MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	CELON LABORATORIES LIMITED (w.e.f. 05.06.2007)
Formerly Known As :	CELON LABORATORIES PRIVATE LIMITED (w.e.f. 29.05.2007) GALEN LABS PRIVATE LIMITED (w.e.f. 09.10.2002) MEDVIN LABS PRIVATE LIMITED
Registered Office :	Plot No. 2, Aleap Industrial Estate, Gajularamaram, Hyderabad – 500072, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.01.2001
Com. Reg. No.:	01-036097
Capital Investment / Paid-up Capital :	Rs. 884.183 Millions
CIN No.: [Company Identification No.]	U24232AP2001PLC036097
TAN No.: [Tax Deduction & Collection Account No.]	HYDG01843C
PAN No.: [Permanent Account No.]	AACCG1654P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Medicines, Drugs Capsules, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 4300000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profit margin of the company appears to be good. External borrowing seems to be increasing over previous years. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered, normal for business dealing at usual trade terms and condition.

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	CRISIL
Rating	Long Term = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	11.09.2012

Rating Agency Name	CRISIL
Rating	Short Term = A3
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	11.09.2012

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 /Factory :	Plot No. 2, Aleap Industrial Estate, Gajularamaram, Hyderabad – 500072, Andhra Pradesh, India
Tel. No.:	91-40-23893683 / 23386041
Fax No.:	91-40-23893693
E-Mail :	pameela@celonlabs.com celonlabs@celonlabs.com pendyala_co@rediffmail.com celonlife@gmail.com galenlabs@yahoo.co.in kvravindra@yahoo.co.in prathap@celonlabs.com vasanhealthcare@gmail.com
Website :	http://www.celonlabs.com
Corporate Office :	Plot No. 264, Patrika Nagar, Madhapur, Hyderabad-500 081, Andhra Pradesh, India
Tel. No.:	91-4040303838
Fax No.:	91-40-40303939

DIRECTORS

As on 29.11.2012

Name :

Mr. Venkata Ravindra Koganti

Designation :

Managing Director

Address :

Plot No. 57, Flat No. 102, Shalivahana Nagar, Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

20.08.1968

Date of Appointment :

29.03.2007

DIN No.:

00016266

PAN No.:

ABCPK7908G

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230AP2005PTC045812	CREDENCE ORGANICS PRIVATE LIMITED	Director	04-05-06	04-05-06	26-08-09	Active	NO
2	U24239AP2006PLC049375	CELON LIFE SCIENCES LIMITED	Director	29-03-07	29-03-07	-	Active	NO
3	U24232AP2001PLC036097	CELON LABORATORIES LIMITED	Managing director	03-08-11	29-03-07	-	Active	NO
4	U24299AP2003PLC042283	DNA BIOTEC LIMITED	Additional director	01-10-07	01-10-07	01-10-09	Active	NO
5	U24239AP2005PTC046286	CELON ORGANICS PRIVATE LIMITED	Director	26-02-08	26-02-08	31-07-11	Active	NO
6	U51909AP2008PLC061515	IN-TECH INDUSTRIES LIMITED	Director	31-08-11	22-10-08	-	Active	NO
7	U72200AP2009PTC062849	EXCELON SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	23-02-09	23-02-09	30-03-10	Active	NO
8	U74999AP2008PTC058673	KONDAPALLY ENVIROTECH PRIVATE LIMITED	Director	30-03-09	30-03-09	-	Active	NO
9	U24232AP2009PTC063678	MEDIGENE PHARMA PRIVATE LIMITED	Director	15-05-09	15-05-09	31-03-10	Active	NO
10	U24232AP2009PTC063823	MEDIARK PHARMA PRIVATE LIMITED	Director	29-05-09	29-05-09	31-03-10	Active	NO
11	U24231AP2009PTC065376	CLONZ BIOTECH PRIVATE LIMITED	Additional director	22-06-10	22-06-10	09-07-10	Active	NO
12	U24239AP2002PLC038581	SWYZER LABORATORIES LIMITED	Director	19-09-11	06-08-11	-	Active	NO

Name :

Mr. Nagesh Kumar Middey

Designation :

Whole-time director

Address :

Plot No.69, H.N. 1-1 to 2-125, Nizampet, Near Nizampet Village Bus Stop, Quthbullapur Mandal, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

06.02.1969

Date of Appointment :

14.08.2012

DIN No.:

03625581

Name :

