MIRA INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	DOCTOR PACK INDIA PRIVATE LIMITED
Registered Office :	No. 840 5^th Cross 9^th Main 1^st Block, Kalyannagar HRBR Layout Bangalore – 560043, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.06.2010
Com. Reg. No.:	08-054051
Capital Investment / Paid-up Capital :	Rs. 13.622 Millions
CIN No.: [Company Identification No.]	U33125KA2010PTC054051
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Medical Elivece and Packing
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General Financial position of the company seems to be sound. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered 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 (GENERAL INFORMATION)

Name :	Mr. Dinakarun
Designation :	Director
Contact No.:	91-9591665747
Date :	23.09.2014

LOCATIONS

Registered Office :	No. 840 5^th Cross 9^th Main 1^st Block, Kalyannagar HRBR Layout Bangalore – 560043, Karnataka, India
Tel. No.:	91-80-27839534135
Mobile No.:	91-9591665747 (Mr. Govindasamy Dinakaran)
Fax No.:	Not Available
E-Mail :	dina@doctorpackindia.com corplaw@njayaramanassociates.com
Website :	http://www.doctorpaclindia.com
Location :	Lease
Locality:	Industrial
Factory :	Located At: No – 24, Bammusandra Jigani Ind. Estate, Bommasandra Jigani Link Road, Bangalore – 562106, Karnataka, India
Tel No.:	91-80-27839534/35
E-Mail :	dina@doctorpackindia.com sales@doctorpackindia.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Govindasamy Dinakaran

Designation :

Managing Director

Address :

50 840 Kalyannagar, 9^th Main 1^st Block, Bangalore – 560043, Karnataka, India

Date of Birth/Age :

12.11.1966

Date of Appointment :

01.07.2010

DIN No. :

03071735

Name :

Mr. Pathapati Umapathi Raju

Designation :

Director

Address :

77 / 3 6^th Main Between 17^th and 18^th cross Malleswaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

01.07.1967

Date of Appointment :

23.08.2011

DIN No. :

01503090

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	U99999KA1993PTC014792	SK TEA FOODS PRIVATE LIMITED	Director	29/09/2007	07/03/2007	12/02/2010	Active	NO
2	U33125KA2010PTC054051	Doctor Pack India Private Limited	Director	23/08/2011	23/07/2010	-	Active	NO
3	U15400KA2011PTC058369	PIYO Juice India Private Limited	Director	24/09/2012	02/06/2011	-	Active	NO
4	U60200KA2012PTC066613	TRUE LOGISTICS PRIVATE LIMITED	Director	07/11/2012	07/11/2012	-	Active	NO
5	U45202KA2013PTC072056	Eeva Homes Private Limited	Additional director	25/11/2013	25/11/2013	-	Active	NO
6	U72200KA2013PTC070466	Parkus Technologies Private Limited	Additional director	01/08/2014	01/08/2014	-	Active	NO

Name :

Mr. Jatinkumar Asudevbhai Pandya

Designation :

Director

Address :

No. 38 Lokjivan Society Mahim Nagar East, Ahmedabad – 380008, Gujarat, India

Date of Birth/Age :

03.08.1955

Date of Appointment :

14.06.2010

DIN No. :

02298852

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	U29248DL2006PTC150436	POWERGAS ENERGY PRIVATE LIMITED	Director	30/09/2009	25/03/2009	01/03/2010	Active	NO
2	U31401MH2007PTC168654	CLEAN ENERGY DEVELOPMENT CORPORATION PRIVATE LIMITED	Director	18/09/2010	10/12/2009	01/09/2013	Active	NO
3	U15122MH2008PTC182892	CF Foods Private Limited	Director	18/09/2010	10/12/2009	01/09/2013	Active	NO
4	U33125KA2010PTC054051	Doctor Pack India Private Limited	Director	14/06/2010	14/06/2010	-	Active	NO
5	U60200KA2012PTC066613	TRUE LOGISTICS PRIVATE LIMITED	Director	10/08/2013	16/11/2012	-	Active	NO
6	U51900MH1997PTC110121	AIFSO TECHNOLOGIES PRIVATE LIMITED	Director	23/08/2013	23/08/2013	-	Active	NO
7	U45202KA2013PTC072056	Eeva Homes Private Limited	Additional director	25/11/2013	25/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	CS Sundaresh A.V
Designation :	Company Secretary
Mobile No.:	91-9743807970
E-Mail:	sundareshac@rediffmail.com

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
G. Dinakaran	953540
Jain V. Pandya	68110
Umapathi Raju	340550
Total	1362200

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 Medical Elivece and Packing
Exports :
Products :	Finished Goods
Countries :	· Pakistan · Egypt · Saudi Arabia · Iraq
Imports :
Products :	Raw Material
Countries :	Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	Manufacturer
No. of Employees :	100 (Approximately)
Bankers :	· Vijaya Bank Palace Orchards Branch, Sadashiv Nagar, Bangalore – 560080, Karnataka, India · Small Industries Development Bank of India V Floor East Wing Khanija Bhavan, No 49 Race Course Road, Bangalore - 560001, Karnataka, India.

