MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	SAGAR LIFE SCIENCES PRIVATE LIMITED (w.e.f. 18.06.2009)
Formerly Known As :	REAL AGROCARE PRIVATE LIMITED
Registered Office :	170-171, Baba Market, Opposite Shanti Marriage Garden, DCM Hira Nagar, Ajmer Road, Jaipur – 302 006, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.05.2007
Com. Reg. No.:	17-024384
Capital Investment / Paid-up Capital :	Rs. 14.240 Millions
CIN No.: [Company Identification No.]	U24297RJ2007PTC024384
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Bulk Drugs and Intermediates.
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 50000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by low reserves level and loss incurred by the company during FY2014. However, trade relations are reported as fair. Business is active. Payment terms are reported to be 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 3B
Rating Explanation	Moderate performance capability and moderate financial strength
Date	October 2013

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

Name :	Mr. K. R. Saman
Designation :	Accountant
Contact No.:	91-9377667912
Date :	20.12.2014

LOCATIONS

Registered Office :	170-171, Baba Market, Opposite Shanti Marriage Garden, DCM Hira Nagar, Ajmer Road, Jaipur – 302 006, Rajasthan, India
Tel. No.:	91-2642-227316
Mobile No.:	91-9377667912 (Mr. K. R. Saman)
Fax No.:	91-2646-272810
E-Mail :	rajeev@rccpl.in
Area :	500 sq ft
Location :	Rented
Factory :	Plot No.G1-016-1717, GIDC Estate, Panoli District Bharuch, Ankleshwar – 394 116, Gujarat, India
Tel. No.:	91-2646-227311
Fax No.:	91-2646-227311
Area :	25000 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajeev Goel

Designation :

Additional Director

Address :

Plot No. 3124 and 3125, GIDC Estate, Panoli District Bharuch, Ankleshwar – 394 116, Gujarat, India

Date of Birth/Age :

06.10.1975

Qualification :

B.Tech

Date of Appointment :

28.03.2009

DIN No. :

01811748

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	U24110GJ1997PTC045471	RAJEEV CHLORIDES AND CARBONICS PRIVATE LIMITED	Director	24-12-97	24-12-97	-	Active	NO
2	U67120GJ2007PTC052388	ASHA COMMERCIAL PRIVATE LIMITED	Director	19-12-07	19-12-07	27-01-10	Active	NO
3	U24297RJ2007PTC024384	SAGAR LIFE SCIENCES PRIVATE LIMITED	Additional director	28-03-09	28-03-09	-	Active	NO
4	U24100GJ2011PTC063537	JABSONS TECHNOCHEM PRIVATE LIMITED	Director	07-01-11	07-01-11	-	Active	NO

Name :

Ms. Neha Bajaj

Designation :

Additional Director

Address :

Satluj Public School ENB, District Sirsa – 125 055, Haryana, India

Date of Birth/Age :

12.12.1980

Qualification :

B.Com

Date of Appointment :

20.06.2009

DIN No. :

02693694

KEY EXECUTIVES

Name :	Mr. K. R. Saman
Designation :	Accountant

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Premlata Saraf	5000
Rajrani Goel	304000
Rekharani	10000
Rarachand	24000
Rajkumar	20000
Shamesher Singh	50000
Chabeg Singh	50000
Jaipal Sharma	20000
Nisharani	20000
Sardar Singh	50000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	9.48
Directors or relatives of Directors	58.80
Other top fifty shareholders	31.72
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importer of Bulk Drugs and Intermediates.
Products :	Bulk Drugs Intermediates
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Bulk Drugs and Intermediates
Countries :	Not Divulged
Imports :
Products :	Bulk Drugs and Intermediates
Countries :	China
Terms :
Selling :	Cash, Advance Payment and Cheque
Purchasing :	Cash, Advance Payment and Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Gem Medicines, Germany
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 :

Wholesaler and Manufacturer

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 :

30 (Approximately)

Bankers :

Bank of Baroda, Bharuch, Ankleshwar – 394 116, Gujarat, India

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Term Loans from Bank	2.771	4.916
Vehicle Loan from Bank	0.000	0.061
SHORT TERM BORROWINGS
Cash Credit Loan	16.118	18.012
Buyers Credit from bank in foreign currency	0.000	27.013
Total	18.889	50.002

