MIRA INFORM REPORT

Report Date :

27.01.2014

IDENTIFICATION DETAILS

Name :	CALYX CHEMICALS AND PHARMACEUTICALS LIMITED (w.e.f. 08.09.2006)
Formerly Known As :	CALYX CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Unit No.110, Marwah’s Complex, Krishanlal Marwah Estate, Off. Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.01.1986
Com. Reg. No.:	11-038618
Capital Investment / Paid-up Capital :	Rs. 160.489 Millions
CIN No.: [Company Identification No.]	U24220MH1986PLC038618
TAN No.: [Tax Deduction & Collection Account No.]	MUMC07976D/ MUMC09940A
PAN No.: [Permanent Account No.]	AABCC1457B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract research and manufacturing services.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 7264000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. Profitability of the company seems to be decent. General financial position of the company appears to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Latest financial for the year 2013 is not available with us.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Issuer rating: “BBB-”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	11.04.2013

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-28575037)

LOCATIONS

Registered Office :	Unit No.110, Marwah’s Complex, Krishanlal Marwah Estate, Off. Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28571191/ 82/ 28575037
Fax No.:	91-22-66466401
E-Mail :	dipali_dorugade@calyxindia.com calyx@calyxindia.com devanand_mojidra@calyxindia.com
Website :	www.clydxindia.com www.calyx-pharma.com
Corporate Office :	A-37/38, MIDC, Phase 1, Golavli, Kalyan Shil Road, Dombivali (East), Near Vicconaka, Thane – 421203, Maharashtra, India
Tel. No.:	91-251-2438310/ 6698300
Fax No.:	91-251-2438726
E-Mail :	sales@calyxindia.com crams@calyxindia.com
Factory 1 :	N 91/102, Tarapur Industrial Area, Boisar, District Thane, Maharashtra, India
Factory 2 :	W 212/213, MIDC, Phase II, Sonarpada, Dombivali (East), District Thane, Maharashtra, India

DIRECTORS

As on 27.09.2013

Name :	Mr. Smitesh Chandravadan Shah
Designation :	Managing Director
Address :	B-403, Eden – III, Hiranadani Grdens, Powai, Mumbai – 400 076, Maharashtra, India
Date of Birth/Age :	28.04.1959
Qualification :	B.com
Qualification :	01.04.2013
PAN No.:	AMUPS4238C
DIN No.:	00019720
Name :	Mr. Bharat Sukhlal Mehta
Designation :	Director
Address :	21, Nibbana Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	05.01.1938
Qualification :	MBA
Date of Appointment :	31.03.2010
PAN No.:	AAAPM7952K
DIN No.:	00038165
Name :	Mr. Rajat Indulal Doshi
Designation :	Director
Address :	1 E, Dil Pazir, Bhulabhai Desai Road, Cumballa, Gamdevi, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	13.10.1958
Qualification :	B.com
Date of Appointment :	30.09.2009
PAN No.:	AABPD9790M
DIN No.:	02423171

KEY EXECUTIVES

Name :	Mr. Devanand P. Mojidra
Designation :	Company Secretary
Address :	A/504, Kamala Ashish Building, 3 CHS Limited, Mahavir Nagar, Dahanukar Wadi, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	07.02.1973
Date of Appointment :	11.05.2012
PAN No.:	AHRPM7047F
Name :	Mr. Deepak Maroo
Designation :	Chief Financial Officer
Name :	Mr. Alpit Bhagalia
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	10.20
Bodies corporate	2.97
Directors or relatives of directors	75.56
Other top fifty shareholders	11.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract research and manufacturing services.

Products :

Item Code No. (ITC Code)	Product Description
Pyrazina	29242960
Erythrom	29415000
Erystear	29415000
Artemether	29420090

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production*
Active Pharmaceutical Ingredients, Intermediate and Chemicals	MT	127463	1743

NOTE:

· The Installed capacity has been certified by the management.

· * Includes outsourced, contract manufactured and bought out goods.

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· UCO Bank, MCU Andheri (West), Marol Maroshi Road, Next to Marol Fire Bridge, Andheri (East), Mumbai – 400059, Maharashtra, India

· State Bank of Bikaner and Jaipur, Commercial Network Branch, 239, P Demello Road, Opposite GPO, Fort, Mumbai – 400001, Maharashtra, India

· State Bank of Hyderabad, New India Assurance Company Building Ground Floor, 87, Mahatma Gandhi Road, Mumbai – 400001, Maharashtra, India

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

· State Bank of India, Backbay Reclamation Branch, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India

· Corporation Bank, Large Corporate Branch, Eagles Flight, Suren Road, Andheri (East), Mumbai - 400093, Maharashtra, India

· Punjab National Bank, Brady House, V.N. Road, Fort, Mumbai - 400023, Maharashtra, India

