MIRA INFORM REPORT

Report Date :

13.02.2012

IDENTIFICATION DETAILS

Name :	GAMA EXPORTS PRIVATE LIMITED

Registered Office :	AT & Post Poichanandesar Crossing, Vadodara – 301780, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.04.1988

Com. Reg. No.:	04-010643

Capital Investment / Paid-up Capital :	Rs.15.000 Millions

CIN No.: [Company Identification No.]	U51909GJ1988PTC010643

TAN No.: [Tax Deduction & Collection Account No.]	BRDG00556D

PAN No.: [Permanent Account No.]	AAACG6853A

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Pharmaceutical Intermediates and Contract Manufacturing Job Work.

No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (21)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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

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. Bipin
Designation :	Vice Precedent
Contact No.:	91-9825044726
Date :	10.02.2012

LOCATIONS

Registered Office/ Factory :	AT & Post Poichanandesar Crossing, Vadodara – 301780, Gujarat, India
Tel. No.:	91-2667-244724
Mobile No.:	91-9825044726 – Mr. Bipin
Fax No.:	91-2667-244725
E-Mail :	bipin.patel54@gmail.com maildeveshpathak@rediffmail.com
Location :	Owned

DIRECTORS

As on 28.09.2011

Name :

Girishbhai D. Patel

Designation :

Managing Director

Address :

12, Aangan Apartment, 20, Urmi Society, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

01.05.1959

Date of Appointment :

28.04.1988

DIN No.:

00905742

Name :

Mr. Dilipbhai D. Patel

Designation :

Director

Address :

A-702, Shilalekh, Narangghat Sahibaug, Ahmedabad – 380004, Gujarat, India

Date of Birth/Age :

02.10.1952

Date of Appointment :

28.04.1988

DIN No.:

00684068

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	U25191GJ1984PTC006837	OIL WORLD PRIVATE LIMITED	Director	24-03-84	24-03-84	25-06-08	Active	YES
2	U51909GJ1988PTC010643	GAMA EXPORTS PVT LTD	Director	28-04-88	28-04-88	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Bipin
Designation :	Vice Precedent

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders		No. of Shares
Amar D. Patel		2290
Amrish D. Patel		910
Arjun G.Patel		1110
Binduben B. Patel		20910
Bipinbhai D. Patel HUF		7350
Bipinbhai D. Patel		2650
Dahyabhai P. Patel		18060
Dilipbhai D. Patel		1230
Divyaben D. Patel		1250
Girishbhai D. Patel HUF		6000
Girishbhai D. Patel		26410
Kunjan G. Patel		1780
Labbhkuvarben D. Patel		21750
Sangitaben G. Patel		4700
Toral B. Patel		3300
Tulshi B. Patel		5800
TOTAL		125500

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Intermediates and Contract Manufacturing Job Work.

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

Cadila Healthcare

Prakash Chemicals

No. of Employees :

80 (Approximately)

Bankers :

HDFC Bank
ICICI Bank
IDBI Bank
State Bank of India (Erstwhile State Bank of Saurashtra), Fathegunj Branch, Eagle Apartment, Fathegunj, Vadodara – 390007, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From State Bank of India
Cash Credit Account (Secured against hypothecation of stock of raw materials and Finished goods)	12.348	12.348
Total	12.348	12.348
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Director	1.935	1.785
From Others	3.937	5.904
Total	5.872	7.689

Banking Relations :	--

Auditors :
Name :	S.H. Shastri and Company Chartered Accountant
Address :	402, Capri House, Behind Express Hotel, Alkapuri – 390007, Vadodara, Gujarat, India
PAN.:	AEXPS9841N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125500	Equity Shares	Rs.Ā/- each	Rs.12.550 Millions
	Opening Balance		Rs.2.450 Millions
	TOTAL		Rs.15.000 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		15.000	2.450	2.450
2] Share Application Money		0.000	12.550	12.550
3] Reserves & Surplus		4.277	4.277	4.277
4] (Accumulated Losses)		(30.458)	(33.022)	(35.102)
NETWORTH		(11.181)	(13.745)	(15.825)
LOAN FUNDS
1] Secured Loans		12.348	12.348	13.271
2] Unsecured Loans		5.872	7.689	8.270
TOTAL BORROWING		18.220	20.037	21.541
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		7.039	6.292	5.716

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		7.627	5.923	7.035
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.015	0.015	0.016
DEFERREX TAX ASSETS		1.425	1.425	1.425

