MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	RATNAMANI BIO-CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	12, Harshad Chambers, Ajod Dairy Road, Near Keval Kanta, Rakhial, Ahmedabad – 350053, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.05.2004
Com. Reg. No.:	04-044091
Capital Investment / Paid-up Capital :	Rs.4.000 Millions
CIN No.: [Company Identification No.]	U24231GJ2004PTC044091
TAN No.: [Tax Deduction & Collection Account No.]	AHMR02921C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Drug and Pharmaceutical Intermediates.
No. of Employees :	Not Available

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 an established company having satisfactory track. There appears some dip in the turnover and profitability of the company. However, net worth appears to be good. 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 :	12, Harshad Chambers, Ajod Dairy Road, Near Keval Kanta, Rakhial, Ahmedabad – 350053, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9824147117 (Mr. R B Patel) 91-9824153707 (Mr. P R Patel)
Fax No.:	Not Available
E-Mail :	info@ratnamani.in
Website :	www.ratnamani.in
Factory/ Marketing Office :	Plot No. 6112 and 6113, Opposite Heubach Color, GIDC , Ankleshwar, District Bharuch – 393 002 ,Gujarat , India
Tel. No.:	91-2646-226527 (Factory) 91-2646-250517 (Marketing)
Tele Fax No.:	91-2646-226527 (Factory)
Fax No.:	91-2646-252767 (Marketing)
E-Mail :	info@ratnamani.in

DIRECTORS

As on: 30.09.2011

Name :

Mr. Rameshbhai Bhagwanbhai Patel

Designation :

Director

Address :

B/16, Amrapali Co-Operative Housing Society, Ankleshwar - 393 002, Gujarat, India

Date of Birth/Age :

25/04/1964

Date of Appointment :

06/05/2004

DIN No.:

00037568

Other Directorships :

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	L99999GJ1990PLC013886	DYNEMIC PRODUCTS LIMITED	Whole-time director	01-01-11	14-06-90	-	Active	NO
2	U51909GJ1999PTC037037	DYNAMIC OVERSEAS (INDIA) PRIVATE LIMITED	Director	01-06-02	01-06-02	-	Active	NO
3	U24231GJ2004PTC044091	RATNAMANI BIO-CHEMICALS AND PHARMACEUTICLAS PRIVATE LTD	Director	06-05-04	06-05-04	-	Active	NO

Name :

Mr. Prasannvadan Rasiklal Patel

Designation :

Director

Address :

A/7, Vaisnav Bunglows, Manla Park, Dahej Bypass, Bharuch – 392 001, Gujarat, India

Date of Birth/Age :

15/06/1961

Date of Appointment :

06/05/2004

DIN No.:

00211518

Name :

Mr. Pitambarbhai Karsanbhai Patel

Designation :

Director

Address :

B/16, Amrapali Co-Operative Housing Society, Ankleshwar - 393 002, Gujarat, India

Date of Birth/Age :

01/06/1970

Date of Appointment :

06/05/2004

DIN No.:

00193116

Name :

Mr. Dahyabhai Nathabhai Patel

Designation :

Director

Address :

B/125, Maruti Tenaments, Vastral Road, Odhav, Ahmedabad - 382 415, Gujarat, India

Date of Birth/Age :

01/06/1958

Date of Appointment :

06/05/2004

DIN No.:

00209477

Name :

Mr. Kirtibhai Bhagwandas Patel

Designation :

Director

Address :

B/26, Jivandhara Society, Canal Road, Patan - 384 265, Gujarat, India

Date of Birth/Age :

01/06/1967

Date of Appointment :

06/05/2004

DIN No.:

00193150

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Rameshbhai Bhagwanbhai Patel	2000
Prasannavadan R. Patel	69970
Pitamber K. Patel	54990
Dahyabhai N. Patel	2000
Kirtibhai B. Patel	47780
Mehul Oahyabhai Patel	5000
Valiben Dahyabhai Patel	5000
Rameshbhai Bhagwandas Patel HUF	46000
Vishnubhai Bhagwandas Patel HUF	12000
Bhagwanbhai Nathabhai Patel HUF	20000
Dalshitaben Bhagwanbhai Patel	20000
Alkaben P. Patel	25000
Somabhai Karsanbhai Patel	10000
Pravinbhai Karsanbhai Patel	15000
Mafatbhai Kuberbhai Patel	10000
Jivabhai Karshanbhai Patel	10000
Sunilkumar R. Patel	5000
Dahyabhai Nathabhai Patel HUF	40000
Hashmukhbhai H. Pater	100
Hansaben R. Patel	50
Manishaben R. Patel	50
Anjanaben Patel	10
Bhagwandas Patel	10
Jivabhai M Patel	10
Kruti P. Patel	10
Shangraben R. Patel	10
Yaminiben K. Patel	10
Total	400000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers of Drug and Pharmaceutical Intermediates.
Products :	2,3 Dichloro Benzoyl Chloride 2,3 Dichloro Benzoyl Cyanide (2 – (2,3 – Dichlorophenyl) – (Guanidinoimino) Acetonitrile (Schiff base) 1 H - 1,2,4 – Triazole 3’ Chloropropiophenone 1-(3-Chloropropyl)-2-Benzimidazolidinone Pyridine-2–aldehyde

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of India, Ankleshwar Industrial Estate Branch, C/3/10-B, GIDC, Ankleshwar – 393002, Gujarat, India
• Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loan from Bank secured by way of Equitable mortgage over the immovable properties comprising of land and Building ,Structures, Fixed Machinery, Plant, Fixtures and Fittings etc and Personal Guarantee of Directors	12.299	5.816
Cash Credit from Bank against Hypothecation of Stock and Book Debts and Personal Guarantee of Directors	13.364	0.459
Total	25.663	6.275

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Director	1.106	0.197
From Share Holders	1.825	7.342
Total	2.931	7.539

Banking Relations :
Auditors :
Name :	Anil N. Shah and Company Chartered Accountants
Address :	203-205, Sarthak Complex, Behind Urja House, Swastik Cross Road, Navrangapura, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26446107/ 26430497/ 40076107
Mobile No.:	91-9825174950/ 9327004626
E-Mail :	anilnshahca@vsnl.net aashah_1999@yahoo.com
PAN.:	AAFFA3776N

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.427	21.565	13.966
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		28.427	25.565	17.966
LOAN FUNDS
1] Secured Loans		25.663	6.275	5.625
2] Unsecured Loans		2.931	7.539	5.435
TOTAL BORROWING		28.594	13.814	11.060
DEFERRED TAX LIABILITIES		0.800	0.766	0.665
DEFERRED PAYMENT LIABILITY (VEHICLE LOAN)		1.213	0.901	1.290
TOTAL		59.034	41.046	30.981
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.854	20.467	18.347
Capital work-in-progress		11.823	5.562	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.388	8.959	6.666
	Sundry Debtors	32.314	13.885	5.783
	Cash & Bank Balances	1.044	2.038	5.905
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.898	6.115	7.831
Total Current Assets		44.644	30.997	26.185
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.864	11.206	6.180
	Other Current Liabilities	0.439	0.132	0.163
	Provisions	1.984	4.642	7.231
Total Current Liabilities		19.287	15.980	13.574
Net Current Assets		25.357	15.017	12.611
MISCELLANEOUS EXPENSES		0.000	0.000	0.023
TOTAL		59.034	41.046	30.981

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	59.587	70.556	61.391
		Jobwork Income	0.265	0.120	9.250
		Other Income	0.267	0.645	0.103
		TOTAL (A)	60.119	71.321	70.744
Less	EXPENSES
		Consumption of Raw Materials	34.185	35.381	31.999
		Director Salary	3.500	3.500	1.995
		Manufacturing, Administrative and Other Expenses	13.509	13.555	14.677
		Increase/ Decrease in Stock	(1.256)	0.790	(1.257)
		TOTAL (B)	49.938	53.226	47.414
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.181	18.095	23.330
Less	FINANCIAL EXPENSES (D)		1.014	1.661	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.167	16.434	23.330
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.655	2.720	2.113
	PROFIT BEFORE TAX (E-F) (G)		6.512	13.714	21.217
Less	TAX (H)		2.017	4.651	7.300
	PROFIT AFTER TAX (G-H) (I)		4.495	9.063	13.917
Less/ Add	GRATUITY BENEFIT OBLIGATION		0.000	(0.061)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		18.415	12.317	1.220
Less	APPROPRIATIONS
		Interim Dividend	1.400	1.200	1.000
		Dividend Distribution Tax	0.233	0.204	0.170
		Transfer to General Reserve	0.600	1.500	1.650
	BALANCE CARRIED TO THE B/S		20.677	18.415	12.317
	Earnings Per Share (Rs.)		11.24	22.51	34.79

