MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	CELON LABORATORIES LIMITED
Formerly Known As :	MEDVIN LABS PRIVATE LIMITED
Registered Office :	Plot No.2, Aleap Industrial Estate, Gajularamaram, Hyderabad – 500072, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.01.2001
Com. Reg. No.:	01-036097
Capital Investment / Paid-up Capital :	Rs.65.000 millions
CIN No.: [Company Identification No.]	U24232AP2001PLC036097
TAN No.: [Tax Deduction & Collection Account No.]	HYDG01843C
PAN No.: [Permanent Account No.]	AACCG1654P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Development and Marketing of Injectable Pharmaceutical Products
No. of Employees :	30 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 670000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office /Factory :	Plot No.2, Aleap Industrial Estate, Gajularamaram, Hyderabad – 500072, Andhra Pradesh, India
Tel. No.:	91-40-23893683 / 23386041
Fax No.:	91-40-23893693
E-Mail :	celonlabs@celonlabs.com pendyala_co@rediffmail.com celonlife@gmail.com galenlabs@yahoo.co.in kvravindra@yahoo.co.in prathap@celonlabs.com pameela@celonlabs.com vasanhealthcare@gmail.com
Website :	http://www.celonlabs.com
Corporate Office :	Plot No. 16, Achutha Co-op-Housing, Society, Road No. 10, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India
Tel. No.:	91-40-23386040/ 40303838
Fax No.:	91-40-23386041/ 40303939
E-Mail :	info@celonlabs.com asia@celonlabs.com (Asia Pacific) latam@celonlabs.com (Latin America) africa@celonlabs.com (Africa) cis@celonlabs.com (CIS) crm@celonlabs.com (Contract Research Manufacturing) india@celonlabs.com
Sales Office :	405, Monte Rossa, 90 feet Road, Opposite Ganesh Temple, Pant Nagar, Ghatkopar [East], Mumbai – 400075, Maharashtra, India

DIRECTORS

AS ON 16.07.2011

Name :

Mr. Venkata Ravindra Koganti

Designation :

Managing Director

Address :

Plot No.57, Flat No.102, Shalivahana Nagar, Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

20.08.1968

Date of Appointment :

29.03.2007

DIN No.:

00016266

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	U24230AP2005PTC045812	CREDENCE ORGANICS PRIVATE LIMITED	Director	04-05-06	04-05-06	26-08-09	Active	NO
2	U24239AP2006PLC049375	CELON LIFE SCIENCES LIMITED	Director	29-03-07	29-03-07	-	Active	NO
3	U24232AP2001PLC036097	CELON LABORATORIES LIMITED	Managing director	03-08-11	29-03-07	-	Active	NO
4	U24299AP2003PLC042283	DNA BIOTEC LIMITED	Additional director	01-10-07	01-10-07	01-10-09	Active	NO
5	U24239AP2005PTC046286	CELON ORGANICS PRIVATE LIMITED	Director	26-02-08	26-02-08	31-07-11	Active	NO
6	U51909AP2008PLC061515	IN-TECH INDUSTRIES LIMITED	Director	31-08-11	22-10-08	-	Active	NO
7	U72200AP2009PTC062849	EXCELON SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	23-02-09	23-02-09	30-03-10	Active	NO
8	U74999AP2008PTC058673	KONDAPALLY ENVIROTECH PRIVATE LIMITED	Director	30-03-09	30-03-09	-	Active	NO
9	U24232AP2009PTC063678	MEDIGENE PHARMA PRIVATE LIMITED	Director	15-05-09	15-05-09	31-03-10	Active	NO
10	U24232AP2009PTC063823	MEDIARK PHARMA PRIVATE LIMITED	Director	29-05-09	29-05-09	31-03-10	Active	NO
11	U24231AP2009PTC065376	CLONZ BIOTECH PRIVATE LIMITED	Additional director	22-06-10	22-06-10	09-07-10	Active	NO
12	U24239AP2002PLC038581	SWYZER LABORATORIES LIMITED	Director	19-09-11	06-08-11	-	Active	NO

