MIRA INFORM REPORT

Report Date :

10.08.2013

IDENTIFICATION DETAILS

Name :	ORBIT LIFESCIENCE PRIVATE LIMITED
Registered Office :	13, Kailash Darshan, 4^th Floor, Nana Chowk, Grant Road Mumbai -400007, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.05.2003
Com. Reg. No.:	11-140389
Capital Investment / Paid-up Capital :	Rs.0.110 Million
CIN No.: [Company Identification No.]	U24260MH2003PTC140389
TAN No.: [Tax Deduction & Collection Account No.]	MUMO03665E
PAN No.: [Permanent Account No.]	AAACO6012E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing, Exporters of finished formulations, supply of APl’s and raw materials and intermediates for bulk drugs.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 260000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitments. The company can be considered normal for 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	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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	13, Kailash Darshan, 4^th Floor, Nana Chowk, Grant Road Mumbai -400007, Maharashtra, India.
Tel. No.:	91-22-23803200
Fax No.:	91-22-23803202
E-Mail :	deepak@orbitimpex.net orbit@orbitimpex.net
Website :	http://www.orbitlifescience.com

DIRECTORS

As on: 28.09.2012

Name :

Mr. Amit Arvind Sheth

Designation :

Director

Address :

701, Vastu Shilp, Gamadia Colony Lane, Tardeo, Mumbai -400007, Maharashtra, India

Date of Birth :

12.01.1979

Date of Appointment :

09.05.2003

PAN No.:

ABAPS6983K

DIN No.:

00054012

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	U24260MH2003PTC140389	ORBIT LIFESCIENCE PRIVATE LIMITED	Director	09/05/2003	09/05/2003	-	Active	NO
2	U24110AP2006PTC051498	INCHEM LABORATORIES PRIVATE LIMITED	Director	23/08/2010	11/06/2010	01/08/2011	Active	NO

Name :

Mr. Arvind Bhupatrai Sheth

Designation :

Director

Address :

701, Vastu Shilp, Gamadia Colony Lane, Tardeo, Mumbai -400007, Maharashtra, India

Date of Birth :

09.05.1950

Date of Appointment :

09.05.2003

PAN No.:

AAHPS9944A

DIN No.:

00053848

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	U24260MH2003PTC140389	ORBIT LIFESCIENCE PRIVATE LIMITED	Director	09/05/2003	09/05/2003	-	Active	NO
2	U24110AP2006PTC051498	INCHEM LABORATORIES PRIVATE LIMITED	Director	23/08/2010	11/06/2010	01/08/2011	Active	NO

Name :

Mr. Ashish Arvind Sheth

Designation :

Director

Address :

701, Vastu Shilp, Gamadia Colony Lane, Tardeo, Mumbai -400007, Maharashtra, India

Date of Birth :

19.06.1981

Date of Appointment :

09.05.2003

PAN No.:

AMFPS9712A

DIN No.:

00053919

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	U24260MH2003PTC140389	ORBIT LIFESCIENCE PRIVATE LIMITED	Director	09/05/2003	09/05/2003	-	Active	NO
2	U24110AP2006PTC051498	INCHEM LABORATORIES PRIVATE LIMITED	Director	23/08/2010	11/06/2010	31/03/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Arvind B. Sheth	300
Amit Arvind Sheth	250
Ashish Arvind Sheth	250
Shreya Amit Sheth	100
Meena Arvind Sheth	100
Mamta Ashish Sheth	100
Total	1100

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 :

Manufacturing, Exporters of finished formulations, supply of APl’s and raw materials and intermediates for bulk drugs.

Products:

ITC Code	Product or Services
2942	Glands and other Organs for Organotherapeutic Uses, Dried
3004	Other Amino Acid/ Protein Prepn Vitamins,Spirulina
2941	Other Antibiotics

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank, Basheer Bagh, Hyderabad-500029, Andhra Pradesh, India

· Standard Chartered Bank, SME Credit, 23-25 M.G. Road, Fort, Munbai-400001, Maharashtra, India.

· Bank of Baroda, Geeta Building, Pandita Ramabai Road, Mumbai-400007, Maharashtra, India.

