MIRA INFORM REPORT

Report Date :

08.06.2013

IDENTIFICATION DETAILS

Name :	RELIANCE LIFE SCIENCES PRIVATE LIMITED
Registered Office :	Dhirubhai Ambani Life Sciences Centre, R-282, TTC Area of MIDC, Thane Belapur Road, Rabale, Navi Mumbai – 400 701, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.01.2001
Com. Reg. No.:	11-130654
Capital Investment / Paid-up Capital :	Rs.96.350 Millions
CIN No.: [Company Identification No.]	U24239MH2001PTC130654
TIN No.:	27830130587
TAN No.: [Tax Deduction & Collection Account No.]	MUMR10629D
PAN No.: [Permanent Account No.]	AABCR7594L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is involved in domains such as biopharmaceuticals (plasma proteins, bio-similars, novel proteins), pharmaceuticals (active pharmaceutical intermediates (APIs), formulations, drug discovery), clinical research services, regenerative medicine (stem cell therapies, tissue engineered products, etc.), molecular medicine (DNA-based diagnostics, molecular genetics, predictive diagnostics), novel therapeutics (RNA molecules), R & D activities, plant tissue culture, plant metabolic engineering and industrial biotechnology (biopolymers, bio-chemicals).
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 2841000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of Reliance Group. It is a well established and reputed company having a satisfactory track record. There appear some accumulated losses recorded by the company. The external borrowing seems to be huge. However, the subject gets strong managerial and financial support from its holding company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. In view of experience promoters, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	CARE
Rating	AA (Long Term Bank Facilities )
Rating Explanation	High degree of safety and very low credit risk
Rating	A1+ (Short Term Bank Facilities)
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	May 7, 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 :	Dhirubhai Ambani Life Sciences Centre, R-282, TTC Area of MIDC, Thane Belapur Road, Rabale, Navi Mumbai – 400 701, Maharashtra, India
Tel. No.:	91-22-67678000/ 39118000
Fax No.:	91-22-67678099/ 39118099
E-Mail :	soniareetesh.arora@ril.com sidhi.jatkar@ril.com
Website :	www.rellife.com www.ril.com
Corporate Office :	3^rd Floor Sadhana House, Behind Mahindra Towers, 570, Pandurang Bhudkar Marg Worli, Mumbai – 400 018, Maharashtra, India
Factory :	1^st Floor, Sadhana Mills Premises, 570, Pandurang Budhkar Marg, Mumbai - 400 018, Maharashtra, India
Branch Office :	Located at: Mumbai Ahmedabad Bangalore Chennai Delhi Hyderabad Jaipur Kochi Kolkata Lucknow Ludhiana Navi Mumbai Pune

DIRECTORS

As on 29.12.2012

Name :

Mr. Vinay Arvind Ranade

Designation :

Whole Time Director

Address :

C-202, Matoshree Residency, 65, Prarthana Samaj Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

12.03.1967

Qualification :

Chartered Accountant, Management Graduate - Asian Institute of Management, Philippines

Date of Appointment :

01.10.2012

DIN No.:

00006568

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	U24239MH2001PTC130654	RELIANCE LIFE SCIENCES PRIVATE LIMITED	Whole-time director	01/10/2012	07/04/2003	-	Active	NO
2	U99999MH2000PTC126407	RELIANCE CLINICAL RESEARCH SERVICES PRIVATE LIMITED	Director	07/11/2005	07/11/2005	08/12/2007	Amalgamated	NO
3	U85199MH2000PTC126806	RELIANCE HEALTH AND TECHNOLOGY PRIVATE LIMITED	Director	24/12/2005	24/12/2005	24/06/2009	Active	NO
4	U24232MH2007PTC168160	RELIANCE PHARMACEUTICALS PRIVATE LIMITED	Director	26/02/2007	26/02/2007	12/06/2007	Amalgamated	NO
5	U24239MH2007PTC168750	RELIANCE DIAGNOSTICS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Strike off	NO
6	U23201MH2007PTC168747	RELIANCE BIOFUELS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Strike off	NO
7	U85195MH2007PTC168878	RELIANCE BIOPHARMACEUTICALS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	12/06/2007	Amalgamated	NO

