MIRA INFORM REPORT

Report Date :

19.04.2013

IDENTIFICATION DETAILS

Name :	ACG ASSOCIATED CAPSULES PRIVATE LIMITED (w.e.f. 24.06.1985)

Formerly Known As :	ASSOCIATED CAPSULES PRIVATE LIMITED

Registered Office :	131, Kandivali Industrial Esate, Kandivali (West), Mumbai – 400067, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	13.07.1961

Com. Reg. No.:	11-012061

Capital Investment / Paid-up Capital :	Rs.5.691 Millions

CIN No.: [Company Identification No.]	U24239MH1961PTC012061

TAN No.: [Tax Deduction & Collection Account No.]	MUMA18885G

PAN No.: [Permanent Account No.]	AAACA4769K

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Empty Hard Gelatin Capsules.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 22000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having a good track record. Financial position of the company appears to be sound and healthy. Performance capability of the company is high. Trade relations are reported as trustworthy. Business is active. Payment terms are reported 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.

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 :	131, Kandivli Industrial Estate, Kandivli (West), Mumbai - 400067, Maharashtra, India
Tel. No.:	91-22-28682010 (9 Lines)/ 28683268/ 30700118/ 19/ 30700105
Fax No.:	91-22-28686152/ 28682514/ 28684515/ 28603164
E-Mail :	acg@bom5.vsnl.net.in sunny.pj@acg-world.com sales.acpl@acg-world.com mahendra.phadte@acg-world.com vijaykumar.sanil@acg.com
Website :	www.acgworld.com www.acg-world.com www.acg-associatedcapsules.com
Area :	4933 sq. mtrs.
Location :	Owned

Corporate Headquarters :	10^th Floor, Dalamal House, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22872557/ 58/ 59/ 22880461/ 2/ 3/ 22856666
Fax No.:	91-22-22872560
E-Mail :	info@acg-world.com acg@bom5.vsnl.net.in krishnan.ky@acg-world.com

Corporate Office :	Scitech Centre 7, Prabhat Nagar, Patel Estate, Jogeshwari (West), Mumbai – 400 102, Maharashtra, India
Tel. No.:	91-22-26789642/ 43-45

Factory 1 :	Village Shindewadi, Shirwal, Taluka Khandala, District Satara, Maharashtra, India

Factory 2 :	Village Aswe, Ashagadh, Dahanu Road, District Thane – 401 602, Maharashtra, India

Factory 3 :	Gat 222, Village Mahalunge Talegaon, Chakan Road, Chakan, District Pune - 411 501, Maharashtra, India

Regional Office :	310, Chokhani Square, Sector – 18, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4310072
Fax No.:	91-120-4310073

Overseas Office :	Located at: Brazil China Croatia Indonesia UK USA

DIRECTORS

As on: 08.08.2012

Name :

Mr. Ajit Daljit Singh

Designation :

Whole Time Director

Address :

1-A, Brighton, Rungta Lane, Nepeansea Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

20.11.1941

Qualification :

M.A. (CANTAB) and Post Graduation Work at the Harvvard Business School, USA

Date of Appointment :

01.04.2005

DIN No :

