MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	SPECTRUM PHARMATECH CONSULTANTS PRIVATE LIMITED
Registered Office :	Hi-Point Gloria, 6^th Floor, Ghodbunder Road, Ovala, Thane (West), Thane – 400607, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.09.2002
Com. Reg. No.:	11-137116
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U74999MH2002PTC137116
TAN No.: [Tax Deduction & Collection Account No.]	PNES12218D
PAN No.: [Permanent Account No.]	AAHCS1818E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Pharma Consultancy Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 61000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has incurred a loss during the yea 2012. However, net worth of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealing 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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 DECLINED BY

Name :	Ms. Seema Vandre
Designation :	Account Department
Contact No.:	91-9833106771
Date :	23.10.2013

LOCATIONS

Registered/ Head Office :	Hi-Point Gloria, 6^th Floor, Ghodbunder Road, Ovala, Thane (West), Thane – 400607, Maharashtra, India
Tel. No. :	91-22-25977000
Mobile No. :	91-9833106771 (Ms. Seema Vandre)
Fax No. :	91-22-25977001
E-Mail :	engg@spectrumpharmatech.com
Website :	http://www.spectrumpharmatech.com
Branch Office 1:	No.36, 2nd Floor, CBI Main Road, Ganganagar North, 10^th Cross Bangalore – 560032, Karnataka, India
Tel. No.:	91-80-23548822
Fax No.:	91-80-23537822
Branch Office 2:	House No 6-3-1186/A/6/4, Fourth Floor, Near Indian Express Office, Lane Beside Grand Kakatiya Hotel, Begumpet, Hyderabad – 500016, Andhra Pradesh, Indias
Tel. No. :	91- 40-66415470

DIRECTORS

As on 25.09.2012

Name :

Mr. Aniruddha Jitendra Parmar

Designation :

Director

Address :

404, Keshar Upvan, Gawand Baug, Pokhran Road No.2, Near Upvan Lake, Thane (West), Thane - 400606, Maharashtra, India

Date of Birth/Age :

24.05.1979

Qualification :

Bachelors Degree in Chemical Engineering

Date of Appointment :

19.09.2002

DIN No. :

01477766

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	U74999MH2002PTC137116	SPECTRUM PHARMATECH CONSULTANTS PRIVATE LIMITED	Director	19/09/2002	19/09/2002	Active	NO
2	U93000MH2010PTC204758	SPECTRUM DESIGNERS AND PROJECT ENGINEERS PRIVATE LIMITED	Director	23/06/2010	23/06/2010	Active	NO
3	U93030MH2010PTC204792	PS3 ENGINEERING AND CONSTRUCTION SERVICES PRIVATE LIMITED	Director	24/06/2010	24/06/2010	Active	NO

Name :

Padma Swaminathan

Designation :

Director

Address :

405, Tower 2-A, Siddhachal Phase Vi, Pokharan Road 2,Thane (West), Thane - 400601, Maharashtra, India

Date of Birth/Age :

31.01.1962

Date of Appointment :

19.09.2002

DIN No. :

01477797

Name :

Mr. Swaminathan Subramaniam Ramachandran

Designation :

Director

Address :

Flat No 405, Tower 2/A, Sidhachal Phase VI, Pokharan 02, Thane (West), Thane - 400601, Maharashtra, India

Date of Birth/Age :

15.06.1957

Qualification :

Bachelor of Technology in Chemical Engineering.

Date of Appointment :

19.09.2002

DIN No. :

01478116

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	U74999MH2002PTC137116	SPECTRUM PHARMATECH CONSULTANTS PRIVATE LIMITED	Director	19/09/2002	19/09/2002	Active	NO
2	U93000MH2010PTC204758	SPECTRUM DESIGNERS AND PROJECT ENGINEERS PRIVATE LIMITED	Director	23/06/2010	23/06/2010	Active	NO
3	U93030MH2010PTC204792	PS3 ENGINEERING & CONSTRUCTION SERVICES PRIVATE LIMITED	Director	24/06/2010	24/06/2010	Active	NO

KEY EXECUTIVES

Name :	Ms. Seema Vandre
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2012

Names of Shareholders	No. of Shares
Ramchandran Subramanian Swaminathan	360600
Padma Swaminathan	70300
Aniruddha Parmar	30500
Ajit Kadam	10000
Ravindra Burse	6000
Mahendra Sarvankar	20000
Deepak Ghagare	1000
Adnan Khan	600
Amar Vanjari	800
Sunil Waghule	200
Total	500000

As on 25.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	92.28
Other top fifty shareholders	7.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Pharma Consultancy Services.

