MIRA INFORM REPORT

Report No. :	502838
Report Date :	16.04.2018

IDENTIFICATION DETAILS

Name :	EISEN PHARMACEUTICAL COMPANY (PRIVATE) LIMITED
Registered Office :	34/7, Erandwana, Near Deenanath Mangeshkar Hospital, Opposite IDBI Bank, Pune-411004, Maharashtra
Tel. No.:	91-20-25431174
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	10.09.1951
Com. Reg. No.:	11-008610
Capital Investment / Paid-up Capital :	INR 4.000 Million
CIN No.: [Company Identification No.]	U24232PN1951PTC008610
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACE4108N
TIN No.:	27720345357
GSTN : [Goods & Service Tax Registration No.]	27AAACE4108N1ZM
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Trading of Allopathic and Ayurvedic Medicines. [Registered Activity]
No. of Employees :	Not Divulged

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 51100
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 16.04.2018

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 DECLINED BY

Name :	Mr. Adway Rajhans
Designation :	Senior Product Manager
Contact No.:	91-8888842824
Date :	14.04.2018

[91-20-25431174] MANAGEMENT NON-COOPERATIVE

LOCATIONS

Registered / Head Office :	34/7, Erandwana, Near Deenanath Mangeshkar Hospital, Opposite IDBI Bank, Pune-411004, Maharashtra, India
Tel. No.:	91-20-25431174
Mobile No.:	91-8888842824 [Mr. Adway Rajhans]
Fax No.:	91- 20-25430024
E-Mail :	info@eisenpharma.com accounts@eisenpharma.com hr@eisenpharma.com
Website :	http://www.eisenpharma.com

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Heramb Balakrishna Joshi

Designation :

Director

Address :

B2/8, Sudakshana Co.Op. Housing Society, Near LIC Colony, Pound Road, Pune-411038, Maharashtra, India

Date of Appointment :

20.12.1985

DIN No.:

00030868

Name :

Mr. Arvind Vasudev Sangamnerkar

Designation :

Director

Address :

50-51, Laxmi Park Colony, Navi Peth, Pune-411030, Maharashtra, India

Date of Appointment :

21.10.1974

DIN No.:

00031083

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U24239PN2002PTC017257	MRINMAYEE HEALTH CARE PRIVATE LIMITED	04/09/2002

Name :

Mr. Shriniwas Vasant Gore

Designation :

Director

Address :

Manoj Clinic, 1148 Sadashiv Peth, Pune-411030, Maharashtra, India

Date of Appointment :

21.10.1974

DIN No.:

00031156

Name :

Mr. Ankur Heramb Joshi

Designation :

Director

Address :

Sudakshna Apts B2/8, LIC Colony, Paud Road, Kothrud, Pune-411038, Maharashtra, India

Date of Birth/Age :

24.06.1982

Date of Appointment :

20.02.2017

DIN No.:

07742012

KEY EXECUTIVES

Name :	Mr. Adway Rajhans
Designation :	Senior Product Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON: 29.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	72.15
Public/Other than promoters – Individual/ Hindu Undivided Family – Indian	27.85
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Allopathic and Ayurvedic Medicines. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
99884300	Pharmaceutical Products

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged

Bankers :

· State Bank 0f India Smeccc

Sharda Chambers, 3rd Floor, Shankarsheth Road, Swargage, Pune - 411042, Maharashtra, India

· State Bank of India

Erandvana Branch Opp. Sndt College, Karve Road, Pune - 411004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Cash Credit from Bank [Working capital borrowings repayable on Demand]	0.417	1.600
Total	0.417	1.600

Auditors :
Name :	Manasi Bhagwat and Company Chartered Accountants
Address :	1487 Shukrawar Peth, Bajirao Road, Pune-411002, Maharashtra, India
PAN No.:	AAACE4108N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	INR 100/- each	INR 4.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	INR 100/- each	INR 4.000 Million

FINANCIAL DATA

[all figures are in 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	4.000	4.000	4.000
(b) Reserves & Surplus	13.886	9.271	5.494
(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)	17.886	13.271	9.494
(3) Non-Current Liabilities
(a) Long-term borrowings	1.200	2.000	2.150
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.825	1.275	1.275
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2.025	3.275	3.425
(4) Current Liabilities
(a) Short term borrowings	0.417	1.600	2.596
(b) Trade payables	6.236	6.523	5.359
(c) Other current liabilities	5.746	6.225	5.560
(d) Short-term provisions	0.961	0.819	0.723
Total Current Liabilities (4)	13.360	15.167	14.238
TOTAL	33.271	31.713	27.157
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.743	6.560	5.980
(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	0.006	0.006	0.006
(c) Deferred tax assets (net)	0.556	0.466	0.314
(d) Long-term Loan and Advances	0.450	0.562	0.692
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	6.755	7.594	6.992
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7.647	6.318	5.406
(c) Trade receivables	3.262	13.516	12.161
(d) Cash and cash equivalents	0.592	3.262	2.104
(e) Short-term loans and advances	0.602	0.591	0.243
(f) Other current assets	0.165	0.432	0.251
Total Current Assets	26.516	24.119	20.165
TOTAL	33.271	31.713	27.157

