MIRA INFORM REPORT

Report No. :	310789
Report Date :	05.03.2015

IDENTIFICATION DETAILS

Name :	MEHTA API PRIVATE LIMITED
Registered Office :	203 - Centre Point, Near Hotel Kohinoor, J.B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	30.03.1987
Com. Reg. No.:	11-043003
Capital Investment / Paid-up Capital :	Rs.9.801 Million
CIN No.: [Company Identification No.]	U24230MH1987PTC043003
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMS41431F
PAN No.: [Permanent Account No.]	AAECS9868B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of APIs and Advance Drug Intermediates.
No. of Employees :	Information denied by management

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 404000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has shown a significant growth in its profit of the company during FY 2014. However, net worth of the company is satisfactory. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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 – 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

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 DENIED BY

Name :	Mr. Rajesh
Designation :	Finance Head
Contact No.:	91-22-40390400
Date :	04.03.2015

LOCATIONS

Registered Office/ Head Office :	203 - Centre Point, Near Hotel Kohinoor, J.B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-40390400 / 22 / 28395643 / 45
Fax No.:	91-22-28395644
E-Mail :	finance@mehtaapi.com accounts@mehtaapi.com sourcing1@mehtaapi.com purchase@mehtaapi.com export@mehtaapi.com sales@mehtaapi.com
Website :	http://www.mehtaapi.com
Tarapur Plant :	Gut No. 546, 571, 519 and 520, Village Kumbhavali, Taluka – Palghar, Thane - 401506, Maharashtra, India
Tel. No.:	91-2525-605010 / 32 / 661108 / 09
Fax No.:	91-2525-275780

DIRECTORS

As on 29.11.2014

Name :

Mr. Harshadrai Prabhudas Mehta

Designation :

Managing Director

Address :

B-201/202, Mohan Villa, Bajaj Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Appointment :

01.04.1987

DIN No.:

00796610

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	U24230MH1987PTC043003	MEHTA API PRIVATE LIMITED	Managing director	01/04/1987	01/04/1987	-	Active	NO
2	U24100MH2010PTC208173	PMV LIFESCIENCE PRIVATE LIMITED	Whole-time director	20/02/2014	25/09/2010	-	Active	NO

Name :

Mr. Devendra Harshadrai Mehta

Designation :

Whole Time Director

Address :

B-201-202, Mohan Villa, Bajaj Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Appointment :

20.02.2014

DIN No.:

00796682

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	U24230MH1987PTC043003	MEHTA API PRIVATE LIMITED	Whole-time director	20/02/2014	01/01/2001	-	Active	NO
2	U24100MH2010PTC208173	PMV LIFESCIENCE PRIVATE LIMITED	Whole-time director	20/02/2014	25/09/2010	-	Active	NO

Name :

Yogin Harshadrai Mehta

Designation :

Whole Time Director

Address :

B-201-202, Mohan Villa, Bajaj Road, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Appointment :

20.02.2014

DIN No.:

00796692

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	U24230MH1987PTC043003	MEHTA API PRIVATE LIMITED	Whole-time director	20/02/2014	01/01/2001	-	Active	NO
2	U24100MH2010PTC208173	PMV LIFESCIENCE PRIVATE LIMITED	Whole-time director	20/02/2014	25/09/2010	-	Active	NO

Name :

Mr. Vijay Lachman Kirpalani

Designation :

Director

Address :

801, 8th Floor A- Wing Vanamali Society, Opposite Dukes Factory, Off Sion Trombay Road, Chembur, Mumbai - 400071, Maharashtra, India

Date of Appointment :

30.09.2013

DIN No.:

00033759

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	L24110MH1989PLC052251	SHARON BIO-MEDICINE LIMITED	Whole-time director	01/01/2013	17/01/2006	-	Active	NO
2	U24230MH1987PTC043003	MEHTA API PRIVATE LIMITED	Director	30/09/2013	04/10/2012	-	Active	NO
3	AAB-0320	PI-PROCESS INTENSIFICATION EXPERTS LLP	Designated Partner	23/07/2012	23/07/2012	-	Active	NO

Name :

Mr. Anil Balkrishna Ghogare

Designation :

Director

Address :

Flat No 104, 1st Floor, Rajanigandha Chs, Plot No 106, Gorai 2, Borivali West, Mumbai - 400091, Maharashtra, India

Date of Appointment :

30.09.2013

DIN No.:

00432659

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	U24110MH1985PTC035004	UNIMAX LABORATORIES PRIVATE LIMITED	Director	02/05/2005	02/05/2005	-	Active	NO
2	U24230MH1996PTC100189	Perlin Cosmeceuticals Private Limited	Director	03/11/2005	03/11/2005	02/01/2014	Active	NO
3	U24119MH2007PLC171416	KAYTROSS ACG LIFESCIENCES LIMITED	Director	01/10/2012	01/10/2012	-	Active	NO
4	U24230MH1987PTC043003	MEHTA API PRIVATE LIMITED	Director	30/09/2013	04/10/2012	-	Active	NO
5	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	30/09/2013	01/08/2013	-	Active	NO
6	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	21/09/2014	01/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajesh
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 29.11.2014

Names of Shareholders	No. of Shares
Harshadrai Mehta	35833
Devendra Mehta	28670
Yogin Mehta	28670
Manisha Mehta	500
Mehta Chemicals, India	1000
H.P. Mehta (HUF)	1000
Kundanbala Mehta	1833
Darshana Mehta	500
Total	98006

Equity Share Break up (Percentage of Total Equity)

As on 29.11.2014

Category	Percentage
Bodies corporate	2.04
Directors or relatives of Directors	97.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of APIs and Advance Drug Intermediates.

