MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	PINE PHARMA PRIVATE LIMITED
Registered Office :	D--91/2, Okhla Industrial Area, Phase—I, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.06.1987
Com. Reg. No.:	55-028161
Capital Investment / Paid-up Capital :	Rs.6.329 Millions
CIN No.: [Company Identification No.]	U74899DL1987PTC028161
TAN No.: [Tax Deduction & Collection Account No.]	DELP04884F DELP10122A
PAN No.: [Permanent Account No.]	AAACP1693F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Products.
No. of Employees :	50 (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 31000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Reserves of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Pulkit Aggarwal
Designation :	Director
Contact No.:	91-9810226622
Date :	24.09.2013

LOCATIONS

Registered Office / Factory :	D--91/2, Okhla Industrial Area, Phase—I, New Delhi – 110020, India
Tel. No.:	91-11-42701210 / 06 / 26810112 / 26810114 / 41611894
Mobile No.:	91-9810226622 91-9910284340 (Mr. Manoj Tyagi)
Fax No.:	91-11-41611894
E-Mail :	avafirm@gmail.com info@pinepharma.com pinepharma@hotmail.com
Website :	www.pinepharma.com

DIRECTORS

As on 29.09.2012

Name :	Mr. Pawan Kumar Aggarwal
Designation :	Director
Address :	101 Kailash Hills, New Delhi, 110065, India
Date of Birth/Age :	30.01.1951
Date of Appointment :	02.06.1987
DIN No.:	00720785
Name :	Mrs. Saroj Aggarwal
Designation :	Director
Address :	101 Kailash Hills, New Delhi, 110065, India
Date of Birth/Age :	11.08.1958
Date of Appointment :	02.06.1987
DIN No.:	00725691
Name :	Mr. Himanshu Aggarwal
Designation :	Director
Address :	101 Kailash Hills, New Delhi, 110065, India
Date of Birth/Age :	03.02.1977
Date of Appointment :	01.09.1998
DIN No.:	00725695
Name :	Mr. Pulkit Aggarwal
Designation :	Director
Address :	101 Kailash Hills, New Delhi, 110065, India
Date of Birth/Age :	11.04.1984
Date of Appointment :	01.03.2004
DIN No.:	01148369

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Pawan Kumar Aggarwal	18774
Saroj Aggarwal	11000
Himanshu Aggarwal	16000
Pulkit Aggarwal	17511
Total	63285

As on 27.03.2013

Names of Allottees	No. of Shares
Saroj Aggarwal	4000
Himanshu Aggarwal	2000
Pawan Kumar Aggarwal	4000
Pulkit Aggarwal	3000
Total	13000

As on 29.09.2012

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 :	Hemodialysis Fluid Nephro-Clean (Dialyzer Reprocesser) Hydrogen Peroxide Sodium Hypochlorite Formal Dehyde Solution Critic Acid Acetic Acid Hemodialysis Solution Bicarbonate Solution Acetate Solution Dialyzer Reprocessing Machine Dialyzer A.V. Blood Line / Tubing Guide Wire Fistula Needle Double Lumen Catheter Kit Femoral Vein Catheter
Exports :
Products :	Pharmaceutical Products
Countries :	Nepal
Imports :
Products :	Raw Material
Countries :	UK USA Japan Taiwan China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Distributors and Manufacturers

No. of Employees :

50 (Approximately)

Bankers :

• The Jammu and Kashmir Bank, First Floor, 9 LSC, Okhla Industrial Area Phase II, New Delhi – 110020, India
• ICICI Bank
• Axis Bank Limited

Facilities :

Overdraft : 10.000 Millions (From Axis Bank Limited)

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term Loans
From Bank (Barclays Bank)	1.456	0.000
From Chola Mandalam DBS Finance Limited	0.000	0.103
Other loans and advances From HDFC Bank for car loans	0.401	0.000
Total	1.857	0.103

Banking Relations :	--
Auditors :
Name :	Tandon Brij and Company Chartered Accountants
Address :	105-106, A.R.A Centre, Jhandewalan Extension, New Delhi – 110055, India
PAN.:	AACPT8125B
Sister Concern Company :	P. K. Scientific and Chemical Akansha International

