MIRA INFORM REPORT

Report No. :	502462
Report Date :	10.04.2018

IDENTIFICATION DETAILS

Name :	MODI-MUNDIPHARMA BEAUTY PRODUCTS PRIVATE LIMITED (w.e.f. 26.07.2016)
Formerly Known As :	MODI REVLON PRIVATE LIMITED (w.e.f. 02.07.2003) MODI REVLON LIMITED (w.e.f. 29.07.1996) MODI REVLON PRIVATE LIMITED
Registered Office :	1400, Modi Tower, 98 Nehru Place, New Delhi - 110019
Tel. No.:	91-11-42504555
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	08.03.1994
Com. Reg. No.:	55-057763
Capital Investment / Paid-up Capital :	INR 74.450 Million
CIN No.: [Company Identification No.]	U74899DL1994PTC057763
IEC No.: [Import-Export Code No.]	07AAACM5901B1Z2
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACM5901B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of manufacturing fragrance and toiletries and trades in skincare, cosmetics, toiletries, etc. [Registered Activity]
No. of Employees :	Information denied by the management

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is wholly owned subsidiary of “Modi-Mundipharma Private Limited” incorporated in the year 1994 which was earlier known as “Modi Revlon Private Limited” and later in July 2016 the name was changed to Modi-Mundipharma Beauty Products Private Limited. For the financial year 2017, the company has achieved decent growth in its revenue in its revenue as compared to its previous year but has incurred heavy loss during the year. The company possesses moderate financial risk profile marked by eroded net worth base and weak debt protection metrics. Rating further gets constrained on account of vulnerability of its operating margins to volatility in raw material prices and intense competition from other organized players in the industry. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealing at fully safe and secured 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

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 31-03-2018.

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 10.04.2018

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 DENIED BY

Name :	Mr. Manish
Designation :	Finance Department
Contact No.:	91-11-42504555
Date :	09.04.2018

LOCATIONS

Registered Office :	1400, Modi Tower, 98 Nehru Place, New Delhi – 110019, India
Tel. No.:	91-11-42504555
Fax No.:	91-11-26464212/26452905
E-Mail :	legal@winmedicare.com

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Umesh Kumar Modi

Designation :

Director

Address :

36 Amrita Shergill Marg, New Delhi- 110003, India

Date of Birth/Age :

05.03.1951

Qualification:

Post Graduate

Date of Appointment :

08.03.1994

DIN No.:

00002757

PAN No.:

AAPPM6795H

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74900DL2007PTC164608	UMESH MODI CORP. PRIVATE LIMITED	11/06/2007	-
U15400DL2009PTC191424	MODI ILLVA INDIA PRIVATE LIMITED	19/06/2009	-
U24100DL2009PTC188842	MODI-MUNDIPHARMA HEALTHCARE PRIVATE LIMITED	25/03/2009	-
U51101DL2008PTC184860	MODI GOODS AND RETAIL SERVICES PRIVATE LIMITED	12/11/2008	-
L15421UP1991PLC019160	SBEC SUGAR LIMITED	03/02/1995	-
L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	28/02/2014	-
U67120DL2001PLC112424	SBEC STOCKHOLDING AND INVESTMENT LIMITED	14/08/2010	-
U67120DL1997PTC087365	JAI ABHISHEK INVESTMENTS PRIVATE LIMITED	19/05/1997	-
U40105UP1996PLC037250	SBEC BIOENERGY LIMITED	24/07/1997	-
U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	31/10/1990	-
U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	21/08/2000	-
U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	21/02/1983	-
U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	21/03/1990	-
U15429UP1932PLC000469	MODI INDUSTRIES LIMITED	12/02/1976	-
U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	21/08/2000	-
U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	03/01/2001	-

Name :

Mrs. Meghna Modi

Designation :

Director

Address :

36 Amrita Shergill Marg, New Delhi- 110003, India

Date of Birth/Age :

27.02.1973

Qualification:

Graduate

Date of Appointment :

13.07.1999

DIN No.:

00002764

PAN No.:

