674	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of fine chemicals
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

GENERAL INFORMATION

Customers :

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

Suppliers :

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

No. of Employees :

Information declined by the management

Bankers :

· The Hongkong Shanghai Banking Corporation Limited

· Standard Chartered Bank

· Bank of Baroda

· Ratnakar Bank Limited

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Term loans from Banks (Secured By First Paripasu Charge on Movable and Immovable Fixed Assets of the Company situated at 3, GIDC Industrial Area, Nandesari, Gujarat and Personal Guarantee of a Director)	NA	340.793
Short Term Borrowings
Secured - Working Capital Loan from Banks (Secured by First Paripasu charge by way of Hypothecation of Current Assets both Present and Future and other movable assets and Second charge on Movable & Immovable Fixed Assets of the Company at 3,GIDC Industrial Area, Nandesari, Gujarat in favour of a Bank)	NA	525.146
Total	NA	865.939

Auditors :
Name :	Lodha and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Holding Company (As on 31.03.2014) :	Oriental Aromatics Limited
Fellow Subsidiary (As on 31.03.2014) :	Oriental Aromatics Inc.

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.51.337 Million

AS ON 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5133674	Equity Shares	Rs.10/- each	Rs.51.337 Million

a) Details of members holding equity shares more than 5%

Equity Shares	Number of Shares	% holding
Oriental Aromatics Limited (Holding Company)	2960280	57.66

b) Terms & Rights attached to equity shares

1) The Company has only one class of equity shares having a par value of Rs.10 each. Each holder of equity shares is entitled to one vote per share. The Company declares and pay dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the ensuing Annual General Meeting.

2) In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to the shareholding. However, no such preferential amount exist currently.

c) Reconciliation of numbers of equity shares

Name of Shareholder	Number of Shares
Shares outstanding at the beginning of the year	5133674
Shares Issued during the year	--
Shares bought back during the year	--
Shares outstanding at the end of the year	5133674

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	51.337	51.337	51.337
(b) Reserves & Surplus	1287.842	1110.029	920.961
(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)	1339.179	1161.366	972.298
(3) Non-Current Liabilities
(a) long-term borrowings	104.383	340.793	526.157
(b) Deferred tax liabilities (Net)	150.774	135.785	88.263
(c) Other long term liabilities	0.181	0.186	0.064
(d) long-term provisions	9.849	25.442	44.111
Total Non-current Liabilities (3)	265.187	502.206	658.595
(4) Current Liabilities
(a) Short term borrowings	839.957	607.646	539.520
(b) Trade payables	366.966	367.237	122.795
(c) Other current liabilities	301.529	309.489	324.255
(d) Short-term provisions	25.919	31.705	18.644
Total Current Liabilities (4)	1534.371	1316.077	1005.214
TOTAL	3138.737	2979.649	2636.107
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1253.130	1311.204	1249.931
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.151	21.941
(iv) Intangible assets under development	0.000	0.000	1.280
(b) Non-current Investments	0.000	0.000	0.789
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	22.455	22.269	20.106
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1275.585	1333.624	1294.047
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	831.804	791.900	746.500
(c) Trade receivables	785.959	636.008	378.984
(d) Cash and cash equivalents	30.056	33.201	16.066
(e) Short-term loans and advances	214.535	184.404	199.540
(f) Other current assets	0.798	0.512	0.970
Total Current Assets	1863.152	1646.025	1342.060
TOTAL	3138.737	2979.649	2636.107

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	3557.944	3093.295	2168.151
		Other Income	1.330	14.107	3.761
		TOTAL (A)	3559.274	3107.402	2171.912
Less	EXPENSES
		Cost of materials consumed	2429.545	2116.011	1484.874
		Manufacturing and operating costs	0.000	391.586	275.185
		Changes in inventories of finished goods and Work-in-Progress	(31.822)	(124.966)	(124.257)
		Employee benefits expense	143.482	126.785	103.550
		Other expenses	586.388	114.621	101.046
		Exceptional items	(15.593)	(18.669)	44.111
		Foreign Exchange	0.000	17.569	15.122
		Profit on sale of surplus land	0.000	0.000	(119.479)
		TOTAL (B)	3112.000	2622.937	1780.152
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		447.274	484.465	391.760
Less	FINANCIAL EXPENSES (D)		90.086	95.037	12.749
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		357.188	389.428	379.011
Less	DEPRECIATION/ AMORTISATION (F)		87.787	76.846	31.416
	PROFIT BEFORE TAX (E-F) (G)		269.401	312.582	347.595
Less	TAX (H)		76.837	111.500	108.214
	PROFIT AFTER TAX (G-H) (I)		192.564	201.082	239.381
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		629.667	455.697	216.316
Less	APPROPRIATIONS
		Transfer to General Reserve		15.100	0.000
		Proposed Dividend		10.267	0.000
		Corporate Tax on Proposed Dividend		1.745	0.000
	BALANCE CARRIED TO THE B/S			629.667	455.697
	IMPORTS
		Raw Materials		1160.710	1187.971
	TOTAL IMPORTS		NA	1160.710	1187.971
	Earnings Per Share (Rs.)		37.51	39.17	46.63

