MIRA INFORM REPORT

Report Date :

20.12.2012

IDENTIFICATION DETAILS

Name :	SISCO RESEARCH LABORATORIES PRIVATE LIMITED
Registered Office :	2/F Satam Industrial Estate C G Marg, Chakala, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.12.1974
Com. Reg. No.:	11 - 018011
Capital Investment / Paid-up Capital :	Rs.3.556 Millions
CIN No.: [Company Identification No.]	U73100MH1974PTC018011
TAN No.: [Tax Deduction & Collection Account No.]	MUMS35811G
PAN No.: [Permanent Account No.]	AADCS3738F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of Laboratory Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 230000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Company has moderate scale of operation and external borrowings are huge. However, trade relations are reported to be fair. Business is active. Payments, are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB- (Cash Credit)
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	09.10.2012

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 :	2/F Satam Industrial Estate C G Marg, Chakala, Andheri (E), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-28203882
Fax No.:	91-22-28380998
E-Mail :	anilbansal1001@gmail.com
Website :	http://www.srlchem.com
Head Office / Correspondence Address :	Navketan Co-op, Industrial Premises Limited, Gala No. 26, Mahakali Caves Road, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91- 22- 4268 5800
Fax No.:	91- 22- 4268 5801
E-Mail :	marketing@srlchem.com export@srlchem.com info@srichem.com Bio-indenta@srichem.com
Factory 1 :	Turbhe Plant, D-88/2, TTC Industrial Area, Turbhe, Navi Mumbai- 400 705, Maharashtra, India.
Factory 2 :	Taloja Plant, Plot No. H-4, Taloja Indl. Area, MIDC, Padghe, Panvel, Dist Raigad, Maharashtra - 410 208, India.

DIRECTORS

AS ON 29.09.2012

Name :	Mr .Surendrakumar Agarwal
Designation :	Managing Director
Address :	‘A’ Wing Flat No. 501, Kamlakar Sadan, Swami Samarth Nagar, Andheri (west), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	15.08.1935
Date of Appointment :	27.12.1974
DIN No.:	01211188

Other Directorship:

Name :	Mr. Ramesh Surendra Agarwal
Designation :	Director
Address :	A’ Wing Flat No. 502, Kamlakar Sadan, Swami Samarth Nagar, Andheri (west), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	05.02.1958
Date of Appointment :	02.05.1988
DIN No.:	01215172
Name :	Ms. Mainadevi Surendra Agarwal
Designation :	Director
Address :	‘A’ Wing Flat No. 501, Kamlakar Sadan, Swami Samarth Nagar, Andheri (west), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	27.10.1940
Date of Appointment :	02.05.1988
DIN No.:	00928397
Name :	Mr. Akash Agarwal
Designation :	Additional Director
Address :	‘A’ Wing Flat No. 501, Kamlakar Sadan, Swami Samarth Nagar, Andheri (west), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	21.12.1981
Date of Appointment :	02.06.2008
DIN No.:	02222298
Name :	Mr. Vikas Ramesh Agarwal
Designation :	Additional Director
Address :	‘A’ Wing Flat No. 501, Kamlakar Sadan, Swami Samarth Nagar, Andheri (west), Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	24.02.1984
Date of Appointment :	01.11.2009
DIN No.:	02946423

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Surendrakumar R. Agarwal	16046
Ramesh S. Agarwal	11779
Mainadevi S. Agarwal	4105
Veena R. Agarwal	1850
Akash R. Agarwal	1500
Vikas R. Agarwal	285
TOTAL	35565

List of Allottees

As On 01.11.2012

Names of Shareholders	No. of Shares allotted
Mr. Vikas R. Agarwal	50

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufactures Of Laboratory Chemicals.

Products :

Research and Laboratory Chemicals Biochemical’s and Related Compounds Microbiology Reagents Nucleosides, Nucleotides, Purines, Pyrimidines, Nucleic Acids Proteins Vitamins Fluorogenic, Chromomeric and Enzyme Substrates Biochemical Reagents and Related Compounds Biological Buffers Biological Test Diets Gel Filtration and Affinity Chromatography Reagents Plant Growth Regulators and Mutagens General Biochemical Reagents Enzyme Substrates Scintillation Compounds Glucosinolates Inorganic Compounds Atomic Absorption Std. Solutions (Concentration: 1000mg/litre) Catalysts Inorganic Salts and Reagents for Analysis, Extra pure / AR Organic Compounds and Solvents Alkaloids Dyes and Stains HPLC, GC Grade Solvents and Ion Pairing Reagents Chirac Compounds Organic Intermediates and Reagents Pure / Extrapure / AR Quaternary Ammonium Compounds Separating Materials Molecular Sieves Chromatographic Adsorbents TLC/Column Ion Exchange Media Nan powders and Carbon Nano tubes (CNT's) Dispersants for Nano tubes Nano wires Dehydrated Cultural Media Products Dehydrated Cultural Media Dehydrated Cultural Media Kits

