MIRA INFORM REPORT

Report Date :

23.09.2013

IDENTIFICATION DETAILS

Name :	MICRO LABS LIMITED
Registered Office :	27, Race Course Road, Bangalore - 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.09.1973
Com. Reg. No.:	08-002401
Capital Investment / Paid-up Capital :	Rs. 252.000 Millions
CIN No.: [Company Identification No.]	U24232KA1973PLC002401
TAN No.: [Tax Deduction & Collection Account No.]	BLRM02191A
PAN No.: [Permanent Account No.]	AABCM2131N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers, Importers, Exporters and Traders of pharmaceuticals, medicines and allied health care products.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

A (67)

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

Maximum Credit Limit :	USD 50250000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established and a reputed company having good track record. The financial position seems to be strong. Fundamentals are healthy. Liquidity position appears to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating AA-
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry very low 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 :	27 , Race Course Road , Bangalore-560001, Karnataka, India
Tel. No.:	91-80-22370451
Fax No.:	91-80-22370463
E-Mail :	yogesh@microlabs.in yog-krish@yahoo.co.in
Website :	www.microlabslimited.com
Head Office :	45/3, Fairfield Layout, Race Course Road, Bangalore- 560001, Karnataka, India
Corporate Office :	No. 303, A Wing, Queens Corner Apartments, No. 3, Queens Road, Bangalore-560 001, Karnataka, India
Tel. No.:	91-80-22269609 / 22268785 / 22267705
Fax No.:	91-80-22256323 / 22281627
E-Mail :	mlabblr@hotmail.com shankaran@microlabsltd.com
Website :	http://www.micro-group.com http://www.microlabsltd.com
Factory 1 :	92, Sipcot Industrial Complex, Hosur – 635 126, Tamilnadu, India
Tel No:	91-4344-276618 / 277261
Factory 2 :	RS 24/3 and 4, Thirubuvanai Village, Mannadipet Commune, Pondicherry, India
Tel No:	91-481-2640015 / 023
Fax No:	91-413-2644641
Factory 3 :	15/A, 2^nd Phase, Kumbalgodu Industrial Area, Bangalore – 560 074, Karnataka, India
Factory 4 :	S- 155/159, Verna Industrial Estate, Verna, Goa- 403722, India
Branches :	Located at: Chennai Indore Aurangabad Ghaziabad Kolkata Chandigarh Secunderabad Patna

DIRECTORS

As on 27.09.2012

Name :

Mr. Dilip Surana

Designation :

Managing Director

Address :

45/3, Fair Field Layout, Race Course Road, High Grounds, Bangalore-560001, Karnataka, India

Date of Birth/Age :

18.01.1966

Date of Appointment :

01.09.2007

Qualification :

B.Com

PAN No.:

AFKPS0253G

DIN No.:

00083030

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	U24232KA1973PLC002401	MICRO LABS LIMITED	Managing director	01-09-07	18-07-94	-	Active	NO
2	L70101TN1992PLC022299	ARIHANT FOUNDATIONS & HOUSING LIMITED	Director	30-12-05	30-12-05	05-05-10	Active	NO
3	U74999MH2007NPL168975	JAIN INTERNATIONAL TRADE ORGANISATION	Additional director	03-04-07	03-04-07	11-12-10	Active	NO
4	U45201KA2007PTC042509	MICRO INFRASTRUCTURE INDIA PRIVATE LIMITED	Director	17-04-07	17-04-07	-	Active	NO
5	U24232KA2009PTC049781	Micro Carsyson Private Limited	Director	07-05-09	07-05-09	-	Active	NO
6	U24232KA2009PTC049861	Micro Dermaceuticals Private Limited	Director	15-05-09	15-05-09	-	Active	NO
7	U24232KA2009PTC049994	Micro Eros Pharmaceuticals Private Limited	Director	29-05-09	29-05-09	-	Active	NO
8	U24232KA2009PTC049993	Micro Nutraceuticals Private Limited	Director	29-05-09	29-05-09	-	Active	NO
9	U24232KA2009PTC050066	Micro Nova Pharmaceutical Private Limited	Director	08-06-09	08-06-09	-	Active	NO
10	U24232KA2009PTC050065	Micro Opthalmic Private Limited	Director	08-06-09	08-06-09	-	Active	NO
11	U40101KA2010PTC054250	Micro Infra Power Corporation Private Limited	Director	28-06-10	28-06-10	-	Active	NO

