MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	SHRISH ENTERPRISES PRIVATE LIMITED
Registered Office :	Hall No.4, Plot No.238, Budhpur, P.O. Alipur, New Delhi – 110036
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.2000
Com. Reg. No.:	55-104638
Capital Investment / Paid-up Capital :	Rs.8.004 Millions
CIN No.: [Company Identification No.]	U24239DL2000PTC104638
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Pharmaceuticals.
No. of Employees :	Not Divulged

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY (Partial Details)

Name :	Ms. Priti
Designation :	H R Department
Contact No.:	91-11-27204161
Date :	03.11.2011

LOCATIONS

Registered Office/ Warehouse :	Hall No.4, Plot No.238, Budhpur, P.O. Alipur, New Delhi – 110036, India
Tel. No.:	91-11-27204161-63
Fax No.:	91-11-27204160
E-Mail :	dhiraj.caaggarwal@rediffmail.com naresh64951@yahoo.co.in

DIRECTORS

(AS ON 16.09.2011)

Name :

Mr. Naresh Goel

Designation :

Director

Address :

A-7/26, Sector – 16, Rohini, New Delhi – 110085, India

Date of Birth/Age :

01.12.1970

Date of Appointment :

23.03.2000

DIN No.:

00376267

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51397DL1999PTC098826	GANGESH PHARMA PRIVATE LIMITED	Director	12-03-99	12-03-99	-	Active	NO
2	U24239DL2000PTC104638	SHRISH ENTERPRISES PRIVATE LIMITED	Director	23-03-00	23-03-00	-	Active	NO
3	U00304DL2005PLC140896	J.B.B. HEALTHCARE LIMITED	Director	19-09-05	19-09-05	03-11-11	Active	NO
4	U99999DL2006PTC147727	RECOVA PHARMA EXPO PRIVATE LIMITED	Director	20-03-06	20-03-06	-	Active	NO
5	U24100DL2007PTC171319	SUN MEDILAB PRIVATE LIMITED	Director	11-12-07	11-12-07	-	Active	NO
6	U85191DL2007PTC171397	WARNER (INDIA) PHARMA PRIVATE LIMITED	Director	13-12-07	13-12-07	22-03-10	Active	NO
7	U24232DL2008PLC177932	MEDIAL PHARMA LIMITED	Director	09-05-08	09-05-08	-	Active	NO
8	U24232DL2008PTC177515	INFAR HEALTHCARE PRIVATE LIMITED	Director	28-06-10	10-04-09	-	Active	NO
9	U24232DL2008PTC177518	ASTRA MEDICA PRIVATE LIMITED	Additional director	13-04-09	13-04-09	-	Active	NO
10	U24232DL2009PTC196594	NASCENT BIOMED PRIVATE LIMITED	Director	03-12-09	03-12-09	-	Active	NO
11	U24230DL2010PLC198616	SENTOSA GEIGY (INDIA) LABS LIMITED	Director	02-02-10	02-02-10	-	Active	NO

Name :

Mr. Ramesh Goel

Designation :

Director

Address :

A-7/26, Sector – 16, Rohini, New Delhi – 110085, India

Date of Birth/Age :

04.04.1961

Date of Appointment :

23.03.2000

DIN No.:

00413567

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51397DL1999PTC098826	GANGESH PHARMA PRIVATE LIMITED	Director	12-03-99	12-03-99	Active	NO
2	U24239DL2000PTC104638	SHRISH ENTERPRISES PRIVATE LIMITED	Director	23-03-00	23-03-00	Active	NO
3	U24232DL2008PLC177932	MEDIAL PHARMA LIMITED	Director	09-05-08	09-05-08	Active	NO
4	U24232DL2008PTC177515	INFAR HEALTHCARE PRIVATE LIMITED	Director	28-06-10	10-04-09	Active	NO
5	U24232DL2008PTC177518	ASTRA MEDICA PRIVATE LIMITED	Additional director	13-04-09	13-04-09	Active	NO
6	U24100DL2007PTC171319	SUN MEDILAB PRIVATE LIMITED	Director	01-09-09	01-09-09	Active	NO
7	U24230DL2010PLC198616	SENTOSA GEIGY (INDIA) LABS LIMITED	Director	02-02-10	02-02-10	Active	NO

KEY EXECUTIVES

Name :	Ms. Priti
Designation :	H R Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 16.09.2011)

Names of Shareholders	No. of Shares
Ramesh Goel	99100
Vishnu B. Goel	190000
Resham Devi	185000
Geeta devi	10000
Dhoop Singh Goel	100000
Anandi Gupta	10000
R P Gupta	6200
Sunil Kumar Goel	70000
Naresh Goel	30100
Pinki Goel	50000
Annex Motorsports Private Limited, India	25000
Bushan Healthcare Private Limited, India	25000
Total	800400

(AS ON 30.09.2011)

Equity Shares Break-up

Category	Percentage
Bodies corporate	6.00
Directors or relatives of directors	94.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader of Pharmaceuticals.

