MIRA INFORM REPORT

Report Date :

02.03.2011

IDENTIFICATION DETAILS

Name :	INTAS PHARMACEUTICALS LIMITED
Formerly Known As :	INTAS LABORATORIES PRIVATE LIMITED
Registered Office :	2^nd Floor, Chinubhai Centre, Off Nehru Bridge, Ashram Road, Ahmedabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2009
Date of Incorporation :	31.05.1985
Com. Reg. No.:	04-7866
CIN No.: [Company Identification No.]	U24231GJ1985PLC007866
TAN No.: [Tax Deduction & Collection Account No.]	AHMI00350A
PAN No.: [Permanent Account No.]	AAACI5120L
Legal Form :	A closely held public limited liability company
Line of Business :	Manufacturer of Pharmaceutical Products.

RATING & COMMENTS

MIRA’s Rating :

A (60)

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

Maximum Credit Limit :	USD 17000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealing 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. Kewal Chokshi
Designation :	Accounts Manager
Contact No :	91-9825346660

LOCATIONS

Registered/Corporate Office :	2^nd Floor, Chinubhai Centre, Off Nehru Bridge, Ashram Road, Ahmedabad-380 009, Gujarat, India
Tel. No.:	91-79-26576655 / 26579052 / 26578269
Fax No.:	91-79-26588862 / 26578862
Mobile No :	91-9825346660 (Mr. Kewak Chokshi)
E-Mail :	intas@ad1.vsnl.net.in manoj_nair@intaspharma.com info@intaspharma.com rutul_shukla@intaspharma.com kewal_chokshi@intaspharma.com
Website :	http://www.intaspharma.com
Area :	8 Floor Building [some are owned some are rented premises]
Location :	Owned
Factory 1/Plant :	Plot No. 457/458 , Sarkhej - Bavla Highway, Village: Matoda - 382210, Taluka: Sanand, Ahmedabad, Gujarat, INDIA
Tel. No.:	91-2717-551111/551298
Fax No.:	91-2717-551106
Factory 2/Plant :	7/3 GIDC Estate, B/H Dena Bank, Vatva, Ahmedabad- 382445, Gujarat, India
Tel No :	91-79-25831279
Fax No :	91-79-25830207
Factory 3/Plant :	85/87 Kailash Industrial Estate, Post Jyawa Taluka, Sanand, Ahmedabad, Gujarat, India
Tel. No.:	91-2717-284188
Corporate office :	Chinu Bhai Centre, Off Nehru Bridge, Ashram Road, Ahmedabad – 380 009, Gujarat, India.
Tel No :	91-79-26576655
Fax No :	91-79-26578862

DIRECTORS

Name :	Mr. Hasmukh K. Chudgar
Designation :	Director
Address :	3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satellite, Ahmedabad-380015, Gujarat, India.
Date of Birth/Age :	16.05.1933
Date of Appointment :	31.05.1985
Name :	Mr. Urmish H. Chudgar
Designation :	Director
Address :	16, Nishant Bungalows, Satellite, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	16.02.1959
Date of Appointment :	30.09.1996
Name :	Mr. Nimish H Chudgar
Designation :	Director
Address :	3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satellite, Ahmedabad-380015, Gujarat, India.
Date of Birth/Age :	19.08.1960
Date of Appointment :	31.05.1985
Name :	Mr. Binish H. Chudgar
Designation :	Director
Address :	12, Aristo Villa Opposite Gold Coin Complex, Satellite, Jodhpur Char Rasta, Ahmedabad-380015, Gujarat, India.
Date of Birth/Age :	01.12.1963
Date of Appointment :	31.05.1985
Name :	Mr. Sanjiv D. Kaul
Designation :	Director
Address :	22 Siris Road, DLF Phase-3, Gurgaon-122002
Date of Birth/Age :	25.07.1957
Date of Appointment :	05.01.2006

