MIRA INFORM REPORT

Report Date :

09.10.2012

IDENTIFICATION DETAILS

Name :	CTX LIFESCIENCE PRIVATE LIMITED

Registered Office :	Survey No. 91, Opposite Navinflorine, Udhna Navsari Road, Surat-396023, Gujarat

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	05.02.2004

Com. Reg. No.:	043554

Capital Investment / Paid-up Capital :	Rs.43.680 Millions

CIN No.: [Company Identification No.]	U24114GJ2004PTC043554

TAN No.: [Tax Deduction & Collection Account No.]	SRTC00591D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Pharmaceutical, Drugs, Enzymes and Sanitary Napkins and all Classes of Chemicals.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 500000

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 commitments. The company can be considered for normal business dealings at usual 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

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

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 :	Survey No. 91, Opposite Navinflorine, Udhna Navsari Road, Surat-396023, India
Tel. No.:	91-261-2891419/ 2891420
Fax No.:	91-261-2892364
E-Mail :	ctx@drdcs.net ppskishore@ctxis.com kanak.jariwala@ctxis.com
Website :	http://www.ctxls.com

Factory :	Block No. 251-252, Sachin Magdalla Road, GIDC, Sachin, Surat-394230, Gujarat, India
Tel. No.:	91-261-2398456/2399669
Fax No.:	91-261-2398547

Sales and Marketing Office :	4^th Floor, Monarch Plaza, Plot No. 56, Sector 11, CBD Belapur, Navi Mumbai-400614, Maharashtra, India
Tel. No.:	91-22-32012829
Fax No.:	91-22-66434848
E-Mail :	msbalaji@ctxls.com

Overseas Office :	8000 Corporate Centre Drive, Suite 105, Charlotte, NC 28226, USA
E-Mail :	nnborkar@yahoo.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Jayantilal Thakordas Jariwala

Designation :

Managing Director

Address :

3, Ekta Bungalows, Opposite Tinidhi Apartment, Ghod Dod Road, Surat-395001, Gujarat, India

Date of Appointment :

02.03.2011

Din No.:

00110103

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	U24114GJ1982PLC066278	COLOURTEX LIMITED	Director	15/11/1983	15/11/1983	Amalgamated	NO
2	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Managing director	03/03/2011	22/09/1989	Active	NO
3	U24231GJ1989PTC012917	COLOURTEX EXPORTS PRIVATE LIMITED	Director	23/10/1989	23/10/1989	Amalgamated	NO
4	U24231GJ1989PTC013037	ANTHRACOL DYES AND INTERMEDICATES PRIVATE LIMITED	Director	22/11/1989	22/11/1989	Amalgamated	NO
5	U27100GJ1974PTC002605	VIJAY FOUNDRY AND MACHINE WORKS PRIVATE LIMITED	Director	20/05/2000	20/05/2000	Active	NO
6	U63022GJ1995PTC026971	COLOURTEX MARKETING PRIVATE LIMITED	Director	01/01/2003	01/01/2003	Amalgamated	NO
7	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Managing director	03/03/2011	02/03/2011	Active	NO
8	U45201GJ2003PTC042773	DHANESH ENTERPRISE PRIVATE LIMITED	Managing director	03/03/2011	02/03/2011	Active	NO
9	U24231GJ1989PLC012922	COLOURTEX INDUSTRIES LIMITED	Managing director	03/03/2011	02/03/2011	Active	NO

Name :

Mr. Vishadkumar Jayantilal Jariwala

Designation :

Director

Address :

4, Ekta Bungalows, Opposite Tinidhi Apartment, Ghod Dod Road, Surat-395001, Gujarat, India

Date of Appointment :

05.02.2004

Din No.:

