MIRA INFORM REPORT

Report Date :

28.04.2012

IDENTIFICATION DETAILS

Name :	GLAND PHARMA LIMITED
Registered Office :	#6-3-865/1/2, Flat No. 201, Greenland Apartments, Ameerpet, Hyderabad-500016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.03.1978
Com. Reg. No.:	01-002276
Capital Investment / Paid-up Capital :	Rs.117.585 Millions
CIN No.: [Company Identification No.]	U24239AP1978PLC002276
TAN No.: [Tax Deduction & Collection Account No.]	HYDG00199D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Small Volume Parental (SVPs) including Pre Filled Syringes (PFSs).
No. of Employees :	500 (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 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office :	#6-3-865/1/2, Flat No. 201, Greenland Apartments, Ameerpet, Hyderabad-500016, Andhra Pradesh, India
Tel. No.:	91-40-23541535 / 66621010
Fax No.:	91-40-23402229
E-Mail :	sampath@glandpharma.com gland@hd1.vsnl.net.in gland@glandpharma.com yvgkrao@glandpharma.com
Website :	http://www.glandpharma.com
Area :	4000 Sq .ft
Location :	Owned
Factory 1 :	Plot No. 9, Anrich Industrial Estate, Bollaram- 502325, India
Factory 2:	D. P. Pally Village, Dunogial P.O. Hyderabad-500016, Andhra Pradesh, India
Factory 3:	Plot No. C1-C9, Visakhapatnam Special Economic Zone (VSEZ), Duvvada, Visakhapatnam- 530046, Andhra Pradesh, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Penmetsa Venkata Narasimha Raju

Designation :

Chairman

Address :

6-3-865-1/A-303, Greenlands Appartments, Ameerpet, Hyderabad-500016, Andhra Pradesh, India

Date of Birth/Age :

28.05.1933

Date of Appointment :

03.12.1979

DIN No.:

00180021

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	U74899DL1977PTC008753	NOTHERN BIOLOGICALS AND CHEMICALS PRIVATE LIMITED	Director	11/10/1977	11/10/1977	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Whole-time director	1/10/2009	3/12/1979	-	Active	NO
3	U24110AP1974PTC001694	GLAND CHEMICALS PRIVATE LIMITED	Director	21/04/1989	21/04/1989	-	Active	NO

Name :

Mr. Ravindranath Penmesta

Designation :

Vice Chairman and Managing Director

Address :

6-3-865-1/A-303, Greenlands Appartments, Ameerpet, Hyderabad-500016, Andhra Pradesh, India

Date of Birth/Age :

11.10.1956

Date of Appointment :

21.10.1992

DIN No.:

00179939

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	U24110AP1974PTC001694	GLAND CHEMICALS PRIVATE LIMITED	Director	7/02/1983	7/02/1983	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Managing director	1/10/2009	21/10/1992	-	Active	NO
3	U70102AP2007PTC053046	GRAND PRESIDENCY PROPERTIES PRIVATE LIMITED	Director	7/03/2007	7/03/2007	-	Strike off	NO

Name :

Mr. Byrraju Rama Raju

Designation :

Executive Director

Address :

Plot No. 1254 A, Road No. 63, Jublie Hills, Hyderabad- 500033, Andhra Pradesh, India

Date of Birth/Age :

08.03.1980

Date of Appointment :

13.06.2005

DIN No.:

00148704

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	U01119AP1998PTC030409	BRNR AGRO PRIVATE LIMITED	Director	29/10/1998	29/10/1998	10/09/2011	Active	YES
2	U67120AP1998PTC030410	BRNR HOLDINGS PRIVATE LIMITED	Director	29/10/1998	29/10/1998	9/09/2011	Active	YES
3	U15142AP1999PTC032155	DHANISTA BIO-TECH PRIVATE LIMITED	Director	22/07/1999	22/07/1999	9/09/2011	Active	YES
4	U15142AP1999PTC032159	REVATHI AGRO-TECH PRIVATE LIMITED	Director	22/07/1999	22/07/1999	-	Active	NO
5	U15142AP2000PTC033697	ANURADHA GREENLANDS PRIVATE LIMITED	Director	25/02/2000	25/02/2000	10/09/2011	Active	YES
6	U15142AP2000PTC033695	BHARANI BIO-TECH PRIVATE LIMITED	Director	25/02/2000	25/02/2000	9/09/2011	Active	YES
7	U01119AP2000PTC034904	NARMADA GREENLANDS PRIVATE LIMITED	Director	1/01/2002	1/01/2002	10/09/2011	Active	NO
8	U01119AP2002PTC039369	MANDAKINI AGRO-TECH PRIVATE LIMITED	Director	25/07/2002	25/07/2002	9/09/2011	Active	NO
9	U01120AP2000PTC034817	SATMALA AGRO-FARMS PRIVATE LIMITED	Director	15/01/2003	15/01/2003	9/09/2011	Active	YES
10	U01119AP2003PTC041371	DRONAGIRI AGRO-FARMS PRIVATE LIMITED	Director	21/07/2003	21/07/2003	9/09/2011	Active	YES
11	U01120AP2000PTC034819	SARAYU AGRO-FARMS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	9/09/2011	Active	YES
12	U24219AP1999PTC031992	ROHINI BIO-TECH PRIVATE LIMITED	Director	26/09/2003	26/09/2003	9/09/2011	Active	YES
13	U01119AP2000PTC034908	SABARMATI AGRO-FARMS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	-	Active	NO
14	U01120AP2000PTC034796	PENGANGA AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	22/06/2009	Active	YES
15	U01120AP2000PTC034818	MEDRAVATI AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	14/11/2011	Active	NO
16	U01120AP2000PTC034795	YAMUNA AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	14/11/2011	Active	NO
17	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Whole-time director	13/06/2005	13/06/2005	-	Active	NO
18	U45201AP1999PTC033094	MAYTAS ESTATES PRIVATE LIMITED	Director	2/01/2008	23/11/2005	-	Active	YES

