MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	ASTRAZENECA INDIA PRIVATE LIMITED
Registered Office :	Hebbal, Bellary Road, Bangalore – 560024, Karnataka
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	06.01.1986
Com. Reg. No.:	08-007399
Capital Investment / Paid-up Capital :	Rs.289.683 Millions
CIN No.: [Company Identification No.]	U24111KA1986PTC007399
TAN No.: [Tax Deduction & Collection Account No.]	BLRA01219B
Legal Form :	Private Limited Liability Company
Line of Business :	The company is primarily engaged in Captive Research and Development Activities and Sourcing Advisory Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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 :	Hebbal, Bellary Road, Bangalore – 560024, Karnataka, India
Tel. No.:	91-80-23621212
Fax No.:	91-80-23621214/ 23622002
E-Mail :	jayasri.prasad@astrazeneca.com astrazeneca.india@astrazeneca.com Edward.godwin@astrazeneca.com
Website :	http://www.astrazenecaindia.com
Head Office/ South Zone :	Avishkar Off Bellary Road, PB No 2483 Hebbal, Bangalore – 560024, Karnataka, India
Tel. No.:	91-80-67748000

DIRECTORS

(AS ON 02.02.2011)

Name :

Dr. David John Haywood

Designation :

Director

Address :

23, Chaveney Road, Quorn Leicestershire LE 12 8 AB, UK

Date of Birth/Age :

01.11.1952

Date of Appointment :

22.06.2005

DIN No.:

01620549

Name :

Dr. Sudhir Krishnan Nambiar

Designation :

Director

Address :

A-303, Sterling Garden Apartment, Hebbal, Kempapura, Bangalore – 560024, Karnataka, India

Date of Birth/Age :

03.07.1961

Date of Appointment :

20.08.2009

DIN No.:

02760708

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	U24111KA1986PTC007399	ASTRAZENECA INDIA PRIVATE LIMITED	Managing director	1/10/2011	20/08/2009	Active	NO

Name :

Mr. Kaushik Banerjee

Designation :

Director

Address :

Flat No.106, First Floor, Sobha Jade Apartments, Jakkur, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

18.12.1957

Date of Appointment :

23.11.2010

Name :

Mr. Edward BK Godwin

Designation :

Director

Address :

83, Framingham Road, Sale, Cheshire M33 3RH, Cheshire

Date of Birth/Age :

28.07.1975

Date of Appointment :

02.02.2011

DIN No.:

03422509

KEY EXECUTIVES

Name :	Ms. Jayasri Prasad
Designation :	Secretary
Address :	4/C, North Public Square Road, Basavanagudi, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	26.11.1967
Date of Appointment :	21.07.1999
PAN No.:	AHSPP9280A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 02.02.2011)

Names of Shareholders	No. of Shares
Astrazeneca AB, Sweden	28968310
Astra Pharmaceuticals AB, Sweden	10
Total	28968320

(AS ON 30.06.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is primarily engaged in Captive Research and Development Activities and Sourcing Advisory Services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.12.2010	31.12.2009
	(Rs. In Millions)
External Commercial Borrowings from AstraZeneca Treasury Limited, United Kingdom (Amount Payable Within a period of one year Rs.93.354 Millions)	575.062	696.310
Total	575.062	696.310

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountant
Address :	Maruthi Info-Tech Centre, 11/12/1, Inner Ring Road, Koramangala, Bangalore – 560071, Karnataka, India
Tel No.:	91-80-39806000
Fax No.:	91-80-39806999
PAN No.:	AAAFB9852F
Holding Company :	AstraZeneca AB, Sweden
Ultimate Holding Company :	AstraZeneca Plc, United Kingdom
Fellow Subsidiary :	· AstraZeneca Pharma India Limited · AstraZeneca Singapore Pte Limited

CAPITAL STRUCTURE

(AS ON 31.12.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Share	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
28968320	Equity Share	Rs.10/- each	Rs.289.683 Millions

NOTE:

(Of the above 28968310 equity shares are held by AstraZeneca AB, Sweden, the holding company and the balance 10 equity shares are held by Astra Pharmaceuticals AB, Sweden. The ultimate Holding company is AstraZeneca Plc. United Kingdom)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		289.683	289.683	289.683
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		615.806	541.907	469.358
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		905.489	831.590	759.041
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		575.062	696.310	823.650
TOTAL BORROWING		575.062	696.310	823.650
DEFERRED TAX LIABILITIES		300.348	245.814	195.643
Capital Grants		29.320	29.354	37.628
TOTAL		1810.219	1803.068	1815.962
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1300.249	1345.035	1401.475
Capital work-in-progress		6.334	75.348	48.563
INVESTMENT		0.012	0.012	0.012
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	125.607	94.078	73.015
	Cash & Bank Balances	373.005	318.215	340.231
	Other Current Assets	40.440	23.294	9.300
	Loans & Advances	116.594	81.719	66.149
Total Current Assets		655.646	517.306	488.695
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	19.484	37.771	40.599
	Other Current Liabilities	106.934	77.117	73.595
	Provisions	25.604	19.745	8.589
Total Current Liabilities		152.022	134.633	122.783
Net Current Assets		503.624	382.673	365.912
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1810.219	1803.068	1815.962