Name :

Mr. Sandeep Singhal

Designation :

Director

Address :

C-76, Diamond District, Airport Road, Bangalore – 5600017, Karnataka, India

Date of Birth/Age :

31.12.1969

Date of Appointment :

11.10.2010

DIN No.:

00040491

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	U65999KA2000PTC033945	SEQUOIA CAPITAL INDIA ADVISORS PRIVATE LIMITED	Managing director	04-01-05	15-09-00	04-02-11	Active	NO
2	U85199KA2000PTC027913	STRAND LIFE SCIENCES PRIVATE LIMITED	Director	26-04-04	26-04-04	22-09-10	Active	NO
3	U72200AP2001PTC036596	APPLABS TECHNOLOGIES PRIVATE LIMITED	Director	04-02-05	04-02-05	13-09-11	Active	NO
4	U74899DL1995PTC065388	DR. LAL PATHLABS PRIVATE LIMITED	Nominee director	25-05-05	25-05-05	-	Active	NO
5	U72900MH1999PTC122970	NAZARA TECHNOLOGIES PRIVATE LIMITED	Nominee director	07-10-05	07-10-05	-	Active	NO
6	U72900MH2005PTC153248	PEOPLE INFOCOM PRIVATE LIMITED	Nominee director	17-02-06	17-02-06	01-04-09	Active	NO
7	U72900MH2000PTC124485	PEOPLE INTERACTIVE (INDIA) PRIVATE LIMITED	Nominee director	22-02-06	22-02-06	-	Active	NO
8	U71110DL2000PTC189230	CARZONRENT (INDIA) PRIVATE LIMITED	Nominee director	28-10-06	28-10-06	-	Active	NO
9	U74999AP2000PTC035826	GVK BIOSCIENCES PRIVATE LIMITED	Director	08-11-07	08-11-07	15-04-11	Active	NO
10	U72200MH2006PTC160271	WHATS ON INDIA MEDIA PRIVATE LIMITED	Nominee director	30-09-08	30-09-08	15-04-11	Active	NO
11	U74140MH1993PLC150054	JUST DIAL LIMITED	Nominee director	18-09-09	18-06-09	-	Active	NO
12	U74120MH2010PTC200998	JUST DIAL GLOBAL PRIVATE LIMITED	Director	18-03-10	18-03-10	-	Active	NO
13	U29301KA1999PTC025387	STOVE KRAFT PRIVATE LIMITED	Nominee director	18-03-10	18-03-10	-	Active	NO
14	L72200MH2000PLC125319	ECLERX SERVICES LIMITED	Director	16-09-10	30-04-10	-	Active	NO
15	U24232AP2001PLC036097	CELON LABORATORIES LIMITED	Nominee director	11-10-10	11-10-10	-	Active	NO
16	U65191KA2011PTC057224	WESTBRIDGE ADVISORS PRIVATE LIMITED	Managing director	24-02-11	23-02-11	-	Active	NO

Name :

Mr. Vimal Kumar Kavuru

Designation :

Director

Address :

263-16, 74^th Avenue C3 Glen Oaks, Newyork – 11004, USA

Date of Birth/Age :

08.10.1968

Date of Appointment :

01.12.2007

DIN :

00502935

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	U24299AP2003PLC042283	DNA BIOTEC LIMITED	Additional director	01-10-07	01-10-07	01-10-09	Active	NO
2	U24239AP2006PLC049375	CELON LIFE SCIENCES LIMITED	Director	12-11-07	12-11-07	-	Active	NO
3	U24232AP2001PLC036097	CELON LABORATORIES LIMITED	Additional director	03-08-11	01-12-07	-	Active	NO
4	U45209AP2008PTC057214	Z AXIS INFRASTRUCTURE (INDIA) PRIVATE LIMITED	Director	18-01-08	18-01-08	-	Active	NO
5	U45209AP2008PTC057213	SYCAMORE INFRASTRUCTURE PRIVATE LIMITED	Director	18-01-08	18-01-08	-	Active	NO
6	U24239AP2005PTC046286	CELON ORGANICS PRIVATE LIMITED	Director	10-05-08	10-05-08	31-07-11	Active	NO
7	U24297AP2010PTC067165	GENSOURCE PHARMA SOLUTIONS PRIVATE LIMITED	Director	23-02-10	23-02-10	-	Active	NO

