1. Summary Information

		Country	India
Company Name	GUFIC BIOSCIENCES LIMITED	Principal Name 1	Mr. Jayesh P. Choksi
Status	Satisfactory	Principal Name 2	Mr. Khantilal N. Sanghavi
		Registration #	11-033519
Street Address	2^nd Floor, Building A, Moti Baug, 118/119, S.V. Road, Andheri [West], Mumbai – 400058, Maharashtra
Established Date	01.01.1901	SIC Code	--
Telephone#	91-22-28341521	Business Style 1	Manufacturer
Fax #	91-22-28369008	Business Style 2	Bulk Drugs, Pharmaceutical and Herbal Products
Homepage	http://www.guficbio.com	Product Name 1	Ayurvedic Medicine
# of employees	Not Available	Product Name 2	Bulk Medicine
Paid up capital	Rs. 77,350,000/-	Product Name 3	Sanitary Napkins
Shareholders	Promoter and Promoters Group – 69.98% Public Shareholding 30.02%	Banking	State Bank of India
Public Limited Corp.	YES	Business Period	112 Years
IPO	YES	International Ins.	-
Public Enterprises	YES	Rating	Ba (46)
Related Company
Relation	Country	Company Name	CEO
Related Parties	--	Gufic Chem Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	384,333,000	Current Liabilities	296,534,000
Inventories	169,094,000	Long-term Liabilities	196,377,000
Fixed Assets	177,105,000	Other Liabilities	53,225,000
Deferred Assets	0,000	Total Liabilities	546,136,000
Invest& other Assets	10,746,000	Retained Earnings	117,792,000
		Net Worth	195,142,000
Total Assets	741,278,000	Total Liab. & Equity	741,278,000
Total Assets (Previous Year)	605,978,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	835,651,000	Net Profit	15,271,000
Sales(Previous yr)	715,783,000	Net Profit (Prev.yr)	14,640,000

MIRA INFORM REPORT

Report Date :

12.06.2013

IDENTIFICATION DETAILS

Name :	GUFIC BIOSCIENCES LIMITED (w.e.f.20.07.2000)
Formerly Known As :	CENTRAL FINANCE LIMITED
Registered Office :	2^nd Floor, Building A, Moti Baug, 118/119, S.V. Road, Andheri [West], Mumbai – 400058, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.01.1901
Com. Reg. No.:	11-033519
Capital Investment / Paid-up Capital :	Rs. 77.350 Millions
CIN No.: [Company Identification No.]	L65990MH1984PLC033519 [New] L65990MH1901PLC033519 [Old]
TAN No.: [Tax Deduction & Collection Account No.]	MUMG06173G
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Bulk Drugs, Pharmaceutical and Herbal Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 781000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be slow but 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans : BB+
Rating Explanation	Moderate risk of default
Date	October 1, 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 :	2^nd Floor, Building A, Moti Baug, 118/119, S.V. Road, Andheri [West], Mumbai – 400058, Maharashtra
Tel. No.:	91-22-28341521/ 28341522/ 28369008/ 28328103
Fax No.:	91-22-28369008/ 28218103
E-Mail :	gufic@guficbio.com
Website :	http://www.guficbio.com
Administrative/ Corporate Office :	Old Sanskar Jyot School Building, 2^nd and 3^rd Floor (Above Bank of Maharashtra), S.V. Road Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-67261000
Fax No.:	91-22-67261068
Factory :	National Highway No.8, Near Grid, Kabilpore, Navsari – 396424, Gujarat, India
Tel. No.:	91-2637-239946/ 329424

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Jayesh P. Choksi
Designation :	Chairman and Managing Director
Name :	Mr. Khantilal N. Sanghavi
Designation :	Non-executive Independent Director
Name :	Dr. Sharat S. Gandhi
Designation :	Non-executive Independent Director
Name :	Mr. Ashok M. Tarale
Designation :	Non-executive Independent Director
Name :	Mr. Pranav J. Choksi
Designation :	Executive Whole time Director
Name :	Dr. M.G. Dhapalapur
Designation :	Executive Whole time Director

KEY EXECUTIVES

Name :	Mr. Prakash Khulbe
Designation :	Company Secretary and Compliance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	28273358	36.55
Bodies Corporate	25854287	33.43
Sub Total	54127645	69.98
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	54127645	69.98
(B) Public Shareholding
(1) Institutions
Insurance Companies	1199517	1.55
Sub Total	1199517	1.55
(2) Non-Institutions
Bodies Corporate	9248490	11.96
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	10627034	13.74
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1541642	1.99
Any Others (Specify)	605672	0.78
Clearing Members	120123	0.16
Hindu Undivided Families	323635	0.42
Non Resident Indians	124540	0.16
Market Maker	37374	0.05
Sub Total	22022838	28.47
Total Public shareholding (B)	23222355	30.02
Total (A)+(B)	77350000	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	77350000	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk Drugs, Pharmaceutical and Herbal Products.