GENERAL INFORMATION

Suppliers :

· Alembic Limited

· Alembic Limited DCGI)

· Alkem Labs Limited

· Recova Pharma Expo Private Limited

· Cadila Pharmaceuticals Limited

· Gangesh Pharma Private Limited

· Unichem Laboratories Limited

Customers :

· A. D. Agencies

· Aastha Enterprises

· Abhishek Enterprises

· Amber Enterprises

· Amber Pharmaceuticals

· Ashish Drug Agencies

· Bansal Medicos

· Best Time Trading Company Private Limited

· Chhabra Medical Agencies

· D.K Goel

· Daksh Pharma

· Dubey Pharma

· Durga Medi Pharma

· Durga Pharma

· Fair Deal Medical Agency

· Gautam Enterprises

· Ghai Enterprises

· GL. India Natureceuticals Private Limited

· Goyal Medical Agencies

· Goyal Medipoint

· Gupta Ji Chemists

No. of Employees :

Not Divulged

Bankers :

· Axis Bank

4/10, OPG House, Asaf Ali Road, New Delhi – 110002, India

· The Bank of Rajasthan Limited

A-1/3, Paschim Vihar, New Delhi – 110063, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
The Axis Bank Limited (C/C Limit against Hypothecation of Stock)	14.040	18.453
Total	14.040	18.453

Banking Relations :	--
Auditors :
Name :	Dhiraj Aggarwal and Company Chartered Accountants
Address :	221, Gupta Complex, Inderlok, Delhi – 110035, India
Tel No.:	91-11-23642073(O)/ 25984137 (R)
PAN No.:	ABBPA1773C

CAPITAL STRUCTURE

(AS ON 16.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
850000	Equity Share	Rs.10/- each	Rs.8.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800400	Equity Share	Rs.10/- each	Rs.8.004 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.004	8.004	7.504
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14.969	13.506	7.601
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.973	21.510	15.105
LOAN FUNDS
1] Secured Loans		14.040	18.453	13.425
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		14.040	18.453	13.425
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		37.013	39.963	28.530
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.420	0.558	0.704
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.112	0.112	0.105
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	46.479	30.900	32.083
	Sundry Debtors	9.152	18.082	4.408
	Cash & Bank Balances	0.360	0.883	0.555
	Other Current Assets	2.466	2.456	2.451
	Loans & Advances	2.000	2.000	2.983
Total Current Assets		60.457	54.321	42.480
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	23.900	14.629	14.476
	Other Current Liabilities and Provisions	0.086	0.419	0.313
Total Current Liabilities		23.986	15.048	14.789
Net Current Assets		36.471	39.273	27.691
MISCELLANEOUS EXPENSES		0.010	0.020	0.030
TOTAL		37.013	39.963	28.530

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	Total Income	155.239	145.938	151.250
Less	Total Expenses	152.967	143.721	149.191
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	2.272	2.217	2.059
Less/ Add	DEPRECIATION/ AMORTISATION	0.138	0.184	0.238
	PROFIT BEFORE TAX	2.134	2.033	1.821
Less	TAX	0.672	0.636	0.690
	PROFIT AFTER TAX	1.462	1.397	1.131
	Earnings Per Share (Rs.)	1.82	1.74	1.48

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.37	1.39	1.20
Return on Total Assets (PBT/Total Assets}	(%)	3.51	3.70	4.22
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.12
Debt Equity Ratio (Total Liability/Networth)		1.66	1.56	1.87
Current Ratio (Current Asset/Current Liability)		2.52	3.61	2.87

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-------
No. of Employees	No
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	No
Profitability for last three years	-------
Reasons for variation <> 20%	-------
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-------
Litigations that the firm/ Promoters Involved in	-------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-------
Buyer visit details	-------
Financials, if provided	No
Incorporation details is applicable	-------
Last Accounts filed at ROC	-------
Major Shareholders, if available	-------

NOTE:

The Registered office of the company has been shifted from Khasra No.1122, Village Rithala, New Delhi – 110085, India, to the present address w.e.f. 01.04.2009.

FORM 8:

Corporate identity number of the company	U24239DL2000PTC104638
Name of the company	SHRISH ENTERPRISES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Hall No.4, Plot No.238, Budhpur, P.O. Alipur, G T Karnal Road, New Delhi – 110036, India dhiraj.caaggarwal@rediffmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10170755
Type of charge	Book Debts Others: First and Exclusive Charge Over Current Assets
Particular of charge holder	Axis Bank Limited 4/10, OPG House, Asaf Ali Road, New Delhi – 110002, India form8.axisbank@gmail.com
Nature of instrument creating charge	Amendment cum link agreement.
Date of instrument Creating the charge	25.10.2010
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: As per sanction Letter No. AXISB/NDZO/ADV/2010-11/8749 dated 16.10.2010 to be amended from time to time. Terms of Repayment: As per sanction Letter No. AXISB/NDZO/ADV/2010-11/8749 dated 16.10.2010 to be amended from time to time. Margin: As per sanction Letter No. AXISB/NDZO/ADV/2010-11/8749 dated 16.10.2010 to be amended from time to time. Extent and Operation of the charge: Extent and Operation - 100%
Particulars of the property charged	Hypothecation by way of first and exclusive charge over all present and future current assets of the company stored or to be stored at the Co's Godowns or premises or wherever else the same may be.
Particulars of the present modification	There being no change in the credit facilities of Rs.20.000 Millions already registered and secured by first and exclusive charge over all present and future current assets of the company however, present rate of interest i.e. PLR-2.75% p.a. has been modified to base rate + 2.75% p.a. All other terms and conditions remaining unchanged.

FIXED ASSETS:

· Furniture and Fixture

· Computers

· Inverter

· Air Conditioner

· Mobile Phone

· Office Equipments

· Scooter

· Car

· Fire Extinguisher

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] 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.49.37
UK Pound	1	Rs.78.50
Euro	1	Rs.67.59

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
--PROFITABILIRY	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
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	-

Maximum Credit Limit :

USD 92000

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.