Name :

Mr. Anand Surana

Designation :

Whole-time Director

Address :

45/3, Fair Field Layout, Race Course Road, High Grounds, Bangalore-560001, Karnataka, India

Date of Birth/Age :

24.03.1971

Date of Appointment :

01.04.2010

Qualification :

B.Com

PAN No.:

AMGPS5511A

DIN No.:

00192343

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	U24232KA1973PLC002401	MICRO LABS LIMITED	Whole-time director	01-04-10	25-02-03	-	Active	NO
2	U72300KA1997PTC022610	VIM SOFT PRIVATE LIMITED	Director	11-11-05	11-11-05	-	Active	NO
3	U45201KA2007PTC042509	MICRO INFRASTRUCTURE INDIA PRIVATE LIMITED	Director	17-04-07	17-04-07	-	Active	NO
4	U45201KA2007PTC044602	DNR Corporation Private Limited	Director	21-10-11	07-12-07	-	Active	NO
5	U24232KA2009PTC049781	Micro Carsyson Private Limited	Director	07-05-09	07-05-09	-	Active	NO
6	U24232KA2009PTC049861	Micro Dermaceuticals Private Limited	Director	15-05-09	15-05-09	-	Active	NO
7	U24232KA2009PTC049994	Micro Eros Pharmaceuticals Private Limited	Director	29-05-09	29-05-09	-	Active	NO
8	U24232KA2009PTC049993	Micro Nutraceuticals Private Limited	Director	29-05-09	29-05-09	-	Active	NO
9	U24232KA2009PTC050066	Micro Nova Pharmaceutical Private Limited	Director	08-06-09	08-06-09	-	Active	NO
10	U24232KA2009PTC050065	Micro Opthalmic Private Limited	Director	08-06-09	08-06-09	-	Active	NO
11	U40101KA2010PTC054250	Micro Infra Power Corporation Private Limited	Director	28-06-10	28-06-10	-	Active	NO
12	U45200KA2011PTC060147	Indu Infracon India Private Limited	Director	25-08-11	25-08-11	-	Active	NO

Name :

Mr. Prasanna Subbarao

Designation :

Director

Address :

92, 17^th Main Road, Banashankari Stage1, Srinagar, Bangalore-560050, Karnataka, India

Date of Birth/Age :

20.07.1948

Date of Appointment :

09.06.2007

DIN No.:

00084602

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	L85110KA1987PLC008368	BAL PHARMA LIMITED	Whole-time director	06-08-94	06-08-94	-	Active	NO
2	U73100KA2001PTC029393	NOVOSYNTH RESEARCH LABS PRIVATE LIMITED	Director	10-08-01	10-08-01	-	Strike off	NO
3	U24232KA1973PLC002401	MICRO LABS LIMITED	Director	09-06-07	09-06-07	-	Active	NO

Name :

Mr. Amar Singh Sisodia

Designation :

Whole-time director

Address :

No. 245, 53^rd Cross, 4^th Block, Rajajinagar, Bangalore – 560010, Karnataka, India

Date of Birth/Age :

25.05.1949

Date of Appointment :

18.07.2011

DIN No.:

03584503

KEY EXECUTIVES

Name :	Mr. Yogesh Krishna Shenoy
Designation :	Secretary
Address :	51/16 20^th Cross, 20^th Main, Marena Halli, Vijaynagar, Bangalore-560040, Karnataka, India
Date of Birth/Age :	26.09.1951
Date of Appointment :	21.03.2005
PAN No.:	AGTPS0938C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
Ghewarchand Surana - HUF - B	950250
Dilip Surana	2039625
Dilip Surana HUF	2777250
Anand Surana	4816875
Bhawari Bai Surana	4982250
Archana Surana	4816875
Monica Surana	4811625
Anita Shiroya	5000
Shailesh Shiroya	250
Total	25200000

As on 27.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Importers, Exporters and Traders of pharmaceuticals, medicines and allied health care products.

