INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	BLUE CROSS LABORATORIES LIMITED
Registered Office :	A-12, Ambad Industrial Area, Nashik - 422010, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.07.1980
Com. Reg. No.:	11-022825
Capital Investment / Paid-up Capital :	Rs.108.000 Millions
CIN No.: [Company Identification No.]	U24230MH1980PLC022825
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceuticals.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 9400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track record. The company has reported a better growth in its sales turnover as well as net profitability during 2012. Profit margin appears to be good. Financial and liquidity position seems to be sound. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. The company can be considered for normal 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 Office/Factory:	A-12, Ambad Industrial Area, Nashik - 422010, Maharashtra, India
Tel. No.:	91-253-2382617/ 2382217/ 2384630/ 2383923
Fax No.:	91-253-2381259
E-Mail :	suresh@bluecrosslabs.com mms@bluecrosslabs.com
Website :	www.bluecrosslabs.com
Corporate Office :	Peninsula Chambers, Ground Floor, Ganapatrao Kadam Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Tel. No.:	91-22-66638000
Fax No.:	91-22-66638120
E-Mail :	info@bluecrosslabs.com
Factory 2 :	L-17, Verna Industrial Estate, Verna, Goa - 403 722
Tel. No.:	91-832-2783296, 2783440
Fax No.:	91-832-2783298
E-Mail :	akb@bluecrosslabs.com

DIRECTORS

As on 06.07.2012

Name :

Mr. Nihchal Hemandas Israni

Designation :

Director

Address :

5E Navroze Apartments, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

07.06.1929

Date of Appointment :

01.02.2010

PAN No.:

AAAPI0223R

DIN No.:

00038328

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	U24230MH1980PLC022825	BLUE CROSS LABORATORIES LIMITED	Director	01/02/2010	09/07/1980	-	Active	NO
2	U24230MH1983PTC029606	GOLD CROSS LABORATORIES PRIVATE LIMITED	Director	23/03/1983	23/03/1983	-	Active	NO
3	U74140MH1990PTC055266	NIKO MANAGEMENT SERVICES PRIVATE LIMITED	Director	05/06/1990	05/06/1990	-	Active	NO
4	U24230MH1992PTC069732	EVEREST HERBAL PRODUCTS PRIVATE LIMITED	Director	26/11/1992	26/11/1992	-	Strike off	NO
5	U85190MH1989PTC053052	HARIMAN LABORATORIES PRIVATE LIMITED	Whole-time director	01/07/2009	01/07/2006	-	Active	NO
6	U85199KA2007PTC042912	AGADI SUNRISE HOSPITAL PRIVATE LIMITED	Director	08/07/2007	08/07/2007	30/07/2009	Active	NO

Name :

Mr. Manoj Nihchal Israni

Designation :

Managing director

Address :

314, Samudra Mahal 14^th Floor, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

24.08.1968

Date of Appointment :

01.01.2010

PAN No.:

AAAPI0224J

DIN No.:

00038362

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	U74140MH1990PTC055266	NIKO MANAGEMENT SERVICES PRIVATE LIMITED	Director	14/02/1991	14/02/1991	-	Active	NO
2	U24230MH1992PTC069732	EVEREST HERBAL PRODUCTS PRIVATE LIMITED	Director	26/11/1992	26/11/1992	-	Strike off	NO
3	U24230MH1980PLC022825	BLUE CROSS LABORATORIES LIMITED	Managing director	01/01/2010	05/01/1995	-	Active	NO
4	U24230MH1983PTC029606	GOLD CROSS LABORATORIES PRIVATE LIMITED	Director	06/08/1998	06/08/1998	-	Active	NO
5	U85190MH1989PTC053052	HARIMAN LABORATORIES PRIVATE LIMITED	Director	06/04/2006	06/04/2006	-	Active	NO
6	U74999MH2012PTC231037	MERCURY ADVISORS PRIVATE LIMITED	Director	15/05/2012	15/05/2012	-	Active	NO

Name :

Mr. Bhalchandra Govind Barve

Designation :

Managing Director

Address :

B-101, Bhagirathi Nivas, M V Road, Andheri (East), Mumbai – 400069, Maharashtra, India

Date of Birth/Age :

21.06.1959

Date of Appointment :

01.01.2010

PAN No.:

AFXPB9167P

DIN No.:

00038468

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	U24230MH1983PTC029606	GOLD CROSS LABORATORIES PRIVATE LIMITED	Director	15/05/1996	15/05/1996	-	Active	NO
2	U24230MH1980PLC022825	BLUE CROSS LABORATORIES LIMITED	Managing director	01/01/2010	18/05/1998	-	Active	NO
3	U24230MH1992PTC069732	EVEREST HERBAL PRODUCTS PRIVATE LIMITED	Director	16/05/2000	16/05/2000	-	Strike off	NO
4	U85190MH1989PTC053052	HARIMAN LABORATORIES PRIVATE LIMITED	Director	03/03/2001	03/03/2001	-	Active	NO
5	U74140MH1990PTC055266	NIKO MANAGEMENT SERVICES PRIVATE LIMITED	Director	27/06/2011	07/07/2010	-	Active	NO
6	U22219MH2007PTC166876	ROHIT ARTS PRIVATE LIMITED	Director	01/09/2011	01/09/2011	-	Active	NO

Name :

Mr. Satyanarayain R Agarwala

Designation :

Director

Address :

62 Ashoka Apartments, 68 Napeansea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.05.1934

Date of Appointment :

17.01.2007

DIN No.:

00036079

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	U74999MH1994PTC077121	CLIPHAMED CONSULTANTS PRIVATE LIMITED	Director	16/03/1994	16/03/1994	-	Active	NO
2	L24390MH1976PLC019380	J B CHEMICALS AND PHARMACEUTICALS LIMITED	Director	25/07/2011	08/03/2002	-	Active	NO
3	U24230MH1980PLC022825	BLUE CROSS LABORATORIES LIMITED	Director	17/01/2007	17/01/2007	-	Active	NO
4	U51397MH2008PTC181835	ONCORX PHARMA PRIVATE LIMITED	Director	01/05/2008	01/05/2008	-	Active	NO

Name :

Mr. Jagdish Sriram Gilda

Designation :

Whole Time Director

Address :

Sukh Shanti B-Flat No.10, Anand Nagar, Off Gangapur, Road, Near Akashwani, Nashik – 420018, Maharashtra, India

Date of Birth/Age :

24.03.1954

Date of Appointment :

01.02.1997

PAN No.:

ABLPG7716M

DIN No.:

00036625

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	U24230MH1980PLC022825	BLUE CROSS LABORATORIES LIMITED	Whole-time director	01/02/1997	01/02/1997	-	Active	NO
2	U24230MH1992PTC069732	EVEREST HERBAL PRODUCTS PRIVATE LIMITED	Director	21/10/2000	21/10/2000	-	Strike off	NO

Name :

Mr. Rohit Jayaramdas Patel

Designation :

Director

Address :

91 Devi Bhavan 38 nepeansea Road, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

26.06.1939

Date of Appointment :

04.07.2008

DIN No.:

00270126

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	L21010MH1960PLC011764	CITADEL REALTY AND DEVELOPERS LIMITED	Managing director	26/07/1960	26/07/1960	27/06/2008	Active	NO
2	U74900MH1969PTC014308	JMP TRADING AND PROPERTIES PRIVATE LIMITED	Director	12/06/1969	12/06/1969	-	Active	NO
3	U74999MH1966PLC013452	NEW CHEMI INDUSTRIES LIMITED	Director	30/09/2009	27/08/1971	17/12/2010	Amalgamated	NO
4	U65990MH1972PTC015604	SONIKA INVESTMENTS PRIVATE LIMITED	Director	10/12/1972	10/12/1972	08/11/2012	Active	NO
5	U22122GJ1972PTC002124	TRIWAL BOARD PRIVATE LIMITED	Director	04/03/1974	04/03/1974	-	Active	NO
6	U65990MH1974PTC017612	ROHIT INVESTMENTS PRIVATE LIMITED	Director	15/07/1974	15/07/1974	-	Active	NO
7	U24231GJ1978PTC003250	SCOTT PHARMACEUTICALS PRIVATE LIMITED	Director	21/12/1978	21/12/1978	17/12/2010	Amalgamated	NO
8	U22122GJ1980PTC003860	MULTI PACK SYSTEMS PRIVATE LIMITED	Director	29/07/1980	29/07/1980	-	Active	NO
9	U29199GJ1961PTC034038	VFC INDUSTRIES PRIVATE LIMITED	Director	31/07/1984	31/07/1984	-	Active	NO
10	U51900MH1984PTC032047	GANGOTRI TRADING COMPANY PRIVATE LIMITED	Director	09/11/1985	09/11/1985	-	Active	NO
11	U65990MH1978PTC020225	SHEFALI INVESTMENTS PRIVATE LIMITED	Director	05/03/1991	05/03/1991	-	Active	NO
12	U51900MH1997PTC111376	KEYUR TRADING COMPANY PRIVATE LIMITED	Director	17/10/1997	17/10/1997	-	Active	NO
13	U51109MH1998PTC113841	RISHIKESH AGENCIES PRIVATE LIMITED	Director	09/03/1998	09/03/1998	-	Active	NO
14	U01110MH1987PTC044936	SC ENVIRO AGRO INDIA PRIVATE LIMITED.	Director	29/09/2003	29/09/2003	17/12/2010	Amalgamated	NO
15	U24230MH1980PLC022825	BLUE CROSS LABORATORIES LIMITED	Director	04/07/2008	05/12/2007	-	Active	NO

