MIRA INFORM REPORT

Report No. :	322485
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	GUJARAT FLAVOURS PRIVATE LIMITED
Registered Office :	At Lilora, Post Jarod, Taluka Vaghodia, Vadodara – 391510, Gujarat
Mobile No.:	91-9328821532 (Mr. Kalpesh Patel)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.08.1981
Com. Reg. No.:	04-004548
Capital Investment / Paid-up Capital :	Rs. 4.500 Million
CIN No.: [Company Identification No.]	U24110GJ1981PTC004548
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of food colours, flavours and culinary essence.
No. of Employees :	60 (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

Maximum Credit Limit :	USD 83000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company is progressing well. General financial position of the company is normal and acceptable for the business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company 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 – 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	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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Kalpesh Patel
Designation :	Commercial manager
Contact No.:	91-9328821532
Date :	15.05.2015

LOCATIONS

Registered Office :	At Lilora, Post Jarod, Taluka Vaghodia, Vadodara – 391510, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9328821532 (Mr. Kalpesh Patel) 91-9328821523 (Mr.Ghanshaym) 91-9328821531 (Mr. Sunil)
Fax No.:	Not Available
E-Mail :	sales@gujaratflavours.com sales@asianchemicals.com
Website :	www.gujratflavours.com
Location:	Owned
Locality:	Industrial
Factory:	On Vadodara, Halol Toll Road, Vadodara – 391510, Gujarat, India

DIRECTORS

As on 08.09.2014

Name :

Mr. Jeshtaram Chunilal Kathrani

Designation :

Whole-time director

Address :

Garden Terrace, 2nd Floor, 11^th Road, Santacruz (East), Mumbai –400055, Maharashtra, India

Date of Birth/Age :

30.06.1939

Date of Appointment :

13.08.1981

DIN No.:

00222746

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	U24110MH1981PTC024209	ASIAN CHEMICLS WORKS (BOMBAY) PRIVATE LIMITED	Whole-time director	07-04-81	07-04-81	-	Active	NO
2	U24110GJ1981PTC004548	GUJARAT FLAVOURS PVT LTD	Whole-time director	13-08-81	13-08-81	-	Active	NO
3	U24299DL2005PTC135566	ASIAN CHEM WORKS PRIVATE LIMITED	Director	29-04-05	29-04-05	10-06-10	Active	NO
4	U24100MH1981PTC024225	GUJRAT ESSENCE MART PRIVATE LIMITED	Director	25-02-13	25-02-13	-	Active	NO

Name :

Mr. Hansa Jeshtaram Kathrani

Designation :

Director

Address :

Garden Terrace, 2nd Floor, 11^th Road, Santacruz (East), Mumbai –400055, Maharashtra, India

Date of Birth/Age :

24.03.1947

Date of Appointment :

03.11.2004

DIN No.:

00714685

Name :

Mr. Rajnikant Ramdasbhai Patel

Designation :

Director

Address :

123, Vijay Society No. 2, Behind Bakarawadi, Vadodara - 390 001, Gujarat, India

Date of Birth/Age :

28.10.1962

Date of Appointment :

11.12.2003

DIN No.:

00604849

KEY EXECUTIVES

Name :	Mr. Kalpesh Patel
Designation :	Commercial manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 08.09.2014

Names of Shareholders	No. of Shares
Mr. Jeshtaram C. Kathrani and Mrs. Hansa J.Kathrani	15100
Mrs. Hansa J. Kathrani and Mr. Jeshtaram C Kathrani	1000
Mr. Jeshtaram C. Kathrani, HUF	2500
Mr. Gaurang J. Kathrani and Mr. Jeshtaram C. Kathrani	2000
Mr. Kaushang J. Kathrani and Mr. Jeshtaram C. Kathrani	3000
Mr. Jayant C. Kathrani and Mrs. Priti J Kathrani	9600
Miss Hansa C. Kathrani	1500
Mr. Bakulesh C. Kathrani and Mrs. Kalpana B. Kathrani	500
Mr. Jeshtaram C. Kathrani	100
Miss Hansa C. Kathrani	100
Mr. Bakulesh C. Kathrani	9600
Total	45000

Equity Share Break up (Percentage of Total Equity)

As on 08.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of food colours, flavours and culinary essence.
Products :	Food Colours Flavours And Culinary Essence
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

60 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	Baroda, Gujarat, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	V.G. Shah and Associates Chartered Accountants
Address :	Bunglow No. 5, Mahalaxmi Park, Pratap Nagar, 4, Shree Goyagate CHS, Vadodara – 390004, Gujarat, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADPPS0278N
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs.100/- each	Rs. 6.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
45000	Equity Shares	Rs.100/- each	Rs. 4.500 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	4.500	4.500	4.500
(b) Reserves & Surplus	24.410	19.536	15.201
(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)	28.910	24.036	19.701
(3) Non-Current Liabilities
(a) long-term borrowings	7.560	11.595	10.465
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	7.560	11.595	10.465
(4) Current Liabilities
(a) Short term borrowings	5.152	2.495	1.426
(b) Trade payables	25.752	32.730	30.027
(c) Other current liabilities	2.303	1.803	1.699
(d) Short-term provisions	3.019	2.424	2.823
Total Current Liabilities (4)	36.226	39.452	35.975
TOTAL	72.696	75.083	66.141
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.279	9.455	8.213
(ii) Intangible Assets	0.002	0.002	0.002
(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	0.005	0.005	0.005
(c) Deferred tax assets (net)	0.442	0.398	0.244
(d) Long-term Loan and Advances	0.312	0.312	0.231
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	11.040	10.172	8.695
(2) Current assets
(a) Current investments	0.400	0.400	0.000
(b) Inventories	11.328	7.615	10.223
(c) Trade receivables	39.899	45.752	37.612
(d) Cash and cash equivalents	9.606	10.468	9.033
(e) Short-term loans and advances	0.423	0.676	0.578
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	61.656	64.911	57.446
TOTAL	72.696	75.083	66.141

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.113	12.550	10.388
Less	FINANCIAL EXPENSES	2.000	1.691	0.828
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.113	10.859	9.560
Less/ Add	DEPRECIATION/ AMORTISATION	1.843	1.998	1.825
	PROFIT/ (LOSS) BEFORE TAX	9.270	8.861	7.735
Less	TAX	2.817	2.946	2.849
	PROFIT/ (LOSS) AFTER TAX	6.453	5.915	4.886
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	14.315	10.579	7.865
Less	APPROPRIATIONS
	Transfer to General Reserve	0.600	0.600	0.600
	Dividend	1.350	1.350	1.350
	Tax on Dividend	0.229	0.229	0.219
	Balance Carried to the B/S	18.589	14.315	10.582
	Earnings / (Loss) Per Share (Rs.)	143.40	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	12.83	11.87	11.74
Return on Investment (ROI) (PBT/Networth)		0.32	0.37	0.39
Debt Equity Ratio (Total Debt /Networth)		0.44	0.59	0.60
Current Ratio (Current Asset/Current Liability)		1.70	1.65	1.60

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	4.500	4.500	4.500
Reserves & Surplus	15.201	19.536	24.410
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	19.701	24.036	28.910
long-term borrowings	10.465	11.595	7.560
Short term borrowings	1.426	2.495	5.152
Total borrowings	11.891	14.090	12.712
Debt/Equity ratio	0.604	0.586	0.440

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	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90109097	15/02/1994	5,500,000.00	STATE BANK OF INDIA	MIDC, ANDHERI EAST, BOMBAY, MAHARASHTRA, INDIA	-

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.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		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.