MIRA INFORM REPORT

Report Date :

19.08.2011

IDENTIFICATION DETAILS

Name :	AMOLI ORGANICS PRIVATE LIMITED
Registered Office :	322/ 4, 40 Shed Area, GIDC, Vapi – 396 195, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.09.1991
Com. Reg. No.:	04-016288
Capital Investment / Paid-up Capital :	Rs.46.000 millions
CIN No.: [Company Identification No.]	U24231GJ1991PTC016288
TAN No.: [Tax Deduction & Collection Account No.]	SRTA01797F
PAN No.: [Permanent Account No.]	AACCA3990Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1113500
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually 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. Ramanuj Malani
Designation :	Finance Manager
Contact No.:	91-9819871700
Date :	17.08.2011

LOCATIONS

Registered Office/ Factory 1 :	322/ 4, 40 Shed Area, GIDC, Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-22424882/ 22400383
Mobile No.:	91-9819871700 (Mr. Ramanuj Malani)
Fax No.:	91-260-22431982
E-Mail :	amoli@vsnl.com mudoshi@amoliindia.com rpsonica@hotmail.com info@amoliindia.com ramanuj@amoliindia.com
Website :	http://www.amoliindia.com
Area :	60000 sq. ft.
Location :	Leased
Corporate Office :	407, Dalamal House, Jamnadas Bajaj Road, Nariman Point, Mumbai – 40 0021, Maharashtra, India
Tel. No.:	91-22-22854715
Fax No.:	91-22-22041400
E-Mail :	info@amoliidia.com
Factory 2 :	Plot No. 421 to 425, 432, 433 and 436, Taluka – Padra, District: Vadodara, Gujarat, India
Tel. No.:	91-2662-3200383
Offices and Stock Points :	Located at: · Mumbai (India) · Hong Kong · Ho Chi Minh City (Vietnam) · Moscow (Russia) · Jebel Ali (UAE) · Kiev (Ukraine)

DIRECTORS

As on 26.09.2009

Name :	Mr. Manish Umed Doshi
Designation :	Director
Address :	1201 A, Chandanbala Apartment, R.R. Thakker Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	07.10.1961
Qualification :	B. Pharma
Date of Appointment :	15.10.1994
DIN No.:	00210389
Name :	Mrs. Vandana Manish Doshi
Designation :	Director
Address :	1201 A, Chandanbala Apartment, R.R. Thakker Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	23.08.1962
Date of Appointment :	19.01.1991
DIN No.:	00211618
Name :	Mr. Rupesh Suryakant Kamdar
Designation :	Director
Address :	Flat No.603, Somnath CHS, Neelkanth Valley, 7^th Floor, Rajawadi, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India
Date of Birth/Age :	11.04.1971
Date of Appointment :	26.09.2009
DIN No.:	02358348
Name :	Mr. Kundan Lal Khurana
Designation :	Director
Address :	103, Sector 35A, Chandigarh – 160 035, India
Date of Birth/Age :	22.09.1942
Date of Appointment :	26.09.2009
DIN No.:	02193237
Name :	Mr. Mukundray Harshadray Bhatt
Designation :	Director
Address :	Ananya, Tithal Road, Valsad – 396 001, Gujarat, India
Date of Birth/Age :	28.09.1951
Date of Appointment :	26.09.2009
DIN No.:	02200427

KEY EXECUTIVES

Name :	Mr. Ramanuj Malani
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2009

Names of Shareholders	No. of Shares
Vandna M. Doshi	1631776
Manish U. Doshi	1070496
Indu U. Doshi	78880
Manish U. Doshi (HUF)	498848
Tolstoy Investments Private Limited	320000
Port Limited	1000000
Total	4600000

As on 26.09.2009

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	21.74
Bodies corporate	6.96
Directors or relatives of directors	71.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Bulk Drugs.
Products :	Bulk Drugs
Exports :
Products :	v Bulk Drugs
Countries :	v USA v Spain v France v Mexico
Imports :
Products :	v Machinery
Countries :	v China
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (As on 31.03.2008) 

Particulars	Unit	*Installed Capacity (per annum )	Actual Production
Bulk Drugs	Tons	(1800.00)	1560.66

NOTE

* Installed capacity is certified by the managing director and not verified by the auditors, since this is a technical matter.