· Bank of India, Andheri MID Corporate Branch, M.D.I Building, First Floor, 28 S.V Road, Andheri (West), Mumbai - 400058, Maharashtra, India

· State Bank of India

· State Bank of Mysore

· IDBI Bank Limited

· Oriental Bank of Commerce

· State Bank of Patiala

· Kotak Mahindra Bank Limited

· Standard Chartered Bank

· Indian Overseas Bank

· State Bank of Mysore

· Bank of Bahrain and Kuwait

· Allahabad Bank

· Canara Bank

· ING Vysya Bank

· State Bank of Mauritius

Facilities :

SECURED LOANS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (First Pari Passu Charge by way of hypothecation over entire movable Fixed Assets and mortgage over the entire immovable properties of the Company present and future. First Pari Passu charge on all fixed assets and subservient charge on current assets of the company.First Pari Passu charge on all fixed assets of the company along with existing and proposed other lenders)	1016.326	1035.516
SHORT TERM BORROWINGS
Working capital loans from banks (Primary Security: - First pari-passu charge on entire current assets of the company. Collateral Security:- Second pari-passu charge on entire fixed assets of the company)	1577.492	924.364
Total	2593.818	1959.880

Banking Relations :	--
Auditors :
Name :	Jatin V. Shah Chartered Accountant
Address :	261/263, D N Road, 4^th Floor, Mumbai – 400 001, Maharashtra, India
Tel. No. :	91-22-32948140
Fax No. :	91-22-22610775
Income-tax PAN of auditor or auditor's firm :	AVVPS9231R
Subsidiaries :	· Singind Life Sciences Pte. Limited, Singapore
Entities over which Key Management Personnel exercise significant influence/ Others:	· Top Brass Gifts Private Limited CIN No.: U18101MH1993PTC072347 · Sukhlal Mansukhlal Herbals (Formerly Known as Sum Electronics) · Sum Electronics · Calyx Employees Welfare Trust

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16413473	Equity Shares	Rs.10/- each	Rs.164.135 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16048890	Equity Shares	Rs.10/- each	Rs.160.489 Millions

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	160.489	159.332
(b) Reserves & Surplus	1597.865	1187.591
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	57.704	0.000
Total Shareholders’ Funds (1) + (2)	1816.058	1346.923
(3) Non-current liabilities
(a) Long-term borrowings	1066.429	1175.607
(b) Deferred tax liabilities (Net)	207.870	166.238
(c) Other long term liabilities	400.844	366.641
(d) Long-term provisions	10.153	0.000
Total Non-current Liabilities (3)	1685.296	1708.486
(4) Current liabilities
(a) Short term borrowings	1577.492	1024.364
(b) Trade payables	1761.960	646.052
(c) Other current liabilities	365.940	373.154
(d) Short-term provisions	67.992	26.074
Total Current Liabilities (4)	3773.384	2069.644
TOTAL	7274.738	5125.053
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1184.938	973.880
(ii) Intangible Assets	481.306	486.320
(iii) Capital work-in-progress	88.360	88.762
(iv) Intangible assets under development	442.941	345.699
(b) Non-current Investments	2.981	2.713
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	29.850	27.883
(e) Other Non-current assets	18.669	34.523
Total Non-Current Assets	2249.045	1959.780
(2) Current assets
(a) Current investments	5.159	4.889
(b) Inventories	2629.276	1868.138
(c) Trade receivables	1796.906	920.727
(d) Cash and cash equivalents	464.735	188.012
(e) Short-term loans and advances	129.617	183.507
(f) Other current assets	0.000	0.000
Total Current Assets	5025.693	3165.273
TOTAL	7274.738	5125.053

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		135.360
2] Share Application Money		0.000
3] Reserves & Surplus		780.482
4] (Accumulated Losses)		0.000
NETWORTH		915.842
LOAN FUNDS
1] Secured Loans		1579.865
2] Unsecured Loans		295.949
TOTAL BORROWING		1875.814
DEFERRED TAX LIABILITIES		156.246
TOTAL		2947.902
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1453.601
Capital work-in-progress		0.000
INVESTMENT		1.020
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1223.411
	Sundry Debtors	729.227
	Cash & Bank Balances	242.460
	Other Current Assets	0.000
	Loans & Advances	286.456
Total Current Assets		2481.554
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	913.307
	Other Current Liabilities	43.003
	Provisions	50.057
Total Current Liabilities		1006.367
Net Current Assets		1475.187
MISCELLANEOUS EXPENSES		18.094
TOTAL		2947.902

