1. Summary Information

		Country	India
Company Name	SERUM INSTITUTE OF INDIA LIMITED	Principal Name 1	Mr. Adar Cyrus Poonawalla
Status	Excellent	Principal Name 2	Mr. Behroze Zavareh Poonawalla
		Registration #	11-032945
Street Address	212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411 028, Maharashtra, India
Established Date	22.05.1984	SIC Code	--
Telephone#	91-20-26993900/ 26993904	Business Style 1	Manufacturers
Fax #	91-20-26993921/ 26133228	Business Style 2	--
Homepage	http://www.seruminstitute.com	Product Name 1	Human Vaccine
# of employees	600 (Approximately)	Product Name 2	Preventive Product
Paid up capital	Rs.48,192,530/-	Product Name 3	--
Shareholders	Bodies corporate - 68.00 % Directors or relatives of directors - 32.00 %	Banking	Bank of Baroda
Public Limited Corp.	NO	Business Period	28 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Aa (78)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Poonnawalla Investments and Industries Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	4,415,783,000	Current Liabilities	1,258,337,000
Inventories	3,329,672,000	Long-term Liabilities	4,709,829,000
Fixed Assets	8,779,733,000	Other Liabilities	370,375,000
Deferred Assets	363,670,000	Total Liabilities	6,338,541,000
Invest& other Assets	10,012,138,000	Retained Earnings	20,514,263,000
		Net Worth	20,562,455,000
Total Assets	26,900,996,000	Total Liab. & Equity	26,900,996,000
Total Assets (Previous Year)	21,343,141,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	9,054,615,000	Net Profit	4,337,730,000
Sales(Previous yr)	7,058,449,000	Net Profit(Prev.yr)	2,871,500,000

MIRA INFORM REPORT

Report Date :

03.08.2012

IDENTIFICATION DETAILS

Name :	SERUM INSTITUTE OF INDIA LIMITED
Registered Office :	212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411028, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.05.1984
Com. Reg. No.:	11-032945
Capital Investment / Paid-up Capital :	Rs.48.192 Millions
CIN No.: [Company Identification No.]	U80903PN1984PLC032945
TAN No.: [Tax Deduction & Collection Account No.]	PNES15736A/ PNES00023C
PAN No.: [Permanent Account No.]	AABCS4225M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Vaccines and Immuno - Biologicals that include Tetanus Toxoid, Diphtheria, Measles, Mumps, Rubella and Hepatitis-B.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 82000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an old, well established and reputed company specialized in producing preventive and curative products. Financial position of the company appears to be sound. Profitability of the company is growing from past several years. Fundamentals appear to be strong and healthy. Directors are reported to be experienced and respectable businessmen. Some of them are qualified doctors. Trade relations are fair. Business is active. Payments are reported to be regular 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Short Term Bank Facilities : CARE A1+
Rating Explanation	Very strong degree of safety regarding timely payment of financial obligation and low credit risk
Date	26.12.2011

Rating Agency Name	CARE
Rating	Long Term Bank Facilities : CARE AAA
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	26.12.2011

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Human Resources / International Marketing Division :	212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411 028, Maharashtra, India
Tel. No.:	91-20-26993900/ 26993904
Fax No.:	91-20-26993921/ 26133228
E-Mail :	serum.institute@gmail.com contact@seruminstitute.com hr@seruminstitute.com serumexports@vsnl.com serum.institute@gmail.com
Website :	http://www.seruminstitute.com
Domestic Marketing Division :	501, Dalamal Tower, 211, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22840370
Fax No.:	91-22-22044389
E-Mail :	marketing@seruminstitute.com
Finance Division:	Sarosh Bhavan, 16-B/1, Dr. Ambedkar Road, Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-26137221
Fax No.:	91-20-26133228
E-Mail :	finance@seruminstitute.com
Administrative Office :	13/375, Khara Niwas, 2^nd Floor, Gurunanak Nagar, Off Shankar Sheth Road, Pune – 411 042, Maharashtra, India
Tel. No.:	91-20-26993900
Fax No.:	91-20-26993921
E-Mail :	adminoff@seruminstitute.com
Branch Office :	Located at: · Chennai · Kolkata · New Delhi · Surat · Vishakapatnam · Trivandrum

DIRECTORS

AS ON 21.09.2011

Name :	Mr. Adar Cyrus Poonawalla
Designation :	Whole Time Director
Address :	11, Poonawalla Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	14.01.1981
Date of Appointment :	08.04.2005
DIN No.:	00044815

