1. Summary Information

		Country	India
Company Name	MERIL LIFE SCIENCE PRIVATE LIMITED	Principal Name 1	Mr. Nanubhai Premjibhai Bambharolia
Status	Moderate	Principal Name 2	Mr. Utpalkumar Devendrakumar Thakor
		Registration #	04-051137
Street Address	Bilakhia House, Survey No. 135/139, Muktanand Marg, Chala, Vapi– 396191, Gujarat, India
Established Date	19.06.2007	SIC Code	--
Telephone#	91-260-2462811	Business Style 1	Manufacturer
Fax #	91-260-2463733	Business Style 2	Trader
Homepage	http://www.merillife.com	Product Name 1	Vascular Stents
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 10,100,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors (100%)	Banking	Not Available
Public Limited Corp.	NO	Business Period	4 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ca (15)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	108,100,000	Current Liabilities	20,254,000
Inventories	50,142,000	Long-term Liabilities	451,000,000
Fixed Assets	172,180,000	Other Liabilities	14,718,000
Deferred Assets	000	Total Liabilities	485,972,000
Invest& other Assets	74,127,000	Retained Earnings	0.000
		Net Worth	(81,423,000)
Total Assets	404,549,000	Total Liab. & Equity	404,549,000
Total Assets (Previous Year)	334,543,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	114,707,000	Net Profit	(39,414,000)
Sales(Previous yr)	(39,408,000)	Net Profit(Prev.yr)	(52,109,000)

MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	MERIL LIFE SCIENCE PRIVATE LIMITED
Registered Office :	Bilakhia House, Survey No. 135/139, Muktanand Marg, Chala, Vapi– 396191, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.06.2007
Com. Reg. No.:	04-051137
Capital Investment/ Paid-up Capital:	Rs.10.100 Millions
CIN No.: [Company Identification No.]	U24239GJ2007PTC051137
TAN No.: [Tax Deduction & Collection Account No.]	SRTM03995F
PAN No.: [Permanent Account No.]	AAFCM1444G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Vascular Stents.

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. There appears huge accumulated losses recorded by the company. However, track relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Bilakhia House, Survey No. 135/139, Muktanand Marg, Chala, Vapi– 396191, Gujarat, India
Tel. No.:	91-260-2462811
Fax No.:	91-260-2463733
E-Mail :	Himmat.Lodha@m3investments.co.in askinfo@merillife.com nanubhai.patel@merillife.com
Website :	http://www.merillife.com

DIRECTORS

AS ON 15.09.2010

Name :	Mr. Nanubhai Premjibhai Bambharolia
Designation :	Director
Address :	Plot No.147 and 148, Opposite Rofel College, GIDC, Vapi- 396195, Valsad, Gujarat, India
Date of Birth/Age :	01.06.1955
Date of Appointment :	19.06.2007
Din No.:	00089481

