MIRA INFORM REPORT

Report Date :

09.04.2011

IDENTIFICATION DETAILS

Name :	NEO PHARMA PRIVATE LIMITED
Registered Office :	Kasturi Building, 5^th Floor, J Tata Road, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.03.1950
Com. Reg. No.:	11-8016
CIN No.: [Company Identification No.]	U24239MH1950PTC008016
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in the Business of Real Estate.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 2700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Lokesh Jain
Designation :	General Manager (Finance)
Contact No.:	91-22-30645000
Date :	08.04.2011

LOCATIONS

Registered Office :	Kasturi Building, 5^th Floor, J Tata Road, Mumbai – 400020, Maharashtra
Tel. No.:	91-22-22845999/ 22842017
Fax No.:	91-22-22820058
E-Mail :	bapna.prakash@gmail.com info@psipl.co.in
Website :	http://www.psipl.co.in
Area :	3000 sq. ft.(App.)
Location :	Owned
Correspondence Address :	101, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-30645000
Fax No.:	91-22-30643131

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Mofatraj Pukhraj Munot
Designation :	Director
Address :	"Munot Villa", Westfield Compound Lane, 63K, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	04.10.1944
Date of Appointment :	25.03.1992
Date of Ceasing :	15.02.2011
Name :	Mr. Parag Mofatraj Munot
Designation :	Director
Address :	"Munot Villa", Westfield Compound Lane, 63K, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India
Date of Birth/Age :	02.06.1969
Date of Appointment :	11.10.2000
Name :	Mr. Imtiaz Husain Kanga
Designation :	Director
Address :	1, Kalpataru, 39, Dr. G. Deshmukh Marg, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	30.08.1952
Date of Appointment :	11.05.2004
Name :	Mr. Rajesh Bhagchand Golechha
Designation :	Director
Address :	294/16, Kalpataru Horizon, S. K. Ahire Marg, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	13.08.1964
Date of Appointment :	25.03.1992
Name :	Mr. Anuj Amar Munot
Designation :	Director
Address :	Kalpataru Horizon, 214/224 A, S. K. Ahire Marg, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	15.11.1977
Date of Appointment :	12.01.2005

KEY EXECUTIVES

Name :	Mr. Lokesh Jain
Designation :	General Manager (Finance)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares (Equity)
K. C. Holding Private Limited, India	21000
Mofatraj Pukhraj Munot	16150
Kalpataru Properties Private Limited, India	342
Yugdharm Investment and Trading Company Private Limited, India	10450
Kalpataru Constructions Private Limited, India	10450
Parag Mofatraj Munot	1800
Parag M. Munot as Trustee of Sharadchandrika Munot Family Trust, India	50
Total	60242
Names of Shareholders	No. of Shares (Preference)
HDFC Asset Management Company Limited, India	150000
Total	150000

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	70.12
Directors or relatives of directors	29.88
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the Business of Real Estate.
Imports :
Products :	Raw Materials
Countries :	· UAE · Sydney · Japan · Singapore · Thailand
Terms :
Selling :	Cash and Credit (30-60-90 days)
Purchasing :	Cash and Credit (30-60-90 days)

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

80 (Approximately)

Bankers :

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227-D, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan	500.000	400.000
Working Capital Facility	25.887	352.572
("Secured by mortgage of land and structure (along with underlying receivable) constructed /to be constructed in Kandivali and personal guarantee of two directors. The said loan is further secured by way of corporate guarantee of two Associate Companies) (Due within one year Rs.500.000 Millions)
Total	525.887	752.572
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Short Term
From Companies in which some of the Directors are interested	260.161	336.159
From Shareholders	7.187	68.066
From Body Corporate	0.000	39.367
Total	267.348	443.592

Banking Relations :	--
Auditors :
Name :	Khimji Kunverji and Company Chartered Accountant
Address :	Suite 52, Bombay Mutual Building, Sir Phirozshah Mehta Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22662550/ 22661270/ 22662011
Fax No.:	91-22-22664045
Email :	info@kkc.in
Website :	http://www.kkc.in
Subsidiaries :	· Argos International Marketing Private Limited CIN No.: U51900MH1998PTC117498 · Property Solutions (India) Private Limited CIN No.: U45102MH2000PTC129763
Associates :	· Kalpataru Properties Private Limited · Hedavkar Mechanical Works Private Limited · Yugdharm Real Estate Private Limited · Kalpataru Constructions Private Limited · Kalpataru Properties (Thane) Private Limited · Ardour Builders Private Limited (Formerly Nakshatra Builders Private Limited) · Kalpataru Limited · K. C. Holding Private Limited · Kalpataru Theaters · Kalpataru Gardens Private Limited · P. K. Velu and Company Private Limited · Lifestyle Property Ventures Private Limited · Shravasti Property Private Limited · Kamdhenu Constructions · Prime Properties Private Limited · Saicharan Properties Limited · Sona Properties Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
69000	Equity Share	Rs.100/- each	Rs.6.900 Millions
300000	Preference Shares	Rs.10/- each	Rs.3.000 Millions
	Total		Rs.9.900 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60242	Equity Share (Of the above, 242 Equity Shares of Rs.100 each have been allotted as fully paid - up without payment being received in cash)	Rs.100/- each	Rs.6.024 Millions
150000	Preference Shares	Rs.10/- each	Rs.1.500 Millions
	Total		Rs.7.524 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.524	7.524	6.024
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		663.552	300.685	132.206
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		671.076	308.209	138.230
LOAN FUNDS
1] Secured Loans		525.887	752.572	710.840
2] Unsecured Loans		267.348	443.592	571.760
TOTAL BORROWING		793.235	1196.164	1282.600
DEFERRED TAX LIABILITIES		0.102	0.000	0.000
TOTAL		1464.413	1504.373	1420.830
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		556.456	563.374	571.002
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		20.703	20.171	19.942
DEFERREX TAX ASSETS		0.000	2.919	13.867
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1075.283	2336.636	1568.688
	Sundry Debtors	335.910	9.351	7.479
	Cash & Bank Balances	26.853	19.484	9.361
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	391.029	89.086	71.202
Total Current Assets		1829.075	2454.557	1656.730
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	337.759	168.567	100.306
	Other Current Liabilities	464.251	1345.221	731.722
	Provisions	139.811	22.860	8.683
Total Current Liabilities		941.821	1536.648	840.711
Net Current Assets		887.254	917.909	816.019
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1464.413	1504.373	1420.830