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51503MH1985PTC035067	ADAR POONAWALLA FINVEST PRIVATE LIMITED	Director	20/01/1999	20/01/1999	-	Active	NO
2	U12140PN1994PLC075977	POONAWALLA RACING AND BREEDING LIMITED	Director	8/4/1999	8/4/1999	21/12/2009	Active	NO
3	U65921PN1994PTC082077	ADURJEE AND BROS PRIVATE LIMITED	Director	20/07/1999	20/07/1999	-	Active	NO
4	U65993MH1974PTC017311	POONAWALLA INVESTMENTS AND INDUSTRIES PRIVATE LIMITED	Director	24/09/1999	24/09/1999	-	Active	NO
5	U74920PN1994PTC078908	POONAWALLA SHARES AND SECURITIES PRIVATE LIMITED	Director	24/09/1999	24/09/1999	-	Active	NO
6	U65993PN1989PTC054514	CORPINT INVESTMENTS PRIVATE LIMITED	Director	4/1/2000	4/1/2000	-	Active	NO
7	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
8	U31900PN1990PTC058951	FORTUNE INTERCONTINENTAL PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
9	U51101PN1993PLC072981	SERUM INTERNATIONAL LIMITED	Whole-time director	1/4/2008	8/4/2005	-	Amalgamated	NO
10	U80903PN1984PLC032945	SERUM INSTITUTE OF INDIA LIMITED	Whole-time director	1/4/2011	8/4/2005	-	Active	NO
11	U73200PN2005PTC021143	AMRON TECHNOLOGIES PRIVATE LIMITED	Director	17/08/2005	17/08/2005	-	Active	NO
12	U65993PN1990PTC054851	CHAKAN INVESTMENT PRIVATE LIMITED	Director	5/10/2005	5/10/2005	-	Active	NO
13	U24232PN2005PTC021381	ADAR PHARMA PRIVATE LIMITED	Director	6/10/2005	6/10/2005	-	Active	NO
14	U01409PN2006PTC022268	POONAWALLA ESTATES STUD AND AGRI FARM PRIVAE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
15	U24231MH1975PTC018714	CYZA CHEM PRIVATE LIMITED	Director	29/09/2006	7/9/2006	-	Active	NO
16	U70101PN2003PTC018014	SIMONE POONAWALLA CONSTRUCTIONS AND STUD PRIVATE LIMITED	Director	24/09/2007	30/11/2006	-	Active	NO
17	U29299PN2005PTC021249	POONAWALLA STUD FARM PRIVATE LIMITED	Director	24/09/2007	30/11/2006	-	Active	NO
18	U67120PN1991PTC059737	NAUKHAL INVESTMENT PRIVATE LIMITED	Director	29/09/2007	16/01/2007	-	Active	NO
19	U72900PN2006PTC129140	SILO MEDIA AND SOLUTIONS PRIVATE LIMITED	Director	29/09/2007	28/02/2007	-	Active	NO
20	U45202PN2007PTC130231	CITY DEVELOPMENT (MAHARASHTRA) PRIVATE LIMITED	Director	30/09/2008	30/01/2008	4/2/2011	Active	NO
21	U74999PN2009PTC134929	VILLOO POONAWALLA RACING AND BREEDING PRIVATE LIMITED	Director	6/11/2009	6/11/2009	-	Active	NO

Name :	Mr. Behroze Zavareh Poonawalla
Designation :	Director
Address :	12, Poonawalla Park, Salisbury Park,Swargate, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	08.12.1946
Date of Appointment :	01.02.1986
DIN No.:	00044877

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U80903PN1984PLC032945	SERUM INSTITUTE OF INDIA LIMITED	Director	1/2/1986	1/2/1986	-	Active	NO
2	U65993PN1988PTC049504	YODELSIM HOLDINGS PRIVATE. LIMITED.	Director	3/11/1988	3/11/1988	-	Active	NO
3	U01214PN1989PTC050267	CYZA AGRO AND STUD FARMS PRIVATE LIMITED	Director	8/7/1989	8/7/1989	-	Active	NO
4	U01214PN1945PTC004667	POONA STUD FARM PRIVATE LIMITED	Director	8/12/1990	8/12/1990	-	Active	NO
5	U12140PN1994PLC075977	POONAWALLA RACING AND BREEDING LIMITED	Director	10/1/1994	10/1/1994	-	Active	NO
6	U65993PN1985PTC037194	ANNILNA INVESTMENT PRIVATE LIMITED	Director	22/08/1995	22/08/1995	-	Active	NO
7	U67120PN1991PTC059736	EXHILARATION INVESTMENT PRIVATE LIMITED	Director	23/02/1996	23/02/1996	-	Active	NO
8	U65993PN1995PTC084968	YOHAN POONAWALLA FINANCIALS PRIVATE LIMITED	Director	6/9/1996	6/9/1996	-	Amalgamated	NO
9	U65999PN1987PTC044058	POONAWALLA HOLDINGS PRIVATE LIMITED	Director	13/08/1997	13/08/1997	-	Active	NO
10	U65993PN1989PTC051541	POONAWALLA FINVEST AND AGRO PRIVATE LIMITED	Director	23/08/1997	23/08/1997	-	Active	NO
11	U01214PN2000PTC015174	POONAWALLA ASTONISH STUD PRIVATE LIMITED	Director	1/8/2000	1/8/2000	-	Active	NO
12	U01214PN2000PTC015175	ASTONISH STUD PRIVATE LIMITED	Director	1/8/2000	1/8/2000	-	Amalgamated	NO
13	U65929PN1989PTC051960	POONAWALLA FINANCIALS PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
14	U45209PN2006PTC128699	DELNA PROPERTIES PRIVATE LIMITED	Director	6/7/2006	6/7/2006	-	Active	NO
15	U92490PN2010PTC135331	EXHILARATION STUD PRIVATE LIMITED	Director	15/01/2010	15/01/2010	-	Active	NO

