MIRA INFORM REPORT

Report Date :

02.02.2012

IDENTIFICATION DETAILS

Name :	NUTRON PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	401, Earth Sampann Building, 4^th Floor, 198/200, Khetwadi Main Road, Mumbai – 400 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.10.1990
Com. Reg. No.:	11-058515
Capital Investment / Paid-up Capital :	Rs.0.483 Million
CIN No.: [Company Identification No.]	U24230MH1990PTC058515
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09475E
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer and Importer of Chemicals and Solvents.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 770000
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 :	401, Earth Sampann Building, 4^th Floor, 198/200, Khetwadi Main Road, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-66313427/ 66308071/ 23813427/ 66569999
Fax No.:	91-22-23445274/ 66569900
E-Mail :	nutron@vsnl.com dinesh@nutron.in jayhind@mtnl.net.in dinesh_nutron@hathway.com reenabang@rediffmail.com praful_nutron@hathway.com
Location:	Owned
Warehouse :	Purna Village, Bhiwandi, District Thane, Maharashtra, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Popatlal Hanjarimal Shah

Designation :

Director

Address :

9^th Khetwadi Lane, 10^th Pavapuri Apartments, 5^th Floor, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

12.09.1942

Qualification :

S.S.C.

Date of Appointment :

12.10.1990

DIN No.:

00050832

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	U24230MH1990PTC058515	Nutron Pharmaceuticals Private Limited	Director	12-10-90	12-10-90	Active	YES
2	U70200MH2007PTC167050	Hariyali Properties Private Limited	Director	16-01-07	16-01-07	Active	NO

Name :

Mr. Ramesh Hanjarimal Shah

Designation :

Director

Address :

9^th Khetwadi Lane, 10^th Pavapuri Apartments, 5^th Floor, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

01.06.1952

Qualification :

B.E. Civil

Date of Appointment:

12.10.1990

DIN No.:

00055662

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	U24230MH1990PTC058515	Nutron Pharmaceuticals Private Limited	Director	12-10-90	12-10-90	Active	YES
2	U45203MH2011PTC218242	Hariyali Builders Private Limited	Director	02-06-11	02-06-11	Active	NO

Name :

Mr. Manish Bhuralal Shah

Designation :

Director

Address :

29, Yojana Building, Girgaon Co-operative Housing Society, S.V.P. Road, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

16.07.1971

Qualification :

B.E. (Chemical)

Date of Appointment:

03.04.1995

DIN No.:

00055614

Name :

Mr. Jayesh Popatlal Shah

Designation :

Director

Address :

9^th Khetwadi Lane, 10^th Pavapuri Apartments, 5^th Floor, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

14.07.1972

Qualification :

B.E. (Chemical)

Date of Appointment :

15.03.1999

DIN No.:

00055700

Name :

Mr. Dinesh Popatlal Shah

Designation :

Director

Address :

9^th Khetwadi Lane, 10^th Pavapuri Apartments, 5^th Floor, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

13.03.1975

Qualification :

B. Com

Date of Appointment :

15.03.1999

DIN No.:

00055741

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Dinesh Popatlal Shah	520
Ritesh Ramesh Shah	750
Chandrika Ramesh Shah	750
Maniben Bhuralal Shah	100
Chhotalal C. Doshi	1
Vagataram M. Prajapati	1
Jitendra D. Shah	1
Manoharlal Tarachand Hirani	1
Popatlal Hanjarimal Shah	100
Ramesh Hanjarimal Shah	100
Manish Bhuralal Shah	756
Shilpa Manish Shah	750
Jayesh Popatlal Shah	500
Purnima Jayesh Shah	500
Total	4830

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Dealer and Importer of Chemicals and Solvents.

