MIRA INFORM REPORT

Report No. :	318085
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	ROYAL CHEMIST
Registered Office :	Opposite J K Loan Hospital, J.L.N Marg, Jaipur - 302004, Rajasthan
Tel. No.:	91-141-25742410
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.04.1990
Capital Investment / Paid-up Capital :	Rs.1.415 Million
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAOPB4765B
Legal Form :	Sole Proprietary Concern
Line of Business :	C and F Agent for pharmaceutical products.
No. of Employees :	7 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established proprietary concern having satisfactory track. The concern is progressing well. General financial position of the concern is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. The concern 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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Subhash Kumar Bawri
Designation :	Proprietor
Contact No.:	91-9829013307
Date :	06.05.2015

LOCATIONS

Registered Office :	Opposite J K Loan Hospital, J.L.N Marg, Jaipur - 302004, Rajasthan, India
Tel. No.:	Not Available
Mobile No.:	91-9829013307 (Mr. Subhash Kumar Bawri) 91-9214074935 (Mr. Rohit Bawri)
Fax No.:	Not Available
E-Mail :	rohit_bawri@yahoo.com
Area :	1370 Sq.ft.
Location :	Leased

SOLE PROPRIETOR

Name :	Mr. Subhash Kumar Dungarmal Bawri
Designation :	Proprietor
Address :	2CHA 36, Jawahar Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	26.11.1957
Qualification :	12^TH
Experience :	36 Years
PAN NO.:	AAOPB4765B

KEY EXECUTIVES

Name :	Mr. Rohit subhash kumar bawri
Designation :	Son of Proprietor
Address :	2CHA 36, Jawahar Nagar, Jaipur, Rajasthan, India
Date of Birth/Age :	11.03.1985
Qualification :	M.COM
Experience :	10 Years
PAN No.:	AKKPB5232H

BUSINESS DETAILS

Line of Business :	C and F Agent for pharmaceutical products.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit (30 days / 60 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Suppliers :

Reference :

Surya Enterprises, Jaipur

Name of the Person :

Mr. Yogendra Gupta, Accounts Manager

Contact No.:

91-9414201714

Since How Long Known :

25 Years

Maximum Limit Dealt :

Rs.10.000 Million

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Yogendra informed they are satisfied with their pay behaviour and overall its good company.

Customers :

Retailers and Others [Doctors Pharmacy]

Reference :

Not Available

Name of the Person :

Mr. Manoj Kumar Varma, Patient

Contact No.:

91-9829018748

Since How Long Known :

3 Years

Maximum Limit Dealt :

Not Available

Experience :

Payment Behaviour	Market Goodwill	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Manoj informed that he satisfied with the subject company product quality and delivery behaviou.

No. of Employees :

7 (Approximately)

Bankers :

Bank Name	ING Vysya Bank Limited
Branch	C Scheme Jaipur, Rajasthan, 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

Bank Name	Kotak Mahindra bank Limited
Branch	C Scheme Jaipur, Rajasthan, India
Person Name (With Designation)	Vikas Sharma, (CSO)
Contact Number	91-9782517540
Name of Account Holder	Royal Chemist
Account Number	CA 539011026066
Account Since (Date/Year of Account Opening)	12.10.2011
Average Balance Maintained (If Possible)	Rs.0.210 Million
Credit Facilities Enjoyed (If any)	Nil
Account Operation	satisfactory
Remarks (If any)	--

Auditors :

Name :

K. Ganriwal and Company

Chartered Accountants

Address :

402, Vikash Kunj, Vikash Puri, New Delhi, India

Memberships :

--

Collaborators :

--

Sister Concern :

Name	Royal Pharma
Address	J.L.N Marg, Opposite J K Loan Hospital, Jaipur -302004, Rajasthan, India
Contact No.:	91-141-5105187
Date of Incorporation :	11.01.2007
PAN No.:	AAJFR4246A
Line of Business :	Retail shop

CAPITAL STRUCTURE [RS. IN MILLION]

AS ON 31.03.2014

CAPITAL ACCOUNT

PARTICULARS		AMOUNT
Opening Capital		1.616
Add : Profit and Loss		1.134
Less : Capital net		(1.335)
	Total	1.415

