MIRA INFORM REPORT

Report Date :

13.04.2013

IDENTIFICATION DETAILS

Name :	NATURAL CAPSULES LIMITED
Registered Office :	No. 102, Shreshta Bhumib, No. 87, V K Iyenkar, K R Road, Bangalore 560004, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.09.1993
Com. Reg. No.:	08-014742
Capital Investment / Paid-up Capital :	Rs.45.027 Millions
CIN No.: [Company Identification No.]	L85110KA1993PLC014742
TAN No.: [Tax Deduction & Collection Account No.]	BLRN00437D
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on stock exchanges
Line of Business :	Manufacturer of Hard Gelatin Capsule Shells, Hard Cellulose Shells and Pharmaceutical Dosages Forms in Capsule dosage Form.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1240000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a good track record. Performance capability of the company is good. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. 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 :	No. 102, Shreshta Bhumib, No. 87, V K Iyenkar, K R Road, Bangalore-560004, Karnataka, India
Tel. No.:	91-80-26671571 / 2667 1573 / 26671581
Fax No.:	91-80-26671562
E-Mail :	info@naturlacapsules.com
Website :	www.naturalcapsules.com
Factory 1 :	Plot No.7A2, KIADB Industrial area, Attibele, Bangalore-562107, Karnataka, India
Factory 2 :	RS No.84, Perambai Road, Pitchaiveerampet, Pondicherry-652010, India

DIRECTORS

AS ON 26.07.2012

Name :	Mr. Sunil Laxminarayan Mundra
Designation :	Managing Director
Address :	Manjari 8/23, 10 Cross, Basappa Layout, Gavipuram Extension, Bangalore-560019, Karnataka, India
Date of Birth/Age :	30.11.1964
Date of Appointment :	20.09.1993
Din No.:	00214304
Name :	Mr. Laxminarayan Mundra
Designation :	Whole Time Director
Address :	Manjari 8/23, 10 Cross, Basappa Layout, Gavipuram Extension, Bangalore-560019, Karnataka, India
Date of Birth/Age :	01.06.1943
Date of Appointment :	20.09.1993
Din No.:	00214298
Name :	Mr. Sathyanarayan Mundra
Designation :	Whole Time Director
Address :	Manjari 8/23, 10 Cross, Basappa Layout, Gavipuram Extension, Bangalore-560019, Karnataka, India
Date of Birth/Age :	22.04.1952
Date of Appointment :	20.09.1993
Din No.:	00214349
Name :	Mr. Srirangam Gopalan
Designation :	Director
Address :	No. 3, 2 Main Road, Jaganathapuram, Ualacheri, Chennai-600042, Tamilnadu, India
Date of Birth/Age :	16.08.1934
Date of Appointment :	29.06.1994
Din No.:	00287219
Name :	Mr. Sushil Kumar Mundra
Designation :	Director
Address :	Manjari 8/23, 10 Cross, Basappa Layout, Gavipuram Extension, Bangalore-560019, Karnataka, India
Date of Birth/Age :	03.12.1969
Date of Appointment :	20.09.1993
Din No.:	00214332
Name :	Mr. Chikkanayakanahalli Muddulingaiah Gurumurthy
Designation :	Director
Address :	No. 317, 6^th Main Hal, II Stage, Indiranagar, Bangalore-560038, Karnataka, India
Date of Birth/Age :	30.06.1933
Date of Appointment :	29.06.1994
Din No.:	00287294
Name :	Mr. Cattancoletore Padmanabhan Rangachar
Designation :	Director
Address :	Aranga No. 900, IB Cross Park Road, Bangalore-560038, Karnataka, India
Date of Birth/Age :	23.07.1942
Date of Appointment :	29.06.1994
Din No.:	00310893
Name :	Mr. Balaji Venugopal Bhat
Designation :	Director
Address :	302, Embassy Orchid, 8, Main RMU Extension, Bangalore-560080, Karnataka, India
Date of Birth/Age :	19.06.1964
Date of Appointment :	29.01.2005
Din No.:	00052256
Name :	Mr. Venkatram Subramony
Designation :	Director
Address :	56, 6 Main, 5^th Block, Jayanagar, Bangalore, Karnataka, India
Date of Birth/Age :	11.06.1934
Date of Appointment :	20.06.1994
Din No.:	00287344

