MIRA INFORM REPORT

Report Date :

30.11.2013

IDENTIFICATION DETAILS

Name :	AKHIL HEALTHCARE PRIVATE LIMITED
Registered Office :	205 BBC Tower Opp Work Trade Centre, Sayajigunj, Baroda – 390 005, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.07.2003
Com. Reg. No.:	04-042667
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U24231GJ2003PTC042667
TAN No.: [Tax Deduction & Collection Account No.]	BRDA02515C
PAN No.: [Permanent Account No.]	AAECA3633Q
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in Pharmaceuticals, Chemicals, Beauty Care Raw Materials and Bulk Drugs.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 72000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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

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.

LOCATIONS

Registered Office :	205 BBC Tower Opp Work Trade Centre, Sayajigunj, Baroda – 390 005, Gujarat, India
Tel. No.:	91-265-3018080/ 3013456/ 2362982/ 2363350
Fax No.:	91-265-3018667/ 2362982
E-Mail :	info@akhilhealthcare.com akhilhealthcare@yahoo.com
Website :	www.akhilhealthcare.com
Location :	Owned
Branch Office :	78, Morden Complex, Sai Road, Baddi, Himachal Pradesh, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Manoj Kumar Kanaiyalal Shah

Designation :

Director

Address :

13-14, Nanddham Duplex, Near, Vrajdham Temple, manjalpur, Vadodara – 390011, Gujarat, India

Date of Birth/Age :

01.06.1966

Date of Appointment :

24.07.2003

DIN No.:

00424419

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	U24231GJ2003PTC042667	AKHIL HEALTHCARE PRIVATE LIMITED	Director	24/07/2003	24/07/2003	Active	NO
2	U24231GJ2004PTC044582	ZERON PHARMA PRIVATE LIMITED	Managing director	14/04/2012	10/08/2004	Active	NO
3	U24233GJ2006PTC049498	MEDILINK FINECHEM PRIVATE LIMITED	Director	30/11/2006	30/11/2006	Active	NO
4	U24232HP2007PTC030752	BLUE MARK HEALTH CARE PRIVATE LIMITED	Director	06/06/2007	06/06/2007	Active	NO

Name :

Ms. Nila Manoj Kumar Shah

Designation :

Director

Address :

13-14, Nanddham Duplex, Near, Vrajdham Temple, manjalpur, Vadodara – 390011, Gujarat, India

Date of Birth/Age :

26.07.1967

Date of Appointment :

24.07.2003

DIN No.:

00424470

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	U24231GJ2003PTC042667	AKHIL HEALTHCARE PRIVATE LIMITED	Director	24/07/2003	24/07/2003	Active	NO
2	U24233GJ2006PTC049498	MEDILINK FINECHEM PRIVATE LIMITED	Director	30/11/2006	30/11/2006	Active	NO
3	U24233GJ2010PTC059787	SANTE SOIS MEDICAMENTS PRIVATE LIMITED	Director	06/03/2010	06/03/2010	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Manoj Kumar Kanaiyalal Shah	30000
Nila Manoj Kumar Shah	20000
Total	50000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealing in Pharmaceuticals, Chemicals, Beauty Care Raw Materials and Bulk Drugs.

GENERAL INFORMATION

Customers :

· Alembic Limited, Vadodara

· Ato Z Pharmaceuticals Limited, Chennai

· Bharat Parenterals Limited, Vadodara

· Comed Chemicals Limited, Vadodara

· Claris Lifescience Limited, Ahmedabad

· Gujarat Liquis Caps Private Limited, Vadodara

· Hellios Pharmaceuticals, Ahmedabad

· Laborate Pharmaceuticals, Panipet

· Intas Pharmaceuticals Limited, Ahmedabad

· Lincoln Pharmaceuticals, Limited, Ahmedabad

No. of Employees :

25 (Approximately)

Bankers :

· The Karur Vysya Bank Limited, 13, SIDCUP Tower, Race Course, Vadodra – 390005, Gujarat, India

· HDFC Bank Limited

· ICICI Bank Limited

Facilities :

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings	1.111	2.807
Short Term Borrowings	36.404	39.419
Total	37.515	42.226

Banking Relations :	--
Auditors :
Name :	Y.K. Shah and Company Chartered Accountants
Address :	217, Phoenix Complex, Near Suraj Plaza, Sayajigunj, Vadodara, Gujarat, India
Tel. No.:	91-265-2363315/ 3010788
E-Mail :	ykshahca@yahoo.com
PAN No.:	AFOPS7049Q
Enterprise under common control (EUC) :	· Zeron Pharma Private Limited · Akhil Healthcare · Sante Sois Medicaments Private Limited · Medilink Finechem Private Limited · Lexine Technochem Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500	0.500
(b) Reserves & Surplus	17.735	13.140	9.892
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	18.235	13.640	10.392
(3) Non-Current Liabilities
(a) long-term borrowings	1.111	2.807	2.167
(b) Deferred tax liabilities (Net)	0.497	0.458	0.054
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.608	3.265	2.221
(4) Current Liabilities
(a) Short term borrowings	36.404	39.420	20.920
(b) Trade payables	67.163	65.432	56.231
(c) Other current liabilities	4.506	4.343	2.343
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	108.073	109.195	79.494
TOTAL	127.916	126.100	92.107
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.528	3.204	3.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.528	3.204	3.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.848	21.877	22.736
(c) Trade receivables	98.690	96.919	63.564
(d) Cash and cash equivalents	5.936	2.752	1.769
(e) Short-term loans and advances	1.914	1.348	1.038
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	124.388	122.896	89.107
TOTAL	127.916	126.100	92.107

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	290.732	238.383	211.375
		Increase / (Decrease) of Goods		0.000	5.344
		Other Income		0.670	0.401
		TOTAL (A)	NA	239.053	217.120
Less	EXPENSES
		Purchase of Stock in Trade		212.330	194.420
		Direct Expenses		3.983	2.584
		Employee Benefit Expenses		3.330	3.667
		Other Expenses		8.918	8.794
		Increase / (Decrease) of Goods		0.859	0.000
		TOTAL (B)	NA	229.420	209.465
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			9.633	7.655
Less	FINANCIAL EXPENSES (D)			4.038	3.026
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			5.595	4.629
Less/ Add	DEPRECIATION/ AMORTISATION (F)			0.354	0.339
	PROFIT BEFORE TAX (E-F) (G)		NA	5.241	4.290
Less	TAX (H)			1.993	1.250
	PROFIT AFTER TAX (G-H) (I)		3.248	3.248	3.040
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			9.892	6.852
	BALANCE CARRIED TO THE B/S		NA	13.140	9.892
	Earnings Per Share (Rs.)		64.96	64.97	60.79

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	1.36	1.40
Net Profit Margin (PBT/Sales)	(%)	NA	2.20	2.03
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.16	3.40
Return on Investment (ROI) (PBT/Networth)		NA	0.38	0.29
Debt Equity Ratio (Total Debt /Networth)		2.06	3.09	2.22
Current Ratio (Current Asset/Current Liability)		1.15	1.13	1.12

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	No
10]	Designation of contact person	No
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	Yes
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

OPERATION:

During the year subject has achieved the sales of Rs.290.732 Millions (P.Y. Rs.238.383 Millions) and profit for the current year is Rs.3.248 Millions (P.Y. Rs.3.248 Millions) after tax.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10283454	25/03/2011	27,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA – 390 015, GUJARAT, INDIA	B11246444

FIXED ASSETS:

· Air Condition

· Office Equipment

· Delivery Van

· Motor Car

· Vehicles

· Computer

· Furniture and Fixtures

· Electrical Installation

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.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.