00915347

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29100MH1972PTC016053	ACG Ajas Components Private Limited	Director	07-10-72	07-10-72	-	Active	NO
2	U01110MH1971GAP015467	SCI-Tech Centre	Director	15-03-74	15-03-74	-	Active	NO
3	U73100MH1981ULT023930	Emell Audhowagik Samshodhan Nigam Private Limited	Director	28-02-81	28-02-81	-	Strike off	NO
4	U24235MH1988PTC048924	Custom Capsules Private Limited	Director	23-09-88	23-09-88	-	Active	NO
5	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	01-11-88	01-11-88	-	Active	NO
6	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	01-11-88	01-11-88	-	Active	NO
7	U74120MH1983NPL031696	Ajas Agrovet Foundation	Director	01-04-94	01-04-94	-	Active	NO
8	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	17-12-96	17-12-96	-	Active	NO
9	U24239MH1983PTC031336	ACG Arts and Properties Private Limited	Director	28-09-99	28-09-99	-	Active	NO
10	U28129MH2003PTC139916	Packshield India Private Limited	Director	07-04-03	07-04-03	-	Active	NO
11	U45200MH2004PTC149770	ACG Pharmapack Private Limited	Director	01-12-04	01-12-04	-	Active	NO
12	U45200MH1994PTC077466	ACG Real Estate Private Limited	Director	11-03-05	11-03-05	-	Active	NO
13	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Whole-time director	01-04-05	01-04-05	-	Active	NO
14	U91120MH1965GAP013389	Organisation of Pharmaceutical Producers of India	Director	23-09-06	23-09-06	-	Active	NO
15	U72200GJ2008PTC055122	Viztek Technologies Private Limited	Director	26-09-08	26-09-08	21-07-09	Active	NO
16	U29219MH2009PTC190634	Pam IndTech Machines Private Limited	Director	25-03-09	25-03-09	-	Active	NO
17	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	22-06-09	22-06-09	-	Active	NO
18	U74999MH2008NPL185159	International Wine and Food Society	Director	01-08-09	01-08-09	-	Active	NO
19	U29268MH2009PTC196714	ACG Korsch Compression Technologies Private Limited	Director	28-10-09	28-10-09	-	Under Process of Striking off	NO
20	U70109MH2010PTC199305	Evita Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
21	U70102MH2010PTC198368	Orind Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
22	U51909MH2010PTC201509	Adhikar Trading Private Limited	Director	12-05-10	12-05-10	-	Active	NO
23	U51909MH2010PTC202502	Jeet Mercantile Private Limited	Director	14-05-10	14-05-10	-	Active	NO
24	U74210MH2010PTC204129	Nainital Engineers Private Limited	Director	26-07-10	26-07-10	-	Active	NO

Name :

Mr. Jasjit Daljit Singh

Designation :

Managing Director

Address :

2-B, Swapnalok, L.J. Marg, Nepeansea Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

03.04.1943

Qualification :

BE, Mechanical

Date of Appointment :

01.04.2005

DIN No :

00901470

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29100MH1972PTC016053	ACG Ajas Components Private Limited	Director	07-10-72	07-10-72	-	Active	NO
2	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	02-12-72	02-12-72	-	Active	NO
3	U01110MH1971GAP015467	SCI-Tech Centre	Director	12-07-76	12-07-76	-	Active	NO
4	U73100MH1981ULT023930	Emell Audhowagik Samshodhan Nigam Private Limited	Director	28-02-81	28-02-81	-	Strike off	NO
5	U74120MH1983NPL031696	Ajas Agrovet Foundation	Director	29-12-83	29-12-83	-	Active	NO
6	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	09-07-87	09-07-87	-	Active	NO
7	U24235MH1988PTC048924	Custom Capsules Private Limited	Director	23-09-88	23-09-88	-	Active	NO
8	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	17-12-96	17-12-96	-	Active	NO
9	U24239MH1983PTC031336	ACG Arts and Properties Private Limited	Director	01-10-98	01-10-98	-	Active	NO
10	U28129MH2003PTC139916	Packshield India Private Limited	Director	07-04-03	07-04-03	-	Active	NO
11	U45200MH2004PTC149770	ACG Pharmapack Private Limited	Director	01-12-04	01-12-04	-	Active	NO
12	U45200MH1994PTC077466	ACG Real Estate Private Limited	Director	11-03-05	11-03-05	-	Active	NO
13	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Managing director	01-04-05	01-04-05	-	Active	NO
14	U72200GJ2008PTC055122	Viztek Technologies Private Limited	Director	26-09-08	26-09-08	21-07-09	Active	NO
15	U29219MH2009PTC190634	Pam IndTech Machines Private Limited	Director	25-03-09	25-03-09	-	Active	NO
16	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	22-06-09	22-06-09	-	Active	NO
17	U29268MH2009PTC196714	ACG Korsch Compression Technologies Private Limited	Director	28-10-09	28-10-09	-	Under Process of Striking off	NO
18	U70109MH2010PTC199305	Evita Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
19	U70102MH2010PTC198368	Orind Estates Private Limited	Director	12-04-10	12-04-10	-	Active	NO
20	U51909MH2010PTC201509	Adhikar Trading Private Limited	Director	12-05-10	12-05-10	-	Active	NO
21	U51909MH2010PTC202502	Jeet Mercantile Private Limited	Director	14-05-10	14-05-10	-	Active	NO
22	U74210MH2010PTC204129	Nainital Engineers Private Limited	Director	26-07-10	26-07-10	-	Active	NO
23	U91990MH2010NPL211312	W P Organisation (Mumbai Chapter)	Director	23-12-10	23-12-10	10-01-11	Active	NO

