MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	MEYER ORGANICS PRIVATE LIMITED
Registered Office :	A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.02.1981
Com. Reg. No.:	11-23845
Capital Investment / Paid-up Capital :	Rs.4.999 Millions
CIN No.: [Company Identification No.]	U24239MH1981PTC023845
TAN No.: [Tax Deduction & Collection Account No.]	PNEM07443C
PAN No.: [Permanent Account No.]	AABCM9346B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Pharmaceutical Formulation
No. of Employees :	250 (Approximately)

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 2910000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 :	A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604, Maharashtra, India
Tel. No.:	91-22-25817000
Fax No.:	91-22-25817002 / 25817030
E-Mail :	cbendre@meyer.co.in infor@meyer.co.in techicalQA@meyer.co.in buysel@meyer.co.in careers@meyer.co.in webmaster@meyer.co.in sathavale@meyer.co.in ukalekar@meyer.co.in
Website :	http://www.meyer.co.in
Location :	Owned
Head Office /Administrative Office :	A-303, Road No. 31/32, Wagle Industrial Estate, Thane West, Thane-400601, Maharashtra, India
Tel. No.:	91-22-25817000
Fax No.:	91-22-25817002
E-Mail :	info@meyer.co.in

DIRECTORS

As on 27.09.2011

Name :

Mrs. Uma Paul Kalekar

Designation :

Director

Address :

203, Iris, C Unati Garden Opposite Devdaya Nagar, Pokharan RDI, Thane-401606, Maharashtra, India

Date of Birth/Age :

27.01.1967

Date of Appointment :

14.07.2006

Din No.:

01725745 

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	U24231MH2002PTC134735	VITABIOTICS (INDIA ) PRIVATE LIMITED	Director	30-01-02	30-01-02	-	Active	NO
2	U24240MH2003PTC138653	EUROPEX PHARMA PRIVATE LIMITED	Director	13-01-03	13-01-03	-	Strike off	NO
3	U85110KA1996PTC020702	MEYER HEALTH CARE PRIVATE LIMITED	Director	01-04-03	01-04-03	11-08-06	Active	NO
4	U24231MH2005PTC151985	VITALIFE PRODUCTS PRIVATE LIMITED	Director	16-03-05	16-03-05	-	Strike off	NO
5	U24239MH1981PTC023845	MEYER ORGANICS PRIVATE LIMITED	Director	14-07-06	14-07-06	-	Active	NO
6	U74990MH2012PTC226693	ANALYTICA CONTROL SERVICES PRIVATE LIMITED	Director	10-02-12	10-02-12	-	Active	NO

Name :

Mrs. Rohini K Lalwani

Designation :

Director

Address :

1, Nariman Building, M Karve Road, Opposite Cooperage Ground, Mumbai-400021, Maharashtra, India

Date of Birth/Age :

21.08.1960

Date of Appointment :

08.07.2004

Din No.:

02180066

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Names of Shareholders	No. of Shares
Lalwani T Kartarsingh	25096
Lalwani Tej Kartarsingh	158320
Lalwani K Ajit	158320
Omega Meyer Limited, Island	122162
Lalwanin K Rohini	30000
TOTAL	493898

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	24.73
Directors or relatives of Directors	75.27
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Pharmaceutical Formulation
Products :	Anti-Infective Anti-Amoebic General Healthcare Nutritional Supplement Erectile Dysfunction Analgesic Gynaecology Paediatric Enzyme Preparation Calcium Supplement

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Actual Production
Pharmaceutical Formulations
Tablets & Capsules	(No. In lakhs)	9332.08
Syrup	(in litres)	15,66,264.27
Cream/Granules	(in kgs.)	42,045.41

GENERAL INFORMATION

No. of Employees :

250 (Approximately)

Bankers :

Citi Bank N.A, Bandra Kurla Complex, G-Block, Bandra (East), Mumbai-400051, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	3.750	14.773
Working capital loans banks secured	55.655	42.063
Total	59.405	56.836

Banking Relations :	--
Auditors :
Name :	GPS and Associates Chartered Accountant
Address :	A-1, Sindhi Niwas, Sitaladevi Temple Road, Mahim, Mumbai-400016, Maharashtra, India
Tel. No.:	91-22-24468959 / 24446688 / 24441348 / 24440777
Fax No.:	91-22-24466455
E-Mail :	mail@gpsind.com
PAN.:	AADFG4422H

CAPITAL STRUCTURE

As on 31.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
493898	Equity Shares	Rs.10/- each	Rs.4.939 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
499900	Equity Shares	Rs. 10/- each	Rs. 4.999 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		4.999	4.999	4.999
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		722.523	522.610	352.818
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		727.522	527.609	357.817
LOAN FUNDS
1] Secured Loans		59.405	56.836	202.869
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		59.405	56.836	202.869
DEFERRED TAX LIABILITIES		21.073	0.000	0.000
TOTAL		808.000	584.445	560.686
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		305.452	236.738	198.452
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.049	0.059	0.059
DEFERREX TAX ASSETS		0.000	7.639	2.710
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	432.224	246.353	229.655
	Sundry Debtors	275.119	294.724	272.561
	Cash & Bank Balances	212.205	92.214	88.181
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	92.814	65.840	50.474
Total Current Assets		1012.362	699.131	640.871
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	265.817	188.280	136.328
	Other Current Liabilities	231.816	163.117	120.133
	Provisions	12.230	7.725	24.945
Total Current Liabilities		509.863	359.122	281.406
Net Current Assets		502.499	340.009	359.465
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		808.000	584.445	560.686

