MIRA INFORM REPORT

Report No. :	309361
Report Date :	24.02.2015

IDENTIFICATION DETAILS

Name :	CONCEPT PHARMACEUTICALS LIMITED
Formerly Known As :	CONCEPT PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	501, Jaisingh Business Centre, 119, Sahar Road, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	30.09.2013
Date of Incorporation :	20.03.1979
Com. Reg. No.:	11-021126
Capital Investment / Paid-up Capital :	Rs. 120.000 Millions
CIN No.: [Company Identification No.]	U24239MH1979PLC021126
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC4440M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals and its intermediates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1710000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financials with government department for the year 2014. However as per available financial of 2013, the company has reported decent profitability. The financial position of the company seems to be sound. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions. NOTE: The profit figure for the year September 2013 differs in Profit and Loss Statement and directors report. We have considered the profit figure of profit and loss statement.

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	CRISIL
Rating	Long term rating = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	October 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.

LOCATIONS

Registered/ Head Office :	501, Jaisingh Business Centre, 119, Sahar Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-42418888
Fax No.:	91-22-28392916
E-Mail :	concept@conceptpharma.com admin@conceptpharma.com
Website :	http://www.conceptpharma.com
Factories :	Located at: · (Chikalthana) Aurangabad · (Chittegaon) Aurangabad · Birganj (Nepal)

DIRECTORS

AS ON 29.03.2014

Name :

Adhyatma Bandhu Gupta

Designation :

Managing director

Address :

69, Hatkesh Cooperative Housing Society Limited, JVPD Scheme, Vile Parle (West), Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

10.12.1946

Qualification :

M.E.

Experience :

43 Years

Date of Appointment :

01.12.2013

PAN No.:

ACNPG1251E

DIN No.:

00586777

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	U29299MH1979PTC020971	DYNAMIC MACHINES PRIVATE LIMITED	Director	01/02/1979	01/02/1979	-	Active	NO
2	U67120MH1979PTC021176	ADHYATMA INVESTMENTS PRIVATE LIMITED	Director	06/04/1979	06/04/1979	-	Active	NO
3	U24239MH1979PLC021126	CONCEPT PHARMACEUTICALS LIMITED	Managing director	01/12/2013	27/12/1984	-	Active	NO
4	U24230MH1987PTC042241	CONCEPT LABORATORIES PRIVATE LIMITED	Director	16/01/1987	16/01/1987	-	Active	NO
5	U65990MH1988PTC048911	KARLA INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	24/09/1988	24/09/1988	-	Active	NO
6	U51109MH1989PTC050643	CONCEPT DISTRIBUTION PRIVATE LIMITED	Director	10/12/1989	10/12/1989	-	Active	NO
7	U67120MH1983PTC031338	SANJANA HOLDINGS PRIVATE LIMITED	Director	27/09/1998	27/09/1998	-	Active	NO
8	U45200MH1997PTC109910	JOVIAL REALTORS PRIVATE LIMITED	Director	21/06/2002	21/06/2002	-	Active	NO

Name :

Mr. Ved Parkash Kumar

Designation :

Director

Address :

F-156, Richmond Park, DLF Phase-IV, Gurgaon - 122001, Haryana, India

Date of Birth/Age :

03.03.1929

Qualification :

B. Com

Date of Appointment :

29.09.1995

DIN No.:

05138130

Name :

Yugin Adhyatma Gupta

Designation :

Director

Address :

69, Hatkesh Cooperative Housing Society Limited, N.S. Road No.8, JVPD Scheme, Mumbai - 400049, Maharashtra, India

Date of Birth/Age :

11.06.1979

Qualification :

BE and MBA

Date of Appointment :

30.03.2013

DIN No.:

02365420

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	U63040MH1983PTC029991	GLOBE TROTTERS PRIVATE LIMITED	Director	01/04/2000	01/04/2000	01/11/2012	Active	NO
2	U24239MH1979PLC021126	CONCEPT PHARMACEUTICALS LIMITED	Director	30/03/2013	01/11/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.03.2014

Names of Shareholders	No. of Shares
Adhyatma Bandhu Gupta	1440
Rekha A. Gupta	2160
Sangeeta Gupta	4320
Sanjana Holding Private Limited, India	1620000
Globe Trotters Private Limited, India	1710000
Karla Investment and Trading Private Limited, India	1620000
Rekha family Trust, India	108720
Adhyatma Investment Private Limited, India	1620000
Concept Laboratories Private Limited, India	513360
A B Gupta jointly with R A Gupta	4800000
Total	12000000

