MIRA INFORM REPORT

Report Date :

01.08.2012

IDENTIFICATION DETAILS

Name :	SURYA LIFE SCIENCES LIMITED
Registered Office :	B-206, Radhamit Society, Plot No. 33, Sector 18, Nerul (West), Navi Mumbai-400706, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.07.2005
Com. Reg. No.:	11-154467
Capital Investment / Paid-up Capital :	Rs.2.300 Millions
CIN No.: [Company Identification No.]	U24230MH2005PLC154467
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of wide assortment of Highest Quality Bulk Drug Intermediates and Fine API Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 :	Sow but correct
Litigation :	Clear
Comments :	Subject is a established company having moderate track. Even though the company has recorded an increase in its sales, it has earned minimal profits. Accumulated losses recorded by the company appears to be decreasing. Financial position of the company is under pressure. However, trade relations are reported to be improving. Business is active. Payments are reported to be slow and delayed. The company can be considered for business dealings on a safe and 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	B-206, Radhamit Society, Plot No. 33, Sector 18, Nerul (West), Navi Mumbai-400706, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	suryank@gmail.com
Website :	http://www.suryalifescineceltd.com
Factory 1 :	Plot No. 6722 and 6706, GIDC Ex. T.D.C, Ankleshwar-393002, Gujarat, India
Tel. No.:	91-2646-329421/238189/226654/22629
Fax No.:	91-2646-238189
Factory 2 :	Plot No. 3616 and 3606, GIDC Industrial Estate, Ankleshwar-393002, Gujarat, India
Tel. No.:	91-2646-329421/238079/226290/221079
Fax No.:	91-2646-238189/238079

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Arun Durgaprasad Joshi

Designation :

Director

Address :

408/13, Sardar Patel Society, GIDC, Ankleshwar-393002, Gujarat, India

Date of Birth/Age :

21.01.1955

Qualification :

Msc. Chemistry

Date of Appointment :

04.07.2005

Din No.:

01770810

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U73100GJ2005PLC046186	ANKLESHWAR RESEARCH AND ANALYTICAL INFRASTRUCTURE LIMITED	Director	06/06/2005	06/06/2005	Active	NO
2	U24230MH2005PLC154467	SURYA LIFE SCIENCES LIMITED	Director	04/07/2005	04/07/2005	Active	NO
3	U24110GJ1993PTC019642	SURYA REMEDIES PRIVATE LIMITED	Director	30/09/2008	11/08/2008	Active	NO
4	U24230GJ2009PTC057762	SURYA MEDICUS PRIVATE LIMITED	Director	12/08/2009	12/08/2009	Active	NO

Name :

Mrs. Sandhya Arun Joshi

Designation :

Director

Address :

408/13, Sardar Patel Society, GIDC, Ankleshwar-393002, Gujarat, India

Date of Birth/Age :

10.07.1957

Qualification :

B.A

Date of Appointment :

04.07.2005

Din No.:

01771760

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230MH2005PLC154467	SURYA LIFE SCIENCES LIMITED	Director	04/07/2005	04/07/2005	Active	NO
2	U24230GJ2009PTC057762	SURYA MEDICUS PRIVATE LIMITED	Director	12/08/2009	12/08/2009	Active	NO
3	U24110GJ1993PTC019642	SURYA REMEDIES PRIVATE LIMITED	Additional director	21/07/2010	21/07/2010	Active	NO

Name :

Mr. Yash Arun Joshi

Designation :

Director

Address :

408/13, Sardar Patel Society, GIDC, Ankleshwar-393002, Gujarat, India

Date of Birth/Age :

20.07.1984

Qualification :

Graduate (B. Tech)

Date of Appointment :

04.07.2005

Din No.:

01424296

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230MH2005PLC154467	SURYA LIFE SCIENCES LIMITED	Director	04/07/2005	04/07/2005	Active	NO
2	U24110GJ1993PTC019642	SURYA REMEDIES PRIVATE LIMITED	Additional director	21/07/2010	21/07/2010	Active	NO

Name :

Ms. Priti Arun Joshi

Designation :

Director

Address :

408/13, Sardar Patel Society, GIDC, Ankleshwar-393002, Gujarat, India

Date of Birth/Age :

01.04.1986

Date of Appointment :

04.07.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Arun Durgaprasad Joshi	100000
Sandhya Arun Joshi	100000
Yash Arun Joshi	10000
Anil Kumar Joshi	5000
Ashok Kumar Joshi	5000
Durgaprasad Radhelal Malviya	5000
Priti Arun Joshi	5000
Total	230000

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of wide assortment of Highest Quality Bulk Drug Intermediates and Fine API Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank, D-14, 15, Patel Super Marketl, Station Road Branch, Bharuch-392001, Gujarat, India

· Oriental Bank of Commerce

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Long Term Loan	21.123	27.326
Indian Overseas Bank	12.422	5.704
Oriental Bank of Commerce	0.000	0.009
Total	33.545	33.039

Banking Relations :	--
Auditors :
Name :	Manish Mathur Chartered Accountants
Address :	B-1, Shashwat, Dahej By Pass Road, Bharuch-392001, Gujarat, India
Pan No.:	ADGPM2349P

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
230000	Equity Shares	Rs.10/- each	Rs.2.300 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		2.300	2.300	2.300
2] Share Application Money		7.559	6.809	6.909
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2.952)	(3.325)	0.000
NETWORTH		6.907	5.784	9.209
LOAN FUNDS
1] Secured Loans		33.545	33.039	11.500
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		33.545	33.039	11.500
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		40.452	38.823	20.709
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.156	43.287	11.114
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	4.267	5.510	0.000
	Sundry Debtors	13.208	7.135	0.000
	Cash & Bank Balances	0.154	0.033	0.533
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.122	3.949	7.484
Total Current Assets		20.751	16.627	8.017
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.045	20.509	0.425
	Other Current Liabilities	1.465	0.656	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		29.510	21.165	0.425
Net Current Assets		(8.759)	(4.538)	7.592
MISCELLANEOUS EXPENSES		0.055	0.074	2.003
TOTAL		40.452	38.823	20.709

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	77.381	8.909
		Other Income	0.035	0.046
		TOTAL (A)	77.416	8.955
Less	EXPENSES
		Raw Material Consumed	56.039	7.664
		Manufacturing and Other Expenses	5.897	0.249
		Employee Cost	4.060	0.711
		Administration and Selling Expenses	1.514	0.483
		TOTAL (B)	67.510	9.107
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.906	(0.152)
Less	FINANCIAL EXPENSES (D)		4.850	1.880
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.056	(2.032)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.457	0.807
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.599	(2.839)
Less	TAX (H)		0.226	0.486
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.373	(3.325)
	BALANCE CARRIED TO THE B/S		(2.952)	(3.325)
	Earnings / (Loss) Per Share (Rs.)		1.62	(14.45)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.48	(37.13)	NA
Net Profit Margin (PBT/Sales)	(%)	0.77	(31.87)	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.85	(4.74)	NA
Return on Investment (ROI) (PBT/Networth)		0.09	(0.49)	NA
Debt Equity Ratio (Total Liability/Networth)		9.13	9.37	1.29
Current Ratio (Current Asset/Current Liability)		0.70	0.79	18.86

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last two years	Yes
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) PAN of Proprietor/Partner/Director, if available	No
32) Passport No of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No

FIXED ASSETS:

· Land

· Building Construction WIP

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture

· Computer and Printer

· Inverter

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.55.80
UK Pound	1	Rs.87.67
Euro	1	Rs.68.45

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		18

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.