MIRA INFORM REPORT

Report Date :

10.01.2011

IDENTIFICATION DETAILS

Name :	GLENMARK GENERICS LIMITED
Formerly Known As :	GLENMARK ORGANICS LIMITED
Registered Office :	B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.09.1994
Com. Reg. No.:	11-81597
CIN No.: [Company Identification No.]	U24110MH1994PLC081597
TAN No.: [Tax Deduction & Collection Account No.]	MUMG05256G
PAN No.: [Permanent Account No.]	AACCG9820D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Marketing and Distribution of Generic Pharmaceutical Products.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 42000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Glenmark Pharmaceuticals Limited, a well established and a reputed pharmaceutical company, listed on the stock exchange. It is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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. Ashish Patel
Designation :	Accounts Manager

LOCATIONS

Registered Office :	B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra
Tel. No.:	91-22-24964893/ 24901481/ 67589999/ 40189999
Fax No.:	91-22-24932648/ 24919652/ 67589986/ 40189986
E-Mail :	skshankar@glenmark-generics.com webmaster@glenmarkpharma.com corporate@mandmsprings.com
Website :	http://www.glenmark-generics.com
Corporate Office :	Glenmark House, HDO Corporate Building, Wing A B C Sawant Marg, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-40189999/ 40189827
Fax No.:	91-22-40189988/ 40189804
Manufacturing Units:	Located At: · Goa · Ankleshwar · Kurkumbh · Mohol

DIRECTORS

(AS ON 30.06.2010)

Name :	Mr. Glenn Mario Saldanha
Designation :	Director
Address :	1101 to 1102, 111^th Floor, Lasolita Rustomjee Building, Off Turner Road 28^th, 25^th Road, Bandra (W), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	26.11.1969
Date of Appointment :	18.12.2007
Name :	Mr. Rajesh Vasudeo Desai
Designation :	Director
Address :	102-D Wing, Shrinath Bhuvan, Nicolas Wadi, Yashwant Tawde Path, Dahisar (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	14.07.1958
Date of Appointment :	30.06.2010
Name :	Mr. Terrace Joseph Coughlin
Designation :	Director
Address :	43 Chester Hill Road, Warwick, New York – 10990, USA
Date of Birth/Age :	02.11.1965
Date of Appointment :	05.09.208
Name :	Julio Francis Ribeiro
Designation :	Director
Address :	5^th Floor, Room No.51, Sagar Tarang Building, 15-A, K A G Khan Road, Mumbai- 400030, Maharashtra, India
Date of Birth/Age :	05.05.1929
Date of Appointment :	14.08.2008
Name :	Mr. Sridhar Anant Gorthi
Designation :	Director
Address :	1002, 10^th Floor, June Blossoms, Manuel Gonsalves Road, Bandra, Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	31.07.1972
Date of Appointment :	14.08.2008
Name :	Mr. Jalaj Sharma
Designation :	Additional Director
Address :	Flat 125 and 126, West End, D Wing, Raheja Vihar, Chandivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Date of Birth/Age :	24.09.1963
Date of Appointment :	01.04.2009
Name :	Mr. Natvarlal Bhimbhai Desai
Designation :	Director
Address :	701, Kubelisque Conominm, Union Park, Pali Hill, Nargis Dutt Road, Mumbai – 400052, Maharashtra, India
Date of Birth/Age :	23.03.1927
Date of Appointment :	30.06.2010
Name :	Mr. Devendra Raj Mehta
Designation :	Director
Address :	B – 5, Mahavir Udyan Marg, Bajaj Nagar, Jaipur – 302015, Rajasthan, India
Date of Birth/Age :	25.06.1937
Date of Appointment :	30.06.2010
Name :	Mr. Mahadev Kulkarni
Designation :	Director
Address :	Sujata Apartment, 201/B, 2^nd Floor, Opp. S. T. Stand, Badlapur (West), Thane – 421 503, Maharashtra, India
Date of Birth/Age :	02.11.1960
Date of Appointment :	01.12.2001
Name :	Mr. Pushpinder Bindra
Designation :	Additional Director
Address :	House No. 146, Sector – 71, Mohali – 160 062, Punjab, India
Date of Birth/Age :	22.11.1948
Date of Appointment :	26.03.2008
Name :	Mr. Blanche Elizabeth Saldanha
Designation :	Additional Director
Address :	Windmere Co-Op, HSG Society Limited, Flat No. 2, 236A, B J Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	04.07.1940
Date of Appointment :	01.04.2009

