MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	BHARAT SERUMS AND VACCINES LIMITED
Formerly Known As :	GAUTAM LABORATORIES PRIVATE LIMITED
Registered Office :	17^th Floor, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss Account)
Date of Incorporation :	29.04.1971
Com. Reg. No.:	11-015134
Capital Investment / Paid-up Capital :	Rs.100.483 Millions
CIN No.: [Company Identification No.]	U24230MH1971PLC015134
TAN No.: [Tax Deduction & Collection Account No.]	MUMB01505A
PAN No.: [Permanent Account No.]	AAACB2431M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Marketing and Selling of Formulation Drugs.
No. of Employees :	Information declined by the management

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 7200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track record. Financially company is performing well. Trade relations are reported to be fair. Business is active. Payment are reported to be regular and as per commitments. The company can be considered for business dealing 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

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	CARE
Rating	Long term Bank facilities : BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 2012

Rating Agency Name	CARE
Rating	Short term Bank facilities : A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	December 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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE [91-22-66560900/ 66560980]

LOCATIONS

Registered Office :	17^th Floor, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66560900/ 66560980
Fax No.:	91-22-66560901/ 66560903
E-Mail :	aniket.hirpara@bharatserums.com shipa.likhite@bharatserums.com nilesh.pingale@bharatserums.com sharmas@orbimed.com corporate@bharatserums.com
Website :	www.bharatserums.com
Corporate Office/ Exports :	DIL Complex Office, 1st Floor, Building No. 1, Business Development Centre, Near Tatwagyan Vidyapeeth, Ghodbhunder Road, Thane (West) – 400610, Maharashtra, India
Tel. No.:	91-22-61383456
Fax No.:	91-22-61383400
E-Mail :	corporate@bharatserums.com export@bharatserums.com
Factory 1 :	Thane Plant Plot No. A-371-372, Road 27, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel. No.:	91-22-25822181
Fax No.:	91-22-25823640
E-Mail :	factory@bharatserums.com
Factory 2 :	Ambernath Plant Plot No. K-27, Anand Nagar, Additional M.I.D.C., Ambernath (East), Maharashtra, India
Tel. No.:	91-251-2621645
Fax No.:	91-251-2621089
E-Mail :	ambernath@bharatserums.com
Distribution Department :	Gala No. B, Plot No. 83 B2, Near Kala Industrial Estate, Opposite Shangrila Biscuit Factory, LBS Marg, Bhandup, Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25919434
Fax No.:	91-22-25919544
Khoni Animal Farm :	At Post Khoni, Ambernath M.I.D.C. Road, Khoni-Taloja Link Road, Kalyan, Thane – 421308, Maharashtra, India
Tel. No.:	91-251-2395107

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Bharat Vinod Daftary

Designation :

Managing director

Address :

114, Sneh Sadan, Churchgate, Reclamation, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

12.01.1956

Qualification :

Graduate

Date of Appointment :

01.10.2012

DIN No.:

00011518

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	U24230MH1984PTC032645	HITECH LABORATORIES PRIVATE LIMITED	Director	12/04/1984	12/04/1984	-	Active	NO
2	U28113MH1988PTC047315	HAVER STANDARD INDIA PRIVATE LIMITED	Director	05/07/1989	05/07/1989	01/10/2010	Active	NO
3	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Managing director	01/10/2012	05/05/1992	-	Active	NO
4	U33110MH1993PTC075088	AKSIPRO DIAGNOSTICS PRIVATE LIMITED	Director	11/11/1993	11/11/1993	-	Active	NO
5	U24239MH1995PTC091631	AKSIGEN PHARMACEUTICALS PRIVATE LIMITED	Director	09/08/1995	09/08/1995	-	Active	NO
6	U24230MH1994PTC079029	AKSITECH LIFE SCIENCES PRIVATE LIMITED	Director	12/05/1997	12/05/1997	-	Active	NO
7	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
8	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Nominee director	17/10/2005	17/10/2005	-	Amalgamated	NO
9	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED	Nominee director	17/10/2005	17/10/2005	01/02/2012	Active	NO
10	U93090PN2006PTC144633	INVENTIV INTERNATIONAL PHARMA SERVICES PRIVATE LIMITED	Director	17/11/2006	17/11/2006	15/04/2008	Active	NO
11	U73100MH2005PTC153327	KASIAK RESEARCH PRIVATE LIMITED CN	Director	16/05/2007	16/05/2007	-	Active	NO
12	U24297MH2010PTC209352	ADVY CHEMICAL PRIVATE LIMITED	Director	22/10/2010	22/10/2010	-	Active	NO
13	U85191MH2012PTC228492	AKSI THERAPIES PRIVATE LIMITED	Director	20/03/2012	20/03/2012	-	Active	NO
14	AAA-7789	NEXTLINE DIAGNOSTICS LIMITED LIABILITY PARTNERSHIP	Designated Partner	27/01/2012	27/01/2012	-	Active	NO

