MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	SAVIOUR CAPS PRIVATE LIMITED
Registered Office :	M-1, Plot No-9 and 10, Gurukripa Complex, MP Nagar, Zone-1, Bhopal - 462 011, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.05.2005
Com. Reg. No.:	10-017613
Capital Investment / Paid-up Capital :	Rs. 17.300 Millions
CIN No.: [Company Identification No.]	U02423MP2005PTC017613
TAN No.: [Tax Deduction & Collection Account No.]	BPLS07371A
PAN No.: [Permanent Account No.]	AAJCS2707C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Hard Gelatin Capsules
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 91000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate. 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 caution.

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 / Corporate Office:	M-1, Plot No-9 and 10, Gurukripa Complex, MP Nagar, Zone-1, Bhopal – 462 011, Madhya Pradesh, India
Tel. No.:	91-755-4271798 / 2557781
Fax No.:	91-755-2557781
E-Mail :	ajay@saviourcaps.com info@saviourcaps.com edp@asa-cs.com saketrup@gmail.com
Website :	http://www.saviourcaps.com
Area :	9000 Sq. ft.
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Ajay Agarwal
Designation :	Managing Director
Address :	143 Kalpana Nagar, Raisen Road, Bhopal – 462021, Madhya Pradesh, India
Date of Birth/Age :	01.05.1966
Date of Appointment :	18.05.2005
DIN No.:	00213502
Name :	Mrs. Sangeeta Agarwal
Designation :	Director
Address :	143 Kalpana Nagar, Raisen Road, Bhopal – 462021, Madhya Pradesh, India
Date of Birth/Age :	21.06.1971
Date of Appointment :	18.05.2005
DIN No.:	00213470
Name :	Dr. Saket Rup Ramka
Designation :	Director
Address :	Second Floor, F – 58, Green Park Main, New Delhi – 110016, India
Date of Birth/Age :	22.01.1975
Date of Appointment :	06.01.2006
DIN No.:	00212551

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Ajay Agarwal	715000
Sangeeta Agarwal	625000
Saket Rupramka	50000
Jhanjhari Sons Leasing and Investment Private Limited, India	300000
R. P. Agrawal	40000
Total	1730000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	17.34
Directors or relatives of Directors	82.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hard Gelatin Capsules

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, New Market, Bhopal - 462003, Madhya Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2012

As on

31.03.2011

LONG TERM BORROWINGS

Term Loan from Banks

27.877

29.645

Term Loan from Financial Institutions

3.719

2.345

SHORT TERM BORROWINGS

Fund Base Working Capital Limit from Punjab National Bank. New Market, Bhopal

20.107

18.211

Total

51.703

50.201

Term Loans are secured by way of hypothecation of respective assets, personal guarantee of Directors and collaterally secured by equitable mortgage of property belong to the Directors.

Maturity Profile of Secured Term Loan is set out below:

		Maturity Profile
	1-2 years	2-3 years	3-4 years	Beyond 4 years
Term Loan from Banks	13,017,808.38	5,997,873.45	5.872,677.53	7,475,713.89
Term Loan from Financial Institutions	279,617.36	314,300 82	363,286.39	2,761.357 49

Above fund base working capital limit from Banks are secured by hypothecation of all Current Assets and personal guarantee of Directors and collaterally secured by equitable mortgage of property belong to the Directors.

Banking Relations :	--
Auditors :
Name :	Naresh Rajani and Company Chartered Accountants
Address :	MIG-1/5 Amber Complex, First Floor, Zone –II, M. P. Nagar, Bhopal – 462011, Madhya Pradesh, India
PAN.:	AAVPR8565J
Enterprises over which Key Managerial Personnel are able to exercise significant influence :	Netcom Connect (Bhopal) Private Limited CIN : U64203MP1999PTC013680 Hi Tech Engineers

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital : Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.20.300 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1730000	Equity Shares	Rs.10/- each	Rs.17.300 Millions

The details of Shareholders holding more than 5% shares:

Name of Shareholder	As at 31st March, 2012
	No. of Shares	%held
Equity Shares
Mr. Ajay Agrawal	715,000	41.33
Mrs. Sangeeta Agrawal	625,000	36.13
Jhanjhan Sons Leasing and Investment Private Limited.	300,000	17.34

The reconciliation of the number of shares outstanding is set out below:

Particulars	As at 31st March, 2012
	No. of Shares
Equity Shares at the beginning of the year	1,500,000.00
Add Shares issued during the year	230,000.00
Equity Shares at the end of the year	1,730,000.00

