MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	AMN LIFE SCIENCE PRIVATE LIMITED
Registered Office :	W-444 TTC Industrial Area, MIDC, Rabale, Navi Mumbai – 400 701, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.05.2003
Com. Reg. No.:	11-140663
Capital Investment / Paid-up Capital :	Rs.4.500 millions
CIN No.: [Company Identification No.]	U24230MH2003PTC140663
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing, trading and export of pharmaceuticals products and packing materials for pharmaceuticals industries.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has failed to file the financial statements after F.Y. 2011. However, the financials for 2011 could not be made available from the Government Department. As per available financials of 2010, the company seems to be a small company in its field having limited scale of activities. However, trade relations are fair. Business is active. Payment terms are reported as unknown. In view of unavailability of financials, the company can be considered for business deali9ngs with great 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 – 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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 DECLINED

Management non-cooperative

(Tel. No.: 91-22-67030088)

LOCATIONS

Registered Office :	W-444 T.T.C. Industrial Area, M.I.D.C., Rabale, Navi Mumbai – 400 701, Maharashtra, India
Tel. No.:	91-22-27699456
Fax No.:	91-22-27640058
E-Mail :	info@amnlife.com goenka.aanchal@yahoo.com
Website :	http://www.amnlife.com
Head Office :	214/215, Bharat Industrial Estate, LBS Marg, Bhandup (West), Mumbai – 400 078, Maharashtra, India
Tel. No.:	91-22-67030088/ 87
Fax No.:	91-22-67030089
Branch Office :	150, Sahjanand Estate, B/h Lalji Mulji Transport, Sarkhej Sanand Road, Sarkhej, Ahmedabad – 382 210, Gujarat, India

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Ashish Vijay Khemka

Designation :

Director

Address :

1503, Marathon Galaxy, LBS Marg, Mulund, Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

07.03.1976

Date of Appointment :

30.05.2003

DIN No.:

00757815

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	U72900MH2001PTC132584	ROBOSOL SOFTWARE PRIVATE LIMITED	Director	03-07-2001	03-07-2001	12-01-2012	Active	NO
2	U25202MH2002PTC136255	D M PLASTOPACK PRIVATE LIMITED	Director	19-06-2002	19-06-2002	-	Active	NO
3	U24230MH2003PTC140663	AMN LIFE SCIENCE PRIVATE LIMITED	Director	30-05-2003	30-05-2003	-	Active	NO
4	U24230MH2004PTC148275	DOVE LIFE SCIENCE PRIVATE LIMITED	Director	30-08-2004	30-08-2004	-	Active	NO
5	U72200MH2004PTC149825	ROBOSOFT SOLUTION PRIVATE LIMITED	Director	16-12-2004	16-12-2004	16-07-2008	Active	YES

Name :

Ms. Reshma Ashish Khemka

Designation :

Director

Address :

1503, Marathon Galaxy, LBS Marg, Mulund, Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

10.11.1978

Date of Appointment :

06.02.2006

DIN No.:

01421931

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares	%age
Ashish Vijay Khemka	387500	86.11
Manjudevi Vijay Khemka	27500	6.11
Reshma Ashish Khemka	35000	7.78
Total	450000	100.00

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing, trading and export of pharmaceuticals products and packing materials for pharmaceuticals industries.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

• Bank of Baroda, Sakinaka, Andheri (East), Mumbai – 400 059, Maharashtra, India
• State Bank of Travancore, Mulund (West), Mumbai – 400 072, Maharashtra, India
• Small Industries Development Bank of India
• Janakalyan Sahakari Bank Limited
• ICICI Bank Limited
• State Bank of India
• Standard Chartered Bank

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Term Loan from S.I.D.B.I. (Including interest accrued and due Rs.0.044 million’ Previous Year Rs. Nil) (Loan installment repayable within one year Rs.1.992 millions; Previous Year: Rs.0.083 million)	8.135	9.917
Total	8.135	9.917

Notes:

1. Term Loan from S.I.D.B.I. (Loan A/c. No.20500009) is secured by:

(i) Hypothecation of all the current assets of the company, present and future;

(ii) Collateral security by way of mortgage of immovable property situated at Flat No.301, 3^rd Floor, The Gokul Mathura Co-operative Housing Society Limited, C.T.S. No.12, S. No.16, H. No.1(P), Ganapada Road, Near Vrindavan Dham, Mulund – East, Mumbai – 400 081 owned by Satish N. Kulkarni;

