MIRA INFORM REPORT

Report No. :	334499
Report Date :	01.08.2015

IDENTIFICATION DETAILS

Name :	SUN RISE ENTERPRISES
Registered Office :	604, Agarwal, B2b Centre, Off Link Road, Malad (west), Mumbai- 400064, Maharashtra
Tel. No.:	91-22-28821402
Country :	India
Financials (as on) :	31.03.2015 (Profit and Loss)
Year of Establishment:	2009
Capital Investment / Paid-up Capital :	Rs. 5.467 Million (31.03.2014)
TIN No.:	Not Available
IEC No.:	0309064830
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AOUPS3187C
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Pharma Raw Material
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 15000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a proprietary concern established in the year 2009. It is the trader of Pharma raw material. Mr. Mitesh Shah, the proprietor has provided all the information about the concern. As per the available financial of the year 2014, the concern has decent capital structure and low borrowings. Moreover, the concern has achieved upstanding sales turnover along with profitability margin of 1.19%. Trade relations are reported as fair. Business is active. Payments terms are usually correct. In view of decent turnover, the concern can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Mitesh Shah
Designation :	Proprietor
Contact No.:	91-9022068665
Date :	30.07.2015

LOCATIONS

Registered Office/ Warehouse :	604, Agarwal, B2b Centre, Off Link Road, Malad (west), Mumbai- 400064, Maharashtra, India
Tel. No.:	91-22-28821402
Mobile No.:	91-9022068665 (Mr. Mitesh)
Fax No.:	91-22.28821403
E-Mail :	sunr.enter@gmail.com

SOLE PROPRIETOR

Name :	Mr. Mitesh Shah
Designation :	Proprietor

BUSINESS DETAILS

Line of Business :	Trader of Pharma Raw Material
Products :	Not Available
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Ningxia Tairui Pharmaceutical Company Limited, China
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

• Shanghai Modern Pharma Company Limited
• Zhegijang Goubang Pharma Company Limited
• Zhejiang MED. Health Import and Export Company Limited

Customers :

Wholesalers, Retailers and Manufacturer

Reference :

Sanofi India Limited

Name of the Person :

Ms. Praktisha Mumbarkar (Purchase Branch)

Contact No.:

91-9819746198/ 91-22-28032490

Since How Long Known :

6 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

Banker gave us positive response about subject company they are satisfied with their product quality and Delivery behavior.

• Akums Drugs and Pharma Company Limited
• RPG Life Sciences
• Geltec Limited

No. of Employees :

8 (Approximately)

Bankers :

Bank Name	ICICI Bank
Branch	Ground and 1^st floor, Morya estate, link road, Andheri (west), Mumbai- 53, Maharashtra, India
Person Name (With Designation)	Ms. Shruti
Contact Number	91-9619619822 (Not Responding)
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)	Cash/Credit and OD = Rs. 50.000 Million
Account Operation	Not Available
Remarks (If any)	Not Available

Bank Name	Yes Bank
Branch	Ground and 1^st floor, shop No. E and F A.K. Plaza, Junction of Veer Savarkar Flyover, S.V. Road, Goregaon (west), Mumbai- 62, Maharashtra, India
Person Name (With Designation)	Mr. Shoaibh (Manager)
Contact Number	91-9930592033
Name of Account Holder	Sun Rise Enterprises
Account Number	Not Available
Account Since (Date/Year of Account Opening)	1 Year
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Satisfactory
Remarks (If any)	Banker gave us positive response about subject company they are satisfied with their banking transaction

Auditors :
Name :	Vipul Bheda and Associates Chartered Accountants
Address :	Kandivali (west), Mumbai- 400067 Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Sister Concern:	Not Available

CAPITAL ACCOUNT

As on 31.03.2014

Particulars	Rs. In Million	Particulars	Rs. In Million
To School Fees	0.038	By balance b/d	3.267
To Income Tax	0.075	By Net Profit	2.474
To L/C Premium	0.068	By Bank	0.200
To Advance tax	0.250
To T.D.S.	0.028
To Mediclaim	0.015
To Balance c/d	5.467
Total	5.941	Total	5.941

