MIRA INFORM REPORT

Report No. :	306155
Report Date :	06.02.2015

IDENTIFICATION DETAILS

Name :	ENVEE DRUGS PRIVATE LIMITED
Registered Office :	N H No 8 Behind K Manibhai Godaon, Dumral, Nadiad-387355, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.12.1998
Com. Reg. No.:	04-035094
Capital Investment / Paid-up Capital :	Rs.6.684 Millions
CIN No.: [Company Identification No.]	U24230GJ1998PTC035094
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of Pharmaceutical Ingredients (Bulk Drugs), Active Pharma Ingredients, Macro lite and Steroid.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound operational risk and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and condition.

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	CRISIL
Rating	Long term rating BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	July 31, 2014

Rating Agency Name	CRISIL
Rating	Short term rating A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	July 31, 2014

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/ Factory :	N H No 8 Behind K Manibhai Godaon, Dumral, Nadiad-387355, Gujarat, India
Tel. No.:	91-2682559595/2559795/2559275
Fax No.:	91-2682558095
E-Mail :	envelab@hotmail.com enveelab@hotmail.com
Website :	http://www.enveelab.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Sanjaybhai Kanubhai Patel

Designation :

Director

Address :

Krishnakunj, Opposite Somnath Society, Civil Road, Nasiad-387001, Kheda, Gujarat, India

Date of Birth/Age :

08.01.1973

Date of Appointment :

08.12.1998

DIN No.:

01095319

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	U24231GJ1988PLC011109	PANCHRATNA REMEDIES INDIA LIMITED	Director	05/07/1995	05/07/1995	-	Active	YES
2	U24230GJ1998PTC035094	ENVEE DRUGS PRIVATE LIMITED	Director	08/12/1998	08/12/1998	-	Active	NO

Name :

Mrs. Neemaben Sanjaybhai Patel

Designation :

Director

Address :

Krishnakunj, Opposite Somnath Society, Civil Road, Nasiad-387001, Kheda, Gujarat, India

Date of Birth/Age :

23.09.1974

Date of Appointment :

09.12.2002

DIN No.:

01095324

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage
Mr. Sanjaybhai Kanubhai Patel	243100	36.37
Beena H. Patel	100	0.01
Mrs. Neemaben Sanjaybhai Patel	205460	30.74
Kusumben Kanubhai Patel	219640	32.86
Hitesh Kanubhai Patel	100	0.01
Total	668400	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporters of Pharmaceutical Ingredients (Bulk Drugs), Active Pharma Ingredients, Macro lite and Steroid.
Products :	Drugs
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 :	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

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

No. of Employees :

Not Available

Bankers :

Indian Bank, Opposite Santram Mandir, Nadiad - 387001, Gujarat, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
HDFC Bank Car Loan A/c	0.222	0.843
Andhra Bank Commercial vehicle Loan	0.000	0.218
Short Term Borrowing
Indian Bank OCC	56.063	37.535
Total	56.285	38.596

Auditors :
Name :	Chetan R. Shah Chartered Accountant
Address :	F/8, Trimurti Complex, Santram Road, Nadiad- 387001, Gujarat, India
PAN No.:	AGIPS3146H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
980000	Equity Shares	Rs.10/- each	Rs.9.800 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
668400	Equity Shares	Rs.10/- each	Rs.6.684 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	6.684	6.684	6.684
(b) Reserves & Surplus	30.315	23.759	17.413
(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)	36.999	30.443	24.097
(3) Non-Current Liabilities
(a) long-term borrowings	0.222	1.061	1.397
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	24.359	17.729	0.000
(d) long-term provisions	0.000	0.000	17.300
Total Non-current Liabilities (3)	24.581	18.790	18.697
(4) Current Liabilities
(a) Short term borrowings	56.063	37.535	32.158
(b) Trade payables	113.071	110.468	71.025
(c) Other current liabilities	0.976	4.953	3.221
(d) Short-term provisions	3.023	2.941	2.722
Total Current Liabilities (4)	173.133	155.897	109.126
TOTAL	234.713	205.130	151.920
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.821	8.933	6.024
(ii) Intangible Assets	0.129	0.129	0.129
(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	3.013	1.989	0.365
(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	0.000	0.000	0.000
Total Non-Current Assets	11.963	11.051	6.518
(2) Current assets
(a) Current investments	17.437	11.259	5.720
(b) Inventories	32.492	14.994	15.931
(c) Trade receivables	135.240	129.307	105.148
(d) Cash and cash equivalents	2.211	13.453	1.307
(e) Short-term loans and advances	3.208	3.493	2.210
(f) Other current assets	32.162	21.573	15.086
Total Current Assets	222.750	194.079	145.402
TOTAL	234.713	205.130	151.920

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	476.793	439.113	234.430
Less	EXPENSES
		TOTAL	466.290	428.838	228.259
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		10.503	10.275	6.171
Less/ Add	DEPRECIATION/ AMORTISATION		1.448	1.429	0.629
	PROFIT BEFORE TAX		9.055	8.846	5.542
Less	TAX		2.500	2.500	1.371
	PROFIT AFTER TAX		6.555	6.346	4.171
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.759	174.413	13.242
	BALANCE CARRIED TO THE B/S		30.314	180.759	17.413
	Earnings Per Share (Rs.)		9.81	9.49	6.24

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	1.37	1.45	1.78
Return on Total Assets (PBT/Total Assets}	(%)	3.91	4.35	3.66
Return on Investment (ROI) (PBT/Networth)		0.24	0.29	0.23
Debt Equity Ratio (Total Debt /Networth)		1.52	1.27	1.39
Current Ratio (Current Asset/Current Liability)		1.29	1.24	1.33

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	6.684	6.684	6.684
Reserves & Surplus	17.413	23.759	30.315
Net worth	24.097	30.443	36.999
long-term borrowings	1.397	1.061	0.222
Short term borrowings	32.158	37.535	56.063
Total borrowings	33.555	38.596	56.285
Debt/Equity ratio	1.392	1.268	1.521

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	234.430	439.113	476.793
		87.311	8.581

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	234.430	439.113	476.793
Profit	4.171	6.346	6.555
	1.78%	1.45%	1.37%

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 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	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	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10163268	19/06/2009	1,200,000.00	INDIAN BANK	OPP. SANTRAM MANDIR, NADIAD, Gujarat - 387001, INDIA	A64383656
2	10076628	24/12/2013 *	140,000,000.00	INDIAN BANK	OPP. SANTRAM MANDIR, NADIAD, Gujarat - 387001, INDIA	B93171635

* Date of charge modification

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.61.87
UK Pound	1	Rs.94.06
Euro	1	Rs.70.19

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--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.