MIRA INFORM REPORT

Report Date :

15.07.2013

IDENTIFICATION DETAILS

Name :	PREMIUM SERUMS AND VACCINES PRIVATE LIMITED
Registered Office :	406, B Wing, Highway Rose Co Operative Housing Society, 92 Dixit Road Extension, Vile Parle (East), Mumbai 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.01.2009
Com. Reg. No.:	189968
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U24110MH2009PTC189968
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	--
Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a company having a moderate track record. The net worth of the company is fully eroded due to heavy accumulated losses. There appear huge external borrowings recorded by the company. The scale of operation is modest. However, business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and secured 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	D – Default
Rating Explanation	Long Term
Date	21.01.2013

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.

LOCATIONS

Registered Office :	406, B Wing, Highway Rose Co Operative Housing Society, 92 Dixit Road Extension, Vile Parle (East), Mumbai 400057, Maharashtra, India
Mobile No.:	91-9325215991 (Amol Shinde)
E-Mail :	drdhawanshyam@gmail.com
Factory :	Gat No. 354-1 354-2 A/P Narayangaon, Near Champagne Indage, Tal Junna, District Pune 410504, Maharashtra, India

DIRECTORS

AS ON 31.03.2010

Name :	Mr. Girish Nathuram Kolwankar
Designation :	Director
Address :	380 Sasawane Alibaug, Raigad 401201, Maharashtra, India
Date of Birth/Age :	26.06.1962
Date of Appointment :	29.01.2009
DIN No.:	01623301
Name :	Mr. Shyam Bhalchandra Dhawan
Designation :	Director
Address :	At and Post Sasawane Alibaug, Raigad 401201, Maharashtra, India
Date of Birth/Age :	15.10.1962
Date of Appointment :	29.01.2009
DIN No.:	02482752

KEY EXECUTIVE

Name :	Mr. Amol Shinde
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2010

Names of Shareholders	No. of Shares
Mr. Girish Nathuram Kolwankar	500
Mr. Shyam Bhalchandra Dhawan	500
Total	1000

AS ON 31.03.2010

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
Bodies corporate
Directors or relatives of Directors	100.00
Other top fifty shareholders
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Maharashtra, Ranade Road Branch, Dadar, Mumbai 400028, Maharashtra, India

Facilities :

Rs. In Millions

Long Term Borrowings
Particulars	As on 31.03.2012	As on 31.03.2011
Secured (a) Term loans from Bank of Maharashtra Term Loan 1 Term Loan 2	48.948 11.223	61.224 0.000
(Secured by hypothecation of plant & machinery, equipments, livestock, vehicles and equitable mortgage of buildings & directors' immovable property. Terms of Repayment & Interest Term Loan 1 : Rs. 12.200 millions peryear Term Loan 2 : Rs. 0.360 millions per month commencing from 31.07.12 Rate of Interest - Bank of Maharashtra Base Rate + 5.50% above loans have been guaranteed by Directors)
(b) Vehicle Loans (Secured by hypothecation of vehicle.) from HDFC Bank	0.000	0.158
Terms of Repayment (Equated Monthly installmentsof Rs. 0.016 million)
from Bank of Maharashtra Vehicle Loan 1 Vehicle Loan 2	0.000 0.609	0.153 0.000
Terms of Repayment & Interest (Vehicle loan 1 : Rs. 0.014 million p.m.; Rate of Interest - 9.5% p.a.) (Vehicle loan 2 : Rs. 0.032 million p.m.; Rate of Interest -11.75% p.a.) (Vehicle loans have been taken in the name ofdirector and guaranteed by the respective director)
	60.781	61.537
Unsecured (a) Loans and advances from related parties Dr.Shyam Dhawan Dr. Girish Kolwankar (No repayment schedule has been specified. Lenders have agreed not to withdraw the loan amount till the repayment of term loans. Loans are Interest free)	30.900 30.911	12.300 12.311
	61.811	24.611
Total	122.592	86.148

Banking Relations :	--
Auditors :
Name :	Tembey and Mhatre Chartered Accountant
Address :	120 Udyog Mandir No.1 Bhagoji Keer Marg, Mahim West, Mumbai 400016, Maharashtra, India
Tel. No.:	91-22-24448069/73
E-Mail :	tembeymhatre@vsnl.com
Associates/Subsidiaries :	Premium Chick Feeds Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs. 0.100 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	0.500	0.500
(b) Reserves & Surplus	(22.868)	(9.399)
(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)	(22.368)	(8.899)
(3) Non-Current Liabilities
(a) long-term borrowings	122.592	86.148
(b) Deferred tax liabilities (Net)	0.000	0.615
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	122.592	86.763
(4) Current Liabilities
(a) Short term borrowings	3.532	3.836
(b) Trade payables	1.984	0.017
(c) Other current liabilities	24.666	16.876
(d) Short-term provisions	0.610	0.000
Total Current Liabilities (4)	30.792	20.729
TOTAL	131.016	98.593
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	83.775	88.812
(ii) Intangible Assets	0.027	0.000
(iii) Capital work-in-progress	29.919	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.735	0.650
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	116.456	89.462
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.083	6.218
(c) Trade receivables	3.410	0.000
(d) Cash and cash equivalents	2.388	1.553
(e) Short-term loans and advances	0.679	1.360
(f) Other current assets	0.000	0.000
Total Current Assets	14.560	9.131
TOTAL	131.016	98.593

