MIRA INFORM REPORT

Report Date :

08.08.2012

IDENTIFICATION DETAILS

Name :	SURYA HERBAL LIMITED
Registered Office :	303 Pal Mohan Mansion 26/34, East Patel Nagar, New Delhi – 110008
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.06.1999
Com. Reg. No.:	55-100105
Capital Investment / Paid-up Capital :	Rs.25.0807 Millions
CIN No.: [Company Identification No.]	U24233DL1999PLC100105
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the manufacturing and export of herbal medicines and healthcare products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 70000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. Profitability appears to be very low. However, trade relations are reported as improving. 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 – 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 DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 :	303 Pal Mohan Mansion 26/34, East Patel Nagar, Delhi – 110008, India.
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	casunilgupta1963@gmail.com
Factory :	C-33, Sector – 59, Noida- 201 301, Uttar Pradesh, India.
Tel. No.:	91-120-2586476/2586477
Fax No.:	91-120-2586478
E-Mail :	info@suryaherbal.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Inder Setia

Designation :

Managing Director

Address :

B-102, Lakeview Apartment, Paschim Vihar, New Delhi – 110087, India.

Date of Birth/Age :

24.09.1959

Qualification:

B. Com (H), C.A

Experience:

29 Years

Date of Appointment :

01.10.2006

DIN No.:

00720143

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1999PLC102480	SURYA SOFT-TECH LIMITED	Director	14/03/2002	14/03/2002	05/09/2008	Active	NO
2	U24233DL1999PLC100105	SURYA HERBAL LIMITED	Managing director	01/10/2009	01/08/2004	-	Active	NO
3	U85100DL2008PTC177970	RAVIKAYURVEDA HEALTHCARE PRIVATE LIMITED	Director	12/05/2008	12/05/2008	15/02/2010	Active	YES

Name :

Mr. Amar Saraf

Designation :

Director

Address :

FD-342, Sector –III, Saltlake, Kolkata – 700106, West Bengal, India.

Date of Birth/Age :

18.05.1979

Date of Appointment :

29.09.2008

DIN No.:

00240233

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U01122WB1995PTC067279	ALBERTA AGRO PRIVATE LIMITED	Director	07/09/2005	07/09/2005	-	Active	NO
2	U24233DL1999PLC100105	SURYA HERBAL LIMITED	Director	29/09/2008	28/09/2007	-	Active	NO
3	U33110WB1981PTC156988	ISHAN INSTRUMENTS PRIVATE LIMITED	Director	30/09/2011	31/03/2011	-	Active	NO

Name :

Mr. Vishwanathan Swaminathan

Designation :

Director

Address :

B-3/39A, Lawrence, Delhi – 110035, Delhi, India.

Date of Birth/Age :

09.05.1966

Date of Appointment :

25.09.2006

DIN No.:

00238629

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140WB2003PLC096011	WEALTH MANAGEMENT ADVISORY SERVICES LIMITED	Whole-time director	01/06/2005	01/06/2005	24/03/2008	Active	NO
2	U24233DL1999PLC100105	SURYA HERBAL LIMITED	Director	25/09/2006	25/09/2006	-	Active	NO
3	L74899DL1993PLC051862	BRUSHMAN (INDIA) LIMITED	Additional director	29/12/2008	29/12/2008	30/09/2009	Active	NO
4	U72200DL2004PTC129143	RG IT SERVICES PRIVATE LIMITED	Additional director	27/02/2009	27/02/2009	-	Active	NO
5	U65921MH2006PTC162738	FIDUCIARY ADVISORY SERVICES PRIVATE LIMITED	Director	30/12/2009	27/08/2009	-	Active	NO

Name :

Mr. Santosh Kumar Mukherjee

Designation :

Director

Address :

176/3, Swamiji Sarani, Kalandi, (Chasi Para), Kolkata – 700030, West Bengal, India.

Date of Birth/Age :

09.05.1966

Date of Appointment :

25.09.2006

DIN No.:

00170646

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	Date of cessation	Company/ LLP Status	Defaulting status
1	L74300WB1983PLC036342	SMIFS CAPITAL MARKETS LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
2	U24233DL1999PLC100105	SURYA HERBAL LIMITED	Director	25/09/2006	25/09/2006	-	Active	NO
3	U65991WB2000PLC092125	SMIFS CAPITAL SERVICES LIMITED	Director	26/09/2008	10/01/2008	-	Active	NO
4	U40104WB2008PTC121853	APDC POWER PRIVATE LIMITED	Director	17/01/2008	17/01/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Maya Trade Links Limited, India	1264200
Vatican Commercials Limited, India	645200
Vishwanathan Swaminathan	100
Santosh Kumar Mukherjee	100
Anil Kumar Jajodia	100
Inder Setia	670000
Shashi Setia	500
Vishwas Setia	500
Total	2580700

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	73.99
Directors or relatives of Directors	26.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the manufacturing and export of herbal medicines and healthcare products.

GENERAL INFORMATION

Customers :

· Lupin Limited

· Cipla Limited

· Nicholas Piramal India Limited

· Intas Pharmaceutical Limited

· Elder Pharmaceuticals Limited

· Sanat Products Limited

· Alkem Limited.

