Business information report

1. Summary Information

		Country	India
Company Name	COLORCON ASIA PRIVATE LIMITED	Principal Name 1	Mr. Kamlesh Pratapray Oza
Status	Good	Principal Name 2	Mr. Hemraj C. Asher
		Registration #	24-3308
Street Address	Plot No.M-14/M-18, Verna Electronic City Verna, Verna – 403722, Goa
Established Date	22.04.1994	SIC Code	--
Telephone#	91-832-2883434	Business Style 1	Manufacturer and Exporter of Dry Dispersion
Fax #	91-832-2883440	Business Style 2	--
Homepage	www.colorcon.com	Product Name 1	Cellulose Ether
# of employees	Not Available	Product Name 2	Dry Dispersion
Paid up capital	Rs.16,344,500	Product Name 3	Excipients
Shareholders	Foreign holdings 100 %	Banking	Citi Bank NA
Public Limited Corp.	NO	Business Period	17 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	A (65)
Related Company
Relation :	Country –	Company Name	CEO
Holding Company	United Kingdom	Colorcon Limited,	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,293,235,000	Current Liabilities	309356000
Inventories	156,990,000	Long-term Liabilities	--
Fixed Assets	218,737,000	Other Liabilities	26749000
Deferred Assets	0000	Total Liabilities	336,105,000
Invest& other Assets	0000	Retained Earnings	1,316,513,000
		Net Worth	1,332,857,000
Total Assets	1,668,962,000	Total Liab. & Equity	1,668,962,000
Total Assets (Previous Year)	1,380,709,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	NA	Net Profit	NA
Sales(Previous yr)	NA	Net Profit(Prev.yr)	NA

MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	COLORCON ASIA PRIVATE LIMITED
Registered Office :	Plot No.M-14/M-18, Verna Electronic City, Verna – 403722, Goa
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.04.1994
Com. Reg. No.:	24-3308
Capital Investment / Paid-up Capital :	Rs.16.344 Millions
CIN No.: [Company Identification No.]	U01122GA1994PTC003308
TAN No.: [Tax Deduction & Collection Account No.]	BLRC04981E
PAN No.: [Permanent Account No.]	AAACC2281Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dry Dispersion
No. of Employees :	Not Available

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 5300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track records. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Profit and loss account of the company for the year 2009 and 2010 is not available.

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

LOCATIONS

Registered Office / Factory / Distribution Division / Sales Division / Technical Service laboratory Division :	Plot No.M-14/M-18, Verna Electronic City, Verna – 403 722, Goa, India
Tel. No.:	91-832-2883434
Fax No.:	91-832-2883440
E-Mail :	info@colorcon.com koza@colorcon.com ksheth@colorcon.com
Website :	www.colorcon.com

DIRECTORS

AS ON 16.09.2010

Name :	Mr. Kamlesh Pratapray Oza
Designation :	Managing Director
Address :	Shiv Prasad, 97, Marine Drive, Marine Lines, Mumbai – 400002, Maharashtra, India
Date of Birth/Age :	19.08.1960
Date of Appointment :	22.04.1994
DIN No.:	00081574

Other Directorship

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	U24230MH1981PTC025180	Babuline Pharma Private Limited	Director	31-12-88	31-12-88	-	Active	NO
2	U01122GA1994PTC003308	Colorcon Asia Private Limited	Director	01-10-07	22-04-94	-	Active	NO
3	U24231GA2002PTC003111	Berwind Pharmaceuticals Services Private Limited	Director	24-06-02	24-06-02	-	Active	NO
4	U24231GA2002PTC003110	Colorcon Pharmaceuticals Services Private Limited	Director	24-06-02	24-06-02	-	Active	NO
5	U24100MH1962PTC012365	B A and Brothers(Bombay) Private Limited	Director	28-07-07	28-07-07	-	Active	NO

Name :	Mr. Cornels Woldemar Van Den Muyzenberg, Foreigner
Designation :	Director
Address :	51, Merchant Road, 06-05, Merchant Sequare, Singapore – 58283
Date of Birth/Age :	20.01.1964
Date of Appointment :	07.02.2007
Passport No.:	BA0245930
DIN No.:	01437443
Name :	Mr. Subhodh Pundalik Pariolkar
Designation :	Director
Address :	161, Dhanvalgir Yashodham, Maj. A.K. Vaidya Marg, Goregaon East, Mumbai – 400 063, Maharashtra, India
Date of Birth/Age :	23.08.1957
Date of Appointment :	29.11.2007
DIN No.:	00108915

KEY EXECUTIVES

Name :	Mr. Prashant Diwan
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 16.09.2010)

Names of Shareholders	No. of Shares
Colorcon Limited, UK	1634449
Micron Limited, UK	1
Total	1634450

Equity Share Break up (Percentage of Total Equity)

(As on 16.09.2010)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Dry Dispersion
Products :	Cellulose Ether Dry Dispersion Excipients

PRODUCTION STATUS (As on : 31.03.2010):-

Particulars	Unit	Installed Capacity (Per Annum)	Actual Production (Per Annum)
Dry dispersions	Kgs.	1051200	801332

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· Citi Bank NA Bandra Kurla Complex, G-Block Bandra [East], Mumbai – 400051, Maharashtra, India
Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address 1:	6^th Floor Express Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel No.:	91-22-22876485/22876486
Fax No.:	91-22-22876401
PAN :	AALFS0506L
Address 2:	Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013, Maharashtra, India
Holding Company :	Colorcon Limited, UK
Ultimate Holding Company	Berwind Pharmaceuticals Services Inc., USA
Subsidiaries:	· Colorcon Inc. USA · Colorcon Asia Pacific Pte Limited, Singapore · Colorcon (Japan) Limited, Japan · Shanghai Colorcon Coating Technology Limited, China (Colorcon China Limited)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1634450	Equity Shares	Rs.10/- each	Rs.16.344 Millions

Note:

Off the above, 1634449 Equity Shares of Rs.10/- each are held by Colorcon Limited, U.K., the Holding Company, which is a Wholly Owned Subsidiary of Berwind Pharmaceuticals Services Inc., U.S.A., the Ultimate Holding Company.