KEY EXECUTIVES

Name :	Mr. Shankar Shivram
Designation :	Secretary
Address :	B 3, Deepak Anushakti Nagar, Mumbai – 400 094, Maharashtra, India
Date of Birth/Age :	25.10.1964
Date of Appointment :	01.04.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.06.2010)

Names of Shareholders	No. of Shares
Glenmark Pharmaceuticals Limited, India	143204500
Gracias Saldanha Jointly with GPL, India	2000
Blanche E Saldanha Jointly GPL, India	501
Glenn Saldanha Jointly GPL, India	1496
Rajesh V desai Jointly with GPL, India	501
Cheryl Pinto Jointly with GPL, India	501
Abhinna S. Mohanty Jointly with GPL, India	504
Glenmark Exports Limited, India	1800000
Terrance Coughlin	3197848
Paul Dutra	913671
William Mcinytre	228418
Vijayprakash C Soni	228418
Pravin Kulkarni	133
Greta Fernandes	67
Panem Yoganjaneya Reddy	1000
Mansi Bhatt	333
Sitaram Rajaram Beldar	67
Baban Baburao Aghade	67

(AS ON 08.11.2010)

Names of Allotees	No. of Shares Allotted
Jalaj Sharma	9900
Phippe Beaupere	7201
Bhavesh Bhupendra Sangani	133
Saifur Rehman	2798
Total	20032

(AS ON 30.09.2010)

Category	Percentage
Foreign holdings (foreign institutional investor(s), Foreign companies(s), Foreign financial institution(s), Non resident Indian(s) or Overseas corporate bodies or others	3.05
Bodies corporate	96.93
Other top fifty Shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Marketing and Distribution of Generic Pharmaceutical Products.

PRODUCTION STATUS (AS ON 31.03.2009)

Particulars	Unit	Installed Capacity	Actual Production
injectibles	Ltrs.	--	22070
Liquid orals	Ltrs	--	5183
Ointments and Creams	Kgs.	580000	47999
Solids and Powders	Kgs.	--	31252
Tablets and Capsules	Kgs.	1690000000	1105240762
Bulk Drugs	Kgs.	466000	128459

Note:

· The products of the company are exempt from licensing procedures.

· Installed capacity, being a technical matter, has not been verified by the auditors. However, the management has certified the same.

· Actual production includes goods manufactured at party manufacturing facilities on loan license basis and at leased facilities, however, same is not considered for the installed capacity disclosure.

GENERAL INFORMATION

Bankers :

· Axis Bank Limited

6^th Floor, Maker Tower F, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India

· Bank of India,

Mahalaxmi Branch, 8-A, Bhulabhai Desai Road, Near Mahalaxmi Temple, Mumbai 400026, Maharashtra, India

· Central Bank of India,

Corporate Finance Branch, 1^st Floor, M M O Building, M G Road, Fort, Mumbai 400023, Maharashtra, India

Facilities :

Secured Loan	31.03.2010	31.03.2009
	(Rs. In millions)
Term Loan from Bank	1927.736	363.280
Working Capital facilities	0.000	2248.577
TOTAL	1927.736	2611.857
NOTE: Term loan of Rs.229.946 millions is secured by way of exclusive on companies fixed assets both present and future at Taloja R and D centre. Term loan of Rs.1.657 Millions is secured against the fied assets of the company located at Goa, Mahol, ankleshwar and Kurkumbh for which security trustee agreement has been executed with security trustee. Working capital facilities from banks are secured by hypothecation of stocks and receivables.
Unsecured loan	31.03.2010	31.03.2009
	(Rs. In millions)
Short Term Loans from banks	2877.463	1646.626
Long Term Loans from Banks	250.000	0.000
From Glenmark Pharmaceuticals Limited, India	0.000	344.327
Other Deposits	0.325	0.300
TOTAL	3127.788	1991.253