Name :

Mr. Laxmidas Vallabhdas Merchant

Designation :

Director

Address :

Ramkrupa Tower, 9^th Floor Block Nbo 12, Dr. Parekh Street, Prathana Samaj, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

14.11.1959

Qualification :

B. Com., Chartered Accountant

Date of Appointment :

29.09.2007

DIN No.:

00007722

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	U51900PN1992PTC141422	VELOCIPED TRADING PRIVATE LIMITED	Director	21/01/1992	21/01/1992	18/02/2013	Active	NO
2	U51900MH1965PTC014453	RELIANCE EXPORTS PRIVATE LIMITED	Director	02/09/1993	02/09/1993	02/06/2009	Active	NO
3	U74140MH1995PLC087756	RELIANCE GLOBAL MANAGEMENT SERVICES LIMITED	Director	10/05/1999	10/05/1999	-	Amalgamated	NO
4	U24120MH1999PLC121009	RELIANCE VENTURES LIMITED	Director	05/10/1999	05/10/1999	-	Active	NO
5	U65990MH1999PLC120918	RELIANCE STRATEGIC INVESTMENTS LIMITED	Director	01/12/1999	01/12/1999	-	Active	NO
6	U51900MH2000PTC125501	ANTILIA COMMERCIAL PRIVATE LIMITED	Director	22/03/2004	22/03/2004	29/12/2012	Active	NO
7	U72200MH2005PTC154456	RELIANCE INFOSOLUTIONS PRIVATE LIMITED	Director	30/09/2006	12/04/2006	-	Amalgamated	NO
8	U74999MH2007PTC167376	DHANISHTA COMMERCIALS PRIVATE LIMITED	Director	25/09/2007	22/03/2007	-	Active	NO
9	U24239MH2001PTC130654	RELIANCE LIFE SCIENCES PRIVATE LIMITED	Director	29/09/2007	01/06/2007	-	Active	NO
10	L99999MH1961PLC012185	BALKRISHNA INDUSTRIES LIMITED	Director	22/01/2009	22/01/2009	-	Active	NO
11	U64202MH2005PTC150752	CONVONIX SYSTEMS PRIVATE LIMITED	Director	30/09/2009	27/01/2009	-	Active	NO
12	U74900MH2007PTC171234	VANISHREE COMMERCIALS PRIVATE LIMITED	Director	26/09/2011	31/01/2011	-	Active	NO

Name :

Mr. Dinesh Bhaskar Sathe

Designation :

Whole Time Director

Address :

A2-601, Rutu Park CHS., RW Sawant Marg, Majiwada, Thane – 400 601, Maharashtra, India

Date of Birth/Age :

04.10.1956

Qualification :

B.E.(MECH), DMS

Date of Appointment :

30.09.2010

PAN No.:

AERPS8523B

DIN No.:

02876683

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	U24239MH2001PTC130654	RELIANCE LIFE SCIENCES PRIVATE LIMITED	Whole-time director	30/09/2010	11/12/2009	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Kartik Hasmukhrai Shukla
Designation :	Secretary
Address :	604, D Wing, Dharma Nagar, 247, Linking Road, Borivali (West), Mumbai – 400 091, Maharashtra, India
Date of Birth/Age :	21.12.1953
Date of Appointment :	21.09.2011
PAN No.:	AADPS1045C
Name :	Dr. Vishwanath B. Malkar
Designation :	Head–Regulatory
Name :	Mr. Rajesh C. Hedaoo
Designation :	Head API Projects & Kil
Name :	Mr. Vikram Paradkar
Designation :	Head – Process Development
Name :	Mr. Tapas Mitra
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.12.2012

