MIRA INFORM REPORT

Report No. :	316330
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	FOUNTIL LIFE SCIENCES PRIVATE LIMITED

Registered Office :	No.118, 119 and 120, Master Mind IV, Royal Palms, Goregaon (East), Mumbai – 400065, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	12.10.2012

Com. Reg. No.:	11-236746

Capital Investment / Paid-up Capital :	Rs.0.385 Million

CIN No.: [Company Identification No.]	U24230MH2012PTC236746

TAN No.: [Tax Deduction & Collection Account No.]	MUMF06927E

PAN No.: [Permanent Account No.]	AACCF0649P

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of distribution of pharmaceuticals.

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 46000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “PHILIPS HEALTHCARE CORPORATION”. It is an established company having moderate track record. The rating is constrained on account of company’s moderate operational risk profile and losses the company has incurred from its operational activities. However, company receives good managerial and financial support from its holding company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. In view of strong holding company support, 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 – 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

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 DENIED BY

Name :	Mr. Ajay Patel
Designation :	Export Department
Contact No.:	91-22-28711051
Date :	06.04.2015

LOCATIONS

Registered Office :	No.118, 119 and 120, Master Mind IV, Royal Palms, Goregaon (East), Mumbai – 400065, Maharashtra, India
Tel. No.:	91-22-28791858 / 28711051 / 53
Fax No.:	Not Available
E-Mail :	info@fountil.com harirajan.padmanabhan@fountil.com
Website :	www.fountil.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Harirajan Padmanabhan

Designation :

Managing Director

Address :

2704, Heritage Building, Cliff Avenue, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

03.10.1961

Date of Appointment :

12.10.2012

DIN No.:

06365126

Other Directorship:

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

U24230MH2012PTC236746

Fountil Life Sciences Private Limited

Managing director

12/10/2012

Active

AAB-1324

RESTAR 3P CONSULTANTS LLP

Designated Partner

25/09/2012

Active

Name :

Mr. Jayesh Ramniklal Sutaria

Designation :

Director

Address :

401/A, Sky-Way, Shatrinagar, Near Lokhandwala Complex, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

09.10.1962

Date of Appointment :

12.10.2012

DIN No.:

00980006

Other Directorship:

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

U51397MH2004PTC145639

UBIC EXPORTS PRIVATE LIMITED

Director

13/04/2004

Active

U24230MH2012PTC236746

Fountil Life Sciences Private Limited

Director

12/10/2012

Active

Name :

Mr. Ashvin Purushottam Palkar

Designation :

Director

Address :

4-45 Shivanand Society Play Ground Cross Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

25.10.1964

Date of Appointment :

12.10.2012

DIN No.:

02473029

Other Directorship:

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

U51397MH2004PTC145639

UBIC EXPORTS PRIVATE LIMITED

Director

01/07/2004

Active

U24230MH2012PTC236746

Fountil Life Sciences Private Limited

Director

12/10/2012

Active

KEY EXECUTIVES

Name :	Mr. Ajay Patel
Designation :	Export Department

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Jayesh Ramniklal Sutaria	385	1.00
Harirajan Padmanabhan	9615	25.00
Philips Healthcare Corporation, Mauritius	28460	74.00

Total	38460	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

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]	74.00
Directors or relatives of Directors	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of distribution of pharmaceuticals.

Products :	Pharmaceuticals

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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

Customers :

Company Name :	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 :

Information declined by the management

Bankers :

Banker Name :	State Bank of India
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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Over draft facility	6.255	0.000

Total	6.255	0.000


Auditors :
Name :	T Sriram Mehta and Tadimalla Chartered Accountants
Address :	#2974, 17^th Cross, KR Road, BSK 2^nd Stage, Bangalore – 560070, Karnataka, India
PAN No.:	AAIFT3898D

Membership :	--

LLP in which Director is a partner :	· Restar 3P Consulants LLP

Associate Enterprise :	· Philips HealthCare Corporation · Philips Distributors Limited · Phillips Pharmaceuticals (Nigeria) Limited · Phillips Pharmaceuticals (Zambia) Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

38460	Equity Shares	Rs.10/- each	Rs.0.385 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.385	0.100
(b) Reserves & Surplus	15.658	(10.297)
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	18.706
Total Shareholders’ Funds (1) + (2)	16.043	8.509

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.024	0.042
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.252	0.000
Total Non-current Liabilities (3)	0.276	0.042

(4) Current Liabilities
(a) Short term borrowings	7.823	0.068
(b) Trade payables	24.461	0.975
(c) Other current liabilities	19.223	0.415
(d) Short-term provisions	0.001	0.000
Total Current Liabilities (4)	51.508	1.458

TOTAL	67.827	10.009

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.678	2.950
(ii) Intangible Assets	0.300	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	6.978	2.950

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8.299	3.813
(c) Trade receivables	37.935	0.000
(d) Cash and cash equivalents	8.321	0.992
(e) Short-term loans and advances	2.095	1.054
(f) Other current assets	4.199	1.200
Total Current Assets	60.849	7.059

TOTAL	67.827	10.009

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013

TOTAL INCOME	134.452	0.052

EXPENSES	139.755	10.307

PROFIT/(LOSS) BEFORE TAX	(5.967)	(10.255)

TAX	(0.018)	0.042

PROFIT/(LOSS) AFTER TAX	(5.949)	(10.297)

EARNINGS IN FOREIGN CURRENCY	98.457	0.000

Earnings / (Loss) Per Share (Rs.)	(154.67)	(1029.68)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets)	(%)	(8.80)	(102.46)

Return on Investment (ROI) (PBT/Networth)		(0.37)	(1.21)

Debt Equity Ratio (Total Debt /Networth)		0.49	0.01

Current Ratio (Current Asset/Current Liability)		1.18	4.84

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Share Capital	0.100	0.385
Reserves & Surplus	(10.297)	15.658
Share Application money pending allotment	18.706	0.000
Net worth	8.509	16.043

long-term borrowings	0.000	0.000
Short term borrowings	0.068	7.823
Total borrowings	0.068	7.823
Debt/Equity ratio	0.008	0.488

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Total Income	0.052	134.452
		258,461.538

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Total Income	0.052	134.452
Profit	(10.297)	(5.949)
	(19801.92%)	(4.42%)

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Loan from director	1.568	0.068

Total	1.568	0.068

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Computers

· Furniture and Fittings

· Office Equipments

· Computer 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 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.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.68.23

INFORMATION DETAILS

Information Gathered by :	GYT

Analysis Done by :	KAR

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	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		29

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