MIRA INFORM REPORT

Report Date :

23.06.2014

IDENTIFICATION DETAILS

Name :	SCHOTT KAISHA PRIVATE LIMITED (w.e.f. 30.07.2008)
Formerly Known As :	KAISHA MANUFACTURERS PRIVATE LIMITED
Registered Office :	70, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21.12.1994
Com. Reg. No.:	11-083938
Capital Investment / Paid-up Capital :	Rs. 3.221 Millions
CIN No.: [Company Identification No.]	U26100MH1994PTC083938
TAN No.: [Tax Deduction & Collection Account No.]	MUMS61056C
PAN No.: [Permanent Account No.]	AAACK2310G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ampoules, Prefillable Syringes, Vials and Dental Cartridges.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 3630000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company has declined during financial year 2013. However, general financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 wih 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 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Runali Bansode
Designation :	Export Department
Contact No.:	91-22-61515700
Date :	20.06.2014

LOCATIONS

Registered Office :	70, Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India
Tel. No. :	91-22-61515700
Fax No. :	91-22-22886442
E-Mail :	rohit.sarmalkar@schott-kaisha.com
Website :	www.schott-kaisha.com
Location :	Owned
Locality :	Commercial
Admin. Office:	Shapoorji Pallonji Center, 41/44, Minoo Desai Marg, Colaba, Mumbai - 400005, Maharashtra, India
Tel. No.:	91-22- 61515700/ 61515701/ 61515702/ 61515703
Fax No.:	91-22-22886442
Factory :	Survey No. 50/4, Kadaiya Village, Post Bhimpore, Nani Daman - 396210, Daman and Diu, India
Tel. No. :	91-260-2221394
E-Mail :	info@schott-kaisha.com

DIRECTORS

As on 24.09.2013

Name :

Andreas Kurt Adolf Reisse

Designation :

Director

Address :

Amberger STR, 91B, Regensburg, Germany

Date of Birth/Age :

20.04.1961

Experience :

28 Years

Date of Appointment :

24.01.2012

DIN No. :

01531131

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	U26100MH1997PTC112295	SCHOTT GLASS INDIA PRIVATE LIMITED	Director	19/02/2002	19/02/2002	10/02/2011	Active	NO
2	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	24/01/2012	13/12/2010	-	Active	NO

Name :

Kairus Shavak Dadachanji

Designation :

Managing Director

Address :

603. Bhatawar, Colaba Road, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

04.09.1961

Qualification :

Bachelor of Commerce

Date of Appointment :

01.04.2008

PAN No. :

AAEPD9434B

DIN No. :

00196582

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	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Managing director	01/04/2008	23/01/1995	-	Active	NO
2	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Managing director	01/04/2014	28/05/2003	-	Active	NO
3	U21022MH2007PTC173395	SHAKAI PACKAGING PRIVATE LIMITED	Director	31/12/2008	31/12/2008	-	Active	NO
4	U70102MH2010PTC199294	SILVER STREAM REALTY PRIVATE LIMITED	Additional director	04/03/2010	04/03/2010	01/03/2012	Active	NO

Name :

Mr. Jimmy Jehangir Parakh

Designation :

Director

Address :

Sterling Tower, Flat No. 502, Harishchandra Goregaonkar Marg, Gamdevi, Mumbai – 400007, Maharashtra, India

Date of Birth/Age :

01.10.1949

Date of Appointment :

21.12.1994

DIN No. :