AS ON 29.03.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	59.00
Directors or relatives of directors	41.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceuticals and its intermediates.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	--
Countries :	--
Imports :
Products :	--
Countries :	--
Terms :
Selling :	--
Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks: Not Available

· Canara Bank

Fort Main Branch, PM Road, Mumbai - 400001, Maharashtra, India

· Bank of Baroda

Roorkee Branch, Roorkee - 247667, Uttarakhand, India

· Canara Bank Consortium

Industrial Finance Branch, Adi Marzban Path, Ballard Estate, Mumbai - 400038, Maharashtra, India

· Industrial Development Bank of India Limited

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· HDFC Bank Limited

· State Bank of India

Facilities :

SECURED LOANS	30.09.2013 (Rs. In Millions)	30.09.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	109.066	112.589
Other loans and advances	2.417	4.015
SHORT TERM BORROWINGS
Working capital loans from banks	275.422	280.306
Total	386.905	396.910

Banking Relations :	--
Auditors :
Name :	Sanjay P Muthe and Company Chartered Accountants
Address :	001 A Wing, Sai Jyote Lallunhai Park, Vile Parle [West], Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADPM2432R
Related Parties :	· Sanjana Holdings Private Limited · Karla Investment and Trading Private Limited · Adhyatma Investment Private Limited · Concept International, Globe Trotters Private Limited
Other related parties where common control exists :	· Concept Laboratories Private Limited · Dynamic Machines Private Limited · Concept Distribution Private Limited · Pharma Electro Equipments · Jovial Realtors Private Limited · Rekha Family Trust · Concept Pharmaceuticals (Nepal) Private Limited · D B Promotors · D B Estate · Globe Trotters Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
16,000,000	Equity Shares	Rs. 10/- each	Rs. 160.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,000,000	Equity Shares	Rs. 10/- each	Rs. 120.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	30.09.2013	30.09.2012	30.09.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.000	120.000	120.000
(b) Reserves & Surplus	479.221	454.436	428.796
(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)	599.221	574.436	548.796
(3) Non-Current Liabilities
(a) Long-term borrowings	111.483	116.604	96.208
(b) Deferred tax liabilities (Net)	19.846	14.364	14.951
(c) Other long term liabilities	51.885	51.885	50.699
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	183.214	182.853	161.858
(4) Current Liabilities
(a) Short term borrowings	275.422	280.306	257.498
(b) Trade payables	126.296	124.793	128.074
(c) Other current liabilities	63.676	48.586	30.062
(d) Short-term provisions	41.294	35.671	29.973
Total Current Liabilities (4)	506.688	489.356	445.607
TOTAL	1289.123	1246.645	1156.261
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	182.214	186.861	106.980
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	138.682	134.840	232.044
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	8.478	8.478	8.478
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	84.698	53.909	44.049
(e) Other Non-current assets	6.706	7.062	8.530
Total Non-Current Assets	420.778	391.150	400.081
(2) Current assets
(a) Current investments	6.451	6.565	6.514
(b) Inventories	247.677	308.122	266.666
(c) Trade receivables	486.075	437.613	402.434
(d) Cash and cash equivalents	27.692	19.774	18.020
(e) Short-term loans and advances	100.450	83.421	62.546
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	868.345	855.495	756.180
TOTAL	1289.123	1246.645	1156.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2013	30.09.2012	30.09.2011
	SALES
		Income	1368.391	1263.849	1081.017
		Other Income	16.438	8.771	28.660
		TOTAL (A)	1384.829	1272.620	1109.677
Less	EXPENSES
		Cost of Materials Consumed	345.219	338.707	290.271
		Purchases of Stock-in-Trade	400.748	393.389	455.700
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	26.087	(31.095)	(43.244)
		Employees benefits expense	119.262	110.451	97.546
		Other expenses	285.212	270.251	226.502
		TOTAL (B)	1176.528	1081.703	1026.775
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		208.301	190.917	82.902
Less	FINANCIAL EXPENSES (D)		49.988	49.670	38.980
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		158.313	141.247	43.922
Less/ Add	DEPRECIATION/ AMORTISATION (F)		17.047	13.009	8.349
	PROFIT BEFORE TAX (E-F) (G)		141.266	128.238	35.573
Less	TAX (H)		14.283	6.913	5.730
	PROFIT AFTER TAX (G-H) (I)		126.983	121.325	29.843
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	113.921	62.716	87.077
	Earnings Per Share (Rs.)		2.54	2.67	2.49

