MIRA INFORM REPORT

Report Date :

16.08.2013

IDENTIFICATION DETAILS

Name :	ALKEM LABORATORIES LIMITED [w.e.f.21.08.2001]
Formerly Known As :	ALKEM LABORATORIES PRIVATE LIMITED
Registered Office :	Alkem House, Devashish, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 [Profit and Loss Account]
Date of Incorporation :	08.08.1973
Com. Reg. No.:	11-174201 [New] 03-001031 [Old]
Capital Investment / Paid-up Capital :	Rs. 119.565 Millions
CIN No.: [Company Identification No.]	U00305MH1973PLC174201
TAN No.: [Tax Deduction & Collection Account No.]	PTNA00241D
PAN No.: [Permanent Account No.]	AABCA9521E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Active Pharmaceutical Ingredients, Generic, Branded, Nutraceuticals Products and also in Investing and Real Estate business.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 60300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Financially company seems to be strong. Liquidity position appears to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and condition. Note: Balance Sheet statement for the year 2012 is not available.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Cash Credit : AA
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation.
Date	July 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/ Head Office :	Alkem House, Devashish, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-39829999
Fax No.:	91-22-24862789
Email:	manishnarang@alkem.com alkemlab@giasbm01.vsnl.net.in alkemlab@vsnl.com alkempatna@alkem.com
Website :	http://www.alkemlabs.com
Factory 1 :	C 6/1, MIDC Industrial Estate, Taloja, District Raigad, Maharashtra, India
Factory 2 :	N. H. No. 8, Village Naugama, Jhagadia, District – Bharuch, Gujarat, India
Factory 3:	333/1, Kachigam, Daman, India
Factory 4:	167/2, Amaliya, Dabhel, Daman, India
Factory 5:	289/290, GIDC, Ankleshwar , District – Bharuch, Gujarat , India
Factory 6:	167/1, Amaliya, Dabhel, Daman, India
Factory 7:	Village Thane – Baddi, Th- Nalagarh, District – Solan, Himachal Pradesh, India

DIRECTORS

AS ON 23.07.2012

Name :

Mr. Dhananjay Kumar Singh

Designation :

Whole-time director

Address :

Flat No 16, 16^th Floor, Vasudha Apartment, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

29.07.1962

Qualification :

B.A

Date of Appointment :

01.04.2011

DIN No.:

00739153

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	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Whole-time director	01/04/2011	25/10/1988	Active	NO
2	U85100MH2010NPL206161	ALKEM FOUNDATION	Director	31/07/2010	31/07/2010	Active	NO

Name :

Mr. Prabhat Narain Singh

Designation :

Whole-time director

Address :

103, Shriram Place, East Boring, Canal Road, Patna – 800001, Bihar, India

Date of Birth/Age :

13.10.1952

Qualification :

B.A

Date of Appointment :

01.04.2011

DIN No.:

00739296

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	U24230BR1978PTC001362	PROTOMED PRIVATE LIMITED	Director	07/10/1978	07/10/1978	Active	NO
2	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Whole-time director	01/04/2011	25/01/1983	Active	NO
3	AAA-3844	ALKEM HEALTHSCIENCE LLP	Designated Partner	18/02/2011	18/02/2011	Active	NO

Name :

Balmiki Prasad Singh

Designation :

Whole-time director

Address :

1^st Floor, Room No. 101, Westmore II, Pochkhanwala Road, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

26.12.1954

Qualification :

B.com

Date of Appointment :

01.04.2011

DIN No.:

00739856

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	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Whole-time director	01/04/2011	25/10/1988	Active	NO
2	U85100MH2010NPL206161	ALKEM FOUNDATION	Director	31/07/2010	31/07/2010	Active	NO

Name :

Mr. Nawal Kishore Singh

Designation :

Whole-time director

Address :

Budha Colony, Boring Canal Road, Patna – 800001, Bihar, India

Date of Birth/Age :

