MIRA INFORM REPORT

Report No. :	497225
Report Date :	03.04.2018

IDENTIFICATION DETAILS

Name :	AVIAN BIOLOGICALS
Registered Office :	SCO 9-P (Basement), 1st & 2nd Floor, Sector 8, Huda Market, Karnal - 132001, Haryana
Tel. No.:	91-184-4032440/ 4036440
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	1995
Capital Investment :	INR 17.591 Million
IEC No.:	Not Applicable [As informed by the management that firm does not have export and import]
TIN No.:	Not Divulged
GST No.:	06ABIPH4134M1ZM
PAN No.: [Permanent Account No.]	ABIPH4134M
Legal Form :	Sole Proprietary Concern
Line of Business :	Distributor of Veterinary and Pharmaceutical Drugs. [Confirmed by Management]
No. of Employees :	25 [Approximately]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 50000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 03.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY

Name :	Mr. Rakesh
Designation :	Accounts Manager
Contact No.:	91-9215136506
Date :	02.04.2018

LOCATIONS

Registered Office/ Warehouse :	SCO 9-P (Basement), 1st & 2nd Floor, Sector 8, Huda Market, Karnal - 132001, Haryana, India
Tel. No.:	91-184-4032440/ 4036440
Mobile No.:	91-9215136506 [Mr. Rakesh] 91-9416001800 [Mr. Mukul Hasteer]
Fax No.:	Not Available
E-Mail :	avianbiological@gmail.com
Location :	Owned
Locality :	Commercial

SOLE PROPRIETOR

Name :	Mrs. Neetu Hasteer
Designation :	Proprietor
PAN No.:	ABIPH4134M

KEY EXECUTIVES

Name :	Mr. Rakesh
Designation :	Accounts Manager

BUSINESS DETAILS

Line of Business :	Distributor of Veterinary and Pharmaceutical Drugs. [Confirmed by Management]
Brand Names :	Not Available
Agencies Held :	· Saideep Exports Private Limited · Suven Pharma · Abtel Limited · Ventri Biologicals Private Limited · Elenco India Limited
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cheque and Credit [30/ 60 Days]
Purchasing :	Cheque and Credit [30/ 60 Days]

GENERAL INFORMATION

Suppliers :

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

Customers :

Wholesalers and Retailers

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

No. of Employees :

25 [Approximately]

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Hudaonea Sector - 8, Karnal - 132001, Haryana, India
Person Name (with Designation):	--
Contact Number:	91-9996243333
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	Customer Number

Bank Name:	Axis Bank Limited
Branch:	Sector - 3, Karnal - 132001, Haryana, India
Person Name (with Designation):	--
Contact Number:	18001035577
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	Toll free number

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Axis bank CC limit	24.781
HDFC bank CC limit	0.000	22.069
HDFC car loan	0.080	0.991
HDFC loan (SCO-9)	12.785	8.477
HDFC loan	0.936	2.705
ICICI car loan	3.113	3.849
HDFC Limited loan K-1101	1.316	0.000
Credit card loan	0.098	0.000
TOTAL	43.109	38.091

Auditors :
Name :	Parveen Mittal and Associates Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Sister Concerns :	· Payaf Feeds and Pharmaceuticals · Aves Marketing

CAPITAL STRUCTURE

AS ON 31.03.2017

Capital Investment :
Owned :	INR 17.591 Million
Borrowed :	--
Total :	INR 17.591 Million

FINANCIAL ANALYSIS

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016
SHAREHOLDERS FUNDS
1] Capital Account		17.591	12.823
2] Reserves & Surplus		0.000	0.000
NETWORTH		17.591	12.823
LOAN FUNDS
1] Secured Loans		43.109	38.091
2] Unsecured Loans		16.679	13.450
TOTAL BORROWING		59.788	51.541
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		77.379	64.364
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.295	7.062
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.880	20.250
	Sundry Debtors	95.318	96.104
	Cash & Bank Balances	18.268	6.672
	Other Current Assets	0.127	0.142
	Loans & Advances	0.000	0.000
Total Current Assets		124.593	123.168
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	52.724	64.920
	Other Current Liabilities	0.785	0.946
	Provisions	0.000	0.000
Total Current Liabilities		53.509	65.866
Net Current Assets		71.084	57.302
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		77.379	64.364

