MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	MEHTA MEDICARE PRIVATE LIMITED
Registered Office :	303-C, Elgin Chambers, 1-A, Ashutosh Mukherjee Road, Kolkata – 700020, West Bengal, India
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	24.06.1996
Com. Reg. No.:	21-080161
Capital Investment / Paid-up Capital :	Rs.1.417 Millions
CIN No.: [Company Identification No.]	U24231WB1996PTC080161
TAN No.: [Tax Deduction & Collection Account No.]	MUMM20388E
PAN No.: [Permanent Account No.]	AACCM0107F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Pharmaceuticals Raw Materials, Bulk Drugs, Excipients and Chemicals.
No. of Employees :	18 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 50200
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profitability of the company appears to be low. There appear huge external borrowings recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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

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. Gaurav Mehta
Designation :	Director
Contact No.:	91-33-24767882
Date :	01.07.2013

LOCATIONS

Registered Office :	303-C, Elgin Chambers, 1-A, Ashutosh Mukherjee Road, Kolkata – 700020, West Bengal, India
Tel. No.:	91-33-24767882/ 30587883
Fax No.:	91-33-24767883
E-Mail :	ndrvm@cal2.vsnl.net.in ndrvm@ricmail.com info@mehtamedicare.com
Website :	www.mehtamedicare.com
Location :	Owned
Branch Office:	501, Sai Chamber, Near Bus Depot, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-26121512/ 26120903/ 26121106
Fax No.:	91-22-26121109

DIRECTORS

(AS ON 27.09.2012)

Name :	Mr. Narottam Chunilal Mehta
Designation :	Director
Address :	129/1, Bakul Bagan Road, Kolkata 700025, West Bengal, India
Date of Birth/Age :	30.10.1930
Date of Appointment :	24.06.1996
Voter Id No.:	WB/23/146/360/574
DIN No.:	00291984
Name :	Mr. Rajen Narottam Mehta
Designation :	Director
Address :	129/1, Bakul Bagan Road, Kolkata 700025, West Bengal, India
Date of Birth/Age :	24.09.1960
Date of Appointment :	24.06.1996
Voter Id No.:	WB/23/146/360070
DIN No.:	01375963
Name :	Mr. Viren Narottam Mehta
Designation :	Director
Address :	129/1, Bakul Bagan Road, Kolkata – 700025, West Bengal, India
Date of Birth/Age :	05.05.1962
Date of Appointment :	24.06.1996
Voter Id No.:	WB/23/146/360072
DIN No.:	01375941
Name :	Ms. Arpit Viren Mehta
Designation :	Additional Director
Address :	129/1, Bakul Bagan Road, Kolkata – 700025, West Bengal, India
Date of Birth/Age :	04.08.1988
Date of Appointment :	01.04.2011
DIN No.:	01375910
Name :	Mr. Dipak Narottam Mehta
Designation :	Whole-time director
Address :	302, Nisarg Apartment, Besant Road, Vileparle [West], Mumbai 400056, Maharashtra, India
Date of Birth/Age :	17.10.1956
Date of Appointment :	24.06.1996
Voter ID No.:	MT/08/038/126503
DIN No.:	00451362
Name :	Mr. Gaurav Dipak Mehta
Designation :	Whole-time director
Address :	302, Nisarg Apartment, Besant Road, Vileparle [West], Mumbai 400056, Maharashtra, India
Date of Birth/Age :	19.07.1981
Date of Appointment :	01.04.2000
DIN No.:	00451568
Name :	Mr. Bhavish Deepak Mehta
Designation :	Director
Address :	302, Nisarg Apartment, Besant Road, Vileparle [West], Mumbai 400056, Maharashtra, India
Date of Birth/Age :	10.11.1983
Date of Appointment :	01.04.2000
DIN No.:	00451684
Name :	Mr. Namresh Rajen Mehta
Designation :	Director
Address :	129/1, Bakul Bagan Road, Kolkata 700025, West Bengal, India
Date of Birth/Age :	24.05.1986
Date of Appointment :	04.01.2007
PAN No.:	ALJPM6143J
DIN No.:	00292229

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 31.03.2012)

Shareholding details file attached.

