MIRA INFORM REPORT

Report Date :

05.11.2011

IDENTIFICATION DETAILS

Name :	CONCORD BIOTECH LIMITED
Registered Office :	1482-86, Trasad Road, Dholka, Ahmedabad-387810, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.11.1984
Com. Reg. No.:	04-007440
Capital Investment/ Paid-up Capital:	Rs.23.012 millions
CIN No.: [Company Identification No.]	U24230GJ1984PLC007440
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00391G
PAN No.: [Permanent Account No.]	AAACC8514G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Penicilin G Amidase
No. of Employees:	Approximately 450

RATING & COMMENTS

MIRA’s Rating :

A ( 64)

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 3091000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. Trade relations are fair. Business is active. General financial position is good. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Vishal
Designation :	Finance Department
Contact No.:	91-79-26937681
Date :	03.11.2011

LOCATIONS

Registered Office/ Works :	1482-86, Trasad Road, Dholka, Ahmedabad-387810, Gujarat, India
Tel. No.:	91-2714-222604/ 221904
Fax No.:	91-2714-222504
E-Mail :	Finance@concordbiotech.com
Website :	http://www.concordbiotech.com
Head Office :	302, Sakar III, Opposite Old Gujarat High Court, Off ITO Circle, Ahmedabad-380014, Gujarat, India
Tel. No.:	91-79-27544998
Fax No.:	91-79-27540802
E-Mail :	concord@concordbiotech.com
Corporate Office :	B – 1002, Safal Pegasus, 10^th Floor, Near Prahladnagar Garden, 100ft Road, Satellite Road, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-40321179
Purchase Department E Mail:	purchase@concordbiotech.com
Projects Department E Mail:	projects@concordbitotech.com
Sales Department E Mail:	sales@concordbiotech.com
Finance Department E Mail:	finance@concordbiotech.com

DIRECTORS

AS ON 14.09.2010

Name :

Mr. Sudhir Jairam Vaid

Designation :

Managing Director

Address :

99, Basant Bahar, Opposite Sterling City, Bopal, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

03.09.1952

Date of Appointment :

10.05.2000

DIN No.:

00055967

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230GJ1984PLC007440	Concord Biotech Limited	Managing director	14/02/2011	10/05/2000	-	Active	NO
2	U74140GJ2004PTC043545	Sudman Consultants Private Limited	Director	02/08/2005	02/08/2005	-	Active	NO

Name :

Mr. Ravi Narendranath Kapoor

Designation :

Director

Address :

202, Pravesh 10, Mahadev Nagar Society, Sardar Patel Road, Ahmedabad – 380014, Gujarat, India

Date of Birth/Age :

25.07.1963

Date of Appointment :

15.12.2003

DIN No.:

00003847

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24229GJ1987PTC009600	Reni Consultants Private Limited	Director	11/07/2000	11/07/2000	-	Active	NO
2	U24230GJ1984PLC007440	Concord Biotech Limited	Director	15/12/2003	15/12/2003	-	Active	NO
3	U74140GJ2004PTC044545	Amity Consultants Private Limited	Director	20/12/2004	20/12/2004	-	Active	NO
4	U74999GJ1991PTC016402	Yan Advisory Services Private Limited	Director	05/02/2007	05/02/2007	-	Active	NO
5	U74140GJ2006PLC048053	Corporate Strategic Allianz Limited	Director	01/04/2007	01/04/2007	-	Active	NO
6	U45202GJ2007PLC049808	Sadbhav Infrastructure Project Limited	Director	30/09/2008	01/04/2008	-	Active	NO
7	U29224GJ1987PLC010044	John Energy Limited	Director	30/09/2009	27/02/2009	-	Active	NO

Name :

Mr. Ankur Sudhir Vaid

Designation :

Whole Time Director

Address :

99, Basant Bahar, Opposite Sterling City, Bhopal, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

14.04.1982

Date of Appointment :

04.12.2009

DIN No.:

01857225

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140GJ2004PTC043545	Sudman Consultants Private Limited	Director	26/04/2007	26/04/2007	-	Active	NO
2	U24230GJ1984PLC007440	Concord Biotech Limited	Whole-time director	04/12/2009	04/12/2009	-	Active	NO

Name :

Mr. Utpal Hemendra Sheth

Designation :

Director

Address :

B -27, Kum Kum Apartment, S.V. Road, Near Nanavati Hospital, Vile Parle, Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

20.06.1971

Date of Appointment :

