MIRA INFORM REPORT

Report No. :	320615.2
Report Date :	09.06.2015

IDENTIFICATION DETAILS

Name :	DHANVANTHRI SPECIALITY PHARMA PRIVATE LIMITED
Registered Office :	No. 39/2, 2 Cross, 1st Main,, C.K.C Garden, Mission Road Cross, Bangalore - 560027, Karnataka
Tel. No.:	91-80-41206583/22109450
Country :	India
Financials (as on) :	31.03.2014 (DHANVANTHRI SPECIALITY PHARMACEUTICALS – PROPRIETARY CONCERN)
Date of Incorporation :	31.03.2015
Com. Reg. No.:	08-079594
Capital Investment / Paid-up Capital :	Rs. 24.909 Million
CIN No.: [Company Identification No.]	U24100KA2015PTC079594
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCD2915D
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Distributor of Pharmaceutical Products.
No. of Employees :	20 (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 70000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established as proprietary concern in the year 2006 with the name of “DHANAVANTARI PHARMACEUTICALS”. Subsequently as on 31^st March 2015 it was converted in to private limited company with the name of “DHANVANTARI SPECIALTIY PHARMA PRIVATE LIMITED” Mr. Guttahalli Krishnappa Shridhar, Director has provided financial information of proprietary concern and provided further general details about the subject. As per the available financial information, subject has reported sound operational performance and it has maintained its profitability margins at 1.47%. Financial base of the subject seems to be sound. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of sound track record of business operations, the company can be considered for business dealings at usual trade terms and conditions. Rating is based on financial information of proprietary concern (DHANVANTRI PHARMACEUTICALS).

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) 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. Krishnappa Shridhar
Designation :	Director
Contact No.:	91-9845058259

LOCATIONS

Registered Office :	No. 39/2, 2 Cross, 1st Main,, C.K.C Garden, Mission Road Cross, Bangalore - 560027, Karnataka, India
Tel. No.:	91-80-41206583/22109450
Mobile No.:	91-9845058259 (Mr. Krishnappa Shridhar)
Fax No.:	Not Available
E-Mail :	gks_dp@hotmail.com dp.bng2006@yahoo.com
Area :	3800 sq.ft.
Location :	Owned
Locality :	Commercial

DIRECTORS

Name :	Mr. Guttahalli Krishnappa Shridhar
Designation :	Director
Address :	No.236, 4th 'C' Cross,, N G E F East, Kasturi Nagar, Bangalore, 560043, Karnataka, India
Date of Birth/Age :	25.09.1967
Date of Appointment :	31.03.2015
DIN No.:	06973473
PAN No.:	AKTPS9325B
Name :	Ms. Bhavya Balaraj
Designation :	Director
Address :	No.236, 4th 'C' Cross,, N G E F East, Kasturi Nagar,, Bangalore, 560043, Karnataka, India
Date of Birth/Age :	22.02.1979
Date of Appointment :	31.03.2015
DIN No.:	06973461
PAN No.:	ALMPB7932K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares
Guttahalli Krishnappa Shridhar	5000
Bhavya Balaraj	5000
Total	10000

BUSINESS DETAILS

Line of Business :	Trader of Pharmaceutical Products.
Products :	Anti Cancer Nephrology and Specialties Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Roche Products India Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

12 (Approximately)

Bankers :

Banker Name	ING Vysya Bank Limited
Branch Address	K.H. Road, Banglore, 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 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

• HDFC Bank Limited, K.H. Road, Bangalore, Karnataka, India
• Corporation Bank, K. H. Road, Bangalore, Karnataka, India

Auditors :
Name :	KSV and Company Chartered Accountants
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

DHANVANTHRI SPECIALITY PHARMACEUTICALS – PROPRIETARY CONCERN

Capital Investment :
Owned :	Rs. 24.909 Million
Borrowed :	--
Total :	Rs. 24.909 Million

FINANCIAL DATA

[all figures are in Rupees Million]

DHANVANTHRI SPECIALITY PHARMACEUTICALS – PROPRIETARY CONCERN

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Share Capital		24.909	21.872
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		24.909	21.872
LOAN FUNDS
1] Secured Loans		12.625	13.317
2] Unsecured Loans
TOTAL BORROWING		12.625	13.317
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		37.534	35.189
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.115	9.505
Capital work-in-progress		0.000	0.000
INVESTMENT		0.130	0.429
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.721	7.221
	Sundry Debtors	56.809	40.799
	Cash & Bank Balances	12.485	1.497
	Other Current Assets	0.000	0.000
	Loans & Advances	2.020	2.609
Total Current Assets		79.035	52.126
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000
	Other Current Liabilities	51.746	26.871
	Provisions	0.000	0.000
Total Current Liabilities		51.746	26.871
Net Current Assets		27.289	25.255
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		37.534	35.189

