MIRA INFORM REPORT

Report Date :

25.07.2014

IDENTIFICATION DETAILS

Name :	GLENMARK GENERICS LIMITED (w.e.f. 29.11.2007)
Formerly Known As :	GLENMARK ORGANICS LIMITED
Registered Office :	B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.09.1994
Com. Reg. No.:	11-081597
Capital Investment / Paid-up Capital :	Rs. 1508.560 Millions
CIN No.: [Company Identification No.]	U24110MH1994PLC081597
TAN No.: [Tax Deduction & Collection Account No.]	MUMG05256G
PAN No.: [Permanent Account No.]	AACCG9820D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Exporting and Marketing of Pharmaceutical Formulations and Active Pharmaceutical Ingredients.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 68036000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “GLENMARK PHARMACEUTICALS LIMITED” It is a well-established and reputed company having a good track record. Financial position of the company is sound. The promoters seem to be well experience businessmen. Trader relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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.

HENKEL RATING

HENKEL’s Rating :

300, 301 (Moderate risk)

Credit Rating	Henkel Rating
Mira Inform	Risk Category	Description
Aaa	100	Very low risk (blue ships)
Aa	200, 201	Low risk
A	300, 301	Moderate risk
Ba	350	Significant risk
B	400	High risk
	450	Very high risk
Ca or C	500*	Doubtful accounts
	007*	Small unrated customers
	009*	Inactive customers
	999*	New customer

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A1+ (Upgrade from A1): Short term rating
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	March 22, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Uday Kesri
Designation :	Assistant Manager of Planning
Contact No.:	91-9584467425
Date :	23.04.2014

LOCATIONS

Registered Office :	B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-24964893/ 24901481/ 67589999/ 40189999/ 40189930
Mobile No.:	91-9584467425 (Mr. Uday Kesri)
Fax No.:	91-22-24932648/ 24919652/ 67589986/ 40189986/ 40189988
E-Mail :	skshankar@glenmark-generics.com webmaster@glenmarkpharma.com corporate@mandmsprings.com pranavme@glenmark-generics.com
Website :	http://www.glenmark-generics.com
Location :	Owned
Corporate Office :	Glenmark House, HDO-Corporate Building, Wing A, B D Sawant Marg, Chakala, Off Western Express Highway, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-40189999/ 40189827
Fax No.:	91-22-40189988/ 40189804
Factory 1 :	Plot No.2, Pharma Zone, Sez Phase II, Pithampur District, Dhar, Madhya Pradesh, India
Factory 2 :	Also Located at: · Goa · Ankleshwar · Kurkumbh · Mohol

DIRECTORS

As on 29.07.2013

Name :

Mr. Natvarlal Bhimbhai Desai

Designation :

Director

Address :

701, Kubelisque Conominm, Union Park, Pali Hill, Nargis Dutt Road, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

23.03.1927

Qualification :

Matric from Mumbai University

Date of Appointment :

30.06.2010

DIN No.:

00029023

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	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	31/07/2003	31/07/2003	Active	NO
2	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director	30/06/2010	14/08/2009	Active	NO

Name :

Mr. Sridhar Anant Gorthi

Designation :

Director appointed in casual vacancy

Address :

1002, 10^th Floor, June Blossoms, Manuel Gonsalves Road, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

31.07.1972

Qualification :

BA, LLB (Hons.)

Date of Appointment :

05.09.2008

DIN No.:

