MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	CHEMCAPS LIMITED
Registered Office :	205, Elite House 36 Community, Kailash Colony Extension, New Delhi – 110 048
Country :	India.
Financials (as on) :	31.03.2013
Date of Incorporation :	18.06.1980
Com. Reg. No.:	55-091361
Capital Investment / Paid-up Capital :	Rs.13.450 Millions
CIN No.: [Company Identification No.]	L51397DL1980PLC091361
IEC No.:	0588135372
Legal Form :	Public Limited Company. The Company's shares are listed on the Stock Exchange.
Line of Business :	Manufacturer of Empty Hard Gelatin Capsules.
No. of Employees :	150 (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 90000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profit margin of the company appears to be low. 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. NOTE: Listed in Jaipur Stock Exchange.

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Harish
Designation :	Accounts Executive
Contact No.:	91-11-29247492
Date :	13.01.2014

LOCATIONS

Registered Office:	205, Elite House 36 Community, Kailash Colony Extension, New Delhi – 110 048, india
Tel. No.:	91-11-29247492 / 264447492 / 29234774
Fax No.:	91-11-26442889 / 29247492
E-Mail :	chemcaps@vsnl.com mittal@chemcaps.com
Website :	www.chemcaps.com
Location :	Rented
Corporate Office/ Factory :	C-584, RIICO Industrial Area, Bhiwadi – 301 019, District Alwar, Rajasthan, India
Tel. No.:	91-1493-220746 / 221052
E-Mail :	chemcaps@touchtelindia.net
Location :	Owned

DIRECTORS

AS ON 20.09.2013

Name :

Mr. Prem Chand Goel

Designation :

Managing Director

Address :

79, Sukhdev Vihar,New Delhi – 110 025, India

Date of Birth/Age :

10.01.1943

Date of Appointment :

18.06.1983

DIN No.:

00516619

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	L51397DL1980PLC091361	CHEMCAPS LIMITED	Managing director	18/06/1983	18/06/1983	-	Active	NO
2	U74999DL2006PTC156177	PRODERNA BIOTECH PRIVATE LIMITED	Director	04/12/2006	04/12/2006	-	Active	NO
3	U74899DL1982PTC014232	SAURABH TEXTILES PRIVATE LIMITED	Director	12/09/2012	01/12/2008	28/03/2013	Active	NO
4	U74899DL1985PTC019939	DOABA ALLOYS CASTINGS PRIVATE LIMITED	Director	30/03/2009	30/03/2009	-	Active	NO

Name :

Mr. Arun Kumar Mittal

Designation :

Whole-time Director

Address :

D810, New Friends Colony, New Delhi – 110 025, India

Date of Birth/Age :

30.06.1954

Date of Appointment :

18.06.1983

DIN No.:

00049425

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	L51397DL1980PLC091361	CHEMCAPS LIMITED	Whole-time director	18/06/1983	18/06/1983	Active	NO
2	U24231DL1989PLC037287	PENAM LABORATORIES LIMITED	Director	20/03/1993	20/03/1993	Active	NO
3	L74999HR1988PLC030370	COVENTRY COIL-O-MATIC (HARYANA) LIMITED	Director	30/01/2001	30/01/2001	Active	NO
4	U74999DL2006PTC156177	PRODERNA BIOTECH PRIVATE LIMITED	Director	04/12/2006	04/12/2006	Active	NO

Name :

Mr. Vinay Mahajan

Designation :

Whole-time Director

Address :

193, Sukhdev Vihar, New Delhi – 110 025, India

Date of Birth/Age :

10.12.1954

Date of Appointment :

18.06.1983

DIN No.:

02713603

Name :

Mr. Surendra Pal Gugnani

Designation :

Director

Address :

B 15, Soami Nagar, New Delhi – 110 065, India

Date of Birth/Age :

11.04.1927

Date of Appointment :

07.10.1986

DIN No.:

00011239

Name :

Mr. Surender Kumar Ajmani

Designation :

Director

Address :

F 223, New Rajinder Nagar, New Delhi – 110 060, India

Date of Birth/Age :

10.10.1939

Date of Appointment :

20.07.1987

DIN No.:

00196234

KEY EXECUTIVES

Name :	Mr. Harish
Designation :	Accounts Executive

SHAREHOLDING PATTERN

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 20.09.2013

Category	Percentage
Bodies corporate	0.07
Directors or relatives of Directors	65.87
Other top fifty shareholders	25.44
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Empty Hard Gelatin Capsules.
Products :	· Empty Hard Gelatin Capsules · Rejeced Capsules Scrap · Gelatin Capsules · Pharmaceutical Capsules
Exports :
Products :	Finished Goods
Countries :	· Israel · South Korea · Bangladesh
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

