MIRA INFORM REPORT

Report No. :	306531
Report Date :	05.02.2015

IDENTIFICATION DETAILS

Name :	HEMMO PHARMACEUTICALS PRIVATE LIMITED (w.e.f. 21.02.2008)
Formerly Known As :	JASHAN TEXTITLE MILLS PRIVATE LIMITED
Registered Office :	113, 114 and 115, Turf Estate, 3/65, Off Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.11.1979
Com. Reg. No.:	11-021857
Capital Investment / Paid-up Capital :	Rs.2.908 Millions
CIN No.: [Company Identification No.]	U17100MH1979PTC021857
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMJ08705E
PAN No.: [Permanent Account No.]	AAACJ0958M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Peptides.
No. of Employees :	Not Available

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 1520000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be 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 – 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.

LOCATIONS

Registered Office/ Corporate Office :	113, 114 and 115, Turf Estate, 3/65, Off Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-24946100 / 24949984 / 24949987 / 43546200
Fax No.:	91-22-24946101
E-Mail :	hemmoin@mtnl.net.in
Manufacturing Unit :	Plot No.C-43, TTC Industrial Area, MIDC, Off Thane Belapur Road, Pawane – 400613, Maharashtra, India
Tel No.:	91-22-41552000
Research and Development Unit 1 :	159 – A, Wagle Industrial Estate, 25^th Road, MIDC, Thane – 400604, Maharashtra, India
Tel No.:	91-22-41552100
Research and Development Unit 2 :	Pic De Peguera 11,A0 07, Edifici Giroempren, Parc Cientific de Girona, 17003, Girona, Spain
Tel No.:	+34972183208
Email Id:	j.bacardit@hemmopharma.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Madhu Vikram Utamsingh

Designation :

Managing Director

Address :

26, Sonmarg, 67B, Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

30.10.1966

Date of Appointment :

01.10.2012

DIN No.:

00756570

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	U24200MH1980PTC022986	HEMMO PHARMA PRIVATE LIMITED	Director	30/09/2008	01/08/2008	-	Active	NO
2	U17100MH1979PTC021857	HEMMO PHARMACEUTICALS PRIVATE LIMITED	Managing director	01/10/2012	01/08/2008	-	Active	NO

Name :

Mr. Jairam Tejumal Hemrajani

Designation :

Managing Director

Address :

203 A, Sky – Scraper, 74 Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

29.08.1929

Date of Appointment :

14.11.1985

DIN No.:

00756381

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	U24200MH1980PTC022986	HEMMO PHARMA PRIVATE LIMITED	Director	16/08/1980	16/08/1980	-	Active	NO
2	U17100MH1979PTC021857	HEMMO PHARMACEUTICALS PRIVATE LIMITED	Managing director	14/11/1985	14/11/1985	-	Active	NO
3	U25200MH1970PTC014565	CREEK INSULATIONS CHEMICALS PRIVATE LIMITED	Director	31/03/2000	31/03/2000	-	Dormant	NO

Name :

Mrs. Savita Jairam Hemrajani

Designation :

Director

Address :

203 A, Sky – Scraper, 74 Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

24.05.1937

Date of Appointment :

14.11.1985

DIN No.:

00756488

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	U24200MH1980PTC022986	HEMMO PHARMA PRIVATE LIMITED	Director	16/08/1980	16/08/1980	-	Active	NO
2	U17100MH1979PTC021857	HEMMO PHARMACEUTICALS PRIVATE LIMITED	Director	14/11/1985	14/11/1985	-	Active	NO
3	U25200MH1970PTC014565	CREEK INSULATIONS CHEMICALS PRIVATE LIMITED	Director	16/08/2002	16/08/2002	-	Dormant	NO

Name :

Mrs. Rekha Jairam Hemrajani

Designation :

Director

Address :

213 A, Sky – Scraper, 74 Warden Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

08.05.1969

Date of Appointment :

01.07.1991

DIN No.:

01985764

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Jairam Tejumal Hemrajani (Held on Behalf of Hemmo Pharma Private Limited, India)	200
Hemmo Pharma Private Limited, India	19675
Savita Jairam Hemrajani (Held on Behalf of Hemmo Pharma Private Limited, India )	200
Madhu Vikram Utamsingh	6000
Rekha Jairam Hemrajani	3000
Total	29075

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	10.00
Bodies corporate	68.00
Directors or relatives of Directors	22.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Peptides.

