MIRA INFORM REPORT

Report No. :	299778
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	MYSTICAL BIOTECH PRIVATE LIMITED
Registered Office :	No.19 B, Kiadb Industrial Area, Hoskote Taluk, Bangalore – 562114, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.01.2005
Com. Reg. No.:	08-035431
Capital Investment / Paid-up Capital :	Rs. 0.700 Million
CIN No.: [Company Identification No.]	U05190KA2005PTC035431
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 Exporter of Probiotic Products for Human and Live Feeds.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 1500
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its financial with government department for the year 2013 and 2014. As per available financial of 2012, the rating is constrained on account of moderate financial risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with great 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Udaykumar Phaniyappa Nadig
Designation :	Director
Contact No.:	91-9448295987
Date :	13.01.2015

LOCATIONS

Registered Office :	No.19 B, Kiadb Industrial Area, Hoskote Taluk, Bangalore – 562114, Karnataka, India
Tel. No.:	91-80-27971200/ 27971201
Mobile No.:	91-9448295985 [Mr. Ashok Annarao Hublikar] 91-9448295987 [Mr. Udaykumar Phaniyappa Nadig]
Fax No.:	91-80-27971201
E-Mail :	udaynadig@rediffmail.com udaynadig@gmail.com

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Udaykumar Phaniyappa Nadig
Designation :	Director
Address :	No. 104, 1^st Floor, R K Apartment, Block No. 19, Ramamurthy Nagar, Bangalore – 560016, Karnataka, India
Date of Birth/Age :	21.02.1962
Date of Appointment :	17.01.2005
DIN No.:	01918127
Name :	Mr. Ashok Annarao Hublikar
Designation :	Director
Address :	No. 102, 1^st Floor, R K Apartment, Block No. 19, Ramamurthy Nagar, Bangalore – 560016, Karnataka, India
Date of Birth/Age :	10.03.1952
Date of Appointment :	17.01.2005
DIN No.:	02046765

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Udaykumar Phaniyappa Nadig	35000	50.00
Ashok Annarao Hublikar	35000	50.00
Total	70000	100.00

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Probiotic Products for Human and Live Feeds.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	· South America · Europe · South Africa
Imports :
Products :	Raw Material
Countries :	· Europe · China · Singapore · Malaysia
Terms :
Selling :	Cash
Purchasing :	Cash

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users and OEM’s

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Bank Name:	State Bank of India
Branch:	SME Branch, ITI Ancillary Industrial Estate, Mahadevapura, Whitefield Road, Bangalore - 560048, Karnataka, 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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

SECURED LOANS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loan – State Bank of India	10.264	10.106
Additional Term Loan – SBI 4027	1.440	1.471
FITL A/c No. 5309	1.428	0.000
SBI Car Loan A/c No. 4481	0.839	0.000
SBI Car Loan A/c No. 3478	0.840	0.000
Outstanding Interest	0.000	3.227
SHORT TERM BORROWINGS
State Bank of India CC Account	0.703	0.864
Total	15.514	15.668

Banking Relations :	--
Auditors :
Name :	Vallinath and Sham Chartered Accountants
Address :	No.59, Lavanya Towers, 1st Floor, 4th Main, 18th Cross, Malleshwaram, Bangalore – 560055, Karnataka, India
Tel. No.:	91-80-23361177
Mobile No.:	91-9886123444
Fax No.:	91-80-23562389
Income-tax PAN of auditor or auditor's firm :	AARPV6250E
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs. 10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70,000	Equity Shares	Rs. 10/- each	Rs. 0.700 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.700	0.700
(b) Reserves & Surplus	(0.472)	(2.048)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.300	0.300
Total Shareholders’ Funds (1) + (2)	0.528	(1.048)
(3) Non-Current Liabilities
(a) Long-term borrowings	21.076	21.069
(b) Deferred tax liabilities (Net)	1.244	1.003
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	22.320	22.072
(4) Current Liabilities
(a) Short term borrowings	0.703	0.864
(b) Trade payables	6.956	2.928
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.150	0.131
Total Current Liabilities (4)	7.809	3.923
TOTAL	30.657	24.947
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.108	14.582
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.433	0.851
Total Non-Current Assets	16.541	15.433
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2.172	1.982
(c) Trade receivables	11.797	7.275
(d) Cash and cash equivalents	0.015	0.136
(e) Short-term loans and advances	0.132	0.121
(f) Other current assets	0.000	0.000
Total Current Assets	14.116	9.514
TOTAL	30.657	24.947