00004945

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	U51900MH1979PTC021128	S C IMPEX PRIVATE LIMITED	Director	30/07/1984	30/07/1984	10/12/2007	Active	NO
2	U61790MH1985PTC035376	SILVER STREAK INVESTMENT PRIVATE LIMITED	Director	16/02/1985	16/02/1985	21/06/2011	Active	NO
3	U65990MH1985PTC035404	BLUE ARROW FINANCE CO PRIVATE LIMITED	Director	19/02/1985	19/02/1985	16/06/2011	Active	NO
4	U74999MH1985PTC037814	SHAPOORJI DATA PROCESSING PRIVATE LIMITED	Director	02/05/1986	02/05/1986	10/12/2007	Active	NO
5	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	01/09/1986	01/09/1986	-	Active	NO
6	U65990MH1979PTC021790	S P FINANCE PRIVATE LIMITED	Director	20/01/1987	20/01/1987	-	Active	NO
7	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Director	22/04/1987	22/04/1987	01/04/2011	Active	NO
8	U65990MH1979PTC021792	FINVESTCO INVESTMENTS PRIVATE LIMITED	Director	15/03/1989	15/03/1989	-	Amalgamated	NO
9	U65990MH1989PTC051347	DAY STAR TRADING PRIVATE LIMITED	Director	12/04/1989	12/04/1989	07/05/2008	Active	NO
10	U65990MH1989PTC051373	WEST STAR FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	13/04/1989	13/04/1989	13/06/2011	Active	NO
11	U51900TG1979PTC081529	STERLING OVERSEAS IMPEX PRIVATE LIMITED	Director	29/05/1989	29/05/1989	11/04/2012	Active	NO
12	U67130MH1989PTC051192	HEMINISHI INVESTMENT PRIVATE LIMITED	Director	12/06/1989	12/06/1989	-	Amalgamated	NO
13	U74999MH1993PTC071499	ADVANCE TECH ENERGY ADDITIVES PRIVATE LIMITED	Director	15/04/1993	15/04/1993	-	Active	NO
14	U55200MH1993PTC072856	SHAPOORJI HOTELS PRIVATE LIMITED	Director	14/07/1993	14/07/1993	14/06/2011	Active	NO
15	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04/07/1994	04/07/1994	27/06/2011	Active	NO
16	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	21/12/1994	21/12/1994	-	Active	NO
17	U67120MH1995PTC084748	ADARO SECURITIES PRIVATE LIMITED	Director	19/01/1995	19/01/1995	-	Active	NO
18	U99999MH1995PTC085899	STERLING GENERATORS PRIVATE LIMITED	Director	24/02/1995	24/02/1995	-	Active	NO
19	U70200MH1995PTC085932	CHINSHA PROPERTY PRIVATE LIMITED	Director	28/02/1995	28/02/1995	10/12/2007	Active	NO
20	U65990MH1989PTC050954	FLORAL FINANCE PRIVATE LIMITED	Director	26/06/1996	26/06/1996	10/12/2007	Active	NO
21	U25192MH1993PTC072591	S P FABRICATORS PRIVATE LIMITED	Director	12/12/1996	12/12/1996	15/04/2011	Active	NO
22	U65993MH1998PTC113592	CAMA PROPERTIES PRIVATE LIMITED	Director	17/02/1998	17/02/1998	10/12/2007	Amalgamated	NO
23	U70101MH1998FTC114830	FAERY ESTATES PRIVATE LIMITED	Director	24/05/2007	08/05/1998	30/04/2008	Active	NO
24	U70100MH1995PTC092856	JOYOUS HOUSING Private Limited	Director	17/08/1998	17/08/1998	26/01/2009	Active	NO
25	U70100MH1998PTC114764	GRAND VIEW ESTATES PRIVATE LIMITED	Director	15/06/1999	15/06/1999	05/05/2008	Active	NO
26	U70200MH1995PTC084751	PALCHIN REAL ESTATES PRIVATE LIMITED	Director	24/01/2000	24/01/2000	10/12/2007	Active	NO
27	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PVT LTD	Director	20/06/2000	20/06/2000	-	Active	NO
28	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	01/12/2008	18/10/2000	-	Active	NO
29	U28920MH1979PTC021425	CYRUS ENGINEERS PRIVATE LIMITED	Director	26/12/2000	26/12/2000	10/12/2007	Active	NO
