MIRA INFORM REPORT

Report Date :

20.12.2011

IDENTIFICATION DETAILS

Name :	INGA LABORATORIES PRIVATE LIMITED
Registered Office :	Inga house, Mahakali Road,, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.03.1974
Com. Reg. No.:	11-17344
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	u24230mh1974ptc017344
TAN No.: [Tax Deduction & Collection Account No.]	mumI02542B
PAN No.: [Permanent Account No.]	AAACI1737K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and marketing of Pharmaceutical Formulations
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba ( 50 )

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

Maximum Credit Limit :	USD 150000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Madam Raji Patani
Designation :	Director
Contact No.:	91-22-28255032

LOCATIONS

Registered Office :	Inga house, Mahakali Road, Andheri (East), Mumbai – 400 093, Maharashtra
Tel. No.:	91-22-28202932/33
Fax No.:	91-22-28364049
E-Mail :	accts@ingalabs.com ingalabs@bom3vsnl.net.in info@ingalabs.com
Website :	www.ingalabs.com

DIRECTORS

As on 30.09.2011

Name :

Dr. Abraham Varkey Patani

Designation :

Director

Address :

Patani Villa, Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Date of Birth/Age :

08.03.1932

Date of Appointment :

01.04.2001

DIN No.:

01310783

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U73100MH1979NPL021691	Dr Patani Scientific and Industrial Research	Director	20-09-79	20-09-79	-	Active	NO
2	U67120MH1980PTC022420	Dr Patani Investment Company Private Limited	Director	27-03-80	27-03-80	-	Active	NO
3	U24230MH1974PTC017344	Inga Laboratories Private Limited	Director	01-04-01	01-04-01	-	Active	NO

Name :

Mr. Annie Abraham Patani

Designation :

Director

Address :

Patani Villa, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

Date of Birth/Age :

06.05.1943

Date of Appointment :

01.04.2001

DIN No.:

00878429

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1980PTC022420	Dr Patani Investment Company Private Limited	Director	27-03-80	27-03-80	-	Active	NO
2	U24230MH1974PTC017344	Inga Laboratories Private Limited	Managing director	01-04-01	01-04-01	-	Active	NO

Name :

Mr. Varkey Abraham Patani

Designation :

Director

Address :

101 Casa Feliz CHS, 7^th Francis Avenue, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Date of Birth/Age :

05.01.1967

Date of Appointment :

01.04.2011

DIN No.:

00878490

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120MH1980PTC022420	Dr Patani Investment Company Private Limited	Director	01-08-85	01-08-85	-	Active	NO
2	U73100MH1979NPL021691	Dr Patani Scientific and Industrial Research	Director	02-08-85	02-08-85	-	Active	NO
3	U24230MH1974PTC017344	Inga Laboratories Private Limited	Whole-time director	01-04-01	01-04-01	-	Active	NO

Name :

Mr. George Abraham Patani

Designation :

Director

Address :

Patani Villa, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra

Date of Birth/Age :

20.04.1971

Date of Appointment :

01.04.2001

DIN No.:

00878364

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U73100MH1979NPL021691	Dr Patani Scientific and Industrial Research	Director	01-04-98	01-04-98	-	Active	NO
2	U24230MH1974PTC017344	Inga Laboratories Private Limited	Whole-time director	01-04-01	01-04-01	-	Active	NO
3	U67120MH1980PTC022420	Dr Patani Investment Company Private Limited	Director	10-10-01	10-10-01	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Dr. Abraham V Patani	9185
Mr. Annie A PATANI	1165
Mr. Varkey A APTANI	4325
Mr. George A Patani	4325
Dr. Patani Investment Company, India	1000
TOTAL	20000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	5.00
Directors or relatives of Directors	95.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and marketing of Pharmaceutical Formulations

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tablet	Mio	NA	46	79.573
Capsules	Mio	NA	87	3.948
Liquid	K. Ltrs	NA	348	43.44
Injection	K. Ltrs	NA	NA	385.361
Dry Syrup	Ltrs	NA	NA	0.943
Chemicals	M.T	NA	NA	78.095
(Single Shift Per Year Based 300 Working Days in a Year)

Notes:

1. Since company is a small scale industrial unit, there is no licence required as certified by director
2. The Installed capacities have not been verified by the auditors being a technical matter

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of India, Andheri West Branch, Mumbai – 400 058, Maharasahtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
1. Cash credit accounts
a. Bank of India CC A/C - 55	6.237	5.195
b. Bank of India CC A/C – 349 (Secured by Hypothecation of Stock, Book Debts and Personal Guarantee of Directors and Property as Collateral Security)	0.008	0.007
Total	6.245	5.202

Banking Relations :	--
Auditors :
Name :	Thacker Butala Desai Chartered Accountants
Address :	381, D.N. Road, Ismail Building, 2^nd Floor, Mumbai – 400001, Maharasahtra, India
PAN.:	AAAFI2198E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs. 2.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34.954	24.207	17.566
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		36.954	26.207	19.566
LOAN FUNDS
1] Secured Loans		6.245	5.202	11.077
2] Unsecured Loans		0.000	0.000	9.050
TOTAL BORROWING		6.245	5.202	20.127
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		43.199	31.409	39.693
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.016	20.840	19.638
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.981	10.938	14.577
	Sundry Debtors	6.883	7.127	13.334
	Cash & Bank Balances	24.931	23.261	18.187
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	30.465	14.612	12.936
Total Current Assets		75.260	55.938	59.034
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.675	6.071	8.807
	Other Current Liabilities	29.492	29.488	30.172
	Provisions	13.910	9.810	0.000
Total Current Liabilities		51.077	45.369	38.979
Net Current Assets		24.183	10.569	20.055
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		43.199	31.409	39.693

