MIRA INFORM REPORT

Report No. :	317377
Report Date :	14.04.2015

IDENTIFICATION DETAILS

Name :	NATURAL CAPSULES LIMITED
Registered Office :	No.102, Shreshta Bhumi, No.87, B.V.K. Iyengar, K.R. Road, Bangalore – 560 004, Karnataka
Tel. No.:	91-80-26671571
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.09.1993
Com. Reg. No.:	08-014742
Capital Investment / Paid-up Capital :	Rs.50.227 million
CIN No.: [Company Identification No.]	L85110KA1993PLC014742
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRN00437D
PAN No.: [Permanent Account No.]	AAACN6209M
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is primarily engaged in the manufacturing of Empty Hard Gelatin Capsule (EHGC) Shells and Empty Hard Cellulose Capsule (EHCC) Shells and also engaged in formulations of certain vitamin supplements.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. The ratings takes into consideration the company’s long standing presence, established market position in the domestic EHGC market and experience of the promoter in the Empty Hard Gelatin Capsule (EHGC) manufacturing industry. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered good 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans: BBB
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	June, 2014

Rating Agency Name	ICRA
Rating	Non-Fund Based Facility: A3+
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	June, 2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Bhagya
Designation :	Accounts Executives
Contact No.:	91-80-26671571
Date :	13.04.2015

LOCATIONS

Registered Office :	No.102, Shreshta Bhumi, No.87, B.V.K. Iyengar, K.R. Road, Bangalore – 560 004, Karnataka, India
Tel. No.:	91-80-26671571/ 26671573/ 26671581
Fax No.:	91-80-26671562
E-Mail :	info@naturlacapsules.com sunil@naturalcapsules.com
Website :	www.naturalcapsules.com
Factory 1 :	Plot No.7A2, KIADB Industrial area, Attibele, Bangalore – 562 107, Karnataka, India
Factory 2 :	RS No.84, Perambai Road, Pitchaiveerampet, Pondicherry – 652 010, India

DIRECTORS

Name :

Mr. Sunil Laxminarayana Mundra

Designation :

Managing Director

Address :

Manjari 8/23, 10^th Cross, Basappa Layout, Gavipuram Extension, Bangalore – 560 019, Karnataka, India

Date of Birth/Age :

30.11.1964

PAN No.:

ADVPM5759J

Date of Appointment :

01.06.2014

DIN No.:

00214304

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	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Managing director	01/06/2014	20/09/1993	-	Active	NO
2	U72102KA1994PTC015254	TAJOS INVESTMENTS PRIVATE LIMITED	Director	22/02/1994	22/02/1994	-	Active	NO
3	U74900KA2014PTC073459	SQUARE PLUS LIFE SCIENCES PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Mr. Laxminarayan Mundra

Designation :

Whole-time Director

Address :

Manjari 8/23, 10 Cross, Basappa Layout, Gavipuram Extn, Bangalore – 560019, Karnataka, India

Date of Birth/Age :

01.06.1943

PAN No.:

ABQPM2191P

Date of Appointment :

01.09.2014

DIN No.:

00214298

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	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Whole-time director	01/09/2014	20/09/1993	-	Active	NO
2	U72102KA1994PTC015254	TAJOS INVESTMENTS PRIVATE LIMITED	Director	22/02/1994	22/02/1994	-	Active	NO
3	U74900KA2014PTC073459	SQUARE PLUS LIFE SCIENCES PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Mr. Satyanarayan Mundra

Designation :

Whole-time Director

Address :

Manjari 8/23, 10^th Cross, Basappa Layout, Gavipuram Extension, Bangalore – 560 019, Karnataka, India

Date of Birth/Age :

22.04.1952

PAN No.:

ADVPM5763A

Date of Appointment :

01.06.2014

DIN No.:

00214349

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	U25204KA1985PTC007068	NANDI SYNTHETICS PRIVATE LIMITED	Director	12/08/1985	12/08/1985	-	Active	NO
2	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Whole-time director	01/06/2014	20/09/1993	-	Active	NO
3	U74900KA2014PTC073459	SQUARE PLUS LIFE SCIENCES PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Mr. Srirangam Gopalan

Designation :

Director

Address :

No.3, 2 Main Road, Jaganath Pura, Ualagheri, Chennai – 600 042, Tamilnadu, India

Date of Birth/Age :