Products :

Product Description	Item Code No. (ITC Code)
Peptides	2937.1900
Peptides	3003.3900

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

• Indian Overseas Bank, Kalhaderd Branch, Mumbai, Maharashtra, India

Tel No.: 91-22-22404769

• Oriental Bank of Commerce, Kalhaderd Branch, Mumbai - 400002, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Vehicle Loan (Vehicle loan including Rs.0.432 million (previous year Rs.0.388 million) included under other current liabilities] are secured by hypothecation of vehicles financed. The amount outstanding at the end of the year is repayable in 24 equated monthly installments of Rs.0.038 million including interest at 10.94% on monthly reducing bases)	0.000	0.432
SHORT TERM BORROWINGS
Working Capital Loan from Bank Repayable on Demand
Bank Overdraft	35.136	49.422
Total	35.136	49.854

Auditors :
Name :	P. D. Kunte and Company Chartered Accountants
Address :	205/206, Turf Estate, Off Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN No:	AAAFP3277G
Memberships :	--
Collaborators :	--
Sister Concern :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29075	Equity Shares	Rs.100/- each	Rs.2.908 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	2.908	2.908	2.908
(b) Reserves & Surplus	527.496	486.262	468.570
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	530.404	489.170	471.478
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.432	0.821
(b) Deferred tax liabilities (Net)	13.218	12.918	9.027
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.695	1.463	1.191
Total Non-current Liabilities (3)	14.913	14.813	11.039
(4) Current Liabilities
(a) Short term borrowings	57.636	52.922	38.963
(b) Trade payables	67.871	50.447	35.620
(c) Other current liabilities	34.451	13.226	16.143
(d) Short-term provisions	6.423	3.373	2.692
Total Current Liabilities (4)	166.381	119.968	93.418
TOTAL	711.698	623.951	575.935
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	218.280	219.707	183.531
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.241	4.659	52.085
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	185.121	183.749	128.952
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5.342	6.504	5.408
(e) Other Non-current assets	0.000	0.120	0.000
Total Non-Current Assets	411.984	414.739	369.976
(2) Current assets
(a) Current investments	0.000	0.000	1.647
(b) Inventories	85.001	59.357	53.567
(c) Trade receivables	40.459	35.641	39.117
(d) Cash and cash equivalents	118.290	87.244	87.372
(e) Short-term loans and advances	54.952	26.774	23.703
(f) Other current assets	1.012	0.196	0.553
Total Current Assets	299.714	209.212	205.959
TOTAL	711.698	623.951	575.935

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		NA	NA	221.255
		Other Income		NA	NA	24.746
		TOTAL		NA	NA	246.001
	EXPENSES			NA	NA	211.818
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION			82.108	53.920	34.183
Less	DEPRECIATION/ AMORTISATION			30.275	27.391	22.521
	PROFIT/(LOSS) BEFORE TAX			51.833	26.529	11.662
Less	TAX			10.599	8.837	1.851
	PROFIT/(LOSS) AFTER TAX			41.234	17.692	9.811
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			191.092	173.400	163.589
	BALANCE CARRIED TO THE B/S			232.326	191.092	173.400
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	287.360	218.510	122.224
	TOTAL EARNINGS			287.360	218.510	122.224
	IMPORTS
			Raw Materials	NA	32.689	32.149
			Packing Materials	NA	0.284	0.000
			Consumable Stores	NA	6.611	4.067
			Capital Goods	NA	5.977	4.536
	TOTAL IMPORTS			NA	45.561	40.752
	Earnings / (Loss) Per Share (Rs.)			1418.19	608.51	337.43

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	NA	4.43
Return on Total Assets (PBT/Total Assets}	(%)	9.90	6.09	2.95
Return on Investment (ROI) (PBT/Networth)		0.10	0.05	0.02
Debt Equity Ratio (Total Debt /Networth)		0.11	0.11	0.08
Current Ratio (Current Asset/Current Liability)		1.80	1.74	2.20

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	2.908	2.908	2.908
Reserves & Surplus	468.570	486.262	527.496
Share Application money pending allotment	0.000	0.000	0.000
Net worth	471.478	489.170	530.404
Long Term borrowings	0.821	0.432	0.000
Short Term borrowings	38.963	52.922	57.636
Total borrowings	39.784	53.354	57.636
Debt/Equity ratio	0.084	0.109	0.109

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last one year	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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loan From Directors	22.500	3.500
Total	22.500	3.500

OPERATIONS

Income from operations for the year is higher as compared with the preceding year mainly due to higher turnover (including exports turnover)

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90218208	22/09/1998	320,000.00	Indian Overseas Bank	Kalhaderd Branch, Mumbai, Maharashtra, India	-
2	90217939	18/09/1995	5,000,000.00	Oriental Bank Of Commerce	Kalhaderd Branch, Mumbai, Maharashtra - 400002, India	-
3	90216183	30/06/1997 *	2,000,000.00	Oriental Bank Of Commerce	Kalhaderd Branch, Mumbai, Maharashtra - 400002, India	-
4	90217579	11/12/1993 *	1,500,000.00	Oriental Bank Of Commerce	Kalhaderd Branch, Mumbai, Maharashtra - 400002, India	-
5	90217422	30/07/1990	1,000,000.00	The Sangli Bank Limited	90-92; Vazi Sayed Street, Mandvi, Mumbai, Maharashtra - 400003, India	-
6	90217074	27/10/1989 *	320,000.00	Indian Overseas Bank	Kalbadevi Road Branch, Mumbai, Maharashtra - 400002, India	-
7	90216752	12/07/1981	329,962.00	The Sangli Bank Limited	90-92; Vazi Sayed Street, Mandvi, Mumbai, Maharashtra - 400003, India	-
8	90216707	10/07/1980	160,000.00	The Sangli Bank Limited	90-92; Vazi Sayed Street, Mandvi, Mumbai, Maharashtra - 400003, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--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.