MIRA INFORM REPORT

Report Date :

19.03.2014

IDENTIFICATION DETAILS

Name :	MEDI-STATION PHARMA PRIVATE LIMITED
Registered Office :	Sterling House, 5/7, Solabji Santook Lane, Dhobi Talao, Opposite Parsi Bakery, Mumbai-400002, Maharashtra
Country :	India
Financials (as on) :	31.03.2013 [Provided by management]
Date of Incorporation :	24.08.2011
Com. Reg. No.:	11-221224
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74900MH2011PTC221224
TAN No.: [Tax Deduction & Collection Account No.]	MUMM42634E
PAN No.: [Permanent Account No.]	AAHCM3933E
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Pharmaceutical Products and Bulk Drugs.
No. of Employees :	5 [In Office 2 and In Factory 3] Approximately

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has not filed its latest financials i.e. 2013 with the government department. Ms. Sonica from Account Department provided us with financials of the company. The company seems to have weak financial risk profile marked by huge accumulated losses and small scale of operations. However, the company expects to perform well in the coming years. Business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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 :	Ms. Sonica
Designation :	Account Department
Contact No.:	91-22-67085549
Date :	18.03.2014

LOCATIONS

Registered Office :	Sterling House, 5/7, Solabji Santook Lane, Dhobi Talao, Opposite Parsi Bakery, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-67085549
Fax No.:	Not Available
E-Mail :	akshay242@gmail.com punitgoyalagrawal@yahoo.in
Admin Office :	308, Sanghavi Square, M.G. Road, Ghatkopar (West), Mumbai-400086, Maharashtra, India
Godown :	AQ1/105, Shree Rajalaxmi Commercial Complex, Kalher, Bhiwandi, District Thane, Maharashtra, India

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Kedarprasad Lathkar
Designation :	Director
Address :	401, Prhamesh Hills, Kolshet Road, Dhokali Naka, Thane (West) – 400607, Maharashtra, India
Date of Birth/Age :	20.01.1979
Qualification :	CA
Experience :	5 Years
Pan No.:	ABUPL0404C
Name :	Mr. Jitendra Sirsikar
Designation :	Director
Address :	26/211, Besides Kalaswad Drawing Classes, Maharishi Nagar, Pune, Maharashtra, India
Date of Birth/Age :	27.08.1977
Qualification :	MBA
Experience :	5 Years

KEY EXECUTIVES

Name :	Ms. Sonica
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares	% Age
Neil Madan Bahal	9900	99.00
Bharat Bhushan Bahal	100	1.00
TOTAL	10000	100.00

AS ON 30.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Trading of Pharmaceutical Products and Bulk Drugs.
Products :	Bulk Drugs Pharmaceuticals Product Chemicals

GENERAL INFORMATION

Suppliers :	Starcare India Limited, Mumbai, Maharashtra, India Glo-Vision Medicamens Limited, Mumbai, Maharashtra, India Healus India Private Limited, Mumbai, Maharashtra, India
Customers :	Wholesalers and Retailers Arihant Medicos, Nagpur, Maharashtra, India Sapna Agencies, Jalgaon, Maharashtra, India Vardhman Drug House, Jalgaon, Maharashtra, India
No. of Employees :	5 [In Office 2 and In Factory 3] Approximately
Bankers :	IDBI Bank, Starling House, Mumbai, Maharashtra, India Union Bank of India
Facilities :	--

Banking Relations :	--
Auditors 1 :
Name :	S.V. Doshi and Company Chartered Accountants
Address :	602 E, Neelkanth, 98, Marines Lines, Mumbai-400002, Maharashtra, India
PAN No:	AALFS7492K
Auditors 2 :
Name :	Agarwal Akshay and Associates Chartered Accountants
Tel No.:	91-22-67108062

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013 [Provided By Management]	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	(0.103)	(0.106)
(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)	(0.003)	(0.006)
(3) Non-Current Liabilities
(a) Long-term borrowings	2.987	0.346
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.987	0.346
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	1.024	0.781
(c) Other current liabilities	0.012	0.052
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	1.036	0.833
TOTAL	4.020	1.173
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.581	0.305
(ii) Intangible Assets	0.045	0.013
(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)	0.000	0.000
(d) Long-term Loan and Advances	0.311	0.300
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	0.937	0.618
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.397	0.452
(c) Trade receivables	0.630	0.063
(d) Cash and cash equivalents	0.000	0.000
(e) Short-term loans and advances	0.006	0.000
(f) Other current assets	0.050	0.040
Total Current Assets	3.083	0.555
TOTAL	4.020	1.173

