MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	RANQ REMEDIES PRIVATE LIMITED
Registered Office :	Ganatra Complex, D-112, Next To Punjani Estate, Khopat, Thane (West), Thane – 400601, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.09.2002
Com. Reg. No.:	11-137303
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U24230MH2002PTC137303
TAN No.: [Tax Deduction & Collection Account No.]	PNER0638E
PAN No.: [Permanent Account No.]	AACCR4662E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of MCC Panels.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 610000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has failed to file its latest financials of 2013 with government department. As per financial of 2012, liquidity position of the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 – March 31, 2014

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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DENIED BY

Name :	Ms. Pritee
Designation :	Administration Head
Contact No.:	91-22-25477261
Date :	11.06.2014

LOCATIONS

Registered Office / Factory:	Ganatra Complex, D-112, Next To Punjani Estate, Khopat, Thane (West), Thane – 400601, Maharashtra, India
Tel. No.:	91-22-25477261
Fax No.:	Not Available
E-Mail :	ranq@vsnl.net ranq@vsnl.com
Website :	www.microcellulose.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Sameer Gajanan Ranadive

Designation :

Director

Address :

101, New Building, CHS Limited, Plot No. 2513, Road – 5, J.V.P.D., Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

16.01.1958

Date of Appointment :

20.09.2002

DIN No. :

00611675

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	U24230MH1991PTC062793	RANQ PHARMACEUTICALS AND EXCIPIENTS PRIVATE LIMITED	Director	02/08/1991	02/08/1991	-	Active	NO
2	U24230MH2002PTC137303	RANQ REMEDIES PRIVATE LIMITED	Director	20/09/2002	20/09/2002	-	Active	NO
3	U24233MH2013PTC248519	RANQ CELLULOSE PRIVATE LIMITED	Director	24/09/2013	24/09/2013	-	Active	NO

Name :

Mrs. Gauri Hemant Naiknavare

Designation :

Director

Date of Birth/Age :

25.12.1961

Date of Appointment :

20.09.2002

DIN No. :

00824736

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	U24230MH1991PTC062793	RANQ PHARMACEUTICALS AND EXCIPIENTS PRIVATE LIMITED	Director	02/08/1998	02/08/1998	-	Active	NO
2	U24230MH2002PTC137303	RANQ REMEDIES PRIVATE LIMITED	Director	20/09/2002	20/09/2002	-	Active	NO

Name :

Mrs. Janhavi Sameer Ranadive

Designation :

Director

Address :

12, Datey Nagar, Ranadive House, Off Gangapur Road, Nashik – 422005, Maharashtra, India

Date of Birth/Age :

26.01.1987

Date of Appointment :

18.07.2013

DIN No. :

06500857

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	U24230MH1991PTC062793	RANQ PHARMACEUTICALS AND EXCIPIENTS PRIVATE LIMITED	Director	18/07/2013	18/07/2013	-	Active	NO
2	U24230MH2002PTC137303	RANQ REMEDIES PRIVATE LIMITED	Director	18/07/2013	18/07/2013	-	Active	NO
3	U24233MH2013PTC248519	RanQ Cellulose Private Limited	Director	24/09/2013	24/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Pritee
Designation :	Administration Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ranq Pharmaceuticals and Excipients Private Limited, India	45000
Sameer Gajanan Ranadive	2500
Shubhada Sameer Ranadive	2500
Total	50000

AS ON 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	90.00
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of MCC Panels.