Name :

Mr. Karan Jasjit Singh

Designation :

Director

Address :

2-B, Swapnalok, L.J. Marg, Nepeansea Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

23.07.1979

Qualification :

Graduate from Michigan University - USA and Post Graduation work at the Harvard Business School - USA

Date of Appointment :

01.04.2005

DIN No :

00901342

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01110MH1971GAP015467	SCI-Tech Centre	Director	01-01-05	01-01-05	Active	NO
2	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Director	01-04-05	01-04-05	Active	NO
3	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	25-11-05	25-11-05	Active	NO
4	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	25-11-05	25-11-05	Active	NO
5	U45402PN1992PLC065521	M-Tech Innovations Limited	Nominee director	24-09-07	24-09-07	Active	NO
6	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	30-07-09	30-07-09	Active	NO

Name :

Mr. Jagmohanlal Chamanlal Chopra

Designation :

Additional Director

Address :

4^th Floor, 42, Tower B, Jollymaker, A 95-97, Cuffe Parade Road, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

17.11.1933

Date of Appointment :

01.10.2006

DIN No :

00901556

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239MH1972PTC015632	ACG Pam Pharma Technologies Private Limited	Director	29-09-06	29-09-06	Active	NO
2	U24239MH1961PTC012061	ACG Associated Capsules Private Limited	Additional director	01-10-06	01-10-06	Active	NO
3	U74140MH2010PTC203113	AE Advisors Private Limited	Director	13-05-10	13-05-10	Active	NO
4	U74140MH2010PTC203111	EH Advisors and Consultants Private Limited	Director	13-05-10	13-05-10	Active	NO
5	U29251MH1996PTC104558	Pam-Glatt Pharma Technologies Private Limited	Director	15-09-10	20-07-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishnan
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 08.08.2012

Names of Shareholders		No. of Shares
Jasjit Daljit Singh and Kavita Daljit Singh		244333
Vijay Kuverba		18000
Jasjit Singh HUF		12765
Orind Estates Private Limited, India		580520
Kavita Singh and Jasjit Singh		3780
Nandini Singh Jasjit Singh and Kavita Singh		1980
Singh Family Trust, India		180
Sardr Daljit Singh (HUF)		5580
MNT Willtrust, India		180
Ajit Daljit Singh and Jasjit Daljit Singh		266998
Priya Singh Jasjit Singh and Kavita Singh		1980
Karan Singh, Jasjit Singh and Kavita Singh		1980

Total		1138276

Equity Share Break up (Percentage of Total Equity)

As on: 08.08.2012

Category		Percentage

Bodies corporate		51.00
Directors or relatives of directors		47.42
Others		1.58
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Empty Hard Gelatin Capsules.

Products :

Product Description	ITC No.
Hard Gelatin Capsule Shells I.P.	96020003
Cellulose Capsules	20
Empty Hard Gelatin Capsules	96020030
HPMC-Cellulose Capsules	96020090

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
Empty Hard Gelatin Capsules shells and HPMC Capsules (In Million Nos.)	48325	43753

