MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	IDEAL CURES PRIVATE LIMITED
Registered Office :	A/223 – A-229, 2^nd Floor, Virwani Industrial Estate, Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.07.1988
Com. Reg. No.:	11-048150
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U24239MH1988PTC048150
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of Pharmaceutical Formulations and Other Related Products.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 2080000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relations reported to be fair. Business is active. Payment terms are reported to be regular 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.

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 DENIED BY

Name :	Mr. Zahit
Designation :	Marketing Department
Contact No.:	91-22-42688700
Date :	11.12.2014

LOCATIONS

Registered/ Corporate Office and R and D Centre – II :	A-223 to A-229, 2nd Floor, Virwani Industrial Estate, Off Western Express Highway, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-42688700/ 66764491/ 92/ 93/ 94/ 28501245
Fax No.:	91-22-42688713/ 66764495
E-Mail :	srpla@vsnl.com srp19@vsnl.com info@idealcures.com info@idealcures.co.in
Website :	http://www.instaglowindia.com http://www.idealcures.com http://www.idealcures.co.in http://www.pharmaranddcoater.com http://www.instaglowindia.com
Factory :	Plat No.24, Sector – 2, The Vasai Taluka Industrial Co-op Society Limited, Gauraipada, Vasai (East), Thane – 401 208, Maharashtra, India
Tel. No.:	91-250-2456701/ 702/ 703
Fax No.:	91-250-2452954

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Shrikant Jagdish Prasad Tibrewala

Designation :

Director

Address :

504, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

22.06.1958

Date of Appointment :

04.08.1994

DIN No.:

00197891

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	U40300MH1972PTC015941	ROHA DYE CHEM PRIVATE LIMITED	Director	19/07/1982	19/07/1982	-	Active	NO
2	U17100MH1969PTC014416	JAGDISH TEXTILES PRIVATE LIMITED	Director	20/06/1984	20/06/1984	-	Active	NO
3	U01100MH1988PTC047034	JAGDISH FARMS PRIVATE LIMITED	Director	11/10/1989	11/10/1989	-	Active	NO
4	U65990MH1994PLC076830	ROHA LEASING AND FINANCING LIMITED	Director	28/02/1994	28/02/1994	-	Active	NO
5	U24239MH1988PTC048150	IDEAL CURES PRIVATE LIMITED	Director	04/08/1994	04/08/1994	-	Active	NO
6	U24110MH1996PTC099750	NILAYA CHEMICALS PRIVATE LIMITED	Director	26/08/1996	26/08/1996	-	Active	NO
7	U24119MH1994PLC082238	ATMIYA COLOUR CHEM LIMITED	Director	22/10/1996	22/10/1996	-	Amalgamated	NO
8	U99999MH1996PTC103439	ROHA NATURAL EXTRACTS PRIVATE LIMITED	Director	22/10/1996	22/10/1996	-	Active	NO
9	U24116MH1997PTC107008	RUJUTAA CHEMICALS PRIVATE LIMITED	Director	02/04/1997	02/04/1997	-	Strike off	NO
10	U67120MH1996PLC096977	WELLWORTH SHARE AND STOCK BROKING LIMITED	Director	31/08/1998	31/08/1998	-	Active	NO
11	U72200MH1998PLC117274	RS GLOBAL INFOTECH LIMITED	Director	11/12/1998	11/12/1998	-	Active	NO
12	U27109MH1972PTC015615	SHREE KAMAL ISPAT UDYOG PRIVATE LIMITED	Director	15/11/2000	15/11/2000	-	Active	NO
13	U67120MH1999PTC119980	WELLWORTH COMMODITIES BROKING PRIVATE LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
14	U15419TN1995PTC032799	INDRAS AGENCIES PRIVATE LIMITED	Director	21/04/2006	21/04/2006	16/04/2013	Active	NO
15	U29199DL2004PTC128952	MR ORANCE JUICING SYSTEMS PRIVATE LIMITED	Director	30/05/2006	30/05/2006	17/01/2011	Dormant under section 455	NO
16	U45201MH2006PTC162778	Roha Infrastructure Developers Private Limited.	Director	22/06/2006	22/06/2006	26/07/2011	Active	NO
17	U29199MH2006PTC163229	FILTER MACHINES PRIVATE LIMITED	Director	22/07/2006	22/07/2006	-	Active	NO
18	U67190MH2007PTC176367	WELLWORTH CAPITAL SERVICES PRIVATE LIMITED	Director	30/11/2007	30/11/2007	28/03/2013	Active	NO
19	U72200MH1998PLC117545	ROHA INFOTECH LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
20	U24297MH2010PTC204395	ROHA DYECHEM SEZ PRIVATE LIMITED	Director	17/06/2010	17/06/2010	-	Active	NO
21	U40105MH2010PTC209822	ROHA ENERGY PRIVATE LIMITED	Director	04/11/2010	04/11/2010	-	Active	NO
22	U18204MH2013PTC246179	Modish Apparels Private LImited	Director	26/07/2013	26/07/2013	-	Active	NO
23	U27101MH2013PTC246263	Constellation Steels Private Limited	Director	27/07/2013	27/07/2013	-	Strike off	NO
24	U60231MH2013PTC246510	Expeditious Transports Private Limited	Director	31/07/2013	31/07/2013	-	Under Process of Striking off	NO
25	U26100MH2013PTC246518	Glamour Glass Private Limited	Director	01/08/2013	01/08/2013	-	Under Process of Striking off	NO
26	U45200MH2013PTC246736	JHABARMAL BUILDERS PRIVATE LIMITED	Director	06/08/2013	06/08/2013	-	Active	NO
27	U51900MH2013PTC246848	Perpetual Impex Private limited	Director	12/08/2013	12/08/2013	-	Active	NO
28	U51502MH2013PTC246842	EXCOM TRADERS PRIVATE LIMITED	Director	12/08/2013	12/08/2013	-	Active	NO
29	U24200MH2013PTC246906	Rectus Colours Private Limited	Director	13/08/2013	13/08/2013	-	Under Process of Striking off	NO
30	U01111GJ2010PTC062884	ROHA AGRI DEVELOPERS PRIVATE LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO
31	AAB-6625	ROHA COLOURS LLP	Designated Partner	23/07/2013	23/07/2013	-	Active	NO

