MIRA INFORM REPORT

Report Date :

05.05.2012

IDENTIFICATION DETAILS

Name :	NOVO PHARM FORMULATIONS PRIVATE LIMITED
Registered Office :	105, Rajmandir Apartment, 62, Alkapuri Society, R.C. Dutt Road, Alkapuri, Vadodara – 390007, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.03.1995
Com. Reg. No.:	04-025060
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24231GJ1995PTC025060
TAN No.: [Tax Deduction & Collection Account No.]	BRDN00416D
PAN No.: [Permanent Account No.]	AAACN6793Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharma Products.
No. of Employees :	120 (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 4000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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. Kotra
Designation :	Manager
Contact No.:	91-9227189873
Date :	19.04.2012

LOCATIONS

Registered Office :	105, Rajmandir Apartment, 62, Alkapuri Society, R.C. Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2342034
Mobile No.:	91-9227189873 (Mr. Kotra)
Fax No.:	91-265-2342033
E-Mail :	novopharm.export@gmail.com ojaspatel@novo-pharm.com
Website :	www.novopharmformulations.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Ojasbhai Ravjibhai Patel

Designation :

Director

Address :

B/2, Shaktidham Society, Diwalipura, Old Para Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

05.11.1968

Date of Appointment :

25.10.1999

DIN No.:

01763528

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	U24231GJ1995PTC025060	NOVO PHARM FORMULATIONS PRIVATE LIMITED	Director	25/10/1999	25/10/1999	-	Active	NO
2	U24231GJ2004PTC044846	BRIYOSIS SOFT CAPS PRIVATE LIMITED	Director	1/04/2006	1/04/2006	26/03/2008	Active	NO
3	U55101GJ2009PTC057474	GRAND MAHI CLUB & BANQUETS PRIVATE LIMITED	Director	7/07/2009	7/07/2009	-	Active	NO
4	U24230GJ2010PTC062760	NOVOTEK FORMULATIONS PRIVATE LIMITED	Director	27/10/2010	27/10/2010	-	Active	NO

Name :

Mr. Rajivbhai Ashabhai Patel

Designation :

Director

Address :

B/2, Shaktidham Society, Diwalipura, Old Para Road, Vadodara – 390015, Gujarat, India

Date of Birth/Age :

28.09.1940

Date of Appointment :

09.04.2007

DIN No.:

03468857

KEY EXECUTIVES

Name :	Mr. Kotra
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Ojas R. Patel	10000
Rajivbhai A. Patel	40
Total	10040

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharma Products.
Products :	Tablets Hydrochloride Tablets Capsule Dry Syrup Liquid
Exports :
Products :	Pharma Products
Countries :	African Countries
Terms :
Selling :	L/C/ Cash/ Credit (30 – 60 days)
Purchasing :	Cash/ Credit (30 – 60 days)

GENERAL INFORMATION

Customers :

· Wholesalers

· Retailers

· End Users

No. of Employees :

120 (Approximately)

Bankers :

· Axis Bank, Alkapuri Branch

· The Baroda City Co-Operative Bank Limited, Sanstha-Vasahat, Raopura, Vadodara-390001, Gujarat, India

· Kotak Mahindra Bank

· State Bank of India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Kotak Mahindra Bank	0.606	0.000
Total	0.606	0.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
ABN Amro Bank	0.216	0.575
Harshaben K Patel	1.187	1.188
Medico Sales Corporation	0.010	0.411
Samir B Patel	0.400	0.000
Vinaybhai Patel	1.187	1.188
Total	3.000	3.362

