MIRA INFORM REPORT

Report Date :

15.01.2008

IDENTIFICATION DETAILS

Name :	NUTRAPLUS PRODUCTS (INDIA) LIMITED
Registered Office :	7A, Vakil Villa, H F Society Road, Opp. Sad Bhakti Mandir, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	06.02.1990
Com. Reg. No.:	055347
CIN No.: [Company Identification No.]	U24230MH1990PTC055347
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09861F
PAN No.: [Permanent Account No.]	AAACN1882E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Active Pharma Ingradient (API).

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

Maximum Credit Limit :	USD 214464
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	7A, Vakil Villa, H F Society Road, Opp. Sad Bhakti Mandir, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	91-22-28212191/28348587
Fax No.:	91-22-28212192
E-Mail :	nutraplus@vsnl.net sales@nutraplusindia.com purchase@nutraplusindia.co nutraplus@nutraplusindia.com nutraplus@gmail.com
Website :	www.nutraplusindia.com
Factory :	Plot No. N-92 MIDC Tarapur, Boisar, Maharashtra - 401506

DIRECTORS

Name :	Mr. Mukesh Naik
Designation :	Chairman and Managing Director
Address :	A/A Monami Apartment, Behind Chandan Cinema Silver Beach Road, Juhu, Mumbai – 400049, Maharashtra
Date of Birth/Age :	20.03.1966
Date of Appointment :	08.02.1990
Name :	Mr. Mahesh Doshi
Designation :	Director
Address :	10-32 Varma Nagar, Azad Road, Andheri (E), Mumbai – 400069, Maharashtra
Date of Birth/Age :	26.10.1956
Date of Appointment :	30.04.1996
Name :	Mr.Dhirubhai Naik
Designation :	Director
Address :	A/A Monami Apartment, Behind Chandan Cinema Silver Beach Road, Juhu, Mumbai – 400049, Maharashtra
Date of Birth/Age :	16.10.1931
Date of Appointment :	30.04.1996
Name :	Mr. Mukesh Desai
Designation :	Director
Address :	AT and PO Amadpor, Navsari-396445, Balsari, Gujarat, India
Date of Birth/Age :	13.08.1981
Date of Appointment :	15.03.1996
Name :	Mr. Harshad Dwarkadas Adhiya
Designation :	Director
Address :	B/507, Samir Apartment, S. V. Road, Andheri (W), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	29.08.1942
Date of Appointment :	10.08.1994
Name :	Mr. Hemant Naik
Designation :	Director
Address :	B/A Vakil Villa, Society Road End Jogeshwari (E) Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	02.10.1953
Date of Appointment :	16.08.1998
Name :	Mr. Uday Desai
Designation :	Director
Address :	A/A Monami Apartment, Behind Chandan Cinema Silver Beach Road, Juhu, Mumbai – 400071, Maharashtra
Date of Birth/Age :	08.07.1983
Date of Appointment :	16.03.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Mr. Mukesh Naik	10
Mr.Hemant Naik	10
Mr. Gita Naik	10
Category	Percentage
Nationalised or other banks	0.01
Mutual Funds	0.11
Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or other	8.23
Bodies corporate (not mentioned above)	2.63
Directors or relatives of directors	32.61
Other top fifty shareholders (other than listed above)	17.14
Others	39.27
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Active Pharma Ingradient (API).
Products :	· N Bromo Succinimide · N Methyl Nitro Guanidine · Chlorhexidine Gluconate · 7 Chloro Quinaldine · M Bromo Anisole

GENERAL INFORMATION

Bankers :	The Saraswat Co-operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri (E), Mumbai – 400069, Maharashtra, India
Facilities :	-

Banking Relations :	Satisfactory
Auditors :
Name :	Desai and Porwal Chartered Accountants
Address :	Hira Moti, 1^st Floor, Mahatama Gandhi Road, Goregaon (W), Mumbai – 400062, Maharashtra, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
405000	Equity shares	Rs.10/- each	Rs.4.050 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		40.500	40.500	40.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.116	11.556	9.900
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		53.616	52.056	50.400
LOAN FUNDS
1] Secured Loans		48.487	36.117	42.100
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		48.487	36.117	42.100
DEFERRED TAX LIABILITIES		3.456	2.695	0.000
TOTAL		105.559	90.868	92.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		39.732	35.666	36.300
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.017	0.017	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.448	23.097	28.300
	Sundry Debtors	20.583	27.397	12.900
	Cash & Bank Balances	33.165	32.138	32.200
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.542	13.000	22.600
Total Current Assets		101.738	95.632	96.000
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	34.952	39.925	39.300
	Provisions	1.019	0.584	0.600
Total Current Liabilities		35.971	40.509	39.900
Net Current Assets		65.767	55.123	56.100
MISCELLANEOUS EXPENSES		0.043	0.062	0.100
TOTAL		105.559	90.868	92.500

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005
Sales Turnover		134.700	111.400
Other Income		3.900	4.400
Stock Adjustments		(4.600)	13.200
Total Income		134.000	129.000
Profit/(Loss) Before Tax		2.300	2.100
Provision for Taxation		0.600	1.400
Profit/(Loss) After Tax		1.700	0.700
Export Value		N.A.	N.A.
Import Value		N.A.	N.A.
Expenditures :
	Raw Material Consumed	72.300	73.200
	Salaries, Wages, Bonus, etc.	11.300	6.200
	Managerial Remuneration	10.200	8.500
	Payment to Auditors	25.600	28.500
	Interest	1.100	1.100
	Insurance Expenses	4.300	3.700
	Power & Fuel	1.800	1.000
	Depreciation & Amortization	3.300	3.300
	Other Expenditure	1.800	1.400
Total Expenditure		131.700	126.900

