MIRA INFORM REPORT

Report Date :

09.05.2012

IDENTIFICATION DETAILS

Name :	SOLITAIRE PHARMACIA PRIVATE LIMITED
Registered Office :	Plot No.73, Industrial Area, Phase – II, Chandigarh – 160002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.08.2003
Com. Reg. No.:	53-026264
Capital Investment / Paid-up Capital :	Rs.0.890 Million
CIN No.: [Company Identification No.]	U24232CH2003PTC026264
IEC No.:	2208003799
TAN No.: [Tax Deduction & Collection Account No.]	PTLS15553G
PAN No.: [Permanent Account No.]	AAHCS5485R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulation-Finished Medicines.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 35000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are 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.

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. Kuljender
Designation :	Accounts Manager
Contact No.:	91-172-4237709
Date :	19.04.2012

LOCATIONS

Registered Office :	Plot No.73, Industrial Area, Phase-II, Chandigarh-160002, India
Tel. No.:	91-172-4237704/ 09/ 4600087/ 88/ 5000477/ 5000478
Fax No.:	91-172-4600087/ 5000477/ 2653293
E-Mail :	radixbiotech@rediffmail.com radixbiotech@yahoo.com radixexports@rediffmail.com avnish61@hotmail.com khullar_rohitcs@yahoo.co.in
Website :	http://www.solitairepharmacia.com
Area :	1500 sq. ft.
Location :	Rented
Factory :	Plot No. 25, HPSIDC, Industrial Area, Extension 1, Baddi District Salan, Himachal Pradesh-173205, India
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Sanjeev Kumar Sethi

Designation :

Managing Director

Address :

Flat No.503, GH – 30, Sector 20, Panchkula – 134108, Haryana, India

Date of Birth/Age :

21.09.1970

Date of Appointment :

01.07.2006

DIN No.:

00487430

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	U24232CH1987PTC026264	SOLITAIRE PHARMACIA PRIVATE LIMITED	Managing director	1/7/2006	7/8/2003	-	Active	NO
2	U24232CH2004PTC027742	RADIX BIOTECH PRIVATE LIMITED	Director	17/12/2004	17/12/2004	-	Active	NO
3	U51909CH2008PTC031111	STERLING IMPORT AND EXPORT PRIVATE LIMITED	Director	29/02/2008	29/02/2008	19/07/2011	Active	YES

Name :

Mrs. Anita Sanjeev Sethi

Designation :

Director

Address :

Flat No.503, GH – 30, Sector 20, Panchkula – 134108, Haryana, India

Date of Birth/Age :

10.02.1978

Date of Appointment :

01.07.2006

DIN No.:

00487432

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24232CH1987PTC026264	SOLITAIRE PHARMACIA PRIVATE LIMITED	Whole-time director	1/7/2006	7/8/2003	Active	NO
2	U24232CH2004PTC027742	RADIX BIOTECH PRIVATE LIMITED	Director	17/12/2004	17/12/2004	Active	NO

Name :

Mrs. Pushpa Gobind Ram Rani

Designation :

Director

Address :

H. No.503, GHS-30, Sector – 20, Panchkula, Haryana, India

Date of Birth/Age :

01.01.1954

Date of Appointment :

07.08.2003

DIN No.:

01381614

KEY EXECUTIVES

Name :	Mr. Kuljender
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Sanjeev Kumar Sethi	19934
Anita Sethi	23333
Pushpa Rani	3333
Anand Khosla	2400
Anand Khosla (HUF) through Karta Anand Khosla	40000
Total	89000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulation-Finished Medicines.
Products :	· Anti-Biotic Tablets · Hormonal Tablets · Psychotropic Tablets · Diabetic Tablets · Cardiac Tablets · Women and Child Care Drugs · Ortho-Care Drugs · Eye Drops · Ear Drops · Nasal Drops · Inject able Products · Day to Day Care Drugs · Tablets, Syrups, Capsules and Injections
Exports :
Products :	· Pharmaceutical Formulation
Countries :	· Nepal · Ghana
Imports :
Products :	Raw Materials
Countries :	· China · Italy
Terms :
Selling :	L/C and Advance
Purchasing :	L/C and Advance

GENERAL INFORMATION

Suppliers :