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	109.512	96.755	103.453
		Other Income	24.766	22.199	20.470
		TOTAL (A)	134.278	118.954	123.923
Less	EXPENSES
		Office Expenses	115.081	104.823	107.350
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	115.081	104.823	107.350
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.197	14.131	16.573
Less	FINANCIAL EXPENSES (D)		1.591	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.606	14.131	16.573
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.858	2.818	3.060
	PROFIT BEFORE TAX (E-F) (G)		14.748	11.313	13.513
Less	TAX (H)		4.000	4.673	5.000
	PROFIT AFTER TAX (G-H) (I)		10.748	6.640	8.513
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.864	14.224	5.711
	BALANCE CARRIED TO THE B/S		31.612	20.864	14.224
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	13.153	4.951	12.582
	TOTAL EARNINGS		13.153	4.951	12.582
	Earnings Per Share (Rs.)		537.40	332.02	425.65

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.00	5.58	6.87
Net Profit Margin (PBT/Sales)	(%)	13.47	11.69	13.06
Return on Total Assets (PBT/Total Assets}	(%)	15.64	14.73	17.18
Return on Investment (ROI) (PBT/Networth)		0.40	0.43	0.69
Debt Equity Ratio (Total Liability/Networth)		1.55	1.93	3.02
Current Ratio (Current Asset/Current Liability)		1.48	1.23	1.51

LOCAL AGENCY FURTHER INFORMATION

OPERATION

During the year company achieved Net sales of Rs. 109.512 million as against Rs. 96.755 millions in the previous year. The other income stood to Rs. 24.766 millions as compared to Rs. 22.199 millions in the previous year. After providing depreciation of Rs. 2.858 millions and Net tax provision of Rs. 4.000 millions, the company has earned a net profit of Rs. 10.748 millions as compared to the precious year figure of Rs. 6.640 millions and the balance carried forward to the balance sheet during the year was Rs. 31.612 millions.

form 8:-

Corporate identity number of the company	u24230mh1974ptc017344
Name of the company	INGA LABORATORIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Inga house, Mahakali Road,, Andheri (East), Mumbai – 400 093, Maharashtra
This form is for	Modification of charge
Type of charge	Hypothecation
Particular of charge holder	Bank of India, Andheri West Branch, Mumbai =- 400 058, Maharashtra E-Mail: boiandhw@vsnl.net
Amount secured by the charge	Rs. 12.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Interest @ C/C Stocks 16% Book Debts 15% IBN (DA) 16% AQST Effect 16% EPC 10% FBP/FBN 10%
Description of the property charged indicating whether it is a charged on	· Plant and Machinery · Book debts · Stock in Trade
Short particulars of the property charged (Including location of the property)	All tangible movable machineries and plant both present and future and movable properties and assets and including al stock of raw materials such as organics and inorganic chemicals (pharmaceuticals) to mfg. tablets, capsules liquid, etc All present and future book debts, outstanding money receivable, book debts claims, bills which are now due and owing or which may at any time hereafter during the continuance of this society becomes due owing to the borrower.
Charge identification number of the charge to be modified	90240672
Brief description of the instrument modifying the charge under section 135	Memorandum of entry/oral assent extension of equitable mortgage
Date of instrument modifying the charge	17.06.2006
Particulars of the present modification	By present modification dated 17.06.2006 by way of equitable mortgage charge is increase from Rs. 13.000 millions to Rs. 16.000 millions

fixed Assets

· Research and Development land

· Research Building

· Factory Premises

· Flat Neelima

· Office premises Secunderabad

· plant and Machinery

· Laboratory Equipment

· Balancing Equipment

· R and D Equipments

· Cycle

· Motor Car

· Motor Truck

· Computer

· software

· Weighing Scale

· Air Conditioner

website details

History

Indo German Alkaloids, the parent company of the INGA Group, was established in 1958 by Dr. Abraham Patani on completion of his Doctoral studies in Phytochemistry from the University of Mainz, Germany.

The company began its manufacturing activities in phytochemicals and fine chemicals.

As a pioneer in alkaloid research, the group commenced cultivation of plants required for the isolation of active principles at its plantations in northern, southern and western India in 1966.

With a vision to be one of the leading players in the niche phytochemical segments, the company was established in 1974 for the manufacture of finished dosage forms.

Inga re-inforced its commitment to research in 1979 by instituting Dr. Patani Scientific and Industrial Research (PSIR), a non-profit institute.

To cater to the increased demand for its brands in the international markets, Inga Pharmaceuticals was incorporated in 1983 with its offices located at London and Singapore.

Company Profile

Subject is a research-based pharmaceutical corporation, was established in 1974. The company’s activities are focused to the development, manufacture and marketing of pharmaceutical formulations at affordable prices.

Subject manufactures galenical forms such as tablets, capsules, liquid orals, injectables and beta lactum formulations in compliance with the latest current Good Manufacturing Practices.

Subject has established a number of its brands in speciality segments such as anti-migraine, anti-gout, gynaecology and dermatology internationally.

Subject has also collaborated with a number of multinational corporations for the contract manufacture of pharmaceutical dosage forms at its manufacturing facilities.

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.52.96
UK Pound	1	Rs.82.04
Euro	1	Rs.68.91

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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
TOTAL		50

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.