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	5891.861	4171.774	3218.025
		Other Income	30.139	14.766	48.662
		TOTAL (A)	5922.000	4186.540	3266.687
Less	EXPENSES
		Cost of materials consumed	4528.358	3038.899
		Purchase of Stock-in-trade	292.979	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(685.316)	(114.644)
		Employee benefits expenses	160.826	125.302
		Manufacturing Expenses	154.482	125.278
		Administration Expenses	254.964	175.704
		Selling and Distribution Expenses	32.577	41.297
		Research and Development Expenses	19.811	22.176
		TOTAL (B)	4758.681	3414.012	2681.255
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1163.319	772.528	585.432
Less	FINANCIAL EXPENSES (D)		455.870	286.637	232.453
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		707.449	485.891	352.979
Less/ Add	DEPRECIATION/ AMORTISATION (F)		129.430	97.704	77.371
	PROFIT BEFORE TAX (E-F) (G)		578.019	388.187	275.608
Less	TAX (H)		161.836	91.461	67.238
	PROFIT AFTER TAX (G-H) (I)		416.183	296.726	208.370
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		837.922	598.665	422.057
Less	APPROPRIATIONS
		Interim Equity Dividend Paid	15.934	0.000	31.762
		Tax on Interim Dividend	2.585	0.000
		Proposed Final Equity Dividend	12.037	23.900
		Tax on Dividend	1.953	3.969
		Transfer to General Reserves	41.600	29.600
	BALANCE CARRIED TO THE B/S		1179.996	837.922	598.665
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1486.344	817.867	389.208
	TOTAL EARNINGS		1486.344	817.867	389.208
	IMPORTS
		Capital Goods	0.481	0.000	0.000
		Raw Materials	1522.396	1299.467	1168.685
		Consumables	0.028	0.156	0.321
	TOTAL IMPORTS		1522.905	1299.623	1169.006
	Earnings Per Share (Rs.)		26.12	19.33	17.61

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.03	7.09	6.38
Net Profit Margin (PBT/Sales)	(%)	9.81	9.31	8.56
Return on Total Assets (PBT/Total Assets}	(%)	8.58	8.28	7.00
Return on Investment (ROI) (PBT/Networth)		0.32	0.29	0.30
Debt Equity Ratio (Total Debt/Networth)		1.46	1.63	2.05
Current Ratio (Current Asset/Current Liability)		1.33	1.53	2.47

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Current maturities of long-term debt	280.038	282.600	NA

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	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	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	Yes

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date: 02/07/2013

Lodging No: WPST/17966/2013 Filing Date: 02/07/2013 Reg. No.: WP/5870/2013 Reg. Date: 05/07/2013

Petitioner: MAHARASHTRA STATE ELECTRICITY DISTRIC Respondent: CALYX CHEMICALS AND

PHARMACEUTICALS LIMITED

Petn. Adv : DSK LEGAL (0)

District: THANE Resp. Adv.:- PRAVIN D. KADAM (348)

Bench: SINGLE

Status: Pre-Admission

Next Date: 10/02/2014 Stage: FOR ADMISSION – FRESH

Coram:- HON’BLE SHRI JUSTICE S.P. DESHMUKH

Last Date:- 16/12/2013 Stage: FOR ADMISSION – FRESH

Last Coram: HON’BLE SHRI JUSTICE S.P. DESHMUKH

Act: Electricity Supplies Act, 1948

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10406186	18/02/2013	200,000,000.00	UCO BANK	MCU ANDHERI (WEST), MAROL MAROSHI ROAD, NEXT TO MAROL FIRE BRIGADE, ANDHERI (EAST), MUMBAI - 400059, MAHARASHTRA, INDIA	B68691112
2	10400489	17/01/2013	275,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B66677725
3	10389644	04/12/2012	400,000,000.00	CORPORATION BANK	LARGE CORPORATE BRANCH, EAGLES FLIGHT, SUREN ROAD, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA, INDIA	B63207336
4	10379031	05/10/2012	600,000,000.00	STATE BANK OF TRAVANCORE	N.M.WADIA BUILDING, 125 M.G ROAD, MUMBAI - 400021, MAHARASHTRA, INDIA	B59100479
5	10365476	10/07/2012	52,200,000.00	DENA BANK	SHARE BAZAR BRANCH, HAMAM STREET, MUMBAI - 400023, MAHARASHTRA, INDIA	B43627074
6	10367854	04/07/2012	100,000,000.00	BANK OF MAHARASHTRA	SHASHTRI HALL, 292 , TARDEO ROAD, MUMBAI - 400007, MAHARASHTRA, INDIA	B44626364
7	10368035	04/07/2012	150,000,000.00	BANK OF MAHARASHTRA	SHASHTRI HALL, 292 , TARDEO ROAD, MUMBAI - 400007, MAHARASHTRA, INDIA	B44696557
8	10365935	23/06/2012	400,000,000.00	STATE BANK OF BIKANER AND JAIPUR	COMMERCIAL NETWORK BRANCH, 239, P.D'MELLO ROAD, NEAR G.P.O., MUMBAI - 400001, MAHARASHTRA, INDIA	B43778810
9	10364958	17/10/2012 *	6,459,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	B60027612
10	10360984	23/05/2012	200,000,000.00	STATE BANK OF BIKANER AND JAIPUR	COMMERCIAL NETWORK BRANCH, 239,P.D'MELLO ROAD, NEAR G.P.O, MUMBAI, MAHARASHTRA - 400001, INDIA	B41781865
11	10323423	15/12/2011	50,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B27972421
12	10323416	15/12/2011	250,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA	B27971837
13	10293104	18/05/2011	270,000,000.00	SBI GLOBAL FACTORS LIMITED	6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI - 400051, MAHARASHTRA, INDIA	B15321300
14	10238777	22/02/2012 *	4,768,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH,RAHEJA CHAMBERS, NARI MAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B36744563
15	90219177	17/03/2004	30,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION, MUMBAI - 400021, MAHARASHTRA, INDIA	-
16	80058733	25/06/2004 *	44,000,000.00	SBI FACTOR AND COMMERCIAL SERVICES LIMITED	BANDRA (WEST), MUMBAI - 400050, MAHARASHTRA, INDIA	-
17	90218409	06/10/2009 *	2,585,000,000.00	STATE BANK OF INDIA	BACKBAY RECLAMATION BRANCH,RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	A72624505

