MIRA INFORM REPORT

Report Date :

08.10.2011

IDENTIFICATION DETAILS

Name :	SUPRIYA LIFESCIENCE LIMITED
Formerly Known As :	SUPRIYA CHEMICALS LIMITED
Registered Office :	207/208, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.03.2008
Com. Reg. No.:	180452
Capital Investment / Paid-up Capital :	Rs.33.762 Millions
CIN No.: [Company Identification No.]	U51900MH2008PLC180452
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of APIs and Drug Intermediates
No. of Employees :	415 (Office – 115 and Factory – 300) (Approximately )

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 347624
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 commitments. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office / Corporate Office :	207/208, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-40332727 / 66942507
Fax No.:	91-44-26860011
E-Mail :	accounts@supriyalifescience.com sales@supriyalifescience.com
Website :	www.supriyalifescience.com
Factory :	A-5/2 Lote Parshuram Industrial Area, MIDC, Chiplun, Taluka Khed, District Ratnagiri – 415722, Maharashtra India
Tel. No.:	91-2356-272299
Fax No.:	91-2356-272178
Email :	factory@supriyalifescience.com

DIRECTORS

AS ON 30.07.2011

Name :	Mr. Satish Waman Wagh
Designation :	Managing Director
Address :	4 Prabhas Plot No.9 H. F. Society Road, Jogeshwari East, Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	29.12.1955
Date of Appointment :	26.03.2008
DIN No.:	01456982

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	U91110MH1963NPL012677	Basic Chemicals Pharmaceuticals And Cosmetics Export Promotion Council	Managing director	13/01/2004	13/01/2004	-	Active	NO
2	U51900MH2008PLC180452	Supriya Lifescience Limited	Managing director	01/06/2008	26/03/2008	-	Active	NO

Name :	Mrs. Asha Waman Wagh
Designation :	Whole time Director
Address :	Mangirish Building, Plot No.9, Ground Floor, Hindu Friends Society Road, Gogeshwari (East), Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	19.05.1932
Date of Appointment :	26.03.2008
DIN No.:	00833849

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	U51900MH2008PLC180452	Supriya Lifescience Limited	Whole-time director	01/06/2008	26/03/2008	-	Active	NO

Name :	Mrs. Smita S. Wagh
Designation :	Whole time Director
Address :	Prabhas Plot No.9 H. F. Society Road, Jogeshwari East, Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	23.05.1958
Date of Appointment :	26.03.2008
DIN No.:	00833912

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	U51900MH2008PLC180452	Supriya Lifescience Limited	Whole-time director	01/06/2008	26/03/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2011

Names of Shareholders	No. of Shares
Mr. Satish Waman Wagh	248100
Mrs. Asha Waman Wagh	500
Mrs. Smita S. Wagh	1100
Mrs. Kavita Desai	25
Dr. Shankar Karmarka	225
Mr. Deepak Chavan	25
Mr. Dilip Tailsania	25
Ms. Sonali Satish Wagh	100
Ms. Shivani Satish Wagh	100
Total	250200

AS ON 30.07.2011

Category	Percentage
Directors or relatives of Directors	99.88
Other top fifty shareholders	0.12
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of APIs and Drug Intermediates

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Actual Production
Bulk Drugs	MT	467.323

GENERAL INFORMATION

No. of Employees :

415 (Office – 115 and Factory – 300) (Approximately )

Bankers :

• Saraswat Cooperative Bank, SME Vile Parle Branch, Bholanath Co-Op. Hsg. Soc. Sudhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India
• HSBC Bank, Malad (West)

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
ICICI Home Finance Office Loan	27.542	28.449
Citibank Term Loan	16.709	18.642
Saraswat Bank Term Loan 1	5.005	8.489
Saraswat Bank Term Loan 2	1.086	1.549
Saraswat Bank Term Loan 3	1.520	4.633
Saraswat Bank Term Loan 4	7.594	9.673
Saraswat Bank Term Loan 5	3.944	5.844
Saraswat Bank Term Loan 6	0.000	1.693
Working Capital Loan
HSBC Local Bill Discounting	3.723	0.000
Saraswat Bank Foreign Bill Discount	33.297	51.674
Saraswat Bank Local Bill Discount	16.167	14.503
Saraswat Bank Packing Credit	84.673	84.933
Car Loan	1.069	1.437
Total	202.329	231.519
UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Asha Wagh	1.926	6.130
Satish Wagh	2.732	58.908
Smita Wagh	0.722	0.768
Siddhartha Logistics Co. Private Limited	2.700	0.000
Total	8.080	65.806

