MIRA INFORM REPORT

Report Date :

21.11.2011

IDENTIFICATION DETAILS

Name :	MANEESH PHARMACEUTICALS LIMITED (w.e.f. May 2007)
Formerly Known As :	MANEESH PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	23-24, Kalpataru Court, Dr. Choitram Gidwani Marg, Chembur, Mumbai – 400 071, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	25.07.1985
Com. Reg. No.:	11-36952
Capital Investment / Paid-up Capital :	Rs.118.242 millions
CIN No.: [Company Identification No.]	U24230MH1985PLC036952
TAN No.: [Tax Deduction & Collection Account No.]	MUMM08382D
Legal Form :	A Closely Held Public Limited Company
Line of Business :	Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 16000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. Financial Position is good. Directors are reported as experienced respectable and resourceful businessmen. Their trade relations are reported as fair. Payments are reported to be reguar and as per commitments. The company can be considered good for normal 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 :	23-24, Kalpataru Court, Dr. Choitram Gidwani Marg, Chembur, Mumbai – 400 071, Maharashtra, India
Tel. No.:	91-22-25202122 / 23 / 24
Fax No.:	91-22-25202121
E-Mail :	info@maneeshpharma.com vinay@maneeshpharma.com admin@maneeshealth.com gauri@maneeshealth.com
Website :	http://www.maneeshpharma.com
Area :	2000 Sq. ft.
Location :	Owned
Factory 1 :	Plot No. 40, Ancillary Industrial Plots, Govandi, Mumbai – 400 043, Maharashtra, India
Tel. No.:	91-22-25565738 / 5559 / 7093
Fax No.:	91-22-25565620 / 7095 / 25565620 / 7093
E-Mail :	maneesh@maneeshpharma.com
Location :	Owned [Around 10-12 manufacturing plants in India]

DIRECTORS

As on 23.12.2010

Name :	Mr. Vinay Ramakant Sapte
Designation :	Managing Director
Address :	61-62, Kalpataru Residency Tower, Opp. Cine Planet, Sion(East), Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	01.06.1955
Date of Appointment :	25.07.1985
DIN :	00135085

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	U24230MH1977PTC019510	Bombay Biosyntex Chemicals Private Limited	Director	30-03-85	30-03-85	-	Dormant	NO
2	U24230MH1985PLC036952	Maneesh Pharmaceuticals Limited	Managing director	01-04-11	25-07-85	-	Active	NO
3	U24239MH2000PTC126087	Svizera Pharma Private Limited	Director	24-04-00	24-04-00	-	Active	NO
4	U65990MH2000PTC127603	Fairjob Group Investment India Private Limited	Director	29-09-01	29-09-01	-	Active	NO
5	U51900MH2000PTC126639	Intelligent Trading Private Limited	Director	01-04-02	01-04-02	-	Active	YES
6	U74999MH1997PTC107389	Svizera Labs Private Limited	Director	01-04-02	01-04-02	-	Active	NO
7	U63022MH1982PTC028483	Shanbag Storage And Services Private Limited	Director	21-05-02	21-05-02	-	Dormant	NO
8	U24110MH1970PLC014768	Meghdoot Chemicals Limited	Director	12-08-02	12-08-02	-	Active	NO
9	U15549HP1998PTC021906	Heritage Laboratories Private Limited	Director	10-02-05	10-02-05	-	Active	YES
10	U30000MH1990PTC056294	Mantech Counting And Systems Private Limited	Director	30-09-05	25-02-05	-	Active	NO
11	U85199PN1988PTC047757	Pure Health Products Private Limited	Director	29-09-05	03-08-05	-	Active	NO
12	U73100MH2006PTC164934	Svizera Pharmatech Private Limited	Director	26-09-06	26-09-06	-	Active	YES
13	L24239AP1981PLC002915	Phaarmasia Limited	Director	25-09-09	30-04-09	-	Active	NO
14	U24100MH2009PTC197210	Svizera Health Remedies Private Limited	Director	23-11-09	23-11-09	-	Active	NO
15	U24100MH2010PTC201092	Nutramed Healthcare Private Limited	Director	20-03-10	20-03-10	-	Active	NO
16	U24232MH2010PTC199429	Fullife Healthcare Private Limited	Additional director	15-05-10	15-05-10	15-07-11	Active	NO