00076314

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	U24231GJ1989PTC013039	JAYCOL INDUSTRIES PRIVATE LIMITED	Director	16/08/1993	16/08/1993	-	Amalgamated	NO
2	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Director	10/09/1993	10/09/1993	-	Active	NO
3	U24299GJ1982PTC005533	COLOUR SYNTHE INDUSTRIES PRIVATE LIMITED	Director	12/01/1994	12/01/1994	-	Amalgamated	NO
4	U24231GJ1989PTC012917	COLOURTEX EXPORTS PRIVATE LIMITED	Director	18/07/1994	18/07/1994	-	Amalgamated	NO
5	U24231GJ1989PLC012922	COLOURTEX INDUSTRIES LIMITED	Director	29/12/1994	29/12/1994	-	Active	NO
6	U24114GJ1982PLC066278	COLOURTEX LIMITED	Director	02/06/1997	02/06/1997	-	Amalgamated	NO
7	U72200MH2000PTC124590	COCONUT SOFTWARES PRIVATE LIMITED	Director	31/10/2000	31/10/2000	26/10/2007	Active	NO
8	U24124GJ2000PTC039091	VI COL PRIVATE LIMITED	Director	07/12/2002	07/12/2002	-	Amalgamated	NO
9	U45201GJ2003PTC042773	DHANESH ENTERPRISE PRIVATE LIMITED	Director	21/08/2003	21/08/2003	-	Active	NO
10	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Director	05/02/2004	05/02/2004	-	Active	NO
11	U17119GJ2003PTC042080	PARTH PRINTS PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Amalgamated	NO
12	U24100GJ2010PTC059677	CORA FINE CHEM PRIVATE LIMITED	Director	23/02/2010	23/02/2010	-	Amalgamated	NO
13	U17120GJ2010PTC060198	VENUS SILK PRIVATE LIMITED	Director	07/04/2010	07/04/2010	-	Active	NO
14	U17120GJ2011PTC070079	CONAC TEXTILES PRIVATE LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
15	U17200GJ2011PTC070078	JTJ CHEMICALS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO

Name :

Mr. Kanakkumar Jayantilal Jariwala

Designation :

Director

Address :

3, Ekta Bungalows, Opposite Tinidhi Apartment, Ghod Dod Road, Surat-395001, Gujarat, India

Date of Appointment :

05.02.2004

Din No.:

00110182

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	U24114GJ1982PLC066278	COLOURTEX LIMITED	Director	10/09/1993	10/09/1993	Amalgamated	NO
2	U24231GJ1989PLC012922	COLOURTEX INDUSTRIES LIMITED	Director	18/01/1994	18/01/1994	Active	NO
3	U24231GJ1989PTC012917	COLOURTEX EXPORTS PRIVATE LIMITED	Director	18/07/1994	18/07/1994	Amalgamated	NO
4	U24231GJ1991PTC016030	JAYTEE CHEM PRIVATE LIMITED	Director	29/12/1994	29/12/1994	Amalgamated	NO
5	U24299GJ1982PTC005533	COLOUR SYNTHE INDUSTRIES PRIVATE LIMITED	Director	02/01/1995	02/01/1995	Amalgamated	NO
6	U24231GJ1989PTC013039	JAYCOL INDUSTRIES PRIVATE LIMITED	Director	01/03/1995	01/03/1995	Amalgamated	NO
7	U27100GJ1974PTC002605	VIJAY FOUNDRY AND MACHINE WORKS PRIVATE LIMITED	Director	20/05/2000	20/05/2000	Active	NO
8	U17119GJ1981PTC004517	VAKHARIA SILK MILLS PRIVATE LIMITED	Director	01/08/2000	01/08/2000	Amalgamated	NO
9	U63022GJ1995PTC026971	COLOURTEX MARKETING PRIVATE LIMITED	Director	01/01/2003	01/01/2003	Amalgamated	NO
10	U45201GJ2003PTC042773	DHANESH ENTERPRISE PRIVATE LIMITED	Director	21/08/2003	21/08/2003	Active	NO
11	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Director	05/02/2004	05/02/2004	Active	NO
12	U17119GJ2003PTC042080	PARTH PRINTS PRIVATE LIMITED	Director	15/12/2006	15/12/2006	Amalgamated	NO
13	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Director	30/09/2011	02/03/2011	Active	NO
14	U24224GJ2011PTC066072	VIPAN COLOUR CHEMICALS PRIVATE LIMITED	Director	28/06/2011	28/06/2011	Active	NO
15	U52310GJ2011PTC066082	COLOURTEX CHEMICALS PRIVATE LIMITED	Director	29/06/2011	29/06/2011	Active	NO

Name :

Mr. Bipinchandra Dhansukhlal Kabutarwala

Designation :

Director

Address :

4, Ekta Bungalows, Opposite Tinidhi Apartment, Ghod Dod Road, Surat-395001, Gujarat, India