Mr. Vimal Kumar Kavuru

Designation :

Director

Address :

263-16, 74^th Avenue C3 Glen Oaks, Newyork – 11004, USA

Date of Birth/Age :

08.10.1968

Date of Appointment :

01.12.2007

DIN No.:

00502935

PAN No.:

AWNPK9969M

Other Directorship

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24299AP2003PLC042283	DNA BIOTEC LIMITED	Additional director	01-10-07	01-10-07	01-10-09	Active	NO
2	U24239AP2006PLC049375	CELON LIFE SCIENCES LIMITED	Director	12-11-07	12-11-07	-	Active	NO
3	U24232AP2001PLC036097	CELON LABORATORIES LIMITED	Additional director	03-08-11	01-12-07	-	Active	NO
4	U45209AP2008PTC057214	Z AXIS INFRASTRUCTURE (INDIA) PRIVATE LIMITED	Director	18-01-08	18-01-08	-	Active	NO
5	U45209AP2008PTC057213	SYCAMORE INFRASTRUCTURE PRIVATE LIMITED	Director	18-01-08	18-01-08	-	Active	NO
6	U24239AP2005PTC046286	CELON ORGANICS PRIVATE LIMITED	Director	10-05-08	10-05-08	31-07-11	Active	NO
7	U24297AP2010PTC067165	GENSOURCE PHARMA SOLUTIONS PRIVATE LIMITED	Director	23-02-10	23-02-10	-	Active	NO

Name :

Mr. Bhardwaj Thiruvenkata Venkatavaraghavan

Designation :

Additional Director

Address :

702, 7^th Orchid Tower – A, 241 / 242, Bellasis Road, Mumbai Central – 400008, Maharashtra, India

Date of Birth/Age :

26.06.1978

Date of Appointment :

15.02.2011

DIN No.:

02918495

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U85110TN2007PTC064072	VASAN HEALTH CARE PRIVATE LIMITED	Nominee director	18-12-09	18-12-09	-	Active	NO
2	U74899DL1995PTC065388	DR. LAL PATHLABS PRIVATE LIMITED	Alternate director	02-08-10	02-08-10	25-04-11	Active	NO
3	U65999KA2000PTC033945	SEQUOIA CAPITAL INDIA ADVISORS PRIVATE LIMITED	Managing director	04-02-11	04-02-11	-	Active	NO
4	U24232AP2001PLC036097	CELON LABORATORIES LIMITED	Director	16-07-11	15-02-11	-	Active	NO
5	U15311MP2009PTC021746	PRATAAP SNACKS PRIVATE LIMITED	Additional director	12-05-11	12-05-11	-	Active	NO
6	U24239AP2002PLC038581	SWYZER LABORATORIES LIMITED	Director	19-09-11	06-08-11	-	Active	NO
7	L17110MH1987PLC044835	LOVABLE LINGERIE LIMITED	Nominee director	22-09-11	22-09-11	-	Active	NO

Name :

Mr. Vijay Kumar Vasireddy

Designation :

Director

Address :

83 West hill Road, Wood Cliff Lake, New Jersey - 076778339, USA

Date of Birth/Age :

09.09.1967

Date of Appointment :

29.09.2010

DIN No.:

03262782

PAN No.:

AGJPV0944M

KEY EXECUTIVES

Name :	Mr. Pameela Paruchuri
Designation :	Company Secretary
Address :	Plot No.206, S. P. Homes, Plot No.826 to 828, K P H B Phase II, Hyderabad – 500072, Andhra Pradesh, India
Date of Birth/Age :	13.10.1978
Date of Appointment :	23.06.2011
Pan No.:	AMFPP4589E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.11.2012

Names of Shareholders (Equity Shares)	No. of Shares
Koganti Venkata Ravindra	4194333
Kognati Geetha Sree	1525000
Sequoia Capital India Investment III, Mauritius	3660000
Vimal Kumar Kavuru	2928000
Sudha Kavuru	1525000
Vasireddy Vijaykumar	1952000
Vasireddy Hema Latha	1525000
Mohan Talamati	500000
Vakati Narayan Reddy	400000
Ganji Praveen Kumar Gupta	95000
Bhardwaj Thiruvenkata Venkatavaraghavan	109662
Bhaskar Reddy Gandavarapu	5000
Sequoia Capital India Investment Holdings III, Mauritius	100
Total	18419095

