MIRA INFORM REPORT

Report Date :

14.08.2013

IDENTIFICATION DETAILS

Name :	SAI LIFE SCIENCES LIMITED (w.e.f. 28.05.2012)
Formerly Known As :	SAI ADVANTIUM PHARMA LIMITED
Registered Office :	Luxor Park, 8-2-120/86/9/B, Road No.2, Banjara Hills, Opposite LV Prasad Eye Institute, Hyderabad- 500033, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss A/c)
Date of Incorporation :	25.01.1999
Com. Reg. No.:	01-030970
Capital Investment / Paid-up Capital :	Rs. 131.012 millions
CIN No.: [Company Identification No.]	U24110AP1999PLC030970
TAN No.: [Tax Deduction & Collection Account No.]	HYDS03658E
PAN No.: [Permanent Account No.]	AAECS6143F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company carries out Contract Research and Contract Manufacturing related activities for customers in the Pharmaceutical and Biotechnology Industry.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The performance of the company appears to be good. The financial position of the company is sound and healthy. Trade relations are reported as decent. Business is active. Payment terms are usually correct and as per commitment. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ (Long term rating)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	14.12.2012

Rating Agency Name	CRISIL
Rating	A2 (Short term rating)
Rating Explanation	Strong degree of safety and lowest credit risk.
Date	14.12.2012

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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-40-33546000)

LOCATIONS

Registered Office / Corporate Office :	Luxor Park, 8-2-120/86/9/B, Road No.2, Banjara Hills, Opposite LV Prasad Eye Institute, Hyderabad- 500033, Andhra Pradesh, India
Tel. No.:	91-40-66777555 / 23608222
Fax No.:	91-40-23542666 / 23555979
E-Mail :	runa.k@sailife.com
Website :	www.sailife.com
Branch Office:	Bulding 1, Plot #2, Chrysalis Enclave, International Biotech Park, Phase II, Hinjew, Pune-411057, Maharashtra, India

DIRECTORS

As on 01.08.2012

Name :

Mr. Ranga Raju Kanumuri

Designation :

Whole-time director

Address :

8-2-120/A/4, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

05.01.1951

Qualification :

Ph D in Pharmacy

Date of Appointment :

01.08.2012

DIN No.:

00043186

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	U05005AP1991PTC012796	PRATHIMA AQUA CULTURE PRIVATE LIMITED	Director	13/06/1991	13/06/1991	10/03/2011	Active	NO
2	U01222AP1991PTC012795	SWATHI AQUA CULTURE PRIVATE LIMITED	Director	13/06/1991	13/06/1991	10/03/2011	Active	NO
3	U29219AP1989PLC009683	PATTANCHERU ENVEROTECH LIMITED	Director	06/08/1996	06/08/1996	-	Active	NO
4	U24110AP1998PTC029265	SAI QUEST SYN Private Limited	Director	21/04/1998	21/04/1998	-	Active	NO
5	U24110AP1999PLC030970	SAI LIFE SCIENCES LIMITED	Whole-time director	01/08/2012	25/01/1999	-	Active	NO
6	U05005AP1990PTC011548	LAKSHMI ACQUA CULTURE PRIVATE LIMITED	Director	19/04/2000	19/04/2000	11/03/2011	Active	NO
7	U91990AP2001PTC036420	SAI BIO ASSAY PRIVATE LIMITED	Director	19/03/2001	19/03/2001	-	Strike off	NO
8	U24110AP1998PTC028812	CONQUEST PHARMA PRIVATE LIMITED	Director	30/08/2006	30/08/2006	-	Amalgamated	NO
9	U73100AP2005PTC062723	ADVANTIUM PHARMA PRIVATE LIMITED	Director	30/09/2007	20/07/2007	-	Amalgamated	NO
10	U24297AP2010PTC067624	INGENUS PHARMACEUTICALS PRIVATE LIMITED	Director	19/03/2010	19/03/2010	-	Active	NO
11	U74900AP2013PTC085863	SAI ONCOLOGY PRIVATE LIMITED	Director	20/02/2013	20/02/2013	-	Active	NO

Name :

