MIRA INFORM REPORT

Report No. :	326749
Report Date :	11.06.2015

IDENTIFICATION DETAILS

Name :	INSPIRA BIO-PHARM PRIVATE LIMITED
Registered Office :	102, Marine Chambers, 11 New Marine Lines, Mumbai – 400020, Maharashtra
Tel. No.:	91-22-66332427/ 66332428
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.10.2003
Com. Reg. No.:	11-142898
Capital Investment / Paid-up Capital :	Rs. 0.750 Million
CIN No.: [Company Identification No.]	U24230MH2003PTC142898
IEC No.:	Not Available
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 :	Trading and Importer of Pharmaceutical Bulk Drugs.
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	The subject is an established private limited company incorporated in the year 2003 having satisfactory track. Subject is a Trader and importer of Pharma Products. Company has above average financial risk profile backed by strong net worth recorded by the company. Company has above recorded significant increase in its sales turnover and profit figures in FY14 as compare to FY13. Profitability of the seems to be high, overall financials are seems to be decent. Trade relations are fair. Business is active. Payments are reported to be usually correct. In a view of strong financials, the company can be considered for business dealings as usual trade terms and conditions.

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

Name :	Mr. Sitaram Sharma
Designation :	Account Executive
Contact No.:	91-22-66332427
Date :	10.06.2015

LOCATIONS

Registered Office :	102, Marine Chambers, 11 New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66332427/ 66332428
Fax No.:	91-22-22089069
E-Mail :	finance@euresian.com inspirabiopharm@gmail.com
Warehouse 1:	Gala No. – L -3, Building No.- L, Phase – 2, Manisurvat Complex, Rahanal, Anjur Phata, Thane – 421302, Maharashtra, India
Warehouse 2:	Gala No. L - 2, Building No. – L, Phase – 2, Manisurvat complex, Rahanal, Anjur Phata, Thane – 421302, Maharashtra, India
Warehouse 3:	Gala No – I – 5, Building No – I, Phase – 2, Munisuvrat complex, Rahanal, Anjur Phata, Thane – 421302, Maharashtra, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Vivek Jajodia
Designation :	Director
Address :	6/62,Anupam Building,, 11,Manav Mandir Road,, Mumbai, 400026, Maharashtra, India
Date of Appointment :	28.10.2003
DIN No.:	00367304
Name :	Mr. Onar Singh Shekhawat
Designation :	Director
Address :	B/ 205, Attar Apartment, Ram Mandir Road, M. B. Estate, Virar (West), Thane, 401303, Maharashtra, India
Date of Appointment :	04.01.2008
DIN No.:	02297084

KEY EXECUTIVES

Name :	Mr. Sitaram Sharma
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Mr. Vivek Jajodia	74900	99.87
Mr. Onar Singh Shekhawat	100	0.13
Total	75000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading and Importer of Pharmaceutical Bulk Drugs.
Products :	Pharmaceutical Bulk Drugs
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Fresenius Kabi – Australia
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 :

Retailers and End Users

Reference :	Micro Labs Limited – Bangalore, India
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 :

10 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	New Marine Lines Branch, Mumbai - 400020, Maharashtra, 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 :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
a) Loans and advances from related parties
Ethachem	7.698	3.755
b) Deposit
Inter corporate Deposit
Alcon Biosciences Private Limited	12.900	12.900
Total	20.598	16.655

Auditors :
Name :	S. S. Jhunjhunwala and Company Chartered Accountants
Address :	204/306, Akruti Arcade, J. P. Road, Opposite Wadia High School, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26743351, 26743352
Fax No.:	91-22-26734498
E-Mail :	ssjco@ssjco.in
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFS6934F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Ethachem Olympia Pharma

