MIRA INFORM REPORT

Report Date :

21.02.2012

IDENTIFICATION DETAILS

Name :	ALKA LABORATORIES PRIVATE LIMITED (w.e.f. 18.06.2009)
Formerly Known As :	ALKA REMEDIES PRIVATE LIMITED
Registered Office :	117/118, Neha Industrial Estate, Off Duttapada Road, Borivali, Mumbai – 400 066, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.05.1998
Com. Reg. No.:	11-114840
Capital Investment / Paid-up Capital :	Rs.5.000 Millions
CIN No.: [Company Identification No.]	U24200MH1998PTC114840
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21884C
PAN No.: [Permanent Account No.]	AACCA7721R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Drugs, Chemicals and Solvents.
No. of Employees :	Not Available

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 286000
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 :	117/118, Neha Industrial Estate, Off Duttapada Road, Borivali, Mumbai – 400 066, Maharashtra, India
Tel. No.:	91-22-28540011/ 28543394
Fax No.:	91-22-28541425
E-Mail :	info@alkaremedies.com

DIRECTORS

As on 30.09.2011

Name :

Mrs. Chanchal Ramlal Bajaj

Designation :

Director

Address :

C-6/15, Jeevan Bima Nagar, Mandapeshwar Road, Borivali, Mumbai – 400 103, Maharashtra, India

Date of Birth/Age :

12.05.1962

Date of Appointment :

15.03.2010

DIN No.:

00144135

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	U60210MH1989PTC051302	Sona Roadlines Private Limited	Director	20-04-89	20-04-89	21-01-09	Active	NO
2	U24200MH1998PTC114840	Alka Laboratories Private Limited	Director	30-09-10	15-03-10	-	Active	NO

Name :

Mr. Dungarmal Govindram Bajaj

Designation :

Director

Address :

D-11, Nand Dham, Khandar Pada, Dahisar (West), Mumbai – 400 068, Maharashtra, India

Date of Appointment :

12.05.1998

DIN No. :

00535593

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	U24116MH1989PTC051019	Bajaj Organics Private Limited	Director	15-03-89	15-03-89	31-03-09	Active	NO
2	U60210MH1989PTC051302	Sona Roadlines Private Limited	Director	20-04-89	20-04-89	-	Active	NO
3	U24200MH1998PTC114840	Alka Laboratories Private Limited	Director	12-05-98	12-05-98	-	Active	NO

Name :

Mr. Arun S. Kedia

Designation :

Director

Address :

C-11/238, Sector - III, Rohini, Delhi – 110 085, India

Date of Appointment :

28.01.2006

DIN No. :

In Process

Name :

Mrs. Saroj Dungarmal Bajaj

Designation :

Director

Address :

D-11, Nand Dham, Khandar Pada, Dahisar (West), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

16.02.1963

Date of Appointment :

29.11.2011

DIN No. :

00144240

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares	Percentage of Holding
Ramlal Bajaj	13500	2.70
Dungarmal Bajaj	163400	32.68
Chanchal R. Bajaj	172400	34.48
Alka Bajaj	9500	1.90
Durgadutt Shantilal	10000	2.00
Naresh Kumar Bajaj	5000	1.00
Shravan Bajaj	10000	2.00
R.P. Bajaj	33000	6.60
Sarita R. Bajaj	17500	3.50
Saroj D. Bajaj	43000	8.60
Omprakash Dhandharia	100	0.02
Santosh Devi Dhandharia	100	0.02
Vijay Kumar Modi (HUF)	1000	0.20
S. Sanju Modi	1000	0.20
Payal Modi	1000	0.20
Chandrika M. Shah	1000	0.20
Mahesh Kumar Bajaj	100	0.02
Ramawatar Bajaj	100	0.02
Rekha Bajaj	100	0.02
Sulochna M. Bajaj	17600	3.52
Anubhav Bhimsaria	500	0.10
Chandanben H. Patel	100	0.02
Total	500000	100.00

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Drugs, Chemicals and Solvents.
Products :	Chemicals and Bulk Drugs

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
6-Amino Penicillinic Acid	Qty-Kgs	--
Phenyl Acetic Acid	Qty-Kgs	--
Nimuselide	Qty-Kgs	95,100

