MIRA INFORM REPORT

Report Date :

17.04.2013

IDENTIFICATION DETAILS

Name :	TECHNO ECONOMIC SERVICES PRIVATE LIMITED
Registered Office :	507, Sujata Chembers,1/3 A G Marg, Masjid Bunder, Mumbai – 400009, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.02.1979
Com. Reg. No.:	11-021036
Capital Investment / Paid-up Capital :	Rs. 0.800 Million
CIN No.: [Company Identification No.]	U74999MH1979PTC021036
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals Drugs and Medicine
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 880000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Financially company appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular an as per commitment. The company can be considered for normal business dealings at usual 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 :	507, Sujata Chembers,1/3 A G Marg, Masjid Bunder, Mumbai – 400009, Maharashtra, India
Tel. No.:	91-22-25616029
Fax No.:	Not Available
E-Mail :	jsumaria@gmail.com
Factory :	Plot No. A/323, Rd.no.21,wagle I.e., Thane-400604, Maharashtra, India
Tel. No.:	91-22-25821788

DIRECTORS

As on 29.09.2012

Name :

Mr. Sunilkumar Desai

Designation :

Director

Address :

7, Savani Apartment, Rajawadi, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

12.07.1960

Date of Appointment :

27.01.1986

DIN No.:

01063886

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	U74999MH1979PTC021036	TECHNO ECONOMIC SERVICES PRIVATE LIMITED	Director	27-01-86	27-01-86	-	Active	NO
2	U24234MH1998PTC117590	PRASHI PHARMA PRIVATE LIMITED	Director	09-10-10	09-10-10	-	Active	NO

Name :

Mr. Khushalchand Shamalji Desai

Designation :

Director

Address :

7, Savani Apartment, Rajawadi, M.G. Road, Ghatkopar (East), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

07.11.1929

Date of Appointment :

28.08.1985

DIN No.:

01781809

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	U74999MH1979PTC021036	TECHNO ECONOMIC SERVICES PRIVATE LIMITED	Director	28-08-85	28-08-85	-	Active	NO
2	U24234MH1998PTC117590	PRASHI PHARMA PRIVATE LIMITED	Director	09-10-10	09-10-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Desai S. Khushalchand – HUF	10
Desai K. Sunil	2440
Desai Sunil Heena	500
Desai S. Khushalchand	4400
Desai K. Sunil	650
Total	8000

As on 29.09.2012

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 Pharmaceuticals Drugs and Medicine

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India

· Axis Bank

· Thane Janta Sahkri Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Union Bank of India	50.506	95.843
Bmw India Finance	1.728	2.240
Total	52.234	98.083

Banking Relations :	--
Auditors :
Name :	Sumaria and Sumaria Chartered Accountants
Address :	1, Mulund Vaibhav, Zaver Cross Road, Adjacent To Railway Station, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25616029 / 55240872
E-Mail :	jsumaria@gmail.com
PAN.:	AAZFS7438M
Subsidiaries :	Prashi Pharma Private Limited CIN No.: U24234MH1998PTC117590

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
8000	Equity Shares	Rs.100/- each	Rs.0.800 Million

Reconciliation of the Number of Shares Outstanding at the beginning and at the end of the reporting period

Particulars	No.s
Equity Shares at the beginning of the year	8,000.00
Equity Shares Issued during the year	--
Equity Shares outstanding at the end of the year	8,000.00

Details of Shareholders holding more than 5% shares in the Company

Name of the Shareholder	No. of Shares	% of holding
Khushalchand Shamalji Desai	4,410.00	55.13%
Sunil Khushalchand Desai	3,090.00	38.63%
Heena Sunil Desai	500.00	6.25%

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		0.800	0.800	0.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		219.731	196.262	180.286
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		220.531	197.062	181.086
LOAN FUNDS
1] Secured Loans		52.234	98.083	4.049
2] Unsecured Loans		0.282	0.548	0.848
TOTAL BORROWING		52.516	98.631	4.897
DEFERRED TAX LIABILITIES		0.629	0.717	0.661
TOTAL		273.676	296.410	186.644
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.999	13.813	12.222
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		128.633	166.013	0.984
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.526	6.217	4.857
	Sundry Debtors	156.787	116.332	37.790
	Cash & Bank Balances	5.112	1.407	4.876
	Other Current Assets	1.470	1.976	0.000
	Loans & Advances	57.133	50.049	189.518
Total Current Assets		230.028	175.981	237.041
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.356	39.040	38.477
	Other Current Liabilities	57.463	8.164	0.217
	Provisions	15.165	12.193	24.909
Total Current Liabilities		99.984	59.397	63.603
Net Current Assets		130.044	116.584	173.438
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		273.676	296.410	186.644

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	203.060	238.819	171.473
		Other Income	25.749	30.297	19.797
		TOTAL	228.809	269.116	191.270
Less	EXPENSES
		Office Expenses
		Administrative Expenses	192.509	242.616	174.370
		Advertising Expenses
		TOTAL	192.509	242.616	174.370
	PROFIT BEFORE TAX		36.300	26.500	16.900
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY
		Sales	200.906	223.382	136.883
	TOTAL EARNINGS		200.906	223.382	136.883
	IMPORTS
		Raw Material and Stock in Trade	1.452	14.071	11.645
	TOTAL IMPORTS		1.452	14.071	11.645
	Earnings Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	17.88	11.10	9.86
Return on Total Assets (PBT/Total Assets}	(%)	14.81	13.96	6.78
Return on Investment (ROI) (PBT/Networth)		0.16	0.13	0.09
Debt Equity Ratio (Total Debt /Networth)		0.24	0.50	0.03
Current Ratio (Current Asset/Current Liability)		2.30	2.96	3.73

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

CORPORATE RESULTS: -

The Company achieved a Turnover of Rs. 203.060 Millions and the future of Export Market is looks good. The company has now established its name in Foreign Market.

PROFITABILITY: -

The Company has made a Net Profit of Rs.36.300 Millions before providing for taxation.

OVERVIEW OF THE COMPANY

The Company was incorporated on 21ST FEBRUARY 1979 under The Companies Act, 1956 As Subject. The Company is primarily engaged in Manufacturing Pharmaceuticals Drugs and Medicine.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans From Directors	0.282	0.548
Total	0.282	0.548

FIXED ASSETS

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Motor Car

· Computer

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	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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		51

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.