Name :

Dr. Gollagunta Nandamuni

Designation :

Director

Address :

205, D Block, Landmark Residency, 1-56, Madinguda, Hyderabad-500050, Andhra Pradesh, India

Date of Birth/Age :

15.07.1939

Date of Appointment :

05.07.2000

DIN No.:

00245512

Name :

Mr. Banduvula Vijay Prasad

Designation :

Director

Address :

3/2, RT, First Floor, Vijaya Nagar Colony, Hyderabad-500057, Andhra Pradesh, India

Date of Birth/Age :

15.03.1952

Date of Appointment :

07.09.2000

DIN No.:

01628590

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	L65992AP1984PLC004498	RAASI LEASING LIMITED	Director	26/06/1989	26/06/1989	10/07/2007	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Director	7/09/2000	7/09/2000	-	Active	NO

Name :

Mr. Udo Jahannes Vetter

Designation :

Director

Address :

IM Kammer Bruehl 24, D 88212, Ravensburg, Germany.

Date of Birth/Age :

23.11.1954

Date of Appointment :

22.10.2007

DIN No.:

00707474

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	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Director	22/12/2007	12/01/1996	-	Active	NO
2	U74900AP2008FTC058964	PASCHAL TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	2/05/2008	2/05/2008	-	Amalgamated	NO
3	U74900AP2008FTC058963	PASCHAL FORM WORK (INDIA) PRIVATE LIMITED	Director	2/05/2008	2/05/2008	-	Active	NO

Name :

Mr. G. Gopala Krishna Murty

Designation :

Director

Address :

7-B, Sanjeevareddy Nagar, Hyderabad-500038, Andhra Pradesh, India

Date of Birth/Age :

16.01.1931

Date of Appointment :

30.08.2004

DIN No.:

00312700

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	L24110AP1985PLC005315	SRI KRISHNA DRUGS LIMITED	Director	18/02/1985	18/02/1985	-	Amalgamated	NO
2	U24230AP1974PLC001790	SRI KRISHNA PHARMACEUTICALS LIMITED	Director	6/05/1989	6/05/1989	-	Active	NO
3	U65910AP1990PTC011408	KELLTON SECURITIES PRIVATE LIMITED	Director	21/06/1990	21/06/1990	16/09/2009	Active	NO
4	U24110AP1993PTC016704	SRI KRISHNA AGRI - FOODS PRIVATE LIMITED	Director	8/12/1993	8/12/1993	-	Active	NO
5	U24231TN1994PLC027491	NATCO ORGANICS LIMITED	Director	28/09/1996	28/09/1996	-	Active	NO
6	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Director	30/08/2004	30/08/2004	-	Active	NO

Name :

Mr. Moheb Masthan Ali

Designation :

Director

Address :

8-2-676/B/12, Plot No.48, Sai Nagar Colony, Banjara Hills, Road No. 13, Hyderabad- 500034, Andhra Pradesh, India.

Date of Birth/Age :

12.12.1943

Date of Appointment :

28.08.2006

DIN No.:

00699254

Other Directorship :

Top of Form S.No.Bottom of Form	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	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Director	29/09/2006	28/08/2006	-	Active	NO

Name :

Mr. Hariharanth Buggana

Designation :

Director

Address :

Plot No. 493, Road No. 22, Jublie Hills, Hyderabad- 500033, Andhra Pradesh, India.

