MIRA INFORM REPORT

Report No. :	335038
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	SAIFE VETMED PRIVATE LIMITED
Registered Office :	129, IInd Floor, Back Hall, F.I. E, Patparganj Industrial Area, Delhi – 110 092
Tel. No.:	91-11-22143932
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.09.2006
Com. Reg. No.:	55-153348
Capital Investment / Paid-up Capital :	Rs.6.400 million
CIN No.: [Company Identification No.]	U33125DL2006PTC153348
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELS35219C
PAN No.: [Permanent Account No.]	AAKCS1528A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Animal Feed, Pharmaceutical Product, Veterinary Medicines.
No. of Employees :	Not Available

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 60000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2006. It has a satisfactory track record. For the financial year ended 2014, the company possesses healthy operational activity and fine sales turnover along with profitability margin of 1.5%. The rating takes into consideration the company’s good financial risk profile backed by adequate networth position along with favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payment terms are usually correct. The company 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

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 31-03-2013.

LOCATIONS

Registered Office/ Head Office :	129, IInd Floor, Back Hall, F.I. E, Patparganj Industrial Area, Delhi – 110 092, India
Tel. No.:	91-11-22143932/ 22143933
Fax No.:	Not Available
E-Mail :	info@saifevetmed.com sr_varshney@yahoo.com
Website :	http://saifevetmed.com
Admin and Sales Office :	FF-2, Plot No.9, Sector-5, Vaishali, Ghaziabad – 201 010, Uttar Pradesh, India
Tel. No.:	91-120-4332933 (8 lines)
Fax No.:	91-120-4103221
Branch Office :	588/8, Sant Nagar, Patiala Chowk, Jind – 126 102, Haryana, India
Factory :	Khata No.604, Khasra No.122/132 Min, Mauza-Central Hope Town, Paragana- Pachwa Doon, Tehsil Vikas Nagar, Dehradun – 248 197, Uttarakhand, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ali Asgar

Designation :

Director

Address :

FF-2, Plot No.9, Sector-5, Vaishali, Ghaziabad – 201 010, Uttar Pradesh, India

Date of Birth/Age :

23.10.1971

Date of Appointment :

01.04.2009

DIN No.:

02325098

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909DL2009PTC187801	SAIFE OVERSEAS PRIVATE LIMITED	Director	19/02/2009	19/02/2009	-	Active	NO
2	U33125DL2006PTC153348	SAIFE VETMED PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO
3	U74140DL2011PTC216809	SAIFE AGROHYGIENE INDIA PRIVATE LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO

Name :

Ms. Tasneem Ali Asgar

Designation :

Director

Address :

FF-2, Plot No.9, Sector-5, Vaishali, Ghaziabad – 201 010, Uttar Pradesh, India

Date of Birth/Age :

27.10.1976

Date of Appointment :

08.09.2006

DIN No.:

02540790

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U33125DL2006PTC153348	SAIFE VETMED PRIVATE LIMITED	Director	08/09/2006	08/09/2006	-	Active	NO
2	U51909DL2009PTC187801	SAIFE OVERSEAS PRIVATE LIMITED	Director	19/02/2009	19/02/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Tasneem Ali Asgar	33000
Rahul Dev	5000
Ali Asgar	37000
Werner Heinz Krull Peter	25000
Total	100000

Names of Shareholder (Preference Shares)	No. of Shares
Werner Heinz Krull Peter	3600
Total	3600

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	70.00
Other top fifty shareholders	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Animal Feed, Pharmaceutical Product, Veterinary Medicines.
Products :	Animal Feed Pharmaceutical Product Veterinary Medicines
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Abyss Pharma (Private) Limited

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Available	Not Available	Not Available

Remark:

Not Available

· Cipla (India)

· Creative Hues

· Ewabo Chemikalien GmbH Co.

· Farmakon Nutrivet

· Karnani Pharmaceuticals (Private) Limited

· Linc Pen and Plastic Limited

· Meriden

· Rolax Ties Mfg.

· Safecon Life Sciences

· Vamso Biotec Private Limited

· Wadera and Company

· Agilent Technologies

· Chouhan Services

· Devansh Testing and Research Laboratory

Customers :

Reference :

Animal Care Consult (Nig) Limited

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Product Quality	Delivery Behaviour	Overall
Not Available	Not Available	Not Available

Remark:

Not Available

· Arora Bajaj Poultry Farm

· Bajaj Sanjay Poultry Farm

· Carogo Pharma Kenya Limited

· D.J. Corporation

· Lutim Pharma Private Limited

· Raj Chick Farms (Private) Limited

· Royal Western India Turf Club Limited

· Salsabeel UAE

· Sapan Cattle Feed (India) Private Limited

· American Feeds Jammu

· Kwality Nutrients Private Limited

No. of Employees :

Not Available

Bankers :

Banker Name	Central Bank of India
Branch Address	Astley Hall, Dehradun – 248 001, Uttarakhand, 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

· ING Vysya Bank Limited

· ICICI Bank Limited

· Oriental Bank of Commerce

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Central Bank of India - Term Loan	13.509	0.000
L & T Finance Limited - Generator Loan	0.162	0.000
Shri Ram City Finance - Bike Loan	0.021	0.000
Total	13.692	0.000

