MIRA INFORM REPORT

Report Date :

31.07.2013

IDENTIFICATION DETAILS

Name :	HEMMO PHARMACEUTICALS PRIVATE LIMITED (w.e.f. 21.02.2008)
Formerly Known As :	JASHAN TEXTITLE MILLS PRIVATE LIMITED
Registered Office :	114, Turf Estate, 3/65, Off Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.11.1979
Com. Reg. No.:	11-021857
Capital Investment/ Paid-up Capital:	Rs.2.908 Millions
CIN No.: [Company Identification No.]	U17100MH1979PTC021857
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08705E
PAN No.: [Permanent Account No.]	AAACJ0958M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Peptides.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1880000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Hemmo Pharma Private Limited”. It is an established company having satisfactory track record. The company has reported a dip in its sales turnover as well as net profitability during 2012. Financial position seems to be good. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual 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.

INFORMATION DENIED

Management Non Co-Operative (91-22-24946100)

LOCATIONS

Registered Office/ Corporate Office :	114, Turf Estate, 3/65, Off Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-24946100/ 24949984/ 24949987 / 43546200
Fax No.:	91-22-24946101
E-Mail :	hemmoin@mtnl.net.in
Manufacturing Unit :	Plot No.C-43, TTC Industrial Area, MIDC, Off Thane Belapur Road, Pawane – 400613, Maharashtra, India
Tel No.:	91-22-41552000
Research and Development Unit 1 :	159 – A, Wagle Industrial Estate, 25^th Road, MIDC, Thane – 400604, Maharashtra, India
Tel No.:	91-22-41552100
Research and Development Unit 2 :	Pic De Peguera 11,A0 07, Edifici Giroempren, Parc Cientific de Girona, 17003, Girona, Spain
Tel No.:	+34972183208
Email Id:	j.bacardit@hemmopharma.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Jairam Tejumal Hemrajani

Designation :

Managing Director

Address :

203 A, Sky – Scraper, 74 Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

29.08.1929

Date of Appointment :

14.11.1985

DIN No. :

00756381

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	U24200MH1980PTC022986	HEMMO PHARMA PRIVATE LIMITED	Director	16/08/1980	16/08/1980	-	Active	NO
2	U17100MH1979PTC021857	HEMMO PHARMACEUTICALS PRIVATE LIMITED	Managing director	14/11/1985	14/11/1985	-	Active	NO
3	U25200MH1970PTC014565	CREEK INSULATIONS CHEMICALS PRIVATE LIMITED	Director	31/03/2000	31/03/2000	-	Dormant	NO

Name :

Mrs. Savita Jairam Hemrajani

Designation :

Director

Address :

203 A, Sky – Scraper, 74 Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

24.05.1937

Date of Appointment :

14.11.1985

DIN No. :

00756488

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	U24200MH1980PTC022986	HEMMO PHARMA PRIVATE LIMITED	Director	16/08/1980	16/08/1980	-	Active	NO
2	U17100MH1979PTC021857	HEMMO PHARMACEUTICALS PRIVATE LIMITED	Director	14/11/1985	14/11/1985	-	Active	NO
3	U25200MH1970PTC014565	CREEK INSULATIONS CHEMICALS PRIVATE LIMITED	Director	16/08/2002	16/08/2002	-	Dormant	NO

Name :

Mr. Madhu Vikram Utamsingh

Designation :

Director

Address :

26, Sonmarg, 67B, Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

30.10.1966

Date of Appointment :

01.10.2012

DIN No. :

00756570

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	U24200MH1980PTC022986	HEMMO PHARMA PRIVATE LIMITED	Director	30/09/2008	01/08/2008	-	Active	NO
2	U17100MH1979PTC021857	HEMMO PHARMACEUTICALS PRIVATE LIMITED	Managing director	01/10/2012	01/08/2008	-	Active	NO

Name :

Mrs. Rekha Jairam Hemarajani

Designation :

Director

Address :

213 A, Sky – Scraper, 74 Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

08.05.1969

Date of Appointment :

01.07.1991

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Jairam Tejumal Hemrajani (Held on Behalf of Hemmo Pharma Private Limited, India)	200
Hemmo Pharma Private Limited, India	19675
Savita Jairam Hemrajani (Held on Behalf of Hemmo Pharma Private Limited, India )	200
Madhu Vikram Utamsingh	6000
Rekha Vikram Hemarajani	3000
TOTAL	29075

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	10.00
Bodies corporate	69.00
Directors or relatives of directors	21.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Peptides.

