MIRA INFORM REPORT

Report Date :

14.01.2013

IDENTIFICATION DETAILS

Name :	G.C. CHEMIE PHARMIE LIMITED
Registered Office :	5/C, Shree Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.05.1995
Com. Reg. No.:	11-088175
Capital Investment / Paid-up Capital :	Rs. 9.434 Millions
CIN No.: [Company Identification No.]	U51900MH1995PLC088175
TAN No.: [Tax Deduction & Collection Account No.]	MUMG04732A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Traders, Exporter and Importer of Bulk Pharmaceuticals Drugs.
No. of Employees :	50 (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 1050000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Latest financial i.e. 2011-12 are missing from the government department. From the available financial of 2011, it seems that the company is progressing well. 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.

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.

INFORMATION PARTED BY

Name :	Mr. Nitin
Designation :	Finance Department
Contact No.:	91-22-26330365
Date :	14.01.2013

LOCATIONS

Registered Office :	5/C, Shree Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26330365
Fax No.:	91-22-26330506
E-Mail :	info@gccpl.com accts1@gccpl.com gcs@gccpl.com nvs@gccpl.com finac@gccpl.com
Website :	www.gccpl.com
Location :	Owned
Overseas Office 1 :	Room 1209, No.9, Commercial Building, 181 Fengqi Road, Hangzhou, China PC 310003
Tel. No.:	86-0571-87240162
Fax No.:	86-0571-87240162
E-Mail :	sourcing2@gccpl.com sourcing3@gccpl.com
Overseas Office 2 :	Xinhaijiari, No.1, Changjiang Road, Shijiazhuang, Hebei, China - 050000
Tel. No.:	86-0311-89831759
Fax No.:	86-0311-85383728
E-Mail :	sourcing1@gccpl.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Gautam Chndrakumar Shah
Designation :	Managing director
Address :	3, Punil Apartments, 9, Ashok Nagar Society, N.S. Road 11, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	04.12.1959
Date of Appointment :	08.05.1995
DIN No.:	00271794
Name :	Nimish Vinod Shah
Designation :	Director
Address :	Flat No.11, Plot No.181, Om Surya Vihar Gujarat Society, Sion (West), Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	28.07.1966
Date of Appointment :	08.05.1995
DIN No.:	00359246
Name :	Mrs. Sonal Gautam Shah
Designation :	Director
Address :	3, Punil Apartments, 9, Ashok Nagar Society, N.S. Road 11, Vile Parle (West), Mumbai – 400049, Maharashtra, India
Date of Birth/Age :	03.04.1962
Date of Appointment :	08.05.1995
DIN No.:	00359687

KEY EXECUTIVES

Name :	Mr. Nitin
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Gautam Chndrakumar Shah	442825
Nimish Vinod Shah	100
Sonal Gautam Shah	500100
Jaydeep Vinod Mehta	100
Dipen Seth	100
Chirayush K Shah	100
Suresh B Patil	100
Total	943425

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Traders, Exporter and Importer of Bulk Pharmaceuticals Drugs.
Exports :
Products :	Pharmaceuticals Drugs
Countries :	Ø Vietnam Ø Mexico
Imports :
Products :	Raw Material
Countries :	Ø China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Retailers and End Users
No. of Employees :	50 (Approximately)
Bankers :	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

Banking Relations :	--
Auditors :
Name :	A.M. Ghelani and Company Chartered Accountants
Address :	224, Champaklal Industrial Estate, 2nd Floor, Sion, Koliwada Road, Sion, Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24024909
Fax No.:	91-22-24028739
Income-tax PAN of auditor or auditor's firm :	AAEFA9071B
Associates :	Manmill Chemicals Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions
2,000,000	Preference Shares	Rs. 10/- each	Rs. 20.000 Millions
	Total		Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
943,425	Equity Shares	Rs. 10/- each	Rs. 9.434 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		9.434	9.434	9.434
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		253.276	221.200	197.275
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		262.710	230.634	206.709
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.096
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.096
DEFERRED TAX LIABILITIES		0.896	1.211	2.045
TOTAL		263.606	231.845	208.850
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.807	14.821	17.448
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		14.427	6.635	4.705
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	68.839	58.132	62.483
	Sundry Debtors	337.761	219.153	261.450
	Cash & Bank Balances	147.056	139.325	123.650
	Other Current Assets (Taxes)	59.471	41.292	37.753
	Loans & Advances	68.838	103.602	7.250
Total Current Assets		681.965	561.504	492.586
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	398.680	314.827	270.921
	Other Current Liabilities	5.496	2.038	3.226
	Provisions	48.417	34.250	31.742
Total Current Liabilities		452.593	351.115	305.889
Net Current Assets		229.372	210.389	186.697
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		263.606	231.845	208.850