Products :

Product Description	ITC Code
Pharmaceutical Formulations	2942, 2309
Pharmaceutical Products	99884300

GENERAL INFORMATION

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

• Canara Bank, Prime Corporate Branch, No. 25, Shankarnarayana Building, M G Road, Bangalore – 560001, Karnataka, India
• Standard Chartered Bank
• HSBC Bank
• Citi Bank
• IDBI Bank
• Barclays Bank
• DBS Bank
• City Union Bank
• Lakshmi Vilas Bank
• Axis Bank

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
Rupee term loans from banks	864.628	234.137
Short Term Borrowing
Loans repayable on demand from banks	3712.356	3578.102
Total	4576.984	3812.239

Banking Relations :	--
Auditors :
Name 1 :	Dagliya and Company Chartered Accountants
Address :	No.5 and 6, ‘L’ Block Unity Building, J C Road, Bangalore-560002, Karnataka, India
PAN.:	AAAFD6954E
Name 2 :	T D Jain and D I Sakaria Chartered Accountants
Address :	No.34, Keshava Nivas, 3^rd Floor, 1^st Main Road, Gandhi Nagar, Bangalore – 560009, Karnataka, India
PAN.:	AAAFO2177L
Subsidiaries :	Micro Infrastructure (India) Private Limited, India PAN No.: AAFCM2489K CIN No.: U45201KA2007PTC042509 Indu Infracon India Private Limited PAN No.: AACC17207C Micro Pharmaceuticals, Mexico Micro Labs GMBH IG Brown and Burk (UK) Limited, United Kingdom DNR Corporation Private Limited, India PAN No.: AACCD8007D CIN No.: U45201KA2007PTC044602 Micro Nova Pharmaceuticals India Limited, Nigeria Micro Labs USA Inc.

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
34000000	Equity Shares	Rs.10/- each	Rs. 340.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25200000	Equity Shares	Rs.10/- each	Rs. 252.000 Millions

Terms/ Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual

General Meeting.

During the year ended March 31, 2012, final dividend proposed for distribution to equity share holders was Rs.10 per equity share (March 31, 2011 – Rs.10 per equity share)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the share holders.

Details of share holding more than 5% shares in the company

Name of the Shareholders	No. of Shares	No. of % of Holding
Dilip Surana – Individual	2030625	08.90
Dilip Surana – HUF	2777260	11.02
Anand Surana	4816875	19.11
Bhawari Bai Surana	4982250	19.77
Archana Surana	4816875	19.11
Monica Surana	4811625	19.09

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	252.000	252.000
(b) Reserves & Surplus	12310.646	10004.972
(c) Money received against share warrants	0.000	0.000
	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	12562.646	10256.972
(3) Non-Current Liabilities
(a) long-term borrowings	864.628	234.137
(b) Deferred tax liabilities (Net)	60.744	68.926
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	60.235	34.499
Total Non-current Liabilities (3)	985.607	337.562
(4) Current Liabilities
(a) Short term borrowings	3959.017	3652.061
(b) Trade payables	2687.878	2221.245
(c) Other current liabilities	367.025	252.920
(d) Short-term provisions	304.746	340.270
Total Current Liabilities (4)	7318.666	6466.496
TOTAL	20866.919	17061.030
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4256.438	4193.542
(ii) Intangible Assets	10.029	17.995
(iii) Capital work-in-progress	1256.623	447.630
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	388.616	286.116
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1770.387	1045.570
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7682.093	5990.853
(2) Current assets
(a) Current investments	1055.837	1002.692
(b) Inventories	2924.836	2532.562
(c) Trade receivables	4147.955	3345.728
(d) Cash and cash equivalents	1327.864	1364.758
(e) Short-term loans and advances	3728.334	2824.437
(f) Other current assets	0.000	0.000
Total Current Assets	13184.826	11070.177
TOTAL	20866.919	17061.030