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.10/- each	Rs.0.750 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	0.750	0.750	0.750
(b) Reserves & Surplus	79.025	49.129	36.013
(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)	79.775	49.879	36.763
(3) Non-Current Liabilities
(a) long-term borrowings	20.598	16.655	13.853
(b) Deferred tax liabilities (Net)	0.072	0.073	0.079
(c) Other long term liabilities	0.385	0.295	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	21.055	17.023	13.932
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	43.730	23.617	22.904
(c) Other current liabilities	0.797	0.519	0.404
(d) Short-term provisions	0.533	0.207	0.000
Total Current Liabilities (4)	45.060	24.343	23.308
TOTAL	145.890	91.245	74.003
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.680	2.897	3.244
(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	0.128	0.028	0.705
(e) Other Non-current assets	4.290	3.950	3.636
Total Non-Current Assets	7.098	6.875	7.585
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.586	20.293	31.249
(c) Trade receivables	87.112	59.664	27.566
(d) Cash and cash equivalents	3.891	2.485	0.804
(e) Short-term loans and advances	3.203	1.928	6.799
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	138.792	84.370	66.418
TOTAL	145.890	91.245	74.003

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	339.519	233.670	156.972
Less	TOTAL EXPENSES	294.624	213.304	139.153
	PROFIT/ (LOSS) BEFORE TAX	44.895	20.366	17.819
Less	TAX (H)	14.999	7.251	5.522
	PROFIT/ (LOSS) AFTER TAX	29.896	13.115	12.297
	EARNINGS IN FOREIGN CURRENCY
	Freight Travelling	0.703	0.165	0.000
	TOTAL EARNINGS	0.703	0.165	0.000
	CIF VALUE OF IMPORTS	215.779	123.960	86.142
	Earnings / (Loss) Per Share (Rs.)	398.61	174.86	163.96

Particulars	31.03.2015
Sales Turnover (Approximately)	324.200

Expected Sales (2015-2016): Rs.350.000 Million

The above information has been parted by Mr. Sitaram Sharma (Account Department).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.81	5.61	7.83
Return on Total Assets (PBT/Total Assets}	(%)	30.77	22.32	24.08
Return on Investment (ROI) (PBT/Networth)		0.56	0.41	0.48
Debt Equity Ratio (Total Debt /Networth)		0.26	0.33	0.38
Current Ratio (Current Asset/Current Liability)		3.08	3.47	2.85

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	0.750	0.750	0.750
Reserves & Surplus	36.013	49.129	79.025
Net worth	36.763	49.879	79.775
long-term borrowings	13.853	16.655	20.598
Short term borrowings	0.000	0.000	0.000
Total borrowings	13.853	16.655	20.598
Debt/Equity ratio	0.377	0.334	0.258

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	156.972	233.670	339.519
		48.861	45.298

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	156.972	233.670	339.519
Profit	12.297	13.115	29.896
	7.83%	5.61%	8.81%

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	Yes
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	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	Yes
26	Turnover of firm for last four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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

NOTE: Registered office of the company has been shifted from 112 – A, Marine Chambers 11, New Marine Lines,

Mumbai – 400020, Maharashtra, India to the present address w.e.f. 01.05.2010

CORPORATE INFORMATION:

The company has following business:

a) Trading in Pharmaceutical Bulk Drugs.

OPERATIONS:

The company has performed better as compared to previous year in terms of sale and other income which was Rs. 339.519 Million as compared to Rs. 233.674 Million in previous year. Profit after tax also has gone upto Rs. 298.96 Lacs as compared to Rs. 13.115 million in previous year.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10231343	09/03/2012 *	30,000,000.00	CANARA BANK	NEW MARINE LINES BRANCH, MUMBAI, MAHARASHTRA - 400  020, INDIA	B34649905

* Date of charge modification

FIXED ASSETS

• Air Conditioner
• Mobile Phone
• Typewriter
• Godown at Bhiwandi
• Motor car
• Office Equipments
• Furniture and Fixture
• Computers

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.63.88
UK Pound	1	Rs.98.47
Euro	1	Rs.72.15

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KIN
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.