MIRA INFORM REPORT

Report Date :

05.06.2012

IDENTIFICATION DETAILS

Name :	RETEC FORMULATIONS PRIVATE LIMITED
Registered Office :	C – 25/ 5, Conaught Place, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.02.1998
Com. Reg. No.:	55-92158
Capital Investment / Paid-up Capital :	Rs.0.750 Million
CIN No.: [Company Identification No.]	U33110DL1998PTC092158
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals nutritional and cattle feed product.
No. of Employees :	42 (Approximately) (In Factory - 40, In Branches - 2)

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 5000
Status :	Small company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with same 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. A.K. Pandey
Designation :	Director
Contact No.:	91-9811807978
Date :	14.05.2012

LOCATIONS

Registered Office :	C – 25/ 5, Conaught Place, New Delhi – 110001, India
Tel. No.:	91-120-4375035/ 4104036/ 4371050
Mobile No.:	91-9716047787 (Mr. suryanshi) 91-9811807978 (Mr. A.K. Pandey)
Fax No.:	91-120-4371070
E-Mail :	carishikapoorroc@yahoo.co.in retecformulations@yahoo.com
Website :	http://www.retecformulations.com
Area :	500 Sq.ft
Location :	Rented
Factory :	Plot No. 32/20, South Side GT Road Industrial Area, Ghaziabad – 201001, Uttar Pradesh, India
Tel. No.:	91-120-4104036/ 4375035
Area :	8000 Sq. ft
Location :	Owned
Branches :	1^st Floor, Palika complex, G.T Road, Ghaziabad – 201001, Uttar Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mrs. Anjani Pandey

Designation :

Director

Address :

II A20, F4, Nehru Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

01.01.1968

Date of Appointment :

09.02.1998

DIN No.:

00493925

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	U33110DL1998PTC092158	RETEC FORMULATIONS PRIVATE LIMITED	Director	9/2/1998	9/2/1998	-	Active	NO
2	U24232DL2011PTC219855	RETEC HEALTHCARE PRIVATE LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO

Name :

Mrs. Suvidha Pandey

Designation :

Director

Address :

II A20, F4, Nehru Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Date of Birth/Age :

13.07.1973

Date of Appointment :

09.02.1998

DIN No.:

00493963

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	U33110DL1998PTC092158	RETEC FORMULATIONS PRIVATE LIMITED	Director	9/2/1998	9/2/1998	-	Active	NO
2	U24232DL2011PTC219855	RETEC HEALTHCARE PRIVATE LIMITED	Director	25/05/2011	25/05/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anjani Pandey	35000
Suvidha Pandey	35000
Sharma Om prakash	5000
Total	75000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceuticals nutritional and cattle feed product.
Products :	· ZOX Tablets · ZOX Liniment · Anti-Inflammatory Drugs · Seretec N · Seretec D Tablets · ZOX- AS Tablet · Seretec-10
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

RX Laboratories

Customers :

Wholesalers and Retailers

· Valentics Private Limited

· Bio-fill Pharmaceuticals Limited.

· Zygull pharmaceuticals Private Limited

· Cure Laboratories Private Limited

· Creative Life Science Private Limited

· Target india Private Limited

· Healthpro naturals Private Limited

· Renaissance life science Private Limited

No. of Employees :

42 (Approximately) (In Factory - 40, In Branches - 2)

Bankers :

Oriental Bank of Commerce, Branch Nasirpur, III-D-9, Nehru Nagar, Ghaziabad – 201002, Uttar Pradesh, India

Facilities :

Cash and Credit Rs.2.100 millions from Oriental Bank of Commerce.

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Oriental Bank of Commerce, Ghaziabad (Hypothecation of Stock & Book Debts)	0.560	1.163
Total	0.560	1.163
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Shareholders	0.320	0.311
Total	0.320	0.311

Banking Relations :	--
Auditors :
Name :	Rishi Kapoor and company Chartered Accountant
Address :	9 and 10, Advocate Chamber, Opposite Raj Nagar Telephone Exchange, Ghaziabad – 201001, Uttar Pradesh, India
PAN.:	AEFPK6932G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.10/- each	Rs.0.750 Million

