MIRA INFORM REPORT

Report No. :	499219.2
Report Date :	27.03.2018

IDENTIFICATION DETAILS

Name :	SUYASH PHARMA
Registered Office :	K. 62/21, Saptsagar, Varanasi- 221001, Uttar Pradesh
Mobile No.:	91-8052402480 [Mr. Rishi Bansal]
Country :	India
Financials (as on) :	31.03.2017
Year of Establishment :	2008
Capital Investment :	INR 2.186 Million
IEC No.:	Not Applicable [As informed by the management that firm does not have export and import]
GST No.:	09AIZPB6604L1ZP
TIN No.:	Not Divulged
PAN No.: [Permanent Account No.]	AIZPB6604L
Legal Form :	Sole Proprietary Concern
Line of Business :	Trader of Pharmaceutical Products. [Confirmed by Management]
No. of Employees :	06 [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 6200
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was established in the year 2008 as a partnership firm and it is having satisfactory track records. It is a trader of pharmaceutical products. For the financial year 2017, the firm has increased its revenue from operation and maintained average profitability margin of 1.94%. General financial position of the firm seems to sound and acceptable along with low debt balance sheet. The firm also derives strength from its long standing track records of business operation and marginal improvement in the revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payment terms are seems to be usually correct. In view of aforesaid, the firm can be considered for business dealings at usual trade terms and conditions. Note: Site visit was conducted at the address which you have provided. Our executive has successfully traced the firm on the given address. At the premises our executive met to Mr. Rishi Bansal (Proprietor) of the firm and provided contact details i.e. (9935594600). As per our executive observation, location of the firm is easy to find. Landmark was near Rajendra drug Agencies. It is a 1 storey building and firm is situated on ground floor. Locality appears to be commercial. Area seems to be upmarket. Area of the premises was 400 (Sq. Ft) and 06 employees were sighted into premises. Name board of the firm was sighted at the given address. Further, our executive enquired from neighboring entity i.e. Mr. Dharmendra Upadhyay (Rajendra Drug Agencies) and Mr. Shailesh Rai (Varanasi Aushadhalaya) and they were also confirmed that firm exists on given address.

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 27.03.2018.

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. Rishi Bansal
Designation :	Proprietor
Contact No.:	91-9935594600
Date :	22.03.2018

LOCATIONS

Registered Office :	K. 62/21, Saptsagar, Varanasi- 221001, Uttar Pradesh, India
Tel. No.:	Not Available
Mobile No.:	91-8052402480/ 9935594600/ 7379214000 [Mr. Rishi Bansal]
Fax No.:	Not Available
E-Mail :	rishibansal9935594600@gmail.com
Area :	400 Sq. Ft.
Location :	Leased
Locality :	Commercial

SOLE PROPRIETOR

Name :	Mr. Rishi Bansal
Designation :	Proprietor
Date of Birth/Age :	42 Years
Qualification :	B. Com
Experience :	24 Years
PAN No :	AIZPB6604L

BUSINESS DETAILS

Line of Business :	Trader of Pharmaceutical Products. [Confirmed by Management]
Products/ Services :	Pharmaceutical Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Cash, Cheque and Credit [30 Days]
Purchasing :	Cash, Cheque and Credit [30 Days]

GENERAL INFORMATION

Suppliers :

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

Customers :

Retailers, End Users and OEMs

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

No. of Employees :

06 [Approximately]

Bankers :

Bank Name:	HDFC Bank Limited
Branch:	Bulanala Branch, Varanasi- 221001, Uttar Pradesh, India
Person Name (with Designation):	--
Contact Number:	--
Name of Account Holder:	SUYASH PHARMA
Account Number:	91-9935903333
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	Current Account
Remarks:	Ringing

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
HDFC Bank A/c	0.717	0.000
Oriental Bank of Commerce	0.000	0.011
Total	0.717	0.011

Auditors :
Name :	Shiv Kumar Agarwal and Associates Chartered Accountants
Tel No. :	91-542-2206070
E-mail :	manish1k2@gmail.com
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

CAPITAL ACCOUNT AS ON 31.03.2017

PARTICULARS	INR IN MILLION
Opening Balance	1.824
Add: Addition	0.158
Add: Gas Subsidy	0.002
Add: Interest on SB A/c	0.005
Add: Profit for the year	0.564
	-----------
Total	2.553
Less: Withdrawals	(0.367)
	-----------
TOTAL	2.186

FINANCIAL ANALYSIS

[all figures are in INR Million]

Expected Sales (2017-2018): INR 40.000 Million

The above information has been parted by Mr. Rishi Bansal [Proprietor]

