MIRA INFORM REPORT

Report Date :

12.09.2013

IDENTIFICATION DETAILS

Name :	AGILA SPECIALTIES PRIVATE LIMITED (w.e.f 02.07.2010)
Formerly Known As :	STRIDES SPECIALTIES PRIVATE LIMITED (w.e.f 20.04.2009) QUANTUM LIFE SCIENCES PRIVATE LIMITED
Registered Office :	“Strides House”, Bilekahalli, Bannerghatta Road, Bangalore – 560076, Karnataka
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	03.03.2004
Com. Reg. No.:	08-033503
Capital Investment / Paid-up Capital :	Rs. 183.168 Millions
CIN No.: [Company Identification No.]	U02429KA2004PTC033503
PAN No.: [Permanent Account No.]	AAACQ1091Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a pharmaceutical company specializes in the manufacture of Specialty Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 17319000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Strides Arcolab Limited’ is an established company having satisfactory track record. Financials of the company appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are regular and as per commitment. The company can be considered 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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB = Term loan facilities
Rating Explanation	Moderate credit quality and average credit risk
Date	November 2012

Rating Agency Name	ICRA
Rating	A2 = Fund based facilities
Rating Explanation	Strong degree of safety and low credit risk
Date	November 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 :	“Strides House”, Bilekahalli, Bannerghatta Road, Bangalore – 560076, Karnataka, India
Tel. No.:	91-80-66580734
Fax No.:	91-80-66580800
E-Mail :	pratap.rudra@stridersarco.com kannan.n@stridesarco.com
Factory :	Anekal Taluk, Link Road Industrial Area, Bangalore – 562106, Karnataka, India

DIRECTORS

As on 07.06.2013

Name :

Mr. Arun Kumar Pillai

Designation :

Director

Address :

E 101, Adarsh Residency, Jayanagar 8^th Block, Bangalore – 560082, Karnataka, India

Date of Birth/Age :

25.03.1961

Qualification :

B. Com

Date of Appointment :

03.03.2004

DIN No.:

00084845

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	L24230MH1990PLC057062	STRIDES ARCOLAB LIMITED	Managing director	24/05/2004	28/06/1990	-	Active	NO
2	U24231KA1994PTC047003	ARCOLAB (INDIA) PRIVATE LIMITED	Director	28/03/1994	28/03/1994	-	Amalgamated	NO
3	U73100KA1999PTC026027	VEDIC ELEMENTS PRIVATE LIMITED	Director	03/12/1999	03/12/1999	02/10/2009	Amalgamated	NO
4	U24110MH2002PLC136868	SEQUENT SCIENTIFIC LIMITED	Director	16/08/2002	16/08/2002	-	Amalgamated	NO
5	U02429KA2004PTC033503	AGILA SPECIALTIES PRIVATE LIMITED	Director	03/03/2004	03/03/2004	-	Active	NO
6	U72200KA1996PTC020663	NOUS INFOSYSTEMS PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
7	U74140DL2006PTC146649	PATSYS CONSULTING PRIVATE LIMITED	Director	21/02/2006	21/02/2006	-	Active	NO
8	U33111MH2002PTC212925	AGNUS HOLDINGS PRIVATE LIMITED	Director	27/04/2006	27/04/2006	-	Active	NO
9	U24117MH2007PLC210962	FRAXIS LIFE SCIENCES LIMITED	Director	12/01/2007	12/01/2007	-	Amalgamated	NO
10	U24231TN1996PLC035068	GRANDIX PHARMACEUTICALS LIMITED	Director	28/09/2007	20/01/2007	-	Amalgamated	NO
11	U72200AP2004PTC042572	GOOSE TECHNOLOGIS PRIVATE LIMITED	Director	29/09/2007	04/08/2007	07/11/2011	Active	NO
12	U24232KA2007PLC043599	ONCO THERAPIES LIMITED	Director	14/08/2007	14/08/2007	10/03/2008	Active	NO

Name :

Mr. Venkatraman Subramanian Iyer

Designation :

Director

Address :

L-204, Mantri Woodlands, Arekere Bannerghatta Road, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

18.03.1957

Qualification :

Master of Science (Chemistry) and Diploma in Business Management.

