MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	MECK PHARMACEUTICALS AND CHEMICALS PRIVATE LIMITED
Registered Office :	606, Harikrupa Tower, B/H Gujarat College, S M Road, Ahmedabad – 380006, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.09.1992
Com. Reg. No.:	04-018370
Capital Investment / Paid-up Capital :	Rs. 9.995 Millions
CIN No.: [Company Identification No.]	U24110GJ1992PTC018370
TAN No.: [Tax Deduction & Collection Account No.]	AHMM00986G
PAN No.: [Permanent Account No.]	AABCM0661M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Bulk Drugs, API's, Intermediates, Nutraceuticals and Specialty Chemicals.
No. of Employees :	180 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 204000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Performance capability of the company is strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. P.S. Panchal
Designation :	Accounts Head
Contact No.:	91-271-7284126
Date :	23.12.2014

LOCATIONS

Registered Office :	606, Harikrupa Tower, B/H Gujarat College, S M Road, Ahmedabad – 380006, Gujarat, India
Tel. No.:	91-79-26561567
Fax No.:	Not Available
E-Mail :	meck@icenet.co.in info@meckpharmachem.in
Website :	http://www.meckpharmachem.in
Factory :	Plot No. 3/A, Kailash Industrial Estate, Ahmedabad, Gujarat, India
Tel. No.:	91-271-7284126

DIRECTORS

AS ON 30.09.2013

Name :

Rathin Dwiref Mehta

Designation :

Director

Address :

7-B, Pratapkunj Society, Near Vasana Bus Stop, Vasana, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

28.01.1962

Date of Appointment :

30.09.1992

DIN No.:

00773730

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	U24110GJ1992PTC018370	MECK PHARMACEUTICALS AND CHEMICALS PRIVATE LIMITED	Director	30/09/1992	30/09/1992	Active	NO
2	U26943RJ1983PTC002851	URMI CEMENTO CHEM AND MINERAL INDUSTRIES PRIVATE LIMITED	Director	02/08/1994	02/08/1994	Active	NO
3	U24231GJ1994PLC023895	MECK PHARMACHEM LIMITED	Director	16/12/1994	16/12/1994	Active	NO

Name :

Pranati Rathin Mehta

Designation :

Director

Address :

7-B, Pratapkunj Society, Near Vasana Bus Stop, Vasana, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

18.02.1965

Date of Appointment :

15.12.1995

DIN No.:

00773772

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	U26943RJ1983PTC002851	URMI CEMENTO CHEM AND MINERAL INDUSTRIES PRIVATE LIMITED	Director	02/08/1994	02/08/1994	Active	NO
2	U24110GJ1992PTC018370	MECK PHARMACEUTICALS AND CHEMICALS PRIVATE LIMITED	Director	15/12/1995	15/12/1995	Active	NO
3	U24231GJ1994PLC023895	MECK PHARMACHEM LIMITED	Director	30/03/2001	30/03/2001	Active	NO

Name :

Harit Jyotindra Brahamachari

Designation :

Director

Address :

701, Shyamvrund Apartment, Opposite Dhananjay Tower, Satellite, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

28.01.1975

Date of Appointment :

27.03.1997

DIN No.:

00773797

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	U24110GJ1992PTC018370	MECK PHARMACEUTICALS AND CHEMICALS PRIVATE LIMITED	Director	27/03/1997	27/03/1997	Active	NO
2	U24231GJ1994PLC023895	MECK PHARMACHEM LIMITED	Director	10/08/2003	10/08/2003	Active	NO

KEY EXECUTIVES

Name :	Mr. P.S. Panchal
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2013

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Bulk Drugs, API's, Intermediates, Nutraceuticals and Specialty Chemicals.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· USA · Germany · Canada
Imports :
Products :	--
Countries :	--
Terms :
Selling :	Cash, Advance Payment, Cheque and Credit
Purchasing :	Cash, Advance Payment, Cheque and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Virava Chemicals
Name of the Person (Designation):	Mr. Siddharth [Partner]
Contact Number:	91-79-26582177
Since how long known:	12 Years
Maximum limit dealt:	Rs. 2.200 Millions Approx. [Monthly]
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	They gave positive response about the subject company, they are satisfied with their payment behavior.

