MIRA INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	MC COY DRUGS PRIVATE LIMITED
Registered Office :	403, Anjali Complex, A Wing, Opposite Guru Nanak Petrol Pump, Pereira Hill Road, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.06.2004
Com. Reg. No.:	11-146766
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U24230MH2004PTC146766
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 37000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financials with the government department since 2011. Mr. Ketan, Director has provided all information but the financial are not verified. As per the of 2011, the reserves appear low. The company is also reported to have modest scale of operation. However, trade relations are reported as fair. Business is active. Payment terms are unknown. 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. Ketan Shah
Designation :	Director
Contact No.:	91-9374513499
Date :	08.07.2013

LOCATIONS

Registered Office :	403, Anjali Complex, A Wing, Opposite Guru Nanak Petrol Pump, Pereira Hill Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-61299999/ 61299992
Mobile No.:	91-9374513499 (Mr. Ketan Shah)
Fax No.:	91-22-61299900
E-Mail :	mccoydrugs@yahoo.co.in mca@mgca.in
Factory :	Plot No.146-B and 147, Road No.3, Sur Sez, Surat – 394230, Gujarat, India
Tel No.:	91-261-2398349

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Ketankumar Navinchandra Shah
Designation :	Director
Address :	Flat No.302, 3^rd Floor, Makanji Park, Samet Shikhar Building, Harajan Patiya Road, Near Makai Bridge, Surat – 395009, Gujarat, India
Date of Birth/Age :	09.12.1965
Date of Appointment :	04.06.2004
DIN No.:	00370572
Name :	Mr. Rinamkumar Nalinkumar Shah
Designation :	Director
Address :	3 F Siddhshila Appartment, Opposite Jivanbharti School Timaliyawad, Surat – 395001, Gujarat, India
Date of Birth/Age :	26.05.1972
Date of Appointment :	01.07.2004
DIN No.:	02538252
Name :	Mr. Bhavesh Gunvantlal Shah
Designation :	Director
Address :	Building 6, Flat No.101, Varma Nagar, Ngrdas Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Date of Birth/Age :	11.12.1969
Date of Appointment :	04.06.2004
DIN No.:	00525600

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Bhavesh Gunvantlal Shah	220000
Rinamkumar Nalinkumar Shah	74720
Ketankumar Navinchandra Shah	305000
Dipen M. Shah	100
Pritish M. Shah	100
Sangita K. Shah	10
Dipika N. Shah	10
Alesh H. Shah	10
Ashish R. Shah	10
Hitesh R. Shah	10
Kamal N. Fadia	10
Manushi P. Shah	10
Manam P. Shah	10
Arvind T. Shah	150000
Vipul P. Shah	150000
Total	900000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Bulk Drugs.
Exports :
Products :	Bulk Drugs
Countries :	· Germany · European Countries
Imports :
Products :	Raw Materials
Countries :	· South Africa · China
Terms :
Selling :	L/C, Cash and Credit (30-60 days)
Purchasing :	L/C, Cash and Credit (30-60 days)

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Wholesalers and OEM’s

No. of Employees :

100 (Approximately)

Bankers :

· The Cosmos Co-operative Bank Limited

UG-2, Meridian Tower, Beside Apple Hospital, Udhna Darwaja Ring Road, Near Rajkumar Theatre, Surat – 395002, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan
The Cosmos Co-operative Bank Limited (Against Hypothecation of Plant and Machinery)	2.987	2.113
Working Capital
The Cosmos Co-operative Bank Limited (Against Hypothecation of Stock and Book Debts)	4.015	0.000
Total	7.002	2.113

Banking Relations :	--
Auditors :
Name :	J N. Shah and Company Chartered Accountants
Address :	404, Trupati Plaza, Wing – B, Near Collectors Office, Aqthwagate, Surat – 395001, Gujarat, India
Tel No.:	91-261-2471400/ 3013400
Fax No.:	91-261-2471400/ 3013400
PAN No.:	AHTPS1864N
Email :	jignesh@jnsca.com