GENERAL INFORMATION

Customers :

· Glenmark Pharmaceuticals, Baddi

· Wincoat Colour and Coating Private Limited, Ambernath

· Glenmark Generics, Indore

· Vacc-Syn Biotech, Badlapur

· Johnson and Johnson

· Famy Care Limited, Ahmedabad

· Naprod Life Sciences

· Shreya Life Sciences, Roorkee

· Aglowmed Limited, Roorkee

· Dr. Reddy’s Labs, Hyderabad

· Merck Limited

· DSM Nutrition, India

· Gufic Biosciences Limited

No. of Employees :

Not Divulged

Bankers :

Citibank N. A., Trent House, 2^nd Floor, Plot No.C-60, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

44Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Bank O/D	0.252
Secured loan from bank	7.568
Total	7.820	NA

Banking Relations :	--
Auditors :
Name :	Bidkar and Associates Chartered Accountants
Address :	232, Swastik Plaza, Near Voltas Limited, Thane (West), Mumbai – 400601, Maharashtra, India
Tel. No. :	91-22-21731366
E-Mail :	rdbidkar@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AARPB7308R

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
500000	Equity Shares	Rs.10/- each	Rs. 5.000 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	5.000	5.000
(b) Reserves & Surplus	10.354	19.063
(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)	15.354	24.063
(3) Non-Current Liabilities
(a) long-term borrowings	8.357	7.812
(b) Deferred tax liabilities (Net)	0.180	0.342
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	8.537	8.154
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1.268	0.000
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	3.456	5.146
Total Current Liabilities (4)	4.724	5.146
TOTAL	28.615	37.363
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.108	9.325
(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	1.600	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.317	0.534
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	15.025	9.859
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	5.797	9.214
(d) Cash and cash equivalents	0.007	3.761
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	7.786	14.529
Total Current Assets	13.590	27.504
TOTAL	28.615	37.363

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		16.120
4] (Accumulated Losses)		0.000
NETWORTH		21.120
LOAN FUNDS
1] Secured Loans		9.291
2] Unsecured Loans		0.538
TOTAL BORROWING		9.829
DEFERRED TAX LIABILITIES		0.081
TOTAL		31.030
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.849
Capital work-in-progress		0.000
INVESTMENT		0.351
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	9.330
	Cash & Bank Balances	1.325
	Other Current Assets	13.373
	Loans & Advances	0.882
Total Current Assets		24.910
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	4.084
	Provisions	0.000
Total Current Liabilities		4.084
Net Current Assets		20.826
		0.004
MISCELLANEOUS EXPENSES
TOTAL		31.030

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	78.333
Less	EXPENSES
		TOTAL	79.140	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		(0.807)
Less	TAX		NA
	PROFIT/ (LOSS) AFTER TAX		NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(1.03)	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(2.99)	NA	NA
Return on Investment (ROI) (PBT/Networth)		(0.05)	NA	NA
Debt Equity Ratio (Total Debt/Networth)		0.54	0.32	0.47
Current Ratio (Current Asset/Current Liability)		2.88	5.34	6.10

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10299027	24/06/2011	7,200,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, PLOT NO.C-60,, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B17611617

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Unsecured loan from directors	0.537
Total	0.537	NA

NOTE

The registered office of the company has been shifted from 59-B/3 Govindashram Co-Operative Housing society, Vrindavan Complex, Thane (West), Thane – 400601, Maharashtra, India to the present address w.e.f. 01.08.2008.

FIXED ASSETS

· Computer

· Electrical Equipment

· Furniture and Fixture

· Honda CRV

· Projector

· Air Conditioner

· Aquaguard

· Tea Maker

· EPBX

· Card Scanner

· Invertor/UPS

· Xerox Machine

· Office Accessories

· Diesel Generating Set

· L & T Switch in

· Fire Extinguisher

· Telephone Instrument

· Swift Desire

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.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

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	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		41

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.