MIRA INFORM REPORT

Report Date :

19.06.2012

IDENTIFICATION DETAILS

Name :	SUNIJ PHARMA PRIVATE LIMITED
Registered Office :	T-1/B, National Park, Gulbai Tekra, Ahmedabad-380015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.09.2000
Com. Reg. No.:	04-038712
Capital Investment / Paid-up Capital :	Rs.21.863 Millions
CIN No.: [Company Identification No.]	U24231GJ2000PTC038712
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulation.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 260000
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 with slight 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. Jignesh Acharya
Designation :	Marketing Manager
Contact No.:	91-9825095318
Date :	17.05.2012

LOCATIONS

Registered Office :	T-1/B, National Park, Gulbai Tekra, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-25840742 / 26304045 / 26304226 / 25842066 / 25840869
Fax No.:	91-79-26304226 / 25840742
E-Mail :	anish_shahcs@yahoo.com sunijpharma@youtale.com sunijfactory@hotmail.com
Website :	http://www.sunijpharma.com
Location :	Owned
Factory :	4228-30, GIDC Phase IV, Vatva, Ahmedabad-382445, Gujarat, India
Tel. No.:	91-79-25842066 / 25840869
Fax No.:	91-79-25840742
Location :	Owned
Overseas :	Locate at America

DIRECTORS

As on 15.09.2011

Name :

Mr. Narendra Chandulal Dalal

Designation :

Director

Address :

T-1/B, National Park, Gulbai Tekra, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

12.02.1931

Date of Appointment :

28.09.2000

DIN No.:

00203003

Name :

Mrs. Falguni N Katwala

Designation :

Director

Address :

T-1/B, National Park, Gulbai Tekra, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

01.08.1965

Date of Appointment :

01.04.2010

DIN No.:

03042173

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ2000PTC038712	SUNIJ PHARMA PRIVATE LIMITED	Director	16/08/2010	1/04/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jignesh Acharya
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders	No. of Shares
Narendra Chandulal Dalal	1093150
Falguni N Katwala	1093150
Total	2186300

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulation.
Exports :
Products :	Pharmaceutical Formulation
Countries :	Nigeria Sri Lanka
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Installed Capacity

Classification	Quantity
Tablets Per Annum	1728000000
Capsular Per Annum	360000000

Production

Classification	Tablets / Capsule / Kit
For Sunij	341133266
For Loan Licence Party	76890080
For Food Division
Pellets	3907980

GENERAL INFORMATION

Suppliers :	· BCM Corporation
Customers :	Wholesalers and Retailers · CMSO
No. of Employees :	50 (Approximately)
Bankers :	Bank of India, Ahmedabad, Gujarat, India ICICI Bank Limited

Banking Relations :	--
Auditors :
Name :	Shaleen J. Shah Chartered Accountant
Address :	101/2, Shaily, Nehru Park Society, Near Old High Court, Ahmedabad-380009, Gujarat, India
PAN.:	AABFV8782F

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
2186300	Equity Shares	Rs.10/- each	Rs.21.863 Millions

Note:

Out of 2186300 equity shares 2186100 equity shares of Rs. 10 each issued as fully paid up to the proprietor of Sunij Pharmaceuticals on Business take over by the company for consideration other than cash.

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		21.863	21.863	21.863
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.253	34.126	32.757
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.116	55.989	54.620
LOAN FUNDS
1] Secured Loans		0.000	8.461	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	8.461	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.355
TOTAL		66.116	64.450	54.975
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.485	19.997	20.492
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.060	0.060	0.060
DEFERREX TAX ASSETS		0.187	0.100	0.258
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.425	15.478	10.141
	Sundry Debtors	6.639	7.543	8.977
	Cash & Bank Balances	34.612	31.264	29.583
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.619	7.380	8.040
Total Current Assets		67.295	61.665	56.741
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.679	9.252	12.169
	Other Current Liabilities	3.672	2.653	10.473
	Provisions	5.560	5.500	0.000
Total Current Liabilities		23.911	17.405	22.642
Net Current Assets		43.384	44.260	34.099
MISCELLANEOUS EXPENSES		0.000	0.033	0.066
TOTAL		66.116	64.450	54.975

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	210.023	76.499	111.232
		Other Income	2.516	2.920	3.296
		TOTAL (A)	212.539	79.419	114.528
Less	EXPENSES
		Manufacturing Expenses	4.114	3.631	3.978
		Administrative Expenses	7.304	5.363	5.886
		Raw Material Consumed	159.203	34.531	65.869
		Salaries, Wages, Bonus, etc.	21.923	16.590	11.859
		Preliminary Expenses	0.033	0.033	0.033
		TOTAL (B)	192.577	60.148	87.625
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.962	19.271	26.903
Less	FINANCIAL EXPENSES (D)		0.327	0.095	0.091
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.635	19.176	26.812
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.245	2.622	2.775
	PROFIT BEFORE TAX (E-F) (G)		16.390	16.554	24.037
Less	TAX (I)		6.262	6.054	9.095
	PROFIT AFTER TAX (G-I) (J)		10.128	10.500	14.942
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1.300	0.000
		Dividend	0.000	7.805	0.000
		Tax on Dividend	0.000	1.326	0.000
	BALANCE CARRIED TO THE B/S		10.128	0.069	14.942
	Earnings Per Share (Rs.)		4.63	4.80	6.83

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.77	13.22	13.05
Net Profit Margin (PBT/Sales)	(%)	7.80	21.64	21.61
Return on Total Assets (PBT/Total Assets}	(%)	24.36	26.85	42.36
Return on Investment (ROI) (PBT/Networth)		0.25	0.30	0.44
Debt Equity Ratio (Total Liability/Networth)		0.36	0.31	0.41
Current Ratio (Current Asset/Current Liability)		2.81	3.54	2.51

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	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	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

FINANCIAL MANAGEMENT

The company has not paid any interest to their bankers. Due to sources of income policy company has relied on fixed deposit overdraft facilities for bank of India, panchvati branch. This is all due to the planning of purchase staff with vendors and systematic marketing to their distributors / institutes and other customer in such way that regular cash flow is maintain through out the year company has earned Rs.2.137 Millions of bank interest. Company having total fixed deposits of Rs. 30.600 Millions with bank of India, Ahmedabad.

This will be short of policy for coming year too with affords of concern staff members. Still they are planning to fixed deposit day by day increase so the a regular flow of interest income increase and company has not to borrow any amount form the banker this will reduce the burden of interest to be paid to banker.

Contingent Liability

Company has outstanding Bank Guarantee Liabilities towards their Governments client for Annual Rate Contract amounting to Rs.1.080 Millions (Previous Year Rs.3.224 Millions)

TRADE REFERENCE

· CMSO

· BCM Corporation

FIXED ASSETS

• Land
• Building
• Electric Installation
• Furiniture and Fixture
• Vehicles
• Plant and Machinery
• Office Equipment
• 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.55.59
UK Pound	1	Rs.87.34
Euro	1	Rs.70.66

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	NO
--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		45

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.