Name :

Dr. Gautam Vinod Daftary

Designation :

Managing director

Address :

114, Sneh Sadan, Churchgate, Reclamation, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

03.10.1959

Qualification :

Doctor

Date of Appointment :

01.10.2012

DIN No.:

00009326

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	U24230MH1984PTC032645	HITECH LABORATORIES PRIVATE LIMITED	Director	12/04/1984	12/04/1984	-	Active	NO
2	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Managing director	01/10/2012	05/05/1992	-	Active	NO
3	U33110MH1993PTC075088	AKSIPRO DIAGNOSTICS PRIVATE LIMITED	Director	11/11/1993	11/11/1993	-	Active	NO
4	U24230MH1994PTC079029	AKSITECH LIFE SCIENCES PRIVATE LIMITED	Director	12/05/1997	12/05/1997	-	Active	NO
5	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
6	U24239MH1995PTC091631	AKSIGEN PHARMACEUTICALS PRIVATE LIMITED	Director	09/08/2005	09/08/2005	-	Active	NO
7	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED	Nominee director	17/10/2005	17/10/2005	-	Active	NO
8	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Nominee director	17/10/2005	17/10/2005	-	Amalgamated	NO
9	U93090PN2006PTC144633	INVENTIV INTERNATIONAL PHARMA SERVICES PRIVATE LIMITED	Director	17/11/2006	17/11/2006	15/04/2008	Active	NO
10	U73100MH2005PTC153327	KASIAK RESEARCH PRIVATE LIMITED CN	Director	16/05/2007	16/05/2007	-	Active	NO
11	U24297MH2010PTC209352	ADVY CHEMICAL PRIVATE LIMITED	Director	22/10/2010	22/10/2010	-	Active	NO
12	U85191MH2011PTC222774	ZHI HOLISTIC PRIVATE LIMITED	Director	07/10/2011	07/10/2011	-	Active	NO
13	U85191MH2012PTC228492	AKSI THERAPIES PRIVATE LIMITED	Director	20/03/2012	20/03/2012	-	Active	NO
14	AAA-7789	NEXTLINE DIAGNOSTICS LIMITED LIABILITY PARTNERSHIP	Designated Partner	27/01/2012	27/01/2012	-	Active	NO
15	AAA-9134	SYSTEMS PLUS TRANSFORMATIONS LIMITED LIABILITY PARTNERSHIP	Designated Partner	10/05/2012	10/05/2012	-	Active	NO

Name :

Mr. Ajeet Singh Karan

Designation :

Director

Address :

House No.36, Sector – 37, Arunvihar, Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

09.12.1965

Qualification :

IIM (Ahmedabad)

Date of Appointment :

29.09.2008

DIN No.:

00183622

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	U67190DL2005PTC142001	ACE WEALTH MANAGEMENT PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
2	U72300PY2000PTC001532	INTEGRA SOFTWARE SERVICES PRIVATE LIMITED	Director	01/09/2009	26/10/2006	-	Active	NO
3	U74210DL2005PTC137756	COLLABIS CONSULTING PRIVATE LIMITED	Additional director	17/08/2007	17/08/2007	02/03/2009	Active	NO
4	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	29/09/2008	27/09/2007	-	Active	NO
5	U74140KA2003PTC032950	IMS HEALTH ANALYTICS SERVICES PRIVATE LIMITED	Director	25/09/2009	09/06/2009	18/01/2012	Active	NO
6	U72200TN2003PTC051138	SECOVA ESERVICES PRIVATE LIMITED	Director	29/09/2009	01/08/2009	-	Active	NO
7	U40101TN2005PTC058237	AURO MIRA ENERGY COMPANY PRIVATE LIMITED	Director	27/08/2009	27/08/2009	-	Active	NO
8	U28991TN1981PLC009067	CETHAR LIMITED	Director	27/12/2010	22/12/2010	16/08/2013	Active	NO
9	L85110KA1987PLC008739	SHILPA MEDICARE LIMITED	Director	22/09/2011	28/01/2011	-	Active	NO
10	U80900KA2013NPL069021	KAUSHALYA VIKAS KENDRA	Director	09/05/2013	09/05/2013	-	Active	NO

Name :

Mr. Sunny Sharma

Designation :

