MIRA INFORM REPORT

Report Date :

22.10.2011

IDENTIFICATION DETAILS

Name :	AANJANEYA LIFECARE LIMITED
Registered Office :	Aanjaneya House, Plot 34, Postal Colony, Chembur, Mumbai-400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.01.2006
Com. Reg. No.:	11-158589
Capital Investment/ Paid-up Capital:	Rs. 75.766 Millions
CIN No.: [Company Identification No.]	L24230MH2006PLC158589
IEC No.:	0306079551
PAN No.: [Permanent Account No.]	AAGCA0851L
Legal Form :	A Public Limited Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Bulk Drugs and Formulation.
No. of Employees:	261 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 5000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be 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/ Corporate Office :	Aanjaneya House, Plot 34, Postal Colony, Chembur, Mumbai-400071, Maharashtra, India
Tel. No.:	91-22-25264500/ 25243678
Fax No.:	91-22-25262890/ 91-22-25223251/ 25262867
E-Mail :	info@aanlife.com mani@aanjaneya.com
Website :	http://aanlife.com http://www.aanjaneya.com
Area :	3000 Sq.ft.
Location:	Rented
Bulk Actives and R and D Centre/ Factory 1 :	K-4/1, Additional MIDC, Mahad-403209, Raigad, Maharashtra, India
Tel. No.:	91-2145-250115
Fax No.:	91-2145-250116
Area :	2000 Sq.Mtrs
Location:	Leased
Finished Dosage Facilities/ Factory 2 :	Gat No. 123, Pirangut, Taluka- Mulshi, Pune-411004, Maharashtra, India
Tel. No.:	91-20-66750552
Fax No.:	91-20-66750600
Area :	70000
Location:	Owned

DIRECTORS

As on 31.03.2011

Name :	Mr. Kashi Vishwanathan
Designation :	Chairman and Whole Time Director
Address :	Vishwam 8/B, Postal Colony, Chembur, Mumbai-400071, Maharashtra, India
Date of Birth/Age :	14.07.1945
Qualification :	B.Sc.
Experience :	41 Years
Date of Appointment :	01.05.2008
Name :	Mr. Kannan Vishwanath
Designation :	Vice –Chairman and Managing Director
Address :	Vishwam 8/B, Postal Colony, Chembur, Mumbai-400071, Maharashtra, India
Date of Birth/Age :	30.11.1975
Qualification :	B.E. MBA
Experience :	12 Years
Date of Appointment :	03.01.2006
Name :	Mr. Prabhat Kumar Goyal
Designation :	Executive and Whole-Time Director
Name :	Dr. Ullooppee Sharad Badade
Designation :	Non Executive and Independent Director
Address :	K-11, Shree Nagari Siddhi Vinayak Colony, Behind Appu Ghar, Nigadi, Pune-411044, Maharashtra, India
Date of Birth/Age :	11.12.1969
Qualification :	MBBS, MBA
Experience :	15 Years
Date of Appointment :	15.02.2010
Name :	Mr. Balkrishna Ramchandra Parab
Designation :	Non Executive and Independent Director
Address :	Building No. 6, Room No. 68, Sahakar Nagar-1, Sheli Colony, Chembur, Mumbai-400071, Maharashtra, India
Date of Birth/Age :	15.11.1970
Qualification :	B.Com
Experience :	10 Years
Date of Appointment :	31.03.2010
Name :	Mr. Giridhar Gopal Pulleti
Designation :	Non Executive and Independent Director
Address :	Plot No. MIG 41/A, Flat No. 3-2, MCH Park, Besie Vengala Rao Nagar, Hyderabad-500038, Andhra Pradesh, India
Date of Birth/Age :	10.08.1968
Qualification :	M.Sc.
Experience :	15 Years
Date of Appointment :	20.03.2010
Name :	Mr. Shashikant Babanrao Shinde
Designation :	Executive and Whole-Time Director
Address :	503, A Wing, Hemal Co-operative Housing Society, Off Veera Desai Road, Near Rukminis Vaihav, Amboli, Andheri (West), Mumbai-400058, Maharashtra, India
Date of Birth/Age :	14.01.1952
Qualification :	MBA
Experience :	35 Years
Date of Appointment :	01.10.2009
Date of Ceasing:	23.03.2010
Name :	Mr. Paul C. Naythatil
Designation :	Non Executive and Independent Director

KEY EXECUTIVES

Name :	Mrs. Harleen Sahni
Designation :	Company Secretary and Compliance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2,026,687	16.11
Bodies Corporate	5,549,950	44.13
Sub Total	7,576,637	60.24
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7,576,637	60.24
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	604,540	4.81
Sub Total	604,540	4.81
(2) Non-Institutions
Bodies Corporate	2,627,115	20.89
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	179,209	1.42
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	842,538	6.70
Any Others (Specify)	746,628	5.94
Clearing Members	745,697	5.93
NRIs/OCBs	931	0.01
Sub Total	4,395,490	34.95
Total Public shareholding (B)	5,000,030	39.76
Total (A)+(B)	12,576,667	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	12,576,667	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk Drugs and Formulation.