Date of Birth/Age :

29.07.1948

Date of Appointment :

22.12.2007

DIN No.:

00695002

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	U74140AP2006PTC050912	INVASCENT ADVISORY SERVICES INDIA PRIVATE LIMITED	Managing director	9/09/2006	9/09/2006	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Director	25/08/2008	22/12/2007	-	Active	NO
3	U24231TN1990PTC019461	ANJAN DRUGS PRIVATE LIMITED	Alternate director	5/06/2009	5/06/2009	-	Active	NO
4	U85100TN2010PLC075403	DR. AGARWAL'S HEALTH CARE LIMITED	Director	30/09/2011	18/01/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
P.V.N. Raju	17700
Suryakantham	13000
Ravi Penmetsa	145300
K Jhansi Lakshmi	46000
S Kanaka Durga	38000
Sagi N Raju	7500
K Aravind Raju	12000
P. Tirumala Raju	4500
B.V.S. Sagar	5000
B. Tirumala Kumar	7000
Shabbir Taher Chas	8300
Kuresh Taher Chas	8300
P.S. Jyothi	4000
Gland Celsus Bio Chemicals Private Limited, India	2089600
Elem Investments Private Limited, India	280000
Fincity Investments Private Limited, India	280000
Highgrace Investments Private Limited, India	280000
Jestha Farms Private Limited, India	260000
V. P. Raju	269500
Bianca Maria Vetter	338600

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	40.05
Bodies corporate	57.26
Directors or relatives of Directors	2.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Small Volume Parental (SVPs) including Pre Filled Syringes (PFSs).

Products :

PRODUCT DESCRIPTION	ITEM CODE NO. (ITC CODE)
Enoxaparin	30019091
Heparin	30019091
Choindroitin Sulfate	30019099
Protamine Sulphate	29420001
Amikacin	29420039
Sodium Hyaluronate	29420039
Glucosamine	30019099

PRODUCTION STATUS : (AS ON 31.03.2011)

(Figures in Millions)

INSTALLED CAPACITY	31.03.2011
Ampoules	120.000
Vials	180.000
Pre-filled Syringes	48.000
Bottles	3.000

PRODUCTION	31.03.2011
Injectables	130.540
Orals (Strip of 10’s)	0.270

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· Syndicate Bank, Corporate Finance Branch, Hyderabad, Andhra Pradesh, India

· The Bank of Nova Scotia, 6-3-346/1, Road No. 1, Banjarahills, Hyderabad, Andhra Pradesh, 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	169.500	283.802
Other external commercial borrowings secured	18.881	18.134
Working capital loans banks secured	472.268	60.441
Hire purchase installment payable secured	4.761	4.591
Total	665.410	366.968
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Deferred sales tax loan unsecured	57.015	49.961
Other debt unsecured	7.650	2.950
Total	64.665	52.911

Banking Relations :	--
Auditors :
Name :	Y. Raghuram and Company Chartered Accountants
Address :	118, Phase –I, Kamalapuri, 8-3-833/ 118, Srinagar Colony, Hyderabad-500073, Andhra Pradesh, India
PAN.:	AAAFY5141J
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Gland Chemicals Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- each	Rs.160.000 Millions
1000000	Preference Shares		Rs.10.000 Millions
	TOTAL		Rs.170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11758494	Equity Shares	Rs.10/- each	Rs.11.585 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		117.585	117.585	117.585
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3386.944	2515.937	2147.631
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3504.529	2633.522	2265.216
LOAN FUNDS
1] Secured Loans		665.410	366.968	544.839
2] Unsecured Loans		64.665	52.911	44.982
TOTAL BORROWING		730.075	419.879	589.821
DEFERRED TAX LIABILITIES		173.063	165.631	158.286
TOTAL		4407.667	3219.032	3013.323
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2338.761	1539.585	1430.770
Capital work-in-progress		0.000	190.238	121.061
INVESTMENT		0.275	0.275	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1993.635	1151.934	510.202
	Sundry Debtors	740.973	439.009	399.815
	Cash & Bank Balances	640.269	498.920	633.176
	Other Current Assets	104.772	66.257	53.983
	Loans & Advances	220.684	109.659	72.426
Total Current Assets		3700.333	2265.779	1669.602
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	303.167	74.757	30.950
	Sundry Creditors	1077.453	584.167	96.880
	Provisions	251.082	117.921	80.280
Total Current Liabilities		1631.702	776.845	208.110
Net Current Assets		2068.631	1488.934	1461.492
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4407.667	3219.032	3013.323

