MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	NDC DRUG AND CHEMICAL COMPANY PRIVATE LIMITED
Registered Office :	401/402, Ramdev Commercial Centre, Near Bank of India, Dalvi Road, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.06.2005
Com. Reg. No.:	11-153962
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U24200MH2005PTC153962
TAN No.: [Tax Deduction & Collection Account No.]	MUMN15676D
PAN No.: [Permanent Account No.]	AACCN3053H
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Chemicals and Pharmaceutical Products
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 27000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management of the company has filed its latest financials (i.e. 2013), but the same is not available from the government department. As per available financial of 2012 the company position seems normal. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings 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 – 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

Name :	Mr. Ketan Shah
Designation :	Director
Contact No.:	91-22-28685921
Date :	19.04.2014

LOCATIONS

Registered Office :	401/402, Ramdev Commercial Centre, Near Bank of India, Dalvi Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	nimeshshah1966@hotmail.com newdrug@vsnl.com
Location :	Owned (Commercial)
Branches :	20/48, 2^nd Floor, Tayamahal Estate, Lohae Chawl, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-28625921
Godown :	No. L-5 Munisuvast phase II, Rehanal Village, Bhiwandi, Maharashtra, India

DIRECTORS

As on: 30.09.2013

Name :

Mr. Ketan Harshadrai Shah

Designation :

Director

Address :

101-102, First Floor, Shreenath Tower, Shankar Lane, Kandivali (West, Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

25.05.1939

Date of Appointment :

14.06.2005

DIN No.:

00739529

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	U24231KA2003PTC032145	HICURE PHARMACEUTICALS PRIVATE LIMITED	Director	25/09/2004	25/09/2004	22/07/2009	Active	NO
2	U36028MH1982PLC028091	ANTOP HILL WAREHOUSING COMPANY LIMITED	Nominee Director	01/10/2012	30/11/2004	-	Active	NO
3	U24200MH2005PTC153962	NDC DRUG AND CHEMICAL COMPANY PRIVATE LIMITED	Director	14/06/2005	14/06/2005	-	Active	NO

Name :

Mr. Harshadrai Dungershi Shah

Designation :

Director

Address :

502, Shriram Jairam Apartment, 94, S.V Road, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

10.06.1964

Date of Appointment :

14.06.2005

DIN No.:

02194392

Name :

Mr. Jinesh Harshadrai Shah

Designation :

Director

Address :

502, Shriram Jairam Apartment, 94, S.V Road, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

12.06.1971

Date of Appointment :

14.08.2006

PAN No.:

AAHPS3958A

DIN No.:

02194407

Name :

Mr. Nimesh Harshadrai Shah

Designation :

Director

Address :

403, Shriram Jairam Apartment, 94, S.V Road, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

11.12.1966

Date of Appointment :

14.06.2005

DIN No.:

02194502

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Harshadrai Dungershi Shah	62500
Ketan Harshadrai Shah	62500
Nimesh Harshadrai Shah	62500
Jineshbhai Harshadrai Shah	62500
Total	250000

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 of Chemicals and Pharmaceutical Products
Imports :
Products :	Finished Goods
Countries :	· China · Germany
Terms :
Selling :	LIC and Credit
Purchasing :	LIC and Credit

GENERAL INFORMATION

Customers :

End User

No. of Employees :

7 (Approximately)

Bankers :

Standard Chartered Bank, Powai, Mumbai, Maharashtra, India

State Bank of Travancore, Kandivali (West) Branch, 94, S.V Road, Kandivali, Mumbai – 400067, Maharashtra, India

Facilities :

CC Rs.0.250 Million, LC Rs.0.300 Million

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Borrowings
Term loan from bank	1.752	0.862
Total	1.752	0.862

Banking Relations :

--

Auditors :

Name :

A. G. Thakkar and Company

Chartered Accountants

Address :

213, Stanford Plaza, Plot No. B-65, Near Monginis, Off New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Tel. No.:

91-22-26733066

Mobile No.:

91-9324242916

Fax No.:

91-22-56916775

E-Mail :

thakkar_ajit213@yahoo.com

PAN No.:

AABPT4275B

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

As on: 31.03.2012

Authorised Capital:

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

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	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	6.710	4.341
(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)	6.810	4.441
(3) Non-Current Liabilities
(a) long-term borrowings	17.054	16.240
(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)	17.054	16.240
(4) Current Liabilities
(a) Short term borrowings	1.752	0.862
(b) Trade payables	14.089	4.998
(c) Other current liabilities	7.381	0.439
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	23.222	6.299
TOTAL	47.086	26.980
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.178	0.178
(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)	0.008	0.009
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.059	0.010
Total Non-Current Assets	0.245	0.197
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.691	8.771
(c) Trade receivables	30.395	15.114
(d) Cash and cash equivalents	0.856	0.854
(e) Short-term loans and advances	4.900	2.044
(f) Other current assets	0.000	0.000
Total Current Assets	46.841	26.783
TOTAL	47.086	26.980

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.1000
2] Share Application Money		0.000
3] Reserves & Surplus		2.662
4] (Accumulated Losses)		0.000
NETWORTH		2.762
LOAN FUNDS
1] Secured Loans		1.179
2] Unsecured Loans		13.226
TOTAL BORROWING		14.405
DEFERRED TAX LIABILITIES		0.000
TOTAL		17.167
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.216
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.006
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.143
	Sundry Debtors	20.504
	Cash & Bank Balances	0.145
	Other Current Assets	0.071
	Loans & Advances	0.979
Total Current Assets		23.842
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.179
	Other Current Liabilities	1.500
	Provisions	0.230
Total Current Liabilities		6.909
Net Current Assets		16.933
MISCELLANEOUS EXPENSES		0.012
TOTAL		17.167

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	97.081
		Other Income	0.452
		TOTAL	97.533	66.706	64.691
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	94.090	64.230	62.302
			(Including Depreciation)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			2.476	2.389
Less/ Add	DEPRECIATION/ AMORTISATION			0.039	0.044
	PROFIT BEFORE TAX		3.443	2.437	2.345
Less	TAX		1.074	0.759	0.738
	PROFIT AFTER TAX		2.369	1.678	1.607
	Earnings Per Share (Rs.)		9.48	6.71	6.43

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.43	2.52	2.48
Net Profit Margin (PBT/Sales)	(%)	3.55	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.31	9.04	9.74
Return on Investment (ROI) (PBT/Networth)		0.51	0.55	0.85
Debt Equity Ratio (Total Debt/Networth)		2.76	3.85	5.22
Current Ratio (Current Asset/Current Liability)		2.02	4.25	3.45

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	0.100	0.100
Reserves & Surplus	4.341	6.710
Net worth	4.441	6.810
long-term borrowings	16.240	17.054
Short term borrowings	0.862	1.752
Total borrowings	17.102	18.806
Debt/Equity ratio	3.851	2.762

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)
Total Income	64.691	66.706	97.533
		3.115	46.213

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	64.691	66.706	97.533
Profit	1.607	1.678	2.369
	2.48%	2.52%	2.43%

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	Yes
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	No
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	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

UNSECURED LOAN

(Rs. In Millions)

PARTICULARS	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term loan from bank	17.054	16.240
Total	17.054	16.240

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10119148	13/08/2008	4,500,000.00	STATE BANK OF TRAVANCORE	KANDIWALI (W) BRANCH, 94, S.V. ROAD, MUMBAI – 400067, Maharashtra, INDIA	A44441590

* Date of charge modification

FIXED ASSETS

· Air Conditioner

· Office Equipment

· Refrigerator

· Furniture and Fixtures

· Computer

· Fax Machine

· Inverter

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 judgment 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.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	DIV
Report Prepared by :	VNN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.