MIRA INFORM REPORT

Report No. :	312408
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	AADARSH PHARMA SPECIALTIES
Registered Office :	Mangalmurti Residency, Rani Bagan, Harmu Road, Ranchi – 834001, Jharkhand
Tel. No.:	91-651-2282754
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment:	19.01.2013
Capital Investment / Paid-up Capital :	Rs. 1.265 Million
TIN No.:	20400407755
CST No.:	20400407755-101
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AFAPA6219C
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Pharma Products.
No. of Employees :	4 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a proprietorship concern with limited operational history having satisfactory track. The concern possesses an acceptable financial profile marked by sufficient capital base along with adequate capital structure and cash balance. Moreover, there appear modest liabilities to be paid off which is noted and considered to be mainstream as the concern is in its nascence stages and may need funds supporting its gradual development. Management has witnessed a small revenue base as well as net profitability during FY14 as a young business. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of working as stockiest for various reputed pharma companies, 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

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. Niraj Kumar Agrawal
Designation :	Proprietor
Contact No.:	91-9934887355
Date :	25.04.2015

LOCATIONS

Registered Office / Warehouse:	Mangalmurti Residency, Rani Bagan, Harmu Road, Ranchi – 834001, Jharkhand, India
Tel. No.:	91-651-2282754
Mobile No.:	91-9934887355 (Mr. Niraj Kumar Agrawal)
Fax No.:	Not Available
E-Mail :	aadarshpharma@gmail.com niraj.tara@gmail.com
Area :	450 Sq. Ft
Location :	Rented

SOLE PROPRIETOR

Name :	Mr. Niraj Kumar Agarwal
Designation :	Proprietor
Address:	301, Mangalmurti Residency, Rani Bagan, Harmu Road, Ranchi – 834001, Jharkhand, India
Date of birth/age:	08.08.1983
Qualification :	B. Com

BUSINESS DETAILS

Line of Business :	Trader of Pharma Products.
Products :	Pharma Products
Brand Names :	Not Divulged
Agencies Held :	Novartis India Limited Intas Pharmaceuticals Limited Alkem Laboratories Limited Mylan Pharmaceuticals Private Limited
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Reference :

Mylan Pharmaceuticals Private Limited

Name of the Person :

Mr. Manish Kumar (Depot Incharge)

Contact No.:

91-9771459874

Since How Long Known :

1 Years

Maximum Limit Dealt :

Monthly 0.100 Million

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

As claimed by Mr. Manish Kumar (Depot Incharge) that the subject is well known company in market, they make payment in advance very good company.

Customers :

• Retailers
• End Users

Reference :

Azad Pharma

Name of the Person :

Mr. Jamal – Partner

Contact No.:

91-9334706965

Since How Long Known :

1 Years

Maximum Limit Dealt :

Monthly 0.200 Million

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

As claimed by Mr. Jamal – Partner that the subject companies product quality is very good, and their service is very good. Very much satisfied.

No. of Employees :

4 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Upper Bazar, Ranchi, Jharkhand, 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

Auditors :
Name :	Ranjeet Garodia and Company Chartered Accountants
Address :	Randhir Prasad Street, Upper Bazaar, Ranchi, Jharkhand, India
Tel. No.:	91-651-2214606
E-Mail :	ranjeetgarodiaco@yahoo.co.in
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Zeezest Enterprises Private Limited Address : Vinaiyka Agarbatti Factory, Opposite Chutia Thana, Chutia, Ranchi, Jharkhand, India Line Of Business : Carrying and Forwarding Agent

CAPITAL STRUCTURE

As on 31.03.2014 (AADARSH PHARMA SPECIALITIES)

Capital Investment :
Owned :	Rs. 1.265 Million
Borrowed :	--
Total :	Rs. 1.265 Million

As on 31.03.2014 (NIRAJ KUMAR AGARWAL)

Particulars	Rs. IN Million	Particulars	Rs. IN Million
To Bank Charges	0.001	By Opening Balance	1.660
To interest on Hosing Loans	0.101	By Commission Received	0.169
To Bus Fees and Others Charges	0.012	By Interest From RD	0.002
To Drawings	0.688	By Interst From Sahara	0.076
To Tuitions Fees	0.009	By Net Profit From Aadarsh Pharma Specialities	0.280
To LIP	0.024	By Bank Interest	0.002
To Income Tax Paid	0.003	By Dividend Receivable	0.003
To Stock Holding Charges	0.001	By Subsidiary From IOC	0.000
To TDS	0.041
To Closing Stock	1.312
TOTAL	2.192		2.192

FINANCIAL DATA

[all figures are in Rupees Million]

(AADARSH PHARMA SPECIALITIES)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		1.265
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.265
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.700
TOTAL BORROWING		0.700
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.965
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.107
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.835
	Sundry Debtors	0.856
	Cash & Bank Balances	0.561
	Other Current Assets	0.000
	Loans & Advances	0.075
Total Current Assets		3.327
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.459
	Other Current Liabilities	0.000
	Provisions	0.010
Total Current Liabilities		1.469
Net Current Assets		1.858
MISCELLANEOUS EXPENSES		0.000
TOTAL		1.965

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014
	SALES
	Income	16.859
	Other Income	0.520
	TOTAL	17.379
Less	EXPENSES
	Cost of goods sold	16.191
	Direct Expense	0.004
	Bank charges	0.001
	Cartage expense	0.072
	Computer Software	0.013
	Courier expense	0.018
	Audit fees	0.010
	Membership Associates Fees	0.005
	Electricity expense	0.018
	General expense	0.005
	Interest on sales tax	0.000
	Interest paid	0.024
	Misc expense	0.002
	Carriage outward	0.021
	Office expense	0.041
	Packing Material	0.041
	Printing and Stationary	0.015
	Puja expense	0.002
	Office Ent Paid	0.109
	Repair and Maintenance	0.008
	Salary paid	0.410
	Shop Maintenance	0.011
	Telephone expense	0.024
	Tour expense	0.015
	TOTAL	17.060
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.319
Less/ Add	DEPRECIATION/ AMORTISATION	0.039
	NET PROFIT	0.280

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	1.66
Operating Profit Margin (PBIDT/Sales)	(%)	1.89
Return on Total Assets (PBT/Total Assets}	(%)	8.15
Return on Investment (ROI) (PBT/Networth)		0.22
Debt Equity Ratio (Total Debt /Networth)		0.55
Current Ratio (Current Asset/Current Liability)		2.66

(NIRAJ KUMAR AGARWAL)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		1.313
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		1.313
LOAN FUNDS
1] Secured Loans		0.915
2] Unsecured Loans		3.497
TOTAL BORROWING		4.412
DEFERRED TAX LIABILITIES		0.000
TOTAL		5.725
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.856
Capital work-in-progress		0.000
INVESTMENT		3.155
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.093
	Other Current Assets	0.000
	Loans & Advances	0.621
Total Current Assets		0.714
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		0.714
MISCELLANEOUS EXPENSES		0.000
TOTAL		5.725

KEY RATIOS

PARTICULARS	31.03.2014
Debt Equity Ratio (Total Debt /Networth)	3.36
Current Ratio (Current Asset/Current Liability)	0.00

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	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	No
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	No
25]	Conduct of the banking account	--
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	No
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

TRADE REFERENCES

• Azad Pharma, Sainik Market Ranchi, Jharkhand, India , Mr Jamal:- 9334706965
• Animesh Singh, Argora Chock Ranchi, Jharkhand, India, Mylan B.M:- 8102513469

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.63.61
UK Pound	1	Rs.96.56
Euro	1	Rs.69.18

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.