MIRA INFORM REPORT

Report Date :

01.07.2013

IDENTIFICATION DETAILS

Name :	GENO PHARMACEUTICALS LIMITED
Registered Office :	Pharmaceutical Complex, Tivim Industrial Estate, P. O. Karaswada, Mapusa - 403526, Goa
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.12.1975
Com. Reg. No.:	24-000250
Capital Investment / Paid-up Capital :	Rs. 30.000 Millions
CIN No.: [Company Identification No.]	U24239GA1975PLC000250
TAN No.: [Tax Deduction & Collection Account No.]	MUMG08901E
PAN No.: [Permanent Account No.]	AAACG5887G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Pharmaceutical Formulations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1577000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having a satisfactory track record. The company has achieved better growth in its sales turnover as well as net profit during 2012. Financially the company appears to be strong and healthy. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered for business dealings at usual trade terms and conditions

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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

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 :	Pharmaceutical Complex, Tivim Industrial Estate, P. O. Karaswada, Mapusa - 403526, Goa, India
Tel. No.:	91-832-2257216/ 2257217
Fax No.:	91-832-2257215
E-Mail :	genogoa@genopharma.com
Website :	http://www.genopharma.com
Zonal Office 1 :	New No. 22, Old No. ¾, Sardar Colony, Indira Street, Ekkattuthangal, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44–22252529/ 22253411
Zonal Office 2 :	206, Rajarhat Road, 4th Floor, Room No. 403, Noapara, (Beside Assam Petrol Pump), (Near New Town City Centre - 2), Kolkata - 700157, West Bengal, India
Tel. No.:	91-33-64991486/ 64991487
Zonal Office 3 :	801, Rohit House, 3 Tolstoy Marg, Near Barakhamba Road, New Delhi – 100001, India
Tel. No.:	91-11-64515337
Zonal Office 4 :	701, Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22–28271613
Depots :	Located at: v Mumbai v Bhopal v Ahmedabad v Nagpur v Raipur v Cochin v Belgaum v Hyderabad v Madurai v Chennai v Calcutta v Guwahati v Cuttack v Patna v Ranchi v Lucknow v Varanasi v Ghaziabad v Jaipur v Uttaranchal v Zirakpur v Delhi

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Dilip Ramacrisna Salgaocar

Designation :

Managing director

Address :

Sharvani, Near Sports Complex, Pedem, Mapusa – 403507, North Goa, India

Date of Birth/Age :

20.10.1947

Qualification :

B.E. Chem

Date of Appointment :

01.06.2013

PAN No.:

AHTPS5086L

DIN No.:

00044240

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	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Managing director	01/06/2013	01/01/1980	-	Active	NO
2	L24233GA1985PLC001587	SANDU PHARMACEUTICALS LIMITED	Director	20/09/1993	20/09/1993	-	Active	NO
3	U74950GA1994PTC001667	BORKAR PACKAGING PRIVATE LIMITED	Director	17/02/1999	17/02/1999	14/11/2012	Active	NO
4	U33129GA1980PLC000414	INDO SWISS JEWELS LIMITED	Director	29/11/1999	29/11/1999	-	Active	NO

Name :

Mr. Anand Ramacrisna Salgaocar

Designation :

Director

Address :

Rajeshwari, baina Vasco Da Gama, South Goa – 403802, Goa, India

Date of Birth/Age :

04.02.1950

Qualification :

Commerce Graduate

Date of Appointment :

31.01.1980

DIN No.:

00044909

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	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Director	31/01/1980	31/01/1980	-	Active	NO
2	U24232GA1981PTC000633	GAURAV PRODUCTS PRIVATE LIMITED	Director	20/06/1984	20/06/1984	01/02/2010	Active	NO

Name :

Mr. Sagar Dilip Salgaokar

Designation :

Whole-time director

Address :

Sharvani, Near Sports Complex, Pedem, Mapusa – 403507, North Goa, India

Date of Birth/Age :

14.11.1975

Qualification :

M.S. Ortho

Date of Appointment :

01.10.2010

PAN No.:

AIYPS7618A

DIN No.:

00044689

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	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Whole-time director	01/10/2010	30/09/2005	Active	NO
2	U52311GA1995PTC001881	CLIN MEDICALS PRIVATE LIMITED	Director	30/09/2008	24/05/2008	Active	NO
3	U70101GA2010PTC006559	SHARVANI BUILDCON PRIVATE LIMITED	Director	31/12/2010	31/12/2010	Active	NO
4	U70101GA2012PTC007054	ESTILO MODERNO REALTY PRIVATE LIMITED	Director	25/09/2012	25/09/2012	Active	NO
5	U55101GA2012PTC007053	DAINTY DELIGHTS PRIVATE LIMITED	Director	25/09/2012	25/09/2012	Active	NO

