MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	PHOENIX BIOLOGICALS PRIVATE LIMITED
Registered Office :	No. 4/25-B, Valluvar Salai, Ramapuram, Chennai - 600089, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.07.2010
Com. Reg. No.:	18-076804
Capital Investment / Paid-up Capital :	Rs. 4.562 Millions.
CIN No.: [Company Identification No.]	U24100TN2010PTC076804
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals Products.
No. of Employees :	82 (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 21000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to loss incurred by the company in the year 2012-13. However, trade relations are fair. Business is active. Payment terms are 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.

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. Ramkrishnan
Designation :	Director
Contact No.:	91-8939914070
Date :	24.09.2014

LOCATIONS

Registered Office :	No. 4/25-B, Valluvar Salai, Ramapuram, Chennai- 600089, Tamil Nadu
Tel. No.:	91-44-22494524
Mobile No.:	91-8939914070 (Mr. Ramkrishnan)
Fax No.:	Not Available
E-Mail :	phoenixbiologicals@gmail.com
Website :	www.phoenixbiologicals.in
Location :	Owned
Factory :	R. S. No.135/2, Kothapurinatham Road, Thiruvondar Koil, Puducherry – 605102, Pondicherry, India

DIRECTORS

As on 28.09.2013

Name :

Chockalingam Ramakrishnan

Designation :

Director

Address :

Plot No. 7, 8, 9, Flat No. B- 4, Rr Omkar, Chowdry Nagar, Main Road, Valasaravakkam, Chennai - 600087, Tamilnadu, India

Date of Birth/Age :

10.02.1968

Date of Appointment :

30.07.2010

DIN No.:

02010667

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	U72200TN2008PTC069111	4MVPS CONSULTING PRIVATE LIMITED	Director	01/09/2008	01/09/2008	-	Active	YES
2	U33110TN2008PTC069867	AEON FORMULATIONS PRIVATE LIMITED	Director	10/10/2009	10/10/2009	29/12/2009	Active	NO
3	U24100TN2010PTC076804	PHOENIX BIOLOGICALS PRIVATE LIMITED	Director	30/07/2010	30/07/2010	-	Active	NO

Name :

Venkataraman Subramanian

Designation :

Director

Address :

Flat No. 7, Nathans Flat, Old No. 9, 25 Srinivasa Pillai Street, West Mambalam, Chennai - 600033, Tamilnadu, India

Date of Birth/Age :

15.03.1965

Date of Appointment :

30.07.2010

DIN No.:

02370397

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	U33110TN2008PTC069867	AEON FORMULATIONS PRIVATE LIMITED	Managing director	17/11/2008	17/11/2008	30/11/2009	Active	NO
2	U24239TN2009PTC073985	AEON BIOLOGICALS PRIVATE LIMITED	Managing director	18/12/2009	18/12/2009	-	Active	NO
3	U24100TN2010PTC076804	PHOENIX BIOLOGICALS PRIVATE LIMITED	Director	30/07/2010	30/07/2010	-	Active	NO

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares
Kamakshi	46600
S. Venkataraman	62800
Meera Venkataraman	31950
V. Madhumitha	21900
V. Mythreyi	21700
R. Gopalan	21500
Mangalam	21650
R. Padmavathi	16750
T. Hemamalini	45950
T. Vijayalakshmi	31500
R. Chockalingam	90300
R. C. Navin	21900
R. C. Varun	21700
Total	456200

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceuticals Products.
Exports :
Products :	Pharmaceutical Products
Countries :	· Netherland · African Countries · Nigeria
Imports :
Products :	Packaging Material
Countries :	· Taiwan · China

GENERAL INFORMATION

No. of Employees :

82 (Approximately)

Bankers :

Indian Overseas Bank, 2, Church Street, Reddiarpalayam, Pondicherry – 605010, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Indian Overseas Bank – TL 1	7.772	4.340
Indian Overseas Bank – TL 2	5.499	1.010
Indian Overseas Bank – VL	0.889	1.215
	14.159	6.565
SHORT TERM BORROWING
Indian Overseas Bank – TL 1	1.640	0.820
Indian Overseas Bank – TL 2	2.000	0.988
Indian Overseas Bank - VL	0.307	0.240
Indian Overseas Bank - CC	4.030	0.000
	7.976	2.048
Total	22.137	8.613

