MIRA INFORM REPORT

Report Date :

09.06.2014

IDENTIFICATION DETAILS

Name :	SAI LIFE SCIENCES LIMITED (w.e.f. 28.05.2012)
Formerly Known As :	SAI ADVANTIUM PHARMA LIMITED
Registered Office :	Luxor Park, 8-2-120/86/9/B, Road No.2, Banjara Hills, Opposite LV Prasad Eye Institute, Hyderabad- 500033, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.01.1999
Com. Reg. No.:	01-030970
Capital Investment / Paid-up Capital :	Rs. 131.442 Millions
CIN No.: [Company Identification No.]	U24110AP1999PLC030970
TAN No.: [Tax Deduction & Collection Account No.]	HYDS03658E
PAN No.: [Permanent Account No.]	AAECS6143F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company carries out Contract Research and Contract Manufacturing related activities for customers in the Pharmaceutical and Biotechnology Industry.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 6900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. General position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct and as per commitment. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB+ (Long term rating)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	04.10.2013

Rating Agency Name	CRISIL
Rating	A3+ (Short term rating)
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	04.10.2013

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

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-40-23608222)

LOCATIONS

Registered Office / Corporate Office :	Luxor Park, 8-2-120/86/9/B, Road No.2, Banjara Hills, Opposite LV Prasad Eye Institute, Hyderabad- 500033, Andhra Pradesh, India
Tel. No.:	91-40-66777555 / 23608222
Fax No.:	91-40-23542666 / 23555979
E-Mail :	runa.k@sailife.com info@sailife.com saibd@sailife.com
Website :	www.sailife.com
Branch Office:	Bulding 1, Plot #2, Chrysalis Enclave, International Biotech Park, Phase II, Hinjew, Pune-411057, Maharashtra, India

DIRECTORS

AS ON 22.08.2013

Name :

Mr. Ranga Raju Kanumuri

Designation :

Whole-time director

Address :

8-2-120/A/4, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

05.01.1951

Qualification :

Ph D in Pharmacy

PAN No.:

ACRPK6274F

Date of Appointment :

01.04.2013

DIN No.:

00043186

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	U05005TG1991PTC012796	PRATHIMA AQUA CULTURE PRIVATE LIMITED	Director	13/06/1991	13/06/1991	10/03/2011	Active	NO
2	U01222TG1991PTC012795	SWATHI AQUA CULTURE PRIVATE LIMITED	Director	13/06/1991	13/06/1991	10/03/2011	Active	NO
3	U29219TG1989PLC009683	PATTANCHERU ENVEROTECH LTD.	Director	06/08/1996	06/08/1996	-	Active	NO
4	U24110TG1998PTC029265	SAI QUEST SYN PRIVATE LIMITED	Director	21/04/1998	21/04/1998	-	Active	NO
5	U24110TG1999PLC030970	SAI LIFE SCIENCES LIMITED	Whole-time director	01/04/2013	25/01/1999	-	Active	NO
6	U05005TG1990PTC011548	LAKSHMI ACQUA CULTURE PRIVATE LIMITED	Director	19/04/2000	19/04/2000	11/03/2011	Active	NO
7	U91990TG2001PTC036420	SAI BIO ASSAY PRIVATE LIMITED	Director	19/03/2001	19/03/2001	-	Strike off	NO
8	U24110TG1998PTC028812	CONQUEST PHARMA PRIVATE LIMITED	Director	30/08/2006	30/08/2006	-	Amalgamated	NO
9	U73100TG2005PTC062723	ADVANTIUM PHARMA PRIVATE LIMITED	Director	30/09/2007	20/07/2007	-	Amalgamated	NO
10	U24297TG2010PTC067624	INGENUS PHARMACEUTICALS PRIVATE LIMITED	Director	19/03/2010	19/03/2010	-	Active	NO
11	U74900TG2013PTC085863	SAI ONCOLOGY PRIVATE LIMITED	Director	20/02/2013	20/02/2013	-	Active	NO

Name :

Mr. Krishnamraju Kanumuri

Designation :

Managing director

Address :

8-2-120/A/4, Road No.9, Jubilee Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

10.02.1971

Qualification :

BE in Chemical Engineering, MBA

PAN No.:

AEWPK2898A

Date of Appointment :

01.09.2013

DIN No.:

00064614

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	U05005TG1990PTC011548	LAKSHMI ACQUA CULTURE PVT.LTD.	Director	06/08/1990	06/08/1990	11/03/2011	Active	NO
2	U24110TG1999PLC030970	SAI LIFE SCIENCES LIMITED	Managing director	01/09/2013	01/05/2004	-	Active	NO
3	U73100TG2005PTC062723	ADVANTIUM PHARMA PRIVATE LIMITED	Director	30/09/2007	20/07/2007	-	Amalgamated	NO
4	U73100AP1950PTC000420	SOUTH INDIA RESEARCH INSTITUTE PVT LTD	Director	17/09/2013	17/09/2013	-	Active	NO

Name :

Mr. Penmasta A. Raju

Designation :

Director

Address :

22640 Beaverdam Drive, Ashburn, Virginia-20148, USA

Date of Birth/Age :

22.09.1952

Qualification :

Ph D in Organic Chemistry

Date of Appointment :

08.03.1999

DIN No.:

00897301

Name :

Mr. Moriarty Robert Michael

Designation :

Director

Address :

3739, Michiana Drive, Michigan City, Indiana-46360, USA

Date of Birth/Age :

31.05.1965

Qualification :

Ph D

Date of Appointment :

25.08.2007

DIN No.:

00897207

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	U24110TG1999PLC030970	SAI LIFE SCIENCES LIMITED	Director	25/08/2007	16/08/2006	-	Active	NO

Name :

Mr. Tatta Raja Gopal Srirama

Designation :

Director

Address :

17, Lynwood Way, West Orange, New Jercy-07052, USA

Date of Birth/Age :

17.05.1951

Qualification :

Certified Public Accountant (US), CA and MBA

Date of Appointment :

25.08.2007

DIN No.:

00988348

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	U24110TG1999PLC030970	SAI LIFE SCIENCES LIMITED	Director	25/08/2007	10/01/2007	-	Active	NO

Name :

Mr. William Lamar Greene

Designation :

Director

Address :

973, Crestview Dr, San Carlos-97070, California

Date of Birth/Age :

02.08.1963

Qualification :

BA and MD

Date of Appointment :

11.09.2008

DIN No.:

02164781

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	U24110TG1999PLC030970	SAI LIFE SCIENCES LIMITED	Director	11/09/2008	29/04/2008	-	Active	NO

Name :

Mr. Gautam Mago

Designation :

Director appointed in casual vacancy

Address :

D 202, Lloys Estate, Wadala (East), Mumbai-500037, Maharashtra, India

Date of Birth/Age :

12.03.1979

Qualification :

MBA, ICAI

Date of Appointment :

09.02.2012

DIN No.:

03568682

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	U74140DL2004PTC127708	UNICKON FINANCIAL INTERMEDIARIES PRIVATE LIMITED	Director	20/07/2011	20/07/2011	22/03/2012	Active	NO
2	U24110TG1999PLC030970	SAI LIFE SCIENCES LIMITED	Director appointed in casual vacancy	09/02/2012	28/09/2011	-	Active	NO
3	U72300DL2006PTC154694	UnitedLex BPO Private Limited	Director	27/09/2012	07/12/2011	-	Active	NO
4	U65922HR1998PLC042782	INDIA SHELTER FINANCE CORPORATION LIMITED	Additional director	21/03/2012	21/03/2012	21/07/2012	Active	NO
5	U72200KA2006PTC038764	I-CREATE SOFTWARE INDIA PRIVATE LIMITED	Director	30/09/2013	30/11/2012	-	Active	NO
6	U66010TN2005PLC056649	STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED	Nominee director	08/11/2013	08/11/2013	-	Active	NO
7	U67190TN2008PTC066350	A&A DUKAAN FINANCIAL SERVICES PRIVATE LIMITED	Nominee director	21/01/2014	21/01/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Runa Karan
Designation :	Secretary
Address :	46, MIGH, Behind Ganesh Temple, Vijaynagar Colony, Hyderabad-500057, Andhra Pradesh, India
Date of Birth/Age :	16.08.1974
Date of Appointment :	03.10.2008
PAN No.:	AKLPK3369B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.08.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

DATE OF ALLOTTEE 20.02.2014

Name of Shareholders	No. of Shares
Gregory R Ludedtke	50000
Total	50000

Equity Share Break up (Percentage of Total Equity)

AS ON 22.08.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	36.56
Bodies corporate	5.82
Directors or relatives of Directors	41.90
Other top fifty shareholders	15.04
Others	0.68
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company carries out Contract Research and Contract Manufacturing related activities for customers in the Pharmaceutical and Biotechnology Industry.