Banking Relations :	--
Auditors :
Name :	R G N Price and Company Chartered Accountant
Address :	204, Parikh Building, N G Acharya Road, Chembur, Mumbai 400071, Maharashtra, India
Tel. No.:	91-22-25281531, 67993443
Fax No.:	91-22-25280291
Email:	Rgn_price@vsnl.net Rgn_price@mtnl.net.in
Wholly Owned Subsidiaries :	§ Glenmark Generics (Europe) Limited, UK (Formerly known as Glenmark Pharmaceuticals (Europe) Limited
Subsidiaries :	· Glenmark Generics (Europe) Limited, UK · Glenmark Generics Finance SA Swiss · Glenmark Generics INC USA · Glenmark Generics S. A. Argentina · Glenmark Generics Holding SA Switzerland
Holding Company :	Glenmark Pharmaceuticals Limited CIN No. : L24299MH1977PLC019982

CAPITAL STRUCTURE

(AS ON 30.06.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
149610435	Equity Shares	Rs.10/- each	Rs.1496.104 millions

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
149603032	Equity Shares	Rs.10/- each	Rs.1496.030 millions

NOTE:

§ During the year, the company allotted 71,510,000 equity shares of Rs.10/- each, fully paid at premium of Rs.90 per share to Glenmark Pharmaceuticals Limited GPL in lieu of balance purchase consideration payable by the company to GPL under the Business Transfer Agreement.

§ During the year, the company pursuant to employee stock purchase plan 2009 (ESPS 2009) has allotted 3,068,355 shares of Rs.10/- at per to employees.

§ Of the total equity shares issued 143,204,5000 equity shares of Rs.10/- each fully paid are held by Glenmark Pharmaceuticals Limited (Holding company) along with its nominees who hold 5500 shares.

§ During the year ended 31^st March 2010 the company has granted nil options and 1,345,469 options at par, pursuant to employees stock option scheme 2008 (scheme 2008) and employees stock option scheme 2009 (scheme 2009) respectively and cancelled 74,668 options and 104,052 options of scheme 2008 abd scheme 2009 respectively.

During the year ended 31^st March 2010, 24677 options granted under ESOP scheme 2008 were converted into Equity shares and 1,015,660 options and 1,241,417 options were outstanding under scheme 2008 and scheme 2009 respectively. On exercise of the options so granted under scheme 2008 and scheme 2009 the paid up equity shares capital of the company will increase by a like number of shares.

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		1496.030	750.000	750.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8963.096	1038.118	0.000
4] (Accumulated Losses)		0.000	0.000	(5.026)
NETWORTH		10459.126	1788.118	744.974
LOAN FUNDS
1] Secured Loans		1927.736	2611.857	0.000
2] Unsecured Loans		3127.788	1991.253	203.500
TOTAL BORROWING		5055.524	4603.110	203.500
DEFERRED TAX LIABILITIES		849.795	583.723	0.000
TOTAL		16364.445	6974.951	948.474
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3952.815	3224.757	0.000
Capital work-in-progress		2895.725	2617.416	0.000
INVESTMENT		1061.550	831.544	578.244
DEFERREX TAX ASSETS		260.141	213.966	2.617
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2162.321	1813.587	0.000
	Sundry Debtors	3822.551	4778.651	0.000
	Cash & Bank Balances	129.071	30.709	19.517
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4975.940	2122.063	349.050
Total Current Assets		11089.883	8745.010	368.567
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1565.575	947.365	0.310
	Other Current Liabilities	1315.114	7705.398	0.644
	Provisions	14.980	4.979	0.000
Total Current Liabilities		2895.669	8657.742	0.954
Net Current Assets		8194.214	87.268	367.613
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16364.445	6974.951	948.474

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	8261.754	7810.313	0.000
		Other Income	271.392	836.877	0.000
		TOTAL	8533.146	8647.190	0.000
Less	EXPENSES
		Cost of Sales	4272.788	4236.244	0.000
		Selling and Operating Expenses	1301.617	1131.251	7.261
		Research and Development Expenses	130.808	10.481	0.000
		Exceptional Items	0.000	1111.071	0.000
		TOTAL	5705.213	6489.047	7.261
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2827.933	2158.143	(7.261)
Less	FINANCIAL EXPENSES		851.376	524.114	0.432
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1976.557	1634.029	(7.693)
Less/	DEPRECIATION/ AMORTISATION		268.388	211.874	0.000
	PROFIT BEFORE TAX		1708.169	1422.155	(7.693)
Less	TAX		219.093	379.011	(2.617)
	PROFIT AFTER TAX		1489.076	1043.144	(5.076)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1038.118	(5.026)	0.110
	Balance on accounts of Amalgamation of GM Pharma Limited		0.000	0.000	(0.060)
	BALANCE CARRIED TO THE B/S		2527.194	1038.118	5.026
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	6323.356	NA
		Commission Earnings	NA	4.683	NA
		Other Earnings	NA	23.815	NA
	TOTAL EARNINGS		NA	6351.854	NA
	IMPORTS
		Raw Materials	NA	684.468	NA
	TOTAL IMPORTS		NA	757.521	NA
	Earnings Per Share (Rs.)		12.49	13.91	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	17.45	12.06	NA
Net Profit Margin (PBT/Sales)	(%)	20.68	18.20	NA
Return on Total Assets (PBT/Total Assets}	(%)	11.36	11.88	(2.08)
Return on Investment (ROI) (PBT/Networth)		0.16	0.79	(0.01)
Debt Equity Ratio (Total Liability/Networth)		0.76	7.41	0.27
Current Ratio (Current Asset/Current Liability)		3.83	1.01	386.33

