MIRA INFORM REPORT

Report Date :

28.06.2013

IDENTIFICATION DETAILS

Name :	SAFE LIFE PHARMACHEM PRIVATE LIMITED
Registered Office :	C-Wing, 1^st Floor, Commercial Satyam Building, Dr. R.P.Road, Opposite Aggarwal Hospital, Mulund (West), Mumbai-400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.02.2009
Com. Reg. No.:	11-190617
Capital Investment / Paid-up Capital :	Rs. 15.000 millions
CIN No.: [Company Identification No.]	U24100MH2009PTC190617
TAN No.: [Tax Deduction & Collection Account No.]	MUMS62681D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Pharmaceutical Product.
No. of Employees :	45 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 76000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The profit and losss statement of the company for 2012 is not available. As per the available financials, there appear huge external borrowings. The reserves is low but improving. It has achieved some profits during 2012. Trade relations are fair. Business is active. Payment terms are slow but correct. 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 – 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. Shilpesh Shantilal Dharod
Designation :	Director
Contact No.:	91-9833712345
Date :	27.06.2013

LOCATIONS

Registered Office :	C-Wing, 1^st Floor, Commercial Satyam Building, Dr. R.P.Road, Opposite Aggarwal Hospital, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9833712345 (Mr. Shilpesh Shantilal Dharod)
Fax No.:	Not Available
E-Mail :	sandeep@sppc.co.in pbshethco@gmail.com
Location :	Owned
Corporate Office :	39, Ramgopal Industrial Estate, Dr. R.P. Road, Opposite Jawahar Talkies, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	91-22-25620303 / 67551419 / 66701414
Fax No.:	91-22-25914567
Email :	safelifepahrmachem@gmail.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Mayur Vallabhji Pasad

Designation :

Director

Address :

Room No. 10, Abhilasha CHS, J. N. Road, Behind Apna Bazar, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

22.06.1974

Date of Appointment :

27.02.2009

DIN No.:

02472242

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	U24100MH2009PTC190617	SAFE LIFE PHARMACHEM PRIVATE LIMITED	Director	27-02-09	27-02-09	-	Active	NO
2	U24233MH2010PTC198625	SAFE LIFE HEALTHCARE PRIVATE LIMITED	Director	06-01-10	06-01-10	01-03-11	Active	NO

Name :

Mr. Shilpesh Shantilal Dharod

Designation :

Director

Address :

401, Parshwa Appartment, Ambedkar Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

27.03.1975

Date of Appointment :

27.02.2009

DIN No.:

02472379

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	U24100MH2009PTC190617	SAFE LIFE PHARMACHEM PRIVATE LIMITED	Director	27-02-09	27-02-09	-	Active	NO
2	U24233MH2010PTC198625	SAFE LIFE HEALTHCARE PRIVATE LIMITED	Director	06-01-10	06-01-10	01-03-11	Active	NO

Name :

Ms. Barkha Mayur Pasad

Designation :

Director

Address :

Room No. 10, Abhilasha CHSL., J. N. Road, Behind Apna Bazar, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

15.01.1976

Date of Appointment :

27.02.2009

DIN No.:

02472469

Name :

Ms. Urmi Shilpesh Dharod

Designation :

Director

Address :

401, Parshwa Appartment, Ambedkar Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

25.11.1977

Date of Appointment :

27.02.2009

DIN No.:

02472497

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mayur Pasad	730000
Shilpesh Dharod	730000
Barkha Pasad	20000
Urmi Dharod	20000
Total	1500000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Pharmaceutical Product.
Terms :
Selling :	Cash and Cash
Purchasing :	Cash, Cash and Depend

GENERAL INFORMATION

Customers :

Others

No. of Employees :

45 (Approximately)

Bankers :

· The Saraswat Co-Operative Bank Limited Veena Nagar Branch, A/13, Veena Nagar No.2, Chsl, Shop No.70-71-72 Lbs Marg, Mulund (West), Mumbai - 400080, Maharashtra, India

· The Bharat Co-Operative Bank (Mumbai) Limited, Lamington Road Branch, Apsara Cinema Private Limited, Ground Floor, Dr. D. B. Marg, Grant Road (East), Mumbai - 400007, Maharashtra, India

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long Term Borrowings
Term Loans - From Banks	24.270	0.000
Short Term Borrowings
Working Capital Loans - From Banks Cash Credit A/c. with Bharat Co‐operative Bank Limited	50.297	31.885
Total	74.567	31.885

Banking Relations :	--
Auditors :
Name :	Atul Doshi and Associates Chartered Accountants
Address :	9, Shreepal Building, S N Road, Tambe Nagar, Mulund (West), MUMBAI-400080, Maharashtra, India
PAN No.:	AFLPD2170G

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 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	15.000	10.000
(b) Reserves & Surplus	3.979	2.178
(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)	18.979	12.178
(3) Non-Current Liabilities
(a) long-term borrowings	24.270	0.000
(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)	24.270	0.000
(4) Current Liabilities
(a) Short term borrowings	66.348	56.804
(b) Trade payables	11.519	6.390
(c) Other current liabilities	0.383	0.439
(d) Short-term provisions	0.000	0.097
Total Current Liabilities (4)	78.250	63.730
TOTAL	121.499	75.908
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.760	2.767
(ii) Intangible Assets	43.633	17.102
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.026	0.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.039	5.428
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	50.458	25.322
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	42.284	20.603
(c) Trade receivables	25.420	25.453
(d) Cash and cash equivalents	3.337	4.480
(e) Short-term loans and advances	0.000	0.050
(f) Other current assets	0.000	0.000
Total Current Assets	71.041	50.586
TOTAL	121.499	75.908