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	U24231GJ1993PTC038905	Mitsu Private Limited	Whole-time director	01-07-07	18-06-99	-	Active	NO
2	U74210GJ1997GAP031525	Vapi Waste and Effluent Management Company Limited	Director	15-02-03	15-02-03	04-12-09	Active	NO
3	U02001GJ2005PTC047077	Mipro Solution Private Limited	Director	17-11-05	17-11-05	20-05-08	Active	NO
4	U01110MH2005PTC218601	Mipro Bio-Green Private Limited	Director	17-11-05	17-11-05	06-06-11	Active	NO
5	U33115GJ2005PTC047079	Mipro Medical Private Limited	Director	17-11-05	17-11-05	-	Active	NO
6	U73100GJ2000PTC038179	Bilakhia Research Private Limited	Director	29-09-06	17-05-06	-	Active	NO
7	U65990GJ1999PTC035882	Marco Private Limited	Director	01-10-07	17-05-06	31-03-10	Active	NO
8	U65993GJ2005PTC045417	M3 Investment Private Limited	Director	02-08-06	17-05-06	31-03-10	Active	NO
9	U45201GJ1999PTC036443	Mexus Corporation Private Limited	Director	29-09-06	17-05-06	01-10-07	Active	NO
10	U65990GJ1999PTC035945	Mixon Holdings Private Limited	Director	29-09-06	17-05-06	31-03-10	Active	NO
11	U15499GJ2002PTC040964	Midas Specialty Private Limited	Director	29-09-06	17-05-06	-	Active	NO
12	U24110GJ2005PTC045414	Hindustan Inks Private Limited	Director	02-08-06	17-05-06	-	Active	NO
13	U24119GJ2006PTC048361	Micro Life Sciences Private Limited	Director	31-05-06	31-05-06	14-11-08	Active	NO
14	U34203GJ2006PTC048639	Mylife Private Limited	Director	06-07-06	06-07-06	19-01-08	Active	NO
15	U51909GJ1991PTC015340	Mexus Technology Private Limited	Director	29-09-06	13-09-06	17-09-07	Active	NO
16	U40109GJ2006PTC049225	Mitsu Energy Private Limited	Director	12-10-06	12-10-06	-	Active	NO
17	U24120MH1985PTC037717	Milestone Holdings and Infrastructure Private Limited	Director	27-09-07	10-01-07	-	Active	NO
18	U65993GJ2005PTC046848	Marco Holdings Private Limited	Director	29-09-07	12-01-07	-	Active	NO
19	U24239GJ2007PTC051137	Meril Life Sciences Private Limited	Director	19-06-07	19-06-07	-	Active	NO
20	U52399GJ2011PTC066566	Meril Healthcare India Private Limited	Director	28-07-11	28-07-11	-	Active	NO

Name :	Mr. Utpalkumar Devendrakumar Thakor
Designation :	Director
Address :	203 Samrajya Apartment-1, Royal Residency, Gokulvihar Township, Chharwada Road, Vapi- 396191, Gujarat, India
Date of Birth/Age :	04.01.1966
Date of Appointment :	23.03.2011
Din No.:	03463537

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	U24239GJ2007PTC051137	Meril Life Sciences Private Limited	Whole-time director	23-03-11	23-03-11	-	Active	NO
2	U52399GJ2011PTC066566	Meril Healthcare India Private Limited	Director	28-07-11	28-07-11	-	Act Bottom of Form

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2010

Names of Shareholders	No. of Shares
Nanubhai Premjibhai Bambharolia	1009999
Sanjay Prafulbhai Shah	1
Total	1010000

AS ON 22.03.2011

Names of Allotees	No. of Shares Alloted
Micro Life Sciences Private Limited, India	58350000
Total	58350000

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Vascular Stents.

Product :

Item Code	Product Description
901839	Vascular Stents

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Coronary Stent Systems	Nos.	45000	10598

NOTE :

· As per industrial policy declared in July 1991 and as amended in April 1993, no licenses are required for the products manufactured by the company.

· Installed capacities are as certified by the management as this being a technical matter.

GENERAL INFORMATION

Bankers :

Not Available

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
45100000 (P.Y 34100000) 0% Unsecured Fully Convertible Debenture 1) (28500000 Unsecured fully convertible debenture of Rs.10/- issued on 11.12.2008 and shall be converted in to equity at par on or before 10.12.2012) 2) (5600000 Unsecured fully convertible debenture of Rs.10/- issued on 26.03.2009 and shall be converted in to equity at par on or before 25.03.2013) 3) (11000000 Unsecured fully convertible debenture of Rs.10/- issued on 29.03.2010 and shall be converted in to equity at par after 28.09.2010 but on or before 28.03.2014) (Above debenture are issued to Micro Life Sciences Private Limited)	451.000	341.000
Total	451.000	341.000

Banking Relations :	----
Auditors :
Name :	Gopalakrishnan Aiyer and Company Chartered Accountants
Address :	206/207, 2^nd Floor, Pancharatna Building, GIDC, Char Rasta, Vapi – 396195, Gujarat, India
Pan No.:	ABDPA7449K
Director/Promoter is Key Managerial Person in Enterprises :	Mitsu Energy Private Limited

