MIRA INFORM REPORT

Report Date :

30.11.2012

IDENTIFICATION DETAILS

Name :	NATIONAL CAPSULES PRIVATE LIMITED
Registered Office :	House. No. 14, Ganesh Ganj Marg, Teh. Vidisha, Vidisha – 464001 Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.11.2010
Com. Reg. No.:	10-024667
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U24230MP2010PTC024667
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Capsules
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to Commence Commercial Operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the subject was incorporated November 2010, it is yet to commence its commercial operations. The liquidity of the company appears to be weak. Huge external borrowings are recorded by the company. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	House. No. 14, Ganesh Ganj Marg, Teh. Vidisha, Vidisha – 464001 Madhya Pradesh, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	arvind_tiwari1974@yahoo.com lowlekarandbarjatya@yahoo.co.in
Head Office :	Uma Complex, Ahmedpur Choraha, Vidisha – 462001, Madhya Pradesh, India
Tel. No.:	91-7592-409065
Mobile No.:	91-7898193341 (Mr. Dinesh Singh More)

DIRECTORS

As on: 29.09.2012

Name :	Mr. Rakesh Sharma
Designation :	Managing Director
Address :	Lohangi Pura, Ganesh Ganj Marg, Sharma Sadan, Vidisha, Vidisha – 490001, Madhya Pradesh, India
Date of Birth/Age :	30.06.1972
Date of Appointment :	02.11.2010
DIN No.:	03292367
Name :	Ms. Preeti Sharma
Designation :	Director
Address :	House No. 14, Ganesh Ganj Marg, Teh. Vidisha, Vidisha – 464001, Madhya Pradesh, India
Date of Birth/Age :	06.10.1978
Date of Appointment :	02.11.2010
DIN No.:	03258872
Name :	Mr. Heeresh Sharma
Designation :	Director
Address :	House No. 14, Subhash Path, Gali No. 1, Vidisha, Vidisha – 464001, Madhya Pradesh, India
Date of Birth/Age :	08.06.1974
Date of Appointment :	21.06.2012
Voter ID No.:	MP/31/248/174227
DIN No.:	05313917
Name :	Mr. Ganesh Ram Sharma
Designation :	Director
Address :	House No. 14, Ganesh Ganj Marg, Vidisha, Vidisha – 464001, Madhya Pradesh, India
Date of Birth/Age :	08.10.1948
Date of Appointment :	21.06.2012
Voter ID No.:	MP/31/248/174557
DIN No.:	05313918

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Rakesh Sharma	5000
Preeti Sharma	5000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Capsules

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Maharashtra, Vidisha Branch, Vidisha - 464001, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan	34.073	0.000
1) Taken from Bank of Maharashtra Secured by way of mortgage of land and building and hypothecation of movable fixed assets and mortgage of properties of directors and their relatives 2) It carries interest @ 14.75% per annum and repayable in 78 monthly installments
Total	34.073	0.000
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
From Directors and Shareholders
Fin Worth Credit Limited	2.000	0.000
Pharma Caps Properties	2.874	0.000
Mrs Preeti Sharma	0.282	0.000
Mr. Rakesh Sharma	0.500	0.000
Total	5.656	0.000

Banking Relations :	--
Auditors :
Name :	Lowlekar and Barjatya Chartered Accountants
Address :	Balbant Arcate ,15 Zone-Ii, M.P.Nagar, Bhopal – 462011, Madhya Pradesh, India
Tel. No.:	91-755-2551588/2550930
PAN No.:	AAHPL0482A

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

RECONCILIATION OF NUMBER OF SHARES

Particular	Number of Shares
Opening Balance	10000
Add/(Less)	0
Closing Balance	10000

Shares in the company held company shareholder holding more than 5 percent shares

Particular	Number of Shares	%
Rakesh Sharma	7500	75
Preeti Sharma	2500	25

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		10.390	0.890
3] Reserves & Surplus		(0.050)	(0.050)
4] (Accumulated Losses)		0.000	0.000
NETWORTH		10.440	0.940
LOAN FUNDS
1] Secured Loans		34.073	0.000
2] Unsecured Loans		5.656	0.000
TOTAL BORROWING		39.729	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		50.169	0.940
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.566	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
OTHER NON CURRENT ASSETS		3.006	0.003
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	3.369	0.990
	Other Current Assets	0.000	0.000
	Loans & Advances	6.765	0.000
Total Current Assets		10.134	0.990
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.086	0.003
	Other Current Liabilities	0.451	0.050
	Provisions	0.000	0.000
Total Current Liabilities		3.537	0.053
Net Current Assets		6.597	0.937
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		50.169	0.940

