MIRA INFORM REPORT

Report Date :

23.07.2013

IDENTIFICATION DETAILS

Name :	DINESH PHARMACEUTICAL PRIVATE LIMITED
Registered Office :	Yamuna Kunj Mahavir Colony, Rajmahal Road, Baroda – 390001, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.07.1982
Com. Reg. No.:	04-005307
Capital Investment / Paid-up Capital :	Rs. 11.381 Millions
CIN No.: [Company Identification No.]	U24231GJ1982PTC005307
TAN No.: [Tax Deduction & Collection Account No.]	BRDD00597C
PAN No.: [Permanent Account No.]	AAACD8041M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, refine, import, export, sell and deal in drugs, medicines and pharmaceutical and biological products and preparations of all kinds.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 50800
Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appear huge accumulated losses recorded during 2012. External borrowing seems to be huge which affect the liquidity position of the company. However, trade relations are fair. Business is active. Payments 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

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 :	Yamuna Kunj Mahavir Colony, Rajmahal Road, Baroda – 390001, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dppl_dinesh@yahoo.com

SOLE PROPRIETOR/PARTNERS/DIRECTORS

As on: 29.09.2012

Name :	Mr. Jamnadas Vishnubhai Patel
Designation :	Managing Director
Address :	Mahavir Colony, Rajmahal Road, Baroda - 390001, Gujarat, India
Date of Birth/Age :	01.12.1949
Date of Appointment :	06.07.1982
DIN No. :	01532456
Name :	Mr. Hansal Jamnadas Patel
Designation :	Whole-time Director
Address :	Mahavir Colony, Rajmahal Road, Baroda - 390001, Gujarat, India
Date of Birth/Age :	03.12.1974
Date of Appointment :	15.11.1996
DIN No. :	01532463

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Vinshnubhai A Patel Jt. With Jamnadas V. Patel	125210
Jamnadas V Patel	332015
Nilaben J Patel	221090
Krishnakant V Patel	48025
Mukeshbhai V Patel	92130
Hansal J Patel	8830
Nishant J Patel	16555
Shantaben V Patel Jt. With Nishant J. Patel	46475
Purnimahen M Patel	26640
Ritaben K Patel	45150
Master Neel K Patel	10000
V. Prasad and Sons Est. Inv. Private Limited	88810
Jashbhai M. Amin	15525
Savitaben Amin Jt. With Bhaskar J. Arnin	8050
Shardaben S Amin	4440
Vinodbhai C Yadav	16280
Kusumben C Yadav	1850
Ranjanben M Yadav	7400
Vijayaben V Yadav	5180
Kiran V Yadav	5180
Avni Ravi Patel	2500
Punambhai C. Patel	1500
Ravi Rohitbhai Patel	1000
Dinubhai M Patel	1000
Bhaskar J Amin Jt. With Vinaben B Amin	7275
Total	1138110

As on: 29.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	7.80
Directors or relatives of Directors	85.00
Other top fifty shareholders	7.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, refine, import, export, sell and deal in drugs, medicines and pharmaceutical and biological products and preparations of all kinds.

Products :

Item Code No. (ITC Code)	Production Description
292229-14	Paracetamol
292229-03	Para Amino Phenol
291521-00	Acetic Acid

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Paracetamol	Kgs.	NA	NA	163955 Including Loan License Conversion Kg. 16000
	Kgs.	NA	NA	(425100) Including Loan License Conversion Kg. 224000
Spent Acetic Acid	Kgs.	NA	NA	13065
	Kgs.	NA	NA	(330485)

GENERAL INFORMATION

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

· Bank of Baroda

· Unnati Co-operative Bank

· Kotak Mahindra Limited

· Uma Co-operative Bank

· ICICI Bank

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Bank Of Baroda :
Cash Credit A /C	9.764	9.764
Bill Discount	0.295	0.295
Book Debts	8.929	11.534
Funded Interest Term Loan	2.976	2.976
Working Capital Term Loan	0.001	0.037
Packing Credit (Against Hypothecation of stock of Raw Material, work in process .finished goods Plant and Machinery, Factory land and Building, Usance Bill, Foreign and personal guarantee by Directors)	7.977	7.977
Unnati Co. Operative. Bank : (Cosmos Bank)
Term Loan 1	--	--
Term Loan 2	1.780	1.780
Bill discounting (Against security of second charge of plant and machinery, factory building and usance bill)	13.200	13.200
Kotak Mahindra Limited (Against security of motor car)	0.330	0.330
Uma Co-op Bank Machinery Loan	0.099	0.099
Bajaj Auto Finance (Air Condition)	0.000	0.012
Total	45.351	48.003