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013 [Provided By Management]	31.03.2012
	SALES
		Income	4.099	0.586
		Other Income	0.000	0.000
		TOTAL	4.099	0.586
Less	EXPENSES
		Purchase of Medicines	4.920	0.477
		Employee Benefit Expenses	0.397	0.112
		Other Expenses	0.674	0.091
		Change in Inventories	(1.945)	0.000
		TOTAL	4.046	0.680
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.053	(0.094)
Less/ Add	DEPRECIATION/ AMORTISATION		0.050	0.012
	PROFIT / (LOSS) BEFORE TAX		0.003	(0.106)
Less	TAX		0.000	0.000
	PROFIT / (LOSS) AFTER TAX		0.003	(0.106)
	Earnings / (Loss) Per Share (Rs.)		0.34	(10.64)

KEY RATIOS

PARTICULARS		31.03.2013 [Provided By Management]	31.03.2012
PAT / Total Income	(%)	0.07	(18.09)
Net Profit Margin (PBT/Sales)	(%)	0.07	(18.09)
Return on Total Assets (PBT/Total Assets}	(%)	0.07	(9.04)
Return on Investment (ROI) (PBT/Networth)		(1.00)	17.67
Debt Equity Ratio (Total Debt/Networth)		(995.67)	(57.67)
Current Ratio (Current Asset/Current Liability)		2.97	0.67

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100
Reserves & Surplus	(0.106)	(0.103)
Net worth	(0.006)	(0.003)
long-term borrowings	0.346	2.987
Short term borrowings	0.000	0.000
Total borrowings	0.346	2.987
Debt/Equity ratio	(57.667)	(995.667)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.586	4.099
		599.488

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.586	4.099
Profit	(0.106)	0.003
	(18.09%)	0.07%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	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	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY.

REVIEW OF OPERATION:

During the year, the company has earned of Rs.0.003 million as against loss of Rs.0.106 million during the previous financial year. The directors are continuously looking for avenues for future growth of the company in healthcare industry.

Unsecured Loan	31.03.2013 [Provided By Management]	31.03.2012
	[Rs. In Millions]
Long Term Borrowings
Loans and Advances From Related Parties
Neil Bahal	2.987	0.346
TOTAL	2.987	0.346

FIXED ASSETS:

• Computer
• Office Equipments
• Furniture and Fixtures
• Software

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PROVISIONAL BALANCE SHEET

(RS IN MILLIONS)

SOURCES OF FUNDS	31.01.2014
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	0.825
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	5.500
Total Shareholders’ Funds (1) + (2)	6.425
(3) Non-Current Liabilities
(a) Long-term borrowings	4.287
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) Long-term provisions	0.000
Total Non-current Liabilities (3)	4.287
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	12.988
(c) Other current liabilities	0.447
(d) Short-term provisions	0.000
Total Current Liabilities (4)	13.435
TOTAL	24.147
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.626
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	0.626
(2) Current assets
(a) Current investments	0.000
(b) Inventories	4.091
(c) Trade receivables	16.493
(d) Cash and cash equivalents	2.488
(e) Short-term loans and advances	0.449
(f) Other current assets	0.000
Total Current Assets	23.521
TOTAL	24.147

PROVISIONAL PROFIT & LOSS ACCOUNT

	PARTICULARS		31.01.2014
	SALES
		Income	30.968
		Other Income	0.000
		TOTAL (A)	30.968
Less	EXPENSES
		Purchase of Stock in Trade	30.013
		Employee Benefits Expenses	1.533
		Other Expenses	0.188
		Changes in Inventories of Finished Goods, WIP	(1.694)
		TOTAL (B)	30.040
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.928
Less	FINANCIAL EXPENSES (D)		0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.928
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.928
Less	TAX (H)		0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.928
	Earnings / (Loss) Per Share (Rs.)		92.80

