MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	WESTERN HASMUKH MARKETING PRIVATE LIMITED
Registered Office :	5, 7, 8, Girnar Darshan, Narayan Nagar, Modi Patel Cross Road, Bhayander (West), Thane-401101, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.05.2009
Com. Reg. No.:	11-192383
Capital Investment / Paid-up Capital :	Rs.2.400 Millions
CIN No.: [Company Identification No.]	U51101MH2009PTC192383
TAN No.: [Tax Deduction & Collection Account No.]	MUMW03501B
PAN No.: [Permanent Account No.]	AAACW8650P
Legal Form :	Private Limited Liability Company
Line of Business :	Distributors of Pharmaceutical Products.
No. of Employees :	84 (In Office 75, In Branch 9) [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 68000
Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company establishing itself gradually. Trade relations are reported as fair. Business is active. The company is progressing well. Payments are unknown. The company can be considered for business dealings with some caution.

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

INFORMATION PARTED BY

Name :	Mr. Vipul Kalyanji Mota
Designation :	Director
Contact No.:	91-9867393251

LOCATIONS

Registered / Head Office :	5, 7, 8, Girnar Darshan, Narayan Nagar, Modi Patel Cross Road, Bhayander (West), Thane-401101, Maharashtra, India
Tel. No.:	91-22-28193251/28183483
Mobile No.:	91-9867393251 [Mr. Vipul Kalyanji Mota]
Fax No.:	91-22-28196443
E-Mail :	vipulmota@yahoo.in westernhasmukh@yahoo.co.in
Area :	Owned
Branch Office:	Located At: Mumbai Thane

DIRECTORS

Name :

Mr. Vipul Kalyanji Mota

Designation :

Director

Name :

Mr. Ravilal Nagshi Shah

Designation :

Director

Address :

C-8, Adarsh Lok, Siddharth Nagar, Road No. 17, Goregaon West, Mumbai-400062, Maharashtra, India

Date of Birth/Age :

18.08.1956

Date of Appointment:

14.05.2009

Din No.:

02606556

Name :

Mr. Kantilal Nagshi Shah

Designation :

Director

Address :

1-1, Shanti Niketan, Shree Nagar Society, M.G. Road, Goregaon West, Mumbai-400062, Maharashtra, India

Date of Birth/Age :

15.11.1949

Date of Appointment:

14.05.2009

Din No.:

02606555

Name :

Mr. Ajay Kantilal Shah

Designation :

Director

Address :

1-1, Shanti Niketan, Shree Nagar Society, M.G. Road, Goregaon West, Mumbai-400062, Maharashtra, India

Date of Birth/Age :

09.10.1979

Date of Appointment:

08.03.2010

Din No.:

02774252

Name :

Mr. Yogesh Kanakrai Mehta

Designation :

Director

Address :

3, Sonal CHS Limited, Pushpa Colony, Manchubhai Road, Near Fatima Devi High School, Malad West, Mumbai-400097, Maharashtra, India

Date of Birth/Age :

21.11.1968

Date of Appointment:

14.05.2009

Din No.:

02606558

Name :

Mr. Biren Vinod Gala

Designation :

Director

Address :

405/E, Veena Sargam, Mahavir Nagar, Near Osho Hotel, Kandivli West, Mumbai-400067, Maharashtra, India

Date of Birth/Age :

17.09.1984

Date of Appointment:

14.05.2009

Din No.:

02606553

Name :

Mr. Kalyanji Nanji Shah

Designation :

Director

Address :

2/7, Sonal CHS Limited, Pushpa Colony, Manchubhai Road, Near Fatima Devi High School, Malad West, Mumbai-400097, Maharashtra, India

Date of Birth/Age :

03.03.1944

Din No.:

02606554

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	U51101MH2009PTC192383	WESTERN HASMUKH MARKETING PRIVATE LIMITED	Director	14-05-09	14-05-09	Active	NO
2	U65190MH2010PTC207874	VIKALP FINANCE AND CONSULTANCY PRIVATE LIMITED	Director	20-09-10	20-09-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Biren Vinod Gala	20000
Kantilal Nagshi Shah	20000
Ravilal Nagshi Shah	20000
Yogesh Kanakrai Mehta	20000
Bhavesh Kalyanji Mota	20000
Vipul Kalyanji Mota	20000
Hiren Kanakrai Mehta	20000
Ankit Shailesh Dedhia	20000
Milin Mukesh Vira	20000
Jayesh Nagshi Shah	20000
Ajay Kantilal Shah	20000
Kalyanji Nanji Shah	20000
Total	240000