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		252.000
2] Share Application Money		0.000
3] Reserves & Surplus		7885.521
4] (Accumulated Losses)		0.000
NETWORTH		8137.521
LOAN FUNDS
1] Secured Loans		2129.772
2] Unsecured Loans		134.693
TOTAL BORROWING		2264.465
DEFERRED TAX LIABILITIES		50.245
TOTAL		10452.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3709.746
Capital work-in-progress		160.275
INVESTMENT		325.465
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2270.610
	Sundry Debtors	2793.504
	Cash & Bank Balances	1445.867
	Other Current Assets	0.000
	Loans & Advances	2268.700
Total Current Assets		8778.681
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2085.955
	Other Current Liabilities	136.011
	Provisions	381.115
Total Current Liabilities		2603.081
Net Current Assets		6175.600
MISCELLANEOUS EXPENSES		0.000
FOREIGN CURRENCY MONETARY ITEMS		81.145
TOTAL		10452.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	16525.178	14656.135	12074.570
		Other Income	737.880	647.212	411.568
		TOTAL (A)	17263.058	15303.347	12486.138
Less	EXPENSES
		Cost of material consumed	4507.662	4626.570
		Purchase of Stock-in-trade	1687.639	1289.588
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(199.650)	(105.500)
		Employee benefit	2528.679	2003.774
		Expenditure on production, transportation and other expenditure pertaining to E&P activities	199.770	140.703
		Other expenses	4425.854	3534.774
		TOTAL (B)	13149.954	11489.909	9556.746
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4113.104	3813.438	2929.392
Less	FINANCIAL EXPENSES (D)		196.489	159.358	85.299
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3916.615	3654.080	2844.093
Less/ Add	DEPRECIATION/ AMORTISATION (F)		495.987	454.651	0.000
	PROFIT BEFORE TAX (E-F) (G)		3420.628	3199.429	2844.093
Less	TAX (H)		0.000	0.000	450.014
	PROFIT AFTER TAX (G-H) (I)		3420.628	3199.249	2394.079
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	4772.263	4975.457	4099.316
		Product Development Charges	35.394	103.659	21.372
	TOTAL EARNINGS		4807.657	5079.116	4120.688
	IMPORTS
		Raw Materials	1219.392	1256.109	1082.328
		Packing Materials	13.074	17.460	37.954
		Capital Goods and Spares	475.581	204.640	50.461
		Components and Spare Parts	66.764	--	--
	TOTAL IMPORTS		1774.811	1478.209	1170.743
	Earnings Per Share (Rs.)		103.12	95.61	83.82

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	19.81	15.02	19.17
Net Profit Margin (PBT/Sales)	(%)	20.70	20.60	23.55
Return on Total Assets (PBT/Total Assets}	(%)	18.83	18.82	22.77
Return on Investment (ROI) (PBT/Networth)		0.27	0.28	0.35
Debt Equity Ratio (Total Debt /Networth)		0.38	0.66	0.60
Current Ratio (Current Asset/Current Liability)		4.06	3.99	3.37

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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE: The registered office of the company has been shifted from No. 303, 3^rd Floor, A Wing, Queens Corner Apartments, No. 3, queens Road, Bangalore – 560001, Karnataka, India to the present address w.e.f. 22.06.2006

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Short Term Borrowing
Loans repayable on demand from banks	235.661	0.000
Loans and advances from related parties	11.000	73.959
Total	246.661	73.959

LITIGATION DETAILS:

High Court of Karnataka - Principal Bench at Bangalore

ITA 406/2008

Petitioner/Appnt. Name	THE COMMISSIONER OF INCOME TAX
Respondent/Defnt. Name	M/S MICRO LABS LTD
Petnr./Appnt. Advocate	M V SESHACHALA
Date Filed	14.03.2008
District	Bangalore City

Stage	HEARING
Last Action Taken	ADMIT/RULE Last Date of Action 17.12.2008
Latest Order:	NOTICE
Before Hon'ble Judge/s	DEEPAK VERMA

Lower Court Details [Appeal from below case.]