Banking Relations :	--
Auditors :
Name :	C. G. Pradhan and Company Chartered Accountants
Address :	Near Raopura Police Station, Opposite Sidhheswar Temple, Vadodara – 390001, Gujarat, India
PAN No. :	ACQPP5818H

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1138110	Equity Shares	Rs.10/- each	Rs.11.381 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	11.381	11.381
(b) Reserves & Surplus	1.320	1.320
(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)	12.701	12.701
(3) Non-Current Liabilities
(a) long-term borrowings	48.459	51.112
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.881	2.811
Total Non-current Liabilities (3)	51.340	53.923
(4) Current Liabilities
(a) Short term borrowings	14.350	12.987
(b) Trade payables	55.222	71.302
(c) Other current liabilities	2.102	1.649
(d) Short-term provisions	0.464	0.662
Total Current Liabilities (4)	72.138	86.600
TOTAL	136.179	153.224
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.190	3.819
(ii) Intangible Assets	0.009	0.000
(iii) Goodwill	2.040	2.040
(vi) Capital work-in-progress	0.000	0.000
(v) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.842	0.842
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.879	2.879
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	8.960	9.580
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.517	12.641
(c) Trade receivables	23.284	26.203
(d) Cash and cash equivalents	2.300	3.545
(e) Short-term loans and advances	7.595	8.088
(f) Other current assets	0.000	0.000
(g) Profit and Loss Account	93.523	93.167
Total Current Assets	127.219	143.644
TOTAL	136.179	153.224

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		11.381
2] Share Application Money		0.000
3] Reserves & Surplus		1.320
4] (Accumulated Losses)		(94.962)
NETWORTH		(82.261)
LOAN FUNDS
1] Secured Loans		56.493
2] Unsecured Loans		13.364
TOTAL BORROWING		69.857
Sundry Credit Balance		3.108
DEFERRED TAX LIABILITIES		0.000
TOTAL		(9.296)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.134
Capital work-in-progress		0.000
INVESTMENT		0.842
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.779
	Sundry Debtors	25.427
	Cash & Bank Balances	2.710
	Other Current Assets	0.000
	Loans & Advances	7.132
Total Current Assets		38.048
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	49.320
	Other Current Liabilities	2.201
	Provisions	2.800
Total Current Liabilities		54.320
Net Current Assets		(16.272)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(9.296)

PROFIT & LOSS ACCOUNT

	PARTICULARS
	SALES
		Income
		Other Income
		TOTAL	NA	39.247	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	37.431	NA
	PROFIT BEFORE TAX		NA	1.816	NA
Less	TAX		NA	0.000	NA
	PROFIT AFTER TAX		NA	1.816	NA
	Earnings Per Share (Rs.)		NA	1.60	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	4.63	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.11	NA
Return on Investment (ROI) (PBT/Networth)		NA	(0.02)	NA
Debt Equity Ratio (Total Liability/Networth)		4.94	5.05	(0.85)
Current Ratio (Current Asset/Current Liability)		1.76	1.66	0.70

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 one 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	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]	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 LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Shri Punambhai C Patel	1.772	1.772
Avaniben D Patel	1.064	1.064
Shri P C Patel and Ravibhai R Patel	0.272	0.272
Short Term Borrowing
From director	10.428	9.077
From Members	3.922	3.910
Total	17.458	16.095

FIXED ASSETS:

· Goodwill

· Land – I

· Factory Building

· Plant and Machinery

· Electric Installation

· Factory Equipments

· Laboratory Equipments

· Furniture and Fixture

· Office Equipments

· Computer Machine

· Vehicles

· Air Pollution Control Equipment

· Pollution Plant

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.59.41
UK Pound	1	Rs.90.74
Euro	1	Rs.78.11

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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

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.