MIRA INFORM REPORT

Report No. :	318808
Report Date :	27.04.2015

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
Tel No :	91-22-30700118/19
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.07.1961
Com. Reg. No.:	11-012061
Capital Investment / Paid-up Capital :	Rs.5.691 Million
CIN No.: [Company Identification No.]	U24239MH1961PTC012061
IEC No.:	Not Available
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 :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 22000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. For the financial year 2014 company reported an operating income of Rs. 874.000 Million with decent topline growth of 31.23% (approximately). Further company has maintained profitability margins at 14% with debt equity ratio of 0.37 times. Rating also reflects long standing presence and experience of the promoters in the Empty Hard Gelatin Capsule manufacturing industry supported by established market position as a leading domestic and global manufacturer of empty hard capsules and well diversified revenues across a large customer base in the domestic and international market. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of strong business profile backed by adequate financial base, 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 – 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	Medium Term, Fixed Deposits Programme : MAA
Rating Explanation	High degree of safety and very low credit risk.
Date	March 2015

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

Name :	Mr. Amar Mahindra
Designation :	Assistant Finance Manager
Contact No.:	91-9821980422
Date :	23.04.2015

LOCATIONS

Registered Office :	131, Kandivali Industrial Esate, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-30700118/19
Mobile No.:	91-9821980422 (Mr. Amar Mahindra)
Fax No.:	91-22-28686152
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 Amaranth.mahindry@acg-world.com
Website :	www.acgworld.com www.acg-world.com www.acg-associatedcapsules.com
Area :	4933 Sq. Mtrs.
Location :	Owned
Corporate Headquarters :	10th 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 : 25.08.2014

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	U24239MH1972PTC015632	ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED	Director	17/10/2012	01/11/1988	-	Active	NO
6	U27299MH1987PTC044041	ACG Pampac Machines 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	U70102MH2010PTC198368	ORIND ESTATES PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
21	U70109MH2010PTC199305	EVITA 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	01/04/2014	Active	NO
27	AAC-5537	ACG PHARMAGENTS LLP	Designated Partner	07/08/2014	07/08/2014	-	Active	NO
28	AAC-7261	GLOBESCAN ENTERPRISES LLP	Designated Partner	17/09/2014	17/09/2014	-	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	U70102MH2010PTC198368	ORIND ESTATES PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
19	U70109MH2010PTC199305	EVITA 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	01/04/2014	Active	NO
25	AAC-5537	ACG PHARMAGENTS LLP	Designated Partner	07/08/2014	07/08/2014	-	Active	NO
26	AAC-7261	GLOBESCAN ENTERPRISES LLP	Designated Partner	17/09/2014	17/09/2014	-	Active	NO
27	AAA-1357	ACG VALUE LINKS LLP	Designated Partner	01/04/2014	01/04/2014	01/04/2014	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	U24239MH1972PTC015632	ACG PAM PHARMA TECHNOLOGIES PRIVATE LIMITED	Managing director	01/11/2012	25/11/2005	-	Active	NO
4	U27299MH1987PTC044041	ACG Pampac Machines 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	U45200MH2004PTC149770	ACG PHARMAPACK PRIVATE LIMITED	Director	24/09/2013	01/11/2012	-	Active	NO
8	U29100MH1972PTC016053	ACG AJAS COMPONENTS PRIVATE LIMITED	Director	01/11/2012	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
11	AAC-5537	ACG PHARMAGENTS LLP	Designated Partner	07/08/2014	07/08/2014	-	Active	NO
12	AAA-1357	ACG VALUE LINKS LLP	Designated Partner	01/04/2014	01/04/2014	-	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	U74140MH2010PTC203111	EH ADVISORS AND CONSULTANTS PRIVATE LIMITED	Director	13/05/2010	13/05/2010	-	Active	NO
4	U74140MH2010PTC203113	AE ADVISORS 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

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 / SHAREHOLDING PATTERN

AS ON : 25.08.2014

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)

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	Item Code No. (ITC Code)
Empty Hard Gelatin Capsules	96020030
HPMC-Cellulose Capsules	96020090

