MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	A.D. AUSHADH (INDIA) PRIVATE LIMITED
Registered Office :	16, Shiv Kripa Industrial Estate, LBS Marg, Vikhroli (West), Mumbai – 400053, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.05.1998
Com. Reg. No.:	11-114793
Capital Investment / Paid-up Capital :	Rs. 2.500 Millions
CIN No.: [Company Identification No.]	U24230MH1998PTC114793
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products (They do manufacturing by Job Work)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management have not filed its financial since 2010 with the government department. As per available financial details, the company performance seems to be moderate and the external borrowing appears to be huge. Payments are unknown. The company can be considered for business dealings on a safe and secured trade terms and condition.

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

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 :	16, Shiv Kripa Industrial Estate, LBS Marg, Vikhroli (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9322512599 (Mr. Anish Shah)
Fax No.:	Not Available
E-Mail :	ritika_agarwal17@rediffmail.com asha@velocitaspartners.com

DIRECTORS

As on 30.09.2010

Name :	Mr. Vithaldas Mathuradas Shah
Designation :	Director
Address :	3/ 111, Rajnigandha Co-operative Hosing Society, D.N. Nagar, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Appointment :	05.05.1989
DIN No.:	02556047
Name :	Mr. Anish Vithaldas Shah
Designation :	Director
Address :	3/ 111, Rajnigandha Co-operative Hosing Society, D.N. Nagar, Andheri (West), Mumbai – 400 053, Maharashtra, India
Date of Appointment :	05.05.1989
DIN No.:	03189099

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Vithaldas Mathuradas Shah	100000
Anish Vithaldas Shah	100000
Total	200000

As on 30.09.2010

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 :

Manufacturer of Pharmaceutical Products (They do manufacturing by Job Work)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Greater Bombay Co-Operative Bank Limited, Sea Pearl Apartments, Off. J. P Road, Opposite Pratap Colony, 7 Bunglows, Versova, Andheri, Mumbai - 400058, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Secured Loan	12.533	7.679
Total	12.533	7.679

Banking Relations :	--
Auditors :
Name :	P.K Poddar and Company Chartered Accountants
Address :	34/11, Vrindavan Society, Thane (West), Mumbai – 400601, Maharashtra, India
PAN.:	AASPP3712A

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital : Rs.22.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.22.500 Millions

As on 30.09.2010

Authorised 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
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

As on 31.03.2010

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.634	0.354	0.187
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.134	2.354	2.187
LOAN FUNDS
1] Secured Loans		12.533	7.679	5.101
2] Unsecured Loans		6.252	8.313	1.960
TOTAL BORROWING		18.785	15.992	7.061
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21.919	18.346	9.248
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.348	0.387	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.313	0.251	0.159
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.393	13.370	5.870
	Sundry Debtors	16.825	13.312	3.425
	Cash & Bank Balances	0.119	0.007	0.010
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.955	1.241	0.000
Total Current Assets		30.292	27.930	9.305
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors			0.091
	Other Current Liabilities	8.914	10.111	0.065
	Provisions	0.120	0.111	0.060
Total Current Liabilities		9.034	10.222	0.216
Net Current Assets		21.258	17.708	9.089
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21.919	18.346	9.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income			1.475
		Other Income			0.000
		TOTAL			1.475
Less	EXPENSES
		Operating and Other Expenses			0.624
		TOTAL			0.624
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				0.851
Less	FINANCIAL EXPENSES		NA	NA	0.701
	PROFIT BEFORE TAX				0.150
Less	TAX				0.060
	PROFIT AFTER TAX				0.090
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD				0.097
	BALANCE CARRIED TO THE B/S				0.187
	Earnings Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	6.10
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.17
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	1.61
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.07
Debt Equity Ratio (Total Debt /Networth)		5.99	6.79	3.23
Current Ratio (Current Asset/Current Liability)		3.35	2.73	43.08

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 one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

OPERATIONS

During the year the company concerted on its on going business with proposals for opening up other branches of the company and on expanding the business and of mobilizing funds for the same.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2010	As on 31.03.2009
Unsecured Loan	6.252	8.313
Total	6.252	8.313

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.54.33
UK Pound	1	Rs.83.17
Euro	1	Rs.71.05

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.