MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	ALPHA PHARMA DAMAN PRIVATE LIMITED
Registered Office :	1, Jash Market, Ring Road, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.08.2007
Com. Reg. No.:	04-051482
Paid-up Capital :	Rs. 4.760 Millions
CIN No.: [Company Identification No.]	U24232GJ2007PTC051482
TAN No.: [Tax Deduction & Collection Account No.]	SRTA03275G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of pet bottles, hdpe bottles, pet perfumes / jars
No. of Employees :	150 (approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1003448
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. 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.

INFORMATION PARTED BY

Name :	Mr. R. G. Pharma
Designation :	Account manager
Contact No.:	91-261-2338100
Date:	08.05.2012

LOCATIONS

Registered Office :	1, Jash Market, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2338100
Fax No.:	91-261-2338100
E-Mail :	alpha.radhagovind@gmail.com
Factory :	Plot No. 374/1 to 15, Shed-D, Alpha Industrial Park, Athiawad, Daman – 396210, U.T, India

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Shyam Kanhaiyalal Agarwal
Designation :	Director
Address :	11/B, Ratna Milun Apartment, Near Panjara Pole, Ghod Do, Surat – 395007, Gujarat, India
Date of Birth/Age :	07.05.1959
Date of Appointment :	09.08.2007
DIN No.:	00382661
Name :	Mr. Saurabh Kamalkishore Agarwal
Designation :	Director
Address :	25, Maitri Raw House, B/H, Sarjan Society, Parle Point, Surat – 395007, Gujarat, India
Date of Birth/Age :	18.03.1985
Date of Appointment :	09.08.2007
DIN No.:	01519920
Name :	Mr. Kamal Kanhaiyalal Agarwal
Designation :	Director
Address :	25, Maitri Raw House, B/H, Sarjan Society, Parle Point, Surat – 395007, Gujarat, India
Date of Birth/Age :	10.11.1961
Date of Appointment :	09.08.2007
DIN No.:	00382775
Name :	Mr. Nilaksh Shyam Agarwal
Designation :	Director
Address :	502, Prabhu Darshan Society, Lal Bunglow, Athwalines, Surat – 395007, Gujarat, India
Date of Birth/Age :	09.07.1982
Date of Appointment :	10.10.2008
DIN No.:	00577460
Name :	Mr. Jugal K. Agarwal
Designation :	Director
Address :	B.No. 39, Maitri Row House, Near Sarjan Society, Umra, Surat – 395007, Gujarat, India
Date of Birth/Age :	22.10.1963
DIN No.:	00382706

KEY EXECUTIVES

Name :	Mr. R. G. Pharma
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Agarwal Shayam Kanhaiyalal	204000
Agarwal Sarita Shayam	48500
Agarwal Kamal Kanhaiyalal	35700
Agarwal Santosh Kamal	35700
Agarwal Jugal Kanhaiyalal	15700
Agarwal Kiran Jugal	17700
Agarwal Saurabh Kamal	50700
Alpha Packaging Private Limited – India	46000
Agarwal Nilaksh Shyam	22000
Total	476000

AS ON 30.09.2011

Category	Percentage
Bodies corporate	9.66
Directors or relatives of Directors	90.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of pet bottles, hdpe bottles, pet perfumes / jars

Products :

Item Code No.	Product Description
313.2	Pet Bottles

Exports :

Products :

Pet Bottles, Hdpe Bottles, Pet Perfumes / Jars

Countries :

· Singapore

· Dubai

· Kenya

· Nigeria

Terms :

Selling :

Depends

Purchasing :

Depends

GENERAL INFORMATION

Suppliers:

· Reliance

· GBS

Customers:

· Pepsico

· Himalaya Products

No. of Employees :

150 (approximately)

Bankers :

• Oriental Bank of Commerce – Jash Market, Ring Road, Jash Market, Surat - 395002, Gujarat, India
• HDFC Bank Limited
• Kotak Mahindra Bank Limited
• SBI Singapore

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Buyer’s Line of Credit From SBI Singapore DBS Singapore	93.714 0.000	39.680 0.000
Working Capital facilities From Oriental Bank of Commerce	8.242	11.222
Loan against Fixed deposit From Oriental Bank of Commerce	0.001	16.710
Hire Purchase Loan
From HDFC Bank Limited	2.568	3.422
From Oriental Bank of Commerce	0.202	0.558
Total	104.727	71.592

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From Directors, Shareholders and Relatives	122.783	92.152
Total	122.783	92.152