00035824

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	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
2	U67110MH2006PTC160126	INSITE INDIA ADVISORS PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
3	U51395MH2003PTC142173	MOBILE2WIN INDIA PRIVATE LIMITED	Additional director	23/06/2006	23/06/2006	26/10/2006	Active	NO
4	U40108KA2007PTC042089	BELGAUM WIND FARMS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	18/12/2007	Active	NO
5	U67190MH2007PTC171254	BRV INDIA ADVISORS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	26/08/2008	Strike off	NO
6	U93000MH2008PTC177636	SIGUE SUPPORT SERVICES PRIVATE LIMITED	Director	09/01/2008	09/01/2008	16/05/2008	Active	NO
7	U72200PN2008PTC132061	REALCOM TECHNOLOGY INDIA PRIVATE LIMITED	Director	19/05/2008	19/05/2008	22/01/2009	Active	NO
8	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director appointed in casual vacancy	05/09/2008	14/08/2008	-	Active	NO
9	U74300MH2008PTC186553	AUROUS COMMUNICATIONS AND EVENTS INDIA PRIVATE LIMITED	Director	08/09/2008	08/09/2008	-	Active	NO
10	U74990MH2009PTC194653	PAYPAL PAYMENTS PRIVATE LIMITED	Director	05/08/2009	05/08/2009	-	Active	NO
11	L64204MH1959PLC011421	HATHWAY CABLE AND DATACOM LIMITED	Director	28/09/2010	10/09/2009	-	Active	NO
12	U74999MH2002PTC137280	SCOTTISH AND NEWCASTLE INDIA PRIVATE LIMITED	Director	11/08/2010	10/01/2010	-	Amalgamated	NO
13	U73100MH2010PTC199595	RPS RESEARCH INDIA PRIVATE LIMITED	Director	03/02/2010	03/02/2010	15/11/2010	Active	NO
14	U72900MH2010PTC201437	DIGITAL INSIGHT INDIA PRODUCTS PRIVATE LIMITED	Director	30/03/2010	30/03/2010	12/10/2013	Active	NO
15	U72300MH2013PTC247425	FANDANGO SOFTWARE PRIVATE LIMITED	Director	23/08/2013	23/08/2013	-	Active	NO

Name :

Mr. Julio Francis Ribeiro

Designation :

Director appointed in casual vacancy

Address :

5^th Floor, Room No.51, Sagar Tarang Building, 15-A, K A G Khan Road, Mumbai – 400030, Maharashtra, India

Date of Birth/Age :

05.05.1929

Qualification :

B Com, LLB

Date of Appointment :

05.09.2008

DIN No.:

00047630

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	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	26/08/1999	26/08/1999	-	Active	NO
2	U99999MH1939PLC002994	V V F LIMITED	Director	23/01/2001	23/01/2001	-	Active	NO
3	U65191TN1994PLC079235	FULLERTON INDIA CREDIT COMPANY LIMITED	Director	29/09/2007	19/10/2006	24/11/2010	Active	NO
4	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director appointed in casual vacancy	05/09/2008	14/08/2008	-	Active	NO

Name :

Mr. Glenn Mario Saldanha

Designation :

Director

Address :

1101 to 1102, 111^th Floor, Lasolita Rustomjee Building, Off Turner Road 28^th, 25^th Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.11.1969

Qualification :

B. Pharm, MBA

Date of Appointment :

05.09.2008

PAN No.:

AMWPS4972P

DIN No.:

00050607

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	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Managing director	16/05/2012	12/10/1998	-	Active	NO
2	U51900MH1996PLC102125	GLENMARK ACCESS LIMITED	Director	28/09/2001	28/09/2001	-	Active	NO
3	U24230MH1999PLC121475	GM PHARMA LIMITED	Director	26/09/2002	26/09/2002	-	Amalgamated	NO
4	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director	05/09/2008	18/12/2007	-	Active	NO
5	L92411MH2003PLC140134	TALWALKARS BETTER VALUE FITNESS LIMITED	Director	23/09/2010	09/10/2009	22/11/2011	Active	NO

Name :

Mr. Rajesh Vasudeo Desai

Designation :

Director

Address :

102-D Wing, Shrinath Bhuvan, Nicolas Wadi, Yashwant Tawde Path, Dahisar (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

14.07.1958

Qualification :

B. Sc, C.A.

Date of Appointment :

30.06.2010

PAN No.:

ACOPD2684H

DIN No.:

00050838

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	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Whole-time director	03/08/2012	16/05/2002	Active	NO
2	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director	30/06/2010	21/01/2008	Active	NO

Name :

Mr. Devendra Raj Mehta

Designation :

Director

Address :

B – 5, Mahavir Udyan Marg, Bajaj Nagar, Jaipur – 302 015, Rajasthan, India

Date of Birth/Age :

25.06.1937

Qualification :

B.A., LLB

Date of Appointment :

30.06.2010

DIN No.:

01067895

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	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	17/05/2010	26/05/2005	-	Active	NO
2	U67100MH2006PTC158601	OSETA INVESTMENTS TRUSTEE COMPANY PRIVATE LIMITED	Director	16/01/2006	16/01/2006	22/01/2009	Active	NO
3	L74899DL1995PLC066827	SPICE COMMUNICATIONS LIMITED	Director	15/06/2007	23/03/2007	23/10/2008	Amalgamated	NO
4	L29120MH1986PLC042028	JAIN IRRIGATION SYSTEMS LIMITED	Director appointed in casual vacancy	26/12/2007	26/12/2007	-	Active	NO
5	U93090UP2007PTC033308	SMARTVALUE VENTURES PRIVATE LIMITED	Additional director	06/01/2013	18/08/2008	-	Active	NO
6	L45200GJ1986PLC008717	JMC PROJECTS (INDIA) LIMITED	Director	28/07/2009	11/12/2008	-	Active	NO
7	U72900DL2008PTC178018	SPICE INNOVATIVE TECHNOLOGIES PRIVATE LIMITED	Additional director	12/03/2009	12/03/2009	17/08/2009	Active	NO
8	U01122RJ2009PLC028415	ATUL RAJASTHAN DATE PALMS LIMITED	Additional director	10/06/2009	10/06/2009	-	Active	NO
9	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director	30/06/2010	14/08/2009	-	Active	NO
10	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	25/09/2009	14/08/2009	-	Active	NO
11	U34101HR1985PLC032462	MM AUTO INDUSTRIES LIMITED	Director	30/09/2013	09/04/2010	-	Active	NO
12	U32201HP1988PLC008020	SPICE RETAIL LIMITED	Director	05/08/2010	05/08/2010	02/07/2012	Active	NO
13	U80900DL2007PTC163495	EXTRAMARKS EDUCATION PRIVATE LIMITED	Director	30/09/2010	30/09/2010	01/08/2011	Active	NO
14	L72900UP1986PLC008448	S MOBILITY LIMITED	Director	28/09/2011	04/11/2010	22/10/2012	Active	NO
15	U85110DL1991PTC042646	SAKET CITY HOSPITALS PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
16	U73200MH2007NPL169807	GANDHI RESEARCH FOUNDATION	Director appointed in casual vacancy	07/10/2011	07/10/2011	-	Active	NO
17	L36911RJ1990PLC005651	GOENKA DIAMOND AND JEWELS LIMITED	Director	27/09/2012	30/05/2012	-	Active	NO
18	U65100DL2013PLC248013	M N M ASSETS RECONSTRUCTION COMPANY LIMITED	Director	07/02/2013	07/02/2013	-	Active	NO

Name :

Mr. Jalaj Sharma

Designation :

Whole Time Director

Address :

Flat 125 and 126, West End, D Wing, Raheja Vihar, Chandivali Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

24.09.1963

Qualification :

PGDBM (Finance)

Date of Appointment :

01.04.2012

PAN No.:

AEKPS3848E

DIN No.:

02626340

KEY EXECUTIVES

Name :	Mr. Rudalf Joseph Corriea
Designation :	Secretary
Address :	Nale, Kondebhat, Tal Vasai, District Thane, Nalasopara (West), Mumbai – 401 203, Thane, India
Date of Birth/Age :	04.06.1985
Date of Appointment :	01.05.2013
PAN No.:	APUPC3095G
Name :	Mr. Uday Kesri
Designation :	Assistant Manager of Planning

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.07.2013

NOTE: SHAREHOLDING AND DETAILS FILE ATTACHED.

As on 29.07.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.37
Bodies corporate	98.49
Other	0.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Exporting and Marketing of Pharmaceutical Formulations and Active Pharmaceutical Ingredients.

Products :

· Injectibles

· Ointments and Creams

· Solids and Powders

· Tablets and Capsules

· Bulk Drugs

Item Code No. (ITC Code)	Product Description
30049039	Montelukast
30049059	Atovaquone / Proguanil
30049081	Gabapentin

Exports :

Products :

Finished Goods

Countries :

· USA

· Europe

Terms :

Selling :

Cash, Cheque and Credit

Purchasing :

Cash, Cheque and Credit

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

· Axis Bank Limited, Axis House, 2^nd Floor, E-Wing, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India [Tel No.: 91-22-43252525]

· Axis Bank Limited, 6^th Floor, Maker Tower “F”, Cuffe Parade, Mumbai – 400005, Maharashtra, India