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Standard Chartered Bank (acting as Lead Bank for itself and on behalf of BOI and SBI), 90, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India
Bank of India
State Bank of India, Virani Industrial Estate, Goregaon (East), Mumbai – 400050, Maharashtra, India
ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
ANZ Grindlays Bank Limited, 90, M.G. Road, Mumbai – 400001, Maharashtra, India
ABN Amro Bank
Citi Bank
Standard Chartered Bank, 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	31.03.2012	31.03.2011
Foreign Currency Loan From Banks [Secured by way of first pari passu charge on all moveable properties located at Capsules plants at Dahanu, Kandivli and Shirwal. Amount repayable within next 12 Months Rs.37.910 millions (Previous Year: Rs.38.191 millions)]		84.309
Working Capital Loan From Banks (Secured by hypothecation of Stock, Book debts, and charge by way of equitable mortgage over land and building in favour of Consortium of Bankers. In respect of Dahanu Unit the working capital loan from bank is secured by hypothecation of Stocks.)		131.963

Total	1035.611	216.272


Banking Relations :	--

Auditors :
Name :	A.J. Shah and Company Chartered Accountants
Address :	Fort Chambers, “C” Block, 3^rd Floor, Tamarind Lane, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22650834/ 22671269
Fax No.:	91-22-22657122
PAN No :	AAAFA3818L

Holding Company (As on: 31.03.2012) :	Orind Estates Private Limited, India CIN No.: U70102MH2010PTC198368

Wholly Owned Subsidiaries (As on: 31.03.2012) :	ACG Europe Limited ACG Holding B.V., Netherlands

Fellow Subsidiary (As on: 31.03.2012) :	ACG Lukaps D.O.O., Croatia

Jointly Controlled Enterprise Subsidiaries (As on: 31.03.2012) :	ACG Hongkong Limited, ACG DO Brazil Representacoes Commercials S/A EH Advisors and Consultants Private Limited (Formerly Extra Hands)

Companies / Firms over which the Directors have significant influence or control (As on: 31.03.2012) :	Companies ACG Arts and Properties Private Limited ACG Pharmapack Private Limited Custom Capsules Private Limited ACG Real Estate Private Limited (formerly Trambak Developers Private Limited) ACG Inspection Systems Private Limited ACG Pampac Machines Private Limited ACG Pam Pharma Technologies Private Limited ACG Korsch Compression Technologies Private Limited Pam Glatt Pharma Technologies Private Limited Pam Inteck Machines Private Limited Scitech Centre ACG Ajas Components Private Limited Nepean Holdings Reality LLP (Formerly Nepean Holdings Private Limited) Foreign Companies PT. Universal Capsules Indonesia INC ACG North America LLC Universal Capsules Philippines Inc Amiricaps USA Symtech International Limited, Dubai First Ventures Limited, Dubai Transworld Investments Limited, Dubai Firms Amil Enterprises (Converted to Subsidiary company, AE Advisors Private Limited) Aries Components Mfg and Company Bulk Buyers Capsulabs Centercops Extra Hands (converted to subsidiary company EH Advisors and Consultants Private Limited) Pharmagents Reflection

CAPITAL STRUCTURE

As on: 08.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2400000	Equity Shares	Rs.5/- each	Rs.12.000 Millions
30000	Preference Shares	Rs.100/- each	Rs.3.000 Millions

	Total		Rs.15.000 Millions

Issued, Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount

1138276	Equity Shares	Rs.5/- each	Rs.5.691 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		5.691	5.691	7.861
2] Share Application Money		0.000	0.000	0.000
2] Reserves & Surplus		5514.093	4583.905	3735.981
2] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5519.784	4589.596	3743.842
LOAN FUNDS
1] Secured Loans		1035.611	216.272	143.642
2] Unsecured Loans		2198.316	913.426	638.817
TOTAL BORROWING		3233.927	1129.698	782.459
DEFERRED TAX LIABILITIES		48.465	23.080	33.474

TOTAL		8802.176	5742.374	4559.775

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1490.990	733.044	644.306
Capital work-in-progress		0.000	410.521	86.484

INVESTMENTS		3992.901	2061.008	1762.796
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories		256.171	218.162
	Sundry Debtors		958.009	911.792
	Cash & Bank Balances		58.139	77.746
	Other Current Assets		103.979	73.054
	Loans & Advances		4121.526	3159.311
Total Current Assets			5497.824	4440.065
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors		198.115	165.242
	Other Current Liabilities		596.268	421.459
	Provisions		2166.603	1789.100
Total Current Liabilities			2960.986	2375.801
Net Current Assets		3318.285	2536.838	2064.264

