MIRA INFORM REPORT

Report No. :	312303
Report Date :	20.04.2015

IDENTIFICATION DETAILS

Name :	E-MAX BIOGENICS
Registered Office :	17/1300, 2^nd Floor, K.M.A. Building, Puthiyara Road, Calicut - 673004, Kerala
Tel. No.:	91-495-2720969
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	December, 2003
Capital Investment :	Rs. 14.311 Million
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABFE7735R
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Trader and Dealer of Medicines.
No. of Employees :	12 (Approximately) [In Office: 7 + In Branch: 5]

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 41000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having a satisfactory track record. The rating takes into consideration concern’s established track record of business operations marked by decent topline growth of a year and fair profitability margins of the concern. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The concern can be considered for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

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

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. G. Ravindranath Rao
Designation :	Partner
Contact No.:	91-9447174485
Date :	17.04.2015

LOCATIONS

Registered Office :	17/1300, 2^nd Floor, K.M.A. Building, Puthiyara Road, Calicut - 673004, Kerala, India
Tel. No.:	91-495-2720969/ 3042864
Mobile No.:	91-9447174485 (Mr. G. Ravindranath Rao)
Fax No.:	91-495-2720964
E-Mail :	emaxclt@gmail.com
Area :	1000 Sq. Ft.
Location :	Rented
Branch Office :	Lakshmi Complex, KSEB Road, Opposite Koyili Hospital, Kannur – 670004, Kerala, India
Tel. No.:	91-497-2761644/ 2768644
Fax No.:	91-497-2768644
E-Mail :	Emaxchr2006@gmail.com
Location :	Rented

PARTNERS

Name :	Mr. G. Ravindranath Rao
Designation :	Partner
Address :	“Vignesh”, Gopalan Gurukkal Road, East Hill, Calicut – 673005, Kerala, India
Date of Birth/Age :	14.12.1949
Qualification :	B. Pharm
Experience :	44 Years
PAN No.:	ACWPR3033N
Name :	Mr. Suresh Kumar P.G.
Designation :	Partner
Address :	“Niranjana”, Near C.H. Colony, Marykunnu (P.O.), Calicut – 673012, Kerala, India
Date of Birth/Age :	22.11.1954
Qualification :	B. SC.
Experience :	38 Years
PAN No.:	AFJPP8839E
Name :	Mr. Dilip Shanker
Designation :	Partner
Address :	“Sayoojyam”, Shridhi Sai Compound, Under Kathrikadavu Overbridge, Kochin – 682070, Kerala, India
Date of Birth/Age :	21.07.1985
Qualification :	M.B.A.
Experience :	4 Years
PAN No.:	CIXPS9398P
Name :	Mrs. Rejina
Designation :	Partner
Address :	Kunnaruvath House, Chithari, kanhangad , Kasargode - 671316, Kerala, India
Date of Birth/Age :	31 Years
Qualification :	B. Com.
Experience :	11 Years
PAN No.:	ATEPR2883F

BUSINESS DETAILS

Line of Business :	Trader and Dealer of Medicines.
Products :	· Iohexol Injection USP – Omnipaque · Rituximab 500 mg/ 50 ml. - Mabtas – 500 · Doxorubicin Hydrochloride Liposome Injection – Doxulip, etc.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Credit (60 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference:	Torrent Pharmaceutical Limited
Name of the Person (with Designation):	Ms. Geeta (Incharge)
Contact Number:	91-484-2334588
Since How Long Known:	3 Years
Maximum Limit Dealt:	Not Divulged
Experience :	Payment Behaviour: Good Market Goodwill: Good Overall: Good
Remarks :	As claimed by Ms. Geeta that they are very much satisfied with subject.