Date of Appointment :

14.06.2007

DIN No.:

00408092

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	U24231KA2003PTC039016	MEDGENE PHARMACEUTICALS PRIVATE LIMITED	Director	14/06/2006	03/05/2005	-	Amalgamated	NO
2	U02429KA2004PTC033503	AGILA SPECIALTIES PRIVATE LIMITED	Director	14/06/2006	31/03/2006	-	Active	NO
3	U24231TZ1986PLC008788	GLOBAL REMEDIES LIMITED	Director	19/06/2007	26/03/2007	27/11/2008	Amalgamated	NO
4	U24230KA2007PTC042337	HIGHER PHARMATECH PRIVATE LIMITED	Director	02/04/2007	02/04/2007	-	Active	NO
5	U24232KA2007PLC043599	ONCO THERAPIES LIMITED	Director	30/09/2008	10/03/2008	-	Active	NO
6	U24231TN1996PLC035068	GRANDIX PHARMACEUTICALS LIMITED	Additional director	16/03/2009	16/03/2009	-	Amalgamated	NO
7	L24230MH1990PLC057062	STRIDES ARCOLAB LIMITED	Whole-time director	31/05/2010	19/01/2010	25/05/2012	Active	NO

Name :

Mr. Pallipuram Mathai Thampi

Designation :

Director

Address :

2b, Martha's Place, 58, Lavelle Road, 5th Cross, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

29.08.1934

Date of Appointment :

07.06.2013

DIN No.:

00114522

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	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	11/07/2000	11/07/2000	-	Active	NO
2	L85110KA1995PLC019126	BRIGADE ENTERPRISES LIMITED	Director	10/11/2000	10/11/2000	-	Active	NO
3	U00000DL2001PLC109548	NITREX CHEMICALS INDIA LIMITED	Director	29/10/2004	29/10/2004	13/05/2008	Active	NO
4	U74999KA2005PTC036451	PIONEER BALLOON INDIA PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
5	L24230MH1990PLC057062	STRIDES ARCOLAB LIMITED	Director	21/12/2005	21/12/2005	-	Active	NO
6	L99999MH1985PLC036685	SEQUENT SCIENTIFIC LIMITED	Director	15/09/2008	25/10/2007	30/03/2009	Active	NO
7	U24110MH2002PLC136868	SEQUENT SCIENTIFIC LIMITED	Director	30/09/2008	31/12/2007	-	Amalgamated	NO
8	U02429KA2004PTC033503	AGILA SPECIALTIES PRIVATE LIMITED	Director	07/06/2013	25/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pratap Rudra Bhuvanagiri
Designation :	Company Secretary
Address :	413, 5^th B Main Road, HRBR Layout, 2^nd Block, Kalyan Nagar, Bangalore – 560043, Karnataka, India
Date of Birth/Age :	27.06.1982
Date of Appointment :	11.05.2009
PAN No.:	AWDPP9893R
Name :	Mr.Sundhar Chamarahalli Krishna Iyer
Designation :	Manager
Address :	No. 167, 4^th Main, Judicial Layout, Tha;aghattapura Post, kanakapura Main Road, Bangalore – 560062, Karnataka, India
Date of Birth/Age :	26.02.1970
Date of Appointment :	27.02.2013

MAJOR SHAREHOLDERS

As on 07.06.2013

Names of Shareholders	No. of Shares
Strides Arcolab Limited, India	18316773
N T Venkatesha *	5
Kannan N*	5
Total	18316783

*Holding shares as nominee of Strides Arcolab Limited

Equity Share Break up (Percentage of Total Equity)

As on 07.06.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a pharmaceutical company specializes in the manufacture of Specialty Products.

Products :

Product Description	Item Code
Vancomycin	30042906
Piperacillin and Tazobactam	30049079
Azithromycin	30042064
Enoxparina / Etomidate / Piptaz	30042069

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

· The Ratnakar Bank Limited, Mahaveer Shri Sahu Market Yard, Shahpuri, Kolhapur – 416001, Maharashtra, India

· Axis Bank Limited, Corporate Banking Branch, Express Building, Second Floor, No.1, Queen's Road, Bangalore - 560001, Karnataka, India

· State Bank of India, No61,"Residency Plaza" Residency Road, Bangalore - 560025, Karnataka, India

· Andhra Bank, Chamarajpet Branch, Bangalore - 560018, Karnataka, India

Facilities :

Secured Loans	31.12.2012 Rs. In Millions	31.12.2011 Rs. In Millions
Long Term Borrowings
Term Loan from bank	1684.178	600.000
Short Term Borrowings
Working Capital Loan from Bank	1961.051	12675.510
Total	3645.229	13275.510

Note:

Long Term Borrowings

1. Loan 1- from Central Bank of India for an amount of Rs.599.678 Millions (The amount includes the current maturity of Rs. 300 Millions (Previous Year Rs. 318.23 Millions). For a secururity of the term loans 1 & 2 are secured by hypothecation of the plan and machinery acquired under the term loans and by first pari-passu charge on the other fixed assets of the Company both present and future. Loan-2- Loan from Yes Bank amounting to Rs.600.000 Millions (The amount includes the current maturity of Rs. 75 Millions (Previous Year Rs. Nil) for a security of First pari-passu charge on all movable and immovable fixed assets both present and future of the company. Second pari-passu charge on the current assets both present and future of the Company. Loan 3- Loan from EXIM Bank amounting to Rs.859.500 Millions with a security of Exclusive charge over research and development receivables of the Company Loan 4- Loan from Ratnakar Bank amounting to Rs.333.400 Millions (The amount includes the current maturity of Rs. 333.40 Millions (Previous Year Rs. Nil) ) with a security of Exclusive charge on the plant and machinery and all fixed assets of Star Drugs and Research Labs Private Limited including land and building situated at: Plot No. 14 and 13A, SIPCOT, Phase 3, Krishnagiri Road, Hosur - 635 109, Tamilnadu.

2. Loan 1- from Central Bank of India for an amount of Rs.918.232 Millions (The amount includes the current maturity of Rs. 318.23 Millions. For a secururity of the term loans 1 & 2 are secured by hypothecation of the plan and machinery acquired under the term loans and by first pari-passu charge on the other fixed assets of the Company both present and future.

Short Term Borrowings

1. Unconditional and irrevocable corporate guarantee of Strides Arcolab Limited (SAL). Unconditional and irrevocable personal guarantee of Mr. Arun Kumar, Director.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
PAN No.:	AACFD3771D
Holding Company :	· Strides Arcolab Limited CIN No.: L24230MH1990PLC057062
Subsidiaries :	· Inbiopro Solutions Private Limited, India CIN No.: U74140KA2007PTC043095 · Strides Specialties (Holdings) Limited, Mauritius · Onco Therapies Limited, India CIN No.: U24232KA2007PLC043599
Fellow Subsidiaries :	· Agila Especialidades Farmaceuticas Ltda, Brazil · Agila Specialties Limited, Cyprus · Agila Specialties Polska Sp. Z.o.o, Poland · Agila specialties Asia Pte Limited, Singapore · Ascent Pharmahealth Asia Pte Limited, Singapore · Co-Pharma Limited, United Kingdom · Drug Houses of Australia (Asia ) Pte Limited, Singapore · Farma Plus AS, Norway · Onco Laboratories Limited, Cyprus · Onco Therapies Limited, India CIN No.: U24232KA2007PLC043599 · Strides Arcolab International Limited, United Kingdom · Strides Inc., United States · Strides Pharma (Cyprus) Limited, Cyprus

CAPITAL STRUCTURE

As on 07.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18316783	Equity Shares	Rs. 10/- each	Rs. 183.168 Millions

As on 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs. 10/- each	Rs. 200.000 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18316783	Equity Shares	Rs. 10/- each	Rs. 183.168 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	Total		Rs. 203.168 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	203.168	171.000
(b) Reserves & Surplus	4126.550	866.576
(c) Money received against share warrants	0.000	0.000
	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4329.718	1037.576
(3) Non-Current Liabilities
(a) long-term borrowings	4177.383	2945.990
(b) Deferred tax liabilities (Net)	236.000	0.000
(c) Other long term liabilities	56.945	25.541
(d) long-term provisions	27.928	18.882
Total Non-current Liabilities (3)	4498.256	2990.413
(4) Current Liabilities
(a) Short term borrowings	1961.051	1675.510
(b) Trade payables	1641.367	927.991
(c) Other current liabilities	2513.375	4808.071
(d) Short-term provisions	186.122	170.247
Total Current Liabilities (4)	6301.915	7581.819
TOTAL	15129.889	11609.808
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3067.333	2348.083
(ii) Intangible Assets	680.784	116.117
(iii) Capital work-in-progress	337.898	71.862
(iv) Intangible assets under development	558.783	298.846
(b) Non-current Investments	2830.829	2654.798
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1907.031	2288.860
(e) Other Non-current assets	11.722	56.292
Total Non-Current Assets	9394.380	7834.858
(2) Current assets
(a) Current investments	0.191	0.000
(b) Inventories	1185.419	810.324
(c) Trade receivables	1910.050	949.545
(d) Cash and cash equivalents	371.596	405.612
(e) Short-term loans and advances	376.234	293.692
(f) Other current assets	1892.019	1315.777
Total Current Assets	5735.509	3774.950
TOTAL	15129.889	11609.808