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2103369	46.71
Any Others (Specify)	3800	0.08
Directors/Promoters & their Relatives & Friends	3800	0.08
Sub Total	2107169	46.80
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2107169	46.80
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3700	0.08
Foreign Institutional Investors	300	0.01
Sub Total	4000	0.09
(2) Non-Institutions
Bodies Corporate	649783	14.43
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	1163520	25.84
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	455342	10.11
Any Others (Specify)	122886	2.73
Clearing Members	525	0.01
Hindu Undivided Families	85707	1.90
Non Resident Indians	36654	0.81
Sub Total	2391531	53.11
Total Public shareholding (B)	2395531	53.20
Total (A)+(B)	4502700	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	4502700	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Hard Gelatin Capsule Shells, Hard Cellulose Shells and Pharmaceutical Dosages Forms in Capsule dosage Form.

Products :

PRODUCTION DESCRIPTION	ITEM CODE NO
9602.00	Hard Capsule Shells

• Hard Gelatin Capsule Shells
• Hard Cellulose Capsule Shells
• BSE/TSE Free Gelatin Shells
• Shiny Gelatin Capsule Shells
• SLS Free Gelatin Capsule Shells
• Halal Certified Gelatin Capsule Shells
• Fortified Gelatin Capsule Shells
• Fast Release Gelatin Capsule Shells
• Printed Gelatin/Cellulose Capsule Shells

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Capsules	Nos. Lakhs	54000.00	47120.17
Formulation	Nos. Lakhs	2700.00	386.35

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Specialized Commercial Branch, 1^st Floor, Krishi Bhavan, Hudson Circle, Bangalore-560001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Rupee term loans banks	92.900	63.089
Working capital loans banks		26.564
TOTAL	92.900	89.653

Banking Relations :	--
Auditors :
Name :	Gnanoba and Bhat Chartered Accountants
Address :	45, Annamalai Arcade, 1^st Cross, Wilson Garden, Bangalore-560027, Karnataka, India
PAN No:	AAAFG5742M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4502700	Equity Shares	Rs.10/- each	Rs.45.027 Millions

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		45.000	45.027	45.027
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		267.200	224.295	185.921
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		312.200	269.322	230.948
LOAN FUNDS
1] Secured Loans		92.900	89.653	54.129
2] Unsecured Loans		0.000	0.186	2.709
TOTAL BORROWING		92.900	89.839	56.838
DEFERRED TAX LIABILITIES		0.000	17.861	13.768
TOTAL		405.100	377.022	301.554
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		264.100	234.506	124.476
Capital work-in-progress		36.900	52.672	114.290
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	25.200	18.784	13.609
	Sundry Debtors	138.800	113.949	83.388
	Cash & Bank Balances	2.000	4.829	1.127
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	29.200	77.601	56.077
Total Current Assets		195.200	215.163	154.201
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		53.665	38.972
	Other Current Liabilities	71.800	6.130	4.189
	Provisions	19.300	65.524	48.252
Total Current Liabilities		91.100	125.319	91.413
Net Current Assets		104.100	89.844	62.788
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		405.100	377.022	301.554

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	437.600	341.381	290.040
		Other Income	8.300	4.015	4.858
		TOTAL (A)	445.900	345.396	294.898
Less	EXPENSES
		Consumption Materials Changes Inventories		134.083	114.784
		Contract Cost	328.200	47.965	40.254
		Employee Related Expenses		30.443	23.325
		Administrative Selling and Other Expenses		39.718	34.794
		TOTAL (B)	328.200	252.209	213.157
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		117.700	93.187	81.741
Less	FINANCIAL EXPENSES (D)		13.500	8.075	3.054
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		104.200	85.112	78.687
Less/ Add	DEPRECIATION/ AMORTISATION (F)		27.000	18.733	14.587
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		77.200	66.379	64.100
Less	TAX (H)		24.300	21.704	21.444
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		52.900	44.675	42.656
	IMPORTS
		Lab Equipments and Spare Parts	NA	4.997	2.988
		Excipients	NA	0.140	0.115
	TOTAL IMPORTS		NA	5.137	3.103
	Earnings / (Loss) Per Share (Rs.)		11.26	9.92	9.47

