MIRA INFORM REPORT

Report No. :	315022
Report Date :	01.04.2015

IDENTIFICATION DETAILS

Name :	GALDERMA INDIA PRIVATE LIMITED
Registered Office :	8^TH Floor, D Wing, Unit No.801 and 802, Lotus Corporate Park, Off. Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	02.02.1999
Com. Reg. No.:	11-118113
Capital Investment / Paid-up Capital :	Rs.24.156 Million
CIN No.: [Company Identification No.]	U24110MH1999PTC118113
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG8660M
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in marketing and trading of dermatology products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 640000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Galderma Pharma SA, Switzerland. It is an established company having satisfactory track record. The company has reported decent profitability during the year December 2013. Overall financial position seems to be sound. Trade relations are fair. Business is active. Payments 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

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.

LOCATIONS

Registered Office :	8^TH Floor, D Wing, Unit No.801 and 802, Lotus Corporate Park, Off. Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-67261818
Fax No.:	91-22-67261807
E-Mail :	keyur.parikh@galderma.com
Website :	www.galderma.com

DIRECTORS

As on 30.06.2014

Name :

Mr. Sathya Narayanan Govindan

Designation :

Managing Director

Address :

C 112, Sangeet Lok Darshan CHS, Military Road, Marol, Andheri (East), Near Marol Depo, Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

23.03.1966

Date of Appointment :

01.04.2012

DIN No.:

05213870

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	U24110MH1999PTC118113	GALDERMA INDIA PRIVATE LIMITED	Managing director	01/04/2012	02/03/2012	-	Active	NO
2	U91120MH1965GAP013389	ORGANISATION OF PHARMACEUTICAL PRODUCERS OF INDIA	Director	14/09/2012	14/09/2012	-	Active	NO

Name :

Viviane Rosine Francoise Monges

Designation :

Director

Address :

513, Rue Guy De Maupassant, Divonne-Les-Bains, France - 01220

Date of Birth/Age :

15.10.1963

Date of Appointment :

17.04.2013

DIN No.:

06390085

Name :

Albert Draaijer

Designation :

Director

Address :

Chemin De La Verriere 14 Paudex, Switzerland – 1094

Date of Birth/Age :

17.11.1956

Date of Appointment :

17.03.2010

DIN No.:

02844263

Name :

Kamal Asghar Abbasi

Designation :

Director

Address :

Route De La Croix 220 Croix (Lutry) La, Lutry, Switzerland - 1090

Date of Birth/Age :

01.10.1962

Date of Appointment :

29.03.2011

DIN No.:

05143310

MAJOR SHAREHOLDERS

As on 30.06.2014

Names of Shareholders	No. of Shares
Galderma Pharma S.A., Switzerland	2415599
Galderma S.A., Switzerland	1
Total	2415600

As on 30.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in marketing and trading of dermatology products.
Products :	Dermatology Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Not Available
Branch Address	Not Available
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	1st Floor, Lodha Excelus, Apollo Mills Compound, N. M Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AADFB6889R
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Galderma Pharma SA,Switzerland
Fellow subsidiaries / Associates :	Laboratories Galderma SA, France Galderma SA, Switzerland Galderma International, France Galderma Hongkong Ltd, Hong Kong Galderma Singapore Pte Ltd, Singapore QMed AB, Sweden

CAPITAL STRUCTURE

As on 31.12.2013

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2415600	Equity Shares	Rs.10/- each	Rs.24.156 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	24.156	24.156	24.156
(b) Reserves & Surplus	202.227	131.909	51.734
(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)	226.383	156.065	75.890
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	7.750
(d) long-term provisions	36.528	41.638	23.748
Total Non-current Liabilities (3)	36.528	41.638	31.498
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	130.358	68.285	19.789
(c) Other current liabilities	110.540	67.641	61.351
(d) Short-term provisions	65.662	40.769	38.218
Total Current Liabilities (4)	306.560	176.695	119.358
TOTAL	569.471	374.398	226.746
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	39.490	14.783	14.606
(ii) Intangible Assets	0.976	0.073	0.122
(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)	23.814	20.436	14.342
(d) Long-term Loan and Advances	35.913	21.776	18.129
(e) Other Non-current assets	0.072	0.072	0.071
Total Non-Current Assets	100.265	57.140	47.270
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	141.139	72.665	50.452
(c) Trade receivables	186.358	94.051	68.144
(d) Cash and cash equivalents	123.510	100.499	55.911
(e) Short-term loans and advances	18.199	50.043	4.969
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	469.206	317.258	179.476
TOTAL	569.471	374.398	226.746

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	NA	NA
Less/ Add	DEPRECIATION/ AMORTISATION	6.395	4.808	4.433
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	98.578	108.249	54.180
	IMPORTS	0.000	47.303	14.359
	Earnings / (Loss) Per Share (Rs.)	40.81	44.81	22.43

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)	1.53	1.80	1.50

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	24.156	24.156	24.156
Reserves & Surplus	51.734	131.909	202.227
Net worth	75.890	156.065	226.383
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
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	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

COMPANY OVERVIEW

Subject was incorporated on 2 February 1999. The Company is a subsidiary of Galderma Pharma SA, Switzerland. The Company is engaged in marketing and trading of dermatology products in India.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Leasehold Improvement
• Office Equipment
• Furniture and Fittings
• Vehicles
• IT Equipment and Computers

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.62.59
UK Pound	1	Rs.92.45
Euro	1	Rs.67.51

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.