MIRA INFORM REPORT

Report Date :

20.09.2013

IDENTIFICATION DETAILS

Name :	SURYA LIFE SCIENCES LIMITED
Registered Office :	B-206, Radhamit Society, Plot No. 33, Sector 18, Nerul (West), Navi Mumbai-400706, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.07.2005
Com. Reg. No.:	11-154467
Capital Investment / Paid-up Capital :	Rs.19.399 Millions
CIN No.: [Company Identification No.]	U24230MH2005PLC154467
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of wide assortment of Highest Quality Bulk Drug Intermediates and Fine API Chemicals.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 81000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has been successful in wiping off its accumulated loss during 2012 due to the profile earned. It has shown improvement in its performance during this year. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

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.

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 PARTED BY

Name :	Mr. Amal
Designation :	Account Executive
Contact No.:	91-9998945803

LOCATIONS

Registered Office :	B-206, Radhamit Society, Plot No. 33, Sector 18, Nerul (West), Navi Mumbai-400706, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9998945803 (Mr. Amal)
Fax No.:	Not Available
E-Mail :	suryank@gmail.com
Website :	http://www.suryalifescineceltd.com
Factory 1 :	Plot No. 6722 and 6706, GIDC Ex. T.D.C, Ankleshwar-393002, Gujarat, India
Tel. No.:	91-2646-329421/238189/226654/22629
Fax No.:	91-2646-238189
Factory 2 :	Plot No. 3616 and 3606, GIDC Industrial Estate, Ankleshwar-393002, Gujarat, India
Tel. No.:	91-2646-238079/226290/221079
Fax No.:	91-2646-238189/238079

DIRECTORS

As on 29.09.2012

Name :

Mr. Yash Arun Joshi

Designation :

Director

Address :

408/13, Sardar Patel Society, GIDC, Ankleshwar-393002, Gujarat, India

Date of Birth/Age :

20.07.1984

Qualification :

Graduate (B. Tech)

Date of Appointment :

04.07.2005

DIN No.:

01424296

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	U24230MH2005PLC154467	SURYA LIFE SCIENCES LIMITED	Director	04-07-05	04-07-05	-	Active	NO
2	U24110GJ1993PTC019642	SURYA REMEDIES PRIVATE LIMITED	Additional director	21-07-10	21-07-10	-	Active	NO

Name :

Mr. Arun Durgaprasad Joshi

Designation :

Director

Address :

408/13, Sardar Patel Society, GIDC, Ankleshwar-393002, Gujarat, India

Date of Birth/Age :

21.01.1955

Qualification :

Msc. Chemistry

Date of Appointment :

04.07.2005

DIN No.:

01770810

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	U73100GJ2005PLC046186	ANKLESHWAR RESEARCH AND ANALYTICAL INFRASTRUCTURE LIMITED	Director	06-06-05	06-06-05	-	Active	NO
2	U24230MH2005PLC154467	SURYA LIFE SCIENCES LIMITED	Director	04-07-05	04-07-05	-	Active	NO
3	U24110GJ1993PTC019642	SURYA REMEDIES PRIVATE LIMITED	Director	30-09-08	11-08-08	-	Active	NO
4	U24230GJ2009PTC057762	SURYA MEDICUS PRIVATE LIMITED	Director	12-08-09	12-08-09	-	Active	NO

Name :

Mrs. Sandhya Arun Joshi

Designation :

Director

Address :

408/13, Sardar Patel Society, GIDC, Ankleshwar-393002, Gujarat, India

Date of Birth/Age :

10.07.1957

Qualification :

B.A

Date of Appointment :

04.07.2005

DIN No.:

01771760

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	U24230MH2005PLC154467	SURYA LIFE SCIENCES LIMITED	Director	04-07-05	04-07-05	-	Active	NO
2	U24230GJ2009PTC057762	SURYA MEDICUS PRIVATE LIMITED	Director	12-08-09	12-08-09	-	Active	NO
3	U24110GJ1993PTC019642	SURYA REMEDIES PRIVATE LIMITED	Additional director	21-07-10	21-07-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amal
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
Arun Durgaprasad Joshi	100000
Sandhya Arun Joshi	100000
Yash Arun Joshi	10000
Anil Kumar Joshi	5000
Ashok Kumar Joshi	5000
Durgaprasad Radhelal Malviya	5000
Priti Arun Joshi	5000
Total	230000

As on 31.03.2012

Names of Allottee	No. of Shares Allotted
Arun Durgaprasad Joshi	1044300
Durgaprasad Joshi	149500
Priti Arun Joshi	40000
Shantidevi Joshi	51000
Sandhya Arun Joshi	44100
Surya Remedies Private Limited, India	300000
Yash Arun Joshi	51000
Leena Bhargava	30000
Total	1709900

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.000
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of wide assortment of Highest Quality Bulk Drug Intermediates and Fine API Chemicals.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

