Report Date :

12.08.2014

IDENTIFICATION DETAILS

Name :	SAMRAT PHARMACHEM LIMITED (w.e.f. 24.07.1992)
Formerly Known As :	SAMRAT PHARMACHEM PRIVATE LIMITED
Registered Office :	Plot No. A2/3445, G.I.D.C., Phase–4, Ankleshwar – 393 002, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.06.1992
Com. Reg. No.:	04-017820
Capital Investment / Paid-up Capital :	Rs.30.897 Millions
CIN No.: [Company Identification No.]	L24230GJ1992PLC017820
IEC No.:	0392065622
TAN No.: [Tax Deduction & Collection Account No.]	MUMS42633D BRDS06273B
PAN No.: [Permanent Account No.]	AAECS0806M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Importer and Exporter of Pharmaceutical Chemicals.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 516000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company is low during 2013. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-2646-220774)

LOCATIONS

Registered Office / Statutory Office / Factory 1:	Plot No.A2 / 3445, G.I.D.C., Phase – 4, Ankleshwar – 393002, Gujarat, India
Tel. No.:	91-2646-220774
Mobile No.:	91-9321002222 (Mr. Rajesh Mehta)
Fax No.:	91-2646-251291
E-Mail :	samrat@bom4.vsnl.net.in
Website :	http://www.samratpharmachem.com
Area :	3645 sq. mtr
Location :	Owned
Locality :	Commercial
Corporate Office :	701/702, Business Square, M.A. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-26701050/ 1/ 2
Fax No.:	91-22-26701053
E-Mail :	samrat@bom4.vsnl.net.in

DIRECTORS

As on 28.09.2013

Name :	Mr. Lalit Damodar Mehta
Designation :	Managing Director
Address :	B/74, Roop Darshan, Juhu Lane, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	08.08.1936
Qualification :	B. Sc , LLB
Date of Appointment :	01.04.2011
PAN No.:	AABPM9691E
DIN No.:	00216681
Name :	Mr. Rajesh Lalit Mehta
Designation :	Whole Time Director
Address :	B/74, Roop Darshan, Juhu Lane, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	25.06.1964
Qualification :	B.Com, ACA
Date of Appointment :	01.04.2011
PAN No.:	AABPM9692H
DIN No.:	00216731
Name :	Mr. Mahendra Indulal Pipalia
Designation :	Director
Address :	A/15, Shatdal, Azad Lane, S.V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	09.11.1963
Qualification :	B.Com, ACA
Date of Appointment :	17.03.2003
DIN No.:	00216959
Name :	Mr. Samir Harsukhrai Kothary
Designation :	Director
Address :	B/45, Roop Darshan, Juhu Lane, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	10.10.1962
Qualification :	B. Sc, DBM
Date of Appointment :	30.07.2003
DIN No.:	00216603

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1445431	46.78
Sub Total	1445431	46.78
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1445431	46.78
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	100000	3.24
Sub Total	100000	3.24
(2) Non-Institutions
Bodies Corporate	143157	4.63
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	896639	29.02
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	455417	14.74
Any Others (Specify)	49056	1.59
Clearing Members	3406	0.11
Non Resident Indians	45650	1.48
Sub Total	1544269	49.98
Total Public shareholding (B)	1644269	53.22
Total (A)+(B)	3089700	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	3089700	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Pharmaceutical Chemicals.

Products :

Item Code	Product Description
28276010	Potassium Iodide
28276020	Sodium Iodide
28012000	Iodine

GENERAL INFORMATION

No. of Employees :

30 (Approximately)

Bankers :

· ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from bank		10.088
SHORT TERM BORROWINGS	NA
Rupee term loans from bank		3.113
Working capital loans from bank		29.843
Total	NA	43.044

Banking Relations :	--
Auditors :
Name :	Shah, Shah and Shah Chartered Accountants
Address :	502, Damji Shamji Trade Centre, Vidyavihar (West), Mumbai – 400 086, Maharashtra, India
Tel. No. :	91-22-25100861/ 25109990
E-Mail :	info@shah3ca.com
PAN No. :	AALFS8301D

