MIRA INFORM REPORT

Report Date :

13.01.2014

IDENTIFICATION DETAILS

Name :	B E C CHEMICALS PRIVATE LIMITED
Registered Office :	Victoria Building, 1^st Floor, S.A. Brevly Road, Fort, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.12.1958
Com. Reg. No.:	11-011230
Capital Investment / Paid-up Capital :	Rs.9.000 Million
CIN No.: [Company Identification No.]	U28932MH1958PTC011230
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs and Intermediates For the Pharmaceutical Industry.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 463000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects modest financial risk profile, marked by moderate net worth and exposure to product and customer concentration risks. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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 – 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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ [Long Term]
Rating Explanation	Moderate risk of default and high credit risk.
Date	13.08.2013

Rating Agency Name	CRISIL
Rating	A4+ [Short Term]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	13.08.2013

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 DECLINED

Management non co-operative [91-22-28505152]

LOCATIONS

Registered Office :	Victoria Building, 1^st Floor, S.A. Brevly Road, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-28505152
Fax No.:	91-22-28503153
E-Mail :	post@becchemicals.com meghashah@becchemicals.com
Website :	http://www.becchemicals.com
Head / Administrative Office :	S-86, IBI House, Andheri Kurla Road, Marol Naka, Chimat Pada, Andheri (East), Mumbai-400059, Maharashtra, India
Factory :	Plot No. 24, MIDC Dhatav Roha, District Raigad-402116, Maharashtra, India
Tel No.:	91-219-4263552

DIRECTORS

AS ON 13.09.2013

Name :

Mr. Dinesh Manilal Shah

Designation :

Managing Director

Address :

Archna, Lajpatraj Road, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

11.07.1955

Date of Appointment :

01.10.2012

Din No.:

00116248

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	U51560MH1957PTC010976	INDO BEROLINA INDUSTRIES PRIVATE LIMITED	Director	03/07/1974	03/07/1974	-	Active	NO
2	U24100MH1978PTC020565	BEC INDUSTRIAL INVESTMENT COMPANY PRIVATE LIMITED	Director	09/08/1978	09/08/1978	-	Active	NO
3	U28920MH1988PTC046514	BID MACHINES PRIVATE LIMITED	Director	11/03/1988	11/03/1988	30/06/2009	Active	NO
4	U18101MH1993PLC074416	BAT ENTERPRISE LIMITED	Director	11/10/1993	11/10/1993	-	Active	NO
5	U24100MH1997PLC112652	HOC - CHEMATUR LIMITED	Director	27/08/2001	27/08/2001	28/08/2012	Active	NO
6	U72900MH2004PTC144873	P D SOFTTECH PRIVATE LIMITED	Director	05/03/2004	05/03/2004	-	Active	NO
7	U28932MH1958PTC011230	B E C CHEMICALS PRIVATE LIMITED	Managing director	01/10/2012	06/12/2006	-	Active	NO
8	U74210MH1976PLC019211	IBI CHEMATUR (ENGINEERING AND CONSULTANCY) LIMITED	Managing director	01/01/2010	06/12/2006	-	Active	NO

Name :

Mr. Chandulal Talakchand Shah

Designation :

Director

Address :

185, Vivek Building, S.V. Road, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

18.08.1936

Date of Appointment :

14.12.1984

Din No.:

00116643

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	U24100MH1978PTC020565	BEC INDUSTRIAL INVESTMENT COMPANY PRIVATE LIMITED	Director	09/08/1978	09/08/1978	Active	NO
2	U28932MH1958PTC011230	B E C CHEMICALS PRIVATE LIMITED	Director	14/12/1984	14/12/1984	Active	NO
3	U51560MH1957PTC010976	INDO BEROLINA INDUSTRIES PRIVATE LIMITED	Director	18/12/2006	18/12/2006	Active	NO

Name :

Mr. Ramanlal Manilal Shah

Designation :

Director

Address :

