MIRA INFORM REPORT

Report No. :	347927.2
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	MAHIMA LIFESCIENCES PRIVATE LIMITED [w.e.f.09.03.2006]
Formerly Known As :	MAHIMA EXPORTS PRIVATE LIMITED
Registered Office :	1705, 4th Floor, Onkar Bhawan, Bhagirath Palace, Chandni Chowk, New Delhi - 110006
Tel No.:	91-11-32412706
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.12.1996
Com. Reg. No.:	55-083943
Capital Investment / Paid-up Capital :	Rs. 5.991 Million
CIN No.: [Company Identification No.]	U51311DL1996PTC083943
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	DELM12346F
PAN No.: [Permanent Account No.]	AAACM6962E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Bulk Drugs and Intermediates etc.
No. of Employees :	70 (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 850000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was established in the year 1996 and it is a manufacturer of bulk drugs and intermediates. For the financial year ended 2014, company has reported 39.13% sales turnover growth as compared to previous sales turnover but failed to maintained profit margins and reported low margins at 0.79% during the year under a review. Rating takes into consideration company's established track record of business operations supported by its satisfactory financial base along with sound net worth base and debt protection indicates. Trade relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Sanjeev Thakur
Designation :	International Marketing Export Manager
Contact No.:	91-8045327827
Date :	30.10.2015

LOCATIONS

Registered Office :	1705, 4th Floor, Onkar Bhawan, Bhagirath Palace, Chandni Chowk, New Delhi – 110006, India
Tel. No.:	91-11-32412706/ 32412707
Mobile No.:	91-9811200717 [Mr. Rajeev Goel] 91-8045327827 (Mr. Sanjeev Thakur)
Fax No.:	91-11-23863299
E-Mail :	sales@mahimalife.com finance@mahimalife.com
Website :	http://www.mahimalife.com
Corporate Office :	1C, 1st Floor, Big Jo’s Tower, A-8, Netaji Subhash Place, Pitampura, New Delhi - 110034, India
Tel. No.:	91-11-27357490/ 27357490/ 27357491
Fax No.:	91-11-27357492
E-Mail :	mahimalife@bol.net.in
Factory :	BST Road, Ganaur, Haryana, India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Rajeev Goel
Designation :	Director
Address :	1705, 3^rd Floor, Onkar Bhawan, Bhagirath Palace, New Delhi – 110006, India
Date of Appointment :	01.06.2011
DIN No.:	00885616
Name :	Mr. Pramod Mittal
Designation :	Director
Address :	H. No. 319, Ugersen Nagar, Gali No. 7, Ward No. 23, Sonipat – 131001, Haryana, India
Date of Birth/Age :	11.09.1967
Date of Appointment :	12.06.2006
DIN No.:	00338212

KEY EXECUTIVE

Name :	Mr. Sanjeev Thakur
Designation :	International Marketing Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Rajeev Goel	137100
Prem Chand Goel	11500
Sevti Goel	14000
Kavita Goel	12000
Rajni Goel	12000
Manju Goel	12000
Vinod Goel	14500
Pramod Mittal	100
Vinod Goel (HUF)	4800
Encord Commercial Private Limited, India	157600
Little Star Vintrade Private Limited, India	223529
Total	599129

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	63.61
Directors or relatives of directors	36.39
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Bulk Drugs and Intermediates etc.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Latin America European Country Far East Country
Imports :
Products :	Raw Material
Countries :	· China · European Country
Terms :
Selling :	L/C, Advance Payment, Cheque and Credit
Purchasing :	L/C, Advance Payment, Cheque and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

End Users and OEMS

Reference :	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 :

70 (Approximately)

Bankers :

· Union Bank of India

Chandni Chowk, Delhi - 110006, Delhi, India

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, 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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Bank Overdraft (Against FD)	0.000	6.277
Total	0.000	6.277

Auditors :
Name :	SVP and Associates Chartered Accountants
Address :	1209, New Delhi House, 27, Barakhamba Road, New Delhi – 110001, India
Tel. No.:	91-11-41516079
Mobile No.:	91-9811076903
Income-tax PAN of auditor or auditor's firm :	AATFS9219E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
599,129	Equity Shares	Rs. 10/- each	Rs. 5.991 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	5.991	5.991	3.756
(b) Reserves & Surplus	291.899	285.056	175.162
(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)	297.890	291.047	178.918
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	21.277	6.277	0.000
(b) Trade payables	197.347	102.624	157.806
(c) Other current liabilities	47.029	0.664	1.068
(d) Short-term provisions	4.455	2.852	3.361
Total Current Liabilities (4)	270.108	112.417	162.235
TOTAL	567.998	403.464	341.153
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	21.373	21.326	22.177
(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	50.466	25.970	25.970
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.003
Total Non-Current Assets	71.839	47.296	48.150
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	78.484	53.323	58.622
(c) Trade receivables	189.211	148.937	141.605
(d) Cash and cash equivalents	201.527	119.458	60.814
(e) Short-term loans and advances	26.937	34.450	31.962
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	496.159	356.168	293.003
TOTAL	567.998	403.464	341.153

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income			565.491
	Other Income			4.422
	TOTAL	896.917	644.708	569.913
EXPENSES
	Purchases of Stock-in-Trade			539.751
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade			(0.889)
	Employees benefits expense			2.703
	Other expenses			13.539
	TOTAL	885.709 [Including Financial and Depreciation Expenses]	636.420 [Including Financial and Depreciation Expenses]	555.104
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION				14.809
FINANCIAL EXPENSES				2.881
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION				11.928
DEPRECIATION/ AMORTISATION				2.095
PROFIT BEFORE TAX		11.208	8.288	9.833
TAX		3.895	2.479	3.039
PROFIT AFTER TAX		7.127	5.729	6.794
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	418.464	307.753	29.155
Earnings Per Share (Rs.)		11.90	9.56	18.09

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
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	1.19
Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	2.60
Return on Total Assets (PBT/Total Assets}	(%)	2.17	2.20	3.12
Return on Investment (ROI) (PBT/Networth)		0.04	0.03	0.05
Debt Equity Ratio (Total Debt /Networth)		0.07	0.02	0.00
Current Ratio (Current Asset/Current Liability)		1.84	3.17	1.81

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	3.756	5.991	5.991
Reserves & Surplus	175.162	285.056	291.899
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	178.918	291.047	297.890
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	6.277	21.277
Total borrowings	0.000	6.277	21.277
Debt/Equity ratio	0.000	0.022	0.071

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	569.913	644.708	896.917
		13.124	39.120

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	569.913	644.708	896.917
Profit	6.794	5.729	7.127
	1.19%	0.89%	0.79%

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	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
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 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	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

CORPORATE INFORMATION

The name of the Company is Subject. The registered office of the company is situated in the National Capital Territory of Delhi. The main object of the company is to carry on manufacturing of Bulk Drugs and Intermediates etc.

FINANCIAL RESULTS

During the year, the company earned a profit of Rs.7.127 Million after tax (Previous year Rs. 5.729 Million. The Directors hope that the activities of the Company shall be further increased in the current year.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Unsecured loan	21.277	0.000
Total	21.277	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10083761	16/11/2013 *	180,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	B90588112

* Date of charge modification

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fixture

· Lab Equipment

· Computer and Accessories

· Vehicles

· Office Equipments

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.65.45
UK Pound	1	Rs.100.96
Euro	1	Rs.2.10

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--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	YES
--AFFILIATION	YES/NO	NO
--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.