MIRA INFORM REPORT

Report Date :

10.01.2012

IDENTIFICATION DETAILS

Name :	ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED (w.e.f. 23.06.2010)
Formerly Known As :	PAM PHARMACEUTICAL AND ALLIED MACHINERY COMPANY PRIVATE LIMITED
Registered Office :	127, Kandivali Industrial Estate, Kandivali (West), Mumbai – 400 067, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.02.1972
Com. Reg. No.:	11-15632
Capital Investment / Paid-up Capital :	Rs.2.481 millions
CIN No.: [Company Identification No.]	U24239MH1972PTC015632
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15335F
PAN No.: [Permanent Account No.]	AAACP4776H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceuticals Machinery and their components.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established, and a reputed company having fine track. Financial position of the company appears to be sound. Fundamentals are strong and healthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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. Jay Kumar
Designation :	Account Officer
Contact No.:	91-22-30780722
Date :	09.01.2012

LOCATIONS

Registered Office/Factory 1 :	127, Kandivali Industrial Estate, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Tel. No.:	91-22-30780700 / 28682650 / 30780722 / 30780701 / 02
Mobile No.:	91-9004609943 (Mr. Harshad)
Fax No.:	91-22-30780709 / 30780711
E-Mail :	vadana.nayak@acg-world.com nitin.salvi@acg-world.com sales.pam@acg-world.com info@acg-world.com
Website :	http://www.acg-world.com
Area :	28000 Sq. ft.
Location :	Owned
Corporate Headquarters :	Dalamal House, Nariman Point, Mumbai - 400 021, Maharashtra, India
Tel. No.:	91-22-30089444 / 45
Fax No.:	91-22-22872560
Factory 2 :	100, Kandivali Industrial Estate, Charkop, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Location :	Owned
Factory 3 :	66, Kandivali Industrial Estate, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Location :	Owned

DIRECTORS

As on 19.07.2011

Name :	Mr. Jasjit Daljit Singh
Designation :	Director
Address :	2B Swapnalok L Jagmohandas Marg, Nepeansea Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	03.04.1943
Qualification :	MA
Date of Appointment :	02.12.1972
DIN No.:	00901470

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	U29100MH1972PTC016053	ACG Ajas Components Private Limited	Director	07-10-72	07-10-72	-	Active	NO
2	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	02-12-72	02-12-72	-	Active	NO
3	U01110MH1971GAP015467	Sci-Tech Centre	Director	12-07-76	12-07-76	-	Active	NO
4	U73100MH1981ULT023930	Emell Audhowagik Samshodhan Nigam Private Limited	Director	28-02-81	28-02-81	-	Strike off	NO
5	U74120MH1983NPL031696	Ajas Agrovet Foundation	Director	29-12-83	29-12-83	-	Active	NO
6	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	09-07-87	09-07-87	-	Active	NO
7	U24235MH1988PTC048924	Custom Capsules Private Limited	Director	23-09-88	23-09-88	-	Active	NO
8	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	17-12-96	17-12-96	-	Active	NO
9	U24239MH1983PTC031336	ACG Arts And Properties Private Limited	Director	01-10-98	01-10-98	-	Active	NO
10	U28129MH2003PTC139916	Packshield India Private Limited	Director	07-04-03	07-04-03	-	Active	NO
11	U45200MH2004PTC149770	ACG Pharmapack Private Limited	Director	01-12-04	01-12-04	-	Active	NO
12	U45200MH1994PTC077466	ACG Real Estate Private Limited	Director	11-03-05	11-03-05	-	Active	NO
13	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Managing director	01-04-05	01-04-05	-	Active	NO
14	U72200GJ2008PTC055122	Viztek Technologies Private Limited	Director	26-09-08	26-09-08	21-07-09	Active	NO
15	U29219MH2009PTC190634	Pam Indtech Machines Private Limited	Director	25-03-09	25-03-09	-	Active	NO
16	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	22-06-09	22-06-09	-	Active	NO
17	U29268MH2009PTC196714	ACG Korsch Compression Technologies Private Limited	Director	28-10-09	28-10-09	-	Active	NO
18	U70102MH2010PTC198368	Orind Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
19	U70109MH2010PTC199305	Evita Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
20	U51909MH2010PTC201509	Adhikar Trading Private Limited	Director	12-05-10	12-05-10	-	Active	NO
21	U51909MH2010PTC202502	Jeet Mercantile Private Limited	Director	14-05-10	14-05-10	-	Active	NO
22	U74210MH2010PTC204129	Nainital Engineers Private Limited	Director	26-07-10	26-07-10	-	Active	NO
23	U91990MH2010NPL211312	W P Organisation (Mumbai Chapter)	Director	23-12-10	23-12-10	10-01-11	Active	NO