KEY EXECUTIVES

Name :	Mr. N. Manoj Nair
Designation :	Company Secretary
Address :	Plot No. 648/1, Sector-4 C, Gandhi Nagar-382006
Date of Birth/Age :	20.10.1979
Date of Appointment :	08.07.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Nimish H Chudgar	3130540
Binish H Chudgar	3018740
Umish H Chudgar	50100
Kusumben H Chudgar	1004025
Bindiben B Chudgar	3406908
Parulben U Chudgar	3444558
Binaben N Chudgar	2605108
Hasmukh K Chudgar	1746830
Equatorial Private Limited	23100000
Mozart Limited	5810550
Intas Finance Private Limited	2000000
Shall U Chudgar	2330990

AS ON 30.09.2009

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	11.23
Bodies corporate (not mentioned above)	48.51
Directors or relatives of directors	40.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

Products :

ITC CODE	Product Description
30049090	Simvastatin
30049099	Cefixime
30049099	Glimepride

GENERAL INFORMATION

Bankers :

• State Bank of India, Commercial Branch, Paramsiddhi Complex, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
• Corporation Bank, Navrangpura Branch, Ahmedabad, Gujarat, India
• UCO Bank, Bhadra Branch, Ahmedabad, Gujarat, India
• Exim Bank of India, Cuffe Parade, Mumbai - 400 005, Maharashtra, India
• IDBI, Ahmedabad, Gujarat, India
• Export – Import Bank of India, Centre One, World Trade Centre, Cuffe Parade, Mumbai – 400005
• ICICI Bank Limited, Landmarkrace Course Circle, Alkapuri, Baroda – 390015, Gujarat, India
• Citi Bank
• Indusland Bank Limited, Ahmedabad Branch, World Business House, Near Parimal Garden, Ellisbridge, Ahmedabad – 380 0006, Gujarat, India.
• Industrial Development Bank of India, Neptune Towers, Ashram Road, Ahmedabad, Gujarat, India.

Facilities :

Secured Loan	As on 31.03.2009 (Rs. In Millions)
From Banks
Working Capital Facilities
Rupee Loans	998.292
Foreign Currency Loans	561.623
Term Loan
Rupee Loans	300.000
Foreign Currency Loans	939.527
Hire Purchase Loans	2.623
Total	2802.065
Unsecured Loan
Deposits from C and F Agents	130.566
Others
Rupee Loans	374.114
Foreign Currency Loans	776.737
Total	1281.417

Note:

¨ Working Capital facilities from Banks are secured by hypothecation of stocks, book debts and by first charge on Fixed Assets at Vatva unit and also by equitable mortgage of certain immovable properties.

¨ Term Loans from financial institutions/Banks are secured by first pari passu hypothecation charge on movable properties, excluding those hypothecation to the banks for working capital facilities and are further secured by equitable mortgage of certain immovable properties.

¨ Under Hire purchase arrangement where the vendors have a lien and right of repossession of specific