Name :

Mrs. Veena Suresh Pareek

Designation :

Director

Address :

B/503, Mansarover, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

03.01.1961

Date of Appointment :

02.05.2001

DIN No.:

00756339

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	U24233MH1995PTC088620	SARYU LIFE SCIENCES PRIVATE LIMITED	Director	23/05/1995	23/05/1995	-	Active	NO
2	U24239MH1988PTC048150	IDEAL CURES PRIVATE LIMITED	Director	02/05/2001	02/05/2001	-	Active	NO

Name :

Mr. Suresh Rukmand Pareek

Designation :

Managing Director

Address :

B/503, Mansarover, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

10.04.1957

Date of Appointment :

01.10.2011

DIN No.:

00757066

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	U24233MH1995PTC088620	SARYU LIFE SCIENCES PRIVATE LIMITED	Managing director	06/10/1997	06/10/1997	-	Active	NO
2	U24239MH1988PTC048150	IDEAL CURES PRIVATE LIMITED	Managing director	01/10/2011	20/11/1998	-	Active	NO
3	U72200MH1998PLC117274	RS GLOBAL INFOTECH LIMITED	Director	30/11/1998	30/11/1998	-	Active	NO
4	U72200MH1998PLC117545	ROHA INFOTECH LIMITED	Director	21/12/1998	21/12/1998	31/03/2009	Active	NO
5	L74999MH1957PLC010975	GRAUER AND WEIL (INDIA) LIMITED	Director	31/07/2014	29/09/2006	-	Active	NO

Name :

Mr. Ramakant Jagdish Prasad Tiberewala

Designation :

Director

Address :

603, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

21.09.1956

Date of Appointment :

20.07.1994

DIN No.:

01237898

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	U40300MH1972PTC015941	ROHA DYE CHEM PRIVATE LIMITED	Director	06/08/1979	06/08/1979	-	Active	NO
2	U74999MH1959PTC011463	STEINMETZ OVERSEAS PRIVATE LIMITED	Director	01/09/1979	01/09/1979	-	Active	NO
3	U17100MH1969PTC014416	JAGDISH TEXTILES PRIVATE LIMITED	Director	20/06/1984	20/06/1984	-	Active	NO
4	U01100MH1988PTC047034	JAGDISH FARMS PRIVATE LIMITED	Director	11/10/1989	11/10/1989	-	Active	NO
5	U65990MH1994PLC076830	ROHA LEASING AND FINANCING LIMITED	Director	28/02/1994	28/02/1994	-	Active	NO
6	U24239MH1988PTC048150	IDEAL CURES PRIVATE LIMITED	Director	20/07/1994	20/07/1994	-	Active	NO
7	U24112MH1996PTC099657	SAPIN CHEMICALS PRIVATE LIMITED	Director	15/07/1996	15/07/1996	-	Active	NO
8	U24119MH1994PLC082238	ATMIYA COLOUR CHEM LIMITED	Director	22/10/1996	22/10/1996	-	Amalgamated	NO
9	U99999MH1996PTC103439	ROHA NATURAL EXTRACTS PRIVATE LIMITED	Director	22/10/1996	22/10/1996	-	Active	NO
10	U24116MH1997PTC107008	RUJUTAA CHEMICALS PRIVATE LIMITED	Director	02/04/1997	02/04/1997	-	Strike off	NO
11	U67120MH1996PLC096977	WELLWORTH SHARE AND STOCK BROKING LIMITED	Director	31/08/1998	31/08/1998	-	Active	NO
12	U27109MH1972PTC015615	SHREE KAMAL ISPAT UDYOG PRIVATE LIMITED	Director	21/11/1998	21/11/1998	-	Active	NO
13	U72200MH1998PLC117274	RS GLOBAL INFOTECH LIMITED	Director	30/11/1998	30/11/1998	-	Active	NO
14	U72200MH1998PLC117545	ROHA INFOTECH LIMITED	Director	21/12/1998	21/12/1998	-	Active	NO
15	U25209DD1992PTC001310	ALLIED GLOBAL PLASTICS PRIVATE LIMITED	Director	30/03/1999	30/03/1999	29/09/2008	Active	NO
16	U67120MH1999PTC119980	WELLWORTH COMMODITIES BROKING PRIVATE LIMITED	Director	21/05/1999	21/05/1999	-	Active	NO
17	U29199DL2004PTC128952	MR ORANCE JUICING SYSTEMS PRIVATE LIMITED	Director	30/05/2006	30/05/2006	05/09/2008	Dormant under section 455	NO
18	U45201MH2006PTC162778	Roha Infrastructure Developers Private Limited.	Director	22/06/2006	22/06/2006	01/02/2011	Active	NO
19	U15419KA2006PTC041294	JUICES N SNACKS INDIA PRIVATE LIMITED	Director	27/12/2006	27/12/2006	27/02/2009	Strike off	NO
20	U70101MH2005PTC158473	StatFord Developers Private Limited	Additional director	05/08/2009	05/08/2009	-	Active	NO
21	U74990MH2009PTC196665	WISDOM WELLNESS PRIVATE LIMITED	Director	30/09/2010	02/12/2009	-	Active	NO
22	U15419TN1995PTC032799	INDRAS AGENCIES PRIVATE LIMITED	Director	24/12/2010	24/12/2009	16/04/2013	Active	NO
23	U24297MH2010PTC204395	ROHA DYECHEM SEZ PRIVATE LIMITED	Director	17/06/2010	17/06/2010	-	Active	NO
24	U40105MH2010PTC209822	ROHA ENERGY PRIVATE LIMITED	Director	04/11/2010	04/11/2010	-	Active	NO
25	U01111GJ2010PTC062884	ROHA AGRI DEVELOPERS PRIVATE LIMITED	Director	11/11/2010	11/11/2010	-	Active	NO
26	U85191MH2011NPL216938	AGARWAL GLOBAL FOUNDATION	Director	02/05/2011	02/05/2011	-	Active	NO
27	U45200MH2006PTC160428	J. P. INFRA (MUMBAI) PRIVATE LIMITED	Director	30/09/2011	24/06/2011	20/03/2012	Active	NO
28	U45400MH2010PTC205367	J.P. Infra Developers Private Limited	Director	30/09/2011	24/06/2011	12/04/2012	Active	NO
29	U40300MH2012PTC237802	ROHA URJA PRIVATE LIMITED	Director	09/11/2012	09/11/2012	-	Active	NO
30	U40300MH2012PTC237801	ROHA NATURAL RESOURCES PRIVATE LIMITED	Director	09/11/2012	09/11/2012	-	Active	NO
31	U40300MH2012PTC237793	ROHA GREEN ENERGY PRIVATE LIMITED	Director	09/11/2012	09/11/2012	-	Active	NO
32	U40107MH2012PTC237790	ROHA ECO ENERGY PRIVATE LIMITED	Director	09/11/2012	09/11/2012	-	Active	NO
33	U40300MH2012PTC237806	ROHA NATURAL ENERGY PRIVATE LIMITED	Director	10/11/2012	10/11/2012	-	Active	NO
34	U26960MH2013PTC245573	Elite Glass Private Limited	Director	12/07/2013	12/07/2013	-	Active	NO
35	U55101MH2013PTC246462	Gaiety Hotels Private Limited	Director	31/07/2013	31/07/2013	-	Under Process of Striking off	NO
36	U45200MH2013PTC246736	JHABARMAL BUILDERS PRIVATE LIMITED	Director	06/08/2013	06/08/2013	-	Active	NO
37	U51101MH2013PTC247025	Nouveau Tradelink Private Limited	Director	16/08/2013	16/08/2013	-	Under Process of Striking off	NO
38	U45400MH2013PTC247117	FIRMAMENT DEVELOPERS PRIVATE LIMITED	Director	17/08/2013	17/08/2013	-	Under Process of Striking off	NO
39	U92490MH2013PTC247214	Amity Media and Entertainment Private Limited	Director	19/08/2013	19/08/2013	-	Under Process of Striking off	NO
40	U45203MH2013PTC247640	RADIUM REALTORS PRIVATE LIMITED	Director	29/08/2013	29/08/2013	-	Under Process of Striking off	NO
41	U34102MH2013PTC247639	PISTON AUTO COMPONENTS PRIVATE LIMITED	Director	29/08/2013	29/08/2013	-	Under Process of Striking off	NO
42	U25194MH2013PTC247839	Quartz Plastic Products Private Limited	Director	04/09/2013	04/09/2013	-	Under Process of Striking off	NO

