MIRA INFORM REPORT

Report Date :

19.12.2007

IDENTIFICATION DETAILS

Name :	ENALTEC TECHNOLOGIES PRIVATE LIMITED
Registered Office :	28 Sai Chamber, 2^nd Floor Plot No. 44, Sector 11, CBD Belapur Navi Mumbai – 400 614 , District Thane, Maharashtra
Country :	India
Financials (as on) :	31.03.2005
Date of Incorporation :	24.05.2004
Com. Reg. No.:	11-146489
CIN No.: [Company Identification No.]	U24230MH2004PTC146489
TAN No.: [Tax Deduction & Collection Account No.]	MUME05567C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all types of Pharmaceuticals Ingredients.

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	New project
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject has implemented new pharmaceutical project. It has taken term loan from its banks. Trade relations are fair. Estimated annual average turnover can be around Rs. 10/15 millions. It reported to employ 10/12 person. It can be considered for any business dealings on safe and secured trade term and conditions.

LOCATIONS

Registered Office :	28 Sai Chamber, 2^nd Floor Plot No. 44, Sector 11, CBD Belapur Navi Mumbai – 400 614 , District Thane, Maharashtra, India
Website :	http://www.enaltec.com
Corporate Office :	B/518 -519, Nand Dham, Plot No. 59, Sector – 11, CBD – Belapur, Navi Mumbai – 400 614, Maharashtra, India
Tel. No.:	91-22-27563937 / 56161629 / 27568530
Fax No.:	91-22-27573391
E-Mail :	shetty_02@rediffmail.com info@enaltec.com
Website :	http://www.enaltec.com

DIRECTORS

Name :	Mr. Anand Shah
Designation :	Director
Address :	A -502, Oberoi Gardens, Thakur Village Kandivali (East), Mumbai – 400 105, Maharashtra
Date of Birth/Age :	09.03.1973
Date of Appointment :	27.04.2007
Directorship in other companies:	CIN Of The Company: U24230MH2005PTC153404 Name Of The Company: Getz Pharma Private Limited Designation: Director
Name :	Mr. Jawaharlal Koul
Designation :	Director
Address :	703, Tulsi, Vasantheela Complex, Kalvesar, Ghodbunder Road, Thane West, Maharashtra
Date of Birth/Age :	01.05.1965
Date of Appointment :	27.04.2007
Directorship in other companies:	CIN of the Company: U24230MH2005PTC153516 Name of the Company: Stantech Pharmaceuticals Private Limited Designation : Director
Email ID:	paigankar@enaltec.com
Name :	Mr. Sameer Ashok Paigankar
Designation :	Director
Address :	RH - 4, 07, Sector - 6, Vashi , Navi Mumbai, Thane – 400 703, Maharashtra
Date of Birth/Age :	11.09.1969
Date of Appointment :	24.05.2004
Name :	Mr. Anand Prafulchandra Shah
Designation :	Director
Address :	A -502, Oberoi Gardens, Thakur Village Kandivali (East), Mumbai – 400 105, Maharashtra
Date of Birth/Age :	09.03.1973
Date of Appointment :	24.05.2004
Name :	Mr. Darshak Jitendra Shah
Designation :	Director
Address :	206/5608, Amey RN Narkar Road, Ghatkopar (East), Mumbai – 400 075, Maharashtra
Date of Birth/Age :	13.01.1970
Date of Appointment :	24.05.2004
Name :	Mr. Susheel Koul
Designation :	Director
Address :	703, Tulsi, Vasantheela Complex, Kalvesar, Ghodbunder Road, Thane West, Maharashtra
Date of Birth/Age :	01.05.1965
Date of Appointment :	24.05.2004
Directorship in other companies:	CIN of the Company: U24230MH2005PTC153516 Name of the Company: Stantech Pharmaceuticals Private Limited Designation: director
Name :	Mr. Murali Venkata Krishna Sistla
Designation :	Director
Address :	C -103, Oberoi Garden, Thakur Village, Kandivali (East), Mumbai – 400 101, Maharashtra
Date of Birth/Age :	08.09.1969
Date of Appointment :	24.05.2004
Name :	Mr. Raju K Ranga
Designation :	Director
Address :	8-2-1/20/112/A 4, road No. 9, Jubilee Hills, Hyderabad – 500 034, Andhra Pradesh
Date of Birth/Age :	29.01.1951
Date of Appointment :	24.05.2004

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders		No. of Shares
Mr. Sameer Ashok paigankar		5000
Dr. Raju K ranga		5000
Mr. Anand Prafulchand Shah		5000
Mr. Sistla Ventaka Murali Krishna		5000
Mr. Darshak Jitendra Shah		5000
Mr. Susheel Koul		5000
	Total	30000

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of all types of Pharmaceuticals Ingredients.