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		17.300	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.700	8.000	8.000
4] (Accumulated Losses)		(0.200)	(3.173)	(3.569)
NETWORTH		22.800	19.827	19.431
LOAN FUNDS
1] Secured Loans		51.703	50.201	60.028
2] Unsecured Loans		6.995	5.089	2.635
TOTAL BORROWING		58.698	55.290	62.663
DEFERRED TAX LIABILITIES		6.776	5.708	4.559
TOTAL		88.274	80.825	86.653
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		79.061	68.831	57.458
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.616	7.277	5.739
	Sundry Debtors	10.979	10.666	9.864
	Cash & Bank Balances	0.101	0.108	0.957
	Other Current Assets	3.393	3.687	0.000
	Loans & Advances	10.150	8.370	15.321
Total Current Assets		34.239	30.108	31.881
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.325	6.641	6.189
	Other Current Liabilities	18.701	11.473	0.000
	Provisions	0.000	0.000	0.570
Total Current Liabilities		25.026	18.114	6.759
Net Current Assets		9.213	11.994	25.122
MISCELLANEOUS EXPENSES		0.000	0.000	4.073
TOTAL		88.274	80.825	86.653

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	109.068	71.120	63.019
		Other Income		3.022	2.948
		TOTAL	109.068	74.142	65.967
Less	EXPENSES
		Office Expenses
		Administrative Expenses	105.027	72.564	63.629
		Advertising Expenses
		TOTAL	105.027	72.564	63.629
	PROFIT BEFORE TAX		4.041	1.578	2.338
Less	TAX		NA	1.182	4.559
	PROFIT AFTER TAX		NA	0.396	(2.221)
	Earnings Per Share (Rs.)		NA	0.26	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	0.53	(3.37)
Net Profit Margin (PBT/Sales)	(%)	NA	2.22	3.71
Return on Total Assets (PBT/Total Assets}	(%)	3.57	1.59	2.62
Return on Investment (ROI) (PBT/Networth)		0.18	0.08	0.12
Debt Equity Ratio (Total Debt/Networth)		2.57	2.79	3.22
Current Ratio (Current Asset/Current Liability)		1.37	1.66	4.72

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	Yes
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	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	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS

The performance of the Company for the financial year ended 2011-2012 Is summarized below: -

(i) The Total Income (including other income) of the Company for the year was Rs. 109.068 Millions

(ii) The Company has earned Net Profit (Before Tax) of Rs. 0.404 Million during the financial year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loan from Others	3.530	0.000
SHORT TERM BORROWINGS
Loan from Others	3.465	5.089
Total	6.995	5.089

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U02423MP2005PTC017613
Name of the company	SAVIOUR CAPS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	M-1, Plot No-9 and 10, Gurukripa Complex, MP Nagar, Zone-1, Bhopal - 462 011, Madhya Pradesh, India ajay@saviourcaps.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80056609
Type of charge	Immovable property Book debts Others (Hypothecation Of Stocks)
Particular of charge holder	Punjab National Bank, New Market, Bhopal - 462003, Madhya Pradesh, India bo1276@pnb.co.in
Nature of instrument creating charge	1. Hypothecation Of Goods And Book Debts To Secure Cash Credit Facility. 2. Sanction Letter. 3. Letter Of Continuity.
Date of instrument Creating the charge	28.09.2012
Amount secured by the charge	Rs.24.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest At 4% Spread Over Prevailing Base Rate (Presently Being 1050%) Of The Bank I.E. 14.50% Pa With Monthly Rests. Margin 25% of Stock and Book Debts Extent and Operation of the charge Hypothecation Of Various Raw Material Viz. Mfg. Material, Raw Material Including Excisable Raw Material, Stocks In Process, Semi Finished Goods, Finished Goods( Including Bought Out Finished Goods) Viz. Empty Hard Gelletin Capsules. Book Debts: Book Debts Outstanding Decress Money Receivables, Govt. Subsidies, Claims, Bill Contracts And Investments Etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation Of (I) The Presnt and Futre Goods, Stocks Of Raw Material, Wip, Finished Goods,Consumables, Stores and Spares, Which Belong To It and Which Now On Herein After From Time To Time During The Continuance Of This Agreement Shall Be Brought In, Stored Or Be In Or About Its Premises Or Godowns At Mandideep Or Any Other Godowns Or Be In The Course Of Transit From One Godown To Another Or Where Ever Else The Same May Be and (II) Presnt and Future Book Debts Outstanding Decerees, Money Receivables, Claims, Securities, Government Subsidies, Investments, Rights and Other Movable Assets Excluding Bills Purchase/ Discounted By The Bank and Bills Against Which Advances Have Been Made Which Belong To The Borrower and Which Now Or Hereinafter From Time To Time During The Continuance Of This Agreement May Belong To It As Security For Paymento F The Balance Due To The Bank By The Borrower At Anytime.
Date of instrument modifying the charge	22.06.2011
Particulars of the present modification	Enhancement Of Existing Cc (H) Limit From Rs. 18.000 Millions To Rs. 24.000 Millions. Further Packing Credit (H) Has Also Been Granted Of Rs 4.000 Millions (Workable Within Cc(H) Facility.

FIXED ASSETS  

• Plant and Machinery
• Factory Building
• Computer
• Vehicles
• Furniture and Fixture
• Land and Site Development
• Office Equipment

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.54.53
UK Pound	1	Rs.83.60
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.