MIRA INFORM REPORT

Report No. :	346650
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	SAMARTH PHARMA PRIVATE LIMITED
Registered Office :	Ram Mandir Road, Goregaon (West), Mumbai – 400104, Maharashtra
Tel. No.:	91-22-26763634
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.09.1997
Com. Reg. No.:	11-110616
Capital Investment / Paid-up Capital :	Rs. 2.500 Million
CIN No.: [Company Identification No.]	U99999MH1997PTC110616
IEC No.:	0398070695
TAN No.: [Tax Deduction & Collection Account No.]	MUMS23813G
PAN No.: [Permanent Account No.]	AADCS8586R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Products.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 526000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject was incorporated in the year 1997. Mr. Sunil Soni, Accounts Manager has informed that the company has commenced its business activity from April 2014. However, the company possesses decent financial base marked by zero debt balance sheet profile. Payments are unknown. In view of recent commencement of business operations, the company can be considered for business dealings with some caution.

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 31-03-2015.

LOCATIONS

Registered Office :	Ram Mandir Road, Goregaon (West), Mumbai – 400104, Maharashtra, India
Tel. No.:	91-22-26763634/ 67424509/ 3634
Fax No.:	91-22-66959187/ 66959185
E-Mail :	sunil.soni@samarthpharma.com info@samarthpharma.com
Website:	www.samarthpharma.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Rajiv Gunvantlal Shah

Designation :

Additional director

Address :

19, Prem Kunj, Behind Aurora Cinema, Matunga, Mumbai-400019, Maharashtra, India

Date of Birth/Age :

09.06.1965

Date of Appointment :

05.09.2014

DIN No.:

02080936

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U51398MH2004PTC148751	MONEY HONEY FINANCIAL SERVICES PRIVATE LIMITED	Additional director	12/03/2008	12/03/2008	Active	NO
2	U67190MH2008PTC186540	MONEY HONEY CONSULTANTS PRIVATE LIMITED	Director	26/02/2009	26/02/2009	Active	NO
3	U85100MH2013PTC249295	CELLCYS LABS PRIVATE LIMITED	Director	17/12/2013	17/12/2013	Active	NO
4	U24233MH2014PTC253426	EUGON LIFE SCIENCES PRIVATE LIMITED	Director	20/02/2014	20/02/2014	Active	NO
5	U40106GJ2013PLC076021	POWERTRAC SOLAR PROJECTS LIMITED	Additional director	12/05/2014	12/05/2014	Active	NO
6	U99999MH1997PTC110616	SAMARTH PHARMA PRIVATE LIMITED	Additional director	05/09/2014	05/09/2014	Active	NO
7	U65990MH1997PTC105511	SAMARTH LIFE SCIENCES PRIVATE LIMITED	Additional director	05/09/2014	05/09/2014	Active	NO

Name :

Mr. Chittozhi Radhakrishnan

Designation :

Director

Address :

F 202 Geeta Nagar, Phase-III, Mira Road - East, Thane- 401107, Maharashtra, India

Date of Birth/Age :

01.06.1952

Date of Appointment :

11.09.1997

DIN No.:

02215540

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U99999MH1997PTC110616	SAMARTH PHARMA PRIVATE LIMITED	Director	11/09/1997	11/09/1997	Active	NO
2	U65990MH1997PTC105511	SAMARTH LIFE SCIENCES PRIVATE LIMITED	Director	01/02/2006	01/02/2006	Active	NO
3	AAA-0493	SAMARTH BIOLOGICALS LLP	Body corporate as Designated Partner	17/12/2009	17/12/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Chittozi Radhakrishnan	300	0.12
Pranav Gunvantlal Shah	74000	29.60
Rajiv Gunvantlal Shah	74000	29.60
Sohini Gunvantlal Shah	52300	20.92
Gunvantlal Kantilal Shah	49400	19.76
Total	250000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Products.
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	State Bank of India
Branch:	Jogeshwari, Mumbai, Maharashtra, India
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Sunil Soni and Company Chartered Accountants
Address :	11B/4, Indian Airlines Colony, Kalina, Santacruz (East), Mumbai-400029, Maharashtra, India
Tel. No.:	91-22-26655910
Mobile No.:	91-9702512000/ 9869021550
E-Mail :	sunil.kumar.soni.ca@icai.org
Income-tax PAN of auditor or auditor's firm :	AZZPS8087M
Memberships :	--
Collaborators :	--
Subsidiary Company :	Cellcys Labs Private Limited (U85100MH2013PTC249295)
Company in which KMP/ Relatives of KMP can exercise significant influence :	· Samarth Life Sciences Private Limited · Samarth Biologicals LLP · Genex Pharma

