MIRA INFORM REPORT

Report Date :

23.12.2014

IDENTIFICATION DETAILS

Name :	BHARGAVA PHYTOLAB PRIVATE LIMITED (w.e.f. 21.12.2012)
Formerly Known as :	R.S. BHARGAVA PHARMACY PRIVATE LIMITED
Registered Office :	A-249, New Friends Colony, New Delhi – 110065
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.01.2001
Com. Reg. No.:	55-109392
Capital Investment / Paid-up Capital :	Rs.13.159 Millions
CIN No.: [Company Identification No.]	U74899DL2001PTC109392
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Homeopathic Medicines.
No. of Employees :	67 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 52000
Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. 23 AC for the year 2014 could not be made available from government department. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to medium 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

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

Name :	Ms. Shalini
Designation :	Senior Executive Account
Contact No.:	91-120-4671000
Date :	20.12.2014

LOCATIONS

Registered Office :	A-249, New Friends Colony, New Delhi – 110 065, India
Tel. No.:	91-120-4671000
Fax No.:	91-120-4671043
E-Mail :	accounts@rsbhargava.net
Website :	www.bhargavaphytolab.com
Location :	Owned
Corporate Office :	B-92, Sector-2, Noida – 201 301, Uttar Pradesh, India
Location :	Owned
Factory :	E-1216, Phase-I, Ghatal, Bhiwadi Industrial Area, Bhiwadi, Rajasthan, India
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rajeshwar Sahai Bhargava

Designation :

Director

Address :

A-249, New Friends Colony, New Delhi – 110 025, India

Date of Birth/Age :

28.02.1958

Date of Appointment :

25.01.2001

DIN No.:

00195071

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	U74899DL2001PTC109392	BHARGAVA PHYTOLAB PRIVATE LIMITED	Director	25/01/2001	25/01/2001	Active	NO
2	U74899DL2005PLC143855	R S BIOPHARM LIMITED	Director	20/12/2005	20/12/2005	Strike off	NO

Name :

Mrs. Kalpana Bhargava

Designation :

Director

Address :

A-249, New Friends Colony, New Delhi – 110 025, India

Date of Birth/Age :

25.03.1961

Date of Appointment :

25.01.2001

DIN No.:

00195047

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	U74899DL2001PTC109392	BHARGAVA PHYTOLAB PRIVATE LIMITED	Director	25/01/2001	25/01/2001	Active	NO
2	U74899DL2005PLC143855	R S BIOPHARM LIMITED	Director	20/12/2005	20/12/2005	Strike off	NO

Name :

Mr. Karan Bhargava

Designation :

Director

Address :

A-249, New Friends Colony, New Delhi – 110 025, India

Date of Birth/Age :

01.12.1983

Date of Appointment :

01.11.2002

DIN No.:

00195097

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	U74899DL2001PTC109392	BHARGAVA PHYTOLAB PRIVATE LIMITED	Director	01/11/2002	01/11/2002	Active	NO
2	U74899DL2005PLC143855	R S BIOPHARM LIMITED	Director	20/12/2005	20/12/2005	Strike off	NO
3	U51909DL2010PTC199425	NYXISM MARKETING PRIVATE LIMITED	Director	23/02/2010	23/02/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Sneh Sharma
Designation :	Account Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Rajeshwar Sahai Bhargava	95,210
Kalpana Bhargava	13,096
Navin Goel	1,000
Rajesh Bhargava	500
Sandeep Kumar	1,000
Rajeshwar Sahai Bhargava Karta	6,250
Ashok Kumar Bhargava	10
Roop Chand Hansraj HUF	10
Manisha Bothra	10
Harikant Bhargava	2,000
Karan Bhargava	3,500
Deepti Bhargava	9,000
Total	131,586

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	97.00
Others	3.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Homeopathic Medicines.
Products :	Homeopathic Medicines
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Homeopathic Medicines
Countries :	· Russia · Ukraine · Turkmenistan
Imports :
Products :	Packing Material
Countries :	China
Terms :
Selling :	L/C, Cash
Purchasing :	L/C, Cash

GENERAL INFORMATION

Suppliers :

Mukesh Printers – Delhi

Customers :