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4579.022	2071.464	1640.704
		Other Income	97.366	67.800	101.260
		TOTAL (A)	4676.388	2139.264	1741.964
Less	EXPENSES
		Consumption materials changes inventories	2586.155	903.375
		Manufacturing service costs	96.676	73.183
		Employee related expenses	333.715	241.355	1230.042
		Administrative, selling other expenses	369.009	295.338
		Research development expenditure	37.613	22.929
		TOTAL (B)	3423.168	1536.180	1230.042
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1253.220	603.084	511.922
Less	FINANCIAL EXPENSES (D)		37.700	35.442	52.175
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1215.520	567.642	459.747
Less/ Add	DEPRECIATION/ AMORTISATION (F)		92.406	89.695	73.653
	PROFIT BEFORE TAX (E-F) (G)		1123.114	477.947	386.094
Less	TAX (H)		252.107	113.082	83.682
	PROFIT AFTER TAX (G-H) (I)		871.007	364.865	302.412
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1304.450	941.585	641.172
Less	APPROPRIATIONS
		Transfer to General Reserve	2.000	2.000	2.000
	BALANCE CARRIED TO THE B/S		2173.457	1304.450	941.585
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	1108.890	1011.610
	TOTAL EARNINGS		NA	1108.890	1011.610
	IMPORTS
		Raw Materials	NA	1150.220	107.500
		Capital Goods	NA	47.710	613.110
	TOTAL IMPORTS		NA	1197.930	720.610
	Earnings Per Share (Rs.)		74.07	31.03	25.72

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	18.62	17.05	17.36
Net Profit Margin (PBT/Sales)	(%)	24.53	23.07	23.53
Return on Total Assets (PBT/Total Assets}	(%)	18.59	12.55	12.45
Return on Investment (ROI) (PBT/Networth)		0.32	0.18	0.17
Debt Equity Ratio (Total Liability/Networth)		0.67	0.45	0.35
Current Ratio (Current Asset/Current Liability)		2.27	2.91	8.02

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Performance and Operations Review

During the year, the gross income of the Company was Rs.4676.380 Millions as against Rs.2139.260 Millions during the previous year reflecting a growth of 118.59%.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239AP1978PLC002276
Name of the company	GLAND PHARMA LIMITED
Address of the registered office or of the principal place of business in India of the company	#6-3-865/1/2, Flat No. 201, Greenland Apartments, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India Email : yvgkrao@glandpharma.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80010582
Type of charge	Immovable property
Particular of charge holder	The Bank of Nova Scotia, 6-3-346/1, Road No 1, Banjarahills, Hyderabad – 500034, Andhra Pradesh, India Email : ravi.aparanji@scotiabank.com
Nature of instrument creating charge	Memorandum of Entry Declaration and Undertaking
Date of instrument Creating the charge	29.10.2010
Amount secured by the charge	Rs.450.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate, as applicable for Rupee Loan LIBOR linked rates for export credits in Foreign Currency Terms of repayment Overdraft (repayable on demand), Export packing credit(max tenor up to 180 days), Export Bills Discounting with/without LC(max usance tenor 180 days), Short Term Working Capital Loan(max tenor up to 180 days), Letter of Credit (max tenor 180days), Guarantees (maximum tenor up to 12 months) Margin 25% on stocks and receivables Extent and operation of the charge Second charge on fixed assets of the company on pari passu basis and an equitable mortgage created on the immovable property of the company situated at Dommara Pochampally, Qutbullapur Mandal, Ranga Reddy District and Anrich Industrial Estate Bollaram and East- Bhonangi revenue village, Parwada Mandal, Vishakapatnam dist , fully described in memorandum of entry 1-2010 dated 29.10.2010 Other Personal Guarantees of Mr. P V N Raju and Dr. Ravi Penmetsa, directors of the Company
Short particulars of the property charged (Including location of the property)	All those and percels of land admesuring Ac 12.11 gts in village dommarapochampalli, qutubullapur mandal medchel dist survey no 143 to 151,more specifically described in the Memorandum of entry. All those and percels of land admesuring 1.06 gts (5130 sq yards) s nos 81 and 84 of ANRICH Indurstrial Estate Bollarum (v) jinnaram Mandal, Narsapur Tq Medak dist All those and parcels of land admeasuring 15.05 acres equivalent to 60904.72 sq mts situated in plot no 49 under Survey No 24,25,34, 35 of E Bonangi revenue village Plot No 50 under S No part 24,38, 23, 39, 22 and 21 of E Bonangi revenue village Parwada Mandal Visakhspatnam District
Brief description of the instrument modifying the charge under section 135	To secure working capital limits of Rs. 450.000 millions (enhanced from Rs. 80.000 millions to Rs. 450.000 millions vide Facility Letter BNS HYD CB 72 OL 08 2011 dated 18 June 2010) of The Bank of Nova Scotia under Multiple Banking Arrangement with Syndicate Bank. The limit of Bank of Nova Scotia is additionally secured by pari passu second charge on entire fixed assets of the company by EMT of deposit of title deeds, more fully described in the Memorandum of Entry no.1/2010 dated 29 October 2010, by Syndicate Bank

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Laboratory Equipment

· R and D Equipments

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Tubewell

· Computers

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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

CTI

SCORE & RATING EXPLANATIONS

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