Products :

· Bulk Drugs · API- Quinine Salt API DIVISION PRODUCT LIST · Anti Malarial APIS (Second Generation) · Quinine Sulphate · Quinine Hydrochloride · Quinine Dihydrochloride · Quinine Bisulphate · Expectorant- Beromhexine Hcl. FORMULATION DIVISION PRODUCT LIST · Expectorants and Cough Syrups – Codience based · Hormore Replacement Therapy · Urinary Dysfunction · Pain Management – Terminally III Cancer Patients · Erectile Dysfunction · Alzheimer Disease and Dementia Medication · Anti Diabetic · Herbal, Allphatic and Homeopathic Lozenges · Anti Malarial Therapy · Anti TB Therapy

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Bulk Drugs	MT	450.00	326.42

Note: For API s, the reactors installed are to be of larger capacity so as to accommodate herbal based raw material inputs whose yield can vary from crop to crop. The reactors are also multipurpose in nature. Hence there is no direct correlation between installed capacity and actual production.

As on 31.03.2011

Particular	Unit	Actual Production	Installed Capacity
Formulation	Units in Thousands	5,09,371,73	15,71,650

GENERAL INFORMATION

No. of Employees :

261 (Approximately)

Bankers :

• State Bank of India
• The Shamrao Vithal Co-operative Bank Limited
• IDBI Bank Limited
• Corporation Bank
• Allahabad Bank

Facilities :

Secured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Term Loan From Banks	413.625	97.478
Interest accured but not due on term loan	2.904	1.068
Car Loan from bank (All secured against first charge on immovable assets and second charge on movable assets of the company)	0.000	0.273
Working capital loan from bank (All secured against first charge on the current assets)	816.965	397.122
Total	1233.494	495.941
Unsecured Loans	31.03.2011 Rs. in Millions	31.03.2010 Rs. in Millions
Loans and Trade Advances Received
Loans from Directors/ Shareholders	51.342	20.989
Advances from Company / Others	103.615	80.000
Total	154.957	100.989

Banking Relations :	--
Auditors :
Name :	Sunil Mistry and Company Chartered Accountants
Address :	B/10, Basant Court, Sion West, Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-25212210
Mobile No.:	91-9320488878
E-Mail :	sunilpmistry@gmail.com
Holding Company :	Aasda Life Care Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7576667	Equity Shares	Rs. 10/- each	Rs. 75.766 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		75.767	57.767	49.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1268.094	439.967	74.256
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1343.861	497.734	123.756
LOAN FUNDS
1] Secured Loans		1233.494	495.941	314.122
2] Unsecured Loans		154.957	100.989	62.151
TOTAL BORROWING		1388.451	596.930	376.273
DEFERRED TAX LIABILITIES		49.819	23.502	10.117
TOTAL		2782.131	1118.166	510.146
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		703.469	469.267	132.046
Capital work-in-progress		466.828	42.025	0.000
INVESTMENT		0.501	0.502	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	823.730	360.428	153.381
	Sundry Debtors	904.591	432.986	309.237
	Cash & Bank Balances	6.662	7.529	7.255
	Other Current Assets	0.000	3.302	0.602
	Loans & Advances	43.047	31.585	3.983
Total Current Assets		1778.030	835.830	474.458
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	(60.308)	156.049	68.292
	Other Current Liabilities	21.443	8.287	4.115
	Provisions	205.562	65.122	24.451
Total Current Liabilities		166.697	229.458	96.858
Net Current Assets		1611.333	606.372	377.600
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2782.131	1118.166	510.146

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3202.598	1616.715	901.338
		Other Income	1.948	5.263	0.136
		TOTAL (A)	3204.546	1621.978	901.474
Less	EXPENSES
		Increase/ Decrease in Finished Goods and WIP	(143.343)	[71.588]	[10.085]
		Material Cost	2470.323	1301.792	746.290
		Other Manufacturing Expenses	54.454	39.928	21.572
		Personnel Cost	46.256	23.387	15.659
		Administration Expenses	50.758	18.877	11.714
		Selling Expenses	17.673	11.619	7.233
		TOTAL (B)	2496.121	1324.015	792.383
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		708.425	297.963	109.091
Less	FINANCIAL EXPENSES (D)		136.104	60.365	25.788
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		572.322	237.598	83.303
Less/ Add	DEPRECIATION/ AMORTISATION (F)		25.836	8.788	5.171
	PROFIT BEFORE TAX (E-F) (G)		546.485	228.810	78.132
Less	TAX (H)		186.358	78.033	27.057
	PROFIT AFTER TAX (G-H) (I)		360.127	150.777	51.075
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of goods exported	116.253	90.801	7.714
	TOTAL EARNINGS		116.253	90.801	7.714
	IMPORTS
		Raw Materials	105.871	96.641	83.900
		Capital Goods	5.093	2.111	0.930
	TOTAL IMPORTS		110.964	98.752	84.830
	Earnings Per Share (Rs.)		52.00	30.34	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.23	9.30	5.67
Net Profit Margin (PBT/Sales)	(%)	17.06	14.15	8.67
Return on Total Assets (PBT/Total Assets}	(%)	18.53	17.53	12.88
Return on Investment (ROI) (PBT/Networth)		0.40	0.46	0.63
Debt Equity Ratio (Total Liability/Networth)		1.15	1.66	3.82
Current Ratio (Current Asset/Current Liability)		10.66	3.64	4.90

LOCAL AGENCY FURTHER INFORMATION

YEAR IN RETROSPECT:

The Companies Sales increased by 98% from Rs. 1616.715 Millions in the previous year to Rs. 3202.598 Millions in the current year. EBITDA increased by 138% from Rs. 297.963 Millions in the previous year to Rs. 708.425 Millions in the current year. PAT increased by 139% from Rs. 150.777 Millions in the previous year to Rs. 360.128 Millions in the current year. EPS increased from Rs. 30.34 in the previous year to Rs. 52.00 in the current year. Debt equity ratio improved from 1.00 in the previous year to 0.92 in the current year. Total outside Liability to Net Worth improved from 1.59 in the previous year to 1.12 in the current year.