Director

Address :

10, West End Ave Apartment, 11 H, New York 10023

Date of Birth/Age :

31.08.1974

Qualification :

M.B.B.S. MBA from IIM, Bangalore

Date of Appointment :

16.09.2010

DIN No.:

02267273

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	U67120MH2008FTC186971	ORBIMED ADVISORS INDIA PRIVATE LIMITED	Managing director	24/09/2008	23/09/2008	-	Active	NO
2	U73100KA2004PLC035260	MANIPAL ACUNOVA LIMITED	Nominee director	30/11/2009	30/11/2009	-	Active	NO
3	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	16/09/2010	24/03/2010	-	Active	NO
4	U74999KL2006PLC019208	CONDIS INDIA HEALTHCARE LIMITED	Nominee director	03/12/2011	03/12/2011	-	Active	NO
5	U85110KL2007PLC020344	KIMS HEALTH CARE AND RESEARCH CENTER LIMITED	Nominee director	15/12/2011	15/12/2011	-	Amalgamated	NO
6	U85110KL1995PLC009336	KIMS HEALTH CARE MANAGEMENT LIMITED	Nominee director	15/12/2011	15/12/2011	-	Active	NO
7	U85110KL2008PTC022467	KIMS PINNACLE CANCER CARE AND RESEARCH CENTER PRIVATE LIMITED	Nominee director	27/01/2012	27/01/2012	-	Active	NO
8	L24117TN1976PLC007122	SHASUN PHARMACEUTICALS LIMITED	Director	02/08/2012	29/03/2012	-	Active	NO
9	U85110KL2013PTC033566	KIMS KOLLAM MULTI SPECIALITY HOSPITAL INDIA PRIVATE LIMITED	Nominee director	04/04/2013	04/04/2013	-	Active	NO
10	U85110KL2010PTC026107	KIMS BELLEROSE INSTITUTE OF MEDICAL SCIENCES PRIVATE LIMITED	Director	20/04/2013	20/04/2013	-	Active	NO
11	U85100MH2010PTC203093	SURYA CHILDREN'S MEDICARE PRIVATE LIMITED	Nominee director	23/07/2013	23/07/2013	-	Active	NO

Name :

Mrs. Cynthia Christine Dsouza

Designation :

Director

Address :

Sarguro Park 3, 1^st Floor, Deonar Farm Road, (Opposite Raj Kapoor’s Bungalow), Mumbai – 400088, Maharashtra, India

Date of Birth/Age :

02.11.1953

Qualification :

PG in HR

Date of Appointment :

29.09.2008

DIN No.:

00420046

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	U74140MH2000PTC127650	CYNTHESIS MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	10/07/2000	10/07/2000	-	Active	NO
2	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	29/09/2008	06/06/2008	-	Active	NO
3	U72900MH2009PTC195506	SCIEMETRIC TECHNOLOGIES INDIA PRIVATE LIMITED	Additional director	30/11/2009	30/11/2009	-	Active	NO
4	U72300MH2010PTC201680	NAYSA TECHNOLOGIES PRIVATE LIMITED	Director	05/04/2010	05/04/2010	-	Strike off	NO
5	U67120MH1996PTC098786	N.S.K.FINANCIAL AND MANAGEMENT CONSULTANCY SERVICES PRIVATE LIMITED	Director	25/02/2012	25/02/2012	28/03/2012	Active	NO

Name :

Mr. Nitin Jagannath Deshmukh

Designation :

Director

Address :

Flat No. 201, Ekta Heritage, 15 Road, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

07.11.1962

Qualification :

MBA, MPT (UDCT)

Date of Appointment :

25.09.2009

DIN No.:

00060743

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	U73100KA2000PLC028246	METAHELIX LIFE SCIENCES LIMITED	Nominee director	02/06/2005	02/06/2005	30/12/2010	Active	NO
2	U85110KA1961PLC001433	BHARAT FRITZ WERNER LIMITED	Director	23/03/2006	23/03/2006	29/07/2009	Active	NO
3	U74210TN2002PTC049197	MACROCOMM CONVERGENCE (INDIA) PRIVATE LIMITED	Additional director	02/05/2006	02/05/2006	-	Dormant	NO
4	U31200TZ1992PTC004114	DIGITRAC POWER CONTROLS PRIVATE LIMITED	Additional director	08/06/2006	08/06/2006	-	Amalgamated	NO
5	U31200TZ1984PTC001476	DYNA SPEDE INTEGRATED SYSTEMS PRIVATE LIMITED	Nominee director	28/08/2007	08/06/2006	02/07/2009	Active	NO
6	U74210PN2002PTC017313	VLIFE SCIENCES TECHNOLOGIES PRIVATE LIMITED	Nominee director	15/06/2006	15/06/2006	17/12/2012	Active	NO
7	U05121KA2002PLC031204	DHAANYA SEEDS LIMITED	Director	07/08/2006	12/07/2006	30/12/2010	Active	NO
8	U63040AP1991PTC013178	DRS LOGISTICS PRIVATE LIMITED	Director	21/02/2008	13/02/2007	18/10/2008	Active	YES
9	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Nominee director	28/03/2007	28/03/2007	07/01/2013	Active	NO
10	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	28/09/2007	14/08/2007	11/11/2010	Amalgamated	NO
11	U73100MH1999PTC119744	RUBICON RESEARCH PRIVATE LIMITED	Director	25/08/2007	25/08/2007	17/12/2012	Active	NO
12	U24231MH1995PTC085656	INDUS BIOTECH PRIVATE LIMITED	Director	24/09/2007	30/08/2007	-	Active	NO
13	U74999PN2002PLC016834	BVG INDIA LIMITED	Nominee director	31/03/2008	31/03/2008	11/01/2011	Active	NO
14	U65990MH1994PLC077472	KOTAK INVESTMENT ADVISORS LIMITED	Whole-time director	01/04/2012	01/04/2008	-	Active	NO
15	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	25/09/2009	21/11/2008	-	Active	NO
16	U85110KA2010PTC052540	MANIPAL HEALTH ENTERPRISES PRIVATE LIMITED	Nominee director	22/11/2010	22/11/2010	15/12/2012	Active	NO
17	L24230AP1981PLC003201	NATCO PHARMA LIMITED	Additional director	09/02/2012	09/02/2012	-	Active	NO

Name :

Mr. Suketu Viren Shah

Designation :

Director

Address :

A/52, Darshan Apartments, Mt. Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.12.1954

Qualification :

MBA from Harvard Business School

Date of Appointment :

16.09.2010

DIN No.:

00033407

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	U65920MH1982PTC027800	JYOTI SHAH PREMISES AND INVESTMENTS PRIVATE LIMITED	Director	14/07/1982	14/07/1982	-	Active	NO
2	U01100MH1982PTC029007	SUNNYDAYS AGRO COMPANY PRIVATE LIMITED	Director	10/01/1983	10/01/1983	20/12/2007	Active	NO
3	U01100MH1982PTC029006	AMIVIR AGRO CO PRIVATE LIMITED	Director	23/03/1983	23/03/1983	20/12/2007	Active	NO
4	U67120MH1982PTC026490	RAJVI ENGINEERING AND INVESTMENTS PRIVATE LIMITED	Director	25/01/1984	25/01/1984	-	Active	NO
5	U67120MH1982PTC026494	KSHITIJ HOLDINGS AND ENGINEERING PRIVATE LIMITED	Director	13/11/1987	13/11/1987	-	Active	NO
6	U67120MH1982PTC026493	AKHIL INVESTMENTS AND TRADES PRIVATE LIMITED	Director	13/11/1987	13/11/1987	-	Active	NO
7	U24239MH1980PTC022904	ADONIS LABORATORIES PRIVATE LIMITED	Director	07/03/1988	07/03/1988	-	Active	NO
8	U01110MH1982PTC029008	ANANT JEEWAN AGRO COMPANY PRIVATE LIMITED	Director	28/07/1988	28/07/1988	20/12/2007	Active	NO
9	U01100MH1982PTC029005	AMAR JYOTI AGRO COMPANY PRIVATE LIMITED	Director	28/07/1988	28/07/1988	20/12/2007	Active	NO
10	L99999MH1937PLC002726	MUKAND LIMITED	Managing director	05/07/2011	03/07/1989	-	Active	NO
11	U15209WB1991PLC051980	METRO DAIRY LIMITED	Director	10/06/1991	10/06/1991	31/05/2011	Active	NO
12	U67120MH1992PTC066417	LINEAGE INVESTMENTS PRIVATE LIMITED	Director	17/07/1992	17/07/1992	06/02/2012	Active	NO
13	U65990MH1992PTC067166	PRIMUS INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	18/07/1992	18/07/1992	06/02/2012	Active	NO
14	U65990MH1992PTC067732	ECONIUM INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	24/07/1992	24/07/1992	06/02/2012	Active	NO
15	U67120MH1979PLC021418	MUKAND GLOBAL FINANCE LIMITED	Director	30/11/1992	30/11/1992	27/09/2007	Active	NO
16	U85110MH1995PLC235609	MUKAND VIJAYANAGAR STEEL LIMITED	Director	14/09/1995	14/09/1995	21/03/2012	Active	NO
17	U27106MH1968NPL014092	THE ALLOY STEEL PRODUCERS ASSOCIATION OF INDIA	Director	26/09/1997	26/09/1997	-	Active	NO
18	U85110KA1998PLC023759	HOSPET STEELS LIMITED	Director	20/05/1998	20/05/1998	-	Active	NO
19	U72200MH1990PLC056987	UTV SOFTWARE COMMUNICATIONS LIMITED	Director	07/07/2000	07/07/2000	16/03/2012	Active	NO
20	U72200DL1997FLC085765	CLICKFORSTEEL SERVICES LIMITED	Director	10/04/2001	10/04/2001	-	Strike off	NO
21	U51900MH1937PLC002724	JEEWAN LIMITED	Director	16/06/2001	16/06/2001	-	Active	NO
22	U15110MH2000PLC125868	GALAXY LIFESTYLE RESTAURANTS LIMITED	Director	25/06/2001	25/06/2001	-	Amalgamated	NO
23	U45400MH2008PTC179591	JLS REALTY PRIVATE LIMITED	Director	30/09/2009	29/07/2008	-	Active	NO
24	U14200MH2008PLC187216	MUKAND VINI MINERAL LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
25	U01403MH2009PTC194755	SHAHVIR AGRO PRIVATE LIMITED	Director	08/08/2009	08/08/2009	-	Active	NO
26	U74900MH2008PTC180685	LOTAN VEER SECURITY PRIVATE LIMITED	Additional director	12/10/2009	12/10/2009	04/05/2011	Active	NO
27	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	16/09/2010	22/12/2009	-	Active	NO
28	U13203WB2008PTC123133	ISARNAN STEEL AND MINERALS PRIVATE LIMITED	Director	27/04/2012	27/04/2012	-	Active	NO
29	U45400MH2013PTC239722	AKSHAY DEVELOPERS (SION) PRIVATE LIMITED	Director	16/01/2013	16/01/2013	-	Active	NO