30	U67120MH1979PTC021592	S C FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	03/09/2002	03/09/2002	-	Active	NO
31	U65993MH1989PTC051774	GLITTERING GOLD FINANCE PRIVATE LIMITED	Director	05/09/2002	05/09/2002	16/06/2011	Active	NO
32	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	20/06/2011	Active	NO
33	U65990MH1979PTC021791	CRYSTAL INVESTMENT COMPANY PRIVATE LIMITED	Director	16/04/2003	16/04/2003	-	Active	NO
34	U70100MH1998PTC114759	MERILAND ESTATES PRIVATE LIMITED	Director	17/04/2003	17/04/2003	30/05/2008	Active	NO
35	U92490MH2003PTC139673	DHAN GAMING SOLUTION (INDIA) PRIVATE LIMITED	Director	21/06/2004	21/06/2004	24/02/2009	Active	NO
36	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12/07/2005	12/07/2005	15/06/2011	Active	NO
37	U65920MH1923PTC001053	CYRUS INVESTMENTS Private Limited	Director	26/08/2005	26/08/2005	10/11/2008	Active	NO
38	U45200MH2005PTC158083	HIGHSTREET DEVELOPERS PRIVATE LIMITED	Director	16/12/2005	16/12/2005	30/04/2008	Active	NO
39	U70100MH2005PTC158264	WINDWARD BUILDERS PRIVATE LIMITED	Director	22/12/2005	22/12/2005	30/04/2008	Active	NO
40	U45200MH2005PTC158340	FLOORAISE DEVELOPERS PRIVATE LIMITED	Director	27/12/2005	27/12/2005	25/08/2008	Active	NO
41	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	03/02/2006	03/02/2006	08/04/2013	Active	NO
42	U45200MH2006PTC160662	Manjri Developers Private Limited	Director	23/03/2006	23/03/2006	10/12/2007	Active	NO
43	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Additional director	18/12/2013	22/12/2006	-	Active	NO
44	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	28/03/2007	28/03/2007	20/06/2011	Active	NO
45	U65990MH1996PTC102459	BENGAL SHAPOORJI DEVELOPERS PRIVATE LIMITED	Director	05/06/2007	05/06/2007	30/04/2008	Active	NO
46	U65990MH1988PTC049619	BENGAL SHAPOORJI HOUSING DEVELOPMENT PRIVATE LIMITED	Director	05/06/2007	05/06/2007	30/04/2008	Active	NO
47	U70102MH2007PTC174823	PRECAUTION PROPERTIES PRIVATE LIMITED	Director	10/10/2007	10/10/2007	07/05/2008	Active	NO
48	U70109MH2007PTC174275	FIRST FUTURE AIR SERVICES PRIVATE LIMITED	Director	23/06/2008	01/11/2007	16/05/2011	Amalgamated	NO
49	U45201GJ2008PTC054063	SHAPOORJI PALLONJI INFRASTRUCTURE (GUJARAT) PRIVATE LIMITED	Director	28/05/2008	28/05/2008	03/10/2011	Active	NO
50	U31200MH1974PLC017538	STERLING AND WILSON LIMITED	Director	29/09/2008	12/08/2008	-	Active	NO
51	U45209GJ2008PTC054828	SHAPOORJI PALLONJI AND OEG SERVICES PRIVATE LIMITED	Director	21/08/2008	21/08/2008	03/10/2011	Active	NO
52	U01403GJ2008PTC054483	NURSERY PROJECTS AND AGRI DEVELOPMENT PRIVATE LIMITED	Director	29/09/2009	30/04/2009	03/10/2011	Active	NO
53	U45203MH2010PTC202625	SHAPOORJI PALLONJI ROADS PRIVATE LIMITED	Director	30/04/2010	30/04/2010	30/09/2011	Active	NO
54	U40103TN2010PTC088516	SHAPOORJI PALLONJI POWER PROJECTS PRIVATE LIMITED	Director	05/05/2010	05/05/2010	18/10/2011	Amalgamated	NO
55	U74120MH2010PTC205291	SOVEREIGNTY PHARMA PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
56	L17110MH1919PLC000628	FORBES and COMPANY LIMITED	Director	21/08/2012	29/03/2012	-	Active	NO
57	U72300MH2012PTC237177	GRETEL SYSTEMS AND DEVELOPMENT PRIVATE LIMITED	Director	30/09/2013	19/11/2012	-	Active	NO

