1. Summary Information

		Country	India
Company Name	ALCON BIOSCIENCES PRIVATE LIMITED	Principal Name 1	Mr. Vishal N Jajodia
Status	Moderate	Principal Name 2	Mr. Rakesh Ayodhya Prasad Pandey
		Registration #	11-026953
Street Address	112, Marine Chambers, 11, New Marine Lines, Mumbai – 400020, Maharashtra
Established Date	19.04.1982	SIC Code	--
Telephone#	91-22-56332427-31	Business Style 1	Manufacturer
Fax #	91-22-22071955	Business Style 2	Exporter
Homepage	--	Product Name 1	Pharmaceutical Bulk Drugs
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.10,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	Bank of Baroda
Public Limited Corp.	No	Business Period	29 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	B (30)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	173,323,000	Current Liabilities	165,691,000
Inventories	64,052,000	Long-term Liabilities	81,106,000
Fixed Assets	38,408,000	Other Liabilities	3,778,000
Deferred Assets	000	Total Liabilities	250,575,000
Invest& other Assets	19,502,000	Retained Earnings	13,210,000
		Net Worth	44,710,000
Total Assets	295,285,000	Total Liab. & Equity	295,285,000
Total Assets (Previous Year)	201,003,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales / Total Income	381,939,000	Net Profit	6,501,000
Sales / Total Income (Previous yr)	212,768,000	Net Profit (Prev.yr)	2,021,000

MIRA INFORM REPORT

Report Date :

27.03.2012

IDENTIFICATION DETAILS

Name :	ALCON BIOSCIENCES PRIVATE LIMITED
Formerly Known As :	ALCON PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	112, Marine Chambers, 11, New Marine Lines, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.04.1982
Com. Reg. No.:	11-026953
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U24230MH1982PTC026953
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Pharmaceutical Bulk Drugs.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 170000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 :	112, Marine Chambers, 11, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-56332427-31/61505222
Fax No.:	91-22-22071955
E-Mail :	finance@euresian.com
Factory :	A-1/2104, Phase III, GIDC, Vapi - 396195, Gujarat, India
Tel. No.:	91-260-2431572
Fax No.:	91-260-2435265

DIRECTORS

As on 30.09.2011

Name :

Mr. Vishal N Jajodia

Designation :

Director

Address :

A/14, Meherina Nepeansea Road, Mumbai – 40006, Maharashtra, India

Date of Birth/Age :

27.05.1973

Date of Appointment :

07.12.2003

Din No.:

00367209

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	U24230MH2003PTC141422	OMESA LIFESTYLES AND TECHNOLOGIES PRIVATE LIMITED	Director	22-07-03	22-07-03	11-01-08	Active	NO
2	U24230MH2003PTC142898	INSPIRA BIO-PHARM PRIVATE LIMITED	Director	28-10-03	28-10-03	11-01-08	Active	NO
3	U24230MH1982PTC026953	ALCON BIOSCIENCES PRIVATE LIMITED	Director	07-12-03	07-12-03	-	Active	NO
4	U51909MH2005PTC158176	SWATI SPENTOSE PRIVATE LIMITED	Director	20-12-05	20-12-05	-	Active	NO
5	U45401MH2006PTC160334	MAHARAJA SWEET HOMES PRIVATE LIMITED	Director	07-03-06	07-03-06	31-05-07	Active	NO

Name :

Mr. Rakesh Ayodhya Prasad Pandey

Designation :

Director

Address :

B/303, Trishul Damodar Nagar, Virar (West), Thane – 401303, Maharashtra, India

Date of Birth/Age :

15.10.2007

Date of Appointment :

01872040

Din No.:

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	U24230MH1982PTC026953	ALCON BIOSCIENCES PRIVATE LIMITED	Director	15-10-07	15-10-07	-	Active	NO
2	U51909MH2005PTC158176	SWATI SPENTOSE PRIVATE LIMITED	Director	15-10-07	15-10-07	-	Active	NO
3	U24230MH2003PTC141422	OMESA LIFESTYLES AND TECHNOLOGIES PRIVATE LIMITED	Director	04-01-08	04-01-08	01-03-11	Active	NO