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011
SALES
	Income
	Other Income
	TOTAL	NIL	NIL
EXPENSES
	Office Expenses
	Administrative Expenses
	Advertising Expenses
	TOTAL	NIL	NIL
PROFIT BEFORE TAX		NIL	NIL
TAX		NIL	NIL
PROFIT AFTER TAX		NIL	NIL

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011
Debt Equity Ratio (Total Liability/Networth)	4.14	0.06
Current Ratio (Current Asset/Current Liability)	2.86	18.68

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230MP2010PTC024667
Name of the company	NATIONAL CAPSULES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	H. No. 14, Ganesh Ganj Marg, Teh. Vidisha, Vidisha – 464001, Madhya Pradesh ,India arvind_tiwari1974@yahoo.com
This form is for	Creation of charge
Charge identification number of the charge to be modified	10314618
Type of charge	· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Bank of Maharashtra, Vidisha Branch, Vidisha - 464001, Madhya Pradesh, India arvind_tiwari1974@yahoo.com
Nature of instrument creating charge	· Composite deed of hypothecation for all facilities. · Guarantee for all facilities except agricultural facilities. · Sanction Letter.
Date of instrument Creating the charge	16.09.2011
Amount secured by the charge	Rs. 45.700 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest Base rate + 4.50% i. e. presently @14.75% per annum with monthly rests. Terms of repayment 7 years. The Term Loan is repayable in 72 monthly installments including the moratorium period of one year i.e. in 71 monthly installment of Rs. 6,34750.00 ( Rs. Six Lakhs Thirty Four Thousand Seven Hundred and Fifty Only) and 72th installment of Rs. 6,32,750.00 ( Rs. Six Lakhs Thirty Two Thousand Seven Hundred and Fifty Only) or the residual outstanding balance in the Term Loan account which is higher) plus interest to be paid as and when applied. Margin 36% in Bank Favour. Extent and operation of the charge Equitable Mortgage of Non - agriculture land at P. H. No. 51 (New) S. No. 1/9 admeasuring 67,500 sq. ft. Gram Sonthia, Tehsil and district Vidisha of M/s National Capsules Private Limited having cost of Rs. 2.700 Millions and proposed construction of factory building and shed thereon having an estimated construction cost of Rs. 15.450 Millions as per estimate of architect and interior M/s Prashant Shrivastava Associates, dated 20.06.2011, Vidisha. Total value of Rs. 18.150 Millions. Others Hypothecation of Plant and Machineries proposed to be installed having overall cost of Rs. 48.605 Millions.
Short particulars of the property or assets charged (including complete address and location of the property)	Common Collateral :- 1) (A) Equitable Mortgage of residential house property at P.H.No.50,Ward No. 29, near Uday Nagar , Vidisha, owned by Smt. Preeti Sharma W/o Rakesh Sharma having plot area = 7222.50 2) B) Equitable Mortgage of residential house property at P.H. No. 48,Ward No. 30, Chandra Shekhar Azad Marg, Sagar Road, National Highway - 86, Ahmedpur Square, Vidisha owned by 3) Shri Heeresh Sharma S/o Ganesh Ram Sharma having plot area = 1630.06 Sq. Ft. 4) C) Equitable Mortgage of residential house property at P.H. No. 48,Ward No. 30, Chandra Shekhar Azad Marg, Sagar Road, National Highway - 86, Ahmedpur Square, Vidisha 5) owned by Shri Rakesh Sharma S/o Shri Ganesh Ram Sharma having plot area = 1574.63 Sq. ft. 6) D) Equitable Mortgage of diverted Non - Agriculture Landed property at village - Sonthia, Patwari Halka no. 63, Survey No. 1/9/1, Vidisha - Raisen Bypass road, Tehsil and District – Vidisha 7) owned by Shri Rakesh Sharma S/o Ganesh Ram Sharma having plot area = 1.045 Hectare = 1,12,500 Sq. ft. 8) E) Equitable Mortgage of Commercial cum Residential Plot at P.H. No.50, Ward no.26, Sant Ravidas Marg, Gali No.3, Dr. Ambedkar Ward, near Madhoganj - Khariphatak Main Road, Vidisha owned by 9) Shri Ganesh Ram Sharma S\o Late Shri Banshilal Sharma, having Plot Area =30' by 86' = 2580 sq. ft 10) F) Lien On CDR No 60075720413 and 60075720559 each of FV Rs 500000 With Vidisha Branch
Particulars of the present modification	Amount of Term Loan is Rs. 45.700 Millions ( C. C. Limit is Rs. 11.000 Millions, Total Loan is Rs. 56.700 Millions

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 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 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. 55.20
UK Pound	1	Rs. 88.38
Euro	1	Rs. 71.47

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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		11

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.