MIRA INFORM REPORT

Report Date :

11.06.2012

IDENTIFICATION DETAILS

Name :	MANEESH PHARMACEUTICALS LIMITED (w.e.f 27.03. 2007)
Formerly Known As :	MANEESH PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	23-24, Kalpataru Court, Dr. Choitram Gidwani Marg, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.07.1985
Com. Reg. No.:	11-036952
Capital Investment/ Paid-up Capital:	Rs. 125.000 Millions
CIN No.: [Company Identification No.]	U24230MH1985PLC036952
TAN No.: [Tax Deduction & Collection Account No.]	MUMM08382D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin.
No. of Employees:	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 15000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has incurred loss in the current year. However, networth appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office :	23-24, Kalpataru Court, Dr. Choitram Gidwani Marg, Chembur, Mumbai – 400 071, Maharashtra, India
Tel. No.:	91-22-25202122 / 23 / 24
Fax No.:	91-22-25202121
E-Mail :	info@maneeshpharma.com vinay@maneeshpharma.com admin@maneeshealth.com gauri@maneeshealth.com
Website :	http://www.maneeshpharma.com
Area :	2000 Sq. ft.
Location :	Owned
Corporate Office / Factory 1:	Plot No.29-33, Ancillary Industrial Plots, Govandi, Mumbai – 400 043, Maharashtra, India
Tel. No.:	91-22-2552 6500 /01/02
Fax No.:	91-22-2552 6530
Website:	www.maneeshpharma.com
Location :	Owned
Factory 2 :	Plot No. 40, Ancillary Industrial Plots, Govandi, Mumbai – 400 043, Maharashtra, India
Tel. No.:	91-22-25565738 / 5559 / 7093
Fax No.:	91-22-25565620 / 7095 / 25565620 / 7093
E-Mail :	maneesh@maneeshpharma.com
Location :	Owned
Factory 3 :	Plot No. 35, Ancillary Industrial Plots, Govandi, Mumbai – 400 043, Maharashtra, India
Factory 4 :	Plot No. 16/7, TTC Industrial Area, Turbhe, Navi Mumbai – 400703.
Factory 5 :	Plot No. T-172, MIDC Bhosari , Pune – 411 026
Factory 6:	Near Hindustan Lever Ltd., Village : Balyana, Purgana Doon, Barotiwala Tehsil, Kasouli, Dist : Solan, Himachal Pradesh
Factory 7:	Adjoining Hinduja Glass, Near Unichem Limited, Village : Bhatoli Kalan, Tehsil - Nalgrah, Kasouli, Dist : Solan, Himachal Pradesh
Factory 8:	Plot No. 16/6, TTC Industrial Area, Turbhe, Navi Mumbai – 400703.
Factory 9:	Plot No. 1/4, MIDC Industrial Area, Kalyan Bhiwandi Road, Village Saravali, Dist. Thane, Mumbai – 421311
Factory 10:	LASA Industria Farmaceutica Ltda, Rodovia SC 453 – Km 48Cx, P. 458, Distrito Industrial 89560-000, Videira-SC, Brazil
Factory 11:	Laboratório Sanobiol Ltda. Av. das Quaresmeiras s/n - Distrito Industrial 37550-000 - Pouso Alegre / MG, Brazil
Factory 12:	Tillomed Laboratories Limited. 3 Howard Road , Eaton Socon, St Neots, Cambridgeshire, PE19 8ET, UNITED KINGDOM
Factory 13:	Plot No. D-6 /S-25, T – Block, MIDC, Bhosari, Pune - 411026

DIRECTORS

As on 22.09.2011

Name :	Mr. Vinay Ramakant Sapte
Designation :	Chairman and Managing Director
Address :	61-62, Kalpataru Residency Tower, Opp. Cine Planet, Sion (East), Mumbai – 400022, Maharashtra, India
Date of Birth/Age :	01.06.1955
Date of Appointment :	25.07.1985
DIN No.:	00135085