QUARTERLY RESULTS

PARTICULARS	30.06.2007 1^st Quarter	30.09.2007 2^nd Quarter
Sales Turnover	39.100	16.400
Other Income	0.200	0.300
Total Income	39.300	16.700
Total Expenditure	36.600	14.300
Operating Profit	2.700	2.400
Interest	1.300	1.100
Gross Profit	1.400	1.300
Depreciation	0.600	0.600
Tax	0.000	0.000
Reported PAT	0.800	0.700

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	N.A.	1.27	0.54
Net Profit Margin (PBT/Sales)	(%)	N.A.	1.71	1.88
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	1.75	1.59
Return on Investment (ROI) (PBT/Networth)		N.A.	0.04	0.04
Debt Equity Ratio (Total Liability/Networth)		1.57	1.47	1.63
Current Ratio (Current Asset/Current Liability)		2.83	2.36	2.41

LOCAL AGENCY FURTHER INFORMATION

History :

Subject was originally incorporated as a private limited company on 6 February'1990. It was subsequently converted into a public limited company with effect from 13 Jun.'92.

The company implemented a project for the manufacture of veterinary bulk drugs namely dimentridazole (DMZ) and dinitolmide (DOT) at Tarapur, Maharashtra. Initially, the company set up manufacturing facilities for the manufacture of methyl nitro imidazole, an intermediate of DMZ, with an installed capacity of 240 tpa, at a cost of Rs12.366 Millions, for which was sanctioned a term loan of Rs.6.000 Millions from the Maharashtra State Financial Corporation (MSFC). 

The company has set-up new product Roxarsone from Jan'1996 and also set up production of Dinitolmide. During 2001-02 the company set up a production of newly developed Bulk Drugs Metformin HCL. It is also planning to foray in the manufacture of life saving drugs.

Form 8 :

Corporate identity number (CIN) Foreign company registration number	U24230MH1990PTC055347
Name of the Company	NUTRAPLUS PRODUCTS (INDIA) LIMITED
Address	7A, Vakil Villa, H F Society Road, Opp. Sad Bhakti Mandir, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
This form is for	Modification of charge
Type of Charge	Book debts Movable property (Not being Pledge)
Particulars of the charge holder	The Saraswat Co-operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri (E), Mumbai – 400069, Maharashtra, India mumbai@anilashok.com
Nature or description of the instrument(s) creating or modifying the charge	Deed of Hypothecation for additional advances (Supplementary Deeds) Supplementary Deed for Additional Advance against Hypothecation of Book debts.
Date of the instrument creating or modifying the charge	Date : 27.11.2006
Amount secured by the charge	Rs.20.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest : Rate of Interest @11.50% p.a. or at such other rate as may from time to time be fixed by the bank. Terms of repayment : On Demand and / or Sanctioned terms and conditions. Margin : Margin as determined by the Bank from time to time. Extent and operation of the charge : The charge operates as a continuing security for the balance from time to time due to the bank.
Short particulars of the property charged (including location of the property)	Hypothecation by way of first charge on all the stocks tangible movable property lying and being at the company place of business 7A, Vakil Villa, H F Society Road, Opp. Sad Bhakti Mandir, Jogeshwari (East), Mumbai – 400060,or wherever else the same may be and on all the book debts outstanding monies receivable claims and bills.
Particular of the present modification	Bank has granted additional cash credit facilities of Rs.5.000 Millions Thus the total limit and charge stand enhanced from Rs.15.000 Millions to Rs.20.000 Millions

Name of the company	NUTRAPLUS PRODUCTS (INDIA) LIMITED
Presented By	The Saraswat Co-operative Bank Limited Andheri (E), Mumbai – 69
1) Date and description of instrument creating the change	Agreement of Hypothecation of Movable Property dated 22^nd September, 2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs.6.500 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation by way of first charge on all the machinery tangible movable property (both presentand future) belonging to the company and lying and being at the company place of Business at 7A, Vakil Villa, H F Society Road, Opp. Sad Bhakti Mandir, Jogeshwari (East), Mumbai – 400060, Maharashtra, India and whether now lying at N92 MIDC, Tarapur Boisar or at any time after during the continuance of this security be kept the company place of business or place of work over else the same may be or be held by any where to the order and dispositions of the company in the course of transit as security for the due payment to the Bank with interest and all costs. Charge and expenses incurred by the Bank for the protection preservation and perfection of this security. Hypothecation by way of first charge on all the Book debts outstanding monies receivable claims and bills which are now due and owing or which may at any time to time during after the continuance of this security become due to owing of the company in the course of his business by any persons firm company or by government or any local or public body or authority as security for due repayment to the bank at any time to time on demand at mumbai all the monies which now are or which may at any time or times hereinafter become due and owing upon any cheques. Promissory notes or bills of exchange made drawn accepted or enclosed of discounted or purchased or paid at the request or on behalf of or credit of the company.
4) Gist of the terms and conditions and extent and operation of the charge.	The charge operates as a continuing security for the balance from time to time due to the Bank.
5) Name and Address and description of the person entitled to the charge.	The Saraswat Co-operative Bank Limited Raja Shopping Center, New Nagardas Road, Andheri (E), Mumbai – 400069, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

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.39.29
UK Pound	1	Rs.77.05
Euro	1	Rs.58.39

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	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
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