MIRA INFORM REPORT

Report Date :

26.10.2013

IDENTIFICATION DETAILS

Name :	INTAS PHARMACEUTICALS LIMITED (w.e.f. 10.03.1995)
Formerly Known As :	INTAS LABORATORIES PRIVATE LIMITED
Registered Office :	2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.05.1985
Com. Reg. No.:	04-007866
Capital Investment / Paid-up Capital :	Rs.1034.767 Millions
CIN No.: [Company Identification No.]	U24231GJ1985PLC007866
TAN No.: [Tax Deduction & Collection Account No.]	AHMI00350A
PAN No.: [Permanent Account No.]	AAACI5120L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Pharmaceutical Products.
No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 52400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a flagship company of the Ahmedabad based Chudgar Group. Over the year, the company diversified into wide therapeutic areas and also ventured into international markets through exports of generic drugs and contract manufacturing. The company is ranked as the 12^th largest pharmaceutical company in the domestic market as per IMS Health India. It is a well established company having fine track record. The company is performing well. Financial position of the company is good. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. 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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the trade deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA (Non Convertible Debenture)
Rating Explanation	High degree of safety and very low credit risk.
Date	07.06.2013

Rating Agency Name	ICRA
Rating	A1+ (Commercial Paper)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	07.06.2013

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. J. G. Vyas
Designation :	Accounts Department
Contact No.:	91-79-26576655

LOCATIONS

Registered Office/ Corporate Office :	2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26576655/26579052/26578269/26623100
Fax No.:	91-79-26588862/26578862
E-Mail :	intas@ad1.vsnl.net.in manoj_nair@intaspharma.com info@intaspharma.com rutul_shukla@intaspharma.com kewal_chokshi@intaspharma.com finance@intaspharma.com jgvyas@intaspharma.com info@intaspharma.com
Website :	http://www.intaspharma.com
Area :	400 Sq. Ft
Location :	Owned
Factory 1 :	Plot No. 457/458 , Sarkhej - Bavla Highway, Village: Matoda, Taluka: Sanand, Ahmedabad - 382210, Gujarat, India
Tel. No.:	91-2717-551111/ 551298
Fax No.:	91-2717-551106
Factory 2 :	7/3, GIDC Estate, Behind Dena Bank, Vatva, Ahmedabad- 382445, Gujarat, India
Tel No :	91-79-25831279
Fax No :	91-79-25830207
Factory 3 :	85/87 Kailash Industrial Estate, Post Jyawa Taluka, Sanand, Ahmedabad, Gujarat, India
Tel. No.:	91-2717-284188
Factory 4 :	Valia, Near Bharuch, Ankaleshwar, Gujarat, India

DIRECTORS

As on 27.08.2012

Name :

Mr. Nimish Hasmukh Bhai Chudgar

Designation :

Managing Director

Address :

3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satellite, Ahmedabad-380015, Gujarat, India.

Date of Birth/Age :

19.08.1960

Qualification :

B Sc

Date of Appointment :

01.04.2011

DIN No.:

00212400

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01/04/2011	31/05/1985	-	Active	NO
2	U51909GJ1955PTC000577	EQUATORIAL PRIVATE LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO
3	U65910GJ1994PTC023392	INTAS ENTERPRISE PRIVATE LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
4	U19129GJ1997NPL032264	ADVANCED TRANSFUSION MEDICINE RESEARCH FOUNDATION	Director	06/05/1997	06/05/1997	-	Active	NO
5	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16/12/1998	16/12/1998	-	Active	NO
6	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	21/08/2012	25/04/2000	-	Amalgamated	NO
7	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	27/11/2000	27/11/2000	-	Amalgamated	NO
8	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	24/02/2001	24/02/2001	-	Active	NO
9	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15/05/2001	15/05/2001	-	Amalgamated	NO
10	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
11	U24231GJ2000PLC037582	INTAS PHARMA LIMITED	Managing director	01/04/2011	02/12/2002	-	Amalgamated	NO
12	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	20/01/2003	20/01/2003	-	Active	NO
13	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	29/09/2006	16/01/2006	-	Amalgamated	NO
14	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
15	U73100GJ2008PLC054736	ONCOLOGY SERVICES INDIA LIMITED	Director	21/08/2012	15/09/2011	-	Active	NO
16	U73100GJ2003PLC042948	CYTAS RESEARCH LIMITED	Director	21/08/2012	15/09/2011	-	Active	NO
17	U52202GJ2012PTC072362	ARRON FRESH PRIVATE LIMITED	Director	18/10/2012	18/10/2012	-	Active	NO
18	U33110GJ2013PTC073537	ALVI-INTAS MEDICAL DEVICES PRIVATE LIMITED	Director	12/02/2013	12/02/2013	-	Active	NO