16.08.1934

Date of Appointment :

29.06.1994

DIN No.:

00287219

Name :

Mr. Sushil Kumar Mundra

Designation :

Director

Address :

Manjari, 10^th Cross, 3 Main Gavipuram Mew Extension, Bangalore – 560 019, Karnataka, India

Date of Birth/Age :

03.12.1969

Date of Appointment :

20.09.1993

DIN No.:

00214332

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	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Director	20/09/1993	20/09/1993	-	Active	NO
2	U25204KA1985PTC007068	NANDI SYNTHETICS PRIVATE LIMITED	Director	08/03/1994	08/03/1994	-	Active	NO
3	U24232KA2010PTC053898	MANAN HEALTHCARE PRIVATE LIMITED	Director	30/05/2012	30/05/2012	-	Active	NO
4	U74900KA2014PTC073459	SQUARE PLUS LIFE SCIENCES PRIVATE LIMITED	Director	06/02/2014	06/02/2014	-	Active	NO

Name :

Dr. Chikkana Yakanahalo Muddulingaiah Gurumurthy

Designation :

Director

Address :

No.317, 6^th Main, Hal II, Stage 1, No.1 Ranagar, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

30.06.1933

Date of Appointment :

29.06.1994

DIN No.:

00287294

Name :

Mr. Cattancoletore Padmanabhan Rangachar

Designation :

Director

Address :

Aranga No.900, IB Cross Park Road, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

23.07.1942

Date of Appointment :

29.06.1994

DIN No.:

00310893

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	U25209TN1967PLC005475	POLYENE FILM INDUSTRIES LIMITED	Director	08/03/1968	08/03/1968	-	Active	NO
2	U25200TN1973PTC006331	POLYENE GENERAL INDUSTRIES PRIVATE LIMITED	Director	29/03/1973	29/03/1973	-	Active	NO
3	L29150KA1976PLC003017	YUKEN INDIA LIMITED	Managing director	01/05/2010	01/05/1978	-	Active	NO
4	U67120KA1991PTC011723	BENEFIC INVESTMENT AND FINANCE COMPANY PRIVATE LIMITED	Director	01/03/1991	01/03/1991	-	Active	NO
5	L85110KA1993PLC014742	NATURAL CAPSULES LIMITED	Director	29/06/1994	29/06/1994	-	Active	NO
6	U29120KA1989FLC010358	SAI INDIA LIMITED	Director	27/09/1999	27/09/1999	-	Active	NO
7	U29120TN2002PTC048619	YUFLOW ENGINEERING PRIVATE LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
8	U74140KA2007PTC042384	BOURTON CONSULTING (INDIA) PRIVATE LIMITED	Director	30/09/2010	04/04/2007	-	Active	NO
9	U29119KA2007PLC043340	KOLBEN HYDRAULICS LIMITED.	Director	10/07/2007	10/07/2007	01/09/2008	Active	NO
10	U29119KA2007PTC043485	HYCOM ENGINEERING (INDIA) PRIVATE LIMITED.	Director	27/07/2007	27/07/2007	12/03/2009	Active	NO
11	L32209KA1988PLC009313	ADC INDIA COMMUNICATIONS LIMITED	Director	11/02/2011	22/01/2010	08/08/2012	Active	NO
12	U73100KA2011PTC059283	INTERMOT HYDRAULIC MOTORS AND DRIVES INDIA PRIVATE LIMITED	Director	23/06/2011	23/06/2011	11/12/2011	Active	NO
13	U29290MH1973GAP016420	INDIAN MACHINE TOOL MANUFACTURERS ASSOCIATION	Director	29/08/2012	29/08/2012	-	Active	NO
14	U74900KA2012NPL067059	IMTMA MACHINE TOOL INDUSTRY PARK	Director	06/12/2012	06/12/2012	-	Active	NO

Name :

Ms. Jyoti Mundra

Designation :

Additional Director

Address :

8/23, 3^rd Main Road, 10^th Cross, Gavipuram New Extension, Basavanagudi, Bangalore – 560 019, Karnataka, India

Date of Appointment :

30.03.2015

DIN No.:

07143035

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2367883	47.14
Any Others (Specify)	3800	0.08
Directors/Promoters & their Relatives & Friends	3800	0.08
Sub Total	2371683	47.22
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2371683	47.22
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	3700	0.07
Foreign Institutional Investors	300	0.01
Sub Total	4000	0.08
(2) Non-Institutions
Bodies Corporate	919983	18.32
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1189644	23.69
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	442893	8.82
Any Others (Specify)	94497	1.88
Hindu Undivided Families	48278	0.96
Non Resident Indians	44322	0.88
Clearing Members	1897	0.04
Sub Total	2647017	52.70
Total Public shareholding (B)	2651017	52.78
Total (A)+(B)	5022700	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	5022700	0.00

BUSINESS DETAILS

Line of Business :

Subject is primarily engaged in the manufacturing of Empty Hard Gelatin Capsule (EHGC) Shells and Empty Hard Cellulose Capsule (EHCC) Shells and also engaged in formulations of certain vitamin supplements.

Products :

Item Code No. (ITC Code)	Product Description
9602	Gelatin Capsule

· Hard Gelatin Capsule Shells

· Hard Cellulose Capsule Shells

· BSE/TSE Free Gelatin Shells

· Shiny Gelatin Capsule Shells

· SLS Free Gelatin Capsule Shells

· Halal Certified Gelatin Capsule Shells

· Fortified Gelatin Capsule Shells

· Fast Release Gelatin Capsule Shells

· Printed Gelatin/Cellulose Capsule Shells

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Gelatin Capsule

Countries :

Bangladesh

Imports :

Not Available

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Ajit Foils Allied, Chennai
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1000 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Specialized Commercial Branch, 1^st Floor, Krishi Bhavan, Hudson Circle, Bangalore – 560 001, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans banks	24.956	39.853
Working capital loans banks	34.887	40.046
Loans repayable on demand from Banks	0.000	10.083
Total	59.843	89.982

Banking Relations :	--
Auditors :
Name :	Gnanoba and Bhat Chartered Accountants
Address :	#45, Annamalai Arcade, 1^st Cross, Wilson Garden, Bangalore – 560 027, Karnataka, India
PAN No.:	AAAFG5742M
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Mundra Enterprises, India

CAPITAL STRUCTURE

AS ON 27.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5242700	Equity Shares	Rs.10/- each	Rs.52.427 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5022700	Equity Shares	Rs.10/- each	Rs.50.227 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	50.227	45.027	45.027
(b) Reserves & Surplus	372.978	322.595	267.133
(c) Money received against share warrants	3.960	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	427.165	367.622	312.160
(3) Non-Current Liabilities
(a) Long-term borrowings	59.843	89.982	92.943
(b) Deferred tax liabilities (Net)	28.368	16.815	18.914
(c) Other long term liabilities	1.020	1.484	1.594
(d) Long-term provisions	5.057	4.097	3.944
Total Non-current Liabilities (3)	94.288	112.378	117.395
(4) Current Liabilities
(a) Short term borrowings	0.803	0.292	0.000
(b) Trade payables	47.062	46.453	36.662
(c) Other current liabilities	10.230	23.339	14.649
(d) Short-term provisions	14.957	12.741	15.404
Total Current Liabilities (4)	73.052	82.825	66.715
TOTAL	594.505	562.825	496.270
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	313.396	292.297	264.140
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	16.199	28.596	36.920
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	11.870	10.037	1.160
(e) Other Non-current assets	11.335	12.848	16.020
Total Non-Current Assets	352.800	343.778	318.240
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.662	35.211	25.248
(c) Trade receivables	189.697	171.395	138.777
(d) Cash and cash equivalents	3.411	2.886	1.989
(e) Short-term loans and advances	5.650	5.854	9.367
(f) Other current assets	7.285	3.701	2.649
Total Current Assets	241.705	219.047	178.030
TOTAL	594.505	562.825	496.270