BUSINESS OUTLOOK:

The Company's business strategy is to be a vertically integrated with presence in bulk drug manufacturing, intermediate drugs and finished dosage forms. The assets recently acquired at Mulshi, Pune engaged in the business of formulations/ FDFs has helped them to contract manufacture of lozenges, syrups and ointment/gels/creams. This acquisition gives them access to tap the potential of the formulation business thereby making them an integrated player with presence in the entire value chain in the pharmaceutical industry. The unit, is GMP certified and is spread over an area of 6,430 Sq. Mts. at Mulshi, near Pune.

The Company's present product portfolio consists of second generation, quinine based anti malarial APIs and third generation artemisinin based anti malarial APIs, niche APIs and FDFs. With the expansion of the existing facility and the acquisition of the formulation unit at Pune, the Company's product portfolio will consist of APIs and FDFs which shall be marketed in domestic and international markets as branded generics. In finished dosages, they will cover important therapeutic segments such as anti malarial, pain management, erectile dysfunction and hormone replacement therapy, anti obesity and herbal supplements in syrup and tablet form amongst others. their herbal formulations are for cough and cold, liver protection, throat congestion and osteoporosis. Presently they are supplying the APIs, niche API's and FDFs both domestically and international.. In the formulation segment, as contract manufacturer, they supply to companies like Wockhardt, Cipla, Glenmark etc. In their own branded generic segment, they are offering products like Anjtil, Rankorex, DoktorQure, Prosils, LivChek, Herbal Drops and Esyhil.

Further, in 2011, they have also launched products like Aanrich, Actipros, Ulsacare, Apticatch, Anjeniya Curcumacare, and Nicco-nil amongst others.

They have an established R and D centre at the existing facility at Mahad and Pune, Maharashtra. Through the proceeds of the Issue, they propose to expand their R and D centre at Mahad and Pune, Maharashtra. The R and D centre is focused on improving the existing processes of drug development and reducing the production time and cost. The Company intends to develop products for the oncology segment in its portfolio. They have set up a dedicated small R and D block in Mahad, Maharashtra for manufacturing highly potent anti cancer product from 100 grams to 500 grams.., and are in the process of setting up a separate facility for manufacturing anti cancer APIs .At present, they have 5 patents registered and 5 patents applied in the name of the Company in India, further, they have also acquired rights for 3 patent applications filed for improved and non infringing process for producing anti cancer APIs namely Gemicitabine Hydrochloride, Capacitabine and Docetaxel which are yet to be granted.

At the company, success is measured in terms of customer satisfaction and quality that is built into every product. The value of commitment to quality is also cherished by each of their 261 staff members and is consciously upheld by a network of approximately 130 distributors. They have entered into a management consultancy services agreement dated June 26, 2010 with Rx Pharma India for availing their services for sales management, marketing, and logistics to market their products.

Further, they have a trading license from the Food and Drug Administration, Maharashtra for buying and selling of bulk drugs and FDFs. They propose to outsource oncology APIs and FDFs from various companies till the new facilities are commissioned at Pune.

EXCELLENCE AWARDS:

The Company received the Best Green Business Award at the emerging India awards presented by ICICI Bank .CNBCTV-18 and CRISIL at Macau in November 2010. Dr Kannan Vishwanath received the Young Entrepreneur Award for Business excellence at the International Achievers Summit for Global Business at Singapore organized by Singapore India chamber of commerce on 24th June 2011.

The Company has Featured within "Top 100 Best Companies in India" to Work with in Study Conducted by Economic Time and Great Place to Work with 2011.

CAPITAL AND FINANCE:

The paid up share capital of the company has increased from Rs. 57.767 Millions to Rs. 75.767 Millions pursuant to issue of 1.800 Millions equity shares of Rs. 10 each at a premium of Rs. 260 per share to Kannan Vishwanath in August 2010 aggregating to Rs. 486.000 Millions. The sum of Rs. 468.000 Millions has been credited to share premium account. The Outstanding Term loans from State Bank of India, Shamrao Vithal Co-operative Bank Limited, IDBI Bank Limited and Corporation Bank stood at Rs. 416.530 Millions as at 31st March, 2011. The working capital limit stood at Rs. 816.965 Millions from State Bank of India, Shamrao Vithal Co-operative Bank Limited, IDBI Bank Limited, Corporation Bank and Allahabad Bank.

CAPEX:

The Company is undertaking capital expenditure program at its Mahad and Pune Plants. The Capital WIP on this account stands at Rs. 466.829 Millions as on 31st March, 2011.

As regards assets purchased from Prophyla Biologicals Private Limited during the last fiscal ended 31st March, 2010 for Rs. 274.220 Millions (net of VAT Rs. 15.362 Millions) totalling to Rs. 289.582 Millions. The Company had made part payment of Rs. 99.206 Millions during the year ended 31th March, 2010. The balance payment of Rs. 190.376 Millions has been made to the vendor during the year.

HOLDING COMPANY:

The Company is a subsidiary of Aasda Lifecare Limited (formerly Finaventure Capital Limited) during the year. The Holding Company holds 73.25% shares of the Company as at 31st March, 2011. However effective 20th May, 2011 the Company ceased to be the subsidiary of Aasda Lifecare Limited. Name of Aasda Lifecare Limited has been again changed back to Finaventure Capital Limited w.e.f 7th June, 2011 as no pharmaceutical business will be undertaken by the said company.

