MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	MEDICHEM LIFE SCIENCES PRIVATE LIMITED
Registered Office :	E/86, Tarapur, MIDC, District Thane – 401506, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.09.2007
Com. Reg. No.:	11-173846
Capital Investment / Paid-up Capital :	Rs.4.385 Millions
CIN No.: [Company Identification No.]	U24232MH2007PTC173846
TAN No.: [Tax Deduction & Collection Account No.]	MUMM34139A
PAN No.: [Permanent Account No.]	AAFCM2318H
Legal Form :	Private Limited Liability Company
Line of Business :	Trading in Bulk Drugs and Intermediates.
No. of Employees :	Not Available

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 300000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The appears slight dip in sales and profitability during the current year. However, general financials seems to be good. There appears no external borrowing. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal 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 – 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

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 / Factory :	E/86, Tarapur, MIDC, District Thane – 401506, Maharashtra, India
Tel. No.:	91- 22-24475594 / 28475060
Fax No.:	Not Available
E-Mail :	dilip_sakaria@hotmail.com
Website :	www.medichemlife.com
Corporate Office :	N Wing Office No.3 26-A, Chandivali, Off Saki Vihar Road, Chandivli, Andheri (East), Mumbai – 400072, Maharashtra, India
Godown :	Pooja Complex, Godown No.20, Opposite Batra Petrol Pump, Purna Village, Bhiwandi, District Thane – 421302, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Dilipkumar Kundanmal Sakaria

Designation :

Director

Address :

11, Anand Building, Sitladevi Temple Road, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

30.07.1972

Date of Appointment :

06.09.2007

DIN No.:

00011250

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	U41000MH1993PTC075705	INSET REMEDIES PRIVATE LIMITED	Director	20-06-03	20-06-03	27-11-12	Active	NO
2	U24232MH2007PTC173846	MEDICHEM LIFE SCIENCES PRIVATE LIMITED.	Director	06-09-07	06-09-07	-	Active	NO
3	U65999MH2008PTC184509	FISH CAPITAL SERVICES PRIVATE LIMITED	Director	10-07-08	10-07-08	-	Active	NO
4	U67120MH2000PTC129271	ANTARIKSHA HOLDING PRIVATE LIMITED	Director	01-02-10	01-02-10	-	Active	NO
5	U74900MH2010PTC209753	VIBRANT CORPORATION PRIVATE LIMITED	Director	02-11-10	02-11-10	-	Active	NO
6	U24100MH2005PTC151808	ASIEL LABORATORIES PRIVATE LIMITED	Additional director	01-09-11	01-09-11	-	Active	NO
7	U24233MH2008PTC186599	AIM HERBOFARM PRIVATE LIMITED	Director	29-11-12	29-11-12	-	Active	NO
8	U24233MH2008PTC186600	ARISTO HERBOFARM PRIVATE LIMITED	Director	29-11-12	29-11-12	-	Active	NO

Name :

Mr. Dhavesh Chandraprakash Lodha

Designation :

Director

Date of Birth/Age :

13.06.1987

Date of Appointment :

01.09.2012

DIN No.:

06369166

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	U24232MH2007PTC173846	MEDICHEM LIFE SCIENCES PRIVATE LIMITED.	Director	01-09-12	01-09-12	-	Active	NO
2	U41000MH1993PTC075705	INSET REMEDIES PRIVATE LIMITED	Director	01-09-12	01-09-12	27-11-12	Active	NO
3	U67120MH2000PTC129271	ANTARIKSHA HOLDING PRIVATE LIMITED	Director	01-09-12	01-09-12	-	Active	NO
4	U65999MH2008PTC184509	FISH CAPITAL SERVICES PRIVATE LIMITED	Director	01-09-12	01-09-12	-	Active	NO
5	U24100MH2005PTC151808	ASIEL LABORATORIES PRIVATE LIMITED	Additional director	05-09-12	05-09-12	-	Active	NO
6	U24233MH2008PTC186599	AIM HERBOFARM PRIVATE LIMITED	Director	29-11-12	29-11-12	-	Active	NO
7	U24233MH2008PTC186600	ARISTO HERBOFARM PRIVATE LIMITED	Director	29-11-12	29-11-12	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Dilip Sakaria	438000
Usman Sharif	500
Total	438500

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Bulk Drugs and Intermediates.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	State Bank of Hyderabad, Overseas Branch,1204, Ashok Mahal, Tulloch Road, Colaba,, Mumbai - 400039, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	S. D. Jain and Company Chartered Accountants
Address :	7/8,Anjalika Sadan, 1^st Floor, S.T. Road, Mahim, Mumbai - 400016, Maharashtra, India
PAN.:	AABPJ2225R