Mr. Krishnamraju Kanumuri

Designation :

Managing director

Address :

8-2-120/A/4, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

10.02.1971

Qualification :

BE in Chemical Engineering, MBA

Date of Appointment :

01.07.2011

DIN No.:

00064614

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	U05005AP1990PTC011548	LAKSHMI ACQUA CULTURE PRIVATE LIMITED	Director	06/08/1990	06/08/1990	11/03/2011	Active	NO
2	U24110AP1999PLC030970	SAI LIFE SCIENCES LIMITED	Managing director	01/07/2011	01/05/2004	-	Active	NO
3	U73100AP2005PTC062723	ADVANTIUM PHARMA PRIVATE LIMITED	Director	30/09/2007	20/07/2007	-	Amalgamated	NO

Name :

Mr. Penmasta A. Raju

Designation :

Director

Address :

22640 Beaverdam Drive, Ashburn, Virginia-20148, USA

Date of Birth/Age :

22.09.1952

Qualification :

Ph D in Organic Chemistry

Date of Appointment :

08.03.1999

DIN No.:

00897301

Name :

Mr. Moriarty Robert Michael

Designation :

Director

Address :

3739, Michiana Drive, Michigan City, Indiana-46360, USA

Date of Birth/Age :

31.05.1965

Qualification :

Ph D

Date of Appointment :

25.08.2007

DIN No.:

00897207

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	U24110AP1999PLC030970	SAI LIFE SCIENCES LIMITED	Director	25/08/2007	16/08/2006	-	Active	NO

Name :

Mr. Tatta Raja Gopal Srirama

Designation :

Director

Address :

17, Lynwood Way, West Orange, New Jercy-07052, USA

Date of Birth/Age :

17.05.1951

Qualification :

Certified Public Accountant (US), CA and MBA

Date of Appointment :

25.08.2007

DIN No.:

00988348

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	U24110AP1999PLC030970	SAI LIFE SCIENCES LIMITED	Director	25/08/2007	10/01/2007	-	Active	NO

Name :

Mr. William Lamar Greene

Designation :

Director

Address :

973, Crestview Dr, San Carlos-97070, California

Date of Birth/Age :

02.08.1963

Qualification :

BA and MD

Date of Appointment :

11.09.2008

DIN No.:

02164781

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	U24110AP1999PLC030970	SAI LIFE SCIENCES LIMITED	Director	11/09/2008	29/04/2008	-	Active	NO

Name :

Mr. Gautam Mago

Designation :

Director appointed in casual vacancy

Address :

D 202, Lloys Estate, Wadala (East), Mumbai-500037, Maharashtra, India

Date of Birth/Age :

12.03.1979

Qualification :

MBA, ICAI

Date of Appointment :

09.02.2012

DIN No.:

03568682

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	U74140DL2004PTC127708	UNICKON FINANCIAL INTERMEDIARIES PRIVATE LIMITED	Director	20/07/2011	20/07/2011	22/03/2012	Active	NO
2	U24110AP1999PLC030970	SAI LIFE SCIENCES LIMITED	Director appointed in casual vacancy	09/02/2012	28/09/2011	-	Active	NO
3	U72300DL2006PTC154694	UNITEDLEX BPO PRIVATE LIMITED	Director	27/09/2012	07/12/2011	-	Active	NO
4	U65922HR1998PLC042782	INDIA SHELTER FINANCE CORPORATION LIMITED	Additional director	21/03/2012	21/03/2012	21/07/2012	Active	NO
5	U72200KA2006PTC038764	I-CREATE SOFTWARE INDIA PRIVATE LIMITED	Additional director	30/11/2012	30/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Runa Karan
Designation :	Secretary
Address :	46, MIGH, Behind Ganesh Temple, Vijaynagar Colony, Hyderabad-500057, Andhra Pradesh, India
Date of Birth/Age :	16.08.1974
Date of Appointment :	03.10.2008
PAN No.:	AKLPK3369B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.08.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 01.08.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	35.36
Bodies corporate	5.82
Directors or relatives of Directors	43.14
Other top fifty shareholders	15.04
Others	0.64
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company carries out Contract Research and Contract Manufacturing related activities for customers in the Pharmaceutical and Biotechnology Industry.

