MIRA INFORM REPORT

Report Date :

07.10.2011

IDENTIFICATION DETAILS

Name :	VITAL LABORATORIES PRIVATE LIMITED

Registered Office :	“Venkatesh” Mahant Road Extension, Utkarsh Mandal Circle, Vile Parle - East, Mumbai – 400057, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	13.06.2002

Com. Reg. No.:	11-136195

Capital Investment / Paid-up Capital :	Rs. 36.605 Millions

CIN No.: [Company Identification No.]	U24230MH2002PTC136195

IEC No.:	0303015721

TAN No.: [Tax Deduction & Collection Account No.]	MUMV11158A

PAN No.: [Permanent Account No.]	AABCV6322L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturers and Exporters of Reserpine, Yohimbine Hydrocloride, Colchicine, Thiocolchicoside, Colchicoside, Acetyl Baccatin Iii etc.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 964000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal 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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	“Venkatesh” Mahant Road Extension, Utkarsh Mandal Circle, Vile Parle, Mumbai – 400057, Maharasahtra, India
Tel. No.:	91-22-26183641/ 26136946/ 2/ 26145652
Fax No.:	91-22-26136945
E-Mail :	vital@vhcpl.com sachin@vhcpl.com rajivbajaj@vhcpl.com eamd@vhcpl.com vitallab@vitallab.com
Website :	http://www.vitallab.com http://www.vhcpl.com
Area :	Owned

Administrative Office/ Factory 1:	Plot No.1416-19 and 1420, 1507/1 and 1507/2, 1601/1 and 1601/2, G.I.D.C. Estate, Phase III, Vapi - 396195 Gujarat, India.
Tel. No.:	91-260-2424744/ 2400487
Fax No.:	91-260-2430587
Email :	vitallab@vitallab.com
Located :	Owned

Factory 2 :	Plot No. 1710 and A1/2208 G.I.D.C. Estate, Phase III, Vapi – 396195 Gujarat, India.
Tel. No.:	91-260-2424744/ 2400487/ 2420154
Fax No.:	91-260-2430587
Email :	vitallab@vitallab.com
Located :	Owned

Branch Office :	Mumbai 158/164, Kalbadevi Road, Laxmi Bhavan, 5^th Floor, Mumbai – 400002, Maharashtra, India Tel No.: 91-22-22400701/ 705 Fax No.: 91-22-22400711 Email : crownsec@vsnl.com Pune 283, Shukarawar Peth, Prestige Point, 1^st Floor, Office No.3, Behind Bajorao Road, Telephone Exchange, Pune – 411002, Maharashtra, India Tel No.: 91-20-24460071/75 Fax No.:91-20-24460075 Email: crownsec@eth.net
Fax No.:	91-260-2430587
Email :	vitallab@vitallab.com
Located :	Owned

Factory 3 :	Plot No. 1710 and A1/2208 G.I.D.C. Estate, Phase III, Vapi – 396195 Gujarat, India.
Tel. No.:	91-260-2424744/ 2400487/ 2420154
Fax No.:	91-260-2430587
Email :	vitallab@vitallab.com
Located :	Owned

DIRECTORS

As on 10.06.2011

Name :

Mr. Laltaprasad Shreenath Maurya

Designation :

Director

Address :

Kamala Niwas, Chanod Colony, Vapi – 396195, India

Date of Birth/Age :

26.07.1955

Date of Appointment :

24.04.2009

DIN No.:

00202949

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230MH1998PTC113058	Vital health care Private Limited	Director	15-05-05	15-05-05	-	Active	NO
2	U24230MH2003PTC143328	Vital Life sciences Private Limited	Director	31-03-06	31-03-06	-	Active	NO
3	U24230MH2002PTC136195	Vital Laboratories Private Limited	Director	24-04-09	24-04-09	-	Active	NO

Name :

Mr. Shrigopal Rangnath Bajaj

Designation :

Managing Director

Address :

Venktesh Mahant Road, Uttkarsh Mandal, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

04.01.1943

Experience :

HSC

Date of Appointment :

13.06.2002

DIN No.:

