MIRA INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	VITAL HEALTH CARE PRIVATE LIMITED
Registered Office :	“Venkatesh” Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.01.1998
Com. Reg. No.:	11-113058
Capital Investment / Paid-up Capital :	Rs. 38.020 Millions
CIN No.: [Company Identification No.]	U24230MH1998PTC113058
TAN No.: [Tax Deduction & Collection Account No.]	MUMV06794E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of API’s [Active Pharmaceutical Ingredients].
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 949000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of “Vital Group” It is a well established company having a satisfactory track record. Financial strength seems to be good. 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 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ [Long Term]
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	31.05.2013

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 co-operative [91-22-26183641]

LOCATIONS

Registered / Corporate Office :	“Venkatesh” Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26183641/ 26136946
Fax No.:	91-22-26136945
E-Mail :	vital@vhcpl.com
Website :	www.vitalhealthcare.in www.vitallab.in
Factory 1 / Administrative Office :	Plot No.1416-19 and 1420, 1507/1 and 1507/2, 1601/1 and 1601/2, G.I.D.C. Estate, Phase III, Vapi – 396195, Gujarat, India
Factory 2 :	Plot No. 1710 and A1/2208 G.I.D.C Estate, Phase III, Vapi – 396195, Gujarat, India
E-Mail :	vital@vhcpl.com

DIRECTORS

AS ON 15.06.2011

Name :

Mr. Laltaprasad Shrinath Maurya

Designation :

Director

Address :

Ashok Nagar, Chanod Colony, Vapi – 396195, Gujarat, India

Date of Birth/Age :

26.07.1955

Date of Appointment :

15.05.2005

DIN No.:

00202949

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	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	15/05/2005	15/05/2005	Active	NO
2	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	31/03/2006	31/03/2006	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	24/04/2009	24/04/2009	Active	NO

Name :

Mr. Shri Gopal Rangnath Bajaj

Designation :

Director

Address :

Venkatesh, Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

04.01.1943

Date of Appointment :

31.03.2001

DIN No.:

00983198

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	U24200MH1981PTC023725	PADMA PHARMACEUTICALS PRIVATE LIMITED	Director	21/01/1981	21/01/1981	Active	NO
2	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	31/03/2001	31/03/2001	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	22/06/2012	13/06/2002	Active	NO
4	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	01/09/2005	01/09/2005	Active	NO
5	U51109WB2008PTC126102	NABARATNA VINIMAY PRIVATE LIMITED	Director	09/04/2010	09/04/2010	Active	NO
6	U18101WB2007PTC117005	TRIVINI TRADERS PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO
7	U45400WB2007PTC116809	NIGHTANGLE CONSTRUCTION PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO

Name :

Mr. Rajiv Shri Gopal Bajaj

Designation :

Director

Address :

Venkatesh, 2^nd Floor, Mahant Road Extension, Uttkarsh Mandal Circle, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

10.01.1965

Date of Appointment :

31.03.2001

DIN No.:

01659971

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	U24200MH1981PTC023725	PADMA PHARMACEUTICALS PRIVATE LIMITED	Director	22/12/1983	22/12/1983	Active	NO
2	U24230MH1998PTC113058	VITAL HEALTH CARE PRIVATE LIMITED	Director	31/03/2001	31/03/2001	Active	NO
3	U24230MH2002PTC136195	VITAL LABORATORIES PRIVATE LIMITED	Director	13/06/2002	13/06/2002	Active	NO
4	U24230MH2003PTC143328	VITAL LIFESCIENCES PRIVATE LIMITED	Director	01/09/2005	01/09/2005	Active	NO
5	U51109WB2008PTC126102	NABARATNA VINIMAY PRIVATE LIMITED	Director	09/04/2010	09/04/2010	Active	NO
6	U18101WB2007PTC117005	TRIVINI TRADERS PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO
7	U45400WB2007PTC116809	NIGHTANGLE CONSTRUCTION PRIVATE LIMITED	Director	01/11/2011	01/11/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.06.2011

Names of Shareholders	No. of Shares
Dipika R Bajaj	434420
G.D.Bajaj	618250
Rajiv S Bajaj	374500
Rajiv S. Bajaj (HUF)	326000
S. R. Bajaj	479080
S. R. Bajaj (HUF)	557500
Padma Pharmaceuticals Private Limited, India	1010500
L.P. Maurya	1750
TOTAL	3802000

AS ON 15.06.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	26.58
Directors or relatives of directors	73.42
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of API’s [Active Pharmaceutical Ingredients].

