MIRA INFORM REPORT

Report Date :

05.09.2012

IDENTIFICATION DETAILS

Name :	INVENTIA HEALTHCARE PRIVATE LIMITED (w.e.f. 16.03.2009)
Formerly Known As :	THEMIS LABORATORIES PRIVATE LIMITED ANKUR PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Unit No. S-4, Khira Industrial Estate, B. M. Bhargava Road, Santacruz (West), Mumbai – 400054, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.09.1985
Com. Reg. No.:	11-037597
Capital Investment / Paid-up Capital :	Rs.1274.472 Millions
CIN No.: [Company Identification No.]	U24239MH1985PTC037597
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07689D
PAN No.: [Permanent Account No.]	AABCT5371R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products and Formulations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 5000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears loss in the year 2011 recorded by the company. However, networth of the company appears to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for business dealing at usual trade terms and condition.

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	CRISIL
Rating	Long term Rating = BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	April 2012

Rating Agency Name	CRISIL
Rating	Short term Rating = A2
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation it carry low credit risk
Date	April 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 :	Unit No. S-4, Khira Industrial Estate, B. M. Bhargava Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Tel. No.:	91-22-67163200/ 3206/ 3210/ 3220/ 3230
Fax No.:	91-22-67163300
E-Mail :	hitesh.dave@inventiahealthcare.com hemendra.shah@themislabs.com gopinath.nayak@themislabs.com ankur.shah@themislabs.com rupa.desai@inventiahealthcare.com
Website :	http://www.inventiahealthcare.com
Location :	Owned
Corporate Office :	505, VIP Plaza, Veera Industrial Estate, Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-67163000
Fax No.:	91-22-67163100
E-Mail :	info@themislabs.com
Location :	Owned
Thane Office :	A-215, Road No. 30, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel No.:	91-22-67173600
Fax No.:	91-22-67163700
Location :	Owned
R&D Center :	A-214, Road No.23, Therelek Compound, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel No.:	91-22-67163400
Fax No.:	91-22-67163500
Location :	Leased
Factory :	F1-F1/1, Additional Ambernath, M.I.D.C., Ambernath (East)- 421506, District Thane, Maharashtra, India
Tel No.:	91-251-2625700
Fax No.:	91-251-2625800
Location :	Owned

DIRECTORS

As on 15.06.2012

Name :

Mr. Janak Ramanlal Shah

Designation :

Managing Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

19.11.1947

Qualification :

B. Pharm

Date of Appointment :

01.11.1991

DIN No.:

00019819

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	U24230MH1986PTC039331	OROS LABS PRIVATE LIMITED	Managing director	25/03/1986	25/03/1986	18/04/2009	Active	NO
2	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Managing director	1/11/1991	1/11/1991	-	Active	NO
3	U33119MH2007PTC174238	JOVIS CLINICAL RESEARCH PRIVATE LIMITED	Director	18/09/2007	18/09/2007	10/12/2007	Active	NO

Name :

Ms. Maya Janak Shah

Designation :

Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

08.04.1950

Qualification :

B. Pharm

Date of Appointment :

27.09.1985

DIN No.:

00019904

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	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Whole-time director	27/09/1985	27/09/1985	-	Active	NO
2	U24230MH1986PTC039331	OROS LABS PRIVATE LIMITED	Whole-time director	25/03/1986	25/03/1986	18/04/2009	Active	NO

Name :

Mr. Ankur Janak Shah

Designation :

Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

27.10.1977

Qualification :

Ph. D.

Date of Appointment :

29.05.2009

DIN No.:

01656781

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	U33119MH2007PTC174238	JOVIS CLINICAL RESEARCH PRIVATE LIMITED	Director	18/09/2007	18/09/2007	10/12/2007	Active	NO
2	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Director	29/05/2009	4/7/2008	-	Active	NO
3	U73100MH2012PTC234798	INVENGENE BIOSCIENCES PRIVATE LIMITED	Whole-time director	22/08/2012	22/08/2012	-	Active	NO

Name :

Mr. Bharat Bakshi

Designation :

Nominee Director

Address :

C-6, Meghdoot, 536 Linking Road, Khar, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

05.09.1968

Date of Appointment :

04.07.2008

DIN No.:

01381524

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	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	22/09/2007	28/03/2007	-	Active	NO
2	L24231UP1979PLC004837	COMMERCIAL ENGINEERS AND BODY BUILDERS CO LIMITED	Nominee director	29/09/2007	1/8/2007	10/8/2011	Active	NO
3	U31300TN2003PLC051135	SARAVANA GLOBAL ENERGY LIMITED	Nominee director	20/02/2008	20/02/2008	-	Active	NO
4	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Nominee director	4/7/2008	4/7/2008	-	Active	NO
5	U72900TN1979PLC007991	KGS ENGINEERING LIMITED	Additional director	31/03/2009	31/03/2009	7/5/2010	Active	NO
6	U74899DL1995PTC073510	JACOB BALLAS CAPITAL INDIA PRIVATE LIMITED	Alternate director	6/12/2010	6/12/2010	7/12/2010	Active	NO

Name :

Mr. Prabuddha Prabodhranjan Ganguli

Designation :

Director

Address :

201 Sunview Heights, 262, Sher- E- Punjab, Andheri (East), Mumbai, 400093, Maharashtra, India

Date of Birth/Age :

23.06.1948

Date of Appointment :

04.06.2010

DIN No.:

03091961

KEY EXECUTIVES

Name :	Mrs. Rupa D Desai
Designation :	Secretary
Address :	Flat No.1, Archana CHS, Tagore Road, Santacruz (West), Mumbai 400 054, Maharashtra, India
Date of Birth/Age :	02.04.1972
Date of Appointment :	19.07.2010
PAN No.:	ADKPR1935N
Name :	Mr. Hemendra R. Shah
Designation :	President – Finance
Name :	Mr. Naresh B. Shah
Designation :	President – Marketing and HR
Name :	Mr. Surinder Raina
Designation :	Senior  Vice President – International Marketing
Name :	Mrs. Surina Iyer
Designation :	Assistant Vice President – HR
Name :	Mr. Siri Ram Khanna
Designation :	Chief Technical Officer
Name :	Mr. Sunil D. Tiwari
Designation :	Senior. General Manager - Formulation Development
Name :	Mr. Parag N. Gadkari
Designation :	Assistant Vice President - ARD
Name :	Mr. Milind M. Pitale
Designation :	Vice President – QS
Name :	Mr. Nanalal G. Joshi
Designation :	President - Technical

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.06.2012

Names of Shareholders	No. of Shares
Janak Ramanlal Shah	3254350
Maya Janak Shah	2720650
Vishal Janak Shah	12000
Gaurang Hasmukhlal Thanawala	100
Daksha Gaurang Thanawala	100
Sachi Gaurang Thanawala	100
Dwiti Gaurang Thanawala	100
Varun Gaurang Thanawala	100
NYLIM Jacob Ballas India Fund III LLC, Mauritius	1833000
Ankur Janak Shah	12500
Total	7833000

As on 15.06.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	23.40
Directors or relatives of Directors	76.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products and Formulations.

Products :

Products Description	Item Code No
Pharmaceutical Products and Formulations.	304-2

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity *	Actual Production
Capsules	Nos (Millions)	400	145.57
Tablets	Nos (Millions)	600	347.50
Pellets and Granules	MT	800	352.59

* As certified by the Management and relied upon by the Auditors being technical matter

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West),, Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	55.000	0.000
Foreign currency loans banks secured	78.395	194.874
Working capital loans banks secured	120.000	17.512
Total	253.395	212.386
Rs. In Millions Particular 31.03.2011 31.03.2010 Repayment of secured loans due in next 12 months 202.323 131.567 Term Loan from banks are secured by [1] First Pari passu charge on all the Fixed Assets of the Company at Ambernath [2] Second pari passu charge on all the current assets of the Company [3] Personal Guarantee of Promoter Director before disbursement of limits Cash Credit Facilities and Short Term Working Capital Demand Loans are secured by First pari-passu charge by way of hypothecation of Company's entire current assets including stocks of raw materials, semi-finished and finished goods, consumable stores and spares and such other movables, book debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form amd manner satisfactory to the Bank, to be shared with Working Capital Banker. Second pari-passu charge on the entire fixed assets of the Company at Ambernath. Unconditional and irrevocable personal guarantees of Director

