MIRA INFORM REPORT

Report Date :

27.06.2012

IDENTIFICATION DETAILS

Name :	SAMRAT REMEDIES LIMITED
Registered Office :	1501, Phase III, GIDC, Vapi – 396195, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.08.2003
Com. Reg. No.:	04-42774
Capital Investment / Paid-up Capital :	Rs.5.500 Millions
CIN No.: [Company Identification No.]	U24231GJ2003PLC42774
IEC No.:	0305060724
TAN No.: [Tax Deduction & Collection Account No.]	SRTS06519C
PAN No.: [Permanent Account No.]	AAJCS3844G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Trader of Chemicals, Drug Intermediates and Cattle Feeds.
No. of Employees :	43 [In Office : 8 and In Factory : 35] [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 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company with satisfactory track. Directors are reported to be experienced and respectable businessmen. The financial position of the company has been improving. Trade relations are fair. Business is active. Payments are usually correct. Based on the valuation statement and networth the management appears to be having satisfactory means of their own. However, it would be advisable to take adequate securities while dealing with the subject.

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/ Factory :	1501, Phase III, GIDC, Vapi – 396195, Gujarat, India
Tel. No.:	91-260-3296545
Fax No.:	91-260-2427073
E-Mail :	samratplant@gmail.com harshcorp@vsnl.net.in harshcorp@mtnl.net.in contact@samratremedies.com
Area :	19600 sq. ft.
Location :	Owned
Head Office :	303, 3rd Floor, Suyash, Hanuman Gali, Koldongri, Jagdish Nagar, Sahar Road, Andheri (E), Mumbai - 400069, Maharashtra, India
Branch Office :	Plot No. 1505, 3^rd Phase, GIDC, Vapi – 396195, Gujarat, India
Area :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Champak Kantilal Parekh
Designation :	Director
Address :	3 Kamdhenu Nilayam, 5 Nanda Patkar Road, Vile Parle [East], Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	31.10.1933
Qualification :	GDC and A
Date of Appointment :	25.08.2003
PAN No.:	00287189
Name :	Mr. Hitesh Champak Parekh
Designation :	Managing director
Address :	3 Kamdhenu Nilayam, 5 Nanda Patkar Road, Vile Parle [East], Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	28.07.1965
Qualification :	B Pharma
Date of Appointment :	25.08.2003
DIN No.:	00287229
Name :	Mrs. Saroj Champak Parekh
Designation :	Director
Address :	3 Kamdhenu Nilayam, 5 Nanda Patkar Road, Vile Parle [East], Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	10.10.1940
Qualification :	B. Com. (Intermediate)
Date of Appointment :	16.09.2005
DIN No.:	00287298
Name :	Mrs. Sangeeta Hitesh Parekh
Designation :	Director
Address :	3 Kamdhenu Nilayam, 5 Nanda Patkar Road, Vile Parle [East], Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	25.10.1966
Qualification :	B. Com.
Date of Appointment :	16.09.2005
DIN No.:	00287345

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Hitesh C Parekh	462500
Hitesh C Parekh [HUF]	100000
Champak K Parekh	12500
Sangeeta H Parekh	462470
Saroj C Parekh	12500
Bindi V Mehta	10
Harish D Gandhi	10
Jayant L Shah	10
Total	1050000

As on 20.01.2012

Names of Allottes	No. of Shares Allotted
Central Chemical Inc.	81350
Total	81350

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Chemicals, Drug Intermediates and Cattle Feeds.

Products :

Production Description	ITC Code No
Sodium Metaperiodate	28299000
Iodine	28012000
Potassium Iodide	28276010

• Potassium Iodide
• Potassium Iodate
• Trimethyl Sulfoxonnium Iodide
• Sodium Iodide
• Sodium Metaperiodate
• Potassium Metaperiodate
• Copper Iodide
• Methyl Iodide
• Calcium Iodate
• Methul 2- Iodobenzoate
• Hydriodic Acid [56%]
• 3,5-Diiodo Salicylic Acid

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Organic and Inorganic Chemicals	MT	360.00	223.49

GENERAL INFORMATION

Suppliers :

· Aarti Industries Limited

· ACE Industries

· Al-Can Exports Private Limited

· Apsara Packagings

· Bharat Acid and Chemical Company

· CBC Company Limited

· Central Chemicals Inc

· Chaitanya Packaging

· Chempharma

· Deep Pharma-Chem Private Limited

· Dhanuka Laboratories

· Enopeck Security Seals (India)

· GSPC Gas Company Limited

· KDL Biotech Limited

Customers :