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
76285	Equity Shares	Rs.100/- each	Rs.7.629 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63285	Equity Shares	Rs.100/- each	Rs.6.329 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	6.329	6.329
(b) Reserves & Surplus	1.536	1.243
(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)	7.865	7.572
(3) Non-Current Liabilities
(a) long-term borrowings	1.857	0.103
(b) Deferred tax liabilities (Net)	0.214	0.171
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.071	0.274
(4) Current Liabilities
(a) Short term borrowings	2.911	3.308
(b) Trade payables	4.175	4.113
(c) Other current liabilities	(0.101)	0.560
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	6.985	7.981
TOTAL	16.921	15.827
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.912	3.724
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.351	0.288
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	4.263	4.012
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	6.858	8.262
(c) Trade receivables	6.017	3.431
(d) Cash and cash equivalents	(0.217)	0.122
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	12.658	11.815
TOTAL	16.921	15.827

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.329
2] Share Application Money		0.000
3] Reserves & Surplus		0.831
4] (Accumulated Losses)		0.000
NETWORTH		7.160
LOAN FUNDS
1] Secured Loans		9.977
2] Unsecured Loans		0.000
TOTAL BORROWING		9.977
DEFERRED TAX LIABILITIES		0.000
TOTAL		17.137
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.058
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.177
	Sundry Debtors	3.777
	Cash & Bank Balances	0.073
	Other Current Assets	0.000
	Loans & Advances	0.222
Total Current Assets		20.249
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.579
	Other Current Liabilities	2.591
	Provisions	0.000
Total Current Liabilities		7.170
Net Current Assets		13.079
MISCELLANEOUS EXPENSES		0.000
TOTAL		17.137

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	27.936	34.204	25.059
		Other Income	0.009	NA	4.792
		TOTAL	27.945	NA	29.851
Less	EXPENSES
		Office Expenses		NA	29.743
		Administrative Expenses
		Advertising Expenses
		TOTAL	27.609	NA	29.743
	PROFIT BEFORE TAX		0.336	0.439	0.108
Less	TAX		0.043	NA	0.000
	PROFIT AFTER TAX		0.293	NA	0.108
	Earnings Per Share (Rs.)		2.93	NA	1.08

Particulars	31.03.2013
Sales Turnover (Approximately)	50.000

Expected Sales (2013-2014): Rs.60.000 Millions

The above information has been parted by Mr. Pulkit Aggarwal (Director)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.05	NA	0.36
Net Profit Margin (PBT/Sales)	(%)	1.20	1.28	0.43
Return on Total Assets (PBT/Total Assets}	(%)	1.99	2.77	0.44
Return on Investment (ROI) (PBT/Networth)		0.04	0.06	0.02
Debt Equity Ratio (Total Debt /Networth)		0.61	0.45	1.39
Current Ratio (Current Asset/Current Liability)		1.81	1.55	2.82

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	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

FINANCIAL RESULTS:

During the year, the company has improved the working and the sales are Rs.22.745 Millions as compared to Rs.34.204 Millions the previous year. During the year the company has a net profit of Rs.0.336 Million.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans and advance from related parties
Himanshu Aggarwal	0.312	0.312
Pawan Kumar Aggarwal	1.400	1.402
Saroj Aggarwal	0.600	0.606
Pulkit Aggarwal	0.600	0.987
Total	2.912	3.307

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90048440	22/12/2007 *	15,500,000.00	THE JAMMU & KASHMIR BANK LIMITED	FIRST FLOOR, 9 LSC,, OKHLA INDUSTRIAL AREA PHASE II, NEW DELHI, DELHI - 110020, INDIA	A31928310
2	90047889	24/04/2000	1,800,000.00	STATE BANK OF BIKANER AND JAIPUR	NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	-
3	90047360	28/01/2000 *	5,000,000.00	STATE BANK OF BIKANER AND JAIPUR	NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	-
4	90046657	26/09/1996	2,000,000.00	STATE BANK OF BIKANER AND JAIPUR	NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA	-
5	90045463	05/01/1995 *	300,000.00	PUNJAB NATIONAL BANK	MINTO ROAD, CONNAUGHT CIRCUS, NEW DELHI, DELHI, I NDIA	-

Note: * Date of charge modification

FIXED ASSETS

• Air Conditioner
• Building
• Cell Phone
• Computer
• Fan
• Fax
• Fire Extinguiser
• Generator
• Inventor
• Lab Equipment
• Machinery
• Car
• Office Equipment
• Motor Cycle
• Plot
• Refrigerator
• Scooter
• Television
• Type Writer
• Weight Machines
• Maruti Car

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.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.