1. Summary Information

		Country	India
Company Name	AURO LABORATORIES LIMITED	Principal Name 1	Mr. Sharat Deorah
Status	Moderate	Principal Name 2	Mr. Siddhartha Deorah
		Registration #	11-051910
Street Address	K-56, MIDC, Tarapur Industrial Area, Thane – 401506, Maharashtra
Established Date	26.05.1989	SIC Code
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	http://www.aurolabs.com	Product Name 1	Active Pharmaceutical Ingredients (API’s)
# of employees	48 (Approximately)	Product Name 2	Intermediates
Paid up capital	Rs.62,325,000/-	Product Name 3	Generic Formulations
Shareholders	Promoter and Promoter Group (45.31%) Public Shareholding (54.69%)	Banking	Allahabad Bank
Public Limited Corp.	YES	Business Period	23 Years
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	B (30)
Related Company
Relation	Country	Company Name	CEO
Related Party	--	Auro Impex Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	77,129,000	Current Liabilities	39,283,000
Inventories	70,056,000	Long-term Liabilities	130,509,000
Fixed Assets	68,524,000	Other Liabilities	0,000
Deferred Assets	0,000	Total Liabilities	169,792,000
Invest& other Assets	23,083,000	Retained Earnings	5,175,000
		Net Worth	69,000,000
Total Assets	238,792,000	Total Liab. & Equity	238,792,000
Total Assets (Previous Year)	202,474,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	216,439,000	Net Profit	2,052,000
Sales(Previous yr)	120,796,000	Net Profit(Prev.yr)	812,000

MIRA INFORM REPORT

Report Date :

19.03.2012

IDENTIFICATION DETAILS

Name :	AURO LABORATORIES LIMITED
Registered Office :	K-56, MIDC, Tarapur Industrial Area, Thane – 401506, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.1989
Com. Reg. No.:	11-051910
Capital Investment / Paid-up Capital :	Rs.62.325 Millions
CIN No.: [Company Identification No.]	L33125MH1989PLC051910
TAN No.: [Tax Deduction & Collection Account No.]	MUMA06653D MUMA20224B MUMA22334E
PAN No.: [Permanent Account No.]	AAACA3977D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Active Pharmaceutical Ingredients (API’s), Intermediates and Generic Formulations.
No. of Employees :	48 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 276000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 :	K-56, MIDC, Tarapur Industrial Area, Thane – 401506, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	auro@aurolabs.com
Website :	http://www.aurolabs.com
Administrative Office :	314, 3^rd Floor, T V Industrial Estate, S K Ahire Marg, Worli, Mumbai – 400 030, Maharashtra, India
Tel. No.:	91-22-66635456 (4 Lines)
Fax No.:	91-22-66635460
E-Mail :	auro@aurolabs.com

DIRECTORS

As on 31.03.2011

Name :	Mr. Sharat Deorah
Designation :	Managing Director
Name :	Mr. Siddhartha Deorah
Designation :	Director
Name :	Mr. Kailash Chandra Bubna
Designation :	Director
Name :	Mr. Goverdhandas Aggarwal
Designation :	Director
AUDIT COMMITTEE :
Name :	Mr. Kailash Chandra Bubna
Designation :	Chairman
Name :	Mr. Goverdhandas Aggarwal
Designation :	Member
Name :	Mr. Siddhartha Deorah
Designation :	Member

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2011

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,653,028	26.52
Bodies Corporate	1,170,681	18.78
Sub Total	2,823,709	45.31
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2,823,709	45.31
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	400	0.01
Sub Total	400	0.01
(2) Non-Institutions
Bodies Corporate	114,862	1.84
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2,048,575	32.87
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	316,691	5.08
Any Others (Specify)	928,263	14.89
Non Resident Indians	928,163	14.89
Clearing Members	100	-
Sub Total	3,408,391	54.69
Total Public shareholding (B)	3,408,791	54.69
Total (A)+(B)	6,232,500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	6,232,500	-

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredients (API's), Intermediates and Generic Formulations

Products :

Product Description	ITC Code
Trimethoprim	29335902
Chloropheniramine Meleate	2942
Metformin	2942

· Active Pharmaceutical Ingredients (API)

· Intermediates

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Installed Capacity	Actual Production
Bulk Drugs	1200 MT	1065958 Kg.

GENERAL INFORMATION

No. of Employees :

48 (Approximately)

Bankers :

· Allahabad Bank, Mumbai

· Indian Overseas Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Allahabad Bank O/D (First charge on the Stock, Spares, Book debts and personally guaranteed by some of the Directors and also secured by first charge on the immovable properties of the company)	32.294	35.807
Allahabad Bank – Packing Credit	11.594	6.075
Allahabad Bank – Term Loan	5.403	5.188
Bills Payable – Allahabad Bank	5.428	0.000
Bills Payable Allahabad Bank – Import Bill’s buyers credit	4.042	0.000
Total	58.761	47.070
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Auro Impex Private Limited (Interest accrued and due Rs.4.060 Millions, Previous Year Rs.2.673 Millions)	50.320	46.100
Sharat Deorah	12.178	12.180
Siddhartha Deorah	3.250	3.250
Phalguni Enclave Private Limited (Interest accrued and due Rs.0.073 Million)	6.000	0.000
Total	71.748	61.530