KEY RATIOS

PARTICULARS		31.01.2014
PAT / Total Income	(%)	3.00
Net Profit Margin (PBT/Sales)	(%)	3.00
Return on Total Assets (PBT/Total Assets}	(%)	3.77
Return on Investment (ROI) (PBT/Networth)		0.14
Debt Equity Ratio (Total Debt/Networth)		0.67
Current Ratio (Current Asset/Current Liability)		1.75

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

Name of the Borrower/Co-Borrower/Guarantors	Kedarprasad Lathkar
Nationality	Indian
Father/Husband Name	Sharad Balwantrao Lathkar
Address	401, Prathamesh Hills, Kolshet Road, Dhokali Naka, Thane (West) – 400607, Maharashtra, India
Date of Birth	20.01.1979
Occupation	Business
Annual Income (Enclose Copy of Salary slip/I.T. Return and Pan Card)	Rs.1.346 Millions
Pan No.	ABUPL0404C

DETAILS OF ASSETS:

IMMOVABLE PROPERTY

Rs. In Millions

Assets	Area	Location/Address	Present Value	Whether Encumbered (Give Details)
Flat/House	Thane	Thane	8.500	No

INVESTMENT IN GOVERNMENT SECURITIES LIKE BONDS/PPF/NSC/KVP/IVP ETC.:

Rs. In Millions

Bonds/Certificate No.:	Maturity Amount
Investments	12.092

VEHICLES:

Rs. In Millions

Type of Vehicle	Present Value
Vehicle	5.200

OTHER INVESTMENT/ASSETS:

Loans and Advances to the following: Rs.0.690 Million

Cash and Bank: Rs.0.410 Million

(Including subsidiaries, Sister, Associates concerns. If Trust/Society)

TOTAL ASSETS: RS.26.892 MILLIONS

LIABILITIES:

Rs. In Millions

Borrowed From	Purpose of Loan	Amt. of Loan
BOI	Car Loan	3.780
HDB Finance	Personal Loan	0.500
HDFC	Personal Loan	1.490
Friends and Relatives	Unsecured Loan	9.000
Total Liabilities	1.477
Total Assets	26.892
Net Worth	12.122

LEGAL HEIRS / FAMILY PARTICULARS:

Name	Occupation	Relation	Age	Marital Status	Address
Madhura Lathkar	Service	Wife	32	Married	401, Prathamesh Hills, Kolshet Road, Dhokali Naka, Thane (West) – 400607, Maharashtra, India

------------------------------------------------------------------------------------------------------------------------------

OPERATING STATEMENT

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
Gross Sales
Domestic Sales	40.000	152.000	167.200
Export Sales	0.000	0.000	0.000
Total	40.000	152.000	167.200
Less: Excise Duty/WCT	0.000	0.000	0.000
Net Sales	40.000	152.000	167.200
% age rise (+) or fall (-) in net sales compared to previous year (annualized)	875.85%	280.00%	10.00%
Cost of Sales
a) Purchases
- Domestic	62.500	136.020	151.142
- Imported	0.000	0.000	0.000
b) Other Spares	0.000	0.000	0.000
- Imported	0.000	0.000	0.000
- Indigenous	0.000	0.000	0.000
c) Power and Fuel	0.000	0.000	0.000
d) Direct Labour	1.250	2.720	3.023
e) Other manufacturing expenses/ research and development cost	0.000	0.000	0.000
f) Depreciation	0.000	0.000	0.000
Sub-Total	63.750	138.740	154.165
Add: Opening Stock in process	2.397	29.000	29.872
Sub Total	66.147	167.740	184.036
Less: Closing stock in process	29.000	29.872	32.774
Sub-Total (Cost of Production)	37.147	137.869	151.263
Add: Opening Stock of Finished Goods	0.000	0.000	0.000
Subtotal	37.147	137.869	151.263
Less: Closing Stock of Finished Goods	0.000	0.000	0.000
Sub-Total (Cost of Sales)	37.147	137.869	151.263
Selling, general and administrative Expenses	1.300	4.850	6.000
Operating profit before interest	1.553	9.281	9.937
Interest	0.478	2.869	2.869
Operating profit after interest	0.000	0.000	0.000
Others	0.000	0.000	0.000
Depreciation	0.045	0.041	0.037
Net of other non-operating income/expenses	0.000	0.000	0.000
Profit before tax/Loss	1.030	6.371	7.031
Less: Provision for taxes	0.318	1.969	2.173
Net Profit	0.711	4.403	4.859
Retained Profit	0.711	4.403	4.859
Retained Profit / Net Profit (% age)	100%	100%	100%