Banking Relations :	--
Financial Institution :	IDBI Trussteeship Services Limited, Asian Building, Ground Floor 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India.
Auditors :
Name :	Apaji Amin and Company Chartered Accountant
Address :	304, Aakansha, Navrangpura, Ahmedabad - 380 009, Gujarat, India
Tel. No.:	91-79-2303603
Pan No.:	AAFFA6140C
Associates:	· Intas Exports Limited Active in the export of medical formulations to Europe, Asia Pacific and Africa · International Pharmaceuticals Subject is a proprietory concern. Engaged as Manufacturer · Viresh Corporation Subject is a proprietory concern. Acts as traders · Intas Distributors Subject is a proprietory concern. Acts as traders · Zen Enterprises Subject is a proprietory concern. Acts as traders · BNB Enterprises Subject is a proprietory concern. Acts as traders · Astron Packaging Limited · Astron Research Limited · Prime Paediatrics Private Limited · Intas Pharmaceuticals – Partnership Firm · Equatorial Private Limited · Lambda Therapeutic Research Limited · Epsilon Marketing and Consultancy Private Limited · Intas Finance Private Limited · Indus Biotherapeutics Limited · Celestial Biological Limited · Advanced Transfusion Medicine Research Foundation · One Advertising and Communication Services Limited · Cytas Research Limited · Intas Biopharmaceuticals Limited · Oncology Services India Limited
Subsidiaries :	· Andre Laboratories Limited CIN No: U24231GJ1973PLC040442 · Indus Biothrapeutics Limited · Accord Healthcare Limited CIN No: U24231GJ2003PLC041866 · Accord Healthcare Limited, UK · Accord Healthcare Limited, USA · Accord Healthcare INC. Canada · Accord Farmaceutica Ltda., Brazil · Accord Farma Sade CV Mexico · Accord Healthcare SAC Peru · Accord Health Care Inc. NJ, USA · Accord Healthcare NZ Limited, New Zealand · Accord Healthcare Pty. Limited, Australia · Accord Healthcare Pty. Limited, South Africa · Accord Healthcare Inc. [U.S.A.], North Carolina · Astron Research Limited (From 1^st December, 2008) · Astron Research Limited (From 1^st December, 2008) · Accord Healthcare BV Netherlands · Accord Healthcare SAS France

CAPITAL STRUCTURE

AS ON 30.09.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51738349	Equity Shares	Rs.10/- each	Rs.517.383 Millions

As on 31.03.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions
500000	Fully Redeemable Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.605.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
51738349	Equity Shares	Rs.10/- each	Rs.517.383 Millions

Note: 4788849 shares issued on preferential basis to promoters group. Previous year 46949500 equity sharers.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2009	31.03.2008	31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		517.383	469.495	46.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3877.684	2761.181	2409.869
4] (Accumulated Losses)		0.000	0.000	0.000
5] Share capital Suspense		0.000	2.000	2.000
NETWORTH		4395.067	3232.676	2458.469
LOAN FUNDS
1] Secured Loans		2802.065	1651.831	1239.117
2] Unsecured Loans		1281.417	1102.849	628.621
TOTAL BORROWING		4083.482	2754.680	1867.738
DEFERRED TAX LIABILITIES		330.207	316.430	273.690
TOTAL		8808.756	6303.786	4599.897
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2138.369	1943.651	1674.459
Capital work-in-progress		204.062	167.572	95.271
INVESTMENT		2107.628	1099.397	452.772
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2112.060	1622.542	1533.443
	Sundry Debtors	1921.462	1483.195	1168.625
	Cash & Bank Balances	153.309	189.070	163.728
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2362.857	1352.417	827.494
Total Current Assets		6549.688	4647.224	3693.290
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1436.788	1039.975
	Other Current Liabilities	616.466	401.968	1243.824
	Provisions	137.737	112.115	72.071
Total Current Liabilities		2190.991	1554.058	1315.895
Net Current Assets		4358.697	3093.166	2377.395
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8808.756	6303.786	4599.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008	31.03.2007
	SALES
		Income	11559.160	9642.757	7786.704
		Share of profit from partnership firm	767.796	674.699	461.486
		Other Income	216.503	133.975	95.502
		TOTAL (A)	12543.459	10451.431	8343.692
Less	EXPENSES
		Material consumption	6098.935	5265.977	4178.955
		Manufacturing expenses	427.980	435.978	394.228
		Selling, general and administration expenses	4547.064	3457.911	3019.983
		Increase / decrease in stock of finished goods and process stock	(262.325)	(25.773)	(239.869)
		TOTAL (B)	10811.654	9134.093	7353.297
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1731.805	1317.338	990.395
Less	FINANCIAL EXPENSES/ INTEREST (D)		229.405	223.816	139.356
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1502.400	1093.522	851.039
Less/ Add	DEPRECIATION/ AMORTISATION (F)		196.129	168.891	152.247
	PROFIT BEFORE TAX (E-F) (G)		1306.271	924.631	698.792
Less	TAX (H)		129.236	119.983	88.720
	PROFIT AFTER TAX (G-H) (I)		1177.035	804.648	610.072
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1021.206	1021.604	922.556
Less	APPROPRIATIONS
		Proposed dividend – on preferences shares	--	0.100	0.100
		On equity shares	51.738	46.950	9.320
		Tax on dividend	8.793	7.996	1.605
		Transfer to general reserves	750.000	750.000	500.000
		Transfer to capital redemption reserves	2.000	-	-
	BALANCE CARRIED TO THE B/S		1385.710	1021.206	1021.603
	EARNINGS IN FOREIGN CURRENCY
		FOB value of goods exported	3161.475	2715.429	1507.538
		Profit from overseas joint ventures	30.167	14.472	0.000
		Income from sales of license	40.892	0.000	0.000
		Others	6.546	0.000	0.000
	TOTAL EARNINGS		3239.080	2729.901	1507.538
	IMPORTS
		Raw Materials	749.760	639.175	573.127
		Capital Goods	147.514	55.362	53.838
		Others	31.366	15.519	8.393
	TOTAL IMPORTS		928.640	710.056	635.358
	Earnings Per Share (Rs.)		23.98	62.52	130.92

