MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	ANISH PHARMA EQUIP PRIVATE LIMITED
Registered Office :	C-6, Shardashram, Bhavani Shankar Road, Dadar (West), Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.07.1990
Com. Reg. No.:	11-057521
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U29290MH1990PTC057521
TAN No.: [Tax Deduction & Collection Account No.]	NSKA01109D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of advanced range of the pharmaceutical machinery.
No. of Employees :	25 (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 55000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. 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 normal 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 – 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

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 :	C-6, Shardashram, Bhavani Shankar Road, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24367920 / 24311394
Fax No.:	91-22-24367920 / 24311394
E-Mail :	suranaaj@yahoo.co.in apepl_nsk@sancharnet.in ravi_samant@rediffmail.com
Factory :	G – 68, MIDC Ambad, Nashik – 422010, Maharashtra, India
Tel. No.:	91-253-2381831
Fax No.:	91-253-2380903

DIRECTORS

AS ON 27.09.2012

Name :	Mr. Ravindra Suresh Samant
Designation :	Director
Address :	Flat No. 15, Raghvalaya park, Chaitanya Nagar, Gangapur Road, Nashik, Maharashtra, India
Date of Appointment :	15.04.2004
DIN No.:	00664576

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	U29100MH1995PTC094648	ASHAY MACHINES PRIVATE LIMITED	Director	21-11-95	21-11-95	-	Active	NO
2	U24234MH1999PTC119975	ANISH PHARMA RESEARCH CENTRE PRIVATE LIMITED	Director	21-05-99	21-05-99	-	Active	NO
3	U29299MH2003PTC139082	AAKAR MACHINES PRIVATE LIMITED	Director	07-02-03	07-02-03	01-11-09	Active	NO
4	U29290MH1990PTC057521	ANISH PHARMAEQUIP PRIVATE LIMITED	Director	15-04-04	15-04-04	-	Active	NO

Name :	Mr. Janardan Atmaram Gawade
Designation :	Director
Address :	Krushnabumi, Ambad Near Amabd Police Station, Nashik-422010, Maharashtra, India
Date of Appointment :	31.07.1990
DIN No.:	00668447

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	Company/ LLP Status	Defaulting status
1	U29290MH1990PTC057521	ANISH PHARMAEQUIP PRIVATE LIMITED	Director	31-07-90	31-07-90	Active	NO
2	U29100MH1995PTC094648	ASHAY MACHINES PRIVATE LIMITED	Director	21-11-95	21-11-95	Active	NO
3	U29299MH2003PTC139082	AAKAR MACHINES PRIVATE LIMITED	Director	07-02-03	07-02-03	Active	NO
4	U24234MH1999PTC119975	ANISH PHARMA RESEARCH CENTRE PRIVATE LIMITED	Director	15-04-04	15-04-04	Active	NO

Name :	Mr. Yogendra Suresh Samant
Designation :	Director
Address :	Flat No. 18, Bldg No. 5, Tirupati Towers, Near Akashwani Tower, Gangapur Road, Nashik, Maharashtra, India
Date of Appointment :	31.07.1990
DIN No.:	01568259

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	U29290MH1990PTC057521	ANISH PHARMAEQUIP PRIVATE LIMITED	Director	31-07-90	31-07-90	-	Active	NO
2	U29299MH2003PTC139082	AAKAR MACHINES PRIVATE LIMITED	Director	07-02-03	07-02-03	-	Active	NO
3	U24234MH1999PTC119975	ANISH PHARMA RESEARCH CENTRE PRIVATE LIMITED	Director	15-04-04	15-04-04	-	Active	NO
4	U29100MH1995PTC094648	ASHAY MACHINES PRIVATE LIMITED	Director	15-04-04	15-04-04	-	Active	NO
5	U29268MH2009PTC190150	ANKIT MACHINES PRIVATE LIMITED	Director	05-02-09	05-02-09	15-02-10	Active	NO

Name :	Mr. Ravindra Atmaram Gawade
Designation :	Director
Address :	Vandevi Housing Society, Rajiv Nagar, Nashik, Maharashtra, India
Date of Appointment :	31.07.1990

