MIRA INFORM REPORT

Report Date :

01.10.2011

IDENTIFICATION DETAILS

Name :	SUDEEP PHARMA LIMITED
Registered Office :	129/ 1/ A, G.I.D.C. Estate, Nandesari, Vadodara – 391 340, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.12.1989
Com. Reg. No.:	04-13141
Capital Investment / Paid-up Capital :	Rs.12.681 millions
CIN No.: [Company Identification No.]	U24231GJ1989PLC013141
TAN No.: [Tax Deduction & Collection Account No.]	BRDS02074C
PAN No.: [Permanent Account No.]	AACCS9716J
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Pharmaceutical, Food and Feed Ingredients.
No. of Employees :	Approximately 200 (In office – 20 and In Factory – 165 )

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 200000
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.

INFORMATION DECLINED BY

Name :	Mr. Sujal
Designation :	Accounts Manager
Date :	30.09.2011

LOCATIONS

Registered Office :	129/ 1/ A, G.I.D.C. Estate, Nandesari, Vadodara – 391 340, Gujarat, India
Tel. No.:	91-265-2840656 / 3291354
Fax No.:	91-265-2841250 / 2336284
E-Mail :	mail@sudeepgroup.com
Website :	www.sudeepgroup.com
Area :	100000 Sq. Fts
Location :	Owned
Factory/ Mumbai Office :	D/307 Kailash Complex, Vikhroli Park Site, Vikhroli (West), Mumbai, Maharashtra, India
Tel. No.:	91-22-25185766 / 67254281
Fax No. :	91-22-25185766
E-Mail :	sudeepbo@vsnl.com
Area :	600 Sq. Ft.
Location :	Owned

/DIRECTORS

AS ON 27.09.2010

Name :

Mr. Jaysukh J. Bhayani

Designation :

Managing Director

Address :

66, Kunj Society, Alkapuri, Vadodara – 390 005, Gujarat, India

Date of Birth/Age :

23.07.1941

Date of Appointment :

21.10.1992

DIN No.:

01551347

Name :

Mr. Sujit J. Bhayani

Designation :

Whole Time Director

Address :

66, Kunj Society, Alkapuri, Vadodara – 390 005, Gujarat, India

Date of Birth/Age :

28.06.1967

Date of Appointment :

01.03.1995

DIN No.:

01767427

Name :

Mr. Rajendra C Patel

Designation :

Director

Address :

303 Ramkrishna Flats Alkapuri, Vadodara, Gujarat, India

Date of Birth/Age :

12.09.1945

Date of Appointment :

01.02.2009

DIN No.:

02541744

Name :

Mr. Vishal Rakesh Agrawal

Designation :

Director

Address :

61, Alkapur Society, Alkapuri, Vadodar-390005, Gujara, India

Date of Birth/Age :

01.10.1974

Date of Appointment :

01.04.2011

DIN No.:

00056800

Email :

vagrawal@shivapharmachem.com

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	U67120MH1988PTC049858	ANKSHREE INVESTMENTS AND TRADING COMPANY PRIVATE LIMITED	Director	21/09/1998	21/09/1998	-	Active	NO
2	U24231GJ1999PLC035615	SHIVA PHARMACHEM LIMITED	Managing director	18/03/1999	18/03/1999	-	Active	NO
3	U65910GJ1989PTC012889	GEETGANGA INVESTMENT PRIVATE LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
4	U65993GJ1986PTC008516	TASH INVESTMENT PRIVATE LIMITED	Director	30/09/1999	30/09/1999	-	Active	NO
5	L25200GJ1973PLC002436	INEOS ABS (INDIA) LIMITED	Director	23/03/2001	23/03/2001	17/04/2008	Active	NO
6	U92140MH2006PTC183067	RED EARTH ART GALLERIES PRIVATE LIMITED	Director	20/03/2006	20/03/2006	-	Active	YES
7	U70102MH2007PTC174896	RODIN PROPERTIES PRIVATE LIMITED	Director	10/10/2007	10/10/2007	-	Active	NO
8	U51109MH2008PTC184043	UMA RETAIL PRIVATE LIMITED	Director	26/06/2008	26/06/2008	-	Active	YES
9	U45200MH2008PTC187521	JASPUR PROPERTIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	YES
10	U24231GJ1989PLC013141	SUDEEP PHARMA LIMITED	Director	01/04/2011	20/02/2009	-	Active	NO
11	U70102MH2008PTC181148	MONET PROPERTIES PRIVATE LIMITED	Director	17/05/2011	17/05/2011	-	Active	YES

