MIRA INFORM REPORT

Report Date :

04.02.2008

IDENTIFICATION DETAILS

Name :	PELL TECH HEALTHCARE PRIVATE LIMITED
Registered Office :	202, Sonmur Apartments, Daruwala Compound, S V Road, Malad (West), Mumbai – 400 064, Maharashtra
Country :	India
Date of Incorporation :	04.08.2003
Com. Reg. No.:	11-141586
CIN No.: [Company Identification No.]	U24230MH2003PTC141586
TAN No.: [Tax Deduction & Collection Account No.]	MUMP19440B
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of pellets and granules. Also tablets and capsules under loan licensing and export of pellets and granules.

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company and having satisfactory track. The company enjoys favourable in its trading business. Trade relations are fair. Payments are usually correct and as per commitments. Nothing adverse reported. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	202, Sonmur Apartments, Daruwala Compound, S V Road, Malad (West), Mumbai – 400 064
Tel. No.:	91-22-28662980 / 65164880/2 / 28083674
Mobile No:	91-92233900400
Fax No.:	91-22-28055626
E-Mail :	karnik@pelltech-healthcare.com dharmesh@pelltech-healthcare.com prashant@pelltech-healthcare.com ator@indiatime.com
Websites :	www.pelltech-healthcare.com
Area :	1800 sq.fts (approximately)
Location :	Owned
Factory :	Plot No. 20-B, Tansa Farm House, Village Met, Gonsai, Bhiwandi- Wada Road, Wada, District Thane – 421 312, Maharashtra, India
Area :	3980 sq.fts (approximately)
Location :	Owned

DIRECTORS

Name :	Mr. Prashant S Shah
Designation :	Director Cum Chairman
Address:	Daruwala Compound, S V Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Date of Appointment :	04.08.2003
Name :	Mr. Dharmesh Sunderji Shah
Designation :	Director Cum Managing Director
Address:	Daruwala Compound, S V Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Date of Appointment :	04.08.2003
Mobile No.:	91-92233900400
Name :	Mrs. Rupal P. Shah
Designation :	Director
Address:	Daruwala Compound, S V Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Date of Appointment :	04.08.2003
Name :	Mrs. Neepa D. Shah
Designation :	Director
Address:	Daruwala Compound, S V Road, Malad (West), Mumbai – 400 064, Maharashtra, India
Date of Appointment :	04.08.2003
Name :	Dr. (Mrs.) Amita Bhushan Karnik
Designation :	Director
Address:	303 – Avanti Apartment, Pandurang, Wadi, Road, No. 1, Mumbai – 400 063, Maharashtra, India
Date of Appointment :	04.08.2003
Name :	Mr. Dr. Bhushan Murlidhar Karnik
Designation :	Director
Address :	C – 3/711, Swapnapuri, Pimpripada, Malad (East), Mumbai - 400097
Date of Appointment :	01.05.2004

BUSINESS DETAILS

Line of Business :	Manufacturer of pellets and granules. Also tablets and capsules under loan licensing and export of pellets and granules.
Products:	v Iron plus multi vitamins and micronutrients v Antibacterial and adjuvants v Cardiovascular drugs v Antiasthamatics v Anioallergics Cough and Cold v Hyperacidity, ulcers v Antirhuematoid nsaids analgesics v Antihypertensive v Anti diabetic formulations Antimalarial v Miscellaneous
Exports :
Products :	All Products
Countries :	Pakistan, Bangladesh, Vietnam, Canada
Terms :
Selling :	L/C, Credit ( 30-90 Days)
Purchasing :	Credit (60-90 Days)

GENERAL INFORMATION

Customers :	Wholesalers, Retailers
Bankers :	· Excellent Co-operative Bank Limited Address: Z Apartments, Shankar Galli, Kandivali (West), Mumbai – 400 067, Maharashtra, India · The Zoroastrian Co-operative Bank Limited Address: Chandavarkar Road, Borivali (West) Branch , Mumbai , Maharashtra, India · Axis Bank Address: 202, Sonmur Apartments, Daruwala Compound, S V Road, Malad (West), Mumbai – 400 064
Facilities :	C / C Rs. 12.500 millions (Excellent Co-operative Bank Limited ) Term Loan – Rs. 60.000 millions (The Zoroastrian Co-operative Bank Limited)
Banking Relations :	Good
Auditors :
Name :	S Madanmal Mehta and Company Chartered Accountants
Address :	Off No. 26, Building No. 47, Dr. M B Welkar Street, Opposite Brabourne Bakery, Kalbadevi Road, Mumbai – 400 002, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity shares	Rs. 10/- each	Rs. 50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2700000	Equity Shares	Rs. 10/- each	Rs.27.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIALS:

Since incorporation, no financials are available.