ABJPM0551A

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	03/01/2001	-
U74899DL1985PTC022550	MODI MOTORS PRIVATE LIMITED	01/04/2015	-
U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	25/03/1991	-
U63040DL1996PTC076223	MODILINE TRAVEL SERVICE PRIVATE LIMITED	28/06/1996	-
U34300DL1996PTC082800	MEGHNA AUTOWORKS PRIVATE LIMITED	02/05/2005	-
U64200DL2011PTC228005	M FIRST TRADING PRIVATE LIMITED	10/05/2013	-
U32309DL2004PTC129883	MG MOBILES INDIA PRIVATE LIMITED	01/04/2015	-

Name :

Mr. Jagan Nath Khurana

Designation :

Director

Address :

2091 Pocket-2 Sector-D Vasant Kunj New Delhi -110070, India

Date of Birth/Age :

13.03.1945

Qualification:

Graduate

Date of Appointment :

28.11.2016

DIN No.:

00003817

PAN No.:

AAYPK9412A

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U15400DL2009PTC191424	MODI ILLVA INDIA PRIVATE LIMITED	29/09/2010	-
L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	19/08/2015	-
U67120DL2001PLC112424	SBEC STOCKHOLDING AND INVESTMENT LIMITED	16/09/2001	-
U74999DL1996PTC083607	BELA HEALTH AND FITNESS PRIVATE LIMITED	03/12/1996	-
U40105UP1996PLC037250	SBEC BIOENERGY LIMITED	17/06/1996	-
L74210DL1987PLC029979	SBEC SYSTEMS (INDIA) LIMITED	24/09/2014	-
U74140DL1985PTC020509	MODI SANTA FE INDIA PRIVATE LTD	19/03/1987	-

Name :

Mr. Stuart David Baker

Designation :

Director

Address :

400 N Flagler Dr# Ph 1a, Florida 33401 United States

Date of Birth/Age :

02.07.1935

Qualification:

Graduate

Date of Appointment :

29/9.2017

DIN No.:

00463877

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	03/01/2001	-
U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	31/05/1996	-
U24100DL2009PTC188842	MODI-MUNDIPHARMA HEALTHCARE PRIVATE LIMITED	27/04/2009	-

Name :

Kumkum Modi

Designation :

Director

Address :

36 Amrita Shergill Marg, New Delhi -110003, India

Date of Birth/Age :

19.01.1951

Qualification:

Graduate

Date of Appointment :

08.03.1994

DIN No.:

00522904

PAN No.:

AAAPM4518P

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24246DL2000PTC235624	KAMAKHYA COSMETICS AND PHARMACEUTICALS PRIVATE LIMITED	03/01/2001	-
U67120UP1980PTC004957	LONGWELL INVESTMENT PRIVATE LIMITED	15/03/1980	-
U51109UP1978PTC004616	SWASTH INVESTMENT PRIVATE LIMITED	26/06/1984	-
U51397DL1981PTC011647	WIN-MEDICARE PRIVATE LIMITED	01/04/1995	-
U51109DL1983PLC015250	MODI HITECH INDIA LIMITED	29/09/1989	-
U74899DL1985PTC022550	MODI MOTORS PRIVATE LIMITED	05/09/1997	-
U74899DL1987PTC028294	A TO Z HOLDINGS PRIVATE LIMITED	19/05/1997	-
U74899DL1990PTC041928	MODI-MUNDIPHARMA PRIVATE LIMITED	28/04/1993	-
U63040DL1996PTC076223	MODILINE TRAVEL SERVICE PRIVATE LIMITED	28/06/1996	-
U67120DL1997PTC087365	JAI ABHISHEK INVESTMENTS PRIVATE LIMITED	19/05/1997	-
L27106JH1982PLC001633	BIHAR SPONGE IRON LIMITED	30/09/2011	-
L15421UP1991PLC019160	SBEC SUGAR LIMITED	26/05/2000	-
U74900DL2010PTC208795	JAYESH TRADEX PRIVATE LIMITED	30/09/2011	-
U74900DL2007PTC164608	UMESH MODI CORP. PRIVATE LIMITED	11/06/2007	-

KEY EXECUTIVES

Name :	Mr. Alok Kumar
Designation :	Company Secretary
Address :	B 40/2, Third Floor (A), Gali No. -15, Madhu Vihar, I. P. Extension, New Delhi- 110092, India
Date of Appointment :	01.09.2017
PAN No.:	BACPK7510A