Products :

Item Code No.	Product Description
99811121	Research and experimental development services in chemistry
99811122	Research and experimental development services in biology
99811303	Research and experimental development services in pharmacy
99831412	Design and development services of a database

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Bank of Bahrain and Kuwait, 6-3-550, L.B. Bhawan, Akashganga, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

· State Bank of India, Overseas Branch, Plot No.241/A, Road No.36, Rajala Towers, 2^nd and 3^rd Floor, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	^(A) 235.097	^(B) 313.979
Working capital loans banks secured	^(C) 416.037	^(D) 263.269
Loans taken for vehicles secured	^(E) 1.183	^(F) 2.198
Total	652.317	579.446

Note :

(A) Term loans are secured by way of first charge on the fixed assets and extension of first charge on present and future current assets.

(B) Term loans are secured by way of first charge on the fixed assets and extension of first charge on present and future current assets.

(C) Includes Cash credit are secured by way of first charge on present and future current assets and extension of first charge on fixed assets.

(D) Includes Cash credit are secured by way of first charge on present and future current assets and extension of first charge on fixed assets.

(E) Secured by hypothecation of vehicles.

(F) Secured by hypothecation of vehicles.

Banking Relations :	--
Auditors : (As on 31.03.2011)
Name :	B S R and Associates Chartered Accountants
Address :	Reliance Humsafar Banjara Hills, Hyderabad, Andhra Pradesh, India
PAN No.:	AAIFB7355D
Subsidiaries : (As on 31.03.2011)	Sai Life Sciences Inc, USA
Companies in which Directors / Directors relatives are interested : (As on 31.03.2011)	· Sai Quest Syn Private Limited, India · Chemrich Fine Chemicals Private Limited, India · MPM Asset Management LLC, USA

CAPITAL STRUCTURE

After 01.08.2012

Authorised Capital : Rs.214.000 Millions

Issued, Subscribed & Paid-up Capital : Rs. 131.492 Millions

As on 01.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
21400000	Equity Shares	Rs.10/- each	Rs.214.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13144200	Equity Shares	Rs.10/- each	Rs.131.442 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
21400000	Equity Shares	Rs.10/- each	Rs.214.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13101200	Equity Shares	Rs.10/- each	Rs.131.012 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		131.012	131.012
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1312.974	1105.214
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1443.986	1236.226
LOAN FUNDS
1] Secured Loans		652.317	579.446
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		652.317	579.446
DEFERRED TAX LIABILITIES		87.746	51.140
TOTAL		2184.049	1866.812
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1326.518	1246.303
Capital work-in-progress		73.136	25.082
INVESTMENT		10.581	0.384
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	224.309	188.800
	Sundry Debtors	461.937	306.384
	Cash & Bank Balances	185.621	200.228
	Other Current Assets	27.368	10.721
	Loans & Advances	287.144	188.515
Total Current Assets		1186.379	894.648
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	326.343	246.536
	Other Current Liabilities	36.328	33.601
	Provisions	49.894	19.468
Total Current Liabilities		412.565	299.605
Net Current Assets		773.814	595.043
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2184.049	1866.812

Note: Profit and Loss for the year 2012 is only available Balance Sheet is not available

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2247.940	1844.405	1460.668
		Other Income	18.853	15.119	40.128
		TOTAL (A)	2266.793	1859.524	1500.796
Less	EXPENSES
		Cost of materials consumed	696.018	602.624
		Employee benefit expense	643.748	534.851	1257.608
		Other expenses	511.609	389.372
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	39.545	(32.729)
		TOTAL (B)	1890.920	1494.118	1257.608
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		375.873	365.406	243.188
Less	FINANCIAL EXPENSES (D)		88.394	19.667	53.052
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		287.479	345.739	190.136
Less/ Add	DEPRECIATION/ AMORTISATION (F)		109.794	96.901	81.722
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		177.685	248.838	108.414
Less	TAX (H)		49.891	41.078	33.415
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		127.794	207.760	74.999
	EARNINGS IN FOREIGN CURRENCY
		Export of goods and services	2231.157	1820.577	1440.761
	TOTAL EARNINGS		2231.157	1820.577	1440.761
	IMPORTS
		Raw Materials	156.097	234.273	225.861
		Stores & Spares	8.064	17.043	5.555
		Capital Goods	54.637	95.483	46.855
	TOTAL IMPORTS		218.798	346.799	278.271
	Earnings / (Loss) Per Share (Rs.)
	Basic		9.74	15.86	5.77
	Diluted		9.50	15.78	5.73