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
PROPRIETOR’S FUNDS
1] Capital Account	1.415	1.616
2] Share Application Money	0.000	0.000
3] Profit and Loss Account	0.000	0.000
4] (Accumulated Losses)	0.000	0.000
NETWORTH	1.415	1.616
LOAN FUNDS
1] Secured Loans	0.360	0.000
2] Unsecured Loans	0.006	0.076
TOTAL BORROWING	0.366	0.076
DEFERRED TAX LIABILITIES	0.000	0.000
TOTAL	1.781	1.692
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]	1.300	1.791
Capital work-in-progress	0.000	0.000
INVESTMENT	0.528	0.189
DEFERRED TAX ASSETS	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
Inventories	0.957	1.154
Sundry Debtors	0.875	0.852
Cash & Bank Balances	0.929	0.370
Other Current Assets	0.000	0.000
Loans & Advances and Deposits	0.893	0.700
Total Current Assets	3.654	3.076
Less : CURRENT LIABILITIES & PROVISIONS
Sundry Creditors	3.701	3.312
Other Current Liabilities / Duty and Taxes	0.000	0.052
Provisions	0.000	0.000
Total Current Liabilities	3.701	3.364
Net Current Assets	(0.047)	(0.288)
MISCELLANEOUS EXPENSES	0.000	0.000
TOTAL	1.781	1.692

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	24.132	19.028
	Other Income	1.311	1.362
	TOTAL	25.443	20.390
Less	EXPENSES
	Cost of Goods Sold	21.573	16.987
	Audit Fees	0.008	0.008
	Brokerage Expenses	0.000	0.005
	Bank Commission Expenses	0.022	0.019
	Building Repairs Expenses	0.039	0.044
	Composition Expenses	0.025	0.006
	Conveyance Expenses	0.210	0.176
	Drug licence Fee	0.000	0.006
	Diwali Expenses	0.065	0.059
	Electric Expenses	0.000	0.011
	Insurance Premium	0.031	0.012
	Legal Fees	0.010	0.025
	News Paper Expenses	0.006	0.005
	Packing Expenses	0.044	0.039
	Paints Expenses	0.041	0.020
	Pooja Expenses	0.034	0.020
	Postage and Courier Expenses	0.035	0.032
	Printing and Stationary Expenses	0.021	0.020
	Rent Expenses	0.142	0.135
	Rebate and Discount	0.006	0.002
	Salary Expenses	1.140	0.942
	Shop Expenses	0.050	0.038
	Staff welfare Expenses	0.082	0.073
	Telephone and Mobile Expenses	0.082	0.062
	Tour and travel Expenses	0.089	0.091
	Vehicle repairs Expenses	0.065	0.057
	Water and Electric Expenses	0.240	0.168
	Other Expenses	0.030	0.024
	TOTAL	24.090	19.086
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1.353	1.304
Less	INTEREST	0.004	0.128
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1.349	1.176
Less/ Add	DEPRECIATION/ AMORTISATION	0.215	0.231
	NET PROFIT/ (LOSS)	1.134	0.945

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.70	4.97
Operating Profit Margin (PBIDT/Sales)	(%)	5.61	6.85
Return on Total Assets (PBT/Total Assets}	(%)	22.89	19.42
Return on Investment (ROI) (PBT/Networth)		0.80	0.58
Debt Equity Ratio (Total Debt /Networth)		0.26	0.05
Current Ratio (Current Asset/Current Liability)		0.99	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Capital Account	1.616	1.415
Profit and Loss Account	0.000	0.000
Net worth	1.616	1.415
Secured Loans	0.000	0.360
Unsecured Loans	0.076	0.006
Total borrowings	0.076	0.366
Debt/Equity ratio	0.047	0.259

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	19.028	24.132
		26.824

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	19.028	24.132
Profit	0.945	1.134
	4.97%	4.70%

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
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

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MR. SUBHASH KUMAR BAWRI

COMPUTATION OF TOTAL INCOME

(RS. IN MILLION)

PARTICULARS	31.03.2014
Income from business operation			1.134
From Firm Royal Pharma [25.00% share]
Remuneration	0.000
Interest	0.000	0.000
Royal Chemist
Net profit as per Profit and Loss Account	1.134
Add : Depreciation Debited in Profit and Loss A/C	0.215
Total	1.349
Less : Depreciation as per chart U/s 32	(0.215)
		1.134
Income from other sources (Chapter VI-A)			0.001
Income from Saving Bank A/c		0.001
Gross Total Income			1.135
Less : Deduction (Chapter VI-A)
u/s 80C
LIP	0.052
		0.052
u/s 80TTA (Interest from Saving Bank A/c)		0.001
u/s 80D (Payment of Rs.0.023 Million)		0.015
			0.068
Total Income			1.067
Round off u/s 288A			1.087
Income exempt u/s 10 [Adjusted Total Income is not more than Rs.2.000 Million hence AMT not applicable ]			0.135
Tax Due		0.150
Educational Income		0.005
		0.155
Less : TDS		0.182
		(0.027)
Refundable (Round off u/s 288B)		0.027
TDS/TCS from
Non salary	0.182

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FIXED ASSETS

• Air Conditioner
• Car
• Computer
• Electrical Fitting
• Fridge
• EPBX System
• Mobile Handset
• Scooter
• Cold Room
• Cycle

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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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		48

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.