MIRA INFORM REPORT

Report No. :	313709
Report Date :	19.03.2015

IDENTIFICATION DETAILS

Name :	S.G. PHYTO PHARMA PRIVATE LIMITED
Registered Office :	532/1, Nilgiri Apartment, Rajendra Nagar, Kolhapur – 416008, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.11.2000
Com. Reg. No.:	11-15557
Capital Investment / Paid-up Capital :	Rs.2.000 Million
CIN No.: [Company Identification No.]	U24239PN2000PTC015557
TAN No.: [Tax Deduction & Collection Account No.]	KLPS03655B
PAN No.: [Permanent Account No.]	AAFCS2323A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Pharmaceuticals Products.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 97000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 DENIED

Management Non Co-operative (91-231-2691520)

LOCATIONS

Registered Office :	532/1, Nilgiri Apartment, Rajendra Nagar, Kolhapur – 416008, Maharashtra, India
Tel. No.:	91-231-2691520 / 2694765
Fax No.:	91-231-2691665
E-Mail :	sgphyto@sancharnet.in jitu_160372@yahoo.com phyto@pn3.vsnl.net info@sgphyto.com
Website :	http://www.plhyto-pharma.com
Factory 1 :	B-53, MIDC, Gokul Shirgaon, Kolhapur – 416237, Maharashtra, India
Tel. No.:	91-231-2672528
Factory 2 :	D-21, MIDC, Gokul Shirgaon, Kolhapur – 416237, Maharashtra, India
Tel. No.:	91-231-2671454

DIRECTORS

AS ON 11.09.2014

Name :	Mr. Dilipraol Govindrao Gune
Designation :	Managing Director
Address :	79, Pratibhanagar, Kolhapur - 416008, Maharashtra, India
Date of Birth/Age :	03.03.1946
Date of Appointment :	21.11.2000
DIN No.:	00282365
Name :	Mr. Ashok Govindrao Gune
Designation :	Director
Address :	79, Pratibhanagar, Kolhapur - 416008, Maharashtra, India
Date of Birth/Age :	22.02.1939
Date of Appointment :	21.11.2000
DIN No.:	00282341
Name :	Mr. Anil Bhalchandra Pitre
Designation :	Director
Address :	18, Dhanukar Colony, Road No. 5, Pune - 411029, Maharashtra, India
Date of Birth/Age :	27.05.1944
Date of Appointment :	21.11.2000
DIN No.:	00515925
Name :	Ms. Shubhangi Sharad Pandit
Designation :	Director
Address :	21, Jeevan Tara Society, Revi Compound, Thane - 400602, Maharashtra, India
Date of Birth/Age :	05.11.1943
Date of Appointment :	21.11.2000
DIN No.:	00516045
Name :	Ms. Jyotshna Achuty Pitre
Designation :	Director
Address :	8, Asha Apartment, Pune - 411027, Maharashtra, India
Date of Birth/Age :	30.08.1933
Date of Appointment :	21.11.2000
DIN No.:	00516111
Name :	Mr. Sadanand Shankar Pitre
Designation :	Director
Address :	Plot No. 265, Sector 18, Chatrapati Shivaji Park, Mahatma Phule Nagar, Chinchwad, Pune - 411033, Maharashtra, India
Date of Birth/Age :	05.05.1936
Date of Appointment :	21.11.2000
DIN No.:	00516155
Name :	Ms. Sheela Subhash Gune
Designation :	Director
Address :	79, Pratibhanagar, Kolhapur - 416008, Maharashtra, India
Date of Birth/Age :	02.08.1950
Date of Appointment :	21.11.2000
DIN No.:	00516213
Name :	Ms. Vanita Diliprao Gune
Designation :	Director
Address :	79, Pratibhanagar, Kolhapur - 416008, Maharashtra, India
Date of Birth/Age :	29.07.1953
Date of Appointment :	21.11.2000
DIN No.:	00516258
Name :	Mr. Manoj Diliprao Gune
Designation :	Director
Address :	79, Pratibhanagar, Kolhapur - 416008, Maharashtra, India
Date of Birth/Age :	05.06.1976
Date of Appointment :	21.11.2000
DIN No.:	00516288
Name :	Ms. Shailaja Rajendra Pitre
Designation :	Director
Address :	27, Jyoti Apartment, Nagala Park, Nea New Blood Bank, Kolhapur - 416003, Maharashtra, India
Date of Birth/Age :	29.09.1953
Date of Appointment :	21.11.2000
DIN No.:	00553469
Name :	Mr. Rajendra Shankar Pitre
Designation :	Director
Address :	27, Jyoti Apartment, Nagala Park, Nea New Blood Bank, Kolhapur - 416003, Maharashtra, India
Date of Birth/Age :	02.11.1951
Date of Appointment :	01.04.2001
DIN No.:	01188197

MAJOR SHAREHOLDERS

AS ON 11.09.2014

Names of Shareholders	No. of Shares
Ashok Gune	1100
Sadanand Pitre	700
Vanita Gune	2199
Manoj Gune	2200
Sheela Gune	2200
Shubhangi Pandit	900
Anil Pitre	3599
Jyotshna Pitre	1700
Shailaja Pitre	499
Dilprao Gune	1
Rajendra Pitre	1
Shrikrishna Pitre	700
Satish Pitre	800
Deepak Gune	600
Kedar Gune	500
Sharad Pandit	1000
Bhakti Pitre	800
Pitre Anil Vaijayanti	1
Pandit Sharad Mandar	100
Sameer Shrikrishna Pitre	100
Mahesh Achyut Pitre	100
Umesh Sadanand Pitre	100
Sujay Rajendra Pitre	100
Total	20000

Equity Share Break up (Percentage of Total Equity)

AS ON 11.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Pharmaceuticals Products.