Date of Appointment :

05.02.2004

Din No.:

00110283

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	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Director	17/12/1988	17/12/1988	Active	NO
2	U27100GJ1974PTC002605	VIJAY FOUNDRY AND MACHINE WORKS PRIVATE LIMITED	Director	20/05/2000	20/05/2000	Active	NO
3	U24114GJ1982PLC066278	COLOURTEX LIMITED	Director	03/12/2001	03/12/2001	Amalgamated	NO
4	U72900GJ2000PTC037611	AISLING TECHNOLOGIES PRIVATE LIMITED	Director	22/06/2002	22/06/2002	Amalgamated	NO
5	U24124GJ2000PTC039091	VI COL PRIVATE LIMITED	Director	07/12/2002	07/12/2002	Amalgamated	NO
6	U63022GJ1995PTC026971	COLOURTEX MARKETING PRIVATE LIMITED	Director	01/01/2003	01/01/2003	Amalgamated	NO
7	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Director	05/02/2004	05/02/2004	Active	NO
8	U05003GJ2007PTC050627	KM INDIGOS PRIVATE LIMITED	Director	23/04/2007	23/04/2007	Amalgamated	NO
9	U72200MH2000PTC124590	COCONUT SOFTWARES PRIVATE LIMITED	Director	26/10/2007	26/10/2007	Active	NO
10	U72900MH2008PTC178086	SHIFT SOLUTIONS PRIVATE LIMITED	Director	22/01/2008	22/01/2008	Active	YES

Name :

Mr. Pravinchandra Dhansukhlal Kabutarwala

Designation :

Director

Address :

4, Ekta Bungalows, Opposite Tinidhi Apartment, Ghod Dod Road, Surat-395001, Gujarat, India

Date of Appointment :

05.02.2004

Din No.:

00110351

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	U24299GJ1982PTC005533	COLOUR SYNTHE INDUSTRIES PRIVATE LIMITED	Director	24/09/1982	24/09/1982	Amalgamated	NO
2	U24231GJ1989PLC012922	COLOURTEX INDUSTRIES LIMITED	Director	23/10/1989	23/10/1989	Active	NO
3	U24231GJ1989PTC013039	JAYCOL INDUSTRIES PRIVATE LIMITED	Director	16/08/1993	16/08/1993	Amalgamated	NO
4	U24231GJ1989PTC012917	COLOURTEX EXPORTS PRIVATE LIMITED	Director	02/10/1995	02/10/1995	Amalgamated	NO
5	U24231GJ1988PTC010367	CTX DYESTUFFS PRIVATE LIMITED	Director	02/10/1995	02/10/1995	Active	NO
6	U27100GJ1974PTC002605	VIJAY FOUNDRY AND MACHINE WORKS PRIVATE LIMITED	Director	20/05/2000	20/05/2000	Active	NO
7	U17119GJ1981PTC004517	VAKHARIA SILK MILLS PRIVATE LIMITED	Director	01/08/2000	01/08/2000	Amalgamated	NO
8	U45201GJ2003PTC042773	DHANESH ENTERPRISE PRIVATE LIMITED	Director	21/08/2003	21/08/2003	Active	NO
9	U24114GJ2004PTC043554	CTX LIFESCIENCE PRIVATE LIMITED	Director	05/02/2004	05/02/2004	Active	NO
10	U24100GJ2010PTC059677	CORA FINE CHEM PRIVATE LIMITED	Director	23/02/2010	23/02/2010	Amalgamated	NO
11	U17120GJ2010PTC060198	VENUS SILK PRIVATE LIMITED	Director	07/04/2010	07/04/2010	Active	NO
12	U17120GJ2011PTC070079	CONAC TEXTILES PRIVATE LIMITED	Director	04/05/2011	04/05/2011	Active	NO
13	U17200GJ2011PTC070078	JTJ CHEMICALS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Vishadkumar Jayantilal Jariwala	2860000	708500
Kanakkumar Jayantilal Jariwala	2860000	708500
Pravinchandra Dhansukhlal Kabutarwala	3000000	480000
Bipinchandra Dhansukhlal Kabutarwala	3000000	480000
Jayantilal Thakordas Jariwala	7280000	1031000
Rameshchandra Dhansukhlal Kabutarwala	3000000	480000
Maheshchandra Dhansukhla Kabutarwala	3000000	480000

TOTAL	25000000	4368000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical, Drugs, Enzymes and Sanitary Napkins and all Classes of Chemicals.