The company started production recently and management claims that financials would be available at year’s end.

Particulars	April 2007 to December 2007	September 2006 to March 2007
Sales Turnover	96.292	33.613

Expected Sales (2007-08) : Rs.150.000 millions

Note:

Manufacturing was started in September ‘06

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCE:

· Genom Biotech

· Mission Pharmaceuticals

· Bravo Pharma

· Wanburry Limited

· Lincoln Pharmaceutical

· Ajanta Pharma

WEBSITE DETAILS:

Corporate Description

Subject is a young and dynamic company, providing outsourced services including manufacturing, packaging and raw material sourcing, marketing, documentation services to the pharmaceutical, nutraceutical, beauty aid and healthcare markets. They offer their customers a complete range of services, including product conceptualization, formulation, manufacturing, filling, packaging, and distribution and marketing services through their group companies. In addition, they provide materials procurement, warehousing and distribution of finished products.

The Technological Edge

Subject specializes in extrusion, spheronization and coating processes for the encapsulation of particulate materials such as powders into matrix beadlets offering the advantages of multiunit formulations. Their technologies enable formulators to improve drug delivery, mask taste and create easy to process formulations. Their core competency is controlled release process technologies in pellets, tablets and granules. They offer "JUST IN BATCH" and "DRUM TO HOPPER" innovations designed by their technical staff which offer specific trade formulations for maximum throughout into tablets, hard gelatin capsules along with customized flavoured powdered drink mixes for sports nutrition and life style products.

The Assurance of Quality

Their Manufacturing facilities meet GMP standards and independent product lines help them to allow production of bulk orders or small batches at short notice. Their teams are totally committed to quality and service and assume responsibility for all development and manufacturing phases, allowing their customers to concentrate their efforts on growing their markets and beating the competition. They have developed hundreds of proprietary products that can be placed into distribution by their customers in national and international markets.

List of products:

Iron plus multi vitamins and micronutrients	Carbonyl iron pellets
	Ferrous fumarate SR pellets
	Ferrous sulphate SR
	Folic acid immediate release pellets
	Calcium Panthothenate / Vitamin B12/ Thiamine Mononitrate / Riboflavin / Pyridoxine Hcl / Niacinamide / Vitamin C
	Selenium immediate release pellets
	Vitamin E Acetate
	Zinc sulphate monohydrate SR
Anioallergics cough and cold	Pseudoephedrine SR + Cetirizine Di-Hcl Pellets
	Pseudoephedrine SR + Chlorpheniramine Maleate SR Pellets
	Phenylpropanolanune Hcl SR + Chlorpheniramine Maleate SR Pellets
	Phenylpropanolamine Hcl + Chlorpheniramine Maleate Immediate Release Pellets
Antibacterial and adjuvants	Cloxacillin Na flavoured dispersible pellets
	Doxycycline hyclate enteric coated pellets lOOmg
	lactobacillus sporogenes
Cardiovascular drugs	Isosorbide dinitrate pellets Nitroglycerin SR. Pellets
	Enalapril maleate pellets. Nifidipine SR
Antiasthamatics	Theophylline SR pellets lOOmg / 200mg / 300mg
	Salbutamol plain & SR pellets 4mg / 8mg
	Terbutaline sulphate pellets
Hyperacidity, ulcers	Domperidone pellets 10, 20 ,40 %
	Omeprazole enteric coated pellets 7.5, 8.5,12.5, 16 %
	Lansoprazole enteric coated pellets 30 mg
	Pantoprazole pellets
Antirhuematoid nsaids analgesics	Ketoprofen SR pellets 100mg/200mg
	Diclofenac sodium / potassium SR pellets lOOmg
	Diclofenac sodium / potassium enteric coated pellets 50mg
	Indomethacin enteric coated pellets 25mg/75mg
	Flurbiprofen SR pellets 200mg
	Aspirin delayed release pellets 75mg/150mg
	Ibuprofen SR pellets 300mg
	Paracetamol pellets
Antihypertensive	Diltiazem cl SR pellets 90mg / 120mg
	Isosorbide dinitrate SR pellets 20mg / 40mg
	Isosorbide mononitrate SR pellets 30mg / 60 mg
	Glipizide pellets SR, glibenclamide pellets SR gliclazide pellets SR
Anti diabetic formulations Antimalarial	Chloroquine phosphate enteric coated pellets 250mg
Miscellaneous	Neutral pellets

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 records 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.39.39
UK Pound	1	Rs.78.40
Euro	1	Rs.58.73

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		54

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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