MIRA INFORM REPORT

Report Date :

17.02.2011

IDENTIFICATION DETAILS

Name :	LEBEN LABORATORIES PRIVATE LIMITED
Formerly Known As :	LABEN LABOROTORIES
Registered Office :	L-4 MIDC, Phase III, Akola-444104, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.08.1988
Com. Reg. No.:	11-48316
CIN No.: [Company Identification No.]	U24230MH1988PTC048316
IEC No.:	0396056695
TAN No.: [Tax Deduction & Collection Account No.]	MUML0440C
PAN No.: [Permanent Account No.]	AAACL2524M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Formulations

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced, respectable and having satisfactory track records. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. It would be advisable to take adequate securities while dealing with the subject.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Rasikbhai
Designation :	Accounts Department
Date :	09.02.2011
Name :	Mr. Parag S Shah
Designation :	Accountant
Contact No.:	91-9975900505
Date :	09.02.2011

LOCATIONS

Registered Office/ Factory :	L-4 MIDC, Phase III, Akola-444104, Maharashtra, India
Tel. No.:	91-724-2258393 / 648/ 2258328
Fax No.:	91-724-2258371
E-Mail :	ram_thakkar@rediffmail.com akl_leben2@dataone.in akl_leben1@sancharnet.in akl_leben2@dataone.in companyclent007@gmail.com lebenak@dataone.in
Website :	http://www.lebenlab.com
Area:	59998 Sq.ft. (Owned)
Head Office :	1^st Floor, 11, Mahavir Mansion, 70 Trinity Street, Mumbai-400002, Maharashtra, India
Tel. No.:	91-22-22075301/ 22075302
Fax No.:	91-22-22075303
E-Mail :	akl_leben2@dataone.in lebenak@dataone.in
Area:	450 sq.ft. (Rented)
Corporate Office :	55-57, Nagdevi Cross Lane, Mumbabi-400003, Maharashtra, India
Tel. No.:	91-22-3445543
Fax No.:	91-22-3438011
Branch Office:	C-20/1 and C/21- Phase III, M.I.D.C., Akola, Maharashtra, India
Tel No.:	91-724-2259120
Area:	2954 sq.ft. (Owned)

DIRECTORS

As on 30.09.2010

Name :	Mr. Bharat Nitilal Shah
Designation :	Chairman and Managing Director
Address :	Block No. 5, Kamal Housing Society Opposite Main Hospital, Akola-444001, Maharashtra, India
Date of Birth/Age :	01.10.1957
Qualification :	Master of Pharmacy Diploma in Business Management
Experience:	32 Years
Date of Appointment :	02.08.1988
Permanent Account Number:	AIQP55624N
Name :	Mr. Haresh Nitilal Shah
Designation :	Whole Time Director
Address :	Prachi, Plot No. 6, Radhe Nagar, Beside Collector Office, Akola-444001, Maharashtra, India
Date of Birth/Age :	19.12.1959
Qualification :	Bachelor of Commerce
Experience:	30 Years
Date of Appointment :	02.08.1988
Permanent Account Number:	AEBPS5789M
Other Directorship:	National Medical Stores (Proprietor)

KEY EXECUTIVES

Name :	Mr. Rasikbhai
Designation :	Accounts Department
Name :	Mr. Parag S Shah
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Bharat Nitilal Shah	60
Haresh Nitiala Shah	60
Bharat Nitilal Shash Jointly with Neeta Bharat Shah	17940
Haresh Nitilal Shah Jointly with Neeru Haresh Shah	17940
Neeta Bharat Shah Jointly with Bharat Nitilal Shah	2400
Parth Bharat Shah	3000
Bharat Nitilal Shah (HUF)	600
Neeru Haresh Shah Jointly with Haresh Nitilal Shah	2400
Haresh Nitialal Shah (HUF)	600
Indumati Nitilal Shah Jointly with Bharat Nitilal Shah	6000
Indumati Nitilal Shah Jointly with Haresh Nitilal Shah	6000
Manan Haresh Shah	3000
Total	60000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Formulations
Products :	Anti – Bacterials Anti – Inflammatory Analgesics Antacid, Anti-Ulcerant Anti-Malarial Dermatological Haematinic and Nutritionals Anti-Cold, Anti Allergic and Cough Miscelaneous
Exports :
Products :	Pharmaceuticals
Countries :	Republic of Maldives Uganda Mauritius Ethiopia Nepal Denmark Sri Lanka Zambia Malawi Kenya
Terms :
Selling :	Credit ( 60-90 Days)
Purchasing :	Cash and Credit ( 30-60 Days)

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
General Tablet	Lacs Tablets	3750.000	446792096
Liquid Oral	Lacs Ltrs	9.00	580669.895
Ointment
External Preparation	Lacs Kgs.	1.50	57589.530
Lotion	Lacs Ltrs	1.50	45971.850
Capsule
General Capsule	Lacs Capsules	600.00	57532750
Oral Powder	Lacs Kgs.	0.60	--
B- Lactum
Tablets	Lacs Tablets	600.00	77702607
Capsule	Lacs Capsules	600.00	19798938
Dry Syp	Lacs Bottles	30.00	723744.00

GENERAL INFORMATION

Suppliers :

• A.K. Associates
• Accurate Machine
• Adore Pharma Private Limited
• Ajmera Trading and Impex Private Limited
• Akola Pipe Fitting and Hardware
• Akshat Chemicals
• Akshay Arunkumar Bajaj
• Alfa Agencies
• Alka Laboratories Private Limited
• Alpha Pharma Daman Private Limited
• AMI India Logistics Private Limited
• Amit Cellulose Products Limited
• ANA Laboratories Private Limited
• Andyco Pharmacy A/C Uganda Registration
• Anphar Laboratories Private Limited
• Apex Distributors
• ARIL Pharmaceuticals
• Ashi Enterprises
• Astra Pharmaceuticals
• Aurobindo Pharma Limited
• Bee Pharmo Labs Private Limited
• Bharat Rubber Works
• Bilcare Limited
• Bindal Packaging
• BNS Credit Card HDFC
• Central Drug House
• Chirag Industries.