D-49, Gautam Nagar, L.T. Road, Borivali (West), Mumbai-400092, Maharashtra, India

Date of Birth/Age :

13.06.1940

Date of Appointment :

25.12.2001

Din No.:

00116800

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	U28920MH1988PTC046514	BID MACHINES PRIVATE LIMITED	Director	29/04/1996	29/04/1996	Active	NO
2	U28932MH1958PTC011230	B E C CHEMICALS PRIVATE LIMITED	Director	25/12/2001	25/12/2001	Active	NO
3	U72900MH2004PTC144873	P D SOFTTECH PRIVATE LIMITED	Director	20/04/2004	20/04/2004	Active	NO
4	U18101MH1993PLC074416	BAT ENTERPRISE LIMITED	Director	18/12/2006	18/12/2006	Active	NO

Name :

Mr. Jayesh Chandulal Shah

Designation :

Executive Director

Address :

185, Vivek Building, S.V. Road, Mumbai-400056, Maharashtra, India

Date of Birth/Age :

18.08.1967

Date of Appointment :

25.12.2001

Din No.:

00116737

Name :

Mrs. Varsha Dinesh Shah

Designation :

Director

Address :

Archna, Lajpatraj Road, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

12.05.1960

Date of Appointment :

17.03.2005

Din No.:

00116494

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	U28920MH1988PTC046514	BID MACHINES PRIVATE LIMITED	Director	29/04/1996	29/04/1996	30/06/2009	Active	NO
2	U18101MH1993PLC074416	BAT ENTERPRISE LIMITED	Director	29/04/1996	29/04/1996	-	Active	NO
3	U72900MH2004PTC144873	P D SOFTTECH PRIVATE LIMITED	Director	20/04/2004	20/04/2004	-	Active	NO
4	U74210MH1976PLC019211	IBI CHEMATUR (ENGINEERING AND CONSULTANCY) LIMITED	Director	24/02/2005	24/02/2005	-	Active	NO
5	U24100MH1978PTC020565	BEC INDUSTRIAL INVESTMENT COMPANY PRIVATE LIMITED	Director	17/03/2005	17/03/2005	-	Active	NO
6	U51560MH1957PTC010976	INDO BEROLINA INDUSTRIES PRIVATE LIMITED	Director	17/03/2005	17/03/2005	-	Active	NO
7	U28932MH1958PTC011230	B E C CHEMICALS PRIVATE LIMITED	Director	17/03/2005	17/03/2005	-	Active	NO

Name :

Mr. Pushkar Dinesh Shah

Designation :

Director

Address :

Archna, Lajpatraj Road, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

23.05.1983

Date of Appointment :

28.09.2007

Din No.:

01350273

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	U28932MH1958PTC011230	B E C CHEMICALS PRIVATE LIMITED	Director	28/09/2007	06/03/2007	Active	NO
2	U24100MH1978PTC020565	BEC INDUSTRIAL INVESTMENT COMPANY PRIVATE LIMITED	Director	28/09/2007	06/03/2007	Active	NO
3	U51560MH1957PTC010976	INDO BEROLINA INDUSTRIES PRIVATE LIMITED	Director	28/09/2007	06/03/2007	Active	NO
4	U18101MH1993PLC074416	BAT ENTERPRISE LIMITED	Director	28/09/2007	06/03/2007	Active	NO
5	U28920MH1988PTC046514	BID MACHINES PRIVATE LIMITED	Director	28/09/2007	06/03/2007	Active	NO
6	U72900MH2004PTC144873	P D SOFTTECH PRIVATE LIMITED	Director	06/03/2007	06/03/2007	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 13.09.2013

Names of Shareholders	No. of Shares
BEC Industrial Investment Company Private Limited, India	83000
Indo Berolina Industries Private Limited, India	5000
BID Machines Private Limited, India	2000
TOTAL	90000

AS ON 13.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk Drugs and Intermediates For the Pharmaceutical Industry.

