MIRA INFORM REPORT

Report Date :

30.05.2011

IDENTIFICATION DETAILS

Name :	NUTRON PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	401, Earth Sampann Building, 4^th Floor, 198/200, Khetwadi Main Road, Nr 10 Khetwadi Lane, , Mumbai-400004, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.10.1990
Com. Reg. No.:	11-58515
Capital Investment / Paid-up Capital :	Rs. 0.483 Million
CIN No.: [Company Identification No.]	U24230MH1990PTC058515
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09475E
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Importer of Chemicals and Solvents
No. of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

Ba (59)

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

Maximum Credit Limit :	USD 598332
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. 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 condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Dinesh
Designation :	Director
Date :	28.05.2011

LOCATIONS

Registered Office :	401, Earth Sampann Building, 4^th Floor, 198/200, Khetwadi Main Road, Nr 10 Khetwadi Lane, , Mumbai-400004, Maharashtra, India.
Tel. No.:	91-22-66313427
Fax No.:	91-22-23445274
E-Mail :	nutron@vsnl.com jayhind@mtnl.net.in dinesh_nutron@hathway.com reenabang@rediffmail.com
Location:	Owned
Warehouse :	Purna Village, Bhiwandi, District Thane, Maharashtra

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Popatlal H. Shah
Designation :	Director
Address :	9^th Khetwadi Lane, 10, Pavapuri Apartment, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	12.09.1942
Qualification :	S.S.C.
Date of Appointment :	12.10.1990
Name :	Mr. Ramesh H. Shah
Designation :	Director
Address :	9^th Khetwadi Lane, 10, Pavapuri Apartment, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	16.10.1971
Qualification :	B. E. CIVIL
Date of Appointment:	03.04.1995
Name :	Mr. Manish B. Shah
Designation :	Director
Address :	29, Yojana Building, Girgaon Co-operative Housing Society, S. V. Road, Mumbai – 400 004, Maharashtra, India
Qualification :	B. E. (Chemical)
Name :	Mr. Jayesh P. Shah
Designation :	Director
Address :	9^th Khetwadi Lane, 10, Pavapuri Apartment, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	14.07.1972
Qualification :	B. E. (Chemical)
Date of Appointment :	15.03.1999
Name :	Mr. Dinesh P. Shah
Designation :	Director
Address :	9^th Khetwadi Lane, 10, Pavapuri Apartment, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	13.03.1975
Qualification :	B. COM
Date of Appointment :	15.03.1999

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Dinesh P Shah	520
Ritesh Ramesh Shah	750
Chandrika Shah	750
Maniben B Shah	100
Chhotalal Doshi	1
Vagataram Prajapati	1
Jitendra Shah	1
Manoharlal Hirani	1
Popatlal Shah	100
Ramesh Shah	100
Manish Shah	756
Shilpa Shah	750
Jayesh Shah	500
Purnima Shah	500
Total	4830

AS ON 30.09.2010

Equity share breakup
Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealer and Importer of Chemicals and Solvents
Agencies Held :	BASF – Germany Rhodia – France
Imports :
Products :	Pharmaceuticals Items
Countries :	China Germany France Japan Switzerland USA European Countries
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

20

Bankers :

Citi Bank, N.A., Trent House, 2^nd Floor, G block, Plot No.C-60, Bandra Kurla Complex, Bandra East, Mumbai-400051, Maharashtra, India.

