Business information report

1. Summary Information

		Country	India
Company Name	COLORCON ASIA PRIVATE LIMITED	Principal Name 1	Mr. Kamlesh Pratapray Oza
Status	Good	Principal Name 2	Mr. Subodh Pundalik Priolkar
		Registration #	24-003308
Street Address	Plot No.M-14/M-18, Verna Electronic City Verna, Verna – 403722, Goa
Established Date	22.04.1994	SIC Code	--
Telephone#	91-832-2883434	Business Style 1	Manufacturer
Fax #	91-832-2883440	Business Style 2	Exporter
Homepage	www.colorcon.com	Product Name 1	Cellulose Ether
# of employees	Not Available	Product Name 2	Dry Dispersion
Paid up capital	Rs.16,344,500/-	Product Name 3	Excipients
Shareholders	Foreign holdings-100 %	Banking	Citi Bank NA
Public Limited Corp.	No	Business Period	18 years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (65)
Related Company
Relation :	Country	Company Name	CEO
Holding Company	United Kingdom	Colorcon Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,467,165,000	Current Liabilities	412,889,000
Inventories	287,840,000	Long-term Liabilities	0,000
Fixed Assets	327,619,000	Other Liabilities	243,559,000
Deferred Assets	0,000	Total Liabilities	656,448,000
Invest& other Assets	39,440,000	Retained Earnings	1,449,272,000
		Net Worth	1,465,616,000
Total Assets	2,122,064,000	Total Liab. & Equity	2,122,064,000
Total Assets (Previous Year)	1,668,962,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	3,218,200,000	Net Profit	820,403,000
Sales(Previous yr)	N.A.	Net Profit(Prev.yr)	587,493,000

MIRA INFORM REPORT

Report Date :

20.10.2012

IDENTIFICATION DETAILS

Name :	COLORCON ASIA PRIVATE LIMITED
Registered Office :	Plot No.M-14/ M-18, Verna Electronic City, Verna – 403722, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.04.1994
Com. Reg. No.:	24-003308
Capital Investment / Paid-up Capital :	Rs.16.344 Millions
CIN No.: [Company Identification No.]	U01122GA1994PTC003308
TAN No.: [Tax Deduction & Collection Account No.]	BLRC04981E
PAN No.: [Permanent Account No.]	AAACC2281Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Dry Dispersion
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Colorcon Limited’. It is a well established and reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be well experienced and knowledgeable businessmen. It has recorded a healthy growth of 20.29% in its sales during 2011. Profitability appears to be good. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good 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 – 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 / Factory / Distribution Division / Sales Division / Technical Service laboratory Division :	Plot No. M-14/ M-18, Verna Electronic City, Verna – 403722, Goa, India
Tel. No.:	91-832-2883434/ 2883400/ 2883438
Fax No.:	91-832-2883440
E-Mail :	info@colorcon.com koza@colorcon.com ksheth@colorcon.com
Website :	www.colorcon.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Subodh Pundalik Priolkar

Designation :

Managing Director

Address :

161, Dhanvalgir Yashodham, Maj. A.K. Vaidya Marg, Goregaon East, Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

23.08.1957

Qualification :

B. Pharm, M.B.A

Date of Appointment :

01.01.2012

DIN No.:

00108915

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29195MH1999PTC207807	APTAR PHARMA INDIA PRIVATE LIMITED	Director	05/07/1999	05/07/1999	04/02/2010	Active	NO
2	U01122GA1994PTC003308	COLORCON ASIA PRIVATE LIMITED	Managing director	01/01/2012	29/11/2007	-	Active	NO

Name :

Mr. Cornelis Woldemar Wietze Van Den Muyzenberg

Designation :

Director

Address :

51, Merchant Road, Merchant Square # 03/, Singapore – 058283

Date of Birth/Age :

20.01.1964

Date of Appointment :

07.02.2007

Passport No.:

BA0245930

DIN No.:

01437443

Name :

Mr. Kamlesh Prataprai Oza

Designation :

Director

Address :

9 Shiv Prasad, 97, Marine Drive, Marine Lines (West), Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

19.08.1960

Date of Appointment :

01.10.2007

DIN No.:

00081574

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230MH1981PTC025180	BABULINE PHARMA PRIVATE LIMITED	Director	31/12/1988	31/12/1988	Active	NO
2	U01122GA1994PTC003308	COLORCON ASIA PRIVATE LIMITED	Director	01/10/2007	22/04/1994	Active	NO
3	U24231GA2002PTC003111	BERWIND PHARMACEUTICALS SERVICES PRIVATE LIMITED	Director	24/06/2002	24/06/2002	Active	NO
4	U24231GA2002PTC003110	COLORCON PHARMACEUTICALS SERVICES PRIVATE LIMITED	Director	24/06/2002	24/06/2002	Active	NO
5	U24100MH1962PTC012365	B A AND BROTHERS(BOMBAY) PRIVATE LIMITED	Director	28/07/2007	28/07/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Colorcon Limited, UK	1634449
Micron Limited, UK	1
Total	1634450

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Dry Dispersion

Products :

ITC Code	Product Descriptions
320.500.00	Dry Dispersion

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity (Per Annum-Kgs)	Actual Production (Per Annum-Kgs)
Dry Dispersions	Kgs	--	1,051,200	999,894

Notes:

(i) The installed capacity is as certified by the Management.

