MIRA INFORM REPORT

Report No. :	305340
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	ZENON HEALTHCARE LIMITED
Registered Office :	216, Platinum Plaza, Near Judges Bunglow, Bodakdev, Ahmedabad – 380054, Gujarat.
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.07.2002
Com. Reg. No.:	04-040973
Capital Investment / Paid-up Capital :	Rs. 2.708 Millions
CIN No.: [Company Identification No.]	U24231GJ2002PLC040973
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading of Pharmaceutical Products
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 20000
Status :	Small Business
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. The scale of activities is limited. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 DENIED BY

Name :	Mr. Mayak
Designation :	Account’s Department
Contact No.:	91-79-40030101
Date :	31.01.2015

LOCATIONS

Registered Office :	216, Platinum Plaza, Near Judges Bunglow Bodekdev, Ahmedabad – 380054 Gujarat, India
Tel. No.:	91-79-40030101
Mobile No.:	91-9825318242 (Mr. Arun Tulsyan) (Director)
Fax No.:	91-79-26854603
E-Mail :	vk_moondra@rediffmail.com
Website :	http://www.pharmapcd.net.in

DIRECTORS

As on 30.09.2014

Name :

Tulsyan Arunkumar

Designation :

Managing Director

Address :

E – 81, Akash Apartment, Bodakdev, Ahmedabad – 380054, Gujarat, India.

Date of Birth/Age :

02.11.1968

Date of Appointment :

25.03.2013

DIN No.:

01935433

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	U24231GJ2002PLC040973	ZENON HEALTHCARE LIMITED	Managing director	25/03/2013	18/07/2002	-	Active	NO
2	U24230GJ2005PLC046251	ACACIA BIOTECH LIMITED	Director	02/02/2006	02/02/2006	-	Active	NO
3	U24100GJ2013PTC076068	ASTRICA BIOMEDICS PRIVATE LIMITED	Whole-time director	20/07/2013	17/07/2013	-	Active	NO

Name :

Tulsyan Sunita

Designation :

Director

Address :

E 81 Akash Apartment, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

17.01.1967

Date of Appointment :

25.03.2013

DIN No.:

01935408

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	U24231GJ2002PLC040973	ZENON HEALTHCARE LIMITED	Whole-time director	25/03/2013	18/07/2002	-	Active	NO
2	U24231GJ2004PTC043922	ORION BIOTECH PRIVATE LIMITED	Director	09/02/2009	09/02/2009	-	Active	NO

Name :

Tulsyan Pannadevi

Designation :

Director

Address :

Ward – 5, Tulsinagar, Tamkuhi Road, Khusinagar, Uttar Pradesh – 274406.

Date of Birth/Age :

20.08.1946

Date of Appointment :

18.02.2002

DIN No.:

01940805

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Arun Kumar Tulsyam	71700
Sunita Tulsyan	44100
Vimlesh Kumar Tulsyan	5000
Smt. Panna Devi Tulsyan	5000
Usha Devi Tulsyan	5000
Vishwanath Khetan	5000
Sanjay Tulsyan	5000
Aaris Pharma Limited	75000
Babulal Ghanchy	10000
Govindkumar Verma	10000
Kalpesh Patel	10000
Vasnaram Ghanchy	7500
Nila Rathod	7500
Orion Bio Tech Private Limited	10000
Total	270800

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage	%age
Bodies corporate	03.69	3.69
Directors or relatives of Directors	51.99	51.99
Other top fifty shareholders	44.32	44.32
Total	100.00	100.00

BUSINESS DETAILS

Line of Business :	Trading Of Pharmaceutical Products
Products :	Anti Fungal Anti Inflammatory Anti Ulcerant Anti–Allergic Anti- Bacterial Antibiotics Anti-Cold Anti-diarrheal Antiemetic Antifungal Anti-histamine Anti-Malarial Anti-Migraine Anti Nauseant Antioxidants Antipyretic Antispasmodic Antacid Analgesic B Complex/Haemathinic Calcium Supplements Multivitamins Ointments Digestive Enzyme Injection Soap Shampoo Bronchodilator Cardiac

