MIRA INFORM REPORT

Report No. :	348909
Report Date :	09.11.2015

IDENTIFICATION DETAILS

Name :	NIRA LIFE SCIENCES PRIVATE LIMITED
Registered Office :	House No.12B/06706, Street No.21, Brahmaniya Par, Near Radhika Print, Pedak Road, Rajkot – 360003, Gujarat
Tel. No.:	91-2751-240480
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.02.2012
Com. Reg. No.:	04-068865
Capital Investment / Paid-up Capital :	Rs. 6.500 Million
CIN No.: [Company Identification No.]	U24230GJ2012PTC068865
IEC No.:	2413012265
TAN No.: [Tax Deduction & Collection Account No.]	RKTN01793B
PAN No.: [Permanent Account No.]	AADCN8827A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Ingredients.
No. of Employees :	40 (Approximately)

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

Maximum Credit Limit :	USD 18000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new private limited company incorporated in the year 2012. It has moderate track record. Mr. Vishal Shankhavara (Director) claimed that the activity of the subject has been started from 1^st April 2014. As per Registrar of Companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2015 but documents related to financial for the year ending 2015 is not available from any source. However, Mr. Vishal claimed that subject has reported sales turnover of Rs. 25.500 Million in FY15. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

NOT AVAILABLE

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Vishal Kesavlal Shankhavara
Designation :	Director
Contact No.:	91-9924781287
Date :	07.11.2015

LOCATIONS

Registered Office/ Factory 1 :	House No.12B/06706, Street No.21, Brahmaniya Par, Near Radhika Print, Pedak Road, Rajkot – 360003, Gujarat, India
Tel. No.:	91-2751-240480
Mobile No.:	91-9924781287 [Mr. Vishal Kesavlal Shankhavara]
Fax No.:	91-2751-240490
E-Mail :	niralifesciences@gmail.com
Website :	http://www.niralifesciences.com
Factory 2 :	Plot No. 6 to 9, GIDC, Bamanbore. Tal. Chotila, District Surendranagar - 363520, Gujarat, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Suresh Devjibhai Sorathiya
Designation :	Director
Address :	Tirth, Plot No. 3, Arjun Park, Nana Mava Road, Rajkot - 360005, Gujarat, India
Date of Birth/Age :	21.04.1971
Date of Appointment :	03.02.2012
DIN No.:	03507209
Name :	Mr. Kishorbhai Tulsibhai Sorathiya
Designation :	Director
Address :	Sliver Stone, Plot No.17, Opposite Oscar Tower, 150 Feet Ring Road, Rajkot - 360005, Gujarat, India
Date of Birth/Age :	28.08.1978
Date of Appointment :	03.02.2012
DIN No.:	05176452
Name :	Mr. Vishal Kesavlal Shankhavara
Designation :	Director
Address :	21, Brahmaniya Para, Near Radhika Print, Pedak Road, Rajkot - 360003, Gujarat, India
Date of Birth/Age :	06.08.1980
Date of Appointment :	03.02.2012
DIN No.:	05176454
Name :	Mr. Mahendra Govindbhai Ranparia
Designation :	Director
Address :	At: Sajadiyali Ta: Jam Kandorana, District Rajkot, Sajadiyali - 360405, Gujarat, India
Date of Birth/Age :	13.07.1983
Date of Appointment :	03.02.2012
DIN No.:	05185602
Name :	Mrs. Ranjanben Sureshbhai Sorathiya
Designation :	Director
Address :	Tirth, Plot No. 3, Arjun Park, Nana Mava Road, Rajkot - 360005, Gujarat, India
Date of Birth/Age :	10.06.1976
Date of Appointment :	03.02.2012
DIN No.:	05185606
Name :	Mr. Ghanshyam Govindbhai Harsoda
Designation :	Director
Address :	34 B, Street No 4 Corner, Shree Nehru Nagar, Cooperative Society, Housing Society Limited, Rajkot - 360003, Gujarat, India
Date of Birth/Age :	01.09.1962
Date of Appointment :	03.02.2012
DIN No.:	05186829

