MIRA INFORM REPORT

Report No. :	492884.2
Report Date :	22.02.2018

IDENTIFICATION DETAILS

Name :	DYNA BIOTECH
Registered Office :	Survey No.163,  Behind Krushiratna Bungalow, Phursungi Village, Taluka Haveli, Pune-412308, Maharashtra
Tel. No.:	91-8956781774 (Mr. Vijay Patil)
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment:	01.01.2013
Capital Investment / Paid-up Capital :	INR 19.074 Million
TIN No.:	Not Available
IEC No.: [Import-Export Code No.]	3113000157
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	27AAJFD2006N1ZF
PAN No.: [Permanent Account No.]	AAJFD2006N
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer, Exporter and Importer of Automation and Validation of Biotech Equipment. (Confirmed by management)
No. of Employees :	96 (Approximately) (In Office : 41 / In Factory :55)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Dyna Biotech is a manufacturing of biopharmaceuticals equipment. The concern was started in the year 2013 and is based in Pune, Maharashtra. It is an established partnership concern having satisfactory track record. As per available audited financials of 2017, the concern has witnessed a growth in its revenue and has reported fair profit margin at 4.30% (approx.) Rating takes into consideration concern’s established track record of business operation along with sound capital base and fair debt level. Trade relations are reported as fair. Business is active. Payments are seems to be usually correct and as per commitment. In view of aforesaid, the concern can be considered for business dealings at usual trade 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

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 31-03-2016.

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 22.02.2018

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. Vijay Patil
Designation :	Finance and Accounts Head
Contact No.:	91-8956781774
Date :	17.02.2018

Name :	Mr. Kishore Tambat
Designation :	Chief Finance Officer
Contact No.:	91-7887884114
Date :	16.02.2018

LOCATIONS

Registered Office / Factory :	Survey No.163,  Behind Krushiratna Bungalow, Phursungi Village, Taluka Haveli, Pune-412308, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-8956781774 (Mr. Vijay Patil) 91-7887884103 (Mr. Devendra) 91-9823381522 (Mr. Vinod Kumar Patil)
Fax No.:	Not Available
E-Mail :	sales@dynabiotech.com admin@dynabiotech.com csd@dynabiotech.com accounts@dynabiotech.com
Website :	http://www.dynabiotech.com
Area :	26000 sq. ft.
Location :	Rented

PARTNERS

Name :	Mr. Vinod Kumar Patil
Designation :	Partner
Address :	K-801, Roystonia Apartment, Magarpatta, Pune – 411013, Maharashtra, India
Date of Birth/Age :	01.07.1969
Qualification :	M.Sc Microbiologist
Experience :	30 Years
PAN No.:	AAIPP7999P
Name :	Mr. Abhijit V Yemul
Designation :	Partner
Address :	Palm Groves Society, BT Kavde Road, Mundhwa, Pune – 411036, Maharashtra, India
Date of Birth/Age :	11.04.1976
Qualification :	B.E. Mechanical
Experience :	18 Years

KEY EXECUTIVES

Name :	Mr. Vijay Patil
Designation :	Finance and Accounts Head
Name :	Mr. Kishore Tambat
Designation :	Chief Finance Officer

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Automation and Validation of Biotech Equipment. (Confirmed by management)
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Manufacturing of Biopharmaceuticals Equipment
Countries :	South Korea Iran Bangladesh
Imports :
Products :	Import of Diaphragm EPDM, Mass Flow Controler, Agitator etc.
Countries :	Germany USA France
Terms :
Selling :	Cash, L/C and Credit (180 Days)
Purchasing :	Cash, L/C and Credit (30 / 60 Days)

PRODUCTION STATUS

Particulars	Installed Capacity	Actual Production
Vessels, Fermenter, CIP/SIP, Chillor etc.	60	55

GENERAL INFORMATION

Suppliers :

Reference :	Forbes Marshall, Pune
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Wholesalers, Retailer and End Users

• Ajay Bio-tech (India) Limited
• INTAS
• Virchow Biotech Private Limited
• Four Season Health Care
• Serum Institute of India Limited
• Naturlich Global Beverages
• Fabtech Projects and Engineers
• Plant Health Technologies Private Limited