Name :	Mr. Ajit Daljit Singh
Designation :	Whole Time Director
Address :	A -1, Brighton No.1, Rungta Lane, Nepeansea Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	20.01.1941
Qualification :	BE
Date of Appointment :	01.11.1988
DIN No.:	00915347

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	U29100MH1972PTC016053	ACG Ajas Components Private Limited	Director	07-10-72	07-10-72	-	Active	NO
2	U01110MH1971GAP015467	Sci-Tech Centre	Director	15-03-74	15-03-74	-	Active	NO
3	U73100MH1981ULT023930	Emell Audhowagik Samshodhan Nigam Private Limited	Director	28-02-81	28-02-81	-	Strike off	NO
4	U24235MH1988PTC048924	Custom Capsules Private Limited	Director	23-09-88	23-09-88	-	Active	NO
5	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	01-11-88	01-11-88	-	Active	NO
6	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	01-11-88	01-11-88	-	Active	NO
7	U74120MH1983NPL031696	Ajas Agrovet Foundation	Director	01-04-94	01-04-94	-	Active	NO
8	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	17-12-96	17-12-96	-	Active	NO
9	U24239MH1983PTC031336	ACG Arts And Properties Private Limited	Director	28-09-99	28-09-99	-	Active	NO
10	U28129MH2003PTC139916	Packshield India Private Limited	Director	07-04-03	07-04-03	-	Active	NO
11	U45200MH2004PTC149770	ACG Pharmapack Private Limited	Director	01-12-04	01-12-04	-	Active	NO
12	U45200MH1994PTC077466	ACG Real Estate Private Limited	Director	11-03-05	11-03-05	-	Active	NO
13	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Whole-time director	01-04-05	01-04-05	-	Active	NO
14	U91120MH1965GAP013389	Organisation of Pharmaceutical Producers of India	Director	23-09-06	23-09-06	-	Active	NO
15	U72200GJ2008PTC055122	Viztek Technologies Private Limited	Director	26-09-08	26-09-08	21-07-09	Active	NO
16	U29219MH2009PTC190634	Pam IndTech Machines Private Limited	Director	25-03-09	25-03-09	-	Active	NO
17	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	22-06-09	22-06-09	-	Active	NO
18	U74999MH2008NPL185159	International Wine and Food Society	Director	01-08-09	01-08-09	-	Active	NO
19	U29268MH2009PTC196714	ACG Korsch Compression Technologies Private Limited	Director	28-10-09	28-10-09	-	Active	NO
20	U70102MH2010PTC198368	Orind Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
21	U70109MH2010PTC199305	Evita Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
22	U51909MH2010PTC201509	Adhikar Trading Private Limited	Director	12-05-10	12-05-10	-	Active	NO
23	U51909MH2010PTC202502	Jeet Mercantile Private Limited	Director	14-05-10	14-05-10	-	Active	NO
24	U74210MH2010PTC204129	Nainital Engineers Private Limited	Director	26-07-10	26-07-10	-	Active	NO

Name :	Mr. Karan Jasjit Singh
Designation :	Director
Address :	2B Swapnalok L Jagmohandas Marg, Nepeansea Road, Mumbai – 400036, Maharashtra, India
Date of Birth/Age :	23.07.1979
Qualification :	Graduate from Michigan University, USA
Date of Appointment :	25.11.2005
DIN No.:	00901342

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	U01110MH1971GAP015467	Sci-Tech Centre	Director	01-01-05	01-01-05	Active	NO
2	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Director	01-04-05	01-04-05	Active	NO
3	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	25-11-05	25-11-05	Active	NO
4	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	25-11-05	25-11-05	Active	NO
5	U45402PN1992PLC065521	M-Tech Innovations Limited	Nominee director	24-09-07	24-09-07	Active	NO
6	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	30-07-09	30-07-09	Active	NO

Name :	Mr. Jagmohanlal Chopra
Designation :	Director
Address :	4^th Floor, 42 Tower B Jolly Maker A, Cuffe Parade, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	23.07.1979
Qualification :	CA
Date of Appointment :	29.09.2006
DIN No.:	00901556

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	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	29-09-06	29-09-06	Active	NO
2	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Additional director	01-10-06	01-10-06	Active	NO
3	U74140MH2010PTC203111	EH Advisors and Consultants Private Limited	Director	13-05-10	13-05-10	Active	NO
4	U74140MH2010PTC203113	AE Advisors Private Limited	Director	13-05-10	13-05-10	Active	NO
5	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	15-09-10	20-07-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.07.2011

Names of Shareholders	No. of Shares
Ajit Daljit Singh	4401
Jasjit Daljit Singh	1102
Nandini Jasjit Singh	1100
Karan Jasjit Singh	1100
Priya Jasjit Singh	1100
Jeet Mercantile Private Limited, India	16002
TOTAL	24805

As on 19.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	64.51
Directors or relatives of directors	35.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Pharmaceuticals Machinery and their components.