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	585.298	534.726	437.612
		Other Income	8.914	7.163	8.305
		TOTAL (A)	594.212	541.889	445.917
Less	EXPENSES
		Cost of Materials Consumed	243.068	217.076	161.611
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.663	(10.831)	0.143
		Employees benefits expense	44.110	32.959	24.516
		Other expenses	187.978	186.197	141.918
		Prior Period Items	(1.265)	0.090	0.000
		TOTAL (B)	474.554	425.491	328.188
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		119.658	116.398	117.729
Less	FINANCIAL EXPENSES (D)		9.257	12.343	13.473
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		110.401	104.055	104.256
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.136	31.114	27.031
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		74.265	72.941	77.225
Less	TAX (H)		28.646	9.630	26.538
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		45.619	63.311	50.687
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	158.994	143.237	60.593
		Earnings on other income	4.325	2.316	0.000
	TOTAL EARNINGS		163.319	145.553	60.593
	IMPORTS
		Raw Materials	0.276	0.461	0.000
		Components and spare parts	0.260	0.274	1.299
		Capital Goods	16.794	1.212	0.809
	TOTAL IMPORTS		17.330	1.947	2.108
	Earnings/ (Loss) Per Share (Rs.)		10.09	14.06	11.26

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014	31.12.2014
Unaudited	1^stQuarter	2^nd Quarter	3^rd Quarter
Net Sales	163.500	166.900	176.300
Total Expenditure	133.300	140.800	141.200
PBIDT (Excl OI)	30.200	26.000	35.100
Other Income	1.100	1.500	2.600
Operating Profit	31.300	27.500	37.700
Interest	1.400	1.500	1.600
Exceptional Items	0.000	0.000	0.000
PBDT	29.900	26.100	36.100
Depreciation	9.000	9.100	12.100
Profit Before Tax	20.900	17.000	24.000
Tax	4.200	3.700	6.900
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	16.700	13.400	17.100
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	16.700	13.400	17.100

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	7.79	11.84	11.58
Operating Profit Margin (PBDIT/ Sales)	(%)	20.44	21.77	26.90
Return on Total Assets (PBT/Total Assets}	(%)	12.84	13.65	16.81
Return on Investment (ROI) (PBT/Networth)		0.17	0.20	0.25
Debt Equity Ratio (Total Debt/Networth)		0.14	0.25	0.30
Current Ratio (Current Asset/Current Liability)		3.31	2.64	2.67

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	45.027	45.027	50.227
Reserves & Surplus	267.133	322.595	372.978
Money received against share warrants	0.000	0.000	3.960
Net worth	312.160	367.622	427.165
Long Term borrowings	92.943	89.982	59.843
Short Term borrowings	0.000	0.292	0.803
Total borrowings	92.943	90.274	60.646
Debt/Equity ratio	0.298	0.246	0.142

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	437.612	534.726	585.298
		22.192	9.458

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from Operations	437.612	534.726	585.298
Profit	50.687	63.311	45.619
	11.58%	11.84%	7.79%

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	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	No
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	Yes

PERFORMANCE AND PROSPECTS:

During the year, the company’s turnover was Rs.594.212 million and the company has earned a Net profit (before tax) of Rs.74.265 million as against the corresponding net profit of Rs.72.942 million in the previous year. An amount of Rs.44.055 million was ploughed back from profits for funding the ongoing expansion at Pondicherry. The exports of the company has increased by 10.96% due to continuous efforts being made by sales team. Even though the overall sales turnover has increased by 9.46%, the profit before tax has increased by 1.82% only due to higher input costs.

FLUCTUATION IN FOREIGN EXCHANGE:

The Company has benefited to an extent of Rs.4.324 million owing to foreign exchange fluctuation.

EXPANSION:

During the year the company has commissioned all but one of the imported machines after modification. With the commissioning of all these machines the installed capacity of the company has increased to 7.35 billion capsules per annum. Recently Company has also procured one more generator and imported Auto Capsule Inspecting machines to monitor the quality of products.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Rupee Term Loans from Bank	0.803	0.000
Rupee Term Loans from others	0.000	0.292
Total	0.803	0.292

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80002092	10/01/2014 *	204,900,000.00	STATE BANK OF INDIA	SPECIALISED COMMERCIAL BRANCH, 1ST FLOOR, KRISHI  BHAVAN, HUDSON CIRCLE, BANGALORE, KARNATAKA - 560001, INDIA	B94513561

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014

(Rs. in million)

