MIRA INFORM REPORT

Report Date :

29.10.2011

IDENTIFICATION DETAILS

Name :	NUTRA SPECIALITIES PRIVATE LIMITED
Registered Office :	No.26, Vandalur-Kelambakkam Main Road, Keelakottaiyur, Chennai – 600048, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.09.2005
Com. Reg. No.:	18-057504
Capital Investment / Paid-up Capital :	Rs.98.861 Millions
CIN No.: [Company Identification No.]	U24231TN2005PTC057504
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Neutraceuticals, Food Supplements, speciality chemicals and products of similar nature.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be under severe pressure. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 :	No.26, Vandalur-Kelambakkam Main Road, Keelakottaiyur, Chennai – 600048, Tamilnadu, India
E-Mail :	suresh.r@lifecellinternational.com
Website :	www.nutraforlife.com
Chennai Office :	No.4, Second Floor, 4^th Street, T Nagar, Chennai – 600017, Tamilnadu, India
Tel No.:	91-44-42984141
Fax No.:	91-44-42121880
US Office:	200, Galleria Parkway Suite 450, Atianta GA 30339, USA
Tel No.:	001 770 916 1722
Fax No.:	001 770 916 1933

DIRECTORS

AS ON 15.09.2010

Name :

Mr. Ramamurthy Thyagarajan

Designation :

Director

Address :

12, Basant Road, off Lloyos Road, Royapettai, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

25.08.1937

Date of Appointment :

17.11.2007

Din No.:

00185036

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	U99999MH1985PTC035149	CREDENTIAL FINANCE LIMITED	Director	20-09-96	20-09-96	26-08-09	Dormant	NO
2	U22219TN1993PLC025407	ECONOMIST COMMUNICATIONS LIMITED	Director	11-06-02	11-06-02	-	Active	NO
3	U72200TN2000PTC044605	SHRIRAM CENTRE FOR LEARNING PRIVATE LIMITED	Director	02-01-03	02-01-03	-	Active	NO
4	U67120TN1995PTC030953	ABUSHA INVESTMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	08-07-04	08-07-04	26-05-08	Active	NO
5	U85196TN2004PTC053577	LIFECELL INTERNATIONAL PRIVATE LIMITED	Director	08-07-04	08-07-04	-	Active	NO
6	U65929TN2004NPL053788	CONFEDERATION OF INDIAN NON BANKING FINANCE ENTITIES	Director	21-07-04	21-07-04	-	Active	NO
7	U66010AP2005PLC045616	SHRIRAM LIFE INSURANCE COMPANY LIMITED	Director	15-03-05	15-03-05	10-12-09	Active	NO
8	U66010RJ2006PLC029979	SHRIRAM GENERAL INSURANCE COMPANY LIMITED	Director	28-07-06	28-07-06	10-11-09	Active	NO
9	U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	Director	20-08-08	21-10-07	-	Active	NO
10	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	30-09-08	17-11-07	-	Active	NO
11	U85100TN2007PTC063975	TRI CELL Therapeutics Private Limited	Director	30-09-08	03-12-07	-	Active	NO

Name :

Mr. P Giridhar Gopal

Designation :

Director

Address :

Flat No.302, Srirama N Layam Plot MIG 41/A, Vengalrao Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

10.08.1968

Date of Appointment :

21.05.2010

Name :

Mr. E Mohan Reddy

Designation :

Director

Address :

G-2, Prashanth Nilayam Lecturers Colony, Maguntha Layout, Nellore – 524003, Andhra Pradesh, India

Date of Birth/Age :

24.06.1971

Date of Appointment :

21.05.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2010

Name	No. of Shares
Abhaya Deepak	22770
Abusha Investment and Management Service Private Limited	1766000
Abhayakumar S.	366921
Ajit Kumar Chordia	5000
Ajit Kumar Jain	14000
Anand Mul / Kapil Chordia	20000
Anil Kumar (HUF)	756
Bharath Nahar	1250
Bhaskar Rao C.	7800
Mr.DINESH KUMAR (HUF)	756
Dinesh Kumar	30000
Generex Pharmassist	1330000
Gyan Jain	60000
Gyan Vimala	20000
Jagannath S.	2500
Kamini Rao	100000
Kankaria Jay	1000
Kankaria Vasanthi	4000
Kankaria Vijay	2500
Kankaria Vishal	1250
Khatod Venture Fund	306550
Kumar Sunil Kumar (HUF)	756
PAI Yukbnuka MK. Paisavita	600000
Pattabiraman	230000
Prabha. R. Parekh	50000
Rajesh Kumar (HUF)	756
Rajesh S.	2500
Ramanan	310000
Giridhar Gopal	150000
Mohan Reddy	150000
Jayaraman T.	330000
Kannan R. Mr.	330000
Thyagarajan R. T.	440000
Sangeeta Srisrimal	14000
Sara Nathan S.	9000
Shah Hansa P Shah	135500
Shah Maltiv	25000
Shah Saroj Bala.K.Shah	62500
Sheela D.	30000
Sheila / Raju Madukar Deshpande	812497
Deepak Shah	487132
Madan Bai	30000
Ramesh Jain	25000
Nomula Laxmi	100000
Sunn Mutha	248250
Total	8635944

AS ON 15.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	21.47
Bodies corporate	20.45
Directors or relatives of Directors	15.75
Other top fifty shareholders	42.33
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Neutraceuticals, Food Supplements, speciality chemicals and products of similar nature.

