MIRA INFORM REPORT

Report Date :

22.03.2013

IDENTIFICATION DETAILS

Name :	NUTRON PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	401, Earth Sampann Building, 4^th Floor, 198/200, Khetwadi Main Road, Mumbai – 400 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.10.1990
Com. Reg. No.:	11-058515
Capital Investment / Paid-up Capital :	Rs.0.483 Million
CIN No.: [Company Identification No.]	U24230MH1990PTC058515
TAN No.: [Tax Deduction & Collection Account No.]	MUMN09475E
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Distributors and Importer of Chemicals and Solvents.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 929000
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.

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. Praful Shah
Designation :	Chief Executive Officer
Contact No.:	91-9224330379
Date :	20.03.2013

LOCATIONS

Registered Office :	401, Earth Sampann Building, 4^th Floor, 198/200, Khetwadi Main Road, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-66313427/ 66308071/ 23813427/ 66569999
Mobile No.:	91-9224330379 [Mr. Praful Shah]
Fax No.:	91-22-23445274/ 66569900
E-Mail :	nutron@vsnl.com dinesh@nutron.in jayhind@mtnl.net.in dinesh_nutron@hathway.com reenabang@rediffmail.com praful_nutron@hathway.com
Area:	2000 sq. ft.
Location:	Owned
Warehouse :	Purna Village, Bhiwandi, District Thane, Maharashtra, India

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Popatlal Hanjarimal Shah
Designation :	Director
Address :	9^th Khetwadi Lane, 10^th Pavapuri Apartments, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	12.09.1942
Qualification :	S.S.C.
Date of Appointment :	12.10.1990
DIN No.:	00050832
Name :	Mr. Ramesh Hanjarimal Shah
Designation :	Director
Address :	9^th Khetwadi Lane, 10^th Pavapuri Apartments, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	01.06.1952
Qualification :	B.E. Civil
Date of Appointment:	12.10.1990
DIN No.:	00055662
Name :	Mr. Manish Bhuralal Shah
Designation :	Director
Address :	29, Yojana Building, Girgaon Co-operative Housing Society, S.V.P. Road, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	16.07.1971
Qualification :	B.E. (Chemical)
Date of Appointment:	03.04.1995
DIN No.:	00055614
Name :	Mr. Jayesh Popatlal Shah
Designation :	Director
Address :	9^th Khetwadi Lane, 10^th Pavapuri Apartments, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	14.07.1972
Qualification :	B.E. (Chemical)
Date of Appointment :	15.03.1999
DIN No.:	00055700
Name :	Mr. Dinesh Popatlal Shah
Designation :	Director
Address :	9^th Khetwadi Lane, 10^th Pavapuri Apartments, 5^th Floor, Mumbai – 400 004, Maharashtra, India
Date of Birth/Age :	13.03.1975
Qualification :	B. Com
Date of Appointment :	15.03.1999
DIN No.:	00055741

KEY EXECUTIVES

Name :	Mr. Praful Shah
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Popatlal Hanjarimal Shah	100
Ramesh Hanjarimal Shah	100
Manish Bhuralal Shah	757
Shilpa Manish Shah	750
Jayesh Popatlal Shah	500
Purnima Jayesh Shah	500
Dinesh Popatlal Shah	523
Ritesh Ramesh Shah	750
Chandrika Ramesh Shah	750
Manish Bhuralal Shah	100
TOTAL	4830

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :	Trader, Distributors and Importer of Chemicals and Solvents.
Imports :
Products :	Chemicals and Solvent
Countries :	Korea China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	BSF South East Asia, Germany
Customers :	End Users Cadila Health Care Limited
No. of Employees :	20 (Approximately)
Bankers :	v Citi Bank N.A., Trent House, 2^nd Floor, G Block, Plot No.C-60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India v The Sangli Bank Limited, International Business Division 1^st Floor, Rajgir Chambers, 12-14, Shahid Bhagat Singh Road, Fort, Mumbai-400023, Maharashtra, India v Bank of Baroda v ICICI Bank Limited v Standard Chartered Bank v Vijaya Bank
Facilities :	--