00983198

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24200MH1981PTC023725	Padma Pharmaceuticals Private Limited	Director	21-01-81	21-01-81	-	Active	NO
2	U24230MH1998PTC113058	Vital health care Private Limited	Director	31-03-01	31-03-01	-	Active	NO
3	U24230MH2002PTC136195	Vital Laboratories Private Limited	Managing director	13-06-02	13-06-02	-	Active	NO
4	U24230MH2003PTC143328	Vital Life sciences Private Limited	Director	01-09-05	01-09-05	-	Active	NO
5	U51109WB2008PTC126102	Nabaratna Vinimay Private Limited	Director	09-04-10	09-04-10	-	Active	NO

Name :

Mr. Shrigopal Rajiv Bajaj

Designation :

Director

Address :

Venktesh Mahant Road, Uttkarsh Mandal, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

10.01.1965

Date of Appointment :

13.06.2002

DIN No.:

01659971

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24200MH1981PTC023725	Padma Pharmaceuticals Private Limited	Director	22-12-83	22-12-83	-	Active	NO
2	U24230MH1998PTC113058	Vital health care Private Limited	Director	31-03-01	31-03-01	-	Active	NO
3	U24230MH2002PTC136195	Vital Laboratories Private Limited	Director	13-06-02	13-06-02	-	Active	NO
4	U24230MH2003PTC143328	Vital Life sciences Private Limited	Director	01-09-05	01-09-05	-	Active	NO
5	U51109WB2008PTC126102	Nabaratna Vinimay Private Limited	Director	09-04-10	09-04-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.06.2011

Names of Shareholders		No. of Shares
S.R Bajaj		532850
Rajiv S. Bajaj		698750
Dipika R. Bajaj		207450
Ginni Devi Bajaj		284500
Shreenivas Khetan		100
Sitadevi Khetan		100
Vijay Saraf		250
Padma Pharmaceuticals Private Limited, India		1170000
S.R Bajaj HUF		151000
R.S Bajaj HUF		215000
Nabaratna Vinimay Private limited, India		400500

TOTAL		3660500

Equity Share Break up (Percentage of Total Equity)

As on 10.06.2011

Category	Percentage
Bodies corporate	42.90
Directors or relatives of Directors	57.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and Exporters of Reserpine, Yohimbine Hydrocloride, Colchicine, Thiocolchicoside, Colchicoside, Acetyl Baccatin Iii etc.

Products :	Colchicine Thiocolchicoside Colchicoside Yohimbine Hydrocloride Reserpine Pharmaceuticals Bulk Drugs

PRODUCTION STATUS (31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
10 Dab and Camptothecin	Kgs.	400	245.072
Colchicine and Thiocochicoside	Kgs.	1000	567.443
Yohimbine	Kgs.	1000	92.655
Hyoscine	Kgs.	5000	4080.69
Cetrazine + PPA+ HCL+ Phenylafrin+ Piperazine Citrate	Kgs.	120000	26310.63
PPAHCL + AMODOQUINE	Kgs.	12000	6362.37
Reserpine + Digogzin	Kgs.	500	77.692
Methyl Cobalamine	Kgs.	3000	1415.519

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, SME Backbay Reclamation Branch, Mittal Court, B-Wing, Nariman Point, Mumbai- 400021, Maharashtra, India
Corporation Bank, Large Corporate Branch, The Eagle Flight, 3^rd Floor, 301-302, Suren Road, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Long Term Loan From Bank: (Out of the above amount repayable within the one year Is Rs. 189.53 Millions)	80.604	63.710
Short Term Loan From Bank: Notes: The above loans are secured against land, building, plant and machinery, debts and stock of the company	148.375	106.111
Total	228.979	169.821
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Director	1.400	3.773
From Share Holder and Associates	1.393	25.822
Total	2.793	29.595


Banking Relations :

Auditors :
Name :	Shantilal Chandaliya and Company Chartered Accountant
Address :	G-6/7, Amit Industrial Estate, Dr. S.S. Rao Road, Parel, Mumbai – 400012, Maharasahtra, India
Tel. No.:	91-022-40690701
Fax No.:	91-022-40690777
E-Mail :	info@slcca.in
PAN.:	AAPCS5584D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3660500	Equity Shares	Rs.10/- each	Rs. 36.605 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		36.605	32.600	22.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		204.492	105.279	87.755
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		241.097	137.879	110.355
LOAN FUNDS
1] Secured Loans		228.979	169.821	133.229
2] Unsecured Loans		2.793	29.595	12.673
TOTAL BORROWING		231.772	199.416	145.902
DEFERRED TAX LIABILITIES		12.508	10.231	5.945