PRODUCTION STATUS [AS ON 31.03.2013]

Particulars	Licensed Capacity	Installed Capacity
Bulk Drugs/Drug	275 MT	275 MT

PRODUCTION:

Particular	Production Kgs.
Bulk Drugs	81355
Drug Intermediates/Others	155561

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· Union Bank of India, Overseas Branch, Union Bank Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai-400021, Maharashtra, India

· Bank of Maharashtra, B.S. Marg Branch, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans/Foreign Currency Term Loan	30.000	2.786
Short Term Borrowings
Packing Credit	20.617	13.316
Export Bill Discounted and Importer L/cs’ Due Against Personal Guarantee of Director	100.844	35.801
TOTAL	151.461	51.903

Banking Relations :	--
Auditors :
Name :	Pankaj B. Mehta and Company Chartered Accountants
Address :	56, Janmabhoomi Marg, (Ghoga Street), 3^rd Floor, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22025435
PAN No:	AAAPM7644J
Cost Auditors :
Name :	Hemant V. Shah Chartered Accountants
Address :	373, 1^st Floor, Sailor Building, Dr. D.N. Road, Fort, Mumbai-400001, Maharashtra, India
Other Related Parties :	· IBI Chematur (Engg. And Con’y) Limited · IBIC Engineering · Indo Berolina Industries Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
95000	Equity Shares	Rs.100/- each	Rs.9.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
90000	Equity Shares	Rs.100/- each	Rs.9.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.000	9.000	9.000
(b) Reserves & Surplus	106.843	87.091	71.668
(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)	115.843	96.091	80.668
(3) Non-Current Liabilities
(a) long-term borrowings	74.000	46.786	48.303
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.200	2.700
(d) long-term provisions	7.369	6.886	6.539
Total Non-current Liabilities (3)	81.369	53.872	57.542
(4) Current Liabilities
(a) Short term borrowings	121.461	49.117	59.315
(b) Trade payables	14.827	13.617	12.344
(c) Other current liabilities	20.331	18.497	6.435
(d) Short-term provisions	29.969	22.769	13.049
Total Current Liabilities (4)	186.588	104.000	91.143
TOTAL	383.800	253.963	229.353
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	156.347	115.214	88.885
(ii) Intangible Assets	0.012	0.012	0.012
(iii) Capital work-in-progress	0.056	0.353	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.093	5.093	6.093
(c) Deferred tax assets (net)	0.844	0.452	0.547
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	162.352	121.124	95.537
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	47.052	33.552	49.355
(c) Trade receivables	112.817	55.975	45.496
(d) Cash and cash equivalents	8.720	8.940	20.208
(e) Short-term loans and advances	52.859	34.372	18.753
(f) Other current assets	0.000	0.000	0.000
(g) Miscellaneous expenditure	0.000	0.000	0.004
Total Current Assets	221.448	132.839	133.816
TOTAL	383.800	253.963	229.353

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	411.547	327.782
		Other Income	0.704	1.704
		TOTAL (A)	412.251	329.486	237.232
Less	EXPENSES
		Cost of Materials Consumed	238.190	183.392
		Employee Benefits Expenses	41.322	31.140
		Other Direct Manufacturing Expenses	31.905	27.901	190.341
		Loss on Sale of Fixed Assets	0.000	0.055
		Other Expenses	59.005	45.272
		Exceptional Items	3.623	0.000
		Change in Inventories of Finished Goods and Work in Progress	(3.967)	1.286
		TOTAL (B)	370.078	289.046	190.341 Including Financial Expenses
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.173	40.440
Less	FINANCIAL EXPENSES (D)		2.407	2.009
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.766	38.431	46.891
Less/ Add	DEPRECIATION/ AMORTISATION (F)		11.902	12.145	9.937
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		27.864	26.286	36.954
Less	TAX (H)		7.200	9.180	12.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		20.664	17.086	24.954
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		41.830	36.210	21.160
Less	APPROPRIATIONS
		Transfer to General Reserve	2.500	2.728	2.562
		Proposed Dividend	1.350	1.350	0.900
		Transfer to Bond Redemption Reserve	6.734	6.734	6.734
		Transfer to Premium on Bond Redemption Reserve	0.340	0.340	0.340
		Deferred Tax	(0.392)	0.095	(0.464)
		Short Provision of Earlier Year Expenses	(0.265)	0.000	(0.317)
		Tax on Dividend Distribution	0.219	0.219	0.149
	BALANCE CARRIED TO THE B/S		52.008	41.830	36.210
	EARNINGS IN FOREIGN CURRENCY
		Exports Sales (FOB)	326.968	257.593	195.256
	IMPORTS
		Raw Materials	166.890	105.389	91.890
	Earnings / (Loss) Per Share (Rs.)		229.60	189.85	277.26