04.12.2009

DIN No.:

00081012

Other Directorship:

.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1991PTC063580	Insight Asset Management (India) Private Limited	Director	11/10/1991	11/10/1991	-	Active	NO
2	U67120MH1997PTC105571	Hrs Insight Financial Intermediaries Private Limited	Director	31/01/1997	31/01/1997	-	Active	NO
3	U67100MH2005PTC151400	Chanakya Corporate Services Private Limited	Director	18/02/2005	18/02/2005	-	Active	NO
4	U51900MH1998PTC116557	Trust Trade And Investment Company Private Limited	Director	19/10/2006	19/10/2006	-	Strike off	NO
5	L72900MH2000PLC123841	Aptech Limited	Director	28/10/2006	28/10/2006	-	Active	NO
6	U19200MH1977PLC019449	Metro Shoes Limited	Alternate director	14/03/2007	14/03/2007	-	Active	NO
7	L27101PN1985PLC038031	Praj Industries Limited	Director appointed in casual vacancy	28/07/2007	28/07/2007	-	Active	NO
8	U65910MH1986PTC040671	Clue Leasing And Finance Private Limited	Director	01/11/2007	01/11/2007	-	Active	NO
9	U17120MH1993PTC074456	Rare Equity Private Limited	Additional director	01/11/2007	01/11/2007	-	Active	NO
10	U67120MH1988PTC049423	Hillcroft Investments Company Private Limited	Additional director	01/11/2007	01/11/2007	-	Active	NO
11	U45400MH2008PTC177950	Moss Properties Private Limited	Director	11/02/2008	11/02/2008	-	Strike off	NO
12	U45400MH2008PTC177951	Moss Estates Private Limited	Director	11/02/2008	11/02/2008	-	Strike off	NO
13	U24110MH2001PLC134105	Innovassynth Technologies (India ) Limited	Director	30/09/2009	25/06/2008	-	Active	NO
14	L72200AP1993PLC015939	Zen Technologies Limited	Director	12/09/2008	30/06/2008	-	Active	NO
15	U74920MH1982PLC027283	Tops Security Limited	Director	15/12/2008	22/07/2008	-	Active	NO
16	U70102MH2008PTC183684	Race Ahead Properties Private Limited	Director	20/08/2008	20/08/2008	-	Active	NO
17	L72200AP1990PLC011146	Ncc Limited	Alternate director	31/10/2009	31/10/2009	-	Active	NO
18	U24230GJ1984PLC007440	Concord Biotech Limited	Director	14/09/2010	04/12/2009	-	Active	NO
19	L92142MH2002PLC135964	Cinemax India Limited	Additional director	29/10/2010	28/07/2010	-	Active	NO
20	U65991MH2010PTC206150	Trust-Plutus Wealth Managers ( India) Private Limited	Director	31/07/2010	31/07/2010	-	Active	NO
21	U34300MH1994PLC081463	Klt Automotive And Tubular Products Limited	Director	29/09/2011	25/09/2010	-	Active	NO
22	U67110MH2011PTC215357	Trust Capital Holdings Private Limited	Director	26/03/2011	26/03/2011	-	Active	NO

Name :

Mr. Harcharan Mohan Singh

Designation :

Director

Address :

10, Waterloo Crt, Thornhill, On – L3T6L9.

Date of Birth/Age :

19.05.1949

Date of Appointment :

04.12.2009

DIN No.:

02852915

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230GJ1984PLC007440	Concord Biotech Limited	Director	14/09/2010	04/12/2009	-	Active	NO
2	U51101AP2010PTC071300	Glopec International (India) Private Limited	Director	22/11/2010	22/11/2010	-	Active	NO

Name :

Mr. Rajiv Ambrish Agarwal

Designation :

Director

Address :

Chamaria Niwas, 3^rd Floor, 41, Mahant Road, Vile Parle (E), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

28.03.1971

Date of Appointment :

30.06.2008

DIN No.:

00379990

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85110AP1992PLC014728	Quality Care India Limited	Director	27/12/2005	27/12/2005	-	Active	NO
2	U74999PN2006PTC128787	Avalon Aviation Academy Private Limited	Director	20/07/2006	20/07/2006	01/04/2011	Active	NO
3	L72900MH2000PLC123841	Aptech Limited	Director	28/06/2007	29/10/2006	-	Active	NO
4	L55101AP1965PLC001048	Viceroy Hotels Limited	Alternate director	31/01/2007	31/01/2007	-	Active	NO
5	U29224GJ1987PLC010044	John Energy Limited	Director	30/09/2008	08/05/2008	-	Active	NO
6	U24230GJ1984PLC007440	Concord Biotech Limited	Director	30/09/2009	30/06/2008	-	Active	NO
7	U12000MH1999PTC119259	Hungama Digital Media Entertainment Private Limited	Director	25/09/2008	01/09/2008	-	Active	NO
8	U65910MH2007PTC172599	Equirus Capital Private Limited	Director	10/08/2010	10/08/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prakash Sajnani
Designation :	Secretary
Address :	Flat No.6, 2^nd Floor, Suryarath Flats B/H, Jhangiram Hospital, Kubernagar, Ahmedabad – 382340, Gujarat, India
Date of Birth/Age :	05.06.1971
Date of Appointment :	15.02.2004
Name :	Mr. Vishal
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.09.2010

Names of Shareholders	No. of Shares
Ajendra Kumar Tyagi	2000
Amal N Parikh	59790
Amit Goela	2863
Ankur Sudhir Vaid	15080
Colvyn James Harris	2000
Devanathan Govindarajan	4038
Hemang Raichand Dharamshi	6985
Jhunjhuwala Rakesh Radheshyam	392449
Jhunjhunwala Rekha Rakesh	308166
Manju Vaid	228736
Manish Gupta	2119
Naresh Kumar Gupta	2291
Nipa Utpal Sheth	2795
Om Prakash	1000
Pankaj Murarka	2795
Prashant Desai	1120
Prembala Singh	55295
Rajendra Modi	2000
Rajeshkumar Radheshyam Jhunjhunwala	11454
Rajiv Agarwal	5727
Ravi Kapoor	10000
Ravindra Raichand Dharamshi	59647
Satish Khanna	5727
Sudhir Vaid	687421
Sudman Consultants Private Limited, India	216000
Sunil Swaminarayan	1000
Sushiladevi Purshottam Gupta	11959
Vaid Megha Ankur	14182
Vishal Gupta	3009

AS ON 14.09.2010

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]		5.57
Bodies corporate		10.63
Directors or relatives of directors		42.10
Other top fifty shareholders		41.70
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Penicilin G Amidase
Products :	Tacrolimus Mycophenolate MofetilMycophenolate Mofetil Mycophenolate Sodium Cyclosporine A Sirolimus Vancomycin HCl Teicoplanin Orlistat Caspofungin/Pneumocandin B0 Temsirolimus Everolimus Lovastatin Pravastatin Penicillin-G Amidase Enzyme
Exports :
Products :	Tacrolimus Mycophenolate MofetilMycophenolate Mofetil Mycophenolate Sodium Cyclosporine A Sirolimus Vancomycin HCl Teicoplanin Orlistat Caspofungin/Pneumocandin B0 Temsirolimus Everolimus Lovastatin Pravastatin Penicillin-G Amidase Enzyme
Countries :	USA and Germany
Terms :
Selling :	Depend
Purchasing :	Depend

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Installed Capacity	Actual Production
Biotechnology	MT	15.00	10.524
Bulk Drugs	MT	119.00	36.232

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

Approximately 450

Bankers :

• Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-3800006, Gujarat, India

Facilities :

SECURED LOAN	AS ON 31.03.2010 (Rs. In millions)	AS ON 31.03.2009 (Rs. In millions)
Term Loan
Axis Bank Limited (Secured by Equitable mortgage of the Land and Building, first charge over plant and machinery and equipments situated at Dholka Factory and Extension of charge over the entire current assets of the company)	22.710	47.982
Cash Credit facility (Secured by first charge over the entire current assets of the company and extension of charge over the fixed assets.	--	24.287
TOTAL	22.710	72.269

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Near Gujarat, Vidhyapith, off Ashram Road, Ahmedabad-380014, Gujarat, India

CAPITAL STRUCTURE

After 14.09.2010

Authorized Capita: Rs. 60.000 Millions

Paid up Capital: Rs. 46.026 Millions

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs. 10 each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2301298	Equity Shares	Rs. 10 each	Rs.23.012 millions

NOTE:

During the year, the company has bought back and extinguished 232237 equity shares pursuan to provisions of section 77A and 77B of the Companies Act 1956.

