MIRA INFORM REPORT

Report Date :

06.10.2014

IDENTIFICATION DETAILS

Name :	KALINDI MEDICURE PRIVATE LIMITED
Registered Office :	Mahalaxmi Temple Compound Off. Bhuabhai Desai Road, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.10.2003
Com. Reg. No.:	11-142772
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U24100MH2003PTC142772
Legal Form :	Private limited liability company
Line of Business :	Manufacturer Pharmaceutical Formulation
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track. Financial position of the company seems to be decent. Trade relations as fair. Business is active. Payment terms are usually correct and as per commitments. The company 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 – 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.

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 :	Mr. Vijay Seth
Designation :	Accounts manager
Contact No.:	91-022-23515375
Date :	30.09.2014

LOCATIONS

Registered Office :	Mahalaxmi Temple Compound Off. Bhuabhai Desai Road, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-022-23515375
Fax No.:	Not Available
E-Mail :	ajay@kalindimedicure.com
Factory 1 :	Plot no, 25 and 26, sector no -1,Selaqui Industrial Area, Pharmacity Industrial Estate, Selaqui, Dehradun – 248197, India
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Pravin Kothari

Designation :

Director

Address :

20, Napeansea Road, 7, Navjivan, 4^th Floor, Mumbai – 400036, Maharashtra, India

Date of Appointment :

20.10.2003

DIN No.:

00205108

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	U24239MH1986PLC040697	RAIGAD PHARMACEUTICALS LIMITED	Director	05/11/1996	05/11/1996	-	Active	NO
2	U24100MH2003PTC142772	KALINDI MEDICURE PRIVATE LIMITED	Director	20/10/2003	20/10/2003	-	Active	NO
3	U74990MH2010PTC198584	AVISHAI LIFESCIENCES PRIVATE LIMITED	Director	06/01/2010	06/01/2010	-	Active	NO

Name :

Mr. Ajay Chandrashekar Pandey

Designation :

Director

Address :

Row House No 5, Shree Ram Darshan Chs Ltd. Sector 8, Plot No 12, Airoli, Navi Mumbai – 400708, Maharashtra, India

Date of Appointment :

30.09.2008

DIN No.:

02359130

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	U24100MH2003PTC142772	KALINDI MEDICURE PRIVATE LIMITED	Director	30/09/2008	04/09/2008	-	Active	NO
2	U74990MH2010PTC198584	AVISHAI LIFESCIENCES PRIVATE LIMITED	Director	30/09/2010	31/03/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay Seth
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Equity Shareholders	No. of Shares
Mr. Pravin M. Kothari	47400
Mr. Kusum Kothari	2500
Mr. Pravin Kothari Jointly With P C Shah	450100
Total	500000

Names of Preference Shareholders	No. of Shares
Mr. Pravin Kothari Jointly With P C Shah	50000
Ms. Supriya Prakash Mody	10
Mrs. Minal Sharma	10
Mrs. Sulochana Bansi Mody	10
Mrs. Veena J Mehta	10
Total	500040

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 Pharmaceutical Formulation
Terms :
Selling :	Cash and Advance
Purchasing :	Cash and Advance

GENERAL INFORMATION

Customers :

Wholesaler, Retailer and End User

No. of Employees :

150 (Approximately)

Bankers :

Bank of India, Chumballa Hill Branch, Delstar, N.S. Patkar Marg, (Huges Road), Mumbai – 400026, India

Facilities :

Cash credit Rs. 350.000millions from Bank of India

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans Repayable An Demand
Working Capital Loans from Bank	26.541	27.213
Total	26.541	27.213

Notes:

Secured by hypothecation of stocks, book debts, factory land and building at Vapi and Dehradun location and plant and machinery at Vapi location.

