MIRA INFORM REPORT

Report Date :

19.01.2013

IDENTIFICATION DETAILS

Name :	AMBICA PHARMA MACHINES PRIVATE LIMITED
Registered Office :	Plot No. 1, Phase II, GIDC, Vatva, Ahmedabad-382445, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.06.2006
Com. Reg. No.:	04-048387
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24297GJ2006PTC048387
TAN No.: [Tax Deduction & Collection Account No.]	AHMA06453G
PAN No.: [Permanent Account No.]	AAFCA7945N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceuticals Packing Machinery.
No. of Employees :	60 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 36000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears slight dip in profitability. However, general financial position of the company 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 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 – 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

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 :	Plot No. 1, Phase II, GIDC, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25893671/25893672/40269800 to 99
Fax No.:	91-79-25893672/25893671/40269840
E-Mail :	info@amibica.co.in ambica@ambica.co.in mnshahco@gmail.com ambica@ambica.co.in
Website :	http://wwww.ambica.co.in
Location :	Owned

DIRECTORS

AS ON 28.09.2012

Name :	Mrs. Bhikhiben Kalidas Mistry
Designation :	Director
Address :	31-B, Vasant Nagar Society, Bhairavanth Road, Maninagar, Ahmedabad-380008, Gujarat, India
Date of Birth/Age :	22.04.1939
Date of Appointment :	28.06.2006
PAN No.:	ABEPM2659J
DIN No.:	00466357

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999GJ1995PTC024168	AMBICA LABELLING PRIVATE LIMITED	Director	15/01/1995	15/01/1995	-	Active	YES
2	U24297GJ2006PTC048387	AMBICA PHARMA MACHINES PRIVATE LIMITED	Director	04/06/2006	04/06/2006	-	Active	NO

Name :	Mr. Ashok Kalidas Mistry
Designation :	Director
Address :	31/B, Vasantnagar Society, Bhairvnath Road, Maninagar, Ahmedabad-380008, Gujarat, India
Date of Appointment :	04.06.2006
DIN No.:	00060532

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999GJ1995PTC024168	AMBICA LABELLING PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	YES
2	U24297GJ2006PTC048387	AMBICA PHARMA MACHINES PRIVATE LIMITED	Director	04/06/2006	04/06/2006	-	Active	NO

Name :	Mrs. Manaswi Ashok Mistry
Designation :	Director
Address :	31/B, Vasantnagar Society, Bhairvnath Road, Maninagar, Ahmedabad-380008, Gujarat, India
Date of Appointment :	04.06.2006
DIN No.:	00066865

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Ashok Kalidas Mistry	490
Manaswi Ashok Mistry	490
Ashok Kalidas Mistry HUF	7220
Bhikhiben Kalidas Mistry	900
Kalidas R Mistry HUF	900
Total	10000

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceuticals Packing Machinery.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Pharma Machinery	0107

GENERAL INFORMATION

No. of Employees :

60 [Approximately]

Bankers :

• Axis Bank, Branch Manager and Ahmedabad, Gujarat, India
• HDFC Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan (Secured against car)	3.526	0.109
Total	3.526	0.109

Banking Relations :	--
Financial Institution :	Kotak Mahindra Prime Limited
Auditors :
Name :	Mahendra Shah and Associates Chartered Accountants
Address :	E-Block, 3^rd Floor, Capital Commercial Centre, Ahsram Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26575085/086
Fax No.:	91-79-26584359
E-Mail :	mnshahco@gmail.com
Pan No.:	AADFM4086H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Particulars of share holders holding more than 5% shares in the company

Name of Shareholders	As at 31^st March, 2012
	No. of Shares	% of Holding
Ashok Kalidas Mistry HUF	7220	72.20
Bhikhiben Kalidas Mistry	900	9.00
Kalidas R Mistry HUF	900	9.00

FINANCIAL DATA

[all figures are in Rupees Millions]

€ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.921	7.627	6.412
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.021	7.727	6.512
LOAN FUNDS
1] Secured Loans		3.526	0.109	2.759
2] Unsecured Loans		21.318	20.347	17.480
TOTAL BORROWING		24.844	20.456	20.239
DEFERRED TAX LIABILITIES		1.469	1.797	1.522
TOTAL		35.334	29.980	28.273
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.313	18.455	19.030
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.975	14.926	8.617
	Sundry Debtors	13.038	3.228	7.314
	Cash & Bank Balances	1.545	3.912	2.758
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.774	3.388	6.486
Total Current Assets		38.332	25.454	25.175
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.447	10.234	10.172
	Other Current Liabilities	5.335	1.428	3.809
	Provisions	2.529	2.267	1.954
Total Current Liabilities		24.311	13.929	15.935
Net Current Assets		14.021	11.525	9.240
MISCELLANEOUS EXPENSES		0.000	0.000	0.003
TOTAL		35.334	29.980	28.273

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	54.935	68.454	46.836
		Other Income	1.301	0.995	2.306
		TOTAL (A)	56.236	69.449	49.142
Less	EXPENSES
		Cost of materials consumed	20.025	35.755	44.468
		Changes in inventories	2.250	(1.459)
		Employee benefits expenses	9.811	9.415
		Other Expenses	19.076	20.104
		Exceptional Items	0.000	(0.057)
		TOTAL (B)	51.162	63.758	44.468
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.074	5.691	4.674
Less	FINANCIAL EXPENSES (D)		2.555	2.412	2.545
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.519	3.279	2.129
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.349	1.438	1.320
	PROFIT BEFORE TAX (E-F) (G)		1.170	1.841	0.809
Less	TAX (H)		(0.124)	0.625	0.606
	PROFIT AFTER TAX (G-H) (I)		1.294	1.216	0.203
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.627	6.411	6.208
	BALANCE CARRIED TO THE B/S		8.921	7.627	6.411
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	21.096	17.788
	TOTAL EARNINGS		NA	21.096	17.788
	IMPORTS
		Raw Materials	NA	0.487	0.000
	TOTAL IMPORTS		NA	0.487	0.000
	Earnings Per Share (Rs.)		129.38	121.59	20.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.30	1.75	0.41
Net Profit Margin (PBT/Sales)	(%)	2.13	2.69	1.73
Return on Total Assets (PBT/Total Assets}	(%)	1.96	4.19	1.83
Return on Investment (ROI) (PBT/Networth)		0.13	0.24	0.12
Debt Equity Ratio (Total Liability/Networth)		5.45	4.45	5.55
Current Ratio (Current Asset/Current Liability)		1.58	1.83	1.57

LOCAL AGENCY FURTHER INFORMATION

UNSECURED LOANS DETAILS:

(Rs. In Millions)

UNSECURED LOAN	31.03.2012	31.03.2011
Loan repayable on demand
From other parties
Loan From Director	9.115	9.158
Loan From Shareholders	12.203	11.189
Total	21.318	20.347

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	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	--
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PERFORMANCE:

During the year the company has achieved turnover of Rs.54.935 Millions.

The net profit after tax for the year is Rs.1.293 Millions.

FIXED ASSETS:

· Leasehold Land

· Furniture and Fixtures

· Plant and Machinery

· Computers

· Building

· Office Equipments

· 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 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.53.95
UK Pound	1	Rs.86.24
Euro	1	Rs.72.21

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.