MIRA INFORM REPORT

Report Date :

03.02.2014

IDENTIFICATION DETAILS

Name :	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED [w.e.f. 26.02.2009]
Formerly Known As :	STERIGENE LIFE SCIENCES PRIVATE LIMITED
Registered Office :	New No. 15, Old No. 17, Gopalakrishnan Road, T. Nagar, Chennai-600017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.02.2007
Com. Reg. No.:	062549
Capital Investment / Paid-up Capital :	Rs.1049.882 Millions
CIN No.: [Company Identification No.]	U02423TN2007PTC062549
TAN No.: [Tax Deduction & Collection Account No.]	CHES28113B
PAN No.: [Permanent Account No.]	AAKCS9783R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Formulation.
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow but delayed
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The management has reported accumulated losses during 2013. The company also possesses a below average financial risk profile marked by small scale of operations in an intensely competitive industry. The ratings also take into consideration the instances of delay in servicing its term debt obligations due to weak liquidity. However, business is active. Payment terms are reported as slow but delayed. In view of extensive experience of the promoters, the subject can be considered for business dealing on a safe and secured 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	D [Long Term]
Rating Explanation	Default or are expected to be in default soon.
Date	19.06.2013

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. Krishna Murthy
Designation :	Finance Department
Contact No.:	91-9367555084
Date :	01.02.2014

LOCATIONS

Registered Office :	New No. 15, Old No. 17, Gopalakrishnan Road, T. Nagar, Chennai-600017, Tamilnadu
Tel. No.:	91-44-23452030/34
Mobile No.:	91-9367555084 [Mr. Krishna Murthy]
Fax No.:	91-44-23452036/23452034
E-Mail :	accounts@steril-gene.com psr@softgelhealthcare.com
Website :	http://steril-gene.com
Corporate Office / Factory :	45 Main Road, Mangalam Village, Villanur Commune, Pondicherry – 605110, India
Tel. No.:	91-413-2905785
Fax No.:	91-413-2661102

DIRECTORS

AS ON 05.09.2013

Name :

Mr. Sulaiman Abdulhai Mohammed

Designation :

Managing Director

Address :

Old No.16, New No.33/1, Kannadasan Road, T Nagar, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

01.05.1951

Date of Appointment :

28.02.2007

Din No.:

01186491

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	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Managing director	23/10/2003	23/10/2003	-	Active	NO
2	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Managing director	12/04/2004	12/04/2004	-	Active	NO
3	U24231TN2005PTC057548	LLOYD LABORATORIES PRIVATE LIMITED	Director	20/09/2005	20/09/2005	30/09/2011	Active	NO
4	U24239AP2007PTC052629	OCEAN HEALTH and MEDICAL PRIVATE LIMITED	Director	06/02/2007	06/02/2007	18/12/2013	Active	NO
5	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Managing director	01/03/2008	28/02/2007	-	Active	NO
6	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
7	U24231JK1994PTC001409	ANPHAR ORGANICS PRIVATE LIMITED.	Director	14/09/2012	02/03/2012	-	Active	NO

Name :

Mr. Gandhimathi Alagappan

Designation :

Director

Address :

10A, VOC 2^nd Main Road, Kodambakkam, Chennai – 600024, Tamilnadu, India

Date of Birth/Age :

02.03.1958

Date of Appointment :

28.02.2007

Din No.:

01542295

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	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Director	12/04/2004	12/04/2004	Active	NO
2	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Director	02/08/2004	02/08/2004	Active	NO
3	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	Active	NO
4	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	Active	NO

Name :

Ms. Nagappan Meenakshy

Designation :

Director

Address :

28, Arcot Mudali Street, T Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

21.03.1963

Date of Appointment :

28.02.2007

Din No.:

01186189

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	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Director	12/04/2004	12/04/2004	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	Active	NO
3	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Director	26/09/2009	16/02/2009	Active	NO
4	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	Active	NO

Name :

Ms. Mangaleswari Balakumar

Designation :

Director

Address :

11A/27A, Moosa Street, T Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

18.03.1962

Date of Appointment :

28.02.2007

Din No.:

01186450

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	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Director	12/04/2004	12/04/2004	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	Active	NO
3	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Director	26/09/2009	16/02/2009	Active	NO
4	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	Active	NO

Name :

Mr. Sivasamy Nadar Manohar

Designation :

Director

Address :

No.25, Kamala Nagar, Madurai, Chennai – 600002, Tamilnadu, India

Date of Birth/Age :

15.03.1953

Date of Appointment :

28.02.2007

Din No.:

01057515

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	U85110TN1993PTC025435	DOPPLER DIAGNOSTICS & RESEARCH CENTRE PRIVATE LIMITED	Managing director	15/08/1994	15/08/1994	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	28/02/2007	28/02/2007	Active	NO
3	U24231TN2004PTC052943	MARAL HEALTH CARE PRIVATE LIMITED	Director	06/06/2007	06/06/2007	Active	NO
4	U24231TN2003PTC051829	SOFTGEL HEALTHCARE PRIVATE LIMITED	Director	26/09/2009	16/02/2009	Active	NO
5	U65990TN2010PTC075670	MADRAS PHARMA HOLDINGS PRIVATE LIMITED	Director	12/05/2010	12/05/2010	Active	NO

Name :

Zenaida Dizon Balajadia

Designation :

Director

Address :

73, Scout Fernandez Street, Philippines, Quezon - 1103

Date of Birth/Age :

27.02.1953

Date of Appointment :

04.12.2009

Din No.:

02553550

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	U24231TN2005PTC057548	LLOYD LABORATORIES PRIVATE LIMITED	Director	20/09/2005	20/09/2005	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	30/09/2010	04/12/2009	Active	NO

Name :

Lloyd Dizon Balajadia

Designation :

Director

Address :

73, SCT Fernandez St. Tomas Morato, Quezon City, Philippines, Pin Code 1103

Date of Birth/Age :

25.10.1979

Date of Appointment :

04.12.2009

Din No.:

02655927

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	U24231TN2005PTC057548	LLOYD LABORATORIES PRIVATE LIMITED	Director	20/09/2005	20/09/2005	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	30/09/2010	04/12/2009	Active	NO

Name :

Dennis Dizon Balajadia

Designation :

Director

Address :

3, Scout Fernandez Street, Brgy Laging Handa Diliman, Quezon City, Philippines, Pin Code 1103

Date of Birth/Age :

27.07.1977

Date of Appointment :

04.12.2009

Din No.:

02655964

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	U24231TN2005PTC057548	LLOYD LABORATORIES PRIVATE LIMITED	Director	20/09/2005	20/09/2005	Active	NO
2	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	30/09/2010	04/12/2009	Active	NO

Name :

Dick Dizon Balajadia

Designation :

Director

Address :

73, Scout Fernandez Street, Quezon City, Philippines, Pin Code 1100

Date of Birth/Age :

10.12.1981

Date of Appointment :

04.12.2009

Din No.:

02874680

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	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	30/09/2010	04/12/2009	Active	NO

Name :

Maximo Ponce Balajadia

Designation :

Director

Address :

73, Scout Fernandez Street, Quezon City, Philippines, Pin Code 1100

Date of Birth/Age :

26.03.1953

Date of Appointment :

04.12.2009

Din No.:

02907712

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	U02423TN2007PTC062549	STERIL-GENE LIFE SCIENCES PRIVATE LIMITED	Director	30/09/2010	04/12/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Krishna Murthy
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.09.2013

Names of Shareholders	No. of Shares
Sulaiman Abdulhai Mohammed	2000
Gandhimathi Alagappan	2000
Nagappan Meenakshy	2000
Mangaleswari Balakumar	2000
Sivasamy Nadar Manohar	2000
Accent Pharma	18010000
Tristar Formulations Private Limited	4300000
Star Trends Holding Corp.	24243492
Madras Pharma Holdings Private Limited	30174123
Lloyd Laboratories Inc.	28250631
TOTAL	104988246

AS ON 05.09.2013

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]	50.00
Directors or relatives of directors	17.16
Other top fifty shareholders	32.84
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Formulation.
Exports :
Products :	Finished Goods
Imports :
Products :	Machinery
Countries :	Germany
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit / Depend

GENERAL INFORMATION

Suppliers :

Hufort Healthcare Private Limited

Customers :

Others

· CIPLA Limited

No. of Employees :

200 [Approximately]

Bankers :

Indian Overseas Bank, C and IC Branch, Dr. R K Salai, Chennai – 600004, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from banks	86.411	0.000
Foreign currency term loans	59.549	89.790
Term loans from others	82.879	0.000
Short Term Borrowings
Loans repayable on demand	45.727	0.000
TOTAL	274.566	89.790