Name :

Mr. Siddharth Bharat Daftary

Designation :

Whole-time director

Address :

114, Sneh Sadan, Churchgate, Reclamation, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

28.12.1983

Qualification :

MSC

Date of Appointment :

01.10.2012

DIN No.:

02897197

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	Company/ LLP Status	Defaulting status
1	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Whole-time director	01/10/2012	22/12/2009	Active	NO
2	U73100MH2005PTC153327	KASIAK RESEARCH PRIVATE LIMITED CN	Director	28/09/2010	18/03/2010	Active	NO
3	U33110MH1993PTC075088	AKSIPRO DIAGNOSTICS PRIVATE LIMITED	Director	28/09/2010	18/03/2010	Active	NO
4	U15132MH2008PTC188318	NOSTIMIA FOODS PRIVATE LIMITED	Director	28/09/2010	18/03/2010	Active	NO
5	U24297MH2010PTC209352	ADVY CHEMICAL PRIVATE LIMITED	Director	22/10/2010	22/10/2010	Active	NO

Name :

Mrs. Kavita Vinod Khanna

Designation :

Director

Address :

13/C, ILL Plaza, Little Gibs Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

31.08.1961

Date of Appointment :

30.08.2013

DIN No.:

00100979

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	U29198MH1978PTC020848	BHARAT RADIATORS INDUSTRIES PRIVATE LIMITED	Director	03/10/1984	03/10/1984	-	Active	NO
2	U84200MH1992PTC069924	VISTA COMMUNICATIONS PRIVATE LIMITED	Director	07/12/1992	07/12/1992	-	Active	NO
3	U31909MH1958PTC011015	BHARAT RADIATORS PRIVATE LIMITED	Director	02/12/1998	02/12/1998	-	Active	NO
4	U45200MH2005PTC151913	DAFTARY- DESCON ENGINEERING PRIVATE LIMITED	Director	11/03/2005	11/03/2005	30/04/2008	Active	NO
5	L34103PN1944PLC020842	PREMIER LIMITED	Director appointed in casual vacancy	08/05/2008	08/05/2008	-	Active	NO
6	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	30/08/2013	30/04/2013	-	Active	NO

Name :

Manu Prafull Daftary

Designation :

Director

Address :

8, Waybridge Lane, Wayland MA Wayland MA 01778

Date of Birth/Age :

21.07.1957

Date of Appointment :

30.08.2013

DIN No.:

06425237

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	Company/ LLP Status	Defaulting status
1	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	30/08/2013	31/01/2013	Active	NO