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	240.560	217.720
Cash generated from operations	NA	379.407	(62.603)

QUARTERLY RESULTS

PARTICULARS	1^st Quarter 30^th Sep	2^nd Quarter 31^st Dec	3^rd Quarter 31^st Mar
Net Sales	925.880	864.550	962.480
Total Expenditure	857.600	759.790	804.320
PBIDT (Excl OI)	68.280	104.760	158.160
Other Income	0.020	0.230	0.640
Operating Profit	68.300	104.990	158.800
Interest	23.250	22.960	23.0100
Exceptional Items	12.500	(4.380)	3.340
PBDT	57.550	77.650	139.130
Depreciation	23.280	19.990	20.290
Profit Before Tax	34.270	57.660	118.840
Tax	11.290	18.610	29.230
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	22.98	39.060	89.610
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	22.98	39.060	89.610

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	5.41	6.50	11.04
Operating Profit Margin (PBIDT/Sales)	(%)	12.57	15.66	18.07
Return on Total Assets (PBT/Total Assets}	(%)	8.58	10.49	13.31
Return on Investment (ROI) (PBT/Networth)		0.20	0.27	0.36
Debt Equity Ratio (Total Debt /Networth)		0.71	1.02	1.32
Current Ratio (Current Asset/Current Liability)		1.21	1.25	1.34

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.286.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	51.337	51.337	51.337
Reserves & Surplus	920.961	1110.029	1287.842
Net worth	972.298	1161.366	1339.179
long-term borrowings	526.157	340.793	104.383
Short term borrowings	539.520	607.646	839.957
Total borrowings	1283.397	1188.999	944.340
Debt/Equity ratio	1.320	1.024	0.705

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2168.151	3093.295	3557.944
		42.670	15.021

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2168.151	3093.295	3557.944
Profit	239.381	201.082	192.564
	11.04%	6.50%	5.41%

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	No
8]	Designation of contact person	No
9]	Promoter’s background	No
10]	Date of Birth of Proprietor / Partners / Directors	No
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	Yes
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 three 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	Yes
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 OPERATIONS:- (As on 31.03.2014)

The Company’s sales revenue has increased substantially during the year, the Company has achieved turnover of Rs. 3093.295 Million which is increased by 42.67% as compared to last year turnover of Rs. 2168.151 Million.

The Company earned a Profit after tax of Rs. 201.083 Million during the year which is decreased by 16% as compared to last years’ Profit after tax of Rs. 239.379 Million. Profit of previous year was including revenue from the sale of surplus land.

The Company has performed well during the year by efficiently managing the resources, which result into improved performance and better sales realization, despite steep hike in price of main imported raw materials other inputs like power, natural gas, coal etc.

MANAGEMENT DISCUSSION AND ANALYSIS:

OVERVIEW:

The Company has plants at Clutter buckganj, Bareilly, U.P. and at Nandesari, Vadodara in Gujarat and is engaged in the manufacturing and selling of camphor, terpineols, resins, aromatic & other terpene chemicals, fragrance chemicals and fragrance chemical intermediaries.

INDUSTRY STRUCTURE:

The Indian Chemical Industry is one of the top five Industries in Asia and continues to grow over the years. Chemical Industry can be broadly divided into three categories- (1) Basic Chemicals like Petrochemicals, Fertilizers etc. (2) Specialty Chemicals like Intermediaries, auxiliaries or catalyst in nature and (3) High Technology based chemicals like medicinal or biotech products.