LOCAL AGENCY FURTHER INFORMATION

Form 8

Corporate identity number of the company	U24110MH1994PLC081597
Name of the company	Glenmark Generics Limited
Address of the registered office or of the principal place of business in India of the company	B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra, India webmaster@glenmarkpharma.com
This form is for	Modification of charge
Type of charge	Immovable property Movable Property (Not being Pledge)
Particular of charge holder	Axis Bank Limited 6th Floor , Maker Tower "F", Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India kirtikant.kaviju@axisbank.com
Nature of instrument creating charge	Foreign Currency Loan Agreement for Conversion dated March 31, 2010
Date of instrument Creating the charge	31.03.2010
Amount secured by the charge	Rs.1800.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per Sanction letter of respective lenders. Terms of repayment As per sanction letter of respective secured lenders Margin As per sanction letter of respective secured lenders Extent and operation of the charge First Pari Passu charge on immovable and moveable fixed asset of the Company created vide deed of hypothecation dated 18.06.2009 and memorandum of Entry dated 09-02.2010 with Axis bank Limited (Security Trustee)
Short particulars of the property charged (Including location of the property)	As per Deed of Hypothecation dated 18th June 2009. As per Memorandum of Entry dated 9th February 2010
Particulars of the present modification	Term loan facilities of Indusind Bank agg. Rs.500.000 Millions and Rs.550.000 Millions have been converted into Foreign Currency loan vide Loan Agreements dated 31st march 2010 and the same shall stand secured by way of first pari passu charge on movable and immovable fixed assets of the Company created vide DOH dated 18.06.2009 and equitable mortgage dated 09.02.2010 in favour of Axis Bank as Security Trustee for the benefit of lenders.

Fixed Assets:

· Leasehold Land

· Factory Buildings

· Other Buildings and Premises

· Plant and Machinery

· Furniture and Fixtures

· Equipments

· Vehicles

· Computer Software

· Goodwill

Contingent Liabilities Not Provided for (RS. IN MILLIONS)

Particulars	31.03.2010	31.03.2009
Bank guarantees	50.196	49.861
Disputed taxes/duties (Excise duty)	6.484	6.484
Sundry debtors factored with recourse option	412.692	--
Open letters of credit	136.341	92.726
Corporate Guarantee	2482.700	--

WEBSITE DETAILS

PROFILE

Subject aims to be a global integrated Generic and API leader. The Company currently markets finished dose formulations in USA, Europe, and Argentina and has Active Pharmaceutical Ingredients (APIs) presence in over 80 countries through an established group of subsidiaries, marketing front-ends and offices in India and select overseas locations.

Subject has a strong base in Formulation development with teams operating out of laboratories in India and Argentina. The Company has a state-of-the-art manufacturing plant at Goa, India that has been inspected by US FDA, TPD (Canada), MHRA, UK and many other overseas regulatory authorities. GGL also markets over 45 APIs to more than 80 countries across the world and had over 35 USDMFs filed and/or approved along with several DMFs in Canada and Europe.

Glenmark’s API division possesses strong, dedicated process research capabilities and a dedicated team of scientists equipped with the best analytical tools and a sophisticated information centre. Currently, GGL has three API manufacturing plants in India of which its plant at Ankhleshwar has been inspected by USFDA and several other international regulatory bodies.