Case No	Court name	Disposal Date
ITA 576/2006	I.T.AT BANGALORE A BENCH	08.11.2007

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10438079	29/06/2013	1,200,000,000.00	The HongKong and Shanghai Banking Corporation Limited	PLOT NO 139-140B,SHIV BUILDING,SAHAR ROAD JUNCTION, WESTERN EXPRESSWAY HIGHWAY, VILE PARLE - EAST, MUMBAI, MAHARASHTRA - 400057, INDIA	B80143258
2	10391045	23/11/2012	1,109,010,000.00	HSBC Bank (Mauritius) Limited	6TH FLOOR, HSBC CENTRE, 18, CYBERCITY, EBENE, MAURITIUS, - NA, MAURITIUS	B63773261
3	10367660	04/07/2012	400,000,000.00	CITI BANK N.A.	506-507, LEVEL - 5, PRESTIGE MERIDIAN 2, NO.30, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B44575025
4	10329490	28/12/2011	150,000,000.00	The Hongkong and Shanghai Banking Corporation Limited	7 MAHATMA GANDHI ROAD,, BANGALORE, KARNATAKA - 560001, INDIA	B29798386
5	10297367	07/12/2011 *	1,000,000,000.00	DBS BANK LIMITED	SALARPURIA WINDSOR, NO. 3, (OLD NO. 10), ULSOOR ROAD, WARD NO. 78, BANGALORE, KARNATAKA - 560042, INDIA	B28823433
6	10283885	21/04/2011	300,000,000.00	Barclays Bank Plc	FIRST FLOOR, PARAMANNA LAYOUT, BH ROAD, NEELAMANGLA, BANGALORE, KARNATAKA - 562123, INDIA	B12002291
7	10259383	14/01/2011	920,000,000.00	STANDARD CHARTERED BANK	RAHEJA TOWERS, SIXTH FLOOR, NO. 26 - 27, M. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B03091022
8	10261785	21/01/2011 *	920,000,000.00	STANDARD CHARTERED BANK	RAHEJA TOWERS, SIXTH FLOOR, NO. 26 - 27, M. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B04442489
9	10118807	29/12/2008 *	400,000,000.00	Citibank N.A.	506-507, LEVEL 5, PRESTIGE MERIDIAN 2, #30, M. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	A53849022
10	10079316	02/02/2012 *	1,370,000,000.00	STANDARD CHARTERED BANK	RAHEJA TOWERS, SIXTH FLOOR, NO. 26-27, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B31489305
11	10054438	22/01/2010 *	550,000,000.00	STANDARD CHARTERED BANK	RAHEJA TOWERS, SIXTH FLOOR, NO.26/27, M. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	A77639375
12	10029345	17/03/2007 *	550,000,000.00	ABN AMRO BANK NV	99 AND 100, PRESTIGE TOWERS, RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA	A05590542
13	10007038	22/01/2010 *	450,000,000.00	STANDARD CHARTERED BANK	RAHEJA TOWERS, SIXTH FLOOR, NO.26 - 27, M. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	A77637932
14	80033460	06/11/2009 *	300,000,000.00	IDBI Bank Limited	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A73854358
15	90192532	04/07/2003 *	205,000,000.00	CANARA BANK	INDUSTRIAL FINANCE BRANCH, NO. 83; RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA	-
16	90189496	28/01/2000	110,000,000.00	CANARA BANK	INDUSTRAIL FINANCE BRANCH, RICHMOND ROAD, BANGALO RE, KARNATAKA - 560025, INDIA	-
17	90192017	04/01/1999	64,000,000.00	CANARA BANK	INDUSTRAIL FIANNCE BRANCH, VENKATADI COMPLEX; 83; RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA	-
18	90191967	29/06/1998	12,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH; NO. 18, RAMANASHREE ARCADE; MIDFORD GARDENS ROAD; M.G. RD., BANGALORE, KARNATAKA - 560001, INDIA	-
19	90195429	29/06/1998	5,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH; NO. 18, RAMANASHREE AR CADE; MIDFORD GARDENS ROAD; M.G. RD., BANGALORE, KARNATAKA - 560001, INDIA	-
20	90195397	29/10/1997	62,500,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, OFF. M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA	-
21	90191791	03/03/1997	5,000,000.00	CANARA BANK	INFANTRY BRANCH, BANGALORE, KARNATAKA - 560001, INDIA	-
22	90191650	18/12/1998 *	55,000,000.00	CANARA BANK	INDUSTRAIL FIANNCE BRANCH, RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA	-
23	90193872	18/03/2013 *	2,000,000,000.00	Canara Bank	PRIME CORPORATE BRANCH, NO.25,, "SHANKARNARAYANA BUILDING", M G ROAD,, BANGALORE, KARNATAKA - 560001, INDIA	B72201320
24	90191298	30/08/1994	6,400,000.00	CANARA BANK	ANNA NAGAR EAST, MADRAS, TAMIL NADU - 600102, INDIA	-
25	90191247	25/05/1994	7,907,000.00	CANARA BANK	ANNA NAGAR, MADRAS, TAMIL NADU - 600102, INDIA	-
26	90195173	09/06/2001 *	20,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, OFF. M.G. ROAD, BANGAL ORE, KARNATAKA, INDIA	-
27	90195154	24/01/1994	1,500,000.00	CENTRAL BANK OF INDIA	MILLERS ROAD BRANCH, BANGALORE, KARNATAKA - 560052 , INDIA	-