Products :

Products Description	Item Code No.
Peptides	2937.1900
Peptides	3003.3900

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Bulk Drug	Miu	28098.89
Formulations	Vials	12960
Bulk Drug	Grams	3119.65

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Oriental Bank of Commerce, Kalbavdevi, Mumbai – 400002, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Vehicle Loan	0.821	0.000
SHORT TERM BORROWINGS
Working capital loan from Bank repayable on demand
Bank Overdraft	38.963	43.567
Total	39.784	43.567
Note: Vehicle loans [including Rs. 0.319 Million {Previous Year Rs.0.500 Million) included under 'Other Current Liabilities' in Note 8] are secured by hypothecation of vehicles financed. The amount outstanding at the end of the year is repayable in 35 equated monthly installments of Rs. 0.038 Million each including interest at 10.94% on reducing balance outstanding from month to month. Bank overdraft is secured by pledge of term deposits and carries interest @1% more than rate applicable to the term deposits pledged.

Banking Relations :	--
Auditors :
Name :	P. D. Kunte and Company Chartered Accountants
Address :	205/206, Turf Estate, Off Dr. E. Moses Road, Mahalakshmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AAAFP3277G
Holding Company :	Hemmo Pharma Private Limited CIN No.: U24200MH1980PTC022986
Other Enterprises :	Hemrajani Family Trust

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29075	Equity Shares	Rs.100/- each	Rs.2.908 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.908	2.908
(b) Reserves & Surplus	468.570	458.759
(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)	471.478	461.667
(3) Non-Current Liabilities
(a) long-term borrowings	0.821	0.000
(b) Deferred tax liabilities (Net)	9.027	9.352
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.191	1.720
Total Non-current Liabilities (3)	11.039	11.072
(4) Current Liabilities
(a) Short term borrowings	38.963	43.567
(b) Trade payables	35.689	31.794
(c) Other current liabilities	16.074	10.588
(d) Short-term provisions	2.692	7.503
Total Current Liabilities (4)	93.418	93.452
TOTAL	575.935	566.191
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	183.530	167.632
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	52.086	47.597
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	128.952	122.599
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.408	25.642
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	369.976	363.470
(2) Current assets
(a) Current investments	1.647	0.000
(b) Inventories	53.567	31.850
(c) Trade receivables	39.117	39.769
(d) Cash and cash equivalents	87.372	102.240
(e) Short-term loans and advances	23.703	28.486
(f) Other current assets	0.553	0.376
Total Current Assets	205.959	202.721
TOTAL	575.935	566.191

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.907
2] Share Application Money		0.000
3] Reserves & Surplus		436.278
4] (Accumulated Losses)		0.000
NETWORTH		439.185
LOAN FUNDS
1] Secured Loans		47.038
2] Unsecured Loans		0.000
TOTAL BORROWING		47.038
DEFERRED TAX LIABILITIES		11.000
TOTAL		497.223
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		181.902
Capital work-in-progress		6.334
INVESTMENT		70.577
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.890
	Sundry Debtors	28.021
	Cash & Bank Balances	172.123
	Other Current Assets	0.000
	Loans & Advances	59.582
Total Current Assets		297.616
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	41.812
	Other Current Liabilities	1.482
	Provisions	15.912
Total Current Liabilities		59.206
Net Current Assets		238.410
MISCELLANEOUS EXPENSES		0.000
TOTAL		497.223