Name :

Mr. Pramod Dilip Salgaocar

Designation :

Whole-time director

Address :

Sharvani, Near Sports Complex, Pedem, Mapusa – 403507, North Goa, India

Date of Birth/Age :

21.09.1950

Qualification :

MBBS

Date of Appointment :

01.10.2011

PAN No.:

AHTPS5085K

DIN No.:

00044595

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	U24232GA1993PTC001410	GENO DRUGS PRIVATE LIMITED	Director	12/08/1993	12/08/1993	Strike off	NO
2	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Whole-time director	01/10/2011	30/09/2006	Active	NO
3	U52311GA1995PTC001881	CLIN MEDICALS PRIVATE LIMITED	Director	30/09/2008	24/05/2008	Active	NO

Name :

Mr. Satish Sadanand Talwadker

Designation :

Director

Address :

3/UG/1, Model ST Inez, Panaji - 403001, North Goa, Goa, India

Date of Birth/Age :

29.09.1942

Qualification :

Science Graduate

Date of Appointment :

24.05.2010

DIN No.:

00044965

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	U52311GA1995PTC001881	CLIN MEDICALS PRIVATE LIMITED	Director	29/09/2001	29/09/2001	Active	NO
2	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Director	24/05/2010	27/03/2008	Active	NO

Name :

Mrs. Pallavi Sagar Salgaonkar

Designation :

Whole-time director

Address :

Sharvani, Near Sports Complex, Pedem, Mapusa – 403507, North Goa, India

Date of Birth/Age :

20.02.1977

Qualification :

Chartered Accountant

Date of Appointment :

01.10.2009

PAN No.:

AABPZ8061H

DIN No.:

00044805

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	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Whole-time director	01/10/2009	30/09/2004	Active	NO
2	U70101GA2010PTC006559	SHARVANI BUILDCON PRIVATE LIMITED	Director	31/12/2010	31/12/2010	Active	NO
3	U70101GA2012PTC007054	ESTILO MODERNO REALTY PRIVATE LIMITED	Director	25/09/2012	25/09/2012	Active	NO
4	U55101GA2012PTC007053	DAINTY DELIGHTS PRIVATE LIMITED	Director	25/09/2012	25/09/2012	Active	NO

Name :

Mr. Pradip Prabhakar Mahatme

Designation :

Director

Address :

Mahatma, Opposite Ali India Radio, Panaji - 403001, North Goa, Goa, India

Date of Birth/Age :

03.11.1951

Qualification :

Practising C.A.

Date of Appointment :

22.04.1980

DIN No.:

00019106

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	U24239GA1975PLC000250	GENO PHARMACEUTICALS LIMITED	Director	22/04/1980	22/04/1980	Active	NO
2	U63031GA1965PTC000041	CHOWGULE AND COMPANY Private LIMITED.	Director	14/02/1989	14/02/1989	Active	NO
3	U14220GA1996PTC002176	CHOWGULE AND COMPANY (SALT) Private LIMITED	Director	30/08/1996	30/08/1996	Active	NO
4	U85199GA2000PTC002892	CHOWGULE MEDICONSULT PRIVATE LIMITED	Director	06/09/2000	06/09/2000	Active	NO
5	U24299GA2004PTC003568	CHOWGULE CONSTRUCTION CHEMICALS PRIVATE LIMITED	Director	04/08/2004	04/08/2004	Active	NO
6	U45203PN2007PTC130582	CHOWGULE PORTS & INFRASTRUCTURE PRIVATE LIMITED	Director	08/07/2011	26/07/2010	Active	NO
7	U60200PN2011PTC141020	Chowgule Logistics Private Limited	Director	11/10/2011	11/10/2011	Active	NO

Name :

Mr. Shridhar Rama Tamba

Designation :

Director

Address :

Altinho Panaji – 403001, North Goa, Goa, India

Date of Birth/Age :

21.06.1923

Qualification :

Law Graduate

Date of Appointment :

22.04.1980

DIN No.:

00048511

Name :

Mr. Vinayak Hari Vaze

Designation :

Director

Address :

Girish Tarabhai Chowk, Kolhapur, Maharashtra, India

Date of Birth/Age :

09.10.1927

Qualification :

MBBS

Date of Appointment :

04.12.1975

DIN No.:

01201442

KEY EXECUTIVES

Name :	Mr. Rajendra Srinivas Kholkar
Designation :	Secretary
Address :	Shantaban 6/B G/4, Merces, Panaji - 403005, North Goa, Goa, India
Date of Birth/Age :	22.04.1955
Date of Appointment :	12.05.2000
PAN No.:	AEJPK7255A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	87.61
Other top fifty shareholders	8.24
Others	4.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Pharmaceutical Formulations.