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Gelatin Capsules

Countries :

• USA
• France
• Italy

Imports :

Not Available

Products :

Raw Material

Countries :

• Brazil
• Korea

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Sterling Biotech Limited
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 :

Reference :	Glenmark Pharmaceuticals
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 :

• 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Foreign currency term loans from banks	1727.826	1591.576
SHORT TERM BORROWING
Loans repayable on demand	42.788	43.803
Total	1770.614	1635.379

Auditors :
Name :	CNK and Associates LLP Chartered Accountants
Address :	5th Floor, Narain, Chambers, M.G.Road, Vile Parle (East), Mumbai, Maharashtra, India
PAN No.:	AACFC8587E
Memberships :	--
Collaborators :	--
Holding Company:	Orind Estates Private limited, India [U70102MH2010PTC198368]
Subsidiaries:	ACG Europe Limited. ACG Lukps d.o.o Croatia ACG Associated Capsules Philippines Inc . ACG DO Brazil Representacoes Commercials S/A EH Advisors and Consultants Private Limited. (Formerly known as Extra Hands)
Jointly Controlled Enterprise:	ACG Hongkong Limited ACG North America LLC
Companies / Firms over which the Directors have significant influence or control: Domestic Companies	ACG Arts and Properties Private limited ACG Pharmapack Private Limited, India [U45200MH2004PTC149770] Custom Capsules Private limited ACG Real Estate Private Limited (formerly Trambak Developers Private limited) ACG Inspection Systems Private Limited, India [U72300MH2009PTC192362] ACG Pampac Machines Private Limited, India [U27299MH1987PTC044041] ACG Pam Pharma Technologies Private Limited, India [U24239MH1972PTC015632] ACG Pharma Technologies Private Limited (Formerly Pam Glatt Pharma Technologies Private Limited.,) Pam Indtech Machines Private Limited Scitech Centre ACG Ajas Components Private Limited, India [U29100MH1972PTC016053] AE Advisors Private Limited ( Formerly known as Amil Enterprise)
Foreign Companies:	ACG Capsules (Thailand) Co Limited., PT Universal Capsules Indonesia Inc
Firms and other entities:	Aries Components Manufacturing and Company Centercorp Jasjit Singh (HUF) Sardar Daljit Singh (HUF) CNS Trust MNT Will Trust Singh Family Trust ACG Value Links LLP Napean Holdings Reality LLP Jasjit Singh Property Trust

CAPITAL STRUCTURE

As on: 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1138276	Equity Shares	Rs.5/- each	Rs.5.691 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	5.691	5.691	5.691
(b) Reserves & Surplus	7718.130	6429.094	5514.093
(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)	7723.821	6434.785	5519.784
(3) Non-Current Liabilities
(a) long-term borrowings	1767.448	1633.666	1034.445
(b) Deferred tax liabilities (Net)	178.951	71.750	48.465
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	73.576	52.364	58.366
Total Non-current Liabilities (3)	2019.975	1757.780	1141.276
(4) Current Liabilities
(a) Short term borrowings	1142.506	963.988	1064.434
(b) Trade payables	247.983	368.777	194.264
(c) Other current liabilities	1462.365	903.856	735.266
(d) Short-term provisions	206.329	158.965	143.976
Total Current Liabilities (4)	3059.183	2395.586	2137.940
TOTAL	12802.979	10588.151	8799.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3300.814	1672.746	1395.729
(ii) Intangible Assets	2.116	2.955	0.380
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	276.599	746.938	94.881
(b) Non-current Investments	3648.092	2983.766	1754.197
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	233.969	250.964	354.822
(e) Other Non-current assets	7.283	5.266	1.899
Total Non-Current Assets	7468.873	5662.635	3601.908
(2) Current assets
(a) Current investments	750.000	1129.247	711.040
(b) Inventories	698.394	383.888	313.321
(c) Trade receivables	2182.323	1607.370	1155.227
(d) Cash and cash equivalents	790.747	867.732	873.632
(e) Short-term loans and advances	786.355	818.927	2021.389
(f) Other current assets	126.287	118.352	122.483
Total Current Assets	5334.106	4925.516	5197.092
TOTAL	12802.979	10588.151	8799.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Turnover Gross	8743.834	6662.497	5020.206
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	1883.627	1508.443	1420.194
Less	TAX	593.200	512.674	475.385
	PROFIT/ (LOSS) AFTER TAX	1290.427	995.769	944.809
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4208.075	3441.681	2620.101
Less	APPROPRIATIONS
	General Reserve for Dividend Declaration	0.000	150.000	110.000
	Interim Dividend	0.000	68.296	0.000
	Tax on Dividend	0.000	11.079	1.846
	Dividend on Equity Shares	0.000	0.000	11.383
	Balance Carried to the B/S	5498.502	4208.075	3441.681
	Earnings / (Loss) Per Share (Rs.)	1133.67	874.80	830.04