NAME CHANGE:

During the year, the name of the Company has been changed from AANJANEYA BIOTECH LIMITED to AANJANEYA LIFECARE LIMITED and the Registrar of Companies, Mumbai, Maharashtra issued a fresh certificate of incorporation consequent upon change of name w.e.f. June 19,2010.

INITIAL PUBLIC ISSUE-(IPO):

The Company came out with its Initial Public Offering (IPO) of 50,00,000 Equity shares of the face value of Rs. 10/- each at a price of Rs. 234/- (including share premium of Rs. 224/) per Equity share aggregating to Rs. 1170.0 Millions constituting 39.76 % of the fully diluted post issue paid up capital of the Company which was opened for subscription to QIB bidders, Retail individual bidders and Non- Institutional bidders from 9th May 2011 to 12th May 2011 . The issue was fully subscribed and allotment to the respective applicants were made on 20th May, 2011 in consultation with the Authorized Representatives of the designated Stock Exchange viz - Bombay Stock Exchange Limited. The entire issued, subscribed and fully paid up share capital comprising 1,25,76,667 equity shares of Rs. 10 each are listed on the National Stock Exchange of India Limited and The Bombay Stock Exchange Limited as per the in-principle approval dated 24th December, 2010 and 28th October, 2010 respectively received from the said Stock Exchanges.

Pursuant to the aforesaid IPO Finaventure Capital Limited (formerly Aasda Lifecare Limited) ceased to be the Holding Company of Aanjaneya Lifecare Limited consequent to dilution in its shareholding to 44.13% of the post issue paid up capital of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

OUTLOOK:

Aanjaneya has a proven and tested business model, a prudent strategy and competent people with expertise to deliver planned results. There is a strong balance sheet that supports the business plan. The professional in the company have a defining role in significantly accelerating its growth and transformation, and enchancing its position as one of the most valuable companies. Key strength of the company include its manufacturing infrastructure, the knowledge base at the research centres and the ability to deal successfully with its process chemistry strength. All the strength have been tested from the perspective plan to manufacturing plant and later in the market place. There is a powerful marketing infrastructure backed up by state of the art manufacturing systems that are driving the business.

Looking ahead, Aanjaneya is determined to create a significant market presence and offer quality products and services to meet both customer and stakeholder expectation.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Lab Equipments

· Air Conditioners

· Furniture and Fixtures

· Computers

· Office Equipments

· Motor Car

· Software

UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30^th JUNE ,2011

(Rs. in Millions)

	Particulars	Unaudited For The Quarter Ended
		30.06.2011
		(Unaudited)
1	(a) Net Sales/Income from Operations	1002.468
	(b) Other Operating Income	0.000
	Total Income (a+b)	1002.468
2	Expenditure
	a) (lncrease)/Decrease in Stocks in trade and work in progress	( 45.000)
	b) Consumption of raw materials	772.172
	c) Purchase of traded goods	0.628
	d) Employees Cost	14.800
	e) Depreciation	8.300
	f) Other Expenses	37.600
	g) Total	788.500
3,	Profit from Operations before Other Income,
	Interest and Exceptional Items (1-2)	213.968
4	Other Income	0.000
5	Profit before Interest and Exceptional Items (3+4)	213.968
6	Interest	43.100
7	Profit after Interest but before Exceptional Items (5-6)	170.868
8	Exceptional Items	0.000
9	Profit /(Loss) from ordinary activities before tax (7-8)	170.868
10	Tax Expenses	58.078
11	Net Profit/(Loss) from Ordinary Activities after Tax- (9-10)	112.790
12	Extraordinary Items (net of tax expense)	0.000
13	Net Profit/ (Loss) for the period (11-12)	112.790
14	Paid-up Equity Share Capital (Face Value of Rs. 10/- each)	125.767
15	Reserves excluding revaluation reserves as per balance sheet of previous accounting year	2500.890
16	Earning per share Basic and Diluted Earnings not annualised
	a) Basic and diluted EPS before extraordinary items for the period for the year to date and for the previous year	1.180
	b) Basic and diluted EPS after extraordinary items for the period for the year to date and for the previous year	1.180
17	Public shareholding
	- Number of shares	5,000,030
	- Percentage of shareholding	39.76%
18	Promoters and Promoter group Shareholding (a) Pledged/Encumbered
	-Number of Shares	0.000
	-Percentage of Shares (as a % of the total shareholding of promoter and	0.000
	promoter group)
	-Percentage of shares (as a % of the	0.000
	total share capital of the Company)
	b) Non-encumbered
	-Number of Shares	7,576,637
	-Percentage of Shares (as a % of the total shareholding of promoter and	100.00%
	promoter group)
	-Percentage of shares (as a % of the	60.24%
	total share capital of the Company)

Note:

1. The above results were reviewed by the Audit Committee and approved by the Board of Director at their meeting held on 12^th August 2011
2. The company has only one reportable segment i.e Pharmaceutical
3. The company made an initial public offer of 5,000,000 equity shares of Rs. 10/- at a price of Rs. 234/- (including premium of Rs. 224/-) aggregation to Rs.1170.000 Millions during the month of May 2011. The shares of the company got listed on National Stock Exchange of India Limited and Bombay Stock Exchange Limited on 27^th May 2011
4. The details of utilization of proceeds of initial public offer as required by clause 43 of the listing agreement is as under:

Particulars	Proposed in Prospectus	Actual Utilization of funds	Balancer to be utilized
For new project and expansion	1019.731	545.000	474.731
Expenses related with general corporate purposes	66.067	10.600	55.467
Issue expenses	84.202	84.202	0.000

5. investor complaints for the quarter ended 30.06.2011 Received NIL, Disposal NIL, Unresolved NIL
6. The company ceased to be subsidiary company of finaventure capital limited (formerly known as Aasda Lifecare Limited) w.e.f 20^th May 2011

BUSINESS DESCRIPTION:

Subject is an India- pharmaceutical company with manufacturing and marketing capabilities in Active Pharmaceutical Ingredients (APIs) with focus on anti-malarial, and Finished Dosage Forms (FDFs) catering to various therapeutic segments. The Company product portfolio consists of second generation, quinine-based anti malarial APIs and third generation artemisinin based anti malarial APIs and FDFs. The Company's herbal formulations are for cough and cold, liver protection, throat congestion and osteoporosis. As of March 31, 2011, the Company supplies its APIs and FDFs both domestically and exporting to around 15 countries, such as Kenya, Uganda, Argentina, Cyprus, South Africa, Indonesia, Tanzania, Yemen, West Indies, Switzerland, Vietnam, Congo, Hong Kong, Haiti, Syria and Jordan. During the year ended March 31, 2011, Aanjaneya has launched products like Aanrich, Actipros, Ulsacare, Apticatch, Anjeniya Curcumacare, and Nicco-nil amongst others. For the period ended 31 January 2011, Aanjaneya Lifecare Limited's revenues totaled Rs 2.8 B. Net income totaled Rs 311.1 M. The Company was incorporated on January 03, 2006. The Company is a vertically integrated pharmaceutical company manufacturing and marketing anti malarial APIs and finished dosage forms catering to various therapeutic segment. The Company began its manufacturing in 2007.

PRESS RELEASE:

Accord Fintech (India)

14 October 2011

India, Oct. 14 -- Aanjaneya Lifecare has informed that Harleen Sahni has tendered her resignation as the company secretary and compliance officer of the company and Yogesh Patel is appointed as the company secretary and compliance officer in her place with effect from October 10, 2011. Consequently, Yogesh Patel shall act as the secretary of all the committees formed by the company viz. audit committee, shareholders' or investors' grievance committee, remuneration committee and IPO committee.The above information is part of the company's filing submitted to the BSE. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com

Accord Fintech (India)

21 September 2011

India, Sept. 21 -- Indian equity indices are trading in red on a subdued note in absence of buying among investors who are reluctant to pick shares ahead of the US Federal Reserve's monetary policy meeting outcome. Local sentiments were also hurt by PMEAC chairman C Rangarajan's expectations that inflation may stay at current elevated level for coming three months and the RBI's stance on inflation depends on the inflation scenario in the coming three weeks. Market participants were seen piling up positions in Bankex, Consumer Durables and Realty while selling was witnessed in Oil and Gas, Auto and IT sector. Stocks like Godfrey Philips, Rallis India, Eicher Motors, VIP Industries, Residency Projects, Hindoostan Mills, Surana Industries, Rainbow Papers, Tree House, Esaar India and Aanjaneya Lifecare hit new high while stocks like Media Matrix, Agre Developers and Brooks Laboratories hit new low. Alok Industries is trading in green on reports that the company's promoter group entity, Alok Finance, purchased an additional 0.11% stake in the company from the open market. In other scrip specific development, Anil Dhirubhai Ambani Group Company'sReliance Infrastructure, Reliance Capital and Reliance Power were trading weak in red. GVK Power and Infrastructure was up after a block deal of 40.900 Millions shares. Mobile operator Bharti Airtel and Idea Cellular rose after adding strong mobile subscribers in August 2011. Strides Arcolab marches northwards on reports that the company may sell a part of its non-specialties business. Everonn Education is locked in the upper circuit limit on the bourses today after the company said that it will sell a 12% stake to Dubai-based Varkey Group firm Gems Education. Lumax Industries was firm in green on reports that Stanley Electric is planning to acquire the 37% stake owned by Lumax's Indian promoter. K S Oils tumbled and is in red on reports that the auditors of the company have found that the company faces a possible loss of a whopping Rs 4000.000 Millions which has not been accounted for. On the global front, Asian markets were trading in green barring Hang Seng and Jakarta while the European markets were trading in red on pessimistic note. The International Monetary Fund lowered its economic outlook for the US and Europe. It lowered economic growth estimate for the European Union of 17 nations to 1.6% from the previous estimate of 2%. Back home, the NSE Nifty and BSE Sensex were trading below their psychological 5,150 and 17,100 levels, respectively. The market breadth on the BSE was positive in the ratio of 1472:1243 while, 121 scrips remained unchanged.The BSE Sensex is currently trading at 17,044.75 down by 54.53 points or 0.32% after trading as high as 17,191.12 and as low as 17,000.61. There were 11 stocks advancing against 19 declines on the index.

