MIRA INFORM REPORT

Report Date :

23.07.2014

IDENTIFICATION DETAILS

Name :	GEA PHARMA SYSTEMS (INDIA) PRIVATE LIMITED (w.e.f. 07.07.2009)
Formerly Known As :	ACO-ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	Block No.8, Phase B, Village Dumad, Savil Road, Vadodara – 391740, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.04.2007
Com. Reg. No.:	04-050513
Capital Investment / Paid-up Capital :	Rs.47.079 Millions
CIN No.: [Company Identification No.]	U29249GJ2007FTC050513
TAN No.: [Tax Deduction & Collection Account No.]	BRDA02606C
PAN No.: [Permanent Account No.]	AAGCA2753F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Pharma Industrial Equipments.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 420000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities over a year. However, trade relations are fair. Business is active. Payment terms are slow. 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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

Management non corporative (91-265-3040450)

LOCATIONS

Registered Office / Factory :	Block No.8, Phase B, Village Dumad, Savil Road, Vadodara – 391740, Gujarat, India
Tel. No.:	91-265-3074272/ 3074202/ 3074203 / 3074206
Fax No.:	91-265-3074255
E-Mail :	pharma-india@geagroup.com ninad.raje@geagroup.com
Website :	http://www.gea-pharma.in
Location :	Owned

DIRECTORS

As on: 12.09.2013

Name :

Mr. Kashyap Upadhyay

Designation :

Director

Address :

H-57, Adarsh Duplex, ITI Crossing, Gorwa, Vadodara – 390016, Gujarat, India

Date of Birth/Age :

20.06.1966

Date of Appointment :

20.09.2007

DIN No.:

01472012

Name :

Mr. Raman Manmohan Madhok

Designation :

Director

Address :

1-D, Villa Alto – Monte, Main Street, Nagali Hills Colony, Donapaula, Goa – 403004, India

Date of Birth/Age :

02.02.1945

Date of Appointment :

28.12.2009

DIN No.:

01798377

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	U74999GJ1992PTC078975	GEA Process Engineering (India) Private Limited	Whole-time director	27/02/1993	27/02/1993	-	Active	NO
2	U29249GJ2007FTC050513	GEA PHARMA SYSTEMS (INDIA) PRIVATE LIMITED	Whole-time director	01/02/2012	12/04/2007	-	Active	NO
3	L99999MH1986PLC039921	CMI FPE LIMITED	Director	11/09/2009	30/01/2009	-	Active	NO
4	L23109GA1967PLC000076	GOA CARBON LIMITED	Director	07/08/2010	28/01/2010	-	Active	NO

Name :

Mr. Ronald Anthony Youngs

Designation :

Director

Address :

Scarlet Oakes, Ridgway, Pyrford, Working, UK

Date of Birth/Age :

08.02.1952

Date of Appointment :

28.12.2009

DIN No.:

02886912

Name :

Mr. Anthony Edgar Butler

Designation :

Director

Address :

19, Ridgeway Road, Sahibury, UK

Date of Birth/Age :

08.05.1953

Date of Appointment :

28.12.2009

DIN No.:

02886882

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 12.09.2013

Names of Shareholders	No. of Shares
Ninad Sharad Raje	1
GEA Process Engineering (India) Private Limited, India	4707944
TOTAL	4707945

Equity Share Break up (Percentage of Total Equity)

As on: 12.09.2013

Category	Percentage
Bodies corporate	99.99
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pharma Industrial Equipments.

PRODUCTION STATUS (AS ON 31.03.2011)

Installed Capacity

The information pertaining to Installed Capacity is not relevant as the items produced by the Company are of a highly dissimilar nature.

Particulars	Production
Bulk Milk Cooler (BMC)	5
Fluid Bed Dryer (FBD)	380
Pharma Connect (PMA)	160
Vibro Fluidizer (VF)	0
Ducting	31
Material Handling	33
Others	94
	703

GENERAL INFORMATION

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Royal Bank of Scotland N.V, 7 Alkapuri, R C Dutt Road, Baroda - 390007, Gujarat, India

Tel No.:- 91-265-2355900 / 2356000

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Loans repayable on demand	67.275	67.275
Other loans and Advances	22.318	(3.434)
Total	89.593	63.841

Banking Relations :	--
Auditors :
Name :	Keyur Patel and Company Chartered Accountant
Address :	SF - 14, Hiravanti Chambers, Opposite Aaryakanya Vidhyalaya, Karelibaug, Vadodara-390018, Gujarat, India
Tel. No.:	91-265-2491010
E-Mail :	office@cakpc.com
PAN No.:	AKVPP0199E
Holding Company :	GEA Process Engineering (India) Private Limited CIN No:- U74999MH1992PTC065230
Associates :	· GEA Courtoy NV GEA Ecoflex India Private Limited GEA Niro-GEA Process Engg A/S GEA Pharma Systems Limited GEA Pharma Systems NV GEA Process Engg (NPS) Limited GEA Tuchenhagen GmbH WestfaliaSurge Deutschland GmbH WestfaliaSurge Japy SAS GEA Pharma Systems AG GEA IT-Services GmbH GEA Process Engineering Pte Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5110000	Equity Shares	Rs.10/- each	Rs. 51.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4707945	Equity Shares	Rs.10/- each	Rs. 47.079 Millions

