MIRA INFORM REPORT

IRA INFORM REPORT

Report No. :	316779
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	MISSIONPHARMA LOGISTICS (INDIA) PRIVATE LIMITED

Registered Office :	301-302, 3rd Floor, Zodiac Square, Opposite Gurudwara, S.G. Highway, Bodakdev, Ahmedabad – 380054, Gujarat

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	04.10.2001

Com. Reg. No.:	04-040078

Capital Investment / Paid-up Capital :	Rs.5.018 Million

CIN No.: [Company Identification No.]	U24231GJ2001PTC040078

TIN No.:	Not Available

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	AHMM01075E

PAN No.: [Permanent Account No.]	AACCM6133D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Generic Pharmaceuticals Medical Devices and Medical Kits.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject is a well-established and reputed company having fine track record. There seems dip in the profit of the company during 2014. However, the company is operating on its owned funds. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good 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

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 :	301-302, 3rd Floor, Zodiac Square, Opposite Gurudwara, S.G. Highway, Bodakdev, Ahmedabad – 380054, Gujarat, India
Tel. No.:	91-79-28365360
Mobile No.:	91-9825222958 (Mr. Amit Pitroda)
Fax No.:	91-79-28365366
E-Mail :	VGO@missionpharma.com mplindia@icenet.net vjh@missionpharma.com

Head Office :	501, Ankit, Near Municipal Market, Navrangpura, Ahmedabad - 380005, Gujarat, India
Tel. No.:	91-79-2836-53600
Fax No.:	91-79-2836-53660
E-Mail :	mplindia@icenet.net
Location :	Owned

Warehouse:	Plot No. 5-A, I-II-III Sector 3, Kandla Special Economic Zone, Gandhidham -370230, Gujarat, India
Tel. No.:	91-2836-253600
Fax No.:	91-2836-253660

DIRECTORS

As on 30.09.2014

Name :	Mr. Vidyashankar Gopalkrishna Sastry
Designation :	Alternate Director
Address :	No. 7, Kalhar Bunglows, Sector – 5, Post Box No. 1, SBPO Shilaj, P O Bopal, Ahmedabad-380058, Gujarat, India
Date of Birth/Age :	10.12.1965
Date of Appointment :	29.11.2007
DIN No.:	00700137

Name :	Mr. Kim Erik Ginnerup
Designation :	Director
Address :	J A 58, DK – 2920, Charlottenlund-2920, Denmark
Date of Birth/Age :	05.09.1965
Date of Appointment :	04.10.2001
DIN No.:	01509913

Name :	Mr. Sudesh Ramnath Zingde
Designation :	Director
Address :	C.802, Prestige Tower, Opposite SBI, Near Chief Justice Bunglow, Bodakdev, Ahmedabad - 380054, Gujarat, India
Date of Birth/Age :	0707.1969
Date of Appointment :	11.07.2013
DIN No.:	06596133

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders		No. of Shares
Mission Pharma A/S., Denmark		501839
Kim Erik Ginnerup Jtly with Mission Pharma A/S, Denmark		1
Total		501840

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Generic Pharmaceuticals Medical Devices and Medical Kits.

Products :

Product Description	Item Code No. (ITC Code)
Other anti-bacterial-formulation in tablets, capsules, syrups etc.	30049023
Amodiaquine and chloroquine (as phosphate or sulphate)- formulations thereof in tablets, injections etc.	30049031
Penicillin in capsules, injections etc.	30041002
Pharmasutical	30060000

Brand Names :

Agencies Held :

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
Remark :	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
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name	Citi Bank
Branch Address	Ahmedabad, Gujarat, India
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 :	Shah and Shah Associates Chartered Accountant
Address :	702, Aniket, Near Municipal Market, Navrangpura, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-26465433 / 28012244
Fax No.:	91-79-26406983
E-Mail :	shah@wilnetonline.com ca@shahandshah.co.in
PAN No.:	AAHFS7036F

Memberships :	--

Collaborators :	--

Holding Company :	Missionpharma A/s, Denmark

Fellow Subsidiary Company :	Eurapharma Healthcare Services (EHS)- France E.P. DIS-France

Entities where control Exists :	Mifamed Medical Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

501840	Equity Shares	Rs.10/- each	Rs.5.018 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	5.018	5.018	5.018
(b) Reserves & Surplus	126.375	112.483	89.035
(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)	131.393	117.501	94.053

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	-0.245
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.521	2.130	1.728
Total Non-current Liabilities (3)	0.521	2.130	1.483

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	42.613	84.371	26.750
(c) Other current liabilities	455.047	612.222	251.293
(d) Short-term provisions	0.026	0.060	0.060
Total Current Liabilities (4)	497.686	696.653	278.103

TOTAL	629.600	816.284	373.639

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.582	35.235	38.680
(ii) Intangible Assets	0.033	0.050	0.001
(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)	0.281	0.634	0.000
(d) Long-term Loan and Advances	0.060	2.748	2.917
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	28.956	38.667	41.598

