MIRA INFORM REPORT

Report Date :

22.04.2013

IDENTIFICATION DETAILS

Name :	CENTAUR PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Centaur House, Santi Nagar, Vakola, Santacruz (East), Mumbai - 400 055, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.10.1980
Com. Reg. No.:	11-023291
Capital Investment / Paid-up Capital :	Rs.184.966 Millions
CIN No.: [Company Identification No.]	U24230MH1980PTC023291
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10186B
PAN No.: [Permanent Account No.]	AAACC0444K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Chemicals and Pharmaceutical Medicines.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3300000
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 – 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 :	Centaur House, Santi Nagar, Vakola, Santacruz (East), Mumbai - 400 055, Maharashtra, India
Tel. No.:	91-22-56499100 / 66499100
Fax No.:	91-22-56499108 / 112 / 6649 9108
E-Mail :	centalab@bom3.vsnl.net.in centaur@centaurlab.com export@cetaurchem.com pmn@centaurpharma.com
Website :	www.centaurpharma.com
Factory :	API Division, Plot No 75/76, Chikhloli MIDC, Ambernath (West), District Thane-421501, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Shivanand Dattatraya Sawant

Designation :

Chairman and Managing Director

Address :

501, Vasant Vihar CHS Limited, TPS III, 10^th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

20.03.1938

Experience :

B.Sc. DIM LLB

Date of Appointment :

15.10.1980

DIN No.:

00407965

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	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Managing director	15/10/1980	15/10/1980	-	Active	NO
2	U85100MH2009PTC192268	HEALTH 'N' U THERAPEUTICS PRIVATE LIMITED	Director	8/5/2009	8/5/2009	22/06/2011	Active	NO

Name :

Mr. Sudhakar Keshav Rangnekar

Designation :

Director

Address :

6, Vasant CHS Limited, Mogul Lane, Mahim, Mumbai – 400016, Maharashtra, India

Date of Birth/Age :

28.03.1929

Date of Appointment :

01.11.2004

DIN No.:

00035220

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	U85195MH1976PTC019388	CENTAUR LABORATORIES PRIVATE LIMITED	Director	1/10/1982	1/10/1982	-	Dormant	NO
2	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Director	1/11/2004	1/11/2004	-	Active	NO

Name :

Mr. Shreekant Dattathray Sawant

Designation :

Whole Time Director

Address:

Flat No. 11, 6^th Floor, Om Sidhivinatyak Apartment, L T. Dilip Gupte Road, Mahim (West), Mumbai-400016, Maharashtra, India

Date of Birth/ Age:

31.05.1949

Experience :

M. Sc. PhD

Date of Appointment :

01.08.2008

DIN No.:

00745968

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	U24100MH1981PTC025661	CENTAUR CHEMICALS PRIVATE LIMITED	Director	29/07/1983	29/07/1983	-	Amalgamated	NO
2	U99999MH1994NPL082995	CHIKHLOLI MORIVLI EFFLUENT TREATMENT	Director	22/05/1996	22/05/1996	-	Active	NO
3	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Whole-time director	1/8/2008	1/8/2008	-	Active	NO

Name :

Mr. Anil Mahadev Naik

Designation :

Whole Time Director

Address:

12 Vinayanand CHS Dadabhai Cross Road No. 1, Linking Road, Ext. Santacrusz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age:

06.09.1960

Experience :

B. Sc. (Tech), PhD

Date of Appointment :

01.08.2008

DIN No.:

00405271

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	U24100MH1993PTC075356	CHIRAL CHEMICALS PRIVATE LIMITED	Director	30/11/1993	30/11/1993	-	Active	NO
2	U99999MH1996PTC102236	CENTAUR DRUG HOUSE PRIVATE LIMITED	Director	6/2/2001	6/2/2001	-	Dormant	NO
3	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Whole-time director	1/8/2008	1/8/2008	-	Active	NO

Name :

Mr. Govind Guno Desai

Designation :

