MIRA INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	PATANJALI AYURVED LIMITED [w.e.f.25.06.2007]
Formerly Known As :	PATANJALI AYURVED PRIVATE LIMITED
Registered Office :	D-26, Pushpanjali, Bijwasan Enclave, New Delhi - 110061
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.01.2006
Com. Reg. No.:	55-144789
Capital Investment / Paid-up Capital :	Rs. 411.208 Millions
CIN No.: [Company Identification No.]	U24237DL2006PLC144789
PAN No.: [Permanent Account No.]	AAECP4424C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Trading of Ayurvedic Products.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 6440000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fair track record. Even though the company has reported better growth in its sales turnover, there appears a dip in the net profitability during 2012. Financial position seems to be good. Trade relations are fair. Business is active. Payment terms are reported as regular. The company can be considered good 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME 3
Rating Explanation	Above average credit quality and low credit risk.
Date	December 27, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	D-26, Pushpanjali, Bijwasan Enclave, New Delhi – 110061, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	shashi2cs@patanjaliayurved.org
Website :	http://www.patanjaliayurveda.com
Factory 1 :	D-38 Maharshi Dayanand Gram, Industrial Area Near Bahadarbad, Delhi-Haridwar National Highway, Haridwar – 249401, Uttarakhand, India
Tel. No.:	91-1334-321509
Factory 2 :	D-38, Haridwar, Old Industrial Area, Haridwar – 249401, Uttarakhand, India
Factory 3 :	Unit 3, Village-Padartha, Industrial Area, Laksar Road, Haridwar – 249401, Uttarakhand, India
Factory 4 :	Located at: Roorkee, Uttarakhand, India

DIRECTORS

AS ON 29.09.2012

Name :

Acharya Balkrishna

Designation :

Managing director

Address :

Kripalu Bagh, Kankhal, Haridwar – 249408, Uttarakhand, India

Date of Birth/Age :

25.07.1972

Date of Appointment :

01.10.2007

PAN No.:

AKJPB0992K

DIN No.:

01778007

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	U24237DL2006PLC144789	PATANJALI AYURVED LIMITED	Managing director	01/10/2007	13/01/2006	-	Active	NO
2	U24233UR2006PLC031655	VEDIC BROADCASTING LIMITED	Director	21/04/2006	21/04/2006	-	Active	NO
3	U24233UP2006PTC032325	KANKHAL AYURVEDA PRIVATE LIMITED	Director	06/09/2006	06/09/2006	01/08/2011	Active	NO
4	U24233UP2006PTC032323	DEVAM AYURVEDA PRIVATE LIMITED	Director	06/09/2006	06/09/2006	01/08/2011	Active	NO
5	U24233UP2006PLC032324	CHAITANYA AYURVEDA LIMITED	Director	06/09/2006	06/09/2006	-	Active	NO
6	U24233UP2006PLC032322	GANGOTRI AYURVEDA LIMITED	Director	06/09/2006	06/09/2006	-	Active	NO
7	U70101DL2004PTC126692	DYNAMIC BUILDCON PRIVATE LIMITED	Director	18/11/2006	18/11/2006	25/07/2011	Active	NO
8	U24233UR2009PTC032748	VEDIC AYURMED PRIVATE LIMITED	Director	05/01/2009	05/01/2009	01/08/2011	Active	NO
9	U24233UR2009PTC032747	AAROGYA HERBS (INDIA) PRIVATE LIMITED	Director	05/01/2009	05/01/2009	01/08/2011	Active	NO
10	U15412WB2009PTC131805	PATANJALI BISCUITS PRIVATE LIMITED	Director	12/01/2009	12/01/2009	20/01/2009	Active	NO
11	U15122UR2009PTC032768	PATANJALI FOOD AND HERBAL PARK PRIVATE LIMITED	Director	27/01/2009	27/01/2009	-	Active	NO
12	U15132MH2009PTC189602	JHARKHAND MEGA FOOD PARK PRIVATE LIMITED	Nominee director	14/07/2010	17/03/2009	27/04/2012	Active	NO
13	U25200DL2009PTC190676	DIVYA PACKMAF PRIVATE LIMITED	Additional director	30/05/2009	30/05/2009	24/02/2010	Active	NO
14	U74900UR2009PTC032892	VEDIC AASTHABHAJAN BROADCASTING PRIVATE LIMITED	Director	01/08/2011	28/07/2009	-	Active	NO
15	U74900UR2009PTC032904	PATANJALI AGRO INDIA PRIVATE LIMITED	Director	19/08/2009	19/08/2009	05/01/2012	Active	NO
16	U85191UR2009PTC032902	PATANJALI AAROGYA PRIVATE LIMITED	Director	01/08/2011	19/08/2009	-	Active	NO
17	U85300UR2009PTC032903	SHIVALICK AGROHERB PRIVATE LIMITED	Director	01/08/2011	19/08/2009	12/04/2013	Active	NO
18	U74120UR2009PTC032909	PATANJALI FLEXIPAK PRIVATE LIMITED	Director	20/08/2009	20/08/2009	21/11/2009	Active	NO
19	U21098UR2009PTC032906	PATANJALI CORRUPACK PRIVATE LIMITED	Director	20/08/2009	20/08/2009	23/07/2011	Active	NO
20	U85191UR2009PTC032905	HERBO YOG VILLAGE PRIVATE LIMITED	Director	01/08/2011	20/08/2009	-	Active	NO
21	U85191UR2009PTC032908	HERBO YOG GRAM PRIVATE LIMITED	Director	20/08/2009	20/08/2009	-	Active	NO
22	U74120UR2009PTC032907	PATANJALI AROMATICS PRIVATE LIMITED	Director	20/08/2009	20/08/2009	-	Active	NO
23	U60231UR2009PTC032912	PATANJALI PARIVAHAN PRIVATE LIMITED	Director	21/08/2009	21/08/2009	19/11/2009	Active	NO
24	U70102UR2009PTC032911	ECOGREEN BUILDING MATERIALS PRIVATE LIMITED	Director	21/08/2009	21/08/2009	27/06/2013	Active	NO
25	U85191UR2009PTC032910	HERBO VED GRAM PRIVATE LIMITED	Director	21/08/2009	21/08/2009	15/05/2013	Active	NO
26	U18109UR2009PTC032913	PATANJALI PARIDHAN PRIVATE LIMITED	Director	21/08/2009	21/08/2009	-	Active	NO
27	U85300UR2009PTC032916	HIMALICK HERBO HEALTHCARE PRIVATE LIMITED	Director	24/08/2009	24/08/2009	17/04/2013	Active	NO
28	U17200UR2009PTC032917	PATANJALI TEXTILES PRIVATE LIMITED	Director	24/08/2009	24/08/2009	-	Active	NO
29	U15400UR2009PTC032914	PATANJALI PEYA PRIVATE LIMITED	Director	24/08/2009	24/08/2009	-	Active	NO
30	U74900UR2009PTC033028	PATANJALI NATURAL COLOROMA PRIVATE LIMITED	Director	17/12/2009	17/12/2009	01/02/2010	Active	NO
31	U24110DL1996PTC080431	ROHINI INFRACON PRIVATE LIMITED	Director	01/01/2010	01/01/2010	01/08/2011	Active	NO
32	U74900UR2010PTC033180	TEJAS URJA PRIVATE LIMITED	Director	31/05/2010	31/05/2010	31/08/2012	Active	NO
33	U73100UR2011PTC033443	PATANJALI BIO RESEARCH INSTITUTE PRIVATE LIMITED	Director	11/03/2011	11/03/2011	30/12/2011	Active	NO
34	U15122UR2011PTC033454	PATANJALI MADHURAM UDYOG PRIVATE LIMITED	Director	21/03/2011	21/03/2011	-	Active	NO

Name :

Mukta Nand

Designation :

Director

Address :

Kripalu Bagh, Kankhal, Haridwar – 249408, Uttarakhand, India

Date of Birth/Age :

15.07.1956

Date of Appointment :

13.01.2006

DIN No.:

01778508

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	U24237DL2006PLC144789	PATANJALI AYURVED LIMITED	Director	13/01/2006	13/01/2006	-	Active	NO
2	U24233UR2006PLC031655	VEDIC BROADCASTING LIMITED	Director	21/04/2006	21/04/2006	-	Active	NO
3	U24233UP2006PTC032323	DEVAM AYURVEDA PRIVATE LIMITED	Director	06/09/2006	06/09/2006	-	Active	NO
4	U24233UP2006PLC032322	GANGOTRI AYURVEDA LIMITED	Director	29/09/2009	06/09/2006	-	Active	NO
5	U24233UP2006PLC032324	CHAITANYA AYURVEDA LIMITED	Director	06/09/2006	06/09/2006	-	Active	NO
6	U24233UP2006PTC032325	KANKHAL AYURVEDA PRIVATE LIMITED	Director	06/09/2006	06/09/2006	-	Active	NO
7	U70101DL2004PTC126692	DYNAMIC BUILDCON PRIVATE LIMITED	Director	18/11/2006	18/11/2006	-	Active	NO
8	U15132MH2009PTC189602	JHARKHAND MEGA FOOD PARK PRIVATE LIMITED	Nominee director	14/07/2010	17/03/2009	27/04/2012	Active	NO
9	U74900UR2009PTC032892	VEDIC AASTHABHAJAN BROADCASTING PRIVATE LIMITED	Director	28/07/2009	28/07/2009	-	Active	NO
10	U24110DL1996PTC080431	ROHINI INFRACON PRIVATE LIMITED	Director	01/01/2010	01/01/2010	-	Active	NO
11	U73100UR2011PTC033443	PATANJALI BIO RESEARCH INSTITUTE PRIVATE LIMITED	Director	11/03/2011	11/03/2011	30/12/2011	Active	NO
12	U24233UR2009PTC032748	VEDIC AYURMED PRIVATE LIMITED	Director	30/06/2011	30/06/2011	-	Active	NO
13	U15122UR2009PTC032768	PATANJALI FOOD AND HERBAL PARK PRIVATE LIMITED	Nominee director	18/07/2011	18/07/2011	-	Active	NO

Name :

Ajai Kumar Arya

Designation :

Director

Address :

F-50, Near Jain Mandir, Mohan Nagar, Hindon City, Karauli - 302003, Rajasthan, India

Date of Birth/Age :

05.07.1947

Date of Appointment :

30.04.2007

DIN No.:

02013411

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	U24237DL2006PLC144789	PATANJALI AYURVED LIMITED	Director	30/04/2007	30/04/2007	Active	NO
2	U24233UR2006PLC031655	VEDIC BROADCASTING LIMITED	Director	01/06/2007	01/06/2007	Active	NO
3	U26109DL2005PTC139315	JMA PROMOTERS PRIVATE LIMITED	Director	30/09/2009	05/05/2009	Active	NO
4	U21098UR2009PTC032906	PATANJALI CORRUPACK PRIVATE LIMITED	Director	30/06/2011	30/06/2011	Active	NO
5	U24233UR2009PTC032747	AAROGYA HERBS (INDIA) PRIVATE LIMITED	Director	30/06/2011	30/06/2011	Active	NO
6	U24233UP2006PTC032325	KANKHAL AYURVEDA PRIVATE LIMITED	Director	30/06/2011	30/06/2011	Active	NO
7	U24110DL1996PTC080431	ROHINI INFRACON PRIVATE LIMITED	Director	30/06/2011	30/06/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Shashi Chandra Jha
Designation :	Secretary
Address :	141, D.J. Street, Bhadrakali, Hoogly – 712232, West Bengal, India
Date of Birth/Age :	23.01.1964
Date of Appointment :	04.04.2012
PAN No.:	ADOPJ3982B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Acharya Balkrishna	38422500
Mukta Nand	1000
Krishan Kumar Pitti	100000
Rajat Prakash	50000
Sarwan Poddar	1246154
Govind Agarwal	50000
Sunita Poddar	1246154
Ram Bharat	5000
Total	41120808

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.06
Directors or relatives of directors	93.44
Other top fifty shareholders	0.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Ayurvedic Products.

GENERAL INFORMATION

No. of Employees :

Not Available

[We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Punjab National Bank, Ahmedpur Branch, Ranipur More, Haridwar - 249401, Uttarakhand, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from banks	997.557	1322.606
SHORT-TERM BORROWINGS
Loans repayable on demand	857.849	998.358
Total	1855.406	2320.964

