MIRA INFORM REPORT

Report Date :

29.08.2013

IDENTIFICATION DETAILS

Name :	VASU HEALTHCARE PRIVATE LIMITED (w.e.f. 10.05.2007)
Formerly Known As :	VASU PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	967/4, G.I.D.C. Estate, Makarpura, Vadodara – 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.03.1980
Com. Reg. No.:	04-003679
Capital Investment / Paid-up Capital :	Rs. 12.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1980PTC003679
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ayurvedic Medicines.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 341000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has seen a better increase in its sales turnover but there appears a slight dip in its net profitability during 2012. However, trade relations are fair. Business is active. Payment terms are usually correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 (GENERAL DETAILS)

Name :	Dr. Ghanashyam Patel
Designation :	R and D Department
Contact No.:	91-9824654050
Date :	29.08.2013

LOCATIONS

Registered Office / Corporate Office :	967/4, G.I.D.C. Estate, Makarpura, Vadodara – 390010, Gujarat, India
Tel. No.:	91-265-2644459/2465772
Mobile No.:	91-9824654050 (Dr. Ghanashyam Patel) 91-9227788553 (Mr. Sagar Patel)
Fax No.:	91-265-2638171
E-Mail :	vasu@vasuhealthcare.com
Website :	http://www.vasuhealthcare.com
Area :
Location :	Owned
Head Office :	Unit No. 2, 896/A, G.I.D.C., Makarpura, Vadodara – 390010, Gujarat, India

DIRECTORS

As on 28.09.2012

Name :	Mr. Vithaldas Bhagwanjibhai Ukani
Designation :	Chairman
Address :	304, Shree Sharnam – II, Residency 37, Alkapuri Society, R.C. Dutt Road, Behind HDFC Bank Limited, Vadodara – 390005, Gujarat, India
Date of Birth/Age :	01.07.1943
Date of Appointment :	03.03.1980
DIN No.:	00187315
Name :	Mr. Haribhai Bhagwanjibhai Patel
Designation :	Managing Director
Address :	201, Valentine Residency, 1, Shantikunj Society, Opposite Bhavishya Nidhi Bhavan, Akota, Vadodara – 390020, Gujarat, India
Date of Birth/Age :	13.10.1952
Date of Appointment :	03.03.1980
DIN No.:	00667774
Name :	Mr. Jayantbhai Bhagwanjibhai Ukani
Designation :	Whole Time Director
Address :	300, Berry’s Residency, 1 Ashapuri Society, Behind Amish Hospital, Akota, Vadodara – 390020, Gujarat, India
Date of Birth/Age :	29.04.1948
Date of Appointment :	23.06.1995
DIN No.:	00187236

KEY EXECUTIVES

Name :	Dr. Ghanashyam Patel
Designation :	R and D Department
Name :	Mr. Sagar Patel
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS

As on 28.09.2012

Names of Shareholders	No. of Shares
Vithaldas Bhagwanjibhai Ukani	96238
Prabhawati Vithaldas Ukani	55875
Vithaldas Bhagwanjibhai Ukani (HUF)	63887
Tushar Vithaldas Ukani (HUF)	12000
Haribhai Bhagwanjibhai Patel	142486
Haribhai Bhagwanjibhai Patel (HUF)	1514
Sagar H. patel	45000
Priya S. Patel	15000
Jayantbhai Bhagwanjibhai Ukani	45000
Kokilaben J Ukani	30000
Jayantbhai Bhagwanjibhai Ukani (HUF)	36000
Hardik J Ukani	36750
Rupal H. Ukani	20250
Ashokbhai B. Ukani	36750
Smitaben A. Ukani	74300
Ashokbhai B. Ukani (HUF)	21250
Meet A. Ukani	35700
Jagdishbhai B. Ukani	53238
Meenaben J. Ukani	58137
Jagdishbhai B. Ukani (HUF)	20625
Neel J Ukani	12000
Devendrabhai B. Patel	60000
Sarikaben D. Patel	57000
Devendrabhai B. Patel (HUF)	51000
Jivanlal N. Delvadia	24000
Rashilaben J. Delvadia	24000
Dhirajlal M Patel	12000
Jaswantiben P. Patel	12000
Pravinbhai M. Patel (HUF)	8750
Mrudulaben P. Patel	15250
Ushaben R. Patel	12000
Rashiklal M. Patel (HUF)	12000
Total	1200000

As on 01.12.2012

Names of Allotees	No. of Shares
Vithaldas Bhagwanjibhai Ukani	48119
Prabhawati Vithaldas Ukani	27938
Vithaldas Bhagwanjibhai Ukani (HUF)	31943
Tushar Vithaldas Ukani (HUF)	6000
Haribhai Bhagwanjibhai Patel	71243
Haribhai Bhagwanjibhai Patel (HUF)	757
Sagar H. patel	22500
Priya S. Patel	7500
Jayantbhai Bhagwanjibhai Ukani	22500
Kokilaben J Ukani	15000
Jayantbhai Bhagwanjibhai Ukani (HUF)	18000
Hardik J Ukani	18375
Rupal H. Ukani	10125
Ashokbhai B. Ukani	18375
Smitaben A. Ukani	37150
Ashokbhai B. Ukani (HUF)	10625
Meet A. Ukani	17850
Jagdishbhai B. Ukani	26619
Meenaben J. Ukani	29069
Jagdishbhai B. Ukani (HUF)	10312
Neel J. Ukani	6000
Devendrabhai B. Patel	30000
Sarikaben D. Patel	28500
Devendrabhai B. Patel (HUF)	25500
Jivanlal N. Delvadia	12000
Rashilaben J. Delvadia	12000
Dhirajlal M. Patel	6000
Jaswantiben P. Patel	6000
Pravinbhai M. Patel (HUF)	4375
Mrudulaben P. Patel	7625
Ushaben R. Patel	6000
Rashiklal M. Patel (HUF)	6000
Total	600000

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 Ayurvedic Medicines.