Name of Suppliers	Address	Contact No.
Wipro Ge Healthcare Private Limited	New Delhi	91-11-41444692
Roche Products (India) Private limited	Ernakulam	91-484-2405688
Gensyme India Limited	Ernakulam	91-484-2400818
Abbott India Limited	Ernakulam	91-484-2100240
United Biotech Private Limited	Ernakulam	91-484-2366077
Intas Pharmaceuticals Industries Limited	Ernakulam	91-484-2808754
Biochem Pharmaceuticals Industries Limited	Trivandram	91-484-42530868
Serum Institute of India Limited	Ernakulam	91-471-2430984
Cipla Limited	Ernakulam	91-484-2401804

Customers :

Retailers and End Users

Reference:	Leo Metro Cardiac Centre
Name of the Person (with Designation):	Mr. Rashad (Purchase Manager)
Contact Number:	91-493-6205022
Since How Long Known:	1 Year
Maximum Limit Dealt:	Rs. 0.200 Million (Monthly)
Experience :	Product Quality: Good Delivery Behaviour: Good Overall: Good
Remarks :	As claimed by Mr. Rashad that product quality is good and delivery is on time and overall good company.

Name of Customers	Address	Contact No.
MIMS	Calicut	91-495-3911400
Baby Memorial Hospital	Calicut	91-495-2723272
HDS (Govt. Medical College Calicut)	Calicut	91-495-2353168
Pariyaram Medical College	Pariyaram	91-497-2808080
Kannur Medical College	Kannur	91-497-2855000
Lakeshore Hospital and Research Centre	Ernakulam	91-497-2701032
E.M.S. Hospital	Perinthalmanna	91-493-3302065
AL-Shifa Hospital	Perinthalmanna	91-493-3227616
Moulana Hospital	Perinthalmanna	91-493-3307129
M.E.S. Medical College	Perinthalmanna	91-493-3298300
Metro Internal Cardiac Centre	Calicut	91-495-6615555
D.M. Wims	Wayanad	91-493-6287000

No. of Employees :

12 (Approximately) [In Office: 7 + In Branch: 5]

Bankers :

Bank Name:	Bank of India
Branch:	Mavoor Road Branh, NCK Tourist Home Building, IG Road, Calicut – 673004, Kerala, India
Name of the Person (with Designation):	Mr. Babu H.S. (Senior Manager)
Contact Number:	91-495-2723869
Name of Account Holder:	E-MAX BIOGENICS
Account Number:	852420100000598
Account Since (Date/ Year of A/c Opening):	24.08.2005
Average Balance Maintained (Optional):	Rs. 1.555 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	No
Account Operation:	Jointly
Remarks: Maintains a good transaction record and is one of their valuable customer.

Facilities :

--

Auditors :
Name :	Pavitharn and Murali Chartered Accountants
Address :	11/266F, Opposite Bharath Petroleum Pump, Cherootty Road, Calicut – 673032, Kerala, India
Tel. No.:	91-495-2366772/ 2366483/ 4012421/ 4012425
Fax No.:	91-495-4012424
E-Mail :	pavithran_murali_ca@yahoo.com
Memberships :	--
Collaborators :	--
Sister Concerns:	--

CAPITAL STRUCTURE

As on 31.03.2014

Capital Investment :
Owned :	Rs. 14.311 Million
Borrowed :	--
Total :	Rs. 14.311 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partners Capital		14.311	14.854	11.800
2] Share Application Money		0.000	0.000	0.000
3] Profit and Loss Account		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.311	14.854	11.800
LOAN FUNDS
1] Secured Loans
2] Unsecured Loans
TOTAL BORROWING		16.062	12.429	10.770
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		30.373	27.283	22.570
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.547	0.514	0.521
Capital work-in-progress		23.875	18.799	14.770
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	5.951	7.970	7.279
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		5.951	7.970	7.279
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.000	0.000	0.000
Net Current Assets		5.951	7.970	7.279
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		30.373	27.283	22.570

