MIRA INFORM REPORT

Report Date :

02.03.2012

IDENTIFICATION DETAILS

Name :	CENTURY PHARMACEUTICALS LIMITED (w.e.f 30.03.1994)
Formerly Known As :	CENTURY DRUGS LIMITED
Registered Office :	406 World Trade Centre, Sayajigunj, Vadodara – 390 005, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.11.1989
Com. Reg. No.:	04-13000
Capital Investment / Paid-up Capital :	Rs.30.241 Millions
CIN No.: [Company Identification No.]	U24230GJ1989PLC013000
TAN No.: [Tax Deduction & Collection Account No.]	BRDC00529E
PAN No.: [Permanent Account No.]	AAACC7646K
Legal Form :	A closely held Public Limited Liability Company
Line of Business :	Manufacturing of pharmaceuticals, medical and botanical products.
No. of Employees :	36 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 435000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and reputed 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

LOCATIONS

Registered Office/ Head office :	406 World Trade Centre, Sayajigunj, Vadodara – 390 005, Gujarat, India
Tel. No.:	91 –265 – 2361581/ 2361978 / 2362509 / 2328681
Fax No.:	91– 265 – 2226023 / 2363423
E-Mail :	support@centurypharma.com info@centurypharma.com century.baroda@bigfoot.com
Website :	www.centurypharma.com
Factory :	Plot No. 103/104/105, GIDC Halol – 389350, Dist. Panchmahal, Gujarat, India
Tel. No.:	91– 2676 – 220912 / 223220
Fax No.:	91– 265 – 2226023
E-Mail :	info@centurypharma.com

DIRECTORS

As on 09.09.2011

Name :

Mr. Janak Kanaiyalal Sheth

Designation :

Director

Address :

54 Suvernapuri Society Jetalpur Road, Chikuwadi, Baroda – 390 007, Gujarat, India

Date of Birth/Age :

17.10.1953

Date of Appointment :

16.11.1989

DIN No.:

00049392

Name :

Mrs. Vaishali Janak Sheth

Designation :

Director

Address :

54 Suvernapuri Society Jetalpur Road, Chikuwadi, Baroda – 390 007, Gujarat, India

Date of Birth/Age :

31.08.1959

Date of Appointment :

16.11.1989

DIN No.:

00049421

Name :

Mr. Kanaiyalal Natwarlal Sheth

Designation :

Director

Address :

54 Suvernapuri Society Jetalpur Road, Chikuwadi, Baroda – 390 007, Gujarat, India

Date of Birth/Age :

13.10.1927

Date of Appointment :

16.11.1989

DIN No.:

00719277

Name :

Mr. Manhar Ratanlal Katwala

Designation :

Director

Address :

21 Anupam Society, rAce course, Baroda – 390 007, Gujarat, India

Date of Birth/Age :

01.08.1931

Date of Appointment :

20.07.2000

DIN No.:

00049787

Name :

Mr. Mihirkumar Arvindbhai Joshi

Designation :

Nominee Director

Address :

37/A, Vrajraj Co Op Housing Society, Gala Gymkhana Road, Bopal, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

12.06.1977

Date of Appointment :

31.07.2009

DIN No.:

00823615

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	U72200GJ2006PTC048130	RAPIDRADIO SOLUTIONS PRIVATE LIMITED	Additional director	22-08-07	22-08-07	-	Active	NO
2	L99999GJ1987PLC009768	20 MICRONS LIMITED	Nominee director	27-08-09	23-08-07	22-10-11	Active	NO
3	U32105GJ2004PLC044611	PEGASUS SEMICONDUCTOR LIMITED	Nominee director	20-04-09	20-04-09	-	Active	NO
4	U51496GJ1997PLC032100	AURA HERBAL TEXTILES LIMITED	Nominee director	29-07-09	29-07-09	-	Active	NO
5	U24239GJ2008PLC053030	AMRITA THERAPEUTICS LIMITED	Nominee director	31-07-09	31-07-09	-	Active	NO
6	U24230GJ1989PLC013000	CENTURY PHARMACEUTICALS LIMITED	Nominee director	31-07-09	31-07-09	-	Active	NO
7	U30000GJ2000PLC038530	E CUBE INDIA SOLUTIONS LIMITED	Nominee director	31-07-09	31-07-09	-	Active	NO
8	U15310GJ2000PLC037566	NET4NUTS LIMITED	Nominee director	31-07-09	31-07-09	-	Active	NO
9	U30007GJ2002PLC040659	SAHAJANAND LASER TECHNOLOGY LIMITED	Nominee director	19-08-09	19-08-09	-	Active	NO
10	U72200GJ1988PLC010830	E-INFOCHIPS LIMITED	Nominee director	03-11-09	03-11-09	-	Active	NO
11	U09211KA2004PTC034212	I-Nurture Education Solutions Private Limited	Nominee director	04-01-10	04-01-10	-	Active	NO
12	U72200KA2007PTC042335	FAIRTECH ENGINEERING SERVICES PRIVATE LIMITED	Nominee director	30-09-10	22-01-10	-	Active	NO
13	U74990GJ2000PTC037367	GVFL TRUSTEE COMPANY PRIVATE LIMITED	Director	15-07-11	19-11-10	-	Active	NO
14	U72900GJ2007PTC050603	MANTIS TECHNOLOGIES PRIVATE LIMITED	Nominee director	01-04-11	01-04-11	-	Active	NO
15	U24100GJ2007PLC051697	SEBACIC INDIA LIMITED	Director	30-09-11	31-07-11	-	Active	NO
16	U73200GJ2011NPL068356	DA-IICT CENTRE FOR ENTREPRENEURSHIP AND INCUBATION	Director	23-12-11	23-12-11	-	Active	NO

Name :

Mr. Rajnikant Gokuldas Kadakia

Designation :

Director

Address :

5, Ioc Nagar Housing Society, Old Padra Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

04.01.1929

Date of Appointment :

09.09.2011

DIN No.:

03256416

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 09.09.2011

Names of Shareholders	No. of Shares
Janak K Sheth	691890
Manujula K Sheth	773290
Kanaiyalal N Sheth	100100
Vaishali J SHeth	606700
Rajesh K Sheth	803010
Subodh S Shroff	3010
Dr Jai S Shastry	3000
Manaharlal R Katwala	10
GVFL Trustee Company Private Limited	43120
Total	3024130

Equity Share Break up (Percentage of Total Equity)

As on 09.09.2011

Category	Percentage
Venture Capital	1.42
Directors or relatives of Directors	98.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of pharmaceuticals, medical and botanical products.

Products :

v Bulk Drugs

v Active Ingredients

v Formulations – Human

v Formulations – Veterinary

Product Description	ITC Code
Chloramphenicol Salts	29414000
Erythromycin Salts	29415000
Ox tetracycline Salts	29413000

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity
Ox tetracycline Salts	Tons	100
Chloramphenicol Salts	Tons	60
Erythromycin Salts	Tons	120

GENERAL INFORMATION

No. of Employees :

36 (Approximately)

Bankers :

· Bank of Baroda, IBB Branch, Ground Floor, Suraj Plaza Building, Sayajigunj, Vadodara – 380006, Gujarat, India

· Export Import Bank of India, Floor 21, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 035, Maharashtra, India

· ICICI Bank Limited, JMC House, 9^th Floor, Opposite Parimal Garden, Ambawadi, Ahmedabad – 380006, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Banks
Term Loan from Bank of Baroda	6.112	22.816
Corporate Loan from Bank of Baroda	22.500	0.000
Working Capital Loans
Cash Credit (Bank of Baroda)	54.154	2.509
Foreign Bills Discounted (Bank of Baroda)	0.868	0.883
Total	83.634	26.208
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Others
3% Optionally Convertible Debenture	21.119	21.119
Bio Tech Consortium India Limited	3.500	3.500
Total	24.619	24.619

