MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	EMBIO LIMITED
Formerly Known As :	EMMELLEN BIOTECH PHARMACEUTICALS LIMITED (w.e.f.17.07.2009)
Registered Office :	501, Sentinal, Central Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.01.1986
Com. Reg. No.:	11-038680
Capital Investment / Paid-up Capital :	Rs. 91.351 Millions
CIN No.: [Company Identification No.]	U24110MH1986PLC038680
PAN No.: [Permanent Account No.]	AAACE1154C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ephedrine and Pseudoephedrine salts.
No. of Employees :	Not Available

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 2800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 – 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 : BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	January 2012

Rating Agency Name	CARE
Rating	Short term Bank facilities : A3+
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	January 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 :	501, Sentinal, Central Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-66797200
Fax No.:	91-22-66797222
E-Mail :	chirag@embio.co.in embio@embio.co.in sales@embio.co.in
Website :	http://www.embio.co.in
Factory :	E - 21-22, MIDC Industrial Estate, Mahad - 402309, District Raigad, Maharashtra, India
Tel. No.:	91-2145-232059 / 060 / 061
Fax No.:	91-2145-232375
E-Mail :	mahad@embio.co.in

DIRECTORS

AS ON 03.08.2012

Name :

Mr. Devesh Malladi

Designation :

Managing director

Address :

1301, Solitaire, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

13.07.1966

Qualification :

M. Tech

Date of Appointment :

20.04.2009

PAN No.:

AAAPD6878R

DIN No.:

00025221

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	Company/ LLP Status	Defaulting status
1	U24110MH1986PLC038680	EMBIO LIMITED	Managing director	20/04/2009	19/09/1997	Active	NO
2	U74140MH1998PTC114311	URAV CONSULTANCY PRIVATE LIMITED	Director	24/11/1998	24/11/1998	Amalgamated	NO
3	U65993MH1997PTC111641	GURU NARAYAN FINCAP PRIVATE LIMITED	Director	24/11/1998	24/11/1998	Amalgamated	NO
4	U99999MH1988PTC136042	MALLADI INVESTMENTS PRIVATE LIMITED	Director	26/12/1998	26/12/1998	Amalgamated	NO
5	U51900MH1998PTC116955	HAKUNA FARMA PRIVATE LIMITED	Director	05/07/1999	05/07/1999	Amalgamated	NO
6	U24230MH1991PTC063919	PRERNA PHARMA INDUSTRIES PRIVATE LIMITED	Director	11/01/2002	11/01/2002	Active	NO
7	U24230MH2004PTC144351	MALLADI INDUSTRIES PRIVATE LIMITED	Director	04/02/2004	04/02/2004	Active	NO
8	U24230MH2005PLC154829	INJEN RX PHARMA LIMITED	Director	15/07/2005	15/07/2005	Under liquidation	NO
9	U72900MH2009PTC189521	RIK TECHNOLOGIES INDIA PRIVATE LIMITED	Director	12/01/2009	12/01/2009	Active	NO

Name :

Mr. Rajendra Kamalakant Prabhu

Designation :

Whole-time director

Address :

5/81, Juhu Tarang CHS, New D.N. Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

09.05.1961

Qualification :

Chartered Accountant, LLB, B.Com

Date of Appointment :

22.09.2008

PAN No.:

AAAPD6878R

DIN No.:

00025412

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	U24230MH2005PLC154829	INJEN RX PHARMA LIMITED	Director	15/07/2006	15/07/2006	-	Under liquidation	NO
2	U24110MH1986PLC038680	EMBIO LIMITED	Whole-time director	22/09/2008	26/08/2008	-	Active	NO
3	U24230MH2004PTC144351	MALLADI INDUSTRIES PRIVATE LIMITED	Director	28/09/2010	05/03/2010	22/04/2011	Active	NO

Name :

Mr. Hanumantha Avadhani Malladi

Designation :

Director

Address :

1-35/4, Malladi Vari Street, Nazerpet, Tenali, Guntur – 522201, Andhra Pradesh, India

Date of Birth/Age :

18.08.1934

Qualification :

M. Sc (Chem)

Date of Appointment :

05.06.1990

PAN No.:

AAAPA6776B

DIN No.:

00055989

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	U24110MH1986PLC038680	EMBIO LIMITED	Director	05/06/1990	05/06/1990	-	Active	NO
2	L24294TN1986PLC013087	MANALI PETROCHEMICALS LIMITED	Director	15/12/1990	15/12/1990	17/04/2008	Active	NO
3	U99999MH1988PTC136042	MALLADI INVESTMENTS PRIVATE LIMITED	Director	26/12/1998	26/12/1998	22/04/2011	Amalgamated	NO
4	U24111MH1991PLC183170	KARNATAKA MALLADI BIOTICS LIMITED	Director	26/03/2003	26/03/2003	-	Amalgamated	NO
5	U24230MH2004PTC144351	MALLADI INDUSTRIES PRIVATE LIMITED	Director	04/02/2004	04/02/2004	22/04/2011	Active	NO
6	U01119AP2005PTC046334	MALLADI AGRO INDUSTRIES PRIVATE LIMITED	Director	25/05/2005	25/05/2005	-	Active	NO
7	U65993TN1994PLC026971	SOMAYAJULU AND COMPANY LIMITED	Director	03/12/2010	03/12/2010	22/05/2012	Active	NO

Name :

Mr. Jayant Narayan Godbole

Designation :

Director

Address :

604-A, Cottage Land Co-operative Housing Society, Plot No. 16A, Sector-19, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

17.02.1945

Qualification :

B. Tech (IIT Bombay) MBA (JBIML)

Date of Appointment :

21.10.2005

DIN No.:

00056830

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	U74999MH2003PTC139774	INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED	Director	26/05/2005	26/05/2005	11/07/2008	Active	NO
2	U67190MH2005PTC155404	INVENT ARC PRIVATE LIMITED	Director	17/08/2005	17/08/2005	11/07/2008	Active	NO
3	U24110MH1986PLC038680	EMBIO LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
4	L28120MH1992PLC069252	TECHNOCRAFT INDUSTRIES (INDIA) LIMITED	Director	01/03/2006	01/03/2006	18/05/2009	Active	NO
5	L17229UP1994PLC017199	J. K. CEMENT LIMITED	Director	25/08/2007	29/07/2006	-	Active	NO
6	L51909WB1935PLC008194	GILLANDERS ARBUTHNOT AND COMPANY LIMITED	Director	05/09/2007	07/03/2007	-	Active	NO
7	L31300DN1961PLC000232	IMP POWERS LIMITED	Director	05/12/2008	16/03/2007	-	Active	NO
8	L21019WB1981PLC034161	EMAMI PAPER MILLS LIMITED	Director	17/03/2007	17/03/2007	-	Active	NO
9	L72200MH2000PLC130073	MW UNITEXX LIMITED	Director	27/09/2007	16/04/2007	23/04/2010	Active	NO
10	L15432UP1932PLC025186	THE OUDH SUGAR MILLS LIMITED	Director	17/12/2007	23/04/2007	-	Active	NO
11	L21012CT1980PLC001682	MADHYA BHARAT PAPERS LIMITED	Director	25/07/2007	25/07/2007	-	Active	NO
12	L51420MH1989PLC053772	BILPOWER LIMITED	Director	22/09/2007	26/07/2007	17/06/2008	Active	NO
13	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	24/09/2007	01/08/2007	-	Active	NO
14	U26951UP1988PLC010111	JAYKAYCEM LIMITED	Director	26/07/2008	09/02/2008	-	Amalgamated	NO
15	L26941GJ1956PLC000840	SAURASHTRA CEMENT LIMITED	Director	27/06/2012	28/04/2008	-	Active	NO
16	L24110GJ1973PLC002247	GUJARAT ALKALIES AND CHEMICALS LIMITED	Director	04/03/2009	04/03/2009	-	Active	NO
17	L45203MH2008PLC178061	KESAR TERMINALS AND INFRASTRUCTURE LIMITED	Director	14/09/2010	29/01/2010	-	Active	NO
18	U65999WB2010PTC141896	MIDAS ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	24/05/2011	11/08/2010	07/11/2012	Active	NO
19	U65100MH2010PLC199319	IDBI ASSET MANAGEMENT LIMITED	Director	28/06/2012	09/11/2010	-	Active	NO
20	U65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	07/08/2012	20/05/2011	-	Active	NO
21	U74120MH2011PLC222597	KESAR MULTIMODAL LOGISTICS LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO

Name :

Mr. Ajit Tekchand Vaswani

Designation :

Director

Address :

502, Solitaire, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

05.07.1937

Qualification :

Chartered Accountant, Company Secretary

Date of Appointment :

16.10.2001

DIN No.:

00057953

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	U24219KA1991PTC011795	PJ MARGO PRIVATE LIMITED	Director	16/12/1994	16/12/1994	-	Active	NO
2	L72200PN1963PLC012621	ZENSAR TECHNOLOGIES LIMITED	Director	09/02/1996	09/02/1996	-	Active	NO
3	U72200PN1984PLC034103	ZENSAR TRANSFORMATION SERVICES LIMITED	Director	15/03/2000	15/03/2000	-	Amalgamated	NO
4	L12801MH1963PLC012801	VULCAN ENGINEERS LIMITED	Director	03/10/2000	03/10/2000	16/02/2010	Active	NO
5	U24110MH1986PLC038680	EMBIO LIMITED	Director	16/10/2001	16/10/2001	-	Active	NO
6	U24119KA1994PTC016163	MARGO BIOCONTROLS PRIVATE LIMITED	Director	22/12/2003	22/12/2003	-	Active	NO
7	L45200MH2005PLC152061	KEC INTERNATIONAL LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
8	U15133PN2006PTC139152	SONOCO INDIA PRIVATE LIMITED	Director	08/05/2006	08/05/2006	-	Active	NO
9	U85100PN2011PTC141113	PRIME SURGICAL CENTERS PRIVATE LIMITED	Director	19/10/2011	19/10/2011	29/03/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Chirag Arvind Vora
Designation :	Secretary
Address :	301/302 Paras Darshan, Modi Patel Road, Bhayander (West), Thane – 401101, Maharashtra, India
Date of Birth/Age :	19.10.1983
Date of Appointment :	01.11.2011
PAN No.:	AIJPV9105C
Name :	Mr. Sandeep Warang
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 03.08.2012

Names of Shareholders	No. of Shares
M Devesh (HUF)	1479014
Shobna Devesh Malladi	522014
Devesh Malladi	87015
Malladi Sundari jointly with Sarvani Malladi	174000
M. Srikant	87000
Malladi Samhith	30
Malladi Industries Private Limited, India	6786029
Total	9135102

AS ON 03.08.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	74.29
Directors or relatives of directors	9.52
Others	16.19
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ephedrine and Pseudoephedrine salts.

Products :

ITC Code	Product Descriptions
293941	Ephedrine, Nor and Derivatives

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans financial institutions secured	100.261	69.000
Working capital loans banks secured	146.919	97.304
Loans taken for vehicles secured	0.820	1.159
Total	248.000	167.463
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	0.000	4.600
Deferred sales tax loan unsecured	2.964	3.147
Total	2.964	7.747

Banking Relations :	--
Auditors :
Name :	SSPA and Company Chartered Accountants
Address :	1st Floor, Arjun Plot No. 6A, V P Road, Andheri-West, Mumbai – 400058, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ABLFS2629F
Associates :	Ø Prerna Pharma Industries Private Limited [U24230MH1991PTC063919] Ø Guru Narayan Fincap Private Limited [U65993MH1997PTC111641] Ø Malladi Investments Private Limited [U99999MH1988PTC136042] Ø Malladi Industries Private Limited [U24230MH2004PTC144351]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
42,000,000	Equity Shares	Rs. 10/- each	Rs. 420.000 Millions
10,000,000	Preference Shares	Re. 1/- each	Rs. 10.000 Millions
	Total		Rs. 430.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,135,102	Equity Shares	Rs.10/- each	Rs. 91.351 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		91.351	91.351	98.347
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		613.014	580.383	529.114
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		704.365	671.734	627.461
LOAN FUNDS
1] Secured Loans		248.000	167.463	192.681
2] Unsecured Loans		2.964	7.747	7.801
TOTAL BORROWING		250.964	175.210	200.482
DEFERRED TAX LIABILITIES		148.747	118.056	89.444
TOTAL		1104.076	965.000	917.387
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		719.177	686.062	674.362
Capital work-in-progress		12.250	26.351	2.720
INVESTMENT		0.904	0.904	1.404
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	191.060	195.205	181.848
	Sundry Debtors	185.393	122.640	135.878
	Cash & Bank Balances	27.447	1.957	1.300
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	178.414	116.087	94.352
Total Current Assets		582.314	435.889	413.378
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	153.171	145.243	153.142
	Other Current Liabilities	15.035	16.840	15.336
	Provisions	42.363	22.123	5.999
Total Current Liabilities		210.569	184.206	174.477
Net Current Assets		371.745	251.683	238.901
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1104.076	965.000	917.387