Products/ Services :

ITC Code No.	Product Descriptions
300490.01	Ayurvedic Medicine
294200.90	Bulk Drug-Lidocaine
560110.00	Sanitary Napkins

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity In 000 (*)	Actual Production In 000 (**)
Tablets	Nos.	120000	67043
Capsules	Nos.	45000	2258
Syrup/ Suspensions	Bottles	6000	469
Ointments/ Cream	Tubes	9600	697
Powder	Gms.	--	4970
Lotion	Nos.	3600	580
Injection	Vials	24000	3002
Bulk Drugs	Kgs.	163	137

Note:

* The Installed Capacities are as Certified by the Management (Single Shift)

** Production refers to production for sales purpose only.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of India

v ICICI Bank

v Corporation Bank

v Bank of Baroda

Facilities :

Secured Loans	31.03.2012	31.03.2011
Long Term Borrowings:	(Rs. In Millions)
Term Loan From Bank	11.921	24.252
Vehicle Loans	4.569	6.015
Short Term Borrowings:
Loans repayable on Demand Cash Credit Facilities From a Bank	153.197	95.424
Foreign Currency Working Capital Term Loan from a Bank	0.000	35.720
Total	169.687	161.411
Note: LONG TERM BORROWINGS: From a Bank: Term Loans: Secured by hypothecation and / or Equitable Mortgage of assets purchased under the term loans, other specific assets, together with hypothecation of Plant and Machinery and other movable assets situated at Navsari Unit and are further secured by Registered Mortgage of land, Corporate Guarantee and Cash collateral in the form of TDRs of Rs. 50.000 Millions, all of an associate company and guaranteed by the Managing Director of Company. The loans are repayable in 60 monthly installments of Rs. 0.500 Million starting from April 2010 and ending on March 2015. The rate of interest is 3.00% above SBAR, payable at monthly rest. Vehicle Loans: Secured by charge on specific vehicles purchased. These loans are repayable in 36 to 60 EMI of Rs. 1.973 Millions (Incl Interest) starting from the date of the respective contract. The effective rate of interest ranges from 8.90 % to 13.50 %. Unsecured Loans: Of the above unsecured loans, As a part of condition laid down by the Bank, Rs. 32.700 Millions is to be converted into equity by 31.03.2013. SHORT TERM BORROWINGS: Secured by hypothecation of stocks and books debts and collateral security of hypothecation of all movable assets of the Company, further secured by Registered Mortgage of land, Corporate Guarantee and Cash collateral in the form of TDR (of Rs. 50.000 Millions) all of the associate Company and guaranteed by the Managing Director of Company. They carry interest @ 6.75% above Base Rate of the Bank.

Banking Relations :	--
Auditors :
Name :	Mayur Chokshi and Company Chartered Accountants
Address :	Ground Floor, Tibrewala House, 33, Swastik Society, N.S. Road No 3, JVPD Scheme, Mumbai – 400056, Maharashtra, India
Related Parties :	v Gufic Chem Private Limited v Gufic Private Limited v Jal Private Limited v Gufic Stridden Private Limited v Gufic Healthcare Limited v Zircon Finance and Leasing Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Re.1/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77350000	Equity Shares	Re.1/- each	Rs. 77.350 Millions

Each holder of equity shares is entitled to one vote per share with a right to receive per share dividend declared by the Company. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the Company (after distribution of all preferential amounts) in the proportion of equity shares held by the shareholders.

During the year, the Company has recorded Dividend @ 5% (previous year: 5%) on a share of Re. 1each.

Details of shareholders holding more than 5% shares of the Company

Equity shares of Re.1 each fully paid up held by

Name of Shareholders	31.03.2012
	No of Shares	%
Zircon Finance and Leasing Private Limited	20523330	26.53
Jayesh Pannalal Choksi	18010259	23.28
Sambhav Properties Private Limited	7741550	10.01
Pranav Jayesh Choksi	6875844	8.89
Gufic Private Limited	5330957	6.89

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	77.350
(b) Reserves & Surplus	117.792
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
(3) Non-current liabilities
(a) long-term borrowings	43.180
(b) Deferred tax liabilities (Net)	24.150
(c) Other long term liabilities	10.150
(d) long-term provisions	9.973
	87.453
(4) Current liabilities
(a) Short term borrowings	153.197
(b) Trade payables	222.156
(c) Other current liabilities	64.228
(d) Short-term provisions	19.102
TOTAL	741.278
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	172.696
(ii) Intangible Assets	4.409
(iii) Capital work-in-progress	10.654
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.092
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	54.886
(e) Other Non-current assets	0.518
(2) Current assets
(a) Current investments	0.000
(b) Inventories	169.094
(c) Trade receivables	225.715
(d) Cash and cash equivalents	9.627
(e) Short-term loans and advances	86.086
(f) Other current assets	7.501
TOTAL	741.278