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.64	11.26	5.00
Net Profit Margin (PBT/Sales)	(%)	7.90	13.49	7.42
Return on Total Assets (PBT/Total Assets}	(%)	NA	9.90	5.06
Return on Investment (ROI) (PBT/Networth)		NA	0.17	0.09
Debt Equity Ratio (Total Debt/Networth)		NA	0.45	0.47
Current Ratio (Current Asset/Current Liability)		NA	2.88	2.99

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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10416517	09/05/2013 *	85,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B75085399
2	10414961	09/05/2013 *	50,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, PLOT NO.241/A, ROAD NO.36, RAJALA TOWERS, 2ND AND 3RD FLOOR, JUBILEE HILLS, HYDERABAD - 500033, ANDHRA PRADESH, INDIA	B75084798
3	10368702	25/10/2012 *	274,400,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B61781662
4	10361351	20/06/2012	16,200,000.00	BANK OF BAHRAIN AND KUWAIT B.S.C	6-3-550,L.B.BHAWAN,, AKASHGANGA, SOMAJIGUDA,, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B41923533
5	10336049	25/10/2012 *	216,805,680.00	BANK OF BAHRAIN AND KUWAIT B.S.C	6-3-550, L.B.BHAWAN, AKASHGANGA, SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B62336011
6	10374871	25/10/2012 *	210,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, PLOT NO.241/A, ROAD NO.36,, RAJALA TOWERS, 2ND AND 3RD FLOOR, JUBILEE HILLS,, HYDERABAD - 500033, ANDHRA PRADESH, INDIA	B61636882
7	10277527	09/05/2013 *	990,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, PLOT NO.241/A, ROAD NO.36, RAJALA TOWERS, 2ND AND 3RD FLOOR, JUBILEE HILLS, HYDERABAD - 500033, ANDHRA PRADESH, INDIA	B75084442
8	10078122	08/11/2007	80,000,000.00	STATE BANK OF HYDERABAD	PUNJAGUTTA BRANCH, H.NO.6-3-542/2, "ROSE MADE", PUNJAGUTTA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	A28150415
9	10034504	24/12/2010 *	430,400,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 5-9-300,, ABIDS, HYDERABAD - 500001, ANDHRA PRADESH, INDIA	B03432440
10	90129807	11/03/2011 *	427,100,000.00	STATE BANK OF HYDERABAD	PUNJAGUTTA BRANCH, "ROSE MADE", H NO.6-3-542/2, PUNJAGUUTA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B08550964

* Date of charge modification

NATURE OF OPERATION

Subject was incorporated on 25 January 1999 as a closely held public limited company. The Company is headquartered in Hyderabad, India and has facilities in the states of Andhra Pradesh, Karnataka and Maharashtra. The Company carries out contract research and contract manufacturing related activities for customers in the pharmaceutical and biotechnology industry.

AMALGAMATION OF ADVANTIUM PHARMA PRIVATELIMITED

BACKGROUND

Advantium Pharma Private Limited 'APPL' was incorporated on 29 March 2005. On 3 October 2007 SAPL purchased entire share capital of Subject and effective that date Subject became a wholly owned subsidiary of SAPL. On 10 June 2009 the Board of Directors of the Company passed a resolution for the merger of Subject with the Company. A Scheme of Arrangement 'the Scheme' pursuant to Section 391 read with Section 394 of the Companies Act1956 'the Act' and other applicable provisions was filed before the Honourable High Court of Andhra Pradesh for the amalgamation of Subject transferor company and SAPL transferee company.