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016
	SALES
		Sales	267.539	216.798
		Other Income	0.631	0.000
		TOTAL	268.170	216.798
Less	EXPENSES
		Cost of Goods Sold	251.339	202.000
		Bad debts	0.398	0.000
		Car repair exp.	0.122	0.000
		Cartage and carriage exp.	0.792	0.626
		Labour exp.	0.000	0.117
		Commission exp.	0.212	0.623
		Discount	0.232	0.129
		Diwali exp.	0.120	0.000
		Electricity exp.	0.161	0.107
		Insurance car	0.164	0.159
		Office maintenance exp.	0.144	0.119
		Petrol and diesel exp.	0.281	0.395
		Rent (Godown)	0.000	0.180
		Rent	0.564	0.519
		Salary	2.748	2.304
		Sales promotion exp.	1.031	1.031
		Staff refreshment exp.	0.281	0.154
		Misc. Exp.	0.147	0.000
		Travelling exp.	0.567	0.559
		Other Expenses	0.285	0.285
		TOTAL	259.588	209.307
	PROFIT BEFORE INTEREST AND DEPRECIATION AND AMORTISATION		8.582	7.491
Less	FINANCIAL EXPENSES		4.722	5.009
	PROFIT BEFORE DEPRECIATION AND AMORTISATION		3.860	2.482
Less/ Add	DEPRECIATION/ AMORTISATION		1.066	1.224
	NET PROFIT		2.794	1.258

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	130.04	161.80
Account Receivables Turnover (Income / Sundry Debtors)	2.81	2.26
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	76.57	117.31
Inventory Turnover (Operating Income / Inventories)	0.79	0.37
Asset Turnover (Operating Income / Net Fixed Assets)	1.36	1.06

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.87	0.90
Debt Equity Ratio (Total Liability / Networth)	3.40	4.02
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.99	6.19
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.36	0.55
Interest Coverage Ratio (PBIT / Financial Charges)	1.82	1.50

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	1.04	0.58
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.13	0.97
Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.88	9.81

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	1.78	1.55
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.62	1.30
G-Score Ratio Financial (Networth / Total Assets)	0.13	0.10
G-Score Ratio Debt (Debts / Equity Capital)	3.40	4.02
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.78	1.55

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2016	31.03.2017
	INR In Million	INR In Million
Capital Account	12.823	17.591
Reserves & Surplus	0.000	0.000
Net worth	12.823	17.591
Secured Loans	38.091	43.109
Unsecured Loans	13.450	16.679
Total borrowings	51.541	59.788
Debt/Equity ratio	4.019	3.399

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	216.798	267.539
		23.405

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	216.798	267.539
Profit	1.258	2.794
	0.58%	1.04%

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	Yes
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	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)	Yes
16	No. of employees	Yes
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	Yes
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 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

OBSERVATION POINTS

Name of Company :	AVIAN BIOLOGICALS
Address :	SCO 9-P (Basement), 1st & 2nd Floor, Sector 8, Huda Market, Karnal - 132001, Haryana, India
Contact No.:	91-184-4032440/ 4036440
Date of Visit :	15.03.2018
Person to whom we met:	Mr. Mukul Hasteer [Chief Executive Officer]
Name Board :	Sighted
Location:	Easy
Landmark (If Any):	Sector - 8 Market
Total Floors of the Building :	Basement + Ground + 2 Floors
Subject situated on:	Entire premises belongs to subject company
Locality:	Commercial
Area :	Upmarket
No. of employees seen at premises:	06 [Approx.]
Visibility of Items:	· Telephone · Fax Machine · Computers · Air Conditioner · Office Equipment · Xerox Machine
Furniture Items:	Tables and Chairs
Neighbours Interview :	On inquiry with Mr. Sanjay from “Mansi Departmental Store” and Mr. Vinod Kumar from “Vinod Properties” both the person from neighbouring companies confirmed the existence of the subject on the given address
Proof of visit:	Photos and Visiting Card

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Unsecured loans	16.679	13.45
TOTAL	16.679	13.45

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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	PMN
Analysis Done by :	NIS
Report Prepared by :	ARC

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.