MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	ARIHANTANAM LIFECARE PRIVATE LIMITED
Registered Office :	Plot No. 2516 and 2518, GIDC, Sarigam – 396155, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.06.2010
Com. Reg. No.:	04-061205
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U24230GJ2010PTC061205
TAN No.: [Tax Deduction & Collection Account No.]	SRTA04668G
PAN No.: [Permanent Account No.]	AAICA5813C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Life Care Product like Antimalarial, Nurotonik, Anti Tubeculosis, etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 94000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a successor of Arihantanam Organics, a Partnership Concern started in the year 2007. 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. Singh
Designation :	Director
Contact No.:	91-9879530414
Date :	29.02.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 2516 and 2518, GIDC, Sarigam – 396155, Gujarat, India
Tel. No.:	91-260-2781234
Mobile No.:	91-9879530414 (Mr. Singh)
Fax No.:	91-260-2781235
E-Mail :	rk11@arihantam.com gbladdha@gmail.com
Website :	www.arihantam.com
Location :	Owned

DIRECTORS

As on 28.09.2011

Name :

Mr. Hasmukhbhai Natvarlal Patel

Designation :

Director

Address :

Flat No.301, Sneh Galaxy, Siddhi Vinayak Complex, Kachigam Road, Vapi-396191, Gujarat, India

Date of Birth/Age :

14.02.1965

Date of Appointment :

22.06.2010

DIN No.:

03074821

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	U24230GJ2010PTC061205	ARIHANTANAM LIFECARE PRIVATE LIMITED	Director	22/06/2010	22/06/2010	-	Active	NO
2	U24230DD2011PTC004692	BLISS INDASI LIFESCIENCE PRIVATE LIMITED	Director	9/03/2011	9/03/2011	-	Active	NO

Name :

Mrs. Induben Ravindrakumar Singh

Designation :

Director

Address :

Flat No.303, B Wing, Shanti CHS, Gunjan Date of Birth: 02-05-1966 Road, Vapi-396195, Gujarat, India

Date of Birth/Age :

08.08.1968

Date of Appointment :

23.06.2010

DIN No.:

03074910

Name :

Mrs. Kanchanben Hasmukhbhai Patel

Designation :

Director

Address :

Flat No.301, Sneh Galaxy, Siddhi Vinayak Complex, Kachigam Road, Vapi-396191, Gujarat, India

Date of Birth/Age :

03.05.1971

Date of Appointment :

23.06.2010

DIN No.:

03074931

Name :

Mr. Ravindrakumar Hiralal Singh

Designation :

Director

Address :

Flat No.303, B Wing, Shanti CHS, Gunjan Date of Birth: 02-05-1966 Road, Vapi-396195, Gujarat, India

Date of Birth/Age :

02.05.1966

Date of Appointment :

22.06.2010

DIN No.:

03075727

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	U24230GJ2010PTC061205	ARIHANTANAM LIFECARE PRIVATE LIMITED	Director	22/06/2010	22/06/2010	-	Active	NO
2	U24230DD2011PTC004692	BLISS INDASI LIFESCIENCE PRIVATE LIMITED	Director	9/03/2011	9/03/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Hasmukh Patel	208700
Induben R Singh	295860
Kanchan H Patel	291300
Ravindra H Singh	204140
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Life Care Product like Antimalarial, Nurotonik, Anti Tubeculosis, etc.
Exports :
Products :	Life Care Products
Countries :	Pakistan
Imports :
Products :	Raw Material
Countries :	European Countries
Terms :
Selling :	L/C/ Cash/ Credit (30 – 60 days)
Purchasing :	L/C/ Cash/ Credit (30 – 60 days)

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity*	Actual Production
Pharmaceuticals bulk drugs and Chemicals	Kg.	NA	37080	4821

*On Single shift basis as certified by the Management and accepted by the auditors being technical matter.

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

100 (Approximately)

Bankers :

· Punjab National Bank, C/M-8/16, GIDC, Vapi – 396195, Gujarat, India

· HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)
Punjab National Bank – Cash Credit [Secured by hypothecation of Stocks, Books Debts & Other Current Assets]	41.329
Punjab National Bank Limited.-Term Loan [Secured against Plant of Machinery]	1.771
H. D.F. C. Bank- Car Loan [Secured against Car]	0.233
Punjab National Bank- Car Loan [Secured against Car]	0.471
H.D.F.C. Bank Motor Vehicle Loan [Secured against Motor Vehicle]	0.013
Total	43.817
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)
Indu R Singh	0.030
Kanchan H. Patel	0.130
Aquatic Remedies Private Limited	7.000
Bliss Gvs Pharma Limited	6.000
Total	13.160

