MIRA INFORM REPORT

Report No. :	312530
Report Date :	23.04.2015

IDENTIFICATION DETAILS

Name :	INDIAN PHARMACEUTICALS DISTRIBUTORS
Registered Office :	Shop No. 66/7, Khazanchiyan Bazar, Near Jhuthra Dharamshala, Hisar – 125001, Haryana
Tel. No.:	91-1662-272265
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2004
Capital Investment :	Rs. (0.946) Million
TIN No.:	06431534113
IEC No.:	3314001266
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AIUPK7391J
Legal Form :	Sole Proprietary Concern
Line of Business :	Dealer and Distributor of Medicines.
No. of Employees :	9 (Approximately) [In Office]

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having moderate track record. As claimed by Mr. Sunil Garg (Manager) that the concern has provided us with all information. Proprietor’s capital of the concern is negative. However, concern has achieved decent turnover during 2014. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The concern can be considered for business dealings with some cautions.

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. Sunil Garg
Designation :	Manager
Contact No.:	91-9991000110
Date :	18.04.2015

Name :	Mr. Surender Garg
Designation :	Proprietor
Contact No.:	91-9215092158
Date :	18.04.2015

LOCATIONS

Registered Office :	Shop No. 66/7, Khazanchiyan Bazar, Near Jhuthra Dharamshala, Hisar – 125001, Haryana, India
Tel. No.:	91-1662-272265
Mobile No.:	91-9215092158 (Mr. Surender Garg) 91-9991000110 (Mr. Sunil Garg)
Fax No.:	91-1662-270871
E-Mail :	indian_pharma@yahoo.co.in
Area :	2500 Sq. Ft.
Location :	Rented
Branch Office :	Located at: Gurgaon

SOLE PROPRIETOR

Name :	Mr. Surender Garg
Designation :	Proprietor
Address :	288, Churuwali Gali, Near D.N. College Road, Hisar – 125001, Haryana, India
Date of Birth/Age :	26.06.1981
Qualification :	B.Com.
Experience :	12 Years
PAN No.:	AIUPK7391J

KEY EXECUTIVES

Name :	Mr. Sunil Garg
Designation :	Manager

BUSINESS DETAILS

Line of Business :	Dealer and Distributor of Medicines.
Products :	Medicines
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Credit (30 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference:	Torrent Pharmaceuticals Limited, Panchkula
Name of the Person (with Designation):	Mr. Sombir Singh (Manager)
Contact Number:	91-8557824004
Since How Long Known:	10 Years
Maximum Limit Dealt:	Monthly Rs. 0.500 Million to Rs. 0.800 Million
Experience :	Payment Behaviour: Good Market Goodwill: Good Overall: Good
Remarks :	As claimed by Mr. Sombir Singh that the subject makes payment on time and very well-known company in the market.

Name of Supplier	Address	Contact Person	Contact Number
Biocon Limited	Zirakpur	Mr. Amit	91-176-2530956
Mahaveer Medicare	Bangalore	Mr. Robert	91-9342064003
Pharma Logistics	Panchkula	Mr. Devender	91-172-5057735

Customers :

Wholesalers, Retailers and End Users

Reference:	Jai Veerat Medicose, Hisar
Name of the Person (with Designation):	Mr. Lalit Verma (Partner)
Contact Number:	91-9728109969
Since How Long Known:	10 Years
Maximum Limit Dealt:	Not Divulged
Experience :	Product Quality: Good Delivery Behaviour: Good Overall: Good
Remarks :	As claimed by Mr. Lalit Verma that they very much satisfied with product quality and delivery behaviour.

Name of Customers	Address	Contact Person	Contact Number
Cardiac Care Pharmacy	Hisar	Vijender Bishnoi	91-9215096150
Jeevan Rekha Pharmacy	Hisar	Shubham Singal	91-9215092350
Adhaar Pharmacy	Hisar	Nitin	91-9416398110

No. of Employees :

9 (Approximately) [In Office]

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	57-60, Kamla Palace, Near Red Square Market, Hisar – 125001, Haryana, India
Name of the Person (with Designation):	Mr. Surender Garg (Propreitor)
Contact Number:	91-9215092158
Name of Account Holder:	INDIAN PHARMACEUTICALS DISTRIBUTORS
Account Number:	017205500486
Account Since (Date/ Year of A/c Opening):	29.07.2013
Average Balance Maintained (Optional):	Rs. 10.000 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	Rs. 9.500 Million
Account Operation:	--
Remarks: Conduct of the account is satisfactory till date.

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Secured Loans	7.982	0.000
Total	7.982	0.000

Auditors :
Name :	Anoop Goel and Associates Chartered Accountants
Address :	19, Opposite Shivji Street, D.N. College Road, Hisar – 125001, Haryana, India
Tel. No.:	91-1662-272883
Fax No.:	91-9896042420
E-Mail :	anoopgoel_ca@rediffmail.com
Memberships :	--
Collaborators :	--
Sister Concerns :	Bhaskar Distributors Address: 66/7, Basement Khazanchiyan Bazar, Near Jhuthar Dharamshala, Hisar – 125001, Haryana, India Line of Business: Wholesaler of Medicines. Cardiac Care Pharmacy Address: Inside O.P. Jindal Hospital, Hisar – 125005, Haryana, India Tel. No.: 91-1662-223101 Line of Business: Retailer of Medicine.

