MIRA INFORM REPORT

Report Date :

28.07.2012

IDENTIFICATION DETAILS

Name :	CLINIRX RESEARCH PRIVATE LIMITED
Registered Office :	7, Council House Street, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.05.2004
Com. Reg. No.:	21-098498
Capital Investment / Paid-up Capital :	Rs.35.000 Millions
CIN No.: [Company Identification No.]	U85110WB2004PTC098498
TAN No.: [Tax Deduction & Collection Account No.]	DELC07635F
Legal Form :	Private Limited Liability Company
Line of Business :	Company is engaged in full Service contract Clinical Research Organization.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (40)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are report to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered normal for business dealing 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

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 :	7, Council House Street, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22487084
Fax No.:	91-33-22481641
E-Mail :	divyagupta@jkmail.com
Website :	www.clinirx.com
Corporate Office :	8/7 F DLF Phase I, Qutub Enclave, Gurgaon- 122002, Haryana, INDIA
Tel. No.:	91-124-4559600
Fax No.:	91-124-4104203

DIRECTORS

As on: 03.09.2011

Name :

Mr. Sujit Kumar Mukhrjee

Designation :

Director

Address :

171, Abhinav Apartments, B-12, Vandhana Enclave, Delhi – 110096, India

Date of Birth/Age :

21.01.1951

Date of Appointment :

07.05.2004

DIN No.:

00271301

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	U74899DL1993PLC054817	HANSDEEP INDUSTRIES AND TRADING COMPANY LIMITED	Director	13/08/1993	13/08/1993	-	Active	NO
2	U74899DL1995PTC067525	OAKWOOD PROPERTIES AND FARMS PRIVATE LIMITED	Director	29/09/2001	29/09/2001	02/07/2007	Active	NO
3	U85110WB2004PTC098498	CLINIRX RESEARCH PRIVATE LIMITED	Director	07/05/2004	07/05/2004	-	Active	NO
4	U24295DL2007PTC158104	NATEXT BIOSCIENCES PRIVATE LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
5	U73100WB2007PLC113393	JK PLANT BIO SCIENCES RESEARCH LIMITED	Director	14/02/2007	14/02/2007	-	Active	NO
6	U74140DL2011PLC216818	GLOBAL STRATEGIC TECHNOLOGIES LIMITED	Director	31/03/2011	31/03/2011	-	Active	NO

Name :

Dr. Ravindra Bhaskar Ghooi

Designation :

Director

Address :

G-801, Rohan Nilay (I) Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

02.07.1950

Date of Appointment :

07.05.2004

DIN No.:

00870194

KEY EXECUTIVES

Name :	Mrs. Divya Gupta
Designation :	Secretary
Address :	C-575, New Friends Colony, New Delhi – 110025, India
Date of Appointment :	10.01.2011
PAN No.:	APGPG1653J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 03.09.2011

Names of Shareholders	No. Equity of Shares
Hari Shankar Singhania	374997
Raghupati Singhania	374997
Vinita Singhania	374997
Bharat Hari Singhania	125003
Harsh Pati Singhania	125002
Vikrampati Singhania	125002
Nav Bharat Vanijya Limited, India	1
Juggilal Kamlapat Udyog Limited, India	1
Total	1500000

Names of Shareholders	No. of Preference Shares
Accurate Finman Services Limited, India	1000000
BMF investments Limited, India	1000000
	0
Total	2000000

As on: 04.01.2012

Names of Allottee	No. of Preference Shares
Fenner (India) Limited, India	1000000
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on: 03.09.2011

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Company is engaged in full Service contract Clinical Research Organization.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loan from bank {Repayable within a year Rs. Nil (previous year Rs.0.056 Million)}	0.000	0.056
Loan from others* {Repayable within a year Rs. 0.711 Million (previous year Rs.0.6,41 Million)}	1.148	1.795
Total	1.148	1.851
Note: * Secured by hypothecation of specific vehicles financed out of the proceeds of the loan amount.
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans and advances
Inter Corporate Loans/ Deposits {Due within a year Rs.35.000 Millions (previous year Rs.35.000 Millions)}	35.000	35.000
Total	35.000	35.000

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector-42,Sector Road, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
PAN No.:	AALFS0506L
Subsidiary Company :	· Clinirx Asia Pacific Limited, Hong Kong · Clinirx USA Inc., USA · Clinirx UK Limited, UK

CAPITAL STRUCTURE

After: 03.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
4000000	Preference Shares	Rs.10/- each	Rs.40.000 Millions
	Total		Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
3000000	Preference Shares	Rs.10/- each	Rs.30.000 Millions
	Total		Rs.45.000 Millions