Director

Address:

Kedar Apartment, Bhandar Lane, L.J Road Mahim, Mumbai-400015, Maharashtra, India

Date of Birth/ Age:

14.06.1933

Date of Appointment :

23.10.2008

DIN No.:

00140853

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	U29221MH1963PTC012756	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED	Director	21/09/1982	21/09/1982	-	Active	NO
2	U13519MH1966PTC013519	BULLOWS INDIA PRIVATE LIMITED	Director	21/09/1982	21/09/1982	-	Active	NO
3	U74300MH1969PTC014297	CONTRACT ADVERTISING (INDIA) PRIVATE LIMITED	Director	31/07/1984	31/07/1984	-	Active	NO
4	L24230MH1984PLC034771	BLISS GVS PHARMA LIMITED	Director	21/12/1984	21/12/1984	-	Active	NO
5	L74999MH1985PLC037618	INDAGE VINTNERS LIMITED	Director	4/1/1986	4/1/1986	9/12/2009	Active	NO
6	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	3/3/1987	3/3/1987	19/03/2010	Active	NO
7	L24223MH1946PLC005434	KOKUYO CAMLIN LIMITED	Director	16/03/1988	16/03/1988	28/07/2008	Active	NO
8	U02411KA1980PTC004053	FOSROC CHEMICALS (INDIA) PRIVATE LIMITED	Director	9/8/1989	9/8/1989	30/11/2007	Active	NO
9	U74999MH1987PTC044849	CLASSIC STRIPES PRIVATE LIMITED	Director	1/1/1997	1/1/1997	29/06/2011	Active	NO
10	L15520MH1982PLC028415	INDAGE RESTAURANTS AND LEISURE LIMITED	Director	14/02/1998	14/02/1998	9/12/2009	Active	NO
11	U24100MH1981PTC025661	CENTAUR CHEMICALS PRIVATE LIMITED	Director	6/2/2001	6/2/2001	-	Amalgamated	NO
12	U65910MH1991PLC063461	ALTA LEASING AND FINANCE LIMITED	Director	30/04/2001	30/04/2001	-	Active	NO
13	L99999MH1951PLC008485	DIL LIMITED	Director	29/11/2001	29/11/2001	-	Active	NO
14	U45200MH1995PLC084766	AEGEAN PROPERTIES LIMITED	Director	27/02/2002	27/02/2002	-	Active	NO
15	U28933MH2004PTC148152	DURABUILD TECHNOLOGIES PRIVATE LIMITED	Director	5/5/2005	5/5/2005	8/6/2011	Active	NO
16	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
17	U36930MH1994PTC082020	PRO-TECH SPORTS AND SAFETY PRODUCTS PRIVATE LIMITED	Director	24/06/2006	24/04/2006	8/6/2011	Active	NO
18	U25208MH1995PTC093753	FORMA SPORTS PRIVATE LIMITED	Director	24/06/2006	24/04/2006	8/6/2011	Active	NO
19	L65910MH1998PLC115967	IRB INFRASTRUCTURE DEVELOPERS LIMITED	Director	7/9/2007	3/8/2007	-	Active	NO
20	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	-	Active	NO
21	U74130MH2004PTC145141	EVOTEC (INDIA) PRIVATE LIMITED	Additional director	20/02/2009	20/02/2009	31/08/2009	Active	NO

Name :

Mr. Sajit Kumar

Designation :

Director

Address:

Flat No. 64, A Wing, Iris Park, Prabhat Estate Road, Jogeshwari (West0, Mumbai – 400102, Maharashtra, India

Date of Birth/ Age:

04.06.1966

Date of Appointment :

21.04.2011

DIN No.:

00108263

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	U72300MH2000PLC125441	INDIAIDEAS COM LIMITED	Nominee director	23/03/2001	23/03/2001	-	Active	NO
2	U85110KA1998PLC024110	WINFOWARE TECHNOLOGIES LIMITED	Nominee director	3/10/2002	3/10/2002	29/03/2010	Active	NO
3	U72900MH2004PTC146578	iSmart BUSINESS SOLUTIONS PRIVATE LIMITED	Nominee director	29/12/2004	29/12/2004	26/09/2011	Active	NO
4	U72900MH2002PTC138297	EISODUS NETWORKS PRIVATE LIMITED	Director	20/07/2005	20/07/2005	2/8/2008	Strike off	NO
5	U72300KA2003PTC033038	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED	Nominee director	25/07/2005	25/07/2005	4/7/2007	Active	NO
6	U72300PN1993PTC072002	MITHI SOFTWARE TECHNOLOGIES PRIVATE LIIMITED	Nominee director	3/5/2006	3/5/2006	13/01/2010	Active	NO
7	U72900KA2000PTC026794	SKELTA SOFTWARE PRIVATE LIMITED	Nominee director	31/01/2007	31/01/2007	20/04/2010	Active	NO
8	L72900MH1996PLC096866	COMPULINK SYSTEMS LIMITED	Nominee director	25/06/2007	25/06/2007	-	Amalgamated	NO
9	U74140KA2004PTC034965	BASIL COMMUNICATIONS PRIVATE LIMITED	Nominee director	20/08/2007	20/08/2007	-	Active	NO
10	U29301KA1999PTC025387	STOVE KRAFT PRIVATE LIMITED	Nominee director	11/4/2008	11/4/2008	-	Active	NO
11	U31902KA2007PTC044766	HHV SOLAR TECHNOLOGIES PRIVATE LIMITED	Nominee director	4/12/2008	12/9/2008	28/10/2009	Active	NO
12	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Nominee director	21/04/2011	21/04/2011	-	Active	NO
13	U72200KA1999PLC025904	KMG INFOTECH LIMITED	Nominee director	5/5/2011	5/5/2011	-	Active	NO

Name :

Mrs. Smita Abhayakumar Phal

Designation :

Whole time Director

Address:

501, Vasant Vihar CHS Tips III,10^th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/ Age:

30.08.1968

Date of Appointment :

22.06.2011

DIN No.:

02887382

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	U73100MH2010PTC199374	Lifesan Clinical Research Private Limited	Director	25/01/2010	25/01/2010	-	Active	NO
2	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Whole-time director	30/09/2011	22/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pritam Maruti Khawale
Designation :	Secretary
Address :	14/18, Mukand Iron Staff, Association Co-Operative Housing Society, Gavanpada, Mulund (East), Mumbai-400081, Maharashtra, India
Date of Birth/Age :	14.04.1979
Date of Appointment :	18.08.2009
PAN No.:	AMIPK2014J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Sawant Dattatraya Shivanand	2578261
Nadkarni Maruti Jagdish	200250
Sawant Dattatraya Shreekant	605781
Naik Mahadeo Anil	67052
Powar Atmaram Shyamsunder	27000
Sawant Dattatraya Gopinath	58088
Padgaonkar Manohar Milind	33753
Sawant Shivanand Veena	1487226
Naik R. Kamalaksha	36645
Sawant K. Ganviraj	18000
Rangnekar Keshav Sudhakar	44063
Rangnekar Sudhakar Usha	22500
Sawant Shivanand Supriya	1420060
Kadam Shridhar Rakhi	1101382
Phal Abhaykumar Smita	909189
Sawant Shreekant Sheela	535006
Padgaonkar Manohar Sudha	43398
Padgaonkar Manohar Sudha	138375
Parulkar Mohan Sumitra	919553
Phal Abhaykumar Smita	433297
Sawant Dattatraya Gopinath	1500
Sawant Dattatraya Gopinath	800
Powar Ramesh Sachin	68715
Rao Rama Hymavati	3215
Shah C Niranjin	6430
Sawant K. Asha	6430
Sawant Dattatraya Shreekant	846524
Rangnekar Keshav Sudhakar	526
Rangnekar Sudhakar Amit	368
Kadam Shridhar Rakhi	300539
Sawant Shivanand Supriya	434984
Sawant Shivanand Veena	508092
Sawant Dattatraya Shivanand	437540
Phal Abhaykumar Smita	1053
Sawant Shreekant Sheela	444470
Sawant Gopinath Rekha	16544
SIDBI Trustee Company Limited A/C SME Growth Fund, Mumbai	4254202
Powar R Geeta Powar	4635
Sawant Shreekant Ashwin	44496
Sawant Shreekant Tushar	44960
Naik Mahadeo Anil	220163
Sawant Dattatraya Gopinath	69525
Rangnekar Keshav Sudhakar	101970
TOTAL	18496560

