MIRA INFORM REPORT

Report Date :

27.11.2013

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) :	31.03.2013
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 (43)

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 satisfactory track record. There appears sharp dip in profit of the company during the financial year 2013. However, general financial position of the company seems to be sound and healthy. Trade relations are reported to be fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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: 30.09.2013

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: 30.09.2013

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)

As on: 30.09.2013

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, Crescenzo, 3A/F, Plot No. C-38 and 39, Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Short term borrowings
Loans repayable on demand from banks	104.391	123.889
Total	104.391	123.889

Banking Relations :	--
Auditors :
Name :	Valia and Timbadia Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN No.:	AABPT2277P
Associates :	· INCHEM Labs Private Limited · INCHEM Laboratories Private Limited CIN NO. U24110AP2006PTC051498
Entities in which Key Management Personnel and their Relatives have Significant Influence:	· Orbit Impex · Orbit Financial Capital · Linux Industries

CAPITAL STRUCTURE

As on: 30.09.2013

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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.110	0.110	0.110
(b) Reserves & Surplus	75.553	67.183	51.255
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	75.663	67.293	51.365
(3) Non-Current Liabilities
(a) long-term borrowings	47.020	40.464	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	21.024	18.951	13.391
Total Non-current Liabilities (3)	68.044	59.415	13.391
(4) Current Liabilities
(a) Short term borrowings	104.391	123.889	150.416
(b) Trade payables	274.915	420.585	219.313
(c) Other current liabilities	0.856	2.337	1.554
(d) Short-term provisions	0.095	0.047	0.042
Total Current Liabilities (4)	380.257	546.858	371.325
TOTAL	523.964	673.566	436.081
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.419	23.771	9.723
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.771	4.770	0.271
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	50.260	41.725	41.549
(e) Other Non-current assets	0.006	0.006	0.006
Total Non-Current Assets	79.456	70.272	51.549
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	24.538	39.593	40.371
(c) Trade receivables	416.598	560.400	339.111
(d) Cash and cash equivalents	2.586	2.670	4.499
(e) Short-term loans and advances	0.652	0.329	0.399
(f) Other current assets	0.134	0.302	0.152
Total Current Assets	444.508	603.294	384.532
TOTAL	523.964	673.566	436.081

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	1121.160	1503.183	1233.238
		Other Income	6.179	(2.385)	0.831
		TOTAL	1127.339	1500.798	1234.069
	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1113.874	1473.803	1212.220
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		16.703	26.995	21.849
Less/ Add	DEPRECIATION/ AMORTISATION		3.238	2.373	0.826
	PROFIT BEFORE TAX		13.465	24.623	21.023
Less	TAX		5.095	8.695	8.080
	PROFIT AFTER TAX		8.370	15.928	12.943
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.183	51.255	38.312
	BALANCE CARRIED TO THE B/S		75.553	67.183	51.255
	IMPORTS
		Raw Materials	3.631	0.657	NA
	TOTAL IMPORTS		3.631	0.657	NA
	Earnings Per Share (Rs.)		7609.10	15.928	12.943

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.74	1.06	1.05
Net Profit Margin (PBT/Sales)	(%)	1.20	1.63	1.71
Return on Total Assets (PBT/Total Assets}	(%)	2.59	3.68	4.82
Return on Investment (ROI) (PBT/Networth)		0.18	0.36	0.41
Debt Equity Ratio (Total Debt/Networth)		2.00	2.44	2.92
Current Ratio (Current Asset/Current Liability)		1.17	1.10	1.03

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Long term borrowings
Loans and advances from directors	11.542	10.107
Loans and advances from others	35.478	30.357
Total	47.020	40.464

BUSINESS AND OPERATIONS OF THE COMPANY

The Revenue from Operations and other income for the financial year were Rs. 1127.339 millions as against Rs . 1500.798 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. 62.45
UK Pound	1	Rs. 100.87
Euro	1	Rs. 84.51

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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.