(ii) The above figures are net of captive consumption and disposals.

(iii) Production excludes – (a) Normal Process Losses and (b) Adjustment for Excess / Shortage.

(iv) There is no Licensed Capacity prescribed for the Company.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Ø Citi Bank NA, Bandra Kurla Complex, G-Block Bandra [East], Mumbai – 400051, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar West, Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-22876485/22876486
Fax No.:	91-22-22876401
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Holding Company :	Colorcon Limited, U. K.
Ultimate holding company :	Berwind Pharmaceuticals Services Inc, USA
Fellow subsidiaries :	Ø Colorcon Inc, U.S.A. Ø Colorcon Asia Pacific Pte Limited, Singapore Ø Colorcon Japan LLC, Japan Ø Shanghai Colorcon Coating Technology Limited, China (Colorcon China Limited) Ø Colorcon NP Pharma S.A. Ø Colorcon S.R.I

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,634,450	Equity Shares	Rs.10/- each	Rs. 16.344 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		16.344	16.344	16.344
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1449.272	1316.513	961.356
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1465.616	1332.857	977.700
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		10.016	14.021	6.427
TOTAL		1475.632	1346.878	984.127
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		327.619	218.737	240.095
Capital work-in-progress		39.440	0.000	5.882
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	287.840	156.990	332.725
	Sundry Debtors	903.472	736.496	534.701
	Cash & Bank Balances	484.492	479.884	187.974
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	79.201	76.855	79.333
Total Current Assets		1755.005	1450.225	1134.733
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	396.221	294.824	331.353
	Other Current Liabilities	16.668	14.532	18.819
	Provisions	233.543	12.728	46.411
Total Current Liabilities		646.432	322.084	396.583
Net Current Assets		1108.573	1128.141	738.150
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1475.632	1346.878	984.127

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3218.200	N.A.	N.A.
		Other Income	N.A.	N.A.	N.A.
		TOTAL (A)	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A.	N.A.	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1195.223	858.421
Less/ Add	DEPRECIATION/ AMORTISATION (F)		64.896	43.346
	PROFIT BEFORE TAX (E-F) (G)		1130.327	815.075	N.A.
Less	TAX (H)		309.924	227.582	N.A.
	PROFIT AFTER TAX (G-H) (I)		820.403	587.493	N.A.
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		891.942	595.534	N.A.
Less	APPROPRIATIONS
		Transfer to General Reserve	82.040	58.749	N.A.
		Interim Dividend	588.402	198.586
		Tax on Interim Dividend	99.242	33.750
	BALANCE CARRIED TO THE B/S		942.661	891.942	595.534
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on F.O.B Basis	392.840	357.515	399.359
		Income from services	14.485	13.706	13.837
	TOTAL EARNINGS		407.325	371.221	413.196
	IMPORTS
		Raw Materials and Trading Goods	1424.854	1112.322	1062.098
		Capital Goods	6.383	3.978	17.534
		Components, Parts & Spares	0.336	0.472	1.704
	TOTAL IMPORTS		1431.573	1116.772	1081.336
	Earnings Per Share (Rs.)		501.94	359.44	269.71

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	N.A.	N.A.
Net Profit Margin (PBT/Sales)	(%)	35.12	N.A.	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	54.27	48.84	N.A.
Return on Investment (ROI) (PBT/Networth)		0.77	0.61	N.A.
Debt Equity Ratio (Total Liability/Networth)		0.44	0.24	0.41
Current Ratio (Current Asset/Current Liability)		2.71	4.50	2.86

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 three years	Yes
12]	Profitability for last three 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	Yes
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	No
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	No
34]	External Agency Rating, if available	No

NATURE OF OPERATION

Subject is engaged in the development, supply and technical support of formulated film coating systems, modified release technologies, and functional excipients for the pharmaceuticals industry. The Company is a 100% subsidiary of Colorcon Limited, UK.

OPERATIONS

The sales for the year ended 31st March 2011 was recorded at Rs.3218.200 Millions, which reflects growth of 20.29 % over previous year, whereas net profit has increased to Rs.820.400 Millions from Rs. 587.500 Millions shows an increase of 39.64%.

FIXED ASSETS:

Ø Leasehold Land

Ø Leasehold Improvement

Ø Building

Ø Plant and Machinery

Ø Laboratory Equipments

Ø Office Equipments

Ø Furniture and Fixtures

Ø Vehicles

Ø Computer

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 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] 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. 52.97
UK Pound	1	Rs. 85.45
Euro	1	Rs. 69.46

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		65

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

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.