MIRA INFORM REPORT

Report No. :	343580
Report Date :	05.10.2015

IDENTIFICATION DETAILS

Name :	ASHU ORGANICS (INDIA) PRIVATE LIMITED
Registered Office :	Shop No.1-C, Gurukrupa CHS Ground Floor, Thane (West), Thane – 400602, Maharashtra
Tel. No.:	91-22-25332916/ 25365753
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.11.1991
Com. Reg. No.:	11-064258
Capital Investment / Paid-up Capital :	Rs.2.300 Million
CIN No.: [Company Identification No.]	U99999MH1991PTC064258
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 Chemical.
No. of Employees :	Not Available

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 460000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated on 29^th November 1991. It has satisfactory track record. The company possesses a decent profile marked by decent networth base along with fair liquidity and profitability. Trade relations are fair. Business is active. Payment terms are reported to be usually 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

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 31-03-2015.

LOCATIONS

Registered Office/ Head Office :	Shop No.1-C, Gurukrupa CHS Ground Floor, Thane (West), Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25332916/ 25365753
Fax No.:	91-22-25339125
E-Mail :	ulhas.dewal@ashuorganics.com
Website:	http://www.ashuorganics.com/contact.html
Unit-I :	Plot No. W-117, 118, 119, M.I.D.C., Badlapur, District. Thane-421503, Maharashtra, India
Unit-II :	Plot No. W-48, M.I.D.C., Morivali, Ambernath, District. Thane – 421505, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Ashutosh Ulhas Dewal

Designation :

Whole-Time Director

Address :

202, Devprayag, Ravi Industrial Estate, Bhakti Mandir Road, Thane - 400602, Maharashtra, India

Date of Birth/Age :

17.12.1981

Date of Appointment :

01.10.2004

DIN No.:

00105998

Name :

Ms. Veena Ulhas Dewal

Designation :

Whole-Time Director

Address :

202,Devprayag,Ravi Industrial Estate,, Bhakti Mandir Road, Thane - 400602, Maharashtra, India

Date of Birth/Age :

24.08.1955

Date of Appointment :

17.05.1999

DIN No.:

00106056

Name :

Mr. Ulhas Mahadeo Dewal

Designation :

Managing Director

Address :

202,Devprayag,Ravi Industrial Estate, Bhakti Mandir Road, Thane - 400602, Maharashtra, India

Date of Birth/Age :

31.05.1955

Date of Appointment :

29.11.1991

DIN No.:

00106090

Name :

Ms. Reena Ashutosh Dewal

Designation :

Director

Address :

202 Devprayag, Bhakti Mandir Road, Opp. Thanawala Garage, Thane - 400602, Maharashtra, India

Date of Birth/Age :

28.07.1982

Date of Appointment :

01.10.2009

DIN No.:

02851888

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	U99999MH1994PTC081102	RUPA ORGANICS PRIVATE LIMITED	Director	30/09/2010	01/10/2009	-	Active	NO
2	U99999MH1991PTC064258	ASHU ORGANICS (INDIA) PRIVATE LIMITED	Director	30/09/2010	01/10/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Ulhas Mahadeo Dewal	3750
Ulhas Mahadeo Dewal	1000
Veena Ulhas Dewal	5520
Ulhas Mahadeo Dewal	12711
Ulhas Mahadeo Dewal Jointly Nalini Mahadev Dewal	9
Ulhas Mahadeo Dewal Jointly Veena Ulhas Sewal	10
Total	23000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Chemical.
Products :	Chemical
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

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 :

Not Available

Bankers :

Bank Name	Citi Bank N.A.
Branch	Trent House, 2^nd Floor, G Block, Plot No.C6, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Citi Bank Term Loan	15.322	20.000
Short-term borrowings
Citi Bank EPC A/C (Secured against Export Bills Receivable)	0.000	18.220
Citi Bank Cash Credit/ Overdraft A/C (Secured against Land Building Plant and Machinery and Freehold Premises)	1.264	9.152
Citi Bank A/C EBN A/C (Secured against Export Bills Receivable)	63.189	29.228
Total	79.775	76.600