Name :

Mr. Urmish Hasmukh Chudgar

Designation :

Managing Director

Address :

16, Nishant Bungalows, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

16.02.1959

Qualification :

MD in Oncology and Haemetoly

Date of Appointment :

01.09.2011

DIN No.:

00096080

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01/09/2011	30/09/1996	-	Active	NO
2	U19129GJ1997NPL032264	ADVANCED TRANSFUSION MEDICINE RESEARCH FOUNDATION	Director	06/05/1997	06/05/1997	-	Active	NO
3	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16/12/1998	16/12/1998	-	Active	NO
4	U24231GJ2000PLC037582	INTAS PHARMA LIMITED.	Director	21/03/2000	21/03/2000	-	Amalgamated	NO
5	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	25/04/2000	25/04/2000	-	Amalgamated	NO
6	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	01/11/2007	27/11/2000	-	Amalgamated	NO
7	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15/05/2001	15/05/2001	-	Amalgamated	NO
8	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
9	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	01/02/2003	01/02/2003	-	Active	NO
10	U73100GJ2003PLC042948	CYTAS RESEARCH LIMITED	Director	22/09/2003	22/09/2003	-	Active	NO
11	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Managing director	01/12/2007	23/11/2005	-	Amalgamated	NO
12	U73100GJ2008PLC054736	ONCOLOGY SERVICES INDIA LIMITED	Director	11/08/2008	11/08/2008	-	Active	NO
13	U85195GJ2009PLC057059	UNIPATH SPECIALTY LABORATORY LIMITED	Director	26/05/2009	26/05/2009	-	Active	NO
14	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO

Name :

Mr. Binish Hasmukh Chudgar

Designation :

Managing Director

Address :

12, Aristo Villa Opposite Gold Coin Complex, Satellite, Jodhpur Char Rasta, Ahmedabad-380015, Gujarat, India.

Date of Birth/Age :

01.12.1963

Qualification :

B Com MBA

Date of Appointment :

01.04.2011

DIN No.:

00119503

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01/04/2011	31/05/1985	-	Active	NO
2	U51909GJ1955PTC000577	EQUATORIAL PRIVATE LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO
3	U65910GJ1994PTC023392	INTAS ENTERPRISE PRIVATE LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
4	U24236GJ1998PLC034883	LAMBDA THERAPEUTIC RESEARCH LIMITED	Director	27/10/1998	27/10/1998	-	Active	NO
5	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16/12/1998	16/12/1998	-	Active	NO
6	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	25/04/2000	25/04/2000	27/12/2008	Amalgamated	NO
7	U51100GJ1994PTC023865	EPSILON MARKETING AND CONSULTANCY PRIVATE LIMITED	Director	16/10/2000	16/10/2000	-	Active	NO
8	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	27/11/2000	27/11/2000	-	Amalgamated	NO
9	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15/05/2001	15/05/2001	-	Amalgamated	NO
10	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
11	U24231GJ2000PLC037582	INTAS PHARMA LIMITED.	Director	02/12/2002	02/12/2002	-	Amalgamated	NO
12	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	20/01/2003	20/01/2003	-	Active	NO
13	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	15/10/2004	15/10/2004	-	Active	NO
14	U24233GJ2007PLC050155	JINA PHARMACEUTICALS LIMITED	Director	06/03/2007	06/03/2007	-	Active	NO
15	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Managing director	06/09/2012	07/07/2010	-	Active	NO
16	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	30/09/2010	08/07/2010	-	Amalgamated	NO
17	U33110GJ2013PTC073537	ALVI-INTAS MEDICAL DEVICES PRIVATE LIMITED	Director	12/02/2013	12/02/2013	-	Active	NO