As on: 03.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
4000000	Preference Shares	Rs.10/- each	Rs.40.000 Millions
	Total		Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.35.000 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.35.000 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		35.000	35.000	35.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		99.869	97.570	35.029
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		134.869	132.570	70.029
LOAN FUNDS
1] Secured Loans		1.148	1.851	0.673
2] Unsecured Loans		35.000	35.000	35.000
TOTAL BORROWING		36.148	36.851	35.673
DEFERRED TAX LIABILITIES		0.359	0.715	0.626
DEFERRED PAYMENT LIABILITY		1.892	3.784	0.000
TOTAL		173.268	173.920	106.328
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.953	25.449	19.322
Capital work-in-progress		0.000	0.511	0.000
INVESTMENT		103.760	31.949	23.819
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	46.461	124.958	145.736
	Cash & Bank Balances	41.052	83.087	94.490
	Other Current Assets	1.125	0.257	39.463
	Loans & Advances	13.214	18.813	23.838
Total Current Assets		101.852	227.115	303.527
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.693	41.562	93.189
	Other Current Liabilities	30.267	55.265	109.330
	Provisions	4.337	14.277	37.821
Total Current Liabilities		54.297	111.104	240.340
Net Current Assets		47.555	116.011	63.187
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		173.268	173.920	106.328

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	218.858	421.548	555.539
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	216.128	339.628	489.432
	PROFIT BEFORE TAX		2.730	81.920	66.107
Less	TAX		0.431	17.979	26.812
	PROFIT AFTER TAX		2.299	63.941	39.295
Less	APPROPRIATIONS
		Dividend	--	1.200	13.125
	EARNINGS IN FOREIGN CURRENCY
		Income from service rendered	212.118	405.645	548.897
		Interest on loans given	0.000	0.323	0.154
	TOTAL EARNINGS		212.118	405.968	549.051
	IMPORTS
		Capital Goods	0.105	1.314	0.260
	TOTAL IMPORTS		0.105	1.314	0.260
	Earnings Per Share (Rs.)
	Basic		0.60	41.69	28.35
	Diluted		0.66	18.27	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.05	15.17	7.07
Return on Total Assets (PBT/Total Assets}	(%)	2.21	32.44	20.48
Return on Investment (ROI) (PBT/Networth)		0.02	0.62	0.94
Debt Equity Ratio (Total Liability/Networth)		0.67	1.12	3.94
Current Ratio (Current Asset/Current Liability)		1.88	2.04	1.26

LOCAL AGENCY FURTHER INFORMATION

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	No
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	No
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	No
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 Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

OPERATIONS:

2010-11 had witnessed consolidation of the fife science industry which includes pharma, bio-plwma and CRO. Globally mergers, acquisitions, strategic alliances and partnerships are continuing. The pharmaceutical industry spent less on drug R and D in the year 2010-11 compared to any time in the last three years. With India emerging as the hot bed for R and D, investments will continue to pour into this sector Domestic pharma companies are investing in developing new molecules. Indian CROs will benefit once these molecules reaches clinical trial stage. Oncology (anticancer pjrug) is the therapeutic area which is showing growth of molecules entering clinical trials, in addition to the evolving situation as described above, the regulatory environment in India is becoming all the more stringent and well defined.

All the above development in clinical trial industry has impacted them. However in line with there strategic intent of providing to there sponsors the multi-country clinical trial capability, they have established there clinical operation capability in the US and UK. They have strengthened there global regulatory knowledge and capability. They expanded there BD team in line with stepped up activity in business development. They have moved to there state-of- the- art new office in Gurgaon; In line with global trends, they at Subject also consolidated there learning from clinical trial industry and geared up to offer more number of trial sites in India, UK and Europe; to there sponsors.

The income of the Company was Rs.218.858 Millions during the year. After
accounting for financial charges and depreciation, Were was a profit before tax of Rs.2.730
Millions for the year.

CONTINGENT LIABILITY

(Rs. In Millions)

Particular	31.03.2011
Company's lease commitment in case the leased property is vacated	12.137
Dividend on Optionally Convertible Cumulative Redeemable Preference shares (including dividend tax thereon)	1.395

FIXED ASSETS:

Tangible Assets

· Computers

· Furniture and Fixtures

· Office Equipment

· Vehicles

Intangible Assets

· Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.55.41
UK Pound	1	Rs.86.93
Euro	1	Rs.68.10

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		40

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

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.