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		16.344	16.344	16.344
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1316.513	961.355	873.326
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1332.857	977.699	889.670
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		14.021	6.428	15.003
TOTAL		1346.878	984.127	904.673
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		218.737	240.095	248.616
Capital work-in-progress		0.000	5.882	4.211
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	156.990	332.725	113.047
	Sundry Debtors	736.496	534.700	437.483
	Cash & Bank Balances	479.884	187.974	341.893
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	76.855	79.333	52.538
Total Current Assets		1450.225	1134.732	944.961
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	294.824	331.353	272.230
	Current Liabilities	14.532	18.819	16.439
	Provisions	12.728	46.410	4.446
Total Current Liabilities		322.084	396.582	293.115
Net Current Assets		1128.141	738.150	651.846
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1346.878	984.127	904.673

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	NA	1738.500
		Other Income	NA	NA	0.000
		TOTAL	Na	Na	1738.500
Less	EXPENSES
		Office Expenses	NA	NA	1105.811
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	1105.811
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	NA	632.689
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	36.714
	PROFIT BEFORE TAX		NA	NA	595.975
Less	TAX		NA	NA	169.962
	PROFIT AFTER TAX		NA	NA	426.013
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	636.671
Less	APPROPRIATIONS
	Transfer to General Reserve		NA	NA	42.601
	Dividend		NA	NA	400.440
	Tax on Dividend		NA	NA	68.055
	BALANCE CARRIED TO THE B/S		NA	NA	551.587
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods	357.515	399.359	296.297
		Income from Services	13.706	13.837	0.000
	TOTAL EXPORTS		371.221	413.196	296.297
	IMPORTS
		Raw Materials	1112.322	1062.098	604.018
		Stores & Spares	0.471	1.703	0.000
		Capital Goods	3.977	17.533	17.280
	TOTAL IMPORTS		1116.77	1081.334	621.298
	Earnings Per Share (Rs.)		NA	NA	260.66

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	24.50
Net Profit Margin (PBT/Sales)	(%)	NA	NA	34.28
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	49.76
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.67
Debt Equity Ratio (Total Liability/Networth)		0.25	0.41	0.33
Current Ratio (Current Asset/Current Liability)		4.50	2.86	3.22

LOCAL AGENCY FURTHER INFORMATION

Form 8:

Name of the company	COLORCON ASIA PRIVATE LIMITED
Presented By	Mr. Kamlesh Oza
1) Date and description of instrument creating the change	Goods Security Agreement dated 21.06.2001 executed by Colorcon Asia Private Limited in favour of Citi Bank
2) Amount secured by the charge/amount owing on the securities of charge	Total Fund based facilities for Rs. 24.000 Millions and Non Fund based facilities for Rs. 2.500 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 of Stock, Book Debts forming part of its assets both present and future.
4) Gist of the terms and conditions and extent and operation of the charge.	In consideration of the lender having agreed to lend advance to the company. Fund based facilities under agreement and declaration by the company, inter alia as follow : Covenant by the company to repay the facility as [2] above and pay interest and all other monies in the manner set out in the said agreement between the company and the lender and to comply with the terms and conditions of the said agreement. The said movables hypothecated and property mortgaged, to the lender as and by way of first charge as security for and be charged with the repayment of the loan with all interest, liquidated, damages, premia on prepayment or on redemption, costs, charges, and other expenses payable by the company to the lender in respect thereof Margin : 36 % on stock and 52 % on machinery The companies to keep the said assets in marketable and good condition and also insured as provided therein Power of entry, power to take charge and / or possession of seize, recover, receive appoint and sell, contract dispatch for realization of otherwise of or deal with all or any part of the said goods etc, as provided therein.
5) Name and Address and description of the person entitled to the charge.	Citi Bank NA Bandra Kurla Complex, G-Block Bandra (East), Mumbai – 400051, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Deed of Modification dated 31.01.2004 Relating to enhancement of credit facilities
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.	The original charge was created on 21.06.2001 for securing fund based facilities of Rs. 24.000 Millions and non fund based facilities of Rs. 2.500 Millions again hypothecation of stock and book debts. The bank has now extended the facilities to the company and made a deed of modification to the extend of Rs.31.500 Millions which is an increase of Rs.5.000 Millions against the said stock and book debts hypothecated by way of first charge to the lender Other terms and conditions will remain same as per original Goods Security Agreement.

FIXED ASSETS:

· Lease Hold Land

· Lease Hold Improvement

· Building

· Plant and Machinery

· Laboratory Equipments

· Office Equipments

· Furniture and Fixtures

· Vehicles

· 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] 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.49.37
UK Pound	1	Rs.78.50
Euro	1	Rs.67.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	NO
--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.