MIRA INFORM REPORT

Report Date :

21.12.2013

IDENTIFICATION DETAILS

Name :	NABROS PHARMA PRIVATE LIMITED
Registered Office :	3^rd Floor, Oriental House – II, Opposite Art Galary, B/h Behind British Library, Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.12.1983
Com. Reg. No.:	04-006628
Capital Investment / Paid-up Capital :	Rs.6.270 Millions
CIN No.: [Company Identification No.]	U24230GJ1983PTC006628
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Phospholipids for Pharmaceutical and Food Applications
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 7100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. There appears dip in profitability of the company during the financial year 2013. However, over all fundamentals of the company appears to be strong and healthy. It seems no external borrowing taken by the company, it is operating on its own fund. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 DECLINED

MANAGEMENT NON – COOPERATIVE (91-79-26405299)

LOCATIONS

Registered Office :	3^rd Floor, Oriental House – II, Opposite Art Galary, B/h Behind British Library, Law Garden, Ellisbridge, Ahmedabad 380006, Gujarat
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ronakshah_cs@yahoo.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Chandrikaben Navnitbhai Shah
Designation :	Whole-time director
Address :	12, Darpan Society, ST Xaviers School Road, Navrangura, Ahmedabad – 380009, Gujarat, India
Date of Appointment :	29.10.1984
DIN No.:	01600514
Name :	Kavit Muktikumar Shah
Designation :	Whole-time director
Address :	A/19, Ojas Apartment, Near Navrangura Cross Road, Ahmedabad – 380015, Gujarat, India
Date of Appointment :	05.04.2009
DIN No.:	02637610
Name :	Mr. Samir Dasrathbhai Bhavsar
Designation :	Director
Address :	10, Jalaram Jyot Apartment, Near Punit Ashram Maninagar, Ahmedbad – 38008, Gujarat, India
Date of Birth/Age :	23.09.1969
Date of Appointment :	17.01.2011
DIN No.:	03350572

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Navinitbhai Mulchandbhai Shah	52578
Chandrikaben Navnitbhai Shah	10120
Kavit M Shah	1
Samir Bhavsar	1
Total	62700

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Phospholipids for Pharmaceutical and Food Applications

GENERAL INFORMATION

No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Atul B .Gandhi and Company Chartered Accountants
Address :	1, Asha Complex, B/H Navarangpura Police Station, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26443505
Mobile No.:	91-9825342098
Fax No.:	91-79-26925656
PAN N Income-tax PAN of auditor or auditor's firm :	ABAPG9787H

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62700	Equity Shares	Rs.100/- each	Rs. 6.270 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	6.270	6.270
(b) Reserves & Surplus	1763.279	1491.937
(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)	1769.549	1498.207
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	8.815	9.584
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	8.815	9.584
(4) Current Liabilities
(a) Short term borrowings	0.000	99.990
(b) Trade payables	52.118	40.965
(c) Other current liabilities	16.887	15.395
(d) Short-term provisions	333.834	505.961
Total Current Liabilities (4)	402.839	662.311
TOTAL	2181.203	2170.102
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	174.341	189.493
(ii) Intangible Assets	0.252	0.000
(iii) Capital work-in-progress	14.874	1.970
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	265.545	291.409
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	455.012	482.872
(2) Current assets
(a) Current investments	26.796	37.249
(b) Inventories	46.520	35.751
(c) Trade receivables	152.455	294.751
(d) Cash and cash equivalents	1349.188	1246.020
(e) Short-term loans and advances	151.232	73.459
(f) Other current assets	0.000	0.000
Total Current Assets	1726.191	1687.230
TOTAL	2181.203	2170.102

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.270
2] Share Application Money		0.000
3] Reserves & Surplus		1313.516
4] (Accumulated Losses)		0.000
NETWORTH		1319.786
LOAN FUNDS
1] Secured Loans		34.706
2] Unsecured Loans		324.954
TOTAL BORROWING		359.660
DEFERRED TAX LIABILITIES		3.318
TOTAL		1682.764
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		71.322
Capital work-in-progress		99.987
INVESTMENT		38.220
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.332
	Sundry Debtors	234.191
	Cash & Bank Balances	1305.491
	Other Current Assets	0.000
	Loans & Advances	494.176
Total Current Assets		2074.190
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.742
	Other Current Liabilities	44.813
	Provisions	522.400
Total Current Liabilities		600.955
Net Current Assets		147.235
MISCELLANEOUS EXPENSES		0.000
TOTAL		1682.764