Products :

Product Description	Item Code No. (ITC Code)
Manufacture of Active Pharmaceuticals Ingredients Intermediates.	99532693

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information denied by management

Bankers :

• Central Bank of India, Churchgate Branch, ICICI Building, 163 , Backbay Reclamation , Mumbai - 400020, Maharashtra, India
• Central Bank of India, Kasturi Building, Opposite Petroleum House, J Tata Road, Churchgate, Mumbai - 400020, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Rupee term loans from banks	9.367	13.552
Term loans from others	10.586	0.000
Working capital loans from banks	25.833	35.000
Working capital loans from banks	90.117	0.000
Loans taken for fixed assets	0.000	4.045
SHORT TERM BORROWINGS
Loans repayable on demand from others	7.288	115.216
Loans and advances from related parties	0.000	10.000
Total	143.191	177.813

Auditors :
Name :	V J SHAH and Company Chartered Accountants
Address :	401-406, K, Building 24, Walchand Hirachand Marg, Ballard Estate, CST, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFV0230F
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 29.11.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98006	Equity Shares	Rs.100/- each	Rs.9.801 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.801	9.801
(b) Reserves & Surplus	131.682	93.286
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	141.483	103.087
(3) Non-Current Liabilities
(a) long-term borrowings	135.903	140.860
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	135.903	140.860
(4) Current Liabilities
(a) Short term borrowings	49.367	132.610
(b) Trade payables	217.816	299.611
(c) Other current liabilities	73.783	36.582
(d) Short-term provisions	10.706	6.535
Total Current Liabilities (4)	351.672	475.338
TOTAL	629.058	719.285
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	144.092	124.616
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	2.007	0.652
(d) Long-term Loan and Advances	23.997	18.555
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	170.096	143.823
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	136.724	136.294
(c) Trade receivables	199.219	341.200
(d) Cash and cash equivalents	86.102	75.767
(e) Short-term loans and advances	0.319	12.757
(f) Other current assets	36.598	9.444
Total Current Assets	458.962	575.462
TOTAL	629.058	719.285

PROFIT & LOSS ACCOUNT

PARTICULARS			31.03.2014	31.03.2013
SALES
	Income
	Other Income
	TOTAL (A)		1,088.763	983.745
EXPENSES
	TOTAL (B)		982.229	931.323
PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			106.534	52.422
FINANCIAL EXPENSES (D)			34.860	28.343
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			71.674	24.079
DEPRECIATION/ AMORTISATION (F)			21.133	15.539
PROFIT/(LOSS) BEFORE TAX (E-F) (G)			50.541	8.540
TAX (H)			12.145	1.254
PROFIT/(LOSS) AFTER TAX (G-H) (I)			38.396	7.286
Earnings / (Loss) Per Share (Rs.)			391.77	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	8.06	1.19
Return on Investment (ROI) (PBT/Networth)		0.36	0.08
Debt Equity Ratio (Total Debt /Networth)		1.31	2.65
Current Ratio (Current Asset/Current Liability)		1.31	1.21

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Share Capital	9.801	9.801
Reserves & Surplus	93.286	131.682
Share Application money pending allotment	0.000	0.000
Net worth	103.087	141.483
Long Term borrowings	140.860	135.903
Short Term borrowings	132.610	49.367
Total borrowings	273.470	185.270
Debt/Equity ratio	2.653	1.309

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Total Income	983.745	1,088.763
		10.675

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Total Income	983.745	1,088.763
Profit	7.286	38.396
	0.74%	3.53%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
LONG TERM BORROWINGS
Loans and advances from related parties	0.000	87.803
Other loans and advances	0.000	0.460
SHORT TERM BORROWINGS
Loans repayable on demand from others	0.000	6.874
Other loans and advances	0.000	0.520
Loans and advances from related parties	42.079	0.000
Total	42.079	95.657

GENERAL INFORMATION

Subject is a Private Company domiciled in India and incorporated on 30th March, 1987 under the provisions of the Companies Act, 1956. The Company has been in the business of Manufacturing and Marketing of APIs & Advance Drug Intermediates globally for decades. It is a research driven organization, led by visionary management, and has the capacity to manufacture multi step, highly complex, highly potent, chiral & semi-systheticAPls. It is committed to Excellence in Product Quality and adherence to stringent delivery schedule. We export to about 20 countries including Regulated Markets - spanning all 6 continents. We are a technology driven company setting up high benchmarks for quality and have strong API processing and manufacturing capability.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10537219	20/11/2014	588,354,000.00	ING Vysya Bank Limited	103/104, 'A' Wing 1st Floor, Floral Deck Plaza, MIDC Central Road, Andheri (E), Mumbai, Maharashtra - 400093, India	C37305240
2	10013362	10/12/2013 *	639,200,000.00	Central Bank Of India	Kasturi Building, Opp. Petroleum House, J Tata Road, Churchgate, Mumbai, Maharashtra - 400020, India	B93303592

*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.61.85
UK Pound	1	Rs.94.96
Euro	1	Rs.69.10

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
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	6
--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		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.