MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	BLUECROSS ANIMAL HEALTHCARE PRIVATE LIMITED
Registered Office :	Bluecross House, Plot No.613, G.I.D.C., D.N. Road, Dehgam, Gandhinagar – 382 305, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.02.2007
Com. Reg. No.:	04-050081
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U01229GJ2007PTC050081
TAN No.: [Tax Deduction & Collection Account No.]	AHMB04767A
PAN No.: [Permanent Account No.]	AADCB0868P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Animal Feed and Feed Concentrate.
No. of Employees :	55 (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 1000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company having moderate track. The company has been successful in wiping off the accumulated losses of the previous years. 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. Daxesh Pravinbhai Patel
Designation :	Director
Contact No.:	91-9998267089
Date :	21.04.2012

LOCATIONS

Registered Office/ Factory :	Bluecross House, Plot No.613, G.I.D.C., D.N. Road, Dehgam, Gandhinagar – 382 305, Gujarat, India
Tel No :	91-2712-230771
Mobile No.:	91-9998267089 (Mr. Daxesh Pravinbhai Patel)
Fax No.:	91-2712-230771
E-Mail :	greenway_d@yahoo.com info@bluecrossanimalhealthcare.com
Website :	http://www.bluecrossanimalhealthcare.com
Area :	540 var
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Daxesh Pravinbhai Patel
Designation :	Director
Address :	“Pravinkunj”, Kumbharvas, Near Jain Derasar, Dehgam, Gandhinagar - 382 305, Gujarat, India
Date of Birth/Age :	15.11.1975
Date of Appointment :	23.02.2007
DIN No.:	02482462
Name :	Mr. Chintan Pravinbhai Patel
Designation :	Director
Address :	“Pravinkunj”, Kumbharvas, Near Jain Derasar, Dehgam, Gandhinagar - 382 305, Gujarat, India
Date of Birth/Age :	10.05.1983
Date of Appointment :	23.02.2007
DIN No.:	02482478

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Daxesh Patel	5000
Chintan Patel	5000
Total	10000

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 Trader of Animal Feed and Feed Concentrate.
Products :	v Blucholin v Micromin Chilated v Ocidblue v Lipoblue v Mycoblue v Electro blue v Activebinder v Micromin-DS v B-Live v Blue-Eseb v B-live premix v B-Enro-PFS v Bluepromin v Bluecal v Mithoblue v Bluetone v Blueplex v Micromin-L v Bluefuzon-200 v Blue CTC v Phytoblue v Bcipro-PFS v Hy-Tech FS v Bluezyme
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

55 (Approximately)

Bankers :

v State Bank of India, Dehgam Branch

v ICICI Bank

v Kotak Bank

v Bank of Baroda

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Kotak Mahindra OD A/c	0.167	0.000
Reliance Capital Car Loan (Against Hypothecation of Cars)	0.304	0.376
Total	0.471	0.376

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loan from Directors	1.034	1.044
Total	1.034	1.044

Banking Relations :	--
Auditors :
Name :	Ishita and Mukesh Chartered Accountants
Address :	1^st Floor, Navaliwala Building, Opposite D.N. High School, Station Road, Anand – 388 001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AADFI3224R

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	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		0.000	0.000	0.000
3] Reserves & Surplus		0.138	0.000	0.044
4] (Accumulated Losses)		0.000	(0.012)	0.000
NETWORTH		0.238	0.088	0.144
LOAN FUNDS
1] Secured Loans		0.471	0.376	0.000
2] Unsecured Loans		1.034	1.044	0.000
TOTAL BORROWING		1.505	1.420	0.000
DEFERRED TAX LIABILITIES		0.047	0.071	0.001
TOTAL		1.790	1.579	0.145
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.178	0.884	0.036
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.017	0.017	0.016
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.860	0.623	0.528
	Sundry Debtors	3.820	1.855	0.826
	Cash & Bank Balances	0.417	0.140	0.515
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.045	0.059	0.042
Total Current Assets		6.142	2.677	1.911
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.483	2.032	1.837
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.064	0.014	0.016
Total Current Liabilities		5.547	2.046	1.853
Net Current Assets		0.595	0.631	0.058
MISCELLANEOUS EXPENSES		0.000	0.047	0.035
TOTAL		1.790	1.579	0.145

