MIRA INFORM REPORT

Report Date :

17.04.2012

IDENTIFICATION DETAILS

Name :	ANUSHAKTI CHEMICALS AND DRUGS LIMITED (w.e.f.11.11.2011)
Formerly Known As :	AARTI HEALTHCARE LIMITED
Registered Office :	Udyog Kshetra, 2^nd Floor, L B S Marg, Mulund Goregao Link Road, Mulund (West), Mumbai-400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.08.1992
Com. Reg. No.:	11-068275
Capital Investment / Paid-up Capital :	Rs.60.000 Millions
CIN No.: [Company Identification No.]	U24239MH1992PLC068275
TAN No.: [Tax Deduction & Collection Account No.]	MUMA22088D
PAN No.: [Permanent Account No.]	AAECA4760E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Chemicals, Monochloro Benzine, Die Methylene
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 3080000
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.

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 :	Udyog Kshetra, 2^nd Floor, L B S Marg, Mulund Goregao Link Road, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	91-22-25906370 / 67976666 / 25918195 / 67976592
Fax No.:	91-22-25904806 / 25921965
E-Mail :	secreatarial@aartigroup.com info@aartigroup.com
Website :	www.aartigroup.com
Factory 1 :	D-53/D-60, MIDC, Phase II, Kalyan Shil Road, Dombivli (East), District Thane-421204, Maharashtra, India
Tel. No.:	91-95251-2871651 / 2870710
Fax No.:	91-95251-251287
E-Mail :	achi_nim@vsnl.com
Factory 2 :	Survey No-1430/1, National Highway No-8A, Taluka-Bhachau District-Kutch, Gandhidham - 370140, Gujarat, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Chandrakant Vallabhaji Gogri

Designation :

Chairman

Address :

Antariksha, 6^th Floor, Murar Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

16.08.1946

Date of Appointment :

01.04.2000

DIN No.:

00005048

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	L24110GJ1984PLC007301	AARTI INDUSTRIES LIMITED	Director	28-09-84	28-09-84	-	Active	NO
2	L37060MH1984PLC055433	AARTI DRUGS LIMITED	Director	28-09-84	28-09-84	-	Active	NO
3	U67120MH1995PTC084963	AARTI CORPORATE SERVICES LIMITED	Director	25-01-95	25-01-95	11-10-10	Active	NO
4	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Director	01-04-00	01-04-00	-	Active	NO
5	U85110MH2001PTC131974	PARAKH HOSPITALS PRIVATE LIMITED	Director	14-05-01	14-05-01	-	Active	NO
6	U70109MH2002PTC135736	CRYSTAL MILLENNIUM REALTORS PRIVATE LIMITED	Director	02-05-02	02-05-02	-	Active	NO
7	U24116MH1988PLC046048	SURFACTANT SPECIALITIES LIMITED	Director	15-04-04	15-04-04	21-01-09	Amalgamated	NO

Name :

Mr. Parimal Hasmukhlal Desai

Designation :

Managing Director

Address :

807/808, Suparshva Apartment Co-Operative Housing Society, Sarvodaya, Parshvanath Nagar, Nahur Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

29.05.1949

Date of Appointment :

01.04.2000

DIN No.:

00009272

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	U24200MH1979PTC021053	ALCHEMIE DYE CHEM PRIVATE LIMITED	Director	23-02-79	23-02-79	-	Active	NO
2	U65990MH1981PTC025109	NIKHIL HOLDINGS PRIVATE LIMITED	Director	29-08-81	29-08-81	-	Active	NO
3	L24110GJ1984PLC007301	AARTI INDUSTRIES LIMITED	Whole-time director	10-02-11	28-09-84	-	Active	NO
4	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Managing director	01-04-00	01-04-00	-	Active	NO
5	U72900MH2009PTC197240	MINDCRUISERS CONSULTING PRIVATE LIMITED	Director	24-11-09	24-11-09	-	Active	NO
6	U67120MH1995PTC084963	AARTI CORPORATE SERVICES LIMITED	Director	26-09-11	11-10-10	-	Active	NO

Name :

Mr. Rajendra Vallabhaji Gogri

Designation :

Director

Address :

14^th, Antariksha, Murar Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

15.12.1959

Date of Appointment :

05.05.2000

DIN No.:

00061003

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	L37060MH1984PLC055433	AARTI DRUGS LIMITED	Director	29-09-84	29-09-84	-	Active	NO
2	L24110GJ1984PLC007301	AARTI INDUSTRIES LIMITED	Managing director	01-07-08	06-06-89	-	Active	NO
3	U24200MH1979PTC021053	ALCHEMIE DYE CHEM PRIVATE LIMITED	Director	15-09-94	15-09-94	-	Active	NO
4	U65990MH1981PTC025110	GOGRI AND SONS INVESTMENTS PRIVATE LIMITED	Director	15-09-94	15-09-94	-	Active	NO
5	U67120MH1995PTC084963	AARTI CORPORATE SERVICES LIMITED	Director	25-01-95	25-01-95	11-10-10	Active	NO
6	U01110MH1994PTC082031	AARTI BIO-TECH LIMITED	Director	16-04-98	16-04-98	-	Active	NO
7	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Director	05-05-00	05-05-00	-	Active	NO
8	U70109MH2002PTC135736	CRYSTAL MILLENNIUM REALTORS PRIVATE LIMITED	Director	02-05-02	02-05-02	-	Active	NO
9	U24230MH2002PLC136916	ANUSHAKTI HOLDINGS LIMITED	Director	13-09-05	13-09-05	-	Active	NO
10	U24110MH1978PTC020373	AMARJOYT CHEMICAL PRIVATE LIMITED	Director	15-03-06	15-03-06	10-09-07	Active	NO
11	U24100MH2008PTC181628	JHAGADIA ENTERPRISES PRIVATE LIMITED	Director	25-04-08	25-04-08	-	Active	NO
12	U74120MH2011PTC212582	KUTCHI ANGEL NETWORK PRIVATE LIMITED	Director	20-01-11	20-01-11	-	Active	NO
13	U80902MH2011PTC214984	PLANCESS EDUSOLUTIONS PRIVATE LIMITED	Director	18-03-11	18-03-11	01-06-11	Active	NO

Name :

Mr. Rashesh Chandrakant Gogri

Designation :

Director

Address :

6^th, Antariksha, Murar Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

03.06.1974

Date of Appointment :

06.10.2005

DIN No.:

00066291

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	U65920MH1987PTC042138	ALCHEMIE LEASING AND FINANCING PRIVATE LIMITED	Director	15-09-94	15-09-94	-	Active	NO
2	U65990MH1981PTC025110	GOGRI AND SONS INVESTMENTS PRIVATE LIMITED	Director	15-09-94	15-09-94	-	Active	NO
3	L24110GJ1984PLC007301	AARTI INDUSTRIES LIMITED	Whole-time director	09-06-07	09-06-97	-	Active	NO
4	U24299MH2001PLC133900	GANESH POLYCHEM LIMITED	Director	07-11-01	07-11-01	-	Active	NO
5	U70109MH2002PTC135736	CRYSTAL MILLENNIUM REALTORS PRIVATE LIMITED	Director	02-05-02	02-05-02	-	Active	NO
6	U24200MH1979PTC021053	ALCHEMIE DYE CHEM PRIVATE LIMITED	Director	09-07-02	09-07-02	-	Active	NO
7	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Director	06-10-05	06-10-05	-	Active	NO
8	U24230MH2004PTC145359	AAKANSHA PHARMACHEM PRIVATE LIMITED	Director	21-11-07	21-11-07	-	Active	NO
9	U24100MH2008PTC181628	JHAGADIA ENTERPRISES PRIVATE LIMITED	Director	25-04-08	25-04-08	-	Active	NO
10	U45201MH2001PTC133804	DHAVAL REALTORS (INDIA ) PRIVATE LIMITED	Director	30-09-09	30-09-09	-	Active	NO
11	U24230MH2002PLC136916	ANUSHAKTI HOLDINGS LIMITED	Director	08-10-09	08-10-09	-	Active	NO
12	U80903MH2006PTC165136	SPARK ACADEMY PRIVATE LIMITED	Additional director	01-01-11	01-01-11	-	Active	NO

Name :

Mr. Narendra Jagannath Salvi

Designation :

Whole Time Director

Address :

B-5, Voltas Housing Society, Shiv Shrusti, Kurla (East), Mumbai-400024, Maharashtra, India

Date of Birth/Age :