Name :	Dr. Cyrus Soli Poonawalla
Designation :	Chairman cum Managing Director
Address :	11, Poonawalla Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	11.05.1941
Date of Appointment :	22.05.1984
DIN No.:	00044650

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993MH1974PTC017311	POONAWALLA INVESTMENTS AND INDUSTRIES PRIVATE LIMITED	Director	23/03/1974	23/03/1974	-	Active	NO
2	U24231MH1975PTC018714	CYZA CHEM PRIVATE LIMITED	Director	27/12/1975	27/12/1975	-	Active	NO
3	U65993MH1974PTC017705	CHANDA INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	21/03/1977	21/03/1977	11/12/2007	Active	NO
4	U80903PN1984PLC032945	SERUM INSTITUTE OF INDIA LIMITED	Managing director	1/7/2012	22/05/1984	-	Active	NO
5	U51909PN1989PLC053910	SPAN OVERSEAS LIMITED	Director	16/10/1989	16/10/1989	30/11/2006	Active	NO
6	U31900PN1990PTC058951	FORTUNE INTERCONTINENTAL PRIVATE LIMITED	Director	13/11/1990	13/11/1990	-	Active	NO
7	U65993PN1989PTC054514	CORPINT INVESTMENTS PRIVATE LIMITED	Director	20/12/1990	20/12/1990	-	Active	NO
8	U51503MH1985PTC035067	ADAR POONAWALLA FINVEST PRIVATE LIMITED	Director	23/10/1992	23/10/1992	-	Active	NO
9	U51101PN1993PLC072981	SERUM INTERNATIONAL LIMITED	Whole-time director	30/01/2009	19/07/1993	-	Amalgamated	NO
10	U12140PN1994PLC075977	POONAWALLA RACING AND BREEDING LIMITED	Director	10/1/1994	10/1/1994	21/12/2009	Active	NO
11	U65921PN1994PTC082077	ADURJEE AND BROS PRIVATE LIMITED	Director	17/10/1994	17/10/1994	-	Active	NO
12	U74920PN1994PTC078908	POONAWALLA SHARES AND SECURITIES PRIVATE LIMITED	Director	2/1/1995	2/1/1995	-	Active	NO
13	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
14	U67120PN1991PTC059737	NAUKHAL INVESTMENT PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
15	U35301PN2005PTC020721	POONAWALLA AVIATION PRIVATE LIMITED	Director	11/5/2005	11/5/2005	-	Active	NO
16	U65993PN1990PTC054851	CHAKAN INVESTMENT PRIVATE LIMITED	Director	5/10/2005	5/10/2005	-	Active	NO
17	U01409PN2006PTC022268	POONAWALLA ESTATES STUD AND AGRI FARM PRIVAE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
18	U70101PN2003PTC018014	SIMONE POONAWALLA CONSTRUCTIONS AND STUD PRIVATE LIMITED	Director	24/09/2007	30/11/2006	-	Active	NO
19	U29299PN2005PTC021249	POONAWALLA STUD FARM PRIVATE LIMITED	Director	24/09/2007	30/11/2006	-	Active	NO
20	U91990MH1925PLC001182	ROYAL WESTERN INDIA TURF CLUB LIMITED	Director	21/12/2006	21/12/2006	17/12/2009	Active	NO
21	U70101PN2003PTC018015	ADRUS ESTATES AND PROPERTIES PRIVATE LIMITED	Director	17/09/2007	14/03/2007	-	Converted to LLP and dissolved	NO
22	U45202PN2007PTC130231	CITY DEVELOPMENT (MAHARASHTRA) Private LIMITED	Director	30/09/2008	25/02/2008	4/2/2011	Active	NO
23	U74999PN2009PTC134929	VILLOO POONAWALLA RACING AND BREEDING PRIVATE LIMITED	Director	6/11/2009	6/11/2009	-	Active	NO
24	AAA-2542	ADRUS ESTATES AND PROPERTIES LLP	Designated Partner	20/10/2010	20/10/2010	-	Active	NO

