MIRA INFORM REPORT

Report Date :

22.04.2014

IDENTIFICATION DETAILS

Name :	SALIUS PHARMA PRIVATE LIMITED
Registered Office :	Shiv Chamber Office No. 209, Flat No.21, Sector-11, CBD Belapur, Navi Mumbai- 400614, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.11.2011
Com. Reg. No.:	11-223680
Capital Investment / Paid-up Capital :	Rs. 0.787 Million
CIN No.: [Company Identification No.]	U24233MH2011PTC223680
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing, trading, marketing and export of wide range of pharmaceutical formulations, APIs, Nutraceuticals and surgical and Herbal products.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 6000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. Profitability of the company seems to be low during 2013. However, Trade relations are fair. Business is active. Payment are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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. Ashish
Designation :	Accountant
Contact No.:	91-22-41237868
Date :	04.03.2014

LOCATIONS

Registered Office /Head Office:	Shiv Chamber Office No. 209, Flat No.21, Sector-11, CBD Belapur, Navi Mumbai- 400614, Maharashtra, India
Tel. No.:	91-22-41237868
Fax No.:	91-22-27566752
E-Mail :	akpatrain@yahoo.com
Website	www.saliuspharma.com
Manufacturing Facility:	Across India and Canada

DIRECTORS

As on: 28.09.2013

Name :

Mr. Rupesh Kumar Gupta

Designation :

Director

Address :

Vil. Lakhanaura, Po. Kishun Pura, P.S. Basant Pursiwan- 841416, Bihar India

Date of Birth/Age :

12.03.1980

Date of Appointment :

05.11.2011

DIN No.:

03537162

Name :

Mr. Abani Kanta Nrusingha Patra

Designation :

Director

Address :

207, Swarna Mayee, Berhampur, Ganjam-760001, Orissa, India

Date of Birth/Age :

08.08.1967

Date of Appointment :

05.11.2011

DIN No.:

02149787

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	U24230MH2008PTC183503	CURACION PHARMA PRIVATE LIMITED	Director	24/06/2008	24/06/2008	-	Active	NO
2	U51397MH2010PTC199744	SURLAMER EXPORT PRIVATE LIMITED	Director	05/02/2010	05/02/2010	23/06/2012	Active	NO
3	U24233MH2011PTC223680	SALIUS PHARMA PRIVATE LIMITED	Director	05/11/2011	05/11/2011	-	Active	NO

Name :

Mr. Rajdev Gulia

Designation :

Director

Address :

7717 146A Street, Surrey BC V3S, Canada

Date of Birth/Age :

29.11.1980

Date of Appointment :

18.03.2013

DIN No.:

06530276

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	U24233MH2011PTC223680	SALIUS PHARMA PRIVATE LIMITED	Director	18/03/2013	18/03/2013	-	Active	NO
2	U72900MH2013PTC249209	SALIUS INFOTECH PRIVATE LIMITED	Director	14/10/2013	14/10/2013	-	Active	NO

Name :

Mr. Harjeet Samra

Designation :

Director

Address :

6185, 138 Street surrey BC V3X 1E8, Canada

Date of Birth/Age :

15.01.1982

Date of Appointment :

18.03.2013

DIN No.:

06530278

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	U24233MH2011PTC223680	SALIUS PHARMA PRIVATE LIMITED	Director	18/03/2013	18/03/2013	-	Active	NO
2	U72900MH2013PTC249209	SALIUS INFOTECH PRIVATE LIMITED	Director	14/10/2013	14/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashish
Designation :	Accountant

MAJOR SHAREHOLDERS

As on: 23.09.2013

Names of Shareholders	No. of Shares
Abani Kanta Nrusingha Patra	46550
Rupesh Kumar Gupta	1000
Arti Abani Kanta Patra	14450
Saliys Pharma Inc , Canada	16707
Total	78707

As on: 02.12.2013

List of Allottee	No. of Shares
Salius Pharma INC, Canada	17655
Total	17655

Equity Share Break up (Percentage of Total Equity)

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	21.00
Directors or relatives of Directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, trading, marketing and export of wide range of pharmaceutical formulations, APIs, Nutraceuticals and surgical and Herbal products.
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :	· DM. Pharma
Customers :	· Retailers, End Users, · Ysagar Distributors
No. of Employees :	30 (Approximately)
Bankers :	Bank of India, Nehrul, Mumbai.

