MIRA INFORM REPORT

Report Date :

01.08.2013

IDENTIFICATION DETAILS

Name :	RICHTER THEMIS MEDICARE (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 69 A/2, GIDC Industrial Estate, Vapi, District Valsad - 396195, Gujarat
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	01.11.2004
Com. Reg. No.:	04-044969
Capital Investment / Paid-up Capital :	Rs.140.000 Millions
CIN No.: [Company Identification No.]	U24230GJ2004PTC044969
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Apis and Intermediates.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (29)

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

Maximum Credit Limit :	USD 890000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a joint venture between “Gedeon Richter, Hungary” and “Themis Medicare”. It is an established company having moderate track record. Management has failed to file the latest financials of FY 2012 with the government department and the financial statement as on 2011 are not available with us. As per the previous of 2010 there appears a slight dip in the sales turnover but the net profitability seems to be increasing over previous year. However, trade relations are fair. Business is active. Payment terms are unknown. 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.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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.

INFORMATION PARTED BY

Name :	Mr. Uttam Kumar Singh
Designation :	Finance Manager
Contact No.:	91-9925239521
Date :	31.07.2013

LOCATIONS

Registered Office/ Factory :	Plot No. 69 A/2, GIDC Industrial Estate, Vapi, District Valsad - 396195, Gujarat, India
Tel. No.:	91-260-5532701
Mobile No.:	91-9925239521 (Mr. Uttam Kumar Singh)
Fax No.:	91-0260-2424156
E-Mail :	richterthemis@yahoo.co.in itml@itml.com
Website :	www.itml.in
Location :	Owned

DIRECTORS

As on: 29.06.2012

Name :	Mr. Dinesh Shantilal Patel
Designation :	Director
Address :	67, Chhaya Swastik Society, N S Road No.5, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	02.11.1940
Date of Appointment :	01.11.2004
DIN No.:	00033273
Name :	Mr. Sachin Dinesh Patel
Designation :	Director
Address :	67, Chhaya Swastik Society, N S Road No.5, JVPD Scheme, Vile Parle (West),
Date of Birth/Age :	18.01.1975
Date of Appointment :	01.11.2004
DIN No.:	00033353
Name :	Laszlo Imre Kovacs
Designation :	Director
Address :	Stefania UT 73, Budapest H 1143, Hungary
Date of Birth/Age :	14.02.1944
Date of Appointment :	01.11.2004
DIN No.:	00228328
Name :	Sandor Tibor Kovats
Designation :	Alternate director
Address :	1012 BP Gyozo Utcas, Hungary
Date of Birth/Age :	18.06.1960
Date of Appointment :	18.11.2004
DIN No.:	01263274
Name :	Lajos Kovacs
Designation :	Director
Address :	H – 1196, Budapest, Nagysandor U 100, Hungary
Date of Birth/Age :	30.08.1960
Date of Appointment :	01.11.2004
DIN No.:	01297326
Name :	Erik Attila Bogsch
Designation :	Director
Address :	Kalvin Ter 4, Budapest H – 1053, Budapest, Hungary 1053
Date of Birth/Age :	31.10.1947
Date of Appointment :	01.11.2004
DIN No.:	01297342
Name :	Mr. Vijay Gopi Kishan Agarwal
Designation :	Director
Address :	3^rd Floor, Jyoti Nagar, 6^th Gulmohar Cross Lane, JVPD Scheme, Andheri (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	29.06.1957
Date of Appointment :	01.11.2004
DIN No.:	00058548
Name :	Mr. Rajneesh Kedarnath Anand
Designation :	Alternate director
Address :	130, GIDC, Residential Sector 1, GIDC, Vapi, Valsad – 396195, Gujarat, India
Date of Birth/Age :	05.03.1954
Date of Appointment :	22.09.2005
DIN No.:	00134856

KEY EXECUTIVES

Name :	Mr. Uttam Kumar Singh
Designation :	Finance Manager

MAJOR SHAREHOLDERS

As on: 29.06.2012

Names of Shareholders	No. of Shares
Gedeon Richter Limited	7140000
Themis Medicare Limited	6860000
Total	14000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.06.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others
Bodies corporate
Directors or relatives of Directors
Other top fifty shareholders
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Apis and Intermediates.
Exports :
Products :	Finished Goods
Countries :	Hungary
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Unit	31.12.2010	31.12.2009
Licensed Capacity	M.T.	100	100
Installed Capacity	M.T.	100	100
Actual Production	M.T.	19	33

* As certified by the management on which auditors have placed reliance being a technical matter.

