MIRA INFORM REPORT

Report No. :	348362
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	MANGA CAPSULES LIMITED
Registered Office :	G. No. 157, Jaulke Village, Near Adgoan, Towards, Ozar T/S, Mumbai Agra Road, Nashik – 422206, Maharashtra
Tel. No.:	Not Available
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.12.1997
Com. Reg. No.:	11-112697
Capital Investment / Paid-up Capital :	Rs. 65.469 Million
CIN No.: [Company Identification No.]	U24239MH1997PLC112697
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Empty Hard Gelatine Capsules Shell.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Poor
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject was incorporated in the year 1997 and it is a manufacturer of empty hard gelatin capsules shell. For the financial year ended 2014, company possesses above average operational performance and it has achieved profit from its operations during the year under a review. Due to profit, company has able to wipe out some of its accumulated losses. However, rating remain constrained on company’s huge accumulated losses over the year which has eroded entire net worth of the company. Further, the management has register case (Case No. 22/2011) with Board for Industrial and Financial Reconstruction of sick Industrial companies act 1985 and order for rehabilitation dismissed as non maintainable. Moreover, as per our sources and investigation company has found under RBI defaulter and it has defaulted hefty amount of Rs. 103.600 million with State Bank of India. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on safe and secured 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

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

Borrowers’ Name :	MANGA CAPSULES LIMITED
Address :	Lakshmi Vijay, Peth Phata, Panchvati Nasik – 422003, Maharashtra, India
Name of Individual :	Bhupendra Babubhai Desai (DIN No.: 596895) Goldie J. Anand Janak. H. Mehta (DIN No.: 24343) Mukund G. Kokil Ravindra Singh Anand Saurabh Satish Kulkarni (DIN No.: 24972) V. V. Patil (DIN No.: 202940) Vaibhav. V. Patil
Name of Credit Grantors / Bank & Branch:	State Bank of India – SAMB-II, Mumbai, Maharashtra, India
Amount (Rs. In Millions) :	Rs. 103.600 Million

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 31-03-2015.

LOCATIONS

Registered Office :	G. No. 157, Jaulke Village, Near Adgoan, Towards, Ozar T/S, Mumbai Agra Road, Nashik – 422206, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	manga_cap@rediffmail.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Janak Harikishandas Mehta

Designation :

Director

Address :

A/5, Aruna Apartment, Dindori Road, Panchwati, Nashik - 422003, Maharashtra, India

Date of Birth/Age :

19.04.1960

Qualification :

Graduate

Date of Appointment :

29.12.1997

PAN No. :

ABJPM1792M

DIN No.:

00024343

Name :

Mr. Saurabh Satish Kulkarni

Designation :

Director

Address :

Plot No.N-32/N-1,13-4, Vivekanandnagar, Nashik - 422004, Maharashtra, India

Date of Birth/Age :

09.06.1979

Qualification :

Graduate

Date of Appointment :

02.01.2006

DIN No.:

00024972

Name :

Mr. Vaibhav Vijay Patil

Designation :

Director

Address :

Laxmi-Vijay, Peth Road, Peth Phata,, Panchavati, Nasik - 422003, Maharashtra, India

Date of Birth/Age :

24.02.1981

Qualification :

Graduate

Date of Appointment :

25.09.2007

PAN No. :

AKBPP9286G

DIN No.:

00202940

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	U67190MH1989PTC052685	CAVEAT CORPORATE CONSULTANTS PVT LTD.	Director	24/03/2002	24/03/2002	-	Strike off	NO
2	U24230MH2003PTC138530	MAX FORMULATIONS PRIVATE LIMITED	Director	03/01/2003	03/01/2003	-	Dormant	NO
3	U24230MH2003PLC138739	VIJAY CAPSULES LIMITED	Director	17/01/2003	17/01/2003	-	Dormant	NO
4	U55101MH2003PTC138863	NASIK GUEST HOUSE PRIVATE LIMITED	Director	27/01/2003	27/01/2003	-	Dormant	NO
5	U51420MH2005PTC154022	PANCHVATI INFRASTRUCTURE PRIVATE LIMITED	Director	16/06/2005	16/06/2005	-	Strike off	NO
6	U51420MH2005PTC154778	CLASSIC IRON AND ALLOYS PRIVATE LIMITED	Director	14/07/2005	14/07/2005	02/09/2010	Active	NO
7	U24239MH1997PLC112697	MANGA CAPSULES LIMITED	Director	25/09/2007	25/09/2007	-	Active	NO
8	U15122MH2007PTC175982	RATIONAL FRUITPRO PRIVATE LIMITED	Director	19/11/2007	19/11/2007	-	Active	NO
9	L45200MH1991PLC062984	KYRA LANDSCAPES LIMITED	Director	30/09/2010	20/09/2009	31/08/2013	Active	NO
10	U40300MH2007PTC169310	IDEAL POWER & INFRASTRUCTURE PRIVATE LIMITED	Director	01/09/2010	01/09/2010	01/02/2012	Active	NO
11	U31200MH2004PTC146765	MAX ENERGY (INDIA) PRIVATE LIMITED	Director	30/09/2011	06/12/2010	-	Under liquidation	NO
12	L55101MH1992PLC229594	SUNLAKE RESORTS AND HOTELS LIMITED	Managing director	05/09/2014	31/01/2011	-	Active	NO

Name :

Mr. Bhupendera Babubhai Desai

Designation :

Director

Address :

6, Tapovan Society, PJ Road,, Naniad - 397002, Gujarat, India

Date of Birth/Age :

14.07.1954

Qualification :

Graduate

Date of Appointment :

16.07.2005

DIN No.:

00596895

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	46.06
Other top fifty shareholders	53.94
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Empty Hard Gelatine Capsules Shell.

