MIRA INFORM REPORT

Report Date :

13.09.2011

IDENTIFICATION DETAILS

Name :	WISCON PHARMACEUTICALS PRIVATE LIMITED PASSION INDULGE DIVISION OF WISCON PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	38 Industrial Estate, Pologround, Indore – 452015, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.02.2007
Com. Reg. No.:	70-024788
Capital Investment / Paid-up Capital :	Rs.0.800 Million
CIN No.: [Company Identification No.]	U74900MP2007PTC024788
Legal Form :	Private Limited Liability Company.
Line of Business :	Distributor and Trader of Pharmaceuticals Formulation and Herbal Cosmetics.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 25000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – 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. Kartik Parikh
Designation :	Director
Contact No.:	91-9967543382
Date :	02.09.2011

LOCATIONS

Registered Office/ Warehouse :	38 Industrial Estate, Pologround, Indore – 452015, Madhya Pradesh, India
Tel No.:	Not Available
Mobile No.:	91-9967543382 (Mr. Kartik Parikh)
Fax No.:	Not Available
E-Mail :	sales@wisconpharma.com kparikh@wisconpharma.com
Website :	http://www.wisconpharma.com
Location :	Owned
Corporate Office :	6^th Floor, Matharu Arcade, Subhash Road, Vile Parke (E), Mumbai-400057, Maharashtra, India.
Tel. No.:	91-22-26849770/ 42152009/ 42096115/ 65295621
Fax No.:	91-22-26834702
Regional Office :	14 regional offices across India.

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Kartik Gautam Parikh

Designation :

Managing Director

Address :

6, Moti Apartment, Playground Road, Vile Parle (East), Mumbai – 400057, Maharashtra

Date of Birth/Age :

25.02.1976

Qualification :

MBA in Pharmacy

Date of Appointment :

22.02.2007

PAN No.:

AACPP4064H

DIN No.:

00058624

Other Directorships :

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	U74900MP2007PTC024788	Wiscon Pharmaceuticals Private Limited	Managing director	22-02-07	22-02-07	Active	No

Name :

Mr. Bharat Nanubhai Patel

Designation :

Director

Address :

1-21 Madhuvan Society, Prbhat Colony Lane 11, Santracruz, Mumbai – 400055, Maharashtra

Date of Birth/Age :

11.10.1957

Qualification :

B. Sc.

Date of Appointment :

18.09.2008

DIN No.:

02329285

Other Directorships :

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	U74900MP2007PTC024788	Wiscon Pharmaceuticals Private Limited	Director	18-09-08	18-09-08	Active	No

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Kartik Gautam Parikh	79999
Sibeswar N Parial	1
Total	80000

(AS ON 15.04.2011)

Names of Shareholders	No. of Shares
Kartik Gautam Parikh	50000
Total	50000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor and Trader of Pharmaceuticals Formulation and Herbal Cosmetics.
Agencies Held :	· Child Care · Critical Care · New Generation Antimalarials · Nutritional Products
Terms :
Purchasing :	Depend

GENERAL INFORMATION

Customers :

Retailers and OEM’s

No. of Employees :

300 (Approximately)

Bankers :

· Axis Bank

Ville Parle Branch, Mumbai, Maharashtra, India

· Axis Bank, Indore Branch, India

· Bank of Baroda,

Siyaganj Branch, 15/16, Jawahar Marg, IDA Building, Siyaganj, Indore-452001, Madhya Pradesh, India.

Facilities :

Secured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Working Capital Loan with Bank of Baroda, Siyaganj Be. Indore –	64.424	44.385
Vehicles Loan from Banks	1.772	0.288
Total	66.196	44.673
Unsecured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Trade Security Deposits	13.250	17.750
Total	13.250	17.750

Banking Relations :	--
Auditors :
Name :	N Jagetia and Associates Chartered Accountant
Address :	208, Arcade Silver, 56, Shop E-1, New Palasia, Indore-452001, Madhya Pradesh, India.
Tel. No.:	91-731-3912169/ 4064075
Mobile No.:	91-9826088728
E-Mail :	n.jagetiya@gmail.com

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.10/- each	Rs.1.500 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Share	Rs.10/- each	Rs.0.800 Million

