MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	WISCON PHARMACEUTICALS PRIVATE LIMITED PASSION INDULGE DIVISION OF WISCON PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	38 Industrial Estate, Pologround, Indore – 452015, Madhya Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.02.2007
Com. Reg. No.:	70-024788
Capital Investment / Paid-up Capital :	Rs. 1.000 million
CIN No.: [Company Identification No.]	U74900MP2007PTC024788
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor and Trader of Pharmaceuticals Formulation and Herbal Cosmetics.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 36000
Status :	Moderate
Payment Behaviour :	Slow but Correct
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 but correct. The company can be considered for small 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Ms. Lily
Designation :	Secretary of Director Mr. Kartik
Contact No.:	91-22-26849770
Date :	25.09.2012

LOCATIONS

Registered Office/ Warehouse :	38 Industrial Estate, Pologround, Indore – 452015, Madhya Pradesh, India
Tel No.:	Not Available
Mobile No.:	91-9967543382 (Mr. Kartik Parikh)
Fax No.:	Not Available
E-Mail :	sales@wisconpharma.com kparikh@wisconpharma.com
Website :	http://www.wisconpharma.com
Location :	Owned
Corporate Office :	6^th Floor, Matharu Arcade, Subhash Road, Vile Parke (E), Mumbai-400057, Maharashtra, India.
Tel. No.:	91-22-26849770/ 42152009/ 42096115/ 65295621
Fax No.:	91-22-26834702
Regional Office :	14 regional offices across India.

DIRECTORS

As on 30.09.2011

Name :

Mr. Kartik Gautam Parikh

Designation :

Managing Director

Address :

6, Moti Apartment, Playground Road, Vile Parle (East), Mumbai – 400057, Maharashtra

Date of Birth/Age :

25.02.1976

Qualification :

MBA in Pharmacy

Date of Appointment :

22.02.2007

DIN No.:

00058624

PAN No.:

AACPP4064H

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74900MP2007PTC024788	WISCON PHARMACEUTICALS PRIVATE LIMITED	Managing director	22/02/2007	22/02/2007	-	Active	NO
2	U74120MH2012PTC232547	PASSION INDULGE PRIVATE LIMITED	Director	25/06/2012	25/06/2012	-	Active	NO
3	AAB-0056	SYNERCON PHARMA LLP	Designated Partner	06/07/2012	06/07/2012	-	Active	NO

Name :

Mr. Bharat Nanubhai Patel

Designation :

Director

Address :

1-21 Madhuban Society, Prabhat Colony Lane 11, Santracruz East, Mumbai – 400055, Maharashtra

Date of Birth/Age :

11.10.1957

Qualification :

B. Sc.

Date of Appointment :

18.09.2008

DIN No.:

02329285

KEY EXECUTIVES

Name :	Ms. Lily
Designation :	Secretary of Director Mr. Kartik

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kartik Gautam Parikh	149999
Sibeswar N Parial	1
Total	150000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Distributor and Trader of Pharmaceuticals Formulation and Herbal Cosmetics.
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

300 (Approximately)

Bankers :

· Axis Bank, Ville Parle Branch, Mumbai, Maharashtra, India

· Bank of Baroda, Siyaganj Branch, 15/16, Jawahar Marg, IDA Building, Siyaganj, Indore-452001, Madhya Pradesh, India.

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loan with Bank of Baroda, Siyaganj Bramch Indore Vehicles Loan from Banks	71.195 1.105	64.424 1.772
Total	72.300	66.196
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Trade Security Deposits From Directors	12.450 1.500	13.250 0.000
Total	13.950	13.250

Banking Relations :	--
Auditors :
Name :	N Jagetia and Associates Chartered Accountants
Address :	208, Arcade Silver, 56, Shop E-1, New Palasia, Indore-452001, Madhya Pradesh, India.
Tel. No.:	91-731-3912169/ 4064075
Mobile No.:	91-9826088728
E-Mail :	n.jagetiya@gmail.com
PAN No.:	AAGFN1470M
Associates/Subsidiaries :	Plethico Pharma. Limited, India Plethico Lab. Private Limited, India Elegan Pharma Elegan Packaging Mr. Gautam B. Parikh HUF India Foods Stallen South Asia Private Limited, India

CAPITAL STRUCTURE

As on 30.09.2011

Authorized Capital:

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

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs. 10/- each	Rs. 1.500 millions

