MIRA INFORM REPORT

Report Date :

16.11.2012

IDENTIFICATION DETAILS

Name :	INTAS BIOPHARMACEUTICALS LMITED
Registered Office :	Plot No. 423 / P / A, Sarkhej-Bavla Highway, Moraiya, Taluka – Sanand, Ahmedabad – 382213, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.11.2005
Com. Reg. No.:	04-047111
Capital Investment / Paid-up Capital :	Rs. 79.247 Millions
CIN No.: [Company Identification No.]	U24230GJ2005PLC047111
TAN No.: [Tax Deduction & Collection Account No.]	AHMI00909G
PAN No.: [Permanent Account No.]	AABCI4722M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Bio Pharmaceutical Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 10000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Intas Pharmaceuticals Limited’, India. It is a well established company having good track. The financial position of the company appears to be strong and healthy. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitment. The company can be considered 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	LONG TERM BANK FACILITIES : A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	02.07.2012

Rating Agency Name	CARE
Rating	SHORT TERM BANK FACILITIES : A2
Rating Explanation	Strong degree of safety and very low credit risk.
Date	02.07.2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 :	Plot No. 423 / P / A, Sarkhej-Bavla Highway, Moraiya, Taluka – Sanand, Ahmedabad – 382213, Gujarat, India
Tel. No.:	91-2717-660100/01 91-79-66074123
Fax No.:	91-2717-251189 91-22-67624014
E-Mail :	Jitesh_laddha@intaspharma.com business@intasbiopharmaco.in contract.services@intasbiopharma.co.in premnarayan.tripathi@intasbiopharma.co.in
Website :	http://www.intasbiopharma.co.in
Corporate Office :	9th Floor, Salfa Pegasus, Near Pehlad Nagar, Anand Nagar, Satelite Road, Ahmedabad- 382215, Gujarat, India
Tel No.:	91-79-66112501
Fax No.:	91-79-66112500
Area :	10000 Sq. Ft.
Location :	Owned

DIRECTORS

As on: 05.09.2011

Name :

Mr. Urmish Hasmukh Chudgar

Designation :

Managing director

Address :

16, Nishant Bungalows, Part-1, Satellite, Ahmedabad, Gujarat – 380015, India

Date of Birth/Age :

16.02.1959

Qualification :

M. D Oncology and Haematology

Experience :

26 Years

Date of Appointment :

01.12.2007

DIN No.:

00096080

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01-09-11	30-09-96	-	Active	NO
2	U19129GJ1997NPL032264	ADVANCED TRANSFUSION MEDICINE RESEARCH FOUNDATION	Director	06-05-97	06-05-97	-	Active	NO
3	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16-12-98	16-12-98	-	Active	NO
4	U24231GJ2000PLC037582	INTAS PHARMA LIMITED.	Director	21-03-00	21-03-00	-	Active	NO
5	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	25-04-00	25-04-00	-	Active	NO
6	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	01-11-07	27-11-00	-	Amalgamated	NO
7	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15-05-01	15-05-01	-	Active	NO
8	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03-07-01	03-07-01	-	Active	NO
9	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	01-02-03	01-02-03	-	Active	NO
10	U73100GJ2003PLC042948	CYTAS RESEARCH LIMITED	Director	22-09-03	22-09-03	-	Active	NO
11	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Managing director	01-12-07	23-11-05	-	Active	NO
12	U73100GJ2008PLC054736	ONCOLOGY SERVICES INDIA LIMITED	Director	11-08-08	11-08-08	-	Active	NO
13	U85195GJ2009PLC057059	UNIPATH SPECIALTY LABORATORY LIMITED	Director	26-05-09	26-05-09	-	Active	NO
14	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07-07-10	07-07-10	-	Active	NO

Name :

Mr. Binish Hasmukh Chudgar

Designation :

Director

Address :

Heritage Cresent Flats, Shapath V, Opposite Karnavati Club, Prahaladnagar, Ahemedabad – 380015, Gujarat, India

Date of Birth/Age :

01.12.1963

Date of Appointment :

30.09.2010

DIN No.:

00119503

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01-04-11	31-05-85	-	Active	NO
2	U51909GJ1955PTC000577	EQUATORIAL PRIVATE LIMITED	Director	01-08-94	01-08-94	-	Active	NO
3	U65910GJ1994PTC023392	INTAS ENTERPRISE PRIVATE LIMITED	Director	24-10-94	24-10-94	-	Active	NO
4	U24236GJ1998PLC034883	LAMBDA THERAPEUTIC RESEARCH LIMITED	Director	27-10-98	27-10-98	-	Active	NO
5	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16-12-98	16-12-98	-	Active	NO
6	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	25-04-00	25-04-00	27-12-08	Active	NO
7	U51100GJ1994PTC023865	EPSILON MARKETING AND CONSULTANCY PRIVATE LIMITED	Director	16-10-00	16-10-00	-	Active	NO
8	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	27-11-00	27-11-00	-	Amalgamated	NO
9	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15-05-01	15-05-01	-	Active	NO
10	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03-07-01	03-07-01	-	Active	NO
11	U24231GJ2000PLC037582	INTAS PHARMA LIMITED.	Director	02-12-02	02-12-02	-	Active	NO
12	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	20-01-03	20-01-03	-	Active	NO
13	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	15-10-04	15-10-04	-	Active	NO
14	U24233GJ2007PLC050155	JINA PHARMACEUTICALS LIMITED.	Director	06-03-07	06-03-07	-	Active	NO
15	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07-07-10	07-07-10	-	Active	NO
16	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	30-09-10	08-07-10	-	Active	NO

Name :

Mr. Hasmukh Chudgar

Designation :

Director

Address :

13, Sanidhya Bungalows, Near Someshwar Jain Temple, Satellite, Ahmedabad, Gujarat – 380015, India

Date of Birth/Age :

16.06.1933

Date of Appointment :

29.09.2006

DIN No.:

00172265

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01-07-09	31-05-85	-	Active	NO
2	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	24-02-01	24-02-01	-	Active	NO
3	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	01-06-02	01-06-02	-	Amalgamated	NO
4	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	31-08-03	31-08-03	27-12-08	Active	NO
5	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	29-09-06	16-01-06	-	Active	NO
6	U24231GJ2000PLC037582	INTAS PHARMA LIMITED.	Director	29-09-07	03-09-07	-	Active	NO
7	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07-07-10	07-07-10	-	Active	NO

Name :

Mr. Nimish Hasmukh Bhai Chudgar

Designation :

Director

Address :

13, Sanidhya Bungalows, Near Someshwar Jain Temple, Satellite, Ahmedabad, Gujarat – 380015, India

Date of Birth/Age :

19.07.1960

Date of Appointment :

29.09.2006

DIN No.:

00212400

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01-04-11	31-05-85	-	Active	NO
2	U51909GJ1955PTC000577	EQUATORIAL PRIVATE LIMITED	Director	01-08-94	01-08-94	-	Active	NO
3	U65910GJ1994PTC023392	INTAS ENTERPRISE PRIVATE LIMITED	Director	24-10-94	24-10-94	-	Active	NO
4	U19129GJ1997NPL032264	ADVANCED TRANSFUSION MEDICINE RESEARCH FOUNDATION	Director	06-05-97	06-05-97	-	Active	NO
5	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16-12-98	16-12-98	-	Active	NO
6	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	21-08-12	25-04-00	-	Active	NO
7	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	27-11-00	27-11-00	-	Amalgamated	NO
8	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	24-02-01	24-02-01	-	Active	NO
9	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15-05-01	15-05-01	-	Active	NO
10	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03-07-01	03-07-01	-	Active	NO
11	U24231GJ2000PLC037582	INTAS PHARMA LIMITED.	Managing director	01-04-11	02-12-02	-	Active	NO
12	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	20-01-03	20-01-03	-	Active	NO
13	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	29-09-06	16-01-06	-	Active	NO
14	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07-07-10	07-07-10	-	Active	NO
15	U73100GJ2008PLC054736	ONCOLOGY SERVICES INDIA LIMITED	Additional director	15-09-11	15-09-11	-	Active	NO
16	U73100GJ2003PLC042948	CYTAS RESEARCH LIMITED	Director	21-08-12	15-09-11	-	Active	NO
17	U52202GJ2012PTC072362	ARRON FRESH PRIVATE LIMITED	Director	18-10-12	18-10-12	-	Active	NO

Name :

Mr. Sanjiv Dwarkanath Kaul

Designation :

Director

Address :

22, Siris Road, DLF Phase 3, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

25.07.2011

Date of Appointment :

05.09.2011

DIN No.:

01550413

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Nominee director	16-06-12	05-01-06	-	Active	NO
2	U85110KA2005PTC035687	BIOQUEST SOLUTIONS PRIVATE LIMITED	Director	25-08-06	25-08-06	-	Active	NO
3	U74899DL1991PLC044843	MANKIND PHARMA LIMITED	Director	21-09-07	24-04-07	-	Active	NO
4	U45200DL2008PTC180377	SAAYA STRUCTURES PRIVATE LIMITED	Director	10-07-08	10-07-08	05-09-09	Active	NO
5	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	05-09-11	02-08-11	-	Active	NO
6	U24232GJ2007PTC049867	ERIS LIFESCIENCES PRIVATE LIMITED	Director	29-08-11	29-08-11	-	Active	NO
7	U24230GJ2009PTC057670	ERIS THERAPEUTICS PRIVATE LIMITED	Director	29-08-11	29-08-11	-	Active	NO
8	U74900DL2012PTC235889	NUVO CHRYSCAPITAL ADVISORS PRIVATE LIMITED	Additional director	21-05-12	21-05-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jitesh Kumar Laddha
Designation :	Secretary
Address :	E-303, Vaibhav Apartment Part II, Near Police Commissioner Office, Shahibaug, Ahmedabad – 380004, Gujarat, India
Date of Birth/Age :	17.08.1975
Date of Appointment :	27.08.2010
PAN No.:	AAQPL7566G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 05.09.2011

Names of Shareholders	No. of Shares
Chudgar K. Hasmukh	77870
Chudgar H. Umish	10000
Chudgar H. Binish	128750
Chudgar H. Nimish	133220
Chudgar U. Parul	80440
Chudgar U. Shail	101240
Chudgar H. Kusum	269090
Chudgar B. Bindi	68930
Chudgar N. Bina	40460
Equatorial Private Limited	924000
Intas Enterprise Private Limited	80000
Cytas Research Limited	1131848
Intas Pharmaceuticals Limited	4878885
Total	7924733

Equity Share Break up (Percentage of Total Equity)

As on: 05.09.2011

Category	Percentage
Bodies corporate	88.52
Directors or relatives of directors	11.48
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Bio Pharmaceutical Products

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Injectable	Nos	NA	4838400	596896
Drug Substance (API)	Grams	NA	822	601.85

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat, India

· Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai – 400 005, Maharashtra

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	590.657	801.774
Rupee term loans financial institutions secured	0.000	71.154
Working Capital loans secured
Working Capital loans banks secured	102.178	291.155
Loans taken for fixed assets secured
Loans taken for Vechiles secured	3.330	3.136
Total	696.165	1167.219
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks unsecured	150.000	430.001
Rupee term loans financial institutions unsecured	0.000	88.811
Rupee term loans others unsecured	60.006	65.121
Total	210.006	583.933

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	3rd Floor, Heritage, B/H Gujarat Vidyapith, Office Ashram Road, Ahmedabad – 380009, Gujarat, India
PAN No.:	AABFD7919A
Name :	Apaji Amin And Company
Address :	304, AAKANSHA, NAVRANGPURA AHMEDABAD- 380009, Gujarat, India
PAN No.:	AAFFA6140C
Holding Company :	Intas Pharmaceuticals Limited (w.e.f. 01.12.2010) CIN No.: U24231GJ1985PLC007866
Subsidiaries :	· Indus Biotherapeutics Limited CIN No: U73100GJ2000PLC038979 · Celestial Biologicals Limited CIN No: U40201GJ2000PLC037850 · Biologics Process Development Inc., USA
Associate:	Viropro Inc., USA
Fellow subsidiaries :	· Astron Research Limited · Intas Pharma Limited
Enterprises Controlled by Key Management Personnel/ Relative of Key Management Personnel :	· Cytas Research Limited · Advanced Transfusion Medicine Research Foundation · Lambda Therapeutic Research Limited · Oncology Services India Limited · Astron Packaging Limited · One Advertising and Communication Services Limited · Unipath Specialty Laboratory Private Limited · Intas Pharmaceuticals- Partnership Firm