SI. No.		PARTICULARS	QUARTER ENDED		9 MONTHS ENDED
			31.12.2014	30.09.2014	31.12.2014
			Unaudited
1		Net Sales/Income from operation	176.262	166.852	506.591
2		Other Income	2.633	1.483	5.237
3		Total Income (1+2)	178.895	168.335	511.828
4		Total Expenditure
	a	Increase / (Decrease) in stock in trade	(1.459)	(1.673)	(4.985)
	b	Consumption of raw materials	78.655	76.594	228.621
	c	Purchase of traded goods	-	-	-
	d	Employee cost	13.305	12.650	37.613
	e	Depreciation	12.083	9.104	30.206
	g	Other Expenditure	50.700	53.246	154.094
	h	Total Expenditure	153.284	149.921	445.549
5		Interest	1.612	1.456	4.414
6		Exceptional items	-	-	-
7		Profit (+) / Loss (-) from ordinary Activities before tax (3) - (4+5+6)	23.999	16.958	61.865
8		Tax expense	6.867	3.564	14.654
	a	Deferred Tax	(1.619)	0.325	(3.894)
	b	Income Tax (Prior year)	-	-	-
	b	Income Tax (Current Year)	8.486	3.239	18.548
9		Net profit (+) / Loss (-) from ordinary Activities after tax (7-8)	17.132	13.394	47.211
10		Extraordinary items (Net of tax expense Rs	-	-	-
11		Net profit (+) / Loss (-) for the period (9-10)	17.132	133.94	47.211
12		Paid up Equity Share Capital (Face value of the Share Rs.10)	50.227	50.227	50.227
13		Reserves excluding revaluation reserve	-	-	-
14		Earning per share (not annualised)	3.41	2.67	9.40
15		Public shareholding:
	a	Number of Shares	2651017	2651017	2651017
	b	Percentage of Shareholding	52.78%	52.78%	52.78%
16		Promoter shareholding(Unencumbered)
	a	Number of Shares	2004683	2004683	2004683
	b	Percentage of Shareholding	39.91%	39.91%	39.91%
17		Promoter shareholding(Encumbered)
	a	Number of Shares	367000	367000	367000
	b	Percentage of Shareholding	7.31%	7.31%	7.31%

STATEMENT OF ASSETS AND LIABLETIES

(Rs. in million)

SI. no.	PARTICULARS	As on 30.09.2014
		UNAUDITED
A	EQUITY AND LIABILITIES
1	SHAREHOLDES FUNDS
	(a) Share Capital	50.227
	(b) Reserves and surplus	393.474
	(c)Money Received against Share Warrants	3.960
	Sub-total - Shareholder's funds	447.661
2	Non-current Liabilities
	(a) Long Term borrowings	51.839
	(b) Deferred tax liabilities (net)	26.092
	(c) Other long term liabilities /div>	0.237
	(d) Long - Term provisions	1.783
	Sub-total - Non-current Liabilities	79.952
3	Current Liabilities
	(a) Short Term Borrowing	-
	(b) Trade payables	64.917
	(c) Other current liabilities	10.284
	(d) Short-term provisions	38.902
	Sub-total - current liabilities	114.104
	TOTAL-EQUITY AND LIABILITIES	641.716
B	ASSETS
1	Non-current assets
	(a) Fixed Assets	306.763
	(b) Capital work-in-progress	8.265
	(c) Long-term loans and advances	-
	(d) Other non-current assets	21.604
	Sub-total-Non-current assets	336.632
2	Current Assets
	(a) Current investments	-
	(b) Inventories	37.911
	(c) Trade Receivables	217.830
	(d) Cash and bank equivalents	10.754
	(e) Short-term loans and advances	29.035
	(f) Other current assets	9.553
	Sub-total-current assets	305.083
	TOTAL-ASSETS	641.716

Notes:

· The above results were reviewed by the Audit committee and approved by the Board of Directors in their meeting held on 29.01.2015.

· Results are based on the basis of limited audit review done by Statutory Auditors.

· Previous year’s figures have been regrouped wherever necessary.

· Company is having only one segment viz. Hard Capsules shells and hence segment-wise report is not required

· There were two investor complaints pending at the beginning of the quarter. The company received one investor complaint during the quarter. Out of two investor complaints one unresolved as on 31.12.2014

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Computer

· Furniture and Fixtures

· Office Equipments

· Motor Vehicles

Intangible Assets

· Know-How

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.62.39
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Information Gathered by :	REK
Analysis Done by :	RAS
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
-- PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.