MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	STELLENCE PHARMSCIENCE PRIVATE LIMITED (w.e.f.30.12.2011)
Formerly Known As :	STELLENCE PHARMSCIENCE LIMITED (w.e.f.01.04.2010) KARNATAKA CHEMSYN LIMITED
Registered Office :	No. 456, 1A and 1B Industrial Area, Jigani, Bangalore – 562106, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.01.1992
Com. Reg. No.:	08-012673
Capital Investment / Paid-up Capital :	Rs. 207.008 Millions
CIN No.: [Company Identification No.]	U85110KA1992PTC012673
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRK0708B
PAN No.: [Permanent Account No.]	AABCK9903A
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Products like contrast media agents.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1700000
Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Naresh
Designation :	Purchase Executive
Contact No.:	91-8110-413887
Date :	18.12.2014

LOCATIONS

Registered Office/ Factory :	No. 456, 1A and 1B Industrial Area, Jigani, Bangalore – 562106, Karnataka, India
Tel. No.:	91-8110-413800/ 413887
Fax No.:	91-8110-413803/ 906
E-Mail :	purchase@avignapharma.com
Website :	http://www.avignapharma.com
Location :	Owned

DIRECTORS

As On 30.09.2014

Name :

Ramchandran Radhakrishnan

Designation :

Managing Director

Address :

Block B1, Flat Number 1202 L and T South City Arakere Micolayout, Bangalore – 560076, Karnataka, India

Date of Appointment :

14.04.2012

DIN No.:

00326368

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	U24231KA2005PTC035805	AVIGNA CHEMITECH PRIVATE LIMITED	Director	11/03/2005	11/03/2005	-	Active	NO
2	U67190KA2005PTC037009	EAST WEST HANDLING AND DISTRIBUTION PRIVATE LIMITED	Director	18/08/2005	18/08/2005	-	Active	NO
3	U85110KA1992PTC012673	STELLENCE PHARMSCIENCE Private Limited	Managing director	14/04/2012	23/08/2006	-	Active	NO
4	U29299KA2007PTC042079	XENOCOR PHARMALAB PRIVATE LIMITED	Director	13/03/2007	13/03/2007	10/05/2010	Active	NO
5	U72200KA2009PTC048836	ChiHealth Wellness Solutions (Bangalore) Private Limited	Director	25/09/2010	25/09/2010	08/09/2011	Active	NO

Name :

Anuradha Ramchandran

Designation :

Director

Address :

Block B1, Flat Number 1202 L and T South City Arakere Micolayout, Bangalore – 560076, Karnataka, India

Date of Appointment :

26.10.2010

DIN No.:

00326388

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	U24231KA2005PTC035805	AVIGNA CHEMITECH PRIVATE LIMITED	Director	11/03/2005	11/03/2005	-	Active	NO
2	U67190KA2005PTC037009	EAST WEST HANDLING AND DISTRIBUTION PRIVATE LIMITED	Director	31/03/2007	31/03/2007	-	Active	NO
3	U85110KA1992PTC012673	STELLENCE PHARMSCIENCE Private Limited	Additional director	26/10/2010	26/10/2010	-	Active	NO
4	AAA-2965	AVIGNA LEARNING ACADEMY LLP	Designated Partner	01/12/2010	01/12/2010	-	Active	NO

Name :

Francis Pinto

Designation :

Director

Address :

6 Clarence Terrace Regents Park, London NW1RD, London

Date of Appointment :

23.08.2006

DIN No.:

01844138

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	U55101GA1995PTC001897	MAYFAIR ECO RESORTS PRIVATE LIMITED	Director	18/07/1995	18/07/1995	-	Active	NO
2	U63040MH1999PTC120045	SANTOSH INDIA OPERTIONS PRIVATE LIMITED	Director	26/05/1999	26/05/1999	20/04/2011	Active	NO
3	U01122GA1998PTC003428	VALPOI VALLEY BOTANICALS PRIVATE LIMITED	Director	08/01/2001	08/01/2001	-	Active	YES
4	U24239MH2001PTC130422	FARMACROSS INDIA PRIVATE LIMITED	Director	17/04/2001	17/04/2001	16/04/2009	Active	NO
5	U32107MH2001PTC132041	INFOCROSS INDIA PRIVATE LIMITED	Director	03/10/2001	03/10/2001	-	Active	NO
6	U72200GA2006PTC004325	OPEN DESTINATION INFOTECH PRIVATE LIMITED	Director	05/01/2006	05/01/2006	-	Active	NO
7	U85110KA1992PTC012673	STELLENCE PHARMSCIENCE Private Limited	Director	23/08/2006	23/08/2006	-	Active	NO
8	U24231KA2005PTC035805	AVIGNA CHEMITECH PRIVATE LIMITED	Director	23/08/2006	23/08/2006	-	Active	NO
9	U72900MH2007PTC169715	ShawMan Software Private Limited	Director	30/09/2009	10/06/2008	-	Active	NO
10	U55101MH2009PLC190137	SOL HOSPITALITY LIMITED	Director	16/04/2009	16/04/2009	-	Amalgamated	NO
11	U55101MH2008PLC185253	BONA SERA HOTELS LIMITED	Director	04/06/2009	16/04/2009	-	Active	NO
12	U63040GA2009PTC006157	DESTINATION INSIDER TRAVELS INDIA PRIVATE LIMITED	Director	10/08/2009	10/08/2009	-	Active	NO
13	U72200KA2009PTC048836	ChiHealth Wellness Solutions (Bangalore) Private Limited	Director	25/09/2010	25/09/2010	08/09/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Naresh
Designation :	Purchase Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

SHAREHOLDING DETAILS FILE ATTACHED.

