MIRA INFORM REPORT

Report Date :

16.08.2012

IDENTIFICATION DETAILS

Name :	ARGOS INTERNATIONAL MARKETING PRIVATE LIMITED
Registered Office :	Unit No.F-1, 1^st Floor, Shanti Nagar Co-Operative Industrial Estate Limited, Vakola, Santacruz (East), Mumbai-400055, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.12.1998
Com. Reg. No.:	11-117498
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U51900MH1998PTC117498
TAN No.: [Tax Deduction & Collection Account No.]	MUMA21641E MUMA12959C
PAN No.: [Permanent Account No.]	AABCA7471P
Legal Form :	Private Limited Liability Company
Line of Business :	Merchant Exporter and Importer of Polymer based Packaging Material, Bulk Drugs
No. of Employees :	20 (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 39000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Desai
Designation :	Finance Manager
Contact No.:	91-22-30642000
Date :	14.08.2012

LOCATIONS

Registered Office :	Unit No.F-1, 1^st Floor, Shanti Nagar Co-Operative Industrial Estate Limited, Vakola, Santacruz (East), Mumbai-400055, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	desai_rs@argos-intl.co.in info@argos-intl.com bapna.prakash@gmail.com
Website :	www.argos-intl.co.in
Location :	Owned
Corporate Office :	101, Kalpataru Synergy, 8^th Floor, Opposite Grand Hyatt, Santacruz (East), Mumbai-400055, Maharashtra, India
Tel. No.:	91-22-30642000 (20 Lines)
Fax No.:	91-22-30642050

DIRECTORS

AS ON 29.09.2011

Name :	Mr. Rajesh Bhagchand Golechha
Designation :	Director
Address :	294/16, Kalpataru Horizon, S. K. Ahire Marg, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	13.08.1964
Date of Appointment :	17.12.1998
DIN No.:	00037455
Name :	Mr. Imtiaz Husain Kanga
Designation :	Director
Address :	1, Kalpataru, 39, Dr. G. Deshmukh Marg, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	30.08.1952
Date of Appointment :	16.08.2000
DIN No.:	00136272
Name :	Mr. Anuj Amar Munot
Designation :	Director
Address :	Kalpataru Horizon, 214/224 A, S K Ahire Marg, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	15.11.1977
Date of Appointment :	12.01.2005
DIN No.:	00136204
Name :	Ms. Sudha Rajesh Golechha
Designation :	Director
Address :	294/16, Kalpataru Horizon, S K Ahire Marg, Worli, Mumbai-400018, Maharashtra, India
Date of Birth/Age :	25.11.1964
Date of Appointment :	01.01.2009
DIN No.:	00646341

KEY EXECUTIVES

Name :	Mr. Desai
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Spruce Agro Farms Private Limited, India	125000
Spruce Orchards Private Limited, India	125000
TOTAL	250000

AS ON 29.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Merchant Exporter and Importer of Polymer based Packaging Material, Bulk Drugs
Exports :
Countries :	· Moscow · Latin America · Kenya · Nigeria · Dubai
Imports :
Countries :	· UAE · Korea · China
Terms :
Selling :	L/C, Cash, Credit (30 Days / 60 Days)
Purchasing :	L/C, Cash, Credit (30 Days / 60 Days)

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Tablets	Nos.	887000
Liquids	Ltrs.	2189
Creams	Kgs.	2530

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

20 (Approximately)

Bankers :

· Union Bank of India, 66/80, Mumbai, Samachar Marg, Fort Mumbai-400023, Maharashtra, India

· Axis Bank Limited, Unit No.C-2, Wadia International Centre, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli Mumbai-400025, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Vehicles Loans from Banks (Secured against hypothecation of vehicles) (Repayable within one year Rs. 2.082 millions [Rs. 2.171 millions])	3.797	5.967
Working Capital Loan from Bank (Secured by way of mortgage of godown at Thane owned by one of its Directors, personal guarantee of directors and corporate guarantee of holding company. further secured by hypothecation of all movable properties of the company meant or intended for export of goods including raw materials, semi-finished goods and finished goods and finished goods and / or any other goods)	0.135	0.000
TOTAL	3.932	5.967
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Inter Corporate Deposit	19.253	0.000
TOTAL	19.253	0.000

Banking Relations :	--
Auditors :
Name :	MGB And Company Chartered Accountants
Address :	Jolly Bhavan 2, 1^st Floor, 7, New Marine Lines, Churchgate, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-66332330
Fax No.:	91-22-66351545
E-Mail :	mgbco@mgbco.com
PAN No.:	AAAFM5742R
Holding Company :	Neo Pharma Private Limited CIN No.: U24239MH1950PTC008016
Other Related Parties :	· Kalpataru Properties Private Limited · Corporate Stationery Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

