MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	INDEGENE LIFESYSTEMS PRIVATE LIMITED
Registered Office :	Pine Valley, 4th Floor Embassy Golf Link Business Park, Varthur Hobli, Challaghatta Village, Bangalore – 560071, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.10.1998
Com. Reg. No.:	08-032501
Capital Investment / Paid-up Capital :	Rs. 719.980 Millions
CIN No.: [Company Identification No.]	U73100KA1998PTC032501
TAN No.: [Tax Deduction & Collection Account No.]	BLRI00796F
PAN No.: [Permanent Account No.]	AAACI4552N
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Knowledge Process Outsourcing.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 3600000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Latest financial statement of 2012 is not available with us. As per the available financial of 2011, there appear no external borrowings recorded by the company. Profit margin seems to be good. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

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.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Shivanand
Designation :	Accounts Department
Contact No.:	91-80-40787777
Date :	23.09.2013

LOCATIONS

Registered Office :	Pine Valley, 4th Floor Embassy Golf Link Business Park, Varthur Hobli, Challaghatta Village, Bangalore – 560071, Karnataka, India
Tel. No.:	91-80-40787777
Fax No.:	91-80-41267704
E-Mail :	finacc@indegene.com
Website :	http://www.indegene.com
Location :	Owned
Branch Office 1 :	No. 69/B, 1st Cross, 1st Stage, Domlur Layout, Bangalore – 560071, Karnataka, India
Tel. No.:	91-80-33288282
Fax No.:	91-80-33288204
Branch Office 2 :	Aspen Block G4, 3rd Floor, Manyata Embassy Business Park, Outer Ring Road, Nagawara, Bangalore – 560045, Karnataka, India
Tel. No.:	91-80-71034567/ 39204567
Fax No.:	91-80-71034568/ 39204568
Branch Office 3 :	C-19, 4th Floor, Everest Building, J. Dadaji Marg, Tardeo, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-40794079/ 40794080
Overseas Offices :	Located at: · New Jersey · Los Angeles · Sydney · Singapore · London · China · Switzerland · Canada

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Rajesh Bhaskaran Nair

Designation :

Managing director

Address :

Aarabhi Kannamoola, Trivandrum – 695011, Kerala, India

Date of Birth/Age :

25.05.1970

Date of Appointment :

16.10.1998

DIN No.:

00219269

Name :

Thyagarajan Venkatraman

Designation :

Director

Address :

11F, Mount Sinai Lne, 05-25 Glentrees, Singapore 277055

Date of Birth/Age :

19.04.1946

Date of Appointment :

29.09.2008

DIN No.:

00017541

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	L24239MH1924PLC001151	GLAXOSMITHKLINE PHARMACEUTICALS LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
2	L24211TN1975PLC006989	E.I.D PARRY (INDIA) LIMITED	Director	29/03/2004	29/03/2004	19/03/2007	Active	NO
3	U99999PB1995PTC028476	GLAXOSMITHKLINE ASIA PRIVATE LIMITED	Director	20/08/2004	20/08/2004	01/04/2007	Active	NO
4	L22210MH1995PLC084781	TATA CONSULTANCY SERVICES LIMITED	Director	05/09/2005	05/09/2005	-	Active	NO
5	U73100KA1998PTC032501	INDEGENE LIFESYSTEMS PRIVATE LIMITED	Director	29/09/2008	28/08/2008	-	Active	NO
6	U73100KA2003PTC032310	CONNEXIOS LIFE SCIENCES PRIVATE LIMITED	Director	16/09/2008	29/08/2008	-	Active	NO

Name :

Mr. Sriram Nadathur

Designation :

Director

Address :

A-2, 604, Sobha Opal, 18 Main, 39 Cross, 4^th Block, Jayanagar, Bangalore – 560041, Karnataka, India

Date of Birth/Age :

28.02.1972

Date of Appointment :

26.10.2005

DIN No.:

00196449

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	U85110KA2000PTC026946	SYNDICATED RESEARCH WORLDWIDE PRIVATE LIMITED	Director	16/06/2000	16/06/2000	-	Active	NO
2	U70102KA2000PTC026405	NADATHUR ESTATES PRIVATE LIMITED	Director	01/01/2013	16/08/2000	-	Active	NO
3	U73100KA2003PTC032310	CONNEXIOS LIFE SCIENCES PRIVATE LIMITED	Director	25/07/2003	25/07/2003	-	Active	NO
4	U51397KA2003PTC031637	SHANTHI HOSPITAL AND RESEARCH CENTRE PRIVATE LIMITED	Director	06/08/2004	06/08/2004	-	Active	NO
5	U73100KA2000PLC028246	METAHELIX LIFE SCIENCES LIMITED	Nominee director	04/04/2005	04/04/2005	30/12/2010	Active	NO
6	U00660KA2005PTC036738	FINPRO BUSINESS SOLUTIONS PRIVATE LIMITED	Director	08/07/2005	08/07/2005	-	Active	YES
7	U73100KA1998PTC032501	INDEGENE LIFESYSTEMS PRIVATE LIMITED	Director	26/10/2005	26/10/2005	-	Active	NO
8	U24232KA2006PTC041018	INEXIOS PHARMACEUTICALS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	-	Active	NO
9	U92142KA2007PTC041373	NADATHUR ARTS PRIVATE LIMITED	Director	03/01/2007	03/01/2007	-	Active	NO
10	U70102KA2006PTC040656	TREE HILL ESTATES PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
11	U73100KA2007PTC041611	ABEXOME BIOSCIENCES PRIVATE LIMITED	Director	01/02/2007	01/02/2007	-	Active	NO
12	U65993KA2009PTC048901	NITYA HOLDINGS PRIVATE LIMITED	Director	19/01/2009	19/01/2009	-	Active	NO
13	U73100KA2009PTC051466	ACHIRA LABS PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
14	U93090KA2009PTC051788	SAMHITA SOCIAL VENTURES PRIVATE LIMITED	Additional director	15/06/2010	15/06/2010	29/09/2010	Active	NO
15	U40107KA2010PTC055112	NADATHUR ENVIRONMENT & ENERGY PRIVATE LIMITED	Director	09/09/2010	09/09/2010	-	Active	NO
16	U74999KA2011PTC059110	SILVERNEEDLE HOSPITALITY (INDIA) PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
17	U85100KA2012PTC063805	ARKIN LIFE SCIENCES PRIVATE LIMITED	Director	02/05/2012	02/05/2012	-	Active	NO

Name :

Mr. Manish Gupta

Designation :

Director

Address :

D-309, Raheja Residency, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

09.12.1972

Qualification :

B. Tech (IT BHU), MBA (I.I.M Ahmedabad)

Date of Appointment :

11.02.2000

DIN No.:

00219273

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	U73100KA1998PTC032501	INDEGENE LIFESYSTEMS PRIVATE LIMITED	Director	11/02/2000	11/02/2000	-	Active	NO
2	U24232KA2006PTC041018	INEXIOS PHARMACEUTICALS PRIVATE LIMITED	Director	23/11/2006	23/11/2006	03/03/2011	Active	NO

Name :

Mr. Sanjay Suresh Parikh

Designation :

Director

Address :

1A, Jeevan Asha, 60A Pedder Road, Mumbai – 40026, Maharashtra, India

Date of Birth/Age :

02.10.1963

Qualification :

B. Tech (I.I.T Mumbai) PhD (John Hopkins)

Date of Appointment :

29.01.2002

DIN No.:

00219278

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	U70100MH1971PTC014981	SHREE SATYANARAIN PROPERTIES PRIVATE LIMITED	Director	20/03/1992	20/03/1992	27/12/2011	Active	NO
2	U24230MH1986PLC040602	KOPRAN LABORATORIES LIMITED	Director	05/06/1992	05/06/1992	20/12/2011	Active	NO
3	U24230MH1986PLC040601	KOPRAN RESEARCH LABORATORIES LIMITED	Director	22/11/2001	22/11/2001	20/12/2011	Active	NO
4	U73100KA1998PTC032501	INDEGENE LIFESYSTEMS PRIVATE LIMITED	Director	29/01/2002	29/01/2002	-	Active	NO
5	U80301MH2010NPL206196	BIOMEDICAL FOUNDATION OF INDIA	Director	21/04/2011	21/04/2011	-	Active	NO