Name :

Mr. Girish Bakre

Designation :

Director

Address :

82, Sarnath, 59- B, B. Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

06.09.1960

Date of Appointment :

01.09.2013

DIN No.:

00010760

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	U67200MH2002PTC137896	PIONEER INSURANCE AND REINSURANCE BROKERS PRIVATE LIMITED	Director	02/12/2002	02/12/2002	27/01/2009	Active	NO
2	L40100MH1996PLC104361	NAGPUR POWER AND INDUSTRIES LIMITED	Director	29/06/2004	29/06/2004	-	Active	NO
3	U34101MH2003PTC139180	SHARPPOINT MOTORS AND AUTOMOBILES PRIVATE LIMITED	Director	01/02/2005	01/02/2005	27/01/2009	Active	NO
4	U74140MH2006PTC159523	PRAXIS ADVISORS PRIVATE LIMITED	Director	06/02/2006	06/02/2006	-	Active	NO
5	U67110MH2006PTC160858	POLYMATH ADVISORS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	31/01/2007	Active	NO
6	U74140MH2007PTC170470	PRAGMATYX ADVISORS PRIVATE LIMITED	Director	01/05/2007	01/05/2007	-	Active	NO
7	U74900MH2007PTC176393	TOWER CORPORATE FINANCIAL SERVICES PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active	NO
8	U45200MH2008PTC178745	PANACHE REAL ESTATE PRIVATE LIMITED	Director	11/02/2008	11/02/2008	-	Strike off	NO
9	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED	Director appointed in casual vacancy	28/12/2012	28/12/2012	-	Active	NO
10	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	01/09/2013	01/09/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nilesh Narayan Pingle
Designation :	Secretary
Address :	701, Tara Manek, Opposite Karkhanis Hospital, Court Naka, Thane (West) – 400601, Maharashtra, India
Date of Birth/Age :	07.01.1978
Date of Appointment :	20.08.2012
PAN No.:	ALWPP4774B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Equity Shareholders	No. of Shares
Vinod G. Daftary	2073954
Gaurang S Daftary	106500
Ameet S Daftary	106500
Gautam V. Daftary	1839820
Bharat V. Daftary (HUF)	785550
Gautam V. Daftary (HUF)	785550
Vinod Daftary (HUF)	750
Akshay G. Daftary Jointly with Aarti G. Daftary	750
Siddharth B. Daftary Jointly with Bhavna Daftary	750
Ansuya V. Daftary Jointly with Vinod G. Daftary	750
Nayantara H. Kothari Jointly with Sarala G. Kothari	135750
Bharat V. Daftary	1839820
Aksipro Diagnostic Private Limited, India	900000
Bharat V. Daftary Jointly with Bhavna Daftary	1906200
Gautam V. Daftary Jointly with Aarti Daftary	1906200
Aarti Daftary Jointly with Gautam Daftary	1012500
Bhavna Daftary Jointly with Bharat Daftary	1012500
Agcetech Pharmaceuticals LLP, India	155562
Czaee Shah	71000
Gauri Pohoomul	71000
Kavita Khanna	71000
Kotak Mahindra Trusteeship Services Limited - A/c Kotak India Growth Fund II, India	1201801
Kotak India Private Equity Fund, Mauritius	407727
Kotak Investment Advisors Limited, India	29151
Raj N. Parekh	300
Caduceus Asia Mauritius Limited, Mauritius	699358
Total	17120743

Names of Convertible Redeemable Preference Shareholders	No. of Shares
Kotak Mahindra Trusteeship Services Limited – A/c Kotak India Growth Fund II, India	892305
Kotak Investment Advisors Limited, India	26938
Total	919243

Names of Compulsorily Convertible Cumulative Preference Shareholder Series I	No. of Shares
Kotak India Private Equity Fund	714119
Total	714119

Names of Compulsorily Convertible Cumulative Preference Shareholder Series II	No. of Shares
Caduceus Asia Mauritius Limited, Mauritius	1342444
Total	1342444

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Venture Capital	7.02
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	6.47
Bodies corporate	6.33
Directors or relatives of directors	76.90
Other top fifty shareholders	3.28
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Marketing and Selling of Formulation Drugs.