Name :	Mr. Satish Ramchandra Mundra
Designation :	Whole Time Director
Address :	401, Clover Court, Opposite Guruprasad Society, Pune – 411 001, Maharashtra, India
Date of Birth/Age :	04.06.1943
Date of Appointment :	27.09.1988
DIN No.:	00416654

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U80903PN1984PLC032945	SERUM INSTITUTE OF INDIA LIMITED	Whole-time director	1/4/2010	27/09/1988	-	Active	NO
2	U65993PN1990PTC054852	PACE INVESTMENT PRIVATE LIMITED	Director	23/02/1996	23/02/1996	20/12/2011	Active	NO
3	U24231AP2001PTC036036	SERAWIN BIOLOGICALS PRIVATE LIMITED	Director	30/09/2002	30/09/2002	31/08/2007	Active	NO

Name :	Mr. Zavareh Soli Poonawalla
Designation :	Director
Address :	12, Poonawalla Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	04.12.1943
Date of Appointment:	01.07.2007
DIN No.:	00044760

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01214PN1945PTC004667	POONA STUD FARM PRIVATE LIMITED	Director	31/08/1965	31/08/1965	-	Active	NO
2	U80903PN1984PLC032945	SERUM INSTITUTE OF INDIA LIMITED	Director	1/7/2007	22/05/1984	-	Active	NO
3	U65993PN1985PTC037194	ANNILNA INVESTMENT PRIVATE LIMITED	Director	20/08/1985	20/08/1985	-	Active	NO
4	U65999PN1987PTC044058	POONAWALLA HOLDINGS PRIVATE LIMITED	Director	14/07/1987	14/07/1987	-	Active	NO
5	U29120PN1987PLC044960	INTERVALVE (INDIA) LIMITED	Director	23/09/2011	12/10/1987	-	Active	NO
6	U01214PN1989PTC050267	CYZA AGRO AND STUD FARMS PRIVATE LIMITED	Director	5/1/1989	5/1/1989	-	Active	NO
7	U51909PN1989PLC053910	SPAN OVERSEAS LIMITED	Director	16/10/1989	16/10/1989	30/11/2006	Active	NO
8	U29299PN1989PTC054181	EL-O-MATIC INDIA P LIMITED	Director	30/10/1990	30/10/1990	-	Active	NO
9	U67120PN1991PTC059736	EXHILARATION INVESTMENT PRIVATE LIMITED	Director	9/1/1991	9/1/1991	-	Active	NO
10	U65993PN1989PTC051541	POONAWALLA FINVEST AND AGRO PRIVATE LIMITED	Director	13/09/1993	13/09/1993	-	Active	NO
11	U12140PN1994PLC075977	POONAWALLA RACING AND BREEDING LIMITED	Director	10/1/1994	10/1/1994	-	Active	NO
12	U65993PN1995PTC084968	YOHAN POONAWALLA FINANCIALS PRIVATE LIMITED	Director	25/01/1995	25/01/1995	-	Amalgamated	NO
13	U51101PN1993PLC072981	SERUM INTERNATIONAL LIMITED	Director	25/08/1995	25/08/1995	-	Amalgamated	NO
14	U65993PN1989PTC051536	SASWAD INVESTMENT PRIVATE LIMITED	Director	9/12/1997	9/12/1997	-	Amalgamated	NO
15	U45202PN1998PTC114706	POONAWALLA CONSTRUCTIONS PRIVATE LIMITED	Director	30/04/1998	30/04/1998	-	Active	NO
16	U67120PN1991PTC059737	NAUKHAL INVESTMENT PRIVATE LIMITED	Director	9/1/1999	9/1/1999	11/9/2008	Active	NO
17	U67110PN1993PTC070986	AVAKASH HOLDINGS PRIVATE LIMITED	Director	27/04/1999	27/04/1999	-	Active	NO
18	U01214PN2000PTC015174	POONAWALLA ASTONISH STUD PRIVATE LIMITED	Director	1/8/2000	1/8/2000	-	Active	NO
19	U01214PN2000PTC015175	ASTONISH STUD PRIVATE LIMITED	Director	1/8/2000	1/8/2000	-	Amalgamated	NO
20	U65993MH1974PTC017311	POONAWALLA INVESTMENTS AND INDUSTRIES PRIVATE LIMITED	Director	29/08/2002	29/08/2002	22/09/2008	Active	NO
21	U18109PN2004PTC019084	YOHAN POONAWALLA FINANCIALS PRIVATE LIMITED	Director	2/4/2004	2/4/2004	-	Active	NO
22	U65993PN1991PTC061890	CARTIER INVESTMENT PRIVATE LIMITED	Director	21/03/2005	21/03/2005	-	Active	NO
23	U65929PN1989PTC051960	POONAWALLA FINANCIALS PRIVATE LIMITED	Director	30/03/2005	30/03/2005	-	Active	NO
24	U01409PN2006PTC022268	POONAWALLA ESTATES STUD AND AGRI FARM PRIVAE LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
25	U45209PN2006PTC128699	DELNA PROPERTIES PRIVATE LIMITED	Director	6/7/2006	6/7/2006	-	Active	NO
26	U70101PN2003PTC018014	SIMONE POONAWALLA CONSTRUCTIONS AND STUD PRIVATE LIMITED	Director	24/09/2007	30/11/2006	-	Active	NO
27	U29299PN2005PTC021249	POONAWALLA STUD FARM PRIVATE LIMITED	Director	24/09/2007	30/11/2006	-	Active	NO
28	U55101PN2007PTC130221	POONAWALLA HOTELS PRIVATE LIMITED	Director	28/05/2007	28/05/2007	-	Active	NO
29	U67110PN1996PTC097401	SHELLAC INVESTMENTS PRIVATE LIMITED.	Director	20/09/2007	16/07/2007	-	Active	NO
30	U92490PN2010PTC135331	EXHILARATION STUD PRIVATE LIMITED	Director	15/01/2010	15/01/2010	-	Active	NO

