MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	BECTOCHEM CONSULTANTS AND ENGINEERS PRIVATE LIMITED
Registered Office :	201, Ashok House, Rajendra Prasad Road, Juhu, Santacruz (West), Mumbai – 400049, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.05.2002
Com. Reg. No.:	11-135950
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U29297MH2002PTC135950
TAN No.: [Tax Deduction & Collection Account No.]	MUMB11166B
PAN No.: [Permanent Account No.]	AABCB7908G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Pharma Machines.
No. of Employees :	170 (Approximately) [In Office 20, 150 In Factory]

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 420000
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.

INFORMATION DENIED BY

Name :	Mr. Piyush
Designation :	Finance Head
Date :	09.01.2012

LOCATIONS

Registered Office :	201, Ashok House, Rajendra Prasad Road, Juhu, Santacruz (West), Mumbai – 400049, Maharashtra, India
Tel. No.:	91-22-28500008
Fax No.:	91-22-28506785
E-Mail :	bectochem@bectochem.com sangeeta@bectochem.com
Website :	www.bectochem.com
Area :	1500sq.ft
Location :	Owned
Corporate Office :	5C / 204, Mittal Industrial Estate, Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28500008 / 2400 / 0057
Fax No.:	91-22-28506785
E-Mail :	bectochem@vsnl.com sales@bectochem.com info@bectochem.com
Website :	www.bectochem.com
Area :	1000 Sq. ft.
Location :	Rented
Factory 1 :	A 1/ 16/ 4906, GIDC Inustrial Estate Ankleshwar, Dist. Bharuch, Ankleshwar – 393002, Gujarat
Tel. No.:	91-2646-221757/222444
Fax No.:	91-2646-22444
Area:	46,000 Sq. ft.
Factory 2 :	Unit No. 10/11, Sanjay Building No. 6, Mittal Estate, Andheri – Kurla Road, Andheri [East], Mumbai – 400059
Factory 3:	Gala No. 108/C, Wing Building No. 5, in Akshay Mittal Industrial Estate, Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Factory 4:	Plot No. 80, PCNTDA, Bhosari, Pune - 411026, Maharashtra, India
Tel No. :	91-20-30781208
Fax No. :	91-20-30781210
Branch :	5C/10 Mittal Industrial Estate, Andheri – Kurla Road, Andheri, Mumbai – 400 059, Maharashtra, India

DIRECTORS

As on 27.09.2010

Name :

Mr. Rajendra Mohan Bector

Designation :

Director

Address :

201, Ashok House, Rajendra Prasad Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

10.10.1936

Date of Appointment :

21.05.2002

DIN No.:

01041746

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
U29259MH1988PTC047853	Aahan Engineers Private Limited	Director	28/06/1988	28/06/1988	-	Active	NO
U29297MH2002PTC135950	Bectochem Consultants and Engineers Private Limited	Director	21/05/2002	21/05/2002	-	Active	NO
U29253MH2011PTC215468	Becto Flex Containment System Private Limited	Director	29/03/2011	29/03/2011	-	Active	NO

Name :

Smt. Prem Rajendramohan Bector

Designation :

Director

Address :

201, Ashok House, Rajendra Prasad Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

05.08.1938

Date of Appointment :

21.05.2002

Name :

Smt. Sangeeta Alok Bector

Designation :

Director

Address :

201, Ashok House, Rajendra Prasad Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

11.09.1963

Date of Appointment :

21.05.2002

DIN No.:

01041749

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
U29259MH1988PTC047853	Aahan Engineers Private Limited	Director	28/06/1988	28/06/1988	-	Active	NO
U29297MH2002PTC135950	Bectochem Consultants and Engineers Private Limited	Director	21/05/2002	21/05/2002	-	Active	NO
U29253MH2011PTC215468	Becto Flex Containment System Private Limited	Director	29/03/2011	29/03/2011	-	Active	NO

Name :

Mr. Alok Rajendramohan Bector

Designation :

Director

Address :

201, Ashok House, Rajendra Prasad Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

15.04.1964

Date of Appointment :

21.05.2002

DIN No.:

02294385

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
U29259MH1988PTC047853	Aahan Engineers Private Limited	Director	1/06/1994	1/06/1994	-	Active	NO
U29297MH2002PTC135950	Bectochem Consultants and Engineers Private Limited	Director	21/05/2002	21/05/2002	-	Active	NO
U29253MH2011PTC215468	Becto Flex Containment System Private Limited	Director	29/03/2011	29/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Piyush
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Rajendra Bector Karta and Representative of R. M. Bector HUF, India	225000
Prem Rajendramohan Bector	825000
Sangeeta Alok Bector	240000
R. M. Bector	1065000
Alok Rajendramohan Bector	615000
Mona Sanjiv Kalra	15000
Sunanda Rajesh Varma	15000
Total	3000000

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Pharma Machines.

