MIRA INFORM REPORT

Report Date :

22.04.2014

IDENTIFICATION DETAILS

Name :	ACG ASSOCIATED CAPSULES PRIVATE LIMITED (w.e.f. 10.11.2009)
Formerly Known As :	ASSOCIATED CAPSULES PRIVATE LIMITED
Registered Office :	131, Kandivali Industrial Esate, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.07.1961
Com. Reg. No.:	11-012061
Capital Investment / Paid-up Capital :	Rs.5.691 Millions
CIN No.: [Company Identification No.]	U24239MH1961PTC012061
TAN No.: [Tax Deduction & Collection Account No.]	MUMA18885G
PAN No.: [Permanent Account No.]	AAACA4769K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Empty Hard Gelatin Capsules.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 26000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by the adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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. Amar Mahindra
Designation :	Assistant Finance manager
Contact No.:	91-9821980422
Date :	06.03.2014

LOCATIONS

Registered Office :	131, Kandivli Industrial Estate, Kandivli (West), Mumbai - 400067, Maharashtra, India
Tel. No.:	91-22-28682010 (9 Lines)/ 28683268/ 30700118/ 19/ 30700105
Mobile No.:	91-9821980422 (Mr. Amar Mahindra)
Fax No.:	91-22-28686152/ 28682514/ 28684515/ 28603164
E-Mail :	acg@bom5.vsnl.net.in sunny.pj@acg-world.com sales.acpl@acg-world.com mahendra.phadte@acg-world.com vijaykumar.sanil@acg.com
Website :	www.acgworld.com www.acg-world.com www.acg-associatedcapsules.com
Area :	4933 Sq. Mtrs.
Location :	Owned
Corporate Headquarters :	10^th Floor, Dalamal House, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22872557/ 58/ 59/ 22880461/ 2/ 3/ 22856666/30089444/45
Fax No.:	91-22-22872560
E-Mail :	info@acg-world.com acg@bom5.vsnl.net.in krishnan.ky@acg-world.com
Corporate Office :	Scitech Centre 7, Prabhat Nagar, Patel Estate, Jogeshwari (West), Mumbai – 400102, Maharashtra, India
Tel. No.:	91-22-26789642/ 43-45
Factory 1 :	Village Shindewadi, Shirwal, Taluka Khandala, District Satara, Maharashtra, India
Factory 2 :	Village Aswe, Ashagadh, Dahanu Road, District Thane – 401602, Maharashtra, India
Factory 3 :	Gat 222, Village Mahalunge Talegaon, Chakan Road, Chakan, District Pune - 411501, Maharashtra, India
Factory 4 :	Located at Prithampur, Near Indore, Madhya Pradesh, India
Regional Office :	310, Chokhani Square, Sector – 18, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-4310072
Fax No.:	91-120-4310073
Overseas Office :	Located at: Brazil China Croatia Indonesia UK USA

DIRECTORS

As on 15.07.2013

Name :

Mr. Ajit Daljit Singh

Designation :

Whole Time Director

Address :

1-A, Brighton, Rungta Lane, Nepeansea Road, Mumbai - 400006, Maharashtra, India

Date of Birth/Age :

20.11.1941

Qualification :

M.A. (CANTAB) and Post-Graduation Work at the Harvvard Business School, USA

Date of Appointment :

01.04.2005

DIN No :

00915347

PAN No.:

AAIPS7652Q

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	U29100MH1972PTC016053	ACG AJAS COMPONENTS PRIVATE LIMITED	Director	17/10/2012	07/10/1972	-	Active	NO
2	U01110MH1971GAP015467	SCI-TECH CENTRE	Director	15/03/1974	15/03/1974	-	Active	NO
3	U73100MH1981ULT023930	EMELL AUDHOWAGIK SAMSHODHAN NIGAM PRIVATE LIMITED	Director	28/02/1981	28/02/1981	-	Strike off	NO
4	U24235MH1988PTC048924	CUSTOM CAPSULES PRIVATE LIMITED	Director	23/09/1988	23/09/1988	-	Active	NO
5	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	17/10/2012	01/11/1988	-	Active	NO
6	U24239MH1972PTC015632	ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED	Director	17/10/2012	01/11/1988	-	Active	NO
7	U74120MH1983NPL031696	AJAS AGROVET FOUNDATION	Director	01/04/1994	01/04/1994	-	Active	NO
8	U29251MH1996PTC104558	ACG PHARMA TECHNOLOGIES PRIVATE LIMITED	Director	17/12/1996	17/12/1996	-	Active	NO
9	U24239MH1983PTC031336	ACG ARTS AND PROPERTIES PRIVATE LIMITED	Director	28/09/1999	28/09/1999	-	Active	NO
10	U28129MH2003PTC139916	PACKSHIELD INDIA PRIVATE LIMITED	Director	07/04/2003	07/04/2003	-	Active	NO
11	U45200MH2004PTC149770	ACG PHARMAPACK PRIVATE LIMITED	Director	17/10/2012	01/12/2004	-	Active	NO
12	U45200MH1994PTC077466	ACG REAL ESTATE PRIVATE LIMITED	Director	11/03/2005	11/03/2005	-	Active	NO
13	U24239MH1961PTC012061	ACG ASSOCIATED CAPSULES PRIVATE LIMITED	Whole-time director	01/04/2005	01/04/2005	-	Active	NO
14	U91120MH1965GAP013389	ORGANISATION OF PHARMACEUTICAL PRODUCERS OF INDIA	Director	23/09/2006	23/09/2006	31/03/2013	Active	NO
15	U72200GJ2008PTC055122	VIZTEK TECHNOLOGIES PRIVATE LIMITED	Director	26/09/2008	26/09/2008	21/07/2009	Active	NO
16	U29219MH2009PTC190634	Pam IndTech Machines Private Limited	Director	25/03/2009	25/03/2009	-	Active	NO
17	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	01/11/2012	22/06/2009	-	Active	NO
18	U74999MH2008NPL185159	International Wine and Food Society	Director	01/08/2009	01/08/2009	-	Active	NO
19	U29268MH2009PTC196714	ACG Korsch Compression Technologies Private Limited	Director	28/10/2009	28/10/2009	-	Strike off	NO
20	U70109MH2010PTC199305	EVITA ESTATES PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
21	U70102MH2010PTC198368	ORIND ESTATES PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
22	U51909MH2010PTC201509	ADHIKAR TRADING PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
23	U51909MH2010PTC202502	JEET MERCANTILE PRIVATE LIMITED	Director	14/05/2010	14/05/2010	-	Active	NO
24	U74210MH2010PTC204129	ACG METALCRAFTS PRIVATE LIMITED	Director	26/07/2010	26/07/2010	-	Active	NO
25	U93000MH2014NPL252649	INTERNATIONAL PHARMACEUTICAL EXCIPIENTS' COUNCIL OF INDIA	Director	30/01/2014	30/01/2014	-	Active	NO
26	AAA-1357	ACG VALUE LINKS LLP	Body corporate as Designated Partner	18/05/2010	18/05/2010	-	Active	NO

Name :

Mr. Jasjit Daljit Singh

Designation :

Managing Director

Address :

2-B, Swapnalok, L.J. Marg, Nepeansea Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

03.04.1943

Qualification :

BE, Mechanical

Date of Appointment :

01.04.2005

DIN No :

00901470

PAN No.:

AAGPS7557Q

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	U29100MH1972PTC016053	ACG AJAS COMPONENTS PRIVATE LIMITED	Managing director	01/11/2012	07/10/1972	-	Active	NO
2	U24239MH1972PTC015632	ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED	Director	02/12/1972	02/12/1972	-	Active	NO
3	U01110MH1971GAP015467	SCI-TECH CENTRE	Director	12/07/1976	12/07/1976	-	Active	NO
4	U73100MH1981ULT023930	EMELL AUDHOWAGIK SAMSHODHAN NIGAM PRIVATE LIMITED	Director	28/02/1981	28/02/1981	-	Strike off	NO
5	U74120MH1983NPL031696	AJAS AGROVET FOUNDATION	Director	29/12/1983	29/12/1983	-	Active	NO
6	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Director	09/07/1987	09/07/1987	-	Active	NO
7	U24235MH1988PTC048924	CUSTOM CAPSULES PRIVATE LIMITED	Director	23/09/1988	23/09/1988	-	Active	NO
8	U29251MH1996PTC104558	ACG PHARMA TECHNOLOGIES PRIVATE LIMITED	Director	17/12/1996	17/12/1996	-	Active	NO
9	U24239MH1983PTC031336	ACG ARTS AND PROPERTIES PRIVATE LIMITED	Director	01/10/1998	01/10/1998	-	Active	NO
10	U28129MH2003PTC139916	PACKSHIELD INDIA PRIVATE LIMITED	Director	07/04/2003	07/04/2003	-	Active	NO
11	U45200MH2004PTC149770	ACG PHARMAPACK PRIVATE LIMITED	Managing director	01/11/2012	01/12/2004	-	Active	NO
12	U45200MH1994PTC077466	ACG REAL ESTATE PRIVATE LIMITED	Director	11/03/2005	11/03/2005	-	Active	NO
13	U24239MH1961PTC012061	ACG ASSOCIATED CAPSULES PRIVATE LIMITED	Managing director	01/04/2005	01/04/2005	-	Active	NO
14	U72200GJ2008PTC055122	VIZTEK TECHNOLOGIES PRIVATE LIMITED	Director	26/09/2008	26/09/2008	21/07/2009	Active	NO
15	U29219MH2009PTC190634	Pam IndTech Machines Private Limited	Director	25/03/2009	25/03/2009	-	Active	NO
16	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Director	22/06/2009	22/06/2009	-	Active	NO
17	U29268MH2009PTC196714	ACG Korsch Compression Technologies Private Limited	Director	28/10/2009	28/10/2009	-	Strike off	NO
18	U70109MH2010PTC199305	EVITA ESTATES PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
19	U70102MH2010PTC198368	ORIND ESTATES PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
20	U51909MH2010PTC201509	ADHIKAR TRADING PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
21	U51909MH2010PTC202502	JEET MERCANTILE PRIVATE LIMITED	Director	14/05/2010	14/05/2010	-	Active	NO
22	U74210MH2010PTC204129	ACG METALCRAFTS PRIVATE LIMITED	Director	26/07/2010	26/07/2010	-	Active	NO
23	U91990MH2010NPL211312	W P ORGANISATION (MUMBAI CHAPTER)	Director	23/12/2010	23/12/2010	10/01/2011	Active	NO
24	AAA-1357	ACG VALUE LINKS LLP	Body corporate as Designated Partner	18/05/2010	18/05/2010	-	Active	NO

Name :

Mr. Karan Jasjit Singh

Designation :

Director

Address :

2-B, Swapnalok, L.J. Marg, Nepeansea Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

23.07.1979

Qualification :

Graduate from Michigan University - USA and Post-Graduation work at the Harvard Business School - USA

Date of Appointment :

01.04.2005

DIN No :

00901342

PAN No.:

AAIPS0968B

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	U01110MH1971GAP015467	SCI-TECH CENTRE	Director	01/01/2005	01/01/2005	-	Active	NO
2	U24239MH1961PTC012061	ACG ASSOCIATED CAPSULES PRIVATE LIMITED	Director	01/04/2005	01/04/2005	-	Active	NO
3	U27299MH1987PTC044041	ACG Pampac Machines Private Limited	Managing director	01/11/2012	25/11/2005	-	Active	NO
4	U24239MH1972PTC015632	ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED	Managing director	01/11/2012	25/11/2005	-	Active	NO
5	U45402PN1992PLC065521	M-TECH INNOVATIONS LIMITED	Nominee director	24/09/2007	24/09/2007	-	Active	NO
6	U72300MH2009PTC192362	ACG Inspection Systems Private Limited	Managing director	01/11/2012	30/07/2009	-	Active	NO
7	U29100MH1972PTC016053	ACG AJAS COMPONENTS PRIVATE LIMITED	Director	01/11/2012	01/11/2012	-	Active	NO
8	U45200MH2004PTC149770	ACG PHARMAPACK PRIVATE LIMITED	Director	24/09/2013	01/11/2012	-	Active	NO
9	U29251MH1996PTC104558	ACG PHARMA TECHNOLOGIES PRIVATE LIMITED	Additional director	01/04/2013	01/04/2013	-	Active	NO
10	U74120MH1983NPL031696	AJAS AGROVET FOUNDATION	Director	27/09/2013	27/09/2013	-	Active	NO

Name :

Mr. Jagmohanlal Chamanlal Chopra

Designation :

Additional Director

Address :

4th Floor, 42, Tower B, Jollymaker, A 95-97, Cuffe Parade Road, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

17.11.1933

Date of Appointment :

01.10.2006

DIN No :

00901556

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	U24239MH1972PTC015632	ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
2	U24239MH1961PTC012061	ACG ASSOCIATED CAPSULES PRIVATE LIMITED	Additional director	01/10/2006	01/10/2006	-	Active	NO
3	U74140MH2010PTC203113	AE ADVISORS PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO
4	U74140MH2010PTC203111	EH ADVISORS AND CONSULTANTS PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO
5	U29251MH1996PTC104558	ACG PHARMA TECHNOLOGIES PRIVATE LIMITED	Director	15/09/2010	20/07/2010	-	Active	NO