Name :	Mr. Maneesh Ramakant Sapte
Designation :	Director
Address :	51-52, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai-400022, Maharashtra, India
Date of Appointment :	01.10.2002
Date of Birth/Age :	28.06.1971
DIN :	00020450

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239MH2000PTC126087	Svizera Pharma Private Limited	Director	24-04-00	24-04-00	Active	NO
2	U74999MH1997PTC107389	Svizera Labs Private Limited	Director	13-11-00	13-11-00	Active	NO
3	U65990MH2000PTC127603	Fairjob Group Investment India Private Limited	Director	29-09-01	29-09-01	Active	NO
4	U51900MH2000PTC126639	Intelligent Trading Private Limited	Director	01-04-02	01-04-02	Active	YES
5	U63022MH1982PTC028483	Shanbag Storage And Services Private Limited	Director	21-05-02	21-05-02	Dormant	NO
6	U24110MH1970PLC014768	Meghdoot Chemicals Limited	Director	19-08-02	19-08-02	Active	NO
7	U24230MH1985PLC036952	Maneesh Pharmaceuticals Limited	Director	01-10-02	01-10-02	Active	NO
8	U24230MH1977PTC019510	Bombay Biosyntex Chemicals Private Limited	Director	01-06-03	01-06-03	Dormant	NO
9	U15549HP1998PTC021906	Heritage Laboratories Private Limited	Director	10-02-05	10-02-05	Active	YES
10	U30000MH1990PTC056294	Mantech Counting And Systems Private Limited	Director	30-09-05	25-02-05	Active	NO
11	L24239AP1981PLC002915	Phaarmasia Limited	Managing director	01-04-09	01-03-06	Active	NO
12	U73100MH2006PTC164934	Svizera Pharmatech Private Limited	Additional director	25-02-08	25-02-08	Active	YES
13	U24100MH2009PTC197210	Svizera Health Remedies Private Limited	Director	23-11-09	23-11-09	Active	NO
14	U24100MH2010PTC201092	Nutramed Healthcare Private Limited	Director	20-03-10	20-03-10	Active	NO

Name :	Mrs. Rashmi Vinay Sapte
Designation :	Director
Address :	61-62, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai-400022, Maharashtra, India
Date of Appointment :	30.03.2007
Date of Birth/Age :	09.02.1962
DIN :	00334247

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1997PTC107389	Svizera Labs Private Limited	Director	09-04-99	09-04-99	Active	NO
2	U24230MH1985PLC036952	Maneesh Pharmaceuticals Limited	Director	30-03-07	30-03-07	Active	NO

Name :	Mr. Bharat Bachubhai Merchant
Designation :	Additional Director
Address :	8-A, Land’s End, 8^th Floor, 29-D, Doongersy Road, Malabar Hill, Mumbai - 400006
Date of Birth/Age :	24.06.1948
Date of Appointment :	29.03.2010
DIN :	00300384

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	L16000GJ1955PLC067605	Golden Tobacco Limited	Director	26-07-02	26-07-02	-	Active	NO
2	L99999MH1985PLC036685	Sequent Scientific Limited	Director	20-11-03	20-11-03	25-10-07	Active	NO
3	U99999MH1980PTC022843	Avaz Investment Private Limited	Director	30-04-06	30-04-06	-	Dormant	NO
4	U74900MH2007PTC175244	ACE Risk Management Services Private Limited	Director	31-12-08	12-02-08	20-05-09	Active	NO
5	U01407MH2008PTC186305	SSB Farms and Developers Private Limited	Director	29-08-08	29-08-08	-	Active	YES
6	U24230MH1985PLC036952	Maneesh Pharmaceuticals Limited	Director	23-12-10	29-03-10	-	Active	NO
7	L99999MH1975PLC018079	Nimbus Industries Limited	Director	26-10-10	26-10-10	-	Active	NO

Name :	Mr. Pravin Mohandas Hegde
Designation :	Director
Address :	3, Saraf Sadan, Hanuman Road, Vile Parle (E), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	04.04.1963
Date of Appointment :	14.11.2007
DIN :	01404954

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	U24230MH1985PLC036952	Maneesh Pharmaceuticals Limited	Director	30-12-08	01-03-07	23-12-10	Active	NO
2	U45400MH2007PTC169924	Master Mind Property Private limited	Director	11-08-07	11-08-07	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.12.2010

