MIRA INFORM REPORT

Report No. :	335923
Report Date :	08.08.2015

IDENTIFICATION DETAILS

Name :	GELTEC PRIVATE LIMITED (w.e.f. 21.11.2006)
Formerly Known As :	BANNER PHARMACAPS (INDIA) PRIVATE LIMITED
Registered Office :	1^st Floor, Capsulation Service Premises, Sion-Trombay Road, Deonar Mumbai – 400088, Maharashtra
Tel. No.:	91-22-66478484
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.03.2002
Com. Reg. No.:	11-135200
Capital Investment / Paid-up Capital :	Rs. 121.816 Million
CIN No.: [Company Identification No.]	U24230MH2002PTC135200
IEC No.:	0397068522
TAN No.: [Tax Deduction & Collection Account No.]	MUMB05739G
PAN No.: [Permanent Account No.]	AAACB1782H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Soft Gelatin Capsules.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 2510000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2002 having a good track record. Available financial indicates company sound financial risk profile marked by healthy net worth position with low borrowings and favorable gap between trade payable and trade receivable. Further, the rating also takes into consideration decent profitability margin of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of sound financial base, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Cash credit limits (A+)
Rating Explanation	Adequate degree of safety and carry low credit risk
Date	February 2015

Rating Agency Name	CRISIL
Rating	Bank guarantee (A1+)
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	February 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 31-03-2013.

INFORMATION DECLINED BY

Name :	Ms. Anita Mani
Designation :	Finance Department
Contact No.:	91-22-66478484
Date :	07.08.2015

LOCATIONS

Registered/ Head Office :	1^st Floor, Capsulation Service Premises, Sion-Trombay Road, Deonar Mumbai – 400088, Maharashtra, India
Tel. No.:	91-22-66478484
Fax No.:	91-22-25581780
E-Mail :	bdIndia@geltec.in bdInternational@geltec.in subaug04new@gmail.com mail@geltec.in yogesh@geltech.in anita.mani@geltec.in
Website :	http://www.geltec.in
Factory :	Sr. No. 24,26/3, 27/2, Yadavnahalli, Attible, Bangalore-Hosur Road, Bangalore-562107, Karnataka, India
Tel. No.:	91-8110-653816 / 653916
Fax No.:	91-80-7820537

DIRECTORS

AS ON 26.08.2014

Name :

Mr. Vikram Bodhraj Tannan

Designation :

Director

Address :

Capsulation Services Premises, Sion Trombay Road, Deonar,, Mumbai - 400088, Maharashtra, India

Date of Birth/Age :

19.05.1945

Graduate in Commerce

Date of Appointment :

02.09.2009

PAN No.:

AABPT3016G

DIN No.:

00037587

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239MH1971PTC015282	UNIVERSAL MEDICARE PRIVATE LIMITED	Director	12/08/1971	12/08/1971	Active	NO
2	U24239MH1952PTC008928	CAPSULATION SERVICES PRIVATE LIMITED	Director	27/05/1977	27/05/1977	Active	NO
3	U24230MH1977PTC019673	DYNAMIC PHARMACALS PRIVATE LIMITED	Managing director	27/05/1977	27/05/1977	Active	NO
4	U24231GJ1986PTC009180	BANNER PHARMACAPS PRIVATE LIMITED	Managing director	24/11/1986	24/11/1986	Amalgamated	NO
5	U24230MH1995PLC091374	SEVEN SEAS MEDICARE LIMITED	Director	03/08/1995	03/08/1995	Strike off	NO
6	U24230MH2002PTC135200	GELTEC PRIVATE LIMITED	Director	02/09/2002	02/09/2002	Active	NO
7	U55101MH2002PTC136829	RIVOLI RESTAURANTS PRIVATE LIMITED	Director	07/07/2005	07/07/2005	Active	NO
8	U24239MH2006PTC164811	GELTEC PHARMACARE PRIVATE LIMITED	Director	21/09/2006	21/09/2006	Under Process of Striking off	NO

Name :