Names of Shareholders (Equity Shares)	No. of Shares
Reliance Health and Technology Private Limited, India	1700
Healthcare Systems and Solution Global Private Limited, India	1600
Reliance Agrotech Private Limited, India	1000
Ekansha Enterprise Private Limited, India	1700
Reliance Research and Development Services Private Limited, Mumbai	1700
Reliance Qualnet.com Private Limited, Mumbai	1300
Reliance Web Spiders.com Private Limited, Mumbai	1000
Total	10000

Names of Shareholders (9% Optionally Convertible Non-cumulative Redeemable Preference Shares)	No. of Shares
Reliance Ports and Terminals Limited, India	8125000
Total	8125000

Names of Shareholders (9% Optionally Convertible Non-cumulative Redeemable Preference Shares : Series - II)	No. of Shares
Reliance Ports and Terminals Limited, India	1500000
Total	1500000

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject is involved in domains such as biopharmaceuticals (plasma proteins, bio-similars, novel proteins), pharmaceuticals (active pharmaceutical intermediates (APIs), formulations, drug discovery), clinical research services, regenerative medicine (stem cell therapies, tissue engineered products, etc.), molecular medicine (DNA-based diagnostics, molecular genetics, predictive diagnostics), novel therapeutics (RNA molecules), R & D activities, plant tissue culture, plant metabolic engineering and industrial biotechnology (biopolymers, bio-chemicals).

Products :

Item Code No. (ITC Code)	3002 1099
Product Description	Normal Human Serum Albumin
Item Code No. (ITC Code)	3002 1099
Product Description	Normal Immunoglobulin for Intravenous USB B.P

PRODUCTION STATUS (AS ON 31.03.2011)

Licensed capacity, installed capacity and actual production

Manufacturing licenses for various products have been obtained from respective regulatory authorities. The approvals do not specify any capacity. Installed capacities are variable and subject to product mix and utilisation

of manufacturing facilities, given the nature of operations.

Particulars	Unit	Actual Production
Biopharmaceutical Products:
Vials	Nos.	926692
Kits	Nos.	8224
Syringe	Nos.	218782
Plant Products	Nos.	2964239

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

Canara Bank, Prime Corporate Branch II, 2^nd Floor, Varma Chambers, Homji Street, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans :	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from others (Hypothecation of movable properties created under project)	(A) 10.594	16.450
SHORT-TERM BORROWINGS
Working capital loans from banks (Hypothecation of stocks and book debts)	(B) 897.987	541.502
Total	908.581	557.952

Notes:

(A) Loans From Department of Biotechnology:

1. The secured loans taken from Department of Biotechnology (DBT) is secured by hypothecation of the whole of movable properties of the company created under the respective projects and acquired from the respective loan sanctioned by the DBT for the said projects including movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (save and except book debts).

2. Term Loans from Dept of Biotechnology are payable in ten equal annual installments and will commence after six months of the scheduled completion of the project.

(B) Working capital loan from bank is secured by hypothecation of stocks and book debts of the company

Banking Relations :	--
Auditors :
Name :	Chaturvedi and Shah Chartered Accountants
Address :	714-715, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-56308508
PAN No.:	AAAFC0662N
Associates :	Reliance Health and Technology Private Limited, India (CIN No.: U85199MH2000PTC126806) Healthcare Systems and Solutions Global Private Limited, India (CIN No.: U85199MH2000PTC126387) Reliance Agrotech Private Limited, India (CIN No.: U01110GJ1994PTC021440) Reliance Research and Development Services Private Limited, India (CIN No.: U15300MH1999PTC123316)
Subsidiaries :	Reliance Diagnostics Private Limited, India (CIN No.: U24239MH2007PTC168750) Reliance Biofuels Private Limited, India (CIN No.: U23201MH2007PTC168747) Reliance Life Sciences B.V., Netherlands Reliance Life Sciences Inc, USA Reliance Clinical Research Services Sp.zo.o., Poland (a Subsidiary of Reliance Life Sciences B.V.) Reliance GeneMedix Plc., U.K. (a Subsidiary of Reliance Life Sciences B.V.) Genemedix Ireland Limited (a Subsidiary of Reliance GeneMedix Plc.) Biometrix Marketing Private Limited, Singapore (a Subsidiary of Reliance GeneMedix Plc.)

