MIRA INFORM REPORT

Report Date :

05.01.2013

IDENTIFICATION DETAILS

Name :	AYUSIDDH HEALTH CARE PRIVATE LIMITED
Registered Office :	A/2, Sankalp Flats, Behind S. T. Stand, Unjha, Mahesana – 384170, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.05.2007
Com. Reg. No.:	04-050797
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U24233GJ2007PTC050797
PAN No.: [Permanent Account No.]	AAGCA3576L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Natural Herbal Medicine.
No. of Employees :	90 (Approximately) (Office – 40 and Factory – 50)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 9000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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.

INFORMATION PARTED BY

Name :	Mr. Ketan Mehta
Designation :	Manager
Contact No.:	91-9327006557/ 9898380347
Date :	24.12.2012

LOCATIONS

Registered Office :	A/2, Sankalp Flats, Behind S. T. Stand, Unjha, Mahesana – 384170, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9327006557 (Mr. Ketan)
Fax No.:	Not Available
E-Mail :	unjha2004@yahoo.com
Head Office :	303, Abhishree Complex, Opposite Star India Bazar, Satellite, Ahmedabad - 380015, Gujarat, India
Tel. No.:	91-79-26922368/ 2622369
Fax No.:	91-79-26928125
Location :	Owned
Factory :	Survey No.427, Plot No.20-21, Mahagujarat Industrial Nagar, Post – Moraiya, District: Ahmedabad – 382213, Gujarat, India
Branch Office :	Located at: · Indore, Madhya Pradesh · Raipur, Chhattisgarh · Kolkata, West Bengal

DIRECTORS

(AS ON 29.09.2012)

Name :	Mr. Siddhart Bhogilal Shah
Designation :	Additional Director
Address :	165, Satyagrah Chhavani, Sector-7, Lane-7, Ramdevnagar, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	01.06.1956
Qualification :	B. Pharma
Experience :	40 years
Date of Appointment :	11.08.2009
PAN No.:	AELPS4979K
DIN No.:	02222663
Name :	Mrs. Vishakha Siddhart Shah
Designation :	Additional Director
Address :	165, Satyagrah Chhavani, Sector-7, Lane-7, Ramdevnagar, Satellite, Ahmedabad - 380015, Gujarat, India
Date of Birth/Age :	20.06.1963
Qualification :	Graduation
Experience :	30 years
Date of Appointment :	19.07.2010
PAN No.:	AELPS4977H
DIN No.:	01743684

KEY EXECUTIVES

Name :	Mr. Ketan Mehta
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Vishakh Siddhart Shah	6000
Siddhart Bhogilal Shah	11000
Zeal Shah	1500
Jaina Shah	1500
Total	20000

(AS ON 29.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Suppliers of Natural Herbal Medicine.
Products :	· Amlantika Cap · Carsona · Chandnayu · Drakshayu · Femisi · Fetosidh · Jambrusid · Kafnasi · Livbondh · Livsi Drop · Livsi · Loosi · Lukona · MLR Mix · Nobleedsi · Pleelclin · Restemi · Restor · Rheumasid Gold · Rheumasid · Shitlamrut · Siton · Somvas Sy · Vigosi · Siton Tab · Somvas Tab · Amlantika Syrup · Rheumasid Oil
Terms :
Selling :	Credit (60 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Suppliers :

· Vadilal Chemical

· Bluecoat Private Limited

Customers :

Wholesalers

No. of Employees :

90 (Approximately) (Office – 40 and Factory – 50)

Bankers :

· HDFC Bank, Jodhpur

· Kotak Mahindra Bank Limited

· Axis Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loan from Banks
Kotak Mahindra Bank Limited (Against Hypothecation of Car)	2.363	3.012
Total	2.363	3.012
Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Bank	1.830	0.000
Loans From Directors	25.780	21.145
Loans From Related Parties	21.390	10.328
Total	49.000	31.473

Banking Relations :	--
Auditors :
Name :	M. S. Chhajed and Company Chartered Accountant
Address :	F/6, Maharshi Complex, Near Under Bridge, S. P. Colony, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-79-27681330

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.200	0.200
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.927	1.140
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2.127	1.340
LOAN FUNDS
1] Secured Loans		2.363	3.012
2] Unsecured Loans		49.000	31.473
TOTAL BORROWING		51.363	34.485
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		53.490	35.825
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.391	6.722
Capital work-in-progress		0.000	0.000
INVESTMENT		0.175	0.091
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.625	24.800
	Sundry Debtors	3.245	0.948
	Cash & Bank Balances	0.638	1.984
	Other Current Assets	0.000	0.000
	Loans & Advances	12.539	9.154
Total Current Assets		54.047	36.886
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.454	5.699
	Other Current Liabilities	1.042	1.635
	Provisions	0.627	0.540
Total Current Liabilities		7.123	7.874
Net Current Assets		46.924	29.012
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		53.490	35.825

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Revenue from Operation	40.757	30.205
		Other Income	0.216	0.027
		TOTAL (A)	40.973	30.232
Less	EXPENSES
		Cost of Materials Consumed	22.180	15.023
		Manufacturing Expenses	4.192	2.479
		Employee Benefit Expenses	5.757	4.240
		Sales Promotion Expenses	2.748	2.124
		Other Expenses	1.532	1.858
		TOTAL (B)	36.409	25.724
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.564	4.508
Less	FINANCIAL EXPENSES (D)		2.027	2.166
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.537	2.342
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.424	1.485
	PROFIT BEFORE TAX (E-F) (G)		1.113	0.857
Less	TAX (H)		0.327	0.264
	PROFIT AFTER TAX (G-H) (I)		0.786	0.593
	Earnings Per Share (Rs.)		39.32	29.63

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	1.92	1.96
Net Profit Margin (PBT/Sales)	(%)	2.73	2.84
Return on Total Assets (PBT/Total Assets}	(%)	1.84	1.97
Return on Investment (ROI) (PBT/Networth)		0.52	0.64
Debt Equity Ratio (Total Liability/Networth)		27.50	31.61
Current Ratio (Current Asset/Current Liability)		7.59	4.68

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	Yes
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADE REFERENCE:

· Vadilal Chemical

· Bluecoat Private Limited

FIXED ASSETS:

· Factory Building

· Motor Car

· Computer Machine

· Laboratory Equipment

· Machinery

· Dead Stock

· Furniture and Fixture

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.54.85
UK Pound	1	Rs.88.16
Euro	1	Rs.71.54

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	5
--CREDIT LINES	1~10	4
--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
TOTAL		42

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.