MIRA INFORM REPORT

Report Date :

26.11.2013

IDENTIFICATION DETAILS

Name :	PHOENIX BIOLOGICALS PRIVATE LIMITED
Registered Office :	No. 4/25-B, Valluvar Salai, Ramapuram, Chennai - 600089, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.07.2010
Com. Reg. No.:	18-076804
Capital Investment / Paid-up Capital :	Rs. 4.562 Millions
CIN No.: [Company Identification No.]	U24100TN2010PTC076804
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceuticals Products.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 20000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department for the year 2013. However, as per available financial of 2012, profitability of the company appears to be low. However, trade relations are fair. Business is active. Payment terms are 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 – 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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 :	Mr. R. Chockalingam
Designation :	Director
Contact No.:	91-8939914070
Date :	18.11.2013

LOCATIONS

Registered Office :	No. 4/25-B, Valluvar Salai, Ramapuram, Chennai- 600089, Tamil Nadu
Tel. No.:	91-44-22494524
Mobile No.:	91-8939914070 (Mr. Chockalingam)
Fax No.:	Not Available
E-Mail :	phoenixbiologicals@gmail.com
Website :	www.phoenixbiologicals.in
Location :	Owned
Factory :	R. S. No.135/2, Kothapurinatham Road, Thiruvondar Koil, Puducherry – 605102, Pondicherry, India

DIRECTORS

AS ON 30.09.2011

Name :

Chockalingam Ramakrishnan

Designation :

Director

Address :

Plot No. 7, 8, 9, Flat No. B- 4, RR Omkar, Chowdry Nagar, Main Road, Valasaravakkam, Chennai - 600087, Tamilnadu, India

Date of Birth/Age :

10.02.1968

Date of Appointment :

30.07.2010

DIN No.:

02010667

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	U72200TN2008PTC069111	4MVPS CONSULTING PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	YES
2	U33110TN2008PTC069867	AEON FORMULATIONS PRIVATE LIMITED	Director	10/10/2009	10/10/2009	29/12/2009	Active	NO
3	U24100TN2010PTC076804	PHOENIX BIOLOGICALS PRIVATE LIMITED	Director	30/07/2010	30/07/2010	-	Active	NO

Name :

Subramanian Venkataraman

Designation :

Director

Address :

Flat No. 7, Nathans Flat, Old No. 9, 25 Srinivasa Pillai Street, West Mambalam, Chennai - 600033, Tamilnadu, India

Date of Birth/Age :

15.03.1965

Date of Appointment :

30.07.2010

DIN No.:

02370397

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	U33110TN2008PTC069867	AEON FORMULATIONS PRIVATE LIMITED	Managing director	17/11/2008	17/11/2008	30/11/2009	Active	NO
2	U24239TN2009PTC073985	AEON BIOLOGICALS PRIVATE LIMITED	Managing director	18/12/2009	18/12/2009	-	Active	NO
3	U24100TN2010PTC076804	PHOENIX BIOLOGICALS PRIVATE LIMITED	Director	30/07/2010	30/07/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
S. Venkataraman	5000
R. Chockalingam	5000
Total	10000

AS ON 16.02.2012

Name of Allotees	No. of Shares
Kamakshi	46600
S. Venkataraman	57800
Meera Venkataraman	31950
V. Madhumitha	21900
V. Mythreyi	21700
R. Gopalan	21500
Mangalam	21650
R. Padmavathi	16750
T. Hemamalini	45950
T. Vijayalakshmi	31500
R. Chockalingam	85300
R. C. Navin	21900
R. C. Varun	21700
Total	446200

AS ON 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical Products

Products :

Product Description	Item Code No.
Medicines	30039089

Exports :

Products :

Pharmaceutical Products

Countries :

• Netherland

Terms :

Selling :

L/C, Cash and Credit (30 - 60 days)

Purchasing :

Cash and Credit (30 - 60 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and Manufacturer

No. of Employees :

60 (Approximately)

Bankers :

Indian Overseas Bank, 2, Church Street, Reddiarpalayam, Pondicherry – 605010, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Indian Overseas Bank – TL 1	5.160	0.000
Indian Overseas Bank – TL 2	1.998	0.000
Indian Overseas Bank – VL	1.455	0.000
Total	8.613	0.000

Banking Relations :	------
Auditors :
Name :	Vadlakunta Associates Chartered Accountants
Address :	31/12, Vaidyaram Street, T Nagar, Chennai - 600017, Tamilnadu, India
PAN No.:	AABFV6179J

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
456200	Equity Shares	Rs.10/- each	Rs. 4.562 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		4.562	0.100
2] Share Application Money		0.000	0.400
3] Reserves & Surplus		0.448	0.251
4] (Accumulated Losses)		0.000	0.000
NETWORTH		5.010	0.751
LOAN FUNDS
1] Secured Loans		8.613	0.000
2] Unsecured Loans		1.570	0.000
TOTAL BORROWING		10.183	0.000
DEFERRED TAX LIABILITIES		0.002	0.011
TOTAL		15.195	0.762
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.647	0.193
Capital work-in-progress		7.485	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.354	0.704
	Sundry Debtors	8.928	6.897
	Cash & Bank Balances	1.409	1.575
	Other Current Assets	6.423	0.694
	Loans & Advances	0.965	0.055
Total Current Assets		19.079	9.925
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.942	8.749
	Other Current Liabilities	3.060	0.559
	Provisions	0.014	0.048
Total Current Liabilities		13.016	9.356
Net Current Assets		6.063	0.569
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		15.195	0.762

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		TOTAL	47.688	17.576
Less	EXPENSES
		TOTAL	47.389	17.194
	PROFIT BEFORE TAX		0.299	0.382
Less	TAX		0.198	0.131
	PROFIT AFTER TAX		0.101	0.251
	Earnings per share (Rs.)		0.22	25.10

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
PAT / Total Income	(%)	0.21	1.43
Return on Total Assets (PBT/Total Assets}	(%)	1.44	3.78
Return on Investment (ROI) (PBT/Networth)		0.06	0.51
Debt Equity Ratio (Total Debt/Networth)		2.03	0.00
Current Ratio (Current Asset/Current Liability)		1.47	1.06

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 two years	Yes
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	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	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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10354969	20/01/2012	22,200,000.00	INDIAN OVERSEAS BANK	2, CHURCH STREET, REDDIARPALAYAM, PONDICHERRY - 605010, INDIA	B35508258
2	10298121	14/07/2011	1,600,000.00	INDIAN OVERSEAS BANK	WEST MAMBALAM BRANCH, 16, THIRUVENGADAM STREET, WEST MAMBALAM, CHENNAI - 600033, TAMILNADU, INDIA	B17184607

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Unsecured Loans from Directors	0.070	0.000
Unsecured Loans from Shareholders	1.500	0.000
Total	1.570	0.000

Note:

The registered office has been shifted from Flat No. 6, New No. 3, Old No. 2, Nakkeeran Street, West Mambalam, Chennai- 600033, Tamil Nadu to the.

FIXED ASSETS

· Cell Phone

Computers

Furniture

Printer

Software

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 records 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 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. 62.58
UK Pound	1	Rs. 101.42
Euro	1	Rs. 84.70

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.