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short-term Borrowings
Loans repayable on demand	123.889	150.416
Total	123.889	150.416
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Long-term Borrowings
Loans and advances from related parties	40.464	0.000
Total	40.464	0.000

Banking Relations :	--
Auditors :
Name :	H C Timbadia and Company Chartered Accountants
Address :	Room No. 32, 3^rd Floor, Trinity Chamber, 117, Bora Bazar Street, Fort, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22692624/ 22699664
Fax No.:	91-22-22641937
PAN.:	AABPT2277P
Associates :	INCHEM Laboratories Private Limited CIN NO. U24110AP2006PTC051498

CAPITAL STRUCTURE

As on: 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1100	Equity Shares	Rs.100/- each	Rs.0.110 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.110	0.110
(b) Reserves & Surplus	67.183	51.255
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	67.293	51.365
(3) Non-Current Liabilities
(a) long-term borrowings	40.464	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	18.951	13.391
Total Non-current Liabilities (3)	59.415	13.391
(4) Current Liabilities
(a) Short term borrowings	123.889	150.416
(b) Trade payables	420.585	219.313
(c) Other current liabilities	2.337	1.554
(d) Short-term provisions	0.047	0.042
Total Current Liabilities (4)	546.858	371.325
TOTAL	673.566	436.081
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.771	9.723
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	4.770	0.271
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	41.725	41.549
(e) Other Non-current assets	0.006	0.006
Total Non-Current Assets	70.272	51.549
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	39.593	40.371
(c) Trade receivables	560.400	339.111
(d) Cash and cash equivalents	2.670	4.499
(e) Short-term loans and advances	0.329	0.399
(f) Other current assets	0.302	0.152
Total Current Assets	603.294	384.532
TOTAL	673.566	436.081

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.110
2] Share Application Money		0.000
3] Reserves & Surplus		38.312
4] (Accumulated Losses)		0.000
NETWORTH		38.422
LOAN FUNDS
1] Secured Loans		74.939
2] Unsecured Loans		0.000
TOTAL BORROWING		74.939
DEFERRED TAX LIABILITIES		0.000
TOTAL		113.361
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.692
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.296
	Sundry Debtors	241.453
	Cash & Bank Balances	1.869
	Other Current Assets	1.090
	Loans & Advances	24.664
Total Current Assets		282.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	149.987
	Other Current Liabilities	2.731
	Provisions	18.985
Total Current Liabilities		171.703
Net Current Assets		110.669
MISCELLANEOUS EXPENSES		0.000
TOTAL		113.631

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1503.183	1233.238	793.551
		Other Income	(2.385)	0.831	0.242
		TOTAL	1500.798	1234.069	793.793
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1473.803	1212.220	784.756
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		26.995	21.849	9.037
Less/ Add	DEPRECIATION/ AMORTISATION		2.373	0.826	0.420
	PROFIT BEFORE TAX		24.623	21.023	8.617
Less	TAX		8.695	8.080	2.900
	PROFIT AFTER TAX		15.928	12.943	5.717
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.255	38.312	32.595
	BALANCE CARRIED TO THE B/S		67.183	51.255	38.312
	IMPORTS
		Raw Materials	NA	NA	29.155
	TOTAL IMPORTS		NA	NA	29.155
	Earnings Per Share (Rs.)		15.928	12.943	5196.88

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.06	1.05	0.72
Net Profit Margin (PBT/Sales)	(%)	1.64	1.70	1.09
Return on Total Assets (PBT/Total Assets}	(%)	3.68	4.82	3.02
Return on Investment (ROI) (PBT/Networth)		0.37	0.41	0.22
Debt Equity Ratio (Total Debt/Networth)		2.44	2.92	1.96
Current Ratio (Current Asset/Current Liability)		1.10	1.03	1.64

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]	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

BUSINESS AND OPERATIONS OF THE COMPANY:

The sales and other income for the financial year were Rs.1500.798 Millions as against Rs. 1234.069 Millions for the previous financial year. The management is hopeful to improve the performance in the forth coming years.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10363789	31/05/2012	260,000,000.00	Standard Chartered Bank	SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA	B42927889
2	10030178	31/05/2012 *	190,000,000.00	Standard Chartered Bank	SME Credit, Crescenzo, 3A/F, Plot No. C-38 and 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA	B42927301

FIXED ASSETS:

· Computer

· Office equipment

· Air conditioner

· Motor car (Swift)

· Motor car (Desire)

· Motor car (Toyota Altis)

· Motor Car (Santro Zip Plus)

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. 61.11
UK Pound	1	Rs. 94.77
Euro	1	Rs. 81.54

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.