Banking Relations :	--
Auditors :
Name :	Bhutwala Associates Chartered Accountants
Address :	203/2, Gayatri Chambers, R. C. Dutt Road, Vadodara – 390007, Gujarat, India
PAN.:	AAPPB0489D
Associates/Subsidiaries :	Novotek Formulations Private Limited Address: 106, First Floor, Raj Mandir, 62 Alkapuri Society, R.C. Dutt Road, Vadodara-390007, Gujarat, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10040	Equity Shares	Rs.10/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		0.150	0.150	0.000
3] Reserves & Surplus		0.921	0.838	0.854
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.171	1.088	0.954
LOAN FUNDS
1] Secured Loans		0.606	0.000	0.000
2] Unsecured Loans		3.000	3.362	2.812
TOTAL BORROWING		3.606	3.362	2.812
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.777	4.450	3.766
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.396	0.398	0.400
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.185	0.184
DEFERREX TAX ASSETS		0.015	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.831	1.701	2.218
	Sundry Debtors	4.463	4.545	2.609
	Cash & Bank Balances	0.647	0.208	0.268
	Other Current Assets	0.168	0.168	0.168
	Loans & Advances	2.262	1.926	0.879
Total Current Assets		9.371	8.548	6.142
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.935	4.936	2.929
	Other Current Liabilities	0.314	0.406	(0.060)
	Provisions	0.153	0.117	0.498
Total Current Liabilities		6.402	5.459	3.367
Net Current Assets		2.969	3.089	2.775
MISCELLANEOUS EXPENSES		0.397	0.778	0.407
TOTAL		4.777	4.450	3.766

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	17.466	14.754	15.357
		Other Income	0.640	0.005	0.094
		TOTAL	18.106	14.759	15.451
Less	EXPENSES
		Cost of Goods Sold	14.328	11.814	12.347
		Administrative, Selling and Distribution Expenses	3.651	2.750	2.825
		TOTAL	17.979	14.564	15.172
	PROFIT BEFORE TAX		0.127	0.195	0.279
Less	TAX		0.045	0.060	0.000
	PROFIT AFTER TAX		0.082	0.135	0.279
	BALANCE CARRIED TO THE B/S		0.082	0.135	0.279
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2.655	0.000	0.000
	TOTAL EARNINGS		2.655	0.000	0.000
	Earnings Per Share (Rs.)		8.17	NA	NA

Particulars	31.03.2012
Sales Turnover (Approximately)	30.000

Expected Sales (2012-13) : Rs.40.000 Millions

The above information has been parted by Mr. Kotra.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.45	0.91	1.81
Net Profit Margin (PBT/Sales)	(%)	0.73	1.32	1.82
Return on Total Assets (PBT/Total Assets}	(%)	1.18	2.18	4.26
Return on Investment (ROI) (PBT/Networth)		0.11	0.18	0.29
Debt Equity Ratio (Total Liability/Networth)		8.55	8.10	6.48
Current Ratio (Current Asset/Current Liability)		1.46	1.56	1.82

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	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	--
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

Note:

The registered address of the company 201, Saakar Building, Near Sardar Patel Wadi, Sanstha Vasahat, Raopura, Vadodara-390001, Gujarat, India has been shifted to the present address w.e.f. 05.05.2011

Bankers Charges Report as per Registry

Corporate identity number of the company	U24231GJ1995PTC025060
Name of the company	NOVO PHARM FORMULATIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	105 Rajmandir Appartment, 62, Alkapuri Society, R.C. Dutt Road, Alkapuri, Vadodara-390007,Gujarat, India Email : ojaspatel@novo-pharm.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	The Baroda City Co-Operative Bank Limited, Sanstha-Vasahat, Raopura, Vadodara-390001, Gujarat, India Email : hemant1969@barodacitybank.com
Nature of instrument creating charge	Deposit of Title Deeds
Date of instrument Creating the charge	26.12.2011
Amount secured by the charge	Rs.0.600 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 12% p.a. Terms of Repayment In EMI of Rs.0.022 Million each Margin @ 50% Extent and Operation of the charge First and Exclusive Charge in favour of The Baroda City Co - Operative Bank Limited Others Term Loan - Rs.0.600 Million
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Regist. District Sub District Vadodara within Raopura Area B Tikka No. 11/2, S.No. 16 paiki admeasu. 676.67 Sq. Mtrs. and S.No. 6/A/2 paiki 764.41 Sq. mtrs. containing 2nd Floor admeasuring 12457 Sq. Fts paiki bearing Unit No. 201 Sakar Complex, Sanstha-Vasahat Office admeasuring 438.50 Sq. Fts.

FIXED ASSETS

· Air Conditioner

· Computer

· Electronic Equipment

· Furniture and Fixtures

· Mobiles

· Office Building

· Office Equipments

· Scooter

· Car

· Punch Machines Dies

· Refrigerator

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.53.72
UK Pound	1	Rs.86.98
Euro	1	Rs.70.65

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	CTI

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.