MIRA INFORM REPORT

Report Date :

19.02.2013

IDENTIFICATION DETAILS

Name :	AMOLI ORGANICS PRIVATE LIMITED
Registered Office :	322/ 4, 40 Shed Area, GIDC, Vapi – 396 195, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.09.1991
Com. Reg. No.:	04-016288
Capital Investment / Paid-up Capital :	Rs.46.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1991PTC016288
TAN No.: [Tax Deduction & Collection Account No.]	SRTA01797F
PAN No.: [Permanent Account No.]	AACCA3990Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	LONG TERM BANK FACILITIES : CARE BB
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation
Date	February 2011

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/ Factory 1 :	322/ 4, 40 Shed Area, GIDC, Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-22424882/ 22400383
Mobile No.:	91-9819871700 (Mr. Ramanuj Malani)
Fax No.:	91-260-22431982
E-Mail :	amoli@vsnl.com mudoshi@amoliindia.com rpsonica@hotmail.com info@amoliindia.com ramanuj@amoliindia.com
Website :	http://www.amoliindia.com
Area :	60000 sq. ft.
Location :	Leased
Corporate Office/ Factory 2 :	407, Dalamal House, Jamnadas Bajaj Road, Nariman Point, Mumbai – 40 0021, Maharashtra, India
Tel. No.:	91-22-22854715
Fax No.:	91-22-22041400
E-Mail :	info@amoliidia.com saleem@amoliindia.com bhavin@amoliindia.com kamdar@amoliindia.com sales@amoliindia.com govind@amoliindia.com
Factory 2 :	Plot No. 421 to 425, 432, 433 and 436, Taluka – Padra, District: Vadodara, Gujarat, India
Tel. No.:	91-2662-3200383
Offices and Stock Points :	Located at: · Mumbai (India) · Hong Kong · Ho Chi Minh City (Vietnam) · Moscow (Russia) · Jebel Ali (UAE) · Kiev (Ukraine)

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Manish Umed Doshi
Designation :	Director
Address :	1201 A, Chandanbala Apartment, R.R. Thakker Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	07.10.1961
Qualification :	B. Pharma
Date of Appointment :	15.10.1994
DIN No.:	00210389
Name :	Mrs. Vandana Manish Doshi
Designation :	Director
Address :	1201 A, Chandanbala Apartment, R.R. Thakker Road, Walkeshwar, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	23.08.1962
Date of Appointment :	19.01.1991
DIN No.:	00211618
Name :	Mr. Rupesh Suryakant Kamdar
Designation :	Director
Address :	Flat No.603, Somnath CHS, Neelkanth Valley, 7^th Floor, Rajawadi, Ghatkopar (East), Mumbai - 400 077, Maharashtra, India
Date of Birth/Age :	11.04.1971
Date of Appointment :	26.09.2009
DIN No.:	02358348
Name :	Mr. Kundan Lal Khurana
Designation :	Director
Address :	103, Sector 35A, Chandigarh – 160 035, India
Date of Birth/Age :	22.09.1942
Date of Appointment :	26.09.2009
DIN No.:	02193237
Name :	Mr. Mukundray Harshadray Bhatt
Designation :	Director
Address :	Ananya, Tithal Road, Valsad – 396 001, Gujarat, India
Date of Birth/Age :	28.09.1951
Date of Appointment :	26.09.2009
DIN No.:	02200427

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vandna M. Doshi	1631776
Manish U. Doshi	1070496
Indu U. Doshi	78880
Manish U. Doshi (HUF)	498848
Tolstoy Investments Private Limited	320000
Port Limited	1000000
Total	4600000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	21.74
Bodies corporate	6.96
Directors or relatives of directors	71.30
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Bulk Drugs.
Products :	Bulk Drugs

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	*Installed Capacity (per annum )	Actual Production
Bulk Drugs	Tons	1800.00	1601.70

NOTE

* Installed capacity is certified by the managing director and not verified by the auditors, since this is a technical matter.

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

v State Bank of India,

Industrial Finance Branch, The Arcade, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v EXIM Bank,

World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

v ICICI Bank Limited,

215, Free Press House, Free Press Journal Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India

v ICICI Bank Limited,

Land Mark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Foreign currency loans from banks	17.306	52.475
Working capital loans from banks	224.334	233.228
Loans taken for vehicles	1.421	2.328
Total	243.061	288.031
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans from directors	139.883	154.843
Other debt	5.370	5.520
Total	145.253	160.363

Banking Relations :	--
Auditors :
Name :	Contractor, Nayak and Kishnadwala Chartered Accountants
Address :	Jash Chambers, 7, Sir. P. M. Road, Mumbai, Maharashtra, India
Tel No.:	91-22-66359681/82/83 / 66230 600 / 22661819
PAN No.:	AACFC8587E
Associates/Subsidiaries :	v Umedica Laboratories Limited, 403, Dalamal House, J. B. Road, Nariman Point, Mumbai - 400 021, Maharashtra, India Tel. No. 91-22-285 4715 Fax No. 91-22-204 1400 E-Mail: umedica@vsnl.com Website: http://www.amoliindia.com -It is engaged in manufacturing and exporting of a wide range of injectables, tablets, capsules, suspensions and dry syrups, etc. -Subject is Government Recognised Export House. v Bharat Mercantile Company v Sweta Pharma Private Limited v Amoli Infotech Private Limited v KMI Business Technologies Private Limited v Tolstory Investment Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12500000	Equity Share	Rs.10/- each	Rs.125.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4600000	Equity Share	Rs.10/- each	Rs.46.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		46.000	46.000	46.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		235.554	232.375	194.377
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		281.554	278.375	240.377
LOAN FUNDS
1] Secured Loans		243.061	288.031	251.839
2] Unsecured Loans		145.253	160.363	172.900
TOTAL BORROWING		388.314	448.394	424.739
DEFERRED TAX LIABILITIES		19.830	21.850	23.280
TOTAL		689.698	748.619	688.396
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		354.517	360.475	385.880
Capital work-in-progress		0.220	6.773	11.594
INVESTMENT		1.117	1.117	0.117
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	270.935	212.321	141.048
	Sundry Debtors	378.920	374.075	386.563
	Cash & Bank Balances	20.403	8.276	10.557
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	125.909	91.768	69.730
Total Current Assets		796.167	686.440	607.898
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	404.552	266.347	276.764
	Other Current Liabilities	47.017	29.755	31.437
	Provisions	10.754	10.084	8.892
Total Current Liabilities		462.323	306.186	317.093
Net Current Assets		333.844	380.254	290.805
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		689.698	748.619	688.396