100 (Approximately)

Bankers :

• Axis Bank Limited, Plot No. C-3-9, Opp. Asopalav Guest House, Near Railway Station, Old N.H. No. 8, GIDC, Ankleshwar - 393002, Gujarat, India
• Indian Overseas Bank, D-14, 15, Patel Super Market, Station Road, Bharuch - 392001, Gujarat, India
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Indian Overseas Bank Term Loan	14.500	21.123
Indian Overseas Bank	12.020	12.422
HDFC Auto Loan	0.462	0.000
Total	26.982	33.545

Banking Relations :	--
Auditors :
Name :	Manish Mathur Chartered Accountants
Address :	B-1, Shashwat, Dahej By Pass Road, Bharuch-392001, Gujarat, India
PAN.:	ADGPM2349P

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital : Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.24.098 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1939900	Equity Shares	Rs.10/- each	Rs.19.399 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	19.399	2.300
(b) Reserves & Surplus	0.997	-2.952
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	7.559
Total Shareholders’ Funds (1) + (2)	20.396	6.907
(3) Non-Current Liabilities
(a) long-term borrowings	26.982	33.545
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	26.982	33.545
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	28.728	28.045
(c) Other current liabilities	2.433	1.319
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	31.161	29.364
TOTAL	78.539	69.816
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	53.553	49.156
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.037	0.055
Total Non-Current Assets	53.590	49.211
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	13.027	4.267
(c) Trade receivables	4.884	13.208
(d) Cash and cash equivalents	0.118	0.154
(e) Short-term loans and advances	4.925	1.006
(f) Other current assets	1.995	1.970
Total Current Assets	24.949	20.605
TOTAL	78.539	69.816

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.300
2] Share Application Money		6.809
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(3.325)
NETWORTH		5.784
LOAN FUNDS
1] Secured Loans		33.039
2] Unsecured Loans		0.000
TOTAL BORROWING		33.039
DEFERRED TAX LIABILITIES		0.000
TOTAL		38.823
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.287
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.510
	Sundry Debtors	7.135
	Cash & Bank Balances	0.033
	Other Current Assets	0.000
	Loans & Advances	3.949
Total Current Assets		16.627
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.509
	Other Current Liabilities	0.656
	Provisions	0.000
Total Current Liabilities		21.165
Net Current Assets		(4.538)
MISCELLANEOUS EXPENSES		0.074
TOTAL		38.823

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	165.130	77.411	8.909
		Other Income	0.026	0.004	0.046
		TOTAL (A)	165.156	77.415	8.955
Less	EXPENSES
		Cost of Materials Consumed	131.696	56.039
		Direct Expenses	9.604	6.072	9.107
		Manpower Cost	7.343	4.050
		Administrative Expenses	2.114	1.329
		Preliminary Expenses written off	0.020	0.020
		TOTAL (B)	150.777	67.510	9.107
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.379	9.905	(0.152)
Less	FINANCIAL EXPENSES (D)		4.858	4.850	1.880
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.521	5.055	(2.032)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.267	4.457	0.807
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		4.254	0.598	(2.839)
Less	TAX (H)		0.305	0.225	0.486
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		3.949	0.373	(3.325)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.952)	(3.325)	0.000
	BALANCE CARRIED TO THE B/S		0.997	(2.952)	(3.325)
	Earnings Per Share (Rs.)		2.03	1.62	(14.45)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.39	0.48	(37.13)
Net Profit Margin (PBT/Sales)	(%)	2.58	0.77	(31.87)
Return on Total Assets (PBT/Total Assets}	(%)	5.42	0.86	(4.74)
Return on Investment (ROI) (PBT/Networth)		0.21	0.09	(0.49)
Debt Equity Ratio (Total Debt /Networth)		1.32	4.86	5.71
Current Ratio (Current Asset/Current Liability)		0.80	0.70	0.79

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	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	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10389896	27/11/2012	46,500,000.00	AXIS BANK LIMITED	PLOT NO. C-3-9, OPP. ASOPALAV GUEST HOUSE, NEAR RAILWAY STATION, OLD N.H. NO. 8, GIDC, ANKLESHWAR,  GUJARAT - 393002, INDIA	B63288203
2	10383817	16/10/2012	46,500,000.00	AXIS BANK LIMITED	PLOT NO. C-3-9, OPP. ASOPALAV GUEST HOUSE, NEAR RAILWAY STATION, OLD N.H. NO. 8, GIDC, ANKLESHWAR,  GUJARAT - 393002, INDIA	B61040325

* Date of charge modification

FIXED ASSETS:

• Land
• Building Construction WIP
• Plant and Machinery
• Electrical Installation
• Furniture and Fixture
• Computer and Printer
• Inverter

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.61.75
UK Pound	1	Rs.99.56
Euro	1	Rs.83.55

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.