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	119.500	136.800	142.700
Total Expenditure	95.300	104.600	112.700
PBIDT (Excl OI)	24.300	32.200	30.000
Other Income	01.200	00.400	02.700
Operating Profit	25.500	32.600	32.700
Interest	03.500	03.400	03.300
PBDT	22.000	29.200	29.400
Depreciation	07.400	07.600	07.900
Profit Before Tax	14.600	21.600	21.500
Tax	03.600	10.200	06.900
Profit After Tax	11.000	11.400	14.600
Net Profit	11.000	11.400	14.600

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.86	12.93	14.46
Net Profit Margin (PBT/Sales)	(%)	17.64	19.44	22.10
Return on Total Assets (PBT/Total Assets}	(%)	16.81	14.76	23.00
Return on Investment (ROI) (PBT/Networth)		0.25	0.25	0.27
Debt Equity Ratio (Total Debt/Networth)		0.30	0.33	0.25
Current Ratio (Current Asset/Current Liability)		2.14	1.72	1.69

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	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	No
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Deferred sales tax loan unsecured	0.000	0.186
TOTAL	0.000	0.186

PERFORMANCE AND PROSPECTS:
 

During the year, the company`s turnover increased by 29% and the company has earned a Net profit (before tax) of Rs. 77.200 Millions as against the corresponding net profit of Rs. 66.400 Millions in the previous year. An amount of Rs. 539 Millions was ploughed back from profits for funding the ongoing expansion at Pondicherry. The exports of the company has remained almost at same level due to difficult situations on international front. Though the sales turnover has increased by 29%, the profit after tax has increased by only 16% mainly due to increase in raw material costs, depreciation, interest, fuel and power costs etc.

FLUCTUATION IN FOREIGN EXCHANGE:
 
The Company has benefited to an extent of Rs. 28 lacs owing to foreign exchange fluctuation.
 

PERFORMANCE CREDIT RATING:
 
The Company has obtained “CRISIL" rating of "SME-1" indicating highest performance capacity and high financial strength for fourth successive year.
 
 
MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENTS:

During the year, in-spite of the difficult situation on the international front, Indian Pharmaceutical Industry has grown by around 12%. However, Pharma exports have grown at a much higher rate than the domestic market. Despite the difficult scenario in many countries and in domestic market the company is hopeful of maintaining the top line growth rate in the coming year.

 
OUTLOOK:
 
Based on the company`s performance up to the date of this report, orders on hand and  commissioning of the new machines at Pondicherry, company is hopeful of achieving a turnover of around Rs. 500.000 to 520.000 Million in the current year. However due to steep increase in the input costs, Company may have to face reduction in profitability.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80002092
Corporate identity number of the company	L85110KA1993PLC014742
Name of the company	NATURAL CAPSULES LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 102, Shreshta Bhumib, No. 87, V K Iyenkar, K R Road, Bangalore-560004, Karnataka, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property
Particular of charge holder	State Bank of India, Specialized Commercial Branch, 1^st Floor, Krishi Bhavan, Hudson Circle, Bangalore-560001, Karnataka, India Email: rjr.cs69@gmail.com
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation of goods and assets form C.2; letter regarding the grant of individual limits within the overall limit form c.5 and EM confirmation letters form-B (2 items) {all Peratin to the same charge}
Date of instrument Creating the charge	23.01.2013
Amount secured by the charge	Rs.179.400 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest WCL: at 2.75% above BR, effective rate 12.50%.p.a with monthly rests. TLS: as per sanction. Penal interest: max 2% p.a. over the normal rate. Terms of Repayment WCL: on demand. Advance is for a period of 12 months. Term loans: as per sanction. Margin RM/FG/SIP/Receivables : 25% Letter of Credit/BG : 25% Extent and Operation of the charge Exclusive first charge on the assets of the company to the full extent. Others Cash credit Rs.55.000 Millions; term loan-1 Rs.80.000 Millions; term loan-2 Rs.30.000 Millions; Letter of credit Rs.10.000 crore; forward contact Rs.04.400 Millions; total Rs.179.400 Millions. Corporate Guarantee of Tajos Investments Private Limited and Nandi Synthetics Private Limited.
Short particulars of the property charged	Hypo. of company's present and future movable fixed assets and current assets like stocks, raw materials, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components, furniture and fittings; other movables, plant and machinery, etc 1). All that piece and parcel of Land measuring 1.62 hectares (174377sq.ft.) and building there on 82171 sq. ft. at R S No.84, Perambai Road, Pitchaveeranpet, Pondicherry Dist. 2). All that piece and parcel of Land measuring 87855 sq. ft. and building there on 26989 sq. ft. at Plot No.7/A-2, Attibele Industrial Area, Neralur Post, Anekal Taluk, Bangalore.
Date of latest modification prior to the present modification	23.03.2011
Particulars of the present modification	The amount secured by the charge stands increased to Rs. 179.400 Millions. The securities above continue for the enhanced limit. All other terms and conditions remain unchanged.