Banking Relations :	---
Auditors :
Name :	Naresh and Company Chartered Accountants
Address :	City Enclave, Near Baroda High School, Opposite Polo Ground, Vadodara – 390 001, Gujarat, India
PAN.:	AACFM7595E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3024130	Equity Shares	Rs.10/- each	Rs.30.241 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		30.241	30.241	30.241
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		78.595	68.957	55.774
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		108.836	99.198	86.015
LOAN FUNDS
1] Secured Loans		83.634	26.208	66.514
2] Unsecured Loans		24.619	24.619	21.119
TOTAL BORROWING		108.253	50.827	87.633
DEFERRED TAX LIABILITIES		12.051	7.748	6.429
TOTAL		229.140	157.773	180.076
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		111.391	115.101	120.221
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	83.979	31.041	34.570
	Sundry Debtors	75.958	53.893	71.422
	Cash & Bank Balances	5.770	13.205	4.623
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	25.509	14.012	10.066
Total Current Assets		191.216	112.151	120.681
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.136	61.920	56.811
	Other Current Liabilities		4.622	3.074
	Provisions	8.331	2.937	0.941
Total Current Liabilities		73.467	69.479	60.826
Net Current Assets		117.749	42.672	59.855
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		229.140	157.773	180.076

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	451.543	256.567	237.511
		Other Income	0.606	4.707	0.121
		TOTAL (A)	452.149	261.274	237.632
Less	EXPENSES
		Material Consumption	382.577	200.517	182.614
		Manufacturing Expenses	7.763	3.863	4.519
		Employees Cost	8.080	6.159	5.693
		Administrative Expenses	5.293	3.315	8.664
		Biotech R&D Expenses	5.976	8.910	8.353
		Selling & Distribution Expenses	6.464	8.819	6.956
		TOTAL (B)	416.153	231.583	216.799
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		35.996	29.691	20.833
Less	FINANCIAL EXPENSES (D)		9.045	7.486	10.083
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.951	22.205	10.750
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.770	4.505	4.597
	PROFIT BEFORE TAX (E-F) (G)		22.181	17.700	6.153
Less	TAX (H)		9.016	4.517	2.790
	PROFIT AFTER TAX (G-H) (I)		13.165	13.183	3.363
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		36.452	23.269	19.906
Less	APPROPRIATIONS
		Proposed Dividend	3.024	0.000	0.000
		Tax on Dividend	0.502	0.000	0.000
		Transfer to General Reserve	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		46.091	36.452	23.269
	+
	EARNINGS IN FOREIGN CURRENCY		30.117	22.752	34.867
	IMPORTS
		Raw Materials	354.837	164.509	157.474
		Consumables and Material for R and D	0.000	0.439	0.125
	TOTAL IMPORTS		354.837	164.948	157.599
	Earnings Per Share (Rs.)		4.35	4.36	1.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.91	5.05	1.42
Net Profit Margin (PBT/Sales)	(%)	4.91	6.90	2.59
Return on Total Assets (PBT/Total Assets}	(%)	7.33	7.79	2.55
Return on Investment (ROI) (PBT/Networth)		0.20	0.18	0.07
Debt Equity Ratio (Total Liability/Networth)		1.67	1.21	1.73
Current Ratio (Current Asset/Current Liability)		2.60	1.61	1.98

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U24230GJ1989PLC013000
Name of the company	CENTURY PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	406 World Trade Centre, Sayajigunj, Vadodara – 390 005, Gujarat, India Email : info@centurypharma.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Department Of Biotechnology, Block 2, CGO Complex, Lodhi Road, New Delhi – 110033, India Email: sninawe@dbt.nic.in
Nature of instrument creating charge	Deed of hypothecation dated 07.09.2009 read with agreement executed between the department of biotechnology and m/s. Century pharmaceuticals limited.
Date of instrument Creating the charge	07.09.2009
Amount secured by the charge	Rs.2.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest NIL Terms of Repayment Repayable in 10 equally yearly installments starting six months after completion of the project. Margin 50.73% Extent and Operation of the charge The whole of the movable and immovable properties acquired from the loan sanctioned by the department of biotechnology (DBT) under the SBIRI scheme including its movable plant and machinery, spares, tools and accessories and other movables both present and future (save and except book debts).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Whole of the movable and immovable properties acquired from the loan sanctioned by the DBT under the SIBRI scheme. The above movables and immovable properties includes include movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (save and except book debts).

FIXED ASSETS

• Land and Building
• Factory Land
• Plant and Machinery
• Factory Building
• Staff Quarters
• Plant and Machinery
• Laboratory Equipment
• Vehicles
• Office Equipment
• Pollution Control Systems
• Furniture and Fixture
• Printing Machine
• Computer
• Computer Software
• Office Building
• Machinery Installation
• New Furniture

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.49.15
UK Pound	1	Rs.78.25
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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		48

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.