Customers :

Major Customer Types:

• Buying Agent (s)
• Clinic (s)
• Distributor (s)
• Government Body (ies)
• Hospital (s)
• Retailer (s)
• Wholesaler (s)
• Trading Firm (s)

MAJOR CUSTOMERS NAMES

Domestic:

· Agrawal Drug Corporation

· Anu Drug Dist

· Baba Drug House

· Banke Bihari Medical Store

· Bhavana Enterprises

· Durgasons Pharmco

· Elemco

· G.C. Drug

· India Drug House Agency

· Ishi Pharmaceuticals

· Karunamoyee Enterprises

· Kumar Corporation

· Lotus Pharma

· M.S. Drugs and Pharmaceutical

Overseas:

· A.D.K. Company Private Limited

· Andyco Pharmacy

· Cure Pharma Limited

· Dat Internatonal

· Medicaments Pharma Private Limited

· Nawakrama Private Limited

· Pharma Plus Limited

· Pharmavet Limited

· Salpa Biotech Private Limited

· State Pharmaceutical Corporation

· Tejay Pharmaceuticals Limited

· Unisel Pharma (Kenya) Limited

No. of Employees :

Approximately 240 (Office 81, Factory 159)

Bankers :

Name of Bank	Corporation Bank, A.R. Street Branch, 48/50, Abdul Rehman Street Mumbai-400003, Maharashtra, India
Tel No. :	91-22-3424407/ 3439147/ 3446710/3424399/ 3445781
Fax No.:	91-22-3427331

• The Akola Janta Commercial Co-operative Bank Limited, Akola-444001, Maharashtra, India
• HDFC Bank, Sethi Heights, Opposite Silla Parishad, Akola-444001, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Corporation Bank, Mumbai PCL Loan A/C	0.000	12.257
Corporation Bank, Mumbai CC A/C	0.000	0.471
Total	0.000	12.728
UNSECURED LOANS	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Directors	14.268	13.649
Share Holders	39.511	26.873
Total	53.779	40.522

Banking Relations :

Satisfactory

Auditors 1 :

Name:

M G Chawre and Company

Chartered Accountant

Address :

Wakhre Complex, Jather Peth, Akola-444005, Maharashtra, India

Tel No.:

91-724-2450324

E-mail:

chawaremg@rediffmail.com

Auditors 2 :

Name:

B. M. Agrawal and Associates

Chartered Accountant

Address :

1^st Floor, Nishant Towers, M.G. Road, Akola-444001, Maharashtra, India

Tel No.:

91-724-2436005

Fax No.:

91-724-2436005

E-mail:

Cabmagrawal11@gamail.com

Membership:

• Pharmaceutical Export Promotion Council, vide Registration-cum-Membership Number PXL/SSI/ LLPL/ RO/ 2873/ 05-06 issued on 1^st April 2006 and valid up to 31^st March 2009
• Indian Drug Manufactures Association, Mumbai. Vide Membership Number 1254/01 issued on 1^st August 2007 and valid up to 31^st March 2008
• Vidarbha Chamber of Commerce and Industries dated 31^st March 1996
• Akola Industries Association (AIA) for certificate of Life Membership dated 22^nd January 1990
• Vidarbha Chamber of Commerce and Industry (VCCI) Akola
• National Safety Council (NSC), Mumbai

Associates/Subsidiaries :

Name of the Associates:	Elemco
Address:	B-15, Wholesale Kirana Merchant Market, At- Kumbahari P.O. Babhulgaon, District Akola-4441041, Maharashtra, India
Legal Status :	Partnership
Nature of Activity:	Pharma Distribution and Marketing
Bankers:	The Akola Janta Comm. Co-operative Bank Limited
Name of the Associates:	National Medical Stores
Address:	Opposite Tehsil Office, Akola-444001, Maharashtra, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60000	Equity Shares	Rs. 100/- each	Rs. 6.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		108.751	89.919	76.349
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		114.751	95.919	82.349
LOAN FUNDS
1] Secured Loans		0.000	12.728	10.414
2] Unsecured Loans		53.779	40.522	36.678
TOTAL BORROWING		53.779	53.250	47.092
DEFERRED TAX LIABILITIES		3.351	3.577	3.354
TOTAL		171.881	152.746	132.795
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		63.225	62.646	68.035
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.126	0.126	0.126
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.327	51.950	49.269
	Sundry Debtors	70.771	71.576	52.726
	Cash & Bank Balances	5.148	2.511	2.562
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.376	25.300	21.311
Total Current Assets		178.622	151.337	125.868
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.836	38.832	38.298
	Other Current Liabilities	20.342	20.015	20.864
	Provisions	2.914	2.516	2.072
Total Current Liabilities		64.092	61.363	61.234
Net Current Assets		114.530	89.974	64.634
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		177.881	152.746	132.795