Name :

Mr. Hasmukh Chudgar

Designation :

Managing Director

Address :

3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satellite, Ahmedabad-380015, Gujarat, India.

Date of Birth/Age :

16.05.1933

Qualification :

B Pharm

Date of Appointment :

01.07.2009

DIN No.:

00172265

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	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01/07/2009	31/05/1985	-	Active	NO
2	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	24/02/2001	24/02/2001	-	Active	NO
3	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	01/06/2002	01/06/2002	-	Amalgamated	NO
4	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	31/08/2003	31/08/2003	27/12/2008	Amalgamated	NO
5	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	29/09/2006	16/01/2006	-	Amalgamated	NO
6	U24231GJ2000PLC037582	INTAS PHARMA LIMITED	Director	29/09/2007	03/09/2007	-	Amalgamated	NO
7	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
8	U65910GJ1994PTC023392	INTAS ENTERPRISE PRIVATE LIMITED	Additional director	01/10/2013	01/10/2013	-	Active	NO
9	U51909GJ1955PTC000577	EQUATORIAL PRIVATE LIMITED	Additional director	01/10/2013	01/10/2013	-	Active	NO

Name :

Mr. Nitin Ram Potdar

Designation :

Additional director

Address :

202, Phoenix House. Sayani Road. Opposite Ravindra Natya Mandir, Prabhadevi, Mumbai -400 025. Maharashtra, India

Date of Birth/Age :

21.02.1963

Date of Appointment :

12.08.2011

DIN No.:

00452644

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	U24231PN1995PTC014017	FRESENIUS KABI INDIA PRIVATE LIMITED	Alternate director	09/05/2001	09/05/2001	10/03/2011	Active	NO
2	U93090MH2006PTC165647	Promosalons India Private Limited	Director	20/11/2006	20/11/2006	05/12/2008	Active	NO
3	U93090PN2007PTC131552	FORI AUTOMATION INDIA PRIVATE LIMITED	Director	05/01/2007	05/01/2007	14/01/2013	Active	NO
4	U17291MH2007PTC171241	SPERIAN PROTECTION INDIA PRIVATE LIMITED	Director	31/05/2007	31/05/2007	24/01/2008	Active	YES
5	U74140MH2006PTC163489	INFINITE INDIA INVESTMENT MANAGEMENT PRIVATE LIMITED	Alternate director	06/12/2008	19/10/2007	14/01/2009	Active	NO
6	U92412MH2008FTC179409	Sportal India Private Limited	Director	25/02/2008	25/02/2008	02/05/2008	Active	NO
7	L65990MH1982PLC027751	Geodesic Limited	Director	14/08/2008	24/04/2008	04/12/2012	Active	NO
8	L24231DL2003PLC119441	Fresenius Kabi Oncology Limited	Director	29/07/2009	11/08/2008	28/05/2013	Active	NO
9	U74140MH2008FTC187025	Hannover Re Consulting Services India Private Limited	Director	24/09/2008	24/09/2008	24/09/2011	Active	NO
10	U93090MH2008PLC188187	Motilal Oswal Trustee Company Limited	Director	30/07/2009	08/04/2009	-	Active	NO
11	L36911MH1986PLC040689	GITANJALI GEMS LTD	Director	25/09/2010	30/01/2010	-	Active	NO
12	U74120MH2011FTC212292	RIDER LEVETT BUCKNALL INDIA PRIVATE LIMITED	Director	13/01/2011	13/01/2011	02/08/2011	Active	NO
13	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Director	12/08/2011	09/02/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. J. G. Vyas
Designation :	Accounts Department
Name :	Mr. Manoj Narayanan Nair
Designation :	Company Secretary
Address :	Plot No. 648/1, Sector-4 C, Gandhinagar – 382006, Gujarat, India
Date of Birth/Age :	20.10.1979
Date of Appointment :	08.07.2007
PAN No.:	AEBPN7909Q