KEY RATIOS

PARTICULARS		30.09.2013	30.09.2012	30.09.2011
Net Profit Margin (PAT/Sales)	(%)	9.28	9.60	2.76
Operating Profit Margin (PBDIT/Sales)	(%)	15.22	15.11	7.67
Return on Total Assets (PBT/Total Assets}	(%)	12.37	11.62	3.88
Return on Investment (ROI) (PBT/Networth)		0.24	0.22	0.06
Debt Equity Ratio (Total Debt/Networth)		0.65	0.69	0.64
Current Ratio (Current Asset/Current Liability)		1.71	1.75	1.70

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	30.09.2011	30.09.2012	30.09.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	120.000	120.000	120.000
Reserves & Surplus	428.796	454.436	479.221
Net worth	548.796	574.436	599.221
Long-term borrowings	96.208	116.604	111.483
Short term borrowings	257.498	280.306	275.422
Total borrowings	353.706	396.910	386.905
Debt/Equity ratio	0.645	0.691	0.646

YEAR-ON-YEAR GROWTH

Year on Year Growth	30.09.2011	30.09.2012	30.09.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1081.017	1263.849	1368.391
		16.913	8.272

NET PROFIT MARGIN

Net Profit Margin	30.09.2011	30.09.2012	30.09.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1081.017	1263.849	1368.391
Profit	29.843	121.325	126.983
	2.76%	9.60%	9.28%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10204255	06/02/2010	185,000,000.00	BANK OF BARODA	ROORKEE BRANCH, ROORKEE, UTTARAKHAND - 247667, INDIA	A79875266
2	90218558	21/08/1995 *	1,700,000.00	CANARA BANK	INDUSTRAIL FINANCAE BRANCH; 307-308, RAHEJA CENTRE; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
3	90218193	27/06/1998	4,600,000.00	BANK OF BARODA	KALINGA BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
4	90218126	05/09/1997	5,000,000.00	DENA BANK	INDUSTRAIL FINANCE BRANCH, BOMBAY, MAHARASHTRA - 400005, INDIA	-
5	90218118	07/08/1997	5,000,000.00	CANARA BANK	RAHEJA CENTRE, BOMBAY, MAHARASHTRA - 400021, INDIA	-
6	90218089	09/05/1997	10,000,000.00	BANK OF BARODA	KALINGA BRANCH; ARVIND NAGAR, KALINGA KURLA ROAD, BOMBAY, MAHARASHTRA - 400029, INDIA	-
7	90218075	25/03/1997	11,000,000.00	DENA BANK	INDUSTRAIL FINANCE BRANCH, NARIMAN POINT, BOMBAY,  MAHARASHTRA - 400005, INDIA	-
8	90218032	09/05/1997 *	11,280,000.00	BANK OF BARODA	KALINGA BRANCH; ARVIND NAGAR, KALINGA KURLA ROAD, BOMBAY, MAHARASHTRA - 400029, INDIA	-
9	90217998	22/04/1996	5,600,000.00	CANARA BANK	INDUSTRAIL FINANCE BRANCH; RAHEJA CENTRE, NARIMAN  POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
10	90217945	06/02/2008 *	365,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, RAHEJA CENTRE, NARIMAN  POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A37268240
11	90217934	17/08/1995	5,400,000.00	DENA BANK	INDUSTRAIL FINANCE BRANCH; RAHEJA CENTRE, MAKER T  OWERS; CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
12	90217925	07/07/1995	5,400,000.00	OMAN INTERNATIONAL BANK	S.A.O.G.; 1-A; MITTAL COURT, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
13	90217854	31/05/1996 *	53,400,000.00	OMAN INTERNATIONAL BANK	SAOB; A-WING MITTAL COURT, NARIMAN POINT, BOMBAY,  MAHARASHTRA - 400021, INDIA	-
14	90217801	14/06/1994	603,000.00	BOMBAY MERCENTILE CO.OP. BANK LIMITED	BRANACHES CONTROL DEPARTMENT; UTTAM HOUSE, 5TH FL  OOR; 69; P. D'MELLO ROAD, BOMBAY, MAHARASHTRA - 400009, INDIA	-
15	90217771	21/03/1994	203,000.00	BOMBAY MERCENTILE CO.OP. BANK LIMITED	OKAZ SHOPPING CENTRE; MILLAT NAGAR, OSHIWARA, BOM  BAY, MAHARASHTRA - 400061, INDIA	-
16	90217770	18/03/1994	10,000,000.00	BANK OF AMERICA	EXPRESS BUILDING, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
17	90217762	24/02/1994	1,700,000.00	CANARA BANK	INDUSTRAIL FINANCE BRANCH; 307-3087, RAHEJA CENTRE; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
18	90217738	26/08/1996 *	48,700,000.00	DENA BANK	INDUSTRAIL FINANCE BRANCH, CUFFE PARADE, BOMBAY,  MAHARASHTRA - 400005, INDIA	-
19	90217723	02/11/1993	5,000,000.00	CANARA BANK	INDUSTRAIL FINANCE BRANCH; MAKER TOWER 'E', 9TH F  LOOR; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
20	90217696	27/07/1993	12,800,000.00	CANARA BANK	KALINGA BRANCH, SANTACRUZ (W), BOMBAY, MAHARASHTRA - 400029, INDIA	-
21	90217690	29/06/1993	472,000.00	THE NORTH KANARA CO.OP. BANK LIMITED	361; LAXMI SADAN, V.P. RAOD; GIRGAUM, BOMBAY, MAH  ARASHTRA - 400004, INDIA	-
22	90217662	16/03/1993	4,000,000.00	DENA BANK	INDUSTRAIL FINANCE BRANCH; E-9; MAKER TOWERS, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA	-
23	90217645	27/01/1993	5,000,000.00	BOMBAY MERCENTILE CO.OP. BANK LIMITED	NAV RATAN ANNEXE; 69; P. D'MELLO ROAD, NEAR CARNAC BANDER, BOMBAY, MAHARASHTRA - 400009, INDIA	-
24	90217623	30/10/1992	481,340.00	CANARA BANK	KALINGA BRANCH; POST BOX NO. 7056; B.B. MANSION,  PLOT NO. 310; KALINA-KURLA ROAD; KALINA, BOMBAY, MAHARASHTRA - 400029, INDIA	-
25	90217619	15/10/1992	1,100,000.00	CANARA BANK	INDUSTRAIL FINANCE BRANCH; MAKER TOWER 'E', 9TH FLOOR; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
26	90216180	15/02/1994 *	14,200,000.00	THE STATE INDUSTRAIL AND INVESTMENTCORPORATION OF  MAHARASTRA	'NIRMAL'; 1ST FLOOR;, NARIMAN POINT, BOMBAY, MAHA  RASHTRA - 400021, INDIA	-
27	90217602	14/09/1998 *	92,500,000.00	CANARA BANK	INDUSTRAIL FINANCE BRANCH, RAHEJA CENTRE; NARIMAN  POINT, BOMBAY, MAHARASHTRA - 400021, INDIA	-
28	90217575	01/05/1992	511,000.00	CANARA BANK	KALINGA BRANCH; POST BOX NO. 7056; B.B. MANSION,  PLOT NO; 310; KALINA KURALA ROAD; KALINA, BOMBAY,  MAHARASHTRA - 400029, INDIA	-
29	90217569	25/03/1992	750,000.00	CANARA BANK	KALINGA BRANCH; POST BOX NO. 7056; B.B. MANSION,  PLOT NO; 310; KALINA KURALA ROAD; KALINA, BOMBAY,  MAHARASHTRA - 400029, INDIA	-
30	90217562	21/02/1992	1,100,000.00	BANK OF BARODA	KALINGA BRANCH, BOMBAY, MAHARASHTRA, INDIA	-