The broader indices were trading on a positive note; the BSE Mid cap index gained 0.53% and Small cap advanced 0.47%. On the BSE sectoral space, Bankex up 0.81%, Consumer Durables up 0.62%, Realty up 0.58%, PSU up 0.47%, and Power up 0.47% were the major gainers while Oil and Gas down 1.20%, Auto down 0.69%, IT down 0.45%, Metal down 0.42% and FMCG down 0.26% were the top losers on the index.JP Associates up 2.07%, ICICI Bank up 1.76%, Coal India up 1.52%, NTPC up 1.05% and SBI up 0.95% were the major gainers on the Sensex, while Hindalco down by 3.00%, Maruti Suzuki down 2.30%, Hero MotoCorp down 2.28%, TCS down 1.78 and RIL down 1.76% were the major losers on the index.Meanwhile, the Prime Minister's Economic Advisory Council (PMEAC) chairman C Rangarajan expects inflation to stay at current elevated level for coming three months and the Reserve Bank of India's stance on inflation depends on the inflation scenario in the coming three weeks. C Rangarajan said "Monetary policy has a role to play even in supply-side inflation," while hinting that the RBI may hike its key rates to tame inflation, if inflation stays at current level. However, he expects inflation to come down to 7% by the end of current financial year. The headline inflation, measured by the Wholesale Price Index (WPI), have been hovering around 9% from last December and for month of August it stood at 9.78%, which is very close to two digit mark. As per the PMEAC Chairman, weak recovery in global economy and uncertainties in eurozone has raised the difficulties in restricting the current account deficit and fiscal deficit, as uncertainties in investor nations like eurozone counties and United States, will affect the capital inflow into the country. Expenditure side management is also getting difficult on account of ballooning subsidies, especially due to international oil prices, to keep the fiscal deficit at 4.6% of the GDP as targeted, PMEAC chairman said. However, adding further he said the economy had potential to grow at 9% but the short and medium term constraints, including inflation, were to be attended to realize the potential. But he stressed on the balancing growth and inflation in the domestic economy, by strict monetary and fiscal policy measures, to manage supply and demand side inflation. On the impact of slowdown in eurozone and US economy, he said that the Indian IT sector might get impacted to the extent of economic slowdown in the US and Eurozone. However, he expects that the US economy will not enter into negative growth zone. The S and P CNX Nifty is currently trading at 5,124.60, lower by 15.60 points or 0.30% after trading as high as 5,168.40 and as low as 5,109.85. There were 20 stocks advancing against 30 declines on the index. The top gainers of the Nifty were JP Associates up 1.93%, Ambuja Cement up by 1.77%, ICIC Bank up 1.73%, Siemens up 1.23% and NTPC up 1.16%.Hindalco down 3.00%, Hero MotoCorp down 2.52%, Cairn down 2.44%, Maruti down 2.29% and Reliance down 1.78% were the major losers on the index.Asian markets traded on a mixed note, Shanghai Composite surged 2.66%, KLSE Composite advanced 0.63%, Nikkei 225 gained 0.23%, Straits Times rose 0.08%, Seoul Composite surged 0.89% and Taiwan Weighted amassed 0.57%. On the other hand, Hang Seng shed 1.00% and Jakarta Composite sank 1.34%. The European markets were trading in red with, France's CAC 40 declined 0.93%, Germany's DAX slipped 1.28% and Britain's FTSE 100 shed 0.53%.

Accord Fintech (India)