Names of Shareholders	No. of Shares
Rakesh Jhunjhunwala	1585500
Maneesh R. Sapte Jointly with Suman R Sapte	192480
Mr. Vinay R. Sapte	7947156
Rashmi Sapte	128320
Mrs. Suman R. Sapte	192480
RBC Trustees (CI) Limited, UK	329200
Shweta N Shah	400000
Rekha Rakesh Jhunjhunwala	578703
Chanakya Corporate Services Private Limited, India	75000
Amal N Parikh	100000
Suresh K Jajoo	40000
Oricon Properties Private Limited, India	85700
R. Venkatasubramaniam	40000
Shanta Subramaniam	40000
Jay Prakash Verma	22000
Sayar K Jain	20000
Sarvamangal Mercantile Company Limited, India	40000
Kavita Gupta	15000
Vinay Ramakant Sapte -Business	347223

As on 23.12.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.12
Bodies corporate	1.69
Directors or relatives of Directors	68.03
Others	24.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin

Products :

Product Description	Item Code
ISONIAZID	3004 90 51
RIFAMPICIN	3004 90 52
ETHAMBUTOL PYRAZINAMIDE	3004 90 53

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Installed Capacity
Tablets	Millions	7795
Capsules	Millions	2500
Liquids	Litres (Thousand)	6000
Injectables	Millions	41.70
Ointments	Tons	6850
Sachets	Millions	24.00
Suspension	Millions	51.00

GENERAL INFORMATION

Suppliers :

· Gautam Chemicals, Mumbai, Maharashtra, India

· Esskay Fine Chemicals, Mumbai, Maharashtra, India

· Boots India Limited

Customers :

Wholesalers, Suppliers and Retailers

· D. Jayantilal and Company, Mumbai, Maharashtra, India

· Haribhai Jeebhai and Company, Mumbai, Maharashtra, India

· PAHO, USA

· Manilal and Company, Mumbai, Maharashtra, India

No. of Employees :

3000 (Approximately)

Bankers :

· Bombay Mercantile Co-operative Bank Limited, 78, Mohamedali Road, Mumbai-400003, Maharashtra, India

· CITI Bank, Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India

· ICICI Bank

· HDFC Bank

· Standard Chartered Bank

· UBS Bank , Singapore

Facilities:

Secured Loan (Rs. in millions)	31.03.2010	31.03.2009
From banks and Financial Institutions	4458.563	5059.854
Total	4458.563	5059.854
Unsecured loan (Rs.in millions)
From Directors and Members	144.633	46.750
From others (repayable within 1 year Rs. nil (Previous year Rs. nil)	30.000	12.043
Total	174.633	58.793

Banking Relations :

Satisfactory

Financial Institution :

IL and FS Trust Company Limited, IL and FS Financial Centreplot No. C22 G Block Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Auditors :

Name :

M. Nanday and Company

Chartered Accountants

Address :

D/13, Samruddhi Co-operative Housing Society Limited, B. Parulekar Marg, Dadar, Mumbai-400028, Maharashtra, India

Pan No. :

AAAPN8681Q

Associates :

· Maneesh Exports

· Atul Pharma Agency

Subsidiaries :

· Meghdoot Chemicals Limited

CIN : U24110MH1970PLC014768

· Phaarmasia Limited

CIN : 24239AP1981PLC002915

· Svizera Labs Private Limited

CIN : U74999MH1997PTC107389

· Pure Heath Products Private Limited

CIN : U85199PN1988PTC047757

· Lasa Industrial Pharmaceutica Sa – Brazil

· Faromed Handelsgeselcschaft Mbh – Austria

· Svizera Holding Bv – Netherland

· Labortoria Sanobiol Sa Ltda – Brazil

· Tillomed Laboratories Limited – UK

· Tillomed Holdings Limited – UK

CAPITAL STRUCTURE

After 23.12.2010

Authorised Capital : Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.125.001 Millions