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales	11.225	6.399	3.978
		Other Income-NSC Interest	0.001	0.001	0.001
		TOTAL (A)	11.226	6.400	3.979
Less	EXPENSES
		Purchase and Expenses Thereto	10.859	6.211	3.026
		Selling and Administrative Expenses			1.340
		Increase/Decrease in Stock			(0.442)
		TOTAL (B)	10.859 (including Financial Expenses)	6.211	3.924
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			0.189	0.055
Less	FINANCIAL EXPENSES (D)			0.039	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.367	0.150	0.055
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.197	0.136	0.005
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		0.170	0.014	0.050
Less	TAX (H)		0.020	0.069	0.001
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		0.150	(0.055)	0.049
	Earnings/ (Loss) Per Share (Rs.)		14.96	(5.50)	5.03

Particulars	31.03.2012
Sales Turnover (Approximately)	15.000

Expected Sales (2012-2013): Rs.20.000 millions

The above information has been parted by Mr. Daxesh Pravinbhai Patel (Director).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.33	(0.86)	1.23
Net Profit Margin (PBT/Sales)	(%)	1.51	0.22	1.26
Return on Total Assets (PBT/Total Assets}	(%)	2.32	0.39	2.57
Return on Investment (ROI) (PBT/Networth)		0.71	0.16	0.35
Debt Equity Ratio (Total Liability/Networth)		29.63	39.39	12.87
Current Ratio (Current Asset/Current Liability)		1.11	1.31	1.03

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 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	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
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

Note:

The registered office address of the company has been shifted from Kumbharvas, Opposite Jain Derasar, Dehgam, Gandhinagar – 382 305, Gujarat, India to present address w.e.f. 24.09.2010

Note:

Mr. Daxesh Patel has started this business is in year 2000 as a proprietory concern firm with Name “Blue Cross Animal Health Care”. Since 23.02.2007 he has formed this company as a private limited company with director Mr. Chetan Patel.

OPERATIONS:

During the year the Company reported the turnover of Rs.11.225 millions. The Company recorded a net profit of Rs.0.150 million. However since this is the growth stage of the company, the Directors do not recommend any dividend.

FIXED ASSETS:

v Accent Car

v Computer

v Godown Constriction

v Machinery

v Mobile Phone

v Yamaha Fazer Bike

WEBSITE DETAILS:

PROFILE:

Company manufacturing organic animal health care products, veterinary health products that specifically caters to livestock and poultry sector. Owing to it's strong concepts and formulations, subject has successfully gained an international acclaim and it's products are widely accepted.

They supply comprehensive range of Animal Healthcare Products that are formulated using healthy ingredients. Some of the salient features of their products include:

- Non toxic

- Safe to use

- No side effects

- Highly effective

Their quality controllers test their wide gamut of vaternary products for their effectiveness and other parameters. They also conduct tests on the ingredients used in the manufacturing of products to conform optimum quality. Their researchers with their constant evaluation of ayurvedic ingredients help in developing new medicines and improve in the quality of existing ones. Coupled with their proficient marketing professionals.

Company has spread its wings beyond India and is focusing on the global market. Company is slowly but strongly putting step ahead to be a global player. Company has now focused and concentrated to International market where enormous opportunities are lying to promote the products for which Company is constantly and continually upgrading its products and product range. Company does not supply just product but believes in building long time business relationship by committed quality, proper pre and after sales services and adjusting to customer’s requirements.

Company strives to find better solutions to customer needs. Continuously working towards offering the best in terms of innovation, quality machines at affordable cost. Company extends its assistance to increase the productivity with perfection for growth orientation. Company adheres to the business philosophy of Total Quality Products to give customer satisfaction for their constant growth.

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.52.85
UK Pound	1	Rs.85.44
Euro	1	Rs.68.80

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	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.