MIRA INFORM REPORT

Report Date :

21.06.2013

IDENTIFICATION DETAILS

Name :	COLE-PARMER INDIA PRIVATE LIMITED (w.e.f 15.07.2010)
Formerly Known As :	SCIENTIFIC PRODUCTS (INDIA) PRIVATE LIMITED
Registered Office :	403-404, B-Wing, Delphi, Hiranandani Business Park, Powai, Mumbai-400076, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.10.2005
Com. Reg. No.:	11-157018
Capital Investment / Paid-up Capital :	Rs.72.834 Millions
CIN No.: [Company Identification No.]	U33112MH2005PTC157018
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Laboratory Equipment.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 66000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appear some accumulated losses during 2012. The company is continuously performing well and slowly wiping off its losses. There are no external borrowings recorded. However, trade relations are fair. Business is active. Payment terms are recorded as slow but correct. The company can be considered for business dealings with some cation.

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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Vinita Singh
Designation :	Assistant Manager
Contact No.:	91-22-67162253
Date :	18.06.2013

LOCATIONS

Registered Office/ Factory :	403-404, B-Wing, Delphi, Hiranandani Business Park, Powai, Mumbai-400076, Maharashtra, India
Tel. No.:	91-22-67162200/67162253/67162222
Fax No.:	91-22-66803001/67162211/67162255
E-Mail :	mallarlaw@vsnl.net arvind.sonawane@thermofisher.com respon@coleparmer.in
Website:	http://www.coleparmer.in
Location:	Rented

DIRECTORS

As on 29.09.2012

Name :

Mr. Arvind Raghunath Sonawane

Designation :

Director

Address :

Flat No. B-110003, Shreeji Ville, Opposite Nitin Casing Company, Panchp Akhadi, Thane-400602, Maharashtra, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

30.09.2008

PAN No.:

AHQPS0583B

Din No.:

00312102

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	U99999MH1973PTC016767	KODAK INDIA PRIVATE LIMITED	Director	23/07/2004	23/07/2004	26/05/2007	Active	NO
2	U74999MH1953NPL009038	TRADE MARKS, PATENTS, DESIGNS AND COPYRIGHT OWNERS ASSOCIATION OF INDIA	Director	27/09/2006	27/09/2006	-	Dissolved	NO
3	U29199MH2006PTC165303	CARESTREAM HEALTH INDIA PRIVATE LIMITED	Director	06/11/2006	06/11/2006	30/04/2007	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	27/09/2008	11/09/2008	-	Active	NO
5	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30/09/2008	15/09/2008	-	Active	NO
6	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	31/12/2008	28/09/2008	-	Active	NO
7	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	30/07/2009	07/10/2008	-	Active	NO
8	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29/09/2009	13/07/2009	-	Active	NO
9	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16/09/2011	12/04/2011	-	Active	NO
10	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27/06/2011	27/06/2011	-	Active	NO
11	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Additional director	25/11/2011	25/11/2011	-	Active	NO

Name :

Mr. Amit Sudeshkumar Chopra

Designation :

Additional Director

Address :

Flat no. 702-802, Building No. 32, Secotr 54-56-58, Seawood Estate, Nri Complex, Nerul, Navi Mumbai-400706, Maharashtra, India

Date of Birth/Age :

02.12.1965

Date of Appointment :

30.09.2011

PAN No.:

AAYPC9926F

Din No.:

01829073

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	U74999MH1997PTC204381	KENDRO LABORATORY PRODUCTS INDIA PRIVATE LIMITED	Director	18/06/2009	16/12/2007	Active	NO
2	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Managing director	07/03/2011	26/03/2009	Active	NO
3	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30/09/2011	07/03/2011	Active	NO
4	U29196MH2001PTC226815	THERMO ELECTRON INDIA PRIVATE LIMITED	Director	30/09/2011	07/03/2011	Active	NO
5	U41000MH2008FTC184515	TKA INDIA PRIVATE LIMITED	Director	16/09/2011	12/04/2011	Active	NO
6	U73100GJ2006PTC047438	FISHER BIOPHARMA SERVICES (INDIA) PRIVATE LIMITED	Director	29/09/2011	03/06/2011	Active	NO
7	U51500MH2005PTC155218	DIONEX (INDIA) PRIVATE LIMITED	Director	27/06/2011	27/06/2011	Active	NO
8	U51909DL2010FTC202101	PHADIA INDIA PRIVATE LIMITED	Additional director	25/11/2011	25/11/2011	Active	NO

Name :

Arun Ishwarlal Khanna

Designation :

Director

Address :

B-802, Oberoi Park View, Thakur Village, Kandivali (East), Mumbai-4000101, Maharashtra, India

Date of Birth/Age :

22.06.1963

Date of Appointment :

30.09.2011

Pan No.:

AAOPK8728P

Din No.:

03614916

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	U73100MH2000PTC126872	THERMO FISHER SCIENTIFIC INDIA PRIVATE LIMITED	Director	30/12/2011	23/08/2011	Active	NO
2	U33112MH2005PTC157018	COLE-PARMER INDIA PRIVATE LIMITED	Director	30/09/2011	25/08/2011	Active	NO