MAJOR SHAREHOLDERS

As on 27.08.2012

Names of Shareholders	No. of Shares
Nimish H Chudgar	6261080
Binish H Chudgar	6037480
Umish H Chudgar	100200
Kusumben H Chudgar	2008050
Bindiben B Chudgar	6813816
Parulben U Chudgar	6889116
Binaben N Chudgar	5390216
Hasmukh K Chudgar	3493660
Equatorial Private Limited, India	46200000
Mozart Limited, Mauritius	11621100
Intas Enterprise Private Limited, India	4000000
Chudgar U. Shall	4661980
Total	103476698

Equity Share Break up (Percentage of Total Equity)

As on 27.08.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	16.78
Bodies corporate	45.48
Directors or relatives of Directors	37.74
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of Pharmaceutical Products.

Products :

Product Description	ITC Code
Simvastatin	30049079
Docetaxel	30049044
Finasteride	30049049

Exports :

Products :

• Finished Goods

Countries :

• USA
• Spain
• UK
• Italy
• Brazil
• Germany

Imports :

Products :

• Raw Materials

Countries :

• USA
• UK
• Spain
• China
• Germany

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

No. of Employees :

5000 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Paramsiddhi Complex, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Tel. No.: 91-79-26403444

• Corporation Bank, Navrangpura Branch, Ahmedabad, Gujarat, India

Tel. No.: 91-824-2426416

• UCO Bank, Bhadra Branch, Ahmedabad, Gujarat, India
• Exim Bank of India, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• IDBI Bank, Ahmedabad, Gujarat, India
• Export – Import Bank of India, Centre One, World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India
• Indusind Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India
• Indusind Bank Limited, Ahmedabad Branch, World Business House, Near Parimal Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India
• Industrial Development Bank of India, Neptune Towers, Ashram Road, Ahmedabad, Gujarat, India
• HSBC Bank Limited
• Axis Bank Limited
• Standerd Chartered Bank
• Kotak Mahindra Bank
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
• Yes Bank
• Deutsche Bank
• Citi Bank

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Non-convertible debentures banks	700.000	1050.000
Rupee term loans from banks	825.000	1650.000
Foreign currency term loans from banks	261.197	422.439
Short Term Borrowings
Rupee term loans from banks	2468.128	1420.152
Working capital loans from banks	386.690	670.049
Total	4641.015	5212.640

Name :	Apaji Amin and Company Chartered Accountants
Address :	304, Akansha Building, Opposite Vadilal House, Navrangpura, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-2303603
PAN No.:	AAFFA6140C
Subsidiaries :	Astron Research Limited CIN No.: U24231GJ2001PLC039545 Indus Biothrapeutics Limited CIN No.: U24230GJ2005PLC047111 Intas Medi Devices Limited CIN No.: U33110GJ2010PLC061475 Intas Pharma Limited CIN No.: U24231GJ2000PLC037582 Andre Laboratories Limited CIN No: U24231GJ1973PLC040442 Accord Farma Sade CV Mexico Accord Farmaceutica Ltda., Brazil Accord Health Care Inc., North Carolina, USA Accord Healthcare Pty. Limited, South Africa Accord Healthcare INC. Canada Accord Healthcare Limited, UK Accord Healthcare NZ Limited, New Zealand Accord Healthcare SAC Peru Farmabiot SA DE CV, Mexico Intas Pharmaceuticals (Partnership Firm) Accord Healthcare Limited, India Accord Healthcare Inc. (US, New Jersey) Celestial Biologicals Limited Astron Research Limited, UK
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Astron Packaging Limited CIN No.: U21029GJ2001PLC039733 Cytas Research Limited CIN No.: U73100GJ2003PLC042948 Equatorial Private Limited CIN No.: U51909GJ1955PTC000577 Intas Enterprise Private Limited CIN No.: U65910GJ1994PTC023392 Lambda Therapeutic Research Inc., Canada Lambda Therapeutic Research Limited CIN No.: U24236GJ1998PLC034883 One Advertising and Communication Services limited CIN No.: U74300GJ2001PLC046472 Unipath Specialty Laboratory Private Limited CIN No.: U85195GJ2009PLC057059

