MIRA INFORM REPORT

Report Date :

16.01.2012

IDENTIFICATION DETAILS

Name :	MEHTA API PRIVATE LIMITED
Registered Office :	314, Janki Centre, 29 Shah Industrial Estate, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.03.1987
Com. Reg. No.:	11-43003
Capital Investment / Paid-up Capital :	Rs.9.801 millions
CIN No.: [Company Identification No.]	U24230MH1987PTC043003
TAN No.: [Tax Deduction & Collection Account No.]	MUMS41431F
PAN No.: [Permanent Account No.]	AAECS9868B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of APIs and Advance Drug Intermediates.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 350000
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 concern 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 (GENERAL DETAILS)

Name :	Mr. Tarun
Designation :	Accountant
Contact No.:	91-22-66926541

LOCATIONS

Registered Office :	314, Janki Centre, 29 Shah Industrial Estate, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-66926541
Fax No.:	91-22-66925901
E-Mail :	mehta_api@mehtapharma.com vinay.shah@mehtapharma.com info@mehtaapi.com satyajitmishra_cs@rediffmail.com
Website :	www.mehtaapi.com
Location :	Owned
Head Office :	315, Janki Centre, 29, Shah Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai -400 053, Maharashtra, India
Tel. No.:	91-22-61459500
Fax No.:	91-22-66925901 / 26730129
Factory :	Gut No. 546, Behind Plot No. N-211, Village Kumbhavli, Taluka Palghar, District Thana, Maharashtra, India
Tel. No.:	91-2525-645438 / 39 / 605010
Fax No.:	91-2525-275780 / 90
Branch Office :	Located at: Boisar Virar

DIRECTORS

As on 30.09.2011

Name :	Mr. Harshadrai Prabhudas Mehta
Designation :	Managing Director
Address :	B-201/202, Mohan Villa, Bajaj Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Date of Appointment :	01.04.1987
DIN No.:	00796610

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	U24230MH1987PTC043003	Mehta API Private Limited	Managing director	01-04-87	01-04-87	Active	NO
2	U24100MH2010PTC208173	PMV Lifescience Private Limited	Director	25-09-10	25-09-10	Active	NO

Name :	Mr. Devendra Harshadrai Mehta
Designation :	Director
Address :	B-201-202, Mohan Villa, Bajaj Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Date of Appointment :	01.01.2001
DIN No.:	00796682

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	U24230MH1987PTC043003	Mehta API Private Limited	Director	01-01-01	01-01-01	Active	NO
2	U24100MH2010PTC208173	PMV Lifescience Private Limited	Director	25-09-10	25-09-10	Active	NO

Name :	Mr. Yogin Harshadrai Mehta
Designation :	Director
Address :	B-201-202, Mohan Villa, Bajaj Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Date of Appointment :	01.01.2001
DIN No.:	00796692

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	U24230MH1987PTC043003	Mehta API Private Limited	Director	01-01-01	01-01-01	Active	NO
2	U24100MH2010PTC208173	PMV Lifescience Private Limited	Director	25-09-10	25-09-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Harshadrai Mehta	18500
Devendra Mehta	13835
Yogin Mehta	13835
Surenchandra Mehta	18500
Chetan Mehta	13335
Atul Mehta	13335
Manisha Mehta	500
Mehta Chemicals, India	1000
H. P. Mehta (HUF)	1000
Pushpa Mehta	1833
Kundanbala Mehta	1833
Darshana Mehta	500
Total	98006

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	1.02
Directors or relatives of directors	98.98
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of APIs and Advance Drug Intermediates.

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· Central Bank of India

Kasturi Building, J Tata Road, Churchgate, Mumbai – 400 020, Maharashtra, India

· HDFC Bank Limited

· Axis Bank

· State Bank of India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	52.597	31.656
Foreign currency loans banks secured	78.766	8.640
Working capital loans banks secured	55.345	3.855
Total	186.708	44.151

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Working capital loans others unsecured	22.603	0.000
Loans directors unsecured	35.676	32.475
Total	58.279	32.475

Banking Relations :	--
Auditors :
Name :	Kardamp Shah and Company Chartered Accountants
Address :	B/11, Padma Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400 099, Maharashtra, India
PAN No.:	AACPS6442E

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98006	Equity Shares	Rs.100/- each	Rs.9.801 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		9.801	9.401	7.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		78.573	49.609	17.275
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		88.374	59.010	24.675
LOAN FUNDS
1] Secured Loans		186.708	44.151	70.675
2] Unsecured Loans		58.279	32.475	20.000
TOTAL BORROWING		244.987	76.626	90.675
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		333.361	135.636	115.350
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		117.727	69.110	77.518
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	175.751	110.914	39.272
	Sundry Debtors	255.726	114.855	50.694
	Cash & Bank Balances	1.452	0.197	0.276
	Other Current Assets	25.984	13.076	6.886
	Loans & Advances	125.046	47.767	43.602
Total Current Assets		583.959	286.809	140.730
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	319.253	196.159	87.496
	Other Current Liabilities	22.489	10.562	15.402
	Provisions	26.583	13.562	0.000
Total Current Liabilities		368.325	220.283	102.898
Net Current Assets		215.634	66.526	37.832
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		333.361	135.636	115.350