KEY EXECUTIVES

Name :	Ms. Namita Ashoksingh Rajput
Designation :	Secretary
Address :	D-5, Gurupushyamrut Society, Vidyalaya Marg, Mulund (East), Mumbai-400081, Maharashtra, India
Date of Birth/Age :	19.02.1978
Date of Appointment :	26.07.2010
Pan No.:	AHKPR8321E
Name :	Ms. Vinita Singh
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Fisher Scientific International Inc., Massachusetts	5527451
Thermo Fisher Scientific Inc., USA, Massachusetts	1755840
Fisher Scientific Company LLC, Pittsburgh, PA	100
Total	7283391

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Laboratory Equipment.
Products :	· Laboratory Essentials · Fluid Handing · Laboratory Equipments · Process Equipments
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	By Cheque
Purchasing :	By Cheque

GENERAL INFORMATION

Customers :	· Wholesalers · Retailers
No. of Employees :	40 (Approximately)
Bankers :	HSBC Bank, Powai, Mumbai, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai-400028, Maharashtra, India
Pan No.:	AADFP9359C
Holding Company:	Fisher Scientific International Inc., USA
Ultimate Holding Company:	Thermo Fisher Scientific Inc. USA
Associate	· Cole-Parmer Instrument Company, USA · Thermo Fisher Scientific India Private Limited, India CIN: U73100MH2000PTC126872 · Thermo Fisher Scientific, Barrington (Barnant Company) · Barnstead International, U. S. A. · Thermo Fisher Scientific, Madison, U. S. A. · Thermo Neslab Inc., U. S. A. · Eutech Instruments Pte. Limited, Singapore · Cole-Parmer Instrument, UK · Fisher Scientific (M) Sdn Bhd, Malaysia · Thermo Electron (Karlsruhe) GmbH, Germany · Thermo Fisher Scientific, Newington · Thermo Electron LED GMBH, Germany · Fisher Hamilton LLC, U. S. A. · Thermo Fisher Scientific (Asheville), LLC · HyClone Laboratories, Inc. · Fisher Biopharma Services (India) Private Limited, India CIN: U73100GJ2006PTC047438 · Thermo Electron (Management Service) Limited., U.K · Fisher Scientific Company LLC, U. S. A.

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7283391	Equity Shares	Rs.10/- each	Rs.72.834 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	72.834	72.834
(b) Reserves & Surplus	(56.403)	(63.615)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	13.115	6.039
(4) Current liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	77.543	70.718
(c) Other current liabilities	45.427	51.236
(d) Short-term provisions	5.193	1.071
TOTAL	157.709	138.283
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.443	0.221
(ii) Intangible Assets	0.000	2.768
(iii) Capital work-in-progress	0.000	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	0.000	10.300
(e) Other Non-current assets	0.000	0.038
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	21.737	9.950
(c) Trade receivables	65.952	54.738
(d) Cash and cash equivalents	56.727	54.897
(e) Short-term loans and advances	10.742	4.439
(f) Other current assets	2.108	0.932
TOTAL	157.709	138.283

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		72.833
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(79.238)
NETWORTH		(6.405)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		(6.405)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.951
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.080
	Sundry Debtors	53.593
	Cash & Bank Balances	12.804
	Other Current Assets	0.003
	Loans & Advances	6.188
Total Current Assets		79.668
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.574
	Other Current Liabilities	4.026
	Provisions	8.424
Total Current Liabilities		93.024
Net Current Assets		(13.356)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(6.405)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	298.983	238.541	175.490
Less	EXPENSES
		Office Expenses
		Administrative Expenses		218.956	181.297
		Advertising Expenses
		Financial Expenses
		TOTAL	284.924	218.956	181.297
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		14.059	19.585	(5.807)
Less/ Add	DEPRECIATION/ AMORTISATION		3.147	3.962	6.800
	PROFIT / (LOSS) BEFORE TAX		10.912	15.623	(12.607)
Less	TAX		3.700	0.000	(0.029)
	PROFIT / (LOSS) AFTER TAX		7.212	15.623	(12.578)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(63.615)	(79.238)	(66.660)
	BALANCE CARRIED TO THE B/S		(56.403)	(63.615)	(79.238)
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	NA	NA	8.907
	IMPORTS
		Trading Goods	NA	NA	38.024
	Earnings / (Loss) Per Share (Rs.)		0.99	2.15	(1.73)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.41	6.55	(7.17)
Return on Total Assets (PBT/Total Assets}	(%)	6.92	11.30	(14.55)
Return on Investment (ROI) (PBT/Networth)		0.66	1.69	1.96
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	(14.52)
Current Ratio (Current Asset/Current Liability)		1.23	1.02	0.86

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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

NOTE: The registered office of the company has been shifted from 101A-101B, Godrej Coliseum, Somaiya Hospital Road, Sion (East), Mumbai-400022, Maharashtra, India to the present address w.e.f. 16.04.2010.

REVIEW OF OPERATIONS:

Revenue growth was in tune with the opportunities in the market place. The cash flow and credit control were effectively improved. Network was enhanced to promote consumer sales.

FIXED ASSETS:

Tangible Assets

· Furniture and fixtures

· Office equipment

· Computer equipments

Intangible assets

· Goodwill

· Brands and trade marks

· Trade marks

· 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proeeding 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.59.70
UK Pound	1	Rs.92.21
Euro	1	Rs.79.19

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		26

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.