Banking Relations :	--
Auditors :
Name :	N. A. Shah Associates
Address :	B 41- 45, Paragon Center, Pandurang Budhkar Marg, Worli,, Mumbai – 400013, Maharashtra, India
Enterprises controlling the company :	Kalindi Trust
Enterprise where KMP exercises control :	Unireach Healthcare Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions
2000000	Preference Shares	Rs. 10/-each	Rs. 20.000 millions
			Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity shares	Rs.10/- each	Rs. 5.000 millions
500040	Preference shares	Rs.10/- each	Rs. 5.000 millions
			Rs.10.000 millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions
2000000	Preference Shares	Rs. 10/-each	Rs. 20.000 millions
			Rs.25.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity shares	Rs.10/- each	Rs. 5.000 millions
200000	Preference shares	Rs.10/- each	Rs. 20.000 millions
			Rs.25.000 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	25.000	25.000	25.000
(b) Reserves & Surplus	42.871	40.739	39.150
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	67.871	65.739	64.150
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.187
(b) Deferred tax liabilities (Net)	0.292	0.558	1.486
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.098	0.000
Total Non-current Liabilities (3)	0.292	0.656	1.673
(4) Current Liabilities
(a) Short term borrowings	31.741	30.463	17.832
(b) Trade payables	41.357	33.569	37.696
(c) Other current liabilities	5.771	5.304	25.787
(d) Short-term provisions	7.198	6.820	5.149
Total Current Liabilities (4)	86.067	76.156	86.464
TOTAL	154.230	142.551	152.287
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	67.679	72.910	78.292
(ii) Intangible Assets	0.088	0.169	0.075
(iii) Capital work-in-progress	0.693	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	6.302	4.342	1.411
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	74.762	77.421	79.778
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	32.263	38.366	43.985
(c) Trade receivables	43.230	21.898	25.731
(d) Cash and cash equivalents	0.877	3.038	1.074
(e) Short-term loans and advances	2.578	1.791	1.679
(f) Other current assets	0.520	0.037	0.040
Total Current Assets	79.468	65.130	72.509
TOTAL	154.230	142.551	152.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	217.020	179.363	207.669
		Other Income	0.222	0.144	0.247
		TOTAL	217.242	179.507	207.916
Less	EXPENSES
		Cost of Materials Consumed	147.091	113.568	138.433
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.623)	1.399	(4.039)
		Employees benefits expense	25.380	19.345	24.339
		Other expenses	32.369	27.157	17.799
		TOTAL	201.217	161.469	176.532
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		16.025	18.038	31.384
Less	FINANCIAL EXPENSES		3.319	5.023	4.002
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		12.706	13.015	27.382
Less	DEPRECIATION/ AMORTISATION		8.779	9.991	10.398
Add	PRIOR PERIOD EXPENSES/ INCOME		(0.029)	(0.309)	(0.109)
	PROFIT/ (LOSS) BEFORE TAX		3.898	2.715	16.875
Less	TAX		0.363	(0.269)	3.936
	PROFIT/ (LOSS) AFTER TAX		3.535	2.984	12.939
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		40.739	39.149	27.605
Less	APPROPRIATIONS
		Dividend	1.200	1.200	1.200
		Tax on Dividend	0.204	0.195	0.195
		Total	1.404	1.395	1.395
	BALANCE CARRIED TO THE B/S		42.870	40.738	39.149
	Earnings / (Loss) Per Share (Rs.)		4.26	3.18	23.09

Particulars	31.03.2014
Sales Turnover	200.000

The above information has been parted by Mr. Vijay Seth (Accounts Manager)

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

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.63	1.66	6.22
Net Profit Margin (PBT/Sales)	(%)	1.80	1.51	8.13
Return on Total Assets (PBT/Total Assets}	(%)	2.54	1.90	11.08
Return on Investment (ROI) (PBT/Networth)		0.06	0.04	0.26
Debt Equity Ratio (Total Liability/Networth)		0.47	0.46	0.28
Current Ratio (Current Asset/Current Liability)		0.92	0.86	0.84

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	25.000	25.000	25.000
Reserves & Surplus	39.150	40.739	42.871
Net worth	64.150	65.739	67.871
long-term borrowings	0.187	0.000	0.000
Short term borrowings	17.832	30.463	31.741
Total borrowings	18.019	30.463	31.741
Debt/Equity ratio	0.281	0.463	0.468

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	207.669	179.363	217.020
		(13.630)	20.995

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	207.669	179.363	217.020
Profit	12.939	2.984	3.535
	6.23%	1.66%	1.63%

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 four 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	Yes
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	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 LOANS

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans Repayable An Demand
- Loans and advances from related parties	5.200	2.000
Other		1.250
Total	5.200	3.250

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10016867	04/03/2011 *	87,500,000.00	Bank of India	Cumballa Hill Branch ,'Delstar',, N.S.Patkar Marg, (Huges Road),, Mumbai, Maharashtra - 400026, INDIA	B11305224
2	80010064	19/03/2012 *	35,000,000.00	Bank of India	Cumballa Hill Branch ,'Delstar',, N.S.Patkar Marg, (Huges Road),, Mumbai, Maharashtra - 400026, INDIA	B42690677

FIXED ASSETS

· Leasehold land

· Building

· Plant and machinery

· Furniture and fixture

· Office equipment

· Computers

· Vehicles

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 records 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.61.75
UK Pound	1	Rs.100.06
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	RAS
Report Prepared by :	JYTK

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	5
--CREDIT LINES	1~10	5
--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		46

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.