Name :

Mr. Krishnamurthy Venugopala Tenneti

Designation :

Director

Address :

79, Adarsha Vista, Basavanagar, Vibhutipura, Marathalli, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

29.06.1945

Qualification :

B.E, MBA (IIM Ahmedabad)

Date of Appointment :

29.09.2008

DIN No.:

01338477

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	U73100HR1999PTC037386	EMERGENT VENTURES INDIA PRIVATE LIMITED	Director	16/08/1999	16/08/1999	-	Active	NO
2	U72200MH1998PLC114664	CYGSOFT LIMITED	Director	04/05/2000	04/05/2000	05/01/2008	Under Process of Striking off	NO
3	U72900KA2004PTC034656	BINATAR ELECTRONICS PRIVATE LIMITED	Director	09/09/2004	09/09/2004	-	Active	NO
4	U31909KA1993PTC014470	RANGSONS ELECTTRONICS PRIVATE LIMITED	Director	08/02/2008	02/11/2007	-	Active	NO
5	U73100KA1998PTC032501	INDEGENE LIFESYSTEMS PRIVATE LIMITED	Director	29/09/2008	22/07/2008	-	Active	NO

Name :

Nadathur Srinivasa Raghavan

Designation :

Director

Date of Appointment :

29.09.2007

DIN No.:

00287100

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	U70102KA2000PTC026405	NADATHUR ESTATES PRIVATE LIMITED	Director	16/02/2000	16/02/2000	-	Active	NO
2	U85110KA2000PTC026946	SYNDICATED RESEARCH WORLDWIDE PRIVATE LIMITED	Director	19/04/2000	19/04/2000	-	Active	NO
3	L32202KA1949PLC032923	ABB INDIA LIMITED	Director	20/02/2002	20/02/2002	20/08/2013	Active	NO
4	U67190MH2002PLC137798	IDFC ALTERNATIVES LIMITED	Director	30/11/2004	30/11/2004	22/07/2011	Active	NO
5	U85199KA1999PTC025676	MEDI ASSIST INDIA TPA PRIVATE LIMITED	Director	11/07/2007	11/05/2006	14/12/2009	Active	NO
6	L45201KA1995PLC018475	SOBHA DEVELOPERS LIMITED	Director	28/06/2006	28/06/2006	31/01/2009	Active	NO
7	U74140TN2000PTC046245	FLAME-TAO KNOWARE PRIVATE LIMITED	Director	18/10/2006	18/10/2006	-	Active	NO
8	U92142KA2007PTC041373	NADATHUR ARTS PRIVATE LIMITED	Director	03/01/2007	03/01/2007	-	Active	NO
9	U73100KA1998PTC032501	INDEGENE LIFESYSTEMS PRIVATE LIMITED	Director	29/09/2007	16/08/2007	-	Active	NO
10	U65993KA2008PTC048647	ANANTA HOLDINGS PRIVATE LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
11	U93090KA2009PTC051788	SAMHITA SOCIAL VENTURES PRIVATE LIMITED	Director	08/12/2009	08/12/2009	-	Active	NO
12	U73100KA2008PTC045144	AMAGI MEDIA LABS PRIVATE LIMITED	Director	30/12/2009	30/12/2009	-	Active	NO
13	U40107KA2010PTC055112	NADATHUR ENVIRONMENT AND ENERGY PRIVATE LIMITED	Director	09/09/2010	09/09/2010	-	Active	NO
14	U70102KA2006PTC040656	TREE HILL ESTATES PRIVATE LIMITED	Director	26/09/2011	04/12/2010	-	Active	NO
15	U24232KA2006PTC041018	INEXIOS PHARMACEUTICALS PRIVATE LIMITED	Director	29/09/2011	04/02/2011	-	Active	NO
16	U74999KA2011PTC059110	SILVERNEEDLE HOSPITALITY (INDIA) PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shivanand
Designation :	Accounts Department
Name :	Mrs. Srishti Ramesh Kaushik
Designation :	Secretary
Address :	30 ITI Layout, II Main, A. Narayanapura, Bangalore – 560016, Karnataka, India
Date of Birth/Age :	26.07.1984
Date of Appointment :	12.04.2010
PAN No.:	AOUPK5071R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Equity Shareholders	No. of Shares
Rohit M. Bhojraj	2109
Rajesh Bhaskaran Nair	275327
Manish Gupta	207782
Anand Sarabhai joint with Suhrid Sarabhai	8000
Vinay Parikh joint with Gayatri V. Parikh	2000
Nikhil Nath	705
Rajiv Sahney	2820
Daisy Digital Securities Limited, Mauritius	2815
Anand Shukla	375
Satish Kumar Ganesan	375
Gaurav Kapoor	59896
Vijay Agarwal	750
Shrikumar Margabandhu	1821
Anita Nair	500
Vivek Pandita	375
Safe Finvest Private Limited, India	14042
Sanjay Suresh Parikh	144375
Anand Kiran	52810
Rajeev Jha	141
Sanjay Panda	110
Lakshmi Achar	38
Ajay Shridhar	55
Bhuvaneshwari	39
Ramaswamy Kannan	3210
Ashish Dutt	350
Gautam Sathia	500
Saurabh Jain	400
Krishnamurthy Venugopala Tenneti	2000
Nadathur Far East Pte, Singapore	752986
Sanjay Virmani	4603
Total	1541309