Name :

Mr. Selwyn Mariano Jonas Noronha

Designation :

Whole-time director

Address :

B/506, Rock Enclave, Opposite Joy Ice Crean Hindustan Naka, kandivli (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

11.06.1962

Date of Appointment :

01.11.2012

DIN No :

06404486

PAN No.:

ABMPN0698N

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	U24239MH1961PTC012061	ACG ASSOCIATED CAPSULES PRIVATE LIMITED	Whole-time director	01/11/2012	01/11/2012	-	Active	NO
2	U29100MH1972PTC016053	ACG AJAS COMPONENTS PRIVATE LIMITED	Whole-time director	01/11/2012	01/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amar Mahindra
Designation :	Assistant Finance manager

MAJOR SHAREHOLDERS

As on 15.07.2013

Names of Shareholders	No. of Shares
Jasjit Daljit Singh and Kavita Daljit Singh	244333
Vijay Kuverba	18000
Jasjit Singh HUF	12765
Orind Estates Private Limited, India	580520
Kavita Singh and Jasjit Singh	3780
Nandini Singh Jasjit Singh and Kavita Singh	1980
Singh Family Trust, India	180
Sardr Daljit Singh (HUF)	5580
MNT Willtrust, India	180
Ajit Daljit Singh and Jasjit Daljit Singh	266998
Priya Singh Jasjit Singh and Kavita Singh	1980
Karan Singh, Jasjit Singh and Kavita Singh	1980
Total	1138276

Equity Share Break up (Percentage of Total Equity)

As on

Category	Percentage
Bodies corporate	51.00
Directors or relatives of Directors	47.42
Other top fifty shareholders	1.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Empty Hard Gelatin Capsules.

Products :

Product Description	ITC No.
Empty Hard Gelatin Capsules	96020030
HPMC-Cellulose Capsules	96020090

Exports :

Products :

Gelatin Capsules

Countries :

• USA
• France
• Italy

Imports :

Products :

Raw Material

Countries :

• Brazil
• Korea

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Suppliers :

Sterling Biotech Limited

Customers :

Glenmark Pharmaceuticals

No. of Employees :

1000 (Approximately)

Bankers :

• Standard Chartered Bank (acting as Lead Bank for itself and on behalf of BOI and SBI), 90, M.G. Road, Fort, Mumbai – 400 001, Maharashtra, India
• Bank of India
• State Bank of India, Virani Industrial Estate, Goregaon (East), Mumbai – 400050, Maharashtra, India
• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India
• ANZ Grindlays Bank Limited, 90, M.G. Road, Mumbai – 400001, Maharashtra, India
• Standard Chartered Bank, 19, Rajaji Salai, Chennai – 600001, Tamilnadu, India
• ABN Amro Bank
• Citi Bank

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term loans from banks	1591.576	992.355
Total	1591.576	992.355

Banking Relations :	--
Auditors :
Name :	Contractor, Nayak and Kishnadwala Chartered Accountants
Address :	5th Floor, Narain, Chambers, M.G.Road, Vile Parle (East), Mumbai, Maharashtra, India
PAN No.:	AACFC8587E
Holding Company::	Orind Estates Private Limited, India CIN No.: U70102MH2010PTC198368
Subsidiaries:	ACG Europe Limited. ACG Holding B V. Netherlands (company has been liquidated during the year) ACG Lucaps d.o.o Croatia ACG Associated Capsules Philippines Inc. ACG DO Brazil Representacoes Commercials S/A EH Advisors and Consultants Private Limited (Formerly Extra Hands)
Jointly Controlled Enterprise:	ACG Hongkong Limited ACG North America LLC
Companies / Firms over which the Directors have significant influence or control:	Companies ACG Arts and Properties Private Limited ACG Pharmapack Private Limited, India CIN No.: U45200MH2004PTC149770 Custom Capsules Private Limited ACG Real Estate Private Limited (formerly Trambak Developers Private Limited) ACG Inspection Systems Private Limited, India CIN No.: U72300MH2009PTC192362 ACG Pampac Machines Private Limited, India CIN No.: U27299MH1987PTC044041 ACG Pam Pharma Technologies Private Limited, India CIN No.: U24239MH1972PTC015632 ACG Korsch Compression Technologies Private Limited ACG Pam Glatt Pharma Technologies Private Limited, India CIN No.: U29251MH1996PTC104558 Pam Indtech Machines Private Limited Scitech Centre, India CIN No.: U01110MH1971GAP015467 ACG Ajas Components Private Limited, India CIN No.: U29100MH1972PTC016053 Adhikar Trading Company Limited ACG Metal Crafts Private Limited (Formerly known as Nainital Engineers Private. Limited) Jeet Merchantile Private Limited Evita Estates Private. Limited Packshield India Private Limited PT Universal Capsules Indonesia Inc AE Advisors Private Limited ( Formerly known as Amil Enterprise) Foreign Companies: Americaps USA Symtech International Limited, Dubai First Ventures Limited, Dubai Transworld Investments Limited, Dubai Firms and other entities Aries Components Manufacturing and Company Centercorp Reflection CNS Trust MNT Will Trust Singh Family Trust ACG Value Links LLP Napean Holdings Reality LLP