Name :	Dr. (Mrs.) Mrudula Arvind Phadke
Designation :	Director
Address :	181, Buena Vista Soc., Jagannath Bhosale Marg, Near Mantralaya, Mumbai – 400 021, Maharashtra, India
Date of Birth/Age :	22.12.1944
Date of Appointment :	25.08.2008
DIN No:	01959083
Name :	Dr. Suresh Sahkaram Jadhav
Designation :	Whole Time Director
Address :	16, Sadhana Society, Near Akashwani, Pune – 411 028, Maharashtra, India
Date of Birth/Age :	24.01.1950
Date of Appointment :	12.10.1992
DIN No.:	00056701

KEY EXECUTIVES

Name :	Mr. Makarand Shrikrishna Karkare
Designation :	Company Secretary
Address :	A 507, Shilpa Housing Society, 124/ 15A/ 2, Off Paud Road, Pune – 411 038, Maharashtra, India
Date of Birth/Age :	30.05.1963
Date of Appointment :	08.06.2006
PAN No.:	ACDPK4983F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2011

Names of Shareholders	No. of Shares
Poonawalla Investments and Industries Private Limited, India	3244617
Adar Cyrus Poonwawalla	249808
Cyrus Poonwala	993578
Corpint Investments Private Limited, India	40
Fortune Intercontinental Private Limited, India	40
Zavaray Soli Poonawalla	240963
Adar Cyrus Poonwawalla	57600
Chanda Investments and Trading Company Private Limited, India	40
Adurjee and Bros Private Limited, India	32567
Total	4819253

AS ON 27.07.2009

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	68.00
Directors or relatives of directors	32.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Vaccines and Immuno - Biologicals that include Tetanus Toxoid, Diphtheria, Measles, Mumps, Rubella and Hepatitis-B.

Products :

Item Code No.	Product Description
300220.19	Human Vaccine
300220.08	Preventive Product
300220.11	Preventive Product

· Bacterial Vaccines

· Viral Vaccines

· Antisera

· Anticancer Products

· Plasma Products

· Vaccines

· Hepatoprotective

· Hormones

· Plasma Substitute

· Fertility

· Bacterial Vaccines

· Antisera

· Anticancer

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Preventive	Million Doses	N.A.	**	730.06
Curative	Million Doses	N.A.	**	4.70

** Installed capacities has not been disclosed as these are variable and subject to changes in product mix, and utilization of manufacturing facilities, given the nature of operations.

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

· Bank of Baroda

· Citi Bank N.A., Citi Bank Center, Bandra Kurla Complex, Bandra East, Pune – 400 051, Maharashtra, India

· Corporation Bank

· The Hongkong and Shanghai Banking Corporation Limited

· The Shamrao Vithal Co-op Bank Limited

· Bank of India, 8-A, Dr. Coyaji Road, Pune - 411 001, Maharashtra, India

· Union Bank of India, 284, M. G. Road, Pune - 411 001, Maharashtra, India

· American Express Bank Limited, Oriental Building, 36, Dr. D. N. Road, Mumbai - 400 001, Maharashtra, India.