· Aryata Reliabilitation Private Limited

· Ansh Lab Chem

· Ashirwad Medicose

· B R Enterprises

· Bansal Pharma

· Cosmas Pharmacls

· Divs Laboratories Limited

· Dr. Reddy Laboratories Limited

· Forgo Pharmaceuticals Private Limited

· GMH Laboratories

· Hitesh Sormulations private limited

· Magbro Healthcare private limited

· Shiva Traders

· Theon Pharmaceuticals Private Limited

· Unnati Pharmaceuticals Private Limited

· Vardman Pharmachem

Customers :

Wholesalers and Retailers

No. of Employees :

100 (Approximately)

Bankers :

· Bank of India,

Sector 20, Panchkula-134108, Haryana, India

· ICICI Bank

· Citi Bank

· HDFC Bank

· State Bank of India

Facilities :

CC = Rs.18.500 Millions from Bank of India

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank of India – CC671530110000005 (Secured against stock and debtors)	7.760	5.409
Bank of India – CC671530110000048	9.517	0.000
Bank of India – CC671530110000049 (Secured against Stock and Debtors)	3.876	0.000
Bank of India-T/L Building	4.372	1.987
Bank of India-T/L Machinery	10.183	8.537
Total	35.708	15.933
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Reliance Capital Limited	1.268	2.010
ICICI Bank OD a/c	0.386	0.733
Citi Bank	0.000	0.020
Citi Bank Loan 2	0.000	0.595
HDC Bank Loan 2	0.000	0.380
Trade securities from Customer	1.655	1.655
Total	3.309	5.393

Banking Relations :	--
Auditors :
Name :	Avnish Sharma and Associates Chartered Accountant
Address :	SCO 47, Dakshin Marg, Sector 20-C, Chandigarh – 160020, India
Tel. No.:	91-172-2706330/ 5076330
PAN No.:	AABFA5610M
E-Mail :	avnish61@hotmail.com avnishca@hotmail.com

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89000	Equity Share	Rs.10/- each	Rs.0.890 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		0.890	0.890	0.890
2] Share Application Money		0.650	0.650	0.650
3] Reserves & Surplus		7.139	4.825	4.233
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.679	6.365	5.773
LOAN FUNDS
1] Secured Loans		35.708	15.933	10.934
2] Unsecured Loans		3.309	5.393	3.839
TOTAL BORROWING		39.017	21.326	14.773
DEFERRED TAX LIABILITIES		0.717	0.547	0.000
TOTAL		48.413	28.238	20.546
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.797	33.639	0.944
Capital work-in-progress		0.000	9.460	27.437
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.033
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.781	4.274	1.976
	Sundry Debtors	0.000	0.000	6.276
	Cash & Bank Balances	11.172	10.106	3.190
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.288	1.305	1.676
Total Current Assets		36.241	15.685	13.118
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	31.625	30.546	20.993
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		31.625	30.546	20.993
Net Current Assets		4.616	(14.861)	(7.875)
MISCELLANEOUS EXPENSES		0.000	0.000	0.007
TOTAL		48.413	28.238	20.546

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	108.169	82.798	72.344
		TOTAL (A)	108.169	82.798	72.344
Less	EXPENSES
		TOTAL (B)	96.990	79.329
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		11.179	3.469
Less	FINANCIAL EXPENSES (D)		3.142	1.084	71.591
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.037	2.385	(Including Financial Expenses and Depreciation
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.005	1.212
	PROFIT BEFORE TAX (E-F) (G)		3.032	1.173	0.753
Less	TAX (H)		0.719	0.581	NA
	PROFIT AFTER TAX (G-H) (I)		2.313	0.592	NA
	Earnings Per Share (Rs.)		25.99	6.65	--

Particulars	31.03.2012
Sales Turnover (Approximately)	150.00

Expected Sales (2012-13): Rs.200.000 Millions

The above information has been parted by Mr. Kuljender.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.14	0.71	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.79	2.38	5.35
Return on Investment (ROI) (PBT/Networth)		0.35	0.18	NA
Debt Equity Ratio (Total Liability/Networth)		8.14	8.15	6.20
Current Ratio (Current Asset/Current Liability)		1.15	0.51	0.62

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE

The Registered office of the company has been shifted from 62, Industrial Area, Phase-II, Chandigarh, India to the present address w.e.f 30.06.2006.

FIXED ASSETS

· Land

· Building

· Trade Marks

· Air Conditioner

· Strapping Machine

· Refrigerator

· Generator

· Furniture and Fixture

· Inventor, UPS and Mobile

· Computer

· Printer

· Vacuum Cleaner

· Fire Extinguisher

· Car

· Fire extinguisher

· Photostats machine

· Camera

· Computer software

· Lift

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.68.81

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.