Name :

Mr. Michael Vollgold

Designation :

Additional Director

Address :

Dekan-Schell-Strasse, 17, Ubstadt Weiher, Germany, 76698

Date of Birth/Age :

24.10.1966

Date of Appointment :

24.09.2013

DIN No. :

06430250

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	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	24/09/2013	20/11/2012	Active	NO

Name :

Mr. Oliver Kille

Designation :

Director

Address :

Am Schlachtenturm, 20, Kaiserslautern, Germany

Date of Birth/Age :

04.04.1972

Date of Appointment :

03.09.2011

DIN No. :

03360743

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	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	03/09/2011	13/12/2010	Active	NO

Name :

Mr. Rohit Avinash Sarmalkar

Designation :

Director

Address :

Flat No. 201/202, Building No. 5, Sector 6, Shanti Gardens, Behind Bhakti Vedant Hospital, Mira Road East, Mumbai – 401107, Maharashtra, India

Date of Birth/Age :

15.11.1971

Date of Appointment :

27.09.2010

PAN No. :

AJBPS7229P

DIN No. :

03076606

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	U26100MH1994PTC083938	SCHOTT KAISHA PRIVATE LIMITED	Director	27/09/2010	27/05/2010	Active	NO

KEY EXECUTIVES

Name :	Ms. Runali Bansode
Designation :	Export Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Kairus Shavak Dadachanji	8052	25.00
Shapoor Pallonji Mistry	8051	25.00
Schott Glaswerke Beteiligungs – Und Export GmbH, Germany	16103	50.00
Total	32206	100.00

As on 24.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Directors or relatives of Directors	25.00
Other top fifty shareholders	25.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ampoules, Prefillable Syringes, Vials and Dental Cartridges.

Products :

Item Code No. (ITC Code)	Product Description
70101000	Glass Ampoules
70109000	Glass Vials

Exports :

Products :

Finished Goods

Countries :

South Africa

Imports :

Products :

Raw Material

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

· The Shamrao Vithal Co-Operative Bank Limited, Maker Tower 'E', First Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· The Zoroastrian Co-Operative Bank Limited, Zoroastrian Association Building, 16; Horniman Circle, Fort, Mumbai - 400023, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (Secured by hypothecation of machinery, immovable property and mortagage of factory land, building and residential flats.)	530.908	163.327
Foreign currency term loans from banks (Secured by hypothecation of machinery, immovable property and mortagage of factory land, building and residential flats.)	271.638	48.237
Loans taken for vehicles (Secured by hypothecation of Vehicles under finance.)	1.776	1.841
SHORT TERM BORROWINGS
Loans repayable on demand from banks ((i) Cash Credit = 75.148 Millions - Secured by hypothecation of Stock, Book Debts and entire current assets ranking paripasu charge with Saraswat bank. (ii) Bills Factoring = 1.176 Millions - Secured by hypothecation of Book Debts.)	76.324	49.523
Total	880.646	262.928