SAP Agencies – Kolkata

No. of Employees :

67 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

· State Bank of India, New Friends Colony, New Delhi – 110 025, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rajasthan Financial Corporation	11.955	11.250
ICICI Car Loan	0.492	0.000
Total	12.447	11.250

Banking Relations :	--
Financial Institutions :	Rajasthan Financial Corporation, RIICO Chowk, Bhiwadi – 301 019, Rajasthan, India
Auditors :
Name :	Ahmad Shukla and Associates Chartered Accountants
Address :	203, 926/1, Naiwala, Karolbagh, New Delhi – 110 005, India
PAN No.:	AAFFA5572Q
Membership :	--
Sister Concern :	R S Bhargava Pharmacy

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
132000	Equity Shares	Rs.100/- each	Rs.13.200 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
131586	Equity Shares	Rs.100/- each	Rs.13.159 Millions

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	13.159	13.159	8.859
(b) Reserves & Surplus	4.969	4.791	0.377
(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)	18.128	17.950	9.236
(3) Non-Current Liabilities
(a) long-term borrowings	18.058	17.309	9.157
(b) Deferred tax liabilities (Net)	0.205	0.180	0.127
(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)	18.263	17.489	9.284
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	15.093	14.172	9.708
(c) Other current liabilities	4.190	4.006	1.846
(d) Short-term provisions	0.000	0.050	0.110
Total Current Liabilities (4)	19.283	18.228	11.664
TOTAL	55.674	53.667	30.184
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	44.317	39.547	17.175
(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	0.477	0.477	0.177
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	44.794	40.024	17.352
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.224	2.402	2.908
(c) Trade receivables	7.285	9.237	8.402
(d) Cash and cash equivalents	0.629	1.122	1.170
(e) Short-term loans and advances	0.742	0.882	0.352
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10.880	13.643	12.832
TOTAL	55.674	53.667	30.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	31.825	25.997	15.566
	EXPENSES		31.622	25.832	15.269
	PROFIT/(LOSS) BEFORE TAX		0.203	0.158	0.297
Less	TAX		0.025	0.043	0.089
	PROFIT/(LOSS) AFTER TAX		0.178	0.115	0.208
	Earnings Per Share (Rs.)		1.35	0.87	2.34

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin PAT / Sales	(%)	0.56	0.44	1.34
Return on Total Assets (PBT/Total Assets}	(%)	0.36	0.29	0.98
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.03
Debt Equity Ratio (Total Debt /Networth)		1.00	0.96	0.99
Current Ratio (Current Asset/Current Liability)		0.56	0.75	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	8.859	13.159	13.159
Reserves & Surplus	0.377	4.791	4.969
Net worth	9.236	17.950	18.128
long-term borrowings	9.157	17.309	18.058
Short term borrowings	0.000	0.000	0.000
Total borrowings	9.157	17.309	18.058
Debt/Equity ratio	0.991	0.964	0.996

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	15.566	25.997	31.825
		67.011	22.418

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	15.566	25.997	31.825
Profit	0.208	0.115	0.178
	1.34%	0.44%	0.56%

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 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	Yes
18]	Major customers	Yes
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

NOTE: registered office address of the company has been shifted from 115-A, 2^nd Floor, Hari Nagar, Ashram Chowk, Delhi – 110 014, India to the present address w.e.f. 31.03.2012

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From Body Corporate	0.000	0.036
Manag Marketing Private Limited	0.403	0.094
From Directors, Relatives, Others	5.208	5.929
Total	5.611	6.059

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10438136	05/07/2013	15,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013,, MAHARASHTRAINDIA	B80164221
2	10319538	02/11/2011	15,000,000.00	RAJASTHAN FINANCIAL CORPORATION	RIICO CHOWK, BHIWADI - 301019, RAJASTHAN, INDIA	B25986258

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Car

· Motor Cycle

· Air Conditioner

· Office Building

· Office Equipment

· Electric Fitting

· Furniture and Fixture

· Computer

· Water Pump and Tank

· Telephone and EPBX

· Weighing Machine

· Office Land

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.63.18
UK Pound	1	Rs.98.85
Euro	1	Rs.77.42

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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	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		27

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.