Auditors :
Name :	Singavi Oturkar and Kelkar Chartered Accountants
Address :	Nirveli Apartment, Near Malhar Talkies, Gokhale Road, Naupada, Thane – 400602, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFS8002L
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23000	Equity Shares	Rs.10/- each	Rs.2.300 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	2.300	2.300	2.300
(b) Reserves & Surplus	160.078	140.932	114.565
(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)	162.378	143.232	116.865
(3) Non-Current Liabilities
(a) long-term borrowings	15.322	20.000	0.000
(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)	15.322	20.000	0.000
(4) Current Liabilities
(a) Short term borrowings	96.259	85.062	58.159
(b) Trade payables	48.963	48.902	30.506
(c) Other current liabilities	3.365	1.144	45.826
(d) Short-term provisions	18.300	24.961	16.319
Total Current Liabilities (4)	166.887	160.069	150.810
TOTAL	344.587	323.301	267.675
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	69.288	75.676	35.985
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.326	0.202	6.374
(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)	3.159	2.390	2.647
(d) Long-term Loan and Advances	14.972	25.362	20.010
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	88.745	103.630	65.016
(2) Current assets
(a) Current investments	12.900	11.188	31.332
(b) Inventories	40.001	49.773	42.795
(c) Trade receivables	96.738	116.676	43.362
(d) Cash and cash equivalents	75.518	14.144	23.448
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	30.685	27.890	61.722
Total Current Assets	255.842	219.671	202.659
TOTAL	344.587	323.301	267.675

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL REVENUE	531.738	555.714	416.040
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX (	24.528	31.748	25.580
	Earnings / (Loss) Per Share (Rs.)	1066.43	1380.34	1112.17

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 operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.61	5.71	6.15
Debt Equity Ratio (Total Debt /Networth)		0.69	0.73	0.50
Current Ratio (Current Asset/Current Liability)		1.53	1.37	1.34

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	2.300	2.300	2.300
Reserves & Surplus	114.565	140.932	160.078
Net worth	116.865	143.232	162.378
long-term borrowings	0.000	20.000	15.322
Short term borrowings	58.159	85.062	96.259
Total borrowings	58.159	105.062	111.581
Debt/Equity ratio	0.498	0.734	0.687

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 Revenue	416.040	555.714	531.738
		33.572	-4.314

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	416.040	555.714	531.738
Profit	25.580	31.748	24.528
	6.15%	5.71%	4.61%

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	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 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	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

PERFORMANCE:

The performance of the Company was satisfactory during the year. The total revenue of the Company for the current year was Rs.531.738 Million as against last years revenue of Rs.555.714 Million. The Company earned a net profit of Rs.24.528 Million for the current year against the last years profit of Rs.31.748 Million. The Directors are hopeful that the current year will show better performance.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Veena U. Dewal	9.353	7.642
Ulhas M. Dewal	21.581	20.020
Ashutosh U. Dewal	0.872	0.800
Total	31.806	28.462

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10402824	31/01/2013	20,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra  - 400051, INDIA	B68017375
2	10151306	06/02/2009	15,000,000.00	CITIBANK N.A.	WOCKHARDT TOWER, WEST WING, GROUND FLOOR, BANDRA  KURLA COMPLEX, MUMBAI, Maharashtra - 400051, INDIA	A59407064
3	10030780	30/11/2006	12,000,000.00	CITIBANK N.A.	CITIGROUP CENTRE, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, Maharashtra - 400051, INDIA	A08340861
4	90141365	05/11/2008 *	30,500,000.00	CITIBANK N.A.	BANDRA KURLA COMPLEX, G-BLOCK, BANDRA EAST,, MUMBAI, Maharashtra - 400051, INDIA	A58498387
5	90144961	11/02/2004	9,500,000.00	CITRIBANK N.A.	BANDRA KURLA COMPLEX, G-BLOCK BANDRA-E, MUMBAI THANE, Maharashtra - 400051, INDIA	-
6	90144744	08/05/2012 *	92,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra  - 400051, INDIA	B39711072
7	90144073	09/09/2002	525,000.00	STATE BANK OF INDIA	THANE MAIN BRANCH, TEMBHI NAKA, THANE, Maharashtra - 400601, INDIA	-
8	90142456	01/07/1999 *	2,300,000.00	STATE BANK OF INDIA	BADLAPUR INDUSTRAIL AREA, M.I.D.C, BADLAPUR, Madhya Pradesh, INDIA	-
9	90141788	01/07/1999 *	1,000,000.00	STATE BANK OF INDIA	BADLAPUR INDUSTRAIL AREA, M.I.D.C, BADLAPUR, Madhya Pradesh, INDIA	-

FIXED ASSETS

• Factory Land
• Factory Building
• Furniture and Fixtures
• Plant and Machinery
• Electrical Fittings
• Office Equipments
• Laboratory Equipments
• Computers
• Computers Software
• Vehicle

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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.07

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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		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.