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		171.000
2] Share Application Money		0.000
3] Reserves & Surplus		1155.000
4] (Accumulated Losses)		(677.955)
NETWORTH		648.045
LOAN FUNDS
1] Secured Loans		700.000
2] Unsecured Loans		2215.446
TOTAL BORROWING		2915.446
DEFERRED TAX LIABILITIES		0.000
TOTAL		3563.491
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2377.384
Capital work-in-progress		591.706
INVESTMENT		161.626
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	424.221
	Sundry Debtors	616.438
	Cash & Bank Balances	75.802
	Other Current Assets	338.217
	Loans & Advances	443.936
Total Current Assets		1898.614
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1273.361
	Other Current Liabilities	234.896
	Provisions	56.499
Total Current Liabilities		1564.756
Net Current Assets		333.858
MISCELLANEOUS EXPENSES		98.917
TOTAL		3563.491

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income			2927.504
		Other Income			19.501
		TOTAL	8972.000	5320.080	2947.005
	EXPENSES
		Materials Consumed			1488.832
		Increase/Decrease in stock			17.543
		Personnel Cost			515.329
		Operating and other expenses			862.250
		TOTAL	6079.680	4009.230	2883.954
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	NA	63.051
Less	FINANCIAL EXPENSES		NA	NA	394.569
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1844.110	593.300	(331.518)
Less/ Add	DEPRECIATION/ AMORTISATION		356.240	203.750	195.758
	PROFIT/(LOSS) BEFORE TAX		1487.870	389.550	(527.276)
Less	TAX		495.590	0.000	22.435
	PROFIT/(LOSS) AFTER TAX		992.280	389.550	(504.841)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(288.420)	(677.970)	(115.824)
	INCLUDED ON AMALGAMATION		0.000	0.000	(57.291)
	BALANCE CARRIED TO THE B/S		703.720	(288.420)	(677.956)
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of exports of goods / contract		NA	2598.590
		Development and licensing Income		NA	176.253
		Other Income		NA	19.474
	TOTAL EARNINGS		8148.990	NA	2794.317
	IMPORTS
		Raw Materials	NA	NA	836.040
		Capital Goods	NA	NA	127.134
		Others	NA	NA	36.876
	TOTAL IMPORTS		NA	NA	1000.050
	Earnings/Loss Per Share (Rs.)		62.98	25.79	(33.43)

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	11.06	7.33	(17.13)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	(18.01)
Return on Total Assets (PBT/Total Assets}	(%)	19.43	6.37	(12.33)
Return on Investment (ROI) (PBT/Networth)		0.34	0.38	(0.81)
Debt Equity Ratio (Total Debt /Networth)		0.59	4.66	4.50
Current Ratio (Current Asset/Current Liability)		0.91	0.50	1.21

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

UNSECURED LOANS:

Particulars	31.12.2012 Rs. In Millions	31.12.2011 Rs. In Millions
Long Term Borrowings
Intercorporate Borrowing	2493.205	2345.990
Total	2493.205	2345.990

Note: Unsecured loans from related party are repayable on demand and based on mutually agreed terms, no amounts are due within next 1 year from December 31, 2012.

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10430983	11/06/2013	1,700,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B77046480
2	10380757	08/10/2012	1,500,000,000.00	Export - Import Bank of India	Centre One Building, Floor 21, World Trade Centr e Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA	B59767152
3	10365980	15/03/2013 *	600,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B72841372
4	10363775	30/05/2013 *	2,950,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, INDIAN EXPRESS BUILDING, SECOND FLOOR, NO.1, QUEEN'S ROAD, BANGALORE, Karnataka - 560001, INDIA	B77918100
5	10317005	15/03/2013 *	2,275,250,000.00	Axis Bank Limited	AXIS HOUSE, 2ND FLOOR, WADIA INTERNATIONAL CENTRE, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA	B73037210
6	10260665	15/03/2013 *	2,375,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, MMO BUILDING, 1ST FLOOR, M. G. ROAD, FORT, MUMBAI, Maharashtra - 400023, INDIA	B72947864

* Date of charge modification

CORPORATE INFORMATION:

Subject is wholly owned subsidiary of Strides Arcolab Limited (`Strides/ Strides and its subsidiaries together referred to as `Strides Group), a Pharmaceutical company headquartered in Bangalore, India.The Company specializes in the manufacture of Specialty Products and has a state of the art Research and Development center.

OPERATIONAL HIGHLIGHTS

Total revenue of the Company stood at Rs. 8972.00 Millions for the year ended December 31, 2012 as against Rs. 5320.08 Millions for the previous year ended December 31, 2011. The Company has a net profit of Rs. 992.28 Millions during the year.

FIXED ASSETS:

• Leasehold land
• Building
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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. 63.90
UK Pound	1	Rs. 100.47
Euro	1	Rs. 84.65

INFORMATION DETAILS

Report Prepared by :

VNT

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	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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