GENERAL INFORMATION

No. of Employees :	Information declined by the management.
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	R.M. Ajgaonkar and Company Chartered Accountants
Address :	Sambava Chembers, Sir P.M. Road, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAPA9416G
Holding Company :	Ranq Pharmaceuticals and Excipients Private Limited, India

CAPITAL STRUCTURE

AS ON 29.09.2012

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
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	151.654	120.669
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	152.154	121.169
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.470	0.434
Total Non-current Liabilities (3)	0.470	0.434
(4) Current Liabilities
(a) Short term borrowings	0.068	0.240
(b) Trade payables	4.940	5.526
(c) Other current liabilities	6.681	5.204
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	11.689	10.970
TOTAL	164.313	132.573
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17.351	20.760
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	2.468	2.126
(d) Long-term Loan and Advances	0.761	15.757
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	20.580	38.643
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	16.687	22.378
(c) Trade receivables	57.779	53.109
(d) Cash and cash equivalents	66.305	13.002
(e) Short-term loans and advances	2.962	5.441
(f) Other current assets	0.000	0.000
Total Current Assets	143.733	93.930
TOTAL	164.313	132.573

SOURCES OF FUNDS	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital	1.400
2] Share Application Money	0.000
3] Reserves & Surplus	72.714
4] (Accumulated Losses)	0.000
NETWORTH	74.114
LOAN FUNDS
1] Secured Loans	1.752
2] Unsecured Loans	1.855
TOTAL BORROWING	3.607
DEFERRED TAX LIABILITIES	0.000
TOTAL	77.721
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	24.324
Capital work-in-progress	0.000
INVESTMENT	5.579
DEFERRED TAX ASSETS	0.039
CURRENT ASSETS, LOANS & ADVANCES
Inventories	4.202
Sundry Debtors	14.206
Cash & Bank Balances	20.331
Other Current Assets	3.619
Loans & Advances	8.436
Total Current Assets	50.794
Less : CURRENT LIABILITIES & PROVISIONS
Sundry Creditors	0.000
Other Current Liabilities	2.499
Provisions	0.516
Total Current Liabilities	3.015
Net Current Assets	47.779
MISCELLANEOUS EXPENSES	0.000
TOTAL	77.721

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	SALES
	Income	188.536	174.028	22.757
	Other Income	6.242	0.998	1.494
	TOTAL (A)	194.778	175.026	24.251
Less	EXPENSES
	Cost of Materials Consumed	88.500	93.681	19.476
	Profit Prior Period Items	0.000	0.001
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.427	(1.019)
	Employees benefits expense	5.752	4.711
	Operating and Other expenses	48.259	54.629
	TOTAL (B)	144.938	152.003	19.476
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	49.840	23.023	4.775
Less	FINANCIAL EXPENSES (D)	0.011	1.421	0.229
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	49.829	21.602	4.546
Less/ Add	DEPRECIATION/ AMORTISATION (F)	4.265	4.874	1.248
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	45.564	16.728	3.298
Less	TAX (H)	14.579	5.488	(0.270)
	PROFIT/ (LOSS) AFTER TAX (G-H)	30.985	11.240	3.568
	Earnings / (Loss) Per Share (Rs.)	619.700	224.800	254.89

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	15.91	6.42	14.71
Net Profit Margin (PBT/Sales)	(%)	24.17	9.61	14.49
Return on Total Assets (PBT/Total Assets}	(%)	28.15	12.82	4.39
Return on Investment (ROI) (PBT/Networth)		0.299	0.138	0.04
Debt Equity Ratio (Total Debt /Networth)		0.068	0.24	0.04
Current Ratio (Current Asset/Current Liability)		12.30	8.56	16.84

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500
Reserves & Surplus	120.669	151.654
Net worth	121.169	152.154
long-term borrowings	0.000	0.000
Short term borrowings	0.240	0.068
Total borrowings	0.240	0.068
Debt/Equity ratio	0.002	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	22.757	174.028	188.536
		664.723	8.337

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	22.757	174.028	188.536
Profit After Tax	3.568	11.240	30.985
	15.68%	6.46%	16.43%

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	No
24]	Banking facility details	No
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	No
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:

• No Charges Exist for Company.

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans from related parties	0.068	0.240
Total	0.068	0.240

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

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.59.26
UK Pound	1	Rs.99.63
Euro	1	Rs.80.59

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-----
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		45

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.