CAPITAL STRUCTURE

After 27.08.2012

Authorised Capital : Rs. 1679.167 Millions

Issued, Subscribed & Paid-up Capital : Rs. 1144.363 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.1255.000 Millions

Issued, Subscribed Capital:

No. of Shares	Type	Value	Amount
103476698	Equity Shares	Rs.10/- each	Rs.1034.767 Millions
400000	Preference Shares	Rs.10/- each	Rs.4.000 Millions
	Total		Rs.1038.767 Millions

Paid-up Capital

No. of Shares	Type	Value	Amount
103476698	Equity Shares	Rs.10/- each	Rs.1034.767 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	1034.767	1038.767
(b) Reserves & Surplus	12077.178	8284.738
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13111.945	9323.505
(3) Non-Current Liabilities
(a) long-term borrowings	3075.547	3984.439
(b) Deferred tax liabilities (Net)	228.847	223.730
(c) Other long term liabilities	170.179	168.329
(d) long-term provisions	293.111	276.447
Total Non-current Liabilities (3)	3767.684	4652.945
(4) Current Liabilities
(a) Short term borrowings	5504.697	3943.203
(b) Trade payables	4512.419	3379.867
(c) Other current liabilities	1942.306	1101.378
(d) Short-term provisions	240.526	240.526
Total Current Liabilities (4)	12199.948	8664.974
TOTAL	29079.577	22641.424
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2680.851	2080.799
(ii) Intangible Assets	154.546	185.229
(iii) Capital work-in-progress	420.812	397.671
(iv) Intangible assets under development	525.029	467.632
(b) Non-current Investments	8682.568	6505.105
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3256.436	4150.408
(e) Other Non-current assets	51.337	27.013
Total Non-Current Assets	15771.579	13813.857
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4646.117	3505.340
(c) Trade receivables	6934.153	3924.506
(d) Cash and cash equivalents	189.309	175.127
(e) Short-term loans and advances	1538.419	1222.594
(f) Other current assets	0.000	0.000
Total Current Assets	13307.998	8827.567
TOTAL	29079.577	22641.424

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		518.683
2] Share Application Money		0.000
3] Reserves & Surplus		5831.406
4] (Accumulated Losses)		0.000
NETWORTH		6350.089
LOAN FUNDS
1] Secured Loans		3564.092
2] Unsecured Loans		465.926
TOTAL BORROWING		4030.018
DEFERRED TAX LIABILITIES		241.069
TOTAL		10621.176
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2194.257
Capital work-in-progress		414.241
INVESTMENT		2769.248
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2475.655
	Sundry Debtors	2992.566
	Cash & Bank Balances	190.859
	Other Current Assets	413.027
	Loans & Advances	2777.540
Total Current Assets		8849.647
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2149.094
	Other Current Liabilities	1043.272
	Provisions	413.851
Total Current Liabilities		3606.217
Net Current Assets		5243.430
MISCELLANEOUS EXPENSES		0.000
TOTAL		10621.176

