MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	XL LABORATORIES PRIVATE LIMITED
Registered Office :	DSM 430-431, DLF Tower, Shivaji Marg, New Delhi – 110 015
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.03.2000
Com. Reg. No.:	55-104513
Capital Investment / Paid-up Capital :	Rs.30.000 Millions
CIN No.: [Company Identification No.]	U24239DL2000PTC104513
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELX00109E
PAN No.: [Permanent Account No.]	AAACX0157E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Products which includes Antacid, Anti-Psychotic, Antibiotic, Anti HIV, Anti Tubercular, Nasal Congestion, Pro-biotic, Antiviral, Anti-Fungal etc.
No. of Employees :	280 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 644000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitment. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	07.02.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	07.02.2014

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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Ashok Kumar Bhargava
Designation :	Director
Contact No.:	91-11-49321000
Date :	08.12.2014

LOCATIONS

Registered Office :	DSM 430-431, DLF Tower, Shivaji Marg, New Delhi – 110 015, India
Tel. No.:	91-11-49321000
Fax No.:	91-11-49321024
E-Mail :	corporatexlrem@vsnl.net xlrem@ndb.vsnl.net.in ahmedfca@gmail.com
Website :	http://www.xlrem.com
Location :	Owned
Factory 1:	E-1223/22, Phase-I, Extension (Ghatal) RIICO Industrial Area, Bhiwadi – 301 019, Rajasthan, India
Tel. No.:	91-1493-513215
Factory 2:	A-141, EPIP, Neemrana - 301705, Rajasthan, India

DIRECTORS

As on 30.09.2014

Name :	Mr. Ashok Kumar Bhargava
Designation :	Director
Address :	H-21, Kirti Nagar, New Delhi – 110 015, India
Date of Birth/Age :	10.05.1951
Date of Appointment :	11.02.2002
DIN No.:	00077697
Name :	Mr. Rahul Bhargava
Designation :	Director
Address :	H-21, Kirti Nagar, New Delhi – 110 015, India
Date of Birth/Age :	12.07.1981
Date of Appointment :	16.03.2002
DIN No.:	00089795

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Rita Bhargava	1137936
Rahul Bhargava	145824
A.K. Bhargava	1701552
A.K. Bhargava (HUF)	14544
Geeta Bhargava	144
Total	3000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical Products which includes Antacid, Anti-Psychotic, Antibiotic, Anti HIV, Anti Tubercular, Nasal Congestion, Pro-biotic, Antiviral, Anti-Fungal etc.

Products :

Product Description	Item Code No. (ITC Code)
Pharmaceutical Products	300490

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Finished Goods

Countries :

· African Countries

· Asian Countries

Imports :

Not Divulged

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

280 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	SME Branch, 23, Najafgarh Road, New Delhi – 110015, India
Person Name (With Designation)	Mr. Vikas (Relationship Manager)
Contact Number	91-8527622877
Name of Account Holder	XL Laboratories Private Limited
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	10 Years
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	EPC = Rs.120.000 Millions
Account Operation	Very Good
Remarks (If any)	Banker gave us positive response about the subject company and they are satisfied with their banking transaction.

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
State Bank of India
FCNR (Loan Ageists Vehicle)	39.651	40.560
ICICI Bank	1.981	0.000
Axis Bank	0.422	1.089
SBI - lnnova	0.000	0.026
SBI - Maruti	0.137	0.312
SBI – Swift	0.458	0.000
BMW Financial Services Private Limited	0.000	0.700
Less: Other current liabilities	(18.340)	(19.810)
SHORT TERM BORROWINGS
Cash Credit	0.983	0.000
Overdraft against FD	0.390	0.000
EPC	20.006	26.985
Total	45.688	49.862

Notes:

Long Term Borrowings

Loans from State Bank of India are secured against the first charge of land and Building, Plant and Machinery of factory and all present and future fixed assets situated at factory and personal guarantee of directors.