Banking Relations :	--
Auditors :
Name :	Z.M. Bhathena and Company Chartered Accountants
Address :	V.T. Mansion, 1^st Floor, 144, Perin Nariman Point, Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADPB6787E
100% Subsidiary Company of Schott AG, Germany:	· Schott Glass (India) Limited · Schott Rohrglas GmbH · Schott Glass Technologies (Suzhou) Company Limited · Schott Forma Vitrum · Schott France SAS · Schott North America · Schott Brazil Ltda · Schott Pharmaceutical Systems · Schott Austria Pty Limited · Schott Forma Vitrum Switzerland · Schott AG Corporate Service MT · P.T. Schott Igar Glass · Schott Form Vitrum AG · Schott Form Vitrum Europe AG · Schott Schweiz AG
Parent Company Mullheim - Hugelheim, Germany :	Schott AG
72.70% Subsidiary Company of Schott AG:	Schott Envases Farmaceuticos S.A.
Mr. Kairus Dadachanji, Managing Director of the Company is associated with the following firms/ Companies :	· Sovereign Pharma Private Limited CIN No.: U24232PN2003PTC017981 · Shakai Packaging Private Limited CIN No.: U21022MH2007PTC173395 · Packwell Industries
Other Related Parties :	· Schott Glass India Private Limited CIN No.: U26100MH1997PTC112295 · Schott AG Erich · Schott Forma Vitrum · Schott Glass Technologies (Suzhou) Limited · Schott Forma Vitrum KFT · Schott DE Mexico S.A. CV

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32206	Equity Shares	Rs.100/- each	Rs. 3.221 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	3.221	3.221	3.221
(b) Reserves & Surplus	903.950	810.577	578.675
(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)	907.171	813.798	581.896
(3) Non-Current Liabilities
(a) long-term Borrowings	804.322	213.405	2.000
(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	65.182	37.837	26.794
Total Non-current Liabilities (3)	869.504	251.242	28.794
(4) Current Liabilities
(a) Short Term Borrowings	76.324	49.523	7.687
(b) Trade Payables	272.209	163.094	206.454
(c) Other Current Liabilities	140.129	91.828	41.317
(d) Short-term Provisions	104.527	58.770	46.337
Total Current Liabilities (4)	593.189	363.215	301.795
TOTAL	2369.864	1428.255	912.485
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	1145.476	299.137	262.517
(ii) Intangible Assets	4.833	2.606	3.970
(iii) Capital Work-in-Progress	51.953	399.108	34.724
(iv) Intangible assets under Development	0.000	0.000	0.000
(b) Non-current Investments	0.625	0.600	0.600
(c) Deferred Tax Assets (net)	22.098	36.779	28.727
(d) Long-term Loan and Advances	134.808	119.824	45.516
(e) Other Non-current Assets	2.928	2.183	1.229
Total Non-Current Assets	1362.721	860.237	377.283
(2) Current assets
(a) Current Investments	0.694	0.649	31.421
(b) Inventories	279.310	192.945	143.389
(c) Trade Receivables	525.368	302.511	253.985
(d) Cash and Cash Equivalents	53.558	2.433	28.289
(e) Short-term Loans and Advances	128.912	68.933	54.231
(f) Other Current Assets	19.301	0.547	23.887
Total Current Assets	1007.143	568.018	535.202
TOTAL	2369.864	1428.255	912.485

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	2377.129	1616.666	1325.056
Less	EXPENSES
		TOTAL	1985.332	1242.563	1064.388
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		391.797	374.103	260.668
Less	FINANCIAL EXPENSES		58.015	5.954	4.163
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		333.782	368.149	256.505
Less/ Add	DEPRECIATION/ AMORTISATION		198.062	53.920	44.363
	PROFIT/ (LOSS) BEFORE TAX AND EXCEPTIONAL ITEMS		135.720	314.229	212.142
Add	EXCEPTIONAL ITEMS		0.402	5.620	6.008
	PROFIT/ (LOSS) BEFORE TAX		135.318	319.849	218.150
Less	TAX		41.945	87.947	55.052
	PROFIT/ (LOSS) AFTER TAX		93.373	231.902	163.098
	EARNINGS IN FOREIGN CURRENCY		516.422	357.149	307.136
	Earnings / (Loss) Per Share (Rs.)		2899.24	7201.00	5064.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.93	14.34	12.31
Return on Total Assets (PBT/Total Assets}	(%)	5.90	32.25	25.71
Return on Investment (ROI) (PBT/Networth)		0.15	0.39	0.37
Debt Equity Ratio (Total Debt/Networth)		0.97	0.32	0.02
Current Ratio (Current Asset/Current Liability)		1.70	1.56	1.77

