MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	AMSAL-CHEM PRIVATE LIMITED
Registered Office :	A-1/401, 402, 403, GIDC, Ankleshwar Industrial Estate, Ankleshwar Bharuch-393002, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.09.1992
Com. Reg. No.:	04-018289
Capital Investment / Paid-up Capital :	Rs. 15.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1992PTC018289
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Active Pharma Ingredients, Intermediates, Nutraceuticals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 390000
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. Profit and Loss account for the current year 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 :	A-1/401, 402, 403, GIDC, Ankleshwar Industrial Estate, Ankleshwar Bharuch-393002, Gujarat, India
Tel. No.:	91-2646-222062
Fax No.:	91-2646-251930
E-Mail :	sales@amsal.com
Corporate Office :	Kakad House, ‘B’ Wing, 4^th Floor, 11 Barrack Road, Bombay Hospital Avenue, Mumbai-400020, Maharashtra, India.
Tel. No.:	91-22-22050500
Fax No.:	91-22-22081390
E-Mail :	sales@amsal.com

DIRECTORS

AS ON 01.07.2010

Name :	Mr. Suketu M. Majithia
Designation :	Director
Address :	7 Laburnum Road, Madhuban 2^nd Floor, Mumbai-400007, Maharashtra, India.
Date of Birth/Age :	02.06.1965
Date of Appointment :	15.09.1992
DIN No.:	00274004

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	U45200MH1981PTC024427	M M Builders Private Limited	Director	01-08-83	01-08-83	-	Active	NO
2	U24231GJ1992PTC018289	Amsal-Chem Private Limited	Director	15-09-92	15-09-92	-	Active	NO
3	U70100MH1980PTC023434	Triumph Builders Private Limited	Director	29-03-05	29-03-05	31-08-07	Active	NO

Name :	Mr. Subhash L. Majithia
Designation :	Director
Address :	27-E, Rangnekar Marg, Gomatibhuvan, 2^nd Floor, Chowpatty, Mumbai-400007, Maharashtra, India.
Date of Birth/Age :	03.06.1967
Date of Appointment :	15.09.1992
DIN No.:	00273960

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45200MH1981PTC024427	M M Builders Private Limited	Director	06-03-86	06-03-86	Active	NO
2	U24231GJ1992PTC018289	Amsal-Chem Private Limited	Director	15-09-92	15-09-92	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 01.07.2010

Names of Shareholders	No. of Shares
Mathuradas N. Majithia	29850
Laxmiben M. Majithia	15000
Suketu M. Majithia	23850
Heena Majithia	4875
Aman S Majithia	1125
Laxmidas N.Majithia	19725
Lalitaben L Majithia	18000
Subhash L Majithia	18975
Sunali L Majithia	18000
Mathurdas Narandas HUF	150
Suketu Mathuradas HUF	150
Laxmidas Narandas HUF	150
Subhash Laxmidas HUF	150
Total	150000

AS ON 01.07.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharma Ingredients, Intermediates, Nutraceuticals.

PRODUCTION STATUS AS ON 31.03.2009

Particulars	Unit	Actual Production
Isoniazid IP/BP/USP	KGS	383.233
Niacinamide IP/BP/USP	KGS	101.910
Niacin IP/BP/USP	KGS	118.246
2 Mercapto 5 Methoxy	KGS	41.920
Isonicotinamide / Isonicotinic Acid	KGS	62.773
Methyl Isonicotinate / Nicotinate	KGS	1.076
Pyrazinamide	KGS	5.575
Desloratadine	KGS	4.080
Amlodipine Besylate	KGS	0.100
Cilostazole	KGS	0.045
Glimepiride	KGS	0.001
DI Picolinic Acid	KGS	2.232
Alpha Picolinic Acid	KGS	0.980
Chromium Picolinate	KGS	0.293
Zinc Picolinate	KGS	9.766
Chromium Polynicotinate	KGS	0.080

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Industrial Estate Branch, GIDC, Ankleshwar-393002, Gujarat, India.
• Kotak Mahindra Bank Limited
• HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
CASH CREDIT
State Bank of India
Ankleshwar Industrial Estate Branch	64.471	73.795
Churchgate Branch (Secured by hypothecation of raw material, finished and semi finished goods, stores and book debts and personal guarantee of directors and the equitable mortgage of factory shed Nos. A1/401, 402 and 403 and pledge of Rs.10/- lacs share of promoters)	0.038	2.510
Term Loan
State Bank of India, Ankleshwar (Secured by hypothecation of machinery and personal guarantee of directors)	1.960	5.320
State Bank of India, Ankleshwar (Secured by hypothecation of WTG and personal guarantee of directors)	26.550	27.000
Kotak Mahindra Bank Limited, Mumbai (Secured by hypothecation of office premises 4/G Kakad House, New Marine lines, Bombay Hospital, Lane, Mumbai)	0.000	0.966
HDFC Bank Limited, Ankleshwar (Car Loan)	0.145	0.376
Total	93.164	109.967
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Directors	20.327	22.464
Shareholders	53.864	43.328
Family Members	9.872	11.407
Total	84.063	77.199

Banking Relations :	--
Auditors :
Name :	Sharad P Gokani Chartered Accountants
Address :	Saya Vijay, 1^st Floor, 260, Bazargate Street, Fort, Mumbai-400001, Maharashtra, India
PAN No.:	AABPG9603L