Products/ Services :

ITC Code No.	Product Descriptions
3009079.89	Cypon Capsules
3009079.89	Cypon Syrup
3009079.89	Myolaxin-D Ointment
3009079.89	Vertigon Tablets
3009079.89	Tricobal OD Capsules - (Dietary)
3009079.89	Myolaxin D Spray

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity#	Actual Production**
Tablets	Nos (Lacs)	4000	2683
Liquids	Bottles(Lacs)	240	238
Capsules	Nos (Lacs)	450	572
Ointments/Powder	Tubes(Lacs)	60	67

Notes:

* Licensed capacity is not applicable.

# Installed capacity stated above are on single shift basis.

** Inclusive of Physicians samples.

The actual production is for more than one shift.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v The Goa Urban Co-Operative Bank Limited, Mapusa - 403507, Goa, India

v ICICI Bank Limited, Panaji, Goa - 403001, Goa, India

v ICICI Bank Limited, ICICI Towers, Bandra Kurla Complex, Mumbai, Maharashtra, India

v HDFC Bank, Mumbai, Maharashtra, India

v Syndicate Bank, Dempo Mansion, Mapusa - 403507, Goa, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	54.881	18.273
SHORT-TERM BORROWINGS
Working capital loans from banks	99.810	101.211
Total	154.691	119.484

Banking Relations :	--
Auditors :
Name :	Ganesh Daivajna and Company Chartered Accountants
Address :	Ganesh Chambers, Near Confidant, Margao - 403601, Goa, India
Income-tax PAN of auditor or auditor's firm :	AABFG0206H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs. 10/- each	Rs. 50.000 Millions
150,000	Preference Shares	Rs. 100/- each	Rs. 15.000 Millions
	Total		Rs. 65.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30.000	30.000
(b) Reserves & Surplus	364.375	277.198
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	394.375	307.198
(3) Non-Current Liabilities
(a) long-term borrowings	54.981	18.867
(b) Deferred tax liabilities (Net)	2.554	0.000
(c) Other long term liabilities	23.149	23.405
(d) long-term provisions	35.329	35.163
Total Non-current Liabilities (3)	116.013	77.435
(4) Current Liabilities
(a) Short term borrowings	99.810	101.211
(b) Trade payables	73.281	67.223
(c) Other current liabilities	96.528	76.972
(d) Short-term provisions	12.364	19.369
Total Current Liabilities (4)	281.983	264.775
TOTAL	792.371	649.408
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	221.460	112.159
(ii) Intangible Assets	0.282	0.450
(iii) Capital work-in-progress	2.491	40.420
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.527	0.527
(c) Deferred tax assets (net)	0.000	4.655
(d) Long-term Loan and Advances	34.489	63.438
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	259.249	221.649
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	183.812	158.588
(c) Trade receivables	174.369	131.956
(d) Cash and cash equivalents	141.823	118.095
(e) Short-term loans and advances	28.353	15.576
(f) Other current assets	4.765	3.544
Total Current Assets	533.122	427.759
TOTAL	792.371	649.408

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30.000
2] Share Application Money		0.000
3] Reserves & Surplus		209.877
4] (Accumulated Losses)		0.000
NETWORTH		239.877
LOAN FUNDS
1] Secured Loans		127.282
2] Unsecured Loans		22.533
TOTAL BORROWING		149.815
DEFERRED TAX LIABILITIES		0.000
TOTAL		389.692
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.110
Capital work-in-progress		0.000
INVESTMENT		0.522
DEFERRED TAX ASSETS		2.888
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	138.445
	Sundry Debtors	137.974
	Cash & Bank Balances	131.127
	Other Current Assets	0.000
	Loans & Advances	115.891
Total Current Assets		523.437
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	113.089
	Other Current Liabilities	0.000
	Provisions	137.176
Total Current Liabilities		250.265
Net Current Assets		273.172
MISCELLANEOUS EXPENSES		0.000
TOTAL		389.692