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

v Citi Bank N.A., Trent House, 2^nd Floor, G Block, Plot No.C-60, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India

v The Sangli Bank Limited, International Business Division 1^st Floor, Rajgir Chambers, 12-14, Shahid Bhagat Singh Road, Fort, Mumbai – 400 023, Maharashtra, India

v Bank of Baroda

v ICICI Bank Limited

v Standard Chartered Bank

v Vijaya Bank

Facilities :

UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Dinesh Trading Company	8.600	4.350
Hanjarimal and Sons	1.700	5.750
R Praful and Company	1.200	1.050
Total	11.500	11.150

Banking Relations :	--
Auditors :
Name :	V.C. Shah and Company Chartered Accountants
Address :	Rajgir Chamber, 3^rd Floor, 12/14 Shahid Bhagat Singh Road, Opposite Old Custom House, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22634021
Fax No.:	91-22-22662667
E-Mail :	vcshahco@vsnl.com
Pan No.:	AADFV8088N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Share	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4830	Equity Share	Rs.100/- each	Rs.0.483 Million

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		0.483	0.483	0.483
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		192.999	149.101	115.211
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		193.482	149.584	115.694
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.077
2] Unsecured Loans		11.500	11.150	17.983
TOTAL BORROWING		11.500	11.150	18.060
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		204.982	160.734	133.754
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.329	0.410	0.524
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.043	0.038	0.026
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.443	64.549	54.464
	Sundry Debtors	130.750	134.962	106.007
	Cash & Bank Balances	36.024	20.879	36.940
	Other Current Assets	5.078	5.880	0.421
	Loans & Advances	90.896	66.563	44.243
Total Current Assets		338.191	292.833	242.075
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.633	68.504	64.208
	Other Current Liabilities	4.539	0.000	0.170
	Provisions	87.409	64.043	44.493
Total Current Liabilities		133.581	132.547	108.871
Net Current Assets		204.610	160.286	133.204
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		204.982	160.734	133.754

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	496.680	433.195	475.864
		Other Income	NA	NA	0.854
		TOTAL (A)	NA	NA	476.718
Less	EXPENSES
		Purchases			374.226
		Administrative, Selling and Other Expenses	444.301	399.952	30.471
		Increased /Decreased in Stock			6.920
		TOTAL (B)	444.301	399.952	411.617
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				65.101
Less	FINANCIAL EXPENSES (D)				4.217
			NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				60.884
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.202
	PROFIT BEFORE TAX (E-F) (G)		67.259	53.457	60.682
Less	TAX (H)		23.360	19.568	22.283
	PROFIT AFTER TAX (G-H) (I)		43.899	33.889	38.399
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		149.100	115.211	76.812
	BALANCE CARRIED TO THE B/S		192.999	149.100	115.211
	Earnings Per Share (Rs.)		9088.82	7016.42	7950.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	8.05
Net Profit Margin (PBT/Sales)	(%)	13.54	12.34	12.75
Return on Total Assets (PBT/Total Assets}	(%)	19.87	18.23	25.01
Return on Investment (ROI) (PBT/Networth)		0.35	0.36	0.52
Debt Equity Ratio (Total Liability/Networth)		0.75	0.96	1.10
Current Ratio (Current Asset/Current Liability)		2.53	2.21	2.22

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230MH1990PTC058515
Name of the company	NUTRON PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	57/61 Kika Streetvyas Bhuvan 1^st Floor Gulalwadi, Mumbai – 400 004, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	CITIBANK N.A.
Nature of instrument creating charge	Composite Deed of Modification
Date of instrument Creating the charge	28.04.2010
Amount secured by the charge	Rs.108.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Current Assets of the Company hypothecated as and by way of first exclusive charge as security for the repayment of the loan together with all interest, liquidated damages, premia on repayment or on redemption, costs, charges and other expenses payable by the Nutron Pharmaceuticals Private Limited ("the Borrower") and Hindustan Speciality Chemicals ("the Guarantor") to the Bank.
Short particulars of the property charged	Hypothecation of first exclusive charge on Stocks and Book Debts forming part of the Current Assets of the Borrower and Gurantor both present and future.
Particulars of the present modification	The charge shall now stands increased from Rs.70.000 Millions to Rs.108.000 Millions in favour of the Bank.

FIXED ASSETS:

v Office Equipment

v Vehicle-Motor Car

v Vehicle-Bike

v Furniture and Fixtures

v Computer

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.49.53
UK Pound	1	Rs.77.95
Euro	1	Rs.64.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		50

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.