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.48	12.71	19.66
Net Profit Margin (PBT/Sales)	(%)	10.93	19.44	34.56
Return on Total Assets (PBT/Total Assets}	(%)	9.79	26.65	47.64
Return on Investment (ROI) (PBT/Networth)		0.23	0.54	1.18
Debt Equity Ratio (Total Liability/Networth)		1.68	1.16	1.37
Current Ratio (Current Asset/Current Liability)		2.31	1.94	1.93

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Note:

The registered office of the company has been shifted from B-125, Maruti Tenaments Vastral Road, Odhav, Ahmedabad – 382415, Gujarat, India to the present address w.e.f. 01.03.2006

OPERATION:

During the year, the Company have Company have achieved sales of Rs.59.587 Millions and Job work of Rs.0.265 Million and have made profit of Rs.4.495 Millions after providing depreciation and Income Tax.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U24231GJ2004PTC044091
Name of the company	RATNAMANI BIO-CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B – 125, Maruti Tenaments, Vastral Road, Odhav, Ahmedabad – 382 415, Gujarat, India E-mail: info@ratnamani.in
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India E-mail:ankleshwar.branchhead@axisbank.com
Nature of instrument creating charge	Memorandum of entry equitable mortgage by deposit of title deeds dated 30.08.2010
Date of instrument Creating the charge	30.08.2010
Amount secured by the charge	Rs.38.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction letter no. WZ/SSC/DL/148/2010-11 dated 18.05.2010. Terms of repayment As per sanction letter no. WZ/SSC/DL/148/2010-11 dated 18.05.2010. Margin As per sanction letter no. WZ/SSC/DL/148/2010-11 dated 18.05.2010. Extend and operation of the charge Cash Credit Rs.20.000 Millions Term Loan I Rs.15.000 Millions Term Loan II Rs.2.500 Millions LER Limit Rs.1.000 Million
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Land and Building at Plot No. 6112 and shed thereon in the Ankleshwar notified area consisting of R.S.No. 146/p, 147/p, 152 and 153/p within the village limit Sarangpur, Taluka Ankleshwar, District Bharuch Adm.4945.59 Square Meters. Land and Building at Plot No. 6113 in Ankleshwar Industrial Estate / notified area consisting of R.S. No. 143/P, 147/P, 152/P within the village limits Sarangpur, Taluka Ankleshwar, District Bharuch Adm 4945 Square Meters.

FIXED ASSETS:

• Factory Land
• Factory Building
• Electrification
• Laboratory Equipments
• Plant and Machinery
• Computer
• Dead Stock Furniture
• Motor Car
• Office Equipment
• Patent

AS PER WEBSITE DETAILS:

CORPORATE PROFILE:

Established in the year 2005, with the motto to be the best in the API intermediates manufacturing, Ratnamani today embodies the vision of a top notch player in developing and commercializing intermediates.

The Company was started with a vision to be recognized as an aggressive company that combines its strength of team work manufacturing with definite advantages in terms of cost with a strong emphasis on Quality of the products.

The untiring efforts of the directors of Ratnamani develop processes for several products at relatively low cost, thus making it possible for several life saving drugs intermediates to be available at affordable prices, meeting all the Regulatory and Quality norms.

They are now focusing on giving new dimensions to the company in terms of exploring possibilities of further growth, exploring new horizons in the field of Pharmaceutical intermediates and Bio Chemicals development and evolving strategies to take the company to greater heights.

Today, Ratnamani is a trusted member for manufacturing of pharmaceutical intermediates in Ankleshwar Industrial Estate.

PRODUCTION FACILITY:

The equipments are specially designed so as to execute various processes and reactions including.

:::: Multicapacity reactor set up with Stainless Steel Reactors / Glass Lined Reactors

:::: Temperature flexibility from -15°C to 250°C

:::: High Vacuum Distillation setup.

:::: Pilot plant for pre-commercialisation scale ups.

:::: Commercial glass column chromatographic setups.

:::: Thermic Fluid and Boilers for wide range of high temperature operations,

:::: Chillers and Brine Units to support low temperature operations.

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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

VRN

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	NO
--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.