MIRA INFORM REPORT

Report No. :	348696.2
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	KHUSHBU IMPEX
Registered Office :	Block No.4, Ground Floor, Plot No. 578/A, Jitendra Building, Jam-E-Jamshed Road, Matunga (C.R.) Mumbai – 400019, Maharashtra
Tel. No.:	91-22-24165808/24103147
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation:	29.08.1997
Capital Investment / Paid-up Capital :	Rs. 59.352 Million
TIN No.:	Not Available
IEC No.:	0397037171
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAGPS1076C
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader, Exporter, Importer and Distributor of all types of Pharmaceuticals Products / including Raw Material.
No. of Employees :	10 (Approximately) (In Office:9, In Branch: 1)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 1997 as a proprietorship concern and it is a trader, distributor, exporter and importer of all types of “Lyka” pharmaceutical products. It has moderate track. Mr. Bhupesh Sevantilal Shah (Proprietor) has provided all information of the subject to us. The concern has recorded fair profit but has huge borrowings takes during the year 2015. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The concern can be considered for business dealings with some caution.

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

Name :	Mr. Bhupesh Sevantilal Shah
Designation :	Proprietor
Contact No.:	91-9821121435
Date :	07.11.2015

LOCATIONS

Registered Office :	Block No.4, Ground Floor, Plot No. 578/A, Jitendra Building, Jam-E-Jamshed Road, Matunga (C.R.) Mumbai – 400019, Maharashtra, India
Tel. No.:	91-22-65909550/24103147 / 24165808
Mobile No.:	91-9821121435 (Mr. Bhupesh Sevantilal Shah)
Fax No.:	91-22-40239525
E-Mail :	vbs522@gmail.com vinaykhetan@hotmail.com
Area:	1000 Sq. Ft.
Location:	Owned
Branch Office :	Office No. 410, Anand Building, 4th Floor, 82/84 Kazi Sayed Street Above The Shamrao Vithal Co-Operative Bank, Masjid (West), Mumbai – 400003, Maharashtra, India
Tel No.:	91-22-65909550
Fax No.:	91-22-40239525
Location :	Owned
Warehouse 1 :	Ambica Storage, Thane Bhiwandi Road, Simla Compound, Opposite J. K. Petrol Pump, Purna, Bhiwandi, Thane - 421302, Maharashtra, India
Warehouse 2 :	Lyka BDR International Limited, Building P, Gala No 4,5,6, Shree Rajlaxmi Commercial Compound, Opposite Durgesh Park, Kalher Taluka, Bhiwandi, Thane, Maharashtra, India
Warehouse 3 :	Lyka Labs Limited 4801/B, and 4802/A, GIDC, Industrial Estate, Ankleshwar-393002, Gujarat, India

SOLE PROPRIETOR

Name :	Mr. Bhupesh Sevantilal Shah
Designation :	Proprietor
Address:	Block No.4, Ground Floor, Plot No. 578/A, Jitendra Building, Jam-E-Jamshed Road, Matunga (C.R.) Mumbai – 400019, Maharashtra, India
Qualification:	Graduate

KEY EXECUTIVES

Name :	Mr. Vinay Shah
Designation :	Chief Executive Officer
Address:	Block No.4, Ground Floor, Plot No. 578/A , Jitendra Building Jam-E-Jamshed Road, Matunga (C.R), Mumbai– 400 019, Maharashtra, India
Date of Birth/Age :	30.10.1985
Qualification :	B.Com , M. Com , MBA
Experience :	7 Years

BUSINESS DETAILS

Line of Business :	Trader, Exporter, Importer and Distributor of all types of Pharmaceuticals Products / including Raw Material.
Products :	Pharmaceuticals Products
Brand Names :	LYKA
Agencies Held :	Not Available
Exports :
Products :	Medicine and Pharmaceuticals Products
Countries :	Jordan, Amman Ajman, UAE Chile Venezuela
Imports :
Products :	Citicoline Mono Sodium Salt Tazobactam Acid
Countries :	Singapore China
Terms :
Selling :	Credit (90 Days)
Purchasing :	L/C, Credit (60 Days)

GENERAL INFORMATION

Suppliers :

• Jiangxi Fushine Pharmaceutical company limited

Reference :	Kyowa Hakko Bio Singapore Pte Limited
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 :

• Mummco General Trading FZC.
• Best Pharma SA
• GRUPO Sm Pharma, C.A.