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Citi Bank N.A, Citi Tower, Dr. S.S. Rao Road, Parel, Mumbai – 400 012, Maharashtra, India

v Karnataka Bank

v ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
CITI BANK (Against Equitable Mortgage of office premises and residential flat of a Director in Mumbai)	13.137	3.761
ICICI Bank Limited, Mumbai (Against Equitable Mortgage of office premises at Hyderabad owned by relative of a Director)	14.727	15.895
HDFC Bank Limited - Car Loan (Against hypothecation of Car)	0.353	0.520
Total	28.217	20.176

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Inter Corporate Deposits	19.609	13.337
From Others	23.222	12.185
Total	42.831	25.522

Banking Relations :	--
Auditors :
Name :	P.K. Poddar and Company Chartered Accountants
Address :	34/11, Vrindavan Society, Thane (West) - 400 601, Maharashtra, India
Tel. No.:	91-22-25345795/ 32047387
Income-tax PAN of auditor or auditor's firm :	AASRR3712A

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs.5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		66.567	62.424	61.209
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		71.567	67.424	66.209
LOAN FUNDS
1] Secured Loans		28.217	20.176	13.629
2] Unsecured Loans		42.831	25.522	33.085
TOTAL BORROWING		71.048	45.698	46.714
DEFERRED TAX LIABILITIES		2.463	1.785	1.359
TOTAL		145.078	114.907	114.282
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		107.052	101.708	95.479
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.046	0.669
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.255	12.841	12.021
	Sundry Debtors	143.065	22.343	19.441
	Cash & Bank Balances	0.277	0.338	0.216
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.504	4.451	4.826
Total Current Assets		177.101	39.973	36.504
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	132.714	23.768	15.188
	Other Current Liabilities	5.261	1.653	2.190
	Provisions	1.280	1.557	1.178
Total Current Liabilities		139.255	26.978	18.556
Net Current Assets		37.846	12.995	17.948
MISCELLANEOUS EXPENSES		0.130	0.158	0.186
TOTAL		145.078	114.907	114.282

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	618.706	100.145	114.969
		Other Income
		TOTAL	618.706	100.145	114.969
Less	EXPENSES
		Office Expenses	610.691	96.609	108.694
		Administrative Expenses
		Advertising Expenses
		TOTAL	610.691	96.609	108.694
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.015	3.536	6.275
Less/ Add	DEPRECIATION/ AMORTISATION		1.773	1.411	2.019
	PROFIT BEFORE TAX		6.242	2.125	4.256
Less	TAX		2.099	0.425	1.266
	PROFIT AFTER TAX		4.143	1.700	2.990
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	10.177	13.492	NA
	TOTAL EARNINGS		10.177	13.492	NA
	Earnings Per Share (Rs.)		12.48	3.40	8.51

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.67	1.70	2.60
Return on Total Assets (PBT/Total Assets}	(%)	2.20	1.50	3.22
Return on Investment (ROI) (PBT/Networth)		0.09	0.03	0.06
Debt Equity Ratio (Total Liability/Networth)		2.94	1.08	0.99
Current Ratio (Current Asset/Current Liability)		1.27	1.48	1.97

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U24200MH1998PTC114840
Name of the company	ALKA REMEDIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	117/118, Neha Industrial Estate, Off Duttapada Road, Borivali, Mumbai – 400 066, Maharashtra, India
Type of charge	Book Debts Others (Inventory)
Particular of charge holder	CIN No.: L65190GJ1994PLC021012 ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India E-Mail: shanthi.venkatesan@icicibank.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation dated 15.09.2008 executed by Alka Remedies Private Limited
Date of instrument Creating the charge	15.09.2008
Amount secured by the charge	Rs.14.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest IBAR + CC Premia (0.50%) - 4.25% p.a. (Current pricing 13.50 % p.a.) Terms of Repayment Repayable on Demand Extent and Operation of the charge Exclusive charge in favour of the Bank by way of hypothecation of the firm’s entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank.

FIXED ASSETS

v Freehold Land - Hyderabad

v Leasehold Land - Nardhana

v Leasehold Land - Bhiwadi

v Office Premises

v Plant and Machinery

v Laboratory Equipment

v Furniture and Fixtures

v Borewell

v Factory Building

v Office Equipments

v Computers

v Electrical Equipments

v Air Conditioner

v Motor Car

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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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	NO
--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.