MIRA INFORM REPORT

Report Date :

14.03.2011

IDENTIFICATION DETAILS

Name :	MIDAS CARE PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Papa Industrial Estate, 40, Suren Road, Andheri (East), Mumbai-400093, Maharashtra.
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.05.1986
Com. Reg. No.:	11-039852
CIN No.: [Company Identification No.]	U24239MH1986PTC039852
TAN No.: [Tax Deduction & Collection Account No.]	MUMM21047F / MUMM23552E
PAN No.: [Permanent Account No.]	AAACM4264B
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Health Care Aerosols, Personal Care Aerosols and Room Care Aerosols, Industrial Care Aerosols etc.

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 1300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Trade relations are reported as fair. Business is active. General financial position is satisfactory. Fundamentals are strong and healthy. Payments are reported as usually made as per commitments. The company can be considered good for normal 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

Management non co-operative.

LOCATIONS

Registered Office :	Papa Industrial Estate, 40, Suren Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-26833409 / 26835677 / 26835678
Fax No.:	91-22-26837947
E-Mail :	aerosol@vsnl.com
Website :	www.midas-care.com
Factory :	B-16, MIDC, Waluj, Aurangabad- 431136, Maharashtra, India.
Tel. No.:	91-240-554739 / 556306
Fax No.:	91-240-554408
E-Mail :	midas_care@eth.net

DIRECTORS

As On : 28.09.2010

Name :	Mr. Brij Bandhu Pearelal Gupta
Designation :	Managing Director
Address :	601, Raheja Orchid, Plot No.47, 9^th Road, JVPD, Juhu, Vile Parle (West), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	19.06.1954
Date of Appointment :	16.05.1986
Date of Ceasing :	23.05.1993
Name :	Mrs. Sangithaa Gupta
Designation :	Managing Director
Address :	601, Raheja Orchid, Plot No.47, 9^th Road, JVPD, Juhu, Vile Parle (West), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	27.11.1962
Date of Appointment :	16.05.1956
DIN No :	00645197
Name :	Mr. Pearelal Gupta
Designation :	Director
Address :	48/49, Hatkesh Cooperative Housing Society, N S Road No.7, JVPD Scheme, Juhu, Vile Parle (West), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	08.02.1938
Date of Appointment :	30.09.1993
Date of Ceasing :	15.01.2004
Name :	Mr. Adhyatma Bandh Pearelal Gupta
Designation :	Director
Address :	69, Hatkesh Cooperative Housing Society, Road No.8, JVPD Scheme, Juhu, Vile Parle (West), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	10.12.1946
Date of Appointment :	30.09.1993
Date of Ceasing :	15.11.2005
Name :	Ms. Shivangi Brijbandhu Gupta
Designation :	Director
Address :	601, Raheja Orchid, Plot No.47, 9^th Road, JVPD, Juhu, Vile Parle (West), Mumbai-400056, Maharashtra, India
Date of Birth/Age :	21.10.1987
Date of Appointment :	21.10.2005
DIN No :	00645465

KEY EXECUTIVES

Name :	Mr. Rajesh Yashwant Shirwatkar
Designation :	Manager
Address :	Flat No.90, Building No.4, D. G. Nagar Cooperative Housing Society, Dewan Maan, Vasai (West), Thane, Maharashtra, India
Date of Birth/Age :	14.08.1972
Date of Appointment :	08.11.1999
Date of Ceasing :	31.12.2000
Name :	Mr. Atul Jagannath Khonolkar
Designation :	Manager
Address :	Flat No.181, Building No.9, D. G. Nagar Cooperative Housing Society, Dewan Maan, Vasai (West), Thane, Maharashtra, India
Date of Birth/Age :	05.09.1965
Date of Appointment :	02.01.2001
Name :	Mr. Naeemuddin Jamaliddin Ansari
Designation :	Manager
Address :	1^st Floor, Mamledar Building, Vaitalpada, Bhiwandi-421302, Mumbai, Maharashtra, India
Date of Birth/Age :	03.02.1963
Date of Appointment :	18.09.2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2010

Names of Shareholders	No. of Shares
Sangithaa Gupta	467
Midas Care Holdings Private Limited, India	59000
Nandan Brijbandhu Gupta	417
Shivangi Brijbandhu Gupta	16
Total	59900