Products :

Item Code No.	Product Description
842230.01	Capsule Filling Machines
847920.09	Other Machinery and Mechanical Appliances
847990.04	Parts of Plant and Machinery for Chemicals and Pharmaceuticals

Exports :

Products :

Pharmaceuticals Machinery and their components

Countries :

· USA

· Germany

· South Africa

· Sri Lanka

· Pakistan

· Bangladesh

Imports :

Products :

Raw Materials

Countries :

· Germany

· UK

· US

Terms :

Selling :

L/C and Credit

Purchasing :

Advance

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Pharmaceuticals Machines and Other Machines	Nos.	2000	--
Accessories and Spares	Tons.	100	--
Dies and Punches	Sets	70000	85044
Machines	Nos.	--	1290

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

500 (Approximately)

Bankers :

· The Hong Kong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India

· State Bank of India, Kandivli Industrial Estate Branch, Near Hindustan Naka, Kandivli (West), Mumbai – 400067, Maharashtra, India

· Standard Chartered Bank, Kandivli (West), Mumbai – 400067, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Working capital loans banks secured	0.114	0.000
Total	0.114	0.000

Note

Secured by way of hypothecation of inventories, book debts and all other current assets, both present and future

Unsecured Loan	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Loans directors unsecured	10.323	10.323
Total	10.323	10.323

Banking Relations :	--
Auditors :
Name :	B K Khare and Company Chartered Accountants
Address :	706, Sharda Chambers, New Marine Lines, Mumbai – 400 020, Maharashtra, India
PAN No.:	AAAFB0265E
Holding Company :	Jeet Merchantile Private Limited
Subsidiaries :	· M/s AE Advisors Private Limited (Formerly known as Amil Enterprises) · ACG Korsch Compression Technologies Private Limited
Companies/firms over which the Directors have significant influence or control:	Companies · ACG Associated Capsules Private Limited · ACG Arts and Properties Private Limited · ACG Pharmapack Private Limited · Custom Capsules Private Limited · ACG Real Estate Private Limited · EH Advisors and Consultants Private Limited (Formerly known as Extra Hands) · Nainital Engineers Private Limited Firms · Aries Components Manufacturing and Company · Centercorp · Pharmagents · Bulk Buyers · Capsulabs · ACG Value Links LLP Foreign Companies · ACG Do Brazil Representacoes Commercials S/ A. · ACG North America LLC (Formerly Known as Universal Capsules LLC) · PT. Universal Capsules Indonesia Inc · Pam USA UCL LC (Merged with ACG North America from 01-April-2010 ) · ACG Holding BV · ACG Europe · Universal Capsules Philippines Inc. · Amiricaps USA · Symtech International Limited, Dubai · First Ventures Limited, Dubai · Transworld Investments Limited , Dubai Trusts · C.N.S. Trust · MNT Will Trust · Singh Family · Trust

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24805	Equity Shares	Rs.100/- each	Rs.2.481 millions

NOTE

(Of the above, 8000 Equity shares of Rs.100 each were allotted as fully paid up bonus shares by capitalisation of reserves and 800 Equity shares of Rs.100 each were allotted for consideration other than cash.) (Out of the above, 16002 equity shares are held by Holding Company, Jeet Mercantile Private Limited since May 24, 2010.)

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		2.481	2.481	2.481
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1365.277	1117.803	1031.268
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1367.758	1120.284	1033.749
LOAN FUNDS
1] Secured Loans		0.114	0.000	9.233
2] Unsecured Loans		10.323	10.323	10.323
TOTAL BORROWING		10.437	10.323	19.556
DEFERRED TAX LIABILITIES		4.024	1.024	2.223
TOTAL		1382.219	1131.631	1055.528
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		202.967	187.918	191.926
Capital work-in-progress		37.115	13.138	22.593
INVESTMENT		141.922	273.472	272.602
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	306.675	185.664	261.925
	Sundry Debtors	447.411	223.273	328.116
	Cash & Bank Balances	72.303	42.854	20.426
	Other Current Assets	0.000	0.320	0.000
	Loans & Advances	652.468	522.617	257.463
Total Current Assets		1478.857	974.728	867.930
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	188.552	136.312	112.657
	Other Current Liabilities	232.789	138.799	152.190
	Provisions	57.301	42.514	34.676
Total Current Liabilities		478.642	317.625	299.523
Net Current Assets		1000.215	657.103	568.407
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1382.219	1131.631	1055.528