KEY RATIOS

PARTICULARS		31.03.2009	31.03.2008	31.03.2007
PAT / Total Income	(%)	9.38	7.70	7.31
Net Profit Margin (PBT/Sales)	(%)	11.30	9.59	8.97
Return on Total Assets (PBT/Total Assets}	(%)	15.03	14.03	16.81
Return on Investment (ROI) (PBT/Networth)		0.30	0.29	0.28
Debt Equity Ratio (Total Liability/Networth)		1.43	1.33	0.54
Current Ratio (Current Asset/Current Liability)		2.99	2.99	2.81

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS:

INDUSTRY STRUCTURE AND DEVELOPMENT:

At the beginning of the year the global economic environment is still in a major state of flux. Caught in the spiraling economic downturn which swept across the global economics, the world faced tough conditions and considerable market uncertainty. Major parts of the world are already in recession, with others at risk and there are legitimate concerns about how deep and long the downturn will be. It is not yet clear what impact present economic environment will have on healthcare in general and pharmaceuticals in particular. In these turbulent times, the Indian Pharma sector has shown comparative resilience and has been relatively less impacted. Pharma Sector has not been completely immune to the slowdown and global economic crisis, but the impact has been less severe. Over the past two years, the domestic Pharma industry has grown at a rate of more than 1 2°Io.The growing incidence of lifestyle diseases, rising disposable incomes, greater penetration of health insurance and expanding medical infrastructure will continue to foster growth in the domestic market. The fact is that however bad the economic environment, demand for medicines is relatively inelastic. The prices of medicines in India are extremely low compared to other nations whose governments are clamoring to bring down their healthcare costs. They are encouraging the use of quality, affordable medicines from India. The need for medication is also growing with the ageing world population and changing disease patterns.

PERFORMANCE REVIEW:

As per ORG (March 2009 data) the company has achieved 18th Rank with a Net Profit after tax of Rs. 1177.035 millions and a market share of 2%. The company successfully achieved the magic figure of Rs. 1000.000 millions sales in the month of January 2009. During the year under review, the company has achieved sales of Rs. 11359.160 millions as compared to Rs. 9642.757 millions in the previous year representing a growth of 20 %. The PBIDT increased by 32% to Rs. 1731.805 millions. The PBT was higher by 41% to Rs. 1306.271 millions. The Net Profit increased to Rs. 1177.035 millions up by 46% as compared to Rs. 804.648 millions. in 2007-08. The Earnings per Share for the year was Rs. 23.98 per share as against Rs. 62.52 per share calculated on the enhanced capital after the issue of equity shares on preferential basis in the previous year.