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		5.467	3.266
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		5.467	3.266
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		7.404	3.690
TOTAL BORROWING		7.404	3.690
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		12.871	6.956
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.594	2.872
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.300	0.332
	Deposit	0.017	0.017
	Sundry Debtors	61.174	25.724
	Cash & Bank Balances	2.330	0.058
	Other Current Assets	2.488	0.321
	Loans & Advances	0.000	0.000
Total Current Assets		67.309	26.452
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.953	16.607
	Other Current Liabilities	17.970	5.761
	Advance from Debtors	0.109	0.000
Total Current Liabilities		57.032	22.368
Net Current Assets		10.277	4.084
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		12.871	6.956

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	INCOME
	Sales	365.799	207.219	99.629
	Other Income	2.543	1.501	0.700
	TOTAL	368.342	208.720	100.329
Less	EXPENSES
	Bank charges	0.095	0.293	0.074
	Cost of goods sold	323.615	187.696	92.232
	Foreign exchange difference	0.000	1.008	0.000
	Laboratory testing expenses	0.006	0.000	0.000
	LC Charges	0.094	0.000	0.000
	Late payment charges	0.003	0.000	0.000
	Warehousing	0.009	0.000	0.000
	Godown expenses	0.075	0.004	0.000
	Mahanagar Gas Limited	0.002	0.003	0.000
	Custom Duty	2.196	8.926	3.940
	Clearing and forwarding	24.475	0.594	0.305
	Processing fees	0.181	0.160	0.000
	Insurance charges	0.064	0.046	0.000
	Advertising expenses	0.003	0.003	0.006
	Charity and donation	0.508	0.008	0.017
	License fees	0.009	0.023	0.004
	Sundry expenses	0.000	0.000	0.004
	Motor car expenses	0.081	0.051	0.040
	Repairs	0.171	0.008	0.007
	Office maintenance	0.056	0.058	0.014
	Conveyance	0.016	0.009	0.007
	Diwali expenses	0.065	0.018	0.002
	Interest paid	1.733	0.574	0.203
	Bank interest	1.427	0.965	0.570
	Bonus	0.035	0.037	0.009
	Packaging and forwarding	0.035	0.081	0.007
	Transport charges	0.268	0.114	0.049
	Electricity	0.058	0.030	0.033
	Printing and stationary	0.088	0.015	0.019
	Office expenses	0.171	0.093	0.036
	Salary	0.568	0.347	0.282
	Audit fees	0.000	0.025	0.015
	Vat Audit fees	0.000	0.000	0.007
	Professional fees	0.293	0.021	0.041
	Professional tax	0.000	0.002	0.008
	Staff welfare	0.094	0.100	0.023
	Telephone expenses	0.040	0.034	0.025
	Interest	0.018	0.010	0.010
	Legal fees	0.044	0.115	0.031
	Travelling	0.306	0.020	0.129
	Sales promotion	0.166	0.131	0.015
	Sales tax dues	1.004	0.000	0.000
	Freight	0.667	0.042	0.043
	Hale majoori	0.399	0.349	0.079
	Commission and Brokerage	5.418	3.837	0.828
	Buyer credit charges	0.056	0.000	0.000
	Discount	0.178	0.021	0.006
	Postage	0.025	0.022	0.015
	Rent	0.070	0.046	0.044
	Depreciation	0.000	0.306	0.340
	TOTAL	364.885	206.245	99.519
	NET PROFIT	3.457	2.475	0.810

Expected Sales (2015-16) : Rs. 250.000 Million (3 Months)

The above information has been parted by Mr. Mitesh Shah (Proprietor)

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

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.95	1.19	0.81
Return on Total Assets (PBT/Total Assets}	(%)	---	19.22	11.64
Return on Investment (ROI) (PBT/Networth)		---	0.45	0.25
Debt Equity Ratio (Total Debt /Networth)		---	1.35	1.12
Current Ratio (Current Asset/Current Liability)		---	1.18	1.18

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	3.267	5.467
Reserves & Surplus	0.000	0.000
Money received against share warrants	0.000	0.000
Share Application money pending allotment	3.267	5.467
Net worth	6.534	10.934
Unsecured Loans	3.691	7.404
Total borrowings	3.691	7.404
Debt/Equity ratio	0.565	0.677

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	99.629	207.219	365.799
		107.991	76.528

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	99.629	207.219	365.799
Profit	0.810	2.475	3.457
	0.81%	1.19%	0.95%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	No
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Unsecured Loan

Unsecured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Unsecured Loan	NA	7.404
Total	NA	7.404

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.64.00
UK Pound	1	Rs.99.83
Euro	1	Rs.70.16

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	TRI
Report Prepared by :	DDD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10
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		45

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.