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Janardan A Gawade	8324
Ravindra Suresh Samant	8324
Yogendra Suresh Samant	8352
TOTAL	25000

AS ON 27.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Supplier of advanced range of the pharmaceutical machinery.
Products :	Roto Cone Vacuum Dryers Top Spray Granulator Double Cone Blender Fluid Bed Dryer Material Handling Machine Ointment Mixer Particle Coater R and D -Table Top Particle Coater and Granulator

GENERAL INFORMATION

No. of Employees :

25 (Approximately)

Bankers :

· Union Bank of India, SME Branch, Nasik, B-50, A-Road, NICE, MIDC, Satpur, Nasik-422007, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loans
Car Loan UBI A/C No.456	0.251	0.000
Car Loan UBI A/C No. 196	0.182	0.000
Short Term Borrowings
Loans Repayable on Demand
UBI A/c No 51001 (C.C.)	8.065	6.202
UBI A/c No 11006 (C.C.)	0.000	5.355
From Banks
Loans P C A/c No 002	7.500	7.000
Loan on For A/c No. 535	7.500	0.000
Loan on For A/c No. 522	0.00	0.756
Loan on For A/c No. 524	0.000	4.016
Loan on For A/c No. 517	0.000	1.816
TOTAL	23.498	25.145
NOTES LONG TERM BORROWINGS 1. The Car Loans 456 is repayable in 60 installments. The term loan is secured by hypothecation of respective vehicles 2. The car loan 196 is repayable in 60 installments. The term loan is secured by hypothecation of respective vehicles 3. The company has not defaulted in repayment of any of the above loans SHORT TERM BORROWINGS The above loans are secured by hypothecation of book debts / receivable, inventory and all existing and further current assets of the company. The same is further secured by way of second charge over all fixed assets. The creation of second charge is in process. The limits are repayable on demand. The loan is hypothecated by personal guarantee of the directors.

Banking Relations :	--
Auditors :
Name :	Prashant Kulkarni Chartered Accountant
Address :	1583, Kanade Maruti Lane, Nashik, Maharashtra, India
PAN No.:	AARPK5266H
Related Parties :	· Aakar Machines Private Limited · Ashay Machines Private Limited · Ankit Machines Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs. 2.500 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	2.500	2.500
(b) Reserves & Surplus	11.264	8.550
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.133	0.133
Total Shareholders’ Funds (1) + (2)	13.897	11.183
(3) Non-Current Liabilities
(a) long-term borrowings	1.573	1.290
(b) Deferred tax liabilities (Net)	0.087	0.082
(c) Other long term liabilities	0.198	0.357
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.858	1.729
(4) Current Liabilities
(a) Short term borrowings	23.065	25.145
(b) Trade payables	22.526	27.276
(c) Other current liabilities	24.227	11.120
(d) Short-term provisions	5.857	6.835
Total Current Liabilities (4)	75.675	70.376
TOTAL	91.430	83.288
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.452	4.492
(ii) Intangible Assets	0.043	0.047
(iii) Capital work-in-progress	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	2.526	3.364
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	8.021	7.903
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	32.950	25.650
(c) Trade receivables	28.855	14.845
(d) Cash and cash equivalents	12.757	23.228
(e) Short-term loans and advances	2.364	3.170
(f) Other current assets	6.483	8.492
Total Current Assets	83.409	75.385
TOTAL	91.430	83.288

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500
2] Share Application Money		0.133
3] Reserves & Surplus		6.462
4] (Accumulated Losses)		0.000
NETWORTH		9.095
LOAN FUNDS
1] Secured Loans		10.210
2] Unsecured Loans		1.937
TOTAL BORROWING		12.147
DEFERRED TAX LIABILITIES		0.049
TOTAL		21.291
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.328
Capital work-in-progress		0.000
INVESTMENT		18.333
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.944
	Sundry Debtors	8.176
	Cash & Bank Balances	0.965
	Other Current Assets	5.124
	Loans & Advances	3.000
Total Current Assets		25.209
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.628
	Other Current Liabilities	6.951
	Provisions	0.000
Total Current Liabilities		26.579
Net Current Assets		(1.370)
MISCELLANEOUS EXPENSES		0.000
TOTAL		21.291