Names of Preference Shareholder	No. of Shares
Sriram Nadathur	7169000
Total	7169000

AS ON 15.05.2013

Names of Allottee (Preference Shares)	No. of Shares
Sriram Nadathur	687000
Total	687000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	49.30
Bodies corporate	0.91
Directors or relatives of directors	40.90
Other top fifty shareholders	8.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Knowledge Process Outsourcing.

Products/ Services :

ITC Code No.	Product Descriptions
8748	Business Consulting Services

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

700 (Approximately)

Bankers :

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

Indian Bank, # 512, 6th Cross, 6th Block, Koramangala, Bangalore - 560095, Karnataka, India [Tel No.: 91-80-22958828]

Facilities :

SECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Working capital loans banks secured	0.000	15.787
Total	0.000	15.787

Banking Relations :	--
Auditors :
Name :	Ajit and Vivek Chartered Accountants
Address :	No.7, 3rd Floor, North Park Road, Sheshadripuram, Bangalore – 560020, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AABFA3686M
Controlling Company :	Indegene Lifesystems Private Limited, India
Subsidiaries :	· ILSL Holdings Inc., USA (Formerly Indegene Inc.) · Indegene Fareast Pte. Limited, Singapore · Indegene Australia Pty Limited, Australia
Fellow Subsidiaries :	· Medcases LLC · Indegene Pharmaceutical Solutions, Inc. (Formerly Medsn, Inc.)

CAPITAL STRUCTURE

AFTER 29.09.2012

Authorised Capital : Rs. 800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,541,309	Equity Shares	Rs. 2/- each	Rs. 3.083 Millions
7,856,000	Preference Shares	Rs. 100/- each	Rs. 785.600 Millions
	Total		Rs. 788.683 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 2/- each	Rs. 5.000 Millions
7,200,000	Preference Shares	Rs. 100/- each	Rs. 720.000 Millions
	Total		Rs. 725.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
1,539,929	Equity Shares	Rs. 2/- each	Rs. 3.080 Millions
7,200,000	Preference Shares	Rs. 100/- each	Rs. 720.000 Millions
	Total		Rs. 723.080 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,539,929	Equity Shares	Rs. 2/- each	Rs. 3.080 Millions
7,169,000	Preference Shares	Rs. 100/- each	Rs. 716.900 Millions
	Total		Rs. 719.980 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		719.980	645.680	645.673
2] Share Application Money		0.011	74.311	74.311
3] Reserves & Surplus		182.906	142.188	142.188
4] (Accumulated Losses)		0.000	(3.310)	(40.838)
NETWORTH		902.897	858.869	821.334
LOAN FUNDS
1] Secured Loans		0.000	15.787	0.000
2] Unsecured Loans		0.000	0.400	9.403
TOTAL BORROWING		0.000	16.187	9.403
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		902.897	875.056	830.737
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.702	22.196	13.406
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		597.788	555.220	555.220
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	212.030	158.060	140.361
	Cash & Bank Balances	37.798	53.115	25.531
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	170.703	184.111	159.103
Total Current Assets		420.531	395.286	324.995
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.519	9.342	10.890
	Other Current Liabilities	105.206	70.982	39.363
	Provisions	29.399	17.322	12.631
Total Current Liabilities		140.124	97.646	62.884
Net Current Assets		280.407	297.640	262.111
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		902.897	875.056	830.737