(AS ON 22.02.2013)

Name of Alloteess	No. of Shares Allotted
Chhaya Mehta	500
Total	500

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader, Exporter and Importer of Pharmaceuticals Raw Materials, Bulk Drugs, Excipients and Chemicals.

Products :

Products Description	Item Code No.
Calcium	283526.01
Glutanic Acid	292242.09
Other Anti Biotics	300320.00

Exports :

Products :

· Pharmaceuticals Raw Materials

· Bulk Drugs

· Chemicals.

Countries :

Bangladesh

Imports :

Products :

· Pharmaceuticals Raw Materials

· Bulk Drugs

· Chemicals.

Countries :

· China

· Europe

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users and OEM’s

· Merck Limited

· Dabur India Limited

· Albert David Limited

· Bengal Chemicals and Pharma Limited

· Concept Pharmaceuticals Limited

· Shree Baidyanath Ayurved Bhavan Limited

No. of Employees :

18 (Approximately)

Bankers :

· State Bank of India

Kolkata, West Bengal, India

· Standard Chartered Bank

SME Credit, Crescenzo, 3A/F, Plot No.C-38 and 39, G Block, Bandra – Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· Standard Chartered Bank

SME Credit, 19, N. S. Road, Kolkata – 700001, West Bengal, India

· Kotak Mahindra Bank

Facilities :

Cash Credit – Rs.30.000 Millions from Standard Chartered Bank.

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
From LIC (Secured against L.I. Policy of Directors)	0.415	0.415
From Kotak Mahindra Bank (Secured against Hypothecation of Car)	0.095	0.247
Short Term Borrowing
Loan repayable on demand - Standard Chartered Bank (Secured by a first mortgage on all stocks and book debts and equitable mortgage of commercial property owned by two of the directors of the company and fixed deposit liened to the facilities and personally guaranteed by certain Directors of the company )	24.281	22.304
From Kotak Mahindra Bank (secured against Hypothecation of Car)	0.152	0.138
Total	24.943	23.104

Banking Relations :	--
Auditors :
Name :	Ghosh and Pande Chartered Accountant
Address :	9, Lalbazar Street, Mercantile Building, Block – A, Room No.59, 2^nd Floor, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-2230-4638/ 4852/2731
Fax No.:	91-33-2230-4852/ 2231-2731
E-Mail :	goshpande@yahoo.com gpca@vsnl.net
PAN No.:	AACFG09080H

CAPITAL STRUCTURE

(AS ON 27.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
141700	Equity Shares	Rs.10/- each	Rs.1.417 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.417	1.417
(b) Reserves & Surplus	11.134	9.626
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1)+(2)	12.551	11.043
(3) Non-Current Liabilities
(a) long-term borrowings	0.510	0.662
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.510	0.662
(4) Current Liabilities
(a) Short term borrowings	73.213	70.344
(b) Trade payables	74.407	65.855
(c) Other current liabilities	37.343	56.782
(d) Short-term provisions	0.037	0.133
Total Current Liabilities (4)	185.000	193.114
TOTAL	198.061	204.819
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.658	2.922
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	2.772	1.697
Total Non-Current Assets	5.435	4.624
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	20.002	29.131
(c) Trade receivables	166.321	162.791
(d) Cash and cash equivalents	1.662	2.110
(e) Short-term loans and advances	3.457	5.131
(f) Other current assets	1.184	1.032
Total Current Assets	192.626	200.195
TOTAL	198.061	204.819

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.417
2] Share Application Money		0.000
3] Reserves & Surplus		8.245
4] (Accumulated Losses)		0.000
NETWORTH		9.662
LOAN FUNDS
1] Secured Loans		0.415
2] Unsecured Loans		46.063
TOTAL BORROWING		46.478
DEFERRED TAX LIABILITIES		0.000
TOTAL		56.140
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.542
Capital work-in-progress		0.000
INVESTMENT		0.005
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.877
	Sundry Debtors	121.538
	Cash & Bank Balances	2.136
	Other Current Assets	0.000
	Loans & Advances	6.080
Total Current Assets		145.631
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000
	Other Current Liabilities	91.866
	Provisions	0.172
Total Current Liabilities		92.038
Net Current Assets		53.593
MISCELLANEOUS EXPENSES		0.000
TOTAL		56.140

