MIRA INFORM REPORT

Report Date :

08.06.2012

IDENTIFICATION DETAILS

Name :	ABS MERCANTILES PRIVATE LIMITED
Registered Office :	89-A, Ground Floor, Jamrudpur, Greater Kailash-I, New Delhi-110048
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.04.1997
Com. Reg. No.:	55-86948
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U24231DL1997PTC086948
TAN No.: [Tax Deduction & Collection Account No.]	DELA07751C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Bulk Drugs and its intermediaries.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 – 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

LOCATIONS

Registered Office :	89-A, Ground Floor, Jamrudpur, Greater Kailash-I, New Delhi-110048, India
Tel. No.:	91-11-47177000
Fax No.:	91-11-47177077
E-Mail :	deepika@provestment.net mukesh@provestment.net
Website :	http://www.absmotors.in
Factory :	C-980, Sushant Lok, Phase-I, Gurgaon-122015, Haryana, India
Tel. No.:	91-124-4272602/4272603
Fax No.:	91-124-4272603/2392980

DIRECTORS

As on 30.09.2011

Name :

Mr. Bodh Raj Sikri

Designation :

Director

Address :

980, Sushant Lok-1, Gurgaon-122015, Haryana, India

Date of Appointment :

29.04.1997

Din No.:

01134045

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	U74899DL1994PTC063545	SIKRI COTYARNS PRIVATE LIMITED	Director	16-12-94	16-12-94	-	Active	NO
2	U24231DL1997PTC086948	ABS MERCANTILES PRIVATE LIMITED	Director	29-04-97	29-04-97	-	Active	NO
3	U24239DL1997PTC089346	DMD BIOTEC PRIVATE LIMITED	Director	29-08-97	29-08-97	-	Active	NO
4	U85199DL2003PTC120991	DAZZLING GROOMING SERVICES PRIVATE LIMITED	Director	19-06-03	19-06-03	-	Active	NO
5	U93090DL2007PTC164191	MYSTICA MUSIC PRIVATE LIMITED	Director	28-11-08	26-05-08	25-09-09	Active	NO
6	U74999DL2009PTC191842	AURONEXT PHARMA PRIVATE LIMITED	Director	02-07-09	02-07-09	-	Active	NO
7	U74999DL2000PTC105046	SHAH TC OVERSEAS PRIVATE LIMITED	Additional director	15-02-12	15-02-12	23-02-12	Active	NO

Name :

Mrs. Sushila Sikri

Designation :

Director

Address :

B -151, Lajpat Nagar-I, New Delhi-110024, India

Date of Appointment :

29.04.1997

Din No.:

01133903

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	U74899DL1994PTC063545	SIKRI COTYARNS PRIVATE LIMITED	Director	16-12-94	16-12-94	Active	NO
2	U24231DL1997PTC086948	ABS MERCANTILES PRIVATE LIMITED	Director	29-04-97	29-04-97	Active	NO
3	U24239DL1997PTC089346	DMD BIOTEC PRIVATE LIMITED	Director	29-08-97	29-08-97	Active	NO

Name :

Mr. Pochiraju Hanumantsubba Rao

Designation :

Director

Address :

F -148, Lajpat Nagar-I, New Delhi-110024, India

Date of Appointment :

02.05.1997

Din No.:

00448249

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	U24231DL1997PTC086948	ABS MERCANTILES PRIVATE LIMITED	Director	02-05-97	02-05-97	Active	NO
2	U74999DL2011PLC224400	VAXER PHARMA LIMITED	Director	30-08-11	30-08-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Bodh Raj Sikri	1394630
Sushila Sikri	100
Pochiraju Hanumantsubba Rao	605270
Total	2000000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical Bulk Drugs and its intermediaries.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, 10, Parliament Street, New Delhi – 110 001, India

· State Bank of India (MID Corporation Loan Administration Unit), 2^nd Floor, Chandni Chowk, New Delhi- 110 006, India