* Date of charge modification

PRESS RELEASES:

MINISTRY ADMITS ANTI-DIABETIC DRUG BAN ILL-INFORMED

JUL 13 2013

Red-Faced after an expert committee asked it to revoke the tan on anti-diabetic drug pioglitazone. the health ministry Friday conceded that the move might have he en ill-informed.

The decision to suspend sale of the drug was informed by adverse event reports and letters from some doctors. One among them, and which the ministry is now under pressure to disown, was a letter to the prime minister and the health minister from Chennai-based dialectologist Dr V moohan, chairman of Dr Mohan's Diabetes Specialties Centre.

Dr Mohan claimed that he had found eight cases of bladder cancer associated with pioglitazone use. "You will agree that as far as human lives are concerned, it does not matter even if only a few people develop bladder cancer and die. No drug which produces cancer should be allowed to be used in human beings," he argued in the January 2013 letter. "I, therefore, request you to take steps to ban pioglitazone use in the Indian market."

The letter, health officials said, sent alarm bells ringing and rushed the decision, so much so that even the Drug Technical Advisory Board, the decision maker in such cases, was not kept in the loop.

What the officials did not know, or so they claim, was that Dr Mohan's Diabates Education Academy and the Public Health Foundation of India had been approved for an unrestricted grant for a certificate course on diabetes management by USD

PIOGLITAZONE: SUSPENSION REVOKED

August 3, 2013

Manufacturers told to mention risks/side effects on package

The Union Health Ministry has issued a notification revoking the suspension it had earlier imposed on the diabetes drug Pioglitazone and all its combinations. The drug had been suspended citing concerns that long-term use of the drug could pre-dispose diabetes patients to an increased risk of bladder cancer, as had been found in some Western studies.

The notification follows a recommendation of the Drug Technical Advisory Board [DTAB), which met on July 19 and decided that the drug may be allowed to be sold and consumed in the country, with sufficient caution. The DTAB lias now recommended that the manufacture and sale of Pioglitazone may be allowed, provided the manufacturer clearly mentions on the package insert and promotional literature of the drug that Pioglitazone may not be used as a first line of therapy for diabetes.

DTAB has also said that the manufacturers carry a box warning, clearly mentioning the risks / side effects of the drug in bold red letters on the package.

It has also asked the doctors to make sure that the drug is not used in persons with active bladder cancer or a history of bladder cancer in the family. Doctors should review the safety and efficacy of the drug after three to six months of prescription and the drug maybe continued only if the patient seems to be deriving any benefit.