GENERAL INFORMATION

Customers :	Trader and Manufacturers
No. of Employees :	300 (Approximately)
Bankers :	v State Bank of India, Industrial Finance Branch, The Arcade, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India v EXIM Bank, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India v ICICI Bank Limited, 215, Free Press House, Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India v ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
Facilities :	Facility – Rs.200.000 millions (State Bank of India-Cuffe Parade) Facility – Rs.110.000 millions (ICICI Bank Limited-Nariman Point)

Banking Relations :	--
Auditors :
Name :	Contractor, Nayak and Kishnadwala Chartered Accountants
Address :	Mumbai, Maharashtra, India
Associates/Subsidiaries :	v Umedica Laboratories Limited, 403, Dalamal House, J. B. Road, Nariman Point, Mumbai - 400 021, Maharashtra, India Tel. No. 91-22-285 4715 Fax No. 91-22-204 1400 E-Mail: umedica@vsnl.com Website: http://www.amoliindia.com -It is engaged in manufacturing and exporting of a wide range of injectables, tablets, capsules, suspensions and dry syrups, etc. -Subject is Government Recognised Export House. v Bharat Mercantile Company v Sweta Pharma Private Limited v Amoli Infotech Private Limited v Om Siddhi Trading Private Limited v KMI Business Technologies Private Limited

CAPITAL STRUCTURE

As on 26.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Share	Rs.10/- each	Rs.125.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4600000	Equity Share	Rs.10/- each	Rs.46.000 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		46.000	46.000	46.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		232.375	194.377	185.261
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		278.375	240.377	231.261
LOAN FUNDS
1] Secured Loans		288.031	251.839	422.522
2] Unsecured Loans		160.363	172.900	170.537
TOTAL BORROWING		448.394	424.739	593.059
DEFERRED TAX LIABILITIES		21.850	23.280	31.209
TOTAL		748.619	688.396	855.529
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		360.475	385.880	425.589
Capital work-in-progress		6.773	11.594	11.328
INVESTMENT		1.117	0.117	0.219
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	212.321	141.048	261.731
	Sundry Debtors	374.075	386.563	294.573
	Cash & Bank Balances	8.276	10.557	14.424
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	91.768	69.730	86.302
Total Current Assets		686.440	607.898	657.030
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	296.102	308.201	206.379
	Other Current Liabilities			24.166
	Provisions	10.084	8.892	8.092
Total Current Liabilities		306.186	317.093	238.637
Net Current Assets		380.254	290.805	418.393
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		748.619	688.396	855.529

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	1227.505	1340.877	1056.132
		Other Income	46.332	16.862	18.530
		TOTAL (A)	1273.837	1357.739	1074.662
Less	EXPENSES
		Material Consumed	759.389	713.386	1005.634
		Manufacturing Expenses	198.435	178.266
		Personal Cost	117.504	104.779
		Administration & Selling Expenses	84.126	151.525
		Increase/Decrease in Stock	(35.185)	68.927
		Prior Period Income/ Expenses	0.000	0.274
		TOTAL (B)	1124.269	1217.157	1005.634
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		149.568	140.582
Less	FINANCIAL EXPENSES (D)		39.770	67.609
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		109.798	72.973	69.028
Less/ Add	DEPRECIATION/ AMORTISATION (F)		56.720	61.001	65.545
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		53.078	11.972	3.483
Less	TAX (H)		15.080	2.856	5.541
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		37.998	9.116	(2.058)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		143.890	135.778	143.005
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.004	NA
	BALANCE CARRIED TO THE B/S		181.888	143.890	135.778
	EARNINGS IN FOREIGN CURRENCY
		Export of goods (FOB)	NA	NA	227.930
	TOTAL EARNINGS		NA	NA	227.930
	IMPORTS
		Raw Materials	NA	NA	311.470
		Capital Goods	NA	NA	2.777
	TOTAL IMPORTS		NA	NA	314.247
	Earnings Per Share (Rs.)		8.26	1.98	(0.45)

Particulars	31.03.2011
Sales Turnover (Approximately)	1350.000

The above information has been parted by Mr. Ramanuj Malani (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.98	0.67	(0.19)
Net Profit Margin (PBT/Sales)	(%)	4.32	0.89	0.33
Return on Total Assets (PBT/Total Assets}	(%)	5.07	1.20	0.32
Return on Investment (ROI) (PBT/Networth)		0.19	0.05	0.02
Debt Equity Ratio (Total Liability/Networth)		2.71	3.09	3.60
Current Ratio (Current Asset/Current Liability)		2.24	1.92	2.75