KEY EXECUTIVES

Name :	Mr. Sujal
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2010

Names of Shareholders	No. of Shares
Jaysukh J. Bhayani	147780
Sujit Bhayani	147600
J. J. Bhayani – H.U.F.	112500
Avani S. Bhayani	180000
Sujit Bhayani H.U.F.	231250
Anjana R. Patel Shanil S Bhayani	84000
Sujit J. Bhayani Avani S. Bhayani	286250
Avani S. Bhayani Sujit J. Bhayani	54720
Rajendra C. Patel Shanil S. Bhayani	20000
Shanil S. Bhayani Sujit J. Bhayani	2000
Rhea S. Bhayani Sujit J. Bhayani	2000
Total	1268100

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical, Food and Feed Ingredients.

Products :

• Di Basic Calcium Phosphate Dihydrate (Milled)
• Di Basic Calcium Phosphate Dihydrate (Directly Compressible)
• Di Basic Calcium Phosphate Anhydrous (Milled)
• Di Basic Calcium Phosphate Anhydrous (Directly Compressible)
• Di Calcium Phosphate (Animal Feed Grade)
• Mineral/Vitamin Mixtures for Cattle/Poultry feeds
• Carbamazepine BP/USP
• Tri Calcium Phosphate

Product Description	ITC Code
Dicalcium Phosphate/ TCP/ MM Etc. Pharma Intermediates	2835.000

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity
DCP /TCP /MM etc. (Pharma Products)	Kgs	NA	6000000

GENERAL INFORMATION

No. of Employees :	Approximately 200 (In office – 20 and In Factory – 165 )
Bankers :	· Bank of Baroda, Nandesari Industrial Branch, Nandesari, District Baroda, Vadodara – 391340, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Shah Mehta and Bakshi Chartered Accountants
Address :	2^nd Floor, Prasanna House, Associated Opposite Radhakrishna, Near Akota Stadium, Vadodara – 390 020, Gujarat, India
Tel No. :	91-265-2331060/ 2337727/ 2355435
Fax No. :	91-265-2654630/ 2343227
Email :	itr@smb-ca.com office@smo-ou.com

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1268100	Equity Shares	Rs.10/- each	Rs.12.681 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		12.681	12.681	12.681
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		36.162	32.560	13.066
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		48.843	45.241	25.747
LOAN FUNDS
1] Secured Loans		30.654	35.427	23.605
2] Unsecured Loans		3.031	1.348	5.666
TOTAL BORROWING		33.685	36.775	29.271
DEFERRED TAX LIABILITIES		3.227	3.033	2.302
TOTAL		85.755	85.049	57.320
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.835	51.364	32.202
Capital work-in-progress		0.024	0.000	3.439
INVESTMENT		0.000	0.000	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.203	16.400	11.490
	Sundry Debtors	32.214	31.575	14.049
	Cash & Bank Balances	0.110	0.057	0.016
	Other Current Assets	8.181	10.438	9.782
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		54.708	58.470	35.337
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.060	17.063
	Other Liabilities	2.298	2.008	15.151
	Provisions	13.151	6.759
Total Current Liabilities		31.509	25.830	15.151
Net Current Assets		23.199	32.640	20.186
MISCELLANEOUS EXPENSES		0.697	1.045	1.393
TOTAL		85.755	85.049	57.320