Products :

Granulation Line:

· Vibro Sifter

· Auto Coater

· Coating Pan

· Paste Kettle

· Fluid Bed Dryer

· Multi Mill

· Co – Mill

· Double Clone Blender

· Octogonal Blender

· Tri Motion Blender

· Fix and Mobile Loader

· Washing Systems

Ointment Line:

· Oinment Mixer

· Homogenizer

· Storage

Liquid Line:

· Mixing Tank

· Storage Tank

ITC Code	Product Description
29297	Jacket Tank For Chemical Storage
29297	Pharmaceutical Machinery and Spares

GENERAL INFORMATION

Customers :

· Cipla

· Hindustan Unilever Limited

· Cadila Pharmaceuticals Limited

· Ranbaxy Laboratories Limited

· Alchem

· USV

· Reliance Life Sciences

No. of Employees :

170 (Approximately) [In Office 20, 150 In Factory]

Bankers :

· State Bank of India, Industrial Finance Branch, Sakinaka, Mumbai – 400072, Maharashtra, India

· Navsarjan Industrial Co-operative Bank Limited

· HDFC Bank, HDFC Bank House Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India

· Bank of Baroda

· ICICI Bank

Facilities :

Secured Loans	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
State Bank of India - 10032271980 (O.D.) (Against hypothecation of inventory, book debts and equitable mortgage of property)	(9.492)	(0.310)
H.D.F.C. Bank 243	37.960	(0.813)
Export Packing Credit (EPC)	0.000	10.222
ICICI Bank Car Loan	0.000	0.058
ICICI Bank Car Loan (Honda)	0.000	0.255
Reliance Capital Limited - Indica	0.107	0.232
Reliance Capital Limited - Innova	0.278	0.616
Reliance Capital Limited - Optra	0.333	0.615
Reliance Capital Limited - Scorpio	0.218	0.455
Kotak Mahindra Primus Limited	1.061	0.000
HDFC Bank Limited - Car Loan (Alto)	0.263	0.000
Total	30.728	11.331
Unsecured Loans	As on 31.03.2010 Rs. in Millions	As on 31.03.2009 Rs. in Millions
From Directors and Shareholders	22.166	13.059
Total	22.166	13.059

Financial Institute :	· Reliance Capital Limited · Kotak Mahindra Primus Limited
Banking Relations :	--
Auditors :
Name :	Pankaj A Shah and Company Chartered Accountants
Address :	12/25, L, Narjivan Commercial Premises, Co-operative Society Limited, Lamington Road, Mumbai – 40000
Tel. No.:	91-22-23074148
PAN.:
Associates/Subsidiaries :	Aahan Engineers Private Limited R. A. Engineers Bectochem Organics

CAPITAL STRUCTURE

As on 27.09.2010

Authorized Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Note:

(out of above shares 1000000 shares are allotted as fully paid up shares by way of bonus shares, previous year Nil.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		30.000	30.000	30.000
2] Share Application Money		10.000	10.000	10.000
3] Reserves & Surplus		64.296	52.164	34.135
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		104.296	92.164	74.135
LOAN FUNDS
1] Secured Loans		30.728	11.331	33.447
2] Unsecured Loans		22.166	13.059	8.507
TOTAL BORROWING		52.894	24.390	41.954
DEFERRED TAX LIABILITIES		0.000	0.092	0.139
TOTAL		157.190	116.646	116.228
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.124	40.109	40.649
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		15.338	15.338	15.338
DEFERREX TAX ASSETS		0.287	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	122.329	46.582	44.835
	Sundry Debtors	124.159	136.011	129.151
	Cash & Bank Balances	2.648	3.938	12.217
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.544	67.425	56.342
Total Current Assets		280.680	253.956	242.545
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	137.615	114.923	110.549
	Other Current Liabilities	38.029	46.265	48.290
	Provisions	0.690	31.711	23.653
Total Current Liabilities		176.334	192.899	182.492
Net Current Assets		104.346	61.057	60.053
MISCELLANEOUS EXPENSES		0.095	0.142	0.188
TOTAL		157.190	116.645	116.228

