MIRA INFORM REPORT

Report Date :

20.02.2014

IDENTIFICATION DETAILS

Name :	NUTRA SPECIALITIES PRIVATE LIMITED (w.e.f. 28.03.2007)
Formerly Known As :	NEUTRA SPECIALITIES PRIVATE LIMITED
Registered Office :	No.26, Vandalur-Kelambakkam Main Road, Keelakottaiyur, Chennai – 600048, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.09.2005
Com. Reg. No.:	18-057504
Capital Investment / Paid-up Capital :	Rs. 150.066 Millions
CIN No.: [Company Identification No.]	U24231TN2005PTC057504
TAN No.: [Tax Deduction & Collection Account No.]	CHEN05728C
PAN No.: [Permanent Account No.]	AACCN1943Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Neutraceuticals, Food Supplements, speciality chemicals and products of similar nature.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded huge accumulated losses. The rating also take into consideration the current delays in debt servcing by the company on account of tight liquidity. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan (Long Term): “D”
Rating Explanation	The company is in default or excepted to be in default soon.
Date	June, 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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Srinivasan
Designation :	General Manager (Finance / Accounts)
Contact No.:	91-44-42984141
Date :	19.02.2014

LOCATIONS

Registered Office :	No.26, Vandalur-Kelambakkam Main Road, Keelakottaiyur, Chennai – 600048, Tamilnadu, India
Tel No.:	Not Available
Fax No.:	Not Available
E-Mail :	suresh.r@lifecellinternational.com mahesh.d@lifecell.in
Website :	www.nutraforlife.com
Factory:	Sr. No.69, Chandrapadiya village, Vinjamur Mandal, Nellore District - 524228 Andhra Pradesh, India
Tel No.:	91-8629-214145/ 6 91-8627-300100
Fax No.:	91-8627-300111
Chennai Office :	No.4, First Floor, Bharathi Nagar, 4^th Street, T. Nagar, Chennai – 600017, Tamilnadu, India
Tel No.:	91-44-42984141
Fax No.:	91-44-42121880
E-Mail :	marketing@nutraforlife.com
US Office:	200, Galleria Parkway Suite 450, Atianta GA 30339, USA
Tel No.:	001 770 916 1722
Fax No.:	001 770 916 1933

DIRECTORS

As on 20.09.2013

Name :

Mr. Jayarama Ramanan

Designation :

Director

Address :

C-41, Chaitanya Nest, No.9, Rathna Nagar Main Road, Teyanmpet, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

02.07.1946

Date of Appointment :

29.09.2011

DIN No. :

00028252

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	U85196TN2004PTC053577	LIFECELL INTERNATIONAL PRIVATE LIMITED	Whole-time director	28/06/2004	28/06/2004	-	Active	NO
2	U67120TN1995PTC030953	ABUSHA INVESTMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	08/07/2004	08/07/2004	26/05/2008	Active	NO
3	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	29/09/2011	15/09/2005	-	Active	NO
4	U52311TN2005PTC057635	NEUTRA MARKETING PRIVATE LIMITED	Director	27/09/2005	27/09/2005	-	Strike off	NO
5	U85100TN2007PTC063975	TRI CELL THERAPEUTICS PRIVATE LIMITED	Director	15/06/2007	15/06/2007	-	Active	NO
6	U25209TN1996PLC035849	GREEN GOLD POLYMERS LIMITED	Additional director	01/08/2007	01/08/2007	-	Strike off	NO
7	AAB-4427	BRAHMAVIDYA LLP	Designated Partner	04/04/2013	04/04/2013	-	Active	NO

Name :

Mr. Ramamurthy Thyagarajan

Designation :

Director

Address :

No.12, Besant Road, Royapettah, Chennai – 600014, Tamilnadu, India

Date of Birth/Age :

25.08.1937

Date of Appointment :

30.09.2008

DIN No. :

