MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	MEDOPHARM PRIVATE LIMITED

Registered Office :	No. 25, Puliyur 2^nd Main Road, Trustpuram, Chennai - 600024, Tamilnadu

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	31.03.1980

Com. Reg. No.:	18-008206

Capital Investment / Paid-up Capital :	Rs. 140.800 Millions

CIN No.: [Company Identification No.]	U24231TN1980PTC008206

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AADCM9459R

Legal Form :	Private Limited Liability Company

Line of Business :	The Company is in the Business of Manufacturing and Sales including Exports of Pharmaceutical Products.

No. of Employees :	Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 470000

Status :	Moderate

Payment Behaviour :	Slow but Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. The rating reflects company moderate financial risk profile marked by low reserves level and huge borrowing recorded by the company. However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

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

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 DENIED BY

Name :	Mr. Praksh
Designation :	Deputy General Manager
Contact No.:	91-44-30149981
Date :	18.12.2014

LOCATIONS

Registered / Corporate Office :	No. 25, Puliyur 2^nd Main Road, Trustpuram, Chennai - 600024, Tamilnadu, India
Tel. No.:	91-44-30149999
Fax No.:	Not Available
E-Mail :	support@medopharm.com edoexpo@md3.vsnl.com medoexpo@md3.vsnl.com

Factory 1 :	50, Kayarambedu Village, Guduvancherry, Chengalpattu-603203, Tamilnadu, India
Tel No.:	91-44-67456486

Factory 2 :	# Industrial Estate, Malur, Karnataka, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Sardarmal Mohanmull Chordia

Designation :

Director

Address :

342, Mint Street, Sowcarpet, Chennai – 600079, Tamilnadu, India

Date of Appointment :

31.03.1980

DIN No.:

00790903

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	U24231TN1980PTC008206	MEDOPHARM PRIVATE LIMITED	Director	31/03/1980	31/03/1980	-	Active	NO
2	U24231TN1980PTC008456	NIVARAM PHARMA PRIVATE LIMITED	Managing director	15/10/1980	15/10/1980	-	Active	NO
3	U51909TN1944PTC000186	AGUR CHAND MAN MULL PRIVATE LIMITED	Whole-time director	07/07/1984	07/07/1984	-	Active	NO
4	U21022TN2004PTC054914	AGMA PACKAGING PRIVATE LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO
5	U24239TG2004PTC042894	ZENARA PHARMA PRIVATE LIMITED	Director	01/02/2006	01/02/2006	06/12/2007	Active	NO

Name :

Mr. Sampathmal Chordia

Designation :

Director

Address :

342, Mint Street, Sowcarpet, Chennai – 600079, Tamilnadu, India

Date of Appointment :

15.10.1980

DIN No.:

02525220

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	U24231TN1980PTC008206	MEDOPHARM PRIVATE LIMITED	Director	15/10/1980	15/10/1980	-	Active	NO
2	U51909TN1944PTC000186	AGUR CHAND MAN MULL PRIVATE LIMITED	Managing director	15/07/1984	15/07/1984	-	Active	NO
3	U21022TN2004PTC054914	AGMA PACKAGING PRIVATE LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO

Name :

Mr. Mohanmull Ranjitmull Chordia

Designation :

Director

Address :

No. 2, Lakshmi Road, Shanthinagar, Bengaluru – 560027, Karnataka, India

Date of Appointment :

14.12.2004

DIN No.:

05350878

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	U21022TN2004PTC054914	AGMA PACKAGING PRIVATE LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO
2	U24231TN1980PTC008206	MEDOPHARM PRIVATE LIMITED	Director	14/12/2004	14/12/2004	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Sardarmal Mohanmull Chordia	26974
Ranjithmal Chordia	5347
Ranjithmal Chordia and Sons HUF	24900
Sampathmal Chordia and Sons HUF	24900
Sampathmal Chordia	5346
Surendra Kumar Chordia	6500
Udhan Kumar Chordia	13333
Umedh Chordia	3500
Pannalal Chordia	1750
Gambhir Chordia	1750
Bela Chordia	6500
V. Chandrasekar Rao	20000
TOTAL	140800