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	47.079	47.079	47.079
(b) Reserves & Surplus	57.532	130.413	145.600
(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)	104.611	177.492	192.679
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	17.328	17.040	7.764
Total Non-current Liabilities (3)	17.328	17.040	7.764
(4) Current Liabilities
(a) Short term borrowings	318.092	247.339	135.139
(b) Trade payables	219.361	150.545	95.899
(c) Other current liabilities	149.998	115.394	115.325
(d) Short-term provisions	14.929	14.183	10.300
Total Current Liabilities (4)	702.380	527.461	356.663
TOTAL	824.319	721.993	557.106
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	295.676	308.711	305.578
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	14.433	0.957	0.446
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	7.535	7.811	14.651
(d) Long-term Loan and Advances	21.810	24.156	18.460
(e) Other Non-current assets	74.063	95.743	56.077
Total Non-Current Assets	413.517	437.378	395.212
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	89.957	127.609	95.370
(c) Trade receivables	297.054	135.801	53.568
(d) Cash and cash equivalents	10.766	12.813	8.793
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	13.025	8.392	4.163
Total Current Assets	410.802	284.615	161.894
TOTAL	824.319	721.993	557.106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	651.138	418.727	266.755
		Other Income	32.032	13.776	4.934
		TOTAL (A)	683.170	432.503	271.689
Less	EXPENSES
		Cost of Materials Consumed	328.895	155.244
		Purchases of Stock-in-Trade	14.605	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(18.645)	0.357	296.328
		Employees benefits expense	109.255	98.025
		Other expenses	264.285	149.841
		TOTAL (B)	698.395	403.467	296.328
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(15.225)	29.036	(24.639)
Less	FINANCIAL EXPENSES (D)		42.232	23.066	12.647
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(57.457)	5.970	(37.286)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.147	14.317	13.048
	PROFIT / LOSS BEFORE TAX (E-F) (G)		(72.604)	(8.347)	(50.334)
Less	TAX (H)		0.276	6.840	0.000
	PROFIT / LOSS AFTER TAX (G-H) (I)		(72.880)	(15.187)	(50.334)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(101.855)	(86.668)	(36.334)
	BALANCE CARRIED TO THE B/S		(174.735)	(101.855)	(86.668)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	342.974	179.599	96.404
		Sales Commission	4.730	7.749	4.250
		Income from Site Services	7.514	0.597	1.829
	TOTAL EARNINGS		355.218	187.945	102.483
	IMPORTS
		Raw Materials	119.687	79.199	65.578
		Capital Goods	0.062	2.237	3.343
	TOTAL IMPORTS		119.749	81.436	68.921
	Earnings Per Share (Rs.)		(15.48)	(3.23)	(10.69)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(10.67)	(3.51)	58.08
Net Profit Margin (PBT/Sales)	(%)	(11.15)	(1.99)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(9.05)	(1.17)	(9.29)
Return on Investment (ROI) (PBT/Networth)		(0.69)	(0.05)	(0.26)
Debt Equity Ratio (Total Debt/Networth)		3.04	1.39	0.70
Current Ratio (Current Asset/Current Liability)		0.58	0.54	0.45

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	47.079	47.079	47.079
Reserves & Surplus	145.600	130.413	57.532
Net worth	192.679	177.492	104.611
long-term borrowings	0.000	0.000	0.000
Short term borrowings	135.139	247.339	318.092
Total borrowings	135.139	247.339	318.092
Debt/Equity ratio	0.701	1.394	3.041

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	266.755	418.727	651.138
		56.971	55.504

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	266.755	418.727	651.138
Profit	(50.334)	(15.187)	(72.880)
	(18.87%)	(3.63%)	(11.19%)

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	No
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 Loan

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Loans and Advances from related parties	228.499	183.498
Total	228.499	183.498

OPERATIONS:

The gross sales and other income for the financial year were Rs. 432.50 Millions as against Rs. 27551 Million for the previous year registering an increase of 1.57 times. The profit before depreciation and tax stood at Rs. 5.97 Million against loss of Rs. 50.20 Million recorded in previous year. The net Loss stood at Rs. 15.19 Million (Rs. 50.33 Million previous year).

INDEX OF CHARGES:

No Charges Exist for Company

FIXED ASSETS

· Factory Building

Plant and Machinery

Air Conditioners

Computer and Peripherals

Electrical Fittings

Furniture and Fixture

Office Equipments

Other Equipments

Software and Licenses

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 judgment 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.60.23
UK Pound	1	Rs.102.86
Euro	1	Rs.81.44

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.