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	1556.945	1252.784	1108.325
	Other Income			54.124
	TOTAL	1556.945	1252.784	1162.449
EXPENSES
	Manufacturing Expenses	NA	NA	386.224
	Employee’s Remuneration and Welfare Expenses			204.949
	Other Expenses			271.790
	Increase / (Decrease) In Stock			87.097
	TOTAL	NA	NA	950.060
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	NA	212.389
FINANCIAL EXPENSES		NA	NA	10.357
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	202.032
DEPRECIATION/ AMORTISATION		NA	NA	20.073
PROFIT BEFORE TAX		361.342	183.283	181.959
TAX		113.134	101.426	64.049
PROFIT AFTER TAX		248.208	81.857	117.910
EARLIER YEAR’S ADJUSTMENT		0.734	4.678	0.000
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.887	43.351	25.441
APPROPRIATIONS
	Transfer to General Reserve	200.000	80.000	100.000
BALANCE CARRIED TO THE B/S		97.361	49.886	43.351
IMPORTS
	Raw Materials	NA	26.189	40.189
TOTAL IMPORTS		NA	26.189	40.189
Earnings Per Share (Rs.)		10006.37	3300.02	4753.48

Expected Sales (2011-2012) : Rs.1750.000 millions

The above information has been parted by Mr. Jay Kumar

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	15.94	6.53	10.14
Net Profit Margin (PBT/Sales)	(%)	NA	NA	16.42
Return on Total Assets (PBT/Total Assets}	(%)	21.49	15.76	17.17
Return on Investment (ROI) (PBT/Networth)		0.26	0.16	0.18
Debt Equity Ratio (Total Liability/Networth)		0.36	0.29	0.31
Current Ratio (Current Asset/Current Liability)		3.09	3.07	2.90

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Creditors due small micro enterprises	0.000	0.000	112.657
Creditors due others	188.552	136.312
Total	188.552	136.312	112.657

Sr. No.	Check List by Info Agents
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 variations <> 20%	--
14.	Estimation for coming financial year	YES
15.	Capital in the business	YES
16.	Details of sister concerns	--
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
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, is available	--

REVIEW OF PERFORMANCE

During the year, the Company made further strides on the export front. The Company's thrust on exports will continue with a view to ensure sustained growth.

ACQUISITION OF BUSINESS

During the year, the Company has acquired business of manufacture of tablet tooling of ACG Ajas Components Private Limited with effect from 1 April, 2010 for an aggregate consideration of Rs.29.000 millions.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U24239MH1972PTC015632
Name of the company	ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	127, Kandivali Industrial Estate, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Type of charge	· Movable property (not being pledge) · Others o Plant and Machinery both Present and future
Particular of charge holder	The Hong Kong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India E-Mail : pareshmehta@hsbc.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation Deed for Plant and Machinery dated 25th March 2011
Date of instrument Creating the charge	25.03.2011
Amount secured by the charge	Rs.160.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest As mutually agreed between the Borrower and Bank from time to time or As per tariff. Terms of repayment In Consideration of Banking facilities sanctioned/to be sanctioned by the bank to the company, the company has hypothecated and charged to the bank by way of Exclusive charge on Plant and Machinery and movable fixed assets both present and future as a continuing security to secure the repayments of the advances together with interest cost and all other charges Margin The company shall maintain such margin as may be specified by the Bank from time to time. Extent and operation of the charge In case the Company fails to fulfill its obligations under the agreement , the bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilize the proceeds in full or part settlement of its claims
Short particulars of the property charged	Exclusive charge on Plant and Machinery and movable fixed assets both present and future.

CONTINGENT LIABILITIES

Particulars	As on 31.03.2011 Rs. in millions
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance)	118.070
Claims against the Company not acknowledged as debts i) In respect of Income Tax matters under appeal	--
Bank Guarantees (i) Performance Bank guarantees to customers (ii) Other Bank Guarantees	1.921 4.855
Investment in Indian Real Opportunity Venture capital fund	--
Disputed labour matters Advance for capital assets under the head Loans and Advances includes Rs.19.000 millions advance to Indrayani Foods Limited for purpose of land at shirwal.	0.025
The company has initiated legal proceedings for peaceful possession of the land. Based on the facts of the case the management is confident of recoverability of aforesaid advance.

FIXED ASSETS

Intangible Assets

· Goodwill

· SAP Software Licence

Tangible Assets

· Leasehold Land

· Buildings

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Office Equipments

· Vehicles

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.52.73
UK Pound	1	Rs.81.34
Euro	1	Rs.67.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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		64

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.