Name :

Mr. Ashish Mangesh Shirsat

Designation :

Whole-time director

Address :

B-26, Home CHS, Releif Road, Daulat Nagar, Santacruz, Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

27.07.1970

Date of Appointment :

01.09.2006

DIN No.:

00686815

Name :

Mr. Rajendra Yashwant Padhye

Designation :

Director

Address :

9 Bharat Apartments, 2^nd Floor, Plot 187, Garodia Nagar, Ghatkoper (E), Mumbai – 400077, Maharashtra, India

Date of Birth/Age :

30.12.1945

Date of Appointment :

11.07.2011

DIN No.:

00021000

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	U85190MH1989PTC053052	HARIMAN LABORATORIES PRIVATE LIMITED	Director	07/09/1989	07/09/1989	-	Active	NO
2	U24230MH1980PLC022825	BLUE CROSS LABORATORIES LIMITED	Director	11/07/2011	20/03/2001	-	Active	NO
3	U74140MH1990PTC055266	NIKO MANAGEMENT SERVICES PRIVATE LIMITED	Director	27/06/2011	07/07/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Mahalingam
Designation :	Secretary
Address :	B 5/4, Sukumar Chs Limited, Dayaldas Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	25.10.1967
Date of Appointment :	14.02.2005
PAN No.:	AFFPM9318H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.07.2012

Names of Shareholders	No. of Shares
Hemandas Nihchal Israni	1364210
Hariman Labs Private Limited, India	2023160
Niko Management Services Private Limited, India	115000
Haresh Nihchal Israni	1831192
N H Israni (HUF)	1565382
Bhalchandra Govind Barve	20200
Manoj Nihchal Israni	1827594
Purankumar T Gehani	378000
Rohit Jayamdar Patel	648000
Neeta Rohit Patel	130000
Bina Bharat Patel	460000
Renuka Parmanand Patel	112000
Anup Kumar Burman	10000
Ashish Shirsat	20000
Jagdish Shiram Gilda	20000
Saroj V Ghehani	270000
Satyanarain R Agarwala	5262
Total	10800000

Equity Share Break up (Percentage of Total Equity)

As on 06.07.2012

Category	Percentage
Bodies corporate	19.80
Directors or relatives of Directors	74.11
Other top fifty shareholders	6.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceuticals.

Products :

Item Code No.	Product Description
30031000	Tusq X LIQ
30031000	Meftalspas
30031000	Tusq DX LIQ

GENERAL INFORMATION

No. of Employees :

250 (Approximately)

Bankers :

Central Bank of India (Lead Bank ), Chandermukhi Building, Ground Floor, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Loans repayable on demand	106.376	81.453
Total	106.376	81.453

Banking Relations :
Auditors :
Name :	B. S. Mehta Company Chartered Accountants
Address :	11/13, Botawala Building, 2^nd Floor, Horiman Circle, Mumbai – 400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAPI1800Q
Other Related Party :	Gold Cross Laboratories Private Limited, India CIN: U24230MH1983PTC029606 Hariman Laboratories Private Limited, India CIN: U85190MH1989PTC053052 Niko Management Services Private Limited, India CIN: U74140MH1990PTC055266
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Rohit Arts Private Limited, India CIN: U22219MH2007PTC166876

CAPITAL STRUCTURE

As on 31.03.2012

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
10800000	Equity Shares	Rs.10/- each	Rs.108.000 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	108.000	108.000
(b) Reserves & Surplus	2249.738	1787.101
(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)	2357.738	1895.101
(3) Non-Current Liabilities
(a) long-term borrowings	4.920	5.376
(b) Deferred tax liabilities (Net)	8.336	9.388
(c) Other long term liabilities	0.683	18.326
(d) long-term provisions	33.452	27.457
Total Non-current Liabilities (3)	47.391	60.547
(4) Current Liabilities
(a) Short term borrowings	106.376	81.453
(b) Trade payables	130.557	102.005
(c) Other current liabilities	186.196	161.866
(d) Short-term provisions	23.994	139.877
Total Current Liabilities (4)	447.123	485.201
TOTAL	2852.252	2440.849
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	227.068	195.239
(ii) Intangible Assets	8.268	8.798
(iii) Capital work-in-progress	7.794	0.088
(iv) Intangible assets under development	0.000	0.120
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	15.516	6.029
(e) Other Non-current assets	112.436	660.011
Total Non-Current Assets	371.092	870.295
(2) Current assets
(a) Current investments	120.000	120.000
(b) Inventories	285.558	268.242
(c) Trade receivables	190.332	155.923
(d) Cash and cash equivalents	1728.473	945.581
(e) Short-term loans and advances	33.265	32.375
(f) Other current assets	123.532	48.433
Total Current Assets	2481.160	1570.554
TOTAL	2852.252	2440.849

