MIRA INFORM REPORT

Report No. :	315927
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	EMAMI FRANK ROSS LIMITED (w.e.f. 18.02.2008)
Formerly Known As :	FRANK ROSS LIMITED (w.e.f. 22.03.1984) FRANK ROSS AND COMPANY LIMITED
Registered Office :	7, Jawaharlal Nehru Road, Kolkata – 700 013, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.01.1919
Com. Reg. No.:	21-003123
Capital Investment / Paid-up Capital :	Rs.20.827 million
CIN No.: [Company Identification No.]	L24232WB1919PLC003123
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF3726D
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. (Listed on Calcutta Stock Exchange)
Line of Business :	Subject is engaged in the retail business of pharmaceuticals and leisure business of Books, CDs, toys and stationery and also engaged in trading of Painting, Sculptures etc.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 126000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject belongs to reputed Emami Group, a FMCG giant along with its presence in real estate, hospitals, retail, newsprint manufacturing, pharmacy chain, contemporary art. It is an established company having satisfactory track record. Although the company has reported loss during the financial year 2013-14, the rating takes into consideration strong support from its group, experienced promoters, brand image and diverse-revenue stream. 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 – 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

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	January, 2015

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 DECLINED

Management non-cooperative

(Tel. No.: 91-33-22280066)

LOCATIONS

Registered Office :	7, Jawaharlal Nehru Road, Kolkata – 700 013, West Bengal, India
Tel. No.:	91-33-22284296/ 22286042/ 0066/ 0067
Fax No.:	91-33-22285821
E-Mail :	frmspl@cal2.vsnl.net.in info@frankrosspharmacy.com
Website :	www.frankrosspharmacy.com
Headquarters/ Corporate Office :	3^rd Floor, Emami Market, 3 Lord Sinha Road, Kolkata – 700 071, West Bengal, India
Stores :	Located at: · Kolkata · Malda · Murshidabad · Bhubaneswar · Bangalore · Ahmedabad · Howrah

DIRECTORS

AS ON 10.09.2014

Name :

Mr. Rajendra Kumar Jatia

Designation :

Managing Director

Address :

9, Moore Avenue, Regent Park, Kolkata – 700 040, West Bengal, India

Date of Birth/Age :

23.08.1941

Date of Appointment :

01.10.2010

DIN No.:

00083054

PAN No.:

ACSPJ9971D

Election Commission Identity Card No.:

LFB3349354

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	U65933WB1967PTC027004	JATIA MANUFACTURING AND INVESTMENT CO PRIVATE LIMITED	Director	03/02/1967	03/02/1967	-	Strike off	NO
2	U45209WB1990PTC049520	ARGAN PROMOTERS PRIVATE LIMITED	Director	30/07/1990	30/07/1990	-	Active	NO
3	U51909WB1974PLC029425	CRI LIMITED	Director	19/04/1994	19/04/1994	30/06/2014	Active	NO
4	U67190WB1995PLC074500	EPL SECURITIES LIMITED	Director	28/05/1998	28/05/1998	28/08/2014	Active	NO
5	U24246WB1987PLC042395	MEDAL CHEMICAL AND RESEARCH WORKS LIMITED	Director	03/08/1999	03/08/1999	26/08/2014	Active	NO
6	U74300WB1990PTC049915	NAYEE DEESHA COMMUNICATIONS PRIVATE LIMITED	Director	31/08/1999	31/08/1999	-	Active	NO
7	U70101WB1989PTC045890	ANJANI PROPERTIES PRIVATE LIMITED	Director	15/02/2003	15/02/2003	28/09/2011	Active	NO
8	U45400WB1981PLC034382	DELUXE BUILDERS AND PROMOTERS LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
9	U70101WB1996PTC081068	SNEHA ABASAN PRIVATE LIMITED	Director	10/09/2004	10/09/2004	11/05/2012	Active	NO
10	U70101WB1996PTC081003	SNEHA NIKETAN PRIVATE LIMITED	Director	10/09/2004	10/09/2004	11/05/2012	Active	NO
11	U70101WB1996PTC081366	SNEHA GARDENS PRIVATE LIMITED	Director	10/09/2004	10/09/2004	11/05/2012	Active	NO
12	U70101WB1996PTC081001	SNEHA ENCLAVE PRIVATE LIMITED	Director	10/09/2004	10/09/2004	11/05/2012	Active	NO
13	L24232WB1919PLC003123	EMAMI FRANK ROSS LIMITED	Managing director	01/10/2010	01/10/2004	-	Active	NO
14	U70101WB2006PTC109715	BANTALA PROPERTIES PRIVATE LIMITED	Director	31/05/2006	31/05/2006	-	Active	NO
15	U24234WB1956PTC023074	M BHATTACHARYYA AND CO PRIVATE LIMITED	Director	30/03/2007	30/03/2007	14/10/2011	Active	NO
16	L15419WB1988PLC044472	EFL FOODS LIMITED	Director	06/05/2008	06/05/2008	-	Active	NO
17	U65921WB1995PTC073167	BASERA LAND PRIVATE LIMITED	Director	25/09/2008	20/08/2008	-	Active	NO
18	U70101WB1996PTC079588	DTL ESTATE PRIVATE LIMITED	Additional director	05/01/2009	05/01/2009	-	Active	NO
19	U24231WB1977PTC031029	KING AND COMPANY (HOMOEO CHEMIST) PRIVATE LIMITED	Director	28/09/2012	14/10/2011	-	Active	NO