TOTAL		485.377	347.526	262.202

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		213.333	176.515	106.169
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	302.464	204.859	145.224
	Sundry Debtors	154.097	147.997	88.004
	Cash & Bank Balances	9.779	24.390	2.735
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	70.587	36.089	8.157
Total Current Assets		536.927	413.335	244.120
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	239.121	236.771	84.032
	Other Current Liabilities	6.942	2.988	3.994
	Provisions	18.820	2.565	0.060
Total Current Liabilities		264.883	242.324	88.086
Net Current Assets		272.044	171.011	156.032

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		485.377	347.526	262.202

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	853.161	583.875	520.881
		Other Income
		TOTAL	853.161	583.875	520.881

Less	EXPENSES
	Office Expenses		818.850	562.345	506.962
	Administrative Expenses
	Advertising Expenses
		TOTAL	818.850	562.345	506.962

	PROFIT BEFORE TAX		34.311	21.530	13.919

Less	TAX		11.192	4.006	4.557

	PROFIT AFTER TAX		23.118	17.524	9.362

	Earnings Per Share (Rs.)		6.32	4.79	2.56

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.71	3.00	1.80

Return on Total Assets (PBT/Total Assets}	(%)	4.57	3.65	3.97

Return on Investment (ROI) (PBT/Networth)		0.14	0.16	0.13

Debt Equity Ratio (Total Liability/Networth)		2.06	3.20	2.12

Current Ratio (Current Asset/Current Liability)		2.03	1.71	2.77

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND OVERALL PERFORMANCE:

The operations of the company for the year was satisfactory

FORM 8:

Corporate identity number of the company	U24230MH2002PTC136195
Name of the company	VITAL LABORATORIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	“Venkatesh” Mahant Road Extension, Utkarsh Mandal Circle, Vile Parle, Mumbai – 400057, Maharasahtra, India Email Id: vital@vhcpl.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	STATE BANK OF INDIA, SME Backbay Reclamation Branch, Mittal Court, B-Wing, Nariman Point, Mumbai – 400021, Maharasahtra, India Emil Id: sbi.11688@sbi.co.in
Nature of instrument creating charge	1) Agreement of Hypothecation of Goods and Assets 2) Letter Regarding the Grant of Individual Limits within the Overall Limit both pertaining to a single charge
Date of instrument Creating the charge	19.07.2011
Amount secured by the charge	Rs. 610.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: As determined by the Bank from time to time. Presently: On Cash Credit - 3.75% p.a. + Base Rate, present Base Rate 9.5% p.a., On T/L - I & II 4.25 % p.a. + Base Rate Terms of Repayment: Working capital - on demand T/L I of Rs. 60.000 Millions - in 45 monthly installments - first 9 installments (July, 2011 to March,2012) of Rs.1.350 Millions each, 35 installments (April, 2012 to Feb.,2015) of Rs.13.30 lacs each and last one installment (March,2015) of Rs.1.350 Millions T/L II of Rs.50.000 Millions - in 54 monthly installments - first 3 installments (Jan., 2011 to March,2012) of Rs.0.926 Millions each, 50 installments (April, 2012 to May,2016) of Rs. 0.926 Millions, last installment (June,2016) of Rs.0.922 Millions Margin: As prescribed by the Bank from time to time Presently - R/Ms 25%, Stock in process 30%, Finished Goods 30%, L/C and B/G 15% and Book-debts/receivables (90 days) 40% Extent and operation of the charge: First charge Others: Cash Credit Rs.290.000 Millions, EPC/PCFC/EBD/EBN (within C/C) Rs.140.000 Millions Term Loan I Rs.60.000 Millions, Term Loan II Rs.50.000 Millions, L/C Rs.210.000 Millions and B/G (within L/C) Rs.20.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Present and future Stocks, book-debts and all other current assets

FIXED ASSETS:

Building
Land
Electrical Installation
Effluent treatment Plant
Fire Fighting Equipment
Furniture and Fixture
Pipe Line
Plant and Machinery
Lab Equipment
Motor Car
Computer
Motor Cycle

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	Rs.49.18
UK Pound	1	Rs.75.92
Euro	1	Rs.65.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	5
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
TOTAL		46

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.

MIRA INFORM REPORT

302.464

154.097

9.779

0.000

70.587

536.927

239.121

6.942

18.820

264.883

272.044

2.71

4.57

0.14

2.06

2.03

Unit