Reference :	Lupin Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

96 (Approximately) (In Office : 41 / In Factory :55)

Bankers :

Bank Name	ICICI Bank
Branch	Pune, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Bank Name	Bank of India
Branch	Hadapsar
Credit Facilities Enjoyed (If any)	INR 20.000 Million

Facilities :

Secured Loan	31.03.2017 (INR in Million)
Bank OCC Ale (Bank 00 A/c)
Bank of India - 050230110000051	10.731
Hypothecation Loan BOI - 050270410000068	0.575
Vehicle Loan ICICI - LAPUN00034761553	1.106
Total	12.412

Auditors :

Name :

Tejas Sant and Associates

Chartered Accountants

Address :

402, Jaykamal, 4^th Floor, 336 Narayan Peth, Pune – 411030, Maharashtra, India

Mobile No.:

91-9730472621

Memberships No.:

149897

E-Mail :

scs1810@gmail.com

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern:

• China Filter, Pune

Name :	Dyna Filters Private Limited
Address :	Works-Girme Colony, Sr. No. 36/1C/2/3 Pune Solapur Road, Manjri Budruk, Haveli Manjri, Pune – 412307, Maharashtra, India
Line of Business :	Clean Room Manufacturing

CAPITAL STRUCTURE

As on 31.03.2017

Capital Investment :
Owned :	INR 19.074 Million
Borrowed :	--
Total :	INR 19.074 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016	31.03.2015
SHAREHOLDERS FUNDS
1] Partners Capital		19.074	11.513	7.116
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.074	11.513	7.116
LOAN FUNDS
1] Secured Loans		12.412	8.168	7.153
2] Unsecured Loans		35.606	7.699	7.198
TOTAL BORROWING		48.018	15.867	14.351
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		67.092	27.380	21.467
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.723	7.342	5.533
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.441	43.090	17.767
	Sundry Debtors	45.821	26.408	23.078
	Cash & Bank Balances	0.546	0.220	0.035
	Other Current Assets	1.280	0.000	0.000
	Loans & Advances	4.703	17.137	9.117
Total Current Assets		115.791	86.855	49.997
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	53.062
	Other Current Liabilities	(1.787)
	Provisions	6.147
Total Current Liabilities		57.422	66.817	34.063
Net Current Assets		58.369	20.038	15.934
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		67.092	27.380	21.467

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	141.554	112.779	93.357
	Other Income	0.323	1.470	0.161
	TOTAL	141.877	114.249	93.518
Less	EXPENSES
	Cost of Materials Consumed	65.656	78.243	65.588
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Expenses (Direct) (Direct Expenses):
	Contract Labour Cost	14.287	0.000	0.000
	Freight Inward Cost	1.153	0.000	0.000
	Other Direct Cost	3.721	0.000	0.000
	Power & Fuel Cost	1.514	0.000	0.000
	Premises Rent	3.130	0.000	0.000
	GTA Paid	0.078	0.000	0.000
	Expenses (Indirect) (Indirect Expenses:
	Insurance	0.067	0.000	0.000
	Interest and Penalties - Statutory	0.212	0.000	0.000
	Overhead I Admn. Expenses	10.612	0.000	0.000
	Personnel Expenses	23.312	0.000	0.000
	Remuneration to Partners	1.382	2.432	1.326
	Selling and Distribution Expenses	2.772	0.000	0.000
	Employees benefits expense	0.000	15.049	11.926
	Other expenses	0.000	11.967	3.740
	TOTAL	127.896	107.691	82.580
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	13.981	6.558	10.938
Less	FINANCIAL EXPENSES	2.819	1.112	1.033
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	11.162	5.446	9.905
Less/ Add	DEPRECIATION/ AMORTISATION	1.840	1.561	0.980
	PROFIT/ (LOSS) BEFORE TAX	9.322	3.885	8.925
Less	TAX	3.243	1.318	1.004
	NET PROFIT	6.079	2.567	7.921
	EARNINGS IN FOREIGN CURRENCY	13.439	73.677	NA