20 September 2011

India, Sept. 20 -- Indian equity indices are trading in green on a firm note hovering around the highest point of the day overlooking the gloomy European market as investors continue to pile up hefty positions almost across the counters. Market participants were seen piling up positions in IT, TECk and Consumer Durables while selling was witnessed in Capital Goods sector. Stocks like Alfa Laval, Eros International, Tilak Finance, Residency Projects, Hindoostan Mills, Surana Industries, Esaar India and Aanjaneya Lifecare hit new high while stocks like Nitesh Estate, Tanla Solutions, Omkar Overseas and Brooks Laboratories hit new low. Natco Pharma rose after Litha Healthcare Group, a Johannesburg Stock Exchange listed integrated healthcare company, announced a strategic tie-up with the Hyderabad-based firm. Servalakshmi Paper is in green after its power plant and paper plant resumed production from September 19, 2011.In other scrip specific development, Everonn Education was locked at its upper circuit limit after the company's board at its meeting held September 19, 2011, approved issuing 2.618 Millions equity shares to Varkey Group on preferential basis at premium. Shares of Information Technology stocks like Infosys, TCS, Wipro, HCL Technologies, Oracle Financial Services, Mahindra Satyam, Mphasis, Tech Mahindra, Rolta India and iGate Patni were up after the Indian rupee fell to its weakest level in two years. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a major share of revenue from exports. Bharti Airtel is trading firm in green on reports that Bharti Telecom has raised stake in Bharti Airtel to 45.5%. Engineers India was up after a block deal of 5.009 Millions shares. Hectic activity was noticed along with heavy volumes in counters of India Securities, Hexaware Technologies and Goenka Diamond and Jewels due to fund based activity as of yesterday. Essar Capital bought 47,500,000 shares of India Securities while Essar Tele holdings sold 47,500,000 shares. Elder Hides and Leather sold 5,200,000 shares of Hexaware Technologies while Elder Venture LLP bought 5,200,000 shares. Vikabh Securities sold 225,000 shares of Goenka Diamond and Jewels. California Software Company is in green on reports that it is considering sale of its business unit enterprise solution that comprises of Inatech Infosolutions and its subsidiaries. EID Parry inched up on inking a share purchase agreement to buy additional stake in US Nutraceuticals LLC. ARSS Infrastructure is firm on diluting 50% stake in Rs 40.000 Millions Bhubaneshwar transport infrastructure project. On the global front, Asian markets were trading in mix while the European markets were trading in green on optimistic note. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 5,100 and 16,900 levels, respectively. The market breadth on the BSE was positive in the ratio of 1731:910 while, 110 scrips remained unchanged.The BSE Sensex is currently trading at 16,998.46 up by 253.11 points or 1.51% after trading as high as 17,024.14 and as low as 16,758.69. There were 26 stocks advancing against 4 declines on the index. The broader indices were trading on a positive note; the BSE Mid cap index gained 0.67% while Small cap advanced 0.92%. On the BSE sectoral space, IT up 2.81%, TECk up 2.39%, Consumer Durables up 2.25%, Bankex up 1.72%, and Metal up 1.64% were the major gainers while Capital Goods down 0.10% was the only losers on the index. Hindalco up 3.51%, Wipro up 3.48%, TCS up 3.07%, Infosys up 2.79% and SBI up 2.79% were the major gainers on the Sensex, while ONGC down by 3.38%, BHEL down 1.17%, Maruti down 0.40% and L and T down 0.12% were the only losers on the index. Meanwhile, the Finance Ministry is hopeful of meeting the indirect tax collections target of Rs 3980000 Millions this fiscal, despite industrial growth slowing down to 5.8% in the first four months against 9.7% in the corresponding period of last fiscal. Central Board of Excise and Customs (CBEC) Chairman S Dutt Majumder said, 'our revenue collection is robust right now. Total indirect tax collection is 23.9 percent up till August. I don't think there is any reason for concern (on meeting target). We are confident of achieving the target.' By adding further he said, central excise and service tax collections were good and so was customs duty collections. Followed by the robust service tax collections, the indirect tax mop-up in the April-August period rose by 23.9% to Rs 1577250.000 Millions. The government, on the contrary has pegged indirect taxes collections at Rs 3980000 Millions for this fiscal, representing a growth of 18% over Rs 3380000 Millions last fiscal. Uncertainties were expressed whether indirect tax collections target would be met, as industrial growth plunged to a 21-month low of 3.3% in July. Besides, the government has cut customs and excise duties on petroleum products, which contribute Rs 490000.000 Millions annually to the Centre kitty. On this the CBEC chairman, however, maintained that the cut in duties on petroleum products would not impact indirect tax mop up. Given that fiscal deficit has already reached 7.88% of GDP in the first quarter, the government cannot afford to overlook the tax collection at this point in time. On taxation of services based on a negative list, the CBEC chairman said the discussion is on whether to have a negative list or a positive one. 'That call (on negative list) will be taken later, as the Finance Minister Pranab Mukherjee has announced that he wants to have an informed debate on the subject, whether we should go for a positive list or negative list. So we have thrown that debate open,' he added. The CBEC chairman, however, said that service tax collection would increase if the negative list approach is pursued. The draft negative list of services was recently released by the finance ministry. The S and P CNX Nifty is currently trading at 5,115.05, higher by 83.10 points or 1.65% after trading as high as 5,116.85 and as low as 5,035.25. There were 44 stocks advancing against 6 declines on the index. The top gainers of the Nifty were Reliance Capital up 3.71%, Wipro up by 3.70%, RCOM up 3.58%, Hindalco up 3.54% and Reliance Power up 3.26%.ONGC down 3.28%, BHEL down 1.15%, Maruti down 0.40%, L&T down 0.33% and BPCL down 0.18% were the major losers on the index.Asian markets traded on a mixed note, Hang Seng added 0.51%, Shanghai Composite added 0.41%, Straits Times rose 0.73%, Seoul Composite surged 0.94% and Taiwan Weighted gained 0.16%. On the other hand, Jakarta Composite sank 0.41%, KLSE Composite shaved off 0.18% and Nikkei 225 plunged 1.61%. The European markets were trading in green with, France's CAC 40 advanced 0.32%, Germany's DAX gained 1.27% and Britain's FTSE 100 added 0.63%.

Accord Fintech (India)

