MIRA INFORM REPORT

Report Date :

05.04.2013

IDENTIFICATION DETAILS

Name :	INTERVET INDIA PRIVATE LIMITED
Formerly Known As :	INTERVET LABORATORIES PRIVATE LIMITED
Registered Office :	Briah Nagar, Off Pune - Nagar Road, Wagholi District., Pune – 412217, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.05.1996
Com. Reg. No.:	11-099536
Capital Investment / Paid-up Capital :	Rs. 170.000 Millions
CIN No.: [Company Identification No.]	U52311MH1996PTC099536
TAN No.: [Tax Deduction & Collection Account No.]	PNEI04118C
PAN No.: [Permanent Account No.]	AAACH1671F
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in animal health care business and caters to different species of animals
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 2400000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Intervet International BV, the Netherlands”. It is an established company having a satisfactory track record. It has achieved better growth in its turnover during 2012. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. The company can be considered 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 – 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.

LOCATIONS

Registered Office / Factory :	Briah Nagar, Off Pune - Nagar Road, Wagholi District., Pune – 412217, Maharashtra, India
Tel. No.:	91-20-66207800/ 03/ 66050400/ 01/ 7051800
Fax No.:	91-20-66207810/ 66050410/ 7050859
E-Mail :	info.india@intervet.com devangi.shah@merck.com
Website :	http://www.intervet.co.in
Corporate Office :	Intervet House, 33, Pune-Nagar Road, (Behind Eden Garden), Pune – 411 014, Maharashtra, India
Tel. No.:	91-20-66050400-01
Fax No.:	91-20-66050410

DIRECTORS

As on 28.09.2012

Name :

Mr. Yash Omprakash Goyal

Designation :

Managing Director

Address :

Niyati Iris 503, Salvia Mohamadwadi, Nibm Annexe, Pune – 411028, Maharashtra, India

Date of Birth/Age :

25.07.1969

Date of Appointment :

28.09.2012

DIN No.:

02749682

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	U93000MH2007PLC203686	PFIZER ANIMAL HEALTH INDIA LIMITED	Director	29-09-10	01-12-09	06-04-12	Active	NO
2	U52311MH1996PTC099536	INTERVET INDIA PRIVATE LIMITED	Managing director	28-09-12	21-06-12	-	Active	NO

Name :

Mr. Prakash Madhav Khaire

Designation :

Chairman cum Managing Director

Address :

A – 69, Puru Co-Operative Housing Society Limited, 235, Yerwada, Pune – 411 032, Maharashtra, India

Date of Birth/Age :

14.07.1952

Date of Appointment :

16.07.2012

DIN No.:

02568865

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	U74140PN1994PTC078749	SHANDAR INTERIOR PRIVATE LIMITED	Director	03-06-94	03-06-94	-	Active	NO
2	U52311MH1996PTC099536	INTERVET INDIA PRIVATE LIMITED	Director	16-07-12	01-01-09	01-03-13	Active	NO
3	U74900PN2009PTC134947	RELIABLE MIOFICINAONLINE SERVICES PRIVATE LIMITED	Director	11-11-09	11-11-09	-	Active	NO
4	U55204PN2013PTC145976	YELLOW AND WHITE RESTO PRIVATE LIMITED	Director	14-01-13	14-01-13	-	Active	NO

Name :

Mr. Marcus Josepha Maria Van Heumen

Designation :

Director

Address :

Brede Haven 50, 5211 Tm, S Hertogenbosch, Netherlands

Date of Birth/Age :

20.06.1961

Date of Appointment :

08.08.2011

DIN No.:

03579447

Name :

Mr. Mohan Venkata Subramanyam Earanky

Designation :

Director

Address :

Flat – 101, Building – G, Florentine SN -60 A, Sopan Bay Ghorpadi, Pune – 411001, Maharashtra, India

Date of Birth/Age :

27.11.1964

Date of Appointment :

14.12.2011

DIN No.:

05137665

KEY EXECUTIVES

Name :	Mr. Devangi Rohit Shah
Designation :	Secretary
Address :	B-405, Kamla Ashish Building No.-3, Mahavir Nagar, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	14.10.1978
Date of Appointment :	01.01.2009
Pan No. :	BFNPS9708G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Intervet Holding B V, Netherlands	17000006
Vertex B V, Netherlands	1
Total	17000007

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in animal health care business and caters to different species of animals

Products :

• Animal Health Products
• Biological vaccines and veterinary pharmaceutical products

Description of product or service category	ITC Code
MDCMNTS (Excl Items of 3002,3005 / 3006) FR Thrputc / Prphylctc Uses In Measurd Dosesor In Pckngs FR RTL Sale	30049085

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Oral liquids suspension and other liquids**	Litres	--	162885
Powders and granules **	Kilograms	--	123441
Tablets **	Thousand units	--	13637
Biological vaccines	Million doses	42	22

* On single shift basis as certified by management and relied upon by the auditors this being a technical matter.