Name :

Mr. Bhardwaj Thiruvenkata Venkatavaraghavan

Designation :

Additional Director

Address :

702, 7^th Orchid Tower – A, 241 / 242, Bellasis Road, Mumbai Central – 400008, Maharashtra, India

Date of Birth/Age :

26.06.1978

Date of Appointment :

15.02.2011

DIN No.:

02918495

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	U85110TN2007PTC064072	VASAN HEALTH CARE PRIVATE LIMITED	Nominee director	18-12-09	18-12-09	-	Active	NO
2	U74899DL1995PTC065388	DR. LAL PATHLABS PRIVATE LIMITED	Alternate director	02-08-10	02-08-10	25-04-11	Active	NO
3	U65999KA2000PTC033945	SEQUOIA CAPITAL INDIA ADVISORS PRIVATE LIMITED	Managing director	04-02-11	04-02-11	-	Active	NO
4	U24232AP2001PLC036097	CELON LABORATORIES LIMITED	Director	16-07-11	15-02-11	-	Active	NO
5	U15311MP2009PTC021746	PRATAAP SNACKS PRIVATE LIMITED	Additional director	12-05-11	12-05-11	-	Active	NO
6	U24239AP2002PLC038581	SWYZER LABORATORIES LIMITED	Director	19-09-11	06-08-11	-	Active	NO
7	L17110MH1987PLC044835	LOVABLE LINGERIE LIMITED	Nominee director	22-09-11	22-09-11	-	Active	NO

Name :

Mr. Vijay Kumar Vasireddy

Designation :

Director

Address :

83 West hill Road, Wood Cliff Lake, New Jersey 076778339, United States of America.

Date of Birth/Age :

09.09.1967

Date of Appointment :

29.09.2010

DIN :

03262782

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	U24232AP2001PLC036097	CELON LABORATORIES LIMITED	Director	16-07-11	29-09-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pameela Paruchuri
Designation :	Company Secretary
Address :	Plot No.206, S. P. Homes, Plot No.826 to 828, K P H B Phase II, Hyderabad – 500072, Andhra Pradesh, India
Date of Birth/Age :	13.10.1978
Date of Appointment :	23.06.2011
Pan No.:	AMFPP4589E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 16.07.2011

Names of Shareholders	No. of Shares (Equity)
Koganti Venkata Ravindra	4194333
Kognati Geetha Sree	1525000
Sama Ramchandra Reddy	2135000
Sama Yashodha	1525000
Vimal Kumar Kavuru	2928000
Sudha Kavuru	1525000
Vasireddy Vijaykumar	1952000
Vasireddy Hema Latha	1525000
Vakati Narayan Reddy	500000
Ganji Praveen Kumar Gupta	500000
Sequoia Capital India Investment Holdings III, Mauritius	100
Total	18309433

Names of Shareholders	No. of Shares (Preference)
Sequoia Capital India Investment Holdings III, Mauritius	49999250
Total	49999250

(AS ON 17.09.2011)

Names of Allottee	No. of Shares Allotted
Bheemireddy Murali Krishna Reddy	109662
Total	109662

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	74.55
Other top fifty shareholders	25.45
Total	100.00