Products :

PRODUCT DESCRIPTION

ITC CODE

Organic Chemicals

2929520.90/ 2916.39.90

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of Baroda, Parsi Sheri Branch, Surat-395003, Gujarat, India

· IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai Branch Office, At 2^nd Floor, Ghod Dod Road, Surat-395007, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working Capital Loans	103.970	56.807
TOTAL	103.970	56.807

Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loans Directors	423.237	367.293
TOTAL	423.237	367.293


Banking Relations :	--

Auditors :
Name :	SNK and Company Chartered Accountants
Address :	31-A, SNK Hosue, Adarsh Society, Athwalines, Surat-395001, Gujarat, India
PAN No:	AAJFS8455L

Related Parties :	· Colourtex Industries Limited · Bhavin Fashions

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions
25000000	Preferences Shares	Rs.10/- each	Rs.250.000 Millions
	TOTAL		Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4368000	Equity Shares	Rs.10/- each	Rs.43.680 Millions
25000000	Preferences Shares	Rs.10/- each	Rs.250.000 Millions
	TOTAL		Rs.293.680 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4368000	Equity Shares	Rs.10/- each	Rs.43.680 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		43.680	40.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		81.745	10.774	0.000
4] (Accumulated Losses)		0.000	0.000	(46.619)
NETWORTH		125.425	50.774	(6.619)
LOAN FUNDS
1] Secured Loans		103.970	56.807	83.837
2] Unsecured Loans		423.237	367.293	321.015
TOTAL BORROWING		527.207	424.100	404.852
DEFERRED TAX LIABILITIES		38.357	6.797	0.000

TOTAL		690.989	481.671	398.233

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		363.146	224.714	222.871
Capital work-in-progress		12.550	78.182	39.961

INVESTMENT		0.101	0.561	0.561
DEFERREX TAX ASSETS		0.000	0.000	29.151

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	131.683	96.049	64.412
	Sundry Debtors	601.150	377.572	179.346
	Cash & Bank Balances	18.775	13.793	11.254
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	90.827	66.927	29.132
Total Current Assets		842.435	554.341	284.144
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	495.184	349.068	172.581
	Other Current Liabilities	9.200	13.462	4.971
	Provisions	22.859	13.597	0.991
Total Current Liabilities		527.243	376.127	178.543
Net Current Assets		315.192	178.214	105.601

MISCELLANEOUS EXPENSES		0.000	0.000	0.088

TOTAL		690.989	481.671	398.233

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1234.331	1003.127
		Other Income	2.552	0.272
		TOTAL	1236.883	1003.399	764.494

Less	EXPENSES
		Office Expenses
		Administrative Expenses	1116.789	898.971	760.697
		Advertising Expenses
		Financial Expenses
		TOTAL	1116.789	898.971	760.697

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		120.094	104.428	3.797

Less/ Add	DEPRECIATION/ AMORTISATION		14.948	10.492	9.833

	PROFIT / (LOSS) BEFORE TAX		105.146	93.936	(6.036)

Less	TAX		53.500	48.683	(4.304)

	PROFIT / (LOSS) AFTER TAX		51.646	45.253	(1.732)

Less	ADJUST IN RESPECT OF PREVIOUS YEAR SHORT PROVISION TAX		0.086	0.041	0.381

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.774	(46.619)	(44.506)
	MAT CREDIT RECEIVABLE		17.570	12.181	0.000

	BALANCE CARRIED TO THE B/S		79.904	10.774	(46.619)

	EARNINGS IN FOREIGN CURRENCY		146.762	64.083	NA

	IMPORTS		158.943	130.147	NA

	Earnings / (Loss) Per Share (Rs.)		11.82	11.31	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.17	4.50	(0.23)

Net Profit Margin (PBT/Sales)	(%)	8.52	9.36	NA

Return on Total Assets (PBT/Total Assets}	(%)	8.72	12.06	(1.19)

Return on Investment (ROI) (PBT/Networth)		0.84	1.85	0.91

Debt Equity Ratio (Total Liability/Networth)		8.41	15.76	(88.14)

Current Ratio (Current Asset/Current Liability)		1.60	1.47	1.59

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	Yes
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]	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

