MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	ADANI PHARMACHEM PRIVATE LIMITED
Registered Office :	Plot No. 198/2, Aji, GIDC, Phase II, Road – M, Rajkot – 360 003, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.04.1999
Com. Reg. No.:	04-35693
Capital Investment / Paid-up Capital :	Rs.4.250 Millions
CIN No.: [Company Identification No.]	U24231GJ1999PTC035693
IEC No.:	2488007005
TAN No.: [Tax Deduction & Collection Account No.]	RKTA00042A
PAN No.: [Permanent Account No.]	AADCA2201R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and Exporters of Bulk Drugs and Fine Chemicals.
No. of Employees :	36 (In Office 10) (In Factory 20) (In Branch 6) (Approximately)

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 92000
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

INFORMATION PARTED BY

Name :	Mr. Rushabh Haresh Adani
Designation :	Director
Contact No.:	91-9825213332

LOCATIONS

Registered Office / Factory 1 :	Plot No. 198/2, Aji, GIDC, Phase II, Road – M, Rajkot-360003, Gujarat, India
Tel. No.:	91-281-2387652 / 2389068
Mobile No. :	91-9825213332 / 9825077652 (Mr. Rushabh Haresh Adani)
Fax No.:	91-281-2387607
E-Mail :	exports@adanipharma.com rushabh@adanipharma.com cb191@corpbank.co.in
Website :	http://www.adanipharma.com
Area :	1087 sq. ft. / 1084 Sq. ft.
Location :	(Factory) (Owned)
Corporate Office :	Rashtriyashala Marg, Rajkot-360002, Gujarat, India
Tel. No.:	91-181-2466796 / 2464365
Admin Office / Factory 2 :	Plot No. 2729 to 2731, Road I-1, Lodhika, GIDC, Village Metoda, Taluka Lodhika, Rajkot-360021, Gujarat, India
Tel. No.:	91-2827-287165/640131/32/33/34
Fax No.:	91-2827-287166
Branch Office :	Manish Compound, Building No. 2, Thane-Bhiwandi Road, Bhiwandi, District Thane, Maharashtra, India
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :

Mrs. Nirali Rushabh Adani

Designation :

Director

Address :

7^th Floor, C 7, Prayag C, Shroff Road, Kitab Ghar Street, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

29.05.1981

Date of Appointment :

07.01.2011

Din No.:

03383012

Name :

Mr. Harshad Anantrai Adani

Designation :

Director

Address :

B/H Tashtriya School, Rashrtiya Shala Compound, Near Yagnik Road, Rajkot - 360 002, Gujarat, India.

Date of Birth/Age :

15.06.1953

Qualification :

B.Sc.

Date of Appointment :

05.04.1999

Din No.:

00290012

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U15400GJ1995PTC027318	ADANI FOOD PRODUCTS PRIVATE LIMITED	Director	06-09-95	06-09-95	Active	NO
2	U24231GJ1999PTC035693	ADANI PHARMACHEM PRIVATE LIMITED	Director	05-04-99	05-04-99	Active	NO

Name :

Mr. Rushabh Haresh Adani

Designation :

Director

Address :

7^th Floor, C 7, Prayag C, Shroff Road, Kitab Ghar Street, Rajkot – 360 001, Gujarat, India

Date of Birth/Age :

28.08.1981

Qualification :

BBA

Date of Appointment :

01.04.2004

Din No.:

00298500

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24231GJ1999PTC035693	ADANI PHARMACHEM PRIVATE LIMITED	Managing director	21-07-11	01-04-04	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Harshad Anantrai Adani	77736
Mrudaula P. Adani	37067
Usha A. Adani	34729
Rushabh Haresh Adani	227800
Nirali Rushabh Adani	27668
Arunaben H Adani	20000
Total	425000

As on 30.09.2011

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

As on 26.03.2012

Names of Allottees	No. of Shares
Kappac Pharma Limited, India	18750
Total	18750

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Bulk Drugs and Fine Chemicals.