BUSINESS DETAILS

Line of Business :	Development and Marketing of Injectable Pharmaceutical Products
Products :	· Amifostine · Anastrozole · Bicalutamide · Capecitabine · Chlorambucil · Docetaxel · Gemcitabine HCl · Gefitinib · Imatinib Mesylate · Melphalan · Temozolomide · Ibandronic Acid · Zoledronic Acid
Brand Name :	· Armilon · Cosalon · Bucelon · Xelocel · Celkeran · Leukocel · Celonib · Celofem · Alkacel · Tamoxilon · Temolon

PRODUCTION STATUS (As on : 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Capsules	Millions	21.60	21.60	21.60
Tablets	Millions	72.00	72.00	72.00
Injections	Millions	3.60	3.16	3.16

GENERAL INFORMATION

No. of Employees :

30 [Approximately]

Bankers :

· ICICI Bank Limited,

Landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India

· State Bank of India,

SSI Branch, Balanagar, Hyderabad – 500038, Andhra Pradesh, India

· State Bank of Hyderabad,

SSI Branch, Balanagar, Hyderabad – 500038, Andhra Pradesh, India

· State Bank of India,

SME Branch, Chirag Ali Lane, Hyderabad – 500 001, Andhra Pradesh, India

· Kotak Mahindra Bank Limited,

36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Rupee Term Loan
Term Loan from State Bank of India	38.664	55.381
Working capital Loans - State Bank of India NSIC	82.398 23.936	22.914 6.436
Vehicles Loan	0.942	0.980
Kotak Mahindra Bank Limited (Equipment Finance)	0.000	0.926
Sales Tax Deferrement	3.897	1.728
Total	149.837	88.365
SECURED LOANS (a) .Term Loan from State Bank of India: The Company has taken Term Loan from State Bank of India secured by way of hypothecation first charge on Fixed Assets Land and Building and Plant and Machinery on phase-l and ll of the company and mortgage of Director's agricultural land and personal guarantee of Directors. (b) Cash Credit from Slate bank of India: The Company has-taken Cash Credit ' from Slate Bank of India is secured by way of hypothecation of Stocks and Receivable, Stores and Spares of the company. (c) . During the financial year, the company has purchases vehicle (Honda City) was secured by way of hypothecation of vehicle. (d) Loan from NSIC: Company has taken the Raw Material Assistance Credit of Rs.21.500 millions secured by100% Bank Guarantee to the tune of Rs.25.000 millions by State Bank of India, SME Branch, Hyderabad
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Trade Deposits	5.300	2.500
From Directors	5.052	2.185
Other	12.171	0.823
Total	22.523	5.508

Banking Relations :	--
Auditors :
Name :	P Murali Mohana Rao Chartered Accountant
Address :	6-3-655/2/3, Somajiguda, Hyderabad 500082, Andhra Pradesh, India
Tel. No.:	91-40-23326666 / 23312554 / 23393967 / 23321470
Fax No.:	91-40-23392474
Email:	pmurali.co@gmail.com info@pmurali.com
Web Site:	www.pmurali.com
Sister Concern :	· Balasri Labs Private limited · Celon Life Sciences Limited · Intech Prints Private Limited · DNA Biotech Limited