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Umesh Kumar Modi	1
Modi-Mundipharma Private Limited	7449999
Total	7450000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	0.00001343
Promoters- Body corporate	99.99998657
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is in the business of manufacturing fragrance and toiletries and trades in skincare, cosmetics, toiletries, etc. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Whole sale of toiletry, perfumery and cosmetics	--

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

(INR In Million)

SECURED LOAN	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Loans taken for vehicles	0.467	0.656
Other loans and advances, others	(0.211)	(0.191)
SHORT TERM BORROWING
Rupee term loans from others	0.211	0.191
Other loans and advances, others	236.673	233.185
Total	237.140	233.841

Auditors :
Name :	Doogar and Associated Chartered Accountants
Address :	13,Community Centre, East of Kailash, New Delhi-110065, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD8728L
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Modi Mundipharma Private Limited, India
Subsidiary companies:	Beauty Products Lanka (Private) Limited. Formerly Known as Revlon Lanka (Private) Limited Bangladesh Beauty Products Private Limited Formerly Known as Revlon Bangladesh Trading Private Limited
Fellow Subsidiary:	Win Medicare Private Limited
Enterprises which significantly influence/ are influenced by the Company (either individually or with others):	Revlon Mauritius Limited Revlon Manufacturing Limited, USA Modi Mundipharma Healthcare Private Limited Revlon Development Corporation
Enterprises owned or significantly influenced by key management personnel or their relatives:	Modiline Travel Services Private Limited Modi Motors Private Limited (M.M. Printers) Modi Industries Limited H M Tubes & Containers Private Limited. Jayesh Tradex Private Limited Dayawati Modi Public School Modi Steel Limited Modi Sugars Private Limited Morgardshammar (I) Limited S.B.E.C Sugars Limited SBEC Bioenergy Limited Modi Illva India Private Limited Modi Hitech India Limited Modi-Mundipharma Healthcare Private Limited MG Mobiles Private Limited

CAPITAL STRUCTURE

After 29.09.2017

Authorised Capital : INR 250.000 Million

Issued, Subscribed & Paid-up Capital : INR 250.000 Million

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	INR 10/- each	INR 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7445000	Equity Shares	INR 10/- each	INR 74.450 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	74.450	9.450	9.450
(b) Reserves and Surplus	(685.746)	(522.542)	(377.422)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	175.550	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(435.746)	(513.092)	(367.972)
(3) Non-Current Liabilities
(a) long-term borrowings	0.256	0.465	0.656
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	2.346	3.247	4.077
(d) long-term provisions	45.448	43.941	44.094
Total Non-current Liabilities (3)	48.050	47.653	48.827
(4) Current Liabilities
(a) Short-term borrowings	346.173	309.908	246.422
(b) Trade payables	379.529	443.822	455.125
(c) Other current liabilities	388.797	315.634	265.140
(d) Short-term provisions	34.252	49.060	25.943
Total Current Liabilities (4)	1148.751	1118.424	992.630
TOTAL	761.055	652.985	673.485
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.797	34.815	47.213
(ii) Intangible Assets	5.275	7.127	8.845
(iii) Tangible assets 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	44.685	44.685	44.685
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	134.369	139.578	138.549
(e) Other Non-current assets	37.724	33.447	9.285
Total Non-Current Assets	262.850	259.652	248.577
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	206.508	252.595	260.292
(c) Trade receivables	184.257	94.314	127.839
(d) Cash and bank balances	46.889	22.452	18.957
(e) Short-term loans and advances	54.329	20.644	14.844
(f) Other current assets	6.222	3.328	2.976
Total Current Assets	498.205	393.333	424.908
TOTAL	761.055	652.985	673.485