GENERAL INFORMATION

Bankers :	· The Saraswat Co-Operative Bank Limited Address: Madhushree, Plot No. 85, Sector – 17, Vashi, Navi Mumbai – 400 703 · Axis Bank Limited Address: Vardhman Chambers Premises Co-Operative Housing Society Limited Plot No. 84, Sector 17, Vashi, Navi Mumbai – 400 705, Maharashtra
Banking Relations :	Satisfactory
Auditors :
Name :	H T Patel and Company Chartered Accountants
Associates/Subsidiaries :	· CIN of the Company: U24230MH2005PTC153404 Name of the Company: Getz Pharma Private Limited · CIN of the Company: U24230MH2005PTC153516 Name of the Company: Stantech Pharmaceuticals Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity shares	Rs. 10/- each	Rs. 0.200 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity shares	Rs. 10/- each	Rs. 0.100 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.166
4] (Accumulated Losses)		0.000
NETWORTH		0.266
LOAN FUNDS
1] Secured Loans		0.395
2] Unsecured Loans		0.000
TOTAL BORROWING		0.395
DEFERRED TAX LIABILITIES		0.052
TOTAL		0.713
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.683
Capital work-in-progress		0.000
INVESTMENT		0.026
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.240
	Cash & Bank Balances	0.313
	Other Current Assets	0.000
	Loans & Advances	0.027
Total Current Assets		0.580
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	0.589
	Provisions	0.000
Total Current Liabilities		0.589
Net Current Assets		[0.009]
MISCELLANEOUS EXPENSES		0.013
TOTAL		0.713

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2005
Sales Turnover		2.766
Other Income		0.000
Total Income		2.766
Profit/(Loss) Before Tax		0.263
Provision for Taxation		0.098
Profit/(Loss) After Tax		0.165
Expenditures :
	Depreciation & Amortization	0.048
	Other Expenditure	2.454
Total Expenditure		2.502

KEY RATIOS

PARTICULARS		31.03.2005
PAT / Total Income	(%)	5.96
Net Profit Margin (PBT/Sales)	(%)	9.50
Return on Total Assets (PBT/Total Assets}	(%)	20.82
Return on Investment (ROI) (PBT/Networth)		0.98
Debt Equity Ratio (Total Liability/Networth)		3.69
Current Ratio (Current Asset/Current Liability)		0.98

LOCAL AGENCY FURTHER INFORMATION

Name of the company	ENALTEC TECHNOLOGIES PRIVATE LIMITED
Presented By	ENALTEC TECHNOLOGIES PRIVATE LIMITED
1) Date and description of instrument creating the change	16.12.2005 recording letter evidencing deposit of title deed (equitable mortgage)
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 1.500 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Equitable mortgage of immovable property being unit no. 518 and 519 Shree Nand Dham , situated at Plot No. 59,., sector 11, CBD Belapur, Navi Mumbai – 400 614, Maharashtra
4) Gist of the terms and conditions and extent and operation of the charge.	· The security is created to secure Term Loan of Rs. 1.500 millions · Interest for Term Loan @ 12.00% p.a subject to revision by reserve Bank of India, payable at monthly rests · Borrower to insure the securities.
5) Name and Address and description of the person entitled to the charge.	The Saraswat Co-Operative Bank Limited Address: Madhushree, Plot No. 85, Sector – 17, Vashi, Navi Mumbai – 400 703

Corporation identity number or foreign company registrations number of the company	U24230MH2004PTC146489
Name of the company	ENALTEC TECHNOLOGIES PRIVATE LIMITED
Address	28 Sai Chamber, 2^nd Floor Plot No. 44, Sector 11, CBD Belapur Navi Mumbai – 400 614 , District Thane, Maharashtra, India
This Form is for	Creation of charge
Type of Charges	Hypothecation
Particular of the charge holder	Axis Bank Limited Address: Vardhman Chambers Premises Co-operative housing Society Limited Plot no. 84, sector 17, Vashi, Navi Mumbai – 400 705, Maharashtra Email ID: vashi.branchhead@utibank.co.in
Nature or description of the instrument creating charge	Hypothecation of current assets and movables
Date of the instrument creating charge	31.05.2006
Amount Secure by the charge	Rs. 3.600 millions
Brief of the principal terms and conditions and extent and operation of the charge	· Assets given to secure CC limit Rs. 36 lacs with following Sub Limit within CC Limit : EPC – Rs. 3.600 millions, FBP – FBD Rs. 3.600 millions and · L/C Rs. 2.000 millions · Interests on CC @11.50% p.a · Other terms and conditions as per 1^st schedule to agreement.
Description of the property charge whether it is a charge on	· Plant and machinery · Furniture and fixtures · Stock in Trade · Book debts · Vehicles
Particulars of the Property charged	Exclusive charge on present and future a) goods stock of RM, SIP and other current assets b) Tangible movable plant and machinery, furniture, fixtures, fittings, other installation, electrical fittings, computers and other accessories, vehicles together With spares, tools, etc. c) book debts , o/s monies, receivable, etc due and owing to the company described in 2^nd schedule to agreement lying at co’s premises at CBD Belapur or elsewhere or in transit

WEBSITE DETAILS:

Subject was set up with the specific purpose of forming a bridge between the outside pharmaceutical world and India. India houses hundreds of API manufacturers, thousands of formulation manufacturers and uncountable number of traders.