· Punjab National Bank

· Kotak Mahindra Bank

· Punjab and Sind Bank

· American Express Bank

· HDFC Bank Limited

· ICICI Bank Limited

· IDBI Bank

· Indusind Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital loan	0.000	99.082
Loans taken for vehicles	1.652	1.669
Other debts	73.068	19.364
Total	74.720	120.115
Unsecured Loan
Loans directors	16.465	10.183
Other debts	9.165	1.665
Total	25.630	11.848

Banking Relations :	--
Auditors :
Name :	PVSP and Company Chartered Accountants
Address :	5, Pusa Road, 1^st Floor, New Delhi-110005, India
Pan No.:	AAAFB4973K

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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		20.000	10.000	2.241
2] Share Application Money		0.000	9.500	7.759
3] Reserves & Surplus		38.373	23.111	12.418
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.373	42.611	22.418
LOAN FUNDS
1] Secured Loans		74.720	120.115	107.432
2] Unsecured Loans		25.630	11.848	18.099
TOTAL BORROWING		100.350	131.963	125.531
DEFERRED TAX LIABILITIES		4.803	3.718	2.012
TOTAL		163.526	178.292	149.961
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		76.337	83.719	80.386
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.038	0.014	0.014
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	47.313	53.855	91.720
	Sundry Debtors	232.990	192.488	43.987
	Cash & Bank Balances	17.240	6.374	7.176
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	92.216	72.434	24.459
Total Current Assets		389.759	325.151	167.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	271.670	198.743
	Other Current Liabilities	24.282	28.930	96.756
	Provisions	6.656	2.919	1.029
Total Current Liabilities		302.608	230.592	97.785
Net Current Assets		87.151	94.559	69.557
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		163.526	178.292	149.961

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	1292.679	1074.820	372.448
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1269.675	1059.502	365.164
		Advertising Expenses
		TOTAL	1269.675	1059.502	365.164
	PROFIT / (LOSS) BEFORE TAX		23.004	15.318	7.284
Less	TAX		7.742	4.625	2.723
	PROFIT / (LOSS) AFTER TAX		15.262	10.693	4.561
	EARNINGS IN FOREIGN CURRENCY		NA	11.764	11.649
	Earnings / (Loss) Per Share (Rs.)		7.63	10.69	20.35

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.18	0.99	1.23
Return on Total Assets (PBT/Total Assets}	(%)	4.94	3.75	2.94
Return on Investment (ROI) (PBT/Networth)		0.39	0.36	0.32
Debt Equity Ratio (Total Liability/Networth)		6.90	8.51	9.96
Current Ratio (Current Asset/Current Liability)		1.29	1.41	1.71

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	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
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	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10255070
Corporate identity number of the company	U24231DL1997PTC086948
Name of the company	ABS MERCANTILES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	89-A, Ground Floor, Jamrudpur, Greater Kailash-I, New Delhi-110048, India
Type of charge	Immovable Property
Particular of charge holder	Standard Chartered Bank, 10, Parliament Street, New Delhi – 110 001, India Email: sme.form8@sc.com
Nature of description of the instrument creating or modifying the charge	Memorandum of entry - supplemental
Date of instrument Creating the charge	05.01.2012
Amount secured by the charge	Rs.264.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per agreement. Terms of Repayment As per agreement. Margin As per agreement. Extent and Operation of the charge Extent and Operation - 100% Others The above is to secure the following :- ABS Mercantiles Private Limited = Rs. 162.000 Millions Next Wave India = Rs. 102.500 Millions
Short particulars of the property charged	Equitable mortgage by way of first charge over co's immovable property i.e. Property Bearing SCO No.307, City Centre, Sector-29, Gurgaon (H) together with all building and structures thereon Or to be thereon.
Date of latest modification prior to the present modification	16.11.2011
Particulars of the present modification	Bank's first charge over company's immovable property i.e. Property Bearing SCO No. 307, City Centre, Sector-29, Gurgaon (Haryana) together with all buildings and structures thereon or to be thereon, already registered for Rs. 234.500 Millions shall stand enhanced to Rs. 264.500 Millions.

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicle

· Office Equipments

· Computer

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.55.15
UK Pound	1	Rs.85.22
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		46

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.