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	68.86
Other top fifty shareholders	8.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals and Pharmaceutical Medicines.

Products :

Product Description	Item Code (ITC Code No.)
Sinarest Tab	300490.34
Bulk Drugs	294200.00
Ocupol-D Drops	300420.01

PRODUCTION STATUS (As On 31.03.2011)

Licensed capacity and Installed Capacity

Particulars	Unit	Quantity
Formulations
Tablets and Capsules	No in Millions	1685
Liquids	Kiloliters	2000
Injectables	Kiloliters	30
Ointments and Medicinal Toothpaste	Tonnes	200
Bulk Drugs	Kilos	50000

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

· State Bank of India, Ndustrial Finance Branch, Snehal Chambers, Teli Galli, Andheri (East),, Mumbai - 400069, Maharashtra, India

· Axis Bank Limited, Fort Br. Universal Insurance Bldg; Sir P M Road, Mumbai – 400 001, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	325.429	314.753
Other debt secured	(A)373.066	(B)350.001
Interest accrued due other debt secured	1.569	3.447
Total	700.064	668.201
(A) Cash credit accounts 3142.54 Packing credit loans 588.12 (B) Cash credit accounts 3086.46 Packing credit loans 413.55
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other debt unsecured	(A)72.823	(B)45.908
Total	72.823	45.908
(A) From others 300.41 Short term: From directors 143.00 From others 284.82 (B) From others 299.34 Short term: From directors 20.00 From others 139.74

Banking Relations :
Finance Institutes:	Electronica Finance Limited, 128/A, Plot No.3,Kailashchandra Appartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, India
Auditors :
Name :	B S R and Associates Chartered Accountants
Address :	KPMG, Lodha Excelus, First Floor, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 40011, Maharashtra, India
PAN.:	AAIFB7355D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18496560	Equity Shares	Rs.10/- each	Rs.184.966 Millions

It includes 9,029,212 equity share of Rs10 each issued as fully paid up to share holders of erstwhile Centuar Chemicals Private limited, (Pursuant to scheme of amalgamation of centuar chemical private limited with the company).

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		184.966	184.966	184.966
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		664.906	604.083	487.035
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		849.872	789.049	672.001
LOAN FUNDS
1] Secured Loans		700.064	668.201	552.615
2] Unsecured Loans		72.823	45.908	43.445
TOTAL BORROWING		772.887	714.109	596.060
DEFERRED TAX LIABILITIES		0.000	10.383	87.109
TOTAL		1622.759	1513.541	1355.170
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1345.099	1117.224	1076.542
Capital work-in-progress		15.933	153.540	75.663
INVESTMENT		0.068	0.068	0.068
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	313.298	253.055	268.198
	Sundry Debtors	332.207	287.298	168.178
	Cash & Bank Balances	37.167	127.106	88.460
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	117.522	79.637	86.462
Total Current Assets		800.194	747.096	611.298
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	411.536	386.214	317.307
	Other Current Liabilities	82.184	79.185	69.379
	Provisions	44.815	38.988	21.715
Total Current Liabilities		538.535	504.387	408.401
Net Current Assets		261.659	242.709	202.897
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1622.759	1513.541	1355.170

