MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	AJANTA PHARMA (MAURITIUS) LTD.
Registered Office :	MEDIA Industrial Building, Goodlands
Country :	Mauritius
Date of Incorporation :	03.04.2012
Com. Reg. No.:	C108935
Legal Form :	Limited Corporation
Line of Business :	Manufacturer and Marketer of pharmaceutical products
No of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Mauritius	A2	A2

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

MAURITIUS ECONOMIC OVERVIEW

Since independence in 1968, Mauritius has developed from a low-income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. Mauritius has achieved steady and strong growth over the last several decades, resulting in more equitable income distribution, increased life expectancy, lowered infant mortality, and a much-improved infrastructure. The economy rests on sugar, tourism, textiles and apparel, and financial services, and is expanding into fish processing, information and communications technology, and hospitality and property development. Sugarcane is grown on about 90% of the cultivated land area and accounts for 15% of export earnings. The government's development strategy centers on creating vertical and horizontal clusters of development in these sectors. Mauritius has attracted more than 32,000 offshore entities, many aimed at commerce in India, South Africa, and China. Investment in the banking sector alone has reached over $1 billion. Mauritius, with its strong textile sector, has been well poised to take advantage of the Africa Growth and Opportunity Act (AGOA). Mauritius' sound economic policies and prudent banking practices helped to mitigate negative effects of the global financial crisis in 2008-09. GDP grew in the 3-4% per year range in 2010-13, and the country continues to expand its trade and investment outreach around the globe

Source : CIA
	SUBJECT'S NAME
	Registered Name:	AJANTA PHARMA (MAURITIUS )LTD.
	Requested Name:	AJANTA PHARMA (MARUTIUS )LTD.
	Other Names:	APML
	ADDRESS AND TELECOMMUNICATION
	Physical Address:	MEDIA Industrial Building, Goodlands, Mauritius
	Factory Address:	BPML Industrial Building ,Goodlands, Mauritius
	Postal Address:	MEDIA Industrial Building, Goodlands,
	Country:	Mauritius
	Phone:	230-2830334/6591/2169
	Fax:	230-2831172
	Email:	apml.info@ajantapharma.com/ apml@intnet.mu
	Website:	www.ajantamauritius.com
	CREDIT OPINION
	Financial Index as of December 2013 shows subject firm with a medium risk of credit.
	LEGAL
	Legal Form:		Limited Corporation
	Date Incorporated:		03/04/2012
	Reg. Number:		C108935
	Nominal Capital		MUR. 613,791
	Subscribed Capital		MUR. 613,791
	Subscribed Capital is Subscribed in the following form:
			Position		Shares
	Mr. Mannalal B. Agrawal		Chairman
	Mr. Purushottam B. Agrawal		Vice Chairman
	Mr. Madhusudan B. Agrawal		Vice Chairman
	Mr. Yogesh M. Agrawal		MD
	Mr. Chandrakant Khetan		Director
	Dr. Anil Kumar		Director
	Ms. Madhu Verma		Director
	Mr. S. C. Saha		Director
	Ajanta Pharma Limited(India)		Holding Co.		100%
	RELATED COMPANIES
	None		Parent company.
	None		Subsidiary company.
	Ajanta Pharma Inc., Ajanta Pharma Philippines Inc., Ajanta Pharma Ltd.(Vietnam).		Affiliated company.
	None		Shareholder of subject firm.
	None		Branches of the firm
	OPERATIONS
	Registered to operate as manufacturer and marketer of pharmaceutical products
	Imports:		Worldwide
	Exports:		Neighboring countries
	Trademarks:		None
	Terms of sale:		Cash (40%) and 25-90 days (60%), invoices.
	Main Customers:		firms and organizations
	Employees:		25 employees.
	Vehicles:		Several motor vehicles.
	Territory of sales:		Mauritius
	Location:		Leased premises, 5,000 square feet,
	AUDITORS AND INSURANCE
	Auditors:		Information not available.
	Insurance Brokers:		Information not available.
	FINANCE
	Currency Reported:		Mauritius Rupee (MUR.)
	Approx. Ex. Rate:		1 US Dollar = 30.19 Mauritius Rupee
	Fiscal Year End:		December 31, 2013
	Inflation:		According to information given by independent sources, the inflation at December 31st, 2013 was of 13%.
	Financial Information not Submitted
	Profit and Loss (expressed in MUR.)
				2013
	Sales			455,000,000
	BANK
	Bank Name:		MCB BANK
	Branch:		Mauritius
	Comments:		None
	COMMENTS / ADDITIONAL INFORMATION
	This information was obtained from outside sources other than the subject company itself and confirmed the above subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 59.97
UK Pound	1	Rs. 102.89
Euro	1	Rs. 82.02

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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	--

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.