MISCELLANEOUS EXPENSES		0.000	0.963	1.925

TOTAL		8802.176	5742.374	4559.775

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		4240.352 (Turnover Gross)	3712.422 (Turnover Gross)
		Other Income		NA	NA
		TOTAL	5255.089	NA	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	3833.195	NA	NA

	PROFIT BEFORE TAX		1421.894	1200.661	1101.159

Less	TAX		477.085	365.162	342.282

	PROFIT AFTER TAX		944.809	835.499	758.877

Add/ Less)	Prior Years' Adjustments / Excess (Short) Provision for Tax			13.817	0.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1922.955	1314.078

Less	APPROPRIATIONS
		Transfer to General Reserve	NA	150.000	150.000
		Capital Redemption Reserves		2.170	0.000
	BALANCE CARRIED TO THE B/S			2620.101	1929.955

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports		1615.000	1522.760
		Interest Income			2.410
	TOTAL EARNINGS			1615.000	1525.170

	Earnings Per Share (Rs.)		830.00	746.14	666.69

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	17.98	NA	NA

Return on Total Assets (PBT/Total Assets}	(%)	NA	19.27	21.66

Return on Investment (ROI) (PBT/Networth)		NA	0.26	0.29

Debt Equity Ratio (Total Debt/Networth)		0.56	0.25	0.21

Current Ratio (Current Asset/Current Liability)		NA	1.86	1.87

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. in Millions)

	31.03.2012	31.03.2011
Loans directors unsecured		780.063
Deferred sales tax loan unsecured		41.612
Interest accrued due other debt unsecured		91.751

Total	2198.316	913.426

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U24239MH1961PTC012061
Name of the company	ACG ASSOCIATED CAPSULES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	131, Kandivali Industrial Esate, Kandivali (West), Mumbai – 400067, Maharashtra, India E-mail: mahendra.phadte@acg-world.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10330738
Type of charge	Movable property (not being pledge)
Particular of charge holder	Standard Chartered Bank, 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India E-mail: nilesh.babar@sc.com
Nature of instrument creating charge	First Supplemental to Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	21.12.2012
Amount secured by the charge	Rs.970.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest/Commission - As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the bank from time to time Margin As applicable , if any Extent and Operation of the charge The Bank is having first and exclusive charge on the security given by the Company, as described in Sr. no. 15 below. First and exclusive charge on security as specified in Schedule has been created in favour of Bank for the purpose of securing credit facility to the extent of USD 19.50 Mn. granted to the Company. Others For the purpose of filing the Form 8, it is clarified that the Facility Amount is repayable in USD, hence, any repayment from the sale / enforcement proceeds of the above said assets shall be made at the prevailing foreign currency exchange rate, for conversion from Indian Rupees to USD, at the time of repayment, to ensure full repayment of the Facility Amount. The facility amount equivalent in INR has been calculated at the prevailing foreign exchange rate (1 USD = INR 49.74).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first exclusive charge over all present and future movable properties of the borrower including without limitation its movable plant and machinery, furniture and fitting equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables, both whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about any or all the borrower's premises, warehouses, stockyards and godowns or those of the borrowers agents, affiliates, associates or representatives or at various worksites at - A) Shirwal, Pune and 2) Pitampur SEZ, Indore.
Particulars of the present modification	By way of this modification, the existing charge of USD 20 Mn (INR 970 Millions) is reduced to USD 19.50 Mn (INR 970 Millions) and is also now secured with hypothecation by way of first exclusive charge over all present and future movable properties / machineries of the Company at A) Shirwal, Pune and 2) Pitampur SEZ, Indore.

FIXED ASSETS:

Land
Buildings
Plant and Machinery
Vehicles
Furniture / Fixtures
Speed Boat
Office Equipments

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.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		63

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.

MIRA INFORM REPORT

NETWORTH

TOTAL BORROWING

TOTAL

256.171

958.009

58.139

103.979

4121.526

5497.824

198.115

596.268

2166.603

2960.986

3318.285

2536.838

21.66

0.29

0.21

1.87

Unit