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	U24230MH1977PTC019510	BOMBAY BIOSYNTEX CHEMICALS PRIVATE LIMITED	Director	30-03-85	30-03-85	-	Dormant	NO
2	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Managing director	01-04-11	25-07-85	-	Active	NO
3	U24239MH2000PTC126087	SVIZERA PHARMA PRIVATE LIMITED	Director	24-04-00	24-04-00	-	Active	NO
4	U65990MH2000PTC127603	FAIRJOB GROUP INVESTMENT INDIA PRIVATE LIMITED	Director	29-09-01	29-09-01	-	Active	NO
5	U51900MH2000PTC126639	INTELLIGENT TRADING PRIVATE LIMITED	Director	01-04-02	01-04-02	-	Active	NO
6	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	01-04-02	01-04-02	-	Active	NO
7	U63022MH1982PTC028483	SHANBAG STORAGE AND SERVICES PRIVATE LIMITED	Director	21-05-02	21-05-02	-	Dormant	NO
8	U24110MH1970PLC014768	MEGHDOOT CHEMICALS LIMITED	Director	12-08-02	12-08-02	-	Active	NO
9	U15549HP1998PTC021906	HERITAGE LABORATORIES PRIVATE LIMITED	Director	10-02-05	10-02-05	-	Amalgamated	NO
10	U30000MH1990PTC056294	MANTECH COUNTING AND SYSTEMS PRIVATE LIMITED	Director	30-09-05	25-02-05	-	Active	NO
11	U85199PN1988PTC047757	PURE HEALTH PRODUCTS PRIVATE LIMITED	Director	29-09-05	03-08-05	-	Active	NO
12	U73100MH2006PTC164934	SVIZERA PHARMATECH PRIVATE LIMITED	Director	26-09-06	26-09-06	-	Under Process of Striking off	NO
13	L24239AP1981PLC002915	PHAARMASIA LIMITED	Director	25-09-09	30-04-09	-	Active	NO
14	U24100MH2009PTC197210	SVIZERA HEALTH REMEDIES PRIVATE LIMITED	Director	23-11-09	23-11-09	-	Active	NO
15	U24100MH2010PTC201092	NUTRAMED HEALTHCARE PRIVATE LIMITED	Director	20-03-10	20-03-10	-	Active	NO
16	U24232MH2010PTC199429	FULLIFE HEALTHCARE PRIVATE LIMITED	Additional director	15-05-10	15-05-10	15-07-11	Active	NO

Name :	Mr. Maneesh Ramakant Sapte
Designation :	Executive Director
Address :	51-52, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai-400022, Maharashtra, India
Date of Appointment :	01.10.2002
Date of Birth/Age :	28.06.1971
DIN No.:	00020450

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239MH2000PTC126087	SVIZERA PHARMA PRIVATE LIMITED	Director	24-04-00	24-04-00	Active	NO
2	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	13-11-00	13-11-00	Active	NO
3	U65990MH2000PTC127603	FAIRJOB GROUP INVESTMENT INDIA PRIVATE LIMITED	Director	29-09-01	29-09-01	Active	NO
4	U51900MH2000PTC126639	INTELLIGENT TRADING PRIVATE LIMITED	Director	01-04-02	01-04-02	Active	NO
5	U63022MH1982PTC028483	SHANBAG STORAGE AND SERVICES PRIVATE LIMITED	Director	21-05-02	21-05-02	Dormant	NO
6	U24110MH1970PLC014768	MEGHDOOT CHEMICALS LIMITED	Director	19-08-02	19-08-02	Active	NO
7	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	01-10-02	01-10-02	Active	NO
8	U24230MH1977PTC019510	BOMBAY BIOSYNTEX CHEMICALS PRIVATE LIMITED	Director	01-06-03	01-06-03	Dormant	NO
9	U15549HP1998PTC021906	HERITAGE LABORATORIES PRIVATE LIMITED	Director	10-02-05	10-02-05	Amalgamated	NO
10	U30000MH1990PTC056294	MANTECH COUNTING AND SYSTEMS PRIVATE LIMITED	Director	30-09-05	25-02-05	Active	NO
11	L24239AP1981PLC002915	PHAARMASIA LIMITED	Managing director	01-04-09	01-03-06	Active	NO
12	U73100MH2006PTC164934	SVIZERA PHARMATECH PRIVATE LIMITED	Additional director	25-02-08	25-02-08	Under Process of Striking off	NO
13	U24100MH2009PTC197210	SVIZERA HEALTH REMEDIES PRIVATE LIMITED	Director	23-11-09	23-11-09	Active	NO
14	U24100MH2010PTC201092	NUTRAMED HEALTHCARE PRIVATE LIMITED	Director	20-03-10	20-03-10	Active	NO
15	U85199PN1988PTC047757	PURE HEALTH PRODUCTS PRIVATE LIMITED	Additional director	14-01-12	14-01-12	Active	NO

