MIRA INFORM REPORT

Report No. :	331732
Report Date :	14.07.2015

IDENTIFICATION DETAILS

Name :	ARGUS SALUD PHARMA LLP
Registered Office :	'Narbavi',No.3, Lakshmanan Street T. Nagar, Chennai-600017, Tamilnadu
Tel. No.:	91-1792-244223
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.04.2010
Total Obligation of Contribution :	Rs. 1.000 Million
LLPIN: No.:	AAA-1115
IEC No.:	0410015881
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AARFA5456B
Legal Form :	Limited Liability Partnership
Line of Business :	Manufacturing and Trading of Pharmaceutical Formulations and Other Healthcare Related Products For Predominantly Export Market.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 69000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a limited liability partnership concern established in the year 2010 and it is having satisfactory track record. For the financial year ended 2014, concern possesses healthy operational risk profile and it has achieved decent profitability margins along with adequate sales turnover growth during a year under a review. Rating also takes into account of concerns sound financial risk profile marked by above average net worth base and fair debt protection metrics. Trade relations are reported as fair. Payments are reported to be usually correct. In view of aforesaid, the concern 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 – 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.

INFORMATION PARTED BY (GENRAL DETAILS)

Name :	Mr. Anil Thakur
Designation :	Purchase Manager
Contact No.:	91-9218556123
Date :	10.07.2015

LOCATIONS

Registered Office/ Head Office :	'Narbavi',No.3, Lakshmanan Street T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	Not Available
Mobile No.:	91-9218556123 (Mr. Anil Thakur)
Fax No.:	Not Available
E-Mail :	ssmani@caplinpoint.net HGSMANI@GMAIL.COM
Factory 1 :	Khasra No. 380, Village Suraj Majra, N.H. 21 A, Baddi, Tehsil Nala Garh, District Solan, Himachal Pradesh – 173205, India
Tel. No.:	91-1792-244223
Factory 2 :	Located At : Pondicherry

DIRECTORS

As on 31.03.2014

Name :

Mrs. Durga Prasanna Mishra

Designation :

Designated Partner

Address :

B 1, First Floor, Cascade Apartments, New Giri Road, T Nagar, Chennai, 600017, Tamilnadu, India

Date of Appointment :

13.04.2010

DIN No.:

02032818

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	L24231TN1990PLC019053	CAPLIN POINT LABORATORIES LIMITED	Whole-time director	01/05/2015	31/01/2008	-	Active	NO
2	AAA-1115	ARGUS SALUD PHARMA LLP	Body corporate as Designated Partner	13/04/2010	13/04/2010	-	Active	NO

Name :

Mr. Vivek Siddarth Partheeban

Designation :

Designated Partner

Address :

T/ 13/2, Kaveri Street, Kalakshetra Colony, Besant Nagar, Chennai, 600090, Tamil Nadu, India

Date of Appointment :

24.06.2015

DIN No.:

02507289

KEY EXECUTIVES

Name :	Mr. Anil Thakur
Designation :	Purchase Manager
Name :	Mr. Ganpati Subramanian
Designation :	Finance Manager

TOTAL OBLIGATION OF CONTRIBUTION

As on 31.03.2014

Name of Persons	Obligation of Contribution (Rs. In Million)
Caplin Point Laboratories Limited	990000
May India Properties P Limited	10000
Total	1000000

BUSINESS DETAILS

Line of Business :	Manufacturing and Trading of Pharmaceutical Formulations and Other Healthcare Related Products For Predominantly Export Market.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Tablets Capsules
Countries :	African countries
Imports :	Not Divulged
Terms :
Selling :	Cash / Cheque / Credit (60/90 Days)
Purchasing :	Cash / Cheque / Credit (60/90 Days)

PRODUCTION STATUS (As on 31.03.2013)

Particulars	Unit	Licensed / Installed Capacity	Actual Production
Tablets	Oty	7.200	1.353
Capules	Oty	132.000	111.698
Ointment/ Cream	Oty	15.600	2.499