The financial strength continues to successfully sustain your Company’s business model, which is centered on attaining market leadership in its chosen areas of competence at an internationally competitive level. This sustainable growth model is being further strengthened with new initiatives that will add to the Company’s fundamentals. Looking to the future needs, your Company has made strategic investments in upgrading its production facilities at API situated at Matoda, as well as setting up a manufacturing facility at Sikkim through Intas Pharmaceuticals (Partnership firm) in which company is a majority partner and at Pharmez (SEZ). Through Intas Pharma Ltd. (100% subsidiary of the Company). huge investments have also been made in wholly owned subsidiaries abroad that sustains through challenging times and firmly places us on the path of balanced growth. Significant improvement has already been made and those in the pipeline will transform your Company into a serious player in the regulated and other global markets. The restructuring process of up gradation and modernization of existing units and construction of new units, initiated in the earlier years are being completed as per schedule.

Bankers Charges Report as per Registry

Name of the company	INTAS PHARMACEUTICALS LIMITED
Presented By	Mr. Nimish Chudgar, Director
1) Date and description of instrument creating the change	Hypothecation of goods and other movable assets dated 31^st January, 2004 Intas Pharmaceuticals Limited (hereinafter referred to as “the Borrower”) in Sate Bank of India (hereinafter referred to as “ the Lender”) a certified copy of deed of hypothecation is enclosed herewith.
2) Amount secured by the charge/amount owing on the securities of charge	Term Loan of Rs.130.000 Millions equivalent to USD 2.83 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 whole of the movable assets of the company situated at Plot No. 457/458, Village matoda, Taluka: Sanand, District: Ahmedabad and Plot No. 423(part), Village : Moraiya, Taluka : sanand, District : Ahmedabad, including its movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (save and except book debts) whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during of the continuance of the security be brought into or upon or be stored or be in or about the Company’s factories, premises and godowns or wherever else the same ma’ be or be held by any party to the order or disposition of the Company or in the course of transit or on high seas or on order or delivery, howsoever or wheresoever in the possession of the Borrower and either by way of substitution or addition.
4) Gist of the terms and conditions and extent and operation of the charge.	(a) Rate of Interest: 3.00% above 6 months LIBOR (b) Tenor: 30 months (c) Repayments: In 10 quarterly installments starting from 3^rd month from the date of disbursement. (d) The charge operates as security, inter alia, for the due repayment by the Company to State Bank of India of its Term Loan of Rs. 130.0 millions together with interest and commission thereon and all legal and other costs, charges, payments, reimbursement and expenses relating thereto and payable by the Company to State bank of India. (e) The charge in favour of State Bank of India under the said Deed of Hypothecation shall rank pan passu with the charge(s) created and / or to be created by the Company in favour of its Bankers I Financial Institutions on the company’s moveable Plant and Machinery, Furniture & Fixtures etc. and such other movables as may be specifically permitted to secure the Loan.
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Commercial Branch, “Paramsiddhi Complex” Opposite V.S. Hospital, Ellisbridge, Ahmedabad-380006.
6) Date and brief description of instrument modifying the charge	No instrument was executed. A joint mortgage by way of pari passu first charge was created by the Company on 26.3.2004 in favour of State Bank of India by deposit of title deeds by way of constructive delivery with State Bank of India (SBI), SBI acting for itself and as agent of EXIM Bank, UTI Bank, Rabo India Finance Pvt. Ltd., as well as by way of second charge in favour of SBI, Corporation Bank and ICICI Bank Ltd. in respect of Company’s lands and other immovable properties admeasuring 83,357.05 sq.mts. comprised in Block No. 457/1+2 Pt. (37,838.54 sq. mts.) and 458 Pt. (45.51 8.51 sq. mts.) situated at Village: Matoda, Taluka : Sanand, Dist, Ahmedabad in the State of Gujarat and also land bearing Revenue Survey No. 423 (part) admeasuring 26,816 sq mts. or thereabouts, situated at Village : Moraiya, Taluka and Registration Sub-District Sanand, District and Registration District Ahmedabad, in the State of Gujarat together with Shed and other superstructures admeasuring 560 sq. mts. standing thereon, together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth hereto as security, inter alia for the due repayment and discharge by the Company to SBI of its Loan of Rs.130.000 millions.
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.	The Loan of Rs. 130.0 millions sanctioned by State Bank of India ( SBI ) together with interest, compund interest, additional interest, liquidated damages, premia on prepayment or on redemption, cost, charges, expenses and all other monies payable by the Company to SBI in terms of the Loan Agreement which was secured by the Deed of Hypothecation of Goods and other Movable Assets dated 31St January, 2004 being the original charge is further secured by way of equitable mortgage on first pan passu basis by deposit of title deeds on 26.3.2004 in favour of SBI by way of constructive delivery with SBI, SBI acting for itself on first charge basis (for TL of Rs. 130.000 millions.) and as agent of EXIM Bank (TL of Rs. 150.000 millions.), UTI Bank (TL of Rs. 157.5 millions and Rs. 200.000 millions.), Rabo India Finance Private Limited (TL of Rs. 150.000 millions) and on second charge basis for SBI (for WC ), Corporation Bank (for WC) and ICICI Bank (for WC ), in respect of Company’s lands and other immovable properties admeasuring 83,357.05 sq.mts. comprised in Block No. 457/1+2 Pt. (37,838.54 sq. mts.) and 458 Pt. (45.518.51 sq. mts.) situated at Village Matoda, Taluka : Sanand, Dist. Ahmedabad in the State of Gujarat and also land bearing Revenue Survey No. 423 (part) admeasuring 26,816 sq. mts. or thereabouts, situated at Village: Moraiya, Taluka and Registration Sub-District Sanand, District and Registration District Ahmedabad, in the State of Gujarat, together with Shed and other superstructures admeasuring 560 sq. mts. standing thereon, together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth

This form is for	Creation of charge
Corporate identity number of the company	U24231GJ1985PLC007866
Name of the company	INTAS PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	2^nd Floor, Chinubhai Centre, Off Nehru Bridge, Ashram Road, Ahmedabad-380 009, Gujarat, India
Type of charge	Others (movable fixed assets)
Number of charge holders	1
Particular of charge holder	Indusland Bank Limited, Ahmedabad Branch, World Business House, Near Parimal Garden, Ellisbridge, Ahmedabad – 380 0006, Gujarat, India.
Email	jigar.shah@indusind.com
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of movable fixed assets to secure Term Loan
Date of instrument Creating the charge	21.02.2009
Amount secured by the charge	Rs.300.000 Millions.
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.75 % below the prevailing Prime Lending Rate that may be prescribe by the bank from time to time which is presently 16.75 % p.a. subject to minimum of 12 % p.a. Terms of Repayment Sixteen quarterly installments of Rs. 18.750 millions each commencing from end 15 months from the date of first drawdown. Margin As per Bank Sanction letter Extent and Operation of the charge All the Securities described herein below in Column No. 14 hypothecated and charged to the bank secure Term Loan of Rs. 300.0 millions.
Short particulars of the property charged	First Pari passu charge on all movable fixed assets of the Company (present and future)

Fixed Assets

· Land

· Building

· Plant and machinery

· Furniture and Fixture

· Office equipment

· Vehicle

· Computers

· Technical Knowhow

· GCSF, EPO-License and Commercial Rights

Contingent Liabilities:

Particular	As on 31.03.2009 (Rs. In Millions)	As on 31.03.2008 (Rs. In Millions)
Bank guarantee given for on behalf of the company	24.325	29.326
Corporate guarantees given for on behalf of associates concerns.	307.319	230.600
Outstanding letter of credit	24.217	101.695
Custom duty liability on imports under EPCG and advance license pending export obligations.	90.492	89.690
Excise duty demand disputed by company	199.590	128.158
Service tax demand disputed by company	0.000	15.821
Total	645.943	595.290

AS PER WEBSITE DETAILS:

Overview

Intas derives its competitive edge from successful and strategic moves it has made in the areas of manufacturing, R and D, biotechnology and global operations.