GENERAL INFORMATION

Customers :	Manufacturing Company
No. of Employees :	100 (Approximately)
Bankers :	Kotak Mahindra Bank, GIDC Industrial Area, Vapi – 396195, Gujarat, India

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KPMG House, Kamala Mill Compound, 448 Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-39896000
Fax No.:	91-22-39896000
PAN No.:	AAAFB9852F
Holding Company :	Gedeon Richter

CAPITAL STRUCTURE

As on: 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs.140.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		140.000	140.000	140.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		83.297	54.959	29.935
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		223.297	194.959	169.935
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		551.483	675.365	736.172
TOTAL BORROWING		551.483	675.365	736.172
Foreign Currency Monetary Item Transaction Difference Account (FCMITDA)		0.447	2.236	4.025
DEFERRED TAX LIABILITIES		22.332	47.458	37.793
TOTAL		797.559	920.018	947.925
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		569.108	640.058	715.639
Capital work-in-progress		9.052	2.564	0.000
INVESTMENT		0.006	66.205	20.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	145.725	106.800	154.273
	Sundry Debtors	37.830	18.234	9.931
	Cash & Bank Balances	42.075	77.650	58.958
	Other Current Assets	1.496	1.240	0.844
	Loans & Advances	89.235	74.833	66.203
Total Current Assets		316.361	278.757	290.209
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.635	21.037	18.760
	Other Current Liabilities	10.882	8.603	8.902
	Provisions	44.451	37.926	50.267
Total Current Liabilities		96.968	67.566	77.929
Net Current Assets		219.393	211.191	212.280
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		797.559	920.018	947.925

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
SALES
	Income	312.281	363.156	353.804
	Other Income			26.837
	TOTAL	312.281	363.156	380.641
EXPENSES
	Cost of Goods Sold	NA	NA	100.947
	Personnel Costs			38.401
	Operating and Other administrative expenses			93.051
	Amortizationof FCMTTD			(1.789)
	TOTAL	NA	NA	230.610
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		69.812	98.128	150.031
FINANCIAL EXPENSES		1.645	2.443	84.329
PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		72.302	104.946	65.702
DEPRECIATION/ AMORTISATION		50.324	51.891	54.543
PROFIT/ (LOSS) BEFORE TAX		21.978	53.055	11.159
TAX		(24.318)	10.610	22.354
PROFIT/ (LOSS) AFTER TAX		46.296	42.445	(11.195)
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.997	18.039	118.951
Opening transactional adjustment for actuarial valuation surplus/ (Deficit) carried forward to Balance sheet		0.000	0.047	5.752
APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	61.600
	Dividend	0.000	0.000s	10.469
	Tax on Dividend	0.000	0.000	11.895
BALANCE CARRIED TO THE B/S		69.179	41.998	18.039
EARNINGS IN FOREIGN CURRENCY
	FOB value of Exports	279.206	329.952	331.611
TOTAL EARNINGS		279.206	329.952	331.611
IMPORTS
	Raw Materials	43.350	22.667	21.631
	Capital Goods	1.235	1.995	1.683
	Travelling Expenses	1.469	1.230	1.241
	Interest on unsecured loan	1.644	2.442	17.460
TOTAL IMPORTS		47.698	28.334	42.015
Earnings/ (Loss) Per Share (Rs.)		3.31	3.03	(0.80)

Particulars	31.12.2013	31.12.2012
Sales Turnover (Approximately)	500.000	440.000

The above information has been parted by Mr. Uttam Kumar Singh.

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.012.2008
PAT / Total Income	(%)	14.83	11.69	(2.94)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	3.15
Return on Total Assets (PBT/Total Assets}	(%)	2.48	5.77	1.11
Return on Investment (ROI) (PBT/Networth)		0.10	0.27	0.07
Debt Equity Ratio (Total Debt /Networth)		2.47	3.46	4.33
Current Ratio (Current Asset/Current Liability)		3.26	4.13	3.72

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF CURRENT MATURITIES OF LONG-TERM DEBT: NOT AVAILABLE

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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

OPERATION:

The company's operations during the year have been generally smooth. The operating profit for the year was Rs 72.302 Millions. The net profit recorded by the company for the year was Rs. 46.296 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS

1. Industry Structure and Developments

Richter Themis Medicare (I) Private Limited (RTML) is a joint venture between Gedeon Richter Limited (GR) of Budapest Hungaiy and Themis Medicare Limited (TML) India.

RTML is a-100% Export Orient unit manufacturing API intermediaries and exporting all its production to its principals GR.

The company is presently setting up an API facility which will enable the company to get into API manufacturing activity. The company is also in the process of setting up a pilot plant and a kilo lab to enhance its infrastructure on research and development. The company is also in the process of setting up a coal fired boiler in order to reduce the energy cost and make the products more competitive.

UNSECURED LOAN

(Rs. in Millions)

Particulars	As on 31.12.2010	As on 31.12.2009
External commercial borrowings ('ECB') (External commercial borrowings from holding company is repayable in 28 quarterly installments commencing from 30 September 2009) (Repayable within a year Rs 98.677 Millions (2009: Rs 50.447 Millions)	551.163	674.993
Interest accrued and due on above	0.320	0.372
Total	551.483	675.365

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY.

FIXED ASSETS:

• Leasehold land
• Building
• Plant and machinery
• Office Equipment
• Vehicles

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] 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.61.12
UK Pound	1	Rs.92.97
Euro	1	Rs.80.95

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.