AS ON 28.09.2010

Names of Preference Shareholders	No. of Shares
Sangithaa Gupta	13000
Nandan Brijbandhu Gupta	9000
Shivangi Brijbandhu Gupta	9000
Total	31000

AS ON 28.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		98.50
Directors or relatives of directors		1.50
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Health Care Aerosols, Personal Care Aerosols and Room Care Aerosols, Industrial Care Aerosols etc.
Products :	Ø Health Care Aerosols Ø Room Care Aerosols Ø Personal Care Aerosols

PRODUCTION STATUS (As On : 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Aerosol Formulation	On Single Shift basis	NA	38.340	30077337
Can Manufacturing	On Single Shift basis	NA	51120000	3041000

GENERAL INFORMATION

No. of Employees :

Not divulged by the management.

Bankers :

Ø HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West) , Mumbai-400013, Maharashtra, India

Ø ICICI Bank Limited

Ø Citi Bank

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit from Bank	47.747	7.145
Over Draft from Banks	27.978	12.503
Term Loan from HDFC Bank	32.592	39.996
Housing Loan from ICICI Bank Limited	22.087	22.395
Car Loan from Citi Bank	0.000	0.308
Car Loan from HDFC Bank	0.194	0.354
Total	130.598	82.701
UNSECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	0.018	0.018
From Others	5.686	3.786
Total	5.704	3.804

Banking Relations :	--
Auditors :
Name :	Arora and Arora Chartered Accountant
Address :	12, Dhanlakshmi Hanuman Road, Vile Parle (East), Mumbai-400057, Maharashtra, India
Holding Company :	Midas Care Holdings Private Limited CIN No : U65990MH1986PTC041437
Group Company :	Ø Florensa Care Products Private Limited Ø Lovincare Cosmetics Private Limited

CAPITAL STRUCTURE

As On : 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs. 10/- each	Rs. 0.600 million
40000	4% Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 0.400 million
	Total		Rs. 1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
59900	Equity Shares	Rs. 10/- each	Rs. 0.599 million
31000	4% Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 0.310 million
	Total		Rs. 0.909 million

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		0.909	0.909	0.909
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		332.570	253.052	208.476
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		333.479	253.961	209.385
LOAN FUNDS
1] Secured Loans		130.598	82.701	72.359
2] Unsecured Loans		5.704	3.804	4.303
TOTAL BORROWING		136.302	86.505	76.662
DEFERRED TAX LIABILITIES		4.650	2.955	3.965
TOTAL		474.431	343.421	290.012
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		223.851	188.001	82.954
Capital work-in-progress		0.000	0.000	72.333
INVESTMENT		22.110	27.907	30.696
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	152.259	111.032	94.634
	Sundry Debtors	129.216	87.612	81.783
	Cash & Bank Balances	64.191	53.162	40.375
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	78.414	47.285	22.197
Total Current Assets		424.080	299.091	238.989
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	140.984	119.684	85.219
	Other Current Liabilities	42.507	33.539	31.081
	Provisions	12.119	18.355	18.660
Total Current Liabilities		195.610	171.578	134.960
Net Current Assets		228.470	127.513	104.029
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		474.431	343.421	290.012

