MIRA INFORM REPORT

Report Date :

28.02.2013

IDENTIFICATION DETAILS

Name :	HAW PAR (INDIA) PRIVATE LIMITED (w.e.f. 22.06.2009)
Formerly Known As :	HAW PAR ELDER (INDIA) PRIVATE LIMITED (w.e.f. 09.08.1995) HAW PAR MEDICALS (INDIA) PRIVATE LIMITED
Registered Office :	811 / 8^th Floor, FILIX, Opposite Asain Paints Gate, L.B.S. Marg, Bhandup (West), Mumbai – 400 078, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.08.1995
Com. Reg. No.:	11-091579
Capital Investment / Paid-up Capital :	Rs. 80.000 millions
CIN No.: [Company Identification No.]	U24230MH1995PTC091579
PAN No.: [Permanent Account No.]	AAACH8946H
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Ayurvedic products.
No. of Employees :	Not divulged

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 87900
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of “HAW PAR HEALTHCARE; Singapore” It is an established company having a moderate track record. There appears some accumulated losses recorded by the company. There appears drastic fall in the sales turnover during the current year. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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.

INFORMATION DENIED BY

Name :	Mr. Uday Randive
Designation :	Country Manager
Contact No.:	91-22-67417060
Date :	25.02.2013

LOCATIONS

Registered Office :	811 / 8^th Floor, FILIX, Opposite Asain Paints Gate, L.B.S. Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Tel. No.:	91-22-67417060
Fax No.:	Not Available
E-Mail :	udayrandive@hph.hawpar.com

DIRECTORS

As on 28.09.2012

Name :	Mr. Ah Kuan Han
Designation :	Director
Address :	101, Jalan Binchang, Singapore 578570
Date of Birth/Age :	04.06.1948
Date of Appointment :	22.07.1998
DIN No.:	01403006
Name :	Mr. Bee Leong Goh
Designation :	Director
Address :	23, Jalan Asuhan, Singapore 299346
Date of Birth/Age :	06.03.1954
Date of Appointment :	07.04.2003
DIN No.:	01421430
Name :	Mr. Ee Lim Wee
Designation :	Director
Address :	6, Camden Park, Singapore 299796
Date of Birth/Age :	27.08.1961
Date of Appointment :	01.04.2003
DIN No.:	01403026
Name :	Mr. Sein Hao Tarn
Designation :	Director
Address :	9, Jalan Angklong, Singapore 578712
Date of Birth/Age :	17.03.1967
Date of Appointment :	01.04.2003
DIN No.:	01403052

KEY EXECUTIVES

Name :	Mr. Uday Randive
Designation :	Country Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Haw Par Healthcare Limited, Singapore	7999999
Ah Kuan Han	1
TOTAL	8000000

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 :

Trader of Ayurvedic products.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra, India
PAN No.:	AAEFP5579P
Holding Company :	Haw Par Healthcare Limited, Singapore

CAPITAL STRUCTURE

As on 28.09.2012

Authorized Capital:

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 10/- each	Rs. 80.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs. 10/- each	Rs. 80.000 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		80.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		(58.014)	(58.919)	0.000
4] (Accumulated Losses)		0.000	0.000	(53.079)
NETWORTH		21.986	(8.919)	(3.079)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.316	0.316	0.316
TOTAL BORROWING		0.316	0.316	0.316
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		22.302	(8.603)	(2.763)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.515	0.047	0.063
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	52.079	38.441	11.444
	Cash & Bank Balances	11.911	9.656	10.411
	Other Current Assets	0.000	0.027	0.011
	Loans & Advances	8.220	2.340	1.964
Total Current Assets		72.210	50.464	23.830
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.814	36.491	12.167
	Other Current Liabilities	23.609	22.623	14.489
	Provisions	0.000	0.000	0.000
Total Current Liabilities		50.423	59.114	26.656
Net Current Assets		21.787	(8.650)	(2.826)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		22.302	(8.603)	(2.763)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income (Gross Sales)	112.762	212.888
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA
	PROFIT/(LOSS) BEFORE TAX		2.223	(5.839)
Less	TAX		0.450	0.000
	PROFIT/(LOSS) AFTER TAX		1.773	(5.839)
	Earnings/(Loss) Per Share (Rs.)		22.16	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	1.97	(2.74)	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.05	(11.56)	NA
Return on Investment (ROI) (PBT/Networth)		0.10	(0.65)	NA
Debt Equity Ratio (Total Debt/Networth)		0.01	(0.03)	(0.10)
Current Ratio (Current Asset/Current Liability)		1.43	0.85	0.89

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payables	26.814	36.491	12.167
TOTAL	26.814	36.491	12.167

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 two years	Yes
13]	Reasons for variation <> 20%	----
14]	Estimation for coming financial year
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	No
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

NOTE:

The registered office of the company has been shifted from Unit No. 240 – B, Crystal Plaza, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India to the present address w.e.f. 31.10.2011

GENERAL INFORMATION

Subject is engaged in business of trading in Ayurvedic products. The Company was incorporated in 1995 and is based in Mumbai, India. Subject operates as a subsidiary of Haw Par Healthcare Limited, a multinational company headquartered in Singapore. Haw Par Healthcare Limited is the master licensee of world renowned Tiger Balm Brand with presence in over 100 countries.

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Loans and Advances from related parties	0.316	0.316
TOTAL	0.316	0.316

CONTINGENT LIABILITY

Demand raised by Income tax Authorities against which the Company has filed an appeal - Rs. 0.875 millions (Previous Year: Rs. 0.875 millions). Future outflow in respect of above is determinable only on receipt of judgement / decision pending with Income Tax authorities.

PRESS RELEASE

STRIDES SIGNS AGREEMENT WITH HAW PAR HEALTHCARE

Sep 02, 2006

Strides Arcolab and Haw Par Healthcare, Singapore have today entered into a share purchase agreement, which provides for Strides Singapore Pte Limited (an indirect wholly owned subsidiary of Strides Arcolab Limited) to acquire 100% of DHA for a consideration of approximately S$19.7m, which was arrived at on a willing-buyer and willing-seller basis. Transaction is subject to customary closing conditions and is expected to complete within September 2006.

Commenting on the acquisition Arun Kumar, Vice Chairman and Managing Director Strides Arcolab said:

The signing of the share purchase agreement with Haw Par Healthcare is the key strategic initiative for Strides to continue to grow through regional strategies alongside global partnerships.

Established in 1969, DHA is one of the largest generics pharmaceutical manufacturers in Singapore. It is also an important pharma player in Malaysia and Hong Kong amongst other markets. For the financial year ended December 2005, DHA posted sales revenue of S$16.36 million and PAT of S$2.72 million.

DHA has a GMP certified manufacturing facility in Jurong, the industrial heartland of Singapore which manufactures a range of pharmaceutical products.

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.53.84
UK Pound	1	Rs.81.24
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.