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.921	12.355	8.479
	Sundry Debtors	1.096	1.603	2.115
	Cash & Bank Balances	0.537	0.155	0.470
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.661	1.952	1.445
Total Current Assets		13.215	16.065	12.509
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.435	9.948	8.821
	Other Current Liabilities	6.228	4.907	4.373
	Provisions	2.580	2.281	2.075
Total Current Liabilities		15.243	17.136	15.269
Net Current Assets		(2.028)	(1.071)	(2.760)

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		7.039	6.292	5.716

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	96.817	30.522	31.885
		Other Income	0.018	0.782	0.116
		TOTAL (A)	96.835	31.304	32.001

Less	EXPENSES
		Increase/ Decrease Inventories	(0.846)	(1.619)	24.216
		Raw Material Consumption	55.745	12.284
		Stores and Spares Consumed	1.419	0.099
		Manufacturing Expenses	24.869	10.270
		Payment to Employees	5.138	4.632
		Administrative and General Expenses	3.900	1.383
		Selling Expenses	3.085	1.233
		TOTAL (B)	93.310	28.282	24.216

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.525	3.022	7.785

Less	FINANCIAL EXPENSES (D)		0.032	0.043	0.815

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.493	2.979	6.970

	DEPRECIATION/ AMORTISATION (F)		0.928	0.898	0.930

	PROFIT BEFORE TAX (E-F) (G)		2.565	2.080	7.900

Less	TAX (H)		0.000	0.000	0.039

	PROFIT AFTER TAX (G-I) (I)		2.565	2.080	7.861

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(33.023)	(35.103)	(42.964)

	BALANCE CARRIED TO THE B/S		30.458	33.023	(35.103)

	Earnings Per Share (Rs.)		20.44	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.65	6.64	24.57

Net Profit Margin (PBT/Sales)	(%)	2.65	6.81	24.78

Return on Total Assets (PBT/Total Assets}	(%)	12.74	9.46	38.45

Return on Investment (ROI) (PBT/Networth)		(0.24)	(0.15)	(0.50)

Debt Equity Ratio (Total Liability/Networth)		2.99	2.70	2.33

Current Ratio (Current Asset/Current Liability)		0.87	0.94	0.82

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	--
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC11	--
Major shareholder , if available	--

FORM 8

Corporate identity number of the company	U51909GJ1988PTC010643
Name of the company	GAMA EXPORTS PVT LTD
Address of the registered office or of the principal place of business in India of the company	AT & Post Poichanandesar Crossing, Vadodara – 301780, Gujarat, India Email: maildeveshpathak@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80001940
Type of charge	Immovable Property
Particular of charge holder	State Bank of India (Erstwhile State Bank of Saurashtra), Fathegunj Branch, Eagle Apartment, Fathegunj, Vadodara – 390007, Gujarat, India Email: sbi.60255@sbi.co.in
Nature of instrument creating charge	Letter no. FTG/VDR/109 dtd 25/07/2009 from State Bank Of India (Earstwhile SBS) in respect of release of charge .
Date of instrument Creating the charge	25.07.2009
Amount secured by the charge	Rs.23.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per bank's extant instructions from time to time. Terms of Repayment: Working capital limit renewable on yearly basis. Margin: As per bank's extant instructions from time to time. Extent and Operation of the charge: Interest rate @14.75% (SBAR + 3.00%)
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All those pieces and parcel of land bearing R.S No. 500/26 Paiki of Village: Poicha, Taluka: Savli Dist: Baroda with all super structure built thereon and to be built thereafter.
Date of instrument modifying the charge	11.05.2007
Particulars of the present modification	Release of Property situated at Office No. 504, 5th Floor, at Citadel Windsor Plaza, Complex, Alkapuri, Vadodara admeasuring 864 Sq.feet vide letter no. FTG/VDR/109 Dated 27/06/2009 from State Bank Of India (Earstwhile SBS)

TRADE REFERENCES

Cadila Healthcare Limited
Parkash Chemicals

FIXED ASSETS

Land
Factory Building
Mill Godown
Plant and Machinery
Electrical Installation
Generator
Technical Equipment
Storage Tank Yard
Pollution Control Plant
Air Conditioner
Mobile phone
Office Equipment
Laboratory Equipment
Washing Machine
Computer
Vehicles
Furniture and Fixture

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.49.64
UK Pound	1	Rs.78.35
Euro	1	Rs.65.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		21

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.

MIRA INFORM REPORT

9.921

1.096

0.537

0.000

1.661

13.215

6.435

6.228

2.580

15.243

(2.028)

2.65

2.65

12.74

(0.24)

2.99

0.87

Unit