Names of Shareholders (Preference Shares)	No. of Shares
Sequoia Capital India Investment Holdings III, Mauritius	69999250
Total	69999250

As on 17.09.2013

Names of Allottee (Equity Shares)	No. of Shares Allotted
Sequoia Capital India Investment Holdings III, Mauritius	12550000
Total	12550000

As on 29.11.2012

Equity Share Break up (Percentage of Total Equity)

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	20.47
Directors or relatives of Directors	74.10
Other	5.43
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Seller of Medicines, Drugs Capsules, etc.
Products :	· Amifostine · Anastrozole · Bicalutamide · Capecitabine · Chlorambucil · Docetaxel · Gemcitabine HCl · Gefitinib · Imatinib Mesylate · Melphalan · Temozolomide · Ibandronic Acid · Zoledronic Acid

PRODUCTION STATUS (As ON: 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Capsules	Millions	21.60	21.60	21.60
Tablets	Millions	72.00	72.00	72.00
Injections	Millions	3.60	3.16	3.16

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

· State Bank of Hyderabad, SSI Branch, Balanagar, Hyderabad – 500038, Andhra Pradesh, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India

· Andhra Bank, Chikadpally, Hyderabad, Andhra Pradesh, India

· State Bank of India, SME Branch, 2nd Floor, Chirag Ali Lane, Abids, Hyderabad - 500001, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from banks	99.143	0.000
Other loans and advances	4.104	2.996
Short-term borrowings
Loans repayable on demand	253.905	178.705
Total	357.152	181.701

Banking Relations :	---
Financial Institutions :	A. P. State Financial Corporation, Chirag Ali Lane, Hyderabad, Andhra Pradesh, India
Auditors :
Name :	B S R R and Company Chartered Accountants
Address :	8-2-618/2, Reliance Humsafar, 4th Floor, Road No. 11, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
PAN No.:	AAKFB1884H
Subsidiary company :	Celon Global Holdings Pte Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relative	· In-Tech Industries Limited · K G S Constructions(till 25 august 2011) · Celon Life Sciences Limited · Celon Organics Private Limited

CAPITAL STRUCTURE

After 29.11.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs. 10/- each	Rs.500.000 Millions
70000000	Preference Shares	Rs. 10/- each	Rs.700.000 Millions
	Total		Rs.1200.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30969095	Equity Shares	Rs. 10/- each	Rs.309.691 Millions
69999250	Preference Shares	Rs. 10/- each	Rs.699.992 Millions
	Total		Rs.1009.683 millions

As on 29.11.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
24000000	Equity Shares	Rs. 10/- each	Rs.240.000 Millions
70000000	Preference Shares	Rs. 10/- each	Rs.700.000 Millions
	Total		Rs.940.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18419095	Equity Shares	Rs. 10/- each	Rs.184.191 Millions
69999250	Preference Shares	Rs. 10/- each	Rs.699.992 Millions
	Total		Rs.884.183 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	884.183	683.087
(b) Reserves & Surplus	215.225	106.439
(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)	1099.408	789.526
(3) Non-Current Liabilities
(a) long-term borrowings	123.745	17.450
(b) Deferred tax liabilities (Net)	40.045	30.250
(c) Other long term liabilities	2.500	4.500
(d) long-term provisions	7.153	1.849
Total Non-current Liabilities (3)	173.443	54.049
(4) Current Liabilities
(a) Short term borrowings	256.154	185.100
(b) Trade payables	138.507	123.419
(c) Other current liabilities	152.668	77.665
(d) Short-term provisions	20.564	5.939
Total Current Liabilities (4)	567.893	392.123
TOTAL	1840.744	1235.698
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	516.247	209.254
(ii) Intangible Assets	8.066	0.000
(iii) Capital work-in-progress	220.644	22.155
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	13.204	9.223
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	81.376	21.285
(e) Other Non-current assets	0.000	46.683
Total Non-Current Assets	839.537	308.600
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	228.030	260.347
(c) Trade receivables	689.235	310.315
(d) Cash and cash equivalents	13.506	206.390
(e) Short-term loans and advances	70.436	150.046
(f) Other current assets	0.000	0.000
Total Current Assets	1001.207	927.098
TOTAL	1840.744	1235.698