Products :

Item Code No.	Product Description
99811121	Research and experimental development services in chemistry
99811122	Research and experimental development services in biology
99811303	Research and experimental development services in pharmacy
99831412	Design and development services of a database

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· State Bank of Hyderabad, Punjagutta Branch, “Rose Made” House No. 6-3-542/2, Punjagutta, Hyderabad - 500082, Andhra Pradesh, India

· State Bank of India, Overseas Branch, Plot No.241/A, Road No.36, Rajala Towers, 2^nd and 3^rd Floor, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

· Bank of Bahrain And Kuwait B.S.C, 6-3-550, L. B. Bhawan, Akashganga, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans banks secured	409.476	217.732
Long term maturity of finance lease obligations	12.249	11.084
SHORT TERM BORROWINGS
Working capital loans banks secured	728.658	508.146
Total	1150.383	736.962

Banking Relations :	--
Auditors :
Name :	B S R R and Associates Chartered Accountants
Address :	Reliance Humsafar, IV floor, Road No.11, Banjara Hills, Hyderabad, Andhra Pradesh, India
PAN No.:	AAIFB7355D
Subsidiaries :	Sai Life Sciences Inc, USA
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Sai Quest Syn Private Limited, India [U24110AP1998PTC029265] Chemrich Fine Chemicals Private Limited, India ## Ceased to be a related party w.e.f. 27 Oct 2011 MPM Asset Management LLC, USA

CAPITAL STRUCTURE

AS ON 22.08.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
21400000	Equity Shares	Rs.10/- each	Rs.214.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13199200	Equity Shares	Rs.10/- each	Rs.131.992 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
21400000	Equity Shares	Rs.10/- each	Rs.214.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13144200	Equity Shares	Rs.10/- each	Rs.131.442 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	131.442	131.412	131.012
(b) Reserves & Surplus	1,583.801	1,441.613	1,312.974
(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)	1,715.243	1,573.025	1,443.986
(3) Non-Current Liabilities
(a) long-term borrowings	421.725	228.816	151.924
(b) Deferred tax liabilities (Net)	89.307	94.137	87.746
(c) Other long term liabilities	33.542	34.601	0.000
(d) long-term provisions	21.251	19.813	53.175
Total Non-current Liabilities (3)	565.825	377.367	292.845
(4) Current Liabilities
(a) Short term borrowings	728.658	508.146	416.037
(b) Trade payables	478.933	248.987	214.886
(c) Other current liabilities	339.860	300.008	200.070
(d) Short-term provisions	50.512	19.766	28.790
Total Current Liabilities (4)	1,597.963	1,076.907	859.783
TOTAL	3,879.031	3,027.299	2,596.614
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,850.788	1,648.721	1,322.080
(ii) Intangible Assets	1.694	0.870	4.438
(iii) Capital work-in-progress	161.518	36.558	59.947
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.384	0.384	0.384
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	328.253	223.211	206.496
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2,342.637	1,909.744	1,593.345
(2) Current assets
(a) Current investments	11.683	10.923	10.197
(b) Inventories	286.707	186.180	224.309
(c) Trade receivables	828.309	547.433	461.937
(d) Cash and cash equivalents	172.530	187.158	185.621
(e) Short-term loans and advances	132.528	135.713	90.197
(f) Other current assets	104.637	50.148	31.008
Total Current Assets	1,536.394	1,117.555	1,003.269
TOTAL	3,879.031	3,027.299	2,596.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	2602.505	2247.940	1844.405
		Other Income	21.702	-10.365	15.119
		TOTAL (A)	2624.207	2237.575	1859.524
Less	EXPENSES
		Cost of materials consumed	959.946	696.018	602.624
		Employee benefit expense	736.845	643.749	534.851
		Other expenses	613.130	501.170	389.372
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	-43.493	39.545	(32.729)
		TOTAL (B)	2266.428	1880.482	1494.118
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		357.779	357.093	365.406
Less	FINANCIAL EXPENSES (D)		91.645	69.614	19.667
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		266.134	287.479	345.739
Less/ Add	DEPRECIATION/ AMORTISATION (F)		133.423	109.794	96.901
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		132.711	177.685	248.838
Less	TAX (H)		(9.372)	49.891	41.078
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		142.083	127.794	207.760
	EARNINGS IN FOREIGN CURRENCY
		Export of goods and services	2422.964	2231.157	1820.577
	TOTAL EARNINGS		2422.964	2231.157	1820.577
	IMPORTS
		Raw Materials	245.745	156.097	234.273
		Stores & Spares	9.816	8.064	17.043
		Capital Goods	172.067	54.637	95.483
	TOTAL IMPORTS		427.628	218.798	346.799
	Earnings / (Loss) Per Share (Rs.)
	Basic		10.81	9.74	15.86
	Diluted		10.43	9.50	15.78