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(2.176)
NETWORTH		(1.176)
LOAN FUNDS
1] Secured Loans		15.611
2] Unsecured Loans		6.136
TOTAL BORROWING		21.747
DEFERRED TAX LIABILITIES		0.746
TOTAL		21.317
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.263
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.182
	Sundry Debtors	4.408
	Cash & Bank Balances	0.011
	Other Current Assets	0.000
	Loans & Advances	0.091
Total Current Assets		6.692
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.831
	Other Current Liabilities	0.000
	Provisions	0.076
Total Current Liabilities		1.907
Net Current Assets		4.785
MISCELLANEOUS EXPENSES		1.269
TOTAL		21.317

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	27.367	17.064
		Other Income	0.024	0.021
		TOTAL (A)	27.391	17.085	NA
Less	EXPENSES
		Cost of Materials Consumed	16.606	9.283
		Employees benefits expense	1.135	1.461
		Other expenses	4.395	2.459
		TOTAL (B)	22.136	13.203	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.255	3.882	(Including Financial Expenses)
Less	FINANCIAL EXPENSES (D)		3.214	2.369
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.041	1.513	0.501
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.142	1.128	1.120
	PROFIT BEFORE TAX (E-F) (G)		0.899	0.385	(0.619)
Less	TAX (H)		0.240	0.257	NA
	PROFIT AFTER TAX (G-H) (I)		0.659	0.128	NA
	Earnings Per Share (Rs.)		9.41	1.83	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT/Sales)	(%)	2.41	0.75	NA
Operating Profit Margin (PBDIT/Sales)	(%)	19.20	22.75	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.93	1.54	NA
Return on Investment (ROI) (PBT/Networth)		1.70	(0.37)	NA
Debt Equity Ratio (Total Debt/Networth)		41.25	(20.93)	(18.49)
Current Ratio (Current Asset/Current Liability)		1.81	2.43	3.51

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.700	0.700
Reserves & Surplus	(2.048)	(0.472)
Share Application money pending allotment	0.300	0.300
Net worth	(1.048)	0.528
Long-term borrowings	21.069	21.076
Short term borrowings	0.864	0.703
Total borrowings	21.933	21.779
Debt/Equity ratio	(20.928)	41.248

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two 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	Yes
20]	Export / Import details (if applicable)	Yes
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90193036	16/05/2012 *	18,897,000.00	STATE BANK OF INDIA	SME BRANCH, ITI ANCILLARY INDUSTRIAL ESTATE, MAHADEVAPURA, WHITEFIELD ROAD, BANGALORE, KARNATAKA -  560048, INDIA	B40603193

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans from Directors and Shareholders	6.265	6.265
Total	6.265	6.265

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from RK Apartment, Block No.19, Ramamurthy Nagar, Bangalore - 560016, Karnataka, India to the present address w.e.f.15.03.2006.

WORKING RESULTS

During the year, the Company obtained very good response for its activities. The Company’s turn over for the Period was Rs. 27.367 Millions, which is mainly on objective of the company. The Management of your Company hopes to improve the profitability in the coming years.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Software

· Computer and Printer

· Furniture and Fixture

· Office Equipments

· Vehicles

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 records 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. 61.89
UK Pound	1	Rs. 93.92
Euro	1	Rs. 72.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.