CAPITAL STRUCTURE

After 29.12.2012

Authorised Capital : Rs.300.100 millions

Issued, Subscribed & Paid-up Capital : Rs.293.850 millions

As on 29.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
510000	Equity Shares	Rs.10/- each	Rs.5.100 Millions
14500000	Preference Shares	Rs.10/- each	Rs.145.000 Millions
	Total		Rs.150.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million
9625000	Preference Shares	Rs.10/- each	Rs.96.250 Millions
	Total		Rs.96.350 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		96.350	96.350	96.350
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		613.993	698.122	950.835
4] (Accumulated Losses)		0.000	0.000	(247.024)
NETWORTH		710.343	794.472	800.161
LOAN FUNDS
1] Secured Loans		908.581	557.952	222.633
2] Unsecured Loans		5587.328	5529.828	5203.619
TOTAL BORROWING		6495.909	6087.780	5426.252
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7206.252	6882.252	6226.413
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2412.648	2106.914	2128.599
Capital work-in-progress		532.543	722.787	565.733
INVESTMENT		2181.905	2181.186	1272.521
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	737.521	758.767	569.996
	Sundry Debtors	814.958	987.991	595.686
	Cash & Bank Balances	50.296	49.735	82.623
	Other Current Assets	105.344	48.642	120.441
	Loans & Advances	1245.000	1045.117	1580.275
Total Current Assets		2953.119	2890.252	2949.021
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	661.110	672.843	525.973
	Other Current Liabilities	192.411	303.220	131.748
	Provisions	20.442	42.824	31.740
Total Current Liabilities		873.963	1018.887	689.461
Net Current Assets		2079.156	1871.365	2259.560
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7206.252	6882.252	6226.413

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3338.100	2840.000	2555.100
		Other Income
		TOTAL (A)	3338.100	2840.000	2555.100
Less	TOTAL EXPENSES (B)		3145.098	2694.992	2538.027
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		193.002	145.008	17.073
Less	INTEREST (D)		99.039	42.500	30.417
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		93.963	102.508	(13.344)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		179.012	108.182	86.040
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(85.049)	(5.674)	(99.384)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(85.049)	(5.674)	(99.384)
	EARNINGS IN FOREIGN CURRENCY		1315.955	793.069	303.190
	Earnings/ (Loss) Per Share (Rs.)		(8504.90)	(567.40)	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(2.55)	(0.20)	(3.89)
Return on Total Assets (PBT/Total Assets}	(%)	(1.59)	(0.11)	(1.96)
Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.01)	(0.12)
Debt Equity Ratio (Total Debt/Networth)		9.14	7.66	6.78
Current Ratio (Current Asset/Current Liability)		3.38	2.84	4.28

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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 :	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from others	(A) 2.059	2.059
Inter corporate borrowings	(B) 5585.269	5527.769
Total	5587.328	5529.828

Notes:

(A) Loans from Department of Biotechnology:

Term Loans from Dept of Biotechnology are payable in ten equal annual installments and will commence after six months of the scheduled completion of the project.

(B) Zero Coupon Optionally Convertible Loans from Bodies Corporate

Zero coupon optionally convertible loan from bodies corporate are convertible into equity shares of the company at fair value to be determined at the time of conversion.

Note:

The registered office of the company has been shifted from 2^nd Floor, Chitrakoot, shree Ram Mills Premises, Ganpatrao Kadam Marg, Worli, Mumbai – 400 013, Maharashtra, India to the present address w.e.f. 05.04.2007.

