MIRA INFORM REPORT

Report Date :

20.01.2014

IDENTIFICATION DETAILS

Name :	MILTON LIFECARE PRIVATE LIMITED
Registered Office :	Office No. 407, 4th Floor, Ramji House Premises Co-Operative Society Limited., 30, Jambulwadi, J.S.S Rd., Kalbadevi, Mumbai – 400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	07.03.2006
Com. Reg. No.:	11-160312
Capital Investment / Paid-up Capital :	Rs.0.200 Million
CIN No.: [Company Identification No.]	U24230MH2006PTC160312
TAN No.: [Tax Deduction & Collection Account No.]	MUMM36605C
PAN No.: [Permanent Account No.]	AAFCM2670J
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Distributor of pharma products.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 24000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge external borrowing recorded by the company during 2013. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 :	Shweta Ghade
Designation :	Account Executive
Contact No.:	91-22-22062944
Date :	16.01.2014

LOCATIONS

Registered Office :	Office No. 407, 4th Floor, Ramji House Premises Co-Operative Society Limited., 30, Jambulwadi, J.S.S Rd., Kalbadevi, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-22062944/45/32905210
Fax No.:	91-22-22062941
E-Mail :	nambawataca@hotmail.com info@miltonlifecare.co.in
Location :	Rented

DIRECTORS

As on 30.09.2013

Name :

Mr. Anil Chhaganlal Jain

Designation :

Director

Address :

Anand Sagar, Ground Floor 12, Gazdhar Street, Room No G 2, Chira Bazar, Mumbai - 400 002, Maharashtra, India

Date of Appointment :

07.03.2006

DIN No.:

02035816

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	U24230MH2006PTC160312	MILTON LIFECARE PRIVATE LIMITED	Director	07/03/2006	07/03/2006	-	Active	NO
2	U85100MH2009PTC191828	MILTON GENERIC PRIVATE LIMITED	Director	20/04/2009	20/04/2009	-	Active	NO
3	U74120MH2012PTC226015	MILTON MEDICARE PRIVATE LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO

Name :

Mr. Akshay Anilkumar Jain

Designation :

Director

Address :

G 2, Anand Sagar Building, Ground Floor, Gazdar Street, Chira Bazar, J.S.S Road, Mumbai - 400 002, Maharashtra, India

Date of Appointment :

04.04.2009

DIN No.:

02599554

Name :

Mr. Hitesh Bhupendra Shah

Designation :

Director

Address :

Sai Sadan, 2nd Floor, Parvadhan Colony, Govandi, Mumbai - 400 088, Maharashtra, India.

Date of Appointment :

04.04.009

DIN No.:

02602902

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	U24230MH2006PTC160312	MILTON LIFECARE PRIVATE LIMITED	Director	04/04/2009	04/04/2009	-	Active	NO
2	U74999MH2012PTC239091	AURELIA BIOLOGICALS PRIVATE LIMITED	Director	24/12/2012	24/12/2012	-	Active	NO

KEY EXECUTIVES

Name :	Shweta Ghade
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Anil Chhaganlal Jain	8000
Shantilal Bhikamchand Jain	1000
Dilip Shantilal Jain	1000
Hitesh Bhupendra Shah	10000
Total	20000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Distributor of pharma products.
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :

Intas Pharmaceuticals

Customers :

· TATA Hospital

· Aditya Pharma

· Anil Medical

· Asiad Agency

· Asian Institute of Medical Science

· Bombay Hospital Pharmacy

· Bhatia Hospital Pharmacy

· Cipla Limited

· Cosmos Pharma

· Dawa Bazar

No. of Employees :

25 (Approximately)

Bankers :

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

· ING Vysya Bank Limited, Shop No 3 To 7, Plot No 175, Runwal, Grandeur, 18th Road, Chembur (West), Mumbai - 400071, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
From HDFC Bank Limited	8.971	7.266
Total	8.971	7.266

Banking Relations :	--
Auditors :
Name :	Jain and Sancheti Chartered Accountants
Address :	1/1, Wavell House (Fatemi Manzil),1^st Floor, 13-21 1st Dobhi Talao Lane, Near Metro Cinema, Mumbai – 400002, Maharashtra
Tel. No.:	91-22-22089288
E-Mail :	Jainsur2000@yahoo.co.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFJ1425A
Associates/Subsidiaries :	· Milton Pharma – Proprietorship · Milton Generic Private Limited · Milton Medicare

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs. 0.200 Million

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	0.200	0.200	0.001
(b) Reserves & Surplus	5.736	2.915	0.011
(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)	5.936	3.115	0.012
(3) Non-Current Liabilities
(a) long-term borrowings	50.421	41.010	0.340
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	50.421	41.010	0.340
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	34.308	17.559	0.157
(c) Other current liabilities	1.165	2.357	0.017
(d) Short-term provisions	2.092	0.828	0.005
Total Current Liabilities (4)	37.565	20.744	0.179
TOTAL	93.922	64.869	0.531
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.550	0.634	0.005
(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	0.000	0.000	0.000
(e) Other Non-current assets	2.221	0.890	0.005
Total Non-Current Assets	2.771	1.524	0.010
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	39.204	31.556	0.255
(c) Trade receivables	50.531	31.238	0.226
(d) Cash and cash equivalents	1.416	0.551	0.040
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	91.151	63.345	0.521
TOTAL	93.922	64.869	0.531

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	342.647	236.931
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	338.560	234.248
	PROFIT BEFORE TAX		4.087	2.683
Less	TAX		1.266	0.839
	PROFIT AFTER TAX		2.821	1.844
	Earnings Per Share (Rs.)		141.05	NA

Expected Sales (2013-2014) : Rs.400.000 Millions

The above information has been parted by Shweta Ghade (Account Executive)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.82	0.78	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.35	4.14	NA
Return on Investment (ROI) (PBT/Networth)		0.69	0.86	NA
Debt Equity Ratio (Total Debt /Networth)		8.49	13.17	28.33
Current Ratio (Current Asset/Current Liability)		2.43	3.05	2.91

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 two 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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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

NOTE: Registered office of the company has been shifted from 2^nd Floor, Bhagwan Bhuvan,15 Dadi Santuk Lane JSS Road, Chira Bazar, Mumbai-400 002, Maharashtra, India to the present address w.e.f 01.04.2011

OPERATIONS AND FUTURE OUTLOOK

This is company’s seventh year of business operations. The performance of satisfactory during the year. The business is expected to increase in future.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Akshay A Jain	0.010	8.000
Anil C Jain	0.925	0.425
Keshv Diamond Private Limited	10.000	0.000
Damyanti S Jain	1.280	1.280
Dilip Shantilal Jain	0.005	0.005
Encee Securities Private Limited	24.660	4.670
Hitesh Bupendra Shah (HUF)	0.470	0.200
Hitesh B Shah	0.500	7.500
Kiran Dilip Jain	0.210	0.210
Mamta A Jain	0.000	3.254
Pravin V Jain	0.000	0.960
Regent Stock and Commodities Private Limited	0.000	0.500
Shantilal B Jain	0.805	5.305
Vanita H Shah	2.585	1.435
Total	41.450	33.744

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10311025	27/02/2013 *	12,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B69682219

* Date of charge modification

FIXED ASSETS

· Computer

· Furniture, Fixture and Fitting

· Plant and Machinery

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.61.35
UK Pound	1	Rs.100.21
Euro	1	Rs.83.52

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.