There is, thus, a need for a company, which understands the world pharma markets as well as the intricacies of operating in India and Subject fulfills exactly this need

Their expertise is focused on facilitating and evolving the India experience for a client. Subject offers a range of services ranging from API sourcing to formulation manufacturing including product pipeline strategies and product development outsourcing.

Their USP lies in identifying a client's need, suggesting a solution and then helping the client to implement the solution. They have helped clients across the world to source APIs, manufacture formulations, outsource R and D, develop products and design product pipelines and develop strategies to cut costs and optimize products. This has been achieved through their extensive network in India and the diverse background of their founders and team.

In short, their mission is to help clients to leverage the 'India advantage' and bring 'virtual vertical integration' to their doorstep.

THE TEAM:

Anand Shah

Anand is a qualified engineer and MBA, with 9 years experience in marketing APIs in the less regulated markets. He started his career with Alembic handling south East Asia. His last job was with Glenmark Pharmaceuticals where he was handling ROW markets including Latin America.

Anand has excellent relationships across the world with end user companies and can market products in countries ranging from Bangladesh to Argentina.

Anandi Krishnan

Having done Masters in Pharmacy from a reputed institute of Mumbai, Anandi had a deep inclination towards research and started her career with Cipla in R and D.

Beginning her career with hands on bench scale formulation design to now successfully designing patentable platform technologies, she has come a long way. In the 13 years of her career, she has worked with the top pharmaceutical companies of India, adding to her rich experience in activities encompassing from laboratory set up to US FDA approvals.

Darshak Shah

An enterprising chemical engineer, Darshak has 15 years of experience in production, US FDA approvable projects and global sourcing. He began his career with UPL handling, purchasing and his last job was with Glenmark where he headed the purchase function of R and D and API SBU.

Darshak has excellent relationships with Indian and Chinese intermediate and API manufacturers. He handles the entire sourcing business at The Company and is also responsible for the materials function of the group.

SVK Murali

A post graduate BITS Pilani alumni and an MBA professional, SVK Murali deals with the regulated markets of USA, EU and Australia.

Max India was the company he first worked for. Alembic followed by Zydus Cadila and then Glenmark were part of his 12 years of experience.

He has an excellent understanding of the strategic and regulatory environment in the US and Europe which make him an invaluable business development resource. He has working relationships with almost all large generic companies like Apotex Sandoz Teva et al. His expertise lies in identifying and developing product pipelines for generic companies and providing outsourcing solutions to these clients.

Sameer Paigankar

Sameer is a B.Pharm MBA and he started his career with J and J in marketing. His last job was with Glenmark Pharmaceuticals where he was on the Board of directors handling strategic planning, R and D and the API business. He was responsible for building up the entire R and D base of the company and also for starting the API business.

His expertise lies in strategy and the entire backend operation i.e. from R and D to delivering the product to the client.

Dr. Siva Kumar

A Ph.D. (in organic chemistry) from a renowned university in Maharashtra and a post grad diploma in patent law and practice gives Dr. Siva Kumar excellent techno commercial capabilities in complex process development chemistry.

Dr. Siva Kumar has over 50 patent applications filed to his credit and has developed products ranging from molecules of simple chemistry to complex molecules having more than 3 chiral centers. During his tenure with various leading pharmaceutical companies in India, Dr. Siva Kumar has been the key contributor in developing products fulfilling regulated market requirements and filing number of DMFs in the US and EU.

Susheel Koul

The seniormost among the team in regards of experience and age, Susheel Koul is an expert in API and formulation sales in domestic market. His experience was earmarked by stints in MSD, Wockhardt and Glenmark.

Susheel has excellent relationships with Indian pharmaceutical companies and can market any API or formulation in India.

BUSINESS AREA

At the Company, they have a holistic approach towards their client's business. They have carved out their business areas after a thorough analysis of the current environment.

Over the years, India has been making major contributions to the development of the life sciences industry - by way of licensing out new drug molecules to multinationals, filing a large number of DMFs and Dossiers, offering cost competitive products across the world and providing high class machines and equipments meeting regulatory requirements. All this has contributed immensely in bringing down the cost of healthcare and also has India as one of the key players in the global healthcare scene.

India's achievements have brought many international players to its shores. But this has also led to the world realizing India's complexities and pitfalls. India has over 20000 formulation manufacturing units with varying quality standards, a large number of research centers, thousands of scientists specialized into niche areas and hundreds of small/medium scale companies targeting APIs. The Indian pharma landscape is huge and complex especially for a foreign company or individual.

The company has therefore taken the role of bridging the gap between requirements of clients, based on their goals and objectives, and the prevailing scenario of Indian life sciences industry.

In accordance with the situation, services offered by them are:

· Sourcing

· Consultancy Services for Regulated Markets

· Custom, Contract Development and Manufacture

· Specialized Manufacturing

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 records 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 records 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.39.38
UK Pound	1	Rs.80.07
Euro	1	Rs.57.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	--
--CREDIT LINES	1~10	4
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		22

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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