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1.977)
NETWORTH		(1.877)
LOAN FUNDS
1] Secured Loans		29.679
2] Unsecured Loans		9.411
TOTAL BORROWING		39.090
DEFERRED TAX LIABILITIES		0.000
TOTAL		37.213
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.180
Capital work-in-progress		31.896
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	1.301
	Other Current Assets	0.000
	Loans & Advances	0.960
Total Current Assets		2.261
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	2.124
	Provisions	0.000
Total Current Liabilities		2.124
Net Current Assets		0.137
MISCELLANEOUS EXPENSES		0.000
TOTAL		37.213

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	20.461	0.000	0.000
		Other Income	1.019	0.000	0.000
		TOTAL	21.480	0.000	0.000
Less	EXPENSES (INCLUDING DEPRECIATION/ AMORTISATION)		35.565	6.806	1.922
	PROFIT BEFORE TAX		(14.085)	(6.806)	(1.922)
Less	TAX		(0.616)	0.616	0.000
	PROFIT AFTER TAX		(13.469)	(7.422)	(1.922)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9.399)	(1.977)	(0.054)
	BALANCE CARRIED TO THE B/S		(22.868)	(9.399)	(1.977)
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(62.70)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	(68.83)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(13.93)	(6.90)	(25.82)
Return on Investment (ROI) (PBT/Networth)		0.62	0.76	1.02
Debt Equity Ratio (Total Debt/Networth)		(5.63)	(10.11)	(20.82)
Current Ratio (Current Asset/Current Liability)		0.47	0.44	1.06

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	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 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	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	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	--
32]	Passport No of Proprietor/Partner/Director, if available	--
33]	Voter ID No of Proprietor/Partner/Director, if available	--
34]	External Agency Rating, if available	Yes

FORM 8

Corporate identity number of the company	U24110MH2009PTC189968
Name of the company	PREMIUM SERUMS AND VACCINES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	406, B Wing, Highway Rose Co Operative Housing Society, 92 Dixit Road Extension, Vile Parle (East), Mumbai 400057, Maharashtra
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra, Ranade Road Branch, Dadar, Mumbai 400028, Maharashtra, India Email: bom16@mahabank.co.in
Nature of instrument creating charge	1.Composite Deed of Hypothecation For all Facilities dt. 06.03.2012 2.Memorandum of Record of Equitable Mortgage dt. 07.03.2012
Date of instrument Creating the charge	06.03.2012
Amount secured by the charge	Rs. 28.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per BOM Sanction Letter dt. 29.02.2012 & revised by BOM letter dt28.03.12, @ Base Rate(BR)+4.75%toBR+3% with monthly rests,subject to change from time to time with Change in BR ,other guidelines . Terms of repayment As per Bank's Sanction Letter dt.29.02.2012, the Term Loan of Rs.28.000 millions is to be repaid in 84 monthly installments of Rs.0.360 Lakhs starting from 31.07.2012. Interest to be repaid as and when applied at all times. Margin As mentioned in Bank's Sanction Letter dt.29.02.2012, Margin is 30% for the Term Loan of Rs.28.000 millions. Extent and operation of the charge As per Bank's Sanction Letter dt.29.02.2012, the Term Loan is secured as under: 1. Hypothecation of plant and machinery, equipments, computers, furniture and fixtures and all movable assets acquired/to be acquired out of bank loan. 2. Additional charge on Equitable Mortgage of Factory building, offices, staff quarters, horse houses and other civil structures in Sy.No.354 (Hissa 1 and 2)
Short particulars of the property charged (Including location of the property)	Equitable Mortgage of Land & Buildings as per Memorandum of Record of Equitable Mortgage
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registers	Yes 1.Dr.Shyam Dhawan and 2.Dr.Girish Kolwankar

FIXED ASSETS:

· Plasma Building

· Staff Quarters

· Horse Shed

· Motor Vehicles

· Livestock

· Electrical Fittings

· Office Equipment

· Software

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.59.89
UK Pound	1	Rs.90.88
Euro	1	Rs.78.32

INFORMATION DETAILS

Report Prepared by :

PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.