09.03.1951

Qualification :

B.com

Date of Appointment :

01.04.2011

DIN No.:

00758505

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	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Whole-time director	01/04/2011	29/09/2001	Active	NO

Name :

Samprada Singh

Designation :

Whole-time director

Address :

Budha Colony, Boring Canal Road, Patna – 800001, Bihar, India

Date of Birth/Age :

02.05.1930

Qualification :

B.com

Date of Appointment :

01.04.2012

DIN No.:

00760279

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	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Whole-time director	01/04/2012	08/08/1973	-	Active	NO
2	U85100MH2012NPL226629	ASHADEEP FOUNDATION	Director	09/02/2012	09/02/2012	-	Active	NO
3	U85191MH2012NPL227431	NANHAMATI AND SAMPRADA SINGH FOUNDATION	Director	27/02/2012	27/02/2012	-	Active	NO
4	AAA-3844	ALKEM HEALTHSCIENCE LLP	Designated Partner	18/02/2011	18/02/2011	17/02/2011	Active	NO
5	AAB-0617	B & S FAMILY VENTURES LLP	Designated Partner	12/08/2012	12/08/2012	-	Active	NO
6	AAB-1923	ALKEM REAL ESTATE LLP	Designated Partner	31/10/2012	31/10/2012	-	Active	NO

Name :

Mr. Basudeo Narayan Singh

Designation :

Managing director

Address :

Budha Colony, Boring Canal Road, Patna – 800001, Bihar, India

Date of Birth/Age :

20.11.1940

Qualification :

M.A

Date of Appointment :

01.04.2012

DIN No.:

00760310

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	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Managing director	01/04/2012	08/08/1973	Active	NO
2	U24232KA2006PLC040295	ENZENE BIOSCIENCES LIMITED	Additional director	20/10/2011	20/10/2011	Active	NO
3	U85100MH2012NPL226629	ASHADEEP FOUNDATION	Director	09/02/2012	09/02/2012	Active	NO
4	AAB-0617	B & S FAMILY VENTURES LLP	Designated Partner	12/08/2012	12/08/2012	Active	NO
5	AAB-1923	ALKEM REAL ESTATE LLP	Designated Partner	31/10/2012	31/10/2012	Active	NO

Name :

Mr. Mritunjaykumar Singh

Designation :

Whole-time director

Address :

3-31, Suraiya Apartment, Sir Pochkhanwala Road, Worli, Mumbai – 400025, Maharashtra, India

Date of Birth/Age :

04.11.1963

Qualification :

B.Sc, DAM

Date of Appointment :

01.04.2011

DIN No.:

00881412

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	U24230MH1986PTC039692	INDCHEMIE HEALTH SPECIALITIES PRIVATE LIMITED	Director	02/11/2002	02/11/2002	Active	NO
2	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Whole-time director	01/04/2011	11/02/2008	Active	NO

Name :

Mr. Mangaldas Chhaganlal Shah

Designation :

Director

Address :

D-34/310, MIG Gandhi Nagar, Bandra (East), Mumbai – 400051, Maharashtra, India

Date of Birth/Age :

04.07.1933

Qualification :

B.com

Date of Appointment :

26.09.2007

DIN No.:

01353574

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	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Director	26/09/2007	20/02/2007	Active	NO

Name :

Ennapadam Narayanan Shankar

Designation :

Director

Address :

26A Venus, Worli Sea Face, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

15.01.1935

Qualification :

B.com

Date of Appointment :

30.09.2008

DIN No.:

02118438

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	U00305MH1973PLC174201	ALKEM LABORATORIES LIMITED	Director	30/09/2008	20/03/2008	Active	NO

KEY EXECUTIVES

Name :	Mr. Manish Abnashi Lal Narang
Designation :	Secretary
Address :	B-603, 6^th Floor, Mercury Building, Suncity Apartments, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	31.08.1970
Date of Appointment :	16.12.2006
PAN No.:	AAHPN6263D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.07.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 23.07.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	78.20
Others	21.80
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredients, Generic, Branded, Nutraceuticals Products and also in Investing and Real Estate business.