------------------------------------------------------------------------------------------------------------------------------

ANALYSIS OF BALANCE SHEET

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
CURRENT LIABILITIES
Short – Term borrowings from banks [including bill purchased, discounted and excess borrowings placed on repayment basis]
From applicant Banks	25.000	25.000	25.000
From Other Banks	0.000	0.000	0.000
Sub Total (A)	25.000	25.000	25.000
Short Term Borrowings from others
Sundry creditors [Trade]	1.875	2.050	2.277
Sundry creditors [Expenses]	0.000	0.000	0.000
Advance payments from customers/ deposits from dealers	1.300	1.400	1.500
Provision of taxes	0.318	1.969	2.173
Dividend Payable	0.000	0.000	0.000
Other Statutory Liabilities (Due within one year)	0.000	0.000	0.000
Deposits/ Installments of Term/ loans/DPGs/Debentures etc. (Due within one year)	0.000	0.000	0.000
Other current liabilities and provision (Due within one year)	1.000	1.600	1.700
Sub – Total (B)	4.493	7.018	7.650
Total Current Liabilities	29.493	32.018	32.650
TERM LIABILITIES
Debentures (Not Maturing within one year)	0.000	0.000	0.000
Preferences Shares (Redeemable after one year)	0.000	0.000	0.000
Prop. Term Loan excluding installments < 1 year	0.000	0.000	0.000
Term Loans (Excluding Installment)	0.000	0.000	0.000
Deferred Installment (Due within one year)	0.000	0.000	0.000
Term deposit (repayable one year)	0.000	0.000	0.000
Other Term Liabilities	4.700	4.800	4.800
Total Term Liabilities	4.700	4.800	4.800
Total of Outside Liabilities	34.193	36.818	37.450
Net Worth
Share Capital Account	0.100	5.600	5.600
General Reserve	(0.103)	0.608	5.011
Shares Premium Account	5.500	0.000	0.000
Plus (+) or deficit (-) in Profit and Loss Account others (Specify)	0.711	4.403	4.859
Differed Tax Liability	0.000	0.000	0.000
Net Worth	6.208	10.611	15.469
TOTAL LIABILITIES	40.401	47.429	52.920
ASSETS
CURRENT ASSETS
Cash and Bank Balance	1.700	1.705	1.710
Fixed deposit with bank	0.000	0.000	0.000
Receivable Other than Exports	8.000	14.159	15.575
Installment of deferred receivable (due within one year)	0.000	0.000	0.000
INVENTORY:
Raw materials (including stores and other item used in the process of manufacturing)
Imported	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000
Stock – in – process	0.000	0.000	0.000
Finished Goods	29.000	29.872	32.774
Other Consumable Spares	0.000	0.000	0.000
Imported Consumables	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000
Other current assets (specify major items )	0.810	0.843	2.048
TOTAL CURRENT ASSETS	39.510	46.578	52.106
FIXED ASSETS
Gross Block	0.688	0.688	0.688
Depreciation to date	0.108	0.149	0.186
NET BLOCK	0.580	0.539	0.502
Investment/ books debts/ advances/ exposits which are not current assets	0.311	0.311	0.311
Investment in subsidiary company	0.000	0.000	0.000
Others Investment	0.000	0.000	0.000
Others Debtors (6 month)
Security Deposits	0.000	0.000	0.000
Others	0.000	0.000	0.000
TOTAL OTHER NON – CURRENT ASSETS	0.311	0.311	0.311
Intangible assets	0.000	0.000	0.000
TOTAL ASSETS	40.401	47.429	52.920
Tangible Net Worth	6.208	10.611	15.469
Net Working Capital	10.017	14.560	19.456
Current Ratio	1.34	1.45	1.60
Total Outside Liabilities/TNW	5.51	3.47	2.42
Quasi	2.70	2.08	1.61