Banking Relations :	--
Auditors :
Name :	V.C. Shah and Company Chartered Accountants
Address :	Rajgir Chamber, 3^rd Floor, 12/14 Shahid Bhagat Singh Road, Opposite Old Custom House, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22634021
Fax No.:	91-22-22662667
E-Mail :	vcshahco@vsnl.com
PAN No:	AADFV8088N
Associates :	Hindustan Speciality Chemicals Dinesh Trading Company Hanjarimal and Company R. Praful and Company

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4830	Equity Shares	Rs.100/- each	Rs.0.483 Million

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		0.483	0.483	0.483
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		231.899	192.999	149.101
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		232.382	193.482	149.584
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		20.750	11.500	11.150
TOTAL BORROWING		20.750	11.500	11.150
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		253.132	204.982	160.734
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.277	0.329	0.410
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.042	0.043	0.038
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	87.341	75.443	64.549
	Sundry Debtors	145.424	130.831	134.962
	Cash & Bank Balances	89.259	41.102	20.879
	Other Current Assets	74.051	90.799	5.880
	Loans & Advances	0.108	0.097	66.563
Total Current Assets		396.183	338.272	292.833
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	77.587	45.167	68.504
	Other Current Liabilities	1.231	1.085	0.000
	Provisions	64.552	87.410	64.043
Total Current Liabilities		143.370	133.662	132.547
Net Current Assets		252.813	204.610	160.286
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		253.132	204.982	160.734

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	445.000 [Approximately]
		Other Income	NA
		TOTAL (A)	NA	496.680	433.195
	EXPENSES
		TOTAL	NA	444.301	399.952
	PROFIT / (LOSS) BEFORE TAX		63.030	67.259	53.457
Less	TAX		24.130	23.360	19.568
	PROFIT / (LOSS) AFTER TAX		38.900	43.899	33.889
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		192.999	149.100	115.211
	BALANCE CARRIED TO THE B/S		231.899	192.999	149.100
	Earnings / (Loss) Per Share (Rs.)		8053.83	9088.82	7016.42

Expected Sales (2012-13): Rs.500.000 Millions.

The above information has been parted by Mr. Praful Shah.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	8.84	7.82
Return on Total Assets (PBT/Total Assets}	(%)	15.90	19.87	18.23
Return on Investment (ROI) (PBT/Networth)		0.27	0.35	0.36
Debt Equity Ratio (Total Liability/Networth)		0.71	0.75	0.96
Current Ratio (Current Asset/Current Liability)		2.76	2.53	2.21

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 (Rs. in millions)	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Sundry Creditors	77.587	45.167	68.504

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
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

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loan From Directors	20.750	11.500
TOTAL	20.750	11.500

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10087088
Corporate identity number of the company	U24230MH1990PTC058515
Name of the company	NUTRON PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	401, Earth Sampann Building, 4^th Floor, 198/200, Khetwadi Main Road, Mumbai-400004, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge
Particular of charge holder	Citi Bank N.A., Trent House, 2^nd Floor, G Block, Plot No.C-60, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India Email: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	Deed of Modification.
Date of instrument Creating the charge	19.07.2012
Amount secured by the charge	Rs.153.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged at such rate/s as may be determined by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge The Current Assets to the Bank more particularly hypothecated by way of first exclusive charge, as security for the repayment of Rs.153.000 Millions, together with all interest, liquidated damages, premia on prepayment or on redemption, costs, charges and other expenses payable by the Nutron Pharmaceuticals Private Limited and Hindustan Speciality Chemicals ("the Borrowers") to the Bank.
Short particulars of the property charged	Hypothecation by way of first exclusive charge on Current Assets and Movable Fixed Assets of the Company both present and future.
Date of latest modification prior to the present modification	28.04.2010
Particulars of the present modification	The charge now stands increased from Rs.108.000 Millions to Rs.153.000 Millions in favour of Citibank N. A. against the security of first exclusive charge on Current Assets and Movable Fixed Assets of the Company both present and future.

FIXED ASSETS:

v Office Equipment

v Vehicle-Motor Car

v Vehicle-Bike

v Furniture and Fixtures

v Computer

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.54.28
UK Pound	1	Rs.82.05
Euro	1	Rs.70.23

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.