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	26044.833	19243.285	16092.523
		Other Income	469.447	408.292	321.161
		TOTAL (A)	26514.280	19651.577	16413.684
Less	EXPENSES
		Cost of materials consumed	5856.996	4210.364
		Purchases of stock-in-trade	7500.920	5830.118
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(905.566)	(720.133)
		Employee benefit expense	1895.883	1457.596
		Other expenses	6109.715	5106.990
		TOTAL (B)	20457.948	15884.935	13546.740
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6056.332	3766.642	2866.944
Less	FINANCIAL EXPENSES (D)		774.974	419.577	312.347
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5281.358	3347.065	2554.597
Less/ Add	DEPRECIATION/ AMORTISATION (F)		302.275	269.346	244.542
	PROFIT BEFORE TAX (E-F) (G)		4979.083	3077.719	2310.055
Less	TAX (H)		550.117	262.480	234.011
	PROFIT AFTER TAX (G-H) (I)		4428.966	2815.239	2076.044
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2791.594	1966.876	1310.000
	APPROPRIATIONS
		Proposed Equity Dividend	206.953	206.953	103.477
		Divided on Preference Shares	0.000	0.000	0.162
		Corporate Dividend Tax	33.573	33.573	17.213
		General Reserve	1000.000	1000.000	100.000
		Transfer to Capital Redemption Reserve	0.000	400.000	1.300
		Transfer to Debenture Redemption Reserve	350.000	350.000	350.000
	BALANCE CARRIED TO THE B/S		6870.558	2791.594	1966.874
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9808.451	5536.198	4976.166
	TOTAL EARNINGS		9808.451	5536.198	4976.166
	Earnings Per Share (Rs.)		42.80	27.20	40.13

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.70	14.33	12.65
Net Profit Margin (PBT/Sales)	(%)	19.12	15.99	14.35
Return on Total Assets (PBT/Total Assets}	(%)	29.97	23.67	20.91
Return on Investment (ROI) (PBT/Networth)		0.38	0.33	0.36
Debt Equity Ratio (Total Debt /Networth)		0.65	0.85	0.63
Current Ratio (Current Asset/Current Liability)		1.09	1.02	2.45

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	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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CASE DETAILS:

HIGH COURT OF GUJARAT

FIRST APPEAL No. 1995 of2012

Status: PENDING ( Converted from : FAST/561/2012 ) CCIN No: 001057201300158

Last Listing Date : 04/07/2012

Coram HONOURABLE MR.JUSTICE ANANT S. DAVE

S.NO.	Name of the Petitioner	Advocate On Record
1	PRASHANT KESHAVLAL MAKWANA	MR SANDIP C SHAH for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1	JETHABHAI KAMABHAI JADAV	MR YOGEN N PANDYA for :Defendant(s) 2
2	INTAS PHARMACEUTICALS LIMITED	MR MEHUL SHARAD SHAH for :Defendant(s) 3
3	NATIONAL INSURANCE COMPANY LIMITED
4	THROUGH MANAGER

Presented On : 22/02/2012 Registered On : 02/07/2012

Bench Category : SINGLE BENCH District :AHMEDABAD

Case Originated From : THROUGH ADVOCATE Listed : 2 times

Stage Name : FOR FINAL HEARING

Classification : SJ - FIRST APPEAL - MOTOR VEHICLE ACT, 1988 - COMPENSATION - UNDER SECTION - 166 – INJURY

Act : MOTOR VEHICLES ACT-1988

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	22/02/2012	VAKALATNAMA	MR SANDIP C SHAH ADVOCATE for PETITIONER(s) 1	5	MR SANDIP C SHAH:1
2	22/02/2012	CERTIFIED COPY	MR SANDIP C SHAH ADVOCATE for PETITIONER(s) 1	15	MR SANDIP C SHAH:1
3	13/03/2012	MEMO OF APPEAL/PETITION/SUIT	MR SANDIP C SHAH ADVOCATE for PETITIONER(s) 1	8950	MR SANDIP C SHAH:1
4	11/06/2012	VAKALATNAMA	MR MEHUL SHARAD SHAH ADVOCATE for RESPONDENT(s) 3	5	MR MEHUL SHARAD SHAH:3
5	25/06/2012	VAKALATNAMA	MR YOGEN N PANDYA ADVOCATE for RESPONDENT(s) 2	5	MR YOGEN N PANDYA:2
6	15/08/2012	VAKALATNAMA	MR MEHUL SHARAD SHAH ADVOCATE for RESPONDENT(s) 3	4	MR MEHUL SHARAD SHAH:3
7	15/08/2012	VAKALATNAMA	MR SANDIP C SHAH ADVOCATE for PETITIONER(s) 1	-	MR SANDIP C SHAH:1
8	15/08/2012	VAKALATNAMA	MR YOGEN N PANDYA ADVOCATE for RESPONDENT(s) 2	-	MR YOGEN N PANDYA:2