00185036

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	U99999MH1985PTC035149	CREDENTIAL FINANCE LIMITED	Director	20/09/1996	20/09/1996	26/08/2009	Dormant	NO
2	U22219TN1993PLC025407	ECONOMIST COMMUNICATIONS LIMITED	Director	11/06/2002	11/06/2002	-	Active	NO
3	U72200TN2000PTC044605	SHRIRAM CENTRE FOR LEARNING PRIVATE LIMITED	Director	02/01/2003	02/01/2003	20/11/2011	Active	NO
4	U67120TN1995PTC030953	ABUSHA INVESTMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	08/07/2004	08/07/2004	26/05/2008	Active	NO
5	U85196TN2004PTC053577	LIFECELL INTERNATIONAL PRIVATE LIMITED	Director	08/07/2004	08/07/2004	-	Active	NO
6	U65929TN2004NPL053788	CONFEDERATION OF INDIAN NON BANKING FINANCE ENTITIES	Director	21/07/2004	21/07/2004	-	Active	NO
7	U66010AP2005PLC045616	SHRIRAM LIFE INSURANCE COMPANY LIMITED	Director	15/03/2005	15/03/2005	10/12/2009	Active	NO
8	U66010RJ2006PLC029979	SHRIRAM GENERAL INSURANCE COMPANY LIMITED	Director	28/07/2006	28/07/2006	10/11/2009	Active	NO
9	U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	Director	20/08/2008	21/10/2007	-	Amalgamated	NO
10	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	30/09/2008	17/11/2007	-	Active	NO
11	U85100TN2007PTC063975	TRI CELL THERAPEUTICS PRIVATE LIMITED	Director	30/09/2008	03/12/2007	-	Active	NO
12	L25209TN1986PLC013098	VICTORY LAMINATIONS LIMITED	Director	01/11/2011	01/11/2011	-	Active	NO
13	U74900TN1995PLC032506	SHRIRAM VENTURE LIMITED	Additional director	04/02/2013	04/02/2013	-	Active	NO
14	U93090TN1996PLC034522	MEDISPAN LIMITED	Additional director	04/10/2013	04/10/2013	-	Active	NO
15	U65191TN1994PLC028851	TVS Capital Funds Limited	Additional director	01/11/2013	01/11/2013	-	Active	NO

Name :

Mr. Vallavanur Subramaniam Pattabiraman

Designation :

Whole-time director

Address :

No.2-A, Jeypore Palace, 12, Padmavathiar Road, Gopalapuram, Chennai – 600086, Tamilnadu, India

Date of Appointment :

15.09.2005

DIN No. :

00784247

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	U74210TN2002PTC049065	PRECIMAX TECH PRIVATE LIMITED	Director	10/06/2002	10/06/2002	01/11/2007	Active	YES
2	U85196TN2004PTC053577	LIFECELL INTERNATIONAL PRIVATE LIMITED	Director	28/06/2004	28/06/2004	15/02/2013	Active	NO
3	U67120TN1995PTC030953	ABUSHA INVESTMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	08/07/2004	08/07/2004	26/05/2008	Active	NO
4	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Whole-time director	15/09/2005	15/09/2005	-	Active	NO
5	U52311TN2005PTC057635	NEUTRA MARKETING PRIVATE LIMITED	Director	27/09/2005	27/09/2005	-	Strike off	NO
6	U85100TN2007PTC063975	TRI CELL THERAPEUTICS PRIVATE LIMITED	Director	15/06/2007	15/06/2007	-	Active	NO
7	L21012TN2005PLC092783	SERVALAKSHMI PAPER LIMITED	Director appointed in casual vacancy	09/06/2012	09/06/2012	-	Active	NO
8	AAB-4427	BRAHMAVIDYA LLP	Designated Partner	04/04/2013	04/04/2013	-	Active	NO

Name :

Mr. Giridhar Gopal Pulleti

Designation :

Director

Address :

Plot No. MIG 41/A, Flat No. 3-2, MCH Park, Beside Vengala Rao Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

10.08.1968

Date of Appointment :

29.09.2011

DIN No. :

01594062

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	U24232AP2007PTC052453	SANOVA PHARMA CHEM PRIVATE LIMITED	Director	22/01/2007	22/01/2007	-	Active	NO
2	L24230MH2006PLC158589	DR.DATSONS LABS LIMITED	Director	04/05/2010	20/03/2010	-	Active	NO
3	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	29/09/2011	21/05/2010	-	Active	NO
4	L65999MH1985PLC035113	FINAVENTURE CAPITAL LIMITED	Director	30/09/2011	20/11/2010	-	Active	NO
5	U24297AP2009PTC064991	CHEMSYNTH LABORATORIES PRIVATE LIMITED	Director	03/01/2011	03/01/2011	03/04/2011	Active	NO
6	U24232AP2012PTC084908	RAICHUR LABORATORIES PRIVATE LIMITED	Director	18/12/2012	18/12/2012	-	Active	NO
7	U24232AP2012PTC085122	ABHUSHA PHARMA PRIVATE LIMITED	Director	31/12/2012	31/12/2012	-	Active	NO