Name :

Mr. Anurag Jatia

Designation :

Whole-Time Director

Address :

9, Moore Avenue, Regent Park, Kolkata – 700 040, West Bengal, India

Date of Birth/Age :

03.11.1969

Date of Appointment :

01.10.2010

DIN No.:

01184328

PAN No.:

ACHPJ2585J

Election Commission Identity Card No.:

LFB3844198

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	U45209WB1990PTC049520	ARGAN PROMOTERS PRIVATE LIMITED	Director	15/06/1995	15/06/1995	-	Active	NO
2	U24231WB1995PTC068930	BONDHAMPULI CROPS PRIVATE LIMITED	Director	18/01/2006	18/01/2006	31/12/2009	Active	NO
3	U24234WB1956PTC023074	M BHATTACHARYYA AND CO PRIVATE LIMITED	Director	30/03/2007	30/03/2007	03/01/2012	Active	NO
4	L24232WB1919PLC003123	EMAMI FRANK ROSS LIMITED	Whole-time director	01/10/2010	10/11/2008	-	Active	NO

Name :

Mr. Pramod Bajoria

Designation :

Director

Address :

28, Rai Bahadur Road, Sneha Garden, Block-B, Flat-K1, Kolkata – 700 053, West Bengal, India

Date of Birth/Age :

01.04.1965

Date of Appointment :

10.09.2014

DIN No.:

02725678

PAN No.:

AIYPB6594N

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	L27310WB1977PLC031117	PREMIER FERRO ALLOYS AND SECURITIES LIMITED	Director	29/06/2009	29/06/2009	01/03/2013	Active	NO
2	L51109WB1983PLC035918	DEEVEE COMMERCIALS LIMITED	Director	30/09/2011	25/10/2010	-	Active	NO
3	U45400WB2007PTC117251	EMAMI ESTATES PRIVATE LIMITED	Director	29/09/2012	14/05/2012	-	Active	NO
4	U70101WB1996PTC081002	SNEHA SKYHIGH PRIVATE LIMITED	Director	29/09/2012	14/05/2012	-	Active	NO
5	U45400WB2007PTC117252	EMAMI PROJECTS PRIVATE LIMITED	Director	29/09/2012	14/05/2012	-	Active	NO
6	U45400WB2007PTC117253	JHANSI PROPERTIES PRIVATE LIMITED	Director	29/09/2012	14/05/2012	-	Active	NO
7	U51109WB1995PTC073950	EMAMI VRIDDHI COMMERCIAL PRIVATE LIMITED	Director	29/09/2012	14/05/2012	-	Active	NO
8	L24232WB1919PLC003123	EMAMI FRANK ROSS LIMITED	Director	10/09/2014	15/05/2012	-	Active	NO
9	U45400WB2008PTC127766	EVERGREEN BLOCK CONSTRUCTION PRIVATE LIMITED	Director	29/09/2012	08/06/2012	31/12/2013	Active	NO
10	U72200WB1994PLC065399	EMAMI CAPITAL MARKETS LIMITED	Director	04/09/2013	01/03/2013	17/07/2014	Active	NO
11	U01403WB2011PTC160583	CREATIVE CULTIVATION PRIVATE LIMITED	Director	30/09/2014	20/01/2014	-	Active	NO
12	U72200WB1994PTC061382	RAMSHILA ENTERPRISES PRIVATE LIMITED	Additional director	27/10/2014	27/10/2014	-	Active	NO
13	AAA-1768	MAGNIFICENT VYAPAAR LLP	Body corporate as Designated Partner	18/02/2013	18/02/2013	-	Active	NO
14	AAA-1439	SUPERVALUE NIRMAN LLP	Body corporate as Designated Partner	31/03/2014	31/03/2014	-	Active	NO

Name :