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
900000	Equity Shares	Rs.10/- each	Rs.9.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		9.000	8.000	5.454
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.172	0.000	0.000
4] (Accumulated Losses)		0.000	(0.436)	(0.397)
NETWORTH		9.172	7.564	5.057
LOAN FUNDS
1] Secured Loans		7.002	2.113	0.000
2] Unsecured Loans		7.310	5.020	3.495
TOTAL BORROWING		14.312	7.133	3.495
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		23.484	14.697	8.552
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.280	2.550	2.550
Capital work-in-progress		0.000	16.713	9.826
INVESTMENT		0.100	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.205	0.000	0.000
	Sundry Debtors	4.838	0.000	2.849
	Cash & Bank Balances	2.010	1.778	0.069
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.361	0.462	2.148
Total Current Assets		10.414	2.240	5.066
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	5.271	1.226	0.567
	Other Current Liabilities	5.013	5.551	8.181
	Provisions	0.026	0.041	0.166
Total Current Liabilities		10.310	6.818	8.914
Net Current Assets		0.104	(4.578)	(3.848)
MISCELLANEOUS EXPENSES		0.000	0.012	0.024
TOTAL		23.484	14.697	8.552

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	8.334	0.000	0.094
Less	EXPENSES
		TOTAL	7.321	0.039	0.094
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.013	(0.039)	0.000
Less/ Add	DEPRECIATION/ AMORTISATION		0.406	0.000	0.000
	PROFIT BEFORE TAX		0.607	(0.039)	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.607	(0.039)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.436)	(0.397)	(0.397)
	BALANCE CARRIED TO THE B/S		0.171	(0.436)	(0.397)
	Earnings Per Share (Rs.)		0.67	NA	NA

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	50.000	40.000

Expected Sales (2013-14): Rs.60.000 Millions

The above information has been parted by Mr. Ketan.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.28	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	1.80	(0.81)	0.00
Return on Investment (ROI) (PBT/Networth)		0.07	(0.01)	0.00
Debt Equity Ratio (Total Debt/Networth)		1.56	0.94	0.69
Current Ratio (Current Asset/Current Liability)		1.01	0.33	0.57

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	Yes
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	No
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

UNSECURED LOANS

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
From Shareholders and Others	7.310	5.020
Total	7.310	5.020

FINANCIAL RESULTS

The company has earned income of Rs.8.334 Millions as against nil in the previous year. After providing for expenditure the company has incurred profit of Rs.0.607 Million as against loss of Rs.0.039 Million in the previous year.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10184116
Corporate identity number of the company	U24230MH2004PTC146766
Name of the company	MC COY DRUGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	403, Anjali Complex, A' Wing Opposite Guru Nanak Petrol Pump, Pereira Hill Road, Andheri (East), Mumbai – 400099, Maharashtra, India mca@mgca.in
Type of charge	Immovable property Book Debts Movable Property
Particular of charge holder	The Cosmos Co-operative Bank Limited UG-2, Meridian Tower, Beside Apple Hospital, Udhna Darwaja Ring Road, Near Rajkumar Theatre, Surat – 395002, Gujarat, India manoj.shah@cosmosbank.in
Nature of description of the instrument creating or modifying the charge	1. Second Supplemental Deed of Hypothecation of Stock, Book-debts and Movable Machinery. 2. Deed of Mortgage.
Date of instrument Creating the charge	19.12.2012
Amount secured by the charge	Rs.28.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 12.50% p.a. on Bill discounting facility. 11% p.a. Letter of Credit Discounting. Commission on Letter of Credit (Import) - As per bank rules. Terms of Repayment 1. Letter of Credit Discounting and Bills discounting - Repayable on demand. 2. Letter of Credit (Import) - 90days. Margin 1. Letter of Credit (Import) - Minimum 15% in favour of bank 2. Letter of Credit Discounting - Minimum 10% in favour of bank. 3. For Bill discounting - Minimum - 25% in favour of bank. Extent and Operation of the charge First Charge on hypothecated stock, book-debts and machinery and immovable property
Short particulars of the property charged	All such movable and immovable properties
Date of latest modification prior to the present modification	29/02/2012
Particulars of the present modification	By the present modification dated 19/12/2012, the existing overall credit limit has been increased from 20.200 Millions to 48.200 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture

· 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 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.61.05
UK Pound	1	Rs.90.89
Euro	1	Rs.78.27

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	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		30

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.