MIRA INFORM REPORT

Report Date :

23.03.2011

IDENTIFICATION DETAILS

Name :	ALLIED CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Rajni Gandha Complex, 8734, D B Gupta Road, Pahar Ganj, New Delhi – 110055
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.01.1965
Com. Reg. No.:	55-004310
CIN No.: [Company Identification No.]	U74899DL1965PTC004310
TAN No.: [Tax Deduction & Collection Account No.]	DELA00138F
PAN No.: [Permanent Account No.]	AAACA0824B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Drugs and Pharmaceuticals.

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 360000
Status :	Satisfactory
Payment Behaviour :	Regular
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 regular 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 :	Ms. Seema
Designation :	Staff Member
Date :	17.03.2011

LOCATIONS

Registered Office / Corporate Office :	Rajni Gandha Complex, 8734, D B Gupta Road, Pahar Ganj, New Delhi – 110055, India
Tel. No.:	91-11-23681000
Fax No.:	91-11-23629526
E-Mail :	allied_chemicals@vsnl.com saurabhg@del3.vsnl.net.in jocundindia@gmail.com
Website :	http://www.alliedpharmaceuticals.com
Location :	Owned
Factory :	Ngthi Babuji Kabab, Station Road, Jaipur, Rajasthan, India
Location :	Owned

DIRECTORS

As On : 27.09.2010

Name :	Mr. Saurabh Gupta
Designation :	Director
Address :	5-C/16, New Rohtak Road, Opposite Nav Hind School, New Delhi – 110005, India
Date of Birth/Age :	14.12.1971
Date of Appointment :	01.09.1994
DIN No :	00050128
Name :	Mr. Chhavi Prakash Singhal
Designation :	Director
Address :	116/187, Agarwal Farm, Mansarover, Jaipur – 302001, Rajasthan, India
Date of Birth/Age :	17.07.1973
Date of Appointment :	01.12.2003
DIN No :	01579990

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Mr. Sudhir Gupta	8460
Mr. Saurabh Gupta	2960
Mrs. Sushila Gupta	2590
Mrs. Beena Garg	10
Mr. Surendra Kumar Garg	10
Mr. Sudhir Gupta (HUF)	1800
Mrs. Anuj Gupta	160
Mr. Saurabh Gupta (HUF)	10
Total	16000

AS ON 27.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Drugs and Pharmaceuticals.
Products :	v Anti allergic v Antibiotics / Antibacterials v Anti diabetics v Anti-retrovirals (anti-AIDS) v Cardiovascular System v Central Nervous System v Digestive System v Erectile Dysfunction v Hormones v Musculo Skeletal Disorders v Respiratory System v Vitamins / Nutritions v Anti - TB
Exports
Products :	Drugs
Country :	· USA · UAE
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Bankers :

v State Bank of Bikaner and Jaipur

Collectorate Branch, Jaipur – 302001, Rajasthan, India

Facilities :

UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	0.035	0.035
From Share Holders	2.118	1.972
From Others	0.400	0.906
Total	2.553	2.913

Banking Relations :	--
Auditors :
Name :	Rakesh Sharma Chartered Accountant
Address :	10159, Padam Singh Road, Karol Bagh, New Delhi-11005, Delhi, India

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs. 100/- each	Rs. 2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16000	Equity Shares	Rs. 100/- each	Rs. 1.600 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		1.600	1.600	1.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		90.595	57.310	40.362
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		92.195	58.910	41.962
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.393
2] Unsecured Loans		2.553	2.913	6.371
TOTAL BORROWING		2.553	2.913	6.764
DEFERRED TAX LIABILITIES		0.269	0.263	0.237
TOTAL		95.017	62.086	48.963
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.017	8.223	4.683
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.530	5.030	6.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.932	13.793	11.527
	Sundry Debtors	11.786	8.198	4.192
	Cash & Bank Balances	47.138	46.313	20.822
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	16.216	7.280	10.338
Total Current Assets		104.072	75.584	46.879
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.218	2.539	1.620
	Other Current Liabilities	4.661	10.402	1.235
	Provisions	21.723	13.810	5.844
Total Current Liabilities		28.602	26.751	8.699
Net Current Assets		75.470	48.833	38.180
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		95.017	62.086	48.963

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	190.602	117.901	59.840
		Other Income
		TOTAL (A)	190.602	117.901	59.840
Less	EXPENSES
		Office Expenses
		Administrative Expenses	130.146	81.658	44.232
		Advertising Expenses
		Depreciation
		Financial Expenses
		TOTAL	130.146	81.658	44.232
	PROFIT BEFORE TAX		60.456	36.243	15.608
Less	TAX		33.217	22.919	5.417
	PROFIT AFTER TAX		27.239	13.324	10.191

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.29	11.30	17.03
Return on Total Assets (PBT/Total Assets}	(%)	51.63	40.80	27.07
Return on Investment (ROI) (PBT/Networth)		0.66	0.61	0.37
Debt Equity Ratio (Total Liability/Networth)		0.34	0.45	0.21
Current Ratio (Current Asset/Current Liability)		3.64	2.82	5.39

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL PERFORMANCE

The net profit (after tax) for this year stands to Rs. 27.239 thereby making the total Reserve and Surplus as on 31.03.2010 for the company to Rs. 90.595 millions. The Directors feel tremendously happy in view of the performance achieved by the company despite all odds like recession looming large across the globe.

FORM 8

Name of the company	ALLIED CHEMICALS AND PHARMA PRIVATE LIMITED
Presented By	v State Bank of Bikaner and Jaipur Collectorate Branch, Jaipur – 302001, Rajasthan, India
1) Date and description of instrument creating the change	Medium term loan against pledge, movable machinery dated 16.08.1997
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 0.600 million
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. Machinery as given in schedule of agreement.
4) Gist of the terms and conditions and extent and operation of the charge.	i) Interest @ 14.5% p.a. above, S.B.A.R. with a minimum of 17.5% p.a. ii) Amount repayable to the bank by 60 monthly installment of Rs. 10000/- each and installation is paid 16.11.1997.
5) Name and Address and description of the person entitled to the charge.	v State Bank of Bikaner and Jaipur Collectorate Branch, Jaipur – 302001, Rajasthan, India

FIXED ASSETS

v Air Conditioners

v Air Conditioning Plant

v Books

v Calculators

v CCTV

v Cellular Phone

v Computer

v Cooling Plant

v Cycle

v Dies and Punches

v Electric Fitting

v Electric Machinery

v Electronic Typewriter

v Emergency Light

v Fax

v Fire Extinguishers

v Fridge

v Furniture and Fixtures

v Generator

v Laminar Flow Bench

v Land and Building

v Machinery for Tubewell

v Manufacturing and Testing Equipment

v Minor Machinery

v Motor Car

v Office Equipment

v Other Machinery

v Room Coolers

v Scooter

v Sub. To Corrosive Material Plant and Machinery

v Super Telephone

v Temp. Structure

v Type Writer

v Water Purifier

v Water Systems

TRADE REFERENCE :

· Shroff Chemical Private Limited

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.44.97
UK Pound	1	Rs.73.35
Euro	1	Rs.63.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
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		51

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.