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	408.404	318.653	300.295
		Other Income	6.840	6.650	5.850
		TOTAL (A)	415.244	325.303	306.145
Less	EXPENSES
		Material Consumed	203..655	140.605	162.561
		Salary and Remuneration	25.965	22.731	18.939
		Manufacturing and Other Expenses	30.648	29.951	32.595
		Packing Material Consumed	57.875	44.668	31.327
		Selling and Distribution Expenses	44.485	39.775	32.450
		Other Administrative Expenses	14.233	9.911	10.473
		Loss of Sale of Fixed Assets	0.020	0.000	0.130
		Bad Debts	0.036	0.135	0.000
		Increase/ Decrease in Stock	[6.844]	2.579	[6.874]
		TOTAL (B)	370.073	290.355	281.601
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.171	34.948	24.544
Less	FINANCIAL EXPENSES (D)		5.433	5.307	4.438
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.738	29.641	20.106
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.533	9.535	7.978
	PROFIT BEFORE TAX (E-F) (G)		31.205	20.106	12.128
Less	TAX (I)		12.373	6.536	4.589
	PROFIT AFTER TAX (G-I) (J)		18.832	13.570	7.539
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		88.179	74.609	67.070
	BALANCE CARRIED TO THE B/S		107.011	88.179	74.609
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	166.302	148.489	136.680
	TOTAL EARNINGS		166.302	148.489	136.680
	IMPORTS
		Travelling	0.386	0.265	0.408
		Capital Goods	1.299	1.807	0.500
		Others	6.751	2.429	2.075
	TOTAL IMPORTS		8.436	4.501	2.983
	Earnings Per Share (Rs.)		313.87	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.54	4.17	2.46
Net Profit Margin (PBT/Sales)	(%)	7.64	6.31	4.04
Return on Total Assets (PBT/Total Assets}	(%)	12.90	9.40	6.25
Return on Investment (ROI) (PBT/Networth)		0.27	0.21	0.15
Debt Equity Ratio (Total Liability/Networth)		1.03	1.19	1.32
Current Ratio (Current Asset/Current Liability)		2.79	2.47	2.06

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered office of the Company has been shifted from 11, Mahavir Mansion70, Trinity Street, Dhobi Tatalo, Mumbai-400002, Maharashtra, India to present address w.e.f. 05.03.2008