Products/ Services :

ITC Code No.	Product Descriptions
30021099	Monoclonal Anti-Rho (D) Immuneglobulin
30043921	Normal Immunoglobulin
30029090	Human Chorionic Gonadotrophin

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Injections	Nos	NA	27160000	7584930

Note: Excludes quantity produced under loan licence agreement

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Bank of Baroda, Backbay Reclamation Branch, Churchgate, Mumbai – 400021, Maharashtra, India

· IDBI Bank Limited, Dosti Pinnacle, Ground Floor, Road No.22, Wagle Industrial Estate, Thane [West] - 400604, Maharashtra, India

· Citi Bank N.A., Bandra Kurla Complex, Bandra (West), Mumbai - 400051, Maharashtra, India

· Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· DBS Bank Limited, 3rd Floor, Fort House, Dr. D N Road, Fort, Mumbai - 400001, Maharashtra, India

· IDBI Bank Limited, 224-A, A-Wing, Mittal Court, Nariman Point, Mumbai - 400021, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans secured
Rupee term loans banks secured	367.000	320.000
Foreign currency loans secured
Foreign currency loans banks secured	61.736	109.976
Working capital loans secured
Working capital loans banks secured	373.207	156.448
Total	801.943	586.424

Banking Relations :	--
Auditors :
Name :	M M Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B-Wing, 3^rd Floor, 81 Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFM5103E
Joint Ventures [As on 31.03.2011] :	· Zydus BSV Pharma Private Limited
Subsidiaries [As on 31.03.2011] :	· BSV Bioscience Inc., USA · BSV Bioscience GmbH, Germany
Associates [As on 31.03.2011] :	· Advy Chemical Private Limited (Formerly Known as Advy Chemicals) · Aksigen Hospital Care · Kasiak Research Private Limited. · Aksigen Pharmaceuticals Private Limited · Aksipro Diagnostics Private Limited. · Siro Clinpharm Private Limited

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
20987800	Equity Shares	Rs.5/- each	Rs. 104.939 Millions
200	Equity Shares	Rs.5/- each	Rs. 0.001 Million
920000	Convertible Redeemable Preference Shares	Rs.5/- each	Rs. 4.600 Millions
742000	Convertible Cumulative Series I	Rs.5/- each	Rs. 3.710 Millions
1350000	Convertible Cumulative Series II	Rs.5/- each	Rs. 6.750 Millions
	Total		Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17120643	Equity Shares	Rs.5/- each	Rs. 85.603 Millions
100	Equity Shares	Rs.5/- each	Rs. 0.001 Million
919243	Convertible Redeemable Preference Shares	Rs.5/- each	Rs. 4.596 Millions
714119	Convertible Cumulative Series I	Rs.5/- each	Rs. 3.571 Millions
1342444	Convertible Cumulative Series II	Rs.5/- each	Rs. 6.712 Millions
	Total		Rs. 100.483 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		100.483	100.483
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1689.584	1578.293
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1790.067	1678.776
LOAN FUNDS
1] Secured Loans		801.943	586.424
2] Unsecured Loans		329.399	284.997
TOTAL BORROWING		1131.342	871.421
DEFERRED TAX LIABILITIES		21.382	88.605
TOTAL		2942.791	2638.802
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		842.174	902.601
Capital work-in-progress		1088.616	735.442
INVESTMENT		202.897	160.897
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	383.157	287.479
	Sundry Debtors	472.729	573.993
	Cash & Bank Balances	94.318	215.474
	Other Current Assets	0.000	0.000
	Loans & Advances	454.043	306.285
Total Current Assets		1404.247	1383.231
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	170.292	139.771
	Other Current Liabilities	269.305	263.638
	Provisions	155.546	139.960
Total Current Liabilities		595.143	543.369
Net Current Assets		809.104	839.862
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		2942.791	2638.802

Note: The Balance Sheet Statement for the year 2012 is not available only Profit and Loss is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	2652.622	2083.147	2056.971
		Other Income	33.538	26.992	60.663
		TOTAL	2686.160	2110.139	2117.634
Less	EXPENSES
		Cost of materials consumed	778.677	568.043
		Purchases of stock-in-trade	359.375	249.415
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(100.518)	(127.164)
		Employee benefit expense	399.761	309.991
		Other expenses	982.271	872.064
		TOTAL	2419.566	1872.349	1739.247
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		266.594	237.790	378.387
Less	FINANCIAL EXPENSES		118.794	69.490	95.941
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		147.800	168.300	282.446
Less/ Add	DEPRECIATION/ AMORTISATION		118.250	104.237	97.084
	PRIOR PERIOD ITEMS		(0.476)	0.000	0.000
	PROFIT BEFORE TAX		29.074	64.063	185.362
Less	TAX		(40.383)	(67.087)	15.523
	PROFIT AFTER TAX		69.457	131.150	169.839
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		678.653	577.358	441.940
Less	APPROPRIATIONS
		Proposed Dividend	NA	17.084	15.747
		Corporate Dividend Tax		2.771	2.675
		General Reserve		10.000	16.000
	BALANCE CARRIED TO THE B/S		NA	678.653	577.358
	EARNINGS IN FOREIGN CURRENCY
		Exports at F.O.B. Value	389.321	447.640	361.392
		Income from intellectual property	9.176	0.000	0.000
	TOTAL EARNINGS		398.497	447.640	361.392
	IMPORTS
		Raw Materials	679.465	403.299	377.835
		Finished Goods	211.939	133.621	228.468
		Packing Materials	0.000	19.275	13.102
		Spare Parts	3.707	2.459	3.150
		Capital Goods	4.213	0.000	10.801
	TOTAL IMPORTS		899.324	558.654	633.356
	Earnings Per Share (Rs.)
	Basic		3.89	7.49	9.53
	Diluted		3.31	6.38	9.07