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		23.012	25.335	24.128
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		749.837	623.397	515.608
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		772.849	648.732	539.736
LOAN FUNDS
1] Secured Loans		22.710	72.269	76.163
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		22.710	72.269	76.163
DEFERRED TAX LIABILITIES		36.280	27.806	31.471
TOTAL		831.839	748.807	647.370
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		404.169	329.909	356.229
Capital work-in-progress		120.418	64.403	1.211
INVESTMENT		30.092	120.335	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.438	149.873	193.831
	Sundry Debtors	238.174	109.145	93.552
	Cash & Bank Balances	6.111	2.270	11.813
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	55.465	33.367	82.963
Total Current Assets		440.188	294.655	382.159
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	83.501	40.994	21.229
	Other Current Liabilities	15.450	12.196	6.446
	Provisions	64.077	7.305	64.554
Total Current Liabilities		163.028	60.495	92.229
Net Current Assets		277.160	234.160	289.930
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		831.839	748.807	647.370

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1046.996	531.307	269.490
		Other Income	17.695	28.933	4.198
		TOTAL (A)	1064.691	560.240	273.688
Less	EXPENSES
		Material Consumed	165.279	109.803	60.647
		Manufacturing Expenses	143.070	123.298	80.825
		Employee’s Remuneration and Other Benefits	46.222	41.269	34.147
		Administrative and Other expenses	35.672	28.279	22.900
		Selling and Distribution Expenses	12.318	10.931	8.768
		Research and Development	7.970	6.450	8.913
		Decrease in stock of finished and Process Goods	40.101	47.625	(47.531)
		TOTAL (B)	450.632	367.655	168.669
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		614.059	192.585	105.019
Less	FINANCIAL EXPENSES (D)		3.830	6.799	9.785
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		610.229	185.786	95.234
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.983	43.648	43.025
	PROFIT BEFORE TAX (E-F) (G)		559.246	142.138	52.209
Less	TAX (H)		192.000	46.459	16.468
	PROFIT AFTER TAX (G-H) (I)		367.246	95.679	35.741
Add	PRIOR PERIOD ADJUSTMENTS		--	1.251	--
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		278.276	181.346	146.638
Less	APPROPRIATIONS
		Transfer to General Reserve	37.000	0.000	0.000
		Dividend	34.520	0.000	0.000
		Tax on Dividend	5.866	0.000	0.000
		Employee Benefits	0.000	0.000	1.033
	BALANCE CARRIED TO THE B/S		568.136	278.276	181.346
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	611.126	314.038	104.742
	TOTAL EARNINGS		611.126	314.038	104.742
	IMPORTS
		Raw Materials	27.811	7.934	17.377
		Stores & Spares	0.008	0.373	1.824
		Capital Goods	37.394	29.027	0.398
	TOTAL IMPORTS		65.213	37.334	19.599
	Earnings Per Share (Rs.)		148.69	40.14	15.44

Particulars	31.03.2011
Sales Turnover (approximately)	1160.000

Expected Sales (2011-2012): Rs. More than 1300.000 Millions

The above information has been parted by Mr. Vishal (Finance Department)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	34.49	17.07	13.05
Net Profit Margin (PBT/Sales)	(%)	53.41	26.75	19.37
Return on Total Assets (PBT/Total Assets}	(%)	66.23	22.75	7.07
Return on Investment (ROI) (PBT/Networth)		0.72	0.21	0.09
Debt Equity Ratio (Total Liability/Networth)		0.24	0.20	0.31
Current Ratio (Current Asset/Current Liability)		2.70	4.87	4.14

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In millions)

PARTICULARS	As on 31.03.2010	As on 31.03.2009	As on 31.03.2008
For Raw Materials and Packing Materials	36.411	16.461	9.286
For Capital Goods	35.764	16.284	4.420
Others	11.326	8.249	7.523
Total	83.501	40.994	21.229

Check List by Info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the firm	Yes
Constitutions of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	No
No. of Employees	Yes
Name of person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last 3 years	Yes
Profitability for last three years	No
Reasons for Variation <> 20%`	--
Estimation for coming financial year	Yes
Capital in the business	No
Details of sister concern	--
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export/ Import Details (If applicable)	Yes
Market Information	--
Litigations that the firm/ Promoter involved in	--
Banking Details	Yes
Banking Facility details	--
Conduct of the banking account	--
Buyer visit details	--
Financials, fi provided	Yes
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders , if available	--

OPERATIONS

Company for the current financial year has achieved a turnover of Rs. 1047.000 Millions as against Rs.531.300 Millions for the previous year showing a growth of around 97% over previous year. Its EBIDTA for the current year is Rs. 614.100 Millions constituting 58.65% of the sales as against Rs.192.600 Millions (36.25%) for the previous year. Company is keeping its thrust on the overseas regulated market which will help it in better price realizations. Keeping in view the increase in demand and expected high growth, the company has continued its policy to increase the available fermentation capacity and new fermentation blocks are being added to its existing blocks.