Banking Relations :	---
Auditors :
Name :	Agarwal S. Lal and Company Chartered Accountants
Address :	50, Bank Colony, Alwar – 301 001, Rajasthan, India
PAN No.:	AEDPA9203N
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	Hardik Chemicals Rajeev Chlorides and Carbonics Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	RS. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1424000	Equity Shares	Rs.10/- each	Rs. 14.240 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	14.240	14.240	5.740
(b) Reserves & Surplus	3.424	10.187	9.080
(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)	17.664	24.427	14.820
(3) Non-Current Liabilities
(a) long-term borrowings	24.007	26.480	28.248
(b) Deferred tax liabilities (Net)	2.600	2.356	2.145
(c) Other long term liabilities	0.000	2.010	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	26.607	30.846	30.393
(4) Current Liabilities
(a) Short term borrowings	16.118	45.025	33.887
(b) Trade payables	2.362	7.143	37.138
(c) Other current liabilities	22.584	5.945	5.696
(d) Short-term provisions	0.218	0.809	0.569
Total Current Liabilities (4)	41.282	58.922	77.290
TOTAL	85.553	114.195	122.503
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.793	38.741	38.187
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	4.500	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.393	0.269	0.744
Total Non-Current Assets	47.186	43.510	38.931
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.226	30.703	49.461
(c) Trade receivables	4.663	26.613	20.497
(d) Cash and cash equivalents	1.637	6.295	7.244
(e) Short-term loans and advances	5.813	5.451	5.136
(f) Other current assets	1.028	1.623	1.234
Total Current Assets	38.367	70.685	83.572
TOTAL	85.553	114.195	122.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	62.025	119.998
		Other Income	NA	11.246
		TOTAL	NA	131.244	64.940
Less	EXPENSES
		TOTAL	NA	127.831	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			3.413	1.763
Less/ Add	DEPRECIATION/ AMORTISATION			1.770	1.431
	PROFIT / (LOSS) BEFORE TAX		(6.519)	1.643	0.332
Less	TAX		0.244	0.536	1.107
	PROFIT / (LOSS) AFTER TAX		(6.763)	1.107	(0.775)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.658)	(1.766)	(0.991)
	BALANCE CARRIED TO THE B/S		(7.421)	(0.658)	(1.766)
	IMPORTS
		Raw Materials	0.000	59.115	42.347
		Capital Goods	0.000	0.286	0.000
	TOTAL IMPORTS		0.000	59.401	42.347
	Earnings Per Share (Rs.)		(4.75)	0.78	(1.35)

Expected Sales (2014-15) : Rs. 100.000 Millions

The above information has been parted by Mr. K. R. Saman (Accountant).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(10.90)	0.92	NA
Operating Profit Margin (PBIDT/Sales)	(%)	NA	2.84	NA
Return on Total Assets (PBT/Total Assets}	(%)	(7.62)	1.50	0.27
Return on Investment (ROI) (PBT/Networth)		(0.37)	0.07	0.02
Debt Equity Ratio (Total Debt /Networth)		2.27	2.93	4.19
Current Ratio (Current Asset/Current Liability)		0.93	1.20	1.08

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	5.740	14.240	14.240
Reserves & Surplus	9.080	10.187	3.424
Net worth	14.820	24.427	17.664
long-term borrowings	28.248	26.480	24.007
Short term borrowings	33.887	45.025	16.118
Total borrowings	62.135	71.505	40.125
Debt/Equity ratio	4.193	2.927	2.272

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	119.998	62.025
		(48.312)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	119.998	62.025
Profit	1.107	(6.763)
	0.92%	(10.90%)

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	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	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	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Loan from directors	0.713	0.952
From Shareholders/ Relatives/Others	20.523	20.551
Total	21.236	21.503

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10522876	24/09/2014	30,000,000.00	BANK OF BARODA	BRANCH STATION ROAD, BHARUCH, BHARUCH, GUJARAT - 392001, INDIA	C23707524

* Date of charge modification

FIXED ASSETS

• Leasehold Land and Building
• Plant and Machinery
• Electrical Installation
• Furniture and Fixture
• Computer
• 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.63.17
UK Pound	1	Rs.98.85
Euro	1	Rs.77.41

INFORMATION DETAILS

Information Gathered by :	SNJ
Analysis Done by :	DIV
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
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	YES
--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.