MIRA INFORM REPORT

Report Date :

24.05.2014

IDENTIFICATION DETAILS

Name :	A.B. AND SONS (PHARMA)
Registered Office :	58/49, Birhana Road, Kampur – 208001, Uttar Pradesh
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	1987
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
TIN No.:	09237600284
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Dealer and Trader of Allophathic Medicines (Whole Sale and Retail)
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 4000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitment. The concern can be considered normal for business dealings 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 PARTED BY

Name :	Mr. Rajiv Tandon
Designation :	Partner
Contact No.:	91-9839575276
Date :	17.05.2014

LOCATIONS

Registered Office :	58/49, Birhana Road, Kampur – 208001, Uttar Pradesh, India
Tel. No.:	91-512-2335164
Mobile No.:	91-9839575276 (Mr. Rajiv Tandon)
Fax No.:	Not Available
E-Mail :	rajivtandonaab@gmail.com
Location :	Owned

PARTNERS

Name :	Mr. Rajiv Tandon
Designation :	Partner
Address :	Kampur – 208001, Uttar Pradesh, India
Name :	Mrs. Vabdaba Tandon
Designation :	Partner
Address :	Kampur – 208001, Uttar Pradesh, India

BUSINESS DETAILS

Line of Business :	Dealer and Trader of Allophathic Medicines (Whole Sale and Retail)
Agencies Held :	Roche Products India
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :	Retailers and Others
No. of Employees :	7 (Approximately)
Bankers :	· Bank of Baroda, Kampur – 208001, Uttar Pradesh, India · State Bank of Bikaner and Jaipur, Kampur – 208001, Uttar Pradesh, India · Kotak Mahindra Bank

Banking Relations :	---
Auditors :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs.1.000 Millions (Estimated)
Borrowed :	--
Total :	Rs.1.000 Millions (Estimated)

As on 31.03.2013

PARTNER CAPITAL

Particular	Mr. Rajiv Tandon	Mrs. Vabdaba Tandon	Total
Balance on 01.04.2012	0.720	0.841	1.561
Additions During the Year	0.100	0.000	0.100
Interest on capital	0.077	0.096	0.173
Remuneration	0.188	0.188	0.376
Profit	0.035	0.035	0.069
Total	1.120	1.159	2.279
Withdrawals	0.145	0.182	0.327
Balance on 01.04.2013	0.975	0.975	1.952

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	31.03.2014
Sales Turnover (Approximately)	16.000

The above information has been parted by Mr. Rajiv Tandon

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partner Capital		1.952	1.561
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.952	1.561
LOAN FUNDS
1] Secured Loans		0.040	0.232
2] Unsecured Loans		1.471	1.774
TOTAL BORROWING		1.511	2.006
DEFERRED TAX LIABILITIES		0.000	0.00
TOTAL		3.463	3.567
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.539	0.636
Capital work-in-progress		0.000	0.000
INVESTMENT		0.889	0.816
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.629
	Sundry Debtors	0.113
	Cash & Bank Balances	0.242	2.489
	Other Current Assets	0.004
	Loans & Advances and Deposit	0.407
Total Current Assets		2.395	2.489
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.241
	Other Current Liabilities	0.000	0.374
	Provisions	0.119
Total Current Liabilities		0.360	0.374
Net Current Assets		2.035	2.115
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3.463	3.567

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	14.495	12.974
		Other Income	0.161	0.206
		TOTAL	14.656	13.180
Less	EXPENSES
		Cost of Good Sold	12.709	11.432
		Salary and Wages	0.242	1.152
		Establishment	0.206	0.252
		Shop Upkeep and Maint	0.050	0.017
		Electricity Charges	0.055	0.046
		Car Running and Maint	0.095	0.090
		Printing and Stationery	0.012	0.014
		Int. to Cap. Partners	0.173	0.146
		Int. to Depositors	0.253	0.330
		Working Partners Remuneration
		Mr. Rajiv Tandon	0.188	0.140
		Mrs. Vabdaba Tandon	0.188	0.140
		Other Expenses	0.285	0.739
		TOTAL	14.456	14.498
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.200	0.160
Less/ Add	DEPRECIATION/ AMORTISATION		0.099	0.124
	PROFIT BEFORE TAX		0.101	0.036
Less	TAX		0.032	0.011
	PROFIT AFTER TAX		0.069	0.025

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	0.47	0.19
Net Profit Margin (PBT/Sales)	(%)	0.70	0.28
Return on Total Assets (PBT/Total Assets}	(%)	3.44	1.15
Return on Investment (ROI) (PBT/Networth)		0.05	0.02
Debt Equity Ratio (Total Debt /Networth)		0.77	1.29
Current Ratio (Current Asset/Current Liability)		6.65	6.65

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	1.561	1.952
Reserves & Surplus	0.000	0.000
Net worth	1.561	1.952
Secured Loans	0.232	0.040
Unsecured Loans	1.774	1.471
Total borrowings	2.006	1.511
Debt/Equity ratio	1.285	0.774

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12.974	14.495	16.000
		11.723	10.383

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	12.974	14.495
Profit	0.025	0.069
	0.19%	0.48%

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 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	No
18]	Major customers	No
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	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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

FIXED ASSETS

· Silver Coin

· Air Conditioner

· Vehicle

· Furniture and Fixture

· Generator

· Office Equipment

· Refrigerator

· Invertor

· Cooler

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.58.48
UK Pound	1	Rs.98.67
Euro	1	Rs.79.81

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.