Reference :	Elnilein Trading Est,
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) (In Office:9, In Branch: 1)

Bankers :

Bank Name	Union Bank of India
Branch	Khand Bazar Branch, 109, Kazi Sayed Street, Masjid (West), Mumbai – 400003. Maharashtra, India
Person Name (With Designation)	Ms. Shobha (Senior Manager)
Contact Number	91-22-23415232
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)	Import and Local L/C Rs. 190.000 Million FDBP and PC (Export) Rs. 63.000 Million
Account Operation	Not Divulged
Remarks (If any)	Declined to part any info.

Auditors :

P P Jayaraman and Company

Chartered accountants

Address :

Office 107/108, Swastik Plaza, Pokhran Road No. 2, Subash Nagar, Thane (West), Thane – 400602, India

Tel. No.:

91-22-21731535 / 21731566

E-Mail :

ppjcaoffice@gmail.com

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

Not Available

CAPITAL STRUCTURE

As on: 31.03.2015

Capital Investment :
Owned :	Rs. 59.352 Million
Borrowed :	--
Total :	Rs. 59.352 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Proprietor Capital		59.352	68.891
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		59.352	68.891
LOAN FUNDS
1] Secured Loans		202.993	181.743
2] Unsecured Loans		3.978	3.885
TOTAL BORROWING		206.971	185.628
DEFERRED TAX LIABILITIES
TOTAL		266.323	254.519
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.709	24.425
Capital work-in-progress		0.000	0.000
INVESTMENT		13.150	13.150
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.683	10.190
	Sundry Debtors	269.486	234.370
	Cash & Bank Balances	1.724	0.490
	Other Current Assets	0.000	0.000
	Loans & Advances	4.568	3.311
Total Current Assets		284.461	248.361
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	53.921	31.128
	Provisions	0.076	0.289
Total Current Liabilities		53.997	31.417
Net Current Assets		230.464	216.945
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		266.323	254.519

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014
	SALES
	Income	667.813	741.472
	Other Income	16.224	18.189
	TOTAL	684.037	759.661
Less	EXPENSES
	Cost of Materials Consumed	310.537	340.102
	Admin Expenses	13.447	15.657
	Other expenses	348.347	393.123
	TOTAL	672.331	748.882
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.706	10.779
Less/ Add	DEPRECIATION/ AMORTISATION	2.112	2.298
	PROFIT/ (LOSS) BEFORE TAX	9.594	8.481
Less	TAX	2.852	2.564
	PROFIT/ (LOSS) AFTER TAX	6.742	5.917
	IMPORTS
	Raw Materials	13.782	15.698
	TOTAL IMPORTS	13.782	15.698

FINANCIAL DATA

[all figures are in Rupees Million]

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	1.01	0.80
Return on Total Assets (PBT/Total Assets}	(%)	3.37	3.41
Return on Investment (ROI) (PBT/Networth)		0.16	0.12
Debt Equity Ratio (Total Debt /Networth)		3.49	2.69
Current Ratio (Current Asset/Current Liability)		4.91	7.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	68.891	59.352
Reserves & Surplus	0.000	0.000
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	68.891	59.352
Secured Loans	181.743	202.993
Unsecured Loans	3.885	3.978
Total borrowings	185.628	206.971
Debt/Equity ratio	2.695	3.487

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	741.472	667.813
		(9.934)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	741.472	667.813
Profit	5.917	6.742
	0.80%	1.01%

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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	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	No
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two 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

TRADE REFERENCES

Lyka BDR International Limited

ADDRESS: 101, Shiv Shakti Industrial Estate, Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India

CONTACT PERSON:

1) Mr. Arun Rao. Mobile No. 9892210889

2) Mrs. Shalini Lobo Mobile No. 9821666251

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 records 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.66.33
UK Pound	1	Rs.100.03
Euro	1	Rs.71.44

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	HNA
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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		27

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.