MIRA INFORM REPORT

Report Date :

08.10.2013

IDENTIFICATION DETAILS

Name :	ACME FORMULATION PRIVATE LIMITED
Registered Office :	Village Chowkiwala, Tehsil Nalagarh, Ropar Road, District Solan – 174101, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.06.2004
Com. Reg. No.:	06-027223
Capital Investment / Paid-up Capital :	Rs. 40.975 Millions
CIN No.: [Company Identification No.]	U24230HP2004PTC027223
TAN No.: [Tax Deduction & Collection Account No.]	PTLA11750E
PAN No.: [Permanent Account No.]	AAECA7994C
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturers and Exporters of Pharmaceuticals Link Tablets Crystal, etc.
No. of Employees :	300 (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 1800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track record. Fundamentals of the company appears to be decent. Liquidity position seems to be strong. Trade relations are fair. Business is active. Payment terms are regular and as per commitment. The company can be considered normal for business dealing 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (GENERAL DETAILS)

Name :	Mr. Vijay Kaundal
Designation :	Finance Department
Contact No.:	91-9817321478
Date :	07.10.2013

LOCATIONS

Registered Office / Factory 1 :	Village Chowkiwala, Tehsil Nalagarh, Ropar Road, District Solan – 174101, Himachal Pradesh, India
Tel. No.:	91-1795-220272/ 73/ 74/ 308001-5
Fax No.:	91-1795-220115/ 308000
E-Mail :	acmeformulation@yahoo.com acmeformulation@gmail.com companysecretary@jcbl.com acme@jcbl.com vijay.kaundal@jcbl.com rishi@jcbl.com
Websites :	www.acmeformulation.com
Area :	6500 sq. mtrs. (Factory : 1 Acres)
Location :	Owned
Factory 2:	Ropar Road, Nalagarh, District Solan - 174101, Himachal Pradesh, India
Tel. No.:	91-1795-308051-55
Fax No.:	91-1795-308050
E-Mail :	acme@jcbl.com

DIRECTORS

As on 26.09.2012

Name :

Mr. Rishi Aggarwal

Designation :

Managing Director

Address :

House No.111, Sector – 9B, Chandigarh – 160009, India

Date of Birth/Age :

17.05.1973

Date of Appointment :

01.07.2010

PAN No.:

AAUPA6263F

DIN No. :

00161719

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	U74899DL1982PTC013536	KEI METALS PRIVATE LIMITED	Director	01/09/2006	27/03/2000	19/07/2012	Active	NO
2	U74999DL2000PTC105201	JAYCEE CHALMERS INDIA PRIVATE LIMITED	Director	11/04/2000	11/04/2000	-	Under Process of Striking off	NO
3	U50101DL2001PTC111613	GLOBE AUTOMOBILES PRIVATE LIMITED	Managing director	01/02/2012	10/07/2001	-	Active	NO
4	U35999DL2002PTC116194	JCBL INFRA EQUIPMENTS PRIVATE LIMITED	Director	15/07/2002	15/07/2002	15/10/2010	Active	NO
5	U00000CH2003PTC026523	JCBL INDIA PRIVATE LIMITED	Director	12/11/2003	12/11/2003	-	Active	NO
6	U34201DL1989PLC036743	JCBL LIMITED	Director	01/02/2012	01/11/2004	-	Active	NO
7	U74999DL1997PLC130836	MOBILITY SOLUTIONS LIMITED	Director	01/12/2004	01/12/2004	-	Active	NO
8	U24230HP2004PTC027223	ACME FORMULATION PRIVATE LIMITED	Managing director	01/07/2010	25/07/2005	-	Active	NO
9	U70101CH1997PTC020413	SPR ESTATES AND BUILDERS PRIVATE LIMITED	Director	29/09/2006	28/01/2006	19/07/2012	Active	NO
10	U26100HP2005PLC028909	AVEDA ECO GREEN LIMITED	Director	10/04/2006	10/04/2006	-	Active	NO
11	U51909CH2004PTC027206	SPECTATORS GLOBAL PRIVATE LIMITED	Director	15/04/2006	15/04/2006	24/09/2010	Active	NO
12	U34300CH2007PTC030773	JCBL MARREL TIPPERS PRIVATE LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
13	U74999CH2007PTC030868	MSL HOLDINGS PRIVATE LIMITED	Director	10/07/2007	10/07/2007	23/09/2011	Active	NO
14	U29199CH2005PTC028649	GLOBE CE PRIVATE LIMITED	Additional director	08/11/2012	05/05/2008	12/02/2013	Active	NO
15	U74900AP2008PTC062339	MITHRA COACHES PRIVATE LIMITED	Director	24/12/2008	24/12/2008	22/10/2012	Active	NO
16	U15200CH2005PTC028560	NOBLE FORMULATIONS PRIVATE LIMITED	Director	28/09/2009	01/05/2009	15/10/2010	Active	NO
17	U74140HP2009PTC031248	ACE TESTING SOLUTIONS PRIVATE LIMITED	Additional director	08/11/2012	10/02/2010	-	Active	NO
18	U50200DL2006PTC156922	STERLING MOBIKES PRIVATE LIMITED	Director	30/09/2010	08/04/2010	-	Active	NO
19	U72900CH2009PTC031747	GRAFICA DESIGN SOLUTIONS PRIVATE LIMITED	Director	30/09/2010	01/07/2010	20/07/2012	Active	NO
20	U25200CH2009PTC031864	MSL STRATIFORME-COMPREFORME INDUSTRIES PRIVATE LIMITED	Director	30/09/2010	11/08/2010	-	Active	NO
21	U74900HP2010PTC031676	IMMACULE LIFESCIENCES PRIVATE LIMITED	Director	15/07/2011	15/07/2011	-	Active	NO
22	U50300CH2012PTC033764	GLOBE CV PRIVATE LIMITED	Director	01/05/2012	01/05/2012	-	Active	NO
23	AAA-3578	ACE FORMULATIONS LLP	Designated Partner	28/01/2011	28/01/2011	-	Active	NO