Products/ Services :

ITC Code No.	Product Descriptions
30042014	TAXIM
300420.19	Cefotaxime Sodium Sterile
300420.19	Cefixime Trihydrate
300410.30	Clavulanate Potassium + Amoxicillin Sodium

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity (in 000's)	Actual Production (in 000's)
Tablets	Nos.	49,39,500	21,36,132
Capsules	Nos.	10,21,200	11,63,073
Dry Syrup	Bottles	40,500	39,835
Liquid Orals	Bottles	--	30,811
Injectables	Vials/Ampoules	1,80,900	2,01,333
Bulk drugs	Kgs.	3,048.90	655
Others	--	N.A	505

Note:

(a) Installed Capacity is as certified by the management and not verified by the auditors, this being a technical matter.

(b) Actual production includes production at loan licensee locations but excludes goods manufactured for third parties on loan licence basis, physician samples and mfg for research and development activities.

(c) Licensed capacity is not indicated as industrial licensing for all bulk drugs, intermediates and their formulations stands abolished in terms of press Note No.4 (1994 series) dated 25th October, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Barclays Bank Plc, One Reffles Quay, Level 28, South Tower, Singapore - 048583, Singapore

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Foreign currency loans banks secured		668.925
Working capital loans banks secured		5990.023
Total	N.A.	6658.948

Banking Relations :	--
Auditors :
Name :	R.S. Sanghai and Associates Chartered Accountants
Address :	A/403, Raj Kaman Heights, Raj Kamal Marg, Dr S S Rao Marg, Lower Parel, Mumbai – 400012, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAHPS2141R
Subsidiaries and Fellow Subsidiaries [31.03.2011] :	Ø Alkem Laboratories (Nig) Limited Ø Alkem Laboratories (Pty) Limited Ø Alkem Laboratories Do Brasil Ltda Ø Alkem Pharma GmbH Ø Alkem Laboratories Corporation Ø S & B holding BV (Formerly known as Alkem Laboratories B V) Ø Pharmacor Pty Limited Ø Angelic Holdings S A Ø The Pharma Network LLC

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,956,500	Equity Shares	Rs. 10/- each	Rs. 119.565 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		119.565	119.565
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		14958.825	11933.712
4] (Accumulated Losses)		0.000	0.000
NETWORTH		15078.390	12053.277
LOAN FUNDS
1] Secured Loans		6658.948	101.871
2] Unsecured Loans		658.205	593.593
TOTAL BORROWING		7317.153	695.464
DEFERRED TAX LIABILITIES		308.924	302.000
TOTAL		22704.467	13050.741
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4654.158	3921.652
Capital work-in-progress		247.791	83.214
INVESTMENT		532.304	196.859
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2279.187	1757.039
	Sundry Debtors	1602.240	1168.099
	Cash & Bank Balances	14648.694	6615.556
	Other Current Assets	0.000	0.000
	Loans & Advances	2569.682	1851.027
Total Current Assets		21099.803	11391.721
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2421.467	1744.141
	Other Current Liabilities	0.000	0.000
	Provisions	1408.122	798.564
Total Current Liabilities		3829.589	2542.705
Net Current Assets		17270.214	8849.016
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		22704.467	13050.741