FIXED ASSETS:

• Free hold land
• Building
• Plant and Machinery including Electrical Installations
• Computer
• Furniture and Fixture
• Office Equipments
• Motor Vehicles
• Technical know-how-fees
• Land

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER 2012

Rs. in Millions

Particular	Quarter Ended		9 Months Ended
	31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
Net Sales/Income from Operations	142.672	136.825	399.024
Other Operating Income	2.699	0.440	4.316
Total Income From Operations (Net)	145.371	137.265	403.340
Expenditure
Increase / (Decrease) in stock in trade	1.602	(0.229)	3.617
Consumption of raw materials	60.173	54.812	165.241
Employee cost	9.724	8.382	26.165
Depreciation	7.875	7.564	22.851
Other Expenditure	41.195	41.684	117.371
Total Expenses	120.569	112.213	335.245
Interest	3.305	3.419	10.190
Profit After Interest but before Exceptional Items	0.000	0.000	0.000
Exceptional Items	--	--	--
Profit from Ordinary Activities before Tax	21.497	21.633	57.905
Tax Expense	6.868	10.194	20.627
Deferred tax	0.184	3.380	2.203
Income Tax (Prior Year)	0.000	0.000	0.000
Income Tax	6.684	6.814	18.424
Net Profit from Ordinary Activities after Tax	14.629	11.439	37.278
Extraordinary Item (net of expense)	--	--	--
Net Profit for the period	14.629	11.439	37.278
Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	45.027	45.027	45.027
Reserves Excluding Revaluation Reserve	--	--	--
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
a) Basic and diluted EPS before extraordinary items	3.25	2.54	8.28
b) Basic and diluted EPS after extraordinary items	3.25	2.54	8.28
Public Shareholding
-Number of Shares	2395531	2395531	2395531
- Percentage of Shareholding	53.20	53.20	53.20
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of Shares	1740169	1740169	1740169
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	38.65	38.65	38.65
- Percentage of Shares (as a % of the Total Share Capital of the Company)	--	--	--
b) Non Encumbered
- Number of Shares	367000	367000	367000
- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	8.15	8.15	8.15
- Percentage of Shares (as a % of the Total Share Capital of the Company)	--	--	--

Rs. in Millions

Sl. No.	Particulars	Quarter Ended		Half Year Ended
		31.12.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)
1	Segment Revenue
	Capsules	141.917	136.369	399.812
	Formulation	3.895	4.189	5.978
	Others	0.653	0.440	0.462
	TOTAL	146.465	140.998	406.252
	Less : Inter Segment Revenue (Net of Excise)	1.094	3.733	2.912
	Net Sales / Income from Operation	145.371	137.265	403.340
2	Segment Results
	Profit / (Loss) before depreciation, tax and interest for each segment
	Capsules	32.037	32.122	88.703
	Formulation	0.421	0.315	1.832
	Others	0.219	0.179	0.411
	TOTAL	32.677	32.616	90.946
	Less : Depreciation & Amortization	7.875	7.564	22.851
	Less : Interest	3.305	3.419	10.190
	Less : Other Unallocable expenses inclusive Income Tax	6.868	10.194	20.627
	Total Profit after Tax	14.629	11.439	37.278

NOTES:

1. The above results were reviewed by the Audit committee and approved by the Board of Directors in their meeting held on 21.01.2013.

2. Results are based on the basis of limited audit Statutory Auditors.

3. During the quarter one automatic capsule making machine was commissioned. With commissioning of this machine , company has commenced a total of 7 machines out of 9 such machines imported by the company. Other machines are expected to be commission in coming quarters.

4. Previous year figures have been regrouped wherever necessary.

5. Capital deployed by the Company for its different segment is interchangeable and hence calculation of capital deployed for segment reporting has not been made.

6. No of investors complaints during the quarter: Received - nil, Redressed - nil, Pending - nil

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.54.44
UK Pound	1	Rs.83.77
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.