Name :

Mr. Deepak Abhayakumar

Designation :

Director

Address :

No.27, Mylai Ranganathan Street, T. Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

12.04.1983

Date of Appointment :

29.09.2011

DIN No. :

02043654

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	Company/ LLP Status	Defaulting status
1	U67120TN1995PTC030953	ABUSHA INVESTMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	30/09/2008	26/05/2008	Active	NO
2	U24111TN2000PTC044076	SANSKAR CHEMICALS AND DRUGS PRIVATE LIMITED	Director	02/03/2009	02/03/2009	Active	NO
3	U72900TN2009PTC072512	ENGRID GLOBAL PRIVATE LIMITED	Director	07/08/2009	07/08/2009	Active	NO
4	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	29/09/2011	22/11/2010	Active	NO
5	U55101TN2012PTC086654	PURPLETREE HOTELS AND HOSPITALITY SERVICES PRIVATE LIMITED	Director	06/07/2012	06/07/2012	Active	NO

Name :

Mr. Mohan Reddy Enaganuri

Designation :

Director

Address :

Yerrabellipalem, Vinjamur, Nellore – 524228, Andhra Pradesh, India

Date of Birth/Age :

24.06.1971

Date of Appointment :

29.09.2011

DIN No. :

02720838

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	Company/ LLP Status	Defaulting status
1	U24297AP2009PTC064991	CHEMSYNTH LABORATORIES PRIVATE LIMITED	Director	09/09/2009	09/09/2009	Active	NO
2	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	29/09/2011	21/05/2010	Active	NO
3	U24232AP2010PTC069596	HATRI PHARMA PRIVATE LIMITED	Director	21/07/2010	21/07/2010	Active	NO
4	U20296AP2012PTC080563	GREEN GOLD BIO COAL PRIVATE LIMITED	Director	27/04/2012	27/04/2012	Active	NO
5	U24232AP2012PTC085122	ABHUSHA PHARMA PRIVATE LIMITED	Director	31/12/2012	31/12/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Srinivasan
Designation :	General Manager (Finance / Accounts)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2013

NOTE: SHAREHOLDING AND ALLOTTEES DETAILS FILE ATTACHED

As on 20.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	5.59
Bodies corporate	10.41
Directors or relatives of Directors	24.07
Other top fifty shareholders	59.93
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Neutraceuticals, Food Supplements, speciality chemicals and products of similar nature.

Products :

Item Code No. (ITC Code)	Product Description
98041000	Bulk Drugs

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Canara Bank, K B Nagar Branch, Adyar, Chennai - 600020, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	81.505	92.983
Loans and advances from directors	3.557	1.912
SHORT TERM BORROWINGS
Working capital loans from banks	79.438	60.511
Loans taken for vehicles	2.031	0.692
Total	166.531	156.098

Banking Relations :	--
Auditors :
Name :	Srikanth and Shanthi Chartered Accountants
Address :	No.9 Madanagopal Street, First Floor, Abhiramapuram, Chennai – 600018, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAOFS4951L

CAPITAL STRUCTURE

After 20.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,006,588	Equity Shares	Rs.10/- each	Rs. 150.066 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	150.066	143.066	143.066
(b) Reserves & Surplus	(106.195)	(90.838)	(72.518)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	10.901	7.001	0.001
Total Shareholders’ Funds (1) + (2)	54.772	59.229	70.549
(3) Non-Current Liabilities
(a) long-term borrowings	85.062	94.894	84.161
(b) Deferred tax liabilities (Net)	9.116	8.977	7.671
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	94.178	103.871	91.832
(4) Current Liabilities
(a) Short term borrowings	245.254	159.204	91.180
(b) Trade payables	67.791	83.402	43.690
(c) Other current liabilities	2.811	2.538	0.886
(d) Short-term provisions	4.214	3.334	2.049
Total Current Liabilities (4)	320.070	248.478	137.805
TOTAL	469.020	411.578	300.186
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	164.616	174.146	142.130
(ii) Intangible Assets	7.594	5.163	7.604
(iii) Capital work-in-progress	52.142	21.471	31.632
(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	3.220	1.776	0.983
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	227.572	202.556	182.349
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	100.163	97.043	59.809
(c) Trade receivables	104.281	86.881	48.729
(d) Cash and cash equivalents	16.320	11.437	4.165
(e) Short-term loans and advances	13.182	10.204	3.533
(f) Other current assets	7.502	3.457	1.601
Total Current Assets	241.448	209.022	117.837
TOTAL	469.020	411.578	300.186