CAPITAL STRUCTURE

As on 15.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2400000	Equity Shares	Rs.5/- each	Rs.12.000 Millions
30000	Preference Shares	Rs.100/- each	Rs.3.000 Millions
	Total		Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1138276	Equity Shares	Rs.5/- each	Rs.5.691 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	5.691	5.691	5.691
(b) Reserves & Surplus	6429.094	5514.093	4583.905
(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)	6434.785	5519.784	4589.596
(3) Non-Current Liabilities
(a) long-term borrowings	1633.666	1034.445	80.000
(b) Deferred tax liabilities (Net)	71.750	48.465	23.080
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	53.604	58.366	52.682
Total Non-current Liabilities (3)	1759.020	1141.276	155.762
(4) Current Liabilities
(a) Short term borrowings	781.014	1064.434	876.358
(b) Trade payables	368.777	194.265	294.721
(c) Other current liabilities	1,043.027	735.266	605.223
(d) Short-term provisions	158.965	143.976	124.296
Total Current Liabilities (4)	2351.783	2137.941	1900.598
TOTAL	10545.588	8799.001	6645.956
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1672.746	1395.729	732.439
(ii) Intangible Assets	2.955	0.380	0.606
(iii) Capital work-in-progress	746.938	94.881	363.871
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2985.007	1754.197	1556.569
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	250.964	354.822	203.842
(e) Other Non-current assets	5.266	1.899	0.641
Total Non-Current Assets	5663.876	3601.908	2857.968
(2) Current assets
(a) Current investments	1129.247	711.040	504.439
(b) Inventories	383.887	313.321	256.171
(c) Trade receivables	1607.370	1155.227	958.009
(d) Cash and cash equivalents	823.929	873.632	12.371
(e) Short-term loans and advances	832.833	2021.389	1990.207
(f) Other current assets	104.446	122.484	66.791
Total Current Assets	4881.712	5197.093	3787.988
TOTAL	10545.588	8799.001	6645.956

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover Gross		6662.497	5020.206	4254.064
		Other Income		NA	NA	NA
		TOTAL		NA	NA	NA
Less	EXPENSES			NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX			1508.444	1420.194	1202.161
Less	TAX			473.286	475.385	366.662
	PROFIT/(LOSS) AFTER TAX			1035.158	944.809	835.499
Add / Less	PRIOR YEARS' ADJUSTMENTS / EXCESS (SHORT) PROVISION FOR TAX			3441.681	0.000	13.817
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(39.389)	2620.101	1922.955
Less	APPROPRIATIONS
			General Reserve	0.000	0.000	150.000
			General Reserve for Dividend Declaration	150.000	110.000	0.000
			Capital Redemption Reserves	0.000	0.000	2.170
			Dividend on Preference Shares	0.000	0.000	0.000
			Interim Dividend	68.297	0.000	0.000
			Dividend on Equity shares	0.000	11.383	0.000
			Tax on Dividend	11.079	1.846	0.000
	BALANCE CARRIED TO THE B/S			4208.074	3441.6821	2620.101
	Earnings Per Share (Rs.)			909.41	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	22.14	20.43	25.44
Return on Investment (ROI) (PBT/Networth)		0.23	0.26	0.26
Debt Equity Ratio (Total Debt /Networth)		0.38	0.38	0.21
Current Ratio (Current Asset/Current Liability)		2.08	2.43	1.99