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	223.560	237.459	126.959
		Other Income	0.812	0.049	0.000
		TOTAL (A)	224.372	237.508	126.959
Less	EXPENSES
		Increase/ (Decrease) in Stock	6.418
		Manufacturing Expenses	140.923
		Admin and Selling Expenses	28.337	198.860	117.453
		Pre Operative expenses Written Off	0.349
		Loss on Sale of Assets	0.463
		TOTAL (B)	176.490	198.860	117.453
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.882	38.648	9.506
Less	FINANCIAL EXPENSES (D)		3.424	4.057	2.679
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.458	34.591	6.827
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.633	3.852	3.782
	PROFIT BEFORE TAX (E-F) (G)		39.825	30.739	3.045
Less	TAX (H)		14.339	11.744	1.182
	PROFIT AFTER TAX (G-H) (I)		25.486	18.995	1.863
Less	Prior Period Adjustment		0.035	0.058	NA
Add	Depreciation Earlier years w/back		0.405	0.556	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.597	10.104	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	2.586	0.000	NA
		Dividend	19.022	0.000	NA
		Tax on Dividend	3.233	0.000	NA
	BALANCE CARRIED TO THE B/S		30.612	29.597	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	124.901	140.104	37.522
	TOTAL EARNINGS		124.901	140.104	37.522
	IMPORTS VALUE		41.858	26.480	12.328
	Earnings Per Share (Rs.)		20.10	14.98	1.47

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	11.36	7.99	1.47
Net Profit Margin (PBT/Sales)	(%)	17.81	12.94	2.40
Return on Total Assets (PBT/Total Assets}	(%)	34.17	27.99	4.51
Return on Investment (ROI) (PBT/Networth)		0.82	0.68	0.12
Debt Equity Ratio (Total Liability/Networth)		1.33	1.38	1.73
Current Ratio (Current Asset/Current Liability)		1.74	2.26	2.33

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Creditors – Raw Materials	6.382	9.282	NA
Creditors – Others	9.678	7.781	NA
Total	16.060	17.063	NA

change of address:-

The registered office of the company has been shifted from 66, Kunj Society, Alkapuri, Vadodara – 390 005, Gujarat to the present address w.e.f. 14.03.2009.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24231GJ1989PLC013141
Name of the company	SUDEEP PHARMA LIMITED
Address of the registered office or of the principal place of business in India of the company	129/ 1/ A, G.I.D.C. Estate, Nandesari, Vadodara – 391 340, Gujarat
This form is for	Creation of Charge
Type of charge	Movable Property
Particular of charge holder	Bank of Baroda, Nandesari Branch, GIDC Estate Nandesari, Vadodara – 391 340, Gujarat, India E-Mail: indnan@bankofbaroda.com
Nature of instrument creating charge	Instrument of Hypothecation of Vehicles
Date of instrument Creating the charge	21.09.2010
Amount secured by the charge	Rs.3.860 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest At the Rate of 1.75% over baser rate of the bank per annum with monthly rest on the last day of each month. Terms of Repayment The loan shall be repaid in 60 equal monthly installment of Rs. 0.082 Million. First installment to commence 1 months form the date of first disbursement Margin 10% on total cost. Extent and Operation of the charge The borrower doth hereby hypothecation by way of first charge in favour of the bank all the said vehicles as a security fore due repayment to the Bank of the said loan
Short particulars of the property charged	4- Wheeler, Model- Audi QS 2.0 TFSI (CBU)

FIXED ASSETS:-

· Land Leasehold

· Office – Mumbai

· Factory Shed

· Plant and Machinery

· Laboratory Equipment

· Computer

· Vehicles

· Office Equipments

· Miscellaneous Fixed Assets

· Furniture and Fixtures

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.48.93
UK Pound	1	Rs.76.52
Euro	1	Rs.66.65

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		46

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.