Banking Relations :	--
Auditors :
Name :	Kothari Jain and Associates Chartered Accountants
Related Party :	Auro Impex Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6232500	Equity Shares	Rs.10/- each	Rs.62.325 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		62.325	62.325
2] Share Application Money		1.500	1.500
3] Reserves & Surplus		5.175	5.175
4] (Accumulated Losses)		0.000	0.000
NETWORTH		69.000	69.000
LOAN FUNDS
1] Secured Loans		58.761	47.070
2] Unsecured Loans		71.748	61.530
TOTAL BORROWING		130.509	108.600
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		199.509	177.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		68.524	52.483
Capital work-in-progress		6.533	18.744
INVESTMENT
DEFERREX TAX ASSETS		0.487	0.487
		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	70.056	59.320
	Sundry Debtors	44.998	26.508
	Cash & Bank Balances	5.874	7.097
	Other Current Assets	0.000	0.000
	Loans & Advances	26.257	19.721
Total Current Assets		147.185	112.646
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.050	21.005
	Other Current Liabilities	6.233	3.869
	Provisions	0.000	0.000
Total Current Liabilities		39.283	24.874
Net Current Assets		107.902	87.772
MISCELLANEOUS EXPENSES		16.063	18.114
TOTAL		199.509	177.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	216.439	120.796
		Other Income	4.575	0.785
		TOTAL (A)	221.014	121.581
Less	EXPENSES
		Increase/ (Decrease) in Stocks	(7.292)	(10.319)
		Purchases for Trading	3.417	3.742
		Raw Material Consumed	159.398	88.222
		Manufacturing expenses	25.926	14.894
		Expenditure on Employees	14.046	9.533
		Administrative Expenses	3.852	4.996
		Selling and Distribution Expenses	4.921	2.956
		TOTAL (B)	204.268	114.024
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.746	7.557
Less	FINANCIAL EXPENSES (D)		10.250	3.344
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.496	4.213
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.444	3.401
	PROFIT BEFORE TAX (E-F) (G)		2.052	0.812
Less	TAX (H)		0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		2.052	0.812
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(18.114)	(18.926)
	BALANCE CARRIED TO THE B/S		(16.062)	(18.114)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	71.332	35.408
	TOTAL EARNINGS		71.332	35.408
	IMPORTS
		CIF Value of Imports	24.428	11.410
	TOTAL IMPORTS		24.428	11.410
	Earnings Per Share (Rs.)		0.33	0.13

QUARTERLY RESULTS

PARTICULARS	30.06.2011 1^st Quarter	30.09.2011 2^nd Quarter	31.12.2011 3^rd Quarter
	UnAudited	UnAudited	UnAudited
Net Sales	47.000	64.23	69.74
Total Expenditure	45.960	62.01	67.07
PBIDT (Excl OI)	1.040	2.22	2.67
Other Income	1.740	2.09	1.26
Operating Profit	2.780	4.31	3.94
Interest	1.590	2.31	2.75
Exceptional Items	0.000	0	0
PBDT	1.190	2.00	1.19
Depreciation	1.000	1.00	1.00
Profit Before Tax	0.190	1.00	0.19
Tax	0.000	0	0
Provisions and contingencies	0.000	0	0
Profit After Tax	0.190	1.00	0.19
Extraordinary Items	0.000	0	0
Prior Period Expenses	0.000	0	0
Other Adjustments	0.000	0	0
Net Profit	0.190	1.00	0.19

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.93	0.67
Net Profit Margin (PBT/Sales)	(%)	0.95	0.67
Return on Total Assets (PBT/Total Assets}	(%)	0.95	0.49
Return on Investment (ROI) (PBT/Networth)		0.03	0.01
Debt Equity Ratio (Total Liability/Networth)		2.46	1.93
Current Ratio (Current Asset/Current Liability)		3.75	4.53

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

In the current financial year the company has performed well and achieved a total income of Rs.221.000 Millions as against Rs.125.600 Millions in previous year which is about 83% more than the previous year. The production capacity has increased and the product mix has got good demand with their domestic and overseas customers. New machineries have been installed which will further boost performance of the Company.

BUSINESS OVERVIEW

The main business of the Company is manufacturing and sale of Chemicals, Dyes and Bulk Drugs used in Industrial and Domestic purposes.

OPPORTUNITIES, THREATS, RISKS, CONCERNS AND OUTLOOK

During the year the Company performed well and managed to increase its total sale by about 83%

The general outlook with respect to this Industry in India is of caution under immense competitive pressure. However the intrinsic strength of the company has helped us to effectively overcome such pressure and the sales therefore should register a modest but definite growth.

PERFORMANCE OF THE COMPANY

The challenges described above did restrict the sales growth to a modest rate, however, the Company managed to achieve a substantial growth in Net Profit. During the current financial year the Company is working towards further improvement in its profitability.

FINANCIAL PERFORMANCE

The highlights of the financial performance of the Company for the year are as under :

The Sales and Other Income was Rs.221.014 Millions as against Rs.121.581 Millions during the year.

The Net Profit was Rs.2.051 Millions as against Rs.0.813 Millions during the previous year.

The Secured Loan as at March 31, 2011 was Rs.58.761 Millions as against Rs.47.070 Millions at March 31, 2010.

FIXED ASSETS

· Leasehold Land

· Factory Building

· Office at Worli

· Plant and Machinery

· Pipe Fittings

· Laboratory Equipments

· Electrical Equipments

· Tools and Equipments

· Fire Fighting Equipments

· Air Conditioners

· Furniture and Fixtures

· Computer

· Motor Car

· Scooter

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.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.