** Oral liquids suspension and other liquids Powders and granules and Tablets are produced by the toll manufacturers

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Deutsche Bank AG Deutsch Bank House, Hazarimal, Somani Marg, Post Box No.1142, Fort, Mumbai – 400001, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Muttha Towers, Suite 8 Fifth Floor, Off Airport Road, Yerwada, Pune – 411006, Maharashtra, India
PAN.:	AAEFP3641G
Ultimate Holding Company :	Merck and Company, USA
Holding Company :	Intervet Holding BV, The Netherlands
Related parties with whom transactions have taken place during the year -Fellow subsidiaries :	Intervet (Pty) Limited, South Africa Intervet (Thailand) Limited, Thailand Intervet Egypt SAE, Egypt Intervet International BV, Netherlands Intervet K.K. Japan Intervet Australia Pty Limited, Australia PT Intervet Indonesia, Indonesia SOL Limited, Singapore Organon (India) Limited, India Intervet Do Brasil Veterinaria Interveterinaria S.A.de. C.V., Mexico

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
17500000	Equity Shares	Rs.10/- each	Rs.175.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17000007	Equity Shares	Rs.10/- each	Rs.170.000 Millions

Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:

Particulars	Number of shares	Rs. In Millions
No of shares outstanding at the beginning and at the end of the year
- Equity shares	17,000,007	Rs.170.000 Millions

Details of shares held by the Holding Company and subsidiary of the Holding Company *

Particulars	Number of shares Held	% holding in that class of shares
Equity shares
Intervet Holding BV, Netherlands	17,000,006	99.99%
Vertex BV	1	--

* This also represents shareholders holding more than 5% of the aggregate shares of the Company

Rights, preferences and restrictions attached to equity shares:

The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		170.000	170.000	170.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		432.145	284.478	192.239
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		602.145	454.478	362.239
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		165.000	315.000	316.514
TOTAL BORROWING		165.000	315.000	316.514
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		767.145	769.478	678.753
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		184.966	212.665	255.960
Capital work-in-progress		0.049	1.875	2.269
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		17.015	9.330	11.546
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	345.467	265.230	295.462
	Sundry Debtors	319.126	207.205	224.727
	Cash & Bank Balances	120.892	291.495	57.934
	Other Current Assets	3.519	6.264	3.333
	Loans & Advances	115.678	92.725	49.727
Total Current Assets		904.682	862.919	631.183
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	172.365	152.171	139.017
	Other Current Liabilities	108.439	93.215	66.013
	Provisions	58.763	71.926	17.175
Total Current Liabilities		339.567	317.312	222.205
Net Current Assets		565.115	545.607	408.978
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		767.145	769.478	678.753

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1593.600	1353.000	1220.600
		Other Income	20.600	20.800	9.000
		TOTAL	1614.200	1373.800	1229.600
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1408.992	1232.345	1171.842
		Advertising Expenses
		TOTAL	1408.992	1232.345	1171.842
	PROFIT BEFORE TAX		205.208	141.455	57.758
Less	TAX		57.542	49.216	22.234
	PROFIT AFTER TAX		147.666	92.239	35.524
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		264.249	172.010	136.486
	BALANCE CARRIED TO THE B/S		411.915	264.249	172.010
	Earnings Per Share (Rs.)		8.69	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.15	6.71	2.89
Net Profit Margin (PBT/Sales)	(%)	12.88	10.45	4.73
Return on Total Assets (PBT/Total Assets}	(%)	18.83	8.58	6.51
Return on Investment (ROI) (PBT/Networth)		0.34	0.31	0.16
Debt Equity Ratio (Total Debt /Networth)		0.27	0.69	0.87
Current Ratio (Current Asset/Current Liability)		0.38	0.37	0.35

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

BACKGROUND

Intervet India Private Limited 'Intervet' or 'the Company' is a wholly owned subsidiary of Intervet Holding BV Netherlands a part of Merck and Company USA. Intervet is engaged in animal health care business and caters to different species of animals such as poultry cattle sheep and goat etc. through manufacture and distribution of biological vaccines and veterinary pharmaceutical products.

OPERATIONAL PERFORMANCE

The Company earned total income of Rs. Rs.1614.200 Millions during the year divided in to Net Sales of Rs. 1593.600 Millions and other income of Rs. 20.600 Millions, as against the total income of Rs. 1373.800 Millions divided into Net Sales of Rs. 1353.000 Millions and other income Rs. 20.800 Millions, during the previous year.

After charging all expenses the Company earned a profit of Rs.147.600 Millions as compared to the previous year’s profit of Rs. 92.200 Millions.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.03.2012	31.03.2011
Claims against the Company not acknowledged as debt
- in respect of Income Tax matters	32,072	32,072,
- other matters	15,572	--

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loans from Organon (India) Limited- Fellow Subsidiary	165.000	315.000
Total	165.000	315.000
The loan carries interest rate based on RBI rate plus 200 basis points. The loan is repayable on demand.

FIXED ASSETS:

· Land

· Leasehold Improvements

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer Software

· Technical Know-how

· Patents, Trademarks and designs

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 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.54.65
UK Pound	1	Rs.82.41
Euro	1	Rs.70.08

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.