MIRA INFORM REPORT

Report Date :

21.09.2011

IDENTIFICATION DETAILS

Name :	PUSHPANJALI CREDIT RESOURCES LIMITED (w.e.f. 17.04.1995) PUSHPANJALI SALES PROMOTION (DIVISION OF PUSHPANJALI CREDIT RESOURCES LIMITED)
Formerly Known As :	PUSHPANJALI CREDIT RESOURCES PRIVATE LIMITED
Registered Office :	16, Ganesh Chandra Avenue, Gandhi House, 5^th Floor, Kolkata – 700013, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.08.1990
Com. Reg. No.:	21-049645
Paid-up Capital :	Rs. 55.770 Millions
CIN No.: [Company Identification No.]	U51109WB1990PLC049645
TAN No.: [Tax Deduction & Collection Account No.]	CALP02892B
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer of Pharmaceuticals Equipments
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 440000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	16, Ganesh Chandra Avenue, Gandhi House, 5^th Floor, Kolkata – 700013, West Bengal, India
Tel. No.:	91-33-22360367/68/66343236/22217333/22217334
Fax No.:	91-33-22217335
E-Mail :	pushpanjali@vsnl.com
Website :	www.pushpanjaligroup.com

DIRECTORS

As On 30.06.2011

Name :	Mr. Prakash Kumar Sethia
Designation :	Managing Director
Address :	1A, Ashutosh Mukherjee Road, 5^th Floor, Room No. 501, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	05.08.1964
Date of Appointment :	22.08.1990
DIN No.:	00025018

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	U51109WB1990PLC049645	Pushpanjali Credit Resources Limited	Managing director	05.06.2010	22.08.1990	-	Active	NO
2	U65991WB1996PTC081326	P C R L Agencies Private Limited	Director	13.09.1996	13.09.1996	-	Active	NO
3	U51109WB1997PTC083927	Everett Commercial Private Limited	Director	07.05.1999	07.05.1999	-	Active	NO
4	U51109WB1984PLC038091	Hindusthan Equity Fund Limited	Director	29.06.1999	29.06.1999	-	Amalgamated	NO
5	L20293TN1996PLC036484	Uniply Industries Limited	Director	06.09.1999	06.09.1999	17.03.2008	Active	NO
6	U51909WB1983PLC035954	Sheetlamata Commercials Limited	Director	11.04.2003	11.04.2003	-	Amalgamated	NO
7	U24211WB2009PTC134401	Pushpanjali Medi India Private Limited	Director	30.03.2009	30.03.2009	-	Active	NO

Name :	Ms. Jyoti Sethia
Designation :	Director
Address :	1A, Ashutosh Mukherjee Road, 5^th Floor, Room No. 501, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	23.01.1972
Date of Appointment :	17.11.2003
DIN No.:	00999149

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	U51109WB1997PTC083927	Everett Commercial Private Limited	Director	08.04.1997	08.04.1997	Active	NO
2	U51109WB1990PLC049645	Pushpanjali Credit Resources Limited	Director	17.11.2003	17.11.2003	Active	NO
3	U65991WB1996PTC081326	P C R L Agencies Private Limited	Director	13.09.2006	13.09.2006	Active	NO
4	U24211WB2009PTC134401	Pushpanjali Medi India Private Limited	Director	30.03.2009	30.03.2009	Active	NO

Name :	Mr. Johari Mal Sethia
Designation :	Director
Address :	1A, Ashutosh Mukherjee Road, 5^th Floor, Room No. 501, Kolkata – 700020, West Bengal, India
Date of Birth/Age :	23.10.1941
Date of Appointment :	20.05.2005
DIN No.:	01013186

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	U51109WB1990PLC049645	Pushpanjali Credit Resources Limited	Director	20.05.2005	20.05.2005	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.06.2011