Name :

Mr. Ram Gopal Arora

Designation :

Director

Address :

House No. 4, Chandigarh Young Dwellers Society, Sector 49 A, Chandigarh – 160047, India

Date of Birth/Age :

29.12.1955

Date of Appointment :

12.08.2006

DIN No. :

00714585

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	U24230HP2004PTC027223	ACME FORMULATION PRIVATE LIMITED	Director	12/08/2006	17/05/2006	-	Active	NO
2	U29199CH2005PTC028649	GLOBE CE PRIVATE LIMITED	Director	29/09/2008	05/06/2008	-	Active	NO
3	U34300KA2006PTC039731	GHE AUTOMOTIVE INDIA PRIVATE LIMITED	Director	30/09/2008	07/07/2008	-	Active	NO
4	U15200CH2005PTC028560	NOBLE FORMULATIONS PRIVATE LIMITED	Director	28/09/2009	01/05/2009	-	Active	NO
5	U72900CH2009PTC031747	GRAFICA DESIGN SOLUTIONS PRIVATE LIMITED	Director	09/09/2009	09/09/2009	01/08/2011	Active	NO
6	U74999CH2007PTC030868	MSL HOLDINGS PRIVATE LIMITED	Director	12/06/2010	19/03/2010	-	Active	NO
7	U34300CH2007PTC030773	JCBL MARREL TIPPERS PRIVATE LIMITED	Director	30/09/2010	26/03/2010	-	Active	NO
8	U74899DL1982PTC013536	KEI METALS PRIVATE LIMITED	Director	26/08/2011	24/09/2010	-	Active	NO
9	U00000CH2003PTC026523	JCBL INDIA PRIVATE LIMITED	Director	29/09/2011	15/10/2010	-	Active	NO
10	U50101DL2001PTC111613	GLOBE AUTOMOBILES PRIVATE LIMITED	Director	25/09/2012	25/04/2012	-	Active	NO
11	U50300CH2012PTC033764	GLOBE CV PRIVATE LIMITED	Director	01/05/2012	01/05/2012	-	Active	NO
12	U74140HP2009PTC031248	ACE TESTING SOLUTIONS PRIVATE LIMITED	Additional director	13/10/2012	13/10/2012	-	Active	NO
13	U27310DL1973PTC006752	ROCK STEEL PRIVATE LIMITED	Additional director	05/06/2013	05/06/2013	-	Active	NO

Name :

Mr. Viral Shah

Designation :

Managing Director

Address :

House No. 102/103, Shikhavali Flat B/H Mahavir Tower, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

02.12.1979

Date of Appointment :

01.01.2011

PAN No.:

AQAPS4338M

DIN No. :