VALUATION REPORT

Name of the owner	Leben Laboratories Private Limited, Akola
Date of Inspection	06.02.2011
Spot Inspected by	Mr. Sandip H Doshi, Architect, Akola
Location of Property	It is lease land having, Plot No. L-4 in Akola Industrial Area, Phase III, Akola
Area of Land Details	Plot Area is 3938 sq. m and it is abutted and bounded as follows: North: Agrawal Soap Factory Souh: Jain Pulses East: Road West: Supreme Tiles Factory
DETAILS OF EXISTING BUILDING
1) Building constructed in 1988 (Ground and First Floor Construction
a) Type of Construction	Load bearing wall type
b) Height of Floor	12’ = 0”
c) Openings	M.S. grills with Al. Section windows and Rolling shutters for openings
d) Flooring	Kota Stone Flooring
e) Electric Fittings	Under ground Electric fitting
f) Plastering	Neroo Plaster from inside and sand faced plaster from outside
g) Roofing	R.C.C. slab Roofing
h) Plinth	`2’-6” from Existing Ground Level
Valuations
As per the technical details attached the nature of construction type of materials used etc. The valuation is done as follows:- The Construction cost is adopted at the rate of Rs. 350/- per sq.ft. Total area- 6894 sq.ft. X Rs. 350/ sq.ft.= Rs. 2.413 Millions As this building is 23 years old. Considering life of building as 65 Years Depreciation for 23 years is deducted = Rs. 0.854 Million = Rs. 1.559 Millions -------------------- (A)
2) Building Constructed in 1993, (Ground and First Floor Construction)
a) Type of Construction	Load Bearing Wall Type
b) Height of Floor	12’-0”
c) Openings	M.S. Grills with Al. Section windows and Rolling shutters for openings
d) Flooring	Kota stone Flooring
e) Electric Fittings	Under Ground Electric Fitting
f) Plastering	Neroo Plaster form Inside and sand faced plaster from outside
g) Roofing	R.C.C. slab roofing
h) Plinth	2’6” from Existing Ground Level
Valuation
Total Area- 5242 sq.ft. X Rs. 350/- sq.ft. = Rs. 1.835 Millions As this building is 18 years old considering life of buildings as 65 years Depreciation for 18 years is deducted = Rs. 0.508 Million = Rs. 1.327 Millions ----------------- (B)
3) Building constructed in 1994 (Ground and First Floor Construction)
a) Type of Construction	Load Bearing Wall Type
b) Height of Floor	12’-0”
c) Openings	M.S. Grills with Al. Section windows and Rolling shutters for openings
d) Flooring	Kota stone Flooring
e) Electric Fittings	Under Ground Electric Fitting
f) Plastering	Neroo Plaster form Inside and sand faced plaster from outside
g) Roofing	R.C.C. slab roofing
h) Plinth	2’6” from Existing Ground Level
Valuation
Total Area – 6652 sq. ft. X Rs. 350/- sq.ft. = Rs. 2.297 Millions As this building is 17 years old considering life of building as 65 years Depreciation for 17 years is deducted = Rs. 0.601 Million = Rs. 1.696 Millions-----------------------(C)
4) Building Constructed in 1998 (Ground and First Floor Construction)
a) Type of Construction	Load Bearing Wall Type
b) Height of Floor	12’-0”
c) Openings	M.S. Grills with Al. Section windows and Rolling shutters for openings
d) Flooring	Kota stone Flooring
e) Electric Fittings	Under Ground Electric Fitting
f) Plastering	Neroo Plaster form Inside and sand faced plaster from outside
g) Roofing	R.C.C. slab roofing
h) Plinth	2’6” from Existing Ground Level
Valuation
Total Area – 7581 sq.ft. X Rs. 350/- sq.ft. = Rs. 2.653 Millions As this building is 13 years old considering life of building as 65 years Depreciation for 13 years is deducted = Rs. 0.531 Million = Rs. 2.123 Millions------------------------ (D)
5) Building constructed in 2002 (Ground and First Floor Construction)
a) Type of Construction	Load Bearing Wall Type
b) Height of Floor	12’-0”
c) Openings	M.S. Grills with Al. Section windows and Rolling shutters for openings
d) Flooring	Kota stone Flooring
e) Electric Fittings	Under Ground Electric Fitting
f) Plastering	Neroo Plaster form Inside and sand faced plaster from outside
g) Roofing	R.C.C. slab roofing
h) Plinth	2’6” from Existing Ground Level
Valuation
Total Area- 14588 sq.ft. X Rs. 350/- sq.ft. = Rs. 5.106 Millions As this building is 9 years old considering life of building as 100 years. Depreciation for 9 years is deducted = Rs. 0.460 Million = Rs. 4.646 Millions------------------------------(E)
6) Building constructed in 2007 (Ground and First floor construction)
a) Type of Construction	Load Bearing Wall Type
b) Height of Floor	12’-0”
c) Openings	M.S. Grills with Al. Section windows and Rolling shutters for openings
d) Flooring	Kota stone Flooring
e) Electric Fittings	Under Ground Electric Fitting
f) Plastering	Neroo Plaster form Inside and sand faced plaster from outside
g) Roofing	R.C.C. slab roofing
h) Plinth	2’6” from Existing Ground Level
Valuation
Total Area – 449 sq.ft. X Rs. 350/- sq.ft. = Rs. 0.157 Million As this building is 4 years old considering life of building as 100 years. Depreciation for 4 years is Deducted 4% = Rs. 0.006 Million = Rs. 0.151 Million ---------------------------(F)
Porch Area- 223 Sq. ft. X Rs. 225/- sq.ft. = Rs. 0.050 Million ---------------------------(G)
Tin shed is different area – 10900 X Rs. 100- = Rs. 1.090 Millions--------------------(H)
Structure on Girders with M.S. Sheet Flooring – 11931 sq.ft. X Rs. 150/- =Rs. 1.790 Millions---------------------------(I)
Tin Shed with Bk. Work on outer side 4875 sq.ft. X Rs. 175/- = Rs. 0.853 Million----------------------(J)
Compound Wall- 405 Rft X Rs. 1300/- Rft. = Rs. 0.527 Million---------------------------(K)
Over head Water tank 1800 Ltr X Rs. 5.50 / Ltr = Rs. 0.100 Million---------------------------(L)
Under ground water tank L.S. = Rs. 0.075 Million---------------------------(M)
Total ( A To M) = Rs. 15.986 Millions
Premises development L.S. = Rs. 0.514 Million
Grand Total = Rs. 16.500 Millions

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LIST OF EXPORT DISTRIBUTORS

· A.D.K. COMPANY PRIVATE LIMITED

HENVEIRU, SOSUN MAGU, MALE - 20 - 06, REPUBLIC OF MALDIVES

PHONE NO. :00960-3314731/3313553/3324331

FAX NO. : 00960-3320437/ 331 3554

· ANDYCO PHARMAUY

PLOT NO.4, REPUBLIC STREET, P.O.BOX 2124, MBALE - UGANDA

PHONE/ FAX NO. : 00256-711-232300

· CURE PHARMA LIMITED

1ST FLOOR, PHARMACY DEPINAY BUILDING, CUREPIPE ROAD MAURITIUS

PHONE NO. : 00230-6703221

FAX NO. : 00230-6702847

· DAT INTERNATIONAL TRADING P.L.C.