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2011	31.03.2010	31.03.2009
	SALES
			Income	1129.000	655.375	484.096
			Other Income		31.715	15.274
			TOTAL (A)	1129.000	687.090	499.370
Less	EXPENSES
			Raw Materials, Packing Materials and Goods Consumption		591.874	429.669
			Manufacturing Expenses		16.763	18.600
			Administrative Expenses		4.383	3.393
			Payment to and provision for employees		5.232	3.699
			Selling and Administrative Expenses		7.629	3.034
			TOTAL (B)	NA	625.881	458.395
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				61.209	40.975
Less	INTEREST AND FINANCIAL CHARGES (D)				12.959	15.839
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				48.250	25.136
Less/ Add	DEPRECIATION/ AMORTISATION (F)				10.416	11.958
	PROFIT BEFORE TAX (E-F) (G)			42.000	37.834	13.178
Less	TAX (H)			NA	13.500	0.033
	PROFIT AFTER TAX (G-H) (I)			NA	24.334	13.145
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			NA	4.675	(8.470)
Less	INCOME TAX ADJUSTMENTS OF EARLIER YEARS			NA	0.002	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve		NA	6.500	0.000
	BALANCE CARRIED TO THE B/S			NA	22.507	4.675
	EARNINGS IN FOREIGN CURRENCY			321.011	118.007	80.174
	Earnings Per Share (Rs.)			NA	258.85	177.63

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.54	2.63
Net Profit Margin (PBT/Sales)	(%)	NA	5.77	2.72
Return on Total Assets (PBT/Total Assets}	(%)	5.99	10.63	6.04
Return on Investment (ROI) (PBT/Networth)		0.48	0.64	0.53
Debt Equity Ratio (Total Liability/Networth)		6.94	5.03	7.84
Current Ratio (Current Asset/Current Liability)		1.59	1.30	1.37

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U24230MH1987PTC043003
Name of the company	MEHTA API PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	314, Janki Centre, 29 Shah Industrial Estate, Andheri (West), Mumbai – 400 053, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10013362
Type of charge	· Book debts · Others o Stock in trade and goods
Particular of charge holder	Central Bank of India Kasturi Building, J Tata Road, Churchgate, Mumbai – 400 020, Maharashtra, India E-Mail : agmmums0604@centralbank.co.in
Nature of instrument creating charge	Agreement of Hypothecation of Goods to secure letter of credit Agreement of Hypothecation of Book Debts
Date of instrument Creating the charge	17.03.2011
Amount secured by the charge	Rs.534.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest CC(HYP) Cum OD (Book Debt upto 90 days)- BR+4.50%; Packaging Credit- As per Co CIR.; Term Loan 1-BPLR-2%, Term Loan -II- LIBOR + 7% Terms of repayment As per sanction letter of the Bank Margin CC(Hyp) cum OD (Book Debt upto 90 days)- 25% Packing Credit-10% Term Loan 1- 28% for bldg and 25% for plant and machinery Term Loan -II -25% Letter of credit-15% Extent and operation of the charge The charge will remain in full force till the repayment of all loan of the Bank
Short particulars of the property charged	· Stocks of raw materials such as consumable stores and spares both present and future and during the continuance of this agreement brought into the possession or occupation of the borrowers. · All present and future book debts · All tangible, movable properties and assets of the borrower
Particulars of the present modification	The charge is modified to secure the following enhanced facilities : Cash credit cum Overdraft-20.000 millions Packing credit -75.000 millions EBD/EBP-75.000 millions Inland bill discounting- 5.000 millions. Term Loan I- 22.700 millions Term Loan II- 32.000 millions Letter of credit-300.000 millions Bank Guarantee- 5.000 millions

FIXED ASSETS

· Buildings

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Plant and Machineries

· Computers

WEB DETAILS

Profile

Subject engaged in manufacturing and marketing of APIs and Advance Drug Intermediates.... Globally.

Highly commitment to Excellence in Product Quality and adherence to stringent delivery schedule. Exports to about 20 countries including Regulated Markets - spanning all 6 continents. A technology driven company setting up high benchmarks for quality has strong API processing and manufacturing capability

Subject is evolving as a research driven organization focusing on manufacturing and marketing of APls and Advance Intermediates. It is led by visionary management with its ambitious plans. The company has capacity to manufacture multi step highly complex, high potent, chiral and semi-systhetic APls. Exporting worldwide to 20 countries including Regulated Markets - spanning across 6 continents.

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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		46

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.