· Aarti Industries Limited

· Adani Pharmachem Private Limited

· Apex Healthcare Limited

· Artek Surfin Chemicals Limited

· Artemis Biotech

· Atul Limited

· Auctus Pharma Limited

· Bal Pharma Limited

· Brundavan Lab Private Limited

· Cadila Healthcare Limited

· Century Enka Limited

· Cipla Limited

· Dhanuka Laboratories Limited

· Evialis India Limited

· Finar Chemicals Limited

No. of Employees :

43 [In Office : 8 and In Factory : 35] [Approximately]

Bankers :

§ Corporation Bank, SME- Marol Branch, Sarhar Bonanza Plaza, Marol, Andheri Kurla Road, Andheri East, Mumbai – 400059, Maharashtra, India

§ The Saraswat Co-operative Bank Limited,

Raja Shopping Center, New Nagardas Road, Andheri [East], Mumbai – 400069, Maharashtra, India

§ ICICI Bank

§ ABN Amro Bank

§ HDFC Bank

§ Kotak Mahindra Bank

Facilities :

Secured Loan	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Corporation Bank A/c 01080004	23.658	23.415
Corporation Bank Term Loan	16.008	21.458
Others	8.100	0.000
Total	47.766	44.873

Unsecured Loan	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors	26.849	23.949
From Others	4.249	13.729
Total	31.098	37.678

Banking Relations :	Satisfactory
Auditors :
Name :	Nalin S Parekh and Company Chartered Accountants
Address :	302, Madhav Apartment, Jawahar Road, Ghatkopar [East], Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22-25114552/ 25013488
E-Mail :	nalin@bom2.vsnl.net.in
PAN No.:	AABPP3409R

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1131350	Equity Shares	Rs.10/- each	Rs.11.314 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
550000	Equity Shares	Rs.10/- each	Rs.5.500 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		5.500	5.500	5.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.215	17.358	12.657
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.715	22.858	18.157
LOAN FUNDS
1] Secured Loans		47.766	44.873	33.141
2] Unsecured Loans		31.098	37.678	20.982
TOTAL BORROWING		78.864	82.551	54.123
DEFERRED TAX LIABILITIES		1.585	1.731	0.388
TOTAL		108.164	107.140	72.668
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		44.517	45.997	43.368
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.052	0.052	0.053
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	45.390	19.172	7.015
	Sundry Debtors	53.776	69.533	54.052
	Cash & Bank Balances	11.193	14.645	8.365
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.445	8.860	7.576
Total Current Assets		120.804	112.210	77.008
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	57.209	51.119	47.761
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		57.209	51.119	47.761
Net Current Assets		63.595	61.091	29.247
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		108.164	107.140	72.668

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	302.524	291.213	200.032
		Other Income	2.121	1.301	1.280
		TOTAL (A)	304.645	292.514	201.312
Less	EXPENSES
		Cost of Sales	249.760	250.928	170.470
		Administrative and Other Expenses	29.162	18.395	17.260
		TOTAL (B)	278.922	269.323	187.730
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.723	23.191	13.582
Less	FINANCIAL EXPENSES (D)		12.559	10.513	5.975
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.164	12.678	7.607
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.744	5.024	1.247
	PROFIT BEFORE TAX (E-F) (G)		7.420	7.654	6.360
Less	TAX (H)		2.563	2.531	2.049
	PROFIT AFTER TAX (G-H) (I)		4.857	5.123	4.311
	TOTAL IMPORTS		NA	157.405	102.511
	Earnings Per Share (Rs.)		8.83	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.59	1.75	2.14
Net Profit Margin (PBT/Sales)	(%)	2.45	2.63	3.18
Return on Total Assets (PBT/Total Assets}	(%)	4.49	4.84	5.28
Return on Investment (ROI) (PBT/Networth)		0.27	0.33	0.35
Debt Equity Ratio (Total Liability/Networth)		4.91	5.85	5.61
Current Ratio (Current Asset/Current Liability)		2.11	2.20	1.61

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	No
10) Designation of contact person	No
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	Yes
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

NOTE:

The registered office address of the company has shifted from “Plot No.1403, 3^rd Phase, Near Gama Colony, GIDC, Vapi – 396195, Gujarat, India” to the present address w.e.f. 29.04.2010

FIXED ASSETS

• Building
• Land
• Office Equipments
• Computer System
• Plant and Machinery
• Furniture and Fixture
• Air Conditioners
• 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.57.07
UK Pound	1	Rs.88.96
Euro	1	Rs.71.40

INFORMATION DETAILS

Report Prepared by :

BSN

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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.