AMALGAMATION OF THREE WHOLLY OWNED SUBDIARIES WITH THE COMPANY:

Reliance Biopharmaceuticals Private Limited (RBPL), Reliance Clinical Research Services Private Limited (RCRSPL) and Reliance Pharmaceuticals Private Limited (RPPL), wholly owned subsidiaries of the Company have been amalgamated with the Company. The Scheme of Amalgamation (the “Scheme”) was sanctioned by the Hon'ble High Court of Judicature at Bombay vide its Order dated t December 21, 2012. The Scheme became effective on December 27, 2012, the appointed date of Scheme being April 01, 2011.

The amalgamation will result in internal economies, better administration and efficiency of operations by creating a single unified entity in place of several smaller companies.

OPERATIONAL AND FINANCIAL REVIEW:

During the year, total revenue from sales and services were at Rs.3338.100 millions as compared to Rs.2840.000 millions for 2010-11. Export earnings for the year were recorded at Rs.1263.900 millions as against Rs. 760.400 millions for 2010-11.During the year, the Company has launched multiple products in different therapy areas. ChorioRel TM – recombinant human chorionic gonadotropin, indicated for triggering ovulation in women undergoing assisted reproduction, SynoLife TM – Sodium hyaluronate injection for treating osteoarthritis and ReliBeta TM – recombinant Interferon beta 1a for treating patients with relapsing remitting multiple sclerosis.

In the international markets, the Company has made significant progress in terms of product registrations (plasma proteins as well as recombinant biosimilars). Further, the manufacturing facilities (API manufacturing as well as pharmaceutical formulation) received multiple international body approvals during the year. These product registrations as well as the manufacturing facility approvals would enable the Company to participate in significant opportunities in the international markets.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239MH2001PTC130654
Name of the company	RELIANCE LIFE SCIENCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Dhirubhai Ambani Life Sciences Centre, R-282, TTC Area of MIDC, Thane Belapur Road, Rabale, Navi Mumbai – 400 701, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10115694
Type of charge	Book Debts Others - Stocks
Particular of charge holder	Canara Bank, Prime Corporate Branch II, 2^nd Floor, Varma Chambers, Homji Street, Fort, Mumbai – 400 001, Maharashtra, India Email : kadamdd@canarabank.com
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement dated 03.04.2012, for modification of charge created as security for repayment of the aggregate credit facility limit of Rs. 1385.000 millions which is inclusive of the additional modified limit/limits granted to the Company as contained in the said Agreement
Date of instrument Creating the charge	03.04.2012
Amount secured by the charge	Rs.1385.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Memorandum REF No: CB:PCBII:CR:246:11472:11-12:DDK dated 30.03.2012 Terms of Repayment As per Sanction Memorandum REF No: CB:PCBII:CR246:11472:11-12: DDK dated 30.03.2012 read with letters dated 28.02.2012 and 06.01.2012 Margin As per Sanction Memorandum REF No: CB:PCBII:CR246:11472: 11-12:DDK dated 30.03.2012 Extent and Operation of the charge As per Clause 1 to 3 of the Supplemental Common Hypothecation Agreement dated 03.04.2012 Others Nil
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Stocks and Book Debts of the Company as per Part C of the Supplemental Common Hypothecation Agreement dated 03.04.2012
Date of instrument modifying the charge	09.07.2011
Particulars of the present modification	Hypothecation of the Assets described under Schedule II of the Common Hypothecation Agreement dated 19.07.2008 and under the Supplemental Common Hypothecation Agreement dated 03.04.2012 as security for re-payment of the aggregate credit facility limit of Rs.1385.000 millions which is inclusive of the additional modified limit granted to the Company as per the said Supplemental Agreement

FIXED ASSETS:

Tangible assets

• Leasehold land
• Buildings
• Plant and machinery
• Data processing equipment
• Vehicles
• Furniture and fixture

Intangible assets

• Patents, trade
• Marks, designs, etc

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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		43

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.