Banking Relations :	---
Auditors :
Name :	P. K. Mutha and Co Chartered Accountant
Address :	Alankar, 3^rd Floor, 208, Samuel Street, Masjid Bunder (West), Mumbai – 400003, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250,200	Equity Shares	Rs.10/- each	Rs. 2.502 Millions
	Share Application Money		Rs. 31.260 Millions
	Total		Rs.33.762 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.502	0.500
2] Share Application Money		31.260	0.000
3] Reserves & Surplus		53.144	9.019
4] (Accumulated Losses)		0.000	0.000
NETWORTH		86.906	9.519
LOAN FUNDS
1] Secured Loans		202.329	231.519
2] Unsecured Loans		8.080	66.807
TOTAL BORROWING		210.409	298.326
DEFERRED TAX LIABILITIES		11.044	5.797
TOTAL		308.359	313.642
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		200.072	182.507
Capital work-in-progress		9.756	11.924
INVESTMENT		0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	94.794	73.411
	Sundry Debtors	78.421	98.273
	Cash & Bank Balances	10.999	9.339
	Other Current Assets	1.872	1.165
	Loans & Advances	59.719	65.628
Total Current Assets		245.805	247.816
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	129.920	108.748
	Other Current Liabilities	10.032	5.616
	Provisions	7.655	14.676
Total Current Liabilities		147.607	129.040
Net Current Assets		98.198	118.776
MISCELLANEOUS EXPENSES		0.308	0.410
TOTAL		308.359	313.642

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	469.631	447.273
		Other Income	7.256	15.697
		TOTAL (A)	476.887	462.970
Less	EXPENSES
		Raw Material Consumed	308.017	308.473
		Personnel Expenses	22.357	18.095
		Manufacturing Expenses	583965	41.598
		Administrative & Selling Expenses	38.506	34.889
		Increase/(Decrease) in stock	(12.669)	3.697
		TOTAL (B)	415.176	406.752
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		61.711	56.218
Less	FINANCIAL EXPENSES (D)		30.653	32.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.058	23.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.303	6.498
	PROFIT BEFORE TAX (E-F) (G)		22.755	17.320
Less	TAX (I)		10.658	8.196
	PROFIT AFTER TAX (G-I) (J)		12.097	9.124
	Earnings Per Share (Rs.)		48.00	180.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	2.53	1.97
Net Profit Margin (PBT/Sales)	(%)	4.84	3.87
Return on Total Assets (PBT/Total Assets}	(%)	5.10	4.02
Return on Investment (ROI) (PBT/Networth)		0.26	1.81
Debt Equity Ratio (Total Liability/Networth)		4.11	44.89
Current Ratio (Current Asset/Current Liability)		1.66	1.92

LOCAL AGENCY FURTHER INFORMATION

Note –

The registered office address of the company has been shifted from 4, Prabhas Plot No. 9, H.F. Society Road, Jogeshwari-East, Mumbai – 400060, Maharashtra, India, to present address w.e.f. 16.12.2009

Fixed Assets:

· Factory Land

· Air Conditioner

· Books

· Computer

· Electrical Fittings

· Factory Building

· Furniture and Fixture

· Motor Cycle

· Office Equipments

· Plant and Machinery

· Software

· Motor Car

FORM 8

Corporate identity number of the company

U51900MH2008PLC180452

Name of the company

SUPRIYA LIFESCIENCE LIMITED

Address of the registered office or of the principal place of business in India of the company

207/208, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra, India

This form is for

Creation of charge

Type of charge

Movable property

Particular of charge holder

Name :	Saraswat Cooperative Bank,
Address :	SME Vile Parle Branch, Bholanath Co-Op. Hsg. Soc. Sudhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India
Email :	njbhatia@rediffmail.com

Nature of instrument creating charge

Agreement of Hypothecation of Movable Property

Date of instrument Creating the charge

04.12.2010

Amount secured by the charge

Rs. 2.608 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

14.5% p.a. or at such rate as may be determined by the bank from time to time

Terms of Repayment

On demand or by 1.8.2011 if the same is not demanded earlier

Margin

30% in bank's favour

Extent and Operation of the charge

This is term loan facility

Others

Nil

Particulars of the property charged

Hypothecation of plant and machinery, tangible movable property (both present and future) belonging to the borrower and lying and being at the borrowers place of business at

Plot no A/5/2, Lote Parshuram INdl Area, MIDC, Tal Khed Dist Ratnagiri or whereverelse the same maybe.

Corporate identity number of the company	U51900MH2008PLC180452
Name of the company	SUPRIYA LIFESCIENCE LIMITED
Address of the registered office or of the principal place of business in India of the company	207/208, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai – 400063, Maharashtra
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Saraswat Cooperative Bank, SME Vile Parle Branch, Bholanath Co-Op. Hsg. Soc. Sudhash Road, Vile Parle East, Mumbai – 400057, Maharashtra, India Email: njbhatia@rediffmail.com
Nature of instrument creating charge	Agreement of Hypothecation of Movable Property
Date of instrument Creating the charge	07.04.2011
Amount secured by the charge	Rs. 6.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 16% p.a. or at such rate as maybe determined by the bank from time to time Terms of repayment On demand Margin 20% Extent and operation of the charge This is adhoc bill discounting facility
Short particulars of the property charged (Including location of the property)	Hypothecation of stock tangible movable property (both present and future) belonging to the borrower and lying and being at the borrowers place of business at 207/208 Udyog Bhavan Sonawala Rd Goregoan East, Mumbai 63 or whereverelse the same maybe.

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.49.14
UK Pound	1	Rs.75.97
Euro	1	Rs.65.99

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	5
--MARGINS	-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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.