(iii) Lien of Fixed Deposit of Rs.1.000 million; and

(iv) Personal guarantee of all directors and also mortgagor Satish N. Kulkarni

2. Term Loan from S.I.D.B.I. (Loan A/c. No.20500013) is secured by:

(i) Hypothecation of all the current assets of the company, present and future; and

(ii) Personal guarantee of all directors

Banking Relations :	--
Auditors :
Name :	Bhuta Shah and Company Chartered Accountants
Address :	901,Regent Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-43439191 (30 Lines)/ 22832626
Fax No.:	91-22-22832727
E-Mail :	mail@bhutashah.com
Website :	www.bhutashah.com
PAN No.:	AAAFB1455G
Group Companies/ Enterprise in which Key Managerial Personnel are having interest :	Robosol Software Private Limited Robosoft Solutions Private Limited (Company in which Director is interested) D.M. Plastopack Private Limited (Company in which Director is interested)

CAPITAL STRUCTURE

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs.10/- each	Rs.4.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.500	4.500	2.000
2] Share Application Money		0.000	0.000	2.500
3] Reserves & Surplus		1.558	1.284	1.148
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6.058	5.784	5.648
LOAN FUNDS
1] Secured Loans		8.135	9.917	4.767
2] Unsecured Loans		0.206	0.550	1.109
TOTAL BORROWING		8.341	10.467	5.876
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14.399	16.251	11.524
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.070	0.918	1.121
Capital work-in-progress		1.000	1.000	0.000
INVESTMENT		0.006	0.006	1.006
DEFERRED TAX ASSETS		0.021	0.038	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.045	4.817	3.307
	Sundry Debtors	18.767	17.734	11.947
	Cash & Bank Balances	1.704	1.953	1.784
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances & Deposits	3.105	2.362	4.021
Total Current Assets		29.621	26.866	21.059
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	22.183	15.937	9.366
	Other Current Liabilities			3.355
	Provisions	0.150	0.589	0.402
Total Current Liabilities		22.333	16.526	13.123
Net Current Assets		7.288	10.340	7.936
MISCELLANEOUS EXPENSES		5.014	3.949	1.461
TOTAL		14.399	16.251	11.524

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	35.898	28.520	43.614
		Other Income
		TOTAL	35.898	28.520	43.614
Less	EXPENSES
		Office Expenses	35.246	27.852	42.296
		Administrative Expenses
		Advertising Expenses
		TOTAL	35.246	27.852	42.296
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		0.652	0.668	1.318
Less/ Add	DEPRECIATION/ AMORTISATION		0.210	0.270	0.095
	PROFIT / (LOSS) BEFORE TAX		0.442	0.398	1.223
Less	TAX		0.168	0.262	0.432
	PROFIT / (LOSS) AFTER TAX		0.274	0.136	0.791
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	24.459	28.238	42.293
	TOTAL EARNINGS		24.459	28.238	42.293
	Earnings / (Loss) Per Share (Rs.)		0.61	0.68	15.82

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.76	0.48	1.81
Return on Total Assets (PBT/Total Assets}	(%)	1.44	1.43	5.51
Return on Investment (ROI) (PBT/Networth)		0.07	0.07	0.22
Debt Equity Ratio (Total Debt/Networth)		1.38	1.81	1.04
Current Ratio (Current Asset/Current Liability)		1.33	1.63	1.60

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2008	31.03.2009	31.03.2010
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	2.000	4.500	4.500
Share Application Money	2.500	0.000	0.000
Reserves & Surplus	1.148	1.284	1.558
Net worth	5.648	5.784	6.058
Secured Loans	4.767	9.917	8.135
Unsecured Loans	1.109	0.550	0.206
Total borrowings	5.876	10.467	8.341
Debt/Equity ratio	1.040	1.810	1.377

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2008	31.03.2009	31.03.2010
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	43.614	28.520	35.898
		-34.608	25.870

NET PROFIT MARGIN

Net Profit Margin	31.03.2008	31.03.2009	31.03.2010
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Total Income	43.614	28.520	35.898
Profit	0.791	0.136	0.274
	1.81%	0.48%	0.76%

LOCAL AGENCY FURTHER INFORMATION

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	No
10) Designation of contact person	No
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

Unsecured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Interest Free
From Director	0.106	0.300
From a Body Corporate	0.100	0.250
Total	0.206	0.550

Note:

· The registered office of the company has been shifted from 214, Bharat Industrial Estate, LBS Marg, Bhandup (West), Mumbai – 400 073, Maharashtra to the present address w.e.f. 11.05.2006.

· No Charges Exist of Company.

FIXED ASSETS:

· Office Premises

· Interior

· Air Conditioner

· Computer

· Furniture and Fixtures

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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SMN

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	2
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.