Banking Relations :	---
Auditors :
Name :	Vadlakunta Associates Chartered Accountants
Address :	31/12, Vaidyaram Street, T Nagar, Chennai - 600017, Tamilnadu, India
PAN No.:	AABFV6179J
Related Party :	Aeon Biological Private Limited

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
456200	Equity Shares	Rs.10/- each	Rs. 4.562 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	4.562	4.562	0.100
(b) Reserves & Surplus	0.363	0.448	0.251
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.438	0.000	0.400
Total Shareholders’ Funds (1) + (2)	5.363	5.010	0.751
(3) Non-Current Liabilities
(a) long-term borrowings	16.124	8.135	0.000
(b) Deferred tax liabilities (Net)	0.009	0.002	0.011
(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)	16.133	8.137	0.011
(4) Current Liabilities
(a) Short term borrowings	7.977	2.048	0.000
(b) Trade payables	15.828	9.942	8.749
(c) Other current liabilities	5.276	3.060	0.559
(d) Short-term provisions	0.000	0.014	0.048
Total Current Liabilities (4)	29.081	15.064	9.356
TOTAL	50.577	28.211	10.118
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	33.357	1.617	0.181
(ii) Intangible Assets	0.018	0.030	0.012
(iii) Capital work-in-progress	0.000	7.485	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	0.955	0.965	0.055
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	34.330	10.097	0.248
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.283	1.354	0.704
(c) Trade receivables	11.977	8.928	6.897
(d) Cash and cash equivalents	0.455	1.409	1.575
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	1.532	6.423	0.694
Total Current Assets	16.247	18.114	9.870
TOTAL	50.577	28.211	10.118

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL INCOME	56.511	47.687	17.575
Less	TOTAL EXPENSES		56.589	47.389	17.194
	PROFIT / LOSS BEFORE TAX		(0.078)	0.298	0.381
Less	TAX		0.007	0.101	0.130
	PROFIT / LOSS AFTER TAX		(0.085)	0.197	0.251
	Earnings Per Share (Rs.)		(0.18)	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	160.000

The above information has been parted by Mr.Ramakrishnan

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.15)	0.41	1.43
Return on Total Assets (PBT/Total Assets}	(%)	(0.15)	1.44	3.77
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.06	0.51
Debt Equity Ratio (Total Debt /Networth)		4.49	2.03	0.00
Current Ratio (Current Asset/Current Liability)		0.56	1.20	1.05

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	0.100	4.562	4.562
Reserves & Surplus	0.251	0.448	0.363
Share Application Money Pending allotment	0.400	0.000	0.438
Net worth	0.751	5.010	5.363
long-term borrowings	0.000	8.135	16.124
Short term borrowings	0.000	2.048	7.977
Total borrowings	0.000	10.183	24.101
Debt/Equity ratio	0.000	2.033	4.494

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	17.575	47.687	56.511
		169.639	19.414

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	17.575	47.687	56.511
Profit	0.251	0.197	(0.085)
	1.43%	0.41%	(0.15)%

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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

Note:

The registered office has been shifted from Flat No. 6, New No. 3, Old No. 2, Nakkeeran Street, West Mambalam, Chennai- 600033, Tamil Nadu to the w.e.f.31.12.2011

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Unsecured loans from Directors	0.270	0.070
Unsecured loans from Shareholders / relatives	1.695	1.500
Total	1.965	1.570

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10354969	20/01/2012	22,200,000.00	INDIAN OVERSEAS BANK	2, CHURCH STREET, REDDIARPALAYAM, PUDUCHERRY, PUDUCHERRY, Pondicherry - 605010, INDIA	B35508258
2	10298121	14/07/2011	1,600,000.00	INDIAN OVERSEAS BANK	WEST MAMBALAM BRANCH, 16, THIRUVENGADAM STREET, WEST MAMBALAM, CHENNAI, Tamil Nadu - 600033, INDIA	B17184607

* Date of charge modification

FIXED ASSETS

· Cell Phone

Computers

Furniture

Printer

Software

Vehicles

Plant and Machinery

Lab Furniture

Fridge

Electrical Fittings

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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.44

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SUM
Report Prepared by :	ART

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	3
--CREDIT LINES	1~10	2
--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	YES
--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.