CAPITAL STRUCTURE

As on 15.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
92510000	Equity Shares	Rs. 10/- each	Rs. 925.100 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions
2000000	Redeemable Preference Shares	Rs.10/- each	Rs. 20.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1010000	Equity Shares	Rs.10/- each	Rs.10.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		10.100	10.100	0.100
2] Share Application Money		0.000	0.000	10.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(91.523)	(52.109)	0.000
NETWORTH		(81.423)	(42.009)	10.100
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		451.000	341.000	130.000
TOTAL BORROWING		451.000	341.000	130.000
DEFERRED TAX LIABILITIES		13.494	12.852	0.000
TOTAL		383.071	311.843	140.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		172.180	187.812	4.812
Capital work-in-progress		59.081	41.347	128.244
INVESTMENT		15.033	5.006	15.587
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.142	34.590	2.476
	Sundry Debtors	84.073	30.882	0.000
	Cash & Bank Balances	15.749	22.839	5.270
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.278	12.050	5.428
Total Current Assets		158.242	100.361	13.174
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.533	17.830	18.264
	Other Current Liabilities	3.721	2.978	3.314
	Provisions	1.224	1.892	0.162
Total Current Liabilities		21.478	22.700	21.740
Net Current Assets		136.764	77.661	(8.566)
MISCELLANEOUS EXPENSES		0.013	0.017	0.023
TOTAL		383.071	311.843	140.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	114.707	39.408
		Other Income	0.718	1.428
		TOTAL	115.425	40.836
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	154.192	79.829
		Interest
		Deprecation
		TOTAL	154.192	79.829
	PROFIT / (LOSS) BEFORE TAX		(38.767)	(38.993)
Less	TAX		0.647	13.116
	PROFIT / (LOSS) AFTER TAX		(39.414)	(52.109)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(52.109)	0.000
	BALANCE CARRIED TO THE B/S		(91.523)	(52.109)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13.539	1.619
	TOTAL EARNINGS		13.539	1.619
	IMPORTS
		Raw Materials	7.181	43.679
		Stores & Spares	43.926	28.300
	TOTAL IMPORTS		51.107	71.979
	Earnings Per Share (Rs.)		(39.02)	(107.67)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(34.14)	(127.60)	NA
Net Profit Margin (PBT/Sales)	(%)	(33.79)	(98.94)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(11.73)	(13.53)	NA
Return on Investment (ROI) (PBT/Networth)		(0.47)	(0.92)	NA
Debt Equity Ratio (Total Liability/Networth)		(5.80)	(8.65)	15.02
Current Ratio (Current Asset/Current Liability)		7.36	4.42	0.60

LOCAL AGENCY FURTHER INFORMATION

NOTE :

The registered office address of the company has been shifted from Kalpdeep, Plot No. 147, H-1, Charwada Road, GIDC, Vapi – 396195, Gujarat, India to Present w.e.f. 23.10.2010.

PERFORMANCE REVIEW :

During the year the Company achieved a total turnover of Rs.114.707 millions as compared to Rs. 39.408 millions in previous year (Company commenced its manufacturing facility on 01st August 2008).

The Company has recorded domestic sales of Rs.101.176 millions and export sales of Rs.13.531 millions.

In a short span of time the Company has able to establish its products in market. Based on the market response the Directors are very optimistic for significant growth in future.

CONTINGENT LIABILITIES NOT PROVIDED FOR :

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Duty saved on purchase of Capital goods under EPCG license against future export obligation	21.977	20.084
Un-expired letters of credit issued by our bankers to various third parties	11.529	6.064
Bank guarantee to Government Agency	0.100	Nil

FIXED ASSETS :

• Leasehold Improvements
• Plant and Machinery
• Office Equipments
• Computer and Hardware
• Furniture and Fixture
• Vehicles
• Technical Know-How
• Computer Software

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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		15

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.