MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	JACKSON LABORATORIES PRIVATE LIMITED
Registered Office :	Majitha Road, Bye Pass, P. O. Khanna Nagar, Amritsar – 143001, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.12.1986
Com. Reg. No.:	16-007168
Capital Investment / Paid-up Capital :	Rs.1.139 Millions
CIN No.: [Company Identification No.]	U24230PB1986PTC007168
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Formulations.
No. of Employees :	120 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 590000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in sales and profit during 2012. However, general financial strength is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 PARTED BY

Name :	Mr. Vishesh Samra
Designation :	Executive Director
Contact No.:	91-9779900047
Date :	26.06.2012

LOCATIONS

Registered Office/ Factory :	Majitha Road, Bye Pass, P. O. Khanna Nagar, Amritsar – 143001, Punjab, India
Tel. No.:	91-183-2422228/ 2571871/ 2423310
Mobile No.:	91-9779900047 (Mr. Vishesh Samra)
Fax No.:	91-183-2423072
E-Mail :	vishesh.samra@gmail.com rajeev_senior2006@yahoo.co.in info@jacksonlaboratories.com
Website :	http://www.jacksonlaboratories.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Jugal Kishore
Designation :	Director
Address :	13, Joshi Colony, Amritsar - 143001, Punjab, India
Date of Appointment :	04.12.1986
Din No.:	00975590
Name :	Mr. Ramesh Kumar
Designation :	Director
Address :	13, Joshi Colony, Amritsar - 143001, Punjab, India
Date of Appointment :	04.12.1986
Din No.:	02772562
Name :	Mr. Sudhir Kumar
Designation :	Director
Address :	13, Joshi Colony, Amritsar - 143001, Punjab, India
Date of Appointment :	04.12.1986
Din No.:	02772559
Name :	Mr. Vishesh Samra
Designation :	Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Jugal Chamanlal Kishore	2140
Sudhir Kumar Chamanlal	250
Ramesh Kumar Chamanlal	2060
Vinod Kumar Chamanlal	795
Vijay Kumar HUF	600
Baby Samiksha Sambra	200
Master Vivek Sambra	200
Rajesh Sambra	150
Santosh Sambra	585
Master Vikas Sambra	200
Suman Lata	600
Krishna Rani	225
Neeru Sambra	425
Vijay Kumar	400
Ravinder	60
Lajyawanti	220
Vasdev Wadhwa	180
Meera Bhalla	200
Sameer Bhalla	80
Subhash Chander	650
Sahil Sambra	230
Vinod Kumar HUF	300
Kavita Kapoor	380
Master Vishal	70
Shikha	20
P.K. Sharma	170
Total	11390

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Formulations.
Exports :
Countries :	Afghanistan Tokyo Vietnam Mauritius Singapore Russia

GENERAL INFORMATION

No. of Employees :

120 (Approximately)

Bankers :

• Punjab National Bank, The Mall, B.O. SPL.SSI., Amritsar - 143001, Punjab, India
• Bank of India
• ICICI Bank Limited
• HDFC Bank Limited
• Punjab and Sind Bank
• Yes Bank
• Jammu and Kashmir

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Term Loan Secured Against Hyp. of Machinery	0.057	0.100
Term Loan Secured Against Hyp. of Machinery	9.109	18.162
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.320	0.511
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.667	0.845
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.000	0.440
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.376	0.409
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.000	0.310
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.448	0.000
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.550	0.000
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.387	0.000
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.823	0.000
Term loan secured against hyp. of car and guarnanted by the directors of the company	1.203	0.000
Term loan secured against hyp. of car and guarnanted by the directors of the company	4.222	0.000
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.000	0.092
Term loan secured against hyp. of car and guarnanted by the directors of the company	0.980	1.259
SHORT TERM BORROWING	0	0
Cash credit from bank secured against hyp. of stock	6.077	13.139
Cash credit from bank secured against hyp. of stock	22.806	14.425
Punjab National Bank	0.015	0.000
Cash credit from bank secured against hyp. of stock	14.474	24.483
Total	62.514	74.175

