MIRA INFORM REPORT

Report Date :

26.11.2011

IDENTIFICATION DETAILS

Name :	AYUSHAKTI AYURVED PRIVATE LIMITED
Formerly Known As :	DR. PANKAJ NARAM’S HERBAL REMEDIES PRIVATE LIMITED
Registered Office :	Bhadran Nagar, Cross Road No. 2, Off S V Road, Opposite Milap Cinema, Malad [West], Mumbai – 400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.03.1988
Com. Reg. No.:	11-046809
Capital Investment / Paid-up Capital :	Rs.20.500 Millions
CIN No.: [Company Identification No.]	U24232MH1988PTC046809
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Ayurvedic Products.
No. of Employees :	150 [Office + Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba [49]

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

Maximum Credit Limit :	USD 699000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. General financial position is good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

INFORMATION PARTED BY

Name :	Ms. Nikita
Designation :	Account Department
Contact No.:	91-22-67376737
Date :	26.11.2011

LOCATIONS

Registered Office :	Bhadran Nagar, Cross Road No. 2, Off S V Road, Opposite Milap Cinema, Malad [West], Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-28065757 / 28065749 / 28062323 / 28062424
Fax No.:	91-22-28065748
E-Mail :	nikhila@ayushakti.com ayu_accounts@vsnl.com
Website :	http://www.ayushakti.com
Corporate Office :	C - 47, Pravasi Industrial Estate, 1^st Floor, Off Aarey Road, Goregaon [East], Mumbai – 400063, Maharashtra, India
Factory :	Plot No. 26, Chintu Pada, Palghar, Maharashtra, India
Centres :	Located at Vile Parle [West], Mumbai, Maharashtra, India Malad [West], Mumbai – 400064, Maharashtra, India Thane [West], Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Dr. Smita Pankaj Naram

Designation :

Whole-time Director

Address :

Bungalow No.31, Next to Aarey Colony, Royal Palms, Aarey Colony, Goregaon [East], Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

26.05.1962

Date of Appointment :

29.03.1988

DIN :

00030370

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	U24232MH1988PTC046809	AYUSHAKTI AYURVED PRIVATE LIMITED	Whole-time director	29/03/1988	29/03/1988	Active	NO
2	U85195MH1982PTC028167	SWASTYA AYURVED PRIVATE LIMITED	Director	10/12/2001	10/12/2001	Active	NO
3	U51397MH2002PTC137102	AYUSHAKTI HEALTH CARE PRIVATE LIMITED	Director	6/9/2002	6/9/2002	Active	NO

Name :

Ms. Indira Ramchandra Vaidya

Designation :

Director

Address :

CJ Apartments S M Road, Kandivali, Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

13.09.1938

Date of Appointment :

21.02.2002

DIN :

00030417

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	U24232MH1988PTC046809	AYUSHAKTI AYURVED PRIVATE LIMITED	Director	21/02/2002	21/02/2002	Active	NO
2	U51397MH2002PTC137102	AYUSHAKTI HEALTH CARE PRIVATE LIMITED	Director	18/02/2010	18/02/2010	Active	NO
3	U85195MH1982PTC028167	SWASTYA AYURVED PRIVATE LIMITED	Director	11/7/2011	11/7/2011	Active	NO

Name :

Mr. Pankaj Khimji Naram

Designation :

Director

Address :

Bungalow No.31, Next to Aarey Colony, Royal Palms, Aarey Colony, Goregaon [East], Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

04.05.1955

Date of Appointment :

29.03.1988

DIN :

00030459

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	U24232MH1988PTC046809	AYUSHAKTI AYURVED PRIVATE LIMITED	Director	1/9/2008	29/03/1988	-	Active	NO
2	U85195MH1982PTC028167	SWASTYA AYURVED PRIVATE LIMITED	Director	10/12/2001	10/12/2001	-	Active	NO
3	U51397MH2002PTC137102	AYUSHAKTI HEALTH CARE PRIVATE LIMITED	Director	6/9/2002	6/9/2002	25/05/2011	Active	NO
4	U85100MH2009PTC193574	ANCIENT YOUTH SECRET (INDIA) PRIVATE LIMITED	Director	25/06/2009	25/06/2009	-	Active	NO