Banking Relations :	--
Auditors :
Name :	S N K and Company Chartered Accountant
Address :	‘SNK House’, 31-A, Adarsh Society, Opposite Seventh Day Adventiest High School Athwalines, Surat – 395001, Gujarat, India
Tel. No.:	91-261-2656273-4/6544791-2/3299540-47
Fax No.:	91-261-2656858
E-Mail :	snk@snkca.com snk@youtele.com
Website :	www.snkca.com
Pan No.:	AAJFS8455L
Associates :	Alpha Plastomers Private Limited Alpha Industrial Park Alpha Packaging Limited Alpha Poly Pharma Private Limited (Formerly Known as Sanjivani Pharmaceuticals Private Limited) Prathmesh Polymers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
476000	Equity Shares	Rs. 10/- each	Rs. 4.760 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		4.760	4.760	4.760
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		246.102	189.828	113.498
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		250.862	194.588	118.258
LOAN FUNDS
1] Secured Loans		104.727	71.592	119.771
2] Unsecured Loans		122.783	92.152	68.772
TOTAL BORROWING		227.510	163.744	188.543
DEFERRED TAX LIABILITIES		30.418	24.919	2.265
TOTAL		508.790	383.251	309.066
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		428.438	341.062	260.920
Capital work-in-progress		0.000	32.718	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.335	22.869	16.568
	Sundry Debtors	126.285	109.486	95.277
	Cash & Bank Balances	19.893	37.794	18.254
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	52.178	63.577	69.362
Total Current Assets		223.691	233.726	199.461
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.121	130.613	82.367
	Other Current Liabilities	81.987	70.030	60.358
	Provisions	18.261	23.672	8.681
Total Current Liabilities		143.369	224.315	151.406
Net Current Assets		80.322	9.411	48.055
MISCELLANEOUS EXPENSES		0.030	0.061	0.091
TOTAL		508.790	383.251	309.066

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			409.842
		Other Income	678.274	555.059	0.511
		TOTAL (A)	678.274	555.059	410.353
Less	EXPENSES
		Materials consumed			206.048
		Manufacturing and other operating expenses			41.258
		Employees remuneration and benefits			9.199
		Sales and administrative expenses			63.005
		Preliminary expenses written off			0.030
		Increase/Decrease in Stock			(3.967)
		TOTAL (B)	599.292 (Including Financial Expenses and Depreciation)	433.262 (Including Financial Expenses and Depreciation)	315.573
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				94.780
Less	FINANCIAL EXPENSES (D)				18.758
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				76.022
Less/ Add	DEPRECIATION/ AMORTISATION (F)				21.273
	PROFIT BEFORE TAX (E-F) (G)		78.982	121.797	54.749
Less	TAX (I)		20.629	43.742	7.149
	PROFIT AFTER TAX (G-I) (J)		58.353	78.055	47.600
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD AND MAT CREDIT		157.151	79.144	32.574
Less	PROVISION/ADJUSTMENTS FOR TAXATION			2.831	2.027
			NA
Less	Loss on sale of assets				0.109
	BALANCE CARRIED TO THE B/S		210.642	154.368	78.038
	EARNINGS IN FOREIGN CURRENCY		9.772	8.606	2.469
	IMPORTS
		Raw Materials	0.899	0.724	0.000
		Plant and machinery (including capital wip)	0.000	29.239	63.181
		Accessories and Utilities (including capital wip)	0.378	10.645	0.000
		Mould and Dies	0.000	12.105	0.000
	TOTAL IMPORTS		1.277	52.713	63.181
	Earnings Per Share (Rs.)		122.59	164.00	108.51

Particulars	31.03.2012
Sales Turnover (Approximately)	700.000

Expected Sales (2013-2013) : Rs.800.000 Millions

The above information has been parted by Mr. R G Parwal (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.60	14.06	11.60
Net Profit Margin (PBT/Sales)	(%)	NA	NA	13.36
Return on Total Assets (PBT/Total Assets}	(%)	12.11	21.19	11.89
Return on Investment (ROI) (PBT/Networth)		0.31	0.63	0.46
Debt Equity Ratio (Total Liability/Networth)		1.48	1.99	2.87
Current Ratio (Current Asset/Current Liability)		1.56	1.04	1.32

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
For Capital Assets	31.853	115.595	63.799
For Materials and Expenses	11.268	15.021	18.566

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	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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

FORM 8:

Corporate identity number of the company

U24232GJ2007PTC051482

Name of the company

ALPHA PHARMA DAMAN PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

1, Jash Market, Ring Road, Surat - 395002, Gujarat, India

This form is for

Modification of charge

Type of charge

Book Debts

Movable Property

Stock

Particular of charge holder

Name :	Oriental Bank of Commerce
Address :	Jash Market, Ring Road, Jash Market, Surat - 395002, Gujarat, India
Email :	bm0102@obc.co.in

Nature of instrument creating charge

Supplyment Agreement To Secure Credit/ Loan Facilities

Date of instrument Creating the charge

11.01.2011

Amount secured by the charge

Rs. 70.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Base rate + 4.5 %

Terms of Repayment - On Demand

Margin - 25%

Extent and Operation of the charge - 1^st and exclusive charge on assets of the company

Particulars of the property charged

Hypothecation of stock, receivables and all the movable assets of the company

Particulars of the present modification

C.C. limit enhanced from Rs. 30.000 millions to Rs. 70.000 millions

Fixed Assets:

• Plant and machinery
• Electrical installations
• Accessories and utilities
• Moulds and dies
• Chilling plant
• Office equipment
• Furniture and fixtures
• Computer
• Vehicles
• Crane
• Weighing scale
• Delivery van

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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.36

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.