Mrs. Chadaravalli Srinivasabhatta Nalini

Designation :

Whole-Time Director

Address :

16, A Block, 2^nd Floor, 2^nd Cross, Krishna Garden Layout, R.R. Nagar, Bangalore – 560 059, Karnataka, India

Date of Birth/Age :

01.06.1976

Date of Appointment :

10.02.2014

DIN No.:

06806913

PAN No.:

AKTPN2801R

Name :

Mr. Ashok Dalmia

Designation :

Director

Address :

98, Christopher Road, Brindaban Gardens, Kolkata – 700 046, West Bengal, India

Date of Birth/Age :

15.06.1970

Date of Appointment :

10.09.2014

DIN No.:

00434966

PAN No.:

ADUPD3725C

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	U51909WB1974PLC029425	CRI LIMITED	Director	25/08/2014	30/06/2014	-	Active	NO
2	L24232WB1919PLC003123	EMAMI FRANK ROSS LIMITED	Director	10/09/2014	25/07/2014	-	Active	NO

Name :

Mr. Debasish Bhaumik

Designation :

Director

Address :

19/5, Northern Avenue, Kolkata – 700 037, West Bengal, India

Date of Birth/Age :

24.11.1948

Date of Appointment :

10.09.2014

DIN No.:

06933306

PAN No.:

ADMPB2258G

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	L24232WB1919PLC003123	EMAMI FRANK ROSS LIMITED	Director	10/09/2014	25/07/2014	-	Active	NO
2	U45200WB2006PLC111894	EMAMI REALTY LIMITED	Director	05/09/2014	13/08/2014	-	Active	NO
3	U24233WB2002PLC094530	EMAMI AGROTECH LIMITED	Director	30/09/2014	06/09/2014	-	Active	NO
4	U51909WB1974PLC029425	CRI LIMITED	Additional director	24/09/2014	24/09/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Akhilesh Kumar Agarwal
Designation :	Chief Financial Officer
Address :	C/O-Shankar Agencies, 26/C, P.K. Tagore Street, Krishna Sadan, R/N-21/30, Kolkata – 700 006, West Bengal, India
Date of Birth/Age :
Date of Appointment :	30.05.2014
PAN No.:	ADCPA9794J
Name :	Ms. Mansi Vora
Designation :	Secretary
Address :	4, College Street, Kolkata – 700 012, West Bengal, India
Date of Birth/Age :	09.10.1988
Date of Appointment :	30.05.2014
PAN No.:	ARWPV7685F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2014

Note:

Shareholding details file attached.

AS ON 10.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Nationalised or other banks	0.01
Bodies corporate	73.14
Directors or relatives of Directors	0.38
Other top fifty shareholders	26.47
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the retail business of pharmaceuticals and leisure business of Books, CDs, toys and stationery and also engaged in trading of Painting, Sculptures etc.
Products :	· Pharmaceuticals · Painting · Stationery · Sculptures, etc.
Brand Names :	STARMARK
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Axis Bank Limited
Branch Address	RAC - Kolkata, Loards Building, 1^st Floor, 7/1 Lord Sinha Road, Kolkata – 700 071, West Bengal, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· IndusInd Bank Limited, Savitri Tower, 3A Upper Wood Street, Kolkata – 700 017, West Bengal, India

· Axis Bank Limited, Corprate Banking Branch, AC Market, 3^rd Floor, 1, Shakespeare Sarani, Kolkata – 700 071, West Bengal, India

· The Hongkong and Shanghai Banking Corporation Limited, Hongkong House, 31 B.B.D. Bag, Kolkata – 700 001, West Bengal, India

· IndusInd Bank Limited, Ground Floor, Centenary Building No.28, M.G. Road, Bangalore – 560 001, Karnataka, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Rupee term loans from banks
Term Loans from Banks	502.909	492.500
Less:- Current Maturities	(183.457)	(30.000)
Loans taken for vehicles
Car Loan	0.667	0.596
Less:- Current Maturities	(0.150)	(0.219)
SHORT TERM BORROWINGS
Working capital loans from banks	275.000	275.000
Loans repayable on demand from Banks	54.686	17.543
Total	649.655	755.420

Notes:

LONG TERM BORROWINGS

Rupee term loans from banks

Term Loan Hypothecation / mortgage on all the fixed Assets (excluding vehicles and a shop situated at Lord Sinha Road, Kolkata) of the company, both present and future. Hypothecation on the entire Current Assets of the company existing and future comprising of stock-in-trade, receivables, book debts and other current assets. Term Loan of Rs.460.409 million has been further guaranteed by a promoter shareholder. The same is also secured by pledge of shares by a promoter shareholder.