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	GROSS SALES		1967.232	1708.216	1434.282
Less	EXPENSES
		Office Expenses	1778.948	1543.865	1412.987
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1778.948	1543.865	1412.987
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		188.284	164.351	21.295
Less	FINANCIAL EXPENSES (D)		63.869	65.689	73.348
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		124.415	98.662	(52.053)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		73.175	57.578	0.000
	PROFIT BEFORE TAX (E-F) (G)		51.240	41.084	(52.053)
Less	TAX (I)		(9.583)	(75.964)	33.575
	PROFIT AFTER TAX (G-I) (J)		60.823	117.048	(85.628)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.061	(49.987)	35.641
	BALANCE CARRIED TO THE B/S		127.884	67.061	(49.987)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	596.067	447.958	322.519
		Product Development Charges	23.736	9.121	0.000
	TOTAL EARNINGS		619.803	457.079	322.519
	IMPORTS
		Raw Materials	NA	35.976	22.600
		Capital Goods	NA	10.014	15.209
	TOTAL IMPORTS		NA	45.990	37.809
	Earnings Per Share (Rs.)		3.29	6.33	(4.63)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.34	2.20	[3.08]
Return on Investment (ROI) (PBT/Networth)		0.06	0.05	[0.08]
Debt Equity Ratio (Total Liability/Networth)		1.54	1.54	1.49
Current Ratio (Current Asset/Current Liability)		1.49	1.48	1.50

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND AND PRINCIPAL ACTIVITIES

Subject was incorporated on 15.October 1980 as a Private Limited Company under the Companies Act, 1956 (‘the Act’). Thereafter, by virtue of provisions of Section 43A of the Act, it became deemed Public Limited Company with effect from 01.07.1996 and after elimination of the aforesaid provision vide the Companies (Amendment) Act, 2000, the Company again, regained its previous status of Private Limited Company.

To attain integration and cost effectiveness, Centaur Drug House Private Limited (CDHPL) and Centaur Laboratories Private Limited (CLPL) were merged with the Company in the year 2006-07 and Centaur Chemicals Private Limited (CCPL) was merged with the Company in the year 2007-08.

The Company is in the business of manufacturing / contract manufacturing pharmaceutical products and Active Pharmaceutical Ingredients (APIs). The Company also undertakes Contract Research and Bio-Analytical and Bio-Equivalence studies.

FINANCIAL REVIEW

The Company has recorded a sale of Rs.1967.232 Millions as against the sale of Rs.1708.216 Millions for the previous year registering a growth of 15%.

Profit before depreciation, interest and tax amounted to Rs.188.284 Millions as compared to Rs.164.351 Millions in the previous year, showing growth of 15%.

INDUSTRY OVERVIEW

The Indian Pharmaceutical Market (IPM) had shown growth of 14% in FY 2010-11, with a Compound Annual Growth Rate (CAGR) of 13% over the last 5 years. The key growth drivers were shift from acute to chronic therapies, demographic changes, increased access to health care, while the growth decelerators were largely regulatory measures.

The Indian Contract Manufacturing Industry is predicated to grow more than double in three years in the span of 2009-2012. India offers a highly skilled scientific pool, API and regulatory competencies and world class infrastructure with a competitive cost in the regulated markets, which makes it an attractive destination to outsource manufacturing for big Pharmaceuticals and generic majors.

The API market globally will witness significant growth in the next five years. The growth rates will be much higher in the developing countries such as China, India and Brazil than in the developed countries.

The following are the Growth Drivers of API Industry in India

1. Pressure on Global Pharma is forcing them to Outsource production.

2. With Growing Credibility of Indian manufacturers, Innovators are shifting production from European companies to India.

3. Upcoming off patent provides opportunities for RandD focused API companies in India.

4. Increasing penetration of generics in the regulated markets (especially European and Japanese) will drive API demand to Indian Manufacturers.