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL (A)	434.924	510.458	526.179
Less	EXPENSES
		TOTAL (B)	397.924	468.227	483.082
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.000	42.231	43.097
Less	FINANCIAL EXPENSES (D)		9.640	6.000	6.780
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.360	36.231	36.317
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.755	6.834	6.288
	PROFIT BEFORE TAX (E-F) (G)		19.605	29.397	30.029
Less	TAX (H)		6.753	11.283	10.459
	PROFIT AFTER TAX (G-H) (I)		12.852	18.114	19.569
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		52.164	34.135	14.566
Less	APPROPRIATIONS		0.720	0.086	0.000
	BALANCE CARRIED TO THE B/S		64.296	52.164	34.135
	EARNINGS IN FOREIGN CURRENCY		46.112	53.922	103.288
	IMPORTS		14.925	13.925	13.974
	Earnings Per Share (Rs.)		4.28	6.04	10.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.95	3.55	3.71
Return on Total Assets (PBT/Total Assets}	(%)	6.17	10.00	10.60
Return on Investment (ROI) (PBT/Networth)		0.19	0.32	0.40
Debt Equity Ratio (Total Liability/Networth)		2.20	2.36	3.02
Current Ratio (Current Asset/Current Liability)		1.59	1.32	1.32

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors for Goods	115.893	77.509	70.995
Sundry Creditors for Expenses	21.722	37.414	39.554
Total	137.615	114.923	110.549

FINANCIAL RESULTS

Overall Net Sales registered 15.85% decrease to Rs.449.800 Millions compared to Rs.534.500 Millions for F.Y.2008-09.

Net Profit before Tax at Rs.19.606 Millions was 33.31% less in comparison to F.Y.2008-09. Increase in Depreciation at Rs.0.921 Million over Rs.6.834 Millions last year. Financial Cost showed an increase of 60.67% compared to last year.

The plant at Ankleshwar, Mumbai and Pune performed well during the year.

Projects:

The company is continuously on expansion programme at its units at Ankleshwar, Mumbai and Pune. The company is continuously in process of global acquisition of company which will considerably increase company's turnover and profits with the introduction of new line of products having an international demand.

Finance:

Good management of working capital comprising Inventory and Receivables helped the Company in generating enough cash flow. The level of external borrowings remained in the adequate limit during the year. The company acquired entire shares of the private limited company under the same management in 2006-07 financial year. Consequent to acquisition of above shares that company has became 100% subsidiary company and company is benefited by user of manufacturing facility at the premises of subsidiary company.

FORM 8

Corporate identity number of the company	U29297MH2002PTC135950
Name of the company	BECTOCHEM CONSULTANTS AND ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	201, Ashok House, Rajendra Prasad Road, Juhu, Santacruz (West), Mumbai – 400049, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	10117560
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank, HDFC Bank House Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplementary Letter of Hypothecation.
Date of instrument Creating the charge	16.10.2010
Amount secured by the charge	Rs.110.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated 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 Hypothecation by way of First Charge on Company's Stock in Trade, Book Debts, etc, to secure as a continuing security as mentioned in Column No.15 below for the repayment of Rs.110.000 millions together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank.
Short particulars of the property charged	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights
Particulars of the present modification	The Charge shall now stand increased from Rs.100.000 millions to Rs.110.000 millions, against the security of Stock in Trade, Book Debts of the Company

Fixed Assets

· Computer

· Factory Premises

· Furniture and Fixture

· Motor Car

· Plant and Machinery

· Fax Machine

· Xerox Machine

· Gala No. 204/205

· Vacuum cleaner

· Typewriter

· Cranes

· Cycle

· Generator

· Motor Bike

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.52.22
UK Pound	1	Rs.80.84
Euro	1	Rs.66.80

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	YES
--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.