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1416.833	1202.314	1059.485
		Other Income	16.486	8.854	13.447
		TOTAL (A)	1433.319	1211.168	1072.932
Less	EXPENSES
		Cost of materials consumed	492.440	414.496
		Purchases of stock-in-trade	148.868	103.694	948.361
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(13.208)	(5.926)
		Employee benefit expense	271.022	232.850
		Other expenses	375.219	336.378
		TOTAL (B)	1274.341	1081.492	948.361
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		158.978	129.676	124.571
Less	FINANCIAL EXPENSES (D)		4.261	1.371	6.181
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		154.717	128.305	118.390
Less/ Add	DEPRECIATION/ AMORTISATION (F)		13.596	9.728	8.641
	PROFIT BEFORE TAX (E-F) (G)		141.121	118.577	109.749
Less	TAX (H)		48.714	39.052	38.782
	PROFIT AFTER TAX (G-H) (I)		92.407	79.525	70.967
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		211.044	151.823	100.500
Less	APPROPRIATIONS
		Transfer to General Reserve	9.500	8.100	7.400
		Proposed Dividend	4.500	10.500	10.500
		Tax on Proposed Dividend	0.700	1.704	1.744
	BALANCE CARRIED TO THE B/S		288.751	211.044	151.823
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB Basis	130.162	141.588	74.252
	IMPORTS
		Raw Materials	15.148	15.518	12.652
		Capital Goods	0.041	2.978	0.000
	TOTAL IMPORTS		15.189	18.496	12.652
	Earnings Per Share (Rs.)		30.80	26.51	23.66

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.45	6.57	6.61
Net Profit Margin (PBT/Sales)	(%)	9.96	9.86	10.36
Return on Total Assets (PBT/Total Assets}	(%)	17.88	19.64	17.24
Return on Investment (ROI) (PBT/Networth)		0.36	0.39	0.46
Debt Equity Ratio (Total Debt/Networth)		0.39	0.39	0.62
Current Ratio (Current Asset/Current Liability)		1.89	1.62	2.09

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

LITIGATION DETAILS

Reg. No. : TXA / 2 / 2009 Stamp No. :- STM / 839 / 2009
Case Status :	Pending (Final Hearing)
Petitioner :	1. THE COMMISSIONER OF INCOME TAX
Respondent :	1. M/S. GENO PHARMACEUTICALS LIMITED
Petitoner Adv. :	MR. S.R. RIVONKAR
Respondent Adv. :	SHRI SUDIN M.S. USGAONKAR FOR RESP 1
District :	North Goa
Bench :	Division
Act :	Income Tax Act, 1961
Category :	Tax Appeal
Case Stage :	FOR FINAL HEARING
Hearing Date :	Monday, January 18, 2010
Application Maters No application matters	Connected Maters No connected matters
This Case is updated on : Wednesday, May 29, 2013

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	0.100	0.594
Total	0.100	0.594

REVIEW OF OPERATIONS:

During the year revenue from operations of the Company were higher at Rs.1416.800 Millions as against Rs. 1202.300 Millions in the previous year recording a growth of 18%.

The profit before tax and prior period adjustments is higher at Rs. 141.100 Millions as against Rs. 118.600 Millions in the previous year. The profit after tax and prior year adjustments is Rs. 92.400 Millions as against Rs. 79.500 Millions in the previous year registering a healthy growth of 16%.The Company achieved export turnover of Rs. 161.700 Millions as against Rs. 148.300 Millions in the previous year registering a marginal growth of 9% over the previous year. The Company is hopeful of achieving higher exports in the ensuing year.

FINANCE:

The finance cost is higher at Rs. 4.300 Millions as compared to Rs. 1.400 Millions during the previous year on account of funds availed for expansion of liquid orals capacity.

FUTURE OUTLOOK:

The performance of the Company during the current year so far has been good. Considering the present trend the Company is hopeful of achieving better results in the ensuing year.

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
a) Claims/demands against the Company not acknowledged as debts including excise duty, income tax and trade and other demands as given below :
Sales Tax	0.372	0.214
Excise Duty	0.320	0.320
Income Tax	5.023	0.000
National Pharmaceutical Pricing Authority Demand	1.148	1.148
b) Counter guarantees given to Syndicate Bank, Mapusa Goa (Bank) in respect of guarantees issued by them of Rs.1.850 Millions (March 31, 2011: Rs. 1.850 Millions). Fixed Deposit receipts are in possession of Bank as margin money for various bank guarantees and letters of credit issued.
c) In respect of suits filed by and against the Company the amount is unascertainable.

FIXED ASSETS:

v Land

v Buildings

v Factory building

v Plant and equipment

v Furniture and fixtures

v Factory equipments

v Vehicles

v Office equipment

v Computer equipments

v Computer software

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 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. 59.70
UK Pound	1	Rs. 91.14
Euro	1	Rs. 77.98

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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		51

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.