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 :

100 (Approximately)

Bankers :

Bank Name	Catholic Syrian Bank
Branch	Baddi Branch, Solan, Himachal Pradesh, 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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
From finance companies – Sundaram Finance Limited	0.376	0.572
Less: Interest Accrued but not due	(0.038)	(0.084)
Total	0.338	0.488

Auditors :

Name :

CNGSN and Associates

Chartered Accountants

Address :

No.43 (Old No. 22), Swathi Court, Flat No. C & D, Chennai- 600017, Tamilnadu, India

Tel. No.:

91-44-45541480/81

Fax No.:

91-44-45541482

E-Mail :

info@cngsn.com

Website

www.cngsn.com

DPIN/ Income-tax PAN/ Membership number:

201023

Memberships :

--

Collaborators :

--

Related Party (As on 31.03.2013) :

Caplin Point Laboratories Limited

CAPITAL STRUCTURE

As on 31.03.2014

Total obligation Fund : Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Contribution Received		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		23.028	32.445	43.352
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.028	33.445	44.352
LOAN FUNDS
1] Secured Loans		0.338	0.488	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.338	0.488	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		24.366	33.933	44.352
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		17.489	17.964	16.633
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.743	22.897	8.236
	Sundry Debtors	0.002	0.000	0.004
	Cash & Bank Balances	36.542	50.377	45.520
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	45.578	27.301	17.883
Total Current Assets		99.865	100.575	71.643
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	62.205	68.766	39.649
	Provisions	30.783	15.840	4.275
Total Current Liabilities		92.988	84.606	43.924
Net Current Assets
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24.366	33.933	44.352

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	280.380	140.203	96.649
		Other Income	8.500	6.527	1.500
		TOTAL (A)	288.880	146.730	98.149
Less	EXPENSES
		Cost of Goods Sold	179.983	92.820	65.636
		Direct Expenses	3.666	2.804	2.405
		Payment to and Provision for employees	3.841	2.725	1.762
		Administrative Overheads	12.142	7.856	3.499
		Selling Overheads	1.477	1.860	0.952
		TOTAL (B)	201.109	108.065	74.254
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		87.771	38.665	23.895
Less	FINANCIAL EXPENSES (D)		0.752	0.178	0.205
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		87.019	38.487	23.690
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.972	0.843	0.807
	PROFIT BEFORE TAX (E-F) (G)		86.047	37.644	22.883
Less	TAX (H)		19.245	2.960	4.100
	PROFIT AFTER TAX (G-H) (I)		66.802	34.684	18.783
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	81.194	30.187
	CIF Value of Imports
		Raw Materials	NA	3.195	0.292
	Earnings Per Share (Rs.)		66.80	34.68	18.78

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	23.83	24.74	19.43
Operating Profit Margin (PBIDT/Sales)	(%)	31.30	27.58	24.72
Return on Total Assets (PBT/Total Assets}	(%)	73.32	31.76	25.92
Return on Investment (ROI) (PBT/Networth)		3.58	1.13	0.52
Debt Equity Ratio (Total Debt /Networth)		0.01	0.01	0.00
Current Ratio (Current Asset/Current Liability)		1.61	1.46	1.81

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1.000	1.000	1.000
Reserves & Surplus	43.352	32.445	23.028
Net worth	44.352	33.445	24.028
Secured Loans	0.000	0.488	0.338
Unsecured Loans	0.000	0.000	0.000
Total borrowings	0.000	0.488	0.338
Debt/Equity ratio	0.000	0.015	0.014

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)
Sales	96.649	140.203	280.380
		45.064	99.981

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	96.649	140.203	280.380
Profit	18.783	34.684	66.802
	19.43%	24.74%	23.83%

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	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	No
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)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	No
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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office equipment
• Tools and Spares
• Computers
• Motor vehicle

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.63.47
UK Pound	1	Rs.98.47
Euro	1	Rs.70.69

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.