CAPITAL STRUCTURE

AFTER 16.07.2011

Authorised Capital : Rs.900.000 Millions

Issued, Subscribed & Paid-up Capital: Rs.884.183 Millions

AS On 16.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions
70000000	Preference Shares	Rs.10/- each	Rs.700.000 Millions
	Total		Rs.900.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
18309433	Equity Shares	Rs.10/- each	Rs.183.094 Millions
49999250	Preference Shares	Rs.10/- each	Rs.499.993 Millions
	Total		Rs.683.087 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
6500000	Equity Shares	Rs.10/- each	Rs.65.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		65.000	43.321	7.100
2] Share Application Money		0.000	4.550	34.721
3] Reserves & Surplus		101.517	16.778	2.139
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		166.517	64.649	43.960
LOAN FUNDS
1] Secured Loans		149.837	88.365	46.888
2] Unsecured Loans		22.523	5.508	0.000
TOTAL BORROWING		172.360	93.873	46.888
DEFERRED TAX LIABILITIES		23.417	3.869	0.538
CREDITOR of CAPITAL GOODS		24.286	17.092	12.213
TOTAL		386.580	179.483	103.599
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		140.660	119.217	18.119
Capital work-in-progress		0.000	0.000	47.538
INVESTMENT		1.280	0.380	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	144.499	42.009	2.444
	Sundry Debtors	165.380	53.195	32.816
	Cash & Bank Balances	7.630	7.905	1.558
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.643	5.758	14.042
Total Current Assets		330.152	108.867	50.860
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	3.405	3.209	12.064
	Sundry Creditors	90.552	42.769	0.453
	Provisions	28.858	5.980	0.566
Total Current Liabilities		122.815	51.958	13.083
Net Current Assets		207.337	56.909	37.777
MISCELLANEOUS EXPENSES		37.303	2.977	0.065
TOTAL		386.580	179.483	103.599

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	519.261	155.977	37.215
		Other Income	23.270	1.128	0.018
		TOTAL	542.531	157.105	37.233
Less	EXPENSES
		Raw Material Consumed	375.293	89.932	17.744
		Increase/(Decrease) in Finished Goods	[95.707]	(23.807)	2.367
		Manufacturing Expenses	58.034	24.013	5.090
		Administrative, selling and Distribution Expenses	36.221	28.094	6.338
		Research and Development Expenditure	6.624	4.850	0.000
		Amortization Expenses Written off	9.509	0.744	0.013
		TOTAL	389.974	123.826	31.552
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		152.557	33.279	5.681
Less	FINANCIAL EXPENSES		19.377	9.010	2.099
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		133.180	24.269	3.582
Less/ Add	DEPRECIATION/ AMORTISATION		7.547	3.599	0.377
	Prior period expenditure		0.000	0.038	0.000
	PROFIT BEFORE TAX		125.633	20.632	3.205
Less	TAX		40.894	5.994	1.139
	PROFIT AFTER TAX		84.739	14.638	2.066
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.777	2.139	0.073
	BALANCE CARRIED TO THE B/S		101.516	16.777	2.139
	EARNINGS IN FOREIGN CURRENCY
		Foreign Exchange Inflow - Sales	20.457	0.387	NA
		Foreign Exchange Earnings – Export Sales	27.406	3.407	NA
	Earnings Per Share (Rs.)		12.94	3.38	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.32	9.32	5.55
Net Profit Margin (PBT/Sales)	(%)	24.19	13.23	8.61
Return on Total Assets (PBT/Total Assets}	(%)	26.68	9.04	4.65
Return on Investment (ROI) (PBT/Networth)		0.75	0.32	0.07
Debt Equity Ratio (Total Liability/Networth)		1.77	2.26	1.36
Current Ratio (Current Asset/Current Liability)		2.69	2.09	3.89

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered Office of the company has been shifted from Flat No.102, Lakshmi Residency, Shalivahana Nagar, Srinagar Colony, Hyderabad – 500073, Andhra Pradesh, India, to the present address w.e.f. 23.05.2007.

OPERATIONS

During the year, the Company has achieved a turnover of Rs.638.238 millions during the year as against Rs.180.912 millions during the last year. During the year, the Company registered Profit After Tax of Rs.84.739 millions as against of Rs.14.638 millions during the last year.

The Company has also earned other income of Rs.23.270 millions during the year (previous year was Rs.1.128 millions)

PERFORMANCE

The company performance was good during the year. The Company could achieve decent profitability on account of fruitful efforts of the entire team consisting of the directors, employees across all levels and the support extended by customers.

FUTURE OUTLOOK

The Company aspires to establish a good platform in Global Markets. In view of that, the Company established sales and distribution networks in Asia, Africa, Latin America and CIS counties. The company has also filed for over 300 product approvals, out of which 27 products have been approved in various countries. The company expects sizable revenues to be generated from its International operations.

The company is also expanding its domestic operations in new specialty and super-specialty segments with product lines in Infertility, Gynecology, Urology and Nephrology.