Facilities :

Secured Loan	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Kotak Mahindra Prime Limited (Car Loan)	0.000	0.077
Total	0.000	0.077
Unsecured Loan	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Dinesh Trading Company	4.350	8.050
Hanjarimal and Sons	5.750	4.300
Hindustan Speciality Chemicals	0.000	3.733
R Praful and Company	1.050	1.900
Total	11.150	17.983

Banking Relations :	--
Auditors :
Name :	V. C. Shah and Company Chartered Accountants
Address :	22, Rajgir Chambers, 3^rd Floor, 12/14, Shahid Bhagat Singh Road, Opposite Old Custom House, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22634021
Fax No.:	91-22-22662667
E-Mail :	vcshahco@vsnl.com
Associates:	· Hindustan Speciality Chemicals Address: 57/61, Kika Street, Vyas Bhuvan, 1^st Floor, Gulalwadi, Mumbai – 400004, Maharashtra, India Tel. No. 91-22-66313427 Fax No. 91-22-23445274 E-mail : nutron@vsnl.com / jayhind@mtnl.net.in Activity: Importers and traders of organic and inorganic, dyes, intermediates and solvents. · Dinesh Trading Company · Hanjarimal and Company · R Praful and Company

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4830	Equity Share	Rs.100/- Each	Rs. 0.483 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2011
Sales Turnover (Approximately)	610.000

The above information has been parted by Mr. Dinesh (Director)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.483	0.483	0.483
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		149.100	115.211	76.812
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		149.583	115.694	77.295
LOAN FUNDS
1] Secured Loans		0.000	0.077	0.000
2] Unsecured Loans		11.150	17.983	32.992
TOTAL BORROWING		11.150	18.060	32.992
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		160.733	133.754	110.287
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.410	0.524	0.727
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.037	0.026	0.010
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.549	54.464	61.383
	Sundry Debtors	134.962	106.007	77.693
	Cash & Bank Balances	20.879	37.360	7.674
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	72.443	44.244	23.302
Total Current Assets		292.833	242.075	170.052
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	68.504	64.208	37.768
	Other Current Liabilities	0.000	0.170	0.509
	Provisions	64.043	44.493	22.225
Total Current Liabilities		132.547	108.871	60.502
Net Current Assets		160.286	133.204	109.550
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		160.733	133.754	110.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	433.195	475.864	320.185
		Other Income		0.854	4.752
		TOTAL (A)	433.195	476.718	324.937
Less	EXPENSES
		Purchases		374.226	307.424
		Administrative, Selling and Other Expenses	NA	30.471	13.737
		Increased / (Decreased) In Stock		6.920	(38.295)
		TOTAL (B)	NA	411.617	282.866
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	65.101	42.071
Less	FINANCIAL EXPENSES (D)		NA	4.217	2.920
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	60.884	39.151
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.202	0.252
	PROFIT BEFORE TAX (E-F) (G)		53.457	60.682	38.899
Less	TAX (I)		19.568	22.283	13.903
	PROFIT AFTER TAX (G-I) (J)		33.889	38.399	24.996
	IMPORTS
		Raw Materials	275.130	273.374	NA
	TOTAL IMPORTS		275.130	273.374	NA
	Earnings Per Share (Rs.)		7016

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.82	8.05	7.69
Net Profit Margin (PBT/Sales)	(%)	NA	12.75	12.15
Return on Total Assets (PBT/Total Assets}	(%)	18.23	25.01	22.78
Return on Investment (ROI) (PBT/Networth)		0.36	0.52	0.50
Debt Equity Ratio (Total Liability/Networth)		0.96	1.10	1.21
Current Ratio (Current Asset/Current Liability)		2.21	2.22	2.81

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods	55.673	60.172	34.320
Sundry Creditors for Expenses	12.830	4.037	3.448

Note:

The registered office address of the company has been shifted from 57/61, Kika Street, Vyas Bhuvan, 1^st Floor, Gulalwadi, Mumbai – 400004, Maharashtra, India to present w.e.f. 08.10.2010

Trade References:

Rhodia

Bankers Charges Report as per Registry

Name of the company	NUTRON PHARMACEUTICALS PRIVATE LIMITED
Presented By	The Sangli Bank Limited, International Business Division, Fort, Mumbai-400023, Maharashtra, India.
1) Date and description of instrument creating the change	Agreement of hypothecation of Tangible Movable Property dated 17^th September,2003 Agreement of charge and hypothecation of Book Debts dated 17^th September,2003 Both the aforesaid agreements shall constitute as a single charge for Rs. 15.000 Millions
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 15.000 Millions
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	Hypothecation as and by way of first charge of stock of chemicals imported under letters of credit facility granted by the Bank to the company whether now lying or at anytime hereafter during the continuance of this security being in or about the company’s premises and godowns at Mumbai and or Bhiwandi or wherever else the same may be or be held by any party anywhere to the order or disposition of the company or in course of transit to the Bank of all monies which are due or which may at anytime hereafter may become due. Hypothecation as and by way of First Charge of all the book debts, outstandings, monies receivables, claims and bills which are now due and owing or which may at anytime hereafter during the continuance of this security become due and owing to the company in the course of its business by any person, firm, company or by the Government or any local or public body or authority as security for the due repayment to the Bank of all monies which are due or which may at anytime hereafter may become due.
4) Gist of the terms and conditions and extent and operation of the charge.	Commission as per FEDAI rules. Interest-A minimum of 17% p.a. or at such other rate as may be fixed by the Bank with monthly quarterly rests. Margin – 15% in FDR Right of entry, inspect, value, insure and / or take charge of and / or possession of, all or any part of the hypothecated assets, seize, recover, receive, appoint receiver or remove and or sell by public auction or private contract or otherwise despose of or deal with the said assets reserved in favour of the Bank in case of any default or if the security hypothecated is at risk as provided in the aforesaid hypothecation agreements.
5) Name and Address and description of the person entitled to the charge.	The Sangli Bank Limited, International Business Division 1^st Floor, Rajgir Chambers, 12-14, Shahid Bhagat Singh Road, Fort, Mumbai-4000023, Maharashtra, India.
6) Date and brief description of instrument modifying the charge	Nil
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.	Nil

This form is for	Creation of charge
Corporate identity number of the company	U24230MH1990PTC058515
Name of the company	NUTRON PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	57/61, Kika Street, Vyas Bhavan, 1^st Floor, Gulalwadi, Mumbai-100004, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge
Number of charge holder(s)	1
Particular of charge holder	Citi Bank, City Group Centre, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India
Email Id	reenabang@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	15.02.2008
Amount secured by the charge	Rs. 70.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest/ Commission – As may be negotiated / agreed between the Bank and the borrower. Terms of Repayment As may be negotiated/ agreed between the bank and the borrower Margin As applicable. Extent and Operation of the charge The bank is having first exclusive charge on the security offered by the borrower.
Short particulars of the property charged	Hypothecation of a) The whole of movable assets, including stocks of raw materials, goods in process of manufacture, semi-finished goods and all finished and manufactured goods and articles together with all stores, components and spares b) Present and future book debts, outstanding monies, receivables, claims, bills investments.

Corporate identity number of the company	U24230MH1990PTC058515
Name of the company	NUTRON PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	57/61 Kika Streetvyas Bhuvan 1^st Floor Gulalwadi, Mumbai – 400004, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	CITIBANK N. A.
Nature of instrument creating charge	Composite Deed of Modification
Date of instrument Creating the charge	28/04/2010
Amount secured by the charge	Rs.108.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Current Assets of the Company as described in Column No.15 hypothecated as and by way of first exclusive charge as security for the repayment of the loan together with all interest, liquidated damages, premia on repayment or on redemption, costs, charges and other expenses payable by the Nutron Pharmaceuticals Private Limited("the Borrower") and Hindustan Speciality Chemicals ("the Guarantor") to the Bank.
Short particulars of the property charged	Hypothecation of first exclusive charge on Stocks and Book Debts forming part of the Current Assets of the Borrower and Gurantor both present and future.
Particulars of the present modification	The charge shall now stands increased from Rs.70.000 Millions to Rs.108.000 Millions in favour of the Bank.

Fixed Assets:

• Office Equipment
• Vehicle-Motor Car
• Vehicle-Bike
• Furniture and Fixtures
• Computer

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.74.30
Euro	1	Rs.64.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		59

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.