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.947
4] (Accumulated Losses)		0.000
NETWORTH		8.447
LOAN FUNDS
1] Secured Loans		26.567
2] Unsecured Loans		11.460
TOTAL BORROWING		38.027
DEFERRED TAX LIABILITIES		0.000
TOTAL		46.474
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.759
Capital work-in-progress		0.000
INVESTMENT		0.025
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.670
	Sundry Debtors	18.134
	Cash & Bank Balances	0.214
	Other Current Assets	0.114
	Loans & Advances	0.510
Total Current Assets		32.642
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.428
	Other Current Liabilities	0.000
	Provisions	0.615
Total Current Liabilities		8.043
Net Current Assets		24.599
MISCELLANEOUS EXPENSES		0.091
TOTAL		46.474

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	300.000 (Approximately)
		Other Income	NA
		TOTAL	NA	218.466	NA
Less	EXPENSES
		TOTAL	NA	216.638	NA
	PROFIT BEFORE TAX		NA	1.828	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		NA	NA	NA

Particulars	31.03.2013
Sales Turnover (Approximately)	300.000

The above information has been parted by Mr. Shilpesh Shantilal Dharod (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.41	NA
Return on Investment (ROI) (PBT/Networth)		NA	0.15	NA
Debt Equity Ratio (Total Debt/Networth)		4.77	4.66	4.50
Current Ratio (Current Asset/Current Liability)		0.91	0.79	4.06

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 one year	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	Yes
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 LOANS

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. In Millions)
Loans and Advances
From Directors :
Barkha M .Pasad	1.880	1.776
Mayur V. Pasad	0.981	3.283
Shilpesh S. Dharod	1.336	2.640
Urmi S. dharod	0.595	0.555
From Banks and Financial Institutions :
Religare Finvest Limited	0.289	1.058
Barclays Bank	2.446	3.426
HDFC Bank Limited	2.091	2.900
Kotal Mahindra Bank Limited	1.746	2.438
Magma Fincorp Limited	1.818	2.500
Standard Chartered Bank	1.332	1.900
Bajaj Fin Services	1.537	2.443
Total	16.051	24.919

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24100MH2009PTC190617
Name of the company	SAFE LIFE PHARMACHEM PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-Wing, 1^st Floor, Commercial Satyam Building, Dr. R.P.Road, Opp. Aggarwal Hospital, Mulund West, Mumbai-400080, Maharashtra, India E-mail: sandeep@sppc.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10342873
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	The Bharat Co-Operative Bank (Mumbai) Limited, Lamington Road Branch, Apsara Cinema Private Limited, Ground Floor, Dr. D. B. Marg, Grant Road (East), Mumbai - 400007, Maharashtra, India E-mail: lamington.road@bharatbank.co.in
Nature of instrument creating charge	(1) Hypothecation of tangible moveable property (2) Agreement for creating charge on book debts (3) Memorandum of entry recording the continuation of deposit of title deeds
Date of instrument Creating the charge	13.08.2012
Amount secured by the charge	Rs. 86.780 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate of 14.30% per annum and shall be payable be monthly rest. Terms of Repayment On demand Margin As per sanction terms. Extent and Operation of the charge To secure the cash credit limit of Rs.63.500 millions (enhanced from Rs.48.500 millions) and outstanding term loan of Rs.23.280 millions (original term loan of Rs.25.000 millions) aggregating to Rs.86.780 millions granted by the bank to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	(1) Hypothecation by way of first charge in favour of the bank - (i) Stock including pharmaceutical drugs and medicines also all product goods, and any and every machineries, tool, tangible movable property of the borrower lying or stored at their premises and godowns at C-Wing, 1^st Floor, Satyam CHS Limited, Dr. R. P. Road, Near Agarwal Hospital, Mulund (West), Mumbai – 400080 or wherever else the same may be or be held by any party to the order and disposition of the borrower or in course of transit. (ii) The borrower's present and future all the outstanding book debts, money receivables, claims and approved book debts, due to the borrower/s and bills which are now due and owing to the borrower in the course of its business by any person, firm, company or/and by the government or/and any local or/and public body or/and authority. (2) Continuation Of Simple Equitable mortgage in favour of the bank of the company's immovable property viz. Office Premises, admeasuring 2435 SQ. FT. (Carpet Area), with open car space No.P/27 and P/28 and stilt car parking Space No.B/4 and B/5, situated on the First Floor IN C-Wing of the New Building known as Satyam, Satyam Co-Operative Housing Society Limited, constructed on piece and parcel of land bearing Plot No.1017, C.T.S. No.895, situate lying and being on the eastern side of Bombay-Agra Road, of Village and Taluka Mulund, in the registration district of Mumbai City and Mumbai Suburban, Off Dr. R. P. Road, Mulund (West), Mumbai - 400080 and permanently fastened to anything attached to the said property fixtures, fittings etc. erected or hereafter to be erected thereon both present and future.
Particulars of the present modification	The cash credit limit has enhanced from Rs.48.500 millions to Rs.63.500 millions. Thus the aggregate limit has enhanced from Rs.73.500 millions to Rs.86.780 millions i.e. Cash Credit Limit of Rs.63.500 millions and Term Loan Balance of Rs.23.280 millions secured against - (i) Hypothecation of stock-in-trade and book debts and (ii) Equitable mortgage of Office Premises At 1^st Floor, C-Wing, Satyam CHS Limited, Dr. R. P. Road, mulund (west), mumbai – 400080.

FIXED ASSETS

· Goodwill

· Industrial Gala

· Electrical Installation

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Vehicles

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.60.59
UK Pound	1	Rs.92.92
Euro	1	Rs.78.94

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		33

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

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.