MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	ACG LUKAPS - D.O.O. ZA PROIZVODNJU
Registered Office :	Frankopanska 79, HR 42230 Ludbreg
Country :	Croatia
Financials (as on) :	31.03.2011
Date of Incorporation :	14.11.2005
Com. Reg. No.:	070072093
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of glues

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	EUR 50.000,00
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Croatia	b2	b2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

ACG LUKAPS - d.o.o. za proizvodnju

Frankopanska 79

HR 42230 Ludbreg

Tel: +385 42/660100

Fax: +385 42/660130

E-mail: sales.lukaps@acg-world.com

Web: www.acg-lukaps.com

Company profile

Established: 2005.
Statistic number: 2008718
Basic capital: HRK 61.917.000,00
Activity: Manufacture of glues (20.52)
Staff: 145
Last available data for year: 2010.04.01
Total revenue: HRK 42.038.000
Loss before taxes: HRK 7.160.000
Financial stability ratio: 0,4382
Solvency ratio (%): 32,3030
Current ratio: 0,5015

Company summary

Legal form	limited liability company
Established	2005 as LUKAPS d.o.o. since 2011-03-07 present company name (ACG LUKAPS d.o.o.)
Registered	2005-11-14, Commercial court Varaždin, Register number (MBS): 070072093 last court entry: 2011.03.07 Statistic number: 2008718 OIB: 95072828169

Shareholders

ACG Holding B.V. (Statistic number: 34278229), 1097JB Amsterdam, Prins Bernhardplein 200

100,00%

Basic capital	HRK 61.917.000,00
	2010.08.30 the capital was increased from HRK 46.278.000,00 to the above amount 2010.07.16 the capital was increased from HRK 42.648.000,00 to the above amount 2009.08.13 the capital was increased from HRK 27.982.000,00 to the above amount 2009.03.16 the capital was increased from HRK 23.551.000,00 to the above amount 2005.12.12 the capital was increased from HRK 20.000,00 to the above amount

Management

Shivshankar Sreekantarao Ramarao, manager, born 1958.04.21 A-2/303 Windsor Avenue, Pune, India

Activity

Manufacture of glues Manufacture of basic pharmaceutical products Wholesale of pharmaceutical goods manufacturer of two-piece hard capsules major supplier for leading pharmaceutical companies in Europe including Russia certificates: ISO 9001-2000, GMP CERTIFICATE, HEALTH CERTIFICATE legal site and business premises are located at the above address Basic activity code (according to NACE Rev.2): Manufacture of glues   (20.52)

Staff	2007	104	employees
	2008	120	employees
	2009	124	employees
	2010	145	employees
	2011	145	employees

Total revenue	2009.04.01-2010.03.31	HRK	29.366.000
	2010.04.01-2011.03.31	HRK	42.038.000

Real estate

the company owns real estates Book value of ground 2011.03.31: HRK 4.394.317,00 Book value of buildings 2011.03.31: HRK 15.644.629,00 information about eventual mortgage existance not available

