MIRA INFORM REPORT

Report No. :	301520
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	CENTURION REMEDIES PRIVATE LIMITED CENTURION LABORATORIES (A DIVISION OF CENTURION REMEDIES PRIVATE LIMITED)
Registered Office :	G/5, Industrial Estate, Gorwa, Baroda – 390016, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.04.2003
Com. Reg. No.:	04-042254
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U24231GJ2003PTC042254
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulations.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES:

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

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 :	Ms. Nirmala
Designation :	Sales Manager
Contact No.:	91-265-2282061
Date :	19.01.2015

LOCATIONS

Registered Office :	G/5, Industrial Estate, Gorwa, Baroda – 390016, Gujarat, India
Tel. No.:	91-265-2282061/ 2281074/ 3290522/ 2282061/ 2282065
Mobile No.:	91-9825203550 (Mr. Dhruval Patel)
Fax No.:	91-265-2280436
E-Mail :	info@centurionremedies.com centurionbrd@yahoo.co.in cen_lab@rediffmail.com cen_lab@sify.com info@centurionremedies.com
Website :	www.centurionremedies.com
Location :	Owned
Locality :	Industrial
Factory :	G-5, F-19, H-10, Industrial Estate, BIDC, Gorwa, Baroda, Vadodara - 390016, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Ambalal Vanarasidas Patel

Designation :

Managing Director

Address :

Mahipat Opposite 1, Amar Park Society, Near Bank of India Society, Nizampura, Vadodara – 390002, Gujarat, India

Date of Appointment :

21.04.2003

DIN No.:

00462011

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	U24231GJ2003PTC042254	CENTURION REMEDIES PRIVATE LIMITED	Managing director	15/06/2012	21/04/2003	-	Active	NO
2	U73100GJ2006PTC049620	CENTURION LABORATORIES PRIVATE LIMITED	Additional director	14/02/2011	14/02/2011	-	Active	NO
3	U24232GJ2012PTC072346	ADC PHARMACEUTICALS PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Dhruval Jayantilal Patel

Designation :

Director

Address :

Mahipat Opposite 1, Amar Park Society, Near Bank of India Society, Nizampura, Vadodara – 390002, Gujarat, India

Date of Appointment :

21.04.2003

DIN No.:

00448083

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	U24231GJ2003PTC042254	CENTURION REMEDIES PRIVATE LIMITED	Director	21/04/2003	21/04/2003	-	Active	NO
2	U73100GJ2006PTC049620	CENTURION LABORATORIES PRIVATE LIMITED	Managing director	15/06/2012	14/02/2011	-	Active	NO
3	U24232GJ2012PTC072346	ADC PHARMACEUTICALS PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Patel Chetan Jayantilal

Designation :

Director

Address :

Mahipat Opposite 1, Amar Park Society, Near Bank of India Society, Nizampura, Vadodara - 390002, Gujarat, India

Date of Appointment :

18.07.2014

DIN No.:

06373484

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	U24232GJ2012PTC072346	ADC PHARMACEUTICALS PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
2	U24231GJ2003PTC042254	CENTURION REMEDIES PRIVATE LIMITED	Director	18/07/2014	18/07/2014	-	Active	NO

Name :

Mr. Mahipat Ambalalbhai Patel

Designation :

Director

Address :

Mahipat Opposite 1, Amar Park Society, Near Bank of India Society, Nizampura, Vadodara - 390002, Gujarat, India

Date of Appointment :

01.07.2013

DIN No.:

06373494

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	U24232GJ2012PTC072346	ADC PHARMACEUTICALS PRIVATE LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
2	U73100GJ2006PTC049620	CENTURION LABORATORIES PRIVATE LIMITED	Director	20/02/2013	20/02/2013	-	Active	NO
3	U24231GJ2003PTC042254	CENTURION REMEDIES PRIVATE LIMITED	Director	01/07/2013	01/07/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Nirmala
Designation :	Sales Manager

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
A. V. Patel	18000
L. A. Patel	9000
Rohi Patel	22490
Tejal Patel	22310
Renuka M. Patel	24695
Mittal N. Patel	2
Dhruval J. Patel	45000
Chetan J. Patel	2
Mukesh B. Patel	9000
J.V.Patel	2
Amrutben J. Patel	2
A.V.Patel H.U.F.	27002
Mahipat Patel	36480
Nupur A. Patel	36015
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulations.
Products :	Pharmaceutical Formulations
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :
Products :	Vitamins and Minerals Products
Countries :	China Russia South East Asian Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

· Indusind Bank Limited, Ground Floor, and 1^st Floor, Gold Croft Vishwas Colony, Jetalpur Road, Baroda – 390005, Gujarat, India