As on 30.09.2014

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 :	The Company is in the Business of Manufacturing and Sales including Exports of Pharmaceutical Products.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :
Name of the Person :
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged[We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

· Karnataka Bank Limited, T.C. Street Branch, 171, Thambu Chetty Street, Chennai – 600001, Tamilnadu, India

· Indian Bank, Madras George Town Branch, No.155, Thambu Chetty Street, Chennai – 600001, Tamilnadu, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loans from Banks	27.099	40.082

Short Term Borrowing
Term Loans from Bank	207.395	134.852
Total	234.494	174.934

Auditors :
Name :	K.C. Sthalasayanam Chartered Accountants
Address :	New No. 177, Old No. 87, Vinayaga Nagar, Kutchery Road, Mylapore, Tamilnadu, India
PAN No.:	AABPL2791C

Memberships :	--

Collaborators :	--

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Agma Packaging Private Limited CIN No.: U21022TN2004PTC054914 Castor and Pollux Private Limited CIN No.: U24232TN2002PTC050109

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

150000	Equity Shares	Rs.1000/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

140800	Equity Shares	Rs.1000/- each	Rs. 140.800 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	140.800	130.000	110.000
(b) Reserves & Surplus	25.425	34.075	8.655
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	35.000
Total Shareholders’ Funds (1) + (2)	166.225	164.075	153.655

(3) Non-Current Liabilities
(a) long-term borrowings	207.930	238.808	185.428
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	5.000	5.000	0.000
(d) long-term provisions	0.000		0.000
Total Non-current Liabilities (3)	212.930	243.808	185.428

(4) Current Liabilities
(a) Short term borrowings	207.395	134.852	120.555
(b) Trade payables	324.187	251.157	155.984
(c) Other current liabilities	21.611	23.907	45.390
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	553.193	409.916	321.929

TOTAL	932.348	817.799	661.012

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	288.397	281.766	241.942
(ii) Intangible Assets	39.889	47.176	54.464
(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	0.520	0.520	0.360
(c) Deferred tax assets (net)	6.570	24.342	26.984
(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	335.376	353.804	323.750

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	244.903	207.103	194.852
(c) Trade receivables	228.865	167.979	81.457
(d) Cash and cash equivalents	20.570	19.138	8.763
(e) Short-term loans and advances	102.634	69.775	52.190
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	596.972	463.995	337.262

TOTAL	932.348	817.799	661.012

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TURNOVER	794.728	701.834	532.296

Less	EXPENSES	NA	NA	NA

	NET PROFIT / (LOSS)	9.122	8.062	6.912

	EARNINGS IN FOREIGN CURRENCY	420.397	285.225	2015.025

	Earnings Per Share (Rs.)	64.79	57.26	49.09

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012

Debt Equity Ratio (Total Debt /Networth)	2.50	2.28	1.99

Current Ratio (Current Asset/Current Liability)	1.08	1.13	1.05

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	110.000	130.000	140.800
Reserves & Surplus	8.655	34.075	25.425
Net worth	118.655	164.075	166.225

long-term borrowings	185.428	238.808	207.930
Short term borrowings	120.555	134.852	207.395
Total borrowings	305.983	373.660	415.325
Debt/Equity ratio	2.579	2.277	2.499

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	532.296	701.834	794.728
		31.850	13.236

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	532.296	701.834	794.728
Profit	6.912	8.062	9.122
	1.30%	1.15%	1.15%

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 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	No
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	No
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

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loan from others	180.830	198.726
Total	180.830	198.726

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10366406	17/12/2012 *	60,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	B65222432
2	10136524	17/05/2013 *	361,700,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B79200077
3	90289787	27/03/2014 *	304,900,000.00	THE KARNATAKA BANK LIMITED	T.C.STREET BRANCH, 324, THAMBU CHETTY STREET, CHENNAI, Tamil Nadu - 600001, INDIA	C04131421

* Date of charge modification

FIXED ASSETS

Plant and Equipment
Land and Building
Furniture and Fixtures
Vehicles
Office Equipment

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 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.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.05

INFORMATION DETAILS

Information Gathered by :	GAY

Analysis Done by :	DIV

Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	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	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		30

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.

MIRA INFORM REPORT

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