Customers :

Wholesalers, Retailers and End Users

Reference:	Ipca Laboratories Limited [Ratlam]
Name of the Person (Designation):	Mr. Narendra
Contact Number:	91-7412278000/ 91-731-2448155
Since how long known:	Not Responding
Maximum limit dealt:	Not Responding
Experience:	Not Responding
Remark	Not Responding

No. of Employees :

180 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· ICICI Bank Limited

Ambawadi, Gujarat, India

· State Bank of India

· Punjab National Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans repayable Car Loans	1.644	1.546
Total	1.644	1.546

Banking Relations :	--
Auditors :
Name :	KPSJ and Associates Chartered Accountants
Address :	708, Samruddhi, Opposite Old High Court, Near Income Tax Circle, P.O. Navjeevan, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-30022545/ 40092023
Mobile No.:	91-9426011185
E-Mail :	kpsjgroup@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAGFK2924D
Enterprises on which key management personnel and their relative have significant influence :	· Urmi Cemento Chem and Mineral Industries Private Limited · Meck Pharmachem Limited · Taanur Corporation · Meck Pharmachem LLC · Meck Lubricants

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs. 10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
999,528	Equity Shares	Rs. 10/- each	Rs. 9.995 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	9.995	9.995	9.995
(b) Reserves & Surplus	61.450	55.816	51.631
(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)	71.445	65.811	61.626
(3) Non-Current Liabilities
(a) Long-term borrowings	7.424	2.772	4.621
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	7.424	2.772	4.621
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	151.216	151.116	132.597
(c) Other current liabilities	14.364	14.276	14.048
(d) Short-term provisions	5.331	4.358	4.129
Total Current Liabilities (4)	170.911	169.750	150.774
TOTAL	249.780	238.333	217.021
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	60.908	62.833	67.314
(ii) Intangible Assets	0.095	0.126	0.169
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	21.183	27.794	21.303
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.873	25.183	26.145
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	104.059	115.936	114.931
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16.552	16.281	18.766
(c) Trade receivables	86.730	75.006	58.424
(d) Cash and cash equivalents	20.441	12.405	5.680
(e) Short-term loans and advances	19.801	16.774	15.372
(f) Other current assets	2.197	1.931	3.848
Total Current Assets	145.721	122.397	102.090
TOTAL	249.780	238.333	217.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	TURNOVER / GROSS RECEIPT		180.247
Less	EXPENSES		NA
	PROFIT BEFORE TAX		8.209
Less	TAX		2.575
	PROFIT AFTER TAX		5.634
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	119.819
	Earnings Per Share (Rs.)		5.64

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		TOTAL	171.624	157.251
Less	EXPENSES
		TOTAL	165.078	152.766
	PROFIT BEFORE TAX		6.546	4.485
Less	TAX		2.361	1.724
	PROFIT AFTER TAX		4.185	2.761
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	55.835	50.327
	Earnings Per Share (Rs.)		6.55	4.49

Expected Sales (2014-2015): Rs. 200.000 Millions

The above information has been parted by Mr. P.S. Panchal [Accounts Head]

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.59	3.11	2.29
Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.07
Debt Equity Ratio (Total Debt/Networth)		0.10	0.04	0.07
Current Ratio (Current Asset/Current Liability)		0.85	0.72	0.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.995	9.995	9.995
Reserves & Surplus	51.631	55.816	61.450
Net worth	61.626	65.811	71.445
Long-term borrowings	4.621	2.772	7.424
Short term borrowings	0.000	0.000	0.000
Total borrowings	4.621	2.772	7.424
Debt/Equity ratio	0.075	0.042	0.104

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	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]	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90110825	03/11/2004	20,000,000.00	ICICI BANK LIMITED	JMC HOUSE BRANCH, AHEMADABAD, GUJARAT, INDIA	-

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans repayable Members	5.780	1.226
Total	5.780	1.226

FIXED ASSETS:

· Building

· Land

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Computers

· Vehicles

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. 63.18
UK Pound	1	Rs. 98.85
Euro	1	Rs. 77.42

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	BVA

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	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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.