MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	VAV LIFE SCIENCES PRIVATE LIMITED
Registered Office :	51-B, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.01.2003
Com. Reg. No.:	11-138713
Capital Investment / Paid-up Capital :	Rs. 12.000 Millions
CIN No.: [Company Identification No.]	U24230MH2003PTC138713
TAN No.: [Tax Deduction & Collection Account No.]	MUMV09283B / MUMV09284C
PAN No.: [Permanent Account No.]	AABCV5999H
Legal Form :	Private Limited Liability Company
Line of Business :	Exporters of Organic, Inorganic and Bio Chemicals.
No. of Employees :	Information declined by the management

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

Maximum Credit Limit :	USD 170000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is good. No borrowings recorded by the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Manish
Designation :	Accounts Department
Contact No.:	91-22-22836802
Date :	18.08.2014

LOCATIONS

Registered Office :	51-B, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22836802
Fax No.:	91-22-22836809
E-Mail :	sabita@vav.in arun@vav.in enquiry@vav.in
Website :	www.vav.in

DIRECTORS

As on 30.09.2013

Name :

Mr. Arun Radhyeshyam Kedia

Designation :

Director

Address :

192/C Grand Paradi Apartment, Kemps Corner, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

25.08.1967

Date of Appointment :

16.01.2003

DIN NO:

00235581

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	U24230MH2003PTC138713	VAV LIFE SCIENCES PRIVATE LIMITED	Director	16/01/2003	16/01/2003	-	Active	NO
2	U24100MH2009PTC190024	VAV LIPIDS PRIVATE LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO
3	U15132MH2011PTC215418	KONKAN DHARA KRUSHI UTPAD PRIVATE LIMITED	Director	08/11/2011	08/11/2011	-	Active	NO

Name :

Sabita Arun Kedia

Designation :

Director

Address :

192/C Grand Paradi Apartment, Kemps Corner, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

09.08.1971

Date of Appointment :

29.07.2006

DIN NO:

00552187

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	U24230MH2003PTC138713	VAV LIFE SCIENCES PRIVATE LIMITED	Director	29/07/2006	29/07/2006	-	Active	NO
2	U24100MH2009PTC190024	VAV LIPIDS PRIVATE LIMITED	Director	02/02/2009	02/02/2009	-	Active	NO

Name :

Joggy George Premadikuzhiyil

Designation :

Director

Address :

B/206, Vijay Smruti Housing Society, Pendse Nagar, 4^th Road, Dombivli (East), Dombivali - 421201, Maharashtra, India

Date of Appointment :

21.06.2013

DIN NO:

06582372

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Arun Kedia	240000
Sabita Kedia	120000
Bimalal Kedia	119980
Arun Kedia (HUF)	120000
B P Refineries Business	20
Total	600000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.01
Directors or relatives of Directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Exporters of Organic, Inorganic and Bio Chemicals.

PRODUCTION STATUS 31.03.2011

Particulars	Unit	Actual Production
Chemicals	Kg	23382

GENERAL INFORMATION

No. of Employees :	Information declined by the management
Bankers :	Bank of India, Ballard Estate Branch, Darabshaw House, N.M Marg, Ballard Estate, Mumbai – 400038, Maharashtra, India HDFC Bank Limited

Banking Relations :	---
Auditors :
Name :	N M Dani and Company Chartered Accountants
Address :	301/B, Prime Avenue, 159, S.V Road, Vile Parle (West), Mumbai – 400056,Maharashtra, India
Tel No :	91-22-65250239
Email :	daninaresh@gmail.com
PAN NO :	AABCH6079C

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
700000	Equity Shares	Rs.10/- each	Rs.7.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs 6.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2013	31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.863	30.890	23.643
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.863	36.890	29.643
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.385	0.155	0.147
TOTAL		45.248	37.045	29.790
APPLICATION OF FUNDS		0.000	0.000	0.000
FIXED ASSETS [Net Block]		10.055	8.998	4.936
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		23.003	20.612	12.575
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.526	1.422	2.655
	Sundry Debtors	15.275	5.004	10.662
	Cash & Bank Balances	5.677	4.088	6.116
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.822	2.249	1.976
Total Current Assets		29.300	12.763	21.409
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.228	0.682	1.645
	Other Current Liabilities	7.330	3.135	4.999
	Provisions	2.552	1.511	2.486
Total Current Liabilities		17.110	5.328	9.130
Net Current Assets		12.190	7.435	12.279
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		45.248	37.045	29.790

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	88.824	76.231	76.457
		Other Income	2.448	3.130	2.595
		TOTAL (A)	91.272	79.361	79.052
Less	EXPENSES
		Cost of Materials Consumed	53.155	41.610	48.210
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(3.046)	1.934	(1.378)
		Employees benefits expense	8.465	8.108	7.117
		Other expenses	17.914	15.145	12.414
		TOTAL (B)	76.488	66.797	66.363
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.784	12.563	12.689
Less	FINANCIAL EXPENSES (D)		0.018	0.000	0.002
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.766	12.563	12.687
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.569	0.509	0.254
	PROFIT BEFORE TAX (E-F) (G)		14.197	12.054	12.433
Less	TAX (H)		4.821	3.408	4.030
	PROFIT AFTER TAX (G-H) (I)		9.376	8.643	8.403
Less	Earlier year tax adjustment		0.090	0.000	0.084
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.890	1.004	7.639
Less	APPROPRIATIONS
		Transfer to General Reserve	6.000	6.000	6.000
		Dividend	1.200	1.200	1.200
		Tax on Dividend	0.203	0.199	0.199
		Total	7.403	7.399	7.399
	BALANCE CARRIED TO THE B/S		11.863	9.890	8.643
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	75.155	67.069	65.268
	TOTAL EARNINGS		75.155	67.069	65.268
	IMPORTS
		Raw Materials	3.336	0.000	1.028
		Trading Goods	11.507	0.422	0.000
	TOTAL IMPORTS		14.843	0.422	1.028
	Earnings Per Share (Rs.)		15.33	14.41	14.15

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	12.25	10.89	10.63
Net Profit Margin (PBT/Sales)	(%)	15.98	15.81	16.26
Return on Total Assets (PBT/Total Assets}	(%)	36.07	55.39	47.19
Return on Investment (ROI) (PBT/Networth)		0.31	0.32	0.41
Current Ratio (Current Asset/Current Liability)		1.71	2.39	2.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	76.457	76.231	88.824
		(0.296)	16.520

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	76.457	76.231	88.824
Profit	8.487	8.646	9.466
	11.10%	11.34%	10.66%

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	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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10197798	08/12/2009	32,500,000.00	BANK OF INDIA	Ballard Estate, Darabshaw House, N.M.Marg, Balla rd Estate, Mumbai, Maharashtra - 400038, INDIA	A77504165
2	10038578	07/02/2007	4,000,000.00	BANK OF INDIA	BALLARD ESTATE BR, BALLARD PIER, MUMBAI, MUMBAI, Maharashtra - 400001, INDIA	A11211653
3	10038579	07/02/2007	5,000,000.00	BANK OF INDIA	BALLARD ESTATE BR, BALLARD PIER, MUMBAI, MUMBAI, Maharashtra - 400001, INDIA	A11211711

* Date of charge modification

FIXED ASSETS

· Factory Building

· Computers

· Vehicles

· Office Equipments

· Electric Installation

· 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.60.72
UK Pound	1	Rs.101.47
Euro	1	Rs.81.04

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.