MIRA INFORM REPORT

Report Date :

13.08.2013

IDENTIFICATION DETAILS

Name :	COMBITIC GLOBAL CAPLET PRIVATE LIMITED (w.e.f 01.12.2009)
Formerly Known As :	UNISULE PRIVATE LIMITED
Registered Office :	2027/7, Chuna Mandi, Paharganj, New Delhi – 110055
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.12.1981
Com. Reg. No.:	55-012922
Capital Investment / Paid-up Capital :	Rs. 37.032 Millions
CIN No.: [Company Identification No.]	U74899DL1981PTC012922
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceuticals Products.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2520000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an well established company having a satisfactory track record. There appears slight dip in profitability during 2012. However, general financial position seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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 (GENERAL INFORMATION)

Name :	Mr. Manoj Thakur
Designation :	Marketing Manager
Contact No.:	91-130-2212459
Date :	12.08.2013

LOCATIONS

Registered Office :	2027/7, Chuna Mandi, Paharganj, New Delhi – 110055, India
Tel. No.:	91-11-23561067 / 23562145 / 23452146
Fax No.:	91-11-23561067
E-Mail :	sales@cgcaplet.com pg@ancalima.com
Website :	http://www.cgcaplet.com
Location :	Owned
Factory :	M – 15, D – and D – 3, Industrial Area, Sonepat – 131001, Haryana, India
Tel. No.:	91-130-2212484 / 2212459
Fax No.:	91-130-2212801

DIRECTORS

As on : 23.07.2012

Name :	Mr. Basant Maruya
Designation :	Director
Address :	Bhagat Singh Colony, Near Holly Font School, Kalupur Chungi, Sonepat – 131001, Haryana, India
Date of Birth/Age :	03.11.168
Date of Appointment :	01.08.2009
DIN No.:	02714708
Name :	Mr. Pavel Garg
Designation :	Additional director
Address :	House no. 32, Sector – 32, Sonepat – 131001, Haryana, India
Date of Birth/Age :	04.12.1968
Date of Appointment :	14.02.2012
DIN No.:	00085167
Name :	Mr. Dinesh Kaushik
Designation :	Additional director
Address :	Village - Palri Kalan P.O. Jhundpur, Sonepat – 131001, Haryana, India
Date of Birth/Age :	10.10.1972
Date of Appointment :	01.02.2012
DIN No.:	05199851

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 23.07.2012

Names of Shareholders	No. of Shares
Pavel Garg	3206134
Poonam Garg	290276
Hare Krishna Exotic Private Limited, India	206800
Total	3703210

Equity Share Break up (Percentage of Total Equity)

As on : 23.07.2012

Category	Percentage
Bodies corporate	5.58
Directors or relatives of Directors	94.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceuticals Products.

Products :

PRODUCTS DESCRIPTION	ITC CODE NO.
Manufacturing of Pharmaceuticals Items	0105

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (31.03.2012)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tablets	Nos	NA	18300	934.153
Capsules	Nos	NA	1565	250.659
Ointments	Kgs	NA	91250	0.000

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

150 (Approximately)

Bankers :

Canara Bank, Sonepat, Haryana, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2012	As on 31.03.2011
Long term borrowings :
Term loans	3.648	1.108
From Bank (against hypothecation of Motor Car, payable within 2 Years)
Short term borrowings :
Term Loans
From Bank (against hypothecation of Motor Car, repayable within 12 months)	0.087	0.443
Total	3.735	1.551

Auditors :
Name :	Rakesh sharma and Associates Charteed Accountants
Address :	316, Dhaka Chambers, Street No. 39, Naiwala, Karol Bagh, New Delhi – 110005, India
Mobile No.:	91-9810440355
PAN No.:	AAUPS4023R

CAPITAL STRUCTURE

As on : 23.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3703210	Equity Shares	Rs. 10/- each	Rs. 37.032 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	37.032	37.032
(b) Reserves & Surplus	595.460	579.518
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	632.492	616.550
(3) Non-Current Liabilities
(a) long-term borrowings	3.648	1.108
(b) Deferred tax liabilities (Net)	2.888	0.700
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	6.536	1.808
(4) Current Liabilities
(a) Short term borrowings	0.087	0.443
(b) Trade payables	82.071	191.971
(c) Other current liabilities	88.107	138.293
(d) Short-term provisions	5.415	11.082
Total Current Liabilities (4)	175.680	341.789
TOTAL	814.708	960.147
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	137.770	127.742
(ii) Intangible Assets	122.320	152.856
(iii) Capital work-in-progress	1.149	1.425
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	18.136	18.136
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.227	1.227
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	280.602	301.386
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	94.034	78.062
(c) Trade receivables	14.959	24.340
(d) Cash and cash equivalents	20.304	20.302
(e) Short-term loans and advances	248.327	428.251
(f) Other current assets	156.482	107.806
Total Current Assets	534.106	658.761
TOTAL	814.708	960.147