ADDIS KETEMA, KIFLE KETEMA, KEFLE 19, HOUSE NO 702 P.O.BOX 34738, KOLFE, ADDIS ABABA, ETHIOPIA

PHONE NO. : 00251-11-2764071/ 2764072

FAX NO. 00251-11-2751754

· MEDICAMENT PHARMACEUTICALS PRIVATE LIMITED

109/64, MADHYA MARG, BANESHWOR, KATHMANDU, NEPAL

PH: 00977-1 -2041 088 / 4263985

Fax: 00977-1-4460599

Mobile: 00977-98510 72253

· MISSION PHARMA

Missionpharma A/S Vassingeroedvej 9 DK 3540 Lynge Denmark

Tel. 00 454816 3237, Fax 00 45 4816 0206

Missionpharma Private Limited

101, 1stloor,Commercial House 1, Rajvansh Flats Judges Bungalow Road, Bodakdev Ahmedabad — 380054, India

Phone: 079-6661 0664, 6450 2582,

Fax : 079-6661 2231

Missionpharma Logistic India Private Limited

Plot No. 5A/l-Il-III, Sector 3, Kandla Special Economic Zone Gandhidham — 370 230, Kutch, Gujarat

Phone : 0283-6253600 ( Extn 208 ),

Fax : 0283-6253660

· NAWAKRAMA (PRIVATE) LIMITED

55, NEGOMBO ROAD, PELIYAGODA, SRI LANKA

PHONE :0094-11-5344444

FAX : 0094-11-5344400 / 0094-1 1-2913910

· PHARMA PLUS LIMITED

KATONDO STREET, PLOT NO.5014, SHOP NO.2, P.O.BOX NO. 32315, LUSAKA ,ZAMBIA

PHONE NO. : 00260-1 -22 2637/221819 FAX NO. : 00260-1 -22 2637

· TEJAY PHARMACEUTICALS LIMITED

THINIKA INDUSTRIAL AREA, MUMBA ROAD, LUSAKA, ZAMBIA

PHONE NO. : 0026-211-289278 / 289279

FAX NO. :0026-211-286844

· PHARMAVET LIMITED

P.O.BOX NO. 2957, BLANTYRE, MALAWI

PHONE : 00265-1-873052 / 873023 / 870410 / 873576 (Direct Line)

FAX : 002651-870368

· STATE PHARMACEUTICAL CORN. OF SRI LANKA

75, SIR BARON JAYATHILAKA MAWATHA, POST BOX NO. - 1757, COLOMBO, SRI-LANKA

PH.NO. : 0094-11-2446204

FAX NO. :0094-11-2447118

SALPA BIOTECH PRIVATE LIMITED

BHAINSEPATI-4(GHA) SAFAL MARG, LALITPUR, NEPAL

PH: 00977-1 -5590549

· UNISEL PHARMA (KENYA) LIMITED

1st FLOOR, MAKSONS PLAZA, PARK LANDS ROAD, WEST LAND, P.O.BOX 39356-00623, NAIROBI, KENYA

PHONE NO. : 00254-20-374421 4,286

FAX NO. : 00254-20-3744355

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STATEMENT OF ASSETS AND LIABILITIES (NET WORTH STATEMENT)

MR. BHARAT SHAH

(Director)

IMMOVABLE PROPERTES

Address of the Property with Survey No. Door No. etc.	Block No. -5, Kamal Housing Society
Description: Land/ Building	Flat- Building
Whether Free hold/ Lease hold	Free Hold
Type of Property : Commercial/ Residential/ agricultural	Residential
Mortgage for availing loan if any, details thereof	No

INVESTMENT IN BUSINESS CAPITAL

Name of the company/ firm/ concern in which investment is made	Leben Lab Private Limited
Date of Investment	31.03.2010
Present Value of Investment	Rs. 9.958 Millions

DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHERS LENDERS ETC.

Name of the Bank/ Company where deposits are held	Akola Janta Commercial Co-Operative Banks	M.S.C.D A Limited	Kalashray Akola
Date of Deposit	31.03.2010	31.03.2010	31.03.2010
Nature of Deposit	FDR, Share, SIA	Share	Membership
Present Value for Deposit	Rs. 0.085 Million	Rs. 0.012 Million	Rs. 0.010 Million

GOVERNMENT SECURITIES / NSC/ NSS ETC

Description	NSC	PPF
Present Value of Securities	Rs. 0.010 Million	Rs. 0.822 Million

SHARES/ DEBENTURES/ MUTUAL FUNDS/UNITS

Description	ICICI	SBI Magnam
Date of Purchase	31.03.2006	31.03.2010
Present Value	Rs. 0.010 Million	Rs. 0.015 Million

LIFE INSURANCE POLICIES

Annual Premium

Rs. 0.052 Million

OTHER ASSETS

Cash in Hand

Rs. 0.048 Million

Total Assets

Rs. 10.163 Millions

Rs. 0.849 Million

NETWORTH

Rs. 11.012 MILLIONS

COMPUTATION OF TOTAL INCOME

Assessment year 2010-11

(Rs. in Millions)

Particulars	Amount
Gross Total Income	1.094
Deduction under Charter VI-A	0.115
Total Income	0.979
Current Year Loss (if any)	Nil
Net Tax Payable	0.204
Interest Payable	0.001
Total Tax and interest payable	0.205
Taxes paid
Advance Tax	Nil
TDS	0.193
TCS	Nil
Self-assessment Tax	0.012
Total Taxes paid	0.012
Tax Payable	0.205

BALANCE SHEET

MR. BHARAT SHAH

(Director)

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		11.028
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		11.028
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		11.028
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		2.785
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.081
	Other Current Assets	0.004
	Loans & Advances	8.158
Total Current Assets		8.243
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		8.243
MISCELLANEOUS EXPENSES		0.000
TOTAL		11.028

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STATEMENT OF ASSETS AND LIABILITIES (NET WORTH STATEMENT)

MR. HARESH SHAH

(Director)

IMMOVABLE PROPERTES

Address of the Property with Survey No. Door No. etc.	Prachi Radhe Nagar
Description: Land/ Building	Building
Whether Free hold/ Lease hold	Free Hold
Type of Property : Commercial/ Residential/ agricultural	Residential
Mortgage for availing loan if any, details thereof	No

INVESTMENT IN BUSINESS CAPITAL

Name of the company/ firm/ concern in which investment is made	Leben Lab Private Limited	Elemco Akola	National Medisto, Akola
Date of Investment	31.03.2010	31.03.2010	31.03.2010
Present Value of Investment	Rs. 7.925 Millions	Rs. 0.465 Million	Rs. 0.870 Million

DEPOSIT HELD WITH BANKS/ COMPANIES/ OTHERS LENDERS ETC.