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		0.750	00.750	0.200
2] Share Application Money		0.000	0.000	0.050
3] Reserves & Surplus		0.520	0.344	0.232
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.270	1.094	0.482
LOAN FUNDS
1] Secured Loans		0.560	1.163	1.139
2] Unsecured Loans		0.320	0.311	1.021
TOTAL BORROWING		0.880	1.474	2.160
DEFERRED TAX LIABILITIES		0.001	0.001	0.002
TOTAL		2.151	2.569	2.644
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.123	0.082	0.051
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	0.725	0.444	0.326
	Sundry Debtors	1.870	1.171	1.058
	Cash & Bank Balances	0.087	0.231	0.130
	Other Current Assets	0.072	0.007	0.007
	Loans & Advances	0.773	1.602	1.601
Total Current Assets		3.527	3.455	3.122
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.618	0.434	0.049
	Other Current Liabilities	0.795	0.483	0.435
	Provisions	0.087	0.058	0.054
Total Current Liabilities		1.500	0.975	0.538
Net Current Assets		2.027	2.480	2.584
MISCELLANEOUS EXPENSES		0.001	0.007	0.009
TOTAL		2.151	2.569	2.644

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	7.287	5.008	4.494
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	6.992	4.828	4.381
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.295	0.180	0.113
Less/ Add	DEPRECIATION/ AMORTISATION		0.032	0.010	0.010
	PROFIT BEFORE TAX		0.263	0.170	0.103
Less	TAX		0.087	0.058	0.054
	PROFIT AFTER TAX		0.176	0.112	0.049
	Earnings Per Share (Rs.)		2.35	5.25	Na

Particulars	31.03.2012
Sales Turnover (Approximately)	11.400

Expected Sales (2012-2013): Rs.25.000 millions

The above information has been parted by Mr. A.K Pandey.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.41	2.24	1.09
Return on Total Assets (PBT/Total Assets}	(%)	7.21	4.81	3.25
Return on Investment (ROI) (PBT/Networth)		0.21	0.16	0.21
Debt Equity Ratio (Total Liability/Networth)		1.87	2.24	5.60
Current Ratio (Current Asset/Current Liability)		2.35	3.54	5.80

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	Yes
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 one 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	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
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

Bankers Charges Report as per Registry

Corporate identity number of the company	U33110DL1998PTC092158
Name of the company	RETEC FORMULATIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C – 25/ 5, Conaught Place, New Delhi – 110001, India carishikapoorroc@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10002069
Type of charge	· Book debts · Hypothecation of Stock
Particular of charge holder	Oriental Bank of Commerce, Branch Nasirpur, III-D-9, Nehru Nagar, Ghaziabad – 201002, Uttar Pradesh, India carishikapoorroc@yahoo.co.in
Nature of instrument creating charge	Supplemental Agreement to Secure Credit/Loan Facilities dated 21.09.2011
Date of instrument Creating the charge	21.09.2011
Amount secured by the charge	Rs.2.100 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR +2.50% (Bank Spread) over Base Rate (Present BR of the bank is 10.75%) which works out to 13.25% at present with monthly rest. Penal Int. @ 2% p.a. on over drawn portion Terms of Repayment Yearly Renewal Margin 25% Extent and Operation of the charge 100% in Favour of Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stocks of Raw Material Stock in Process, Finished Stocks of Medicines, drugs and Pharmaceuticals, packing materials and receivables of the Company Hypothecation of existing fixed assets of the company having WDV Rs. 1.23Lacs as on 31.03.2011 Personal Guarantee of the Director of the Company Sh. Anjani Kumar Pandey and Smt. Suvidha Pandey
Date of instrument modifying the charge	19.02.2007
Particulars of the present modification	Enhancement of Cash Credit Facilities form Rs. 1.150 millions to Rs. 2.100 millions

TRADE REFERENCES

· RX Laboratories

· Valentics Private Limited

AS PER WEBSITES DETAILS:

PROFILE:

Established in the year 1998, they Subject, having group companies Prism Healthcare (Anutritional suppliment and feed suppliment manufacturing company) and Retec Healthcare Private Limited (a pharma manufacturing unit) are trusted name in the field of offering highly effective medical formulations at the cost reasonable prices. They were introduced in market totally as a marketing group. With time and their continuous dedicated efforts, they have been able to acquire a secured place in the field of manufacturing and trading of highly effective allopathic medicines like nutritional health supplements, dietary health supplements, and fitness health

supplements. The products ranges they offer include medicines for pain management, antibiotics, nutritional supplement, anti-ulcerant, antioxidants, gynecological segments.

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.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPK

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	NO
--AFFILIATION	YES/NO	YES
--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.