MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	CONCORD BIOTECH LIMITED
Registered Office :	1482-86, Trasad Road, Dholka, Ahmedabad-387810, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.11.1984
Com. Reg. No.:	04-007440
Capital Investment / Paid-up Capital :	Rs.46.026 Millions
CIN No.: [Company Identification No.]	U24230GJ1984PLC007440
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00391G
PAN No.: [Permanent Account No.]	AAACC8514G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Penicilin G Amidase.
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A ( 64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 4450000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. Trade relations are fair. Business is active. General financial position is good. Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings.

NOTES :

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

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

INFORMATION PARTED BY

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

LOCATIONS

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

DIRECTORS

As on 30.09.2011

Name :

Mr. Sudhir Jairam Vaid

Designation :

Managing Director

Address :

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

Date of Birth/Age :

03.09.1952

Date of Appointment :

10.05.2000

DIN No.:

00055967

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Managing director	14/02/2011	10/05/2000	-	Active	NO
2	U74140GJ2004PTC043545	SUDMAN CONSULTANTS PRIVATE LIMITED	Director	2/08/2005	2/08/2005	-	Active	NO

Name :

Mr. Ravi Narendranath Kapoor

Designation :

Director

Address :

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

Date of Birth/Age :

25.07.1963

Date of Appointment :

15.12.2003

DIN No.:

00003847

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24229GJ1987PTC009600	RENI CONSULTANTS PRIVATE LIMITED	Director	11/07/2000	11/07/2000	-	Active	NO
2	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	15/12/2003	15/12/2003	-	Active	NO
3	U74140GJ2004PTC044545	AMITY CONSULTANTS PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO
4	U74999GJ1991PTC016402	YAN ADVISORY SERVICES PRIVATE LIMITED	Director	5/02/2007	5/02/2007	-	Active	NO
5	U74140GJ2006PLC048053	CORPORATE STRATEGIC ALLIANZ LIMITED	Director	1/04/2007	1/04/2007	-	Active	NO
6	U45202GJ2007PLC049808	SADBHAV INFRASTRUCTURE PROJECT LIMITED	Director	30/09/2008	1/04/2008	-	Active	NO
7	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	-	Active	NO
8	U74900GJ2008PTC053973	CORONEY TECHNOLOGIES PRIVATE LIMITED	Additional director	15/02/2012	15/02/2012	-	Active	NO

Name :

Mr. Ankur Sudhir Vaid

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

14.04.1982

Date of Appointment :

04.12.2009

DIN No.:

01857225

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140GJ2004PTC043545	SUDMAN CONSULTANTS PRIVATE LIMITED	Director	26/04/2007	26/04/2007	-	Active	NO
2	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Whole-time director	1/09/2011	4/12/2009	-	Active	NO

Name :

Mr. Utpal Hemendra Sheth

Designation :

Director

Address :

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

Date of Birth/Age :

20.06.1971

Date of Appointment :

04.12.2009

DIN No.:

00081012

Other Directorship:

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	U65990MH1991PTC063580	INSIGHT ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	11/10/1991	11/10/1991	-	Active	NO
2	U67120MH1997PTC105571	HRS INSIGHT FINANCIAL INTERMEDIARIES PRIVATE LIMITED	Director	31/01/1997	31/01/1997	-	Active	NO
3	U67100MH2005PTC151400	CHANAKYA CORPORATE SERVICES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
4	U51900MH1998PTC116557	TRUST TRADE AND INVESTMENT COMPANY PRIVATE LIMITED	Director	19/10/2006	19/10/2006	-	Strike off	NO
5	L72900MH2000PLC123841	APTECH LIMITED	Director	28/10/2006	28/10/2006	-	Active	NO
6	U19200MH1977PLC019449	METRO SHOES LIMITED	Alternate director	14/03/2007	14/03/2007	-	Active	NO
7	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Director appointed in casual vacancy	28/07/2007	28/07/2007	-	Active	NO
8	U65910MH1986PTC040671	CLUE LEASING AND FINANCE PRIVATE LIMITED	Director	1/11/2007	1/11/2007	-	Active	NO
9	U17120MH1993PTC074456	RARE EQUITY PRIVATE LIMITED	Additional director	1/11/2007	1/11/2007	-	Active	NO
10	U67120MH1988PTC049423	HILLCROFT INVESTMENTS COMPANY PRIVATE LIMITED	Additional director	1/11/2007	1/11/2007	-	Active	NO
11	U45400MH2008PTC177950	MOSS PROPERTIES PRIVATE LIMITED	Director	11/02/2008	11/02/2008	-	Strike off	NO
12	U45400MH2008PTC177951	MOSS ESTATES PRIVATE LIMITED	Director	11/02/2008	11/02/2008	-	Strike off	NO
13	U24110MH2001PLC134105	INNOVASSYNTH TECHNOLOGIES (INDIA) LIMITED	Director	30/09/2009	25/06/2008	-	Active	NO
14	L72200AP1993PLC015939	ZEN TECHNOLOGIES LIMITED	Director	12/09/2008	30/06/2008	-	Active	NO
15	U74920MH1982PLC027283	TOPS SECURITY LIMITED	Director	15/12/2008	22/07/2008	-	Active	NO
16	U70102MH2008PTC183684	RACE AHEAD PROPERTIES PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
17	L72200AP1990PLC011146	NCC LIMITED	Alternate director	31/10/2009	31/10/2009	-	Active	NO
18	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	14/09/2010	4/12/2009	-	Active	NO
19	L92142MH2002PLC135964	CINEMAX INDIA LIMITED	Additional director	29/10/2010	28/07/2010	-	Active	NO
20	U65991MH2010PTC206150	TRUST-PLUTUS WEALTH MANAGERS (INDIA) PRIVATE LIMITED	Director	31/07/2010	31/07/2010	-	Active	NO
21	U34300MH1994PLC081463	KLT AUTOMOTIVE AND TUBULAR PRODUCTS LIMITED	Director	29/09/2011	25/09/2010	-	Active	NO
22	U67110MH2011PTC215357	TRUST CAPITAL HOLDINGS PRIVATE LIMITED	Director	26/03/2011	26/03/2011	-	Active	NO
23	L92490TN1986PLC013044	STERLING HOLIDAY RESORTS (INDIA) LIMITED	Additional director	8/03/2012	7/11/2011	-	Active	NO

Name :

Mr. Harcharan Mohan Singh

Designation :

Director

Address :

10, Waterloo Crt, Thornhill, On – L3T6L9

Date of Birth/Age :

19.05.1949

Date of Appointment :

04.12.2009

DIN No.:

02852915

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	14/09/2010	4/12/2009	-	Active	NO
2	U51101AP2010PTC071300	GLOPEC INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO

Name :

Mr. Rajiv Ambrish Agarwal

Designation :

Director

Address :

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

Date of Birth/Age :

28.03.1971

Date of Appointment :

30.06.2008

DIN No.:

00379990

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85110AP1992PLC014728	QUALITY CARE INDIA LIMITED	Director	27/12/2005	27/12/2005	30/03/2012	Active	NO
2	U74999PN2006PTC128787	AVALON AVIATION ACADEMY PRIVATE LIMITED	Director	20/07/2006	20/07/2006	1/04/2011	Active	NO
3	L72900MH2000PLC123841	APTECH LIMITED	Director	28/06/2007	29/10/2006	-	Active	NO
4	L55101AP1965PLC001048	VICEROY HOTELS LIMITED	Alternate director	31/01/2007	31/01/2007	-	Active	NO
5	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2008	8/05/2008	-	Active	NO
6	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	30/09/2009	30/06/2008	-	Active	NO
7	U12000MH1999PTC119259	HUNGAMA DIGITAL MEDIA ENTERTAINMENT PRIVATE LIMITED	Director	25/09/2008	1/09/2008	-	Active	NO
8	U65910MH2007PTC172599	EQUIRUS CAPITAL PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO
9	U74120MH2011PTC224699	HUNGAMA DIGITAL SERVICES PRIVATE LIMITED	Director	8/12/2011	8/12/2011	-	Active	NO
10	U74999MH2012PTC226152	HUNGAMA .COM PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO

Name :

Mr. Satish Khanna

Designation :

Director

Address :

Flat No.71/A/71B, Royal Accord III, Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

07.10.1953

Date of Appointment :

07.05.2011

DIN No.:

01827559

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	U74140MH2005PTC153578	VALMAX CORPORATE SERVICES PRIVATE LIMITED	Director	27/05/2005	27/05/2005	-	Active	NO
2	U24231GJ2006PLC047462	NOVODIGM LIMITED	Director	14/08/2008	26/09/2007	-	Amalgamated	NO
3	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	30/09/2011	7/05/2011	-	Active	NO
4	U24232MH2010PTC199429	FULLIFE HEALTHCARE PRIVATE LIMITED	Director	22/07/2011	15/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Prakash Sajnani
Designation :	Secretary
Address :	Flat No.6, 2^nd Floor, Suryarath Flats B/H, Jhangiram Hospital, Kubernagar, Ahmedabad – 382340, Gujarat, India
Date of Birth/Age :	05.06.1971
Date of Appointment :	15.02.2004
PAN No.:	AHHPS5622G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sudhir Vaid and Manju Vaid	1374842
Ankur Vaid	30160
Megha Vaid	28364
Sudman Consultants Private Limited, India	432000
Rakesh Junhjunhwala	784898
Hemang Raichand Dharamshi and Harsha Hemang Dharamshi	13970
Ravindra Raichand Dharmashi	119294
Amal Niranjan Parikh	119580
Ravi Kapoor	20000
Tripat Kanta Vaid	10000
Jhunjhunwala Rekha Rakesh	616332
Amit Goel	5726
Rajeshkumar Radheshyam Junhjunhwala	22908
Prembala Singh	110590
Colvyn James Harris	4000
Abhigam Shares and Securities Private Limited, India	57274
Rajiv Agarwal	11454

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	5.57
Bodies corporate	10.63
Directors or relatives of Directors	42.10
Other top fifty shareholders	41.70
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Penicilin G Amidase.

Products :

PRODUCT DESCRIPTION	ITC CODE NO.
Mycophenolate Mofetil	2942.00.90
Tacrolimus	2942.00.90
Sirolimus	2942.00.90

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Biotechnology	MT	15.00	9.863
Bulk Drugs	MT	119.00	32.596

GENERAL INFORMATION

No. of Employees :

450 (Approximately)

Bankers :

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

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	7.581	22.710
Other debt secured	15.447	0.000
Total	23.028	22.710

Note:

(A) Secured by Equitable mortgage of the Land and Building except corporate office. First charge over plant and machinery and equipments situated at Dholka Factory and extension of charge over the entire current assets of the Company. [Payable within 12 Months Rs.7.581 Millions (Previous Year Rs.15.000 Millions)]

(B) Secured by Equitable mortgage of the Land and Building except corporate office. First charge over plant and machinery and equipments situated at Dholka Factory and extension of charge over the entire current assets of the Company. [Payable within 12 Months Rs.7.581 Millions (Previous Year Rs.15.000 Millions)]

(C) Buyers Credit Limit: (Exclusive first charge over the entire fixed assets of the Company (Both present and future) excluding vehicles and corporate office extension of charge over the entire current assets of the company)

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage, 3^rd Floor, Near Gujarat, Vidhyapith, off Ashram Road, Ahmedabad-380014, Gujarat, India
PAN.:	AABFD7919A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4602596	Equity Shares	Rs.10/- each	Rs.46.026 Millions

Of the above shares 2301298 Equity shares (Previous Year NIL) of Rs.10 each were issued as fully Paid up Bonus shares by capitalisation of Securities Premium During the financial year 2009-10 the Company has bought back and extinguished 232237 equity shares pursuant to provisions of Section 77A & 77B of the Companies Act 1956.

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		46.026	23.012	25.335
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1065.960	749.837	623.397
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1111.986	772.849	648.732
LOAN FUNDS
1] Secured Loans		23.028	22.710	72.269
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		23.028	22.710	72.269
DEFERRED TAX LIABILITIES		71.830	36.280	27.806
TOTAL		1206.844	831.839	748.807
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		639.379	404.169	329.909
Capital work-in-progress		70.489	120.418	64.403
INVESTMENT		0.000	30.092	120.335
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	187.487	140.438	149.873
	Sundry Debtors	301.750	238.174	109.145
	Cash & Bank Balances	122.287	6.111	2.270
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	80.282	55.465	33.367
Total Current Assets		691.806	440.188	294.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.111	83.501	40.994
	Other Current Liabilities	48.217	15.450	12.196
	Provisions	62.502	64.077	7.305
Total Current Liabilities		194.830	163.028	60.495
Net Current Assets		496.976	277.160	234.160
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1206.844	831.839	748.807