Name of the Bank/ Company where deposits are held	Akola Janta Commercial Co-Operative Banks	M.S.C.D A Limited	Kalashray Akola
Date of Deposit	31.03.2010	31.03.2010	31.03.2010
Nature of Deposit	FDR, Share, SIA	Share	Membership
Present Value for Deposit	Rs. 0.071 Million	Rs. 0.012 Million	Rs. 0.007 Million

GOVERNMENT SECURITIES / NSC/ NSS ETC

Description	PPF
Present Value of Securities	Rs. 0.825 Million

SHARES/ DEBENTURES/ MUTUAL FUNDS/UNITS

Description	ICICI	SBI Magnam
Date of Purchase	31.03.2006	31.03.2010
Present Value	Rs. 0.010 Million	Rs. 0.015 Million

LIFE INSURANCE POLICIES

Annual Premium

Rs. 0.051 Million

OTHER ASSETS

Cash in Hand

Rs. 0.042 Million

Total Assets

Rs. 8.924 Millions

Rs. 0.492 Million

Rs. 0.877 Million

NETWORTH

Rs. 10.293 MILLIONS

BALANCE SHEET

MR. HARESH SHAH

(Director)

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.297
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		10.297
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		10.297
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		2.775
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.059
	Other Current Assets	0.004
	Loans & Advances	7.459
Total Current Assets		7.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.000
	Provisions	0.000
Total Current Liabilities		0.000
Net Current Assets		7.522
MISCELLANEOUS EXPENSES		0.000
TOTAL		10.297

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PROFIT AND LOSS ACCOUNT

(Rs. in Millions)

PARTICULARS	31.03.2011 Expected	31.03.20121 Projected
Gross Sales
- Domestic	196.697	239.970
- Export	301.556	367.898
Sub Total (Gross Sales)	498.253	607.869
Less: Excise Duty	0.000	0.000
Net Sales	498.253	607.869
% Rise / fall in net sale as compared to previous year	22.00	22.00
Other Operating Income
Export Incentives	7.584	7.709
Duty Drawback	0.000	0.000
Others	0.000	0.000
Total Operating Income	505.837	615.578
Cost of Sales
Raw Materials Consumed
i) Imported	0.000	0.000
ii) Indigenous	250.496	308.109
Other Spares consumed
i) Imported	0.000	0.000
ii) Indigenous	71.186	87.559
Power and Fuel	6.646	8.174
Direct labour and wages	15.555	19.132
Other Manufacturing Expenses	31.051	38.193
Depreciation	9.675	9.625
Sub Total	384.609	470.792
Add: Opening Stock of WIP	5.228	6.378
Less: Closing Stock of WIP	6.378	7.732
Total Cost of Production	383.459	469.438
Add: Opening Stock of Finished goods	37.998	46.358
Less: Closing Stock of Finished Goods	46.358	56.556
Total Cost of Sales	375.099	459.240
Selling, General and Administration Expenses	87.695	107.865
Cost of Sales + SGA	462.794	567.105
Operating Profit before Interest	43.043	48.473
Interest	6.857	7.680
Operating Profit after interest	--	--
Non Operating Items	--	--
Add: Non Operating Income	--	--
Profit on sale of assets/ investments	0.000	0.000
Investments and Dividend	0.009	0.009
Forex Gains	0.000	0.000
Non-Operating Income	0.000	0.000
Tax Refund	0.000	0.000
Other Non operating income	0.000	0.000
Total non-operating Income	0.009	0.009
Deduct Non Operating Expenses	0.000	0.000
Loss on Sale of Assets	0.000	0.000
Preliminary Expenses written off	0.000	0.000
Other non-operating expenses	0.000	0.000
Total Non –Operating Expenses	0.000	0.000
Net of Non-operating incomes/ expenses	0.009	0.009
Profit Before Tax	36.195	40.802
Provision for Taxation
Current	10.800	12.240
Deferred	0.050	0.140
Sub Total : Provision for Taxation	10.850	12.380
Net Profit After Tax	25.345	28.422
Extraordinary Items adjustments:	0.000	0.000
Extraordinary Income Adjustments (+)	0.000	0.000
Items	0.000	0.000
Adjusted PAT (excluding Extraordinary Items)	25.345	28.422
Dividend Paid
On Equity Capital	0.060	0.060
On Preference Share Capital	0.000	0.000
Dividend Tax	0.010	0.010
Partners’ Withdrawal	0.000	0.000
Dividend (%)	0.000	0.000
Retained Profit	25.275	28.352
Cash Accruals	35.020	38.047

BALANCE SHEET

(Rs. in Millions)

