MIRA INFORM REPORT

Report Date :

10.02.2012

IDENTIFICATION DETAILS

Name :	CENTURION REMEDIES PRIVATE LIMITED CENTURION LABORATORIES (DIVISION OF CENTURION REMEDIES PRIVATE LIMITED)
Registered Office :	G/5, Industrial Estate, Gorwa, Baroda – 390016, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.04.2003
Com. Reg. No.:	04-042254
Capital Investment / Paid-up Capital :	Rs.1.739 Millions
CIN No.: [Company Identification No.]	U24231GJ2003PTC042254
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical products like antiseptic ointments, anit-bacterials, antibiotics, anti T.B. product, ayurvedic product, psychiatric product, lactam antibiotics formulation.
No. of Employees :	200 (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 100000
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

INFORMATION PARTED BY

Name :	Mr. Dhruval
Designation :	Director
Contact No.:	91-9879141992
Date :	07.02.2012

LOCATIONS

Registered Office/ Factory :	G/5, Industrial Estate, Gorwa, Baroda – 390016, Gujarat, India
Tel. No.:	91-265-2282061/2281074/3290522/2282061/2282065
Mobile No.:	91-9879141992 (Mr. Dhruval Patel)
Fax No.:	91-265-2280436
E-Mail :	info@centurionremedies.com centurionbrd@yahoo.co.in
Website :	www.centurionremedies.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Mr. Dhruval Jayantilal Patel

Designation :

Director

Address :

Mahipat Opposite 1, Amar Park Society, Near Bank of India Society, Nizampura, Vadodara – 390002, Gujarat, India

Date of Appointment :

21.04.2003

DIN No.:

00448083

Other Directorship :

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
U24231GJ2003PTC042254	Centurion Remedies Private Limited	Director	21/04/2003	21/04/2003	-	Active	NO
U73100GJ2006PTC049620	Centurion Laboratories Private Limited	Additional director	14/02/2011	14/02/2011	-	Active	NO

Name :

Mr. Ambalal Vanarasidas Patel

Designation :

Director

Address :

Mahipat Opposite 1, Amar Park Society, Near Bank of India Society, Nizampura, Vadodara – 390002, Gujarat, India

Date of Appointment :

21.04.2003

DIN No.:

00462011

Other Directorship :

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
U24231GJ2003PTC042254	Centurion Remedies Private Limited	Director	21/04/2003	21/04/2003	-	Active	NO
U73100GJ2006PTC049620	Centurion Laboratories Private Limited	Additional director	14/02/2011	14/02/2011	-	Active	NO

Name :

Ms. Renuka Mittal Patel

Designation :

Director

Address :

1 – Amar Society, Nizampura, Vadodara – 390002, Gujarat, India

Date of Appointment :

20.06.2007

DIN No.:

01588639

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
A. V. Patel	5000
L. A. Patel	2500
Rohi Patel	5845
Tejal Patel	5845
Renuka M. Patel	7500
Mittal N. Patel	2
Dhruval J. Patel	18000
Chetan J. Patel	2
Mukesh B. Patel	5000
J.V.Patel	2
Amrutben J. Patel	2
A.V.Patel H.U.F.	10002
Mahipat Patel	25200
Nupur A. Patel	15000
Total	99900

As on 04.01.2012

Names of Allottee	No. of Shares
Ambalal V. Patel	4800
Lilaben A.Patel	1850
Rohi Patel	8750
Tejal Patel	4550
Renuka Patel	10700
Dhruval J. Patel	11500
Mahipat A. Patel	7200
Nupur A. Patel	14500
Ambalal V. Patel H.U.F.	7200
Mukesh B. Patel	2950
Total	74000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.000
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical products like antiseptic ointments, anit-bacterials, antibiotics, anti T.B. product, ayurvedic product, psychiatric product, lactam antibiotics formulation.
Exports :
Products :	· Antiseptic Ointments · Anit-Bacterials · Antibiotics · Anti T.B. Product · Ayurvedic Product · Psychiatric Product · Lactam Antibiotics Formulation
Countries :	· Vietnam · Pilipino
Terms :
Selling :	L/C/ Cash/ Credit (30 days)
Purchasing :	Cash/ Credit (30 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

200 (Approximately)

Bankers :

Pragati Sahakari Bank Limited, Alembic Colony, Alembic Road, Vadodara – 390020, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Cash Credit Limit: From Bank of Baroda Secured against the hypothecation of stocks and other Current Assets	38.787	0.000
Cash Credit Limit: From Pragti Sahakari Bank Limited, Secured against the hypothecation of stocks	0.000	0.371
Overdraft Limit: From Bank of Baroda Secured against the Pledge of FDRs	10.785	0.830
Overdraft Limit: From Mehsana Urban Bank Secured against the Pledge of FDRs	11.536	6.662
Total	61.108	7.863
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Shareholders :
A. V. Patel	0.129	2.330
L. A. Patel	0.023	0.385
Renuka Patel	0.128	2.230
Rohi Patel	0.121	2.241
Tejal Patel	0.114	2.069
Total	0.515	9.255

