MIRA INFORM REPORT

Report Date :

08.05.2014

IDENTIFICATION DETAILS

Name :	ORCHEV PHARMA PRIVATE LIMITED
Registered Office :	Rangoli, 1^st Floor, Opposite Jaynath Petrol Pump, Gondal Road, Rajkot – 360 002, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.06.1989
Com. Reg. No.:	04-012430
Capital Investment / Paid-up Capital :	Rs.9.990 millions
CIN No.: [Company Identification No.]	U24231GJ1989PTC012430
PAN No.: [Permanent Account No.]	AAACO3086D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of bulk drugs.
No. of Employees :	Approximately 61 (In Office: 09 + In Factory: 52)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 514000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. However, trade relations are fair. Business is active. Payment terms are recorded to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit : BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August, 2013

Rating Agency Name	ICRA
Rating	Credit Exposure Limit: A3
Rating Explanation	Moderate degree of safety and high credit risk.
Date	August, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Naitik
Designation :	Accounts Department
Contact No.:	91-281-2365731
Date :	06.05.2014

LOCATIONS

Registered Office :	Rangoli, 1^st Floor, Opposite Jaynath Petrol Pump, Gondal Road, Rajkot – 360 002, Gujarat, India
Tel. No.:	91-281-2365731/ 2365732
Fax No.:	91-281-2365733
E-Mail :	info@orchev.com csroc.mail@hjamnadas.com
Website:	http://www.orchev.com
Location:	Owned
Factory:	Shapar Industrial Area, Rajkot-Gondal Highway, Veraval, District Rajkot – 360 024, Gujarat, India
Tel. No.:	91-2827-252114/ 252115
Fax No.:	91-2827-252113

DIRECTORS

AS ON 28.09.2013

Name :	Mr. Viren Vasantbhai Patel
Designation :	Director
Address :	Sadguru Tower, Block No. B/9, Opposite Gondhiya Hospital, Kalawad Road, City Rajkot – 360 005, Gujarat, India
Date of Appointment :	01.06.2006
DIN No.:	00544034
Name :	Mr. Chiragbhai Vasantbhai Patel
Designation :	Director
Address :	Sadguru Tower, Block No. B/9, Opposite Gondhiya Hospital, Kalawad Road, City Rajkot – 360 005, Gujarat, India
Date of Appointment :	01.08.2006
DIN No.:	00544051
Name :	Mr. Vasantlal Odhavjibhai Bhalodia
Designation :	Director
Address :	Sadguru Tower, Block No. B/9, Opposite Gondhiya Hospital, Kalawad Road, City Rajkot – 360 005, Gujarat, India
Date of Appointment :	28.06.1989
DIN No.:	00544069
Name :	Mrs. Kanchanben Vasantlal Bhalodia
Designation :	Director
Address :	Sadguru Tower, Block No. B/9, Opposite Gondhiya Hospital, Kalawad Road, City Rajkot – 360 005, Gujarat, India
Date of Appointment :	03.10.1992
DIN No.:	00544082

KEY EXECUTIVES

Name :	Mr. Naitik
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Vasantlal Odhavjibhai Bhalodia	995
Vasantlal Odhavjibhai Bhalodia (As Karta of Vasantial O. Bhalodia HUF)	1544
Kanchanben Vasantlal Bhalodia	707
Anilbhai Sridhar Kane	104
Kasturben Amrutlal Patel	110
Prafulkumar Vinaychandra Kamdar	110
Dineshkumar Harjivanbhai Patel	100
Ciragbhai Vasantbhai Patel	2568
Viren Vasantlal Patel	3006
Dipti Chiragbhai Patel	457
Bharatbhai T. Kalawadia	78
Nitinbhai T. Kalawadia	78
Ameeben Virenbhai Patel	133
Total	9990

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	96.93
Others	3.07
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of bulk drugs.
Exports :
Products :	Finished Goods
Countries :	Asian Countries Latin America Middle East Brazil
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011):

Particulars	Unit	Licensed Capacity	Annual Installed Capacity	Actual Production
Ranitidine HCL	M.T.	1800.000	540.000	371.215

GENERAL INFORMATION

No. of Employees :

Approximately 61 (In Office: 09 + In Factory: 52)

Bankers :

• State Bank of India, Bhaktinagar Branch, Dhebar Road, Rajkot – 360 001, Gujarat, India
• HDFC Bank Limited
• UCO Bank

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
- From Banks	0.645	0.000
SHORT TERM BORROWINGS
Cash Credit From Banks
1. State Bank of India, C.C. A/c No.00000056068131677 (Secured by hypothecation of Raw Material, Finished Goods and Work in Progress, Limit of Rs.490.00 Lacs)	12.562	6.485
2. State Bank of India - Packing Credit in Foreign Currency A/c No.00000031200662659 (Secured by hypothecation of Raw Material, Finished Goods and Work in Progress, Limit of Rs.49.000 millions Lacs) (U.S.$ 174100 @ 50.96)	14.739	8.872
Total	27.946	15.357