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Suresh Devjibhai Sorathiya	65000
Vishal Kesavlal Shankhavara	136500
Ghanshyam Govindbhai Harsoda	91000
Mahendra Govindbhai Ranparia	78000
Kishorbhai Tulsibhai Sorathiya	65000
Ranjanben Sureshbhai Sorathiya	123500
Jigneshbhai R. Sorathiya	16250
Dhirubhai R. Sorathiya	16250
Anjana N. Sorathiya	19500
Shanta N. Sorathiya	6500
Ashokbhai A. Halvadia	32500
Total	650000

AS ON 30.09.2014

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Ingredients.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Finished Goods
Countries :	Pakistan
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C and Document Against
Purchasing :	L/C and Document Against

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Deepak Nitrate Limited, Gujarat, India
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

End Users

Reference:	Neptune Chemicals and Research Labs
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

40 (Approximately)

Bankers :

Bank Name:	Corporation Bank
Branch:	1^st Floor, Shop No. 101, Gayatri Commercial Centre, Kalawad Road, Opposite Parimal School, Rajkot – 360001, Gujarat, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Corporation Bank – Term Loans	7.622	0.000
Total	7.622	0.000

Banking Relations :	--
Auditors :
Name :	H B Hirapara and Company Chartered Accountants
Address :	209-210, Lotus Arcade, Opposite Bajaj Automative, Gondal Road, Rajkot – 360002, Gujarat, India
Tel. No.:	91-281-2468870
E-Mail :	hbhirapara@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AAYPH0768G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
650,000	Equity Shares	Rs. 10/- each	Rs. 6.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
650,000	Equity Shares	Rs. 10/- each	Rs. 6.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	6.500	0.100	0.100
(b) Reserves & Surplus	0.000	0.000	0.000
(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)	6.500	0.100	0.100
(3) Non-Current Liabilities
(a) Long-term borrowings	28.234	12.808	0.600
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	28.234	12.808	0.600
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.489	0.000	0.000
(c) Other current liabilities	0.030	0.069	0.000
(d) Short-term provisions	0.015	0.008	0.000
Total Current Liabilities (4)	1.534	0.077	0.000
TOTAL	36.268	12.985	0.700
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25.107	8.739	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	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	0.000	0.000	0.000
Total Non-Current Assets	25.107	8.739	0.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2.940	0.000	0.000
(c) Trade receivables	0.003	0.000	0.000
(d) Cash and cash equivalents	1.164	3.435	0.667
(e) Short-term loans and advances	0.000	0.046	0.000
(f) Other current assets	7.054	0.765	0.033
Total Current Assets	11.161	4.246	0.700
TOTAL	36.268	12.985	0.700

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2015
Sales Turnover (Approximately)	25.500

Expected Sales (2015-2016): Rs.70.000 Million

The above information has been parted by Mr. Vishal Kesavlal Shankhavara [Director]

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Liability/Networth)	4.34	128.08	6.00
Current Ratio (Current Asset/Current Liability)	7.28	55.14	0.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	6.500
Reserves & Surplus	0.000	0.000	0.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	0.100	0.100	6.500
Long-term borrowings	0.600	12.808	28.234
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.600	12.808	28.234
Debt/Equity ratio	6.000	128.080	4.344

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	No
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10453854	18/11/2014 *	24,247,000.00	CORPORATION BANK	1ST FLOOR, SHOP NO.101, GAYATRI COMMERCIAL CENTRE,  KALAWAD ROAD, OPP. PARIMAL SCHOOL, RAJKOT, GUJARAT - 360001, INDIA	C34962050

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
From Shareholders, Directors and Relatives	20.612	12.808
Total	20.612	12.808

FINANCIAL PERFORMANCE AND PROSPECTS

There is no any commercial operation during the year.

FIXED ASSETS:

· Computer

· Factory Building

· Vehicles

· Fire Extinguisher

· Lab Instrument

· Land

· Laptop

· Plant and Machinery

· Software

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. 65.79
UK Pound	1	Rs. 99.95
Euro	1	Rs. 71.55

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KIN
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		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.