Tel No.: 91-265-2332409/ 2332418

· Bank of Baroda, I.E. Gorwa Branch, Gorwa, Baroda – 390016, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
From lndusind Bank Limited (Secured against the hypothecation of machinery)	23.385	29.097
From A. U. Financer (Secured against the hypothecation of Vehicle)	0.036	0.000
From IClCl Bank (Secured against the hypothecation of Vehicle)	1.115	0.000
SHORT TERM BORROWINGS
From lndusind Bank Limited (Secured against the hypothecation of stocks and other current assets)	28.011	49.122
From LIC (Secured against the pledge of LIC policies )	5.163	0.000
Total	57.710	78.219

Auditors :
Name :	H. Thakore and Company Chartered Accountants
Address :	A-102, Mangalmurti Apartments, Behind New Alka Restaurant, R. C. Dutt Road, Alkapuri, Vadodara – 390005, Gujarat, India
Mobile No.:	91-9825491180
E-Mail :	ca.hirday@vahoo.co.in
PAN No.:	ACJPT7705J
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	2.500	2.500	1.802
(b) Reserves & Surplus	74.656	59.124	33.985
(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)	77.156	61.624	35.787
(3) Non-Current Liabilities
(a) long-term borrowings	24.536	29.097	0.314
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	24.536	29.097	0.314
(4) Current Liabilities
(a) Short term borrowings	33.174	49.122	58.618
(b) Trade payables	160.384	123.553	88.261
(c) Other current liabilities	6.014	2.465	1.376
(d) Short-term provisions	5.428	5.065	4.766
Total Current Liabilities (4)	205.000	180.205	153.021
TOTAL	306.692	270.926	189.122
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	59.686	41.646	36.651
(ii) Intangible Assets	0.050	0.050	0.050
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	4.507	0.000
(b) Non-current Investments	3.647	3.647	3.772
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	63.383	49.850	40.473
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.246	37.067	29.443
(c) Trade receivables	94.219	78.651	57.895
(d) Cash and cash equivalents	50.119	64.236	31.633
(e) Short-term loans and advances	44.725	41.122	29.678
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	243.309	221.076	148.649
TOTAL	306.692	270.926	189.122

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		607.320	455.897	300.588
		Other Income		16.392	17.821	8.062
		TOTAL (A)		623.712	473.718	308.650
Less	EXPENSES
		Consumption of Raw Materials		354.260	296.344	201.429
		Consumption of Packing Materials		110.464	68.671	28.309
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(5.114)	(5.619)	(1.894)
		Cost Manufacturing Expenses		41.336	34.111	24.337
		Administrative Expenses		22.043	17.547	14.472
		Selling and Distribution Expenses		31.959	18.462	13.763
		Employee Benefits Expenses		21.478	12.720	5.782
		Prior Period Expenses		0.000	0.000	0.020
		TOTAL (B)		576.426	442.236	286.218
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			47.286	31.482	22.432
Less	FINANCIAL EXPENSES (D)			13.059	8.772	6.019
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			34.227	22.710	16.413
Less	DEPRECIATION/ AMORTISATION (F)			18.669	6.325	4.590
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			15.558	16.385	11.823
Less	TAX (H)			6.116	5.065	4.766
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			9.442	11.320	7.057
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			22.413	11.093	4.036
	BALANCE CARRIED TO THE B/S			31.855	22.413	11.093
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	244.984	167.399	106.568
	TOTAL EARNINGS			244.984	167.399	106.568
	Earnings / (Loss) Per Share (Rs.)			37.77	44.28	39.16

Expected Sales (2014-2015): Rs.60.000 Millions

The above information has been parted by Ms. Nirmala

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.55	2.48	2.35
Operating Profit Margin (PBDIT/Sales)	(%)	7.79	6.91	7.46
Return on Total Assets (PBT/Total Assets}	(%)	5.13	6.24	6.38
Return on Investment (ROI) (PBT/Networth)		0.20	0.27	0.33
Debt Equity Ratio (Total Debt /Networth)		0.75	1.27	1.65
Current Ratio (Current Asset/Current Liability)		1.19	1.23	0.97

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	1.802	2.500	2.500
Reserves & Surplus	33.985	59.124	74.656
Share Application money pending allotment	0.000	0.000	0.000
Net worth	35.787	61.624	77.156
Long Term borrowings	0.314	29.097	24.536
Short Term borrowings	58.618	49.122	33.174
Total borrowings	58.932	78.219	57.710
Debt/Equity ratio	1.647	1.269	0.748

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	300.588	455.897	607.320
		51.668	33.214

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	300.588	455.897	607.320
Profit	7.057	11.320	9.442
	2.35%	2.48%	1.55%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10388504	11/11/2014 *	112,798,000.00	Indusind Bank Limited	Ground Floor And First Floor, Gold Croft,, Vishwas Colony, Jetalpur Road,, Vadodara, Gujarat - 390005, India	C35212802
2	10378854	11/11/2014 *	112,798,000.00	Indusind Bank Limited	Ground Floor And First Floor, Gold Croft,, Vishwas Colony, Jetalpur Road,, Vadodara, Gujarat - 390005, India	C35212273

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.69
UK Pound	1	Rs.93.33
Euro	1	Rs.71.49

INFORMATION DETAILS

Information Gathered by :	SNJ
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.