Banking Relations :	--
Auditors :
Name :	P. Chandrasekar Chartered Accountants
Address :	S 512 514 Manipal Centre, Dickenson Road, Bangalore – 560042, Karnataka, India
Tel. No.:	91-80-25585443
Fax No.:	91-80-25597494
E-Mail :	partner@pchandrasekar.com
Pan No.:	AABFP1536H

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1362200	Equity Shares	Rs.10/- each	Rs. 13.622 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	13.622	13.622	13.622
(b) Reserves & Surplus	25.469	14.934	8.384
(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)	39.091	28.556	22.006
(3) Non-Current Liabilities
(a) long-term borrowings	25.200	31.187	34.841
(b) Deferred tax liabilities (Net)	2.361	3.366	2.126
(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)	27.561	34.553	36.967
(4) Current Liabilities
(a) Short term borrowings	38.240	39.577	16.522
(b) Trade payables	4.183	8.125	6.084
(c) Other current liabilities	24.797	17.376	15.276
(d) Short-term provisions	5.119	2.149	0.000
Total Current Liabilities (4)	72.339	67.227	37.882
TOTAL	138.991	130.336	96.855
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64.886	71.726	65.088
(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	3.922	4.151	7.953
Total Non-Current Assets	68.808	75.877	73.041
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	10.435	13.746	7.203
(c) Trade receivables	47.111	35.229	9.825
(d) Cash and cash equivalents	3.042	2.519	1.992
(e) Short-term loans and advances	5.701	0.722	4.765
(f) Other current assets	3.894	2.243	0.029
Total Current Assets	70.183	54.459	23.814
TOTAL	138.991	130.336	96.855

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income
	Other Income
	TOTAL	168.296	124.795	11.518
Less	EXPENSES
	TOTAL	141.230	109.402	7.246
	PROFIT BEFORE DEPRECIATION AND TAX	27.066	15.393	4.272
Less/ Add	DEPRECIATION/ AMORTISATION	14.842	7.602	2.281
	PROFIT/ (LOSS) BEFORE TAX	12.224	7.791	1.991
Less	TAX	(99.310)	1.241	6.108
	PROFIT/ (LOSS) AFTER TAX	111.534	6.550	(4.117)
	EARNINGS IN FOREIGN CURRENCY	6.422	NA	NA
	Earnings / (Loss) Per Share (Rs.)	81.88	4.81	(3.02)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	66.27	5.25	(35.74)
Return on Total Assets (PBT/Total Assets}	(%)	8.79	5.98	2.06
Return on Investment (ROI) (PBT/Networth)		0.31	0.27	0.09
Debt Equity Ratio (Total Debt /Networth)		1.62	2.48	2.33
Current Ratio (Current Asset/Current Liability)		0.97	0.81	0.63

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	13.622	13.622	13.622
Reserves & Surplus	8.384	14.934	25.469
Net worth	22.006	28.556	39.091
long-term borrowings	34.841	31.187	25.200
Short term borrowings	16.522	39.577	38.240
Total borrowings	51.363	70.764	63.440
Debt/Equity ratio	2.334	2.478	1.623

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)
Total Income	11.518	124.795	168.296
		983.478	34.858

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	11.518	124.795	168.296
Profit	(4.117)	6.550	111.534
	(35.74%)	5.25%	66.27%

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	No
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	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

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10269215	27/07/2011 *	39,000,000.00	VIJAYA BANK	PALACE ORCHARDS BRANCH, SADASHIVNAGAR, BANGALORE,  Karnataka - 560080, INDIA	B20178398
2	10247244	12/10/2010 *	40,000,000.00	SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	V FLOOR EAST WING KHANIJA BHAVAN, NO 49 RACE COURSE ROAD, BANGALORE, Karnataka - 560001, INDIA	A97976393

* Date of charge modification

FIXED ASSETS

· Clean room

· Computers and Software

· Electrical Installation

· Furniture and Fixtures

· Generator

· Motor Car

· Office equipment

· Plant and Machinery

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. 60.87
UK Pound	1	Rs. 99.63
Euro	1	Rs. 78.22

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.