The Honourable High Court of Andhra Pradesh sanctioned the Scheme vide its Order dated 1 April 2010; the amalgamation is effective from 1 April 2009. During the previous year in line with Accounting Standard 4 Contingencies and Events Occurring After the Balance Sheet Date financial statements for the year ended 31 March 2010 was prepared after in corporating the financials of Subject with that of the Company’s results.

SALIENT FEATURES OF THE SCHEME

The salient features of the scheme of arrangement for the amalgamation are as follows:

The Appointed Date of the Scheme for the amalgamation is 1 April 2009.

- With effect from the Appointed Date the entire undertaking of the transferor company including all its movable and immovable properties in possession or reversion present or contingent of whatsoever nature and wherever situated be transferred and vest with transferee company in accordance with and under section 394 of the Act.

- With effect from the Appointed Date all debts liabilities duties and obligations of whatsoever nature shall without any further act or deed be transferred to and taken over by the transferee company in accordance with and under section 394 of the Act.

- All legal and other proceedings and actions of whatsoever nature in any Court or Tribunal or before any authority be continued and prosecuted by or against transferee company in the same manner and to the same extent as they would have been continued and prosecuted by or against transferor company if the scheme had not been given effect to.

- The employees of the transferor company shall become the employees of the transferee company without interruption in service.

CONSIDERATION

(Rs. in millions)

Issued, subscribed and paid up capital
Sai Advantium Pharma Limited (791,495 shares of Rs 10 each)	7.915
Dr. K. Rangaraju (SAPL nominee) ( 10 shares of Rs 10 each)	0.000
Total	7.915

(Rs. in millions)

Particulars
Sundry debtors	3.626
Total assets (A)	3.626
Current liabilities and provisions	0.016
Total liabilities (B)	0.016
Net assets of transferor company as at 1 April 2010 (A-B)	3.610
Less: Purchase consideration	-
Profit/ (loss) on amalgamation	(3.610)
Less: General reserve taken over from APPL	(0.695)
Amount taken to profit and loss account	(4.305)

As per the Scheme all theequity shares held by the Company in APPL and its nominees shall be cancelled.Accordingly there will be no issue and allotment of shares in the Company tothe shareholders of APPL upon the scheme of amalgamation becomeeffective. Hence consideration is considered to be ‘Nil’.

Accounting treatment

The Company has accounted for the merger in its books as per the Pooling of Interest Method of Accounting prescribed under the Accounting Standard 14 issued by the Institute of Chartered Accountants of India such that –

- All the assets and liabilities recorded in the books of APPL have been transferred to and vested in the Company pursuant to the Scheme and have been recorded by the Transferee Company at their book values as appearing in the books of the Transferor Company;

- On and from the Appointed Date the reserves and the balance in the Profit and Loss Account of the Transferor Company have been merged with those of the Transferee Company in the same form as they appear in the financial statements of the Transferor Company;

- Difference in accounting policies between the Transferor Companies and Transferee Company have been quantified and adjusted in the profit and loss account of the Transferee Company to ensure that the financial statements of the Transferee Company reflect the financial position on the basis of consistent accounting policies.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2011	31.03.2010
Bank guarantees	32.517	32.543
Letters of credit outstanding	16.697	12.940
Estimated amount of contracts remaining to be executed on capital account and not provided for net of advances	66.528	21.962
Claims against the Company not acknowledged as debts in respect of
A Income tax matters	8.129	0.000
B Service tax matters	6.923	0.000

WEB DETAILS

PRESS RELEASE

SAI LIFE SCIENCES EYEING $10M IN FRESH FUNDING IN 2014

April 18, 2013

The firm, backed by Sequoia Capital and MPM Capital, is targeting revenues of $100 million by 2017 and may launch an IPO around that time.

Hyderabad-based SAI Life Sciences Limited, a drug discovery, development and manufacturing partner to pharmaceutical companies, is eyeing to raise around $10 million (Rs 540.000 millions) in 2014 to fuel its growth plans. This will be used to part-fund...

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.61.43
UK Pound	1	Rs.95.08
Euro	1	Rs.81.78

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

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	5
--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
TOTAL		50

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.