FORM 8

Name of the company

CONCORD BIOTECH LIMITED

Presented By

Shri Ravi Kapoor, Director

1) Date and description of instrument creating the change

Deed of Hypothecation dated 27/01/2003.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.46.500 millions

Term Loan – Rs.41.500 millions

Cash Credit – Rs.5.000 million

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

Hypothecation by way of First Charge in favour of the Bank of all the qood, stocks, raw (materials, land riad building, Plant Machinery, fixtures, implements, fittings and other installations, furniture, vehicles, computers and all other articles, equipments and ,things both present and future \‘whether movable or immovable,

“at the Borrower’s factory/office at 1482—1486, Tarsad Road, Dholka, Dist. Ahmedabad or wherever else.

4) Gist of the terms and conditions and extent and operation of the charge.

• All Borrower’s present and future Book Debts, out standing Monies, receivables, claims, bills, contracts, securities, investments, rights and assets which may at time hereinafter during the continuance of this security become due and owing to the borrower in the course of business.
• Equitable Mortgage on all that undivided proportionate share in the piece o’ parcel of land bearing final Plot No. 159 T.P.S. No. 3 of Mouje. Sheikhpur’— Khanpur of city taluka in the registration district of 1hmedabad and sub— district of Ahmedabad — 3(Memnagar) together with superstructure bearing urit no. 302 on the third floor, admeasurinq 810 Sq.Fts. in a building known as SAKAR —III standing thereon and situated within Sunawn Members Association, opp. Gujarat High Court, Off: Income Tax Circle, Ahmedabad – 380014 and all piece and parcel of Non Agricultural Land bearing Revenue Survey No. 1482, 1483,1485,1’ and 1486 admeasuning in aggregate 112907 Sq. Mtrs. of Mouje. Dholka, in the registration dietcict of Dholka and sub district of Dholka together with all or any superstructure standing thereon.
• Interest will be charged as 14.00%. p.a. being 2 Y. oven and above the Banks P.L.R. which is 12.OOY. p.a. as at present or such other rate the Bank may fix from time to time, in relation to the Bank’s PLR, compounding and payable with monthly rests.

5) Name and Address and description of the person entitled to the charge.

Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-3800006, Gujarat, India

6) Date and brief description of instrument modifying the charge

Supplementary Deed of Hypothecation Agreement and Equitable Mortgage

Dated .09/09/2005

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.

By thic Supplementary Deed of Hypothecation and Equitable Mortgage the overall limit stands increase

from Rs.99.200 millions to Rs.129.940 millions as under

Particulars	Existing Limit	New Limit
c.c.	10.000	25.000
Term Loan	25.200	13.938
Term loan II	47.500	39.502
Term Loan III	--	40.000
Bills Discounting	15.000	(15.000)
Import LC	--	*20.000
Bank Guarantee	1.500	1.500
TOTAL	99.200	129.940

*Out of which Rs.10.000 Millions is within Term Loan –III

Rate of interest is reduced to 8%. p.a. for Term Loan and Cash Credit limit facilities, all other terms and conditions are remain unchanged.

This form is for	Modification of charge
Charge identification number of the modified	90099613
Corporate identity number of the company	U24230GJ1984PLC007440
Name of the company	CONCORD BIOTECH LIMITED
Address of the registered office or of the principal place of business in India of the company	1482-86, Trasad Road, Dholka, Ahmedabad-387810, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-3800006, Gujarat, India
Nature of description of the instrument creating or modifying the charge	Deed for Extension of Equitable mortgage
Date of instrument Creating the charge	05.08.2010
Amount secured by the charge	Rs.97.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest -- Terms of Repayment As per terms of sanction Margin Raw Materials 25%, Book Debt 40%, EPC 10%, LC - BG 10%, Extent and Operation of the charge To cover entire credit facility
Short particulars of the property charged	Non Agricultural land bearing Revenue Survey no 1482 ,1483, 1484, 1485 and1486 All that piece or parcel of Non Agricultural land bearing Revenue survey no 1482,1483,1484,1485 and1486 admeasuring in aggregate 112907 Sq Mts of Mouje: Dholka in the registration district of Dholka Sub district of Dholka together with all or any superstructure standing thereon
Date of latest modification prior to the present modification	05.08.2010
Particulars of the present modification	Facilities are further secured by creating equitable mortgage by deposit of title deed on all that piece or parcel of Non Agricultural land bearing Revenue survey no 1482,1483,1484,1485 and1486 admeasuring in aggregate 112907 Sq. Mts. of Mouje: Dholka in the registration district of Dholka Sub district of Dholka together with all or any superstructure standing thereon.