Name :

Mr. Sant Kumar O Khandelwal

Designation :

Additional Director

Address :

C/104, Sadasatya Apartments, Temba Road, Bhayander (West), Thane – 401101, Maharashtra, India

Date of Birth/Age :

10.06.1975

Date of Appointment :

02.01.2009

Din No.:

02506332

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	U24230MH1982PTC026953	ALCON BIOSCIENCES PRIVATE LIMITED	Additional director	02-01-09	02-01-09	Active	NO
2	U24100GJ2009PTC057100	JYOTI SIMPLE SOLUTIONS PRIVATE LIMITED	Director	29-05-09	29-05-09	Active	NO
3	U51909MH2005PTC158176	SWATI SPENTOSE PRIVATE LIMITED	Director	01-06-10	01-06-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Vishal N. Jajodia	834016
Swati V. Jajodia	165984
Total	1000000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Pharmaceutical Bulk Drugs.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda, Nariman Point Branch, Foreshore Building, Gen Bhosale Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
• Bank of Baroda, P B No. 11745, Foreshore Building, Gen Bhosle Marg, Nariman Point, Mumbai – 400021, Maharashtra, India
• Union Bank of India, Veer Nariman Road Branch, 84, Raj Mahal, Veer Nariman Road, Churchgate, Mumbai-400020, Maharashtra, India
• ICICI Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Banks
Bank of Baroda Cash Credit	32.866	23.296
Bank of Baroda Term Loan	22.087	0.000
Canara Bank	0.000	0.225
Foreign Bills Discounting	4.776	2.955
ICICI Bank Limited A/C Car Loan	0.000	0.645
Total	59.729	27.121
Unsecured Loan
From Others	21.377	11.988
Total	21.377	11.988

Banking Relations :	--
Auditors :
Name :	Vinod S. Mehta and Company Chartered Accountant
Address :	114, Jolly Bhavan-1, 10 New Marine Lines, Mumbai – 400020, Maharashtra, India
Pan No.:	AADFV0519Q

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		21.500	11.500	0.000
3] Reserves & Surplus		13.210	6.698	4.677
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		44.710	28.198	14.677
LOAN FUNDS
1] Secured Loans		59.729	27.121	23.709
2] Unsecured Loans		21.377	11.988	26.378
TOTAL BORROWING		81.106	39.109	50.087
DEFERRED TAX LIABILITIES		0.528	0.487	0.545
TOTAL		126.344	67.794	65.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.408	18.975	14.544
Capital work-in-progress		0.000	1.810	0.386
INVESTMENT		19.502	14.001	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	64.052	44.104	21.221
	Sundry Debtors	100.752	52.845	63.261
	Cash & Bank Balances	12.399	3.659	6.531
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	60.172	65.609	31.249
Total Current Assets		237.375	166.217	122.262
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	137.129	101.944	45.487
	Other Current Liabilities	28.562	28.409	24.567
	Provisions	3.250	2.856	1.831
Total Current Liabilities		168.941	133.209	71.885
Net Current Assets		68.434	33.008	50.377
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		126.344	67.794	65.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		212.768	266.816
		Other Income		0.335	0.303
		TOTAL (A)	381.939	213.103	267.119
Less	EXPENSES
		Cost of materials		186.716	237.249
		Administrative and other expenses	NA	18.240	19.828
		Loss of sale of assets		0.041	0.000
		TOTAL (B)	NA	204.997	257.077
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	8.106	10.042
Less	FINANCIAL EXPENSES (D)		NA	2.689	4.741
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	5.417	5.301
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	2.429	2.304
	PROFIT BEFORE TAX (E-F) (G)		9.792	2.988	2.997
Less	TAX (H)		3.291	0.967	1.121
	PROFIT AFTER TAX (G-H) (I)		6.501	2.021	1.876
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	4.677	2.856
Add	SHORT PROVISOIN W/OFF		NA	0.000	(0.055)
	BALANCE CARRIED TO THE B/S		13.210	6.698	4.677
	EARNINGS IN FOREIGN CURRENCY		155.962	62.391	93.944
	IMPORTS		74.634	45.848	23.265
	Earnings Per Share (Rs.)		6.50	2.02	1.88

