MIRA INFORM REPORT

Report No. :	315874
Report Date :	06.04.2015

IDENTIFICATION DETAILS

Name :	NANDLAL BANKATLAL PRIVATE LIMITED

Registered Office :	15B Pruthvi , Industrial Complex, 15/2 Ringanwala, Nani Daman (U.T), Daman – 396210, Daman and Diu

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	29.06.1993

Com. Reg. No.:	56-001384

Capital Investment / Paid-up Capital :	Rs.2.450 Million

CIN No.: [Company Identification No.]	U24232DD1993PTC001384

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Importer, Exporter and Supplier of Pharmaceutical Intermediates, Pharmaceutical Bulk Drugs and Bulk Drug Intermediates.

No. of Employees :	05 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 125000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business 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

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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.

INFORMATION PARTED BY

Name :	Mr. Akhil Bankatlal Tody
Designation :	Managing Director
Contact No.:	91-22-40223333
Date :	04.04.2015

LOCATIONS

Registered Office / Factory:	15B Pruthvi , Industrial Complex, 15/2 Ringanwala, Nani Daman (U.T), Daman – 396210, Daman and Diu, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	akhil@todyindia.com exonepharma@eth.net nandlal103@yahoo.com nandlal103@hotmail.com sales@todyindia.com nandlal103@gmail.com
Website :	http://www.todyindia.com
Area :	313 sq. ft
Location :	Owned

Head Office / Administration Office :	103, Prospect Chambers, 317/321 DR D N Road, Fort, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-40223333
Fax No.:	91-22-40223331
E-Mail :	akhil@todyindia.com akhitody@hotmail.com
Area :	Approximately 350 sq.ft (Rented)

Branch 1 :	Manish Compound, Building No. 3/7, First Floor, Thane Road, Rahnal Village Anjar Phata, Bhiwandi, District Thane - 421302, Maharashtra, India
Tel. No.:	91-22-91372393

Branch 2 :	Gala No.L3/1, Munisurat Complex, Phase-II, Survey No.121/1, Anjur Phata, Village Rehnal, Bhiwandi, Thane - 421302, Maharashtra, India

Overseas Office:	Delta Corporation Pte Limited 111, North Bridge Road, 27-01/02 Peninsula Plaza, Singapore – 179098
Tel. No.:	65599150
Fax No.:	63893988
E-Mail :	delta@todyindia.com

DIRECTORS

As on 27.08.2014

Name :	Mr. Akhil Bankatlal Tody
Designation :	Managing Director
Address :	403 Rajmala Apartments, 87-B L Jagmohandas Road, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	10.07.1959
Qualification :	L.L.B.
Date of Appointment :	29.06.1993
Voter ID No.:	MT-04-024-075899
DIN No.:	00468019

Name :	Mrs. Deepika Akhil Tody
Designation :	Whole-time-Director
Address :	403 Rajmala Apartments, 87-B L Jagmohandas Road, Nepeansea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	10.11.1965
Qualification :	B.Com
Voter ID No.:	MT-04-024-075563
Date of Appointment :	18.12.2002
DIN No.:	00474996

KEY EXECUTIVES

Name :	Alwyn D’souza and Company
Designation :	Company Secretaries
Address :	Annex-103, Dimple Arcade, Asha Nagar, Kandivli (East), Mumbai - 400101, Maharashtra, India
Tel. No.:	91-22-28549355 / 28125781
Mobile No.:	91-9820465195
E-Mail :	alwyn.co@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.08.2014

Names of Shareholders		No. of Shares
Akhil Bankatlal Tody		74945
Deepika Akhil Tody		58750
Akhil Tody HUF		79993
Sneha Akhil Tody		15656
Srishti Akhil Tody		15656

Total		245000

Equity Share Break up (Percentage of Total Equity)

As on 27.08.2014

Category	Percentage
Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer, Exporter and Supplier of Pharmaceutical Intermediates, Pharmaceutical Bulk Drugs and Bulk Drug Intermediates.

Products :	Veterinary Medicine Bulk Drugs Antibiotics General Vitamins Antimalarials Antibacterials Anti Tb Drugs Macrolides Steroids

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Pharmaceutical Products
Countries :	China Singapore

Terms :
Selling :	Cash and Credit

Purchasing :	Cash and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Veterinary Medicine Ketamin HCL
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

05 (Approximately)

Bankers :

Bank Name	ICICI Bank Limited
Branch	Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, 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

Bank Name	Standard Chartered Bank
Branch	Not Divulged
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

Bank Name	ICICI Bank Limited
Branch	Fort, Mumbai, Maharashtra, 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)	Cash Credit : Rs.100.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
ICICI Bank (Secured by a charge on the inventories and other current assets book debts both present and future on pari passu basis with Standard Chartered Bank to a certain extent and first and exclusive mortgage of the company’s immovable assets and office premises owned by one of the Directors of the company. Secured charged on Bank Fixed Deposits of Rs.0.640 Million and first and exclusive mortgage of the company’s immovable assets and office premises owned by the company and situated at Bhiwandi. The same is personally guaranteed by the directors of the company)	73.085	40.153
Standard Chartered Bank (Secured by a charge on stocks and book debts with a proportionate charge on the current assets to be shared pari passu with ICICI Bank Limited and equitable mortgage of residential property located at Hadaspur, Pune owned by the directors fixed deposits liened and personally guaranteed by the directors of the company)	27.347	21.174
Total	100.432	61.327