BUSINESS DETAILS

Line of Business :	Distributors of Pharmaceutical Products.
Brand Names :	“DAVAR”
Agencies Held :	DABUR HAMDARD LABORATORIES SANDU BROTHERS AIMIL PHARMACEUTICAL LIMITED
Terms :
Selling :	Cash and Credit (30 days / 60 days)
Purchasing :	Cash

GENERAL INFORMATION

Suppliers :	Aimil Pharmaceutical India Limited Phyto Pharma
Customers :	Retailers and Others Mahavir Medical Wellness Forever Life Style Nobel Medical
No. of Employees :	84 (In Office 75, In Branch 9) [Approximately]
Bankers :	Vasai Janata Sahakari Bank Limited, Sai Kiran Building, Opposite Railway Station, Bhayandar (East), District Thane-401105, Maharashtra, India

Facilities:	OD and CC Rs.27.500 Millions [From Vasai Janata Sahakari Bank Limited]
Banking Relations :	--
Auditors :
Name :	Mr. Rakik Mota Chartered Accountant
Associates/Subsidiaries :	Ranjan Medical Store Sunrise Pharmaceutical

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
240000	Equity Shares	Rs.10/- each	Rs.2.400 Millions

As on 31.03.2011

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.15.552 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		15.552	2.400
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.533	0.143
4] (Accumulated Losses)		0.000	0.000
NETWORTH		17.085	2.543
LOAN FUNDS
1] Secured Loans		27.479	0.000
2] Unsecured Loans		12.731	4.563
TOTAL BORROWING		40.210	4.563
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		57.295	7.106
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.359	0.178
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.935	6.899
	Sundry Debtors	33.722	4.341
	Cash & Bank Balances	0.944	0.619
	Other Current Assets	1.224	1.066
	Loans & Advances	0.000	0.022
Total Current Assets		57.825	12.947
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.254	5.892
	Other Current Liabilities	0.000	0.000
	Provisions	0.635	0.126
Total Current Liabilities		1.889	6.019
Net Current Assets		55.936	6.928
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		57.295	7.106

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	266.586	24.901
		Other Income	0.000	0.001
		TOTAL (A)	266.586	24.902
Less	EXPENSES
		Cost of Goods Sold	246.287	22.471
		Employees Remuneration and Benefits	5.714	0.000
		Indirect Expenses	8.248	2.218
		TOTAL (B)	260.249	24.689
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.337	0.213
Less	FINANCIAL EXPENSES (D)		3.930	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.407	0.213
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.317	0.000
	PROFIT BEFORE TAX (E-F) (G)		2.090	0.213
Less	TAX (H)		0.700	0.070
	PROFIT AFTER TAX (G-H) (I)		1.390	0.143
	Earnings Per Share (Rs.)		0.89	0.60

Expected Sales (2011-12) : Rs.300.000 Millions

The above information has been parted by Mr. Vipul Kalyanji Mota.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.52	0.57
Net Profit Margin (PBT/Sales)	(%)	0.78	0.86
Return on Total Assets (PBT/Total Assets}	(%)	3.53	1.62
Return on Investment (ROI) (PBT/Networth)		0.12	0.08
Debt Equity Ratio (Total Liability/Networth)		2.46	4.16
Current Ratio (Current Asset/Current Liability)		30.61	2.15

LOCAL AGENCY FURTHER INFORMATION

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	--
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	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

NOTE: The registered office of the company has been shifted from C/o Ranjan Medical Stores, Shop No. 2, Building No. 3, Rajendra Park, Station Road, Goregaon West, Mumbai-400062, Maharashtra, India to the present address w.e.f. 23.08.2010.

TRADE REFERENCES:

• Aimil Pharmaceutical India Limited
• Phyto Pharma
• Mahavir Medical
• Wellness Forever Life Style
• Nobel Medical

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.49.14
UK Pound	1	Rs.75.97
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.