MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	PROVET PHARMA PRIVATE LIMITED
Registered Office :	9, 1^ST Floor, 2^nd lane, Chakrapani Street, narasingapuram Extn, Maduvankarai, Guindy, Chennai – 600032, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.10.2009
Com. Reg. No.:	10-073198
Capital Investment / Paid-up Capital :	Rs. 1.250 Millions
CIN No.: [Company Identification No.]	U24231TN2009PTC073198
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Medicine for Poultry
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 63000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and loss that company has incurred from its operational activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = B
Rating Explanation	Risk Prone credit quality and carries very high credit risk
Date	December 26, 2013

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 31-03-2014.

INFORMATION PARTED BY

Name :	Dr. Senthil
Designation :	Director
Contact No.:	91-8056211011
Date :	01.10.2014

LOCATIONS

Registered Office :	9, 1^ST Floor, 2^nd lane, Chakrapani Street, narasingapuram Extn, Maduvankarai, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22442127/24
Mobile No.:	91-8056211011 (Dr. Senthil)
Fax No.:	Not Available
E-Mail :	sensri2@gmail.com
Website :	http://www.provrt.in
Branches :	· Pune · Kolkata · Ambala · Hyderabad

DIRECTORS

AS ON 30.09.2013

Name :

Dr. Suthanthirakumar Senthil

Designation :

Director

Address :

Plot 8, D. No. 5, F3, Sarathchander Apts., 7^th Street, Kumaran Colony, Vadapalani, Chennai – 600026, Tamilnadu, India

Date of Birth/Age :

30.07.1971

Date of Appointment :

14.10.2009

DIN No. :

02776069

Name :

Dr. Vengan Muthuselvan

Designation :

Director

Address :

Pappareddipatti, Harur Tk, Dharmapuri Dist – 636905, India

Date of Birth/Age :

16.07.1971

Date of Appointment :

14.10.2009

DIN No. :

02765324

Name :

Mr. Radhakrishnan Balasubramanian

Designation :

Director

Address :

5/342, Mullai Nagar, Kodnichetty, Pattil Post, Namakkal – 637001, Tamilnadu, India

Date of Birth/Age :

20.05.1959

Date of Appointment :

28.03.2010

DIN No. :

02968857

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	U24231TN2009PTC073198	PROVET PHARMA PRIVATE LIMITED	Director	28/09/2011	28/03/2010	-	Active	NO
2	U15331TZ2012PTC018225	PRISM FEEDS INDIA PRIVATE LIMITED	Director	08/05/2012	08/05/2012	-	Active	NO

Name :

Mr. Sukakumar Somasundaram

Designation :

Director

Address :

V 47 E Kovaipudur Coimbatore – 641042, Tamilnadu, India

Date of Birth/Age :

11.09.1947

Date of Appointment :

28.09.2011

DIN No. :

02968878

Name :

Mr. Tapan Saha

Designation :

Director

Address :

F No. 405, Shubh Apartment, Sector21D Faidabad – 121001, Haryana, India

Date of Birth/Age :

15.03.1967

Date of Appointment :

19.01.2012

DIN No. :

05124171

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	U24231TN2009PTC073198	PROVET PHARMA PRIVATE LIMITED	Director	29/09/2012	19/01/2012	-	Active	NO
2	U01403WB2014PTC201917	BENGAL ANIMAL HEALTH AND NUTRITION SOLUTIONS PRIVATE LIMITED	Director	28/05/2014	28/05/2014	-	Active	NO
3	U01220HR2014PTC052661	ZAMIRA LIFESCIENCES INDIA PRIVATE LIMITED	Director	05/07/2014	05/07/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Dr. S. sentjil	25000
Dr. V. Muthuselvan	25000
B. Radhakrishnan	25000
S. Sukakumar	25000
Dr. Tapan Saha	25000
Total	125000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Medicine for Poultry
Exports :
Products :	Finish Goods
Countries :	· Bangladesh · Nepal
Imports :
Products :	Raw Material
Countries :	· Brazil · Spain
Terms :
Selling :	L/C, Cheque and Credit
Purchasing :	L/C, Cheque and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

30 (Approximately)

Bankers :

Indian Bank, Purasawalakm Branch, 30/275, Purasawalkam High Road, Purasawalakm, Chennai – 600007, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Indian Bank OCC A/C	48.664	19.896
Total	48.664	19.896