Mr. Vivek Vikram Tannan

Designation :

Director

Address :

Flat No.-402, 4th Flr,43/44, Eden Roc, Pali Hill Road, 3 Union Park, Bandra (West), Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

19.03.1945

Post Graduate in Management

Date of Appointment :

02.09.2002

PAN No.:

ABZPT6015E

DIN No.:

00037612

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230MH1995PLC091374	SEVEN SEAS MEDICARE LIMITED	Director	03/08/1995	03/08/1995	Strike off	NO
2	U24230MH1977PTC019673	DYNAMIC PHARMACALS PRIVATE LIMITED	Director	05/05/1997	05/05/1997	Active	NO
3	U24231GJ1986PTC009180	BANNER PHARMACAPS PRIVATE LIMITED	Director	25/01/1999	25/01/1999	Amalgamated	NO
4	U24239MH1971PTC015282	UNIVERSAL MEDICARE PRIVATE LIMITED	Director	22/05/2000	22/05/2000	Active	NO
5	U24239MH1952PTC008928	CAPSULATION SERVICES PRIVATE LIMITED	Director	15/06/2001	15/06/2001	Active	NO
6	U24230MH2002PTC135200	GELTEC PRIVATE LIMITED	Director	02/09/2002	02/09/2002	Active	NO
7	U55101MH2002PTC136829	RIVOLI RESTAURANTS PRIVATE LIMITED	Director	07/07/2005	07/07/2005	Active	NO
8	U24239MH2006PTC164811	GELTEC PHARMACARE PRIVATE LIMITED	Director	21/09/2006	21/09/2006	Under Process of Striking off	NO
9	U72200MH2007PTC166687	TRIKAAL MEDIINFOTECH PRIVATE LIMITED	Director	30/09/2010	17/02/2010	Active	NO
10	U67120MH1982PTC026487	MEENAL C R HOLDINGS PVT LTD	Director	27/09/2010	27/09/2010	Active	NO

Name :

Mr. Rakesh Parmanaad Khanna

Designation :

Director

Address :

161 B, Twin Towers,, Twin Tower Lane, Prabhadevi, Mumbai - 400025, Maharashtra, India

Date of Birth/Age :

14.01.1952

Date of Appointment :

11.10.2005

DIN No.:

00040152

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	U24239MH1971PTC015282	UNIVERSAL MEDICARE PRIVATE LIMITED	Director	13/08/2005	13/08/2005	-	Active	NO
2	U24231GJ1986PTC009180	BANNER PHARMACAPS PRIVATE LIMITED	Director	11/10/2005	11/10/2005	-	Amalgamated	NO
3	U24230MH2002PTC135200	GELTEC PRIVATE LIMITED	Director	11/10/2005	11/10/2005	-	Active	NO
4	U67190MH1997PLC108817	MANGAL KESHAV SECURITIES LIMITED	Director	05/09/2006	08/12/2005	-	Amalgamated	NO
5	U65990MH2005PLC154505	MANGAL KESHAV SECURITIES LIMITED	Director	05/09/2006	08/12/2005	-	Active	NO
6	L24249MH1984PLC032170	GEECEE VENTURES LIMITED	Director	03/02/2006	03/02/2006	-	Active	NO
7	U65990MH2005PLC153062	MANGAL KESHAV CAPITAL LIMITED	Director	29/09/2007	18/04/2007	-	Active	NO
8	U51100MH2003PLC142001	MK COMMODITY BROKERS LIMITED	Director	28/09/2007	18/04/2007	-	Active	NO
9	U67190MH2001PLC132959	MANGAL KESHAV FINANCIAL SERVICES LIMITED	Director	30/08/2007	18/04/2007	-	Active	NO
10	U74999MH1994PTC081194	DUJON COMMERCIAL PRIVATE LIMITED	Director	11/05/2007	11/05/2007	28/04/2009	Amalgamated	NO
11	U66010GJ2003PLC083613	ANAR INSURANCE BROKERS LIMITED	Director	21/08/2008	29/09/2007	27/02/2015	Active	NO
12	U65990MH1978PTC020108	VINIYOG INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	23/02/2008	23/02/2008	28/04/2009	Active	NO
13	U18101MH1992PTC069781	DOUCEUR SPORTS WEAR MANUFACTURING COMPANY PRIVATE LIMITED	Director	28/02/2008	28/02/2008	14/03/2009	Under liquidation	NO
14	U92413MH2001NPL235014	FOUNDATION FOR PROMOTION OF SPORTS AND GAMES	Director	18/12/2008	01/11/2008	-	Active	NO
15	U67120MH2008PLC179126	GCIL FINANCE LIMITED	Director	30/09/2009	19/12/2008	-	Active	NO
16	L28910MH1971PLC015119	AMFORGE INDUSTRIES LIMITED	Director	12/09/2014	29/01/2009	-	Active	NO
17	U65990MH1995PTC095328	WINDSOR FINVEST PRIVATE LIMITED	Director	09/09/2009	09/09/2009	01/03/2012	Active	NO
18	L29150MH1946PLC004877	CAPRIHANS (INDIA) LIMITED	Director	06/09/2013	11/11/2010	26/09/2014	Active	NO
19	U24110TG1943PTC000621	BIOCHEMICAL AND SYNTHETIC PRODUCTS Private Limited	Director	27/09/2012	28/07/2012	-	Active	NO
20	U74999MH1922PLC000973	BOMBAY GYMKHANA LIMITED	Director	27/09/2012	27/09/2012	01/07/2013	Active	NO