Snapshot 

• The Generics business has been built over the last 5 years
• Comprising of US & EU generics, API and Argentina Oncology SBUs
• GGL focuses on developing, manufacturing, selling, and the distribution of generics through wholesalers, retailers and pharmacy chains etc
• End to End vertically integrated into the generic market (From API to front end marketing capabilities)
• Focused on certain key niche market segments including: Dermatology, Hormones, Controlled Substances, Oncology, and Modified Release
• GGL is a subsidiary of Glenmark Pharmaceuticals Limited

GGL's US subsidiary Glenmark Generics Inc (erstwhile Glenmark Pharmaceuticals Inc.) that was incorporated in 2004 - posted revenue of USD 157.9 Mn for FY 08-09 against revenue of USD 140.03 Mn registering an increase of 30 % over the previous year. GGI has grown the generic base in the US at a healthy CAGR of 130 % over the last 3 years. 

• Presence in controlled substances, hormones, oncology, modified release and dermatology
• GGL received its first 180 day (shared) exclusivity for marketing Oxcarbazepine (Generic of Trileptal®)
• Filed PIVs (FTF opportunities) for Zetia, Tarka, Cutivate and Malarone
• Over 45 products currently sold in the market
• About 50 products filed with USFDA for approval
• Portfolio of marketed products has doubled each year during the last three years
• Glenmark Generics Inc has entered into strategic partnerships for controlled substances, development of dermatology products and for oral solids

GGL's EU subsidiary Glenmark Generics (Europe) Limited. (erstwhile Glenmark Pharmaceuticals (Europe)) was established in 2004.

• FY 0809 saw GGEL's first product launch, Perindopril, in 3 western european markets
• Product portfolio comprises of 4 approved MAs, 10 applications currently going thought registration procedures across Europe
• Portfolio of more than 35 EU CTD solid and semi-solids dossiers at various stages of development
• Several supply deals are in place with leading European generic players
• It entered into a strategic product development agreement with Mylan (Merck Generics) for three dermatology products
• Supply deals have been executed with five leading EU generic players

Glenmark acquired the Argentinean company Servycal S.A. with a focused oncology portfolio.

• Presence in oncology in over 20 countries
• Caters to about 75% of cancer therapy products
• Presence in cytotoxics, anti-hormonals and supportive therapies

In the API domain, GGL has:

• Presence across 80 countries including regulated markets like US and Europe
• Over 35 USDMFs filed along with several DMFs in Canada
• Filed over 100 process patents in the last 3 year
• Several supplies to regulated market customers for first to file ANDA’s
• Market leader in the Less regulated markets on several products including Telmisartan, Diacerin, Olmesartan and Linezolid. Market leader in South America for Bupropion
• Direct presence of sales teams in key markets of US, UK, Brazil and India

Press releases

Glenmark Generics receives approval from the USFDA for Felodipine

Date: 20 December 2010

Glenmark Generics receives approval from the USFDA for Felodipine extended-release tablets

Generics Limited (GGL), today announced they have been granted final approval from the United States Food and Drug Administration for Felodipine extended-release tablets, the generic version of Astrazeneca Pharmaceuticals LP, Plendil®.

Glenmark’s extended-release Felodipine tablets are available in strengths of 2.5 mg, 5 mg and 10 mg and are indicated for the treatment of hypertension. Felodopine achieved sales of USD 97 million for the 12 month period ending September 2010, according to IMS Health.

The Company will commence marketing and distribution immediately in the U.S and anticipates a successful launch based on the limited competition existing in the market.

Today’s approval emphasizes Glenmark’s commitment to continue introducing generic products of assorted and unique dosage types to meet the growing demand of their customers.

The Company’s current portfolio consists of 63 generic products authorized for distribution in the U.S. market, as well as over 40 ANDA’s filed with the U.S. FDA pending approval. In addition to these internal filings, GGI continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio.

Glenmark Generics Limited (GGL) is a subsidiary of Glenmark Pharmaceuticals Limited (Glenmark) and aims to be a global integrated Generic and API leader.

GGL has an established presence in North America, a developing EU presence and Argentina and maintains marketing front-ends in these countries. It primarily sells its FDF products in the United States ("US") and the European Union ("EU"), as well as its oncology FDF products in South America.

The Company supplies APIs to customers in approximately 63 countries, including the US, various countries in the EU, South America and India.

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.45.37
UK Pound	1	Rs.70.04
Euro	1	Rs.58.98

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.