MIRA INFORM REPORT

Report Date :

02.07.2012

IDENTIFICATION DETAILS

Name :	VIPUL LIFE SCIENCE LIMITED (w.e.f. 26.07.2008)
Formerly Known As :	VIPUL DYES AND SOLVENT LIMITED VIPUL DYES AND SOLVENT PRIVATE LIMITED
Registered Office :	205/206, BPS Plaza, Devidayal Road, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.09.2003
Com. Reg. No.:	11-084942
Capital Investment / Paid-up Capital :	Rs.27.935 Millions
CIN No.: [Company Identification No.]	U24114MH2003PLC084942
PAN No.: [Permanent Account No.]	AAACV2736R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Exporter and Importer of Special Chemicals and Pharma Chemicals.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 450000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealings at usual trade terms and condition.

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 :	205/206, BPS Plaza, Devidayal Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25900658
Fax No.:	91-22-25900050
E-Mail :	svipul@bom5.vsnl.net.in info@vipullife.com sunilsheth4u@gmail.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Sunil Suresh Sheth

Designation :

Managing Director

Address :

505/506, Silver Avenue, Devidayal Road, B. P. Ground Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

24.03.1971

Date of Appointment :

01.04.2010

DIN No.:

01356340

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	U24114MH2003PLC084942	VIPUL LIFE SCIENCE LIMITED	Managing director	01-04-10	30-09-03	Active	NO
2	U51397MH2004PTC145369	PARSHWA INTERMEDIATES PRIVATE LIMITED	Director	29-03-04	29-03-04	Active	NO
3	U24232MH2007PTC173308	MERU LIFE SCIENCE PRIVATE LIMITED	Director	21-08-07	21-08-07	Active	NO

Name :

Mr. Vipul Suresh Sheth

Designation :

Whole Time Director

Address :

1201, B.P.S Aastha Devidayal Road, B. P. Ground Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

31.08.1975

Date of Appointment :

01.04.2010

DIN No.:

01570125

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	U24114MH2003PLC084942	VIPUL LIFE SCIENCE LIMITED	Whole-time director	01-04-10	30-09-03	Active	NO
2	U51397MH2004PTC145369	PARSHWA INTERMEDIATES PRIVATE LIMITED	Director	29-03-04	29-03-04	Active	NO
3	U24232MH2007PTC173308	MERU LIFE SCIENCE PRIVATE LIMITED	Director	21-08-07	21-08-07	Active	NO

Name :

Mr. Suresh Mulchand Sheth

Designation :

Director

Address :

434th Floor, Kailash Darshan, Dr. Ambedkar Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

01.01.1939

Date of Appointment :

30.09.2003

DIN No.:

00638958

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Sunil S Sheth	59150
Vipul S. Sheth	47890
Suresh M. Sheth	2260
Rama G Gandhi	5000
Ajit Arbatti	7000
Jignesh Shah	4000
Sanjeev Punja	1750
Vinod M Gandhi	1000
Pooja C Gandhi	4000
Ravindra S Gupta	5000
Harsimrankaur R. Gupta	5000
Parshwa Intermediate Private Limited, India	15000
Jalpaben Nagindas Shah	1500
Dilipbhai Jayantilal Joshi	1000
Hasmuchray Kantilal Shah (HUF)	1500
Charulataben Jamanadas Shah	1500
Gunvantrai J Gandhi	2500

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	5.91
Directors or relatives of Directors	39.13
Other top fifty shareholders	54.96
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporter and Importer of Special Chemicals and Pharma Chemicals.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· ING Vysya Bank Limited,

382/384, Narasinatha Street, Katha Bazar, Mandvi (West), Mumbai – 400009, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Share Holders	5.060	2.125
From Corporates	5.339	11.615
Total	10.399	13.740

Banking Relations :	--
Auditors :
Name :	Lakhani and Company Chartered Accountant
Address :	Hemshar Saka, 19 Gola Lane, Behind Badri Mahal, Mumbai – 400001, Maharashtra , India
Tel. No.:	91-22-22071224/ 22666660/ 1/ 2
Fax No.:	91-22-22666644
E-Mail :	lakhani@lakhanicompany.com
PAN No :	AAAFL1302L
Companies in which directors have substantial holding :	· Parshwa Intermediates Private Limited · Meru Life Science Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
279350	Equity Shares (fully paid up)	Rs.100/- each	Rs.27.935 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		27.935	32.535	30.935
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		83.736	78.387	35.969
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111.671	110.922	66.904
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		10.399	13.740	36.008
TOTAL BORROWING		10.399	13.740	36.008
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Foreited Shares		4.600	0.000	0.000
TOTAL		126.670	124.662	102.912
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.448	6.912	7.767
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.371	8.073	5.513
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.751	45.652	42.733
	Sundry Debtors	106.373	160.154	94.580
	Cash & Bank Balances	20.690	6.172	6.939
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.819	4.130	2.814
Total Current Assets		169.633	216.108	224.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	64.083	105.722	108.335
	Other Current Liabilities	1.701	0.709	26.860
	Provisions	0.000	0.000	0.000
Total Current Liabilities		65.784	106.431	135.195
Net Current Assets		103.849	109.677	89.632
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		126.670	124.662	102.912