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	967.133	767.663	737.110
		Other Income	52.619	56.241	53.683
		TOTAL (A)	1019.752	823.904	790.793
Less	EXPENSES
		Purchases of Bulk Drugs and Pharmaceuticals items	921.883	722.096	694.225
		Share of Joint venture	6.070	7.806	2.868
		Manufacturing Expenses	0.677	4.765	3.004
		Payments to employees	23.417	21.496	20.686
		Office and Administrative Expenses	18.534	16.689	14.522
		Selling and Distribution Expenses	22.076	19.346	13.543
		Foreign exchange rate fluctuation	(12.026)	(12.142)	20.183
		Variation in stocks	(10.708)	4.351	(11.432)
		TOTAL (B)	969.923	784.407	757.599
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		49.829	39.497	33.194
Less	FINANCIAL EXPENSES (D)		1.394	1.763	1.206
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.435	37.734	31.988
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.961	2.789	3.290
	PROFIT BEFORE TAX (E-F) (G)		45.474	34.945	28.698
Less	TAX (H)		13.683	10.966	9.653
	PROFIT AFTER TAX (G-H) (I)		31.791	23.979	19.045
	ADJUSTMENT FOR TAXES OF EARLIER YEARS		0.285	(0.055)	(0.146)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		140.259	118.835	102.436
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	2.500	2.500
	BALANCE CARRIED TO THE B/S		169.835	140.259	118.835
	IMPORTS
		Raw Materials	N.A.	279.381	398.718
	Earnings Per Share (Rs.)		34.00	25.36	20.19

Particulars	31.03.2012
Sales Turnover (Approximately)	980.000 (Due to Market Condition)

The above information has been parted by Mr. Nitin (Finance Department)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.12	2.91	2.41
Net Profit Margin (PBT/Sales)	(%)	4.70	4.55	3.89
Return on Total Assets (PBT/Total Assets}	(%)	6.48	6.06	5.63
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.14
Debt Equity Ratio (Total Liability/Networth)		1.72	1.52	1.48
Current Ratio (Current Asset/Current Liability)		1.51	1.60	1.61

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Micro or small enterprise	0.000	0.000	0.000
Others
For Goods	395.058	312.280	268.911
For Expenses	3.622	2.547	2.010
Total	398.680	314.827	270.921

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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U51900MH1995PLC088175
Name of the company	G.C. CHEMIE PHARMIE LIMITED
Address of the registered office or of the principal place of business in India of the company	5/C, Shree Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India Email: accts1@gccpl.com
This form is for	Creation of charge
Type of charge	Book debts Others [On Stock of Raw Materials and other Current Assets]
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India Email: priyanka.pincha@icicibank.com CIN No.: L65190GJ1994PLC021012
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation dated 9th September, 2011 to secure additional working capital limit of Rs 30.000 Million. Charge for Rs. 231.600 million already created and presently charge to be created for enhancement of Rs. 30.000 million to secure Company 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.
Date of instrument Creating the charge	09.09.2011
Amount secured by the charge	Rs. 30.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms Terms of Repayment As per sanction terms Margin As per sanction terms Extent and Operation of the charge First Pari Passu charge in favour of the Bank by way of hypothecation of the Company 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.
Short particulars of the property charged	Company entire stocks of raw materials, semi-finished and finished goods, consumable stores and spares and other movables including book-debts, and other current assets present and future

FIXED ASSETS

Ø Plant and Machinery (MFG)

Ø Plant and Machinery (230 kv wind Energy)

Ø Furniture and Fixtures

Ø Computers

Ø Motor Car

Ø Office Equipments

Ø Brand

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. 54.54
UK Pound	1	Rs. 88.05
Euro	1	Rs. 72.29

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

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	YES
--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.