MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	AVITECH NUTRITION PRIVATE LIMITED
Registered Office :	8^th Floor, Eros Apartment, 56, Nehru Place, New Delhi-110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.1989
Com. Reg. No.:	55-037758
Capital Investment / Paid-up Capital :	Rs.2.501 Millions
CIN No.: [Company Identification No.]	U74899DL1989PTC037758
TAN No.: [Tax Deduction & Collection Account No.]	DELA08607E
PAN No.: [Permanent Account No.]	AACCA5714E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Animal and Human Healthcare Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 210000
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.

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

LOCATIONS

Registered Office :	8^th Floor, Eros Apartment, 56, Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-26462854
Fax No.:	Not Available
E-Mail :	grover@indovax.com info@avitechnutrition.com
Website:	http://www.avitechnutrition.com
Factory / Corporate Office:	GP-37, Udyog Vihar, Sector 18, Gurgaon-122001, Haryana, India
Tel No.:	91-124-4011147/4278511/12
Fax No.:	91-124-4013620

DIRECTORS

As on 30.09.2011

Name :

Mr. Rahul Kapur

Designation :

Managing Director

Address :

B-1/5, DLF City, Phase I, Gurgaon-122002, Haryana, India

Date of Birth/Age :

06.04.1963

Date of Appointment :

10.06.1991

Din No.:

00020624

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	U74899DL1989PTC037758	AVITECH NUTRITION PRIVATE LIMITED	Managing director	10-06-91	10-06-91	Active	NO
2	U74899DL1985PTC021903	KEGGFARMS PRIVATE LIMITED	Director	01-09-95	01-09-95	Active	NO
3	U74999DL2003PTC121579	AVITECH TRADING PRIVATE LIMITED	Director	01-08-03	01-08-03	Active	NO
4	U51909DL2004PLC129495	JMK MERCANTILE LIMITED	Director	28-09-04	28-09-04	Active	NO
5	U74899DL1986PTC024582	INDOVAX PRIVATE LIMITED	Director	20-04-08	25-04-05	Active	NO
6	U29297DL2008PTC182062	IMMUNETIC LIFESCIENCES PRIVATE LIMITED	Nominee director	14-08-08	14-08-08	Active	NO
7	U51909DL2004PLC129494	PML MERCANTILE LIMITED	Director	01-11-08	01-11-08	Active	NO

Name :

Mr. Kanan Kapur

Designation :

Director

Address :

B-1/5, DLF City, Phase I, Gurgaon-122002, Haryana, India

Date of Birth/Age :

22.02.1967

Date of Appointment :

01.04.2003

Din No.:

00765986

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	U74899DL1989PTC037758	AVITECH NUTRITION PRIVATE LIMITED	Director	01-04-03	01-04-03	Active	NO
2	U74999DL2003PTC121579	AVITECH TRADING PRIVATE LIMITED	Director	01-08-03	01-08-03	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rahul Kapur	24504
Mohini Janak Kapur	501
Vinod Somnath Kapur	1
Total	25006

As on 16.01.2012

Names of Allottee	No. of Shares
Rahul Kapur	1650

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 of Animal and Human Healthcare Products.

Products :

PRODUCTION DESCRIPTION	ITEM CODE
Feed Premixes (Feed Grade), Gerilife, Immunaid, Knease, Pro-Ors (Healthcare)	2309.90

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Cash Credit From IDBI Bank [Against hypothecation of stocks and debtors]	8.279	3.746
Term Loan From Banks [[against hypothecation of vehicles]	1.610	1.972
From Banks [Guaranted by managing directors]	11.679	19.209
Total	21.568	24.927
Unsecured Loan
From Shareholders	5.570	1.470
Total	5.570	1.470

Banking Relations :	--
Auditors :
Name :	V.V. Kale and Company Chartered Accountants
Address :	16A/20, W.E.A. Main Ajmal Khan, Karol Bagh, New Delhi-110005, India
Tel. No.:	91-11-25722222/25261916
Fax No.:	91-11-25732222
Pan No.:	AACFV8784C
Related Parties:	· Avitech Trading Private Limited · Keggfarms Private Limited · Indovax Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
48000	Equity Shares	Rs.100/- each	Rs.4.800 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25006	Equity Shares	Rs.100/- each	Rs.2.501 Millions