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

NOTE

249990 Equity Shares held by the holding company, Neo Pharma Private Limited-99.99%

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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.385	6.725	5.709
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.885	9.225	8.209
LOAN FUNDS
1] Secured Loans		3.932	5.967	3.145
2] Unsecured Loans		19.253	0.000	0.000
TOTAL BORROWING		23.185	5.967	3.145
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.070	15.192	11.354
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.097	9.280	3.161
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.653	0.407	0.370
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.885	21.213	2.375
	Sundry Debtors	24.649	6.145	3.444
	Cash & Bank Balances	6.252	0.374	4.602
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	6.171	5.995	7.754
Total Current Assets		66.957	33.727	18.175
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.489	21.683	5.717
	Other Current Liabilities	1.727	6.342	4.514
	Provisions	0.421	0.197	0.121
Total Current Liabilities		41.637	28.222	10.352
Net Current Assets		25.320	5.505	7.823
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.070	15.192	11.354

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	644.103	311.706	209.695
		Other Income	7.727	7.201	1.916
		TOTAL	651.830	318.907	211.611
Less	EXPENSES
		Office Expenses	650.822	317.328	205.187
		Administrative Expenses
		Advertising Expenses
		TOTAL	650.822	317.328	205.187
	PROFIT BEFORE TAX		1.008	1.579	6.424
Less	TAX		0.349	0.563	2.437
	PROFIT AFTER TAX		0.659	1.016	3.987
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.725	5.709	1.722
	BALANCE CARRIED TO THE B/S		7.384	6.725	5.709
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	417.890	303.383	186.328
		Commission Earnings	6.331	4.057	6.394
	TOTAL EARNINGS		424.221	307.44	192.722
	IMPORTS
		Raw Materials	96.828	16.370	13.384
	TOTAL IMPORTS		96.828	16.370	13.384
	Earnings Per Share (Rs.)		2.64	4.06	15.95

Expected Sales (2012-2013) : Rs. 350.000 Millions

The above information has been parted by Mr. Desai.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.10	0.32	1.88
Net Profit Margin (PBT/Sales)	(%)	0.16	0.51	3.06
Return on Total Assets (PBT/Total Assets}	(%)	1.35	3.64	29.60
Return on Investment (ROI) (PBT/Networth)		0.10	0.17	0.78
Debt Equity Ratio (Total Liability/Networth)		6.56	3.71	1.64
Current Ratio (Current Asset/Current Liability)		1.61	1.20	1.76

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
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	Yes
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	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
For Goods	36.229	20.030	4.030
For Expenses and Others	3.260	1.653	1.687
TOTAL	39.489	21.683	5.717

NOTE

Registered office has been shifted from 101, Kalpataru Synergy, Opposite Grand Hyatt, Santacruz (East), Mumbai-400055, Maharashtra, India to the present address w.e.f. 30.03.2011.

OPERATIONS

During the year the Company has earned gross income of Rs. 651.830 Millions as against Turnover of Rs. 318.908 Millions in the previous financial year which shows a growth of 104.39% for the year. Constant efforts are being made to boost export sales and improve profitability.

FORM 8

Corporate identity number of the company	U51900MH1998PTC117498
Name of the company	ARGOS INTERNATIONAL MARKETING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No.F-1, 1^st Floor, Shanti Nagar Co-Operative Industrial Estate Limited, Vakola, Santacruz (East), Mumbai-400055, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Others
Particular of charge holder	Axis Bank Limited, Unit No.C-2, Wadia International Centre, Axis House, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli Mumbai-400025, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation of Current Assets dated 21.03.2012 executed by the Company (Borrower) in favor of Axis Bank Limited.
Date of instrument Creating the charge	21.03.2012
Amount secured by the charge	Rs. 49.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 1. LC : NA 2 CC : Base Rate + 3.75% i.e. presently 13.75% 3. EPC up to 90 days: Base Rate + 3% i.e. 13% p.a. 4. BG Comm. 75%of bank Std. Charge Terms of repayment 1. LC : Maximum 120 Days including Lead Period 2. Cash Credit - On Demand 3. EPC :- Up to 90 days or expiry of contract/ export letters of credit for shipment whichever is earlier. 4. BG - 12 Months (Including claim period) Margin 1. LC : 15% to be collected upfront and kept in TDR with Banks lien noted thereon. 2. Cash Credit - 25% on Stock and Book debts up to 60 days 3. EPC Limit - 25% 4. BG - 15% to be collected upfront and kept in TDR with Banks lien noted thereon. Extent and operation of the charge Hypothecation of all the stock in trade both present and future consisting stock including raw material, stock in process, finished goods, cash, and other current assets, being movable properties. (more particularly mentioned in the schedule of DOH)
Short particulars of the property charged (Including location of the property)	Hypothecation of all the stock in trade both present and future consisting stock including raw material, stock in process, finished goods, cash, and other current assets, being movable properties.

FIXED ASSETS

· Office Equipments

· 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 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. 55.64
UK Pound	1	Rs. 87.31
Euro	1	Rs. 68.81

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	DPT

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	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	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.