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	347.646	293.695	NA
		Other Income	0.899	1.133	NA
		TOTAL (A)	348.545	294.828	NA
Less	EXPENSES
		TOTAL (B)	336.237	284.294	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.308	10.534	9.126
Less	FINANCIAL EXPENSES (D)		9.563	7.984	6.763
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.745	2.550	2.363
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.387	0.369	0.291
	PROFIT BEFORE TAX (E-F) (G)		2.358	2.181	2.072
Less	TAX (H)		0.851	0.800	0.731
	PROFIT AFTER TAX (G-H) (I)		1.507	1.381	1.341
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.626	8.245	6.904
	BALANCE CARRIED TO THE B/S		11.133	9.626	8.245
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports	0.000	0.436	0.074
	TOTAL EARNINGS		0.000	0.436	0.074
	IMPORTS
		C.I.F. Value of Imports	13.746	10.188	NA
	TOTAL IMPORTS		13.746	10.188	NA
	Earnings Per Share (Rs.)		10.64	10.00	9.46

Particulars	31.03.2013
Sales Turnover (Approximately)	530.000

Expected Sales (2013-14): Rs.600.000 Millions.

The above information has been parted by Mr. Gaurav Mehta.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.43	0.47	NA
Net Profit Margin (PBT/Sales)	(%)	0.68	0.74	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.19	1.06	1.40
Return on Investment (ROI) (PBT/Networth)		0.19	0.20	0.21
Debt Equity Ratio (Total Debt/Networth)		5.87	6.43	4.81
Current Ratio (Current Asset/Current Liability)		1.04	1.04	1.58

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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Short Term Borrowing
Loan from Director	13.148	12.107
Loan from Shareholders	13.144	13.030
Loan from Companies	4.432	6.648
Loan from Relatives of Directors	18.057	16.118
Total	48.781	47.903

OPERATIONS

The activities of the company has resulted in the profitability of the company. However, the directors are reviewing the current situation and is expected that the company will be achieve the desired results.

CONTINGENT LIABILITIES

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sales Tax Demand Disputed in appeal	0.213	0.213	0.213

FORM 8

Corporate identity number of the company	U24231WB1996PTC080161
Name of the company	MEHTA MEDICARE PVT.LTD.
Address of the registered office or of the principal place of business in India of the company	1A, Ashutosh, Mukherjee Road, Kolkata – 700020, West Bengal, India Email Id : ndrvm@ricmail.com
This form is for	Modification of charge
	10221167
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	Standard Chartered Bank, SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra-Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India Email Id : sme.form8@sc.com
Nature of instrument creating charge	Hypothecation Agreement - Supplemental
Date of instrument Creating the charge	01/06/2012
Amount secured by the charge	Rs.57.000 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of repayment As agreed by and with the Bank from time to time Margin As applicable, if any Extent and operation of the charge The Bank is having first and exclusive charge on the security given by the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first and exclusive charge on: a) All the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise. b) All the present and future book debts, outstanding moneys receivable, claims and bills.
Particulars of the present modification	The existing charge amt of Rs.40.000 Millions enhanced to Rs.57.000 Millions and secured against Hypothecation by way of first and exclusive charge on: a) All the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise. b) All the present and future book debts, outstanding moneys receivable, claims and bills.

FIXED ASSETS:

· Air Conditioner

· Electrical Equipments/ Fittings

· E.P.B.X.

· Office Equipment

· Aquaguard

· Fax Machines

· Fan

· Mobile Phone

· Furniture and Fixtures

· Car

· Tempo

· Television

· Computers

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.59.15
UK Pound	1	Rs.90.05
Euro	1	Rs.77.07

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.