MIRA INFORM REPORT

Report Date :

18.04.2012

IDENTIFICATION DETAILS

Name :	MILTON GENERIC PRIVATE LIMITED (w.e.f.2009)
Formerly Known As :	MILTON PHARMA
Registered Office :	Bhagwan Bhavan, 2^nd Floor, Room No. 11-12, 15, Dadi Santuk Lane, Chira Bazar, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.04.2009
Com. Reg. No.:	11-191828
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U85100MH2009PTC191828
TAN No.: [Tax Deduction & Collection Account No.]	MUMM36004B
PAN No.: [Permanent Account No.]	AAFCM9923L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of ED Products and Antibiotics.
No. of Employees :	80 (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 3000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated as proprietorship concern in 1975 with the name of “MILTON PHARMA”. Now its converted into “MILTON GENERIC PRIVATE LIMITED” in 2009. Subject is an established company having moderate track. Trade relations are fair. Business is active. Payments are reported to be slow but correct. 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 – 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

Name :	Mr. Sanjay
Designation :	Accountant
Contact No.:	91-22-22062942
Date :	14.04.2012

LOCATIONS

Registered Office :	Bhagwan Bhavan, 2^nd Floor, Room No. 11-12, 15, Dadi Santuk Lane, Chira Bazar, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22062942
Mobile No.:	91-9833567976 (Mr. Arun)
Fax No.:	91-22-22087693
E-Mail :	miltongeneric@yahoo.com nambawataca@hotmail.com info@miltongeneric.co.in jainsur2000@yahoo.co.in
Website :
Location :	Owned
Factory :	Rehnal Village, Jay Matadi Compound, Shop No. 11, 12, Bhiwandi, Thane – 421302, Maharashtra, India
Location :	Owned

DIRECTORS

As on 05.09.2011

Name :

Mr. Anil Chhaganlal Jain

Designation :

Director

Address :

Anand Sagar, Ground Floor, 12, Gazdhar Street, Room No. G-2, Chira Bazar, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

13.05.1969

Date of Appointment :

20.04.2009

DIN No.:

02035816

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	U24230MH2006PTC160312	MILTON LIFECARE PRIVATE LIMITED	Director	7/03/2006	7/03/2006	-	Active	NO
2	U85100MH2009PTC191828	MILTON GENERIC PRIVATE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO
3	U74120MH2012PTC226015	MILTON MEDICARE PRIVATE LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO

Name :

Mr. Arun Devakinandan Vaishnav

Designation :

Director

Address :

8/302, Parishark, Premium Park, Bolini, Virar (West), Mumbai – 401303, Maharashtra, India

Date of Birth/Age :

01.05.1980

Date of Appointment :

20.04.2009

DIN No.:

02603063

Name :

Mr. Harish Madanlal Sharma

Designation :

Director

Address :

Room No. 8, Somji Building, 1^st Floor, Mirasen Marg, Kumbharwada, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

01.01.1978

Date of Appointment :

20.04.2009

DIN No.:

02603123

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	U85100MH2009PTC191828	MILTON GENERIC PRIVATE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO
2	U74120MH1994PTC083907	ENCEE SECURITIES PRIVATE LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO

Name :

Mr. Nikhilkumar Sukhanraj Jain

Designation :

Director

Address :

Ziya Masoom Chawl, Room No. 48, 1^st Floor, N. M. Joshi Marg, Mumbai – 400013, Maharashtra, India

Date of Birth/Age :

20.05.1981

Date of Appointment :

20.04.2009

DIN No.:

02603142

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	U85100MH2009PTC191828	MILTON GENERIC PRIVATE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO
2	U74120MH1994PTC083907	ENCEE SECURITIES PRIVATE LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2011

Names of Shareholders	No. of Shares
Anil Chhanganlal Jain	4000
Arun Devkinandan Vaishnav	2000
Harish Madanla Sharma	2000
Nikhilkumar Sukhanraj Jain	2000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 05.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of ED Products and Antibiotics.
Exports :
Products :	ED Products and Antibiotics
Countries :	USA
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (30 days)

GENERAL INFORMATION

Suppliers :

· R. Mahendra Kumar

· G. P. Thakkar

Customers :

Wholesalers

· Sapna Chemicals

· Milan Chemicals

· Aazmi Pharma

· Akash Pharma

· Ashtavinayak Pharma [Nallasopara]

· Aditya Agencies [Kudal]

· Akshar Medicals [Barshi]

· Anand Distributors [Akkalkol]

· Apollo Data Forms Private Limited

· A S.Enterprises [Panaji]

· A R Medico [Mumbai]

No. of Employees :

80 (Approximately)

Bankers :