As on 23.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
29000000	Equity Shares	Rs.10/-each	Rs.290.000 Millions
1000000	Preference Shares	Rs.10/-each	Rs.10.000 Millions
	Total		Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12152859	Equity Shares	Rs.10/-each	Rs.121.529 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
29000000	Equity Shares	Rs.10/-each	Rs.290.000 Millions
1000000	Preference Shares	Rs.10/-each	Rs.10.000 Millions
	Total		Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11574156	Equity Shares	Rs.10/-each	Rs.115.742 Millions
250000	Preference Shares	Rs.10/-each	Rs.2.500 Millions
	Total		Rs.118.242 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		118.242	115.742	101.047
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3918.217	3687.225	3338.668
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4036.459	3802.967	3439.715
LOAN FUNDS
1] Secured Loans		4458.563	5059.854	3688.654
2] Unsecured Loans		174.633	58.793	317.879
TOTAL BORROWING		4633.196	5118.647	4006.533
DEFERRED TAX LIABILITIES		208.683	171.113	117.649
TOTAL		8878.338	9092.727	7563.897
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2481.180	2315.570	2357.631
Capital work-in-progress		0.000	264.326	190.358
INVESTMENT		4604.345	805.238	641.050
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1294.289	1121.233	914.696
	Sundry Debtors	1518.877	1592.973	1483.027
	Cash & Bank Balances	170.891	648.533	722.882
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1104.310	4347.664	3039.944
Total Current Assets		4088.367	7710.403	6160.549
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1698.803	1386.851	1210.264
	Other Current Liabilities	364.604	397.844	338.887
	Provisions	232.147	218.115	236.540
Total Current Liabilities		2295.554	2002.810	1785.691
Net Current Assets		1792.813	5707.593	4374.858
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8878.338	9092.727	7563.897

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	5735.785	6273.505	4729.468
		Other Income	449.015	556.491	240.615
		TOTAL (A)	6184.800	6829.996	4970.083
Less	EXPENSES
		Cost of materials	3476.464	4326.038	2805.981
		Personnel Cost	353.073	320.105	307.342
		Manufacturing and other expenses	1152.305	1183.046	985.123
		Preliminary Expenses Written off	0.000	0.000	3.173
		TOTAL (B)	4981.842	5829.189	4101.619
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1202.958	1000.807	868.464
Less	FINANCIAL EXPENSES (D)		472.813	514.815	179.636
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		730.145	485.992	688.828
Less/ Add	DEPRECIATION/ AMORTISATION (F)		199.484	185.208	124.434
	Exceptional Items		483.202	(2.019)	204.090
	PROFIT BEFORE TAX (E-F) (G)		47.459	302.803	360.304
Less	TAX (I)		45.664	104.319	106.238
	PROFIT AFTER TAX (G-I) (J)		1.795	198.484	254.066
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		548.989	463.082	367.033
Less	APPROPRIATIONS
		Transfer to General Reserve	100.000	100.000	100.000
		Proposed Dividend	11.574	10.750	49.589
		Tax on Dividend	1.922	1.827	8.428
	BALANCE CARRIED TO THE B/S		437.288	548.989	463.082
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	917.798	1047.652	NA
		Other Earnings	417.162	511.663	NA
	TOTAL EARNINGS		1334.96	1559.315	NA
	IMPORTS
		Raw Materials	173.825	132.240	NA
		Capital Goods	15.994	57.047	NA
	TOTAL IMPORTS		189.819	189.287	NA
	Earnings Per Share (Rs.)		45.85	27.98	25.62

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.03	2.91	5.11
Net Profit Margin (PBT/Sales)	(%)	0.83	4.83	7.62
Return on Total Assets (PBT/Total Assets}	(%)	0.72	3.02	4.23
Return on Investment (ROI) (PBT/Networth)		0.01	0.08	0.10
Debt Equity Ratio (Total Liability/Networth)		1.72	1.87	1.68
Current Ratio (Current Asset/Current Liability)		1.78	3.85	3.45

LOCAL AGENCY FURTHER INFORMATION

The company is a private limited company upto April 2007. The company was concerted into a deemed public company w.e.f. May 2007.

OPRATIONAL AND FINANCIAL PREFORMANCE

Sales and services (gross)for the year were Rs.6007.226 millions as against Rs.6654.565 millions in the previous year the lowering of sales is due to less focus on FMHG products in the tear 2009-10, as it require high amount of promotion investment. The PBT (before considering exceptional item)was higher at Rs.530.661 million as against Rs.302.804 million in the previous year

NEW STATUS OF THE COMPANY

Effective 27^th March, 2007, the company has been converted to public limited company.