19 September 2011

India, Sept. 19 -- Indian equity indices are trading in red on a weak note as euro-zone debt worries resurfaced due to which investors are reluctant to buy at current levels. Market participants were seen piling up positions in Consumer Durables while selling was witnessed in Capital Goods, Bankex and Metal sectors. Stocks like Alfa Laval, Eicher Motors, Eros International, VST Industries, Residency Projects, Esaar India, KKCL and Aanjaneya Lifecare hit new high while stocks like Emami Paper, Rupa and Company, SRS, Welspun Global, Refex Refrigerants and Brooks Laboratories hit new low. Munjal Auto Industries is trading firm in green on reports that the company's board will consider stock-split proposal on September 24, 2011.In other scrip specific development, Alfa Laval (India) surged ahead of its board meeting to consider delisting of its shares from the Bombay Stock Exchange and National Stock Exchange. Jet Airways is in green after the company increased its fuel surcharge by Rs 200 from Saturday, September 17, 2011. DQ Entertainment was trading higher on signing two multi-million dollar licensing deals. Wockhardt is currently trading in green on reports that the Competition Commission of India (CCI) has approved the proposed acquisition of the nutrition business of the company by global dairy major Danone. Kavveri Telecom Products surged after the company's subsidiary signed a pact with a cellular operator for providing wireless solutions. Mercator Lines is trading in green on reports that the company is eyeing Indonesia mine buy and overseas IPO for coal unit. SRF is firm on reports that the company has got carbon credits worth Rs 3050.000 Millions. On the global front, Asian markets were trading in red while the European markets were too trading in red on pessimistic note. European Union finance ministers' meeting in Poland over the weekend broke no new ground in dealing the euro-zone debt crisis. However, investors awaited a decision on whether Greece will receive a payment to help avoid a default. Back home, the NSE Nifty and BSE Sensex were trading below their psychological 5,050 and 16,800 levels, respectively. The market breadth on the BSE was negative in the ratio of 1217:1381 while, 134 scrips remained unchanged.The BSE Sensex is currently trading at 16,749.88 down by 183.95 points or 1.09% after trading as high as 16,865.93 and as low as 16,731.48. There were 4 stocks advancing against 26 declines on the index.The broader indices were too trading on a weak note; the BSE Mid cap index was down 0.14% while Small cap slipped 0.01%. On the BSE sectoral space, Consumer Durable up 0.35% was the only gainer while Capital Goods down 1.63%, Bankex down 1.26%, Metal down 0.96%, Oil and Gas down 0.93% and Health Care down 0.90% were the major losers on the index. JP Associates up 0.87%, Wipro up 0.65%, Tata Power up 0.41% and M and M up 0.14% were the only gainer on the Sensex, while Sterlite Industries down by 2.82%, Cipla down 2.49%, L and T down 2.34%, Sun Pharma down 2.16% and ICICI Bank down 2.15% were the major losers on the index.Meanwhile, an inter-ministerial committee chaired by planning commission member Saumitra Chaudhuri, has recommended to remove custom duty on imported Liquefied Natural Gas (LNG) instead of providing high subsides. The panel has demanded for slicing customs duty on imported LNG to zero, instead of cross-subsidizing the high-priced imported fuel by making domestic natural gas users pay more. However, the Department of Revenue, which is also a part of the inter-ministerial committee, has opposed the suggestion. The panel has proposed that the import duty on LNG should be aligned with that of crude oil, on which, the government has already reduced the custom duty to zero from 5% in June. The panel also suggested that government should treat LNG/natural gas as a declared good, so that they have a common concessional rate of VAT. It is reported that 'the Department of Revenue (which was also part of the committee) has not agreed to the proposal for aligning import duty on LNG with that of crude. On the issue of declared good status in regard of VAT, the Department of Revenue did not wish to record a view. 'The panel, which in its draft report a few months back had suggested averaging out the price of costlier imported LNG with cheaper domestic gas, did a complete vice versa in its final report by saying the proposal was not feasible. The averaging out of prices or pooling would have made users of cheaper domestic natural gas paying twice the amount that they pay now, so that the imported LNG could be sold at an equal rate. 'The committee does not recommend a pooling mechanism for natural gas at the overall level, nor does it recommend price pooling on a sectoral basis,' report noted. The panel in its August 25 report had said that the preferential allotment of domestic gas should be done to the priority fertilizer and power sectors only and other consumers like steel plants should be allocated imported LNG. Presently, domestic gas is currently priced at $4.2-5.5 per million British thermal units (mmBtu), whereas the fuel imported through ships in its liquid form is priced at $10-14 per mmBtu. 'These (non-priority) users operate in a market environment where their output prices are market-driven, with no regulatory burden, and hence, they should be able to pass on the higher costs of gas feedstock,' the report said. The government owned, major gas distribution firm GAIL India and Petronet LNG, which is also part of the panel, have been lobbying hard for pooling of gas prices as LNG, which is presently imported under long term contract from Qatar will cost upward of $12 mmBtu from 2014, whereas supplies under a new contract with Australia were priced at $14.5 per mmBtu. 'The recommendation put forth here does not envisage any form of pooling at the all-India level, cutting across industries,' the report noted. The S and P CNX Nifty is currently trading at 5,028.55, lower by 55.70 points or 1.10% after trading as high as 5,068.40 and as low as 5,024.95. There were 14 stocks advancing against 35 declines on the index while 1 stock remained unchanged.The top gainers of the Nifty were JP Associates up 2.12%, GAIL up by 2.02%, ACC up 1.14%, HCL Tech up 1.02%, and Wipro up 0.89%.Reliance Infra down 3.84%, Sterlite down 3.00%, ICICI Bank down 2.66%, Cipla down 2.64% and Axis Bank down 2.59% were the major losers on the index. Asian markets traded on a pessimistic note, Shanghai Composite declined 1.79%, Hang Seng plunged 2.76%, Jakarta Composite sank 2.49%, KLSE Composite shaved off 1.24%, Straits Times slumped 1.18%, Seoul Composite slipped 1.04% and Taiwan Weighted plummeted 1.27%. The stock markets in Japan remained closed in observance of public holiday. The European markets were too trading in red with, France's CAC 40 plummeted 2.75%, Germany's DAX got pounded 2.47% and Britain's FTSE 100 plunged 1.95%.

Asia Pulse Businesswire

16 August 2011

New Delhi, Aug 16 Asia Pulse - India's Aanjaneya Lifecare (BSE:533412) on Friday said its net profit rose by 57.62 per cent year-on-year to Rs 112.700 Millions (US$2.5 million) for the quarter ended June 30, 2011.

The company had posted a net profit of Rs 71.500 Millions for the quarter ended June 30, 2010, Aanjaneya Lifecare said in a filing to the Bombay Stock Exchange (BSE).

Net sales of the company for the quarter ended June 30, 2011, stood at Rs 1002.400 Millions, as against Rs 753.000 Millions for the corresponding period last fiscal.

The company made an initial public offer aggregating to Rs 1170.000 Millions in the month of May, 2011, and shares of the company got listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on May 27, 2011, Aanjaneya Lifecare said.

Shares of Aanjaneya Lifecare were being quoted at Rs 474 apiece in afternoon trade on the BSE on Friday, up 5.53 per cent from their previous close.

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. 50.06
UK Pound	1	Rs. 79.15
Euro	1	Rs. 69.03

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.