· ING Vysya Bank Limited, Shop No. 1 to 3, Dossa Mansion, Ground Floor, 61, Sir P. M. Road, Fort, Mumbai – 400001, Maharashtra, India

· HDFC Bank Limited, HDFC Bank Houses, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India

Facilities :

Over Draft – Rs.5.000 Millions

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From ING Vysya Bank Limited	2.578	0.000
Total	2.578	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Akshay A. Jain	0.590	0.590
Ambawat Brothers Properties Private Limited	0.000	0.500
Anil C. Jain	0.960	0.960
Chhaganlal B. Jain	0.810	0.810
Damayanti S. Jain	1.720	1.720
Dilip S. Jain	0.042	0.042
Kiran D. Jain	2.213	1.780
Neha Vinod Jain	0.060	0.000
Shantilal B. Jain	3.475	3.485
Total	9.870	9.887

Banking Relations :	--
Auditors :
Name :	Jain and Sancheti Chartered Accountants
Address :	1/1, Wavell House (Fatemi Manzil), 1^st Floor, 13-21, 1^st Dhobi Talao Lane, Near Metro, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22089288
E-Mail :	jainsur2000@yahoo.co.in
PAN.:	AAAFJ1425A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.714	0.141
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.814	0.241
LOAN FUNDS
1] Secured Loans		2.578	0.000
2] Unsecured Loans		9.870	9.887
TOTAL BORROWING		12.448	9.887
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		13.262	10.128
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.023	0.042
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	8.264	4.274
	Sundry Debtors	18.171	10.567
	Cash & Bank Balances	0.164	2.784
	Other Current Assets	0.000	0.000
	Loans & Advances	0.759	0.098
Total Current Assets		27.358	17.723
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.879	7.598
	Other Current Liabilities	0.000	0.000
	Provisions	0.257	0.062
Total Current Liabilities		14.136	7.660
Net Current Assets		13.222	10.063
MISCELLANEOUS EXPENSES		0.017	0.023
TOTAL		13.262	10.128

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	79.107	46.673
		Incentive Commission	0.208	0.000
		Interest Received	0.045	0.000
		TOTAL	79.360	46.673
Less	EXPENSES
		Cost of Goods Consumed / Sold	72.970	43.234
		Selling, Administrative and Finance Expenses	5.534	3.194
		Preliminary Expenses written off	0.006	0.006
		TOTAL	78.510	46.434
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.850	0.239
Less/ Add	DEPRECIATION/ AMORTISATION		0.019	0.035
	PROFIT BEFORE TAX		0.831	0.204
Less	TAX		0.257	0.063
	PROFIT AFTER TAX		0.574	0.141
	BALANCE CARRIED TO THE B/S		0.574	0.141
	Earnings Per Share (Rs.)		57.40	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.72	0.30
Net Profit Margin (PBT/Sales)	(%)	1.05	0.43
Return on Total Assets (PBT/Total Assets}	(%)	3.03	1.15
Return on Investment (ROI) (PBT/Networth)		1.02	0.85
Debt Equity Ratio (Total Liability/Networth)		32.65	72.81
Current Ratio (Current Asset/Current Liability)		1.94	2.31

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	No
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 two years	Yes
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

OPERATIONS AND FUTURE OUTLOOK

This is company’s second year of business operations. The performance is satisfactory during the year. The business is expected to increase in future.

Bankers Charges Report as per Registry

Corporate identity number of the company	U85100MH2009PTC191828
Name of the company	MILTON GENERIC PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Bhagwan Bhavan, 2^nd Floor, Room No. 11-12, 15, Dadi Santuk Lane, Chira Bazar, Mumbai – 400002, Maharashtra, India Email : nambawataca@hotmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank Houses, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India Email : RBBform8@hdfcbank.com
Nature of instrument creating charge	Letter of Hypothecation
Date of instrument Creating the charge	13.10.2011
Amount secured by the charge	Rs.6.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time Terms of Repayment On demand Margin As may be stipulated by the Bank from time to time Extent and Operation of the charge Hypothecation by way of First Charge on Company's Stocks and Book Debts etc. to secure as a continuing security for the repayment of Rs.6.000 Millions, together with interest, costs, charges, expenses and other moneys due and payable by the Company to the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stock in Trade, consisting of raw materials, goods in process of manufacturing finished goods, and other merchandise whatsoever being movable properties All the debts, that is, all the book debts, outstandings, monies receivables, claims, bills, invoice documents, contracts, guarantees, and rights which are now

TRADE REFERENCES

· R. Mahendra Kumar

· G. P. Thakkar

· Sapna Chemicals

· Milan Chemicals

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.51.63
UK Pound	1	Rs.81.94
Euro	1	Rs.67.65

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--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	YES
--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.