Banking Relations :	---
Auditors :
Name :	SPP Associates Chartered Accountant
Address :	21,Akhurath Chs.Ltd,Plot No 11, Sector 14, Sanpada, Navi Mumbai- 400705, Maharashtra, India
Tel No:	91-22-2781 2000
Email :	susant@sppassociates.com
PAN No.:	AAPFS6872D

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
78707	Equity Shares	Rs.10/- each	Rs.0.787 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.787	0.100
(b) Reserves & Surplus	0.724	(0.217)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.080
Total Shareholders’ Funds (1) + (2)	1.511	(0.037)
(3) Non-Current Liabilities
(a) long-term borrowings	0.203	0.218
(b) Deferred tax liabilities (Net)	0.006	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.209	0.218
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.026	0.000
(c) Other current liabilities	0.050	0.010
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	0.076	0.010
TOTAL	1.796	0.191
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.177	0.107
(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	0.019	0.024
Total Non-Current Assets	0.196	0.131
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.297	0.000
(c) Trade receivables	0.189	0.000
(d) Cash and cash equivalents	0.984	0.060
(e) Short-term loans and advances	0.130	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	1.600	0.060
TOTAL	1.796	0.191

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	2.551	0.000
		Other Income	0.008	0.000
		TOTAL (A)	2.559	0.000
Less	EXPENSES
		Cost of Materials Consumed	0.851	0.000
		Employees benefits expense	0.670	0.040
		Other expenses	0.960	0.164
		TOTAL (B)	2.481	0.204
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.078	(0.204)
Less	FINANCIAL EXPENSES (D)		0.003	0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.075	(0.205)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.031	0.012
	PROFIT/LOSS BEFORE TAX (E-F) (G)		0.044	(0.217)
Less	TAX (H)		0.021	0.000
	PROFIT / LOSS AFTER TAX (G-H) (I)		0.023	(0.217)
	Earnings Per Share (Rs.)		2.17	2.13

Particulars	31.03.2013
Sales Turnover (Approximately)	9.000

Expected Sales (2013-14) : Rs.

The above information has been parted by Mr. Ashish

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	0.90	0.000
Net Profit Margin (PBT/Sales)	(%)	1.72	0.000
Return on Total Assets (PBT/Total Assets}	(%)	2.45	(113.61)
Return on Investment (ROI) (PBT/Networth)		0.03	5.86
Debt Equity Ratio (Total Debt /Networth)		0.13	(5.89)
Current Ratio (Current Asset/Current Liability)		21.05	6.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.787
Reserves & Surplus	(0.217)	0.724
Net worth	(0.117)	1.511
long-term borrowings	0.218	0.203
Short term borrowings	0.000	0.000
Total borrowings	0.218	0.203
Debt/Equity ratio	(1.863)	0.134

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	2.551
Profit	(0.217)	0.023
	0.00%	0.90%

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	No
12]	Profitability for last Two years	No
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
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

OPERATION:

The company has incorporated on 05 November 2011 as manufacturer and trader of pgarma product total turnover of the company for the year 2012-2013 is Rs. 2.051 Millions including the commission received.

Unsecured Loan

Particular	As on 31.03.2013	As on 31.03.2012
Long term borrowing
loan from director and relatives	0.203	0.218
Total	0.203	0.218

Note:

The Unsecured Loans were taken from the Directors or their relatives. There is no agreement for the loans taken and no term of payment is specified for the loans. On the basis of the declarations received from the loanees as on the above loans are in the nature of long term loan and not repayable in the next one year.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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 records 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.60.33
UK Pound	1	Rs.101.40
Euro	1	Rs.83.38

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	YOG

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--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		27

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.