Expected Sales (2017-2018) : INR 350.000 Million

The above information has been parted by Mr. Vijay Patil (Finance and Accounts Head)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	118.15	85.47	90.23
Account Receivables Turnover (Income / Sundry Debtors)	3.09	4.27	4.05
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	294.99	NA	NA
Inventory Turnover (Operating Income / Inventories)	0.22	0.15	0.62
Asset Turnover (Operating Income / Net Fixed Assets)	1.60	0.89	1.98

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.85	0.88	0.87
Debt Equity Ratio (Total Liability / Networth)	2.52	1.38	2.02
Current Liabilities to Networth (Current Liabilities / Net Worth)	4.88	6.47	5.80
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.46	0.64	0.78
Interest Coverage Ratio (PBIT / Financial Charges)	4.96	5.90	10.59

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	4.29	2.28	8.48
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.88	2.73	14.26
Return on Investment (ROI) ((PAT / Networth) * 100)	%	31.87	22.30	111.31

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.24	1.17	1.21
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.56	0.59	0.78
G-Score Ratio Financial (Networth / Total Assets)	0.15	0.12	0.13
G-Score Ratio Debt (Debts / Equity Capital)	2.52	1.38	2.02
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.24	1.17	1.21

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
Partners Capital Account	7.116	11.513	19.074
Reserves & Surplus	0.000	0.000	0.000
Net worth	7.116	11.513	19.074
Secured Loan	7.153	8.168	12.412
Unsecured Loan	7.198	7.699	35.606
Total borrowings	14.351	15.867	48.018
Debt/Equity ratio	2.017	1.378	2.517

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 Turnover	93.357	112.779	141.554
		20.804	25.515

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 Turnover	93.357	112.779	141.554
Profit	7.921	2.567	6.079
	8.48%	2.28%	4.29%

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	Yes
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	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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	Yes
19	Major customers	Yes
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	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three 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

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)
Capital First Limited. (Loan A/c)	1.757
Deutsche Bank ( Loan A/c)	2.275
HDFC Bank Limited (Loan Account)	1.908
Indusind Bank Loan Account	1.978
Kotak Mahindra Bank (Loan Account)	2.739
Ratnakar Bank Limited (Loan Account)	2.281
Standard Chartered Bank (Loan Alc)	2.737
Tata Capital (Loan Account)	1.868
Loans From Friends and Relatives:
Abhijit Yemul Loan A/c	2.052
Dyna Filters Private Limited. Loan A/c	10.612
Eknath Ambre Loan A/c	1.430
Harshada Abhijit Yemul Loan A/c	1.455
Kaushik Patel	1.001
Ketan Bhatia	0.944
Prashant Choudhary-Loan A/c	0.250
Rajesh Kamble-Loan A/c	0.253
Ravi Ghodke-Loan A/c	0.325
Trust Links Loan Account	(0.750)
V. V. Vaidya Loan A/c	0.490
Total	35.606

TRADE REFERENCES

Name :	PRG Agitators Private Limited
Address :	66, Alindra, Savali GIDC, Manjusar, Vadodara - 391 775, Gujarat, India
Contact Person:	Mr. Prakash Karunakaram
Contact No.:	91-9726336824
Name :	Virchow Biotech Private Limited
Address :	Plot No.: 319 and 320, 3 Road Floor, Swamy Ayyappa Co-Operative, Housing Society Limited, Madhapur, Hyderabad- 500 081 Telangana – India
Contact Person:	Mr. V Sundar
Contact No.:	91-7799018502
Name :	Kuksons Electronics Private Limited
Address :	Swami Srushti Apartment Row House, No.4, Plot No. 25, Swaraj Nagari, Talegaon Gen. Hospital, Pune-410507, Maharashtra, India
Contact Person:	Mr. Tarun Kuklani
Contact No.:	91-9371000609 / 9823028923
Name :	Brilliant Biopharma Private Limited
Address :	6-2-1012, 5TH Floor, T.G.V. Mansion Khairatabad, Hyderabad - 500 004 (T.S.). Telangana – India
Contact Person:	Mr. Hari Narayan Reddy
Contact No.:	91-9010203109

FIXED ASSETS:

• Computer and Software
• Electrical installation
• Furniture and Fixture
• Office Equipment
• Plant and Machinery

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	INR
US Dollar	1	INR 64.52
UK Pound	1	INR 90.12
Euro	1	INR 79.85

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	SUJ

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	YES
--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.