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		0.800	0.600	0.100
2] Share Application Money		0.000	1.000	2.500
3] Reserves & Surplus		5.385	3.241	0.532
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.185	4.841	3.132
LOAN FUNDS
1] Secured Loans		66.196	44.673	33.047
2] Unsecured Loans		13.250	17.750	18.850
TOTAL BORROWING		79.446	62.423	51.897
DEFERRED TAX LIABILITIES		0.209	0.054	0.030
TOTAL		85.840	67.318	55.059
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.990	1.477	0.744
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.068	25.681	34.913
	Sundry Debtors	59.822	47.377	24.581
	Cash & Bank Balances	0.186	2.860	4.607
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.945	3.087	1.336
Total Current Assets		98.021	79.005	65.437
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	7.031	7.847	8.709
	Other Current Liabilities	6.869	3.725	1.680
	Provisions	2.281	1.608	0.754
Total Current Liabilities		16.181	13.180	11.143
Net Current Assets		81.840	65.825	54.294
MISCELLANEOUS EXPENSES		0.010	0.016	0.021
TOTAL		85.840	67.318	55.059

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	502.961	459.285	377.364
		Other Income	NA	NA	0.048
		TOTAL (A)	NA	NA	377.412
Less	EXPENSES
		Material Cost			323.508
		Personal Cost			17.090
		Office and Administrative Expenses	NA	NA	3.806
		Selling, Distribution and Marketing Expenses			30.479
		TOTAL (B)	NA	NA	374.883
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	2.529
Less	FINANCIAL EXPENSES (D)		NA	NA	1.191
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	1.338
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	0.022
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	1.316
Less	TAX (H)		NA	NA	0.783
	PROFIT AFTER TAX (G-H) (I)		1.344	0.708	0.533
	EARNINGS IN FOREIGN CURRENCY		16.305	7.280	5.859
	Earnings Per Share (Rs.)		16.80	--	53.29

Particulars	31.03.2011
Sales Turnover (Approximately)	580.000

The above information has been parted by Mr. Kartik Parikh.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	0.14
Net Profit Margin (PBT/Sales)	(%)	NA	NA	0.35
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	1.99
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.42
Debt Equity Ratio (Total Liability/Networth)		15.46	15.62	20.13
Current Ratio (Current Asset/Current Liability)		6.06	5.99	5.87

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted form, A/30, Nand Jyot Industrial Estate, Andheri Kurla Road, Saki Naka, Mumbai – 400072, Maharashtra, India, to the present address w.e.f. 18.10.2010.

FINANCIAL RESULTS:

The company has earned a net profit of Rs.1.344 Million which is proposed to be carried forward to Balance Sheet.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particular	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Pending letter of credit	0.000	6.233

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10089816
Corporate identity number of the company	U24117MH2007PTC168028
Name of the company	WISCON PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/30, Nand Jyot Industrial Estate, Andheri Kurla Road, Saki Naka, Mumbai – 400072, Maharashtra, India sales@wisconpharma.com
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	· Bank of Baroda Siyaganj Branch, 15/16, Jawahar Marg, IDA Building, Siyaganj, Indore-452001, Madhya Pradesh, India. Email : siyaga@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Charge is modified vide Supplemental Composite Hypothecation Agreement dated 29.06.2009 to avail following : 1. Cash Credit Facility aggregating to Rs.60.000 Millions; 2. EPC/FBD/FBP/PSDL aggregating to Rs.15.00 Millions; and 3. Letter of Credit aggregating to Rs.10.000 Millions.
Date of instrument Creating the charge	29.06.2009
Amount secured by the charge	Rs.85.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1. Cash Credit : 0.5% over BPLR 2. EPC/FBD/FBP/PSDL: Credit Ratings linked to the Bank from time to time 3. Letter of Credit: As per Bank guidelines Terms of Repayment Repayable on Demand Margin 1. Cash Credit Facility : 25% of Stock and 30% of Book Debts 2. EPC/FBD/FBP/PSDL: 15% 3. Letter of Credit: 10% as existing Extent and Operation of the charge Charge extents over the entire stock and book debts of the company.
Short particulars of the property charged	Charge extents over the entire stock and book debts of the company.
Particulars of the present modification	charge is modified vide Supplemental Composite Hypothecation Agreement dated 29.06.2009 to increase : 1. Cash Credit Facility from Rs.50.000 Millions to Rs.60.000 Millions 2. EPC/FBD/FBP/PSDL to Rs.15.000 Millions (fresh Limit) and 3. Letter of Credit to Rs.10.000 Millions remains same as that of earlier charge.

FIXED ASSETS:

· Computers

· Furniture and Fixtures

· 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 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.46.97
UK Pound	1	Rs.74.22
Euro	1	Rs.63.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		28

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.