01079170

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	U24230HP2004PTC027223	ACME FORMULATION PRIVATE LIMITED	Managing director	01/01/2011	24/01/2007	-	Active	NO
2	U15200CH2005PTC028560	NOBLE FORMULATIONS PRIVATE LIMITED	Director	28/09/2009	01/05/2009	-	Active	NO
3	U74140GJ2009PTC057011	TEKNO TOUCH PRIVATE LIMITED	Director	21/05/2009	21/05/2009	-	Active	NO
4	U24239GJ2009PTC057025	ACE LIFESCIENCE PRIVATE LIMITED	Director	21/05/2009	21/05/2009	-	Active	NO
5	U74140HP2009PTC031248	ACE TESTING SOLUTIONS PRIVATE LIMITED	Director	10/02/2010	10/02/2010	-	Active	NO
6	U74900HP2010PTC031676	IMMACULE LIFESCIENCES PRIVATE LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
7	U50300CH2012PTC033764	GLOBE CV PRIVATE LIMITED	Director	01/05/2012	01/05/2012	-	Active	NO
8	U29199CH2005PTC028649	GLOBE CE PRIVATE LIMITED	Additional director	08/11/2012	08/11/2012	-	Active	NO
9	U74900CH2013PTC034318	ACE INVEST PRIVATE LIMITED	Director	28/01/2013	28/01/2013	-	Active	NO
10	U74999CH2007PTC030868	MSL HOLDINGS PRIVATE LIMITED	Additional director	09/02/2013	09/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay Kaundal
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2012

Names of Shareholders	No. of Shares
Sarita Aggarwal	1000671
JCBL India Private Limited, Chandigarh	1744659
Viral Shah	1352175
Total	4097505

As on 26.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	43.00
Directors or relatives of Directors	57.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporters of Pharmaceuticals Link Tablets Crystal, etc.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Actual Production
Tablets	Qty	24000	18505.50
capsules	Qty	2000	1944.28

GENERAL INFORMATION

Customers :

Retailers and End Users

· Abbott

· Zydus Cadila

· Alkem

· Novartis

· Merck

· German Remedies

· USV

· Lyka

· Intas

· Ranbaxy

· Dabur

· Torrent

· Alembic

· Bayer

· Piramal Healthcare

· Unique

No. of Employees :

300 (Approximately)

Bankers :

· Standard Chartered bank, Credit Risk Control, Narain Manzil, 23 Barakhamba Road, New Delhi – 110001, India

· Bank of Baroda, Sector – 17, Chandigarh, India

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	0.000	1.494
Other external commercial borrowings	0.000	6.801
SHORT TERM BORROWINGS
Working capital loans from banks	16.285	65.006
Total	16.285	73.301

Banking Relations :	--
Financial Institution :	Aditya Birla Finance Limited, Indian Rayon Compound, Veraval - 362266, Gujarat, India
Auditors :
Name :	Kansal Singla and Company Chartered Accountant
Address :	SCO 80-81, 4^th Floor, Sector 17-C, Chandigarh – 160017, India
PAN No. :	AAAFK9144R
Companies/ Firms in which Directors are interested as Directors/ Promoters/ Partners/ Associates :	· JCBL Limited CIN No.: U34201DL1989PLC036743 · JCBL Marrel Tippers Private Limited · Mobility Solutions Limited · MSL GHE auto components Private Limited · JCBL India Private Limited · Globe Automobiles Private Limited CIN No.: U50101DL2001PTC111613 · Medico Healthcare · Ritz Pharma · Noble Formulations Private Limited · Ace Formulation · Immacule Lifesciences Private Limited · JCBL Marrel Tippers Private Limited CIN No.: U34300CH2007PTC030773 · Lemonn Systems Solution Private Limited · Sterling Mobikes Private Limited CIN No.: U50200DL2006PTC156922

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs. 10 /- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4097505	Equity Shares	Rs. 10 /- each	Rs. 40.975 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	40.975	40.975
(b) Reserves & Surplus	400.373	332.480
(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)	441.348	373.455
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	8.295
(b) Deferred tax liabilities (Net)	0.000	13.773
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	22.068
(4) Current Liabilities
(a) Short term borrowings	16.285	65.006
(b) Trade payables	224.599	191.637
(c) Other current liabilities	47.385	51.840
(d) Short-term provisions	34.952	22.085
Total Current Liabilities (4)	323.221	330.568
TOTAL	764.569	726.091
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	116.507	176.944
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	83.736	29.851
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	98.855	13.004
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	60.659	77.595
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	359.757	297.394
(2) Current assets
(a) Current investments	18.763	46.800
(b) Inventories	205.156	142.321
(c) Trade receivables	149.910	116.456
(d) Cash and cash equivalents	8.927	81.836
(e) Short-term loans and advances	22.056	41.284
(f) Other current assets	0.000	0.000
Total Current Assets	404.812	428.697
TOTAL	764.569	726.091