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
48000	Equity Shares	Rs.100/- each	Rs.4.800 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26656	Equity Shares	Rs.100/- each	Rs.2.666 Millions

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		2.501	2.501	2.501
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		52.495	48.504	46.146
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		54.996	51.005	48.647
LOAN FUNDS
1] Secured Loans		21.568	24.927	12.490
2] Unsecured Loans		5.570	1.470	1.470
TOTAL BORROWING		27.138	26.397	13.960
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		82.134	77.402	62.607
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		25.329	19.933	17.308
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.300	0.605	0.176
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	57.560	39.263	8.400
	Sundry Debtors	75.850	65.810	54.332
	Cash & Bank Balances	2.780	9.599	12.483
	Other Current Assets	0.000	0.000	16.371
	Loans & Advances	11.090	12.388	10.059
Total Current Assets		147.280	127.060	101.645
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	87.452	66.093	52.168
	Provisions	3.323	4.103	4.354
Total Current Liabilities		90.775	70.196	56.522
Net Current Assets		56.505	56.864	45.123
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		82.134	77.402	62.607

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	366.347	309.495	270.555
		Other Income	1.028	4.914	1.535
		TOTAL (A)	367.375	314.409	272.090
Less	EXPENSES
		Office Expenses
		Administrative Expenses	354.646	306.712	259.368
		Advertising Expenses
		TOTAL (B)	354.646	306.712	259.368
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.729	7.697	12.722
Less	FINANCIAL EXPENSES (D)		4.935	3.377	0.793
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.794	4.320	11.929
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.475	2.009	1.843
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		5.319	2.311	10.086
Less	TAX (H)		1.329	(0.047)	4.900
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.990	2.358	5.186
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		48.505	46.147	40.961
	BALANCE CARRIED TO THE B/S		52.495	48.505	46.147
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	0.000	0.243	0.608
	TOTAL EARNINGS		0.000	0.243	0.608
	IMPORTS
		Raw Materials	31.968	44.605	17.516
		Finished Goods	14.842	13.143	8.966
	TOTAL IMPORTS		46.810	57.748	26.482
	Earnings / (Loss) Per Share (Rs.)		159.58	94.29	207.38

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.09	0.75	1.91
Net Profit Margin (PBT/Sales)	(%)	1.45	0.75	3.73
Return on Total Assets (PBT/Total Assets}	(%)	3.08	1.57	8.48
Return on Investment (ROI) (PBT/Networth)		0.10	0.05	0.21
Debt Equity Ratio (Total Liability/Networth)		2.14	1.89	1.45
Current Ratio (Current Asset/Current Liability)		1.62	1.81	1.80

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	No
9) Name of person contacted	No
10) Designation of contact person	No
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	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
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

NATURE OF OPERATIONS:

Subject is engaged in the business of Animal and Human Healthcare Products.

BUSINESS POSITION:

The sales turnover during the year was Rs.366.347 Millions as against Rs.309.495 Millions in the preceding year and the Company earned a profit (before taxation) of Rs.5.319 Millions as against Rs.2.310 Millions in the preceding year. The Company has provided depreciation and financial expenses amounting to Rs.2.475 Millions and Rs.4.935 Millions respectively as against Rs.2.009 Millions and Rs.3.377 Millions in the preceding year. Though the throat cut competition in the poultry Industries the Company has managed to achieve substantial increase both in sales and profitability during the year.

The Company is reviewing its marketing strategy, with a view to rationalize the territories and restrict the overhead expenditure. The Directors expect improved results in the current year.

FIXED ASSETS:

· Plant and Machinery

· Computers

· Furniture and Fixtures

· Electrical Fittings

· Office Equipments

· Vehicles

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.54.29
UK Pound	1	Rs.86.60
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.