It has asked doctors to exercise a great deal of caution while prescribing the drug for elderly patients and that they be put on the lowest possible dose and regularly monitored.

Even as the suspension has been revoked, it might be a while before the drug will hit the market once again as Pioglitazone can now be sold only with the box warning on the risk of bladder cancer, a condition which the pharma companies will have to follow to the letter.

"The Drugs- Control Department will await further directives from the Drugs Controller General of India on making Pioglitazone available in the market again because the drug cannot be sold without the box warning. We also have no idea what to do with the previous stock of Pioglitazone, which does not carry this warning," the State Drugs Controller [in charge), P. Hariprasad, said.

It was last month that the Health Ministry issued orders suspending the manufacture and sale of Pioglitazone, pain killer analgin, and the anti-depressant Deanxit. However, it was the bar on the diabetes drug, Pioglitazone, which has an estimated annual sales of about Rs.830 crorein India, which evoked the maximum protests from all quarters, including the pharma industry and the medical fraternity.

PIOGLITAZONE: NO CANCER FOR 3 YEARS

July 18, 2013

A three-year study (2005-2008) undertaken on 204 subjects who had impaired glucose tolerance (IGT), a pre-diabetic stage, and who were on pioglitazone drug alone did not find any case of bladder cancer.

The primary objective was, however, to see if the drug in addition to lifestyle modifications helped in preventing subjects with IGT from becoming diabetic.

The study was published in March 2009 in Diabetologia journal and was undertaken by a team of diabetologistsled by Dr. A. Ramachandran of India Diabetes Research Foundation, Chennai and Dr. A. Ramachandrans Diabetes Hospital, Chennai.

The study gains significance at this point in time as the Health Ministry's decision of June 18 to ban the oral anti diabetic drug pioglitazone on safety grounds has become highly controversial. Following protests from doctors, the government constituted an expert committee of 12 doctors which on July 11 strongly recommended that the ban be revoked.

The highlight of the study is that it was a randomised, double-blind study. All subjects had IGT and one arm with 203 subjects undertook lifestyle modifications and got a placebo (dummy drug), while the other group (204 subjects) got pioglitazone in addition to lifestyle modifications.

The pioglitazone arm got 15 mg a day of the drug for the first six months! which was later increased to 30 mg a day. Subjects complained of giddiness when the dose was increased to 40 mg a day. Hence, 30 mg a day was continued for the remaining duration of the study.

At the end of the trial period, both arms reported two cardiac events but there was no incidence of bladder cancer in any of the subjects.

"Other studies take the data from the database and look for a link between pioglitazone and bladder cancer," Dr. Ramachandran said. "Though they look for prescription the adherence rate cannot be measured. But ours was a randomised, double-blind study and all subjects were monitored for the entire duration of the study [six months]."

Since the arm that received the drug was on just one anti-diabetic drug, it was easy to assess the effect and risk more effectively, he said.

NOD FOR REVOKING BAN ON PIOGLITAZONE

AUGUST 1. 2013s

The Union Ministry of Health and Family Welfare on Wednesday endorsed the recommendation of the Drugs Technical Advisory Board (DTAB) to revoke the ban on pioglitazone — an oral anti-diabetic drug which was banned on June 18. The drug will now be sold with a box warning (that the drug carries a significant risk of serious or even life-threatening adverse effects) and will also carry an inset. Doctors will also be told that pioglitazone should not be prescribed as the first line of treatment.

FIXED ASSETS

• Land
• Factory and Other Building
• Lease Hold Building
• Plant and Machinery
• Electrical Installations
• Material Handling Equipments
• Air conditioner
• Boilers and Generators
• Effluent Treatment Plant
• Weighing Balances
• Furniture and Fixtures
• General Ventilation Systems
• Laboratory Equipment
• Office Equipments
• Pollution Control Equipments
• Refrigerators
• Trade Marks
• Computer
• Vehicle
  

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.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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

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

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

RATING EXPLANATIONS

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