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Laboratory Chemicals	No	NA	NA	157.736

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Maharashtra, 85 ‘E’ Maker Tower, GR Floor, Cuff Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Indian Rupees Loan From Banks	17.749	21.540
Finance Lease Obligation	2.846	0.681
Bills Discounted From Banks	0.218	0.000
Rupee Loan	54.099	42.755
TOTAL	74.912	64.976
Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Loans from Related Parties	8.455	8.455
Loans from Others	0.405	0.405
TOTAL	8.860	8.860

Banking Relations :	--
Auditors :
Name :	Anil Bansal and Associates Chartered Accountant
Address :	1001, Ijmima Complex, Raheja’s Metroplex, Link Road, Malad (west), Mumbai – 400064, Maharashtra, India
PAN No.:	AADPB0832A

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35,465	Equity Shares	Rs.100/- each	Rs. 3.546 Millions
100	Equity Shares	Rs.100/- each	Rs. 0.010 Millions
	Total		Rs. 3.556 Millions

After 29.09.2012

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

No. of Shares	Type	Value	Amount
35615	Equity Shares	Rs.100/- each	Rs3.562 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.556	3.512	3.081
2] Share Application Money		0.100	0.000	2.000
3] Reserves & Surplus		55.405	50.205	45.060
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		59.061	53.717	50.141
LOAN FUNDS
1] Secured Loans		74.912	64.976	63.674
2] Unsecured Loans		8.860	8.860	5.365
TOTAL BORROWING		83.772	73.836	69.039
DEFERRED TAX LIABILITIES		1.700	1.815	1.521
TOTAL		144.533	129.368	120.701
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.869	74.107	77.355
Capital work-in-progress		3.525	2.841	2.581
INVESTMENT		0.017	0.016	0.016
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	49.629	35.760	19.450
	Sundry Debtors	46.846	44.479	41.227
	Cash & Bank Balances	2.449	1.799	1.550
	Other Current Assets	0.209	0.176	0.000
	Loans & Advances	10.807	11.098	16.299
Total Current Assets		109.940	93.312	78.526
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.886	19.066	19.430
	Other Current Liabilities	22.348	19.257	7.834
	Provisions	4.584	2.585	10.513
Total Current Liabilities		44.818	40.908	37.777
Net Current Assets		65.122	52.404	40.749
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		144.533	129.368	120.701

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	177.014	149.162
		Other Income	2.540	2.111
		TOTAL	179.554	151.273	149.765
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	173.320	146.285	141.246
	PROFIT / (LOSS) BEFORE TAX (E-F)		6.234	4.988	8.519
Less	TAX		(1.884)	(1.564)	2.667
	PROFIT / (LOSS) AFTER TAX (G-H)		4.350	3.424	5.852
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		44.059	40.635	34.782
	BALANCE CARRIED TO THE B/S		48.410	44.059	40.635
	EARNINGS IN FOREIGN CURRENCY
		Export on FOB Value	28.117	11.980	21.136
	TOTAL EARNINGS		28.117	11.980	21.136
	IMPORTS
		Raw Materials	10.235	4.604	5.504
	TOTAL IMPORTS		10.235	4.604	5.504
	Earnings Per Share (Rs.)		122.31	102.56	190.51

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.42	2.26	3.91
Net Profit Margin (PBT/Sales)	(%)	3.52	3.34	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.35	2.98	5.46
Return on Investment (ROI) (PBT/Networth)		0.10	0.09	0.17
Debt Equity Ratio (Total Liability/Networth)		0.76	0.76	0.75
Current Ratio (Current Asset/Current Liability)		2.45	2.28	2.08

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	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FIXED ASSETS

• Land (leasehold0
• Factory Building
• Office Building
• Godown Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixture
• Office Equipment
• Motor Cars
• Computers
• Moulds
• Motor Vehicles (Tempo)
• Glass Apparatus

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 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 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.54.74
UK Pound	1	Rs.89.02
Euro	1	Rs.72.48

INFORMATION DETAILS

Report Prepared by :

SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		34

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.