Banking Relations :	--
Auditors :
Name :	G B Laddha and Company Chartered Accountants
Address :	1-2, Sahara Market, 2^nd Floor, Silvassa Road, Vapi – 396191, Gujarat, India
Tel. No.:	91-260-3267788/ 6456677/ 6457788/ 6458899
Fax No.:	91-260-2425966
E-Mail :	gbladdha@gmail.com
PAN.:	AAEFG2280N
Related Party :	· Indasi Life Science · Yesh Enterprises

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Note:

[213200 Equity shares of Rs.10/- each allotted other than in cash]

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		13.571
4] (Accumulated Losses)		0.000
NETWORTH		23.571
LOAN FUNDS
1] Secured Loans		43.817
2] Unsecured Loans		13.160
TOTAL BORROWING		56.977
DEFERRED TAX LIABILITIES		0.645
TOTAL		81.193
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.488
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.910
	Sundry Debtors	58.863
	Cash & Bank Balances	0.694
	Other Current Assets	0.000
	Loans & Advances	16.917
Total Current Assets		100.384
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.840
	Other Current Liabilities	0.305
	Provisions	1.638
Total Current Liabilities		38.783
Net Current Assets		61.601
MISCELLANEOUS EXPENSES		0.104
TOTAL		81.193

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	125.021
		Other Income	0.744
		TOTAL (A)	125.765
Less	EXPENSES
		Raw Material Consumed and Inventory adjustment	107.437
		Manufacturing Expenses	4.252
		Administrative Expenses	6.696
		TOTAL (B)	118.385
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.380
Less	FINANCIAL EXPENSES (D)		3.650
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.730
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.558
	PROFIT BEFORE TAX (E-F) (G)		3.172
Less	TAX (H)		1.253
	PROFIT AFTER TAX (G-H) (I)		1.919
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		1.919
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5.458
	TOTAL EARNINGS		5.458
	IMPORTS
		Raw Materials	45.835
	TOTAL IMPORTS		45.835
	Earnings Per Share (Rs.)		8.60

Expected Sales (2011-12) : Rs.250.000 Millions

The above information has been parted by Mr. Singh.

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	1.53
Net Profit Margin (PBT/Sales)	(%)	2.54
Return on Total Assets (PBT/Total Assets}	(%)	2.65
Return on Investment (ROI) (PBT/Networth)		0.13
Debt Equity Ratio (Total Liability/Networth)		4.06
Current Ratio (Current Asset/Current Liability)		2.59

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

FORM 8

Corporate identity number of the company	U24230GJ2010PTC061205
Name of the company	ARIHANTANAM LIFECARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 2516 and 2518, GIDC, Sarigam – 396155, Gujarat, India Email: gbladdha@gmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge Any interest in immovable property
Particular of charge holder	Punjab National Bank, C/M-8/16,GIDC, Vapi – 396195, Gujarat, India Email: bo3903@pnb.co.in
Nature of instrument creating charge	Hypothecation of Goods and Book Debts to secure Cash Credit facility
Date of instrument Creating the charge	14.09.2010
Amount secured by the charge	Rs.77.173 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit - BR+4.5% effective 12.5% p.a Bill discounting Sub Limit- BR+05% presently 8.5% and varying upto 9.5% p.a. depending upon the period Terms of Repayment Cash credit- On Demand Margin Cash credit against Stocks-25% Cash credit against Book Debts- 50% ILC/FLC -25% Extent and Operation of the charge Cash Credit Limit against Stocks- Rs.42.500 millions Cash credit sub limit against Book debts-Rs.10.000 millions Bill Discounting against LC Rs.5.000 millions Within overall Limit of Rs.42.500 millions ILC/FLC - Rs.32.500 millions Term Loan outstanding Rs.2.173 millions First Charge on entire current assets Present and future of the company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation on entire current assets (Present & Future) of the company including stocks of raw materials, stocks in Process, finished goods, receivables, stores, spares, Consumables Equitable Mortage of Plot No.2516 and 2518 and Factory, Building, constructed thereon Situated at Chemical Zone, GIDC, Sarigam District Valsad Equitable Mortgage along with Lease hold rights of Factory land and Building Situated at Plot No. 2512, Near V Trans, Chemical Zone, Sarigam, District Valsad Equitable Mortgage of Residential Flat no.302, Sneh Galaxy CHS Opposite Gulab Park, Kachigam Road, Vapi Equitable Mortgage of Residential Flat no.303, Sushanti CHS, Avenue Park, Chharwada Road, Vapi First Charge on Unecumbered Plant and Machinery, Furniture, Laboratory Equipments and other Fixed Assets

FIXED ASSETS

· Air Compressor

· Air-Conditioner

· Camera

· Vehicles

· Electric Fittings

· Computer

· D.G. Set

· Factory Buildings

· Furniture and Fixtures

· Laboratory Equipments

· Plant and Machinery

· Staff Room

· Star City Ks Spoke

· Weigh Scale

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.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

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	4
--CREDIT LINES	1~10	1
--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		26

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.