Name :

Mr. Kahanchand Jaikishan Narang

Designation :

Director

Address :

13/14 Jaitirath Mansion,, Barrack Road, Mumbai - 400020, Maharashtra, India

Date of Birth/Age :

04.09.1930

Date of Appointment :

20.06.2006

DIN No.:

00041615

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	L17120MH1961PLC012080	MODELLA WOOLLENS LIMITED	Director	19/12/1978	19/12/1978	31/12/2008	Active	NO
2	U65190MH1944NPL004260	THE SHIKARPURI SHROFFS ASSOCIATION LIMITED	Director	01/04/1983	01/04/1983	25/09/2014	Active	NO
3	U24239MH1952PTC008928	CAPSULATION SERVICES PRIVATE LIMITED	Director	05/10/1983	05/10/1983	26/05/2011	Active	NO
4	U24239MH1971PTC015282	UNIVERSAL MEDICARE PRIVATE LIMITED	Director	30/07/1984	30/07/1984	-	Active	NO
5	U24100MH1974PTC017112	LAVINO KAPUR COTTONS PRIVATE LIMITED	Director	28/09/1990	28/09/1990	-	Active	NO
6	L21011MH1950FLC145537	HUHTAMAKI PPL LIMITED	Director	10/03/2010	16/07/1999	12/03/2013	Active	NO
7	U24230MH2002PTC135200	GELTEC PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Active	NO
8	U24231GJ1986PTC009180	BANNER PHARMACAPS PRIVATE LIMITED	Director	20/06/2006	20/06/2006	-	Amalgamated	NO

Name :

Mr. Bharat Sumant Raut

Designation :

Director

Address :

8, French Bridge, (Haldankar Bridge), Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

31.08.1949

Date of Appointment :

27.09.2007

DIN No.:

00066080

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	L26593MH1950PLC008163	GRINDWELL NORTON LIMITED	Director	06/03/2006	06/03/2006	29/07/2010	Active	NO
2	U24239MH1971PTC015282	UNIVERSAL MEDICARE PRIVATE LIMITED	Director	29/09/2007	04/04/2007	-	Active	NO
3	U24230MH2002PTC135200	GELTEC PRIVATE LIMITED	Director	27/09/2007	04/04/2007	-	Active	NO
4	U74999MH2003PLC141408	I-FLEX SOLUTIONS TRUSTEE COMPANY LIMITED	Director	25/09/2008	26/09/2007	-	Active	NO
5	U63030MH2007PTC173887	TUSCAN VENTURES PRIVATE LIMITED	Director	30/09/2014	14/04/2008	-	Active	NO
6	U66000MH2009PLC191350	IDFC PENSION FUND MANAGEMENT COMPANY LIMITED	Director	15/06/2010	29/04/2009	23/01/2013	Amalgamated	NO
7	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	02/07/2014	12/03/2010	-	Active	NO
8	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director	25/06/2010	31/03/2010	-	Active	NO
9	U65991MH2004PTC147286	LANDT TRUSTEE SERVICES PRIVATE LIMITED	Director	01/06/2010	01/06/2010	24/11/2012	Amalgamated	NO
10	L64201DL2006PLC156038	BHARTI INFRATEL LIMITED	Director	03/07/2013	03/09/2012	-	Active	NO
11	U69990MH1999PLC123190	IDFC AMC TRUSTEE COMPANY LIMITED	Director	19/12/2014	25/03/2013	-	Active	NO
12	U74999MH1922PLC000973	BOMBAY GYMKHANA LIMITED	Director	27/09/2013	27/09/2013	-	Active	NO

Name :

Mr. Suresh Khanna

Designation :

Director

Address :

No. 33, Shringar Apartments, 18th Cross, Malleswaram, Bangalore - 560055, Karnataka, India

Date of Birth/Age :

15.06.1949

Date of Appointment :

18.03.2008

DIN No.:

00347434

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29297KA2006PTC038626	DOSSIER SOLUTIONS AND SERVICES PRIVATE LIMITED	Director	01/03/2006	01/03/2006	Active	NO
2	U24230MH2002PTC135200	GELTEC PRIVATE LIMITED	Director	18/03/2008	18/03/2008	Active	NO
3	U73100KA2010PTC052428	STABICON LIFE SCIENCES PRIVATE LIMITED	Director	09/02/2010	09/02/2010	Active	NO

Name :

Mr. Satish Kumar Mehra

Designation :

Director

Address :

606 Spruce Raheja Residency, III Block Koramangala, Bangalore - 560034, Karnataka, India

Date of Birth/Age :

14.08.1946

Date of Appointment :

03.01.2006

PAN No.:

AAEPM9865F

DIN No.:

00584504

KEY EXECUTIVES

Name :	Ms. Anita Mani
Designation :	Finance Department
Name :	Mr.Sandeep Tulsidas Ruparel
Designation :	Secretary
Address :	B-001, Gulmohar Park Co-Operative Housing Society, Behind Angan Society, P and T colony, Gandhi Nagar, Dombivali - 421201, Maharashtra, India
Date of Birth/Age :	23.12.1971
Date of Appointment :	20.03.2013
PAN No.:	AKTPR1325C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.08.2014

Names of Shareholders	No. of Shares
Vikram Tannan Joint with Vivek Tannan	7421170
Vivek Tannan Joint with Vikram Tannan	1150000
Preetika Tannan Joint with Vikram Tannan	330000
Jaya Tannan Joint with Vikram Tannan	30000
Geltec Pte Limited, Singapore	1319445
Universal Medicare Private Limited, India	1900000
D. Thanga Durai	3000
Sangita Suresh Hegde	10000
Satish K. Mehra	10000
Suresh K. Khanna	6000
E.S. Natrajan	2000
Total	12181615

AS ON 26.08.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	26.43
Directors or relatives of directors	73.45
Other	0.12
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Soft Gelatin Capsules.
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· DBS Bank Limited, 3rd Floor, Fort House, 221, Dr. D.N Road, Fort, Mumbai - 400001, Maharashtra, India

· HSBC Bank (Mauritius) limited, 6th Floor, HSBC Centre, 18 Cyber City, Ebene - NA, Mauritius

· The Hongkong Shanghai Banking Corporation Limited. Fort Branch, Mumbai - 400001, Maharashtra, India