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		65.000
2] Share Application Money		0.000
3] Reserves & Surplus		101.516
4] (Accumulated Losses)		0.000
NETWORTH		166.516
LOAN FUNDS
1] Secured Loans		149.837
2] Unsecured Loans		22.523
TOTAL BORROWING		172.360
DEFERRED TAX LIABILITIES		23.418
CREDITOR FOR CAPITAL GOODS		24.286
TOTAL		386.580
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		140.660
Capital work-in-progress		0.000
INVESTMENT		1.280
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	144.499
	Sundry Debtors	165.380
	Cash & Bank Balances	7.630
	Other Current Assets	0.000
	Loans & Advances	12.643
Total Current Assets		330.152
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	90.552
	Other Current Liabilities	3.405
	Provisions	28.858
Total Current Liabilities		122.815
Net Current Assets		207.337
MISCELLANEOUS EXPENSES		37.303
TOTAL		386.580

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1497.713	1020.435	519.261
		Other Income	7.098	12.224	23.270
		TOTAL (A)	1504.811	1032.659	542.531
Less	EXPENSES
		Cost of materials consumed	533.551	124.863
		Purchases of stock-in-trade	241.273	512.926
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	25.442	(39.306)	389.974
		Employee benefit expense	174.179	69.958
		Other expenses	302.636	191.639
		Prior period items	11.306	(0.881)
		TOTAL (B)	1288.387	859.199	389.974
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		216.424	173.460	152.557
Less	FINANCIAL EXPENSES (D)		32.546	28.588	19.377
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		183.878	144.872	133.180
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.736	8.649	7.547
	PROFIT BEFORE TAX (E-F) (G)		162.142	136.223	125.633
Less	TAX (H)		32.439	33.805	40.894
	PROFIT AFTER TAX (G-H) (I)		129.703	102.418	84.739
	Earnings Per Share (Rs.)		7.06	7.05	12.94

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.62	9.92	15.32
Net Profit Margin (PBT/Sales)	(%)	10.83	13.35	24.19
Return on Total Assets (PBT/Total Assets}	(%)	10.09	11.31	26.68
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.75
Debt Equity Ratio (Total Debt /Networth)		0.35	0.26	1.04
Current Ratio (Current Asset/Current Liability)		1.76	2.36	2.69

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The Registered Office of the company has been shifted from Flat No. 102, Lakshmi Residency, Shalivahana Nagar, Srinagar Colony, Hyderabad – 500073, Andhra Pradesh, India, to the present address w.e.f. 23.05.2007.

BACKGROUND

Subject was incorporated on 23 January 2001 with the name of "Medvin Labs Private Limited". On 9 October 2002, the Company’s name was changed to "Galen Labs Private Limited". Thereafter, the Company’s name was changed to "Celon Laboratories Private Limited" on 29 May 2007. The Company primarily is engaged in business of manufacturing and selling of medicines, drugs capsules, etc.

AMALGAMATION

The Scheme of Amalgamation of Celon Life Sciences Limited (CLSL), Celon Organics Private Limited (COPL) and Swyzer Laboratories Limited (SLL) with the Company as approved by the Honorable High Court of Andhra Pradesh at Hyderabad vide its Orders dated July 20, 2012 and September 5, 2012, has become effective on October 4, 2012. The Appointed Date for the Scheme was April 1, 2011. All the transferor companies viz. CLSL, COPL and SLL were wholly owned subsidiaries of the Company, there was no issue of shares by the Company to any of the shareholders of the transferor companies.

The financial statements of the Company for the year March 31, 2012 includes the figures of CLSL, COPL and SLL for the period April 1, 2011 to March 31, 2012.

UNSECURED LOAN

Rs. In millions

Particular	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Rupee term loans from bank	0.000	1.389
Term loans from others	0.000	2.007
Rupee term loans from banks	0.820	0.000
Deferred payment liabilities	13.378	11.058
Loans and advances from related parties	6.300	0.000
Short-term borrowings
Loans repayable on demand	2.249	6.395
Total	22.747	20.849

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10364980	21/08/2012 *	240,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	B57216392
2	10326848	27/12/2011	182,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B29216165
3	10285298	30/05/2013 *	550,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B78059664
4	10196719	17/04/2012 *	9,000,000.00	ANDHRA BANK	SME BRANCH, UPPAL, HYDERABAD, Andhra Pradesh - 500039, INDIA	B41293911
5	90128226	04/07/2002	4,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, HYDERABAD, Andhra Pradesh, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Leasehold Improvements

· Plant and Machinery

· Quality Control Equipments

· Air Conditioner

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Electronic Data Processing Equipment

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.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

NTH

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.