AS ON 31.03.2011

Authorized 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
100000	Equity Share	Rs.10/- each	Rs. 1.000 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		1.000	0.800	0.800
2] Share Application Money		0.000	0.000	0.800
3] Reserves & Surplus		8.221	5.385	3.241
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.221	6.185	4.841
LOAN FUNDS
1] Secured Loans		72.300	66.196	44.673
2] Unsecured Loans		13.950	13.250	17.750
TOTAL BORROWING		86.250	79.446	62.423
DEFERRED TAX LIABILITIES		0.278	0.209	0.054
TOTAL		95.749	85.840	67.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.741	3.990	1.477
Capital work-in-progress		0.094	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	48.296	31.068	25.681
	Sundry Debtors	62.176	59.822	47.377
	Cash & Bank Balances	3.082	0.186	2.860
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.366	6.945	3.087
Total Current Assets		122.920	98.021	79.005
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	16.232	7.031	7.847
	Other Current Liabilities	11.579	6.869	3.725
	Provisions	3.200	2.281	1.608
Total Current Liabilities		31.011	16.181	13.180
Net Current Assets		91.909	81.840	65.825
MISCELLANEOUS EXPENSES		0.005	0.010	0.016
TOTAL		95.749	85.840	67.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		502.961	459.285
		Other Income		NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Material Cost
		Personal Cost
		Office and Administrative Expenses		NA	NA
		Selling, Distribution and Marketing Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	NA
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	NA
	PROFIT BEFORE TAX (E-F) (G)		3.023	NA	NA
Less	TAX (H)		0.988	NA	NA
	PROFIT AFTER TAX (G-H) (I)		2.035	1.344	0.708
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.585	NA	NA
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	NA	NA
	BALANCE CARRIED TO THE B/S		1.620	NA	NA
	EARNINGS IN FOREIGN CURRENCY		4.550	16.305	7.280
	Earnings Per Share (Rs.)		13.56	16.80	--

Particulars	31.03.2012
Sales Turnover (Approximately)	620.000

Expected Sales (2012-13): Rs. 650.000 millions

The above information has been parted by Ms. Lily.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.38	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.32	NA	NA
Debt Equity Ratio (Total Liability/Networth)		12.71	15.46	15.62
Current Ratio (Current Asset/Current Liability)		3.96	6.06	5.99

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	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 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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FINANCIAL RESULTS

During the year the Company has earned a Profit before Tax of Rs. 3.023 millions After making provision for taxation of Rs. 0.987 millions, adding carried forward Profit of Rs. 0.585 millions and Transferring Rs. 1.000 millions to General reserve, the Net Profit of Rs. 1.620 millions is proposed to be carried forward to Balance Sheet.

NOTE:

The Registered Office of the company has been shifted form, A/30, Nand Jyot Industrial Estate, Andheri Kurla Road, Saki Naka, Mumbai – 400072, Maharashtra, India, to the present address w.e.f. 18.10.2010.

CONTINGENT LIABILITY

Contingent Liabilities not provided for:

Pending Letter of Credit - Rs. 1.574 millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74900MP2007PTC024788
Name of the company	WISCON PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	38, Industrial Estate, Pologround, Indore – 452015, Madhya Pradesh, India e-mail: kparikh@wisconpharma.com
This form is for	Modification of charge
Charge identification number of the modified	10089816
Type of charge	Book Debts Movable Property
Particular of charge holder	Bank of Baroda, Siyaganj Branch, 15/16, Jawahar Marg, IDA Building, Siyaganj, Indore-452001, Madhya Pradesh, India. Email : siyaga@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	Charge is modified vide composite hypothecation agreement dated 30.03.2012 to secure various facilities aggregating to Rs. 112.500 millions
Date of instrument Creating the charge	30.03.2012
Amount secured by the charge	Rs. 112.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit: 5.50 % above base rate (present base rate 10.75%). Terms of Repayment As agreed between the bank and the company Margin 25 % on the stocks and 30 % on the book debts Extent and Operation of the charge Charge is created over the entire stocks, book debts, vehicles and machinery of the company.
Short particulars of the property charged	Hypothecation of Goods, Book Debts, Movable Machinery and Vehicles
Date of latest modification prior to the present modification	29.06.2009
Particulars of the present modification	Credit facilities increased from Rs. 85.000 millions to Rs. 112.500 millions.

FIXED ASSETS:

· Computers

· Furniture and Fixtures

· 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 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.51.60
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NID

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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.