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		40.975
2] Share Application Money		0.000
3] Reserves & Surplus		276.828
4] (Accumulated Losses)		0.000
NETWORTH		317.803
LOAN FUNDS
1] Secured Loans		105.425
2] Unsecured Loans		0.000
TOTAL BORROWING		105.425
DEFERRED TAX LIABILITIES		9.582
TOTAL		432.810
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		163.919
Capital work-in-progress		11.415
INVESTMENT		20.205
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	112.092
	Sundry Debtors	108.847
	Cash & Bank Balances	87.957
	Other Current Assets	0.000
	Loans & Advances	121.660
Total Current Assets		430.556
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	164.682
	Other Current Liabilities	6.484
	Provisions	22.119
Total Current Liabilities		193.285
Net Current Assets		237.271
MISCELLANEOUS EXPENSES		0.000
Pre-Operative Expenses		0.000
TOTAL		432.810

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1226.800	951.200	826.112
		Other Income	NA	NA	6.464
		TOTAL	NA	NA	832.576
Less	EXPENSES
		Materials Consumed			603.053
		Manufacturing Expenses			34.294
		Employee Cost			39.050
		Administrative & Selling Expenses			27.628
		Loss on sale of Unit			52.144
		Preliminary Expenses Written Off			0.026
		Increase/(Decrease) in Stock			2.407
		TOTAL	NA	NA	758.602
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		188.300	115.000	73.974
Less	FINANCIAL EXPENSES		7.700	6.100	7.494
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		180.600	108.900	66.480
Less/ Add	DEPRECIATION/ AMORTISATION		26.700	15.200	8.186
less	Exceptional item( Arrears of Depreciation)		51.200	0.000	---
	PROFIT BEFORE TAX		102.700	93.700	58.294
Less	TAX		22.900	26.100	10.021
	PROFIT AFTER TAX		79.800	67.600	48.273
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		109.485	73.830	85.145
Less	APPROPRIATIONS
		Transfer to General Reserve	10.000	20.000	50.000
		Equity Dividend – Interim	10.244	10.244	8.195
		Tax on Dividend	1.662	1.701	1.393
	BALANCE CARRIED TO THE B/S		167.379	109.485	73.830
	EARNINGS IN FOREIGN CURRENCY		23.890	0.000	0.000
	Earnings Per Share (Rs.)		19.47	16.50	11.78

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	5.80
Net Profit Margin (PBT/Sales)	(%)	8.37	9.85	7.06
Return on Total Assets (PBT/Total Assets}	(%)	17.65	13.71	9.81
Return on Investment (ROI) (PBT/Networth)		0.23	0.25	0.18
Debt Equity Ratio (Total Debt/Networth)		0.04	0.20	0.33
Current Ratio (Current Asset/Current Liability)		1.25	1.30	2.23

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10431706	20/05/2013	240,000,000.00	ADITYA BIRLA FINANCE LIMITED	INDIAN RAYON COMPOUND, VERAVAL - 362266, GUJARAT, INDIA	B77358547
2	10248400	15/01/2011 *	85,000,000.00	STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE NT OF SCB MAURITIUS)	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	B05202908
3	10167850	06/07/2009	98,400,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A66399403
4	10053933	04/06/2007	3,000,000.00	GENERAL MANAGER DISTRICT INDUSTRIES CENTRE	DISTRICT INDUSTRIES CENTRE, SOLAN - 173213,, HIMACHAL PRADESH INDIA	A16168908
5	10022721	19/02/2010 *	125,000,000.00	STANDARD CHARTERED BANK	CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	A82354002

* Date of charge modification

OUTLOOK FOR THE CURRENT YEAR

The company has entered into a joint venture to set up a new facility at Nalagarh, Himachal Pradesh, to manufacture Ampoules, Lyophilized vials, Liquid vials and capsules. The project cost is estimated at Rs 600.000 Millions approx. The implementation of the project has started and the company’s share of investment is estimated at Rs 100.000 Millions.

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipments

·

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.61.78
UK Pound	1	Rs.99.06
Euro	1	Rs.83.84

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--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.