Products :

Iodine AND its derivatives Di-Iodohydroxyquinoline Iodochlorohydroxyquinoline Povidone Iodine Potassium Iodide Piprazine derivatives Piperazine citrate Piperazine Phosphate Piperazine Adipate Piperazine Hexahydrate Piperazine Di HCI Other bulk drugs Diloxanide Furoate Phthalysulphathiazole Bismuth Citrate Potassium Bromide Spice oleoresin & herbals Capsicum Oleoresin Oleoresin Paprika Turmeric Oleoresin Curcumin Powder

GENERAL INFORMATION

No. of Employees :

36 (In Office 10) (In Factory 20) (In Branch 6) (Approximately)

Bankers :

• Corporation Bank, Main Branch, “Nijanand”, Dhebar Road, Rajkot-360001, Gujarat, India.
• HDFC Bank, Near Rajkumar College, Rajkot-360001, Gujarat, India.
• Axis Bank Limited, Kalavad Road Branch, Rajkot-360001, Gujarat, India.
• ICICI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Corporation Bank CC A/C	8.982	8.740
Corporation Bank (FBP)	5.937	8.530
Corporation Bank (Rupee Loan)	4.000	0.000
Corporation Bank (Term Loan)	9.607	0.000
Total	28.526	17.270
Unsecured Loan
From Directors, Shareholders and Relatives	15.777	13.004
Total	15.777	13.004

Banking Relations :	--
Auditors :
Name :	Kalpesh S. Doshi and Company Chartered Accountants
Address :	411, Cosmo Complex, Mahila College Circle, Rajkot – 360 001, Gujarat, India.
Tel. No.:	91-181-2225278 / 2473599
Pan No :	ABXPD9051A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
425000	Equity Shares	Rs.10/- each	Rs.4.250 Millions

As on 30.09.2011

Authorised Capital : Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.4.344 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		4.250	4.250	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.787	15.796	11.727
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23.037	20.046	15.727
LOAN FUNDS
1] Secured Loans		28.526	17.270	10.761
2] Unsecured Loans		15.777	13.004	13.178
TOTAL BORROWING		44.303	30.274	23.939
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		67.340	50.320	39.666
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		29.500	17.979	13.122
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.311	0.263	0.244
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.725	18.390	27.359
	Sundry Debtors	42.309	26.597	23.247
	Cash & Bank Balances	5.603	3.501	6.660
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.353	2.949	3.125
Total Current Assets		68.990	51.437	60.391
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	18.617	17.764	25.207
	Other Current Liabilities	0.453	1.598	8.888
	Provisions	12.394	0.000	0.000
Total Current Liabilities		31.464	19.362	34.095
Net Current Assets		37.526	32.075	26.296
MISCELLANEOUS EXPENSES		0.003	0.003	0.004
TOTAL		67.340	50.320	39.666

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Domestic Sales	91.397	45.613	31.768
		Export Sales	183.215	138.735	139.964
		Other Income	0.417	0.101	0.150
		TOTAL (A)	275.029	184.449	171.882
Less	EXPENSES
		Cost of Goods Sold	226.850	153.821	143.589
		Manufacturing Expenses	19.199	10.688	9.648
		Administrative & Selling Expenses	11.559	6.845	5.349
		Expenses for Export	6.811	5.748	6.055
		Miscellaneous expenditure write off	0.001	0.001	0.001
		TOTAL (B)	264.420	177.103	164.642
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.609	7.346	7.240
Less	FINANCIAL EXPENSES (D)		5.167	3.890	4.150
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.442	3.456	3.090
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.687	0.785	0.752
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4.755	2.671	2.338
Less	TAX (H)		1.764	0.352	0.377
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.991	2.319	1.961
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.577	5.258	3.297
	BALANCE CARRIED TO THE B/S		10.568	7.577	5.258
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	169.323	124.165	121.495
	Earnings / (Loss) Per Share (Rs.)		7.04	5.46	4.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.09	1.26	1.14
Net Profit Margin (PBT/Sales)	(%)	1.73	1.45	1.36
Return on Total Assets (PBT/Total Assets}	(%)	4.83	3.85	3.18
Return on Investment (ROI) (PBT/Networth)		0.21	0.13	0.15
Debt Equity Ratio (Total Liability/Networth)		3.29	2.47	3.69
Current Ratio (Current Asset/Current Liability)		2.19	2.66	1.77