· Sadhana Sahakari Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	Rs. In Millions
From Banks:
Term Loan Secured by Hypothecation of certain movable properties	2366.248	2245.000
Total	2366.248	2245.000

Unsecured Loans	31.03.2011	31.03.2010
	Rs. In Millions
Rupee Term Loans Banks Unsecured	2199.778	1414.337
Rupee Term Loans Others Unsecured	143.803	342.470
Total	2343.581	1756.807

Banking Relations :	--
Auditors :
Name :	Patki and Soman Chartered Accountants
Address :	639, Sadashiv Peth, Kumthekar Road, Pune – 411 030, Maharashtra, India
PAN No.:	AACFP3742Q
Holding Company :	Poonnawalla Investments and Industries Private Limited, India CIN No.: U65993MH1974PTC017311
Group Companies :	· Poonawalla Studfarms · Intervalve (India) Limited · El-O-Matic (India) Private Limited · Poonawala Fashion Private Limited
Subsidiaries :	Poonawalla Aviation Private Limited CIN No.: U35301PN2005PTC020721 SEZ Biotech Services Private Limited CIN No.: U74999PN2006PTC021820 Fortune Intercontinental Private Limited CIN No.: U31900PN1990PTC058951 Chakan Investment Private Limited CIN No.: U65993PN1990PTC054851

CAPITAL STRUCTURE

After 21.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
55000000	Equity shares	Rs.10/- each	Rs.550.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4819253	Equity shares	Rs.10/- each	Rs.48.192 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity shares	Rs.10/- each	Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4819253	Equity shares	Rs.10/- each	Rs.48.192 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		48.192	47.473	59.342
2] Equity Share Suspense		0.000	0.719	0.000
3] Reserves & Surplus		20514.263	16223.310	13128.804
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20562.455	16271.502	13188.146
LOAN FUNDS
1] Secured Loans		2366.248	2245.000	2536.000
2] Unsecured Loans		2343.581	1756.807	2923.594
TOTAL BORROWING		4709.829	4001.807	5459.594
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		25272.284	20273.309	18647.740
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8779.733	5586.593	4856.916
Capital work-in-progress		1535.208	2498.629	2146.387
INVESTMENT		8476.930	5362.550	7735.522
DEFERREX TAX ASSETS		363.670	165.957	197.600
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3329.672	2680.167	2523.349
	Sundry Debtors	1664.929	1942.457	1533.074
	Cash & Bank Balances	508.589	1205.488	703.417
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2242.265	1901.300	837.940
Total Current Assets		7745.455	7729.412	5597.780
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	533.533	319.922	424.635
	Other Current Liabilities	724.804	556.715	809.985
	Provisions	370.375	193.195	651.845
Total Current Liabilities		1628.712	1069.832	1886.465
Net Current Assets		6116.743	6659.580	3711.315
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		25272.284	20273.309	18647.740

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9054.615	7058.449	10924.678
		Other Income	1363.273	1190.538	82.266
		TOTAL (A)	10417.888	8248.987	11006.944
Less	EXPENSES
		Consumption Materials Changes Inventories	1043.985	1268.137
		Manufacturing Service Costs	629.397	483.248
		Employee Related Expenses	1748.764	1143.273
		Administrative Selling Other Expenses	1797.280	1562.592
		Prior Period Items	(0.935)	(0.348)
		TOTAL (B)	5218.491	4456.902	6257.084
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5199.397	3792.085	4749.860
Less	FINANCIAL EXPENSES (D)		101.686	202.149	252.825
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5097.711	3589.936	4497.035
Less/ Add	DEPRECIATION/ AMORTISATION (F)		673.735	536.085	488.058
	PROFIT BEFORE TAX (E-F) (G)		4423.976	3053.851	4008.977
Less	TAX (H)		86.246	182.351	141.726
	PROFIT AFTER TAX (G-H) (I)		4337.730	2871.500	3867.251
	Prior period adjustments		0.000	0.000	5.704
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7689.146	6317.646	5430.680
	APPROPRIATIONS
		Transfer to General Reserve	2000.000	1500.000	2500.000
		Proposed Dividend		0.000	415.392
		Tax on Dividend		0.000	70.596
	BALANCE CARRIED TO THE B/S		10181.499	7689.146	6317.647
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value of Exports	NA	4470.412	8076.250
	TOTAL EARNINGS		NA	4470.412	8076.250
	IMPORTS
		Raw Materials	471.888	341.980	452.005
		Spare Parts & Components	92.159	129.204	150.824
		Capital Goods	1163.292	391.135	682.922
	TOTAL IMPORTS		1727.339	862.319	1285.751
	Earnings Per Share (Rs.)		900.08	604.79	6516.90