Banking Relations :	--
Auditors :
Name :	Raghavan and Krishnasami Chartered Accountants
Address :	No.5, Flat 2A, VI Cross Street, Trustpuram, Kodambakam, Chennai – 600024, Tamilnadu, India
Tel. No.:	91-44-45588548
Mobile No.:	91-9444941807
E-Mail :	radrag1981@yahoo.co.in
PAN No.:	AAAFR5128A

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.10/- each	Rs.1.250 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.10/- each	Rs.1.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.250	1.000	1.000
(b) Reserves & Surplus	14.597	16.843	13.824
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	1.000	0.000
Total Shareholders’ Funds (1) + (2)	15.847	18.843	14.824
(3) Non-Current Liabilities
(a) long-term borrowings	74.174	60.756	50.786
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	74.174	60.756	50.786
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	33.131	40.989	35.860
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	1.350	1.350	5.443
Total Current Liabilities (4)	34.481	42.339	41.303
TOTAL	124.502	121.938	106.913
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.488	11.320	1.732
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1.488	11.320	1.732
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.183	49.993	37.406
(c) Trade receivables	92.426	55.927	55.759
(d) Cash and cash equivalents	0.482	0.451	0.280
(e) Short-term loans and advances	8.862	4.185	11.674
(f) Other current assets	0.061	0.062	0.062
Total Current Assets	123.014	110.618	105.181
TOTAL	124.502	121.938	106.913

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	229.640	202.225	306.117
	Other Income	4.419	4.238	6.625
	TOTAL	234.059	206.463	312.742
Less	EXPENSES
	TOTAL	238.060	202.090	294.590
	PROFIT/ (LOSS) BEFORE TAX	(4.001)	4.373	18.152
Less	TAX	(0.005)	1.355	5.440
	PROFIT/ (LOSS) AFTER TAX	(3.996)	3.018	12.712
	Earnings / (Loss) Per Share (Rs.)	(31.97)	24.14	101.70

Particulars	31.03.2014
Sales Turnover (Approximately)	230.000

Expected Sales ( 2014-2015) : Rs. 300.000 Millions

The above information has been parted by Dr. Senthil (Director)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(1.71)	1.46	4.06
Net Profit Margin (PBT/Sales)	(%)	(1.74)	2.16	5.93
Return on Total Assets (PBT/Total Assets}	(%)	(3.21)	3.59	16.98
Return on Investment (ROI) (PBT/Networth)		(0.25)	0.23	1.22
Debt Equity Ratio (Total Debt /Networth)		4.68	3.22	3.43
Current Ratio (Current Asset/Current Liability)		3.57	2.61	2.55

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.000	1.000	1.250
Reserves & Surplus	13.824	16.843	14.597
Share Application money pending allotment	0.000	1.000	0.000
Net worth	14.824	18.843	15.847
long-term borrowings	50.786	60.756	74.174
Short term borrowings	0.000	0.000	0.000
Total borrowings	50.786	60.756	74.174
Debt/Equity ratio	3.426	3.224	4.681

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	306.117	202.225	229.640
		(33.939)	13.557

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	306.117	202.225	229.640
Profit	12.712	3.018	(3.996)
	4.15%	1.49%	(1.74%)

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	Yes
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	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

VIEW INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10218570	19/10/2012 *	50,000,000.00	INDIAN BANK	PURASAWALAKM BRANCH, 30/275, PURASAWALKAM HIGHRO  AD, PURASAWALAKM, CHENNAI, Tamil Nadu - 600007, INDIA	B61459269

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Director	6.800	6.800
Others	17.710	32.710
Security Deposits	1.000	1.350
Total	25.510	40.860

FIXED ASSETS

· Furniture and Fixture

· Air Conditioner

· Computer

· Printer

· Data Card

· Mobile

· Fire Safety Equipments

· Panasonic LCD

· Stiching Machine

· Surp Motor

· Tally Package

· Pay roll software

· Plant and Machinery

· Platform Electronic Weighing Scale

· Electronic Weighing Scale

· Fan

· Cash Box

· Camera

· P. P. Machinery

· Speaker

· Note 15 Other income

· SAP Professional Licence

· Sealing Machine

· Telephone

· Television

· Stablizer

· Welding Machine

· Water Dispenser

· Table Fan

· Building

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.075
UK Pound	1	Rs.100.06
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	HET
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		26

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.