CAPITAL STRUCTURE

As on 31.03.2012

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
438500	Equity Shares	Rs.10/- each	Rs.4.385 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		4.385	4.385	4.385
2] Share Application Money		46.785	0.000	0.000
3] Reserves & Surplus		24.940	21.647	16.341
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		76.110	26.032	20.726
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	158.337	92.088
TOTAL BORROWING		0.000	158.337	92.088
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		76.110	184.369	112.814
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		118.857	116.647	19.447
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		39.595	0.095	0.095
DEFERREX TAX ASSETS		0.022	0.129	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.016	10.001	16.681
	Sundry Debtors	64.048	207.207	155.885
	Cash & Bank Balances	3.167	21.946	4.291
	Other Current Assets	6.306	7.809	1.080
	Loans & Advances	150.122	73.215	183.000
Total Current Assets		231.659	320.178	360.937
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	130.188	227.650	51.055
	Other Current Liabilities	180.882	19.908	214.308
	Provisions	2.953	5.122	2.737
Total Current Liabilities		314.023	252.680	268.100
Net Current Assets		(82.364)	67.498	92.837
MISCELLANEOUS EXPENSES		0.000	0.000	0.435
TOTAL		76.110	184.369	112.814

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	434.604	562.145	392.389
		Other Income			0.000
		TOTAL (A)	434.604	562.145	392.389
Less	EXPENSES
		Raw Material Purchased			378.023
		Direct Expenses			0.131
		Administrative and Selling Expenses	426.483	553.569	2.929
		Preliminary Expenses Written Off			0.049
		TOTAL (B)	426.483	553.569	381.132
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.121	8.576	11.257
Less	FINANCIAL EXPENSES (D)		0.000	0.000	4.310
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.121	8.576	6.947
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.298	0.974	0.111
	PROFIT BEFORE TAX (E-F) (G)		4.823	7.602	6.836
Less	TAX (H)		1.530	2.295	2.236
	PROFIT AFTER TAX (G-H) (I)		3.293	5.307	4.600
Add	DEFERRED TAX LIABILITY		0.000	0.000	0.030
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.935	5.628	0.998
	BALANCE CARRIED TO THE B/S		14.228	10.935	5.628
	Earnings Per Share (Rs.)		7.58	11.70	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.76	0.94	1.17
Net Profit Margin (PBT/Sales)	(%)	NA	NA	1.74
Return on Total Assets (PBT/Total Assets}	(%)	1.38	1.74	1.80
Return on Investment (ROI) (PBT/Networth)		0.06	0.29	0.33
Debt Equity Ratio (Total Debt /Networth)		0.00	6.08	4.44
Current Ratio (Current Asset/Current Liability)		0.74	1.27	1.35

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	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]	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	No

Note:

The registered of address of the company has been shifted from Premises No.2, 150 Rohira House Co-Op Hsg Soc. Limited, Veer Savarkar Marg, Mahim, Mumbai 400016, Maharashtra, India to present address w.e.f. 01.02.2011

BUSINESS OPERATION

The company was incorporated on 6^Th September, 2007. In its Fifth year of its operations, the company has achieved a total turnover of Rs. 434.604 Millions (Previous Year Rs. 562.145 Millions) during the financial year ended on 31st March, 2012 and net profit of Rs. 3.293 Millions (previous year Rs. 5.307 Millions). The company is expecting much more of the business operations and the profit in the years to come.

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
From Banks and F I Institutions	0.000	89.778
Form Body Cooperates	0.000	68.558
Total	0.000	158.336

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24232MH2007PTC173846
Name of the company	MEDICHEM LIFE SCIENCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	E/86, Tarapur, MIDC, District Thane – 401506, Maharashtra, India dilip_sakaria@hotmail.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of Hyderabad, Overseas Branch,1204, Ashok Mahal, Tulloch Road, Colaba,, Mumbai - 400039, Maharashtra, India vlaxmancrc@gmail.com
Nature of instrument creating charge	Memorandum of deposit for creation of charge for Tem Loan/Overall limit.
Date of instrument Creating the charge	14.01.2013
Amount secured by the charge	Rs.121.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as may be stipulated by the Bank from time to time. Terms of Repayment On Demand Margin As may be stipulated by Bank from time to time. Extent and Operation of the charge The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.121.500 Millions granted to Arch Pharmalabs Limited ("the borrower") including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable property being Factory premise together with Plot of land known as Plot No.E-86, admg.2100 sq.mtrs together with a structure being factory shed adm. 435.93 sq.mtr in Tarapore Industrial area within the Village limits of Salwad, Taluka Palghar, Dist. Thane.

FIXED ASSETS

· Computer

· Office Equipment

· Car

· Land

· Furniture and Fixtures

· 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 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.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.82

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.