KEY EXECUTIVES

Name :	Jigyasa Singhi and Associates
Designation :	Company Secretary
Address :	J-11/16, Jal Mandir Society, Bangur nagar, Goregaon [West], Mumbai – 400090, Maharashtra, India
Tel. No. :	91-22-28726089
E-Mail :	jigyasasinhi@yahoo.com
Name :	Ms. Nikita
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Smita Pankaj Naram	100000
Gudjons Brita	5000
Pankaj Khimji Naram	100000
Total	205000

As on 30.09.2011

Equity Share Break Up Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie’s Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	2.44
Directors or relatives of Directors	97.56
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Ayurvedic Products.
Exports :
Products :	Dietary Supplements
Countries :	US Netherland New Zealand
Terms :
Selling :	Credit
Purchasing :	Credit

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Installed Capacity [On one shift basis]
Powder [Kwarth and Ghrut]	Tonnes	2
Liquid	Tonnes	2
Tablets and Capsules [Bottles]	Bottles	10,00,000

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Actual Production
Generic Items	Bottles	60406
Non Generic Items	Bottles	663482
Cosmetic Items	Nos.	9139
Export	Bottles	355967

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

150 [Office + Factory] Approximately

Bankers :

• Induslnd Bank, Mumbai, Maharashtra, India
• Bharat Cooperative Bank (Mumbai) Limited, Maharashtra, India
• Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• HDFC Bank
• Oriental Bank of Commerce

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
HDFC Bank Car Loan [secured against vehicles]	0.000	0.022
Total	0.000	0.022
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Sales Tax Deferred Payment Scheme	0.949	1.293
Total	0.949	1.293

Banking Relations :	--
Auditors :
Name :	Kiran Mehta and Company Chartered Accountants
Address :	65, M.G. Road, 1^st Floor, Flora Fountain, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22677062 / 22675140
Fax No.:	91-22-22641135
E-Mail :	contract@kiranmehtaca.com
PAN :	AAAFK3940M
Subsidiaries :	Ayushakti Healthcare Ayushakti B.V.

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs.100/- each	Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
205,000	Equity Shares	Rs.100/- each	Rs.20.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		20.500	20.500	20.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		154.382	121.983	85.013
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		174.882	142.483	105.513
LOAN FUNDS
1] Secured Loans		0.000	0.022	0.262
2] Unsecured Loans		0.949	1.293	1.678
TOTAL BORROWING		0.949	1.315	1.940
DEFERRED TAX LIABILITIES		1.590	1.356	1.161
TOTAL		177.421	145.154	108.614
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.306	33.048	29.371
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.263	3.263	3.263
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.682	20.635	18.712
	Sundry Debtors	14.317	13.095	9.627
	Cash & Bank Balances	112.426	87.112	65.251
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.810	10.668	10.166
Total Current Assets		163.235	131.510	103.756
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.026	19.846	18.473
	Other Current Liabilities	2.231	2.821	5.700
	Provisions	3.126	0.000	3.603
Total Current Liabilities		24.383	22.667	27.776
Net Current Assets		138.852	108.843	75.980
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		177.421	145.154	108.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operations
		Other Income
		TOTAL	197.834	194.173	169.783
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Administrative Expenses
		Advertising Expenses
		Increase / [Decrease] in Stocks
		TOTAL	138.022	121.667	118.238
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION		59.812	72.506	51.545
Less/ Add	DEPRECIATION/ AMORTISATION		6.797	5.011	4.402
	PROFIT / [LOSS] BEFORE TAX		53.015	67.495	47.143
Less	TAX		18.233	22.996	17.296
	PROFIT / [LOSS] AFTER TAX		34.782	44.499	29.847
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		90.424	60.454	46.733
Less	APPROPRIATIONS
		Transfer to General Reserve	6.000	7.000	5.000
		Interim Dividend and Tax thereon	0.000	7.196	1.199
		Proposed Dividend and Tax thereon	2.383	0.000	3.597
Less:	Income Tax Written off for earlier years		0.000	0.333	6.330
	BALANCE CARRIED TO THE B/S		116.823	90.424	60.454
	EARNINGS IN FOREIGN CURRENCY
		Export (FOB Value )	59.350	69.675	70.279
		Training Income and Consultancy	0.151	0.688	1.332
		Credit Card - Sales of Goods and Services	4.736	17.640	13.496
		House Income	1.781	2.727	1.086
	TOTAL EARNINGS		66.018	90.730	86.193
	Earnings/[Loss] Per Share (Rs.)		169.67	217.07	146.00

Expected Sales (2011-2012) : Rs.210.000 millions

The above information has been parted by Ms. Nikhila [Account Department].