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	3.221	3.221	3.221
Reserves & Surplus	578.675	810.577	903.950
Net worth	581.896	813.798	907.171
long-term borrowings	2.000	213.405	804.322
Short term borrowings	7.687	49.523	76.324
Total borrowings	9.687	262.928	880.646
Debt/Equity ratio	0.017	0.323	0.971

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)
Total Income	1325.056	1616.666	2377.129
		22.007	47.039

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1325.056	1616.666	2377.129
Profit	163.098	231.902	93.373
	12.31%	14.34%	3.93%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10407637	11/01/2013	400,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B69421030
2	10364582	20/02/2014 *	394,550,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED (LEAD BANK)	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C00529826
3	10339431	18/02/2014 *	1,315,700,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED (LEAD BANK)	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C00535195
4	10306197	15/02/2014 *	220,000,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	C00526202
5	10306278	08/08/2011	695,700,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED(LEAD BANK)	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B20546578
6	10094185	01/02/2008	315,830,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A34792481
7	10069935	11/09/2007	15,000,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A24148413
8	10038564	12/01/2007	8,850,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A11017225
9	10038597	01/02/2008 *	315,830,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A34794867
10	10006467	01/02/2008 *	315,830,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A34795872
11	80043437	23/09/2005	8,000,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	-
12	90213788	06/12/2001	5,000,000.00	THE SHAMRAO VITHAL CO-OP BANK LIMITED	CUFFE PARADE BRANCH, MUMBAI, MAHARASHTRA - 400005, INDIA	-
13	90154661	12/11/2001	10,000,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	CUFFE PARADE BRANCH, MUMBAI, MAHARASHTRA - 400005, INDIA	-
14	90213529	28/03/2000	9,525,000.00	THE SHAMRAO VITHAL CO-OP BANK LIMITED	CUFFE PARADE BRANCH, MUMBAI, MAHARASHTRA - 400005, INDIA	-
15	90213494	01/02/2000	3,750,000.00	THE SHAMRAO VITHAL CO-OP BANK LIMITED	CUFFE PARADE BRANCH, MUMBAI, MAHARASHTRA - 400005, INDIA	-
16	80001260	01/02/2008 *	315,830,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A34793828
17	90213325	05/03/1999	4,165,000.00	THE SHAMRAO VITHAL CO-OP BANK LIMITED	CUFFE PARADE BRANCH, MUMBAI, MAHARASHTRA - 400005, INDIA	-
18	80001258	01/02/2008 *	80,000,000.00	THE SHAMRAO VITHAL CO-OP. BANK LIMITED	MAKER TOWER 'E', FIRST FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A42599787

* Date of charge modification

COMPANY’S AFFAIRS AND OPERATIONS

They have optimized the Phase I capacity at Greenfield to the maximum possible extent and initiated investment in the second phase for additional 10 ampoules and 6 vial lines. The second phase is expected to be fully operational by the end of March 2014.

BUSINESS PROSPECTS AND FUTURE PLANS

The company has approved investments in the following additional facilities which is expected to be operational by March 2014.

1) The company is putting in place its own tool room facility which will cater to its Daman and Green Field operations. They believe that by investing in this tool room facility, they will be able to achieve precision and accuracy in the machine performance and it will also assist them to maintain their trade secrets.

2) The company is adding more capacity in syringe business due to ever increasing market demand. They are also upgrading the syringe processing area to increase the productivity.

3) The company is also setting up its own micro-lab to carry out the various in- house quality tests which has been outsourced at the moment. This will lead to substantial cost savings for the company.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible Assets

· Computer Software

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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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		46

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.