Products :

Product Description	ITC Code
Ayurvedic Medicine	3003.30

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Banker Name :	Union Bank of India
Branch :	1411 “C” Maya Chambers, Laxmipuri, Kolhapur – 416002, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
From banks
Union Bank of India – Solar heater system loan – repayable in 12 equal installments payable monthly.	0.000	0.035
Union Bank of India – Machinery loan – repayable in 36 equal installments payable monthly from 30.04.2013 to 30.03.2016 secured by hypothecation of Kulling machinery	0.051	0.175
Short Term Borrowings
Loans repayable on demand from banks
Union Bank of India C/C – loans repayable on demand from banks include fund based working capital facilities viz. cash credit.	4.341	0.836
Union Bank of India F.D. Loan – F.D. loans, secured by hypothecation of inventories, book debts and receivables and fixed deposit respectively.	0.252	1.780
From others
Deposit from directors – commencing from 15.12.2012	0.000	1.850
Total	4.644	4.676

Banking Relations :	--
Auditors :
Name :	Pathak and Navangul Chartered Accountants
Address :	4A, Star Towers, 2^nd Floor, Panch Bungalow, Shahupuri, Kolhapur – 416001, Maharashtra, India
PAN No.:	AAMPN3859L
Membership :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 11.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.000	2.000	2.000
(b) Reserves & Surplus	31.827	31.773	33.254
(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)	33.827	33.773	35.254
(3) Non-Current Liabilities
(a) long-term borrowings	7.716	7.700	8.074
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.500	0.673	1.803
Total Non-current Liabilities (3)	8.216	8.373	9.877
(4) Current Liabilities
(a) Short term borrowings	4.593	4.466	5.214
(b) Trade payables	1.487	1.837	0.567
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	17.542	13.986	11.285
Total Current Liabilities (4)	23.622	20.289	17.066
TOTAL	65.665	62.435	62.197
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.641	18.253	7.344
(ii) Intangible Assets	0.000	0.000	0.001
(iii) Capital work-in-progress	0.000	0.000	9.192
(iv) Intangible assets under development	0.000	0.000	0.500
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	(0.038)	(0.112)	0.172
(d) Long-term Loan and Advances	0.219	0.069	0.076
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16.822	18.210	17.285
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	9.332	7.322	8.008
(c) Trade receivables	8.248	10.526	8.038
(d) Cash and cash equivalents	24.315	19.874	23.455
(e) Short-term loans and advances	6.926	6.495	5.276
(f) Other current assets	0.022	0.008	0.135
Total Current Assets	48.843	44.225	44.912
TOTAL	65.665	62.435	62.197

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	110.104	102.382	95.991
Less	EXPENSES	91.181	83.951	80.714
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	18.923	18.431	15.277
Less	DEPRECIATION/ AMORTISATION	2.373	1.960	1.334
	PROFIT/(LOSS) BEFORE TAX	16.550	16.471	13.943
Less	TAX	6.085	5.965	5.080
	PROFIT/(LOSS) AFTER TAX	10.465	10.506	8.863
	Earnings Per Share (Rs.)	552.72	525.96	418.82

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets)	(%)	25.19	26.33	26.64
Return on Investment (ROI) (PBT/Networth)		0.49	0.49	0.40
Debt Equity Ratio (Total Debt /Networth)		0.36	0.36	0.38
Current Ratio (Current Asset/Current Liability)		2.07	2.18	2.63

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	2.000	2.000	2.000
Reserves & Surplus	33.254	31.773	31.827
Net worth	35.254	33.773	33.827
long-term borrowings	8.074	7.700	7.716
Short term borrowings	5.214	4.466	4.593
Total borrowings	13.288	12.166	12.309
Debt/Equity ratio	0.377	0.360	0.364

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
Total Income	95.991	102.382	110.104
		6.658	7.542

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	95.991	102.382	110.104
Profit	8.863	10.506	10.465
	9.23%	10.26%	9.50%

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

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Deposits
From directors	2.975	2.975
From shareholders	2.350	2.350
From distributors	0.275	0.100
Other loans and advances – deferred sales tax loan	2.065	2.065
Total	7.665	7.490

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10003123	21/03/2006	368,058.00	Union Bank of India	Laxmipuri Branch, Laxmipuri, Kolhapur, Maharashtra - 416001, India	A00684142
2	90093201	28/05/2005	296,000.00	Union Bank of India	Laxmipuri Branch, Kolhapur, Maharashtra, India	-
3	90092151	30/08/2013 *	6,000,000.00	Union Bank of India	1411"C" Maya Chambers,, Laxmipuri, Kolhapur, Maharashtra - 416002, India	B86638590

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Computer Machinery and Equipment

· Computer

· Vehicles

· Goodwill

· Brands

· Trademarks

· Computer Software

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.62.67
UK Pound	1	Rs.92.46
Euro	1	Rs.66.34

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--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	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		42

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.