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		108.000
2] Share Application Money		0.000
3] Reserves & Surplus		1455.320
4] (Accumulated Losses)		0.000
NETWORTH		1563.320
LOAN FUNDS
1] Secured Loans		44.410
2] Unsecured Loans		23.086
TOTAL BORROWING		67.496
DEFERRED TAX LIABILITIES		3.899
TOTAL		1634.715
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		213.794
Capital work-in-progress		10.512
INVESTMENT		0.086
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	218.846
	Sundry Debtors	139.213
	Cash & Bank Balances	1343.984
	Other Current Assets	0.000
	Loans & Advances	81.840
Total Current Assets		1783.883
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	97.528
	Other Current Liabilities	108.499
	Provisions	167.533
Total Current Liabilities		373.560
Net Current Assets		1410.323
MISCELLANEOUS EXPENSES		0.000
TOTAL		1634.715

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3185.437	2694.535	2223.014
		Other Income	154.162	111.986	113.781
		TOTAL (A)	3339.599	2806.521	2336.795
Less	EXPENSES
		Cost of materials consumed	506.335	287.177
		Purchases of stock-in-trade	702.635	676.273
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	-5.385	31.355
		Employee benefit expense	484.501	431.226
		Other expenses	564.615	471.431
		TOTAL (B)	2252.701	1897.462	1503.887
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1086.898	909.059	832.908
Less	FINANCIAL EXPENSES (D)		2.776	2.848	2.227
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1084.122	906.211	830.681
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.496	33.177	33.559
	PROFIT BEFORE TAX (E-F) (G)		1047.626	873.034	797.122
Less	TAX (H)		333.948	291.489	268.189
	PROFIT AFTER TAX (G-H) (I)		713.678	581.545	528.933
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1419.600	1147.800	926.200
	(SHORT) / EXCESS PROVISION FOR TAXATION WRITTEN BACK		0.000	1.700	(0.500)
	APPROPRIATIONS
		General Reserve	72.000	60.000	55.000
		1^st Interim Dividend	108.000	108.000	108.000
		2^nd Interim Dividend	108.000	108.000	108.000
		Tax on Interim Dividend	35.100	35.500	36.300
	BALANCE CARRIED TO THE B/S		1810.200	1419.500	1147.800
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	152.900	103.300	121.180
	TOTAL EARNINGS		152.900	103.300	121.180
	IMPORTS
		Raw Materials	NA	NA	42.963
	TOTAL IMPORTS		NA	NA	42.963
	Earnings Per Share (Rs.)		66.08	54.00	48.98

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	21.37	20.72	22.63
Net Profit Margin (PBT/Sales)	(%)	32.89	32.40	35.86
Return on Total Assets (PBT/Total Assets}	(%)	36.83	35.77	44.68
Return on Investment (ROI) (PBT/Networth)		0.44	0.46	0.51
Debt Equity Ratio (Total Debt /Networth)		0.05	0.05	0.04
Current Ratio (Current Asset/Current Liability)		5.55	3.24	4.78

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	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

OPERATIONS

The Company achieved a total net income of Rs.3339.600 Millions during the year as compared to Rs.2806.600 Millions in the previous year, representing an income growth of 19%. The Company recorded good sales growth during the year, despite severe competition prevailing in the pharmaceutical industry. The profit after tax went up by 22%.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Deferred payment liabilities	4.920	5.376
Total	4.920	5.376

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012
Matters under disputes/appeals : i. Income Tax
a. With Commissioner Appeals	0.728
b. With High Court	Unascertainable
ii. Inter State Sales Tax against “C” Form	Unascertainable
iii. Excise Duty	0.842
Guarantees Bank guarantees	2.355
Other money for which the company is contingently liable: Letter of credits	10.448

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment

Intangible assets

• Computer software
• Patents
  

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.60.05
UK Pound	1	Rs.90.89
Euro	1	Rs.78.27

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.