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL	2799.898	142.183	108.269
Less	EXPENSES
		TOTAL	2139.934	65.434	65.211
	PROFIT BEFORE TAX		659.963	76.749	43.059
Less	TAX		121.776	19.748	12.793
	PROFIT AFTER TAX		538.187	57.001	30.266
	Prior Period Income		0.173	0.000	0.005
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		97.348	83.369	53.107
Less	APPROPRIATIONS
		Interim Dividend on Preference Shares	150.000	31.644	0.000
		Distribution Tax of dividend	25.493	5.378	0.000
		Transfer to General Reserve	0.000	6.000	0.000
	BALANCE CARRIED TO THE B/S		460.215	97.348	83.378
	TOTAL IMPORTS		0.000	17.160	96.198
	Earnings Per Share (Rs.)		8,925	946	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	19.22	53.98	39.77
Return on Total Assets (PBT/Total Assets}	(%)	27.67	2.54	1.93
Return on Investment (ROI) (PBT/Networth)		0.98	0.25	0.31
Debt Equity Ratio (Total Liability/Networth)		2.59	8.87	15.36
Current Ratio (Current Asset/Current Liability)		1.94	1.60	1.97

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors
- For Goods	98.124	148.048	88.504
- For Expenses	222.991	0.701	0.206
- For Others	16.644	19.818	11.596
Total	337.759	168.567	100.306

OPERATIONS:

Company's project named 'Kalpataru Tower' at Kandivali (E) was completed and revenue of Rs.2799.900 Millions is booked in the year ended 31^St March, 2010.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

a) The Company is contesting the liability under various labour cases filed against it in connection with dues to laborers who were employed prior to closure of its unit at Vakola, the amount whereof is Rs.12.960 Millions. In terms of the interim order passed by the Industrial Court, the Company had deposited Rs.1.426 Millions with the Court. The case has been dismissed by the labour court against whose order some employees have filed writ petition with Mumbai High Court.

Since the outcome of the liability would be known when the final order is passed, no provision for expenses has been made in the accounts and the amount deposited has been reflected under the head Deposit.

b) The property of the Company situated at Santacruz is secured against credit facilities of Rs.1890.00 Millions from Bank availed by a Group Company. Further the Company has given Corporate Guarantee for the same.

FORM 8:

Corporate identity number of the company	U24239MH1950PTC008016
Name of the company	NEO Pharma Private Limited
Address of the registered office or of the principal place of business in India of the company	Kasturi Building, Tata Road, Mumbai – 400020, Maharashtra, India prakash.bapna@kalpataru.com
This form is for	Creation of charge
Type of charge	Immovable property Book Debts Others
Particular of charge holder	ICICI Bank Limited Landmarkrace Cource Circle, Alkapuri, Baroda -390015, Gujarat, India shanthi.venkatesan@icicibank.com
Nature of instrument creating charge	Indenture of Mortgage dated 30th July, 2010, for the credit facility of Rs.900.000 Millions granted to the Company
Date of instrument Creating the charge	30.07.2010
Amount secured by the charge	Rs.900.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: The company shall pay Interests on Monthly basi9s i.e. 15^th day of Each calendar month @ 11.40% p.a. Terms of Repayment: The Repayment by Company: The Credit Facility of Rs.900.000 Millions. The Company will repay the Loan Extent and operation of the charge: The Charge by way of Registered Mortgage on flats of saleable area admeasuring 1,40,368 sq. ft. (as mentioned in Schedule VI of IOM) in Kalpataru Towers located at plot bearing CTS No. 134C, 132A/1, 132A/2, 132A/3, 135, 136 at Village Akurli, Kandivali East, Mumbai.
Particulars of the property charged	Flats of saleable area admeasuring 1,40,368 sq.ft.(as mentioned Schedule VI) in Kalpataru Towers at Village Akurli, Kandivali East. Mumbai. Charge on schedule receivables of flats mentioned above.

FIXED ASSETS:

· Land

· Building

· Construction Equipments

· Air Conditions and Refrigerators

· Furniture and Fixtures

· Office Equipment

· Computers

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.44.04
UK Pound	1	Rs.72.20
Euro	1	Rs.63.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		53

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.