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	17.58	22.92	17.58
Return on Total Assets (PBT/Total Assets}	(%)	26.70	41.01	35.41
Return on Investment (ROI) (PBT/Networth)		0.30	0.47	0.45
Debt Equity Ratio (Total Liability/Networth)		0.14	0.17	0.28
Current Ratio (Current Asset/Current Liability)		6.69	5.80	3.73

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs in Millions

PARTICULAS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
For Goods	5.909	4.723	5.913
For Expenses	9.505	10.837	9.955
For Others	3.612	4.286	2.605
Total	19.026	19.846	18.473

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

FINANCIAL HIGHLIGHTS

The total revenue of Subject in 2010-11 was Rs. 197.834 millions, (in 2009-10 was Rs.194.173 millions). The revenue grew by a marginal 2% over the last year. The export sales showed a de growth of around 9% owing to economic recession and fluctuation in the legislations governing the exports.

The company Profit Before Depreciation and Tax (PBDT) was Rs.59.812 millions (2009-10 was Rs.72.506 millions) and Profit Before Tax was Rs.53.015 millions (2009-10 was 67.495 millions).

Marketing Activities

In order to scale up the business of the company and to increase the visibility of the brand the company opened two Distributors Franchises in Pune (Urja Ayurveda), Shree Dhanvantari Ayurveda Hospital in October 2010 and Sanjeevani Ayurved in May 2010 and it is proposed to open at least 4 more such Franchisees during the year 2011-12.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80020194
Corporate identity number of the company	U24232MH1988PTC046809
Name of the company	AYUSHAKTI AYURVED PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Bhadran Nagar, Cross Road No. 2, Off S V Road, Opposite Milap Cinema, Malad [West], Mumbai – 400064, Maharashtra
Type of charge	Book Debts Movable Property Floating Charge Immovable Property
Particular of Charge Holder	Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India Email : agrigroup@eximbankindia.in
Nature of description of the instrument creating or modifying the charge	Letter of Confirmation dated 18/01/2008 issued by Ayushakti Ayurved Private Limited ("the Company") to Exim Bank.
Date of instrument Creating the charge	18.01.2008
Amount secured by the charge	Rs.20.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - LIBOR (6 months) plus 175 basis points per annum (inclusive of withholding tax), payable quarterly. Terms of Repayment - Pre-shipment credit will be repaid out of disbursement under post-shipment credit or out of export proceeds or at the end of 180 days from the date of each disbursement, whichever is earlier. Post-shipment credit will be repaid out of export proceeds or within 180 days from the date of each disbursement, whichever is earlier. Margin – Pre-shipment credit 20% of export order Post-shipment credit 20% of export order Extent and Operation of the charge - Charge created under DOH date 11/9/03 as modified by Mortgage date 6/1/04, Modifying DOH date 9/11/04 and Letters of Confirmation date 16/2/06 and 27/12/06 and further modified by this Letter of Confirmation date 18/01/08 in favour of Exim Bank shall continue to secure the Loan on 1st pari passu basis upto the revolving limit of USD 435,000 (approx equal to Rs.20.000 millions) together with interest and other moneys for such further period(s) as Exim Bank may agree to continue to provide the said Loan to the Company.
Short particulars of the property charged	The whole of Company’s moveable fixed assets and current assets, both present and future, and the company's land and other immoveable assets at Plot no 26, Mauje Village Mahim. Taluka Palghar District : Thane.
Date of latest modification prior to the present modification	27.12.2006
Particulars of the present modification	By reason of renewal of Dollar Loan of USD 435000 under Letter of Confirmation attached hereto, the said Dollar Loan is continued to be made available to the Borrower for a further period of one year and Dollar Loan which was secured by a charge created under the Deed of Hypothecation dated11/09/2003 and Mortgage by deposit of title deeds and modified as above in favour of Exim Bank shall continue to secure the said Dollar Loan until it is paid off in full to Exim Bank.

FIXED ASSETS :

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Office Equipments
• Dies and Tools
• Health Centre Equipments and Kitchen Equipments
• Vehicles

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 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.52.16
UK Pound	1	Rs.80.64
Euro	1	Rs.69.42

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.