MIRA INFORM REPORT

Report No. :	324469
Report Date :	05.06.2015

IDENTIFICATION DETAILS

Name :	S S PHARMA AGENCY
Registered Office :	43/44, 1^st Floor, Vijaynagar, Opposite Western Railway, Dadar, Mumbai – 400028, Maharashtra
Tel. No.:	91-22-66611177
Country :	India
Financials (as on) :	31.03.2014
Year of establishment :	1996
Capital Investment / Paid-up Capital :	Rs. (4.214) Million
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Sole Proprietary Concern
Line of Business :	Distributor of pharmaceuticals products.
No. of Employees :	8 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having a moderate track record. It was incorporated in 1996 and is engaged into business dealing of distributing of pharmaceutical products. Mr. Prakash (General Manager) has provided us with general information. As per balance sheet figure of 2014, proprietor’s capital of the concern seems to be negative. There also seems dip in the sales turnover as well as profit of the concern. However, trade relations are fair. Business is active. Payment terms are slow but correct. The concern can be considered for business dealings with some cautions.

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

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) DEFAILTERS’ 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

Name :	Mr. Prakash
Designation :	General Manager
Contact No.:	91-9892102531
Date :	25.05.2015

LOCATIONS

Registered Office :	43/44, 1^st Floor, Vijaynagar, Opposite Western Railway, Dadar, Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-66611177
Mobile No.:	91-9833090859 (Mr. Manoj)
Fax No.:	Not Available
E-Mail :	sspharmaagency@gmail.com sspharma@vsnl.in
Email:	www.ssappliances.com
Location :	Rented
Warehouse :	Room No 646, 1^st Floor, Vijay Nagar, Opposite Western railway Dadar, Mumbai – 400088, Maharashtra, India

SOLE PROPRIETOR

Name :	Mr. Sudhir Shantilal Shah
Designation :	Proprietor

KEY EXECUTIVES

Name :	Mr. Prakash
Designation :	General Manager

BUSINESS DETAILS

Line of Business :	Distributor of pharmaceuticals products.
Products :	Pharmaceuticals Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Bhagwan Pharma Limited
Name of the Person :	Mr. Avisha
Contact No.:	91-9833123789
Since How Long Known :	4 Years
Experience :	Good
Maximum Limit Dealt :	Rs. 0.150 Million
Remark :	As claim by Mr. Avisha (CEO) that the subject company is good in payment behavior

Customers :

Reference :	Mumbai Trust
Name of the Person :	Ms. Prama (Head Pharmacist)
Contact No.:	91-22-66567726
Since How Long Known :	10 Years
Experience :	Excellent
Maximum Limit Dealt :	Not Divulged
Remark :	As claim by Ms. Prama (Head Pharmacist) is excellent in quality, delivery behavior.

No. of Employees :

8 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Mangaldas Market Branch
Person Name (With Designation)	Mr. Mayur (CC Branch Manager)
Contact Number	91-22-22062034
Name of Account Holder	S S Pharma Agency (I)
Account Number	--
Account Since (Date/Year of Account Opening)	More than 5 year
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CC Facilities
Account Operation	Not Divulged
Remarks (If any)	We had a word with Mr. Mayur (CC Branch Manager) the subject company have a satisfactory track record with banker in term of payment behavior

Auditors :
Name :	Karanija and Company) Chartered Accountants
Address :	Lower Parel, Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

Capital Investment :
Owned :	Rs. (4.214) Million
Borrowed :	--
Total :	Rs. (4.214) Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		(4.214)	(4.567)
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		(4.214)	(4.567)
LOAN FUNDS
1] Secured Loans		28.932	30.502
2] Unsecured Loans		1.857	1.597
TOTAL BORROWING		30.789	32.099
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		26.575	27.532
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.998	6.816
Capital work-in-progress		0.000	0.000
INVESTMENT		1.744	1.744
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	3.788
	Sundry Debtors	0.000	22.227
	Cash & Bank Balances	24.168	0.279
	Other Current Assets	0.000	0.000
	Loans, Advances and Deposits	2.013	2.242
Total Current Assets		26.181	28.536
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.181	7.818
	Other Current Liabilities	0.625	0.625
	Provisions	0.542	1.121
Total Current Liabilities		8.348	9.564
Net Current Assets		17.833	18.972
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		26.575	27.532

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	72.141	74.921
		Other Income	1.049	1.148
		TOTAL	73.190	76.069
Less	EXPENSES
	Cost of goods sold		54.221	55.893
	Discount Allowed		0.019	0.008
	Late Delivery Charge		0.425	0.596
	Octroi Charges		0.000	0.027
	Freight Charges		0.000	0.098
	Lost in Transit		0.000	0.012
	MVAT		1.342	1.445
	CST		0.338	0.259
	Rate Difference		0.297	0.000
	Transport Charges		0.347	0.477
	Substandard Goods		0.187	0.161
	Risk Purchase Charges		0.017	0.020
	Accounting Charges		0.165	0.165
	Advertisement Expenses		0.130	0.190
	Audit Fees		0.075	0.075
	Bank Charges		0.377	0.223
	Commission Paid		1.293	1.850
	Computer Expenses		0.013	0.031
	Coveyance		0.517	0.545
	Courier and Postage		0.148	0.178
	Electricity Expenses		0.208	0.227
	Godown Rent		0.005	0.180
	Insurance Expenses		0.014	0.030
	Interest Expenses		4.142	3.416
	Interest on Statutory Dues		0.050	0.000
	Legal Charges		0.031	0.038
	Loss on sale of fixed asset		0.398	0.026
	Miscelleneous Expenses		0.126	0.120
	Motor car Expenses		0.159	0.207
	Office Expenses		0.130	0.130
	Printing and Stationery		0.288	0.302
	Professional fees		0.104	0.131
	Repair and Maintenance		0.200	0.215
	Sundry Bal Written off		0.003	0.000
	Salaries		3.036	3.508
	Sales Promotion		0.524	0.771
	Staff Welfare		0.385	0.614
	Telephone Expenses		0.167	0.218
	Travelling Expenses		0.327	0.532
	Total		70.208	72.918
Less	PROFIT BEFORE DEPRECIATION		2.982	3.151
Less	DEPRECIATION		0.150	0.235
	NET PROFIT		2.832	2.916

The above information has been parted by Mr. Prakash

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.93	3.89
Return on Total Assets (PBT/Total Assets}	(%)	8.54	8.25
Return on Investment (ROI) (PBT/Networth)		(0.67)	(0.64)
Debt Equity Ratio (Total Debt/Networth)		(7.31)	(7.03)
Current Ratio (Current Asset/Current Liability)		3.14	2.98

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	(4.214)	(4.567)
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	(4.214)	(4.567)
Secured Loans	28.932	30.502
Unsecured Loans	1.857	1.597
Current Maturities of Long Term Debt	0.000	0.000
Total borrowings	30.789	32.099
Debt/Equity ratio	(7.306)	(7.028)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	74.921	72.141
		(3.711)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	74.921	72.141
Profit	2.916	2.832
	3.89%	3.93%

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	No
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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
30	Major shareholders, if available	No
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

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 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. 64.18
UK Pound	1	Rs. 98.30
Euro	1	Rs. 72.25

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	RAS
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	2
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	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		28

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.