Name :	Mrs. Rashmi Vinay Sapte
Designation :	Non Executive Director
Address :	61-62, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai-400022, Maharashtra, India
Date of Appointment :	30.03.2007
Date of Birth/Age :	09.02.1962
DIN No.:	00334247

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	09-04-99	09-04-99	Active	NO
2	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	30-03-07	30-03-07	Active	NO
3	U24233MH2012PTC228588	CARDEX LIFECARE PRIVATE LIMITED	Director	22-03-12	22-03-12	Active	NO
4	U24239MH2012PTC228934	SVIZERA HEALTHCARE PRIVATE LIMITED	Director	29-03-12	29-03-12	Active	NO

Name :	Mr. Bharat Bachubhai Merchant
Designation :	Independent Director
Address :	8-A, Land’s End, 8^th Floor, 29-D, Doongersy Road, Malabar Hill, Mumbai - 400006
Date of Birth/Age :	24.06.1948
Date of Appointment :	29.03.2010
DIN No.:	00300384

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	L16000GJ1955PLC067605	GOLDEN TOBACCO LIMITED	Director	26-07-02	26-07-02	-	Active	NO
2	L99999MH1985PLC036685	SEQUENT SCIENTIFIC LIMITED	Director	20-11-03	20-11-03	25-10-07	Active	NO
3	U99999MH1980PTC022843	AVAZ INVESTMENT PRIVATE LIMITED	Director	30-04-06	30-04-06	-	Dormant	NO
4	U74900MH2007PTC175244	ACE RISK MANAGEMENT SERVICES PRIVATE LIMITED	Director	31-12-08	12-02-08	20-05-09	Active	NO
5	U01407MH2008PTC186305	SSB FARMS AND DEVELOPERS PRIVATE LIMITED	Director	29-08-08	29-08-08	22-02-12	Active	NO
6	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	23-12-10	29-03-10	-	Active	NO
7	L99999MH1975PLC018079	NIMBUS INDUSTRIES LIMITED	Director	26-10-10	26-10-10	-	Active	NO

Name :	Mr. Bhupinder Garg
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Chirag Mehta
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.09.2010

Names of Shareholders	No. of Shares
Rakesh Jhunjhunwala	1585500
Maneesh R. Sapte Jointly with Suman R Sapte	192480
Mr. Vinay R. Sapte	7947156
Rashmi Sapte	128320
Mrs. Suman R. Sapte	192480
RBC Trustees (CI) Limited, UK	329200
Shweta N Shah	400000
Rekha Rakesh Jhunjhunwala	578703
Chanakya Corporate Services Private Limited, India	75000
Amal N Parikh	100000
Suresh K Jajoo	40000
Oricon Properties Private Limited, India	85700
R. Venkatasubramaniam	40000
Shanta Subramaniam	40000
Jay Prakash Verma	22000
Sayar K Jain	20000
Sarvamangal Mercantile Company Limited, India	40000
Kavita Gupta	15000
Total	11831539

After 23.12.2010

Names of Allottee	No. of Shares
Vinay Ramakant Sapte -Business	347223

As on 22.09.2010

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.12
Bodies corporate	1.69
Directors or relatives of directors	68.03
Other	24.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin.

