MIRA INFORM REPORT

Report Date :

20.12.2014

IDENTIFICATION DETAILS

Name :	VIPUL LIFE SCIENCE LIMITED (w.e.f. 26.07.2008)
Formerly Known As :	VIPUL DYES AND SOLVENT LIMITED VIPUL DYES AND SOLVENT PRIVATE LIMITED
Registered Office :	205/206, BPS Plaza, Devidayal Road, Mulund (West), Mumbai – 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.09.2003
Com. Reg. No.:	11-084942
Capital Investment / Paid-up Capital :	Rs.27.935 Millions
CIN No.: [Company Identification No.]	U24114MH2003PLC084942
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV2736R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Exporter and Importer of Special Chemicals and Pharma Chemicals.
No. of Employees :	Information denied by the management.

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
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management has failed to file the financial after the FY 2011, with the government department. As per previous year’s record, the performance seems to be acceptable. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings at usual trade terms and condition.

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 DENIED BY

Name :	Mr. Harsh Dave
Designation :	Chief Executive Officer
Contact No.:	91-9930445845
Date :	20.12.2014

LOCATIONS

Registered Office :	205/206, BPS Plaza, Devidayal Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25900658
Mobile No.:	91-9930445845 (Mr. Harsh Dave)
Fax No.:	91-22-25900050
E-Mail :	svipul@bom5.vsnl.net.in info@vipullife.com sunilsheth4u@gmail.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Sunil Suresh Sheth
Designation :	Managing Director
Address :	505/506, Silver Avenue, Devidayal Road, B. P. Ground Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	24.03.1971
Date of Appointment :	01.04.2010
DIN No.:	01356340
Name :	Mr. Vipul Suresh Sheth
Designation :	Whole Time Director
Address :	1201, B.P.S Aastha Devidayal Road, B. P. Ground Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	31.08.1975
Date of Appointment :	01.04.2010
DIN No.:	01570125
Name :	Mr. Suresh Mulchand Sheth
Designation :	Director
Address :	434th Floor, Kailash Darshan, Dr. Ambedkar Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Date of Birth/Age :	01.01.1939
Date of Appointment :	30.09.2003
DIN No.:	00638958

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	5.91
Directors or relatives of Directors	39.13
Other top fifty shareholders	54.96
Total	100.00

BUSINESS DETAILS

Line of Business :	Exporter and Importer of Special Chemicals and Pharma Chemicals.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
--	--	--

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
--	--	--

Remark:

Not Divulged

No. of Employees :

Information denied by the management.

Bankers :

ING Vysya Bank Limited, 382/384, Narasinatha Street, Katha Bazar, Mandvi (West), Mumbai – 400009, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Lakhani and Company Chartered Accountant
Address :	Hemshar Saka, 19 Gola Lane, Behind Badri Mahal, Mumbai – 400001, Maharashtra , India
Tel. No.:	91-22-22071224 / 22666660/ 1 / 2
Fax No.:	91-22-22666644
E-Mail :	lakhani@lakhanicompany.com
PAN No :	AAAFL1302L
Companies in which directors have substantial holding :	· Parshwa Intermediates Private Limited · Meru Life Science Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.100/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
279350	Equity Shares (fully paid up)	Rs.100/- each	Rs.27.935 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		27.935	32.535	30.935
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		83.735	78.387	35.969
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111.670	110.922	66.904
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		10.399	13.740	36.008
TOTAL BORROWING		10.399	13.740	36.008
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Foreited Shares		4.600	0.000	0.000
TOTAL		126.669	124.662	102.912
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		16.448	6.912	7.767
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		6.372	8.073	5.513
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.751	45.652	42.733
	Sundry Debtors	106.373	160.154	94.580
	Cash & Bank Balances	20.690	6.172	6.939
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.819	4.130	2.814
Total Current Assets		169.633	216.108	224.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	64.083	105.722	108.335
	Other Current Liabilities	1.701	0.709	26.860
	Provisions	0.000	0.000	0.000
Total Current Liabilities		65.784	106.431	135.195
Net Current Assets		103.849	109.677	89.632
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		126.669	124.662	102.912

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	465.334	460.982	693.018
		Other Income	8.066	3.624	0.892
		TOTAL (A)	473.400	464.606	693.910
Less	EXPENSES
		Cost of Sales	435.596	428.351	642.798
		Trading Expenses	6.103	10.473	20.229
		Office & Administration Expenses	15.880	11.646	12.929
		Selling and Distribution Expenses	6.168	5.712	3.168
		Preliminary Expenses written off	0.000	0.000	0.109
		TOTAL (B)	463.747	456.182	679.233
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9.653	8.424	14.677
Less	FINANCIAL EXPENSES (D)		1.767	2.369	5.038
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.886	6.055	9.639
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.387	1.538	1.465
	PROFIT BEFORE TAX (E-F) (G)		6.499	4.517	8.174
Less	TAX (H)		1.150	1.500	3.031
	PROFIT AFTER TAX (G-H) (I)		5.349	3.017	5.143
Less	PRIOR PERIOD ITEMS		0.000	0.000	0.166
	PROFIT AFTER TAX		5.349	3.017	4.977
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		30.986	27.969	22.992
	BALANCE CARRIED TO THE B/S		36.335	30.986	27.969
	Earnings Per Share (Rs.)		19.15	9.54	16.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PAT / Sales)	(%)	1.15	0.65	0.74
Operating Profit Margin (PBIDT/Sales)	(%)	2.07	1.83	2.12
Return on Total Assets (PBT/Total Assets}	(%)	3.49	2.02	3.51
Return on Investment (ROI) (PBT/Networth)		0.06	0.04	0.12
Debt Equity Ratio (Total Debt/Networth)		0.09	0.12	0.54
Current Ratio (Current Asset/Current Liability)		2.58	2.03	1.66

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	30.935	32.535	27.935
Reserves & Surplus	35.969	78.387	83.735
Net worth	66.904	110.922	111.670
Secured Loans	0.000	0.000	0.000
Unsecured Loans	36.008	13.74	10.399
Total borrowings	36.008	13.740	10.399
Debt/Equity ratio	0.538	0.124	0.093

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	693.018	460.982	465.334
		(33.482)	0.944

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	693.018	460.982	465.334
Profit	4.977	3.017	5.349
	0.72%	0.65%	1.15%

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	Yes
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	No
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

NOTE:

The Registered office of the company has been shifted from, Room No.5, Bandukwala Building, 226-228, Samual Street, Masjid (West) Mumbai - 400003, Maharashtra, India to the present address w.e.f. 11.05.2011.

UNSECURED LOANS:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Share Holders	5.060	2.125
From Corporates	5.339	11.615
Total	10.399	13.740

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90229775	15/06/2011 *	60,000,000.00	ING VYSYA BANK LIMITED	382/384,Narasimtha Street, Katha Bazar, Mandvi (W), MUMBAI, Maharashtra - 400009, INDIA	B17213430

* Date of charge modification

FIXED ASSTES:

œ Air Conditioner

œ Computers

œ Furniture and Fixtures

œ Office Equipment

œ Mobile Phone

œ Motor Car

œ Motor Cycle

œ Telephone

œ Office Premises

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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUB
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--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	YES
--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.