PROFIT & LOSS ACCOUNT

DHANVANTHRI SPECIALITY PHARMACEUTICALS – PROPRIETARY CONCERN

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	425.354	358.441
		Other Income	19.991	10.583
		TOTAL	445.345	369.024
Less	EXPENSES
		Consumption of Material	0.000	322.369
		Direct Expenses	3.584	10.140
		Administrative Expenses	26.611	30.002
		Cost of Goods Sold	408.412	0.000
		TOTAL	438.607	362.511
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.738	6.513
Less/ Add	DEPRECIATION/ AMORTISATION		0.470	0.379
	PROFIT BEFORE TAX		6.268	6.134
Less	TAX		1.687	0.000
	PROFIT AFTER TAX		4.580	6.134

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	1.07	1.71
Return on Total Assets (PBT/Total Assets}	(%)	7.93	11.77
Return on Investment (ROI) (PBT/Networth)		0.25	0.28
Debt Equity Ratio (Total Debt /Networth)		0.51	0.61
Current Ratio (Current Asset/Current Liability)		1.53	1.94

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DHANVANTHRI SPECIALITY PHARMACEUTICALS – PROPRIETARY CONCERN

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	21.872	24.909
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	21.872	24.909
Loans	13.317	12.625
Short term borrowings	0.000	0.000
Current Maturities of Long Term Debt	0.000	0.000
Total borrowings	13.317	12.625
Debt/Equity ratio	0.609	0.507

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	358.441	425.354
		18.668

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	358.441	425.354
Profit	6.134	4.580
	1.71%	1.08%

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	Yes
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	Yes
11	Pan Card No. of Proprietor / Partners	Yes
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	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	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 two 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

PROFILE

They are distributors and stockists of Anti-Cancer, Neprology and Life Savind Medicines. They are situated in BANGALORE (the business hub of India).

DHANVANTHRI SPECIALITY PHARMA (P) LTD., is licensed to stock, sell and distribute in retail and wholesale allopathic medications. They cater of Patients, Chemists, Hospitals, Institution (Government and Semi Government) in India as well as also they have extended services to our potential customers in SOUTH AFRICA and NIGERA as per need and requirement of the buyer at their destination.

They authorized stockist of pharmaceutical manufacturing companies like who manufacture high quality of medicines.

Their organization is customer oriented and strongly believes in quality and timely supply of superior medicines at an economical rate and affordable price.

They handle business through competent, dynamic, efficient, skilled and sincere executives, and with this group effort, the enterprise at its best.

They have advanced warehousing facility warehousing facility to store all the products in a safe manner.

ASSESSMENT YEAR 2014-15

STATEMENT OF TOTAL INCOME

Particulars	Rs. In Million	Rs. In Million	Rs. In Million
Income from House Property
Self-occupied property: 236
Gross annual value u/s 23(2)(a)		Nil
Less: Interest on borrowed capital u/s 24(b)		0.231
Income from self-occupied property		(0.150)
Income chargeable under the head “House Property”			(0.150)
Profits and gains of Business of Profession
Business1
Net profit before tax as per P & L A/c		6.269
Add: Inadmissible expenses and Income not included
Depreciation debited to P & L A/c	0.470
40 disallowance	0.056	0.526
		6.795
Less: Deductible expenditure and income to be excluded
Commission	0.007
Bank Interest	0.086
Interest on FD	0.345	0.438
Adjusted Profit from Business 1		6.357
Total income from Business and Profession		6.357
Less: Depreciation as per IT Act		0.470
Income chargeable under the head “Business and Profession”			5.887
Income from other sources
Bank interest		0.431
Commission		0.007
Income chargeable under the head “other sources”			0.438
Gross Total Income
Deduction under chapter VI
80G – Donations		0.027
80D: Medical Insurance Premium		0.005
80TTA – Interest on saving Bank a/c		0.010
Investment u/s 80C, CCC, CCD
Life insurance premium	0.020
Tuition fees	0.022
Housing loan repayment	0.060
Total investment-subject to ceiling u/s 80CCe		1.000	0.142
Total Income			6.032
Total Income rounded off u/s 288A			6.032
Tax on total income			1.639
Add: Education cess			0.049
Tax with cess			1.688
Net Tax			1.688
TDS		0.035
Advance Tax		1.500
Total prepaid taxes			1.535
Balance tax			0.154
Interest u/s 234C			0.001
Net tax payable			0.156
Self-assessment tax paid			0.156
Balance tax payable			0.000

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. 63.90
UK Pound	1	Rs. 97.98
Euro	1	Rs. 71.82

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYO

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		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.