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	41.64	34.81	35.13
Net Profit Margin (PBT/Sales)	(%)	48.86	43.27	36.70
Return on Total Assets (PBT/Total Assets}	(%)	26.77	22.93	38.35
Return on Investment (ROI) (PBT/Networth)		0.22	0.19	0.30
Debt Equity Ratio (Total Liability/Networth)		0.31	0.31	0.56
Current Ratio (Current Asset/Current Liability)		4.76	7.22	2.97

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	No
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

Sr. No.	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	No
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 involved in	--
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
31]	PAN of Director, if available	No
32]	Passport No of Director, if available	No
33]	Voter ID No of Director, if available	No

FINANCIAL HIGHLIGHTS

The Company has registered a total turnover of Rs. 10417.890 millions for the financial year 2010-11.

Considering the growth requirements of the Company in the coming years, the Directors have decided to plough back the profits of the Company into the business and hence, no dividend is recommended.

The Directors propose to carry Rs. 2000.000 millions to General Reserve.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2011	31.03.2010
	(Rs. in millions)
Bank Guarantees	114.035	121.239
Disputed Liabilities
i. Excise / Service Tax	39.698	35.489
ii. Income Tax	8.659	68.146

The Company has given corporate guarantee for external commercial borrowing made by its Subsidiary Poonawalla Aviation Private Limited Outstanding Loan amount as on 31st March, 2011 is Rs.1051.500 Millions

FIXED ASSETS:

· Freehold Land

· Buildings (Including Technical Know-How)

· R and D

· Others

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Aircraft/ Helicopters

· Vehicles

· Computer Software

· Intellectual Property Rights

· Product Development

WEBSITE DETAILS:

PROFILE

PRESS RELEASE:

SERUM INSTITUTE OF INDIA LTD. ACQUIRES BILTHOVEN BIOLOGICALS OF NETHERLANDS

JULY 4, 2012

Serum Institute of India Limited, India’s largest vaccine company, has acquired Bilthoven Biologicals of Netherlands. Through the acquisition, the Serum Institute will get access to technology and expertise for making the Injectable Polio Vaccine (Salk), a unique capability and expertise that is currently possessed by a mere three other vaccine manufacturing plants globally.

This first overseas acquisition by the Poonawalla Group will also provide the Group and Serum Institute, an important manufacturing base in Europe, with access to the important European and US markets.

Bilthoven Biologicals is located in the city of Bilthoven which is 45 minutes from Amsterdam. The manufacturing facility is spread over 20 acres and employs over 200 people. The facility has a manufacturing capacity of over 20 million doses of vaccines in a year and the company sells these vaccines to Europe and developing countries.

Announcing the acquisition, Dr Cyrus Poonawalla, chairman of the Poonawalla Group and Serum Institute said, “The Poonawalla Group, as indeed Serum has constantly striven hard to provide the highest quality vaccines at affordable prices to the world. This acquisition will significantly strengthen our position in the global vaccines market, while giving us access to the technology and production facility of Injectable Polio Vaccine (Salk), which is the only logical solution available to the world for the eradication of polio. More importantly it also gives the Poonawalla Group an important operational and strategic beachhead in Europe and the US, with the important manufacturing base in the Netherlands. This will also significantly enhance our earlier offerings in the pediatric vaccines segment including DPT, Measles and MMR vaccines where we are the global leaders today.”

Serum Institute, the Group’s flagship company, has business dealings with Bilthoven Biologicals for the last 35 years. Bilthoven Biologicals was owned by the Govt. of The Netherlands.

Serum Institute of India has acquired 100 per cent shares of the Company from the Govt. of Netherlands. Chairman of the Group, Cyrus Poonawalla, said that “The total deal size is 80 million euros or (Rs 550 crore). We have already paid 32 million euros. The remaining amount will have to be paid over a period of two to three years because of the liabilities and assets, which are pending.”

Sharing the future outlook for the company, Adar Poonawalla, executive director of the Poonawalla Group and Serum Institute said, “The Poonawalla Group is committed to investing over Euros 70 - 80 million over the next three years to augment the infrastructure and enhance the manufacturing capacity of the Bilthoven’s facilities. Serum Institute has one of the world’s largest Vaccine manufacturing facilities at Pune, India and with this second manufacturing facility based in Europe, the company aims to access the developed markets of Europe and USA for its existing and future products in the pipeline.”