CAPITAL STRUCTURE

CAPITAL ACCOUNT AS ON 31.03.2014

(RS. IN MILLIONS)

PARTICULARS	AMOUNT	PARTICULARS	AMOUNT
To LIC	0.040	By Balance B/f	2.695
To Birla Sun Life	0.050	By Deposits (Cheque)	0.013
To ICICI Pru Life	0.024	By Net Profit After Tax	1.406
To Household Expenses	0.231
To Withdrawals	0.100
To Income Tax A/c	0.060
To Income Tax 2013-14	0.070
To PPF	0.001
To Branch Gurgaon A/c	4.429
To Donation	0.055
To Balance C/f	(0.946)
Total	4.114		4.114

FINANCIAL DATA

[all figures are in Rupees Million]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Proprietor Capital		(0.946)	2.695	1.949
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		(0.946)	2.695	1.949
LOAN FUNDS
1] Secured Loans		7.982	0.000	0.000
2] Unsecured Loans		5.720	4.641	3.142
TOTAL BORROWING		13.702	4.641	3.142
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		12.756	7.336	5.091
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.004	0.542	0.525
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.423	5.440	6.061
	Sundry Debtors	8.481	2.686	4.472
	Cash & Bank Balances	0.766	1.462	0.955
	Other Current Assets	0.127	1.631	0.055
	Loans & Advances	2.720	0.636	0.488
Total Current Assets		18.517	11.855	12.031
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		6.765	5.061	7.465
Net Current Assets		11.752	6.794	4.566
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		12.756	7.336	5.091

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	77.050	54.600	46.272
		Other Income	0.343	0.559	0.000
		TOTAL (A)	77.393	55.159	46.272
Less	EXPENSES
		Cost of Goods Sold	72.026	50.668	42.958
		Expenses	2.694	2.820	2.284
		TOTAL (B)	74.720	53.488	45.242
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.673	1.671	1.030
Less	FINANCIAL EXPENSES (D)		0.947	0.487	0.191
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.726	1.184	0.839
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.180	0.104	0.111
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1.546	1.080	0.728
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1.546	1.080	0.728

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.01	1.98	1.57
Operating Profit Margin (PBDIT/Sales)	(%)	3.47	3.06	2.23
Return on Total Assets (PBT/Total Assets}	(%)	7.92	8.71	5.80
Return on Investment (ROI) (PBT/Networth)		(1.63)	0.40	0.37
Debt Equity Ratio (Total Debt/Networth)		(14.48)	1.72	1.61
Current Ratio (Current Asset/Current Liability)		2.74	2.34	1.61

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)
Proprietor Capital	1.949	2.695	(0.946)
Profit and Loss Account	0.000	0.000	0.000
Net worth	1.949	2.695	(0.946)
Secured Loans	0.000	0.000	7.982
Unsecured Loans	3.142	4.641	5.720
Total borrowings	3.142	4.641	13.702
Debt/Equity ratio	1.612	1.722	(14.484)

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	46.272	54.600	77.050
		17.998	41.117

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	46.272	54.600	77.050
Profit	0.728	1.080	1.546
	1.57%	1.98%	2.01%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
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

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UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULAR	31.03.2014	31.03.2013
Unsecured Loans	5.720	4.641
Total	5.720	4.641

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NETWORTH STATEMENT

MR. SURENDER KUMAR

(RS. IN MILLIONS)

PARTICULARS	AMOUNT
Improvable Assets	0.000
Other Assets
Capital with Indian Pharmaceuticals, Hisar (As per Balance Sheet as on 31.03.2014)	3.483
Balance with partnership firm named as Cardiac Care Pharmaceuticals	0.052
PPF Balance (As per Balance Sheet as on 31.03.2014)	0.162
Bank Balance	0.002
Total Assets	3.699
Liabilities	0.000
Net Worth	3.699

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ABOUT

Subject established in May 2004 by Mr. Surender Garg and are working in the field of pharmaceuticals and medical devices.

THEIR ACHIEVEMENTS

Subject has been started in pharma business and expanded its roots in the field of Medical devices, Surgical disposables, Cardiology, Nephrology, Biopharmaceutical Drugs, Oncology Drugs etc.

THEIR COMMITMENT

Subject is committed to do business with fullest integrity and promote principle products as per the terms agreed. And ensure the business is grown in the defined territory.

EXPECTATIONS

They would expect Roche to give support in followings:

· Transparency in communication

· Deal specific Pricing support

STRENGTH

Subject has deep knowledge of Healthcare products and healthcare market Strong relationship with the leading Doctors and medical professional Have network of people to manage and scale up business

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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. 62.82
UK Pound	1	Rs. 93.85
Euro	1	Rs. 67.59

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.