Banking Relations :	--
Auditors :
Name :	H. Thakore and Company Chartered Accountants
Address :	A-102, Mangalmurti Apartments, Behind New Alka Restaurant, R. C. Dutt Road, Alkapuri, Vadodara – 390005, Gujarat, India
Mobile No.:	91-9825491180
E-Mail :	ca.hirday@vahoo.co.in
PAN.:	ACJPT7705J

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
173900	Equity Shares	Rs.10/- each	Rs.1.739 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99900	Equity Shares	Rs.10/- each	Rs.0.999 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		0.999	0.999	0.125
2] Share Application Money		13.522	0.000	0.000
3] Reserves & Surplus		11.029	9.240	1.332
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.550	10.239	1.457
LOAN FUNDS
1] Secured Loans		61.108	7.863	8.387
2] Unsecured Loans		0.515	9.255	25.691
TOTAL BORROWING		61.623	17.118	34.078
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		87.173	27.357	35.535
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.518	14.986	9.052
Capital work-in-progress		6.949	3.120	0.000
INVESTMENT		37.737	18.157	0.135
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.258	10.867	11.814
	Sundry Debtors	22.665	14.868	20.770
	Cash & Bank Balances	18.961	1.715	18.726
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.735	14.905	17.279
Total Current Assets		79.619	42.355	68.589
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	54.752	50.733	40.264
	Other Current Liabilities	0.000	0.000	1.267
	Provisions	0.898	0.528	0.710
Total Current Liabilities		55.650	51.261	42.241
Net Current Assets		23.969	(8.906)	26.348
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		87.173	27.357	35.535

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	209.940	150.755	80.649
		Other Income	5.466	2.396	2.306
		TOTAL (A)	215.406	153.151	82.955
Less	EXPENSES
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(1.878)	0.301	0.603
		Consumption of Raw Materials	137.134	101.299	48.144
		Consumption of Packing Materials	27.328	17.045	9.774
		Manufacturing Expenses	16.137	10.412	7.779
		Administrative Expenses	10.890	5.921	9.238
		Employees Benefits Expenses	11.462	7.356	0.000
		Selling and Distribution Expenses	5.175	3.676	2.634
		Exceptional Items	0.000	0.147	0.006
		TOTAL (B)	206.248	146.157	78.178
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.158	6.994	4.777
Less	FINANCIAL EXPENSES (D)		3.224	1.860	2.368
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.934	5.134	2.409
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.166	3.584	1.491
	PROFIT BEFORE TAX (E-F) (G)		2.768	1.550	0.918
Less	TAX (H)		0.980	0.634	0.386
	PROFIT AFTER TAX (G-H) (I)		1.788	0.916	0.532
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.248	1.332	0.800
	BALANCE CARRIED TO THE B/S		4.036	2.248	1.332
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	71.507	0.000	0.000
	TOTAL EARNINGS		71.507	0.000	0.000
	Earnings Per Share (Rs.)		17.90	--	--

Expected Sales (2011-12) : Rs.300.000 Millions

The above information has been parted by Mr. Dhruval.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.83	0.59	0.64
Net Profit Margin (PBT/Sales)	(%)	1.32	1.03	1.14
Return on Total Assets (PBT/Total Assets}	(%)	2.82	2.70	1.18
Return on Investment (ROI) (PBT/Networth)		0.11	0.15	0.63
Debt Equity Ratio (Total Liability/Networth)		4.59	6.67	52.38
Current Ratio (Current Asset/Current Liability)		1.43	0.83	1.62

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	Yes
15) Capital in the business	No
16) Details of sister concerns	No
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	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

FORM 8

Corporate identity number of the company	U24231GJ2003PTC042254
Name of the company	CENTURION REMEDIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	G / 5, Industrial Estate, Gorwa, Baroda – 390016, Gujarat, India Email Id : centurionbrd@yahoo.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Stocks, Vehicles
Particular of charge holder	Bank of Baroda, I. E. Gorwa Branch, Gorwa, Baroda – 390016, Gujarat, India Email Id : indbar@bankofbaroda.com
Nature of instrument creating charge	Composite Hypothecation Agreement (For Stock / Book Debts / Vehicles / Movable Machinery)
Date of instrument Creating the charge	22.02.2011
Amount secured by the charge	Rs.50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3.5% over base rate Terms of repayment As per the attached agreement Margin Stock - 25% Book Debts - 30% Cash Margin - 25% Extent and operation of the charge First charge over the assets of the company for the charge amount and interests and other charges
Short particulars of the property or asset(s) charged (including complete address and location of the property)	a) All stock of raw materials, semi finished and finished goods, both present and future, and b) all the present and future book debts, outstanding moneys, receivables, claims, bills, choses in action contracts, engagements and securities of the borrower , c.) The specific items of movable machinery / vehicles / crafts, etc.

FIXED ASSETS

· Goodwill

· Office Building Renovation (WIP)

· Furniture and Fixtures

· Plant and Machinery

· Electric Installation

· Lab Equipments

· Office Equipments

· Xerox Machine

· Fingerprint Machine

· Vehicles (Tempo)

· Vehicles (Sentro Car)

· Vehicles (Audi Car)

· Vehicles (Motorcycle)

· Computers

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.49.29
UK Pound	1	Rs.78.10
Euro	1	Rs.65.59

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	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.