Banking Relations :	--
Auditors :
Name :	Raman Arora and Company Chartered Accountants
Address :	1, Police Lines, Lawrence Road, Amritsar - 143001, Punjab, India
PAN No.:	ACNPA2678P

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs.1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11390	Equity Shares	Rs.10/- each	Rs.1.139 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	1.139	1.139
(b) Reserves & Surplus	148.833	127.592
(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)	149.972	128.731
(3) Non-Current Liabilities
(a) long-term borrowings	110.906	106.505
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	110.906	106.505
(4) Current Liabilities
(a) Short term borrowings	43.373	52.047
(b) Trade payables	367.637	362.994
(c) Other current liabilities	1.934	2.977
(d) Short-term provisions	1.341	1.861
Total Current Liabilities (4)	414.285	419.879
TOTAL	675.163	655.115
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	195.206	181.280
(ii) Intangible Assets	0.175	0.175
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.663	3.663
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	199.069	185.143
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	39.722	39.685
(c) Trade receivables	375.353	381.490
(d) Cash and cash equivalents	10.135	11.039
(e) Short-term loans and advances	50.139	36.958
(f) Other current assets	0.745	0.800
Total Current Assets	476.094	469.972
TOTAL	675.163	655.115

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.139
2] Share Application Money		0.000
3] Reserves & Surplus		84.850
4] (Accumulated Losses)		0.000
NETWORTH		85.989
LOAN FUNDS
1] Secured Loans		37.332
2] Unsecured Loans		62.099
TOTAL BORROWING		99.431
DEFERRED TAX LIABILITIES		0.000
TOTAL		185.420
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		87.926
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.060
	Sundry Debtors	234.266
	Cash & Bank Balances	5.074
	Other Current Assets	0.000
	Loans & Advances	32.532
Total Current Assets		300.932
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	201.214
	Other Current Liabilities	0.000
	Provisions	2.224
Total Current Liabilities		203.438
Net Current Assets		97.494
MISCELLANEOUS EXPENSES		0.000
TOTAL		185.420

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	547.668	560.733	421.286
		Other Income	0.642	0.543	NA
		TOTAL (A)	548.310	561.276	NA
Less	EXPENSES
		Cost of Material Consumed	471.963	484.674
		Employee Benefit Expenses	7.523	5.440
		Other Expenses	34.478	31.159
		TOTAL (B)	513.964	521.273	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		34.346	40.003
Less	FINANCIAL EXPENSES (D)		11.311	11.617	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		23.035	28.386
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.443	14.695
	PROFIT BEFORE TAX (E-F) (G)		8.592	13.691
Less	TAX (H)		0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		8.592	13.691	5.420
	Earnings Per Share (Rs.)		754.35	1202.00	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	650.000

The above information has been parted by Mr. Vishesh Samra

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.57	2.44	NA
Net Profit Margin (PBT/Sales)	(%)	1.57	2.44	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.27	2.09	NA
Return on Investment (ROI) (PBT/Networth)		0.06	0.11	NA
Debt Equity Ratio (Total Debt/Networth)		1.03	1.23	1.16
Current Ratio (Current Asset/Current Liability)		1.15	4.41	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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last four 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	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	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Loans from directors	21.089	18.152
Others	70.676	66.225
	0
Total	91.765	84.377

FIXED ASSETS:

Tangible Assets

• Building
• Computer
• Electric Fittings
• Fire Protection Equipments
• Furniture and Fixtures
• Generator
• Laboratory Equipments
• Motor Cycle
• Plant and Machinery
• Water Cooler
• Air Conditioner
• CCTV
• Land
• Lift
• Mobile
• Generator
• Fax

Intangible Assets

• Goodwill

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

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
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	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.