GENERAL INFORMATION

Bankers :

Canara Bank, Kasturba Nagar Branch, Kasturba Nagar, Chennai - 600020, Tamilnadu, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan From Bank (Out of above Rs.17.720 Millions payable within a year) Bill Discounting Bank Loan from Hypothecation of Vehicles Open Cash Credit Packing Credit	76.746 2.419 1.421 14.256 6.347	80.644 0.000 1.094 12.988 3.198
Total	101.191	97.925
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Director From Others (All the Money Repayable within a year)	0.000 42.556	0.300 32.375
Total	42.556	32.675

Banking Relations :	--
Auditors :
Name :	Srikanth and Shanthi Associates Chartered Accountants
Address :	No 9, Madangopal Street, First Floor, Abhiramapuram, Chennai – 600048, Tamilnadu, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
500000	5% Cumulative Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.105.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8635944	Equity Shares	Rs.10/- each	Rs.86.359 Millions
	Share Application money		Rs.12.502 Millions
	Total		Rs.98.861 Millions

(Of the above, 4,50,000 shares were issued otherwise than cash and 6,35,944 shares as Right Issue during the year as fully paid up)

As On 15.09.2010

Authorised Capital : Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.143.065 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		98.861	75.500	63.650
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.146	35.849	23.998
4] (Accumulated Losses)		(114.530)	(73.781)	(27.916)
NETWORTH		28.477	37.568	59.732
LOAN FUNDS
1] Secured Loans		101.191	97.925	96.435
2] Unsecured Loans		42.556	32.675	0.000
TOTAL BORROWING		143.747	130.600	96.435
DEFERRED TAX LIABILITIES		5.902	5.408	0.236
TOTAL		178.126	173.576	156.403
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		147.194	143.488	140.605
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	33.920	34.733	17.677
	Sundry Debtors	11.266	4.040	0.192
	Cash & Bank Balances	5.253	3.630	4.083
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.255	5.985	3.550
Total Current Assets		55.694	48.388	25.502
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.901	11.707	6.188
	Other Current Liabilities	0.493	5.451	0.177
	Provisions	1.368	1.185	3.400
Total Current Liabilities		24.762	18.343	9.765
Net Current Assets		30.932	30.045	15.737
MISCELLANEOUS EXPENSES		0.000	0.043	0.061
TOTAL		178.126	173.576	156.403

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		46.859	2.543
		Other Income	91.943	0.121	0.203
		TOTAL (A)	91.943	46.980	2.746
Less	EXPENSES
		Material Consumed		40.567	10.453
		Operational Expenses		8.665	5.566
		Personal Costs		10.395	5.712
		Administrative Expenses	117.713	7.662	3.256
		Foreign Exchange Fluctuation		1.170	0.019
		Director Remuneration		1.200	0.600
		Amortization of Preliminary Expenses		0.019	0.015
		Increased / (Decreased) in Stock		(7.944)	(11.476)
		TOTAL (B)	117.713	61.734	14.145
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(25.770)	(14.754)	(11.399)
Less	FINANCIAL EXPENSES (D)		0.000	15.677	6.209
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(25.770)	(30.431)	(17.608)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.485	13.226	9.949
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(40.255)	(43.657)	(27.557)
Less	TAX (H)		0.494	5.299	0.359
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(40.749)	(48.956)	(27.916)
	Earnings Per Share (Rs.)		(4.72)	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(44.32)	(104.21)	(1016.60)
Net Profit Margin (PBT/Sales)	(%)	NA	(93.17)	(1083.64)
Return on Total Assets (PBT/Total Assets}	(%)	(19.84)	(22.75)	(16.59)
Return on Investment (ROI) (PBT/Networth)		(1.41)	(1.16)	(0.46)
Debt Equity Ratio (Total Liability/Networth)		5.92	3.96	1.78
Current Ratio (Current Asset/Current Liability)		2.25	2.64	2.61

LOCAL AGENCY FURTHER INFORMATION

Form 8:

Corporate identity number of the company	U24231TN2005PTC057504
Name of the company	NUTRA SPECIALITIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.26,Vandalur-Kelambakkam Main Road, Keelakottaiyur, Chennai - 600048, Tamil Nadu, India
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge Others
Particular of charge holder	Canara Bank
Nature of instrument creating charge	Supplemental Common Hypothecation agreement enclosed.
Date of instrument Creating the charge	15/02/2011
Amount secured by the charge	Rs.161.100 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the agreement (rate of interest is subject to change by the bank from time to time) Extent and Operation of the charge Exclusive 1st Charge Others Charge amount of Rs.1611 Lacs comprising OCC/ODBD-Rs.15.000 Millions, LC-Rs.17.500 Millions, BG-Rs.5.000 Millions, PC/FDB/FBE-Rs.15.000 Millions, TL1-Rs.60.000 Millions, TL2-Rs.28.600 Millions and DPN -Rs.20.000 Millions. All other terms and conditions are as per the agreement.
Short particulars of the property charged	Whole of the existing securities including those acquired and or to be acquired out the enhanced Credit Limits made available now, including whole of stocks Book Debts and Whole of Machinery morefully described in the agreement enclosed This is in addition to all other existing securities. Form 8 for the landed properties has been filed separately,
Date of instrument modifying the charge	29/10/2008
Particulars of the present modification	Credit limits enhanced to Rs.161.100 Millions and secured by properties given above more fully described in the agree ment enclosed. All other terms and conditions of the original charge and the subsequent modifications remain unchanged.

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.49.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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		26

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.