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.41	5.71	11.17
Net Profit Margin (PBT/Sales)	(%)	5.09	7.90	13.49
Return on Total Assets (PBT/Total Assets}	(%)	3.57	5.94	9.81
Return on Investment (ROI) (PBT/Networth)		0.07	0.11	0.176
Debt Equity Ratio (Total Debt/Networth)		0.67	0.46	0.39
Current Ratio (Current Asset/Current Liability)		0.96	1.03	1.16

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	131.012	131.412	131.442
Reserves & Surplus	1,312.974	1,441.613	1,583.801
Net worth	1,443.986	1,573.025	1,715.243
long-term borrowings	151.924	228.816	421.725
Short term borrowings	416.037	508.146	728.658
Total borrowings	567.961	736.962	1,150.383
Debt/Equity ratio	0.393	0.468	0.671

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)
Revenue from operations	1,844.405	2,247.940	2,602.505
		21.879	15.773

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1,844.405	2,247.940	2,602.505
Profit After Tax	207.760	127.794	142.083
	11.26%	5.68%	5.46%

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	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	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	Yes
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	10474386	09/05/2014 *	150,000,000.00	BANK OF BAHRAIN AND KUWAIT B.S.C	6-3-550, L. B. BHAWAN, AKASHGANGA, SOMAJIGUDA, HYDE  RABAD - 500082, ANDHRA PRADESH, INDIA	C03790813
2	10416517	09/05/2013 *	85,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA	B75085399
3	10414961	09/05/2013 *	50,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, PLOT NO.241/A, ROAD NO.36, RAJAL  A TOWERS, 2ND AND 3RD FLOOR, JUBILEE HILLS, HYDERA  BAD, ANDHRA PRADESH - 500033, INDIA	B75084798
4	10368702	25/10/2012 *	274,400,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA	B61781662
5	10361351	09/05/2014 *	16,200,000.00	BANK OF BAHRAIN AND KUWAIT B.S.C	6-3-550, L.B.BHAWAN, AKASHGANGA, SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	C04047361
6	10374871	25/10/2012 *	210,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, PLOT NO.241/A, ROAD NO.36,, RAJA  LA TOWERS, 2ND AND 3RD FLOOR, JUBILEE HILLS,, HYDERABAD - 500033, ANDHRA PRADESH, INDIA	B61636882
7	10277527	09/05/2014 *	1,013,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, MID CORPORATE GROUP, ROAD NO.36,  JUBILEE HILLS, HYDERABAD - 500033 , ANDHRA PRADESH , INDIA	C03579265
8	10078122	08/11/2007	80,000,000.00	STATE BANK OF HYDERABAD	PUNJAGUTTA BRANCH, H.NO.6-3-542/2, "ROSE MADE", P  UNJAGUTTA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	A28150415

* Date of charge modification

FINANCIAL OVERVIEW

During the current financial year, the Company has registered a total income of Rs.26,23.800 Millions, a growth of 16 % as compared to the previous year. The net profit after tax was Rs.142.100 Millions as against the profit of Rs.127.800 Millions reported in the previous year.

BUSINESS OUTLOOK

The business is focused on creating long term pharma relationship through a combination of development and commercial projects for intermediates and APIs. The Company’s go to market strategy, on the Discovery business is focused on creating an integrated project delivery with Biology, Med Chem, Synthetic Chemistry, PK, Pharmacology and pre-clinical Tox. Formulation business continues to do well both in terms of growth and credibility in the market place

During the year, SAI continued its niche API strategy for regulated markets through partnership model where SAI will remain sole source for API, based on successful development of API and Formulation on cost share basis. SAI has begun work on creating formulation products for Indian markets and is currently planning Beta marketing program through third party marketing company.

The Company had won the award in the Fastest Growing SME- category, as part of the CNBC Emerging India Awards, 2013. It is a significant achievement and a proud moment for the Company, to be recognized on a national platform .The Emerging India Awards celebrate the spirit of excellence amongst SMEs (Small and Medium Enterprises) across sectors from all over India. Amongst hundreds of applicants, and then a short list of strong contenders, SAI came through as the winner. The awards ceremony was presided by Mr. N. R. Narayan Murthy, Executive Chairman, Infosys.

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.59.20
UK Pound	1	Rs.99.52
Euro	1	Rs.80.83

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		47

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.