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	1634.984	1375.486	1608.391
	Other Income	35.671	10.859	13.589
	TOTAL	1670.655	1386.345	1621.980
Less	EXPENSES
	Cost of Materials Consumed	38.958	32.075	33.193
	Purchases of Stock-in-Trade	481.335	438.884	618.273
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	54.504	(55.801)	(47.151)
	Employee benefit expense	350.347	308.520	388.003
	Other expenses	790.119	647.722	915.300
	Prior period items	0.787	61.039	0.000
	TOTAL	1716.050	1432.439	1907.618
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(45.395)	(46.094)	(285.638)
Less	FINANCIAL EXPENSES	95.869	74.218	80.618
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(141.264)	(120.312)	(366.256)
Less/ Add	DEPRECIATION/ AMORTISATION	21.940	24.808	23.437
	PROFIT/ (LOSS) BEFORE TAX	(163.204)	(145.120)	(389.693)
Less	TAX	0.000	0.000	0.850
	PROFIT/ (LOSS) AFTER TAX	(163.204)	(145.120)	(390.543)
	IMPORTS
	Raw Materials	6.628	2.348	NA
	Traded Goods	99.327	58.354	NA
	TOTAL IMPORTS	105.955	60.702	NA
	Earnings / (Loss) Per Share (INR)	(6.523)	(13.19)	(413.27)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	0.000	0.000	0.169
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(138.148)	46.577	115.710
Net cash flows from (used in) operating activities	(138.505)	45.303	114.555

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	41.13	25.03	29.01
Account Receivables Turnover (Income / Sundry Debtors)	8.87	14.58	12.58
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	266.25	343.97	255.00
Inventory Turnover (Operating Income / Inventories)	(0.22)	(0.18)	(1.10)
Asset Turnover (Operating Income / Net Fixed Assets)	(0.99)	(1.10)	(5.10)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.51	1.71	1.48
Debt Equity Ratio (Total Liability / Networth)	(0.80)	(0.60)	(0.67)
Current Liabilities to Networth (Current Liabilities / Net Worth)	(2.64)	(2.18)	(2.70)
Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.11)	(0.08)	(0.15)
Interest Coverage Ratio (PBIT / Financial Charges)	(0.47)	(0.62)	(3.54)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(9.98)	(10.55)	(24.28)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(21.44)	(22.22)	(57.99)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	37.45	28.28	106.13

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.43	0.35	0.43
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.25	0.13	0.17
G-Score Ratio Financial (Networth / Total Assets)	(0.57)	(0.79)	(0.55)
G-Score Ratio Debt (Debts / Equity Capital)	4.65	32.84	26.16
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.43	0.35	0.43

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

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	9.450	9.450	74.450
Reserves & Surplus	(377.422)	(522.542)	(685.746)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	175.550
Net worth	(367.972)	(513.092)	(435.746)
Long-term borrowings	0.656	0.465	0.256
Short term borrowings	246.422	309.908	346.173
Current maturities of long-term debts	0.169	0.000	0.000
Total borrowings	247.247	310.373	346.429
Debt/Equity ratio	(0.672)	(0.605)	(0.795)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1608.391	1375.486	1634.984
		(14.481)	18.866

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1608.391	1375.486	1634.984
Profit/ (Loss)	(390.543)	(145.120)	(163.204)
	(24.28 %)	(10.55 %)	(9.98 %)

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	No
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

CORPORATE INFORMATION

Subject is a subsidiary of Modi Mundipharma Private Limited. The Company is in the business of manufacturing fragrance and toiletries and trades in skincare, cosmetics, toiletries, etc.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
SHORT TERM BORROWING
Other loans and advances, others	109.289	76.532
Total	109.289	76.532

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	B77891877	10432899	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	28/05/2013	-	-	260000000.0	G-4, GURU AMARDAS BHAVAN,78, NEHRU PLACENEW DELHIDL110019IN
2	B78946464	10288359	HDFC BANK LIMITED	11/05/2011	06/03/2012	24/06/2013	140000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
3	B40661795	10118940	HDFC BANK LIMITED	06/08/2008	23/02/2009	25/05/2012	50000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
4	B40655656	10118958	HDFC BANK LIMITED	06/08/2008	23/02/2009	11/05/2012	50000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN

FIXED ASSETS:

Tangible assets

• Land
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Computer equipments
• Leasehold improvements

Intangible assets

• Computer software

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 64.93
UK Pound	1	INR 91.50
Euro	1	INR 79.69

INFORMATION DETAILS

Information Gathered by :	SHL
Analysis Done by :	NIS
Report Prepared by :	KVT

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.