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Associates Chartered Accountants
Address :	14th 15th and 16th Floor, The Ruby 29, Senapati Bapat Marg, Dadar (West), Mumbai 400028, Maharashtra, India
PAN.:	AABFS3421N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7833000	Equity Shares	Rs.10/- each	Rs.78.330 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		78.330	78.330	72.220
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1196.142	1207.444	891.972
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1274.472	1285.774	964.192
LOAN FUNDS
1] Secured Loans		253.395	212.386	524.338
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		253.395	212.386	524.338
DEFERRED TAX LIABILITIES		0.000	49.748	50.972
TOTAL		1527.867	1547.908	1539.502
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1185.709	1227.380	1161.646
Capital work-in-progress		97.046	17.377	59.728
INVESTMENT		0.025	0.025	0.025
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	152.964	167.737	90.068
	Sundry Debtors	167.271	186.866	138.319
	Cash & Bank Balances	27.634	11.733	88.772
	Other Current Assets	0.082	195.765	0.000
	Loans & Advances	109.740	95.785	98.302
Total Current Assets		457.691	657.886	415.461
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	186.585	117.695	75.191
	Other Current Liabilities	11.131	215.531	2.584
	Provisions	14.888	21.534	19.583
Total Current Liabilities		212.604	354.760	97.358
Net Current Assets		245.087	303.126	318.103
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1527.867	1547.908	1539.502

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales of Good (Net)	1308.934	1116.029	1156.630
		Sale of Others	NA	20.777	13.640
		Other Income	NA	23.592	36.649
		TOTAL (A)	NA	1160.398	1206.919
Less	EXPENSES
		Cost of Materials		637.990	667.224
		(Increase) / Decrease in Inventories		(9.467)	3.994
		Personnel Expenses		175.468	168.443
		Manufacturing, Administrative and Others Expenses		214.070	244.881
		Excess Depreciation Witten Back		0.000	(38.505)
		TOTAL (B)	NA	1018.061	1046.037
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			142.337	160.882
Less	FINANCIAL EXPENSES (D)			18.275	41.667
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.355	124.062	119.215
Less/ Add	DEPRECIATION/ AMORTISATION (F)		90.637	85.007	66.363
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(59.282)	39.055	52.852
Less	TAX (H)		(47.980)	3.773	8.011
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(11.302)	35.282	44.841
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		184.842	165.760	153.593
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	2.500	20.000
		Dividend	0.000	11.750	10.833
		Tax on Dividend	0.000	1.951	1.841
	BALANCE CARRIED TO THE B/S		173.540	184.842	165.760
	EARNINGS IN FOREIGN CURRENCY
		Exports at F.O.B. Value	NA	194.396	170.345
		Product Development Fees	NA	0.000	1.711
		Technology Transfer Fees	NA	3.341	13.492
	TOTAL EARNINGS		NA	197.737	185.548
	IMPORTS
		Raw Materials	NA	2.818	2.432
		Capital Goods	NA	22.251	8.530
	TOTAL IMPORTS		NA	25.069	10.962
	Earnings Per Share (Rs.)		(1.44)	4.53	6.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	3.04	3.72
Net Profit Margin (PBT/Sales)	(%)	(4.53)	3.50	4.57
Return on Total Assets (PBT/Total Assets}	(%)	(3.61)	2.07	3.15
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.03	0.05
Debt Equity Ratio (Total Liability/Networth)		0.37	0.44	0.64
Current Ratio (Current Asset/Current Liability)		2.15	1.85	4.27

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	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

BUSINESS DEVELOPMENT, OPERATIONS AND OUTLOOK:

In the year 2010-2011, the focus of the Company was to complete projects for the regulated markets like USA, Europe, submit dossiers for designated semi-regulated markets and launch new products for the domestic market.

The Company filed two ANDA’s with the US FDA in 2010-2011. Further, the Company underwent a successful site audit by the US FDA, with the regulatory authority making no major adverse observations. A formal approval for the Ambernath facility from the US FDA is expected in early 2011-2012.

During the current financial year, the Company has entered into a marketing arrangement for one of the ANDA’s with a leading US generic company. As per the agreement the US partner agreed to pay certain upfront payments linked to achievement of defined milestones. The Company would also receive a share of the revenue from the product sales post approval of the ANDA. The milestone payments have already started in 2010-2011 and expected to continue in 2011-2012.