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10216829
Corporate identity number of the company	U24114GJ2004PTC043554
Name of the company	CTX LIFESCIENCE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 91, Opposite Navinflorine, Udhna Navsari Road, Surat-396023, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai Branch Office, At 2^nd Floor, Ghod Dod Road, Surat-395007, Gujarat, India
Email	kruti.soni@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental facilities agreement Supplemental deed of hypothecation
Date of instrument Creating the charge	12.12.2011
Amount secured by the charge	Rs.285.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit: @BBR + 3.50% (presently BBR is 10.75% p.a.) Payable monthly Export packing credit/PCFC and FPB/FBD (inner cc limit): -BBR + 2.75% (presently BBR is 10.75% p.a.) Terms of Repayment CC :- on demand Export packing credit :- submission of export bills on or before due dates FBP/FBD :- realization of export bills on or before due dates LC/BC :- Tensure not to exceed 180 days/ 12 months line for LC/. And 1 year for BC Bank guarantee :- return of original gteeon or before the date of expiry LER:- 1 year Margin Cash credit :- 25.00 % on stock and book debts up to 90 days. Export packing credit :- tenure not to exceed 90 days/12 months line FBP/FBD :- realization of export bills on or before due Letter of credit/ buyers credit (LC/BC) :- 10.00 % and nil for inter limit of cc. Bank gtee limit (inter limit to LC/BC) :- 10.00% in form to term deposit LER:- as decided by treasury Extent and Operation of the charge First And Exclusive Charge Created On The Assets Others Charge is further secured by corporate guarantee of Colourtex Industries Limited
Short particulars of the property charged	All stock of raw materials, work in process, finished goods, book debts and all present and future plant and machinery of the company.
Date of latest modification prior to the present modification	19.01.2011
Particulars of the present modification	Charge created is now extended to secure cc limit:- Rs.150.000 Millions (LC/BC) limit of: - Rs.120.000 Millions LER:- Rs. 10.000 Millions Bank guarantee (BG) :- Rs 5.000 Millions Total:- Rs. 285.000 Millions Charge amt stands modified from Rs. 235.000 Millions to 285.000 Millions

FIXED ASSETS:

· Factory Building

· Plant and Machinery

· Laboratory Equipment

· Electric Installation

· Office Equipment

· Furniture and Fixtures

· Motor Car

· Mobile

· Computer

AS PER WEBSITE:

PROFILE:

Subject is an Active Pharmaceutical Ingredient (API) and Intermediate manufacturing company, having a cGMP facility spread over 36 acres of land at Sachin, Surat in the state of Gujarat in India. It is an integral part of 40 years old, privately held Colourtex Group of companies, which has over 2000 employees.

Subject has the support and access to Colourtex’s large infrastructure suitable for chemical and pharmaceutical operatio

MILESTONES:

2008

US DMF and CEP filed for Metoprolol Succinate

US DMF and CEP filed for Metoprolol Tartrate

Canadian DMF filed for Hydrochlorothiazide

US DMF and CEP filed for Xylometazoline HCL

US DMF and CEP filling in October for Oxymetazoline HCL

Canadian DMF filling in October for Metoprolol Tartrate

2007

US DMF and CEP filed for Hydrochlorothiazide

WHO GMP Certificates.

2006

The plant qualification and commissioning is completed and validation activities commence.

2005

The manufacturing facility installation is completed.

2004

Colourtex acquires 36 acres of land supported by large infrastructure, to construct a Greenfield project dedicated exclusively to pharmaceutical operations.

2003

Colourtex strategically decides to diversify into pharmaceuticals.

Subject strongly believes that with its excellent infrastructure and extensive chemical business background, it is aptly positioned for APIs and Intermediates manufacturing and outsourcing for global pharmaceutical and chemical industries.

The ultimate business strategy of subject is “to be a partner in the global pharmaceutical and chemical industries and continue to be a reliable and consistent supplier of APIs and Intermediates”.

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 internationa 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.52.21
UK Pound	1	Rs.84.00
Euro	1	Rs.67.75

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.

MIRA INFORM REPORT

131.683

601.150

18.775

0.000

90.827

842.435

495.184

9.200

22.859

527.243

315.192

4.17

8.52

8.72

0.84

8.41

1.60

Unit