LINKED MATTERS

S. No.	Case Detail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION/3183/2012	DISPOSED	25/06/2012	RULE ABSOLUTE/ALLOWED @ F.H HONOURABLE MR.JUSTICE ANANT S. DAVE

COURT PROCEEDINGS

S. No.	Notified Date	Court Code	Board Sr. No.	Stage	Action	Coram
1	04/07/2012	11	-	FOR FINAL HEARING	RULE/ADMIT	HONOURABLE MR.JUSTICE ANANT S. DAVE

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgment/Order
1	FIRST APPEAL/1995/2012	HONOURABLE MR.JUSTICE ANANT S. DAVE	04/07/2012	N	ORDER

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Intercorporate borrowings	1259.350	862.000
Other loans and advances, others	30.000	0.000
Short Term Borrowings
Rupee term loans from others	2361.069	1798.273
Working capital loans from banks	288.810	54.729
Total	3939.229	2715.002

INDEX OF CHARGE:

Sr .N	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10443209	14/06/2013	900,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	B80823800
2	10373035	30/08/2012	181,120,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8TH FLOOR,BLOCK NO.2, CGO COMPLEX,LODHI ROAD, NEW DELHI, Delhi - 110003, INDIA	B56568801
3	10349325	27/03/2012	250,000,000.00	INDUSIND BANK LIMITED	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	B37464724
4	10256338	18/07/2012 *	1,100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B57691313
5	10237974	31/03/2011 *	500,000,000.00	Citi Bank N.A.	301, 3rd Floor, Rembrant Building, Opp. Associate Petrol Pump, C. G. Road,, AHMEDABAD, Gujarat - 380006, INDIA	B12685574
6	10242942	31/03/2011 *	500,000,000.00	CITI BANK N. A.	301, 3rd Floor, Rembrant Building, Opp. Associate Petrol Pump, C. G. Road,, AHMEDABAD, Gujarat - 380006, INDIA	B12696878
7	10236319	31/03/2011 *	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, Maharashtra - 400013, INDIA	B13009915
8	10216795	25/03/2010	1,050,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	A84363340
9	10187006	16/06/2010 *	1,050,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	A88556238
10	10175453	31/03/2011 *	500,000,000.00	Citi Bank N.A.	301, 3rd Floor, Rembrant Building, Opp. Associate Petrol Pump, C. G. Road,, AHMEDABAD, Gujarat - 380006, INDIA	B12775250
11	10175025	21/01/2010 *	400,000,000.00	IDBI Bank Limited	IDBI COMPLEX, NEAR LAL BUNGLOW, OFF C G ROAD, AHMEDABAD, Gujarat - 380006, INDIA	A77607406
12	10169240	21/01/2010 *	200,000,000.00	IDBI Bank Limited	IDBI COMPLEX, NEAR LAL BUNGLOW OFF C G ROAD, AHMEDABAD, Gujarat - 380006, INDIA	A77607224
13	10166819	24/06/2009	70,000,000.00	THE INDUSIND BANK LIMITED.	World Business House, Nr. Parimal Garden, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	A65468308
14	10144237	31/03/2011 *	300,000,000.00	INDUSIND BANK LTD.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	B12599619
15	10139104	11/03/2013 *	2,738,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRID GE, AHMEDABAD, Gujarat - 380006, INDIA	B72387103
16	10122937	19/03/2013 *	265,300,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B72809676
17	10018048	11/07/2012 *	320,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, IN DIA	B44571925
18	90103163	31/03/2011 *	3,250,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B12529269
19	90107682	01/05/1998	45,000,000.00	DENA BANK	ASHRAM ROAD BRANCH, ASHRAM ROAD, AHMEDABAD, Gujarat - 393009, INDIA	-

* Date of modification charge

PERFORMANCE REVIEW

During the year, the company has achieved sales of Rs. 23903.900 Millions as compared to Rs. 17660.400 Millions in the previous year representing a growth of 35%.