Banking Relations :	--
Auditors :
Name :	B Srinivasan and Company Chartered Accountants
Address :	No. 3, Play Groung View Street, Nandanam Extension, Chennai – 600035, Tamilnadu, India
PAN No:	AAAPB8683L
Other Related Parties :	· Madras Pharma Holdings Private Limited [U65990TN2010PTC075670] · Softgel Healthcare Private Limited [U24231TN2003PTC051829] · Tristar Formulations Private Limited [U24231PY2004PTC001758] · The Madras Pharmaceuticals · MDLD Interchemical Industries Inc., Philippines · Shin Kee Drug Company Limited, Hong Kong · Lloyd Laboratories Inc. Philippines · Maral Labs · Accent Pharma

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
110000000	Equity Shares	Rs.10/- each	Rs.1100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
104988246	Equity Shares	Rs.10/- each	Rs.1049.882 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1049.882	1049.882	800.000
(b) Reserves & Surplus	(224.720)	(158.427)	(69.016)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	8.000	64.915
Total Shareholders’ Funds (1) + (2)	825.162	899.455	795.899
(3) Non-Current Liabilities
(a) long-term borrowings	285.739	109.790	117.551
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	285.739	109.790	117.551
(4) Current Liabilities
(a) Short term borrowings	45.727	0.000	0.000
(b) Trade payables	47.751	38.986	14.003
(c) Other current liabilities	117.597	119.273	107.540
(d) Short-term provisions	19.631	12.582	5.640
Total Current Liabilities (4)	230.706	170.841	127.183
TOTAL	1341.607	1180.086	1040.633
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	860.070	760.783	438.778
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	355.832	293.974	486.261
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	27.155	19.681	19.665
(e) Other Non-current assets	0.000	25.054	18.716
Total Non-Current Assets	1243.057	1099.492	963.420
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	17.012	16.992	12.562
(c) Trade receivables	35.890	24.885	14.367
(d) Cash and cash equivalents	2.878	2.435	22.165
(e) Short-term loans and advances	0.369	0.465	0.715
(f) Other current assets	42.401	35.817	27.404
Total Current Assets	98.550	80.594	77.213
TOTAL	1341.607	1180.086	1040.633

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	225.107	75.297	48.864
Less	EXPENSES
		TOTAL (B)	224.364	103.495	74.935
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.743	(28.198)	(26.071)
Less	FINANCIAL EXPENSES (D)		30.735	31.554	10.694
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(29.992)	(59.752)	(36.765)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		36.300	29.660	11.266
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(66.292)	(89.412)	(48.031)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(66.292)	(89.412)	(48.031)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(158.428)	(69.016)	(20.985)
	BALANCE CARRIED TO THE B/S		(224.720)	(158.428)	(69.016)
	Earnings / (Loss) Per Share (Rs.)		(0.63)	(0.85)	(0.45)

Expected Sales (2013-14) : Rs.440.000 Millions.

The above information has been parted by Mr. Krishna Murthy.

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(29.45)	(118.75)	(98.30)
Return on Total Assets (PBT/Total Assets}	(%)	(6.72)	(10.09)	(8.66)
Return on Investment (ROI) (PBT/Networth)		(0.08)	(0.10)	(0.06)
Debt Equity Ratio (Total Debt/Networth)		0.40	0.12	0.15
Current Ratio (Current Asset/Current Liability)		0.43	0.47	0.61

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10379375	02/07/2013 *	170,000,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, NO.86 RAJAJI SALAI, CHENNAI, TAMILNADU - 600001, INDIA	B80360837
2	10109122	21/06/2012 *	306,000,000.00	INDIAN OVERSEAS BANK	COMMERCIAL AND INSTITUTIONAL CREDIT BRANCH, NO.98 A, DR. RADHAKRISHNAN SALAI, MYLAPORE, CHENNAI, TAMILNADU - 600004, INDIA	B42668939
* Date of charge modification

Unsecured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Loans and advances from related parties	56.900	20.000
TOTAL	56.900	2000

REVIEW OF OPERATIONS:

The Company has successfully started off with its Commercial Production during its previous year at its Oral Solid Dosage Block. The Validation process of the Liquid Injectable Plant is completed and the block has commenced its commercial production by May 2013. During the year esteemed representatives from the global players in pharmaceutical formulations and leading players in Indian Pharmaceutical companies in duly visited our facility. The Sales of the company recorded an increase of 199.45% compared to last year. They are expecting more orders for their facilities and confident of achieving an increase in turnover during the year 2013-2014.

FUTURE PLANS:

They expect regulatory audits at our production facilities in 2013. Our consistency in maintaining standards will prove their commitment. They have the base, the expertise and the structure to move ahead.

FIXED ASSETS:

· Land

· Car

· Air Conditioner

· Computer

· Furniture and Fitting

· Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records 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.62.48
UK Pound	1	Rs.102.95
Euro	1	Rs.84.60

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

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.