MERGER AND AMALGATION

Two of the wholly owned subsidiaries – Bombay Biosyntex and Chemical Private Limited Liability Company Limited and shanbag storage and service private limited have been merge with the company under the order dated 12^th June 2007 received from honorable high court of judicature at Mumbai in this behalf. Both the subsidiaries where in operation for post few years and were having profitable operations at the time of merger with the company. Merger of this wholly own subsidiaries will create new synergies and thus will be beneficial to the company.

ACQUISITION

The company acquired two manufacturing unit of Emcure at Pune at the cost Rs.108.000 millions. This acquisition will be beneficial to the company in due course. The company has been consistently endeavoring to expand its operation through new projects.

On the global sense, Company acquired :

i) Laboratorial Sanobiol Limited Brazil at a cost of USD 7.90 Millions .

ii) Lasa Industrial Pharmaceutical Brazil at cost of USD 3.70 Millions by way of direct investment and USD1.575 Millions by way of conversion of loan in to equity

iii) Faromed handelsgesellcsschaft MBH, Austria at a cost of EURO 1.200 millions

In all above acquisitions, company has secured 100% ownership. This acquisition will give good impetus to operation of the company

SUBSIDIARYCOMPANIES

During the year company established a new wholly owned subsidy in the named Svizera Holding B. V. Natherlands.

The financial statement of the subsidiaries are provided as require U/s. 212 of the companies Act, 1956.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24230MH1985PLC036952
Name of the company	MANEESH PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	23-24 Kalpataru Court Dr. Choitram Gidwani Marg, Chembur, Mumbai – 400071, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10151826
Type of charge	Immovable Property
Particular of charge holder	IL and FS Trust Company Limited, IL and FS Financial Centreplot No. C22 G Block Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Email : itclroc@ilfsindia.com
Nature of instrument creating charge	No instrument executed. A pari passu mortgage was created by mpl as guarantor for its wos svizera holdings BV, Netherland (borrower) in favour of IL and FS trust company limited as security trustee for the benefit of finance parties as defined in facility agt. Dt. 24/09/07 by deposit of title deeds with the security trustee in respect of mpl's lease hold immovable properties described in sch-ii of moe attached hereto.
Date of instrument Creating the charge	26.03.2010
Amount secured by the charge	Rs.1788.300 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - libor (as defined in facility agreement) plus margin of 2.15% p.a. payable on each interest payment date (as defined facility agreement) Terms of Repayment - six(6) half-yearly installments commencing 30 days from the utilisation date (defined in the facility agreement) and ending on the final maturity date viz. 60 months from the utilisation date. Margin - Not Applicable Extent and Operation of the charge - the charge shall rank as a first pari passu to secure the repayment of usd 45,000,000/- (us dollars forty five million only) by the borrower and due performance and discharge by mpl of its liabilities and obligations as the guarantor to the finance parties under the facility agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	The leasehold rights and interest of mpl in MIDC plot nos. C(11)15,S-25 and T-172 situate in registration sub-district haveli and registration district pune,maharashtra MIDC plot no d-16/7 ttc indl. Area turbhe, navi mumbai, vashi. Registration, sub-district thane district and registration district-thane and more particularly described in schedule ii of moe.
Particulars of the present modification	The leasehold rights and interest of mpl in MIDC plot nos c(11)15, S-25 and T-172, bhosari pune and MIDC plot no d-16/7 ttc indl area, turbhe, navi mumbai. A pari passu mortgage created by mpl as guarantor for its wos svizera holdings BV, Netherland (borrower) in favour of IL and FS trust Company Limited as security trustee for the benefit of finance parties

CONTINGENT LIABILITIES (AS ON 31.03.2010)

· In respect of guarantees executed by banks on behalf of the company, Rs.279.515 millions (previous year Rs.241.856 million)

· In respect of guarantees executed by banks and corporate guarantees executed by the company on behalf of the subsidiary and associates of the company Rs.2809.198 millions (previous year Rs.3170.771 millions)

· In respect of excise duty disputes pending with various judicial authorities Rs.1.424 millions (previous year Rs.1.424 millions)

FIXED ASSETS

· Plant and Machinery

· Electrical Installation

· Vehicles

· Factory Building

· Furniture and fixture

· Office Equipment

· Laboratory Equipment

· Office (Pune)

· Office (Chembur)

· Building

· Furniture unit Dwelling

· Computer

· Software

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.51.35
UK Pound	1	Rs.80.97
Euro	1	Rs.69.25

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.