Financial Institution :	L & T Finance Limited
Auditors :
Name :	SARB and Associates Chartered Accountants
Address :	404, IInd Floor, Patparganj Industrial Area, Delhi – 110 092, India
Tel. No.:	91-11-45639681
Mobile No.:	91-9971530999
Income-tax PAN of auditor or auditor's firm :	ACGFS8493P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million
3700	Preference Shares	Rs.1500/- each	Rs.5.550 million
	Total		Rs.6.550 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million
3600	Preference Shares	Rs.1500/- each	Rs.5.400 million
	Total		Rs.6.400 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million
3600	Preference Shares	Rs.1500/- each	Rs.5.400 million
	Total		Rs.6.400 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million
3600	Preference Shares	Rs.1500/- each	Rs.5.400 million
	Total		Rs.6.400 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	6.400	1.000	0.750
(b) Reserves & Surplus	14.569	13.447	2.079
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	5.400	4.945
Total Shareholders’ Funds (1) + (2)	20.969	19.847	7.774
(3) Non-Current Liabilities
(a) Long-term borrowings	17.797	4.742	3.409
(b) Deferred tax liabilities (Net)	0.053	0.017	0.022
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	17.850	4.759	3.431
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	7.476	5.169	10.754
(c) Other current liabilities	18.934	6.872	7.414
(d) Short-term provisions	0.618	0.579	0.575
Total Current Liabilities (4)	27.028	12.620	18.743
TOTAL	65.847	37.226	29.948
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.701	1.209	0.841
(ii) Intangible Assets	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.327	0.474	0.285
Total Non-Current Assets	24.028	1.683	1.126
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	11.144	4.246	4.064
(c) Trade receivables	26.142	20.824	20.416
(d) Cash and cash equivalents	2.837	9.428	1.963
(e) Short-term loans and advances	0.194	0.447	0.579
(f) Other current assets	1.502	0.598	1.800
Total Current Assets	41.819	35.543	28.822
TOTAL	65.847	37.226	29.948

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	85.005	64.912	62.883
		Other Income	0.528	1.161	0.139
		TOTAL	85.533	66.073	63.022
Less	EXPENSES
		Purchases of Stock-in-Trade	46.613	37.188	37.349
		Changes in inventories of Finished goods & Stock-in-Trade	(6.898)	(0.182)	(2.069)
		Direct Expenses	11.437	6.830	9.059
		Employee Benefits Expenses	8.989	5.996	4.021
		Other Expenses	20.365	13.570	12.377
		Expenses (Jind)	0.000	0.287	0.000
		TOTAL	80.506	63.689	60.737
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		5.027	2.384	2.285
Less	FINANCIAL EXPENSES		2.196	0.328	0.426
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2.831	2.056	1.859
Less/ Add	DEPRECIATION/ AMORTISATION		0.894	0.197	0.144
	PROFIT/ (LOSS) BEFORE TAX		1.937	1.859	1.715
Less	TAX		0.654	0.575	0.577
	PROFIT/ (LOSS) AFTER TAX		1.283	1.284	1.138
	EARNINGS IN FOREIGN CURRENCY		16.351	NA	NA
	Earnings/ (Loss) Per Share (Rs.)		13.00	13.00	15.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.51	1.98	1.81
Operating Profit Margin (PBIDT/Sales)	(%)	5.91	3.67	3.63
Return on Total Assets (PBT/Total Assets}	(%)	2.94	4.99	5.73
Return on Investment (ROI) (PBT/Networth)		0.09	0.09	0.22
Debt Equity Ratio (Total Debt /Networth)		0.85	0.24	0.44
Current Ratio (Current Asset/Current Liability)		1.55	2.82	1.54

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.750	1.000	6.400
Reserves & Surplus	2.079	13.447	14.569
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	4.945	5.400	0.000
Net worth	7.774	19.847	20.969
Long-term borrowings	3.409	4.742	17.797
Short term borrowings	0.000	0.000	0.000
Total borrowings	3.409	4.742	17.797
Debt/Equity ratio	0.439	0.239	0.849

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)
Revenue from operations	62.883	64.912	85.005
		3.227	30.954

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	62.883	64.912	85.005
Profit	1.138	1.284	1.283
	1.81%	1.98%	1.51%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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)	No
16	No. of employees	No
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	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Tasneem Ali Asgar	1.672	1.672
Saife Overseas Private Limited	1.367	1.367
Ali Asgar	1.066	1.066
Nouruddin	0.000	0.059
H.H. Sheikh Mohd	0.000	0.578
Total	4.105	4.742

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10453211	14/08/2013	22,500,000.00	CENTRAL BANK OF INDIA	ASTLEY HALL, DEHRADUN – 248 001, UTTARAKHAND, INDIA	B86717451
2	10332348	02/12/2011	5,000,000.00	ING VYSYA BANK LIMITED	F-22, PREET VIHAR {VIKAS MARG}, NEW DELHI – 110 092, INDIA	B30742423

FIXED ASSETS:

· Air Conditioner

· Computer and Printer

· Furniture and Fixtures

· Office Equipment

· Land

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.64.01
UK Pound	1	Rs.99.84
Euro	1	Rs.70.16

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

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