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009
	SALES
		Turnover	1127.237	NA
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES
		TOTAL	1018.763	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		159.384	NA
Less/ Add	DEPRECIATION/ AMORTISATION		0.245	0.220
	PROFIT BEFORE TAX		159.139	NA
Less	TAX		85.240	NA
	PROFIT AFTER TAX		73.899	72.550
	EARNINGS IN FOREIGN CURRENCY
		Service Income	1127.237	949.025
		Revenue Grant	17.928	14.882
	TOTAL EARNINGS		1145.165	963.907
	IMPORTS
		Raw Materials	43.934	39.989
		Stores & Spares	6.651	7.462
		Capital Goods	87.247	124.604
	TOTAL IMPORTS		137.832	172.055
	Earnings Per Share (Rs.)		2.55	2.50

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
Net Profit Margin (PBT/Sales)	(%)	14.12	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	8.14	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.18	NA	NA
Debt Equity Ratio (Total Liability/Networth)		0.80	0.99	1.25
Current Ratio (Current Asset/Current Liability)		4.31	3.84	3.98

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last one years	Yes
Profitability for last one years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	No
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

BACKGROUND

The company was incorporate on 6 January 1986 as a private limited company under the companies Act, 1956 as Astra Biochemicals Private Limited. The name of the company was changed to AstraZeneca India Private Limited in June 1999. The registered office of the company located in Bangalore. The company is primarily engaged in Captive research and development activities and sourcing advisory services for the AstraZeneca Group.

OPERATIONS OF THE COMPANY

Scientific Report January 2010 - December 2010

Infection iMed

Portfolio and Project progression

AZD 5847 successfully completed Phase 1 studies both SAD and MAD where no adverse reactions were seen. The compound needs twice daily dosing and is thus going to be positioned of treating drug resistant TB. Further formulation studies would be required for treating drug sensitive patients who would require once daily dosing.

Development options for 5847: There are several streams of work to evaluate the value of a TB compound both direct and indirect values. Currently Phase 2a studies are being planned in collaboration with NIH and is expected to be starting Q3, 2010, this will be conducted at their clinical research site at University of Stellabosch in South Africa.

Portfolio- The current portfolio consists of 3 Lead Optimisation programmers, 2 Lead Identification programmes, there are several programmes in the hit identification phase.

Acollaboration with MMV towards finding new antimalarial drugs was initiated and the programme has finished screening the AZ compound library towards finding new leads.

Pharmaceutical Development

Infrastructure: The expanded facility to accommodate additional staff was completed by March 2010 as planned.

Recruitment: PD grew from 96 to 110 scientific personnel in 2010

Projects: They have increased the delivery of the projects over 2009 in line with the additional staff recruited as well as due to greater expertise of the staff.

Personnel: Several training programs were introduced to increase the capabilities of personnel. Good performers were rewarded.

SHE: No major accident happened during the period and there was no significant rise in the number of minor accidents over 2009. SHE awareness continued to rise.

Misc: PD continued to train qualifying college graduates in aspects of Process Safety before encouraging them to work in lndian Industry thereby shows a continuing commitment on behalf of AZ to enhance Process Safety standards in lndia.

OPERATIONS

The company continued to support the AstraZeneca group in connection with sourcing activities emanating from lndia. The sourcing activities included providing supplier and product data and reports on lndian markets to global sourcing on periodic basis; evaluating lndian suppliers as per AZ guidelines and recommend suitable suppliers to global sourcing; establishing commercial framework agreements with selected suppliers for product supplies; applying AZ best practices in the development of suppliers and facilitating any requirement for global sourcing activities from lndia.

Apart from sourcing of Active Pharmaceutical Ingredients for AstraZeneca group companies, another activity that was undertaken related to supporting the AstraZeneca Group in the Branded Generics (BGx) Initiative undertaken by the Group Company. AS a part of the BGx strategy, afew lndian suppliers were evaluated and finalised for providing Generic Formulated and Packed products to the AstraZeneca group companies in accordance with AstraZeneca’s quality standards. These products would then be exported to the various marketing companies for sale in the specific markers. The team based in lndia provided tremendous support to the group company in this vital project.

FINANCIAL

The Financial Year ended December 31, 2010, the Company earned Rs.1127.237 Millions in convertible Foreign Exchange by rendering services to MIS AstraZeneca AB Sweden and M/S AstraZeneca UK.

The Company added Fixed Assets worth Rs.201.961 Millions during the Year 2010. Written down value of Fixed Asset deletions during the year is Rs.2.231 Millions

FIXED ASSETS:

· Freehold Land

· Building

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Vehicles

· 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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.