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Sales	78.126	75.209	73.251
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	NET PROFIT		3.149	3.045	2.452
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	20.621	18.280	11.802
	TOTAL EARNINGS		20.621	18.280	11.802
	IMPORTS
		Stores & Spares	0.923	2.159	0.000
	TOTAL IMPORTS		0.923	2.159	0.000

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	1.77	2.36	1.34
Current Ratio (Current Asset/Current Liability)	1.10	1.07	0.95

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)	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	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Term Loans
Sales Tax Deferral	1.140	1.290
TOTAL	1.140	1.290

NOTE

The Registered Address of the company has been changed from C – 5, Shardashram, Bhavani Shankar Road, Dadar (West), Mumbai – 400028, Maharashtra, India to the present address i.e. C – 6, Shardashram, Bhavani Shankar Road, Dadar (West), Mumbai – 400028, Maharashtra, India w.e.f. 20.03.2007.

FORM 8

Corporate identity number of the company

U29290MH1990PTC057521

Name of the company

ANISH PHARMAEQUIP PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

C-6, Shardashram, Bhavani Shankar Road, Dadar (West), Mumbai – 400028, Maharashtra, India

This form is for

Modification of charge

Charge identification number of the charge to be modified

90354663

Type of charge

· Book debts

· Movable property (not being pledge)

Particular of charge holder

Union Bank of India, SME Branch, Nasik, B-50, A-Road, NICE, MIDC, Satpur, Nasik-422007, Maharashtra, India

Nature of instrument creating charge

Composite Hypothecation Deed

Date of instrument Creating the charge

13.03.2013

Amount secured by the charge

Rs. 36.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

Cash Credit Limit - BR + 2.75%, SME Plus - BR + 4.75%, Bank Guarantee - As per terms of Agreement

Terms of repayment

As per Terms of Agreement and Cash Credit - Repayable on Demand

Margin

25%

Extent and operation of the charge

Hypothecation By Way of First Charge In Favour of The Bank Details of Equipment

Short particulars of the property charged (Including location of the property)

A) All tangible movable machineries, plant, machinery, fixture, fittings, other installations, cranes, furniture, computers and other accessories, vehicles together with spares, tools and accessories and all other articles lying on the premises G-68, MIDC, AMBAD or in the godowns of the Borrowers or in the custody of any person who are mercantile agent of the borrower or in the course of transit.

B) The whole of the borrower's movable properties and assets both present and future and including but without prejudice to generality of the foregoing words, all stock of raw materials, wip, semi finished and finished goods such as Pharmaceutical Machineries and equipment, consumable stores and spares etc.

C) All present and future book-debts, outstanding, monies receivable, claims, bills contracts, engagements and securities which are now due and owing to the borrower in the course of its business by any person or authority including those relating to the assets leased out and or given on hire purchase basis.

Collateral Security –

1. Factory Land and Building P. No. G-68 MIDC, Ambad Adms. 540 sq. mtrs. - Owner - Anish Pharma Equip Private Limited

2. Plant and Machinery

3. Land and Building, G- 69, Nashik Industrial Area, Ambad, Nashik, Adms. 540 sq. mtr. - owned - Ashay Machine Private Limited.

Whether any of the property or interest therein under reference is not registered in the name of the company.

Yes

If yes, in whose name it is registers

Ashay Machine Private Limited

Particulars of the present modification

Nature of Facility	New Limited (Rs. In Millions)
Cash Credit Limit	20.000
SME Plus	4.000
Bank Guarantee	12.000
Total	36.000

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Car

· Furniture and Fixture

· Computer

· Fax Machine

· Office Equipments

· Software

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. 59.79
UK Pound	1	Rs. 91.03
Euro	1	Rs. 78.52

INFORMATION DETAILS

Report Prepared by :

DPT

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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.