Banking Relations :	----

Financial Institution :	3i Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India

Auditors :
Name :	Udani Mehta and Company Chartered Accountants
Address :	Omkaram, 37/1966, Gandhi Nagar, Service Road, Bandra (E), Mumbai – 400051, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAPU1936F

Memberships :	--

Collaborators :	--

Sister Concerns:	Exone Pharma Akhil Tody HUF

Associate Company :	Nsecure Software Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

400,000	Equity Shares	Rs.10/- each	Rs.4.000 Million
100,000	Preference Shares	Rs.10/- each	Rs.1.000 Million
	Total		Rs.5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

245,000	Equity Shares	Rs.10/- each	Rs.2.450 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	2.450	2.450	2.450
(b) Reserves & Surplus	41.192	36.218	35.439
(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)	43.642	38.668	37.889

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.023	0.359	0.302
(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)	0.023	0.359	0.302

(4) Current Liabilities
(a) Short term borrowings	120.330	80.017	73.219
(b) Trade payables	117.904	176.975	130.959
(c) Other current liabilities	1.469	1.742	3.663
(d) Short-term provisions	3.100	4.200	6.000
Total Current Liabilities (4)	242.803	262.934	213.841

TOTAL	286.468	301.961	252.032

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.789	3.869	3.941
(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	1.584	3.633	5.674
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5.373	7.502	9.615

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	51.070	61.051	43.614
(c) Trade receivables	173.935	192.365	156.454
(d) Cash and cash equivalents	16.598	15.073	19.126
(e) Short-term loans and advances	39.492	25.970	23.223
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	281.095	294.459	242.417

TOTAL	286.468	301.961	252.032

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	650.000 (Approximately)	721.090	544.370
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA

Less	EXPENSES	NA	NA	NA
	TOTAL

	PROFIT/ (LOSS) BEFORE TAX	6.842	1.329	0.335

Less	TAX	1.869	0.550	0.295

	PROFIT/ (LOSS) AFTER TAX	4.973	0.779	0.040

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	32.468	31.689	31.649

	BALANCE CARRIED TO THE B/S	37.441	32.468	31.689

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.057	0.114	Nil
	TOTAL EARNINGS	0.057	0.114	Nil

	Earnings / (Loss) Per Share (Rs.)	21.00	4.00	1.00

Expected Sales ( 2014-2015 ) : Rs.650.000 Million

The above information has been parted by Mr. Akhil Bankatlal Tody.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	0.11	0.01

Return on Total Assets (PBT/Total Assets}	(%)	2.39	0.44	0.13

Return on Investment (ROI) (PBT/Networth)		0.16	0.03	0.01

Debt Equity Ratio (Total Debt /Networth)		2.76	2.07	1.93

Current Ratio (Current Asset/Current Liability)		1.16	1.12	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.450	2.450	2.450
Reserves & Surplus	35.439	36.218	41.192
Share Application money pending allotment	0.000	0.000	0.000
Net worth	37.889	38.668	43.642

long-term borrowings	0.000	0.000	0.000
Short term borrowings	73.219	80.017	120.330
Total borrowings	73.219	80.017	120.330
Debt/Equity ratio	1.932	2.069	2.757

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	Yes
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	Yes
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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Term loans
From Directors	0.938	0.000
From Relatives of the Directors	0.005	1.490
From a company under the same management	18.855	17.100
From Others	0.100	0.100

Total	19.898	18.690

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10273519	28/01/2011	35,000,000.00	STANDARD CHARTERED BANK	SME CREDIT, 23-25, M G ROAD,, FORT, MUMBAI, MAHAR ASHTRA - 400001, INDIA	B08616765
2	10244194	21/09/2010	100,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	A94737665
3	10128964	01/06/2011 *	17,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T OWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, N AVI MUMBAI, MAHARASHTRA - 400703, INDIA	B13782313
4	10073754	19/03/2013 *	19,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T OWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, N AVI MUMBAI, MAHARASHTRA - 400703, INDIA	B71886774
5	90065148	18/04/2011 *	66,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ ARAT - 390015, INDIA	B10700383

* Date of charge modification

FIXED ASSETS

TANGIBLE ASSETS

Air Conditioner
Cold Storage
Commercial Premises
Holiday Home
Computer systems
Office equipments
Furniture and Fixtures
Motor Car

INTANGIBLE ASSETS

Software

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 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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	RKH

Analysis Done by :	DIV

Report Prepared by :	SNT

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
--PROFITABILITY	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.

MIRA INFORM REPORT

Unit