Products :

Product Description	ITC Code
Ayurvedic Medicines	3003.39
Perfume Hair Oil	3305.10

Exports :

Products :

Medicines

Countries :

Middle East

Terms :

Selling :

Cash and Credit

Purchasing :

Cash, Credit and Depend

GENERAL INFORMATION

Customers :	End Users and Others
No. of Employees :	150 (Approximately)
Bankers :	The Ahmedabad Mercantile Co-operative Bank Limited, Near Laheripura Darwaja, M. G. Road, Near Mandvi, Vadodara – 390001, Gujarat, India Small Industries Development Bank of India HDFC Bank Oriental bank of Commerce

Banking Relations :	--
Auditors :
Name :	Parikh Shah Chotalia and Associates Chartered Accountants
Address :	1, Gangotri Apartment, 9 harbhakti Colony, Race Cource, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2334882/2320912
E-Mail :	mail@psca.in
PAN No.:	AADFR8971L

CAPITAL STRUCTURE

As on 01.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs. 10/- each	Rs. 18.000 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs. 10/- each	Rs. 12.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.000	10.000
(b) Reserves & Surplus	73.213	52.246
(c) Money received against share warrants	0.000	0.000
	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	85.213	62.246
(3) Non-Current Liabilities
(a) long-term borrowings	39.523	44.363
(b) Deferred tax liabilities (Net)	12.973	11.517
(c) Other long term liabilities	0.000	0.038
(d) long-term provisions	0.650	0.000
Total Non-current Liabilities (3)	53.146	55.918
(4) Current Liabilities
(a) Short term borrowings	23.495	15.009
(b) Trade payables	23.241	19.463
(c) Other current liabilities	42.134	34.140
(d) Short-term provisions	1.890	20.001
Total Current Liabilities (4)	90.760	88.613
TOTAL	229.119	206.777
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	109.469	87.381
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1.346	0.130
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.016	2.416
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.512	23.530
(e) Other Non-current assets	2.813	0.007
Total Non-Current Assets	119.156	113.464
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	64.211	36.409
(c) Trade receivables	27.576	21.284
(d) Cash and cash equivalents	9.903	28.815
(e) Short-term loans and advances	8.273	6.805
(f) Other current assets	0.000	0.000
Total Current Assets	109.963	93.313
TOTAL	229.119	206.777

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		39.431
4] (Accumulated Losses)		0.000
NETWORTH		49.431
LOAN FUNDS
1] Secured Loans		34.712
2] Unsecured Loans		27.338
TOTAL BORROWING		62.050
DEFERRED TAX LIABILITIES		11.076
TOTAL		122.557
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		73.762
Capital work-in-progress		0.000
INVESTMENT		2.804
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.631
	Sundry Debtors	18.301
	Cash & Bank Balances	26.979
	Other Current Assets	0.000
	Loans & Advances	22.378
Total Current Assets		92.289
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29.468
	Other Current Liabilities	0.000
	Provisions	16.830
Total Current Liabilities		46.298
Net Current Assets		45.991
MISCELLANEOUS EXPENSES		0.000
TOTAL		122.557

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
SALES
	Income	447.725	385.252	315.322
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
PROFIT AFTER TAX		14.478	16.319	15.120
EARNINGS IN FOREIGN CURRENCY		41.709	25.800	23.388
Earnings Per Share (Rs.)		13.79	16.32	15.12

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt /Networth)	0.74	0.95	1.26
Current Ratio (Current Asset/Current Liability)	1.21	1.05	2.01

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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr .No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10406604	20/02/2013 *	37,500,000.00	THE AHMEDABAD MERCANTILE CO-OP. BANK LIMITED	NEAR LAHERIPURA DARWAJA, M.G.ROAD, NEAR MANDVI, VADODARA, Gujarat - 390001, INDIA	B70585831
2	10334365	23/02/2012 *	25,000,000.00	The Royal Bank of Scotland N V	7th Floor, Sakhar Bhavan, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	B34186981
3	90112412	08/02/2013 *	58,700,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	LANDMARK, 1st FLOOR, RACE COURSE CIRCLE, BARODA, Gujarat - 390007, INDIA	B68174333

FINANCIAL RESULTS:

During the year the, company contained to pursue the manufacturing of Ayurvedic Medicines. The net sales for the year 2011-2012 was Rs.447.725 Millions compare to the sales of Rs.385.252 Millions during the previous year ended 31^st March 2011. The net profit after depreciation and tax is of Rs. 14.478 Millions as against net profit of Rs. 16.319 Millions during the previous year.

FIXED ASSETS:

• Land
• Building
• Plants and Machinery
• Electrical Installation
• Computers
• Furniture and Dead Stock

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. 68.36
UK Pound	1	Rs. 106.03
Euro	1	Rs. 91.47

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.