KEY EXECUTIVE

Name :	Mr. Zahit
Designation :	Marketing Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Brijesh Tibrewala	17500
Mahesh Tibrewala	12500
Dipesh Tibrewala	15500
Harsh Tibrewala	22000
Suresh Pareek	75000
Veena Pareek	75000
Annapura Tibrewala	5500
Brijesh Tibrewala HUF	10000
Jagdish Tibrewala HUF	5000
Ramakant Tibrewala	26000
Sushma Tibrewala	9000
Shrikant Tibrewala	2000
Roha Dyechem Limited	75000
Suresh Pareek HUF	25000
Saryu Pareek	25000
Total	400000

Names of Preference Shareholders	No. of Shares
R. S. Global Infotech Limited	20000
Total	20000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	18.75
Directors or relatives of Directors	81.25
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of Pharmaceutical Formulations and Other Related Products.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS (As on 31.03.2012)

Particulars	Unit	Actual Production
Film Coating Systems	Kg in (‘000)	341.80
Polymers	Kg in (‘000)	51.95

GENERAL INFORMATION

Supplier :

Not Divulged

Customer :

Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati 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
From Bank and Financial Institutions	4.491	6.788
Short Term Borrowings
Deposit	0.514	0.000
Loans from Bank	2.448	0.000
Total	7.453	6.788

Auditors :
Name :	G R and Associates (Rohit Agarwal, B.Sc., FCA/ Geeta Agarwal, B. Com, FCA) Chartered Accountant
Address :	“Shaniya Enclave”, 602, Vallabh Bhai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel No.:	91-22-26123644
Mobile No. :	91-9820231490/ 9892368269
Email ID :	carohitagarwal@gmail.com
PAN No.:	AAIFG8732F
Subsidiary Company :	Ideal Cures Europe – SRL
Associates :	Roha Dychem Private Limited
Enterprises where Key Management Personnel or their relatives are able to exercise significant influence	· Saryu Life Science Private Limited · R S Global Private Limited · Roha Infrastructures Developments Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs.7.500 Millions
25000	Preference Shares	Rs. 100/- each	Rs.2.500 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 10/- each	Rs.4.000 Millions
20000	Preference Shares	Rs. 100/- each	Rs.2.000Millions
	Total		Rs.6.000 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	6.000	6.000	6.000
(b) Reserves & Surplus	720.819	695.337	525.425
(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)	726.819	701.337	531.425
(3) Non-Current Liabilities
(a) long-term borrowings	11.829	42.985	116.149
(b) Deferred tax liabilities (Net)	1.564	11.098	17.716
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	21.776	15.322	12.655
Total Non-current Liabilities (3)	35.169	69.405	146.520
(4) Current Liabilities
(a) Short term borrowings	2.961	0.000	0.000
(b) Trade payables	37.345	25.773	12.333
(c) Other current liabilities	26.632	22.846	35.029
(d) Short-term provisions	20.421	26.755	7.390
Total Current Liabilities (4)	87.359	75.374	54.752
TOTAL	849.347	846.116	732.697
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	223.374	231.022	260.759
(ii) Intangible Assets	2.671	2.093	0.656
(iii) Capital work-in-progress	12.063	0.000	1.050
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.014	2.014	2.014
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.831	119.967	101.993
(e) Other Non-current assets	6.178	3.305	1.213
Total Non-Current Assets	307.131	358.401	367.685
(2) Current assets
(a) Current investments	130.654	39.439	2.239
(b) Inventories	109.501	107.411	126.444
(c) Trade receivables	227.077	185.685	183.287
(d) Cash and cash equivalents	74.963	154.639	53.042
(e) Short-term loans and advances	0.021	0.541	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	542.216	487.715	365.012
TOTAL	849.347	846.116	732.697

