MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	ACG PHARMAPACK PRIVATE LIMITED (w.e.f. 11.01.2008)
Formerly Known As :	PRIKARNA PROPERTIES PRIVATE LIMITED
Registered Office :	1001, Dalamal House, 10^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.2004
Com. Reg. No.:	11-149770
Capital Investment / Paid-up Capital :	Rs.104.184 Millions
CIN No.: [Company Identification No.]	U45200MH2004PTC149770
TAN No.: [Tax Deduction & Collection Account No.]	PNEA11035D
PAN No.: [Permanent Account No.]	AAHCA0550D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Blist Pack Films.
No. of Employees :	280 (Approximately)

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 2600000
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 PARTED BY

Name :	Mr. Balvant
Designation :	Finance Executive
Contact No.:	91-2169-305251
Date :	18.04.2012

LOCATIONS

Registered Office / Corporate Office :	1001, Dalamal House, 10^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22872557
Fax No.:	91-22-22872560
E-Mail :	gopal.shetty@acg-world.com kishor.limaye@acg-world.com gopal.shetty@acg-world.com vivek.joshi@acg-world.com info@acg-world.com
Website :	http://www.acg-world.com http://www.acg-pharmapack.com
Area :	2500 Sq. ft.
Location :	Owned by group company
Factory :	Village Shinde Post, Shirwal Tal Khandala, Satara – 412801, Maharashtra, India
Tel. No.:	91-2169-244001 / 305252
Fax No.:	91-2169-244379 / 305218
E-Mail :	sales.pharmapack@acg-world.com
Location :	Owned by group company
Sales/ Research Center :	Saitech Center 7, Prabhat Nagar, Jogeshwari (West), Mumbai, Maharashtra, India
Tel No.:	91-22-26780127/ 26791955/ 26789642
Fax No.:	91-22-26783244
Email :	sales.pharmapack@acg-world.com

DIRECTORS

As on 22.07.2011

Name :	Mr. Ajit Daljit Singh
Designation :	Director
Address :	1 – A, Brighton Rungata Lane, Nepeansea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	20.11.1941
Qualification :	M.A (CANTAB) and Post Graduatework at Harvard Business School, USA
Date of Appointment :	01.12.2004
DIN No. :	00915347
Name :	Mr. Jasjit Singh
Designation :	Director
Address:	2-B, Swapnalok, L.J. Marg. Nepeansea Road, Mumbai-400006, Maharashtra, India
Date of Birth/ Age:	03.04.1943
Qualification :	B.E (Mechanical)
Date of Appointment :	01.12.2004
DIN No. :	00901470

KEY EXECUTIVES

Name :	Mr. Dilip Ganpat Nagool
Designation :	Company Secretary
Address :	A/302, Centre Point, Opp. TMC, Panchpakhadi, Thane – 400 602, Maharashtra, India
Date of Birth/Age :	14.11.1956
Date of Appointment :	21.05.2008
PAN No. :	AAAPM1770C
Name :	Mr. Balvant
Designation :	Finance Executive
Name :	Mr. Sharad S Kulkarni
Designation :	Vice President – Operation
Date of Birth/Age :	51 Years
Qualification :	B.E. Chemical, LLB
Experience :	27 Years
Date of Appointment :	05.10.2009
Name :	Mr. Sanjeev Kulkarni
Designation :	General Manager Innovation
Date of Birth/Age :	48 years
Qualification :	Ph.D in Polymer
Experience :	25 Years
Date of Appointment :	25.05.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.07.2011

Names of Shareholders	No. of Equity Shares
Associated Capsules Private Limited, India	4900
Ajit Singh Nominee of Associated Capsules Private Limited, India	100
Associated Capsules Private Limited, India	4900
Jasjit Singh Nominee of Associated Capsules Private Limited, India	100
Jasjit Singh HUF	12765
Kavita Jasjit Singh	3780
Nandini Jasjit Singh	1980
Singh Family Trust, India	180
Sardar Daljit Singh HUF	5580
MNT Will Trust	180
Priya Jasjit Singh	1980
Karan Jasjit Singh	1980
Jasjit Daljit Singh	228733
Ajit Daljit Singh	251398
Packshield India Private Limited, India	539720
Total	1058276