16.08.1964

Date of Appointment :

06.10.2005

DIN No.:

00299202

Name :

Mr. Ketan Mansukhlal Doshi

Designation :

Additional Director

Address :

1702, Antariksha, Murar Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

29.09.1962

Date of Appointment :

01.04.2010

DIN No.:

00309953

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	U29130MH1988PTC048649	BEARING AND BASIC COMPONENTS (INDIA) PRIVATE LIMITED	Director	29-08-88	29-08-88	-	Active	NO
2	U28112MH2007PTC167621	MATRIX MACHINE TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	07-02-07	07-02-07	-	Active	NO
3	U24116MH1988PLC046048	SURFACTANT SPECIALITIES LIMITED	Additional director	09-01-09	09-01-09	-	Amalgamated	NO
4	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Director	15-09-10	01-04-10	-	Active	NO

Name :

Mr. Hetal Gogri Gala

Designation :

Director

Address :

552-B, Gopal Sadan, Block No. 801, 8th Floor, Jamshed Rd, Matunga (East), Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

10.07.1975

Date of Appointment :

27.07.2011

DIN No.:

00005499

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	U24200MH1979PTC021053	ALCHEMIE DYE CHEM PRIVATE LIMITED	Director	01-07-96	01-07-96	-	Active	NO
2	L24110GJ1984PLC007301	AARTI INDUSTRIES LIMITED	Whole-time director	01-11-11	01-11-01	-	Active	NO
3	U24299MH2001PLC133900	GANESH POLYCHEM LIMITED	Director	13-09-05	13-09-05	-	Active	NO
4	U24230MH2002PLC136916	ANUSHAKTI HOLDINGS LIMITED	Director	05-10-05	05-10-05	-	Active	NO
5	U65990MH1981PTC025110	GOGRI AND SONS INVESTMENTS PRIVATE LIMITED	Director	16-01-06	16-01-06	-	Active	NO
6	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Director	30-09-11	27-07-11	-	Active	NO

Name :

Mr. Renil Rajendra Gogri

Designation :

Director

Address :

6th Antariksha ,Murar Rd., Mulund (W), Mumbai – 80, Maharashtra, India

Date of Birth/Age :

14.04.1987

Date of Appointment :

27.07.2011

DIN No.:

01582147

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	U65920MH1987PTC042138	ALCHEMIE LEASING AND FINANCING PRIVATE LIMITED	Director	01-02-06	01-02-06	-	Active	NO
2	U24230MH2002PLC136916	ANUSHAKTI HOLDINGS LIMITED	Whole-time director	02-08-10	01-04-10	-	Active	NO
3	U80903MH2006PTC165136	SPARK ACADEMY PRIVATE LIMITED	Additional director	01-01-11	01-01-11	-	Active	NO
4	U80902MH2011PTC214984	PLANCESS EDUSOLUTIONS PRIVATE LIMITED	Director	18-03-11	18-03-11	01-06-11	Active	NO
5	U24100MH1966PLC013490	NASCENT CHEMICAL INDUSTRIES LIMITED	Director	05-09-11	18-06-11	-	Active	NO
6	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Director	30-09-11	27-07-11	-	Active	NO

Name :

Mr. Vijay Damji Nisar

Designation :

Director

Address :

Room No. 5, 1st Floor, Ghurulaxmi Bldg, Plot No. 7, Vallabh Baug Extn, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Experience :

06.09.1958

Date of Appointment :

27.07.2011

DIN No.:

00477387

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	U24100MH1989PTC051435	SPACK CHEMICALS PRIVATE LIMITED	Director	20-10-91	20-10-91	-	Amalgamated	NO
2	U24110MH1995PTC095638	HEMANI CHEMIORGANIC PRIVATE LIMITED	Director	05-04-03	05-04-03	30-08-03	Active	NO
3	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Director	30-09-11	27-07-11	-	Active	NO

Name :

Mr. Kirit Ratilal Mehta

Designation :

Director

Address :

10 Pushpaendra Mansion, Phirojshah Mehta Rd, Santacruz West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

02.08.1948

Date of Appointment :

02.09.2011

DIN No.:

00051703

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	U24110MH1990PLC057849	AVINASH DRUGS LIMITED	Director	06-08-96	06-08-96	-	Amalgamated	NO
2	L24110GJ1984PLC007301	AARTI INDUSTRIES LTD	Whole-time director	18-09-10	18-09-00	-	Active	NO
3	U24299MH2001PLC133900	GANESH POLYCHEM LIMITED	Director	06-08-02	06-08-02	08-02-11	Active	NO
4	U24230MH2002PLC136916	ANUSHAKTI HOLDINGS LIMITED	Director	10-10-03	10-10-03	-	Active	NO
5	U74210GJ1997GAP031525	VAPI WASTE AND EFFLUENT MANAGEMENT COMPANY LIMITED	Nominee director	04-05-05	04-05-05	09-05-07	Active	NO
6	U24231GJ1989PTC012373	SHANTI INTERMEDIATES PRIVATE LIMITED	Director	20-04-07	20-04-07	05-02-11	Active	NO
7	U51909MH2004PTC148403	AMREY ENTERPRISES PRIVATE LIMITED	Director	22-11-07	22-11-07	-	Active	NO
8	U24239MH1992PLC068275	ANUSHAKTI CHEMICALS AND DRUGS LIMITED	Director	30-09-11	02-09-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Aarti Industries Limited, India	3,126,000
Rashesh C. Gogri	175,697
Hetal Gogri Gala	363,800
Aashay R. Gogri	187,500
Manisha R. Gogri	203,000
Jaya C.Gogri	210,000
Hetal Gogri Gala	55,500
Aarti Industries Limited, India	12,031,226
Vijay Damji Nisar	131,204

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	59.32
Directors or relatives of Directors	25.36
Other top fifty shareholders	15.08
Others	0.24
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Chemicals, Monochloro Benzine, Die Methylene

Products :

Item Description	Item code No.
Chloro Benzene	29036110
Nitro Chloro Benzene	29049090
Sulphuric Acid	28070001

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity
	(on triple shift basis)
Chloro Benzene	MT Per Annum	25200
Nitro Chloro Benzene	MT Per Annum	16800
Sulphuric Acid &Allied	MT Per Annum	37500

Particulars	Unit	Actual Production
Chloro Benzene	(in Kgs.)	4904468
Nitro Chloro Benzene	(in Kgs.)	7117225
Sulphuric Acid 98%	(in Kgs.)	6627587

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others secured	67.876	0.000
Other external commercial borrowings secured	223.000	0.000
Working capital loans secured	228.534	0.000
Total	519.410	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans directors unsecured	10.618	0.000
Deferred sales tax loan unsecured	16.651	0.000
Other debt unsecured	23.050	0.050
Total	50.319	0.050

Banking Relations :	--
Auditors :
Name :	Madan Dedhia and Associates Chartered Accountant
Address :	204, Chheda Bhavan, 98, Surat Street, Masjid (East), Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-23776036 / 23703063
Fax No.:	91-22-23731512
E-Mail :	mdasso@rediffmail.com
PAN.:	AAAPV8139M
Holding Company :	Aarti Industries Limited L24110GJ1984PLC007301

CAPITAL STRUCTURE

As on 30.09.2011

No. of Shares	Type	Value	Amount
31315160	Equity Shares	Rs.10/- each	Rs.313.152 millions
300000	Preference Share	Rs.10/- each	Rs.3.000 millions
	TOTAL		Rs.316.152 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31315160	Equity Shares	Rs.10/- each	Rs.313.152 millions
300000	Preference Share	Rs.10/- each	Rs.3.000 millions
	TOTAL		Rs.316.152 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

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

SHARE CAPITAL PENDING ALLOTMENT

25,315,160 Equity shares of Rs.10/- each, are to be issued and allotted to shareholders of erstwhile Spack Chemicals Private Limited and the demerged manufacturing activity of Anushakti Chemicals and Drugs Limited as per the terms of the Composite Scheme of arrangement sanctioned by the Hon. High Court at Mumbai vide their order dated 22nd July, 2011. – Rs.253.152 Millions

300,000 5% Non-cumulative redeemable Preference shares of Rs.10/- each are to be issued and allotted to shareholders of ertswhile Spack Chemicals Private Limited as per the terms of the Composite Scheme of arrangement sanctioned by the Hon. High Court at Mumbai vide their order dated 22nd July, 2011. Rs.3.000 Millions