Particulars	31.03.2011 Expected	31.03.20121 Projected
Short Term Borrowings from Banks (Including bills purchased, discounted and excess borrowings places on repayment basis)
Note: Bills negotiated under LC should be excluded.
Bank borrowings – From the bank	29.700	29.700
Bank borrowings- From other bank	0.000	0.000
Sub Total	29.700	29.700
Short Term borrowings from others	0.000	0.000
Creditors for purchases	46.943	50.095
Advances/ payments form customers / deposits from dealers	7.510	9.162
Provisions
- Tax	12.743	14.0183
-Others	3.555	3.696
Dividends payable	0.060	0.060
Statutory liabilities due within one year	0.000	0.000
Installments of Term Loans/ Deferred payment credits/ Debentures/ deposits/ redeemable preference share (due within one year)	0.000	0.000
Deposits	0.000	0.000
Other current liabilities due within one year.	0.000	0.000
Total Current Liabilities	100.511	106.896
TERM LIABILITIES
Debentures	0.000	0.000
Preference Share Capital	0.000	0.000
Dealer’s Deposit	0.000	0.000
Deferred Tax Liability	3.627	3.768
Term Loans	0.000	0.000
Term Deposits	0.000	0.000
Unsecured Loans (Quasi Equity)	53.779	53.779
Other Term Liabilities	0.000	0.000
Total Term Liabilities	57.406	57.547
TOTAL OUTSIDE LIABILITIES
Net Worth
Equity Share Capital
Share Capital (Paid-up)	6.000	6.000
Share Application (finalized for allotment)	0.000	0.000
Sub Total (share Capital)	6.000	6.000
General Reserve	0.000	0.000
Revaluation Reserve	0.000	0.000
Other Reserves and Surplus:
Partners capital/ proprietor’s capital	0.000	0.000
Share Premium	0.000	0.000
Capital Subsidy	1.739	1.739
Others	0.000	0.000
Balance in P and L Account	132.287	160.640
NET WORTH	140.026	168.379
TOTAL LIABILITIES	297.943	332.822
ASSETS
Current Assets
Cash and Bank Balances	7.198	10.710
Investments
Government and Other Trustee Securities	0.000	0.000
Fixed Deposit with Banks	1.569	1.569
Others	0.000	0.000
Receivables
Receivables other than Deferred and Export (Domestic)	15.039	17.950
Export Receivables	70.626	75.777
Note: All receivables upto 180 days only to be included Sales bills negotiated under LC to be excluded
Deferred receivables (due within one year)	0.000	0.000
Inventory
Raw Material- Imported	0.000	0.000
Raw Material- Indigenous	22.011	26.854
Work in process	6.378	7.781
Finished Goods (including Traded Goods)	46.358	56.556
Other Consumable Spares – Imported	0.000	0.000
Indigenous	7.392	9.018
Sub- Total (Inventory)	82.139	100.210
Advances to Suppliers	0.000	0.000
Advance Payment of Tax	0.000	0.000
Other current assets	28.785	20.359
TOTAL CURRENT ASSETS	205.355	226.575
Fixed Assets
Gross Block	153.817	168.817
Less: Accumulated Depreciation	61.704	63.095
Net Block	92.113	105.722
Capital Work in Progress	0.000	0.000
Non- Current Assets
Investment/ Book Debts/ Advances/ Deposits which are not current assets
Investment in Group Concerns	0.000	0.000
Loans to group concerns/ Advances and Subsidiaries	0.000	0.000
Investments in Others	0.125	0.125
Advances to suppliers of capital goods and contractors	0.000	0.000
Deferred receivables (maturity preceeding one year)	0.000	0.000
Debtors > 6 Months	0.350	0.400
Others (Loans and Advances non current in nature, ICD’s etc)	0.000	0.000
Deferred Tax Assets	0.000	00000
Other Non-Current Assets (Including Dues from Directors)	0.000	0.000
TOTAL NON CURRENT ASSETS	0.475	0.525
Intangible Assets: Goodwill, Patents and Trademarks	0.000	0.000
Accumulated Losses, Preliminary expenses, Miscellaneous expenditure not w/off, other deferred revenue expenses	0.000	0.000
TOTAL ASSETS	297.943	332.822
TANGIBLE NETWORTH	140.026	168.379
Difference in Balance Sheet	0.000	0.000
Net Working Capital	104.844	119.679
Current Ratio	2.04	2.12
TOL/TNW	1.13	0.98
ADDITIONAL INFORMATION
Arrears of Depreciation	0.000	0.000
Total Contingent Liabilities	0.000	0.000
Arrears of Cumulative Dividends	0.000	0.000
Guarantees issued (relating to business)	0.000	0.000
Guarantees issued (for a group companies)	0.000	0.000
Gratuity Liability not provided fro	0.000	0.000
Disputed excise/ customs/ tax liabilities	0.000	0.000
Contingent Liabilities, Bills Purchased – Under :LC	0.000	0.000
Debt obligations mature in the year	0.000	0.000
Preference share capital (due in less than a year)	0.000	0.000
Capacity Utilization (%)	0.000	0.000

-------------------------------------------------------------------------------------------------------------------------------------------------------

Contingent Liabilities

Particulars	31.03.2010 Rs. in Millions
Disputed with assessing Authorities against which demand made by them not been discharged for A.Y. 2006-07 by ACIT, Mumbai	0.279
Guarantee issued to Government Authorities and others	Nil