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		77.350	77.350
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		107.016	96.885
4] (Accumulated Losses)		0.000	0.000
NETWORTH		184.366	174.235
LOAN FUNDS
1] Secured Loans		161.411	149.336
2] Unsecured Loans		45.974	23.097
TOTAL BORROWING		207.385	172.433
DEFERRED TAX LIABILITIES		25.188	22.335
TOTAL		416.939	369.003
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		173.209	148.765
Capital work-in-progress		0.000	22.465
INVESTMENT		0.092	0.092
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	127.667	103.553
	Sundry Debtors	176.407	150.454
	Cash & Bank Balances	9.475	10.800
	Other Current Assets	0.000	0.000
	Loans & Advances	119.128	119.436
Total Current Assets		432.677	384.243
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	147.193	134.024
	Other Current Liabilities	30.657	41.006
	Provisions	11.189	11.532
Total Current Liabilities		189.039	186.562
Net Current Assets		243.638	197.681
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		416.939	369.003

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	835.651	715.783	628.864
		Other Income	3.677	3.182	4.457
		TOTAL (A)	839.328	718.965	633.321
Less	EXPENSES
		Cost of Materials Consumed	258.885	398.567	319.644
		Purchase of Stock-in-Trade	195.339	0.000	0.000
		Changes in inventories of finished goods work-in-progress and Stock-in-Trade	(4.622)	(29.163)	20.860
		Employee Benefits Expenses	46.028	0.000	0.000
		Personnel Cost		42.129	37.183
		Other Expenses	268.878	244.468	199.349
		TOTAL (B)	764.508	656.001	577.036
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		74.820	62.964	56.285
Less	FINANCIAL EXPENSES (D)		26.307	21.194	22.724
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.513	41.770	33.561
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.812	18.066	16.625
	PROFIT BEFORE TAX (E-F) (G)		29.701	23.704	16.936
Less	TAX (H)		14.430	9.064	4.658
	PROFIT AFTER TAX (G-H) (I)		15.271	14.640	12.278
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		92.295	82.165	74.397
Less	APPROPRIATIONS
		Proposed Dividend	3.868	3.868	3.868
		Tax on Dividend	0.627	0.642	0.642
	BALANCE CARRIED TO THE B/S		103.071	92.295	82.165
	EARNINGS IN FOREIGN CURRENCY
		Export Sales calculated on FOB basis	87.138	114.167	115.344
	IMPORTS
		Raw Materials / Merchant Goods	29.309	32.913	42.917
	Earnings Per Share (Rs.)		0.20	0.19	0.16

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Sales Turnover	272.300	237.500	247.700	246.600
Total Expenditure	247.500	210.900	220.400	213.800
PBIDT (Excl OI)	24.800	26.600	27.300	32.800
Other Income	0.000	0.100	0.300	1.800
Operating Profit	24.900	26.600	27.600	34.600
Interest	6.300	7.900	9.400	14.700
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	18.600	18.800	18.200	19.900
Depreciation	5.100	5.200	5.100	6.400
Profit Before Tax	13.500	13.600	13.100	13.400
Tax	4.700	4.700	4.500	6.300
Provisions and Contingencies	0.000	0.000	0.000	0.000
Reported PAT	8.800	8.900	8.500	7.100
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	8.800	8.900	8.500	7.100

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.82	2.04	1.94
Net Profit Margin (PBT/Sales)	(%)	3.55	3.31	2.69
Return on Total Assets (PBT/Total Assets}	(%)	3.05	3.91	3.18
Return on Investment (ROI) (PBT/Networth)		0.15	0.13	0.10
Debt Equity Ratio (Total Debt/Networth)		1.01	1.12	0.99
Current Ratio (Current Asset/Current Liability)		1.09	2.29	2.06

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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
Long Term Borrowings:	(Rs. In Millions)
From Directors	20.000	30.958
From Related Parties	6.690	0.000
From Others	0.000	1.755
Security Deposits from C and F Agents	0.000	13.261
Total	26.690	45.974

FINANCIAL HIGHLIGHTS:

During the year the sales increased to Rs. 839.328 Millions in comparison to previous year's Rs. 716.277 Millions an increased of 17.18%. PBIDT increased by 23% and PBT increased by 25.30%. PAT increased by 4.30%.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

GLOBAL PHARMACEUTICAL MARKET

The world pharmaceutical market for 2011-12 was around USD 900 billion registering a growth of around 4-5%. Average revenue growth in established markets was around 3% while that in emerging markets was around 12%. The top five pharmaceutical markets in the world remained the US, Japan, Germany, France and China with the US representing 38.1% of global prescription pharmaceutical sales. For 2012-13, the estimated value of Pharmaceutical market is USD 920-950 billion giving an expected growth rate of around 3-5%.