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 10/- each	Rs. 2.500 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	2.500	2.500	2.500
(b) Reserves & Surplus	181.610	195.130	191.057
(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)	184.110	197.630	193.557
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	5.997	5.320	2.876
(c) Other long term liabilities	4.466	4.466	13.399
(d) long-term provisions	4.089	2.550	2.550
Total Non-current Liabilities (3)	14.552	12.336	18.825
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.726	1.418	11.345
(c) Other current liabilities	0.864	0.380	1.318
(d) Short-term provisions	0.000	1.543	5.774
Total Current Liabilities (4)	1.590	3.341	18.437
TOTAL	200.252	213.307	230.819
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.826	137.693	144.482
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.613	2.002	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	30.608	31.764	23.253
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	13.125	6.344	9.952
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	176.172	177.803	177.687
(2) Current assets
(a) Current investments	0.000	0.000	0.170
(b) Inventories	7.150	8.794	26.664
(c) Trade receivables	0.555	9.671	17.442
(d) Cash and cash equivalents	2.241	4.170	3.962
(e) Short-term loans and advances	14.040	12.808	4.864
(f) Other current assets	0.094	0.061	0.030
Total Current Assets	24.080	35.504	53.132
TOTAL	200.252	213.307	230.819

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	15.941	84.452	98.722
		Other Income	0.805	1.164	1.868
		TOTAL	16.746	85.616	100.590
Less	EXPENSES
		Cost of Materials Consumed	10.780	17.332	18.609
		Purchases of Traded Goods	0.172	17.878	31.149
		Changes in inventories	0.065	12.183	(5.567)
		Employees benefits expense	1.814	8.836	8.299
		Other expenses	6.536	10.968	17.249
		TOTAL	19.367	67.197	69.739
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(2.621)	18.419	30.851
Less/ Add	DEPRECIATION/ AMORTISATION		10.161	10.376	7.323
	PROFIT/ (LOSS) BEFORE TAX		(12.782)	8.043	23.528
Less	TAX		0.738	3.970	6.966
	PROFIT/ (LOSS) AFTER TAX		(13.520)	4.073	16.562
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.006	0.010	0.010
	TOTAL EARNINGS		0.006	0.010	0.010
	Earnings/ (Loss) Per Share (Rs.)		(54.08)	16.29	66.25

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	(0.923)	14.499	25.680
Net Cash Flow from (used in) Operating Activities	(0.984)	12.973	20.538

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(84.81)	4.82	16.78
Return on Total Assets (PBT/Total Assets}	(%)	(7.65)	4.48	11.34
Return on Investment (ROI) (PBT/Networth)		(0.07)	0.04	0.12
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		15.14	10.63	2.88

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	2.500	2.500	2.500
Reserves & Surplus	191.057	195.130	181.610
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	193.557	197.630	184.110
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	98.722	84.452	15.941
		(14.455)	(81.124)

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	98.722	84.452	15.941
Profit	16.562	4.073	(13.520)
	16.78%	4.82%	(84.81%)

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	No
8	Designation of contact person	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90352799	21/03/2000	2,700,000.00	STATE BANK OF INIDA	JOGESHWARI, MUMBAI, MAHARASHTRA, INDIA	-

FINANCIAL RESULTS

The Company has earned a Net Loss of Rs. (13.520) Million during the year.

REVIEW OF OPERATION

The company has not started any business activities. The Directors are continuously looking for avenues for future growth of the company.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer

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. 64.96
UK Pound	1	Rs. 99.55
Euro	1	Rs. 71.64

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	IND

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
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		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.