MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	HASTAND EXPORT MARKETING PRIVATE LIMITED
Registered Office :	714, Dalamal Towers, 211, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.06.1982
Com. Reg. No.:	11-027650
Capital Investment / Paid-up Capital :	Rs. 0.990 Million
CIN No.: [Company Identification No.]	U51900MH1982PTC027650
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07552G
PAN No.: [Permanent Account No.]	AAACA3512M
Legal Form :	Private Limited Liability Company
Line of Business :	Exporter of various types of Pharma Raw Material, Finished Pharmaceuticals, Chemicals, Engineering Goods and Packaging Material and also engaged in local trade of various items.
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 59000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears an increase in sales turnover as well as net profitability during 2012. Liquidity position is slightly stretched. However, trade relations are fair. Business is active. Payment terms reported as slow but correct. The company can be considered normal for business dealings at usual trade terms and condition.

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 :	714, Dalamal Towers, 211, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22871913/ 22824495/ 22834544
Fax No.:	91-22-22040988
E-Mail :	info@hastand.com m_fernandes@hastand.com
Website :	www.hastand.com http://www.pharmarawmaterialmanufacturers.com

DIRECTORS

AS ON 25.09.2012

Name :

Mr. Nelson Sylvester Fernandes

Designation :

Director

Address :

Flat No. 6, 6th Floor, Silver Crest St. Cyril Road, Bandra [West], Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.02.1948

Date of Appointment :

10.08.1983

Voter ID No.:

MT/08/036/210139

DIN No.:

00032460

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	U51900MH1982PTC027650	HASTAND EXPORT MARKETING PRIVATE LIMITED	Director	10/08/1983	10/08/1983	Active	NO
2	U24110MH1987PTC043143	MONEL CHEMICALS PRIVATE LIMITED	Director	10/04/1987	10/04/1987	Active	NO
3	U74210MH1979PTC020975	OCCIDENTAL ENGINEERING PRIVATE LIMITED	Director	18/02/1988	18/02/1988	Active	NO

Name :

Mrs. Monica Nelson Fernandes

Designation :

Director

Address :

Flat No. 6, 6th Floor, Silver Crest St. Cyril Road, Bandra [West], Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

03.01.1949

Date of Appointment :

25.02.1987

Voter ID No.:

MT/08/036/210140

DIN No.:

01631725

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	U51900MH1982PTC027650	HASTAND EXPORT MARKETING PRIVATE LIMITED	Director	25/02/1987	25/02/1987	Active	NO
2	U24110MH1987PTC043143	MONEL CHEMICALS PRIVATE LIMITED	Director	10/04/1987	10/04/1987	Active	NO
3	U74210MH1979PTC020975	OCCIDENTAL ENGINEERING PRIVATE LIMITED	Director	18/02/1988	18/02/1988	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2012

Names of Shareholders	No. of Shares
Nelson Fernandes	63855
Monica Fernandes	35145
Total	99000

AS ON 25.09.2012

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

BUSINESS DETAILS

Line of Business :

Exporter of various types of Pharma Raw Material, Finished Pharmaceuticals, Chemicals, Engineering Goods and Packaging Material and also engaged in local trade of various items.

GENERAL INFORMATION

No. of Employees :

8 (Approximately)

Bankers :

State Bank of India, Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT TERM BORROWINGS
Packing Credit Loan from Banks	0.541	1.543
Bank Overdraft	0.652	0.238
Total	1.193	1.781
Note: SHORT TERM BORROWINGS 1. The Company has obtained a Loan facility (not exceeding Rs. 5.000 Millions) from State Bank of India by creating a charge against the premises owned by its 100% subsidiary Company – Occidental Engineering Company Limited. 2. The Company has not defaulted in other repayment of principle or interest during the year.

Banking Relations :	--
Auditors :
Name :	Patel Shah and Joshi Chartered Accountants
Address :	501-503, Sheel Chambers, 10, Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22871591
Fax No.:	91-22-22825865
E-Mail :	psjbom@mtnl.net.in jayant@capsj.com
Income-tax PAN of auditor or auditor's firm :	AAAFP3713D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99,000	Equity Shares	Rs. 10/- each	Rs. 0.990 Million

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	0.990	0.990
(b) Reserves & Surplus	13.689	10.783
(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)	14.679	11.773
(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	1.022	0.851
Total Non-current Liabilities (3)	1.022	0.851
(4) Current Liabilities
(a) Short term borrowings	1.193	1.781
(b) Trade payables	2.959	5.189
(c) Other current liabilities	4.603	2.607
(d) Short-term provisions	0.774	0.660
Total Current Liabilities (4)	9.529	10.237
TOTAL	25.230	22.861
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.287	0.729
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	4.683	8.327
(c) Deferred tax assets (net)	0.299	0.263
(d) Long-term Loan and Advances	4.196	4.120
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	10.465	13.439
(2) Current assets
(a) Current investments	10.022	1.507
(b) Inventories	1.555	1.960
(c) Trade receivables	2.213	4.960
(d) Cash and cash equivalents	0.253	0.146
(e) Short-term loans and advances	0.615	0.542
(f) Other current assets	0.107	0.307
Total Current Assets	14.765	9.422
TOTAL	25.230	22.861

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.990
2] Share Application Money		0.000
3] Reserves & Surplus		9.439
4] (Accumulated Losses)		0.000
NETWORTH		10.429
LOAN FUNDS
1] Secured Loans		2.005
2] Unsecured Loans		0.000
TOTAL BORROWING		2.005
DEFERRED TAX LIABILITIES		0.000
TOTAL		12.434
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.983
Capital work-in-progress		0.000
INVESTMENT		4.826
DEFERRED TAX ASSETS		0.215
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.277
	Sundry Debtors	2.685
	Cash & Bank Balances	3.546
	Other Current Assets	1.458
	Loans & Advances	7.661
Total Current Assets		19.627
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	6.894
	Provisions	6.323
Total Current Liabilities		13.217
Net Current Assets		6.410
MISCELLANEOUS EXPENSES		0.000
TOTAL		12.434

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL		NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL		NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			6.621	5.155
Less/ Add	DEPRECIATION/ AMORTISATION			0.197	0.253
	PROFIT BEFORE TAX			6.424	4.902
Less	TAX			1.763	1.803
	PROFIT AFTER TAX			4.661	3.099
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		66.759	77.854
	Earnings Per Share (Rs.)			47.08	31.30

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	31.73	34.35	NA
Return on Investment (ROI) (PBT/Networth)		0.44	0.42	NA
Debt Equity Ratio (Total Debt/Networth)		0.08	0.15	0.19
Current Ratio (Current Asset/Current Liability)		1.55	0.92	1.48

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 two years	No
12]	Profitability for last two 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	Yes
34]	External Agency Rating, if available	No

CORPORATE INFORMATION:

Subject was incorporated in 1982. It is an Export House engaged in the business of Export of various types of Pharma Raw Material, Finished Pharmaceuticals, Chemicals, Engineering Goods and Packaging Material. It is also engaged in local trade of various items.

FIXED ASSETS:

v Vehicles

v Furniture and Fixture

v Office Equipments

v Computer

v Fax Machine

v Equipments

v Compressors

v Air Conditioner

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. 59.85
UK Pound	1	Rs. 92.31
Euro	1	Rs. 78.23

INFORMATION DETAILS

Report Prepared by :

BVA

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	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.