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COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
CURRENT ASSETS
Cash and Bank Balance	1.700	1.705	1.710
Fixed deposit with bank	0.000	0.000	0.000
Receivable Other than Exports	8.000	14.159	15.575
Installment of deferred receivable (due within one year)	0.000	0.000	0.000
INVENTORY:
Raw materials (including stores and other item used in the process of manufacturing)
Imported	0.000	0.000	0.000
Indigenous	0.000	0.000	0.000
Stock – in – process	0.000	0.000	0.000
Finished Goods	29.000	29.872	32.7740
Other Consumable Spares
Imported Consumables	0.000	0.000	0.000
Indigenous Consumables	0.000	0.000	0.000
Advance to Suppliers of Raw materials and stores and spares	0.000	0.000	0.000
Advances Payments Taxes	0.000	0.000	0.000
Other current assets (specify major items )	0.810	0.843	2.048
TOTAL CURRENT ASSETS	39.510	46.578	52.106
CURRENT LIABILITIES (other than bank borrowings for working capital)
Short term borrowings from others	0.000	0.000	0.000
Sundry Creditors – Trade LC Creditors	1.875	2.050	2.277
Advance payments from customers/deposit from dealers	1.300	1.400	1.500
Provision for tax	0.318	1.969	2.173
Dividend payable	0.000	0.000	0.000
Other statutory liabilities (due within one year)	0.000	0.000	0.000
Deposits/Installments of term loan/DPGs/Debentures, etc. (due within one year)	0.000	0.000	0.000
Other current liabilities and provision (due within one year)	1.000	1.600	1.700
TOTAL CURRENT LIABILITIES	4.493	7.018	7.650

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(RS IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
Total Current Assets	39.510	46.578	52.106
Other Current Liabilities (Other than bank borrowings)	4.493	7.018	7.650
Working Capital Gap (WCG)	35.017	39.560	44.456
Minimum stipulated net working capital i.e. 25% of WCG/ 25% of total current assets as the case may be depending upon the method of lending being applied (Export receivables to be excluded under both methods)	9.878	11.645	13.027
Actual / projected net working capital	10.017	14.560	19.456
Item 3 minus item 4	25.139	27.915	31.430
Item 3 minus item 5	25.000	25.000	25.000
Maximum permissible bank finance (Item 6 or 7 whichever is lower)	25.000	25.000	25.000
Excess Borrowing Representing Short falling NWC	--	--	--

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FUNDS FLOW STATEMENT

(RS IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2015	31.03.2016
	ESTIMATE	PROJECTION	PROJECTION
SOURCES OF FUNDS
Net Profit (after deferred tax)	0.711	4.403	4.859
Depreciation	0.045	0.041	0.037
Increase in share capital/appln./premium	0.000	0.000	0.000
Increase in term liabilities (including public deposits)	5.500	0.000	0.000
Increase in Unsecured Loans
Decrease in	0.000	0.000	0.000
Fixed assets and capital WIP	0.000	0.000	0.000
Other non-current assets	0.000	0.000	0.000
Inc./(dec.) in deferred tax liability / (asset)	0.000	0.000	0.000
Other	0.000	0.000	0.000
Current liabilities	1.713	0.100	0.000
TOTAL	7.970	4.544	4.896
USES
Net loss	0.000	0.000	0.000
Decrease in term liabilities (including public deposits)	0.000	0.000	0.000
Increase in	0.000	0.000	0.000
Fixed assets and capital WIP	0.000	0.000	0.000
Other non-current assets	0.000	0.000	0.000
Dividend payments	0.000	0.000	0.000
Inc./(Dec.) in deferred tax assets/(liability)	0.000	0.000	0.000
Others	0.000	0.000	0.000
Current Assets	0.000	0.000	0.000
Drawings	0.000	0.000	0.000
TOTAL	0.000	0.000	0.000
Long term surplus (+) / Deficit (-)	7.970	4.544	4.896
+ / (-) in current assets	36.427	7.068	5.528
+ (-) in current liabilities other than bank borrowings	3.457	2.525	0.632
+ / (-) in working capital gap	32.970	4.543	4.896
Net surplus (+) / deficit (-) (Differences of)	(25.000)	0.000	0.000
+ / (-) in bank borrowings	25.000	0.000	0.000
* Break Up of (4)
+ / (-) in finished goods	26.603	0.872	2.902
+ / (-) in Receivables
- Domestic	8.000	6.159	1.416
- Export	0.000	0.000	0.000
+ / (-) in stores and spares	0.000	0.000	0.000
+ / (-) in other current assets	1.824	0.038	1.210
TOTAL	36.427	7.068	5.528

