MIRA INFORM REPORT

Report Date :

13.07.2013

IDENTIFICATION DETAILS

Name :	KREMOINT PHARMA PRIVATE LIMITED
Registered Office :	Plot No.B-8, Additional Ambernath, M.I.D.C., Opposite Main Road, Anand Nagar Police Check Post, Ambernath (East), Mumbai-421506, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.05.1992
Com. Reg. No.:	11-066737
Capital Investment / Paid-up Capital :	Rs.0.600 Million
CIN No.: [Company Identification No.]	U24230MH1992PTC066737
TAN No.: [Tax Deduction & Collection Account No.]	MUMK05289E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceuticals Products
No. of Employees :	90 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 587000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The profit and loss statement during 2012 is not available. As per the available as on 2012, the position of reserves appears to be healthy. Liquidity position is strong. Trade relations are 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 :	Ms. Madhuri
Designation :	Manager
Contact No.:	91-251-2620273
Date :	28.06.2013

LOCATIONS

Registered Office / Factory :	Plot No.B-8, Additional Ambernath, M.I.D.C., Opposite Main Road, Anand Nagar Police Check Post, Ambernath (East), Mumbai-421506, Maharashtra, India
Tel. No.:	91-251-2620273 / 355 / 655 / 2621363 / 64 / 67 / 2620655 / 2620355
Fax No.:	91-251-2621363 / 365 / 367 / 2620273 / 355 / 655
E-Mail :	info@kremointpharma.com
Website :	www.kremointpharma.com
Area :	12000 Sq. Ft.
Location :	Owned
Warehouse :	D-59 / D-60, Additional Ambernath, M.I.D.C, Ambernath (East), Mumbai-421506, Maharashtra, India

DIRECTORS

AS ON 27.09.2012

Name :

Mr. Bhadresh Keshavji Thakkar

Designation :

Director

Address :

151/5 Shree Krishna Nagar, Garodia Nagar, Ghatkopar, Mumbai – 400 077, Maharashtra, India

Date of Birth/Age :

07.12.1964

Qualification :

B.Com

Date of Appointment :

12.05.1992

Din No.:

00774787

Name :

Mr. Shibroor Narsimha Kamath

Designation :

Director

Address :

202, Jai Akshay Sagar CHS, Namdeao Path, Thane-421201, Maharashtra, India

Date of Birth/Age :

21.12.1953

Date of Appointment :

28.06.2012

Din No.:

00140593

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L24230MH1984PLC034771	BLISS GVS PHARMA LIMITED	Managing director	01/04/2007	09/05/2006	Active	NO
2	U40105MH2007PTC172528	PATEL POWER PRIVATE LIMITED	Director	17/04/2010	17/04/2010	Active	NO
3	U24230DD2011PTC004692	BLISS INDASI LIFESCIENCE PRIVATE LIMITED	Director	09/03/2011	09/03/2011	Active	NO
4	U24230MH1992PTC066737	KREMOINT PHARMA PRIVATE LIMITED	Director	28/06/2012	28/06/2012	Active	NO
5	U33111MH2013PTC240847	LIFEON LABS PRIVATE LIMITED	Director	02/03/2013	02/03/2013	Active	NO

Name :

Mr. Gautam Rasiklal Ashra

Designation :

Director

Address :

1/4, Breach Candy Apartment, B.D. Road, Mumbai, Maharashtra, India

Date of Birth/Age :

15.10.1956

Date of Appointment :

28.06.2012

Din No.:

00140942

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67190MH1998PTC115072	KANJI FOREX PRIVATE LIMITED	Director	25/05/1998	25/05/1998	12/06/2013	Active	NO
2	U67120MH1999PTC118062	KANJI PITAMBER FOREX PRIVATE LIMITED	Director	29/01/1999	29/01/1999	-	Active	NO
3	U65110MH1999NPL119268	FOREIGN EXCHANGE BROKERS ASSOCIATION OF INDIA	Director	05/04/1999	05/04/1999	-	Active	NO
4	U51900MH1999PTC119390	GENTEEL TRADING COMPANY PRIVATE LIMITED	Director	28/02/2002	28/02/2002	-	Active	NO
5	L24230MH1984PLC034771	BLISS GVS PHARMA LIMITED	Director	14/06/2004	14/06/2004	-	Active	NO
6	U67120MH1992PTC067764	MONOCHROME INVESTMENTS PRIVATE LIMITED	Director	05/07/2004	05/07/2004	-	Active	NO
7	U65990MH1947PLC005954	MANGALYA TRADING AND INVESTMENTS LIMITED	Director	22/06/2005	22/06/2005	-	Active	YES
8	U45200MH2005PLC154628	TVS INFRASTRUCTURE LIMITED	Director	07/11/2005	07/11/2005	18/12/2007	Active	NO
9	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	04/06/2007	04/06/2007	15/12/2010	Active	NO
10	U01122PN2007PTC130504	GOODWILL CULTIVATORS PRIVATE LIMITED	Director	27/07/2007	27/07/2007	-	Active	NO
11	U74999MH1922PLC000973	BOMBAY GYMKHANA LIMITED	Director	27/09/2007	27/09/2007	30/09/2010	Active	NO
12	L15421MH1971PLC167716	BAJAJ HINDUSTHAN SUGAR AND INDUSTRIES LIMITED	Director	23/02/2008	28/09/2007	-	Amalgamated	NO
13	U31300MH1990PTC059291	MARINE CABLES AND WIRES PRIVATE LIMITED	Director	26/09/2008	09/05/2008	31/01/2009	Amalgamated	NO
14	U92412MH2010NPL202673	GAUTAM THAKKAR MEMORIAL BADMINTON ASSOCIATION	Director	01/05/2010	01/05/2010	24/10/2011	Active	NO
15	U24230DD2011PTC004692	BLISS INDASI LIFESCIENCE PRIVATE LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO
16	U24230MH1992PTC066737	KREMOINT PHARMA PRIVATE LIMITED	Director	28/06/2012	28/06/2012	-	Active	NO
17	U15122MH2012PTC233816	MA DAIRY PRODUCTS PRIVATE LIMITED	Director	26/07/2012	26/07/2012	-	Active	NO
18	U33111MH2013PTC240847	LIFEON LABS PRIVATE LIMITED	Director	02/03/2013	02/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Madhuri
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Bhadresh Keshavji Thakkar	1190
Hema Bhadresh Thakkar	610
Bliss GVS Pharma Limited, India	4200
TOTAL	6000

AS ON 27.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	70.00
Directors or relatives of directors	30.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceuticals Products
Products :	· Ointments and Cream and Gel Formulations · Burns and Antiseptic Formulations · Pharmaceutical Formulations · Analgesic Formulations · Antiseptic / Antibactrial Formulations · Antifunagal Formulations · Acne Pimples Formulations · Corticosteroid / Antibactrial Formulations · Corticosteroid/Antibactrial/Antifungal Formulation
Exports :
Countries :	UK
Terms :
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

Customers :

Wholesalers

No. of Employees :

90 (Approximately)

Bankers :

· The Bharat Co Operative Bank (Mumbai) Limited, Ghatkopar (West) Branch, 103 to 106, Jyoti Chambers, 1^st Floor, Junction of J V Road, and Hirachand Desai Road, Mumbai - 400 086, Maharashtra, India

· Kotak Mahindra Bank

· HDFC Bank

Facilities :

Long Term Borrowings	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings	22.242	0.154
TOTAL	22.242	0.154
Short Term Borrowings	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings	41.218	15.774
TOTAL	41.218	15.774