Products :

ITC Code No	Production Description
30049051	Tablets
30049052	Capsules
30049053	Liquids

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Installed Capacity
Tablets	Millions	7795
Capsules	Millions	2500
Liquids	Litres (Thousand)	6000
Injectables	Millions	41.70
Ointments	Tons	6850
Sachets	Millions	24.00
Suspension	Millions	51.00

GENERAL INFORMATION

No. of Employees :

3000 (Approximately)

Bankers :

• ICICI Bank Limited, Landmarkrace cource circle, Alkapuri, Baroda – 390015, Gujarat, India
• Kotak Mahindra Bank Limited, 36-38A, Narimanbhavan, 227, D, Nariman Point, Mumbai -400021, Maharashtra, India
• Vijaya Bank Limited
• Standard Chartered Bank
• Yes Bank Limited
• Axis Bank Limited
• The Royal Bank of Scotland N.V.
• CITI Bank N.A.

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Loan	2628.838	1964.363
Rupee term loans	466.938	1129.573
Foreign currency loans	1196.751	1364.626
Total	4292.527	4458.562
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupees term loans	314.191	174.632
Total	314.191	174.632

Banking Relations :	Satisfactory
Auditors 1:
Name :	M. Nanday and Company Chartered Accountants
Address :	15, Janki Niwas, 35, Gokhale Road, Dadar, Mumbai-400028, Maharashtra, India
Pan No. :	AAAPN8681Q
Auditors 2:
Name :	G R and Associates Chartered Accountants
Address :	602, Shaniya Enclave, Vallabhai Patel Road, Vile Parle (west), Mumbai-400056, Maharashtra, India
Pan No. :	ADIPA2886M
Associates :	Svizera Europe B.V. – Netherland Svizera S.A. (PTY) Limited Nostrum Laboratories Inc Synovics Pharmaceuticals Inc.
Subsidiaries :	Phaarmasia Limited CIN : 24239AP1981PLC002915 Meghdoot Chemicals Limited CIN : U24110MH1970PLC014768 Svizera Labs Private Limited CIN : U74999MH1997PTC107389 Pure Heath Products Private Limited CIN : U85199PN1988PTC047757 Lasa Industrial Pharmaceutica Sa – Brazil Faromed Handelsgesellcschaft Mbh – Austria Svizera Holding Bv – Netherland Labortoria Sanobiol Sa Ltda – Brazil Tillomed Laboratories Limited – UK Tillomed Holdings Limited – UK
Fellow Subsidiaries	Tillomed Laboratories Limited – UK Labortoria Sanobiol Ltda
Enterprises where Key Management Personnel or their relatives are able to exercise significant influence:	Atul Pharma Agency Hesa Pharmaceutica Mantech Counting and Systems Private Limited Svizera Health Remedies Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
29000000	Equity Shares	Rs.10/-each	Rs. 290.000 Millions
1000000	Preference Shares	Rs.10/-each	Rs. 10.000 Millions
	Total		Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125000820	Equity Shares	Rs.10/-each	Rs. 125.001 Millions
	Total		Rs. 125.001 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		125.001	118.241	115.742
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3665.754	3918.216	3687.225
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3790.755	4036.457	3802.967
LOAN FUNDS
1] Secured Loans		4292.528	4458.563	5059.854
2] Unsecured Loans		314.191	174.633	58.793
TOTAL BORROWING		4606.719	4633.196	5118.647
DEFERRED TAX LIABILITIES		208.066	208.683	171.113
TOTAL		8605.540	8878.336	9092.727
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2295.304	2481.177	2315.570
Capital work-in-progress		0.000	0.000	264.326
INVESTMENT		4507.245	4604.345	805.238
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1396.580	1294.290	1121.233
	Sundry Debtors	1772.945	1518.877	1592.973
	Cash & Bank Balances	143.067	170.891	648.533
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1141.806	1104.310	4347.664
Total Current Assets		4454.398	4088.368	7710.403
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1961.088	1698.803	1386.851
	Other Current Liabilities	462.249	364.604	397.844
	Provisions	228.070	232.147	218.115
Total Current Liabilities		2651.407	2295.554	2002.810
Net Current Assets		1802.991	1792.814	5707.593
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8605.540	8878.336	9092.727