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	114.233	103.421	90.516
		Other Income	0.363	0.260	0.260
		TOTAL	114.596	103.681	90.776
Less	EXPENSES
		Cost of Materials Consumed	18.604	18.241	18.782
		Purchases of Stock-in-Trade	6.689	6.618	2.587
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.697)	(0.025)	1.529
		Employees benefits expense	41.960	34.173	31.561
		Other expenses	37.852	35.552	30.648
		TOTAL	104.408	94.559	85.107
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		10.188	9.122	5.669
Less	FINANCIAL EXPENSES		0.635	0.717	1.003
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9.553	8.405	4.666
Less/ Add	DEPRECIATION/ AMORTISATION		1.410	1.633	1.916
	PROFIT/ (LOSS) BEFORE TAX		8.143	6.772	2.750
Less	TAX		2.565	2.176	1.073
	PROFIT/ (LOSS) AFTER TAX		5.578	4.596	1.677
	EARNINGS IN FOREIGN CURRENCY		0.000	0.247	0.148
	Earnings/ (Loss) Per Share (INR)		139.44	114.89	41.92

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	8.642	8.396	6.873
Net Cash flow from operating activities	6.303	5.766	5.136

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	10.42	47.70	49.04
Account Receivables Turnover (Income / Sundry Debtors)	35.02	7.65	7.44
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	89.99	95.78	91.54
Inventory Turnover (Operating Income / Inventories)	1.33	1.44	1.05
Asset Turnover (Operating Income / Net Fixed Assets)	1.77	1.39	0.95

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.44	0.54	0.60
Debt Equity Ratio (Total Liability / Networth)	0.09	0.27	0.50
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.75	1.14	1.50
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.32	0.49	0.63
Interest Coverage Ratio (PBIT / Financial Charges)	16.04	12.72	5.65

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.88	4.44	1.85
Return on Total Assets ((PAT / Total Assets) * 100)	%	16.77	14.49	6.18
Return on Investment (ROI) ((PAT / Networth) * 100)	%	31.19	34.63	17.66

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.98	1.59	1.42
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.41	1.17	1.04
G-Score Ratio Financial (Networth / Total Assets)	0.54	0.42	0.35
G-Score Ratio Debt (Debts / Equity Capital)	0.40	0.90	1.19
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.98	1.59	1.42

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	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	4.000	4.000	4.000
Reserves & Surplus	5.494	9.271	13.886
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	9.494	13.271	17.886
long-term borrowings	2.150	2.000	1.200
Short term borrowings	2.596	1.600	0.417
Total borrowings	4.746	3.600	1.617
Debt/Equity ratio	0.500	0.271	0.090

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	90.516	103.421	114.233
		14.257	10.454

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	90.516	103.421	114.233
Profit/ (Loss)	1.677	4.596	5.578
	1.85%	4.44%	4.88%

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	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	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	No
35	Negative Reporting by Auditors in the Annual Report	No

OBSERVATION POINTS

Name of Company :	EISEN PHARMACEUTICAL COMPANY (PRIVATE) LIMITED
Address :	34/7, Erandwana, Near Deenanath Mangeshkar Hospital, Opposite IDBI Bank, Pune-411004, Maharashtra, India
Contact No.:	91-20-25431174
Date of Visit :	09.04.2018
Person to whom we met:	Employee [Name Not Divulged]
Name Board :	Sighted
Location:	Easy
Landmark (If Any):	Opposite IDBI Bank
Total Floors of the Building :	Ground + 4 Floors
Subject situated on:	Whole Premises
Locality:	Industrial
Area :	Neutral
Visibility of Items:	· Computers · Telephone · Air Conditioner · Office Equipment
Neighbours Interview :	On inquiry with Mr. Ranade from (IDBI Bank) and Mr. Kate from (Ganesh Hardware) both the person from neighbour companies confirmed the existence of the subject on the given address
Proof of visit:	Photos

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Fixed Deposits from Banks	1.200	2.000
Total	1.200	2.000

GENERAL INFORMATION:

The company is engaged mainly in the Manufacturing and Trading of Allopathic and Ayurvedic Medicines.

FIXED ASSETS:

· Land

· Machinery

· Office Equipment

· Factory Building

· Vehicles

· Furniture and fixture

· 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 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 65.22
UK Pound	1	INR 92.77
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	NSG
Report Prepared by :	RUP

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	NO
--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.