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.70	0.95	0.70
Net Profit Margin (PBT/Sales)	(%)	NA	1.40	1.12
Return on Total Assets (PBT/Total Assets}	(%)	3.55	1.61	2.19
Return on Investment (ROI) (PBT/Networth)		0.22	0.11	0.20
Debt Equity Ratio (Total Liability/Networth)		5.59	6.11	8.31
Current Ratio (Current Asset/Current Liability)		1.41	1.25	1.70

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

During the year, Sales and other income of the Company has gone up to Rs. 381.939 millions as compared to Rs. 213.103 millions in previous year. Increase in Sales and other Income have lead to increase in net Profit after tax to Rs. 6.501 millions as compared to Rs. 2.021 millions in previous year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90229362
Corporate identity number of the company	U24230MH1982PTC026953
Name of the company	ALCON BIOSCIENCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	112, Marine Chambers, 11, New Marine Lines, Mumbai – 400020, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property Others
Particular of charge holder	Bank of Baroda, P B No. 11745, Foreshore Building, Gen Bhosle Marg, Nariman Point, Mumbai – 400021, Maharashtra, India Email: ravinputhran@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	1) Supplemental composite agreement of hypothecation of goods, book debts, moveable machinery and vehicles 2) Supplemental memorandum of entry relating to deposit of title deeds by constructive delivery (both instrument constitute single charge)
Date of instrument Creating the charge	17.09.2011
Amount secured by the charge	Rs.148.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest :4% Above base rate i.e. presently @14.25% p.a. with monthly rest subject to change of BR from time to time (term loan I) :4.50% above BR i.e. 14.75% p.a. at present at monthly rests (CC) Terms of Repayment Term loans Line of credit Sub limit: cash credit (hypo. of stocks and book debts) Sub limit: FBP/UFBP (120days direct bill to party/ bill discounting (domestic-90days) Sub limit :Packing Credit-90days Sub limit: LC (inland/foreign) buyers credit Letter of credit (inland/foreign) Bank guarantee Margin 35% [overall] on term loan I 25% for raw material/ finished goods 30% on work in process 40% on receivables-domestic 20% on export nil-FBP/UFBP (120days direct bill to party/ bill discounting (domestic-90days) 25% on packing credit 25% on import/inland LC (DP/DA Usance upto 90days) 5% in form of FDR (negative carry on account of MTM) Extent and Operation of the charge Bank of Baroda B/O Nariman Point Branch Mumbai First Charge Holder
Short particulars of the property charged	Hypothecation of goods, book debts, moveable machinery and vehicles Leasehold rights in the plot adm. 2702sq. Mtrs. With the shed bearing no.a-2104 in Vapi industrial area estate, phase-iii, GIDC, Vapi, District Valsad, Gujarat together with all building and structures now Standing thereon to be erected hereafter and plant and machinery attached to the earth or permanently fast end to anything attached to earth, both present and future
Date of latest modification prior to the present modification	05.06.2010
Particulars of the present modification	Charge increased from Rs.96.566 Millions to Rs.148.500 Millions.

FIXED ASSETS:

• Land
• Furniture and fixture
• Typewriter
• Electric fittings
• Scooter
• Factory building
• Plant and machinery
• Electrical equipments
• Computer
• Fax machine
• Air conditioner
• Mobile phone
• Laboratory equipments
• Motor car
• EPABX Telephone
• Lap top
• Gas cylinder
• Cooling tower
• R. O. Plant

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.31
UK Pound	1	Rs.81.37
Euro	1	Rs.67.97

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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.