Banking Relations :	--
Auditors :
Name :	Anil Ashok and Associates Chartered Accountants
Address :	Arya Nagar Chowk, Jwlapur, Haridwar – 249407, Uttarakhand, India
Income-tax PAN of auditor or auditor's firm :	AADFA5288M
Associate :	Jharkhand Mega Food Park Private Limited [U15132MH2009PTC189602]
Joint Venture :	Arogya Herbs (India) Private Limited Kankhal Ayurved Private Limited Patanjali Bio Research Institute Private Limited Patanjali Food and Herbal Park Private Limited Rohini Infracon Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Patanjali Food and Herbal Park Private Limited [U15122UR2009PTC032768] Chaitanya Ayurveda Limited [U24233UP2006PLC032324] Gangotri Ayurveda Limited [U24233UP2006PLC032322] Divya Yog Mandir Trust (D.Y.M.T.) Patanjali Yogpeeth Trust

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41,120,808	Equity Shares	Rs. 10/- each	Rs. 411.208 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	411.208	411.208
(b) Reserves & Surplus	1199.432	736.084
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.001	13.001
Total Shareholders’ Funds (1) + (2)	1610.641	1160.293
(3) Non-Current Liabilities
(a) long-term borrowings	997.557	1322.727
(b) Deferred tax liabilities (Net)	104.059	104.871
(c) Other long term liabilities	210.615	23.608
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1312.231	1451.206
(4) Current Liabilities
(a) Short term borrowings	857.849	998.358
(b) Trade payables	835.870	782.134
(c) Other current liabilities	614.588	588.087
(d) Short-term provisions	143.954	176.546
Total Current Liabilities (4)	2452.261	2545.125
TOTAL	5375.133	5156.624
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2559.392	2643.286
(ii) Intangible Assets	1.692	1.693
(iii) Capital work-in-progress	1.573	0.711
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	227.307	166.858
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2789.964	2812.548
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1317.812	1035.155
(c) Trade receivables	690.859	623.790
(d) Cash and cash equivalents	50.863	261.130
(e) Short-term loans and advances	524.288	422.898
(f) Other current assets	1.347	1.103
Total Current Assets	2585.169	2344.076
TOTAL	5375.133	5156.624

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		346.923
2] Share Application Money		0.000
3] Reserves & Surplus		330.006
4] (Accumulated Losses)		0.000
NETWORTH		676.929
LOAN FUNDS
1] Secured Loans		1604.086
2] Unsecured Loans		0.121
TOTAL BORROWING		1604.207
DEFERRED TAX LIABILITIES		83.790
OTHER LIABILITIES		1.774
TOTAL		2366.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2172.661
Capital work-in-progress		0.000
INVESTMENT		110.318
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	264.235
	Sundry Debtors	545.325
	Cash & Bank Balances	202.186
	Other Current Assets	0.142
	Loans & Advances	286.409
Total Current Assets		1298.297
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	770.501
	Other Current Liabilities	361.147
	Provisions	83.091
Total Current Liabilities		1214.739
Net Current Assets		83.558
MISCELLANEOUS EXPENSES		0.163
TOTAL		2366.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	4512.201	3177.639	1626.782
		Other Income	26.980	10.756	3.805
		TOTAL (A)	4539.181	3188.395	1630.587
Less	EXPENSES
		Cost of materials consumed	1465.237	1100.554
		Purchases of stock-in-trade	421.428	351.096
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(159.367)	(453.166)
		Employee benefit expense	251.440	151.809
		Other expenses	1158.216	604.013
		TOTAL (B)	3136.954	1754.306	1047.240
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1402.227	1434.089	583.347
Less	FINANCIAL EXPENSES (D)		361.679	248.694	45.041
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1040.548	1185.395	538.306
Less/ Add	DEPRECIATION/ AMORTISATION (F)		338.474	303.996	50.046
	PROFIT BEFORE TAX (E-F) (G)		702.074	881.399	488.260
Less	TAX (H)		143.142	379.775	155.888
	PROFIT AFTER TAX (G-H) (I)		558.932	683.771	332.372
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	37.127	10.816	0.000
	Earnings Per Share (Rs.)		13.59	19.70	9.58

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	12.31	21.45	20.38
Net Profit Margin (PBT/Sales)	(%)	15.56	27.74	30.01
Return on Total Assets (PBT/Total Assets}	(%)	13.64	17.67	14.07
Return on Investment (ROI) (PBT/Networth)		0.44	0.76	0.72
Debt Equity Ratio (Total Debt/Networth)		1.15	2.00	2.37
Current Ratio (Current Asset/Current Liability)		1.05	0.92	1.07

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	Yes

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from others	0.000	0.121
Total	0.000	0.121

Note:

The registered office of the company has been shifted from Plot No. 209, Bhalswa Village, Opposite Jahangir Puri, G.T. Karnal Road, Delhi – 110033, India w.e.f.01.09.2012

GENERAL INFORMATION

1. Subject was initially incorporated as a Private Limited Company at Delhi and converted into Public Limited Company on 25th June, 2007. It has established three units namely Unit – 1 at D-38 Industrial Area, Haridwar, Unit – 2 at Nursery, Maharshi Dayanand Gram, Delhi Haridwar NH, Bahadrabad, Haridwar and Unit – 3 at village Padartha, Laksar Road, Haridwar having five divisions. All units have commenced production before 1/04/2010. From this year, the company has discontinued one of its five divisions at Unit – 3 Padartha, namely – Therapeutic Division (Known as D Block in Padartha). During the year, the company has started getting goods manufactured under Loan License Agreement from Harsoria Herbal Care at Roorkee, Uttarakhand and the same has been identified as Unit – 4.

2. The company had entered into a Joint Venture for development of Bio Gas Power Project as per MOU dated 31/12/2010 which saw reconstitution on 10/08/2011. The power generated from the plant will be used for captive consumption. The company has contributed Rs. 78.712 Millions in the joint venture up to 31st March, 2012. As per the terms and conditions mentioned in MOU, each member was required to make investment in the Joint Venture as per Profit & Loss Sharing Ratio and was eligible to get interest, on any excess contribution made by it over and above its designated share as per P&L sharing ratio, from the other members whose investment falls short of their respective designated contribution. During the year, all members have made this cost of capital adjustment inter-se by way interest cost and accordingly interest income of Rs. 0.458 Million has accrued to the company which is receivable from other members and the same has been shown under Miscellaneous Income.

3. The company is promoter and holding company of Patanjali Food and Herbal Park Private Limited (PFHPL) which has been approved by Ministry of Food and Processing Industries, Govt. of India. The company has made investment of Rs. 105.035 Millions in PFHPL in the form of 10500700 equity shares @ Rs. 10 /- each up to 31st March, 2012. The company will ultimately have holding not more than 49% of the Patanjali Food & Herbal Park Private Limited as per shareholder agreement while its present holding is 77%, hence, it is temporary a holding company. These are considered long term investment. Hence, now subsidiary is excluded from consolidation.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24237DL2006PLC144789
Name of the company	PATANJALI AYURVED LIMITED
Address of the registered office or of the principal place of business in India of the company	D-26, Pushpanjali, Bijwasan Enclave, New Delhi – 110061, India Email: shashi2cs@patanjaliayurved.org
This form is for	Modification of charge
Charge identification number of the modified	10128956
Type of charge	Immovable property Any interest in immovable property Book debts Movable property (not being pledge) Others [All types of stocks and other current assets]
Particular of charge holder	Punjab National Bank, Ahmedpur Branch, Ranipur More, Haridwar - 249401, Uttarakhand, India Email: bo1496@pnb.co.in
Nature of description of the instrument creating or modifying the charge	1. Hypothecation of goods and book debts to secure cash credit facility. 2. Hypothecation of movable assets forming part of fixed/block assets.
Date of instrument Creating the charge	11.03.2013
Amount secured by the charge	Rs. 1020.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @13.75% I.E. BR+3.25% plus applicable tax per annum with monthly rests. Terms of Repayment Repayable on demand Margin On Stock - @25% On Book Debts - @40% Extent and Operation of the charge Till the repayment of total loan
Short particulars of the property charged	Hypothecation of Stock of Raw Materials, Stock in Process, Finished Goods, consumables, Spares and Stores used in the manufacturing activity of the Unit and Packing Material. Entire Book Debts of the Unit, outstanding decrees, money receivables etc. Title Deed No. 7013, 43 and 6566 of Mustafabad/ Padartha Village Regd at Sub Registrar Office, Haridwar Title Deeds Nos. 11272 and Lease Deed No. 7038 of Land & Building at Industrial Area, Haridwar Regd at Sub Registrar Office, Haridwar. Title Deeds Nos. 68, 6565, 6572, 6573, 42, 51 to 57, 113, 82, 81, 114, 80, 79, 83,78, 75, 74,73,72,71,70,78,69 of property at Mustafabad, Padartha and 5120 of Lodha Mandi at sub Regist. Off., Haridwar
Date of Modification	27.11.2012
Particulars of the present modification	Cash credit limit has been enhanced from Rs. 800.000 Millions to Rs. 1020.000 Millions to unit-iii by raising current cc limit from Rs. 450.000 Millions to Rs.670.000 Millions. all other terms and conditions remain the same.