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	5.691	5.691	5.691
Reserves & Surplus	4583.905	5514.093	6429.094
Net worth	4589.596	5519.784	6434.785
long-term borrowings	80.000	1034.445	1633.666
Short term borrowings	876.358	1064.434	781.014
Total borrowings	956.358	2098.879	2414.680
Debt/Equity ratio	0.208	0.380	0.375

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
Turnover Gross	4,254.064	5,020.206	6,662.497
		18.010	32.714

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Turnover Gross	4,254.064	5,020.206	6,662.497
Profit	835.499	944.809	1,035.158
	19.64%	18.82%	15.54%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long-term Borrowings
Deferred sales tax loan	42.090	42.090
Short-term borrowings
Loans and advances from directors	688.167	980.555
Loans and advances from others	92.847	83.879
Total	823.104	1106.524

PERFORMANCE

The overall performance of Company in Financial Year 2012-13 has been very encouraging. This has been achieved through improved Plant Efficiencies, Cost Improvement and higher Sales Volumes at better price realization over the past year.

The Company was able to maintain its high sales value and profitability, despite scarcity of gelatin in local market (which it met by importing gelatin at much higher cost) and increased power tariff.

CORPORATE INFORMATION

Subject and its subsidiaries (collectively referred to as the 'Group') is the second largest manufacturers of Empty Hard Gelatin Capsules and HPMC Capsules. The Company is a major Pharmaceutical Supplier in the Globe for over 50 years. The manufacturing plants are located in and around Mumbai. The Company is ISO Certified having DMF Registration and USA FDA Approved Plants. The Company has worldwide operations, including Satellite Companies at North America, Europe and Brazil. The Company caters to over 100 countries in the World.

CONTINGENT LIABILITIES: As on 31.03.2013

• Claim against the company not acknowledged as debts Rs. 4.648 Millions (Previous year Rs.4.647 Millions)

• Disputed Income Tax liability in respect of which the Company/Income Tax department has preferred an appeal to higher authorities amounting to Rs. 78.004 Millions (Previous year Rs.74.698 Millions) which has not been provided for.

• Disputed Central Excise liability in respect of which the Company/Excise department has preferred an appeal to higher authorities amounting to Rs. 0.108 Million (Previous year Rs.1.637 Millions) which has not been provided for.

• Guarantees/Counter Guarantees provided by the company on behalf of others Rs. 465.600 Millions, as increased by the applicable interest accrued thereon, commission and all cost charges, expenses and other dues as applicable. (Previous year Rs.455.340 Millions).

• Bank guarantee issued by bank on behalf of company Rs.56.449 Millions (Previous year Rs.34.706 Millions).
• L/C issued to vendor against import obligation Rs.5.840 Millions (Previous year Rs.47.582 Millions)

• Domestic L/C Bill discounting of Rs. Nil (Previous year Rs. Nil)

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10330738	21/12/2012 *	970,000,000.00	Standard Chartered Bank	19 Rajaji Salai, Chennai, Tamil Nadu - 600001, India	B65010670
2	80060327	13/06/2011 *	423,000,000.00	Standard Chartered Bank (Acting as lead bank for itself and on behalf of SBI and citi bank)	Crescenzo, 3a/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai, Maharashtra - 400051, India	B14842884
3	90229198	13/06/2011 *	423,000,000.00	Standard Chartered Bank (Acting as lead bank for itself and on behalf of sbi and citi bank)	Crescenzo, 3a/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra, Mumbai, Maharashtra - 400051, India	B14843114
4	90229192	27/03/1997	70,000,000.00	Industrial Development Bank Of India	Idbi Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India	-
5	90228828	24/02/1997 *	75,000,000.00	The Industrial Credit And Investment Corpn. Of Ind Ia Limited	163; Backbay Reclamation, Mumbai, Maharashtra - 400020, India	-
6	90228733	23/02/1994	37,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	Cuffe Parade, Colaba, Bombay, Maharashtra - 400005, India	-
7	90228585	20/10/1992	15,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	Cuffe Parade, Colaba, Bombay, Maharashtra - 400005, India	-
8	90227713	24/02/1997 *	11,400,000.00	ANZ GRINDLAYS BANK LIMITED	90; M. G. Road, Mumbai, Maharashtra - 400001, India	-
9	90231308	21/11/1985 *	200,000.00	Bank Of Maharashtra	Sitabuldi, Nagpur, Maharashtra - 440012, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.33
UK Pound	1	Rs.101.41
Euro	1	Rs.83.38

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		62

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.