Loans against vehicles are secured against the respective vehicles

Short Term Borrowings

Loans from State Bank of India are secured against hypothecation of stocks and debtors and the first charge of Land and Building, Plant and Machinery of factory and all present and future fixed assets situated factory and personal guarantee of directors

Banking Relations :	--
Auditors :
Name :	Ahmad Shukla Jain and Associates Chartered Accountants
Address :	203, 1/926, IInd Floor, Naiwala, Karol Bagh, New Delhi – 110 005, India
Tel. No.:	91-11-28752817
Mobile No.:	91-9810121215
E-Mail :	ahmedfca@gmail.com ca.asja@gmail.com
PAN No.:	AAFFA5572Q
Memberships :	--
Collaborators :	--
Sister Concern :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	25.000	25.000
(b) Reserves & Surplus	195.474	150.709	124.087
(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)	225.474	175.709	149.087
(3) Non-Current Liabilities
(a) long-term borrowings	90.519	89.578	52.111
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.121	0.121	0.135
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	90.640	89.699	52.246
(4) Current Liabilities
(a) Short term borrowings	21.379	26.985	37.810
(b) Trade payables	60.239	49.248	35.362
(c) Other current liabilities	48.770	36.829	31.193
(d) Short-term provisions	23.766	25.149	22.301
Total Current Liabilities (4)	154.154	138.211	126.666
TOTAL	470.268	403.619	327.999
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	245.010	219.913	180.170
(ii) Intangible Assets	4.073	2.571	3.109
(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	0.500	0.500	0.500
(c) Deferred tax assets (net)	1.618	1.752	1.397
(d) Long-term Loan and Advances	3.909	3.541	1.706
(e) Other Non-current assets	0.045	0.178	0.000
Total Non-Current Assets	255.155	228.455	186.882
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.135	39.631	37.833
(c) Trade receivables	56.455	46.925	21.104
(d) Cash and cash equivalents	59.476	43.493	45.364
(e) Short-term loans and advances	44.509	42.511	35.928
(f) Other current assets	3.538	2.604	0.888
Total Current Assets	215.113	175.164	141.117
TOTAL	470.268	403.619	327.999

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		492.399	482.909	NA
		Other Income		17.151	16.104	NA
		TOTAL		509.550	499.013	NA
Less	EXPENSES
		Cost of Materials Consumed		247.249	233.567
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(11.634)	2.709
		Employee Benefits Expenses		89.096	84.490
		Other Expenses		73.586	68.909
		TOTAL		398.297	389.675	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			111.253	109.338	NA
Less	FINANCIAL EXPENSES			15.493	11.033	NA
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			95.760	98.305	87.738
Less	DEPRECIATION/ AMORTISATION			22.094	21.887	19.893
	PROFIT/(LOSS) BEFORE TAX			73.666	76.418	67.845
Less	PRIOR PERIOD EXPENSES			0.000	0.002	NA
Less	TAX			23.901	24.794	NA
	PROFIT/(LOSS) AFTER TAX			49.765	51.622	45.830
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			150.709	124.087	95.656
Less	APPROPRIATIONS
			Utilize for buy back of equity shares	0.000	20.000	17.399
			Utilize for bonus issue of equity shares	5.000	5.000	0.000
	BALANCE CARRIED TO THE B/S			195.474	150.709	124.087
	Earnings / (Loss) Per Share (Rs.)			16.59	20.65	18.33

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.11	10.69	NA
Operating Profit Margin (PBIDT/Sales)	(%)	22.59	22.64	NA
Return on Total Assets (PBT/Total Assets}	(%)	15.74	19.04	20.80
Return on Investment (ROI) (PBT/Networth)		0.33	0.43	0.46
Debt Equity Ratio (Total Debt /Networth)		0.50	0.66	0.60
Current Ratio (Current Asset/Current Liability)		1.40	1.27	1.11

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	25.000	25.000	30.000
Reserves & Surplus	124.087	150.709	195.474
Share Application money pending allotment	0.000	0.000	0.000
Net worth	149.087	175.709	225.474
Long Term borrowings	52.111	89.578	90.519
Short Term borrowings	37.810	26.985	21.379
Total borrowings	89.921	116.563	111.898
Debt/Equity ratio	0.603	0.663	0.496

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	482.909	492.399
		1.965

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions
Sales	482.909	492.399
Profit	51.622	49.765
	10.69%	10.11%

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 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	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	Yes
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	Yes

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans from Director	66.210	66.701
Total	66.210	66.701

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10440885	05/07/2013	565,000.00	State Bank Of India	SME Branch, 23, Najafgarh Road, New Delhi, Delhi - 110015, India	B81046450
2	10025118	23/10/2013 *	47,800,000.00	State Bank Of India	SME Branch, 23, Najafgarh Road, New Delhi, Delhi - 110015, India	B89710511
3	10034628	23/10/2013 *	55,000,000.00	State Bank Of India	SME Branch, 23, Najafgarh Road, New Delhi, Delhi - 110015, India	B89713168
4	90048142	27/03/2006 *	18,600,000.00	State Bank Of India	Commercial Branch, Nazafgarh, Delhi, Delhi - 110015, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.6.92
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.