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	510.627	743.447	571.916
		Other Income	178.526	110.772	110.738
		TOTAL (A)	689.153	854.219	682.654
Less	EXPENSES
		Office Cost of material consumed	138.526	138.223
		Purchase of stock in trade	2.885	8.787
		Changes in inventories	4.915	(5.526)
		Employees benefits expenses	32.262	34.562
		Other Expenses	88.273	163.408
		TOTAL (B)	266.861	339.454	268.426
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		422.292	514.765	414.228
Less	FINANCIAL EXPENSES (D)		4.034	9.089	5.252
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		418.258	505.676	408.976
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.829	22.598	10.282
	PROFIT BEFORE TAX (E-F) (G)		392.429	483.078	398.694
Less	TAX (H)		77.100	122.479	67.600
	PROFIT AFTER TAX (G-H) (I)		315.329	360.599	331.094
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	964.900
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	50.000
		Dividend	NA	NA	156.750
		Tax on Dividend	NA	NA	26.640
	BALANCE CARRIED TO THE B/S		NA	NA	1062.604
	Earnings Per Share (Rs.)		5029.00	5751.00	5281.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	45.76	42.21	48.50
Net Profit Margin (PBT/Sales)	(%)	76.85	64.98	69.71
Return on Total Assets (PBT/Total Assets}	(%)	18.11	22.28	18.58
Return on Investment (ROI) (PBT/Networth)		0.22	0.32	0.30
Debt Equity Ratio (Total Debt /Networth)		0.00	0.07	0.27
Current Ratio (Current Asset/Current Liability)		4.29	2.55	3.45

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	Yes
23]	Banking Details	No
24]	Banking facility details	No
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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 1053 of 2008

Status : PENDING

( Converted from : ST/1873/2008 )

CCIN No : 001092200801053

Last Listing Date:

21/12/2013

Coram

· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.D.KOTHARI

Not Before :

· HONOURABLE MR.JUSTICE AKSHAY H.MEHTA

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX-III

MS PAURAMI B SHETH for: Appellant(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

NABROS PHARMA LTD.

MRS SWATI SOPARKAR for :Opponent(s) 1

Presented On

: 13/05/2008

Registered On

: 13/05/2008

Bench Category

: DIVISION BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH ADVOCATE

Listed

: 173 times

StageName

: FOR FINAL HEARING

Act	INCOME-TAX ACT, 1961

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2008	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s) 1	-	MRS SWATI SOPARKAR:1
2	15/08/2008	VAKALATNAMA	MS PAURAMI B SHETH ADVOCATE for PETITIONER(s) 1	-	MS PAURAMI B SHETH:1
3	21/04/2009	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s) 1	5	MRS SWATI SOPARKAR:1
4	09/05/2012	APPEARANCE NOTE	MS PAURAMI B SHETH ADVOCATE for PETITIONER(s) 1	-	MS PAURAMI B SHETH:1
Linked Matters

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	TAX APPEAL/250/2007	PENDING	-	- · HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.D.KOTHARI
Court Proceeding

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	06/03/2009	1	-	FOR FINAL HEARING - TAX MATTERS	RULE/ADMIT	· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
2	30/11/2013	5	66	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.P.DHOLARIA
3	21/12/2013	51	93	FOR FINAL HEARING	undefined	· HONOURABLE MR.JUSTICE M.R. SHAH · HONOURABLE MR.JUSTICE R.D.KOTHARI and HONOURABLE MR.JUSTICE R.P.DHOLARIA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order	Download
1	TAX APPEAL/1053/2008	· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI	16/03/2009	N	ORDER	Download
Certified Copy

S. No.	ApplicantName	ApplicationType	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature Of Document
1	MRS MAUNA M BHATT	ORDINARY	17/03/2009	O/7197/2009	16/03/2009	20/03/2009	23/03/2009	Delivered	ORDER

OPERATION

During the year, Company has achieved a total turnover of the Rs.510.627 Millions, which includes Rs.484.269 Millions export sales as compare to last year export sales of Rs. 709.295 Millions. The company earned net profit after provision for taxation is Rs. 315.329 Millions.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90112405	30/12/1997	4,500,000.00	CANARA BANK	BHADRA BRANCH P B NO 192, AHMEDABAD, GUJARAT, INDIA	-

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short term borrowing
Unsecured Loan	0.000	99.990
Total	0.000	99.990

FIXED ASSETS

· Land

· Factory Building

· Plant and Machinery

· Office Equipment’s

· Vehicles

· Dies

· Computers

· Electric Installation

· Lab Equipment’s

· New Office Premises

· Air Conditioner

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.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.88

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	5
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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.