Terms of Repayment:

1) Term Loan outstanding Rs.42.500 million as on 31.03.2014-Repayable in Equated Monthly Instalments of Rs.2.500 million each from the date of respective Loan. It is repayable by FY- 2015-16 and carries an interest of 12% p.a.

2) Foreign Currency Term Loan outstanding Rs.460.409 million Repayable in Three Equal Instalments starting from June 2014. It is repayable by FY-2016-17. It carries an interest of 5.05% p.a.

Loans taken for vehicles

Car Loan Secured by first charge /mortgage on car.

1. Car Loan of Rs.0.300 million-Repayable in Equated Monthly Instalment of Rs.0.010 million each from October 2012. It is repayable by FY-2015-16 and carries an interest of 11.75%p.a (on a monthly reducing basis).

2. Car Loan of Rs.0.400 million- Repayable in Equated Monthly Instalment of Rs.0.013 million each from October 2012. These are repayable by FY-2015-16. It carries an interest of 10.70% p.a. (on a monthly reducing basis)

3. Car Loan of Rs.0.366 million-Repayable in Equated Monthly Instalment of Rs.0.011 million each from June 2013. It is repayable by FY 2017-18. It carries an interest of 12.22% p.a. (on a monthly reducing basis)

SHORT TERM BORROWINGS

Working capital loans from banks

Cash Credit and Working Capital Demand Loan are secured primarily by way of hypothecation on the entire Current Assets of the company existing and future comprising of Stock-in-trade, receivables, book debts and other current assets. Secured Collaterally by way of Hypothecation / mortgage on all the moveable fixed assets (excluding vehicles and a shop situated at Lord Sinha Road, Kolkata) of the company

Loans repayable on demand from banks

Cash Credit. Cash Credit and Working Capital Demand Loan are secured primarily by way of hypothecation on the entire Current Assets of the company existing and future comprising of Stock-in-trade, receivables, book debts and other current assets. Secured Collaterally by way of Hypothecation / mortgage on all the moveable fixed assets (excluding vehicles and a shop situated at Lord Sinha Road, Kolkata) of the company, both present and future.

Banking Relations :	--
Auditors :
Name :	S.K. Agrawal and Company Chartered Accountants
Address :	4A, Council House Street, Kolkata, West Bengal, India
PAN No.:	AATFS9977P
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Frank Ross Medicare Private Limited, India
Entities where KMP have significant influence:	King and Co. (Homoeo Chemist) Private Limited, India

CAPITAL STRUCTURE

AS ON 10.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3738500	Equity Shares	Rs.10/- each	Rs.37.385 million
6150	Preference Shares	Rs.100/- each	Rs.0.615 million
	Total		Rs.38.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2082707	Equity Shares	Rs.10/- each	Rs.20.827 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	20.827	20.827	20.827
(b) Reserves & Surplus	23.404	44.798	43.166
(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)	44.231	65.625	63.993
(3) Non-Current Liabilities
(a) Long-term borrowings	319.969	462.877	189.334
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	9.330	6.118	12.267
(d) Long-term provisions	14.046	13.870	13.023
Total Non-current Liabilities (3)	343.345	482.865	214.624
(4) Current Liabilities
(a) Short term borrowings	648.067	461.839	739.025
(b) Trade payables	119.841	87.826	101.785
(c) Other current liabilities	327.571	180.347	133.885
(d) Short-term provisions	1.646	0.259	0.403
Total Current Liabilities (4)	1097.125	730.271	975.098
TOTAL	1484.701	1278.761	1253.715
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	288.039	214.521	191.784
(ii) Intangible Assets	26.016	21.172	24.257
(iii) Capital work-in-progress	3.870	5.706	2.123
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.713	11.214	11.214
(c) Deferred tax assets (net)	10.044	1.546	1.674
(d) Foreign currency monetary item translation difference asset account	18.403	0.000	0.000
(e) Long-term Loan and Advances	84.481	82.177	56.522
(f) Other Non-current assets	3.209	4.589	4.260
Total Non-Current Assets	443.775	340.925	291.834
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	908.439	756.338	860.246
(c) Trade receivables	78.903	71.135	52.898
(d) Cash and cash equivalents	30.131	30.614	35.382
(e) Short-term loans and advances	23.453	79.749	13.355
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1040.926	937.836	961.881
TOTAL	1484.701	1278.761	1253.715