Names of Shareholders	No. of Shares
Parkash Kumar Sethia	100000
Jyoti Sethia	270500
Johari Mal Sethia	418100
S. P. Advisors Private Limited – India	653900
Hollyfiled Holding Private Limited – India	336000
Remix Investment Private Limited – India	176000
KNS Exports Private Limited – India	360000
Kirti Dealers Private Limited – India	100000
PCRL Commercial Private Limited – India	65000
PCRL Agencies Private Limited – India	40000
Deeksha Markeing Private Limited – India	830500
Navsari Commodities Private Limited – India	1253500
Fulford Sales Private Limited – India	629500
Parkash Kumar Sethia (HUF)	60000
Johari Mal Sethia (HUF)	80000
Jagmag Mercantiles Private Limited – India	104000
Mahadutin Trading Private Limited – India	100000
Total	5577000

As On 30.06.2011

Category	Percentage
Bodies corporate	83.35
Directors or relatives of Directors	16.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceuticals Equipments

Products :

Item Code No.	Product Description
NA	Financing
NA	Share Dealing
O298012715	Trading in Medical Products

GENERAL INFORMATION

Customers :	· Apollo Health Care · Care Hospital · Cdr · Medicity · Nims · Medwin · Global Hospital · Yashoda · Seven Mius Hospital · Down Town · Medical College · N.F.Rly Central · Neuro Science · GNRC Heart · Aiims · Apollo · Batra · Escort · Safdarjang · Sri Ganga Ram · Delhi Heart · Lung Institute · Vinhams Institute.
No. of Employees :	Not Available
Bankers :	· Oriental Bank of Commerce – Strand Road, Kolkata, West Bengal, India

Banking Relations :	--
Auditors :
Name :	More V and Company Chartered Accountants
Address :	16-B, Robert Street, Kolkata – 700012, West Bangal, India
Tel. No.:	91-33-22356360
Pan No.:	AAGFM3358P
Secretarial Auditor :	S. A and Associates Chartered Accountants

CAPITAL STRUCTURE

As On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10/- each	Rs. 60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5577000	Equity Shares	Rs. 10/- each	Rs. 55.770 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		55.770	43.770	43.770
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		55.942	35.869	34.405
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111.712	79.639	78.175
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		0.000	0.622	0.167
TOTAL		111.712	80.261	78.342
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.617	2.844	2.599
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		10.831	2.078	2.074
DEFERREX TAX ASSETS		0.168	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.209	21.834	25.542
	Sundry Debtors	2.150	3.259	3.065
	Cash & Bank Balances	12.929	19.043	2.060
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	55.114	38.536	50.079
Total Current Assets		105.402	82.672	80.746
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.338	2.755	2.435
	Other Current Liabilities	0.388	0.410	0.408
	Provisions	5.580	4.168	4.234
Total Current Liabilities		7.306	7.333	7.077
Net Current Assets		98.096	75.339	73.669
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		111.712	80.261	78.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	65.615	54.171	61.255
		Other Income	7.769	7.008	7.155
		TOTAL (A)	73.384	61.179	68.410
Less	EXPENSES
		Purchases	59.464	34.741	54.870
		Directors Remuneration	1.200	1.200	0.975
		Payment to Provision for employees	5.903	5.676	7.129
		Administrative Expenses	17.512	12.908	11.029
		Auditors Remuneration	0.010	0.010	0.008
		Provision for Bad Debts	0.115	0.000	0.000
		Loss on sale / Discard of Fixed Assets	0.000	0.016	0.224
		Decrease/Increase in stock	(13.375)	3.708	(12.010)
		TOTAL (B)	70.829	58.259	62.225
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.555	2.920	6.185
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.555	2.920	6.185
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.422	0.403	0.328
	PROFIT BEFORE TAX (E-F) (G)		2.133	2.517	5.857
Less	TAX (I)		0.060	1.053	1.564
	PROFIT AFTER TAX (G-I) (J)		2.073	1.464	4.293
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.543	5.372	1.938
Less	APPROPRIATIONS
		Transferred to Reserve Fund	0.415	0.293	0.859
	BALANCE CARRIED TO THE B/S		8.201	6.543	5.372
	EARNINGS IN FOREIGN CURRENCY		2.961	2.559	2.089
	IMPORTS
		Trading Goods	31.936	27.432	33.673
	TOTAL IMPORTS		31.936	27.432	33.673
	Earnings Per Share (Rs.)		0.47	0.33	1.08