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5703.480	5735.786	6273.505
		Other Income	147.839	449.015	556.491
		TOTAL (A)	5851.319	6184.801	6829.996
Less	EXPENSES
		Consumption materials charges inventories	3350.913	3476.465
		Manufacturing service costs	189.785	176.052
		Contract cost	88.208	81.833	5829.189
		Employee related Expenses	332.573	328.074
		Administrative selling other Expenses	1050.083	919.419
		TOTAL (B)	5011.562	4981.843	5829.189
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		839.757	1202.957	1000.807
Less	FINANCIAL EXPENSES (D)		445.200	472.813	514.815
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		394.557	730.144	485.992
Less/ Add	DEPRECIATION/ AMORTISATION (F)		212.168	199.484	185.208
	Exceptional Items		573.900	483.202	(2.019)
	PROFIT BEFORE TAX (E-F) (G)		(391.511)	47.458	302.803
Less	TAX (H)		(0.616)	45.664	104.319
	PROFIT AFTER TAX (G-H) (I)		(390.895)	1.794	198.484
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		437.286	548.988	463.082
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	100.000	100.000
		Dividend	0.000	11.574	10.750
		Tax on Dividend	0.000	1.922	1.827
	BALANCE CARRIED TO THE B/S		46.391	437.286	548.988
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	872.031	917.798	1047.652
		Other Earnings	173.476	417.162	511.663
	TOTAL EARNINGS		1045.507	1334.96	1559.315
	IMPORTS
		Raw Materials	153.603	173.825	132.240
		Capital Goods	7.270	15.994	57.047
	TOTAL IMPORTS		160.873	189.819	189.287
	Earnings Per Share (Rs.)		14.59	45.85	27.98

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.07)	0.03	2.91
Net Profit Margin (PBT/Sales)	(%)	(0.07)	0.83	4.83
Return on Total Assets (PBT/Total Assets}	(%)	(0.06)	0.72	3.02
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.01	0.08
Debt Equity Ratio (Total Liability/Networth)		1.97	1.72	1.87
Current Ratio (Current Asset/Current Liability)		1.68	1.78	3.85

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. Constructions 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	No
21. Market information	-------
22. Litigations that the firm / promoter involved	------
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

Operation and Financial Performance:

Sales and services (Gross) for the year were Rs. 5985.334 Millions as against Rs. 6007.226 Millions in the previous year. The lowering of Sales is due to less focus on FMHG products in the year 2010-2011, as it require high amount of promotion investment. The PBT (before considering exceptional items) was lower due to uncertain circumstances in the market at Rs. 182.390 Millions as against Rs. 530.661 Millions in the previous year.

Contingent Liabilities:

• In respect of Guarantees executed by banks on behalf of the company, Rs. 1.231 Millions.
• In respect of Guarantees executed by banks and Corporate Guarantees executed by the company on behalf of the subsidiary and associates of the company, Rs. 2040.505 Millions.
• In respect of Excise Duty disputes pending with various judicial authorities Rs. 186.970.
• In respect of Income Tax disputes pending with Income Tax authorities Rs. 2.384 Millions.

Fixed Assets :

• Freehold land
• Leasehold land
• Buildings
• Plant and Machinery
• Electrical Installations
• Laboratory Equipments
• Office Equipments
• Computers
• Furniture and Fixtures
• Vehicles

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. 55.36
UK Pound	1	Rs. 85.64
Euro	1	Rs. 69.21

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	Yes
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	Yes
--AFFILIATION	YES/NO	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		47

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.