· Kotak Mahindra Bank Limited,27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountants
Address :	Kalpataru Heritage, 127 Mahatma Gandhi ROAD, Mumbai – 400023, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFK7554R
Cost Auditors :	Devanathan and Company Cost Accountants
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Universal Medicare Private Limited (U24239MH1971PTC015282) · Geltec Pharmacare FZCO Dubai · Geltec Investments Ltd, Dubai · Geltec Pte. Ltd, Singapore · Geltec Pharmacare Pte. Limited, Singapore · Geltec Pharmacare Private Limited · Capsulation Services Private Limited (U24239MH1952PTC008928)

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs. 10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,181,615	Equity Shares	Rs. 10/- each	Rs. 121.816 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	121.816	121.816	121.816
(b) Reserves & Surplus	757.545	626.043	482.622
(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)	879.361	747.859	604.438
(3) Non-Current Liabilities
(a) Long-term borrowings	12.600	0.000	0.000
(b) Deferred tax liabilities (Net)	15.547	16.672	13.480
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	18.671	18.505	18.558
Total Non-current Liabilities (3)	46.818	35.177	32.038
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	48.859
(b) Trade payables	87.436	81.363	94.322
(c) Other current liabilities	30.551	26.178	29.026
(d) Short-term provisions	17.005	7.292	4.819
Total Current Liabilities (4)	134.992	114.833	177.026
TOTAL	1061.171	897.869	813.502
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	256.759	237.745	203.594
(ii) Intangible Assets	0.789	0.302	0.541
(iii) Capital work-in-progress	0.000	0.000	32.142
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.478	0.502	0.502
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.407	21.223	13.710
(e) Other Non-current assets
Total Non-Current Assets	282.433	259.772	250.489
(2) Current assets
(a) Current investments	401.116	316.831	215.098
(b) Inventories	110.397	132.471	138.857
(c) Trade receivables	189.972	129.708	168.675
(d) Cash and cash equivalents	39.212	29.707	5.185
(e) Short-term loans and advances	36.087	27.348	27.519
(f) Other current assets	1.954	2.032	7.679
Total Current Assets	778.738	638.097	563.013
TOTAL	1061.171	897.869	813.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1011.145	1021.771	822.408
		Other Income	45.031	34.870	25.948
		TOTAL (A)	1056.176	1056.641	848.356
Less	EXPENSES
		TOTAL (B)	830.326	827.741	669.931
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		225.850	228.900	178.425
Less	FINANCIAL EXPENSES (D)		0.047	0.102	0.359
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		225.803	228.798	178.066
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.575	25.113	22.066
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		196.228	203.685	156.000
Less	TAX (H)		57.075	59.692	42.692
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		139.153	143.993	113.308
	EARNINGS IN FOREIGN CURRENCY		503.742	374.018	280.795
	Earnings Per Share (Rs.)		11.42	11.82	9.30

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from (used in) Operations	175.591	252.343	122.084

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	13.76	14.09	13.78
Operating Profit Margin (PBDIT/Sales)	(%)	22.34	22.40	21.70
Return on Total Assets (PBT/Total Assets}	(%)	18.50	22.70	19.98
Return on Investment (ROI) (PBT/Networth)		0.22	0.27	0.26
Debt Equity Ratio (Total Liability/Networth)		0.01	0.00	0.08
Current Ratio (Current Asset/Current Liability)		5.77	5.56	3.18

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	121.816	121.816	121.816
Reserves & Surplus	482.622	626.043	757.545
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	604.438	747.859	879.361
Long-term borrowings	0.000	0.000	12.600
Short term borrowings	48.859	0.000	0.000
Total borrowings	48.859	0.000	12.600
Debt/Equity ratio	0.081	0.000	0.014

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)
Sales	822.408	1021.771	1011.145
		24.241	(1.040)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	822.408	1021.771	1011.145
Profit	113.308	143.993	139.153
	13.78%	14.09%	13.76%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers
19	Major customers
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10559015	09/03/2015	135,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051,MAHARASHTRA, INDIA	C49050735

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and advances from related parties	12.600	0.000
Total	12.600	0.000

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipment’s

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.63.81
UK Pound	1	Rs.98.93
Euro	1	Rs.69.66

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.