5. Recent announcement of free trade pact with Japan will open doors for Indian pharmaceutical exports to Japan. Currently China is the major pharmaceutical exporter to Japan.

6. Underlying Strong Volume Growth in pharmaceuticals and growing domestic demand

The Indian Clinical Trials Market has shown a growth of approximately 35% for the last five years. India is a preferred destination for conducting clinical trials as it offers significant savings in costs and time, a huge patient population and strong government support. India has over 150 CROs complying ICH-GCP guidelines. Oncology, Cardiovascular diseases, Dermatology, Neurology and Respiratory diseases are the key therapeutic focus areas in clinical research.

OPERATIONS OF THE COMPANY

In the IPM, the Company was ranked 45th in the prescription audit (Source: CMARC) and 62nd in the wholesale audit (Source: AWACS), is growing in double digits over the previous year. The Company is a leader in 6 therapy areas across respiratory and ophthalmology segments with robust support from key specialities like paediatricians, ophthalmologists, ENT surgeons and physicians across India. There flagship brand ‘Sinarest’ continues to sustain its leadership amid intense - national, international, regional and OTC competition.

The Company has shown an overall increase in sales of 15% which is in line with Industry Standards. Considering the future potential of Cardiovascular, Diabetalogy, Neuropsychiatry, the Company has built up product focused dedicated team in the said area.

UK-MHRA and TGA approved Pune facility in its third year of operation has shown 50% increase in sales over last year registering sales of 11.14 Cr. In the current year, USFDA has carried out its audit and the Company is confident that it will grant its approval in few months. These approvals and certifications will give ample opportunity in the regulated market.

In API, the Company is a leader in the psychotropic API segment having pioneered the introduction of 28 API in India. The API facility in Ambernath is USFDA and AFSSAPS approved with proficiencies ranging from conceptualization to commercialization of API. This division enjoys its presence in 95 countries through exports which contributes 75% of its total turnover.

The Company’s synergies across the pharmaceutical value chain and state of the art infrastructure should see them carve out a niche in CRO segment. There Clinical Research Organisation (CRO), Lifesan, has established key partnerships with international niche players across various therapeutic categories and has successfully achieved regulatory milestones in key drugs. CRO has proved its ability to carry out third phase clinical trials.

CONTINGENT LIABILITY:

Rs. In Millions

	31.03.2011	31.03.2010
a) In respect of guarantees given to banks	3.319	3.906
b) In respect of:
Excise Duty	6.882	3.070
Service Tax	12.603	12.088
Income-Tax	1.268	2.919

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230MH1980PTC023291
Name of the company	CENTAUR PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Centaur House, Shanti Nagar, Vakola Santacruz (East), Mumbai – 400055, Maharashtra centaur@centaurlab.com
This form is for	Creation of charge
Type of charge	Immovable Property (not being pledge)
Particular of charge holder	Electronica Finance Limited, 128/A, Plot No.3,Kailashchandra Appartments, Paud Road, Kothrud, Pune - 411038, Maharashtra, India finance@electronicafinace.com
Nature of instrument creating charge	Deed of hypothecation as on 27^th December, 2011
Date of instrument Creating the charge	27.12.2011
Amount secured by the charge	Rs.12.128 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: 14.96% Terms of repayments: Payable in 53 Monthly installments Margin: N.A. Extent and Operation of the charge: First Charge
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) GPCC 1.1 basic machin at Plot No. 4, International Biotech park, Hinjewadi, Pune – 411057, Maharashtra, India 2) Automatic Cartoon machine Type IC 150C and bister packing machine type formpack 23XT lyng at Plot No. 4, International Biotech park, Hinjewadi, Pune – 411057, Maharashtra, India

Fixed assets:-

· Land- Freehold

· Land – Leasehold

· Building

· Machinery and equipment

· Furniture, fixtures and Office equipment

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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.54.02
UK Pound	1	Rs.70.49
Euro	1	Rs.82.43

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		45

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.