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	78.877	69.704	61.017
		Other Income	2.253	1.864	2.776
		Stock Transfer [Out]	12.568	12.363	10.787
		TOTAL	93.698	83.931	74.580
Less	EXPENSES
		Cost of Goods Sold	85.151	75.926	66.128
		Stock Transfer In	0.057	0.235	0.400
		Trading Expenses	0.011	0.012	0.010
		Salaries and Allowances	0.596	0.666	0.464
		Other Expenditure	1.867	1.862	2.043
		Audit Fee	0.017	0.016	0.014
		Income Tax Provision	0.259	0.207	0.373
		Interest on Capital	1.568	1.416	1.031
		Remuneration	1.476	1.225	1.882
		TOTAL	91.002	81.565	72.345
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2.696	2.366	2.235
Less	INTEREST & BANK CHARGES		2.114	1.905	1.592
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.582	0.461	0.643
Less/ Add	DEPRECIATION/ AMORTISATION		0.114	0.109	0.099
	NET PROFIT/ (LOSS)		0.468	0.352	0.544

Particulars	2014-2015 (Projected)	2015-2016 (Projected)
Sales Turnover	136.900	153.500

The above information has been parted by Mr. G. Ravindranath Rao (Partner).

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.59	0.50	0.89
Operating Profit Margin (PBDIT/Sales)	(%)	3.42	3.39	3.66
Return on Total Assets (PBT/Total Assets}	(%)	7.20	4.15	6.97
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.05
Debt Equity Ratio (Total Debt/Networth)		1.12	0.84	0.91
Current Ratio (Current Asset/Current Liability)		0.00	0.00	0.00

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)
Partners Capital	11.800	14.854	14.311
Profit and Loss Account	0.000	0.000	0.000
Net worth	11.800	14.854	14.311
Secured Loans
Unsecured Loans
Total borrowings	10.77	12.429	16.062
Debt/Equity ratio	0.913	0.837	1.122

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	61.017	69.704	78.877
		14.237	13.160

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	61.017	69.704	78.877
Profit	0.544	0.352	0.468
	0.89%	0.50%	0.59%

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	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	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
25]	Conduct of the banking account	Yes
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
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	No
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

E-MAX BIOGENICS

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the net worth of E-Max Biogenics, Puthiyara Road, Kozhikode – 673004 as at 31.03.2014 is Rs. 14.854 Million.

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MRS. REJINA

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the net worth of Mrs. Rejina C/o E-Max Biogenics, Puthiyara Road, Kozhikode – 673004 as at 31.03.2014 is Rs. 4.814 Million.

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. G. RAVINDRANATH RAO

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the net worth of Mr. G. Ravindranath Rao C/o E-Max Biogenics, Puthiyara Road, Kozhikode – 673004 as at 31.03.2014 is Rs. 4.734 Million.

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. DILIP SHANKER

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the net worth of Mr. Dilip Shanker C/o E-Max Biogenics, Puthiyara Road, Kozhikode – 673004 as at 31.03.2014 is Rs. 2.781 Million.

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. P. G. SURESH KUMAR

(RS. IN MILLIONS)

(AS ON 31.03.2014)

This is to certify that the net worth of Mr. P. G. Suresh Kumar C/o E-Max Biogenics, Puthiyara Road, Kozhikode – 673004 as at 31.03.2014 is Rs. 2.525 Million.

------------------------------------------------------------------------------------------------------------------------------

PROFILE

Subject is a partnership firm formed in 2003, December by a small set of professionals having decades of experience in the pharmaceutical industry. From the year of launching they are proud to state that they have been consistently making strides year on year. The turnover, profits and the reach have increased proportionately. To give adequate logistical support to their principals they started a branch in Kannur in 2006 to cater to the requirements of the northern most parts of Kerala. Today they are the channel partner of more than 22 companies including the likes of Wipro GE Healthcare Private Limited, Roche Products India Private Limited, Genzyme India Limited, Serum Institute of India Limited, Cipla Limited, United Biotech Private Limited, etc.

------------------------------------------------------------------------------------------------------------------------------

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. 62.35
UK Pound	1	Rs. 93.10
Euro	1	Rs. 67.13

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--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.