Assets	Currency: HRK ( x 1.000 )	2011.03.31	2010.03.31
	FIXED ASSETS	38.837	40.539
	Intangible assets	406	910
	Tangible assets	38.390	39.588
	Long term financ. assets	41	41
	Long term receivables	0	0
	CURRENT ASSETS	18.976	17.536
	Inventories	4.043	3.916
	Short term receivables	12.493	9.502
	Short term financial assets	0	2.863
	Cash at bank and in hand	2.440	1.255
	ACCRUALS	2	17
	LOSS OVER THE CAPITAL
	TOTAL ASSETS	57.815	58.092
Liabilities	Currency: HRK ( x 1.000 )	2011.03.31	2010.03.31
	EQUITY	18.676	6.566
	Subscribed capital	61.917	42.648
	Reserves	1	0
	Profit brought forward	9	8
	Loss brought forward	36.091	22.185
	Loss of the period	7.160	13.905
	PROVISIONS	0
	LONG TERM LIABILITIES	113	16.870
	SHORT TERM LIABILITIES	37.840	34.385
	To associated companies		1.561
	Loans		5.213
	Credits	31.773	18.656
	Deposits, advances payments	177	35
	To suppliers	4.721	7.810
	To staff	712	680
	Taxes, fees, etc.	457	430
	DEFFERED ITEMS	1.186	271
	TOTAL LIABILITIES	57.815	58.092
Profit/loss account	Currency: HRK ( x 1.000 )	2011.03.31	2010.03.31
	OPERATING REVENUES	40.508	27.161
	Sales	40.273	27.045
	Other revenues	235	116
	OPERATING EXPENSES	45.083	38.693
	Decrease in inventories		440
	Expenses of the period	45.083	38.253
	Material costs	20.843	17.776
	Staff costs	12.569	11.198
	Depreciation of fixed assets	6.737	6.648
	Depreciation of current assets	799	428
	Other operating expenses	4.135	2.203
	FINANCIAL REVENUES	1.530	2.018
	FINANCIAL EXPENSES	4.115	3.710
	EXTRAORDINARY REVENUES		187
	EXTRAORDINARY EXPENSES		868
	TOTAL REVENUES	42.038	29.366
	TOTAL EXPENSES	49.198	43.271
	Profit before taxation	0	0
	Loss before taxation	7.160	13.905
	Taxation on profit
	PROFIT OF THE PERIOD	0	0
	LOSS OF THE PERIOD	7.160	13.905
Financial ratios		2011.03.31	2010.03.31
	Financial stability ratio	0,4382	0,5272
	Solvency ratio (%)	32,3030	11,3028
	Debt ratio (in years)	5,6335	7,7098
	Liquidity ratio	0,3946	0,3961
	Current ratio	0,5015	0,5100
	Total assets turnover	0,7271	0,5055
	Inventories turnover	10,3977	7,4990
	Collection period (in days)	111,6748	126,4825
	Creditors Days	42,2010	103,9601
	Inventories bonding (in days)	34,6230	48,0065
	Total revenue per employee (x 1.000)	289,9172	202,5241
	Loss per employee (x 1.000)	49,3793	95,8966
	Equity per employee (x 1.000)	128,8000	45,2828
	Total assets per employee (x 1.000)	398,7241	400,6345
	Staff costs/Turnover (%)	29,8991	38,1325
	EBIT (x 1.000)	-4.575	-11.532
	EBITDA (x 1.000)	2.961	-4.456
	EBIT Margin (%)	-11,2941	-42,4579
	EBITDA Margin (%)	7,3097	-16,4059

Remarks	2009.04.01-2010.03.31 loss	HRK	13.905.000
	2010.04.01-2011.03.31 loss	HRK	7.160.000

Short company name: ACG LUKAPS d.o.o.

2009-08-13 the company has made a decision on changing the accounting year. New accounting year begins on April 1^st and lasts till March 31^st next year.

Investments in:
2008: HRK 2.337.768,00
2009: HRK 4.575.488,00

Owner of the company till 2007-09-04 was FARMAL d.d., Branitelja domovinskog rata 8, Ludbreg (previous name: RAZVITAK d.d.)

Ultimate owner of ACG LUKAPS d.o.o. is company Associated capsules Pvt. Ltd., India

ACG LUKAPS d.o.o. is part of ACG Worldwide which as a group offers complete one-to-one and end-to-end solid dosage delivery solutions ranging from hard gelatin capsules to pharma machinery to packaging films.

There is no record of payment complaints. debt collection department has not handled any case against the company. According to the official information from the Register of transaction accounts, the company accounts are active and are not blocked (date of last check: 2011-10-26 )

Exchange rate:
2006-12-31	EUR 1 = HRK 7,3451
2007-12-31	EUR 1 = HRK 7,3251
2008-12-31	EUR 1 = HRK 7,3244
2009-12-31	EUR 1 = HRK 7,3062
2010-12-31	EUR 1 = HRK 7,3852
Inflation:
2006:	3,2%
2007:	2,9%
2008:	6,4%
2009:	1,9%
2010:	1,1%

Bankers	PODRAVSKA BANKA d.d. Opaticka 3, 48000 Koprivnica, Croatia 2386002-1100339705
	ZAGREBACKA BANKA d.d. Paromlinska 2, 10000 Zagreb, Croatia 2360000-1101867904

Mode of payment

mostly within agreed terms, but partly also delayed

Credit opinion

business connections appear permissible

Max. credit EUR 50.000,00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

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	----

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%)

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.