Note: Balance Sheet Statement for the current year 2012 is not available only Profit and Loss account is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	19533.962	16524.458	13439.162
		Other Income	1348.382	1098.161	784.107
		TOTAL (A)	20882.344	17622.619	14223.269
Less	EXPENSES
		Cost of materials consumed	5863.247	5419.744
		Purchases of stock-in-trade	2587.925	1939.931
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(587.020)	(235.566)
		Employee benefit expense	2758.388	2516.587
		Other expenses	4901.848	3785.487
		TOTAL (B)	15524.388	13426.183	11357.909
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5357.956	4196.436	2865.360
Less	FINANCIAL EXPENSES (D)		534.731	373.879	204.020
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4823.225	3822.557	2661.340
Less/ Add	DEPRECIATION/ AMORTISATION (F)		279.402	270.461	210.633
	PROFIT BEFORE TAX (E-F) (G)		4543.823	3552.096	2450.707
Less	TAX (H)		289.011	317.846	70.025
	PROFIT AFTER TAX (G-H) (I)		4254.812	3234.250	2380.682
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2453.588	928.475	222.649
Less	APPROPRIATIONS
		Transfer to General Reserve	N.A.	1500.000	1500.000
		Interim Dividend		0.000	149.456
		Final Dividend		179.348	0.000
		Tax on Dividend		29.789	25.400
	BALANCE CARRIED TO THE B/S		N.A.	2453.588	928.475
	EARNINGS IN FOREIGN CURRENCY
		Export of goods (at F.O.B.)	1702.541	1519.351	1185.779
		Deemed Exports	5.133	5.484	0.000
		Local Sales	0.444	0.277	1.734
		Freight	32.281	15.783	39.804
		Insurance	0.148	0.003	0.087
		Manufacturing Charges	15.110	0.000	0.000
	TOTAL EARNINGS		1755.657	1540.898	1227.404
	IMPORTS
		Raw Materials	425.537	367.490	287.517
		Components, Stores and Spare Parts & Others	115.034	23.724	20.872
		Capital Goods	276.777	104.464	56.378
	TOTAL IMPORTS		817.348	495.678	364.767
	Earnings Per Share (Rs.)		356	271	197

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	20.38	18.35	16.74
Net Profit Margin (PBT/Sales)	(%)	23.26	21.50	18.24
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	13.79	16.00
Return on Investment (ROI) (PBT/Networth)		N.A.	0.24	0.20
Debt Equity Ratio (Total Debt/Networth)		N.A.	0.49	0.06
Current Ratio (Current Asset/Current Liability)		N.A.	5.51	4.48

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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Foreign currency loans banks unsecured		245.273
Working capital loans banks unsecured		61.007
Loans directors unsecured		314.906
Other debt unsecured		37.019
Total	N.A.	658.205

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10269240	28/01/2011	678,000,000.00	BNP PARIBAS	20, COLLYER QUAY, #01-01, TUNG CENTRE, SINGAPORE,- 049319, SINGAPORE	B06199202
2	10232472	08/07/2010	1,640,000,000.00	BARCLAYS BANK PLC	ONE REFFLES QUAY,, LEVEL 28, SOUTH TOWER, SINGAPORE, - 048583, SINGAPORE	A90782939
3	10072610	12/09/2007	3,000,000.00	MEMBER SECRETARY SINGLE WINDOW CLEARANCE AGENCY	DEPARTMENT OF INDUSTRIES, BADDI, TEHSIL - NALAGARH, SOLAN, Himachal Pradesh - 173205, INDIA	A25615204
4	90264437	08/07/2010 *	1,750,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SHIVSAGAR ESTATE,WORLI -(S), MUMBAI, Maharashtra - 400018, INDIA	A88704135
5	80002922	03/08/1999	360,000,000.00	State Bank of India	Industrial Finance Branch, Shivsagar Estate, Worli (S), Mumbai, Maharashtra - 400018, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

Ø Land

Ø Building

Ø Office building

Ø Factory building

Ø Building

Ø Plant and machinery

Ø Office equipments

Ø Factory equipments

Ø Computer equipments

Ø Other equipments

Ø Furniture and fixtures

Ø Vehicles

Ø Motor vehicles

Ø Livestock

Intangible Assets

Ø Computer software

Ø Knowhow

Ø Patents trademarks design

Ø Commercial contractual rights

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 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 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. 61.52
UK Pound	1	Rs. 94.99
Euro	1	Rs. 81.63

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.