MIRA INFORM REPORT

Report No. :	312315
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	BHUVANESHWARI MEDICINE HOUSE
Registered Office :	D. No.6-1-1019, Flat No. 202, Sri Sai Nilayam, Above Supper Market, Hyderabad – 500004, Telangana
Tel. No.:	91-40-66828717
Country :	India
Financials (as on) :	31.03.2014
Year of Establishment :	2008
Capital Investment / Paid-up Capital :	Rs.4.121 Million
IEC No.:	Not Divulged
TIN No.:	Not Divulged
PAN No.: [Permanent Account No.]	AAIFB6893N
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Trader and Distributor of Pharmaceutical Products.
No. of Employees :	10 (Approximately)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. Profitability of the concern is low. However, general financial position of the concern is normal and acceptable for business dealings. Trade relations ate reported as fair. Business is active. Payment terms are reported to be slow but correct. 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 – 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) 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. P. Srinivas
Designation :	Partner
Contact No.:	91-9848204301
Date :	12.05.2015

LOCATIONS

Registered Office :	D. No.6-1-1019, Flat No. 202, Sri Sai Nilayam, Above Supper Market, Hyderabad – 500004, Telangana
Tel. No.:	91-40-66828717
Mobile No.:	91-9246338717 (Mr. Srinivas)
Fax No.:	Not Available
E-Mail :	bmspsdr@yahoo.in
Location :	Rented
Locality :	Commercial

PARTNERS

Name :	Mr. P. Srinivas
Designation :	Partner
Date of Birth/Age :	44 Years
Experience :	16 Years
PAN No.:	AGZPP9972D
Name :	Mr. D. Raju
Designation :	Partner
Date of Birth/Age :	42 Years
Experience :	16 Years
Name :	Mrs. D. Sunitha
Designation :	Partner
Date of Birth/Age :	39 Years
Experience :	16 Years
PAN No.:	AHAPD0922H
Name :	Mr. B. RajAni
Designation :	Partner
Date of Birth/Age :	39 Years
Experience :	16 Years
PAN No.:	AOZPB4978F

BUSINESS DETAILS

Line of Business :	Trader and Distributor of Pharmaceutical Products.
Products :	Pharmaceutical Products
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Suppliers :

Company Name :	Sun Pharmaceutical Limited
Name of the Person :	Mr. Samatha Charan
Contact No.:	91-924615662
Since How Long Known :	7 Years
Maximum Limit Dealt :	Rs.20.000 Million
Experience :	Payment Behaviour Market Goodwill Excellent Overall
Remark :	Mr. Samatha informed that they are satisfied with their Payment. They have good relation with subject company.

Customers :

Company Name :	Sri Sri Nizams Medical
Name of the Person :	Mr. Suresh
Contact No.:	91-9848466723
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	Product Quality Delivery Behaviour Excellent Overall
Remark :	Mr. Suresh informed that they are satisfied with their product quality and delivery behaviour. They have good relation with subject company.

No. of Employees :

10 (Approximately)

Bankers :

Banker Name :	Yes Bank Limited
Branch :	Secunderabad, Telangana, India
Person Name (With Designation) :	Mr. Ramu
Contact Number :	91-9676735888
Name of Account Holder :	Bhuvaneshwari Medicine House
Account Number :	--
Account Since (Date/Year of Account Opening) :	More than 3 Years
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Over Draft= Rs.12.000 Million
Account Operation :	--
Remark :	Mr. Ramu informed that the company having very good with banker.

Auditors :
Name :	B. Ajay and Associates Chartered Accountants
Address :	Hyderabad, Telangana, India
Collaborators :	Not Divulged
Membership :	Not Divulged
Sister Concern :	--

CAPITAL STRUCTURE

AS ON 31.03.2014

Capital Investment :	Rs. In Million
B. Rajini	1.134
D. Raju	0.864
D. Sunitha	1.134
P. Srinivas	0.989
Total	4.121

FINANCIAL DATA

[all figures are in Rupees Million]

Particulars	31.03.2015
Sales Turnover (Approximately)	240.000

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013	31.03.2012
SHAREHOLDERS FUNDS
1] Partner’s Capital		4.121	3.350	2.281
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.121	3.350	2.281
LOAN FUNDS
1] Secured Loans		6.317	7.231	1.979
2] Unsecured Loans		0.000	0.000	1.740
TOTAL BORROWING		6.317	7.231	3.719
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		10.438	10.581	6.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.421	0.433	0.361
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.184	7.860	7.668
	Sundry Debtors	27.938	12.125	6.063
	Cash & Bank Balances	1.402	0.352	0.471
	Other Current Assets	0.000	1.627	1.291
	Loans & Advances	2.164	0.000	2.000
Total Current Assets		39.688	21.964	17.493
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.725	11.354	11.391
	Other Current Liabilities	1.946	0.450	0.450
	Provisions	0.000	0.012	0.013
Total Current Liabilities		29.671	11.816	11.854
Net Current Assets		10.017	10.148	5.639
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10.438	10.581	6.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	165.139	81.617	53.209
		Other Income	0.426	0.557	0.109
		TOTAL	165.565	82.174	53.318
Less	EXPENSES
		Cost of Goods Sold	156.909	77.287	50.674
		Bank Interest	0.778	0.404	0.179
		Carriage Out Ward Charges	0.225	0.108	0.246
		Electricity Charges	0.103	0.093	0.034
		Rant	0.280	0.258	0.185
		Salaries	1.855	1.050	0.501
		Telephone Chagres	0.105	0.041	0.030
		Partner’s Remuneration	0.980	0.870	0.480
		Other Expenses	3.722	1.534	0.679
		TOTAL	164.957	81.645	53.008
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.608	0.529	0.310
Less	DEPRECIATION/ AMORTISATION		0.080	0.051	0.048
	NET PROFIT/ (LOSS)		0.528	0.478	0.262

The above information has been parted by Mr. P. Srinivas (Partner)

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

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	(%)	0.32	0.59	0.49
Return on Total Assets (PBT/Total Assets)	(%)	1.32	2.13	1.47
Return on Investment (ROI) (PBT/Networth)		0.13	0.14	0.11
Debt Equity Ratio (Total Debt /Networth)		1.53	2.16	1.63
Current Ratio (Current Asset/Current Liability)		1.34	1.86	1.48

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	2.281	3.350	4.121
Reserves & Surplus	0.000	0.000	0.000
Net worth	2.281	3.350	4.121
long-term borrowings	1.979	7.231	6.317
Short term borrowings	1.740	0.000	0.000
Total borrowings	3.719	7.231	6.317
Debt/Equity ratio	1.630	2.159	1.533

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	53.209	81.617	165.139
		53.389	102.334

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	53.209	81.617	165.139
Profit	0.262	0.478	0.528
	0.49%	0.59%	0.32%

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	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	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
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.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	DIV
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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--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		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.