· Ranbaxy Laboratories Limited

· FDC Limited

No. of Employees :

Not Available

Bankers :

State Bank of India, SPL. Commercial Branch, Scu; 105:106; Sectore-1/8, Chndigarh, Punjab, India.

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
From HDFC Bank Limited (Secured Against Vehicle Financed)	0.230	0.456
Total	0.230	0.456
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Maya Trade Links Limited	5.748	5.748
Total	5.748	5.748

Banking Relations :	--
Auditors :
Name :	Sunil Anil and Associates Chartered Accountants
Address :	303 Pal Mohan Mansion, 26/34 East Patel Nagar, New Delhi – 110008, India
Tel. No.:	91-11-25768374, 25850374
Fax No.:	91-11-27011726
E-Mail :	sunilg1@del3.vsnl.net.in
PAN.:	AAAFS1585N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2580700	Equity Shares	Rs.10/- each	Rs.25.807 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		25.807	25.807	25.807
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(7.720)	(7.889)	(6.855)
NETWORTH		18.087	17.918	18.952
LOAN FUNDS
1] Secured Loans		0.230	0.456	0.768
2] Unsecured Loans		5.748	5.748	5.713
TOTAL BORROWING		5.978	6.204	6.481
DEFERRED TAX LIABILITIES		1.049	2.016	2.970
TOTAL		25.114	26.138	28.403
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.623	19.518	16.017
Capital work-in-progress		0.038	1.564	4.417
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.417	11.528	19.116
	Sundry Debtors	17.632	9.801	10.776
	Cash & Bank Balances	5.818	3.504	4.118
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.164	4.853	5.091
Total Current Assets		43.031	29.686	39.101
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	21.431	11.874	13.979
	Other Current Liabilities	17.472	16.546	24.438
	Provisions	0.000	0.000	0.125
Total Current Liabilities		38.903	28.420	38.542
Net Current Assets		4.128	1.266	0.559
MISCELLANEOUS EXPENSES		0.325	3.790	7.410
TOTAL		25.114	26.138	28.403

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	131.775	110.182	101.463
		Other Income	4.816	9.129	9.618
		TOTAL (A)	136.591	119.311	111.081
Less	EXPENSES
		Trading Purchase	1.459	0.655	0.146
		Material Consumed and Manufacturing Expenses	106.852	89.881	80.873
		Employees Remuneration and Benefits	11.863	10.227	9.722
		Administrative Selling and other Expenses	10.334	11.268	14.822
		Deferred Revenue Expenditure W/off	3.466	3.609	3.609
		Increase/(Decrease) in Finished Goods	(0.291)	2.328	0.951
		TOTAL (B)	133.683	117.968	110.123
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.908	1.343	0.958
Less	FINANCIAL EXPENSES (D)		0.642	0.718	0.720
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.266	0.625	0.238
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.064	2.612	2.305
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.798)	(1.987)	(2.067)
Less	TAX (H)		0.000	0.000	0.125
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.798)	(1.987)	(2.192)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.889)	(6.855)	(6.039)
Less	PROVISION FOR DEFERRED TAX LIABILITY		(0.967)	(0.953)	(1.376)
	BALANCE CARRIED TO THE B/S		(7.720)	(7.889)	(6.855)
	EARNINGS IN FOREIGN CURRENCY		15.517	3.902	2.967
	Earnings Per Share (Rs.)		(0.31)	(0.77)	(0.85)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.58	1.67	1.97
Return on Total Assets (PBT/Total Assets}	(%)	1.85	6.69	5.29
Return on Investment (ROI) (PBT/Networth)		0.04	0.11	0.11
Debt Equity Ratio (Total Liability/Networth)		2.48	1.93	2.38
Current Ratio (Current Asset/Current Liability)		1.11	1.04	1.01

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 three years	Yes
12]	Profitability for last three 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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

Registered office of the company has been shifted from B-3/274, Paschim, Vihar, New Delhi, India to the present address w.e.f.01.08.2004

OPERATIONS

The company is engaged in the manufacturing and export of herbal medicines and healthcare products. Besides this the company is actively manufacturing Herbal products as contract manufacturers for leading Indian Pharmaceuticals companies’ also. During the year the company has earned a cash profit of Rs.5.731 Millions against last year’s Rs.4.234 Millions. The net loss after Depreciation and Deferred Revenue Expenditure Written Off amounted to Rs. 0.798 Million against last year’s net loss of Rs.1.986 Millions. It is expected that during the current financial year the turnover will increase considerably and the company shall be able to achieve better results.

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:-

PARTICULARS	31.03.2011
Outstanding amount of Bank Guarantees	0.428
Margin Money deposited against the above	0.428
Estimated amount of contracts remaining to be executed on Capital account and not provided for (net of advances)	0.000

FIXED ASSETS

· Plant and machinery

· Office equipments

· Furniture and fixtures

· Vehicles

· Tools and dies

· Computer

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.55.49
UK Pound	1	Rs.86.39
Euro	1	Rs.68.69

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.