1. Summary Information

		Country	India
Company Name	BEST LABORATORIES PRIVATE LIMITED	Principal Name 1	Mr. Sunil Suri
Status	Moderate	Principal Name 2	Mr. Sanjay Garg
		Registration #	55-123593
Street Address	C 53, Okhla Industrial Area, Phase II, New Delhi-110020, India
Established Date	18.12.2003	SIC Code	--
Telephone#	91-11-41708057 / 41708057	Business Style 1	Manufacturing
Fax #	91-11-40596847	Business Style 2	Processing
Homepage	--	Product Name 1	Ointements
# of employees	Not Available	Product Name 2	Tablets
Paid up capital	Rs. 100,000/-	Product Name 3	Lotion
Shareholders	Bodies corporate – 100.00 %	Banking	HDFC Bank Limited
Public Limited Corp.	No	Business Period	10 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ca (15)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Rexcin Pharmaceuticals Private Limited,	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	124,881,000	Current Liabilities	92,723,000
Inventories	173,000	Long-term Liabilities	60,000,000
Fixed Assets	18,601,000	Other Liabilities	2,264,000
Deferred Assets	0,000	Total Liabilities	154,987,000
Invest& other Assets	0,000	Retained Earnings	0,000
		Net Worth	(11,332,000)
Total Assets	143,655,000	Total Liab. & Equity	143,655,000
Total Assets (Previous Year)	164,331,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales [Total Income]	214,804,000	Net Profit	(33,258,000)
Sales(Previous yr) [Total Income]	249,868,000	Net Profit(Prev.yr)	6,077,000

MIRA INFORM REPORT

Report Date :

03.06.2013

IDENTIFICATION DETAILS

Name :	BEST LABORATORIES PRIVATE LIMITED
Registered Office :	C 53, Okhla Industrial Area, Phase II, New Delhi-110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	18.12.2003
Com. Reg. No.:	55-123593
Capital Investment / Paid-up Capital :	Rs. 0.100 million
CIN No.: [Company Identification No.]	U74999DL2003PTC123593
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Processing of Ointements, Tablets, Lotion, etc.,
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Company has incurred a huge loss during 2012 due to which the net worth has been eroded, there also appears huge external borrowings which act as a threat to the liquidity. However, trade relations are fair. Business is active. Payment terms are reported as slow. 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 – 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 / Factory:	C 53, Okhla Industrial Area, Phase II, New Delhi-110020, India
Tel. No.:	91-11-41708057 / 41708058
Fax No.:	91-11-40596847
E-Mail :	best_lab@airtelbroadband.in

DIRECTORS

As on 25.09.2012

Name :

Mr. Sunil Suri

Designation :

Director

Address :

A-4C/50, Janak Puri, New Delhi-110058, India

Date of Birth/Age :

14.09.1970

Date of Appointment :

30.09.2009

DIN No.:

02676049

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	U74999DL2003PTC123593	BEST LABORATORIES PRIVATE LIMITED	Director	30-09-09	01-07-09	-	Active	NO

Name :

Mr. Sanjay Garg

Designation :

Director

Address :

H. No. 430/A, Firoze Gandhi Nagar, Block-D, Villa Dabua, Faridabad-121001, Haryana, India

Date of Birth/Age :

24.07.1968

Date of Appointment :

30.09.2010

DIN No.:

02801704

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	U24239DL2003PTC123544	REXCIN PHARMACEUTICALS PRIVATE LIMITED	Additional director	02-08-10	08-07-09	17-03-11	Active	NO
2	U74999DL2003PTC123593	BEST LABORATORIES PRIVATE LIMITED	Director	30-09-10	01-07-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Rexcin Pharmaceuticals (Private) Limited, India	9990
Narender Jha	10
Total	10000

As on 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Processing of Ointements, Tablets, Lotion, etc.,

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Actual Production
Tablets	Lacs	43.99
Syrup	Litres	54.70
Tablets (Finished Goods Purchased)	Lacs	1114.70
Capsules (Finished Goods Purchased)	Lacs	301.50
Syrup (Finished Goods Purchased)	Litres	26516.16

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	· HDFC Bank Limited · Axis Bank Limited · HSBC Bank Limited

Banking Relations :	--
Auditors :
Name :	Harish Gambhir and Company Chartered Accountants
Address :	4, M.I.G. Shopping Centre, Mayapuri, New Delhi-110064, India
Tel. No.:	91-11-25144466 /
Mobile No.:	91-9811055514
E-Mail :	gambhir_ca@yahoo.com
PAN No.:	AEWPG3056Q
Associates :	Rexcin Pharmaceuticals Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- 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	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	21.826	15.766
4] (Accumulated Losses)		(11.432)	0.000	0.000
NETWORTH		(11.332)	21.926	15.866
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		60.000	50.000	16.550
TOTAL BORROWING		60.000	50.000	16.550
DEFERRED TAX LIABILITIES		0.385	0.000	0.000
TOTAL		49.053	71.926	32.416
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.601	19.875	20.300
Capital work-in-progress		0.000	1.572	0.000
INVESTMENT		0.000	10.903	10.903
DEFERRED TAX ASSETS		0.000	0.774	1.353
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.173	9.180	6.313
	Sundry Debtors	32.424	28.351	17.317
	Cash & Bank Balances	4.101	5.021	20.693
	Other Current Assets	0.151	0.088	8.704
	Loans & Advances	88.205	88.567	80.501
Total Current Assets		125.054	131.207	133.528
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	76.636	80.477	63.756
	Other Current Liabilities	16.087	6.363	62.009
	Provisions	1.879	5.565	7.903
Total Current Liabilities		94.602	92.405	133.668
Net Current Assets		30.452	38.802	(0.140)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		49.053	71.926	32.416

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	214.804	249.868	239.220
Less	EXPENSES
		TOTAL	246.903	243.187	226.203
	PROFIT/ (LOSS) BEFORE TAX		(32.099)	6.681	13.017
Less	TAX		1.159	0.604	2.398
	PROFIT/ (LOSS) AFTER TAX		(33.258)	6.077	10.619
Less	Taxes for earlier years		0.000	(0.017)	0.119
	BALANCE CARRIED TO THE B/S		(33.258)	6.094	10.500
	Earnings / (Loss) Per Share (Rs.)		(3326.00)	607.66	1061.85

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(152.53)	2.43	4.44
Return on Total Assets (PBT/Total Assets}	(%)	(22.34)	4.42	8.46
Return on Investment (ROI) (PBT/Networth)		2.83	0.30	0.82
Debt Equity Ratio (Total Debt/Networth)		(5.29)	2.28	1.04
Current Ratio (Current Asset/Current Liability)		1.32	1.42	1.00

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	No
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

OVERVIEW

Subject was incorporated on 18^th December, 2003, to carry on the business of pharmaceuticals. It is engaged in the manufacture and processing of Ointements, Tablets, Lotion, etc.,

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans and Advances from related parties	60.000	50.000
Total	60.000	50.000

FIXED ASSETS

v Tangible Assets

§ Building

§ Plant and Machinery

§ Plant and Machinery – Utilities

§ Generator

§ Air Conditioning Plant and Equipment

§ Books

§ Furniture and Fixture

§ Office Equipment

§ Vehicles

§ Computers

§ Electrical Equipments

§ Laboratory Equipment

v Intangible Assets

§ Brands

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 :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--CREDIT LINES	1~10	--
--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	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		15

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.