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.91	2.39	6.28
Net Profit Margin (PBT/Sales)	(%)	3.25	4.65	9.56
Return on Total Assets (PBT/Total Assets}	(%)	1.97	2.94	7.03
Return on Investment (ROI) (PBT/Networth)		0.02	0.03	0.07
Debt Equity Ratio (Total Liability/Networth)		0.07	0.09	0.09
Current Ratio (Current Asset/Current Liability)		14.43	11.27	11.41

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE OF THE COMPANY:

The company has taken the drastic steps to reduce the cost of operation.

The directors are sincerely working hard to keep up the constant upward growth of the Company by Syndication of ICD, Mobilising Funds on various State / Central Govt. and PSU's Bonds. For the better results and performance of the company, it has also taken the intiative steps to diversify the business in dealing of the Medical Products and other items.

Fixed Assets:

· Furniture and fixture

· Books and periodicals

· Computer and software

· Type writer

· Motor cars

· Camera – Kodak

· Fax machine

· Air conditioner

· Refrigerator

· Water filter

· Mobile phone

· Computer printer

· Xerox mahine

· Fire extinguishers

· Generator

· Modem

· Television

· Stabilizer

· VCD Player

· DVD Player

· Invertor

· Water Coller

AS PER WEBSITE DETAILS

COMPANY

Subject was incorporated in 1990 as a Private Limited Company having its registered office in Kolkata, and was subsequently converted into a Public Limited Company on 17.04.1995. The company has a total net worth of more than Rs. 30.000 millions.

DIRECTOR

The Company has a rare privilege of a Board which comprises of professional people from the field of finance and related areas . Its matured and able guidance has seen the company through rough and testing times and has been instrumental in the phenomenal growth of the company since its inception

INFRASTRUCTURE

To provide better work environment and promptness of working and provision of services, the Company is well equipped with strong infrastructure where every effort is given to systematise all the activities and operations of the Company with the help of latest technology available.

MAN POWER

The company boasts of a human resources arsenal in its command which can match the very best in the areas in which the Company operates. Besides that the Company is strengthened by having at its disposal some excellent Finance and Marketing professionals with requisite professional degrees and wide experience in their respective fields.

SALES PROMOTIONS

Their dedication to those they serve, in part is measured by the promptness and accuracy of their response to customer requests. A "data desk" under this division is being created is operational, where all forms of enquiries, whether they concern a customer's sales history, an original purchase order, or a literature request, are answered the day they are received. Their Computer system allows them to supply complete and current reports of any form,any type of query; an example can be the current sales reports by sales person or by individual customer.

As already told that distributorship has already been achieved for 4 companies and negotiations are on the final stage regarding marketing and distribution of two innovative products of well known brands in India through Subject.

Subject is also created simultaneously with PGR in a view to augment and give support to the needs of PGR in giving effective service to its clients. The preliminary function of the division is to distribute and sell different medical products to different markets in India utilising its own network, manpower and creating distribution network at different centers as well.

Offering an unique broad market coverage, the manufacturers are provided with comprehensive sales coverage across the five distinct market zones in India. Naturally, this leads to sales to entirely new customer classifications. PSP has designed their sales and marketing programs to maximise the time sales people spend with customers. Each sales person operates out of a major market center selected for optimum sales coverage and principal-customer service. For the manufacturer looking for a cost effective answer to increased Sales and Profitability PSP is the choice.

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.48.22
UK Pound	1	Rs.75.63
Euro	1	Rs.65.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--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	NO
--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		32

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.