Bankers Charges Report as per Registry

Name of the company	LEBEN LABORATORIES PRIVATE LIMITED
Presented By	Mr. Bharat N Shah- Managing Director
1) Date and description of instrument creating the change	Simple deed of Mortgage dated 10.05.1993
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 2.340 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	Piece of Land – Plot No. L-4, Phase III, Akola Industrial Area, Akola, Maharashtra, admeasuring 3960 sq.mtrs along with building, shed, godown and all plant and machinery on the said land.
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @ 17% per annum chargeable half yearly
5) Name and Address and description of the person entitled to the charge.	The Janta Commercial Co-operative Bank Limited, Akola
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Name of the company	LEBEN LABORATORIES PRIVATE LIMITED
Presented By	Mr. Bhavan N. Shah, Managing Director
1) Date and description of instrument creating the change	Common Deed of hypothecation of movables/ Assets/ Debts dated 31.05.2004.
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 22.500 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	The company hereby hypothecation in favour of the Bank, entire goods, Raw Material, Stock in Process, Finished Goods (both present and future), Book Debts/ receivables (both Inland land and Exports) and the entire Plant and machinery (Present and future), owned by the company.
4) Gist of the terms and conditions and extent and operation of the charge.	Nature of Facilities with the sanction limit Rate of Interest 1. Cash Credit ( Hypothecation) Limit Rs. 2.500 Millions 7.50% p.a. 2. Packing Credit Limit Rs. 5.000 Millions 7.50% p.a. 3. FDBN Limit Rs. 10.000 Millions 7.50% provide 60 days and 10.5% p.a. Above 90 days upto 180 days. 4. Inland Export Letter of Credit Limit Rs. 5.000 Million 16.00.p.a. Being 5.5% over and above Bank’s prime Lending Rate which is 10.5% at present Rising or falling with the Banks Prime Lending Rate that the Bank may determine to charge form time to time as per RBI directives/ at its sole discreation and also so long as the Principal or part thereof remains unpaid.
5) Name and Address and description of the person entitled to the charge.	Corporation Bank, A.R Street, Mumbai-400003, Maharashtra, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Fixed Assets:

• Land
• Building
• Plant and Machinery
• Water Cooler
• Transformer
• Power Control
• Generator
• Air Pollution Control Equipments
• Water Pollution Control Equipments
• Furniture and Fixtures
• Cycle stand
• Computer
• Office Equipments
• Vehicles

AS PER WEBSITE

History:

Subject is a pharmaceutical formulation manufacturing company committed to contribute to the health and better quality of life of human beings.

By creating value, they at Subject are building a competitive company with steady and harmonious growth and also productively contributing to the further global growth.

Continuous Betterment of Human Lives.

Subject is one of the pillars of leading pharmaceutical company. They are always in the process of development of products and technologies, as a manufacturing center for medicines, as a competence center for the development of formulation products. Competence center in the field of development and manufacturing of pharmaceutical products.

Milestones in history

From the very beginning, their operations have been characterized by dynamic development and a tendency towards internationalization. Constant and intensive growth, characteristic of Subject’s entire history, has recently become an especially noticeable factor.

• 1981 The Leben pharmaceutical formulation company formed the first task is to established the company and expand the product portfolio.

• 1985 Product namely Kelvin-P has been launched for the first time in India.

• 1987 Land acquired from MIDC and Bhumipujan ceremony.

• 1989 Plant inaugurated

• 1993 First expansion

• 1995 Second expansion

• 1997 Sri lanka

• 1999 Third expansion

• 2000 Male

• 2001 Mauritious

• 2002 Zambia

• 2003 Malavi

• 2004 Forth expansion and Kenya

• 2005 Ethiopia

• 2007 Uganda

• 2008 Fifth expansion

FORMULATION and DEVELOPMENT

Subject has a well developed Formulation and Development department.

Subject’s F and D department works as an independent pilot plant and carried out pilot batches of various to improve it's patient acceptability and convenience.

In the F and D department pharmaceutical products are developed according to the latest breakthroughs in pharmacy. Their work is crucial in developing safe, effective and high quality drugs. Innovations in pharmaceutical technology are essential in producing patient friendly drugs.

At Leben a team of innovative professionals is constantly working to upgrade with recent technologies, at the same time trying to imbibe new advances in pharmaceutical sciences.

They endogenously formulate novel drug delivery approach, which imports better efficacy along with good aesthetic appeal.

They try their level best to formulate their products as per changing time needs as well as well accepted to all age groups.

HEALTH, SAFETY AND ENVIRONMENT POLICY

In keeping with the company's policy of corporate citizenship, subject plays a responsible role in health protection, ensuring safety and environmental protection.

The health and safety of employees and other persons who are affected by their activities and environmental protection are priorities in their operations.

Subject consider the policies and guidelines of W.H.O., monitor and conduct themselves in accordance with the requirements of health, safety and environment legislation. Through the appropriate implementation of these guidelines they raise the employees' consciousness about safe and healthy work practices that do not exert undue influences on the environment.

They set measurable goals for improving efficiency and responsibility in the field of health, safety and environment.

They consume natural resources in a reasonable manner, check and reduce the influences of the operations on the environment.

Subject as a company is open to the community. They respond to their initiatives and search for common solutions in order to make continued improvements.

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.45.45
UK Pound	1	Rs.72.91
Euro	1	Rs.61.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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.