Banking Relations :
Auditors :
Name :	H. Jamnadas and Company Chartered Accountants
Address :	50, Janta Society, Opposite LIC Building, Mahila College Chowk, Tagore Road, Rajkot – 360 001, Gujarat, India
PAN No.:	AABFH2320P

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.1000/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9990	Equity Shares	Rs.1000/- each	Rs.9.990 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	9.990	9.990	9.990
(b) Reserves & Surplus	118.614	107.901	102.552
(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)	128.604	117.891	112.542
(3) Non-Current Liabilities
(a) Long-term borrowings	45.599	12.113	14.356
(b) Deferred tax liabilities (Net)	1.604	1.821	1.228
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	47.203	13.934	15.584
(4) Current Liabilities
(a) Short term borrowings	27.301	15.357	27.205
(b) Trade payables	41.277	38.208	6.873
(c) Other current liabilities	7.261	0.914	2.584
(d) Short-term provisions	14.696	6.979	13.262
Total Current Liabilities (4)	90.535	61.458	49.924
TOTAL	266.342	193.283	178.050
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.807	51.350	39.964
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.879	6.241	2.485
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.094	0.094	0.094
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	1.156	1.142	0.940
Total Non-Current Assets	57.936	58.827	43.483
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	80.688	54.180	67.912
(c) Trade receivables	86.611	40.620	37.953
(d) Cash and cash equivalents	2.691	4.389	2.727
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	38.416	35.267	25.975
Total Current Assets	208.406	134.456	134.567
TOTAL	266.342	193.283	178.050

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	386.163	279.697	255.139
		Other Income
		TOTAL (A)	386.163	279.697	255.139
Less	EXPENSES
		Office Expenses	354.837	259.884	229.357
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	354.837	259.884	229.357
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.326	19.813	25.782
Less	FINANCIAL EXPENSES (D)		3.730	3.022	4.645
	PROFIT/ (LOSS) TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.596	16.791	21.137
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.377	6.499	5.701
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		19.219	10.292	15.436
Less	TAX (H)		6.753	3.202	5.118
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		12.466	7.090	10.318
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		87.850	83.052	75.606
Less	APPROPRIATIONS
		Proposed Dividend	1.499	1.499	1.998
		Corporate Dividend Tax	0.254	0.243	0.324
		General Reserve	0.625	0.550	0.550
	BALANCE CARRIED TO THE B/S		97.938	87.850	83.052
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	211.237	137.447	170.270
	TOTAL EARNINGS		211.237	137.447	170.270
	Earnings/ (Loss) Per Share (Rs.)		1247.85	709.71	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	447.500

The above information has been parted by Mr. Naitik (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.23	2.53	4.04
Return on Total Assets (PBT/Total Assets}	(%)	7.27	5.51	8.80
Return on Investment (ROI) (PBT/Networth)		0.15	0.09	0.14
Debt Equity Ratio (Total Debt /Networth)		0.57	0.23	0.37
Current Ratio (Current Asset/Current Liability)		2.30	2.19	2.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	9.99	9.99	9.99
Reserves & Surplus	102.552	107.901	118.614
Net worth	112.542	117.891	128.604
Long-term borrowings	14.356	12.113	45.599
Short term borrowings	27.205	15.357	27.301
Total borrowings	41.561	27.470	72.900
Debt/Equity ratio	0.369	0.233	0.567

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	255.139	279.697	386.163
		9.625	38.065

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	255.139	279.697	386.163
Profit	10.318	7.090	12.466
	4.04%	2.53%	3.23%

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	No
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	Yes
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	No
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	Yes

LITIGATION DETAILS:

HIGH COURT OF GUJARAT

TAX APPEAL No. 447 of 2006

Status : PENDING

( Converted from : ST/691/2006 )

CCIN No : 001092200600447

Last Listing Date:

23/06/2011

Coram

· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX RAJKOT-III	MR PRANAV G DESAI for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	ORCHEV PHARMA PRIVATE LIMITED	MRS SWATI SOPARKAR for :Opponent(s) 1

Presented On	: 14/03/2006	Registered On	: 14/03/2006
Bench Category	: DIVISION BENCH	District	: RAJKOT
Case Originated From	: THROUGH ADVOCATE	Listed	: 135 times
StageName	: FOR FINAL HEARING