Particulars	31.03.2015
Sales Turnover (Approximately)	900.000

The above information has been parted by Mr. Amar Mahindra. (Assistant Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	21.22	22.00	20.43
Return on Investment (ROI) (PBT/Networth)		0.24	0.23	0.26
Debt Equity Ratio (Total Debt /Networth)		0.38	0.40	0.38
Current Ratio (Current Asset/Current Liability)		1.74	2.06	2.43

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.691	5.691	5.691
Reserves & Surplus	5514.093	6429.094	7718.130
Net worth	5519.784	6434.785	7723.821
long-term borrowings	1034.445	1633.666	1767.448
Short term borrowings	1064.434	963.988	1142.506
Total borrowings	2098.879	2597.654	2909.954
Debt/Equity ratio	0.380	0.404	0.377

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover Gross	5020.206	6662.497	8743.834
		32.714	31.240

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Turnover Gross	5020.206	6662.497	8743.834
Profit	944.809	995.769	1290.427
	18.82%	14.95%	14.76%

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 four 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	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	Yes

PERFORMANCE

The overall performance of the Company in Financial Year 2013-14 has been very encouraging. The Company was able to maintain its Global Reach and Profitability during the year. This has been achieved through improved Plant Efficiencies. Higher Sales and by aligning itself to meet Global Pharma Standards.

CORPORATE INFORMATION

ACG Associated Capsules Private Limited 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, Croatia and Brazil. The Company caters to over 100 countries in the World.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Foreign currency term loans from banks	39.622	42.090
SHORT TERM BORROWING
Loans repayable on demand	1099.718	920.185
Total	1139.340	962.275

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10495627	28/07/2014 *	5,950,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	SHIV BUILDING, WESTERN EXPRESS HIGHWAY, SAHAR ROAD JUNCTION, VILE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA	C16261687
2	10330738	21/12/2012 *	970,000,000.00	STANDARD CHARTERED BANK	19 RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA	B65010670
3	80060327	13/06/2011 *	423,000,000.00	STANDARD CHARTERED BANK (ACTING AS LEAD BANK FOR ITSELF AND ON BEHALF OF SBI & CITI BANK)	CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA	B14842884
4	90229198	13/06/2011 *	423,000,000.00	STANDARD CHARTERED BANK (ACTING AS LEAD BANK FOR ITSELF AND ON BEHALF OF SBI & CITI BANK)	CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA, MUMBAI, MAHARASHTRA - 400051, INDIA	B14843114
5	90229192	27/03/1997	70,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA - 00005, INDIA	-
6	90228828	24/02/1997 *	75,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPN. OF INDIA LIMITED.	163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA	-
7	90228733	23/02/1994	37,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	CUFFE PARADE, COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
8	90228585	20/10/1992	15,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	CUFFE PARADE, COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
9	90227713	24/02/1997 *	11,400,000.00	ANZ GRINDLAYS BANK LIMITED.	90; M. G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA	-
10	90231308	21/11/1985 *	200,000.00	BANK OF MAHARASHTRA	SITABULDI, NAGPUR, MAHARASHTRA - 440012, INDIA	-

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Building
• Plant and Machinery
• Computer
• Vehicles
• Furniture and Fixture
• Office equipment
• Computer equipments

Intangible assets

• Computer software
• 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.48

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		72

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.