The EBIDTA was Rs. 6056.300 Millions increased from 3766.600 Millions in the previous year representing a growth of 61 %. The PBT was Rs. 4979.100 Millions increased from Rs.3077.700 Millions in the previous year representing a growth of 62 %. The Net profit was Rs. 4429.000 Millions increased from Rs. 2815.200 Millions in the previous year representing a growth of 57 %. The Earning Per Share was Rs. 42.80 as compared to Rs. 27.21.

FIXED ASSETS:

· Land

· Building

· Plant and machinery

· Furniture and Fixture

· Office equipment

· Vehicle

· Computers

· Technical Knowhow

· GCSF, EPO-License and Commercial Rights

PRESS RELEASE

INTAS LAUNCHES 'MABTAS'- ITS BIOSIMILAR VERSION OF RITUXIMAB

Cancer care is costly. It drains families emotionally and financially. With a view to make Non-Hodgkin's Lymphoma (NHL) treatment cost-effective, Intas Pharmaceuticals Limited has launched "Mabtas" in India.

Ahmedabad, India, May 06, 2013

Cancer care is costly. It drains families emotionally and financially. With a view to make Non-Hodgkin's Lymphoma (NHL) treatment cost-effective, Intas Pharmaceuticals Limited has launched "Mabtas" in India. Mabtas is a biosimilar version of Rituximab competent in treating diseases characterized by excessive numbers of B cells, overactive B cells, or dysfunctional B cells like Chronic Lymphocytic Leukemia (CLL) and Rheumatoid Arthritis apart from NHL.

Mabtas is manufactured in the state of the art, Asia's only EU GMP facility of Intas Biopharmaceuticals, Ahmedabad. With the launch of this product, Intas now is the only company to have indigenously developed 6 biosimilars in the domestic market. Intas Biopharmaceuticals is India's first and only biopharmaceutical companies to receive European Union - Good Manufacturing Practice (EU-GMP) certification for its microbial manufacturing facility and only company having product under-registration with EMA. Intas Biopharmaceuticals is already a leading manufacturer of Erythropoietin, G-CSF and peg G-CSF for India and have introduced world's first biosimilar peg G-CSF. Mabtas marks the first monoclonal antibody (mAb) launch from Intas. With this product Intas joins the ranks of select few Indian companies to launch a mAb product in the domestic market.

INTAS PHARMA FILES PAPERS FOR PUBLIC ISSUE

Ahmedabad, June 14:  

Intas Pharmaceuticals Limited on Friday said it has filed a draft red-herring prospectus with the Securities and Exchange Board of India and the stock exchanges for an initial public offering (IPO).

The Ahmedabad-based pharmaceutical major is a vertically-integrated company with global operations, engaged in the development, manufacture and marketing of pharmaceutical formulation.

The IPO will be made through a public issue of equity shares of face value of Rs 10 each, including a share premium, which will be determined on a later date, aggregating to Rs 2250.000 Millions, and an offer for sale of 11621100 equity shares by Mozart Limited, the company said in a statement here.

The promoters of the company are the Chudgar family, Intas Enterprise Private Limited, Equatorial Private Limited and Cytas Research Limited.

Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited are the Book Running Lead Managers to the issue and Link Intime India Private Limited is the Registrar to the issue.

The company’s market share in India is 2.52 per cent, based on domestic sales of formulations. Its products are marketed in over 60 countries.

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. 61.41
UK Pound	1	Rs. 99.53
Euro	1	Rs. 84.82

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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.