CAPITAL STRUCTURE

As on 31.03.2013

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
3089700	Equity Shares	Rs.10/- each	Rs.30.897 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.897	30.897	30.897
(b) Reserves & Surplus	100.491	98.072	94.069
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	131.388	128.969	124.966
(3) Non-Current Liabilities
(a) long-term borrowings	6.562	10.088	13.202
(b) Deferred tax liabilities (Net)	3.697	2.991	2.502
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	10.259	13.079	15.704
(4) Current Liabilities
(a) Short term borrowings	24.888	32.956	21.006
(b) Trade payables	144.229	159.690	138.553
(c) Other current liabilities	2.531	4.345	0.381
(d) Short-term provisions	0.571	0.000	14.546
Total Current Liabilities (4)	172.219	196.991	174.486
TOTAL	313.866	339.039	315.156
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.092	37.452	36.297
(ii) Intangible Assets	0.000	0.299	0.018
(iii) Capital work-in-progress	0.000	35.146	27.600
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.321	1.337	1.027
(e) Other Non-current assets	1.857	1.707	1.376
Total Non-Current Assets	78.270	75.941	66.318
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	74.805	97.297	73.673
(c) Trade receivables	112.288	117.677	105.013
(d) Cash and cash equivalents	43.604	25.625	44.487
(e) Short-term loans and advances	0.505	0.300	0.216
(f) Other current assets	4.394	22.199	25.449
Total Current Assets	235.596	263.098	248.838
TOTAL	313.866	339.039	315.156

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	654.268	710.480	697.939
		Other Income	2.126	0.000	0.000
		TOTAL (A)	656.394	710.480	697.939
Less	EXPENSES
		Cost of materials consumed	569.770	668.782	649.748
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	28.000	(16.009)	(58.877)
		Employee benefit expense	6.841	5.600	5.048
		Other expenses	36.867	34.370	35.942
		TOTAL (B)	641.478	692.743	631.861
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.916	17.737	66.078
Less	FINANCIAL EXPENSES (D)		7.534	9.506	6.160
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.382	8.231	59.918
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.309	2.415	1.928
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		4.073	5.816	57.990
Less	TAX (H)		1.656	1.813	20.217
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.417	4.003	37.773
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		98.073	94.070	56.297
	BALANCE CARRIED TO THE B/S		NA	98.073	94.070
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	NA	178.856	253.221
	TOTAL EARNINGS		NA	178.856	253.221
	IMPORTS
		Raw Materials	NA	563.633	553.904
	TOTAL IMPORTS		NA	563.633	553.904
	Earnings/ (Loss) Per Share (Rs.)		0.78	1.30	12.23

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	0.37	0.56	5.41
Net Profit Margin (PBT/Sales)	(%)	0.62	0.82	8.31
Return on Total Assets (PBT/Total Assets}	(%)	1.30	1.91	20.17
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	0.46
Debt Equity Ratio (Total Debt/Networth)		0.24	0.33	0.27
Current Ratio (Current Asset/Current Liability)		1.37	1.33	1.43

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	30.897	30.897	30.897
Reserves & Surplus	94.069	98.072	100.491
Net worth	124.966	128.969	131.388
long-term borrowings	13.202	10.088	6.562
Short term borrowings	21.006	32.956	24.888
Total borrowings	34.208	43.044	31.450
Debt/Equity ratio	0.274	0.334	0.239

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	697.939	710.480	654.268
		1.797	-7.912

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	697.939	710.480	654.268
Profit	37.773	4.003	2.417
	5.41%	0.56%	0.37%

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	Yes
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	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	10322529	05/12/2011	8,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B27635127
2	10313445	21/10/2011	20,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B23633027
3	10312791	19/10/2011	17,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, Maharashtra, INDIA	B23437551
4	10101754	29/10/2012 *	195,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B62528450
5	80001467	20/10/2012 *	195,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B62630538

* Date of charge modification

FIXED ASSETS

Tangible Assets

œ Land

œ Building

œ Plant and Machinery

œ Furniture and Fixtures

œ Vehicles

œ Office Equipments

Intangible Assets

œ 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 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.61.11
UK Pound	1	Rs.102.53
Euro	1	Rs.81.87

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	1
--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	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	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.