SHARE CAPITAL

During the year the Company has increased the Authorized Equity share capital from 45.000 millions to Rs.100.000 millions divided into 1,00,00,000 equity Shares of Rs.10 /-each.

The Company is having paid up Equity Share Capital of Rs.43.321 millions as on 01.04.2009. During the year the Company has allotted 21,67,877 equity shares of Rs.10/-- each to the existing Share Holders.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009
Guarantees Issued by Bank	25.700	8.275
Letter of Credit	5.280	1.673
Total	30.980	9.948

Form 8:-

Corporate identity number of the company	U24232AP2001PLC036097
Name of the company	CELON LABORATORIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.2, Aleap Industrial Estate, Near Pragati Nagar, Gajularamaram, Hyderabad – 500072, Andhra Pradesh, India prathap@celonlabs.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10285298
Type of charge	Immovable Property
Particular of charge holder	ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India ananya.garg@icicibank.com
Nature of instrument creating charge	Mortgage Declaration dated :11 August 2011
Date of instrument Creating the charge	11.08.2011
Amount secured by the charge	Rs.300.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: CC : IBASE+3.25% (Presently 12.5% p.a) Terms of Repayment: Validity of the facility :12 months, 28th March 2012 Margin: · CC : uniform margin of 25% on inventory and Book debts · LC : cash margin 10% pa · BG : Guarantees covering disputed liabilities 100% · Financial guarantees 10.0% · Performance guarantees 10.0% Extent and operation of the Charge: Exclusive charge on the unencumbered immovable fixed assets of the company both present and future, by way of deposit deeds.
Short particulars of the property charged (Including location of the property)	Equitable mortgage on entire land and building located at Plot No. 2 in Sy.No.342 of ALEAP Industrial Estate, situated at Gajularamaram Village, Qutubullapur Mandal and Municipality, RR District, Andhra Pradesh, India Equitable mortgage on entire land and building located at Land admeasuring Ac. 11-28 gts in Sy. No. 550, 551 and 552 situated at Kolthur Village, Shamirpet Mandal, Ranga Reddy District, Andhra Pradesh, India
Particulars of the present modification	For purpose of securing charge on the properties of company for Working Capital of Rs.275 Mn and Term Loan of Rs.25 Mn sanctioned by ICICI Bank

Fixed Assets:-

· Land

· Building

· Leasehold Improvements

· Plant and Machinery

· Quality Control Equipments

· Air Conditioner

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Electronic Data Processing Equipment

Website Details

Profile:

Subject is a fully integrated Pharmaceutical company in development and marketing of specialty injectable products. Using in-house Research and Development capabilities, together with operational flexibility manufacturing and regulatory expertise, Company is able to take a wide variety of products from laboratory to the market.

Research and Development

Company state-of-the-art research centre is constantly focused on development of new molecules through non-infringing processes and development of innovative drug delivery systems.

Technology platforms

• Synthetic chemistry
• Formulation development for high potent drugs
• Lipid/Liposomal drug delivery

Manufacturing Facilities

The company manufacturing facilities are located at Hyderabad, Andhra Pradesh, India designed to meet international GMP standards.

The company manufacturing facilities consists of the following:

· Cytotoxic solid orals dosage facility for manufacture of un-coated tablets, coated tablets and capsules

· Cytotoxic injection facility for manufacture of ampoules, vials and pre-filled syringes. The vial lines have the option of online Lyophilization.

· General injections facility for manufacture of ampoules, vials and pre-filled syringes. The vial lines have the option of online Lyophilization.

· Lipid injections facility provided with high pressure homogenizer for manufacture of emulsion injections, nono-particles injections, Liposomal products with ampoules, vials and pre-filled syringes. The vial lines have the option of online Lyophilization.

· API facility: Multi-product facility designed to meet latest cGMP norms using modern isolator technologies combine with containment strategies to assure the quality and safety.

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.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		45

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.