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs. 15.000 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		15.000	15.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		82.670	69.084	48.051
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		97.670	84.084	58.051
LOAN FUNDS
1] Secured Loans		93.164	109.967	87.948
2] Unsecured Loans		84.063	77.199	79.372
TOTAL BORROWING		177.227	187.166	167.320
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		274.897	271.250	225.371
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		126.522	129.249	95.008
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.096	1.128	1.180
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	96.566	83.244	88.717
	Sundry Debtors	80.860	93.896	64.747
	Cash & Bank Balances	17.060	17.264	8.011
	Other Current Assets	2.640	2.636	1.926
	Loans & Advances	16.006	16.279	17.477
Total Current Assets		213.132	213.319	180.878
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	64.428	67.701	47.245
	Other Current Liabilities
	Provisions	1.425	4.745	4.450
Total Current Liabilities		65.853	72.446	51.695
Net Current Assets		147.279	140.873	129.183
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		274.897	271.250	225.371

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Income	436.749	347.881
		Other Income	0.422	0.829
		TOTAL (A)	437.171	348.710
Less	EXPENSES
		Raw material consumed	267.636	238.808
		Manufacturing, staff, selling and operating expenses	106.517	85.136
		TOTAL (B)	374.153	323.944
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		63.018	24.766
Less	FINANCIAL EXPENSES (D)		24.276	12.832
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		38.742	11.934
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.863	11.679
	PROFIT BEFORE TAX (E-F) (G)		25.879	0.255
Less	TAX (H)		4.745	0.250
	PROFIT AFTER TAX (G-H) (I)		21.134	0.005
Less	INCOME TAX TAXATION OF EARLIER YEAR		0.101	0.000
Less	APPROPRIATIONS
		Transferred to reserve and surplus	20.000	0.000
	BALANCE CARRIED TO THE B/S		1.033	0.005
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	137.949	142.449
	TOTAL EARNINGS		137.949	142.449
	IMPORTS
		Raw Materials	124.709	125.028
	TOTAL IMPORTS		124.709	125.028
	Earnings Per Share (Rs.)		140.89	0.05

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	4.83	0.00
Net Profit Margin (PBT/Sales)	(%)	NA	5.93	0.07
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.55	0.09
Return on Investment (ROI) (PBT/Networth)		NA	0.31	0.00
Debt Equity Ratio (Total Liability/Networth)		2.49	3.09	3.77
Current Ratio (Current Asset/Current Liability)		3.24	2.94	3.50

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U24231GJ1992PTC018289
Name of the company	AMSAL-CHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-1/402, GIDC, Ankleshwar Industrial Estate, Ankleshwar, Bharuch-393003, Gujarat, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Industrial Estate Branch, GIDC, Ankleshwar-393002, Gujarat, India.
Nature of instrument creating charge	Form - C-2A - Supplemental Agreement of Hypothecation of Goods and Assets for increase in the overall limit
Date of instrument Creating the charge	16.11.2010
Amount secured by the charge	Rs. 221.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest C C - 0.75% above SBAR, TL - II - 0.50% Above SBAR Terms of repayment Working Capital on Demand, TL - As Per Earlier Terms Margin RM - Domestic - 25%, Imported - 20%, SIP - 50%, FG 30%, Book Debts and Receivables (Cover Period 90 Days) 50%, L/C - 10%, BG - 20%, EPC - 10% OF FOB Value Extent and operation of the charge The various credit facilities are secured by way of Hypothecation of all Goods, Book debts and plant and machineries lying , situated and installed at Plot No.A-401, GIDC Industrial Estate, Ankleshwar
Short particulars of the property charged (Including location of the property)	The various credit facilities are secured by way of Hypothecation of all Goods, Book debts and plant and machineries lying , situated and installed at Plot No.A-401, GIDC Ind. Estate, Ankleshwar
Charge identification number of the charge to be modified	90097920
Date of instrument modifying the charge	28.10.2009
Particulars of the present modification	By this execution the charge extended to cover revised credit facilities from Rs.204.600 millions to Rs.221.000 millions

FIXED ASSETS:

• Lease Hold Land
• Factory Buildings
• Machineries
• Furniture and Fixtures
• Office Equipments
• Vehicles
• Computers
• Office Premises

WEBSITE DETAILS:

PROFILE:

A Government Recognized Export House, Subject is led by the able vision of Mr. M. N. Majithia - Chairman and MD. , Mr. Subhash L. Majithia - Director and Mr. Suketu M. Majithia - Director. Over 200 personnel employ their considerable technical expertise to fulfill the customers' needs for high quality products as per their individual requirements and in - house specifications.

Subject is the world's largest manufacturer of ISONIAZID [Anti T. B.] along with various other API's and intermediates.

Subject is established since three decades and at present has a manufacturing capacity to produce over 1,200 MT's of quality products annually.  The manufacturing facility is located at Ankleshwar, 312 kms. North of Mumbai and is conveniently accessible by road / rail.  The facility has the advantage of being in the vicinity of 2 major ports in Mumbai, Maharashtra. It is around 300 km north of the JNPT / Nhava Sheva [seaport] and Mumbai airport.

Subject accomplishes the requirements of cGMP and FDA regulations and is well equipped with modern production facilities such as Clean Room with Class 100000 standards as well as in-house state-of-art laboratory along with full fledged microbiological testing facility.

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. 48.82
UK Pound	1	Rs. 78.56
Euro	1	Rs. 69.28

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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.