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

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2017	31.03.2016
SHAREHOLDERS FUNDS
1] Proprietor Capital Account		2.186	1.824
2] Reserves & Surplus		0.000	0.000
NETWORTH		2.186	1.824
LOAN FUNDS
1] Secured Loans		0.717	0.011
2] Unsecured Loans		0.365	0.180
TOTAL BORROWING		1.082	0.191
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		3.268	2.015
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.009	0.009
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	3.679	2.199
	Sundry Debtors	0.678	0.157
	Cash & Bank Balances	0.776	0.309
	Other Current Assets	0.000	0.000
	Loans & Advances	0.034	0.000
Total Current Assets		5.167	2.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.890	0.619
	Other Current Liabilities	0.000	0.000
	Provisions	0.018	0.040
Total Current Liabilities		1.908	0.659
Net Current Assets		3.259	2.006
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3.268	2.015

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016
	SALES
		Sales	28.983	20.654
		Other Income	0.000	0.000
		TOTAL	28.983	20.654
Less	EXPENSES
		Cost of Goods Sold	28.121	19.901
		Carriage Inwards	0.010	0.000
		Salary	0.120	0.120
		Rent	0.031	0.031
		Electricity Expenses	0.017	0.017
		Audit Fees	0.012	0.012
		Accounting Charges	0.019	0.019
		Computer Running Exp.	0.005	0.001
		Telephone Expenses	0.012	0.008
		Miscellaneous Expenses	0.026	0.026
		Packing Expenses	0.001	0.000
		Printing and Stationery	0.003	0.002
		TOTAL	28.377	20.137
	PROFIT BEFORE INTEREST AND DEPRECIATION AND AMORTISATION		0.606	0.517
Less	FINANCIAL EXPENSES		0.041	0.008
	PROFIT/ (LOSS) BEFORE DEPRECIATION AND AMORTISATION		0.565	0.509
Less/ Add	DEPRECIATION/ AMORTISATION		0.001	0.001
	NET PROFIT/ (LOSS)		0.564	0.508

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Average Collection Days (Sundry Debtors / Income * 365 Days)	8.54	2.77
Account Receivables Turnover (Income / Sundry Debtors)	42.75	131.55
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	24.53	11.35
Inventory Turnover (Operating Income / Inventories)	0.16	0.24
Asset Turnover (Operating Income / Net Fixed Assets)	67.33	57.44

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.58	0.32
Debt Equity Ratio (Total Liability / Networth)	0.49	0.10
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.04	0.46
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	14.78	64.62

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016
Net Profit Margin ((PAT / Sales) * 100)	%	1.95	2.46
Return on Total Assets ((PAT / Total Assets) * 100)	%	10.90	19.00
Return on Investment (ROI) ((PAT / Networth) * 100)	%	25.80	27.85

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016
Current Ratio (Current Assets / Current Liabilities)	2.27	3.18
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.65	0.56
G-Score Ratio Financial (Networth / Total Assets)	0.42	0.68
G-Score Ratio Debt (Debts / Equity Capital)	0.49	0.10
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.27	3.18

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)
Proprietor Capital	1.824	2.186
Reserves & Surplus	0.000	0.000
Net worth	1.824	2.186
Secured Loans	0.011	0.717
Unsecured Loans	0.180	0.365
Total borrowings	0.191	1.082
Debt/Equity ratio	0.105	0.495

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	20.654	28.983
		40.326

NET PROFIT MARGIN

Net Profit Margin	31.03.2016	31.03.2017
	INR In Million	INR In Million
Sales	20.654	28.983
Profit	0.508	0.564
	2.46%	1.95%

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	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)	No
16	No. of employees	Yes
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	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	Yes
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 :	SUYASH PHARMA
Address :	K. 62/21, Saptsagar, Varanasi- 221001, Uttar Pradesh, India
Contact No.:	91-9935594600
E-mail :	rishibansal9935594600@gmail.com
Date of Visit :	22.03.2018
Person to whom we met:	Mr. Rishi Bansal (Proprietor)
Name Board :	Sighted
Location:	Easy
Landmark (If Any):	Near Rajendra Drug Agencies
Total Floors of the Building :	Ground Floor + 1^st Floor
Subject situated on:	Ground Floor
Locality:	Commercial
Area of Premises :	400 Sq. Ft
Area :	Upmarket
No. of employees seen at premises:	06 [Approx.]
Visibility of Items:	· Telephone · Computers · Xerox Machine
Furniture Items Sighted :	Chair Counter and Table
Neighbours Interview :	Further, our executive enquired from neighboring entity i.e. Mr. Dharmendra Upadhyay (Rajendra Drug Agencies) and Mr. Shailesh Rai (Varanasi Aushadhalaya) and they were also confirmed that firm exists on given address.
Proof of visit:	Photos

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Saurabh Bansal	0.074	0.074
Shobhit Bansal	0.094	0.019
Neelam Bansal	0.068	0.068
S.B. Gupta Bansal	0.040	0.000
Varsha Bansal	0.089	0.019
Total	0.365	0.180

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	Indian Rupees
US Dollar	1	INR 64.91
UK Pound	1	INR 91.87
Euro	1	INR 80.26

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	PRS
Report Prepared by :	IND

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.