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant and Machinery
• Laboratory Equipments
• Office Equipments
• Furniture and Fixture
• Computer
• Vehicles

In Tangible Assets

• Software
• Technical Know - how

CONTINGENT LIABILITIES

• Outstanding Capital Contracts remaining to be executed are amounting to Rs.34.881 millions (net of advances paid) (Previous year Rs.11.397 millions

• Claim against the company not acknowledged as debts Rs. Nil (Previous Year – Rs.1.014 millions)

WEBSITE DETAILS

PROFILE

Subject is an R and D based Biotechnology company, having focus on the fermentation, semi-synthetic and synthesis based products. Since its inception in 2000, Concord has recorded an excellent growth through diversification and process improvements. Having state-of-the-art US FDA approved facility; Concord is a professionally managed globally recognised supplier of fermentation based API’s and enzyme and offers services in biotechnology area like strain improvement and contract fermentation/ manufacturing.

The existing portfolio of products includes API’s in the immunosuppressant, antibiotic, hypolipemic segments and enzymes. However, with the expertise in the field of biotechnology and chemistry, the R and D team at Concord is working towards adding new products to the product basket.

NEWS

Mylan sells stake in Concord Biotech

8 Dec 2009, 0008 hrs IST, Vishal Dutta, ET Bureau VADODARA: World’s second-largest generic drug maker Mylan, which held a majority stake in Ahmedabad-based Concord Biotech through its subsidiary Matrix Laboratories, has exited the biotech company by selling its stake to promoters. The value of the transaction could not be known.

The move comes at a time when MNCs are aggressively picking up stakes in Indian pharma companies either through buyouts, joint ventures or product licensing agreements.

In 2006, Concord sold a 55% stake to Matrix Laboratories to fund its expansion plans. Matrix was subsequently taken over by US-based Mylan. After the stake sale to Matrix, Concord’s promoter Sudhir Vaid, a biotechnologist, held around 30% while 8% was held by stock market veteran Rakesh Jhunjhunwala. The remaining stake was held by Candian pharma company Glopec (6%) and the employees of Concord (1.5%).

With the latest buyback, the combined stake of Mr Vaid and Mr Jhunjhunwala has shot up to 92% — with Mr Vaid now holding 52% and Mr Jhunjhunwala 40%.

Set up in 2000, Concord clocked a Rs 530.000 millions turnover in FY09 and plans to touch Rs 1000.000 millions this fiscal. The company has a USFDA approved facility in Dholka near Ahmedabad.

Talking to ET, Concord MD Sudir Vaid, an ex-Ranbaxy director, said: “I want Concord to be a standalone entity so that it can cater to a wide range of customers, instead of serving only one as a vertically integrated company.”

Interestingly, Concord Biotech is the only company in the world to produce active pharmaceuticals ingredient (API) of the generic version of all four major immunosuppresants under one roof using ultra hi-tech biotechnology system. Its portfolio comprises immunosuppressants, antibiotics, hypolipemic segments and enzymes. According to a market analyst, the global market size of immunosuppressants is more than $1 billion annually.

Apart from that, other major drugs for antibiotics, enzymes and statins, have more than $1 billion market globally. Concord produces generic version of Roche’s brand — CellCept (mycophenolate mofetil), Astellas Pharma’s Prograf (Tacrolimus), Wyeth’s Rapamune (Sirolimus) and Novartis’s Sandimmune & Neoral (cyclosproine).

According to Mr Jhunjhunwala, bio-pharmaceuticals API will be a growing market as a significant number of biopharmaceuticals are going off-patent in the next few years. “Given Concord’s track record in developing biotechnology-based APIs, I believe that it is well positioned to leverage this opportunity,” Mr Jhunjhunwala said. The company is currently raising its manufacturing capacity to meet the growing demand of biopharmaceuticals by setting up additional bioreactors at its existing site. It plans to enter into biosimilars, oncology and enzymes in the coming years.

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--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		64

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.