MIRA INFORM REPORT

Report Date :

06.04.2013

IDENTIFICATION DETAILS

Name :	MAKSON HEALTH CARE PRIVATE LIMITED
Registered Office :	Plot No.6 A Sector-D, Industrial Area, Mandideep -  462046, Madhya Pradesh,
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.12.1994
Com. Reg. No.:	10-008867
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U24247MP1994PTC008867
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Healthcare Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. 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 – 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 1 :	Plot No.6 A Sector-D, Industrial Area, Mandideep -  462046, Madhya Pradesh, India
Tel. No.:	91-7480-233476
Mobile No.:	91-9713061700 (Mr. Patel)
Fax No.:	91-7480-233477
E-Mail :	patel.r@maksongroup.com
Head Office/ Factory 2 :	Rajkot Highway, District Surendranagar, Gujarat, India
Tel. No.:	91-2752-285991 to 95
Fax No.:	91-2752-285009
E-Mail :	makson@makson-group.com makson@bsnl.in
Factory 3 :	Bhopal, Madhya Pradesh, India
Factory 4 :	Hyderabad, Andhra Pradesh, India
Factory 5 :	Export Promotional Industrial Park, Phase – II, Thana, Baddi, Tehsil-Nalagarh, District Solan, Himachal Pradesh, India

DIRECTORS

As on: 28.09.2012

Name :	Mr. Dhanjibhai Anandjibhai Makasana
Designation :	Director
Address :	Tapovan Near Patel MBoarding Gofeet Road, Wadhwan, Surendranagar – 363035, Gujarat, India
Date of Birth/Age :	27.01.1947
Date of Appointment :	16.12.1994
DIN No.:	00215067
Name :	Mr. Rajendra Chandrakant Patel
Designation :	Managing director
Address :	E-7, H. I. G. – 500, Area Colony, Bhopal – 462016, Madhya Pradesh, India
Date of Birth/Age :	17.09.1968
Date of Appointment :	16.12.1994
DIN No.:	00219833
Name :	Mr. Mayur Chandrakant Patel
Designation :	Director
Address :	E-7, H. I. G. – 500, Area Colony, Bhopal – 462016, Madhya Pradesh, India
Date of Birth/Age :	27.02.1973
Date of Appointment :	16.12.1994
DIN No.:	00309611

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Dhanjibhai Anandjibhai Makasana	10000
Mayur Chandrakant Patel	5000
Parul R. Patel	2560
Shivam R. Patel	2440
Total	20000

As on: 12.12.2012

Names of Allottee	No. of Shares Allotted
Dhanjibhai Makasana	15000
Mayur Patel	7500
Parul Patel	3840
Shivam Patel	3660
Total	30000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Healthcare Products.
Products :	Sugar Boiled Tablets

PRODUCTION STATUS As on 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Confectionery	Tonnes	5600	5600	1943
Health Energy drink	Tonnes	4000	NA	NA

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Development Credit Bank Limited, 601 and 602, Peninsula Business Park, 6th Floor, Tower A, Senapati Bapat Marg, Lower Parel,, Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan From Bank	48.347	61.095
Cash Credit Facility with development credit bank a/c no. 356 (Secured by hypothecation of stocks and book debts and second charge over fixed assets and personal guarantee of directors)	37.038	43.418
Total	85.385	104.513

Banking Relations :	--
Auditors :
Name :	Jayant Kothari and Company Chartered Accountant
Address :	129, Malviya Nagar, Bhopal – 462003, Madhya Pradesh, India
Tel. No.:	91-755-2573164
Fax No.:	91-755-4273400
PAN.:	AAFFJ4548R
Associates :	· Makson Pharmaceuticals (I) Private Limited · Makson Nutrition Food India Private Limited · Mapaex Remedies Private Limited · Makson Industries Private Limited · Makpar Export Private Limited · Mapaex Investment Private Limited · Makpar Global Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 Millions

Out of above 15000 shares have been issued as fully paid bonus shares

Name of Shareholder	% of holding
Dhanjibhai Anandjibhai Makasana	50.00
Mayur Chandrakant Patel	25.00
Parul R. Patel	12.80
Master Shivam R. Patel	12.20

After: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

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		2.000	2.000	2.000
2] Share Application Money		0.125	0.125	0.125
3] Reserves & Surplus		81.044	70.840	63.572
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		83.169	72.965	65.697
LOAN FUNDS
1] Secured Loans		85.385	104.513	57.546
2] Unsecured Loans		9.290	14.993	15.800
TOTAL BORROWING		94.675	119.506	73.346
DEFERRED TAX LIABILITIES		13.057	14.358	14.339
TOTAL		190.901	206.829	153.382
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		132.614	137.087	99.185
Capital work-in-progress		0.000	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	28.668	32.053	26.114
	Sundry Debtors	28.739	24.889	20.230
	Cash & Bank Balances	0.000	1.102	0.413
	Other Current Assets	14.632	14.009	0.000
	Loans & Advances	39.029	38.810	48.365
Total Current Assets		111.068	110.863	95.122
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	33.176	28.940	9.749
	Other Current Liabilities	12.441	4.131	25.790
	Provisions	7.164	8.050	5.386
Total Current Liabilities		52.781	41.121	40.925
Net Current Assets		58.287	69.742	54.197
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		190.901	206.829	153.382