Names of Shareholders	No. of Preference Shares
AE Advisors Private Limited, India	7488000
Vijay Kuverba	1872000
Ajit Singh	50
Jasjit Singh	50
Total	9360100

Equity Share Breakup (Percentage of total Equity)

As on 22.07.2011

Category	Percentage
Bodies corporate	51.94
Directors or relatives of Directors	48.06
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Blist Pack Films.
Exports:
Products :	Blist Pack Films
Countries :	· Brazil · European Countries
Terms :
Selling :	L/C, Cash and Credit (30 Days and 60 Days)
Purchasing :	Cash and Credit (30 Days and 60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

280 (Approximately)

Bankers :

· Standard Chartered Bank, 90, M G Road, Fort, Mumbai – 400 001, Maharashtra, India

· HDFC Bank Limited, 4^th Floor, Milleenium Towers, Bhandarkar Road, Pune – 411004, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee Term Loans Banks Secured	75.000	96.875
Working Capital Loans Banks Secured	245.339	168.266
Total	320.339	265.141

Notes:

(Rupee Term loan is secured by way of charge on moveable fixed assets due within one year Rs.25.000 Millions Working capital is secured by way of hypothecation of Stocks in Trade and Book Debts)

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Deferred sales tax loan unsecured	95.644	95.644
Total	95.644	95.644

Notes:

(Under the Package Scheme of Incentives of the Government of Maharashtra. Repayable From 01.04.2014)

Banking Relations :

--

Auditors :

Name :

A. J. Shah and Company

Chartered Accountants

Address :

Fort Chambers, C Block 65, Camarind Lane, Fort, Mumbai – 400 023, Maharashtra, India

PAN No.:

AAAFA3818L

Holding Company :

Packshield India Private Limited

Jointly Owned Subsidiary :

· ACG Hongkong Limited

· ACG Do Brazil Representacoes Comerciais S.A

Companies / Firms over which the Directors have significant influence or control :

Companies

· ACG Arts and Properties Private Limited

· ACG Associated Capsules Private Limited

· ACG Ajas Components Private Limited

· ACG Inspection Systems Private Limited

· Custom Capsules Private Limited

· ACG Pampac Machines Private Limited

· ACG Real Estate Private Limited (formerly Trambak Developers Private Limited)

· Pam Inteck Machines Private Limited

· ACG Korsch Compression Technologies Private Limited

· Nepean Holdings Private Limited

· Scitech Centre

· ACG Pam Glatt Pharma Technologies Private Limited

· EH Advisors and Consultants Private Limited

· AE Advisors Private Limited

Foreign Companies

· PT. Universal Capsules Indonesia INC

· Universal Capsules Philippines Inc

· Amiricaps USA

· Symtech International Limited, Dubai

· First Ventures Limited, Dubai Proprietor AS

· Transworld Investments Limited, Dubai Proprietor JS

· ACG Europe Limited

· ACG Holding B.V, Netherlands

· Lukaps d.o.o, Croatia

· ACG North America LLC

Firms

· Aries Components Mfg and Co

· Bulk Buyers

· Capsulabs

· Centercops

· Pharmagents

HUF

· Jasjit Singh (HUF)

· Sardar Daljit Singh (HUF)

TRUSTS

· CNS Trust

· MNT Will Trust

· Singh Family Trust

PROPRIETORSHIP

· Reflection

CAPITAL STRUCTURE

After 22.07.2011

Authorised Capital: Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.85.463 Millions

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
9500000	Preference Shares	Rs.10/- each	Rs.95.000 Millions
	Total		Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1058276	Equity Shares	Rs.10/- each	Rs.10.583 Millions
9360100	Redeemable Non Cumulative Preference Shares (Redeemable after 3 years from date of allotment i.e. 22^nd July 2008.)	Rs.10/- each	Rs.93.601 Millions
	Total		Rs.104.184 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		104.184	104.184	104.184
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		545.020	553.694	573.320
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		649.204	657.878	677.504
LOAN FUNDS
1] Secured Loans		320.339	265.141	0.098
2] Unsecured Loans		95.644	95.644	95.644
TOTAL BORROWING		415.983	360.785	95.742
DEFERRED TAX LIABILITIES		11.178	4.573	7.874
TOTAL		1076.365	1023.236	781.120
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		513.039	514.375	310.653
Capital work-in-progress		2.275	13.102	41.235
INVESTMENT		1.299	1.238	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	201.276	138.561	118.629
	Sundry Debtors	423.465	369.355	271.675
	Cash & Bank Balances	2.305	1.236	25.828
	Other Current Assets	87.833	94.510	0.000
	Loans & Advances	19.083	67.613	124.972
Total Current Assets		733.962	671.275	541.104
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	82.441	90.761	44.309
	Other Current Liabilities	44.853	46.859	57.052
	Provisions	46.916	39.134	10.511
Total Current Liabilities		174.210	176.754	111.872
Net Current Assets		559.752	494.521	429.232
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1076.365	1023.236	781.120

 PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover (Gross)	1682.100	1245.000	1136.677
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		109.800	24.000	54.825
Less	INTEREST		27.600	11.400	3.960
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		82.200	12.600	50.865
Less/ Add	DEPRECIATION/ AMORTISATION		45.100	35.500	18.569
	PROFIT/LOSS BEFORE TAX		37.100	(22.900)	32.296
Less	TAX		6.600	(3.300)	12.192
	PROFIT/LOSS AFTER TAX		30.500	(19.600)	20.104
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.600	40.200	65.104
Less	APPROPRIATIONS
		General Reserve	3.100	0.000	45.000
		Dividend on Preference Shares	39.200	0.000	0.000
	BALANCE CARRIED TO THE B/S		8.800	20.600	40.208
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports		342.919	221.302
		Agency Commission		13.322	13.318
	TOTAL EARNINGS		417.300	356.241	234.620
	IMPORTS
		Raw Materials	NA	478.000	370.764
		Stores & Spares		0.000	0.000
		Capital Goods		56.605	10.012
		Others		2.876	0.000
	TOTAL IMPORTS		NA	537.481	380.776
	Earnings Per Share (Rs.)		(8.20)	(18.54)	--

Particulars	31.03.2012
Sales Turnover (Approximately)	1900.000

Expected Sales (2012-2013) : Rs.2500.000 Millions

The above information has been parted by Mr. Balvant.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.98	(1.93)	3.79
Return on Investment (ROI) (PBT/Networth)		0.06	(0.03)	0.05
Debt Equity Ratio (Total Liability/Networth)		0.91	0.82	0.31
Current Ratio (Current Asset/Current Liability)		4.21	3.80	4.84

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditor
- Creditors Due Small Micro Enterprises	1.544	4.663	2.888
- Creditors Due Others	80.897	86.098	41.421
Total	82.441	90.761	44.309

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	Yes
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	Yes
10) Designation of contact person	Yes
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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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

The Company recorded a net turnover of Rs. 1682.100 Millions for 2010-11 registering a growth of 35% over previous year. The performance is attributable to its thrust on new markets, international business, innovative products and additional capacities introduced during the year.

CONTINGENT LIABILITIES NOT PROVIDED FOR

· Letters of Undertaking to Customs towards export obligation against advance license Rs.72.592 millions (Previous year Rs. 97.296 Millions)

· Bank guarantee issued by bank on behalf of company Rs. Nil millions. (Previous year Rs. 1.218 Millions)

· L/C issued to vendor against import obligation Rs.114.392 millions. (Previous year Rs. 96.084 Millions)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45200MH2004PTC149770
Name of the company	ACG PHARMAPACK PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1001, Dalamal House, 10^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India E-mail : kishor.limaye@acg-world.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10123785
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Standard Chartered Bank, Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India E-mail : shivan.umashankar@sc.com
Nature of instrument creating charge	Supplemental to Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	15.11.2011
Amount secured by the charge	Rs.530.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Credit Facilities. Interest / Commission - As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time. Margin As agreed by and with the Bank from time to time. Extent and operation of the charge The Bank is having pari passu first charge on present and future current assets (stocks and book debts) of the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of pari passu first charge on a) all present and future book debts, outstanding moneys receivables, claims and bills b) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.
Date of instrument modifying the charge	20.10.2010
Particulars of the present modification	The existing charge amount of Rs.350.000 Millions enhanced to Rs.530.000 Millions against the security of hypothecation by way of pari passu first charge on a) all present and future book debts, outstanding moneys receivables, claims and bills b) all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise.

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Data Processing Equipments

· Vehicles

· Furniture / Fixtures and Office Equipments

· Furniture

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

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	YES
--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.