(2) Current assets
(a) Current investments	0.000	46.383	43.701
(b) Inventories	421.984	613.559	156.391
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	55.159	40.195	97.209
(e) Short-term loans and advances	106.894	77.477	34.721
(f) Other current assets	16.607	0.003	0.019
Total Current Assets	600.644	777.617	332.041

TOTAL	629.600	816.284	373.639

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012

	INCOME		NA	NA	NA

	EXPENSES		NA	NA	NA

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		25.670	27.330	26.350

Less	DEPRECIATION/ AMORTISATION		4.770	7.900	7.410

	PROFIT/(LOSS) BEFORE TAX		20.900	19.430	18.940

Less	TAX		7.010	(4.020)	5.280

	PROFIT/(LOSS) AFTER TAX		13.890	23.450	13.660

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		107.480	84.030	70.370

	BALANCE CARRIED TO THE B/S		121.370	107.480	84.030

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1282.597	643.790	1415.140
		Service Charges	0.000	0.888	0.864
	TOTAL EARNINGS		1282.597	644.678	1416.004

	IMPORTS
		Purchases of Stock-in-Trade	733.703	537.801	465.623
		Capital Goods	0.000	1.250	4.260
		Spares (Repairs & Maintenance)	0.052	0.000	0.258
	TOTAL IMPORTS		733.755	539.051	470.141

	Earnings / (Loss) Per Share (Rs.)		27.68	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.32	2.38	5.07

Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.20

Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.21	1.12	1.19

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	5.018	5.018	5.018
Reserves & Surplus	89.035	112.483	126.375
Share Application money pending allotment	0.000	0.000	0.000
Net worth	94.053	117.501	131.393

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	Yes
23]	Banking Details	Yes
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

LITGATION DETAILS

HIGH COURT OF GUJARAT

TAX APPEAL No. 837 of 2013 To TAX APPEAL No. 839 of 2013

Status : PENDING

( Converted from : O/ST/2530/2013 )

CCIN No : 001092201300837

Last Listing Date: 30/09/2013

Coram

HONOURABLE MR.JUSTICE M.R. SHAH

HONOURABLE MS JUSTICE SONIA GOKANI

S.NO.	Name of the Petitioner	Advocate On Record
1	COMMISSIONER OF INCOME TAX II	MRS MAUNA M BHATT for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	MISSIONPHARMA LOGISTICS -INDIA- PRIVATE LIMITED	RULE UNSERVED for :Opponent(s) 1

Presented On	24/09/2013	Registered On	26/09/2013
Bench Category	-	District	AHMEDABAD
Case Originated From	THROUGH HIS/HER/THEIR ADVOCATE	Listed	178 times

StageName	ADMISSION (FRESH MATTERS)
Classification	DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA
Act	INCOME-TAX ACT, 1961

Other Forums

S.No.	CASEDETAILS	TRIBUNAL REFERRENCE	ORDER PASSED BY	JUDGEMENT DATE	PLACE
1	ITA/945/AHD/2010	INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH	JUDICIAL MEMBER AND ACCOUNTANT MEMBER	17/04/2013	AHMEDABAD

Office Details

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	24/09/2013	APPEARANCE NOTE	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	0	MRS MAUNA M BHATT(174) for P:1
2	24/09/2013	CERTIFIED COPY	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	6	MRS MAUNA M BHATT(174), for P:1
3	24/09/2013	MEMO OF APPEAL/PETITION/SUIT	MRS MAUNA M BHATT ADVOCATE for PETITIONER(s) 1	20	MRS MAUNA M BHATT(174), for P:1

Court Proceedings

S. No.

Notified Date

Court

Code

Board Sr. No.

Stage

Action

Coram

30/09/2013

ADMISSION (FRESH MATTERS)

RULE/ADMIT

HONOURABLE MR.JUSTICE M.R. SHAH

HONOURABLE MS JUSTICE SONIA GOKANI

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

TAX APPEAL/837/2013

HONOURABLE MR.JUSTICE M.R. SHAH

HONOURABLE MS JUSTICE SONIA GOKANI

30/09/2013

ORDER

Certified Copy

S. No.

Applicant

Name

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

MRS MAUNA M BHATT

ORDINARY

01/10/2013

O/29866/2013

30/09/2013

03/10/2013

04/10/2013

Delivered

ORDER

CORPORATE INFORMATION:

Subject is a private limited company domiciled in India and was incorporated on 4th October, 2001 under the provisions of the Companies Act, 1956. The company is a wholly owned subsidiary company of M/s. Missionpharma A/S., Denmark. The operations of the company are carried out at Special Economic Zone at Kandla, Gujarat State, India.

NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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.62.33
UK Pound	1	Rs.92.83
Euro	1	Rs.68.08

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	YES
--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		52

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.

IRA INFORM REPORT

Unit