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1294.085	927.179	856.238
		Other Income	21.007	15.509	19.841
		TOTAL	1315.092	942.688	876.079
Less	EXPENSES
		Purchase of Finished Goods	95.253	16.833	0.000
		Manufacturing Expenses	900.183	664.814	645.004
		Increase/(Decrease) in Finished Goods	(5.543)	(12.173)	3.334
		Selling and Distribution Expenses	169.282	121.652	87.315
		Administrative Expenses	93.338	75.382	54.060
		TOTAL	1252.513	866.508	789.713
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		62.579	76.180	86.366
Less/ Add	DEPRECIATION/ AMORTISATION		22.494	14.006	7.118
	PROFIT BEFORE TAX		40.085	62.174	79.248
Less	TAX		13.814	17.344	18.870
	PROFIT AFTER TAX		26.271	44.830	60.378
Less	Short / (Excess) Provision of Prior Year Income Tax / Fringe Benefit Tax / Wealth Tax		(1.718)	0.185	0.039
Less	Income Tax Earlier Year		0.054	0.069	0.050
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		249.261	204.685	144.396
	BALANCE CARRIED TO THE B/S		277.196	249.261	204.685
	EXPORT VALUE		40.964	10.296	5.092
	IMPORTS
		Raw Materials	91.605	56.127	54.302
		Capital Goods	19.152	0.000	4.301
		Others	0.546	0.000	0.000
	TOTAL IMPORTS		111.303	56.127	58.603
	Earnings Per Share (Rs.)		439.00	748.00	1008.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.99	4.76	6.89
Net Profit Margin (PBT/Sales)	(%)	3.10	6.71	9.25
Return on Total Assets (PBT/Total Assets}	(%)	6.19	12.76	24.62
Return on Investment (ROI) (PBT/Networth)		0.12	0.24	0.38
Debt Equity Ratio (Total Liability/Networth)		1.01	1.03	1.03
Current Ratio (Current Asset/Current Liability)		2.17	1.74	1.77

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	140.984	119.684	85.219

FINANCIAL

The Company has achieved Turnover of Rs.1294.085 millions compared to Rs.927.179 millions in the previous year. The Turnover of and products of brand owners manufactured on principal to Principal basis has shown substantial growth during the year. The Company has given much thrust on the promotion of its own brands through electronic media.

The volume in Metered Dose Inhalation Aerosol is witnessing increase year after year.

The Company has started the production of Tin Cars during the year. The Company expects good volume of business form Aluminiurn and Tin cans as the gap between demand and the supply of these cans has witnessed manifold Increase.

Under the Montreal Protocol, all companies have to phase out (stop using) Ozone Depleting Substances (ODs) with effect from 01.01.2010, though is has been extended up to 31.12.2012 under Essential Use Nominations by the Unit4 Nations. Accordingly their Company has entered into an Agreement with- Government of India for such phase out of ODS within the given time frame. Their Company had been using ODS (CFC) in the manufacture of Metered Dose Inhalation (MDls) for Asthma care and keeping the phase out plan in mind had started Research and Development of CFC (ODS) Free MDls, Hugh cost has been incurred and more will have to be incurred In future. In lieu of such phase out and Its related costs far development etc. their Company has received part Compensation amounting to Rs.51.583 millions under the said agreement with Government of India. This has been kept under Special Reserve.

OPERATIONS

The Company had continued Its Research and Development work in the field of high tech aerosols and is laying mare emphasis on the new propellants specially in the MDls.

FORM 8

Corporate identity number of the company	U24239MH1986PTC039852
Name of the company	MIDAS CARE PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Papa Industrial Estate, 40, Suren Road, Andheri (East), Mumbai-400093, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West) , Mumbai-400013, Maharashtra, India
Nature of instrument creating charge	Supplemental Memorandum Relating to Hypothecation of Stocks, Book Debts and Machinery.
Date of instrument Creating the charge	27.07.2010
Amount secured by the charge	Rs.212.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment Working Capital facility shall payable On Demand and. Term Loan facility shall repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts and Machinery, etc., to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.212.500 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged (Including location of the property)	Hypothecation first charge over the Stocks, Book Debts and Machinery of the Company.
Charge identification number of the charge to be modified	10067022
Date of instrument modifying the charge	15.03.2010
Particulars of the present modification	The Charge shall now stand increased from Rs.117.500 millions to Rs.212.500 millions (Comprising: TL of Rs.60.000 millions, CC of Rs.70.000 millions, (EPC/PSC Sublimit of CC of Rs.50.000 millions), LC of Rs.50.000 millions, (Bank Guarantee Sublimit of CC of Rs.50.000 millions), TL of Rs. 30.000 millions, PSR of Rs. 2.500 millions,), against the security of Stocks, Book Debts and Machinery of the Company.

FIXED ASSETS

ü Land

ü Factory Building

ü Other Building

ü Residential Flat

ü Plant and Machinery

ü Electrical Installations

ü R and D Assets

ü Lab Equipments

ü Office Equipments

ü Computer

ü Air Conditioner

ü Furniture and Fixtures

ü vehicles

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.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		65

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.