1. Summary Information

		Country	India
Company Name	ARISTO PHARMACEUTICALS PRIVATE LIMITED	Principal Name 1	Mr. Umesh Sharma
Status	Good	Principal Name 2	Mr. Randhir Kumar Bachan
		Registration #	11-015425
Street Address	12, J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra
Established Date	08.11.1971	SIC Code	--
Telephone#	91-22-22617909	Business Style 1	Pharmaceutical and Related Activities
Fax #	91-22-22615604	Business Style 2	--
Homepage	www.aristopharma.org	Product Name 1	--
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 9,897,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100%	Banking	Not Available
Public Limited Corp.	No	Business Period	42 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (69)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Aristo Laboratories Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,838,090,000	Current Liabilities	548,504,000
Inventories	1,881,305,000	Long-term Liabilities	351,987,000
Fixed Assets	1,411,559,000	Other Liabilities	448,849,000
Deferred Assets	0,000	Total Liabilities	1,349,340,000
Invest& other Assets	6,279,900,000	Retained Earnings	11,051,617,000
		Net Worth	11,061,514,000
Total Assets	12,410,854,000	Total Liab. & Equity	12,410,854,000
Total Assets (Previous Year)	10,599,564,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	11,396,700,000	Net Profit	2,697,200,000
Sales (Previous yr)	10,629,800,000	Net Profit (Prev.yr)	2,582,600,000

MIRA INFORM REPORT

Report Date :

01.06.2013

IDENTIFICATION DETAILS

Name :	ARISTO PHARMACEUTICALS PRIVATE LIMITED (w.e.f.03.02.2005)
Formerly Known As :	ARISTO PHARMACEUTICALS LIMITED
Registered Office :	12, J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.11.1971
Com. Reg. No.:	11-015425
Capital Investment / Paid-up Capital :	Rs. 9.897 Millions
CIN No.: [Company Identification No.]	U24239MH1971PTC015425
TAN No.: [Tax Deduction & Collection Account No.]	MUMA22661C
PAN No.: [Permanent Account No.]	AAACA4495N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Pharmaceutical and Related Activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (69)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 44200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a fine track record. Directors are experienced and knowledgeable businessmen. Financially, the company is performing well. Fundamental seems strong. Trade relations are reported to be trustworthy. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
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 :	12 J N Heredia Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-22617909/ 749/ 22671436/ 22619582
Fax No.:	91-22-22615604
E-Mail :	aaristo@vsnl.com trn@aristopharma.org aristoexp@vsnl.net salian@aristopharma.org mapra4@rediffmail.com
Website:	www.aristopharma.org
Corporate Office :	23-A, Shah Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26739999
Fax No.:	91-22-26734792
E-Mail :	aaristo@vsnl.com aristoexp@vsnl.net

DIRECTORS

AS ON 27.06.2012

Name :

Mr. Umesh Sharma

Designation :

Managing Director

Address :

East Khemini Chak, Kankarbagh, Patna - 800020, Bihar, India

Date of Birth/Age :

15.11.1952

Date of Appointment :

12.02.1979

PAN No.:

AJGPS6979P

DIN No.:

01385819

Name :

Mr. Randhir Kumar Bachan

Designation :

Director

Address :

Village Govindpur, PS : Ghoshi Post, Modan Ganj, Jehanabad – 804406, Bihar, India

Date of Birth/Age :

19.11.1971

Date of Appointment :

01.09.2005

PAN No.:

AEHPB8901Q

DIN No.:

01163058

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	U24100MH1985PTC037946	MAPRA LABORATORIES PRIVATE LIMITED	Director	07/01/2000	07/01/2000	Active	NO
2	U24239MH1971PTC015425	ARISTO PHARMACEUTICALS PRIVATE LIMITED	Director	01/09/2005	01/09/2005	Active	NO

Name :

Mr. Virendra Sharma

Designation :

Director

Address :

703, A-22, Bakers, Shastri Nagar, Andheri (West), Mumbai - 400053, Maharashtra, India

Date of Birth/Age :

18.01.1969

Date of Appointment :

03.10.2006

DIN No.:

01449416

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	U00304BR1991PTC004408	OTSIRA PARENTERAL PRIVATE LIMITED	Director	25/03/1991	25/03/1991	Under Process of Striking off	NO
2	U24230BR1983PTC001900	NOBEL ENKEM PRIVATE LIMITED	Director	30/08/1997	30/08/1997	Active	NO
3	U29240BR1980PTC001453	RAHUL INDUSTRIES PRIVATE LIMITED	Director	30/10/2001	30/10/2001	Under Process of Striking off	NO
4	U24239MH1971PTC015425	ARISTO PHARMACEUTICALS PRIVATE LIMITED	Director	03/10/2006	03/10/2006	Active	NO
5	U24110AP1980PTC005938	ARISTO LABORATORIES PRIVATE LIMITED	Director	05/10/2006	05/10/2006	Active	NO

Name :

Mr. Raj Nandan Sharma

Designation :

Director

Address :

Village Berra, Post Berra, P.S. Masaurhi – 804454, Bihar, India

Date of Birth/Age :

09.11.1948

Date of Appointment :

23.06.2010

PAN No.:

CUQPS2452C

DIN No.:

01623096

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	U29240BR1980PTC001453	RAHUL INDUSTRIES PRIVATE LIMITED	Director	26/04/1980	26/04/1980	Under Process of Striking off	NO
2	U24239MH1971PTC015425	ARISTO PHARMACEUTICALS PRIVATE LIMITED	Director	23/06/2010	25/05/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.06.2012

Names of Shareholders	No. of Shares
Mahendra Prasad B. Sharma	91080
Umesh B. Sharma	680
Renukadevi U. Sharma	100
Satula Devi	1340
Rajeev M. Sharma	1370
Rahul U. Sharma	1160
Umadevi D. Bhatti	250
Aradhya Rai	1495
Achintya Rai	1495
Total	98970

AS ON 27.06.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Pharmaceutical and Related Activities.

Products/ Services :

ITC Code	Product Descriptions
35079008	Aristozyme Liquid Digestive Enzyme
30041006	Megapen Broad Spectrum Antibiotic
30049007	Analgesic and Antipyretic

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans repayable on demand from banks	317.187	370.961
Total	317.187	370.961

Banking Relations :	--
Auditors :
Name :	K. B. Lal Agrawal and Company Chartered Accountants
Address :	Sri Ram Bhawan , Exhibition Road, Patna – 800001, Bihar, India
Income-tax PAN of auditor or auditor's firm :	ACDPA2431N
Associates :	Ø Aristo Laboratories Private Limited [U24110AP1980PTC005938] Ø Mapra Laboratories Private Limited [U24100MH1985PTC037946]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
99,000	Equity Shares	Rs. 100/- each	Rs. 9.900 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98,970	Equity Shares	Rs. 100/- each	Rs. 9.897 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.897	9.897	9.897
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		11051.617	9562.190	8190.669
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11061.514	9572.087	8200.566
LOAN FUNDS
1] Secured Loans		317.187	370.961	473.210
2] Unsecured Loans		34.800	33.865	36.509
TOTAL BORROWING		351.987	404.826	509.719
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11413.501	9976.913	8710.285
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1411.559	1279.949	1097.075
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6279.900	5452.800	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1881.305	1554.972	1163.672
	Sundry Debtors	931.388	744.051	521.957
	Cash & Bank Balances	1594.666	1353.843	7468.701
	Other Current Assets	107.517	92.350	0.000
	Loans & Advances	204.519	121.599	4801.845
Total Current Assets		4719.395	3866.815	13956.175
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	336.204	182.699	424.673
	Other Current Liabilities	212.300	221.154	0.000
	Provisions	448.849	218.798	5918.292
Total Current Liabilities		997.353	622.651	6342.965
Net Current Assets		3722.042	3244.164	7613.210
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		11413.501	9976.913	8710.285

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	11396.700	10629.800	9026.700
		Other Income	N.A.	670.161	687.935
		TOTAL	N.A.	11299.961	9714.635
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	7427.161	6492.435
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3818.500	3872.800	3222.200
Less/ Add	DEPRECIATION/ AMORTISATION		161.300	162.700	50.900
	PROFIT BEFORE TAX		3657.200	3710.100	3171.300
Less	TAX		960.000	1127.500	1087.500
	PROFIT AFTER TAX		2697.200	2582.600	2083.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4599.800	3488.200	2826.100
Less	APPROPRIATIONS
		Interim Dividend	653.200	851.100	0.000
		Proposed Final Dividend	386.000	188.000	1039.100
		Tax on Dividend	168.600	171.900	172.600
		Transferred to General Reserve	271.400	260.000	210.000
			1479.2	1471	1421.7
	BALANCE CARRIED TO THE B/S		5817.800	4599.800	3488.200
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports	72.195	40.022	N.A.
	IMPORTS
		Raw Materials	128.709	185.104
		Laboratory Chemicals	0.114	0.000
		Capital Goods	7.215	0.000
	TOTAL IMPORTS		136.038	185.104	N.A.
	Earnings Per Share (Rs.)		27252.70	26094.00	21055.29

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	N.A.	22.85	21.45
Net Profit Margin (PBT/Sales)	(%)	32.09	34.90	35.13
Return on Total Assets (PBT/Total Assets}	(%)	59.65	72.09	21.07
Return on Investment (ROI) (PBT/Networth)		0.33	0.39	0.39
Debt Equity Ratio (Total Debt/Networth)		0.03	0.04	0.06
Current Ratio (Current Asset/Current Liability)		4.73	6.21	2.20

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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Other loans and advances	34.800	33.865
Total	34.800	33.865

OPERATIONS:

The Company has improved its sales for the year to Rs.11396.700 Millions compared to Rs. 10629.800 Millions in the previous year. The Net Profit before Tax Rs.3657.200 Millions for the year compared to Rs. 3710.100 Millions achieved in the immediate previous year.

FIXED ASSETS:

Ø Land

Ø Buildings

Ø Plant and equipment

Ø Furniture and fixtures

Ø Vehicles

Ø Office equipment

Ø Other equipments

Ø Computer 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. 56.50
UK Pound	1	Rs. 86.01
Euro	1	Rs. 73.68

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		69

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.