In the semi-regulated markets, five products were launched in two countries in the South East Asia region in 2010-2011. Filing more dossiers in this region for new products is ongoing.

Filing of dossiers has also been initiated in Latin American countries and West Africa. Plant audits by regulatory authorities of Korea, Uganda, Ghana, Tanzania and Ukraine were successfully conducted and approvals received, thus opening an opportunity to enter these markets

In the domestic market, the Company introduced four new products in 2010-2011, which contributed to the Company achieving a growth in domestic sales of 19% compared to the domestic sales in 2009-2010. The Company also focused on adding more MNC's in the client list for a more stable, long term domestic business.

Looking ahead, work on other ANDA’s is currently in the final stages, with filings for the same expected in 2011-2012. Business arrangements with reputed pharma companies in the US for most ANDA’s in the pipeline are currently under negotiation. The filed ANDA’s are expected to bring in additional revenue streams in the form of milestone payments in 2011-2012. The Company also plans to start work on a new set of projects in coming year for regulated markets with focus on US, Europe and Brazil. All these projects are expected to help in the long term growth in revenues of the Company.

In the semi-regulated markets, commercialization of more products is expected in 2011-2012 in six countries where the Company is already present. Commercialization of products in five additional countries is also expected in 2011-2012. Marketing and distribution arrangements in these countries are currently under progress.

Additional dossiers are expected to be filed for Latin America and West African countries in 2011-2012.

For the domestic market, the Company has a robust pipeline of 10 new products, which are expected to contribute towards a strong growth in domestic revenues in 2011-2012.

DISCLOSURE OF CONTINGENT LIABILITIES AND PROVISIONS

Rs. In Millions

Particular	31.03.2011	31.03.2010
Disclosure of contingent liabilities
Details of disputed tax liabilities relating to sales service and income
Details of disputed income tax	9.662	0.000
Details of disputed excise demands	0.000	23.544
Disclosure of provisions
Explanation of estimated financial effect of capital commitment	21.651	23.863

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Laboratory Equipment

· Furniture and Fixture

· Office Equipment

· Electrical Fittings

· Computers

· Vehicles

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24239MH1985PTC037597
Name of the company	INVENTIA HEALTHCARE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. S-4, Khira Industrial Estate, B. M. Bhargava Road, Santacruz (West), Mumbai – 400054, Maharashtra, India rupa.desai@inventiahealthcare.com
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West),, Mumbai - 400013, Maharashtra, India vishal.raghuwanshi@hdfcbank.com
Nature of instrument creating charge	Memorandum of Equitable mortgage by deposit of title deeds by way of constructive delivery.
Date of instrument Creating the charge	25.04.2012
Amount secured by the charge	Rs.100.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time. Terms of Repayment In equated quarterly installments in 5 years including 6 months moratorium Margin As stipulated by bank from time to time. Extent and Operation of the charge First exclusive charge on entire fixed assets of the Company located at Plot No F-1 and F-1/1, Additional Ambernath, MIDC Area, Ambernath to HDFC Bank Limited securing additional TL facility of Rs. 100.000 Millions granted to the company Charge will be valid until all amounts are paid granted to the Company together with interest,costs,charges and other dues any time hereafter may become due and owing to the bank in respect of and under the credit facilities and interest and all the other cost thereto
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Exclusive charge on entire fixed assets of the Company located at Plot No F-1 and F-1/1, Additional Ambernath, MIDC Area, Ambernath

WEBSITE DETAILS:

PROFILE:

Established in 1985 as Themis Laboratories, Inventia Healthcare today is one of the leading drug delivery companies in India.

Inventia offers a full range of oral delivery technologies. Our state-of-the-art research and development centre at Thane, which is approved by the Ministry of Science and Technology, Government of India, is equipped to undertake formulation development projects on oral NDDS. 

They also have a world-class oral solid dosage form manufacturing facility for tablets, capsules, DC granules and pellets approvable by regulatory authorities of developed countries.

Their strength lies in our ability to provide tailored solutions that fulfil specific needs of our customers. With a client base of over 50 leading domestic and international pharmaceutical companies and proven record of registering high growth over recent years, Inventia’s performance speaks volumes about its proven capabilities in NDDS segment.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.54
UK Pound	1	Rs.88.23
Euro	1	Rs.70.02

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.