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		8.797
2] Share Application Money		0.000
3] Reserves & Surplus		120.267
4] (Accumulated Losses)		0.000
NETWORTH		129.064
LOAN FUNDS
1] Secured Loans		0.268
2] Unsecured Loans		0.000
TOTAL BORROWING		0.268
DEFERRED TAX LIABILITIES		0.583
TOTAL		129.915
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		45.349
Capital work-in-progress		0.000
INVESTMENT		18.135
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	30.758
	Sundry Debtors	1.289
	Cash & Bank Balances	20.545
	Other Current Assets	0.706
	Loans & Advances	131.377
Total Current Assets		184.675
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.546
	Other Current Liabilities	81.892
	Provisions	6.806
Total Current Liabilities		118.244
Net Current Assets		66.431
MISCELLANEOUS EXPENSES		0.000
TOTAL		129.915

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	793.878	575.137	134.548
		Other Income	15.008	20.443	8.530
		TOTAL (A)	808.886	595.580	143.078
Less	EXPENSES
		Cost of Materials Consumed	670.561	516.806
		Purchase of Stock in Trade	25.734	0.761
		Changes in Inventories of Finished Goods	0.000	3.732
		Manufacturing Expenses	18.012	14.700
		Employees Benefits Expenses	11.299	7.145
		Other expenses	17.114	14.279
		TOTAL (B)	742.720	557.423	122.814
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		66.166	38.157	20.264
Less	FINANCIAL EXPENSES (D)		0.556	1.883	0.521
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		65.610	36.274	19.743
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.021	6.639	5.001
	PROFIT BEFORE TAX (E-F) (G)		23.589	29.635	14.742
Less	TAX (H)		7.637	10.283	4.711
	PROFIT AFTER TAX (G-H) (I)		15.942	19.352	10.031
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		38.288	18.935	8.905
	BALANCE CARRIED TO THE B/S		54.230	38.288	18.935
	EARNINGS IN FOREIGN CURRENCY		707.557	258.323	63.543
	IMPORTS
		Raw Materials	4.205	29.991	20.713
	TOTAL IMPORTS		4.205	29.991	20.713
	Earnings Per Share (Rs.)		4.30	18.82	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.97	3.25	7.01
Net Profit Margin (PBT/Sales)	(%)	2.97	5.15	10.96
Return on Total Assets (PBT/Total Assets}	(%)	4.41	4.49	7.98
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	0.11
Debt Equity Ratio (Total Liability/Networth)		0.01	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.05	1.93	1.56

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	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

SEGMENT REPORTING :

The company is predominantly engaged in manufacturing and job work of pharmaceutical products and formulations. Accordingly revenues from the above products comprise the primary of segmental information in these financial statements. As all the investment made by the company are subject to same risk and return, hence, there is only one segment of business.

REVIEW OF OPERATIONS :

The year has recorded a increase in the overall revenue from operations by 35.81%. However the net profit after tax has decreased due to increase in depreciation in the current year

The Company has made an application to the concerned authorities for conversion of existing DTA unit into 100% EOU.

Pursuant to High Court of Delhi Order dated 28th April, 2011 the Investment Division of Aquarius Securities Private Limited was demerged from Aquarius Securities Private Limited. And merged with Combitic Global Caplet Private Limited Consequently all the assets, property, rights and powers on demerger of Investment Division of Aquarius Securities Private Limited have been transferred to Combitic Global Caplet Private Limited as on the appointed date i.e. 01^st April, 2010. Due to that the previous year figures have been regrouped to make comparable with current year figures

NOTE ;

No charge exist for the company.

FIXED ASSETS :

v Land

v Building

v Plant and Equipments

v Furniture and Fixtures

v Vehicles

v 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. 60.80
UK Pound	1	Rs. 94.21
Euro	1	Rs. 81.03

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		47

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.