• The current decade has witnessed Intas fortifying its presence in the segments of CNS, Cardiovascular, Diabetology, Gastroenterology, Urology and Pain management

• It has ventured successfully into high-growth areas of Animal Health Care, Oncology and Biotechnology to augment its base

• Its state-of-the-art manufacturing facility for Cytotoxic products is one of its kind in the entire Asia-Pacific region

• Through strategic investment in the manufacturing facility at Matoda (District: Moraiya), Gujarat, Intas has upgraded its manufacturing capabilities. It has the regulatory approval of agencies like FDA, MHRA, TGA, ANVISA and MCC

• A modern manufacturing facility set up at Dehradun (Uttarakhand, North India) has further synergised the manufacturing capabilities to meet the increasing demand

• Intas has its presence in 42 countries worldwide and has made successful forays into contract manufacturing and contract marketing tie-ups across the world

Milestones:

Some of the major landmarks in Intas' journey so far

1976 Intas Vatva unit set up by their founder - Hasmukh Chudgar

1980 Incorporated and moved ahead with the concept of ethical promotion

1984 Started all India marketing operations for the Neurology and Psychiatry products

1989 Established Gastroenterology division with the launch of Ciza

1995 Set up an ultra modern manufacturing facility at Matoda

1996 Secured MHRA and TGA approvals for the Matoda facility

1998 Forayed into Cardiology and Diabetology with the launch of Suprima Division

2000 Expansion of the Matoda factory to cater to its ever growing needs

2004 Intas attained the position of the fastest growing pharmaceutical company in India amongst the top

companies (Source: ORG IMS Report)

2005 Launch of 1st bio-pharmaceutical formulation in Oncology "Neukine" from Gujarat

· Received the award of "fastest growing mid-sized company" by Express Pharma Pulse

· Grossed Rs. 1000 Mn turnover from European operations

· Commenced production of cytotoxic products at Matoda

2006 Commenced commercial production at the Dehradun manufacturing facility

· Accomplished backward integration process by starting API production

2007 Intas’ manufacturing facility at Matoda received USFDA accreditation

Group Companies

Astron Research Limited

Conceptualized with the objective of shaping the future of drug development, Astron Research Limited. is a leading Pharmaceutical Contract Research Organization (CRO) based in Ahmedabad, India. Operating under global standards and procedures, Astron is at the forefront of research and development in the areas of Formulation Research, providing Analytical services and Regulatory Support to major pharmaceutical giants across the globe.

Intas Biopharmaceuticals Limited

Intas Biopharmaceuticals Limited (IBPL), a group company of Intas Pharmaceuticals Limited., is one of the front-runners in the biopharmaceutical sector in India. To provide world-class services to clients in regulated and non-regulated markets, IBPL boasts the best state-of-the-art manufacturing facility in the entire Asia-Pacific region for bulk and finished formulation (in pre-filled syringe) in conformity with stringent cGMP norms. IBPL works on fermentation and cell culture based technology platforms to derive biopharmaceutical recombinant proteins.

Subsidiaries

Accord Healthcare Limited

Accord Healthcare Limited, is the offshore identity of Intas. A wholly owned subsidiary and the marketing arm of Intas, Accord is engaged in all the licensing related activities and pharmaceutical product trading in the regulatory markets. The company leverages the manufacturing support from Intas.

Accord Healthcare has its global matrix spread to South Africa, New Zealand, Brazil, UK, Australia, USA, Canada, Peru, Mexico, Spain and Vietnam.

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.46.35
UK Pound	1	Rs.68.67
Euro	1	Rs.57.16

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		60

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
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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.