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1085.885	1046.996	531.307
		Other Income	38.068	17.695	28.933
		TOTAL (A)	1123.953	1064.691	560.240
Less	EXPENSES
		Consumption materials changes inventories	177.899	212.598
		Manufacturing service costs	185.292	133.472	367.655
		Employee related expenses	62.182	41.568
		Administrative selling other expenses	57.724	52.644
		Research development expenditure	16.595	7.970
		TOTAL (B)	499.692	448.252	367.655
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		624.261	616.439	192.585
Less	FINANCIAL EXPENSES (D)		1.723	3.830	6.799
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		622.538	612.609	185.786
Less/ Add	DEPRECIATION/ AMORTISATION (F)		69.773	50.983	43.648
	PROFIT BEFORE TAX (E-F) (G)		552.765	561.626	142.138
Less	TAX (H)		159.958	192.000	46.459
	PROFIT AFTER TAX (G-H) (I)		392.807	369.626	95.679
Add	PRIOR PERIOD ADJUSTMENTS		--	--	1.251
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		568.136	278.276	181.346
Less	APPROPRIATIONS
		Transfer to General Reserve		37.000	0.000
		Dividend	93.670	34.520	0.000
		Tax on Dividend		5.866	0.000
		Employee Benefits		0.000	0.000
	BALANCE CARRIED TO THE B/S		867.273	568.136	278.276
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	462.260	611.126	314.038
	TOTAL EARNINGS		462.260	611.126	314.038
	IMPORTS
		Raw Materials	22.945	27.811	7.934
		Stores & Spares	2.767	0.008	0.373
		Capital Goods	42.971	37.394	29.027
	TOTAL IMPORTS		68.683	65.213	37.334
	Earnings Per Share (Rs.)		85.34	79.79	40.14

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

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

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	34.94	34.72	17.07
Net Profit Margin (PBT/Sales)	(%)	50.90	53.64	26.75
Return on Total Assets (PBT/Total Assets}	(%)	41.52	66.52	22.75
Return on Investment (ROI) (PBT/Networth)		0.50	0.73	0.21
Debt Equity Ratio (Total Liability/Networth)		0.20	0.24	0.20
Current Ratio (Current Asset/Current Liability)		3.55	2.70	4.87

LOCAL AGENCY FURTHER INFORMATION

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

Operations:

Company continues to focus on technology development and improvement and considering the fact the same is not possible without proper Research & Development infrastructure it has during the year set up an state of art R&D facility by incurring a capital cost of Rs.83.780 Millions. This will help Company substantially in the time to come.

Company would consolidate its operations further during the current year and are hopeful of increase in revenues as compared to the performance.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24230GJ1984PLC007440
Name of the company	CONCORD BIOTECH LIMITED
Address of the registered office or of the principal place of business in India of the company	1482-86, Trasad Road, Dholka, Ahmedabad – 387810, Gujarat, India Email : finance@concordbiotech.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90099613
Type of charge	Book Debts Movable Property
Particular of charge holder	Axis Bank Limited, Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad -380006, Gujarat, India Email : Deepak3.Sharma@axisbank.com
Nature of instrument creating charge	Supplement Deed of Hypothecation
Date of instrument Creating the charge	17.02.2012
Amount secured by the charge	Rs.140.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge Charge of Rs.140.000 Millions on Primary security Exclusive first charge on entire current assets of the Co.(both present and future)Collateral Security: Extension of Charge on the entire movable fixed assets of the Company (both present and future) excluding vehicles. Extension of charge on immovable fixed assets of the Company (both present and future) situated at RS.no.1482-1486, Dholka, District Ahmedabad, excluding a.) all other immovable properties in the name of the Company b.)machinery purchased under buyer credit limit availed by Citi Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive first charge on the entire current assets of the Company both present and future. Extension of charge over the entire moveable fixed assets of the Company (both present and future) excluding vehicles. Extension of charge over immovable fixed asset of the Company (both present and future) situated / installed at Survey No. 1482-1486 Dholka, District Ahmedabad excluding a) all other immovable properties in the name of the Company b) machinery purchased under Buyer's credit limit availed from Citi Bank
Date of instrument modifying the charge	17.02.2012
Particulars of the present modification	By this modification the Bank has enhanced limit of Bank Guarantee from Rs.150.000 Millions to 20.000 Millions and Letter of Credit from Rs. 10.000 Millions to 20.000 Millions and the overall limit of this charge is increased from Rs. 111.500 Millions to Rs. 140.000 Millions. The entire break of the facilities granted are mentioned below: (Rs. in Millions) CC: 80.000 Millions, WCDL:(50.000 Millions), Inland LCBD:(30.000 Millions), EPC/ PCFC/ FBP/ FBD/ PSCFC:(80.000 Millions), B G:20.000 Millions, LC:20.000 Millions Buyers Credit as sub limit of CC:(50.000 Millions) LER: (40.000 Millions) LER (On stand alone basis): 20.000 Millions

FIXED ASSETS

Tangible Assets

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

In Tangible Assets

• Software
• Technical Know - how

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	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.