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	465.334	460.982	693.018
		Other Income	8.066	3.624	0.892
		TOTAL (A)	473.400	464.606	693.910
Less	EXPENSES
		Cost of Sales	435.596	428.351	642.798
		Trading Expenses	6.103	10.473	20.229
		Office & Administration Expenses	15.880	11.646	12.929
		Selling and Distribution Expenses	6.168	5.712	3.168
		Preliminary Expenses written off	0.000	0.000	0.109
		TOTAL (B)	463.747	456.182	679.233
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.653	8.424	14.677
Less	FINANCIAL EXPENSES (D)		1.767	2.369	5.038
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.886	6.055	9.639
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.387	1.538	1.465
	PROFIT BEFORE TAX (E-F) (G)		6.499	4.517	8.174
Less	TAX (H)		1.150	1.500	3.031
	PROFIT AFTER TAX (G-H) (I)		5.349	3.017	5.143
Less	PRIOR PERIOD ITEMS		0.000	0.000	0.166
	PROFIT AFTER TAX (G-I)		5.349	3.017	4.977
Add	EXCESS INCOME TAX PROVISION FOR EARLIER YEARS NOW REVERSED		0.000	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.986	27.969	22.992
	BALANCE CARRIED TO THE B/S		36.335	30.986	27.969
	Earnings Per Share (Rs.)		19.15	9.54	16.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.13	0.64	0.74
Net Profit Margin (PBT/Sales)	(%)	1.40	0.97	1.17
Return on Total Assets (PBT/Total Assets}	(%)	3.49	2.02	3.51
Return on Investment (ROI) (PBT/Networth)		0.06	0.04	0.12
Debt Equity Ratio (Total Liability/Networth)		0.68	1.08	2.55
Current Ratio (Current Asset/Current Liability)		2.58	2.03	1.66

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered office of the company has been shifted from, Room No.5, Bandukwala Building, 226-228, Samual Street, Masjid (West) Mumbai - 400003, Maharashtra, India to the present address w.e.f. 11.05.2011.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	90229775
Corporate identity number of the company	U24114MH2003PLC084942
Name of the company	VIPUL LIFE SCIENCE LIMITED
Address of the registered office or of the principal place of business in India of the company	205/206, BPS Plaza, Devidayal Road, Mulund (West), Mumbai – 400080, Maharashtra, India info@vipullife.com
Type of charge	Immovable Property
Particular of charge holder	ING Vysya Bank Limited 382/384, Narasimtha Street, Katha Bazar,Mandvi (West), Mumbai – 400009, Maharashtra, India CIN No.: L85110KA1930PLC000124 cms@companiesinn.com
Nature of description of the instrument creating or modifying the charge	Mortgage by deposit of title deeds.
Date of instrument Creating the charge	15/06/2011
Amount secured by the charge	Rs.60.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest ODSIT/BD/LCBD : IVBR+3.10% LCBD(Sublimit to ODSIT/BD) : IVBR+2.10% ILC : Commission 1.50% p.a. BC(Sublimit to ILC) : Commission 1.50% p.a. Terms of Repayment ODSIT/BD/LCBD : On Demand LCBD/BC(Sublimit to ODSIT/BD) : Usance period 90 days ILC : Usance period 90 days. BC(Sublimit to ILC) : 90 days. Margin ODSIT/BD/LCBD : 25% on stocks and book debts. LCBD/BC(Sublimit to ODSIT/BD) : 10% ILC : 15% by way of deposit under lien to bank. BC((Sublimit to ILC) : 15% by way of deposit under lien to bank. Extent and Operation of the charge First charge on the immovable property of the company. Hypothecation of goods purchased imported under the LC. Others Nil
Short particulars of the property charged	Property bearing Flat No.201 to 204 admeasuring 2318 sq ft(carpet area) equivalent to 215.42 sq mtrs, on Second Floor, in the building known as "Manisha Heights" bearing S.No.353,Hissa No.1A, S.No.258 (pt), CTS No.12,4/7 (pt), 8A situated at Bal Rajeshwar Road, Mulund (West), Mumbai - 400080.
Particulars of the present modification	The limit has been modified to Rs.60.000 Millions as follows : ODSIT/BD/LCBD of Rs.30.000 Millions LCBD(Sublimit to ODSIT/BD) of Rs.(30.000) Millions BC(Sublimit to ODSIT/BD) of Rs.(30.000) Millions ILC of Rs.30.000 Millions BC((Sublimit to ILC) of Rs.(30.000) Millions All other terms and conditions are remain same.

FIXED ASSTES:

· Air Conditioner

· Computers

· Furniture and Fixtures

· Office Equipment

· Mobile Phone

· Motor Car

· Motor Cycle

· Telephone

· Office Premises

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.56.31
UK Pound	1	Rs.88.06
Euro	1	Rs.70.91

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		42

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.