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	221.255	240.273	221.761
		Other Income	24.746	25.303	40.322
		TOTAL	246.001	265.576	262.083
Less	EXPENSES
		Material Consumed		49.417	59.480
		Manufacturing and Other Expenses		156.516	147.389
		Increase / (Decrease) in Stock		7.987	(2.470)
		Financial Expenses		3.652	2.777
		TOTAL	211.818	217.572	207.176
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		34.183	48.004	54.907
Less/ Add	DEPRECIATION/ AMORTISATION		22.521	23.357	22.785
	PROFIT BEFORE TAX		11.662	24.647	32.122
Less	TAX		1.851	2.166	4.931
	PROFIT AFTER TAX		9.811	22.481	27.191
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		163.589	141.108	113.917
	BALANCE CARRIED TO THE B/S		173.400	163.589	141.108
	EARNINGS IN FOREIGN CURRENCY		122.224	137.528	142.289
	IMPORTS
		Raw Materials	32.149	25.091	18.325
		Packing Materials	0.000	0.166	0.157
		Consumable Stores	4.067	1.673	1.788
		Capital Goods	4.536	20.853	14.177
	TOTAL IMPORTS		40.752	47.783	34.447
	Earnings Per Share (Rs.)		337.43	773.21	935.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	3.99	8.46	10.37
Net Profit Margin (PBT/Sales)	(%)	5.27	10.26	14.48
Return on Total Assets (PBT/Total Assets}	(%)	2.95	6.22	6.70
Return on Investment (ROI) (PBT/Networth)		0.02	0.05	0.07
Debt Equity Ratio (Total Debt/Networth)		0.08	0.09	0.11
Current Ratio (Current Asset/Current Liability)		2.20	2.17	5.03

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]	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

NOTE:

The Registered Office of the company has been shifted from 543, Ravindra House, Kalbadevi Road, Mumbai – 400002, Maharashtra, India to the present address w.e.f.07.02.2007.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90218208	22/09/1998	320,000.00	INDIAN OVERSEAS BANK	KALHADERD BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
2	90217939	18/09/1995	5,000,000.00	ORIENTAL BANK OF COMMERCE	KALHADERD BRANCH, MUMBAI, MAHARASHTRA - 400002, INDIA	-
3	90216183	30/06/1997 *	2,000,000.00	ORIENTAL BANK OF COMMERCE	KALHADERD BRANCH, MUMBAI, MAHARASHTRA - 400002, INDIA	-
4	90217579	11/12/1993 *	1,500,000.00	ORIENTAL BANK OF COMMERCE	KALHADERD BRANCH, MUMBAI, MAHARASHTRA - 400002, INDIA	-
5	90217422	30/07/1990	1,000,000.00	THE SANGLI BANK LIMITED	90-92; VAZI SAYED STREET, MANDVI, MUMBAI, MAHARASHTRA - 400003, INDIA	-
6	90217074	27/10/1989 *	320,000.00	INDIAN OVERSEAS BANK	KALBADEVI ROAD BRANCH, MUMBAI, MAHARASHTRA - 400002, INDIA	-
7	90216752	12/07/1981	329,962.00	THE SANGLI BANK LIMITED	90-92; VAZI SAYED STREET, MANDVI, MUMBAI, MAHARASHTRA - 400003, INDIA	-
8	90216707	10/07/1980	160,000.00	THE SANGLI BANK LIMITED	90-92; VAZI SAYED STREET, MANDVI, MUMBAI, MAHARASHTRA - 400003, INDIA	-

Note: * Date of charge modification

OPERATIONS

Income from operations for the year is lower as compared with the preceeding year mainly due to lower turnover (including exports turnover).

The Company has obtained License from FDA, Maharashtra for Public Testing Laboratory and commenced operations.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Bills discounted	8.475	11.910
Bank Guarantee outstanding	7.242	14.116
Estimated amounts of contracts remaining to be executed on capital account no provided	6.631	11.232

FIXED ASSETS:

Tangible Assets

• Lease Hold Land
• Factory Building
• Factory Building – Administration
• Office Premises
• Plant and Machinery
• Office Equipments and Fittings
• Furniture and Fixtures
• Computers
• Vehicles

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 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.59.83
UK Pound	1	Rs.91.76
Euro	1	Rs.79.35

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

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	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		48

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.