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	97.78
Directors or relatives of Directors	2.22
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Products like contrast media agents.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Japan US
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

150 (Approximately)

Bankers :

• State Bank of India, J.P. Nagar, I Phase, Main Road, Bangalore – 560 078, Karnataka, India
• IDBI Bank Limited, Mumbai – 400 027, Maharashtra, India
• The Centurion Bank of Punjab Limited

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Other loans and advance	2.104	0.000
Rupee term loan from banks	0.000	68.000
SHORT TERM BORROWINGS
Loans taken for vehicles	0.517	0.000
Other loans and advance, other	38.175	35.665
Total	40.796	103.665

Financial Institution :	K.S.F.C, MG Road, Bangalore – 560001, Karnataka, India
Auditors :
Name :	P. Chandrasekar Chartered Accountants
Address :	S 512-514, Manipal Centre, South Block, 47, Dikenson Road, Bangalore – 560 042, Karnataka, India
Tel. No.:	91-80-25585443
Fax No.:	91-80-25597494
E-Mail :	partner@pchandrasekar.com
PAN No.:	AABFP1536H
Memberships :	--
Collaborators :	--
Holding Company :	Avigna Chemitech Private Limited, India

CAPITAL STRUCTURE

As On 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
85,000,000	Equity Shares	Rs. 10/- each	Rs. 850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,700,770	Equity Shares	Rs. 10/- each	Rs. 207.008 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	207.008	147.008	147.008
(b) Reserves & Surplus	406.983	403.639	298.202
(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)	613.991	550.647	445.210
(3) Non-Current Liabilities
(a) long-term borrowings	398.538	395.266	358.457
(b) Deferred tax liabilities (Net)	0.000	0.000	95.187
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.325	2.643	1.476
Total Non-current Liabilities (3)	401.863	397.909	455.120
(4) Current Liabilities
(a) Short term borrowings	38.692	35.665	24.548
(b) Trade payables	129.185	120.895	99.050
(c) Other current liabilities	58.602	34.512	32.237
(d) Short-term provisions	6.188	8.536	3.225
Total Current Liabilities (4)	232.667	199.608	159.060
TOTAL	1248.521	1148.164	1059.390
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	852.974	872.164	893.523
(ii) Intangible Assets	93.618	65.660	32.615
(iii) Capital work-in-progress	0.743	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	2.964
(c) Deferred tax assets (net)	24.237	17.360	0.000
(d) Long-term Loan and Advances	2.360	2.154	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	973.932	957.338	929.102
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	145.577	90.641	55.359
(c) Trade receivables	89.067	66.041	57.594
(d) Cash and cash equivalents	14.086	10.925	3.118
(e) Short-term loans and advances	15.485	12.177	12.816
(f) Other current assets	10.374	11.042	1.401
Total Current Assets	274.589	190.826	130.288
TOTAL	1248.521	1148.164	1059.390

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	343.388	260.527	NA
Less	EXPENSES
		TOTAL	338.190	258.906	NA
	PROFIT/ (LOSS) BEFORE TAX		5.198	1.621	NA
Less	TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.42	0.14	NA
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	NA
Debt Equity Ratio (Total Liability/Networth)		0.71	0.78	0.86
Current Ratio (Current Asset/Current Liability)		1.18	0.96	0.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	147.008	147.008	207.008
Reserves & Surplus	298.202	403.639	406.983
Net worth	445.210	550.647	613.991
long-term borrowings	358.457	395.266	398.538
Short term borrowings	24.548	35.665	38.692
Total borrowings	383.005	430.931	437.230
Debt/Equity ratio	0.860	0.783	0.712

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	260.527	343.388
		31.805

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	260.527	343.388
Profit	1.621	5.198
	0.62%	1.51%

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 two years	Yes
12]	Profitability for last two 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	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	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	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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10536491	12/12/2014	43,500,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, District Centre, Saket, New Delhi, Delhi - 110017, INDIA	C36887388
2	10519776	05/09/2014	206,531,556.00	RELIGARE FINVEST LIMITED	D3, P3B,, District Centre, Saket, New Delhi, Delhi - 110017, INDIA	C20485975
3	10121951	08/08/2008	190,000,000.00	STATE BANK OF INDIA	J P NAGAR I PHASE MAIN ROAD, BANGALORE, Karnataka - 560078, INDIA	A45345626
4	90196614	13/11/1992 *	15,000,000.00	KARNATAKA STATE INDUSTRIAL INVESTMENT & DEVELOPMEN  T CORP LTD	MSIL HOUSE; 36; CUNNINGHAM ROAD, BANGALORE, Karnataka - 560052, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Loans and advance from directors	61.133	56.574
Loans and advance from other	239.105	270.692
Other loans and advances, others	96.196	0.000
Total	396.434	327.266

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixture
• Vehicles

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. 63.32
UK Pound	1	Rs. 98.68
Euro	1	Rs. 78.11

INFORMATION DETAILS

Information Gathered by :	DIV
Analysis Done by :	DIP
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.