Products :

ITEM CODE	PRODUCT DESCRIPTION
293921.01	Quinine Sulphate
2939921.02	Quinine Hydrochirochl
NA	Tablet Formulation

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Quinine Salts and Derivatives	Kgs.	120000	52645.95
Artimisinine and Derivatives	Kgs.	24000	11255.33
Nimesuilide and Derivatives	Kgs.	180000	104456
Cinchonine and Derivatives	Kgs.	12000	468
Lumefantrine and Derivatives	Kgs.	40000	18578.64

Note: As certified by the Director and accepted by the Auditors. Licensed Capacity per annum is not indicated due to the abolition of industrial licenses as per notification no; 477 (E) dated July 1991 issued under The Industries (Development and Regulation) Act, 1951.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Saraswat Co-operative Bank Limited, Govind Bhavan, 47 Old Nagardas Road, Andheri (East), Mumbai - 400069, Maharashtra, India
• State Bank of India, Industrial Finance Branch, Sakinaka, 1^st Floor, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai - 400072, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	79.831	85.854
TOTAL	79.831	85.854

Banking Relations :	--
Auditors :
Name :	Shantilal Chandaliya and Company Chartered Accountants
Address :	G-6/7, Amit Industrial Premises, 61, Dr. S.S Rao Road, Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-40690701
Fax No.:	91-22-40690711
E-Mail :	info@sicca.in
PAN No:	AAPCS5584D
Associates/Subsidiaries :	Nabaratna Vinimay Private Limited [U51109WB2008PTC126102] Padma Pharmaceuticals Private Limited [U24200MH1981PTC023725] Vital Lifesciences Private Limited [U24230MH2003PTC143328] Vital Laboratories Private Limited [U24230MH2002PTC136195]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3802000	Equity Shares	Rs.10/- each	Rs.38.020 Millions

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	38.020	38.020
(b) Reserves & Surplus	199.355	171.208
(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)	237.375	209.228
(3) Non-Current Liabilities
(a) long-term borrowings	143.317	104.495
(b) Deferred tax liabilities (Net)	15.275	15.757
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.755	0.530
Total Non-current Liabilities (3)	159.347	120.782
(4) Current Liabilities
(a) Short term borrowings	275.625	217.990
(b) Trade payables	213.674	137.633
(c) Other current liabilities	5.302	1.910
(d) Short-term provisions	2.089	0.876
Total Current Liabilities (4)	496.690	358.409
TOTAL	893.412	688.419
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	212.971	213.631
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	19.022	4.335
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.005	0.005
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	19.179	12.255
(e) Other Non-current assets	2.234	1.754
Total Non-Current Assets	253.411	231.980
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	396.232	264.322
(c) Trade receivables	171.637	146.284
(d) Cash and cash equivalents	33.541	21.859
(e) Short-term loans and advances	36.394	19.849
(f) Other current assets	2.197	4.125
Total Current Assets	640.001	456.439
TOTAL	893.412	688.419

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		38.020
2] Share Application Money		0.000
3] Reserves & Surplus		149.405
4] (Accumulated Losses)		0.000
NETWORTH		187.425
LOAN FUNDS
1] Secured Loans		192.422
2] Unsecured Loans		38.265
TOTAL BORROWING		230.687
DEFERRED TAX LIABILITIES		15.392
TOTAL		433.504
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		214.753
Capital work-in-progress		0.000
INVESTMENT		0.005
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	159.584
	Sundry Debtors	189.322
	Cash & Bank Balances	15.445
	Other Current Assets	0.000
	Loans & Advances	25.586
Total Current Assets		389.937
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	170.801
	Provisions	0.390
Total Current Liabilities		171.191
Net Current Assets		218.746
MISCELLANEOUS EXPENSES		0.000
TOTAL		433.504

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		751.939	661.518
		Other Income		8.664	NA
		TOTAL	1092.315	760.603	NA
Less	EXPENSES
		TOTAL	1050.586	728.156	NA
	PROFIT / (LOSS) BEFORE TAX		41.729	32.447	15.104
Less	TAX		13.582	10.644	1.198
	PROFIT / (LOSS) AFTER TAX		28.147	21.803	13.906
	EARNINGS IN FOREIGN CURRENCY
		On FOB basis	228.980	NA	NA
	Earnings / (Loss) Per Share (Rs.)		7.40	5.73	3.65

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.57	2.87	NA
Net Profit Margin (PBT/Sales)	(%)	NA	4.32	2.28
Return on Total Assets (PBT/Total Assets}	(%)	4.77	4.74	2.50
Return on Investment (ROI) (PBT/Networth)		0.17	0.15	0.08
Debt Equity Ratio (Total Debt/Networth)		1.76	1.54	1.23
Current Ratio (Current Asset/Current Liability)		1.29	1.27	2.27

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]	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	Yes

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
loans and Advances From Directors	10.259	2.240
Loans and Advances From Others	53.227	16.401
Short Term Borrowings
Loans Repayable on Demand	275.625	217.990
TOTAL	339.111	236.631

OPERATIONS AND OVERALL PERFORMANCE:

The operation of the company for the year was satisfactory.

FUTURE OUTLOOK:

The directors are quite hopeful about the bright future of the activities of the company.

FIXED ASSETS:

• Land
• Building at Plot 1417
• Building at Plot 1507
• Building at Plot 1418
• Building at Plot 1421
• Building at Plot 1601
• Building at Plot 1416
• Building at Plot 1419/1420
• Building at Plot 1601/03 and 04
• Factory Shed/ Building
• Electrical Installation
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Tools and Testing Equipments
• Motor Car
• Boiler
• Pipeline
• Scooter
• Testing Equipments
• Heavy Equipments
• Capital work in progress – Building at plot 142
• Capital work in progress – Building at plot 150
• Capital work in progress – Pipe Line
• Capital work in progress – Plant and Machinery
• Capital work in progress – Furniture and Fixture

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.61.05
UK Pound	1	Rs.90.89
Euro	1	Rs.78.27

INFORMATION DETAILS

Information Gathered by :	PDT
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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.