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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

Customers :

Reference :	Not Divulged
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

No. of Employees :

Not Divulged

Bankers :

Bank Name	Bank Of Baroda
Branch	Navrangpura Branch – Ahmedabad – 380009, Gujarat, 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 :	Vijay Moondra And Company
Name :	Chartered Accountants
Address :	201,Sarap, Opposite Navjivan Press, Ashram Road Ahmedabad-380014 Gujarat-GJ, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFV1724H

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400,000	Equity Shares	Rs.10/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
270,800	Equity Shares	Rs.10/- each	Rs.2.708 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	2.708	2.708	2.708
(b) Reserves & Surplus	3.858	3.094	2.623
(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)	6.566	5.802	5.331
(3) Non-Current Liabilities
(a) long-term borrowings	0.146	1.886	0.009
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.629	0.496	0.381
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.775	2.382	0.390
(4) Current Liabilities
(a) Short term borrowings	0.000	0.835	0.095
(b) Trade payables	7.356	7.355	11.414
(c) Other current liabilities	1.025	0.869	1.174
(d) Short-term provisions	0.037	0.020	0.012
Total Current Liabilities (4)	8.418	9.079	12.695
TOTAL	15.759	17.263	18.416
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.057	3.264	2.863
(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	0.019	0.001	0.001
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3.076	3.265	2.864
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.532	9.538	11.327
(c) Trade receivables	3.168	2.837	2.421
(d) Cash and cash equivalents	0.730	0.256	0.476
(e) Short-term loans and advances	0.253	1.367	1.328
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	12.683	13.998	15.552
TOTAL	15.759	17.263	18.416

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	53.768	45.900	39.179
Other Income	0.208	0.105	0.189
TOTAL (A)	53.976	46.005	39.368
EXPENSES
Cost of Materials Consumed	0.000	0.000	0.000
Purchases of Stock-in-Trade	38.990	32.018	31.082
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.006	1.789	(3.190)
Employees benefits expense	4.061	3.672	3.283
Other expenses	8.229	7.257	7.156
TOTAL (B)	52.286	44.736	38.331
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1.690	1.269	1.037
FINANCIAL EXPENSES (D)	0.057	0.032	0.070
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	1.633	1.237	0.967
DEPRECIATION/ AMORTISATION (F)	0.669	0.630	0.539
PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	0.964	0.607	0.428
TAX (I)	0.200	0.137	0.099
PROFIT/ (LOSS) AFTER TAX (G-I) (J)	0.764	0.470	0.329
Earnings / (Loss) Per Share (Rs.)	2.82	1.74	1.21

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.42	1.02	0.84
Operating Profit Margin (PBIDT/Sales)	(%)	3.14	2.76	2.65
Return on Total Assets (PBT/Total Assets}	(%)	6.12	3.52	2.32
Return on Investment (ROI) (PBT/Networth)		0.15	0.10	0.08
Debt Equity Ratio (Total Debt /Networth)		0.02	0.47	0.02
Current Ratio (Current Asset/Current Liability)		1.51	1.54	1.23

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	2.708	2.708	2.708
Reserves & Surplus	2.623	3.094	3.858
Net worth	5.331	5.802	6.566
long-term borrowings	0.009	1.886	0.146
Short term borrowings	0.095	0.835	0.000
Total borrowings	0.104	2.721	0.146
Debt/Equity ratio	0.020	0.469	0.022

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)
Sales	39.179	45.900	53.768
		17.155	17.142

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	39.179	45.900	53.768
Profit	0.428	0.470	0.764
	1.09%	1.02%	1.42%

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	Yes
10]	Designation of contact person	Yes
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	No
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

NOTE: Registered office of the company has been shifted from to the present address w.e.f.

FIXED ASSETS

• Air Condition
• Camera Video
• Car Honda
• Computer & Software
• Cooler
• Freeze
• Furniture & Fixture
• Godown
• Mobile
• Office Equipment
• Tele Instrum
• Water Purify
• Packing Machine
• Scooter (Activa)
• Television
• Projector
• Car I20 Sports
• Printer
• CCTV System

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.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	SUM
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.