INDIAN PHARMACEUTICAL MARKET

India ranks 10th globally in terms of value and 3rd in terms of volumes. Indian pharmaceutical market is dominated majorly by branded generics constituting nearly 70% to 80% (Source: IMS India Pharma Report) of market. Indian formulations market is currently valued at `555 billion and has grown at a CAGR of 15% (Source: ORG - IMS) over last 5 years.

Growing population, improving medical infrastructure, rising income levels, increasing health insurance coverage and increasing government spend on healthcare are driving the market growth. Indian market is witnessing gradual transition from acute diseases to lifestyle diseases and chronic therapies like Cardiology, Neurology, Psychiatry and Diabetes. With current demographic profile and growth prospects of the economy, Indian Pharmaceutical market could see continuing trend of transition towards chronic and super specialty therapies, with acute therapies retaining their market size.

Indian Pharma market is also witnessing shift of focus from Metro's and Tier I cities to rural areas. Currently Metro's and Tier I cities contribute majority to Indian formulations market which is growing at 15% p.a. Higher penetration, increasing per capita income and increased focus of Pharma companies into rural and Tier II to Tier VI markets is expected to out pace growth of these geographies compared to Metros and Tier I cities.

Over the coming years, patent laws will provide an impetus to the launch of patent protected products. The market for patented products is likely to be concentrated in therapeutic segments like Neuro-Psychiatry, Oncology, Anti-Infective, Gastro-Intestinal, and Cardiovascular. Such products have the potential to capture 10% of the overall market in the coming years.

India is one of the largest branded generic markets across globe primarily because of high influence of physicians in the country. This picture is distinctly different from other larger generics markets like US with balance of power entirely in favour of the trade.

Outlook for generics in India looks positive due to several factors. The current pipeline of the generics products that are either undergoing new process development or have been recently launched is strong. In addition, domestic players have the opportunity to develop new combinations and formulations of the products that are already in the market. Generics players continue to have a wide range of options for new generics launches from the basket of pre 1995 products. Currently, the prices of 74 drugs are controlled as per the mandate issued by the Drug Price Control Order, 1995 (DPCO). Currently 10% of company's revenues are from products covered by DPCO.

Given the above developments, companies need to focus on brand building and customize marketing approach to suit different customer segments. Medium term growth would be driven by therapy expansion and new product introductions.

INCREASING CONSUMPTION OF MEDICINES IN INDIA:

Indian Pharmaceutical Market (IPM) continued to grow at a scorching pace of around 15% registering a turnover of Rs 596210.000 Millions during the year.

Fast increasing consumption of medicines in the country continued to position IPM not just as another global success story, but also an emerging pharmaceutical force to reckon with, especially in the development and manufacturing of high quality and low cost generic pharmaceuticals together with its world-class Contract Research and Manufacturing Services (CRAMS). Indian pharmaceutical players now cater to about 20% of global requirements of high quality and affordable generic medicines of all types.

Like many other sectors, the pharmaceutical industry of India also witnessed the reform oriented policy paralysis of the government in 2011, barring some superficial, half- hearted and incomplete initiatives, as indicated above.

Key areas of general public health interest, encouraging innovation, fostering R&D and improving access to medicines to alleviate healthcare related problems of the common man and at the same time to propel the industry to the inclusive high growth trajectory, have still remained unanswered.

Faster recovery from reform-oriented policy paralysis of the government and effective translation into reality of the seemingly good intent of the policy makers, is now eagerly awaited in 2012-13

COMPANY PERFORMANCE

Highlights of financial year ended 2011-12

v Total revenues of the Company increased by 17.18%

v Sales of Formulation Division increased by over 34%

v Sales of Bulk Drug Division lowered by 12.75%

v Sales of Consumer Division lowered by 32%

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
A Estimated amount of contract remaining to be executed On capital account and not provided for	29.222	4.251
B Letter of Credit	23.913	1.015
C Bank Guarantee	1.700	1.749
D Claims against company not acknowledge as Debts, Being disputed	10.886	10.886
E Labor Cases	0.070	3.411

FIXED ASSETS:

TANGIBLE ASSETS

v Plant and Machinery

v Air Conditioners

v Office Equipments

v Computers

v Electrical Installation

v Vehicles

v Furniture and Fixture

v Capital Exp on Factory

INTANGIBLE ASSETS

v Computer Software

v Brand

v Technical Know How

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. 58.93
UK Pound	1	Rs. 91.81
Euro	1	Rs. 78.18

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.