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	772.522	58.237	515.074
		Other Income
		TOTAL (A)	772.522	58.237	515.074
Less	EXPENSES
		Material and Manufacturing Expenses
		Personnel Expenses			325.210
		Administrative and Selling and Distribution Expenses
		Accretion/ Decreation in Stock
		TOTAL (B)			325.210
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		745.995 [Including Finance and Depreciation]	41.720 [Including Finance and Depreciation]	189.864
Less	FINANCIAL EXPENSES (D)				21.306
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				168.558
Less	DEPRECIATION/ AMORTISATION (F)				32.533
	PROFIT BEFORE TAX (E-F) (G)		26.527	16.517	136.025
Less	TAX (H)		6.667	(0.440)	(2.753)
	PROFIT AFTER TAX (G-H) (I)		19.860	16.957	138.778
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		541.844	525.460	386.803
Less	APPROPRIATIONS
		Proposed Preference Dividend	NA	0.100	0.100
		Corporate Tax on Dividend	NA	0.017	0.017
		Provision Year Taxes	NA	0.456	0.004
	BALANCE CARRIED TO THE B/S		NA	541.844	525.460
	EARNINGS IN FOREIGN CURRENCY
		Coating Systems	203.483	97.470	95.181
		Machine	0.000	0.000	1.064
		Polymer	3.416	12.804	1.111
	TOTAL EARNINGS		206.899	110.274	97.356
	IMPORTS
		Raw Materials	44.267	29.665	36.785
		Capital Goods	2.337	0.000	0.000
	TOTAL IMPORTS		46.604	29.665	36.785
	Earnings Per Share (Rs.)		47.29	40.37	330.42

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	2.57	29.12	26.94
Operating Profit Margin (PBIDT/Sales)	(%)	3.43	28.36	36.86
Return on Total Assets (PBT/Total Assets}	(%)	3.18	1.96	18.64
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.26
Debt Equity Ratio (Total Debt /Networth)		0.02	0.06	0.22
Current Ratio (Current Asset/Current Liability)		6.21	6.47	6.67

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	6.000	6.000	6.000
Reserves & Surplus	525.425	695.337	720.819
Net worth	531.425	701.337	726.819
long-term borrowings	116.149	42.985	11.829
Short term borrowings	0.000	0.000	2.961
Total borrowings	116.149	42.985	14.790
Debt/Equity ratio	0.219	0.061	0.020

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	515.074	58.237	772.522
		-88.693	1,226.514

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	515.074	58.237	772.522
Profit	138.778	16.957	19.860
	26.94%	29.12%	2.57%

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	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	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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
Long Term Borrowings
Loans and Advances from Related Parties	7.338	36.197
Total	7.338	36.197

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10235235	28/06/2010	62,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI – 400 013, MAHARASHTRA, INDIA	A92300961

OPERATIONS:

During the year, the Company has achieved a total income of Rs. 772.522 Millions as against Rs. 58.237 Millions during the previous year. The profitability of the Company has also increased to Rs. 19.860 Millions as against Rs. 16.957 Millions in the previous year.

The Board is confident of achieving better results in the year ahead.

COMPANY OVERVIEW

The company was incorporated in the year 1988. The business of ready to use film coating systems was commenced in the year 1999. The company manufactures products for Normal Film Coating, Moisture Barrier Film Coating, Delayed Releases, Sustained and Extended Release as well as Sugar, Neutral, Calcium Carbonate, MCC and Silicon Dioxide Spheres. Company also manufactures Test Masking Compounds like Ecocool, which is immediate and extended release. The company also manufactures Pharmaceutical polymers like Methacrylic Acid Copolymer. The company has two R&D Centre approved by DCIC.

FIXED ASSETS:

· Goodwill

· Factory Land and Building

· Computers

· Electrical Installations

· Furniture and Fixtures

· Laboratory Equipments

· Office equipments

· Plant and Machinery

· 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.63.44
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SUM
Report Prepared by :	ANU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.