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Loans repayable on demand from others	12.819	0.000
Deferred payment for acquisition of fixed assets	17.434	17.972
Deposits from others	0.150	0.100
Loans and advances from directors	19.700	18.950
SHORT TERM BORROWINGS
Loans and advances from others	0.000	103.069
Working capital loans from banks	0.000	100.000
Total	50.103	240.091

CHANGE OF ADDRESS

The registered office of the company has been shifted from Unit No.2, Marwah’s Complex, Marwah Estate, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra to the present address w.e.f. 03.09.2012.

CORPORATE INFORMATION

Subject is a closely held public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract research and manufacturing services. The company caters to both domestic and international markets.

FINANCIAL RESULTS AND OPERATIONS OF THE COMPANY

Total Revenue of the Company recorded a growth of 41.45% to Rs.5922.000 millions as compared to Rs.4186.540 millions in previous financial year. The net profit of the Company rose by 40.26% to Rs.416.183 millions as compared to Rs.296.726 millions in previous year. The Company has achieved the export of Rs.1489.300 millions during the year.

FIXED ASSETS:

· Leasehold Land

· Building

· Plant and Machinery

· Air Conditioner

· Computer

· Electrical Installation

· Furniture and Fixture

· Laboratory Equipment

· Vehicles

· Office Equipment

· Air Conditioner

· Computer

PRESS RELEASE:

14 FDI PROPOSALS WORTH RS.1133.500 MILLIONS CLEARED: GOVERNMENT

PTI October 8, 2012

NEW DELHI: The government today said it has cleared 14 FDI proposals worth Rs.1133.500 millions including three from the pharmaceutical sector.

The Foreign Investment Promotion Board (FIPB) in its meeting held on September 18 approved 14 FDI proposals, which include 3 proposals worth Rs.810.500 millions in pharmaceuticals, the Finance Ministry said in a statement.

Among others, the board, headed by Department of Economic Affairs Secretary Arvind Mayaram, cleared the proposal of United Kingdom-based Dashtag to increase foreign equity valued at Rs.682.200 millions.

This is to carry out the business of pharmaceuticals specialising in dermatology, anti-histamines, antibiotics and oncology products.

Clearance was also given to Prime Surgical Centers Private Limited proposal to set up a Limited Liability Partnership (LLP) to carry out the business of establishing and managing short stay surgery centres in India with its flagship centre in Pune. The company proposes to bring FDI worth Rs.140.000 millions in the venture.

Further, the proposal of Mumbai-based Neo Capricorn Plaza Limited for post-facto approval for issue of partly paid up shares to carry out the business of construction of five star hotels was okayed.

FIPB also cleared the proposal of Pipavav Defence and Offshore Engineering Company Limited to increase foreign equity by way of issuance of FCCBs to carry out the business of shipbuilding, ship repairs, offshore assets production etc.

Other proposals which have been approved are those of Calyx Chemicals and Pharmaceuticals Limited, Egon Software Private Limited and Alburaq Trading LLP.

Decisions on nine proposals were deferred due to various reasons. These includes applications of Multi Commodity Exchange of India, Multi Screen Media Private and Deutsche Investments India Private Limited.

Also, seven requests for FDI including that of British Marine India, Atlas Equifin Limited, Filtrex Technologies and IPsoft Netherland were rejected, the ministry said.

FDI inflows in the country in 2011-12 stood at $ 36.50 billion.

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.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.