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	NET SALES		2660.301	2103.314	1845.239
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		373.926	292.828	257.507
Less	FINANCIAL EXPENSES		4.445	7.013	17.186
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		369.481	285.815	240.321
Less/ Add	DEPRECIATION/ AMORTISATION		23.883	18.145	17.653
	Prior Period Expenses		0.301	0.000	14.225
	PROFIT BEFORE TAX		345.297	267.670	208.443
Less	TAX		139.555	92.030	78.400
	PROFIT AFTER TAX		205.742	175.640	130.043
Less	APPROPRIATIONS
		Transfer to General Reserve	19.000	18.400	21.600
	BALANCE CARRIED TO THE B/S		186.742	157.240	108.443
	EARNINGS IN FOREIGN CURRENCY
		Manufactured goods Sale	583.081	428.704	399.338
		Trading Goods Sale	311.596	293.466	242.984
		TOTAL EARNINGS	894.677	722.17	642.322
	Earnings Per Share (Rs.)		411.57	359.31	260.14

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	12.98	12.77	11.30
Return on Total Assets (PBT/Total Assets}	(%)	15.61	18.77	24.83
Return on Investment (ROI) (PBT/Networth)		0.28	0.33	0.58
Debt Equity Ratio (Total Liability/Networth)		0.78	0.78	1.35
Current Ratio (Current Asset/Current Liability)		1.99	1.94	2.28

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	--
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

PERFORMANCE AND GROWTH

The Company has shown a good performance during the year and the total sales (Domestic and Exports) had increased from Rs.2103.314 millions to Rs.2656.403 millions, registering an increase of 26%. The Company achieved a net profit of Rs.345.297lions as compared to previous year Rs.267.670 millions. There is a fall in New Profit ratio from 12.86% to 12.64%. The Export turnover was Rs.894.677 millions as compared to the previous year of Rs.722.220 millions.

During the year, the Company has added new business line of Technical testing and analysis of Pharmaceuticals and other products.

The Company attributes the growth in sales and profit due to the innovative skills and strategic planning implemented by the Marketing and sales personnel in order to achieve the best performance in the highly competitive pharmaceutical market.

The Company is on the cusp of higher growth wave, both in domestic as well as in export markets. To take care of this growth, the Company plans to set up a state of art manufacturing plant of Databasepet, Bangalore having built up area of 259718 Sq.ft. at an estimate cost of Rs.550.000 millions. The Company is confident of meeting this financial commitment from its internal accruals, plus some temporary support from bank

CONTINGENT LIABILITIES

A. Claims made against the company not acknowledged as debts

a. The company has filed an appeal with CEGAT against the demand of Rs1.011 millions raised earlier by the Excise department. The case was pending with the CEGAT for hearing. During F.Y.2006-07 CEGAT has sent back the case to commissioner of Central Excise for reworking of duties. As per new Order In Original of Central Excise dated 27th March 2007 the revised Demand of Rs.0.875 millions is raised by the Excise Department. As advised by the counsel, the company feels confident that the demand is not tenable and may not materialize. Hence, no provision has been made for any liability in the books of account in respect of this liability. The company has again filed an appeal with CEGAT against new Order dated 27th March 2007.

b. The company has filed an appeal against CEGAT order dated 27th November 2009 against demand of differential duty on Physician Samples Rs.1.888 millions raised by the Excise department. No provision has been made in the accounts for this demand as the company is confident of getting relief at the appellate stage.

c. The company has filed an appeal against Assistant Commissioner of Cetral Excise order dated 31st March 2010 against demand of short payment of duty on Physician Samples Rs0.018 millions raised by the Excise department.

B. There is contingent liability towards Advance licence received not settled by 31st March 2011 amounting to Rs.1.628 millions which is cleared in F.Y.11-12

C. Capital Commitment of the company as on 31st March 11 is Rs.0.434 millions (Net of advances) (Previous Year Rs.3.556 millions.

FORM : 8

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90146426
Corporate identity number of the company	U24239MH1981PTC023845
Name of the company	MEYER ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-177, Road No. 16 (Z), Wagle Industrial Estate, Thane-400604, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	Citi Bank N.A Bandra Kurla Complex, G-Block, Bandra (East), Mumbai-400051, Maharashtra, India E-mail : vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Constructive memorandum of entry
Date of instrument Creating the charge	29.07.2008
Amount secured by the charge	Rs. 197.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest The borrower shall pay interest at such rate as may be determined by Citi Bank NA from time to time Terms of Repayment Loan Shall be Repayable on Demand Margin Borrower shall at al times during the continuance of this security maintain a sufficient amount to provide the margin of security from time to time advised by the bank Extent and Operation of the charge The company accorded and gave oral consent to Citi Bank NA for its working capital limits of Rs.197.500 Millions in respect of its immovable properties
Short particulars of the property charged	Property including land and building located at plot no. A-177, Wagle Industrial Estate, Thane and plot no. A-303, Wagle Industrial Estate, Thane and Property including land and building located at plot no. A-22, Thane Industrial Estate, Wagle Industrial Estate, Panchapakhadi road, District Thane
Date of latest modification prior to the present modification	12.09.2007
particulars of the present modification	The bank has now increased credit facility from Rs.176.700 Millions to Rs.197.500 Millions together with al interest, costs, charges, expenses and other monies payable under or in respect of said credit facility.

FIXED ASSETS:

• Land
• Factory Building
• Guest House
• Warehouse
• Furniture
• Plant and Machinery
• Electrical Installments
• Office Equipments
• Vehicles
• Air Conditioner
• Computer
• Tools and Equipments
• Generator
• Elevator
• Trademark

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.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs.67.54

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	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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		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.