Products :

ITC Code No.	Product Descriptions
35030000	Empty Hard Gelatine Capsules Shell

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

Selling :

--

Purchasing :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	--
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Available

Bankers :

Bank Name:	--
Branch:	--
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

· State Bank of India

Commercial Branch, L.N. Road, Dadar (East), Mumbai – 400014, 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	58.515	65.215
Total	58.515	65.215

Banking Relations :	--
Auditors :
Name :	M.G Shouche and Associate Chartered Accountants
Address :	Shri Swami Samarth Krupa Prakash Nagar Shikhre Wadi, Opposite Andhashala Stop Nashikroad, Nashik – 422101, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AFFPS8699R
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
18,000,000	Equity Shares	Rs. 10/- each	Rs. 180.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6,546,946	Equity Shares	Rs. 10/- each	Rs. 65.469 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	65.469	65.469	65.469
(b) Reserves & Surplus	(101.084)	(215.516)	(191.744)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1.350	1.350
Total Shareholders’ Funds (1) + (2)	(35.615)	(148.697)	(124.925)
(3) Non-Current Liabilities
(a) Long-term borrowings	201.242	268.378	268.378
(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	0.187	0.187
Total Non-current Liabilities (3)	201.242	268.565	268.565
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	131.962	80.580	52.316
(c) Other current liabilities	2.594	3.089	3.351
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	134.556	83.669	55.667
TOTAL	300.183	203.537	199.307
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.646	42.606	60.017
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	64.739	64.739	64.739
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	37.781	0.281	0.281
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.210	7.472	7.050
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	128.376	115.098	132.087
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.343	22.795	8.560
(c) Trade receivables	59.551	56.801	51.778
(d) Cash and cash equivalents	90.913	8.843	6.800
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.082
Total Current Assets	171.807	88.439	67.220
TOTAL	300.183	203.537	199.307

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	127.197	51.581	70.375
		Other Income	22.003	0.000	0.009
		TOTAL (A)	149.200	51.581	70.384
Less	EXPENSES
		Cost of Materials Consumed	122.679	47.204	56.760
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.195	(12.718)	3.412
		Employees benefits expense	5.223	4.829	4.964
		Other expenses	8.368	18.320	27.322
		TOTAL (B)	137.465	57.635	92.458
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.735	(6.054)	(22.074)
Less	FINANCIAL EXPENSES (D)		1.968	0.009	0.020
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.767	(6.063)	(22.094)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.833	17.709	7.409
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		5.934	(23.772)	(29.503)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		5.934	(23.772)	(29.503)
	Earnings/ (Loss) Per Share (Rs.)		0.91	(3.63)	(4.51)

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	169.820	2.351	0.197

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.67	(46.09)	(41.92)
Operating Profit Margin (PBDIT/Sales)	(%)	9.23	(11.74)	(31.37)
Return on Total Assets (PBT/Total Assets}	(%)	3.00	(17.16)	(21.97)
Return on Investment (ROI) (PBT/Networth)		(0.17)	0.16	0.24
Debt Equity Ratio (Total Debt/Networth)		(5.65)	(1.80)	(2.15)
Current Ratio (Current Asset/Current Liability)		1.28	1.06	1.21

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	65.469	65.469	65.469
Reserves & Surplus	(191.744)	(215.516)	(101.084)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	1.350	1.350	0.000
Net worth	(124.925)	(148.697)	(35.615)
Long-term borrowings	268.378	268.378	201.242
Short term borrowings	0.000	0.000	0.000
Total borrowings	268.378	268.378	201.242
Debt/Equity ratio	(2.148)	(1.805)	(5.650)

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	70.375	51.581	127.197
		(26.706)	146.597

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	70.375	51.581	127.197
Profit	(29.503)	(23.772)	5.934
	(41.92%)	(46.09%)	4.67%

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	No
8	Designation of contact person	No
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	No
18	Major suppliers	No
19	Major customers	No
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	No
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	90142785	15/03/2000	5,500,000.00	RUPEE CO-OP; BANK LIMITED	NASIK BRANCH, NASIK, MAHARASHTRA, INDIA	-
2	90142286	29/03/2000 *	4,000,000.00	RUPEE CO-OP; BANK LIMITED	NASIK BRANCH, NASIK, MAHARASHTRA, INDIA	-
3	90149235	09/12/1998	37,600,000.00	RUPEE CO-OP; BANK LIMITED	NASIK BRANCH, NASIK, MAHARASHTRA - 422001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Deferred sales tax loan	22.701	22.701
Other loans and advances, others	120.026	180.462
Total	142.727	203.163

CHANGE OF ADDRESS:

The Registered Office of the Company has been shifted from Laxmi Vijay Buildingpeth Road, Panchavati, Nashik – 422003, Maharashtra, India to the present address w.e.f. 01.03.2012.

FIXED ASSETS:

· Land

· Buildings

· Furniture and fixtures

· Vehicles

· Office equipment

· Plantations

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.65.69
UK Pound	1	Rs.99.95
Euro	1	Rs.71.55

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ARC

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.