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Net Sales	1363.901	1227.505	1340.877
		Other Income		46.332	16.862
		TOTAL (A)	1363.901	1273.837	1357.739
Less	EXPENSES
		Material Consumed	NA	759.389	713.386
		Manufacturing Expenses		198.435	178.266
		Personal Cost		117.504	104.779
		Administration & Selling Expenses		84.126	151.525
		Increase/Decrease in Stock		(35.185)	68.927
		Prior Period Income/ Expenses		0.000	0.274
		TOTAL (B)	NA	1124.269	1217.157
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	149.568	140.582
Less	FINANCIAL EXPENSES (D)		NA	39.770	67.609
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		58.947	109.798	72.973
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	56.720	61.001
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		NA	53.078	11.972
Less	TAX (H)		NA	15.080	2.856
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		3.178	37.998	9.116
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		181.888	143.890	135.778
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	0.000	1.004
	BALANCE CARRIED TO THE B/S		NA	181.888	143.890
	EARNINGS IN FOREIGN CURRENCY
		Export of goods (FOB)	NA	383.846	354.942
	TOTAL EARNINGS		NA	383.846	354.942
	IMPORTS
		Raw Materials	NA	444.698	341.961
		Capital Goods	NA	0.927	0.138
	TOTAL IMPORTS		NA	445.625	342.099
	Earnings Per Share (Rs.)		0.69	8.26	1.98

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.23	2.98	0.67
Net Profit Margin (PBT/Sales)	(%)	NA	4.32	0.89
Return on Total Assets (PBT/Total Assets}	(%)	NA	5.07	1.20
Return on Investment (ROI) (PBT/Networth)		NA	0.19	0.05
Debt Equity Ratio (Total Liability/Networth)		3.02	2.71	3.09
Current Ratio (Current Asset/Current Liability)		1.72	2.24	1.92

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	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	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	Yes

OPERATIONS

Despite the recessionary trends prevailing in global and in domestic economy, the Company has achieved higher sales and other income of Rs. 1363.901 Millions for the F.Y.2010-11, reflecting a growth of 7.07 over the previous year. Export sales have grown from Rs. 383.846 Millions to Rs. 564.415 Millions i.e by 47.04 over the previous year. The net profit for the year has declined substantially to Rs. 3.178 Millions, from Rs. 37.998 Millions in the previous year.

FORM NO. 8

This form is for	Modification of charge
Charge identification number of the modified	90105486
Corporate identity number of the company	U24231GJ1991PTC016288
Name of the company	AMOLI ORGANICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	322 / 4, 40 Shed Area, GIDC, Vapi-396195, Gujarat, India mudoshi@amoliindia.com
Type of charge	Book debts Immovable Property Others (entire current assets and movable fixed assets)
Particular of charge holder	ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India E-mail Id : nabha.nirody@icicibank.com
Nature of description of the instrument creating or modifying the charge	Supplemental DOH has been executed on 26 April 2012 w.r.t. enhancement of working capital facility from Rs 110.000 millions to Rs 170.000 Millions and DOH for derivatives has been executed on 26 April 2012 w.r.t. derivative facility of Rs 40.600 Millions for securing first pari passu charge 1. On companies entire stocks of raw materials, receivables, book debts and other current assets 2 Movable Fixed Assets of the borrower
Date of instrument Creating the charge	26.04.2012
Amount secured by the charge	Rs.210.600 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Terms of Repayment on demand Margin As per Sanction Extent and Operation of the charge First charge by way of Hypothecation of companys entire stocks of raw materials, semi finished and finished goods, consumable stores and spares and such other movables including book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank, ranking pari passu with State Bank of India. First pari-passu charge on the movable fixed assets of the borrower, with State Bank of India
Short particulars of the property charged	companys entire stocks of raw materials, semi finished and finished goods, consumable stores and spares and such other movables including book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future movable fixed assets of the borrower
Date of latest modification prior to the present modification	14.03.2012
Particulars of the present modification	vide this modification we are creating charge on companies entire current assets, book debts and movable fixed assets to secure enhanced working capital limits of Rs 170.000 million and derivative facility of Rs 40.600 million The earlier charge created on companies current assets and movable and immovable fixed assets will remain the same.

FIXED ASSETS

v Factory Plot

v Starr Quarter Plot

v Factory Building

v Plant and machinery

v Electrical Equipments

v Motorcar and Vehicles

v Motorcar

v Motor Lorry

v Furniture Fixture and Office equipments

v Computer

v Efferent Treatment Plant

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.54.29
UK Pound	1	Rs.84.09
Euro	1	Rs.72.44

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
TOTAL		45

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.