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	401.149	319.336	293.286
		Other Income	11.588	7.805	7.240
		TOTAL (A)	412.737	327.141	300.526
Less	EXPENSES
		TOTAL (B)	356.309	279.072	221.324
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.428	48.069	79.202
Less	FINANCIAL EXPENSES (D)		2.886	1.096	4.182
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		53.542	46.973	75.020
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.709	12.539	10.114
	PROFIT BEFORE TAX (E-F) (G)		42.833	34.434	64.906
Less	TAX (H)		(1.195)	(3.094)	1.389
	PROFIT AFTER TAX (G-H) (I)		44.028	37.528	63.517
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.310)	(40.838)	(104.355)
	BALANCE CARRIED TO THE B/S		40.718	(3.310)	(40.838)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	37.780	13.237	15.842
	IMPORTS
		Capital Goods	NA	9.386	0.000
	Earnings Per Share (Rs.)		5.06	4.71	14.00

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	850.000	630.000

The above information has been parted by Mr. Shivanand (Accounts Department)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.67	11.47	21.14
Net Profit Margin (PBT/Sales)	(%)	10.68	10.78	22.13
Return on Total Assets (PBT/Total Assets}	(%)	9.62	8.25	19.18
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.08
Debt Equity Ratio (Total Debt/Networth)		0.00	0.02	0.01
Current Ratio (Current Asset/Current Liability)		3.00	4.05	5.17

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10366640	21/06/2012	120,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B44221786
2	80064050	24/10/2005	23,500,000.00	INDIAN BANK	KORAMANGALA, BANGALORE - 560095, KARNATAKA, INDIA	-

UNSECURED LOANS

UNSECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Other debt unsecured	0.000	0.400
Total	0.000	0.400

Note:

The registered office of the company has been shifted from No. 271, 14^th Cross, 2^nd Stage, Indiranagar, Bangalore – 560038, Karnataka, India to the present w.e.f.22.06.2009

HIGHLIGHTS OF THE YEAR

The year 2010-11 was a good year for the Company. The Company has made progress on multiple fronts. Some of the important achievements are as follows:

Revenue growth of around 25.62%. There has been Increase in number of customers and also deeper penetration with some of the key customers. Also, an increase in the number of strategic engagement with customers. The Company has earned many awards including the Hermes Creative awards in International Forums. Their practices around patient value services and virtual sales organisations have done well initially and show a lot of promise.

BUSINESS OUTLOOK

The Company is performing well on a global level. The growth and expansion is taking place at a rapid pace.

The Company is positioned well for future growth. Global Pharmaceutical Companies are increasingly looking at: New technology and diverse ways for medical communication Off shoring their marketing and commercialization activities. Alternate ways to reach out to Physicians and Patients.

Drive growth in emerging markets through market development activities.

Their capabilities and expertise as well as their track record match these trends and place them in a unique position to offer diverse solutions and services.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Contracts remaining to be executed on capital account and that have not been provided for as at the end of the year.	0.000	0.423
Bank Guarantee Issued by the Bank in Favour of Government Department.	0.400	0.400
Bank Guarantee issued to customers for commitments on project execution	0.000	0.000
Total	0.400	0.823

FIXED ASSETS:

Land

Building

Office building

Factory building

Plant and machinery

Office equipments

Factory equipments

Computer equipments

Other equipments

Furniture and fixtures

Vehicles

Leasehold improvements

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. 62.66
UK Pound	1	Rs. 100.46
Euro	1	Rs. 84.60

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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.