Act	· TAXATION LAWS (CONTINUATION AND VALIDATION OF RECOVERY PROCEEDINGS) ACT, 1964

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	15/08/2006	VAKALATNAMA	MR PRANAV G DESAI ADVOCATE for PETITIONER(s) 1	-	MR PRANAV G DESAI:1
2	15/08/2006	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s) 1	-	MRS SWATI SOPARKAR:1
3	20/11/2006	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s) 1	5	MRS SWATI SOPARKAR:1
4	21/09/2012	APPEARANCE NOTE	MR PRANAV G DESAI ADVOCATE for PETITIONER(s) 1	-	MR PRANAV G DESAI:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	12/09/2006	13	-	FOR ADMISSION TAXATION MATTERS	NEXT DATE	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE MR.JUSTICE AKIL KURESHI
2	22/04/2008	13	-	FOR FINAL HEARING	NEXT DATE	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE MR.JUSTICE J.C.UPADHYAYA
3	01/03/2011	13	-	FOR FINAL HEARING	FIXED RULE / ADMIT	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA
4	15/03/2011	13	-	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE H.B.ANTANI
5	22/03/2011	13	-	FOR FINAL HEARING	FIXED RULE / ADMIT	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA
6	15/04/2011	13	-	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MS.JUSTICE B.M.TRIVEDI
7	22/04/2011	13	-	FOR FINAL HEARING	FIXED RULE / ADMIT	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA
8	02/05/2011	13	-	FOR FINAL HEARING - TAX MATTERS	FIXED RULE / ADMIT	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA
9	15/06/2011	13	-	FOR FINAL HEARING	FIXED RULE / ADMIT	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA
10	16/06/2011	13	-	FOR FINAL HEARING	NEXT DATE	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA
11	21/06/2011	13	-	FOR FINAL HEARING	FIXED RULE / ADMIT	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA
12	23/06/2011	13	-	FOR FINAL HEARING	FIXED RULE / ADMIT	· HONOURABLE MS.JUSTICE HARSHA DEVANI · HONOURABLE MR.JUSTICE R.M.CHHAYA
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred
1	TAX APPEAL/447/2006	· HONOURABLE THE CHIEF JUSTICE Y.R.MEENA · HONOURABLE MR.JUSTICE ANANT S. DAVE	12/09/2006	N	ORDER	-	Y

INDEX OF CHARGES

S.No.	Charge ID	Date of charge creation/modification	Charge Amount Secured	Charge Holder	Address	Service Request Number (SRN)
1	10258643	01/05/2013 *	66,500,000.00	STATE BANK OF INDIA	BHAKTINAGAR BRANCH, DHEBAR ROAD, RAJKOT, GUJARAT - 360001, INDIA	B74739806

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
- From Directors	39.895	10.597
- From Shareholders and Directors' Relatives	5.059	1.516
Total	44.954	12.113

OPERATION AND PROSPECTS:

During the current year of operations, the Company has achieved Revenue from Operation and Other Income of Rs.386.163 millions as against Rs.279.697 millions during the previous year. The production of Ranitidine for the year ended 31^st March, 2013 was 449.899 M.T. The Company has earned a Profit of Rs.31.326 millions before depreciation and interest and a Profit of Rs.19.219 millions after providing for depreciation and interest. The Directors are trying their level best to improve the performance of the Company in terms of Turnover and Profitability. The prospects of the Company’s business are bright and positive.

FIXED ASSETS

Direct Assets

· Land

· Factory Building

· Factory Furniture

· Factory Air Conditioner 

· Road and Site Development

· Plant and Machinery

· Electrification

· Laboratory Equipment

· Microbiology laboratory

· Material Handling Lift

· Storage Tanks ‐ Chemicals

· Weighing Scale

· Sulphuric Acid Tank

Indirect Assets

· Other Building

· Office Equipment

· Office Attendance Machine

· Office Air Conditioners

· Office Furniture

· Motor Car

· Innova Car

· Car ‐ Hyundai i10

· Car ‐ Honda Civic

· Two Wheelers

· Other Misc. Assets

· Canteen Utensils

· Refrigerator

· Television Set

· Computer

· Tractor

· Ups and Battery

· Mobile Phone

· Telephone Instruments

· Water Storage Tank

· Water Cooler

WEBSITE DETAILS:

COMPANY PROFILE

The proverb-a sound mind in a sound body can aptly be termed in conjunction with making of the society healthy, with the idea of providing complete health to mankind, is the aim behind establishing a Drug Manufacturing Unit. This endeavor of providing better quality medicine, by applying the most innovative Chemical Engineering Technology, gave birth to ORCHEV.

Established in the year 1989, with a mission to bring healing to the menace of duodenal ulcer, Company has never looked back since then. The entire mission was spearheaded by its visionary leader, Mr. Vasasnt Bhalodia, who is in the field of chemical engineering since more than 36 years and having in-depth technical expertise of almost all segments of the industry, like identifying the product, setting up of the unit, production, attaining technical expertise, developing R and D, establishing of price structure, and also marketing and export. Company has entered into the new millennium as a number one manufacturer of Ranitidine Hydrochloride in the state of Gujarat and one of the best in National level, with latest Chemical Engineering Techniques at all stages of manufacturing.

DIRECTORS PROFILE

Mr. Vasant O. Bhalodia

Managing Director

Vasant O Bhalodia is a graduate in chemical engineering from India's one of the top university. He has experience in various chemical fields like marine chemicals, insecticides, fertilizers and petrochemicals. Since last 20 years, he is involved in production of API.

Mr. Chirag V. Patel

Director

Chirag Patel, a graduate in commerce, is a young Director of subject. With fresh energy, he has brought in tremendous changes during the past few years helping in all round growth of the company.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.60.04
UK Pound	1	Rs.101.97
Euro	1	Rs.83.58

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.