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
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	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90105415
Corporate identity number of the company	U24231GJ1999PTC035693
Name of the company	ADANI PHARMACHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 198/2, Aji, GIDC, Phase II, Road – M, Rajkot – 360 003, Gujarat, India.
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge Immovable Property Others
Particular of charge holder	Corporation Bank, Main Branch, “Nijanand”, Dhebar Road, Rajkot-360001, Gujarat, India.
Email	cb191@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Agreement for extension of Mortgage; and Supplementary Common Deed of Hypothecation of Movables/Assets/Debts
Date of instrument Creating the charge	28.05.2010
Amount secured by the charge	Rs.65.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC: 11.25 % p. a., PCL: Upto 270 days 9.50% beyond 270 days and Upto 360 days 12.50 % p. a. For New Term Loan: COBAR - 0.25% i.e. 11.75% p.a. at present Terms of Repayment CC : Running Account repayable on demand subject to annual review/renewal For PCL: Each PCL shall be cleared within a period of 90 Days from the date of availment out of the proceed of export bills negotiable/purchased/discounted. For New Term Loan: In 16 quarterly installments of Rs. 0.937 million each Margin CC: 30 % on inventory and 50 % on domestic book debts and more than 90 days. For PCL: 25% and for BG: 25% by way of term deposit For New Term Loan: 26.83 % Extent and Operation of the charge The charge by way of hypothecation of stock in trade, book debts and movable property and by way of Equitable Mortgage on immovable property shall operate as security for repayment of aggregate credit facility of Rs. 65.500 Millions (individual limit is given as under) together with interest, cost and charges Cash Credit cum PCL: Rs. 10.000 Millions , FDBN/FDBP/FDBD: Rs. 10.000 Millions , Bank Guarantee: Rs. 0.500 Millions , Import Letter of Credit: Rs. 30.000 Millions and New Term Loan Rs. 15.000 Millions Others As per sanction letter dated 04/05/2010
Short particulars of the property charged	I) Hypothecation of Present and Future Stock in Trade stored in Godown or in transit, Book Debts and Plant and Machinery situated in the Factory premises; II) Equi. Mortgage by depo. of Title Deeds of immovable property being land and building of Plot No. 198/2, R.S. No.206, CSW No. 12, CS No.4249 at GIDC, Phase II, Aji Ind. Area, Rajkot adm. 1087 Sq. Mtrs. III) Equi. Mortgage by depo. of Title Deeds of immovable property being lease hold factory land at Plot No. 2729, 2730, 2731 at GIDC Lodhika, Metoda, Rajkot adm. 4782.90 Sq. Mtrs. and building thereon IV) The plant and machinery as referred to in schedule to Supplementary Deed of Hypothecation dated 28.05.2010
Date of latest modification prior to the present modification	23.09.2009
Particulars of the present modification	The aggregate limit of credit facility has been enhanced to Rs. 65.500 Millions. Accordingly charge by way of hypothecation and Equitable Mortgage extends to secure the enhanced credit facility of Rs. 655.00 Millions (individual limit is given as under) together with interest, cost and charges. New Term Loan: 15.000 Millions Cash Credit cum PCL: Rs. 10.000 Millions. FDBN/FDBP/FDBD: Rs. 10.000 Millions. Bank Guarantee: Rs. 0.500 Millions and Import Letter of Credit: Rs. 30.000 Millions

FIXED ASSETS:

• Factory Land
• Factory Land at Metoda
• Factory Buildings and Shed
• Electric Fittings
• Every Scale
• Furniture
• Cycle
• Plant and Machinery
• Laboratory Equipments
• Type writer
• Freeze
• Scooter
• Fax Machine
• Air Cooler
• Computer
• Computer Cabin
• T.V.S. Scooty
• Air Conditioner
• Mobile
• Water Plant
• Epabx System
• Car (Santro - Xing)
• Inverter
• Xerox Machine
• Car (Swift)
• Television
• Factory Building WIP

AS PER WEBSITE DETAILS:

OVERVIEW

A trusted name in the pharmaceutical industry, Subject was established in the year 1981, with an aim to be recognized as one of India's leading manufacturers and exporters of Bulk Drugs and Chemicals especially antibacterial and antiamoebic as well as oleoresins and herbals and has earned international reputation. Under the able guidance of Mr. Haresh Adani, the company has carved a niche for itself in its sphere of operations. They have earned accolades from their customers not only in domestic market, but also international market. Their mission is simply to serve their customers' every need by offering quality products and world class service.

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.57.07
UK Pound	1	Rs.88.95
Euro	1	Rs.71.40

INFORMATION DETAILS

Report Prepared by :

TPT

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	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.