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	365.983	257.545	162.228
Less	EXPENSES
		TOTAL	358.064	253.987	175.191
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7.919	3.558	(12.963)
Less/ Add	DEPRECIATION/ AMORTISATION		23.137	20.573	15.755
	PROFIT/ (LOSS) BEFORE TAX		(15.218)	(17.015)	(28.718)
Less	TAX		0.139	1.305	1.769
	PROFIT/ (LOSS) AFTER TAX		(15.357)	(18.320)	(30.487)
	EARNINGS IN FOREIGN CURRENCY		211.300	NA	NA
	Earnings / (Loss) Per Share (Rs.)		(1.02)	(1.28)	(21.13)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(4.20)	(7.11)	(18.79)
Return on Total Assets (PBT/Total Assets}	(%)	(3.65)	(4.36)	(10.69)
Return on Investment (ROI) (PBT/Networth)		(0.28)	(0.29)	(0.41)
Debt Equity Ratio (Total Debt/Networth)		6.03	4.29	2.49
Current Ratio (Current Asset/Current Liability)		0.75	0.84	0.86

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	143.066	143.066	150.066
Reserves & Surplus	(72.518)	(90.838)	(106.195)
Share Application money pending allotment	0.001	7.001	10.901
Net worth	70.549	59.229	54.772
long-term borrowings	84.161	94.894	85.062
Short term borrowings	91.180	159.204	245.254
Total borrowings	175.341	254.098	330.316
Debt/Equity ratio	2.485	4.290	6.031

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)
Total Income	162.228	257.545	365.983
		58.755	42.104

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	162.228	257.545	365.983
Profit	(30.487)	(18.320)	(15.357)
	(18.79%)	(7.11%)	(4.20%)

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	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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10474878	06/12/2013	727,000.00	CANARA BANK	K B NAGAR BRANCH, ADYAR, CHENNAI - 600020, TAMILNADU, INDIA	B95204111
2	10194767	30/12/2009	500,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI - 600020, TAMILNADU, INDIA	A76842558
3	10164698	23/06/2009	280,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI - 600020, TAMILNADU, INDIA	A64970148
4	10119914	31/07/2008	1,063,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI - 600020, TAMILNADU, INDIA	A44532745
5	10031254	13/12/2006	880,000.00	CANARA BANK	K.B.NAGAR BRANCH, ADYAR, CHENNAI - 600020, TAMILNADU, INDIA	A08714859
6	10025741	11/11/2006	549,000.00	CANARA BANK	K.B.NAGAR BRANCH, ADYAR, CHENNAI - 600020, TAMILNADU, INDIA	A06653190
7	10025505	03/08/2011 *	245,100,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI - 600020, TAMILNADU, INDIA	B19435684
8	10025740	26/08/2013 *	363,943,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI - 600020, TAMILNADU, INDIA	B87190922

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances, others	163.785	98.000
Total	163.785	98.000

HIGHLIGHTS OF FINANCIAL POSITION AND PROSPECTS:

1. The Income from Operations/ Sales have been growing steadily: Rs. 87.000 Millions in 2010, Rs 160.100 Millions in 2011, Rs 253.500 Millions in 2012 and Rs 347.800 Millions in 2013.

2. The Company has made significant additions to its Product mix by stabilizing in the process in the production of new major products such as Sitagliptin Phosphate, Moxifloxacin in addition to Olmesatan and others.

3. The Export has been growing; Rs 11.400 Millions in 2010, Rs 74.200 Millions in 2011, Rs 178.000 Millions in 2012 and 211.400 Millions in 2013.

4. The company is earning Royalty income for its product Levetiracetam without affecting its production capacity.

COMPANY’S OUTLOOK FOR FUTURE:

Maintaining the current trend, the company expects to substantially increase the turnover to nearly two folds in the current year and is confident of reaching Profit after depreciation in the Financial year 2013-14. However it may take some time to make up for the past losses. Continuous efforts are being made to introduce, produce and stabilize the process of making additional products while at the same time optimizing the gap with adequate quality measures.

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

v Intangible assets

· Copyrights, Patents and Other Operating Rights

· Other Intellectual Property Rights

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 :	PDT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		12

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%)12

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.