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.08	6.22	8.02
Net Profit Margin (PBT/Sales)	(%)	1.10	3.08	9.01
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.85	8.11
Return on Investment (ROI) (PBT/Networth)		NA	0.04	0.11
Debt Equity Ratio (Total Debt/Networth)		NA	0.63	0.52
Current Ratio (Current Asset/Current Liability)		NA	2.36	2.55

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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10413329	22/03/2013	200,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, 21 FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B71295315
2	10412851	22/03/2013 *	350,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, 21 FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B71978852
3	10331779	25/07/2012 *	350,000,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, 21 FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B45661824
4	10320221	20/03/2012 *	100,000,000.00	IDBI BANK LIMITED	DOSTI PINNACLE, GROUND FLOOR, ROAD NO.22, WAGLE INDUSTRIAL ESTATE, THANE WEST – 400604, MAHARASHTRA, INDIA	B36100238
5	10239209	31/07/2010	14,309,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA	A94241536
6	10209223	21/10/2010 *	160,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, 21 FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	A96933908
7	10181585	29/09/2009	65,000,000.00	CORORATION BANK	OVERSEAS BRANCH, 1ST, FLOOR, EARNEST HOUSE, NARIMAN POINT, MUMBAI – 400021, MAHARASHTRA, INDIA	A71369730
8	10174588	16/07/2009	150,000,000.00	BANK OF BARODA	BACKBAY RECLAMATION BRANCH, CHURCHGATE, MUMBAI - 400021, MAHARASHTRA, INDIA	A69045458
9	10172203	20/03/2012 *	360,000,000.00	BANK OF BARODA	BACKBAY RECLAMATION BRANCH, CHURCHGATE, MUMBAI - 400021, MAHARASHTRA, INDIA	B36229680
10	10167303	29/06/2009	100,000,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA	A65385668
11	10072458	20/03/2012 *	400,000,000.00	IDBI BANK LIMITED	DOSTI PINNACLE, GROUND FLOOR, ROAD NO.22, WAGLE INDUSTRIAL ESTATE, THANE WEST - 400604, MAHARASHTRA, INDIA	B36130110
12	10059732	24/06/2013 *	100,000,000.00	DBS BANK LIMITED	3RD FLOOR, FORT HOUSE, DR. D N ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B78059722
13	80002209	07/07/2009 *	65,000,000.00	CORPORATION BANK	OVERSEAS BRANCH, EARNEST HOUSE, 1ST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A66194846

* Date of charge modification

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans unsecured
Rupee term loans others unsecured	239.160	211.675
Hire purchase installment payable unsecured	4.313	2.490
Other debt unsecured	85.926	70.832
Total	329.399	284.997

NOTE

The Registered office of the company has been shifted from 16th Floor, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra, India to present address w.e.f 27.09.2007.

CORPORATE INFORMATION

Subject is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacturing, marketing and selling of formulation drugs in India and outside India.

CONTINGENT LIABILITY NOT PROVIDED FOR: (AS ON 31.03.2011)

Disputed matters in respect of;

a. Income Tax Rs.0.171 Million (Rs.0.171 Million)

b. Excise Duty Rs.1.942 Millions (Rs.1.942 Millions)

c. Service Tax ( Amount not ascertainable)

These disputes represent estimates mainly for probable claims arising out of litigation/ disputes pending with authorities under respective statutes.

The Probability and timing of the outflow with regard to these matters will depend on the consequent decision /conclusion by the management.

FIXED ASSETS:

· Leasehold Land

· Freehold Land

· Buildings

· Leasehold Improvements

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Live Stock

· Vehicles

· Software

· Patents

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. 63.79
UK Pound	1	Rs. 100.70
Euro	1	Rs. 84.67

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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
DEFAULTERS
--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.