LOCAL AGENCY FURTHER INFORMATION

FORM NO. 8

Name of the company	AMOLI ORGANICS PRIVATE LIMITED
Presented By	AMOLI ORGANICS PRIVATE LIMITED
1) Date and description of instrument creating the change	Deed of hypothecation of dated 08.02.2005 executed Amoli Organics Private Limited, company within the meaning of companies act. 1956 and having its registered office at 322/4, 40 shed area GIDC Vapi, Gujarat – 396195 therein and hereinafter referred to as the borrowers in favour of ICICI Bank Limited
2) Amount secured by the charge/amount owing on the securities of charge	Secured working capital facilities nor exceeding Rs. 80.000 millions (the aforesaid working capital facilities as renewed / modified / amended from time to time are hereinafter collectively referred to as the facilities) exte4nded / granted to the borrower.
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	1. The whole of the Borrower’s stocks of raw materials, goods-in-process, semi finished and finished goods, consumable stores and spares and such other movables, including book debts, bills, whether documentary or clean, both present and future, whether in the possession or under the control of the Borrower or not, whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Borrower’s factories, premises and godowns situate at Mumbai, Vapi or wherever else the same may be or be held by any parry to the order or disposition of the Borrower or in the course of transit or on high seas or on order or delivery (the “Current Assets”, which expression shall, as the context may permit or require, mean any or each of such Current Assets). The Current Assets have been hypothecated as and by way of first charge on pari-passu basis. 2. The whole of the Borrower’s moveable properties (save and except current assets) including its movable plant and machinery, machinery spares, tools and accessories, non — trade receivables and other movables, both present and future, whether in the possession or under the control of the Borrower or not, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Borrower’s factories, premises and godowns situated at Mumbai, Vapi or wherever else the same may be or be held by any party to the order or disposition of the Borrower or in the course of transit or on high seas or on order or delivery (the “Moveable Properties”, which expression shall, as the context may permit or require, mean any or each of such Moveable Properties). The Moveable Properties have been hypothecated as and by way of first charge on pari-passu basis.
4) Gist of the terms and conditions and extent and operation of the charge.	In consideration of ICICI having granted agreed to grant to the borrower the facilities, agreement and declaration by the borrower inter alia, as follows: 1. Covenant by the borrower to comply to ensure compliance with all the term and conditions set out in the master facility agreement dated 08.02.2005 entered between the borrower and ICICI as modified amended / renewed / supplemented from time to time. 2. The borrower shall pay / repay all amount in respect of the facility and pay interest and all other monies in the manner set out in the agreement and the other transaction documents 3. The assets were thereby hypothecated inter alia to ICICI as a by way of exclusive / first / second / first and exclusive charge, as security for and be charged with the repayment of the facilities, all interest and other monies in the manner set out in the agreement and the other transaction documents 4. Power of entry, power to take charge and or possession of, seize, recover, receive, appoint received of and remove and sale by auction or private contract, despatch for realisation or otherwise dispose of or deal with all or any part of the assets etc. as provided in the deed of hypothecation. 5. All other terms and conditions as contained in the deed of hypothecation
5) Name and Address and description of the person entitled to the charge.	ICICI Bank Limited, 215, Free Press House, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Available
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 Available

This form is for	Modification of charge
Charge identification number of the modified	90106321
Corporate identity number of the company	U24231GJ1991PTC016288
Name of the company	AMOLI ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	322 / 4, 40 Shed Area, GIDC, Vapi-396195, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, The Arcade, World trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India E-Mail: kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	No Instrument. Memorandum of deposit of title deeds for creation of charges for loan to cover further facilities/ limits allowed and/ or allowed to be with enhancement.
Date of instrument Creating the charge	22.05.2007
Amount secured by the charge	Rs.505.000 millions
Short particulars of the property charged	A first charge by way of hypothecation of the borrowers entire goods, movables and other assets present and future including documents of title to the goods and other assets, such as book debts, outstanding monies, receivables including receivables by way of cash assistance and/or cash incentives under the cash incentives scheme or any other scheme, claims including claims by way of refund of customs/ excise duties under the duty drawback credit scheme or any other scheme, bills, invoices.
Date of latest modification prior to the present modification	12.05.2007
Particulars of the present modification	Now by the present modification dated 22.05.2007 the company offered an additional security by way of an equitable mortgage by deposit of title deeds over the immovable properties to secure its credit facilities of Rs.505.000 millions (i.e. State Bank of India Rs.275.000 millions together with ICICI Bank Limited Rs.230.000 millions)

TRADE REFERENCES:

v Cadila Pharmaceuticals Limited

v Aurobindo Pharma Limited

FIXED ASSETS

v Factory Plot

v Starr Quarter Plot

v Factory Building

v Plant and machinery

v Electrical Equipments

v Motorcar and Vehicles

v Motorcar

v Motor Lorry

v Furniture Fixture and Office equipments

v Computer

v Efferent Treatment Plant

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.45.61
UK Pound	1	Rs.75.32
Euro	1	Rs.65.68

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
--PROFITABILIRY	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.