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operation	238.591	193.190
		Other Income	15.358	13.470
		TOTAL (A)	253.949	206.660	138.737
Less	EXPENSES
		Cost of material consumed	121.774	108.951
		Changes in inventories of FG, WIP, Stores	3.407	(3.818)	109.874
		Employee Benefit Expenses	22.064	16.163
		Other Expenses	59.546	44.191
		TOTAL (B)	206.791	165.487	109.874
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		47.158	41.173	28.863
Less	FINANCIAL EXPENSES (D)		13.124	11.691	5.291
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		34.034	29.482	23.572
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.738	16.507	13.559
	PROFIT BEFORE TAX (E-F) (G)		14.296	12.975	10.013
Less	TAX (H)		3.612	2.996	1.434
	PROFIT AFTER TAX (G-H) (I)		10.684	9.979	8.579
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.392	5.413	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	2.000	2.000	2.000
		Dividend	1.000	1.000	1.000
		Tax on Dividend	0.000	0.000	0.166
	BALANCE CARRIED TO THE B/S		20.076	12.392	5.413
	EARNINGS IN FOREIGN CURRENCY
		Sale of Finished Products	194.803	170.851	74.672
	TOTAL EARNINGS		194.803	170.851	74.672
	Earnings Per Share (Rs.)		534.00	499.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.21	4.83	7.81
Net Profit Margin (PBT/Sales)	(%)	5.99	6.72	NA
Return on Total Assets (PBT/Total Assets}	(%)	5.87	5.23	5.15
Return on Investment (ROI) (PBT/Networth)		0.17	0.18	0.15
Debt Equity Ratio (Total Debt /Networth)		1.14	1.64	1.12
Current Ratio (Current Asset/Current Liability)		2.11	2.69	2.33

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

ACTIVITIES DURING THE YEAR

During the year, the export of Lozenges was 1097.90 MT (Previous year 1277.18 MT) whereas Lozenges produced for market was 1688.33 MT (Previous year 668.01 MT)

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24247MP1994PTC008867
Name of the company	MAKSON HEALTH CARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.6 A Sector-D, Industrial Area, Mandideep -  462046, Madhya Pradesh, India patel.r@maksongroup.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10221386
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	Development Credit Bank Limited, 601 and 602, Peninsula Business Park, 6th Floor, Tower A, Senapati Bapat Marg, Lower Parel,, Mumbai - 400013, Maharashtra, India investorgrievance@dcbbank.com
Nature of instrument creating charge	Deed of Hypothecation Dated 18.12.2012 Letter of Recording for Equitable Mortgage 18.12.2012 (Both Agreements constituting a single modification) Nature of facility : Cash credit : 36.000 Millions (Extg 33.500 Millions) E PC/PSC (Sub limit of CC) : (35.000) Millions ------------------------ Total 36.000 Millions
Date of instrument Creating the charge	18.12.2012
Amount secured by the charge	Rs. 36.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash Credit- 2.25% above BR minimum 12.75% (present B R 10.50% p. a.) EPC/PSC (Sub-Limit/ interchangeability with CC)- 10% Terms of Repayment On Demand/Annual Review/ due date Margin Cash Credit- RM-25%; SIP-40%; FG-25%; Debtors 90 days-40% EPC/PSC- As per bank's norms Extent and Operation of the charge The Charge is operative and modified to increase the limit of the charge from Rs. 33.500 Millions to Rs.36.000 Millions. For other facilities separate charge is being filed.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· The Whole of the moveable properties of the borrower including its moveable plant and machinery, machinery spares, tools and accessories, furniture and fixtures, stocks in trade, finished goods, · goods in progress, raw materials, book debts and other moveable, including crawler/ mobile cranes, · both present and future whether installed or not and whether now lying loose or in cases or which are now lying or · stored in or about all the borrowers factories, premises and godowns or wherever else the same may be or be held by any party to the order of disposition of the borrower or in the · course of transit or on high seas or on order of disposition of the borrower or in the course of transit or on order, or delivery, howsoever and wheresoever in the possession of the Borrower · and either by way of substitution or addition, actionable claims, amount due and receivable under any contract or otherwise. And · Equitable mortgage of immovable property i.e. 1. site situated at SF No. 494/1B Mettubavi Pollachi Distt. - Coimbatore, Tamil Nadu and 2.Factory Land and Building at Plot No. 6 /A Industrial Area, ARVN,
Date of instrument modifying the charge	27.10.2010
Particulars of the present modification	By this present modification the limit of the charge is increased from 33.500 Millions to Rs.36.000 Millions and Equitable Mortgage of immovable properties at 1). Site situated at SF No. 494/1B Mettubavi Pollachi Distt. - Coimbatore, Tamil Nadu and 2).Factory Land and Building at Plot No. 6 /A Industrial Area, ARVN, Sec. D Mandideep is extended to the total limit of Rs.36.000 Millions. Other terms and conditions remain unchanged.

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Loans and Advances from related parties	1.019	1.019
Others	8.271	10.610
Cash Credit facility with Axis Bank A/c No. 4138	0.000	3.364
Total	9.290	14.993

FIXED ASSETS

· Leasehold Land

· Factory Building

· Administrative Building

· Plant and Machinery

· Electrical Installation

· Lab Equipments

· Office Equipments

· Furniture and Fitting

· 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 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. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.