The Company’s vast product range includes Synthetic Camphor, Terpineols, Pine Oils, Resins, Astromusk, perfumery chemicals, specialty chemicals and several other chemicals finding applications in vast array of industries ranging from Flavours & Fragrances, Pharmaceuticals, Soaps & Cosmetics, Rubber & Tyre, Paints & Varnishes and many more.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE:

ECONOMY AND BUSINESS OUTLOOK:

Global activity has broadly strengthened and is expected to improve further in 2014-15 with much of the impetus coming from advance economies. Activity in many emerging market economies has disappointed in a less favorable external financial environment. The renewed increase in financial volatility in late January of 2014 highlights the challenges for emerging market economies posed by the changing external environment. Although market pressures were relatively broadly based countries with higher inflation and wider current account deficits were generally more affected.

In view of possible capital flow reversals, risk related to sizable external funding needs and disorderly currency depreciations are a concern. Some emerging market economies have tightened macroeconomic policies to shore up confidence and strengthen their commitment to policy objectives. The cost of capital has increased as a result and this expected to dampen investment and weigh on growth.

Looking ahead, global growth is projected to strengthen, led by strong growth in United States and positive but varied growth projections for euro area: stronger in core, but weaker in countries with high debt (both private and public) and financial fragmentation. In emerging markets and developing economies, growth is projected to pick up helped by stronger external demand from advanced economies, but tighter financial condition will be dampener to domestic demand growth.

The Indian economy continues to face an uphill task in attaining a higher growth trajectory, given the continued impact of global economic crisis. The challenges included an elevated current account deficit, persistent inflation and depreciation of rupee against the US dollar. Other domestic impediments like rising food and retail inflation, high input costs, pressure on profit margins and infrastructural bottlenecks contributed to pressure on economy. These challenges

prompted the government to calibrate the fiscal policy and launch preventive administrative measures along with

appropriate institutional mechanism to fast track investments in the country.

However, passive growth in the manufacturing sector resulted in the overall GDP growth rate hovering around 4.6% during the year. However, going forward, the economy has started picking positive cues from the advanced economies, alleviating external constrains, and paving the way of recovery.

However, efforts are made to increase productivity, reduce costs by controlling wastages with most efficient use of plant & machinery.

The Company is striving hard to reduce/ control costs at all stages to improve the profitability.

.

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Short Term Borrowings
Inter Corporate Deposits from a related party	NA	82.500
Total	NA	82.500

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10502733	16/05/2014	150,000,000.00	ING VYSYA BANK LIMITED	Mittal Towers, A-Wing, Ground Floor,, 210 Nariman Point,, Mumbai, Maharashtra - 400021, INDIA	C06507248
2	10436301	09/07/2013	150,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 416001, INDIA	B79382289
3	10308522	27/09/2011	1,325,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B21701479
4	10300538	03/08/2011	775,000,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	52/60, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B18180448
5	10278153	26/03/2011	450,000,000.00	Standard Chartered Bank	Abhijeet II, Ground floor,, Near Mithakali Six roads,, Ahmedabad, Gujarat - 380006, INDIA	B09594342
6	10275689	10/03/2011	250,000,000.00	Standard Chartered Bank	Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad, Gujarat - 380006, INDIA	B09077199
7	90110935	30/08/2010 *	360,000,000.00	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	52/60 MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA	A92996669
8	90110930	23/04/2005	70,000,000.00	THE HONGKONG & SANGHAI BANKING CORPORTION LIMITED	52/60; MAHATMA GANDHI ROAD, MUMBAI, Maharashtra - 400001, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Assets under lease-Land

· Buildings-Non-Residential

· Buildings – Residential

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office equipment

· Computer

· Computer software

NEWS

November 25, 2014

CAMPHOR & ALLIED PRODUCTS ENTERS IN TO AGREEMENT WITH INTERNATIONAL FLAVOURS AND FRAGRANCES INC

Camphor & Allied Products Ltd has informed BSE that the Company, a pioneer in the manufacture of Terpene and Petrochemical based Fragrance Chemicals and Fragrance Chemical intermediates in India has entered in to a multi-year manufacturing and supply agreement for the manufacture of Fragrance Ingredient Intermediates and finished products with International Flavours and Fragrances Inc. (IFF) with headquarters in USA. IFF is one of the top five Fragrance and Flavours manufacturing company with presence in several countries. This arrangement will strengthen CAPL's manufacturing capabilities and leverages on the strengths of both companies and deliver enhanced value to all the stake holders in India and across the Globe Source

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.64.15
UK Pound	1	Rs.100.03
Euro	1	Rs.72.27

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SAN
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.