MIRA INFORM REPORT

Report Date :

22.07.2013

IDENTIFICATION DETAILS

Name :	GLATT (INDIA) PHARMA ENGINEERING PRIVATE LIMITED
Registered Office :	13, Ground Floor, Palam Marg, Vasant Vihar, New Delhi - 110057
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.12.2007
Com. Reg. No.:	55-171406
Capital Investment / Paid-up Capital :	Rs.6.850 Millions
CIN No.: [Company Identification No.]	U85100DL2007FTC171406
TAN No.: [Tax Deduction & Collection Account No.]	DELG10923D
PAN No.: [Permanent Account No.]	AADCG0052E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Consulting and Technical Services.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 15000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company having a moderate track record. Its scale of activities is limited. There appear some accumulated losses in the. It has been incurring loss past some years. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great caution.

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/ Process and Plant Engineering :	13, Ground Floor, Palam Marg, Vasant Vihar, New Delhi – 110057, India
Tel. No.:	91-11-46052960-63
Fax No.:	91-11-46052964
E-Mail :	info@glatt-india.com vohrasahni@vsnl.com anuvrat.singal@glatt-india.com
Website :	http://www.glatt.com

DIRECTORS

As on: 28.09.2012

Name :	Mr. Reinhard Harald Boeber
Designation :	Director
Address :	Robert – Koch – Str. 8, Weimar – 99425, Germany
Date of Birth/Age :	21.05.1949
Date of Appointment :	13.12.2007
DIN No.:	01930124
Name :	Mr. Bernd Walter Kreyer
Designation :	Director
Address :	Neckarstr 44, Neu Isenberg – 63263, Germany
Date of Birth/Age :	03.10.1953
Date of Appointment :	13.12.2007
DIN No.:	01931506

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Glatt Systemtechnik GmbH, Germany	1
Glatt Ingenieurtechnik GmbH, Germany	684999
Total	685000

As on: 20.12.2012

Names of Allottee	No. of Shares
Glatt Ingenieurtechnik GmbH, Germany	465360
Total	465360

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Consulting and Technical Services.

GENERAL INFORMATION

No. of Employees :	10 (Approximately)
Bankers :	Deutsche Bank, New Delhi, India

Banking Relations :	--
Auditors :
Name :	Vohra Sahni and Associates Chartered Accountants
Address :	702, Ansal Chamber-II, 6, Bhikaji Cama Place, New Delhi – 110066, India
Tel. No.:	91-11-26169797/ 26170158
Fax No.:	91-11-26195900
E-Mail :	vohrasahni@vsnl.com
PAN No.:	AAEFV6607L
Fellow Subsidiary :	Glatt Systemtechnik GmbH, Germany
Holding Company :	Glatt Ingenieurtechnik GmbH, Germany

CAPITAL STRUCTURE

After: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1150360	Equity Shares	Rs.10/- each	Rs.11.504 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
685000	Equity Shares	Rs.10/- each	Rs.6.850 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	6.850	6.850
(b) Reserves & Surplus	(2.997)	(2.656)
(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)	3.853	4.194
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.044	0.193
(c) Other current liabilities	0.097	0.125
(d) Short-term provisions	0.000	0.055
Total Current Liabilities (4)	0.141	0.373
TOTAL	3.994	4.567
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.500	0.612
(ii) Intangible Assets	0.049	0.066
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.027	0.444
(d) Long-term Loan and Advances	1.269	1.255
(e) Other Non-current assets	0.031	0.062
Total Non-Current Assets	1.876	2.439
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	1.118	1.539
(d) Cash and cash equivalents	0.536	0.377
(e) Short-term loans and advances	0.457	0.209
(f) Other current assets	0.007	0.003
Total Current Assets	2.118	2.128
TOTAL	3.994	4.567

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.850
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(3.231)
NETWORTH		3.619
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		3.619
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.679
Capital work-in-progress		0.000
INVESTMENT		0.705
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.571
	Cash & Bank Balances	0.391
	Other Current Assets	0.000
	Loans & Advances	1.255
Total Current Assets		2.217
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.074
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.074
Net Current Assets		2.143
MISCELLANEOUS EXPENSES		0.092
TOTAL		3.619

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	10.320	9.532	7.265
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	9.864	8.527	7.345
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.228	1.005	(0.080)
Less/ Add	DEPRECIATION/ AMORTISATION		0.152	0.161	0.215
	PROFIT/ (LOSS) BEFORE TAX		0.076	0.844	(0.295)
Less	TAX		0.417	0.268	0.248
	PROFIT/ (LOSS) AFTER TAX		(0.341)	0.576	(0.543)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.655)	(3.231)	(2.688)
	BALANCE CARRIED TO THE B/S		(2.996)	(2.655)	(3.231)
	EARNINGS IN FOREIGN CURRENCY
		Business Income	9.498	9.523	7.260
		Reimbursement of Expenses	0.000	0.147	0.233
	TOTAL EARNINGS		9.498	9.670	7.493
	Earnings Per Share (Rs.)		(0.50)	0.84	(0.79)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.30)	6.04	(7.47)
Return on Total Assets (PBT/Total Assets}	(%)	1.92	20.47	(10.19)
Return on Investment (ROI) (PBT/Networth)		0.02	0.20	(0.08)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		15.02	5.71	29.96

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	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	Yes
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

Notes:

The registered office of the company has been shifted from B – 296, Okhla Industrial Area, Phase 1, New Delhi – 110020, India to the present address w.e.f. 08.07.2008

COMPANY OVERVIEW

Subject was incorporated on 13th Dec 2007 under the provisions of the Companies Act, 1956 as a private limited company. The Company’s primary objective is to provide consulting and technical services and such other services as are rendered or provided by engineering and engineering consultants in connection with management, manufacture, production, processing of goods and any other allied products or services for and/or related to the pharmaceutical, bio-technology, healthcare, health products, medical products industries.

OPERATIONS

During the year under reference, the performance of the Company has improved marginally; the Company’s total revenue increased to Rs. 10.320 Millions as against Rs. 9.532 Millions achieved in the previous year. The Company has achieved the pre-tax profit of Rs. 0.076 Million as against profit of Rs.0.844 Million in the immediately preceeding year. The Company has taken vide spread steps to market its services in India and abroad. The Directors believe that with the efforts taken during the year and continued focus on marketing and improved productivity, the Company is poised to generate substantial revenue and profits in the near future.

FIXED ASSETS

Tangible Assets

· Furniture and Fixtures

· Office equipment

· Computers

· Wooden Partition

Intangible Assets

· Computer 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 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.59.80
UK Pound	1	Rs.91.03
Euro	1	Rs.78.52

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.