Meeting minutes with Bill Gates

Charity has different faces, and the Microsoft founder wears one defined by humility, found the Poonawallas as they showed him around their vaccine manufacturing facility.

Sunday, June 3, 2012

It is easy to be overawed by a man like Bill Gates, especially when he is your private guest on his second visit to the city. Healthcare, sanitation and education for the underprivileged across the world have been his priority since Gates unconsciously declared himself as one of the rare billionaire philanthropists. Once the Poonawallas, his hosts in the city last Thursday, got over their awe and admiration for the man, they decided to watch him closely, if only to learn what makes him tick.

Time management is Gates’s equity, his hosts decided

“Anybody can donate money for charity but this man is not doing only that. He is educating himself by spending his precious time visiting every village which is on his radar of providing healthcare and sanitation facilities,” said Cyrus Poonawalla. “Humility is his hallmark. The most important lesson I learnt from him is that charity has different faces. For him it is saving lives of children in the Third World where poverty does not allow them to get even basic healthcare. The time that he spent at Serum Institute of India was a memorable experience for all of us. Gates had added a few more admirers to his already huge list. Let me be honest, it simply was a humbling experience for me,” said the man who Gates considers as one of his “seven vaccine heroes”.

Cyrus was not alone in being left awestruck by the modesty shown by the former chief of Microsoft. His son Adar, who was constantly by Gates’s side as he showed him around Serum, was clearly mesmerised by the 57-year-old guest’s passion for philanthropy.

“Gates has developed a passion for saving lives around the world mainly, his interest being the Third World, particularly. He wants to source affordable vaccines for the 20 most common diseases, which he believes can save millions of lives,” Adar revealed.

Adar added, “His quiet demeanor speaks. It projects the face of a man who is on a mission. What struck me most during our interaction was his eye for detail and his belief that every minute is ‘very precious’, hence never to be wasted.”

Before he arrived, the Poonawallas thought that they might interest him in other ideas and happenings around the country. Gates, though, was focused. Right now medicines and vaccines were his objective; and he was more interested in learning how fast the company could manufacture the new Injectable Polio Vaccine and what clinical trials were in progress to create more vaccines.

“I don’t know about anybody else, but Gates has surely taught me that apart from donating money, there can many more ways in which charity can be done. How does a man like him work so tirelessly for the development of medicines, I wondered. I was really curious to know where he draws such bountiful energy from, and most importantly, how does he keep his motivation going,” said Adar.

Adar recalled that when they were at dinner, savouring some silken smooth butter chicken and naan, Gates only wished to speak about healthcare and not the origins of one of the country’s favourite food exports to the West.

“Watching him at such close quarters I am now inspired to do more for the needy in Pune and the surrounding areas. After the Azim Premji-organised get-together in Bangalore, attended by a few high-ranking Indians on the Forbes List on Friday in honour of Gates, we have decided to acquire a hospital and build new ones too around the city.

We are already funding a few schools in the rural areas but now we want to implement the Premji model for building primary schools on a larger scale as the cost is less,” said Adar.

No chance to indulge in small talk and valuable frivolities, the Poonawallas, we are sure will be astute in the way they divide their time between work and pleasure, thanks to the Gates touch.

Bill Gates visits Serum Institute, meets vaccine hero Poonawalla

Friday, June 1, 2012

Pune: Bill Gates on Thursday visited the Serum Institute of India in Pune, met its CMD Dr. Cyrus Poonawalla whom he referred to as one of the seven vaccine heroes, and evinced interest in several products it is developing, “It’s great to be here and there are many new products the Foundation is interested in,” he Microsoft founder and co-chair of the Bill and Melinda Gates Foundation said in an interaction with the media.

Gates is likely to cement ties with the Institute for developing an injectable polio vaccine, more effective than polio drops.

Gates expressed interest in the Human Papilloma Virus (HPV) vaccine being developed at the Institute. “There is a need for cost-effective vaccines against various infectious diseases and the Foundation is interested in several new products developed at the Serum Institute...,” Gates said.

The Institute which exports to 130 nations is also developing affordable rotavirus and pneumococcal vaccines for Global Alliance for Vaccines and Immunization (GAVI). Clinical trials are being funded by the Foundation. “Serum has played an important role in offering the vaccines at low prices,” Gates said.

“Cyrus Poonawalla is among the seven vaccine heroes and is a multiple winner with vaccines against measles and others. He has deeply affected the vaccine world and people are dependent on the quality work done at Serum,” Gates said.

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 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.55.78
UK Pound	1	Rs.86.75
Euro	1	Rs.68.32

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		78

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.