MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	VESTA PHARMACHEM PRIVATE LIMITED
Registered Office :	B-106, 1^st Floor, Gopal Chambers, Opposite Ratan Cinema, Salabat Pura, Surat – 395003, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.12.2010
Com. Reg. No.:	04-063134
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U24230GJ2010PTC063134
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Raw Materials, Pharmaceuticals Ingredients and Advanced Pharmaceutical Intermediates.
No. of Employees :	16 (Approximately) (In office 4 + In factory 12)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Unknown
Litigation :	Clear
Comments :	Subject is a company having moderate track. Management has failed to file the financials after the F.Y. 2011, with the government department. Mr. Nilesh, Assistant to director provided general details and denied to disclose and financial information, confirming that the commercial activity has been actively started. As per available financials, it seems that the subject did not start its business activity during 2012. However, business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and 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 – 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 PARTED BY (General Details)

Name :	Mr. Nilesh
Designation :	Assistant to Director
Contact No.:	91-261-2328115
Date :	07.04.2014

LOCATIONS

Registered Office/ Factory 1 :	B-106, 1^st Floor, Gopal Chambers, Opposite Ratan Cinema, Salabat Pura, Surat-395 003, Gujarat, India
Tel. No.:	91-261-2328115
Mobile No.:	91-9016401819 (Mr. Vimal Ariwala)
Fax No.:	91-261-6642674/ 6642675
E-Mail :	vestapharmachem@gmail.com b.ariwala@gmail.com sales@vestapharma.in k_dalal@rediffmail.com
Website :	www.venuschem.com
Area :	1400 Sq. Ft.
Location :	Owned
Factory 2:	Located at Panoli, Gujarat, India
Tel No.:	91-261-6642674
Fax No.:	91-261-2363144
Area :	1500 Sq. Ft.
Location :	Rented

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Vimal Dinesh Ariwala
Designation :	Director
Address :	9/C, Shantivan Apartment, A. M. Road, Adajan, Surat – 395009, Gujarat, India
Date of Birth/Age :	02.09.1980
Date of Appointment :	03.12.2010
DIN No.:	00687902
Name :	Mr. Dinesh Chandulal Ariwala
Designation :	Director
Address :	9/C, Shantivan Apartment, A. M. Road, Adajan, Surat – 395009, Gujarat, India
Date of Birth/Age :	25.02.1955
Date of Appointment :	03.12.2010
DIN No.:	03086315

KEY EXECUTIVES

Name :	Mr. Nilesh
Designation :	Assistant to Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares	Percentage
Vimal Dinesh Ariwala	5000	50.00
Dinesh Chandulal Ariwala	5000	50.00
Total	10000	100.00

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Raw Materials, Pharmaceuticals Ingredients and Advanced Pharmaceutical Intermediates.
Products:	Active Pharmaceutical Ingredients Pharmaceutical Intermediates Nandrolone Decanoate USP and Testosterone Enanthate Stanozolol and Oxandrolone Candesartan Cilexetil, Repaglinide and Valsartan Prednisolone BP and Flucticaseone Propionate BP Cetirzine DiHCL and LevoCetirizine DiHCL Montelukast Sodium and Desloratadine Imatinib Mesylate and Gemcitabine Dihydrochloride Carboplatin, Cisplatin, Oxaliplatin and Bortezomib Deferasirox, Fesoterodine and Dapoxetine HCL Nalidixic Acid, Modafinil and Orlistat Methandienone, Boldenone and Trenbolone Acetate Deflazacort, Edaravone, Estradiol and Estrone Sertraline HCL and Venlafaxine HCL Sildenfil Citrate and Tadalafil Resuvastatin Calcuim and Eletriptan HBR Hyoscine Bytylbromite IP/BP Metformine HCL and Telmisartan Fluconazole and Nebivolol Sibutramine HCL and Tamsulosine HCL Topiramate and Pregabalin Eszopiclone and Zaleplon Mosapride Citrate nad Linezolid Glimepiride and Pioglitazone Hyderochloride
Exports :
Products :	Finished Goods
Countries :	European Countries
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Purchasing :	Depend

GENERAL INFORMATION

No. of Employees :	16 (Approximately) (In office 4 + In factory 12)
Bankers :	· State Bank of India Surat, Gujarat, India
Facilities :	--

Banking Relations :

--

Auditors :

Name :

Brijesh Ariwala and Company

Chartered Accountants

Name :

K. P. Bhagat and Company

Chartered Accountants

Address :

A/5, 202, Green Avenue, L P Savani Road, Adajan, Surat – 395009, Gujarat, India

Associates/Subsidiaries :

Name :	Venus Chemicals
Address :	B-106, 1st Floor, Gopal Chambers, Opposite Ratan Cinema, Salabat Pura, Surat-395 003, Gujarat, India
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Raw Materials, Pharmaceuticals Ingredients and Advanced Pharmaceutical Intermediates.

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 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	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100
(b) Reserves & Surplus	0.000
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1)+(2)	0.100
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(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)	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.000
(c) Other current liabilities	0.003
(d) Short-term provisions	0.000
Total Current Liabilities (4)	0.003
TOTAL	0.103
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(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	0.000
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	0.080
(e) Short-term loans and advances	0.000
(f) Other current assets	0.023
Total Current Assets	0.103
TOTAL	0.103

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income/ Revenue from Operations	0.000
		Other Income	0.000
		TOTAL (A)	0.000
Less	EXPENSES
		TOTAL (B)	0.000
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.000
Less	FINANCIAL EXPENSES (D)		0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		0.000
Less	TAX (H)		0.000
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		0.000
	Earnings Per Share (Rs.)		--

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00
Return on Investment (ROI) (PBT/Networth)		0.00
Debt Equity Ratio (Total Debt/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		34.33

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	Yes
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 one years	Yes
12]	Profitability for last one 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	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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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.60.34
UK Pound	1	Rs.101.45
Euro	1	Rs.83.31

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	SUB
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	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		11

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.