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	851.346	733.414	807.156
		Other Income	35.735	36.247	19.949
		TOTAL (A)	887.081	769.661	827.105
Less	EXPENSES
		Consumption materials changes inventories	352.599	304.594
		Manufacturing service costs	126.158	84.300
		Employee related expenses	79.267	76.983
		Administrative selling other expenses	97.106	98.098
		Research development expenditure	23.850	24.962
		TOTAL (B)	678.980	588.937	692.875
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		208.101	180.724	134.230
Less	FINANCIAL EXPENSES (D)		21.924	22.716	38.259
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		186.177	158.008	95.971
Less/ Add	DEPRECIATION/ AMORTISATION (F)		58.648	54.695	54.051
	PROFIT BEFORE TAX (E-F) (G)		127.529	103.313	41.920
Less	TAX (H)		62.941	30.139	13.515
	PROFIT AFTER TAX (G-H) (I)		64.588	73.174	28.405
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51.174	49.905	27.508
Less/ Add	TAX ADJUSTMENT OF EARLIER YEAR		0.000	0.000	0.009
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	50.000	0.000
		Dividend	31.957	21.905	5.999
	BALANCE CARRIED TO THE B/S		33.805	51.174	49.905
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Exports	556.518	548.354	494.874
	IMPORTS
		Raw Materials	42.103	29.711	38.414
		Capital Goods	7.531	0.000	0.000
	TOTAL IMPORTS		49.634	29.711	38.414
	Earnings Per Share (Rs.)		10.44	7.95	3.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.28	9.51	3.43
Net Profit Margin (PBT/Sales)	(%)	14.98	14.09	5.19
Return on Total Assets (PBT/Total Assets}	(%)	9.80	9.21	3.85
Return on Investment (ROI) (PBT/Networth)		0.18	0.15	0.07
Debt Equity Ratio (Total Liability/Networth)		0.66	0.54	0.60
Current Ratio (Current Asset/Current Liability)		2.77	2.37	2.37

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

OPERATIONS

Sales for the year were Rs. 880.286 Millions as compared with Rs. 760.629 Millions of the previous year, an increase of 15.73 %. Profit before tax increased from Rs.103.313 Millions to Rs.127.529 Millions, an increase of 23.44%. This was largely the result of increased volumes and improved sales realizations.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24110MH1986PLC038680
Name of the company	EMBIO LIMITED
Address of the registered office or of the principal place of business in India of the company	501, Sentinal, Central Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400067, Maharashtra, India Email: prabhu@embio.co.in
This form is for	Modification of charge
Charge identification number of the modified	80046613
Type of charge	Immovable Property Book Debts Movable Property Others (Current Assets)
Particular of charge holder	Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujarat, India CIN No.: L65110GJ1993PLC020769 Email: rajesh.laxman@axisbank.com
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation dated 06.09.2012 Memorandum of Entry regarding creation of Mortgage by Depositing Title Deeds dated 06.09.2012
Date of instrument Creating the charge	06.09.2012
Amount secured by the charge	Rs. 150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC=BR+4.00%, EPC/PCFC=BR+2.50% upto180 days and BR+3.75% period beyond 180 days and upto 270 days and BR+6% for overdue Bill, PSC/PSCFC=BR+2.50%, further refer agreement dt. 06.09.2012. Terms of Repayment On Demand Margin The DP will be calculated by applying the margin mention; For CC = Raw - material - 25.00%, Stock in Process - 30%, Finished Goods and Pkg Material - 25%, Book Debts (cover period 120 days) - 30%; for EPC = Export bill with title to goods duly endorsed in favour of Bank; for LC = Goods procured under LC; Bank Guarantee = -15%, -100% cash margin in case of disputed liabilities. Extent and Operation of the charge Pari passu first charge on entire current assets of the company and Pari passu Second charge on the Fixed Asset of the Company (excluding property of MMA) except vehicle, including Land and Building, Plant and Machinery situated at MIDC, Mahad, Maharashtra and Mandya, Karnataka for working capital facilities to the extent of Rs. 150.000 Millions as sanctioned by Axis Bank Limited
Short particulars of the property charged	Plot No. E-21, MIDC, Mahad, District – Raigad Plot No. E-22/1, MIDC, Mahad, District – Raigad RL-5, RL-6, RL-13 and RL-14 at Residential Zone of Mahad, District – Raigad Plot No. 70 (Part), 71, 72, 73 and 74 situated at Tubinkere Industrial Area, Yliyur Village, Kothani Hubli, Mandya District, Karnataka Flat No. 9, 10, 11 and 12 in the building known as Arun Nagar, Village Nandgaon, Tarf Birwadi, Taluka Mahad, District – Raigad Charge has created on all the moveable goods & fixed assets both present and future, all stock of raw materials, work in progress, semi finished goods described as movable properties. Charge has created on all the present and future book debts
Date of latest modification prior to the present modification	31.10.2011
Particulars of the present modification	Enhancement of working capital limit from 125.000 Millions to 150.000 Millions

CONTINGENT LIABILITIES:

(Rs. in millions)

Claims against the company not acknowledged as debts	31.03.2011	31.03.2010
Disputed amount of Income Tax	Nil	8.813
Suits filed by ex-employees	2.257	3.345

FIXED ASSETS

Ø Land

Ø Buildings

Ø Plant and machinery

Ø Furniture and fixture

Ø Office equipment

Ø Vehicle

Ø Technical knowhow

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. 54.99
UK Pound	1	Rs. 87.21
Euro	1	Rs. 70.22

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--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.