MIRA INFORM REPORT

Report Date :

01.03.2011

IDENTIFICATION DETAILS

Name :	MISSIONPHARMA LOGISTIC (INDIA) PRIVATE LIMITED
Registered Office :	101, Commerce House 1, Opposite Rajvash Apartments, Judges Bunglow Road, Bodakdev, Ahmedabad-380054, Gujarat, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.10.2001
Com. Reg. No.:	04-40078
CIN No.: [Company Identification No.]	U24231GJ2001PTC040078
TAN No.: [Tax Deduction & Collection Account No.]	AHMM01075E
PAN No.: [Permanent Account No.]	AACCM6133D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Pharmaceutical products.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 270000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. Trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long run.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office/ Factory :	101, Commerce House 1, Opposite Rajvash Apartments, Judges Bunglow Road, Bodakdev, Ahmedabad-380054, Gujarat, India
Tel. No.:	91-79-28365360/ 91-2836-253600
Fax No.:	91-79-28365366/ 91-2836-253660
E-Mail :	mplindia@icenet.net vjh@missionpharma.com
Head Office :	501, Ankit, Near Municipal Market, Navrangpura, Ahmedabad-380005, Gujarat, India
Tel. No.:	91-79-2836-53600
Fax No.:	91-79-2836-53660
E-Mail :	mplindia@icenet.net
Location :	Owned
Warehouse:	Plot No. 5-A, I-II-III Sector 3, Kandla Special Economic Zone, Gandhidham-370230, Gujarat, India

DIRECTORS

As on 27.09.2010

Name :	Mr. Kim Erik Ginnerup
Designation :	Director
Address :	J A 58, DK – 2920, Charlottenlund-2920, Denmark
Date of Birth/Age :	05.09.1965
Date of Appointment :	04.10.2001
Name :	Mr. Vikas Bhim Sain Jhunthra
Designation :	Director
Address :	Plot No. 125, First Floor, Sector 4, OSLO, Gandhidham-370201, Gujarat, India
Date of Birth/Age :	10.08.1975
Date of Appointment :	30.10.2004
Name :	Mr. Vidyashankar Gopalkrishna Sastry
Designation :	Alternate Director
Address :	No. 7, Kalhar Bunglows, Sector – 5, Post Box No. 1, SBPO Shilaj, P O Bopal, Ahmedabad-380058, Gujarat, India
Date of Birth/Age :	10.12.1965
Date of Appointment :	29.11.2007
Name :	Mr. Schrader Poul Erik Lindof
Designation :	Director
Address :	Strandbjerg. ICI TV 2960 Rungsted KYST NA
Date of Birth/Age :	23.05.1963
Date of Appointment :	29.06.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Mission Pharma A/S., Denmark	501839
Kim Erik Ginnerup Jtly with Mission Pharma A/S, Denmark	1
Total	501840

As on 27.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Pharmaceutical products.

Products :

Products Description	ITC Code No.
Other anti-bacterial-formulation in tablets, capsules, syrups etc.	300490 23
Amodiaquine and chloroquine (as phosphate or sulphate)- formulations thereof in tablets, injections etc.	300490 31
Penicillin in capsules, injections etc.	300410 02

GENERAL INFORMATION

Bankers :

City Bank , Ahmedabad, Gujarat, India

Banking Relations :	--
Auditors :
Name :	Shah and Shah Associates Chartered Accountant
Address :	702, Aniket, Nr. Municipal Market, Navrangpura, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26465433 / 28012244
Mobile No.:	91-79-26406983
E-Mail :	shah@wilnetonline.com ca@shahandshah.co.in
Holding company:	Missionpharma AS Denmark

CAPITAL STRUCTURE

As on 27.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
501840	Equity Shares	Rs.10/- each	Rs.5.018 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		5.018	5.018	5.018
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		64.664	52.442	54.739
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.682	57.460	59.757
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.553	0.758	1.036
TOTAL		70.235	58.218	60.793
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.357	43.177	38.771
Capital work-in-progress		2.091	0.885	5.080
INVESTMENT		20.550	24.394	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.459	74.134	126.489
	Sundry Debtors	0.000	0.000	10.183
	Cash & Bank Balances	51.867	11.684	36.899
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.514	5.940	50.035
Total Current Assets		153.840	91.758	223.606
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.310	20.239
	Other Current Liabilities	110.278	80.927	206.664
	Provisions	1.015	0.830	0.000
Total Current Liabilities		144.603	101.996	206.664
Net Current Assets		9.237	(10.238)	16.942
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		70.235	58.218	60.793

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		24.450	18.410	14.990
Less/ Add	DEPRECIATION/ AMORTISATION		6.430	6.630	4.450
	PROFIT BEFORE TAX		18.020	11.780	10.540
Less	TAX		5.800	14.070	4.440
	PROFIT AFTER TAX		12.220	(2.290)	6.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		47.440	49.730	43.630
	BALANCE CARRIED TO THE B/S		59.660	47.440	49.730
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1014.283	1339.628	NA
		Services Charges	0.801	0.823	NA
	TOTAL EARNINGS		1015.084	1340.451	NA
	IMPORTS
		Packing materials	382.718	608.006	378.579
		Material Finished Goods Purchased	0.000	1.262	0.661
		Capital Goods	0.749	1.403	1.649
	TOTAL IMPORTS		383.467	610.671	380.889
	Earnings Per Share (Rs.)		24.36	(4.58)	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	9.38	8.73	4.02
Return on Investment (ROI) (PBT/Networth)		0.26	0.20	0.18
Debt Equity Ratio (Total Liability/Networth)		2.07	1.77	3.46
Current Ratio (Current Asset/Current Liability)		1.06	0.90	1.08

LOCAL AGENCY FURTHER INFORMATION

Note: The registered office of the company has been shifted from B-404, NRI Tower, Near Judges Bungalows, Bodakdev, Ahmedabad-380015, Gujarat, India to the present address w.e.f. 15.03.2006

FIXED ASSETS:

· Building

· Plant and Machinery

· Electrical Fittings

· Office Equipments

· Furniture and Fixture

· Computers

· Computer Software

· Vehicle

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 records 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 records 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.45.18
UK Pound	1	Rs.72.79
Euro	1	Rs.62.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		54

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.