* Date of charge modification

OPERATIONS

The sales during the year were Rs1320.132 Millions against Rs. 1219.189 Millions for the previous year, reflecting a growth of 8.28% over the previous year. The management has taken steps to increase the sales in the domestic as well as in the global markets.

Roorkee Plant Operations started in full swing and the company expects big turnover in the coming year and also the work for obtaining regulatory approvals are under progress.

EXPANSION AND DIVERSIFICATION

To keep up the growth trends, the Company has to concentrate on expansion as well as diversification. The Directors would like to mention here below the salient points in this context relating to the period:

a) In view of the amendments made to the Drugs and Cosmetics Act, they have upgraded the facility by making civil changes and changes in air handling units by concealing the ducts and segregating the liquid washing and filling section. Further, air locks were incorporated within the liquid section. Adequate shelter has been provided to the unloading and loading bays.

b) R&D facilities have been upgraded by replacing some of the equipments.

c) Roorkee Project: The company already commenced commercial production in March, 2012.

CONTINGENT LIABILITIES:

Particulars	30.09.2013 (Rs. In Millions)	30.09.2012 (Rs. In Millions)
a) Bank Guarantees	8.327	7.812
b) For Letters of Credit	23.992	20.734
c) Export obligation on advance license utilized	11.879	11.029
d) Excise Duty	6.241	6.241
e) Sales Tax	1.021	1.021
f) Income Tax	7.854	7.854
g) Guarantees given	57.200	57.200
h) Claims against the company	2.820	2.745

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

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. 62.18
UK Pound	1	Rs. 95.71
Euro	1	Rs. 70.76

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	BVA

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	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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		46

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.