Banking Relations :	--
Auditors :
Name :	N M Associates Chartered Accountant
Address :	1, Tarlika, Ground Floor, Sir Bhalchandra Road, Matunga, Mumbai – 400 019, Maharashtra, India
Tel. No.:	91-22-24141274 / 24144110
PAN No:	AAAFN1489L

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
24000	Equity Shares	Rs.100/- each	Rs.2.400 Millions
1000	Preferences Shares	Rs.100/- each	Rs.0.100 Million
	TOTAL		Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000	Equity Shares	Rs.100/- each	Rs.0.600 Million

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	0.600	0.600
(b) Reserves & Surplus	146.213	32.696
(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)	146.813	33.296
(3) Non-Current Liabilities
(a) long-term borrowings	22.242	0.154
(b) Deferred tax liabilities (Net)	3.953	2.988
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	26.195	3.142
(4) Current Liabilities
(a) Short term borrowings	41.218	15.774
(b) Trade payables	30.572	29.083
(c) Other current liabilities	4.855	2.226
(d) Short-term provisions	4.000	1.070
Total Current Liabilities (4)	80.645	48.153
TOTAL	253.653	84.591
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	150.822	35.924
(ii) Intangible Assets	0.261	0.342
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.100	0.100
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.188	0.185
(e) Other Non-current assets	17.503	11.097
Total Non-Current Assets	168.874	47.648
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	23.127	19.744
(c) Trade receivables	60.198	15.821
(d) Cash and cash equivalents	0.384	0.461
(e) Short-term loans and advances	0.350	0.251
(f) Other current assets	0.720	0.666
Total Current Assets	84.779	36.943
TOTAL	253.653	84.591

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.600
2] Share Application Money		0.000
3] Reserves & Surplus		26.857
4] (Accumulated Losses)		0.000
NETWORTH		27.457
LOAN FUNDS
1] Secured Loans		6.203
2] Unsecured Loans		11.879
TOTAL BORROWING		18.082
DEFERRED TAX LIABILITIES		0.000
TOTAL		45.539
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.704
Capital work-in-progress		0.000
INVESTMENT		0.100
DEFERREX TAX ASSETS		0.054
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15.009
	Sundry Debtors	10.152
	Cash & Bank Balances	0.253
	Other Current Assets	0.000
	Loans & Advances	13.250
Total Current Assets		38.664
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.552
	Other Current Liabilities	0.000
	Provisions	9.431
Total Current Liabilities		17.983
Net Current Assets		20.681
MISCELLANEOUS EXPENSES		0.000
TOTAL		45.539

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	NA	NA
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES
		TOTAL	NA	NA
	PROFIT / (LOSS) BEFORE TAX		8.787	6.225
Less	TAX		2.773	1.823
	PROFIT / (LOSS) AFTER TAX		6.014	4.402
Less	APPROPRIATIONS
		Proposed Dividend	0.150	0.150
		Dividend Distribution Tax	0.025	0.025
		Transfer to General Reserve	0.100	0.100
	BALANCE CARRIED TO THE B/S		5.739	4.127
	Earnings / (Loss) Per Share (Rs.)		1002.33	733.67

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	10.40	9.82
Return on Investment (ROI) (PBT/Networth)		NA	0.26	0.23
Debt Equity Ratio (Total Debt/Networth)		0.43	0.47	0.65
Current Ratio (Current Asset/Current Liability)		1.05	0.77	2.15

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	Yes
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	No
12]	Profitability for last two 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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

NOTE:

Registered office has been shifted from Shree Krishna Darshan, 151/5 Garodia Nagar, Ghatkopar (East), Mumbai 400 077, Maharashtra, India to the present address w.e.f. 02.07.2012.

FIXED ASSETS:

· Furniture

· Computer

· Land and Building

· Plant and Machinery

· Office Equipments

· Mobile Phones

· Air Conditioner

· Security Systems

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.59.90
UK Pound	1	Rs.90.88
Euro	1	Rs.78.32

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.