CAPITAL STRUCTURE

As on: 05.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
8000000	Equity Shares	Rs.10/- each	Rs. 80.000 Millions
13416752	Preference Shares	Rs. 10/- each	Rs. 134.167 Millions
	Total		Rs. 214.167 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7924733	Equity Shares	Rs.10/- each	Rs. 79.247 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		79.247	163.795	163.795
2] Share Application Money		0.000	36.225	0.000
3] Reserves & Surplus		3392.038	992.990	985.032
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3471.285	1193.010	1148.827
LOAN FUNDS
1] Secured Loans		696.165	1167.219	870.964
2] Unsecured Loans		210.006	583.933	145.035
TOTAL BORROWING		906.171	1751.152	1015.999
DEFERRED TAX LIABILITIES		155.372	108.826	92.123
TOTAL		4532.828	3052.989	2256.949
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1266.847	966.483	886.448
Capital work-in-progress		1499.297	1557.608	977.125
INVESTMENT		244.516	129.627	129.628
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	202.476	226.131	138.527
	Sundry Debtors	122.001	323.876	232.266
	Cash & Bank Balances	14.268	36.338	21.537
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1444.896	184.963	140.716
Total Current Assets		1783.641	771.308	533.046
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	114.455	220.265	137.627
	Other Current Liabilities	124.196	142.138	103.490
	Provisions	22.822	9.634	28.181
Total Current Liabilities		261.473	372.037	269.298
Net Current Assets		1522.168	399.271	263.748
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4532.828	3052.989	2256.949

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	881.968	777.498	869.581
		Other Income	7.860	18.853	12.681
		TOTAL (A)	889.828	796.351	882.262
Less	EXPENSES
		Consumption Materials changes inventories	236.476	232.267
		Manufacturing service costs	62.053	79.051
		Employee related expenses	116.647	125.714
		Administrative selling other expenses	169.551	170.581
		TOTAL (B)	584.727	607.613	565.148
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) ©		305.101	188.738	317.114
Less	FINANCIAL EXPENSES (D)		94.054	90.835	38.198
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		211.047	97.903	278.916
Less/ Add	DEPRECIATION/ AMORTISATION (F)		94.040	66.912	50.662
	PROFIT BEFORE TAX (E-F)		117.007	30.991	228.254
Less	TAX		74.339	22.442	41.995
	PROFIT AFTER TAX BUT BEFORE PRIOR PERIOD ADJUSTMENT		0.000	8.549	186.259
Less	Prior Period Adjustments		0.000	0.544	0.139
	PROFIT AFTER TAX		42.668	8.005	186.120
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		247.974	240.016	56.155
Less	APPROPRIATIONS
		Dividend –Preference Share	NA	0.040	0.408
		Dividend – Equity Share	NA	0.000	1.523
		Dividend Distribution Tax	NA	0.007	0.328
	BALANCE CARRIED TO THE B/S		NA	247.974	240.016
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	83.814	283.684
	TOTAL EARNINGS		NA	83.814	283.684
	IMPORTS
		Raw Materials	NA	34.871	26.581
		Capital Goods	NA	79.833	28.993
		Others	NA	100.969	68.274
	TOTAL IMPORTS		NA	215.673	123.848
	Earnings Per Share (Rs.)		9.15	2.62	89.68

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.79	1.07	21.09
Net Profit Margin (PBT/Sales)	(%)	13.27	3.98	26.25
Return on Total Assets (PBT/Total Assets}	(%)	3.84	1.78	16.08
Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.19
Debt Equity Ratio (Total Liability/Networth)		0.34	1.78	1.12
Current Ratio (Current Asset/Current Liability)		6.82	2.07	1.98

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	Yes
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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230GJ2005PLC047111
Name of the company	INTAS BIOPHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 423, P/ A/ GIDC, Sarkhej-Bavla Highway, Moraiya, Taluka Sanand, Ahmedabad – 382 210, Gujarat, India
This form is for	Modification of charge
Charge identification number of the modified	10018048
Type of charge	Movable Property (not being pledge) Immovable Property Others
Particular of charge holder	Axis Bank Limited Trishul, 3^rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India p.oza@axisbank.com
Nature of description of the instrument creating or modifying the charge	Letter From Axis Bank Regarding Repayment of Rs. 180.000 Millions
Date of instrument Creating the charge	11.07.2012
Amount secured by the charge	Rs.320.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Linked to LIBOR as per prevailing rates applicable Terms of Repayment: As per bank’s sanction Margin: As per bank’s sanction Extent and Operation of the charge: All the securities described here below in Column No. 15 shall continue under the joint charge in favor of Banks to secure its reduced financial assistance aggregating to Rs. 320.000 Millions in view of repayment of Term Loan amounting to Rs. 180.000 Millions.
Date of latest modification prior to the present modification	11.04.2011
Particulars of the present modification	Now charge is valid only for reduced financial assistance aggregating to Rs. 320.000 Millions on account of repayment of Term Loan of Rs. 180.00 Miilions.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture, Fixtures and Office Equipments

· Vehicles

· Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 54.96
UK Pound	1	Rs. 87.10
Euro	1	Rs. 70.03

INFORMATION DETAILS

\Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		50

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.