Total Rs.256.152 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		60.000	60.000	60.000
2] Share Application Money		256.152	0.000	0.000
3] Reserves & Surplus		453.104	76.958	68.221
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		769.256	136.958	128.221
LOAN FUNDS
1] Secured Loans		519.410	0.000	0.000
2] Unsecured Loans		50.319	0.050	0.050
TOTAL BORROWING		569.729	0.050	0.050
DEFERRED TAX LIABILITIES		31.083	0.000	0.000
TOTAL		1370.068	137.008	128.271
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		685.792	201.814	230.553
Capital work-in-progress		70.799	0.000	0.000
INVESTMENT		40.262	0.000	0.000
DEFERREX TAX ASSETS		0.000	43.657	49.206
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	467.637	0.000	0.000
	Sundry Debtors	97.206	3.428	3.559
	Cash & Bank Balances	56.273	0.401	0.620
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	472.790	28.282	21.878
Total Current Assets		1093.906	32.111	26.057
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	451.517	87.785	127.893
	Other Current Liabilities	61.422	42.971	42.818
	Provisions	7.752	9.886	6.970
Total Current Liabilities		520.691	140.642	177.681
Net Current Assets		573.215	(108.531)	(151.624)
MISCELLANEOUS EXPENSES		0.000	0.068	0.136
TOTAL		1370.068	137.008	128.271

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1483.529	68.688	62.585
		Other Income	35.961	0.003	0.003
		TOTAL (A)	1519.490	68.691	62.588
Less	EXPENSES
		Consumption materials changes inventories	925.467	0.327	37.336
		Manufacturing other operating expenses	291.126	15.329
		Research development expenditure	13.880	23.707
		TOTAL (B)	1230.473	39.363	37.336
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		289.017	29.328	25.252
Less	FINANCIAL EXPENSES (D)		38.727	0.335	0.061
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		250.290	28.993	25.191
Less/ Add	DEPRECIATION/ AMORTISATION (F)		66.214	11.790	11.640
	PROFIT BEFORE TAX (E-F) (G)		184.076	17.203	13.551
Less	TAX (H)		38.057	8.465	19.997
	PROFIT AFTER TAX (G-H) (I)		146.019	8.738	(6.446)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		76.958	68.220	74.666
	BALANCE CARRIED TO THE B/S		222.977	76.958	68.220
	EARNINGS IN FOREIGN CURRENCY		128.472	0.000	0.000
	IMPORTS
		Capital Goods	1.222	0.000	0.000
		Raw Materials	449.891	0.000	0.000
	TOTAL IMPORTS		451.113	0.000	0.000
	Earnings Per Share (Rs.)		5.76	1.46	(1.07)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.61	12.72	(10.30)
Net Profit Margin (PBT/Sales)	(%)	12.41	25.04	21.65
Return on Total Assets (PBT/Total Assets}	(%)	10.34	6.20	4.43
Return on Investment (ROI) (PBT/Networth)		0.24	0.13	0.11
Debt Equity Ratio (Total Liability/Networth)		1.42	1.03	1.39
Current Ratio (Current Asset/Current Liability)		2.10	0.23	0.15

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

FINANCIALS /OPERATIONS

During the year, the Company has made Total Income Rs.1557.983 millions (Previous period Rs.68.691 millions) Net Profit of Rs.146.019 millions (Previous Period Rs.8.737 millions) has been reported after making provision for deferred tax assets.

During the year, Company has continued to let its manufacturing facilities to be operated/used on operating lease basis with a view to better utilize the same and to concentrate on research activities alone.

During the year Demerged Manufacturing Business Undertaking of Anushakti Chemicals and Drugs Limited along with Spack Chemicals Private Limited merged with your Company w.e.f. 1^st July, 2010 (Appointed Date) upon filing of the High Court’s order with Registrar of Companies.

CONTINGENT LIABILITIES

In respect of Income tax dispute matters of Rs.7.965 millions (Previous Year NIL)

FIXED ASSETS

· Land

· Residential Flat

· Factory Building

· Plant and Machinery

· Electrical Installation

· R and D Equipments

· Furniture and Fixtures

· Office Equipments

· Computer

· Motor Car

· Generator

· Fire Equipment

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.51.66
UK Pound	1	Rs.81.80
Euro	1	Rs.67.18

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	YES
--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.