FIXED ASSETS:

Land

Buildings

Office building

Plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Books periodicals

PRESS RELEASE

PATANJALI AYURVED MAKES SOUTH INDIA FORAY

Chennai/ Hyderabad April 24, 2012

Baba Ramdev-promoted Patanjali Ayurved Limited forayed into south India with the launch of over 100 ‘open market’ products, including cosmetics, toiletries, vitality and spices, in Andhra Pradesh on Monday.

“Our idea is to have a pan-India presence by the end of this year. We have already covered the northern market, and will be entering Karnataka tomorrow with plans to wrap up the entire southern region in a month’s time,” Balakrishna, managing director of Patanjali Ayurved, told media persons here.

The company’s products are cheaper by 30 per cent, as compared to the once being sold by multinationals (MNCs), because it sources raw materials directly from farmers and hence overhead costs are low, he said, adding that they were contemplating sourcing herbs and other ingredients from farmers down south in a phased manner.

Balakrishna said Patanjali Ayurved currently had a nationwide distribution network of 600, including 28 in Andhra Pradesh. In addition, Swadeshi Kendras would be opened in a bid to provide a basis of rural empowerment and self-sufficient system of life.

“Swadeshi Kendras, which are to be set up in villages having a population of more than 3,000, will work in the model of the existing Patanjali Chikitsalayas, which are the exclusive outlets of our products,” he said.

Adding that the move to enter the open market will turn the company into a major retail player, as well as pit it against the MNCs.

At present, Patanjali Ayurved has five units at Haridwar with a capacity to process 1,000 tonne a day. The units manufacture over 500 products, including 250 medicinal products.

“We are utilising only 30 per cent of our capacity right now. We may look at setting up manufacturing units in all the states with an investment of Rs 500.000 Millions each, once we reach full-capacity utilisation,” Balakrishna said while refusing to draw any time line.

BABA RAMDEV'S TRUST FINED RS.9.000 MILLIONS FOR MISBRANDING PRODUCTS

Dehradun, September 25, 2012

Half a dozen food products manufactured by Baba Ramdev's Patanjali Ayurveda Limited have failed the test of state government's food safety department. The district food safety and standards department conducted a raid at Ramdev manufacturing unit, located in Haridwar, on August 16 and collected samples of many products.

The government department has charged Patanjali Ayurveda Limited of "misbranding" and "misleading". The food safety and standards department allege that many of the products like mustard oil and salt are manufactured outside Uttarakhand and the Patanjali Ayurveda merely does the marketing act, which is misbranding.

District food safety officer Yogendra Pandey said, "There is no problem with the quality of the products, but many products are manufactured elsewhere and their marketing is done here. Like the salt is procured from Gujarat and mustard oil from Rajasthan and both are sold as Patanjali Ayurveda Limited products."

The department has fined yoga guru Rs.9.000 Millions for misbranding six products. The products include lychee honey, salt, mustard oil, gram floor, pineapple jam and juice. The tests were conducted at the state laboratory in Rudrapur, located in Udham Singh Nagar district.

The Patanjali Ayurveda Limited has termed the move politically motivated and said similar yardstick should be adopted for multinational and other big companies operating in India.

Patanjali Ayurveda Limited's president SK Patra said, "Many companies get their products manufactured from different units. We adopt similar strategy. It is politically motivated. All the companies procure mustard oil from Rajasthan, we did the same and the department is raising objection to it."

The Patanjali Ayurveda Limited also charged the district food safety department of levelling false charges against their "lychee honey" due to lack of knowledge. "Honeybees collect nectar from lychee flower. Such honey has the flavour of the particular fruit, so we have named it lychee honey. The department claimed that as we are adding lychee flavour or essence so the product is not pure. Which is totally false and the department lacks basic knowledge," Patra added.

The Patanjali Ayurveda Limited has not received the detailed report of the test conducted on their samples so far. They are likely to take legal opinion and other steps after receiving the reports.

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. 61.05
UK Pound	1	Rs. 90.89
Euro	1	Rs. 78.27

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		50

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.