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VALUATION REPORT

Purpose of Valuation	Assessment of Fair Market Value
Date of Visit	14/11/2013
Person/s accompanying / available at the site at the time of visit / inspection / valuation	Mr. Raj Pawar
Complete address of the property	Office No. 11, 1^st Floor, Star Zone, Building No. E-1, S. No. 17 A/2, 17 B, 17 K/4 and 17 K/5 + 6, CTS No. 4209 to 4216, Near Datt Mandir, Pune Nashik Road, village Deolali, Taluka and District Nashik-422101, Maharashtra, India
Boundaries	N – Building under construction S – Open Space E – Pune-Nashik Highway W – Internal Road
Title to the property
a) Name of the owner/owners:	Rainchamber Auto Power Stand Private Limited [As per sale deed/Conveyance deed dated 31/10/2013] address same as above.
b) Since how long owning the property	31/10/2013 [As per sale deed/ Conveyance deed]
c) Whether joint/co-ownership/others	Company – Ownership
Location advantages / disadvantages	No. Disadvantages
Classification of locality higher class/middle class/ poor class	Commercial Class
Civic amenities	Available
Proximity to surface communication	Yes
If the property is not within the city/ town/ municipal limits, then state the distance	2 ½ Km From Nashik Railway Station and on the road within Nashik Municipal Corporation Limit
Title to the property
Residential [Flat/ Apartment/ Room/ Office/ Shop/ Unit] any restrictive clauses for sale etc. to be furnished	Office Premises
Commercial	Yes
Year of acquisition / purchase of office	2013
Value / purchase price paid	Rs.7.799 Millions
Year of construction of superstructure/ purchase of building	About 2012
Number of floors/ storeys	Basement + Ground + 2 Floors
Year of completion	About 2013
Cost of construction / purchase price	Rs.7.799 Millions
Valuer opinion regarding the present condition / state of building	Acceptable
Estimated future life	60 years [with periodical structural repairs]
Area of land to be supported by a map showing shape, dimensions and physical features	As per sale deed/ conveyance deed
Area of building / constructed portion [State separately for factory, admn., building, staff quarters, etc.]	1733 sq. ft. built up.
Type / class of construction	RCC framed structure
Service items available list of all the items to be provided. Such as lifts, bore well, pump embedded motors, D.G. sets, water supply, sanitary disposal systems, canteen, stores, etc.	Water Supply, Electricity, Drainage Road, Lifts, Paving, Parking, Security, Compound Wall, Steel Gate, etc.
In which floor / storey, office is located	1^st Floor
If the property is of a commercial type state	Yes
For what purpose the same is well suited [Office purpose/ businesses]	Office
Whether the property is self-occupied or tenanted/ let out, if tenanted/ let out	Un-Occupied
Basis of present valuation	Market rate information
Present market value	Rs.16.897 Millions
Rate adopted	Rs.9750/- per sq. ft.
Basis for adopted rate	Market rate information from local estate agent, periodicals
Whether the adopted rates are commensurate with the adopted by the registrar’s office? In case of wide variation	Government rate from ready reckoner 2013 is Rs.35702 per sqm. i.e. Rs.3317/- per sq. ft. government value Rs.5.748 Millions
Whether the rates are based on prevailent	Information of local property dealers
What would be the approximate realizable	Rs.15.207 Millions
Distress sale value	Rs.14.362 Millions
Cost of construction for insurance	Rs.3.466 Millions
Sources of information for arriving at the forced sale value	Market trend as studied

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 records 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.60.95
UK Pound	1	Rs.101.37
Euro	1	Rs.84.89

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		14

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.