150 (Approximately)

Bankers :

State Bank of India, Greater Kailash, Part I, New Delhi, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from Banks	0.213	0.402
Short Term Borrowings
Term loan from Banks	17.610	0.000
Loans repayable on demand from Banks	0.000	18.656
Total	17.823	19.058

Banking Relations :	--
Auditors :
Name :	Aggarwal and Rampal Chartered Accountants
Address :	367, LG Floor, Masjid Marg, Greater Kailash-3, New Delhi – 110 048, India
PAN No.:	AAACFD9312N
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Penam Laboratories Limited, India [U24231DL1989PLC037287] · Proderna Biotech Private Limited, India [U74999DL2006PTC156177]

CAPITAL STRUCTURE

AS ON 20.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1345000	Equity Shares	Rs. 10/- each	Rs.13.450 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.450	13.450
(b) Reserves & Surplus	10.338	10.136
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	23.788	23.586
(3) Non-Current Liabilities
(a) long-term borrowings	0.213	0.402
(b) Deferred tax liabilities (Net)	0.354	0.508
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.567	0.910
(4) Current Liabilities
(a) Short term borrowings	17.610	18.656
(b) Trade payables	10.696	8.593
(c) Other current liabilities	3.800	4.371
(d) Short-term provisions	0.251	0.001
Total Current Liabilities (4)	32.357	31.621
TOTAL	56.712	56.117
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.159	13.755
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.040	0.903
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	13.199	14.658
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	24.078	21.674
(c) Trade receivables	13.952	11.241
(d) Cash and cash equivalents	1.271	1.043
(e) Short-term loans and advances	3.992	5.650
(f) Other current assets	0.220	1.851
Total Current Assets	43.513	41.459
TOTAL	56.712	56.117

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		13.450
2] Share Application Money		0.000
3] Reserves & Surplus		10.037
4] (Accumulated Losses)		0.000
NETWORTH		23.487
LOAN FUNDS
1] Secured Loans		19.030
2] Unsecured Loans		0.000
TOTAL BORROWING		19.030
DEFERRED TAX LIABILITIES		0.588
TOTAL		43.105
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.638
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.443
	Sundry Debtors	11.315
	Cash & Bank Balances	0.797
	Other Current Assets	0.000
	Loans & Advances	8.503
Total Current Assets		40.058
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	11.217
	Provisions	0.374
Total Current Liabilities		11.591
Net Current Assets		28.467
MISCELLANEOUS EXPENSES		0.000
TOTAL		43.105

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	63.026	57.749	55.174
		Other Income	0.906	1.080	0.782
		TOTAL (A)	63.932	58.829	55.956
Less	EXPENSES
		Cost of Materials Consumed	27.445	22.244
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(1.235)	(3.195)
		Employee Benefits Expenses	12.468	12.109
		Other Expenses	20.477	22.575
		Extraordinary Items	0.013	0.000
		TOTAL (B)	59.168	53.733	51.460
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.764	5.096	4.496
Less	FINANCIAL EXPENSES (D)		2.682	3.330	2.693
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.082	1.766	1.803
Less	DEPRECIATION/ AMORTISATION (F)		1.783	1.747	1.653
	PROFIT BEFORE TAX (E-F) (G)		0.299	0.019	0.150
Less	TAX (H)		0.097	(0.080)	0.056
	PROFIT AFTER TAX (G-H) (I)		0.202	0.099	0.094
	EARNINGS IN FOREIGN CURRENCY		22.728	32.187	27.046
	Earnings Per Share (Rs.)		0.15	0.07	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.32	0.17	0.17
Net Profit Margin (PBT/Sales)	(%)	0.47	0.03	0.27
Return on Total Assets (PBT/Total Assets}	(%)	0.54	0.03	0.27
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.01
Debt Equity Ratio (Total Debt /Networth)		0.75	0.81	0.81
Current Ratio (Current Asset/Current Liability)		1.34	1.31	3.46

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	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 CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10001499	10/12/2012 *	22,000,000.00	STATE BANK OF INDIA	GREATER KAILASH, PART I, NEW DELHI, DELHI - 110048, INDIA	B65476178

* Date of charge modification

FIXED ASSETS:

· Land Leasehold

· Building

· Building (Capital WIP)

· Office Equipments

· Furniture And Fixtures

· Plant And Machinery

· Vehicles

· Power, Lighting and Generating Systems.

· Laboratory Equipments.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records 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] 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.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

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