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.01	5.19	10.52
Net Profit Margin (PBT/Sales)	(%)	6.77	8.02	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.37	10.60	16.59
Return on Investment (ROI) (PBT/Networth)		0.24	0.27	0.45
Debt Equity Ratio (Total Debt/Networth)		2.33	1.00	1.33
Current Ratio (Current Asset/Current Liability)		1.19	1.27	1.47

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	No
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	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10393648	13/12/2012	2,500,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, GROUND FLOOR,, 239,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B64761620
2	10393641	13/12/2012	30,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, GROUND FLOOR,, 239,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B64757735
3	10223651	29/04/2010	5,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, GROUND FLOOR,, 239,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A87128591
4	10157721	18/04/2009	5,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, GROUND FLOOR,, 239,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A62202783
5	90237653	13/12/2012 *	65,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, GROUND FLOOR,, 239,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B64759319
6	90241221	08/11/2004	36,000,000.00	UNION BANK OF INDIA	OVERSEAS BRANCH, UNION BANK BHAVAN, GROUND FLOOR,, 239,VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
7	90161054	13/12/2001	1,400,000.00	UNION BANK OF INDIA	MUMBAI MAIN OFFICE; UNION BANK BHAVAN, 239; VIDHAN BHAVAN MARG; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
8	90163818	12/01/1999	1,500,000.00	UNION BANK OF INDIA	MUMBAI MAIN OFFICE; UNION BANK BHAVAN, 239; VIDHAN BHAVAN MARG; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
9	90166874	15/05/1997	2,000,000.00	UNION BANK OF INDIA	MUMBAI MAIN OFFICE; UNION BANK BHAVAN, 239; VIDHAN BHAVAN MARG; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
10	90163325	23/02/1996	5,000,000.00	UNION BANK OF INDIA	MUMBAI MAIN OFFICE; UNION BANK BHAVAN, 239; VIDHAN BHAVAN MARG; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Long Term	44.000	44.000
TOTAL	44.000	44.000

PERFORMANCE REVIEW:

During the year, the company has achieved total turnover of Rs.411.548 millions (previous year Rs.327.783 millions), which includes export sales of Rs.368.815 millions (previous year Rs.257.592 millions) registered an increase of 43% over the previous year. During the year, the company has recorded domestic sales of Rs.42.732 millions (previous year Rs.70.189 millions). The reduction in domestic turnover was primarily due to slow down in consumption of Ketoprofen in domestic market.

The year indicated a consolidated profit before tax and depreciation at Rs.39.766 millions as against Rs.38.431 millions previous year. The decrease in net profit ratio is primarily due to increase in input cost of raw materials, utilities, repairs and maintenance of plant, majorly due to cost attributed towards major repairs and overall up gradation of manufacturing facilities and infrastructure at site in view of EDQM inspection that look took place in October 12 and few other foreign customer audits.

FIXED ASSETS:

· Goodwill

· Land

· Factory Building

· Marol Building

· Plant and Machinery

· Equipment

· Furniture and Fixtures

· 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.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.