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	2447.706	1987.589	1833.991
		Other Income	66.238	9.968	14.669
		TOTAL	2513.944	1997.557	1848.660
Less	EXPENSES
		Purchases of stock-in-trade	2064.344	1432.766	1486.159
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(152.101)	103.908	(71.233)
		Employee benefit expense	180.114	143.555	129.135
		Other expenses	195.884	157.970	166.344
		Exceptional items	66.456	0.000	0.000
		TOTAL	2354.697	1838.199	1710.405
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		159.247	159.358	138.255
Less	FINANCIAL EXPENSES		145.368	125.958	118.453
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		13.879	33.400	19.802
Less/ Add	DEPRECIATION/ AMORTISATION		43.245	31.626	26.781
	PROFIT/ (LOSS) BEFORE TAX		(29.366)	1.774	(6.979)
Less	TAX		(7.972)	0.142	(13.783)
	PROFIT/ (LOSS) AFTER TAX		(21.394)	1.632	6.804
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.798	43.166	45.007
	BALANCE CARRIED TO THE B/S		23.404	44.798	51.811
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (F.O.B)	0.000	0.164	1.758
	TOTAL EARNINGS		0.000	0.164	1.758
	VALUE OF IMPORTS (CIF)
		Purchases	25.653	14.150	18.055
	TOTAL IMPORTS		25.653	14.150	18.055
	Earnings / (Loss) Per Share (Rs.)		(10.27)	0.78	3.27

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(0.87)	0.08	0.37
Operating Profit Margin (PBDIT/ Sales)	(%)	6.51	8.02	7.54
Return on Total Assets (PBT/Total Assets}	(%)	(2.04)	0.14	(0.56)
Return on Investment (ROI) (PBT/Networth)		(0.66)	0.03	(0.11)
Debt Equity Ratio (Total Debt/Networth)		21.89	14.09	14.51
Current Ratio (Current Asset/Current Liability)		0.95	1.28	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	20.827	20.827	20.827
Reserves & Surplus	43.166	44.798	23.404
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	63.993	65.625	44.231
Long Term borrowings	189.334	462.877	319.969
Short Term borrowings	739.025	461.839	648.067
Total borrowings	928.359	924.716	968.036
Debt/Equity ratio	14.507	14.091	21.886

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations	1833.991	1987.589	2447.706
		8.375	23.150

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations	1833.991	1987.589	2447.706
Profit	6.804	1.632	(21.394)
	0.37%	0.08%	(0.87%)

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	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	No
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	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

OPERATION

The company runs pharmacy in name and style of “Frank Ross Pharmacy” and leisure business of Books, CDs, toys and stationery in the name of “Starmark” having retail outlets at South City, Mani Square, City Centre, Quest Mall, Emami Market and at Express Mall-Chennai.

The Company has shown considerable improvement in turnover. The Gross turnover for the year is Rs.2503.872 million whereas for the previous year was Rs.2020.085 million thus resulting in a growth of 23.95% and net profit before tax and exceptional item of Rs.37.090 million.

Frank Ross pharmacy is expanding its business at Bangalore, Ahmedabad and opening further new branches in greater Kolkata and in district and town of West Bengal.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and Advances from Other Parties	318.381	169.296
Total	318.381	169.296

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10551272	29/01/2015	600,000,000.00	INDUSIND BANK LIMITED	GROUND FLOOR, CENTENARY BUILDING NO.28, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	C44667095
2	10431637	16/05/2013	366,000.00	AXIS BANK LIMITED	RAC - KOLKATA, LOARDS BUILDING, 1ST FLOOR, 7/1 LORD SINHA ROAD, KOLKATA, WEST BENGAL - 700071, INDIA	B77326957
3	10409475	27/02/2013 *	420,000,000.00	INDUSIND BANK LIMITED	SAVITRI TOWER, 3A UPPER WOOD STREET, KOLKATA, WEST BENGAL - 700017, INDIA	B70611223
4	10318369	29/01/2015 *	511,000,000.00	INDUSIND BANK LIMITED	SAVITRI TOWER, 3A UPPER WOOD STREET, KOLKATA, WEST BENGAL - 700017, INDIA	C44663813
5	90251806	13/09/1995	2,450,000.00	WEST BENGAL FINANCIAL CORPORATION	12-A; NETAJI SUBHAS ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA	-

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Income tax	3.455	0.829
Trade Mark **	Unascertainable	Unascertainable
Bank Guarantee	4.000	4.000

Contingent Liability disclosed above represents possible obligations where the possibility of cash outflow to settle the obligation is remote

** Liability is restricted to the cost of the proceedings involved

FIXED ASSETS

Tangible Assets

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

Intangible Assets

· Computer Software

· Copyrights, Patents and Other Operating Rights

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.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUC
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
-- PROFITABILITY	1~10	2
--LIQUIDITY	1~10	4
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.