· Central Bank of India, Corporation Finance Branch, 1^st Floor, M. M. O. Building, M. G. Road, Fort, Mumbai – 400023, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG-TERM BORROWINGS
Intercorporate borrowings	4702.750	4702.750
SHORT-TERM BORROWINGS
Working capital loans from banks	0.000	4.240
Total	4702.750	4706.990

Banking Relations :	--
Auditors :
Name :	R.G.N. Price and Company Chartered Accountants
Address :	204, Parikh Building, N.G. Acharya Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25281531/ 67993443/ 25280291
Fax No.:	91-22-25280291
E-Mail :	rgn_price@vsnl.net rgn_price@mtnl.net.in
PAN No:	AAAFR0651G
Holding Company :	Glenmark Pharmaceuticals Limited L24299MH1977PLC019982
Subsidiary Company :	· Glenmark Generics (Europe) Limited, U.K. · Glenmark Generics Finance SA , Switzerland (GGFSA) · Glenmark Generics Inc, USA · Glenmark Generics S. A., Argentina · Glenmark Generics Holding S.A., Switzerland (merged with GGFSA wef 01.04.12) · Glenmark Generics B. V., Netherlands · Glenmark Arzneimittel GmbH, Germany · Glenmark Generics Canada Inc., Canada
Fellow Subsidiary Company :	· Glenmark Access Limited U51900MH1996PLC102125 · Glenmark Dominicana SRL, Dominican Republic · Glenmark Impex L.L.C., Russia · Glenmark Philippines Inc., Philippines · Glenmark Farmaceutica Ltda., Brazil · Glenmark Pharmaceuticals Europe Limited, UK · Glenmark Pharmaceuticals (Nigeria) Limited, Nigeria · Glenmark Pharmaceuticals (Malaysia) Sdn.Bhd., Malaysia · Glenmark Pharmaceuticals (Thailand) Company Limited, Thailand. · Glenmark Pharmaceuticals S.A., Switzerland · Glenmark Pharmaceuticals South Africa (Pty) Limited, South Africa · Glenmark South Africa (Pty) Ltd., South Africa · Glenmark Pharmaceuticals (Australia) Pty. Limited, Australia · Glenmark Holding S.A., Switzerland · Glenmark Pharmaceuticals s.r.o, Czech Republic · Glenmark Pharmaceuticals S.R.L, Romania · Glenmark Pharmaceuticals Eood, Bulgaria · Glenmark Pharmaceuticals Mexico s.a. de c.v., Mexico · Glenmark Pharmaceuticals Peru SAC., Peru · Glenmark Pharmaceuticals SP. z.o.o, Poland · Glenmark Distributors SP z.o.o, Poland · Glenmark Uruguay S.A., Uruguay · Glenmark Therapeutics Inc., USA · Glenmark Pharmaceuticals Egypt S. A. E., Egypt · Glenmark Pharmaceuticals FZE., United Arab Emirates · Glenmark Pharmaceuticals Venezuela C.A., Venezuala · Glenmark Pharmaceuticals Colombia Ltda., Colombia · Glenmark Pharmaceuticals SK S.R.O, Slovak Republic · Glenmark Pharmaceuticals (Kenya) Limited · Glenmark Therapeutics AG, Switzerland

CAPITAL STRUCTURE

As on 29.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs.2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
151074353	Equity Shares	Rs.10/- each	Rs.1510.743 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150855534	Equity Shares	Rs.10/- each	Rs. 1508.560 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

FINANCIAL DETAILS ATTACHED

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1503.250	1508.560
Reserves & Surplus	11573.550	15500.560
Net worth	13076.800	17009.120
long-term borrowings	4702.750	4702.750
Short term borrowings	4653.680	589.720
Total borrowings	9356.430	5292.470
Debt/Equity ratio	0.715	0.311

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11045.200	12825.010	17261.340
		16.114	34.591

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	11045.200	12825.010	17261.340
Profit	427.120	2183.330	4539.440
	0.039	0.170	0.263

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)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	No
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	Yes

UNSECURED LOANS

(Rs. In Millions)

Particular	As on 31.03.2013	As on 31.03.2012
SHORT-TERM BORROWINGS
Rupee term loans from banks	589.720	4649.440
Total	589.720	4649.440

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10141439	20/10/2009 *	1,500,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, IST FLOOR, M.M.O. BUILDING,M.G.ROAD, FORT, MUMBAI, Maharashtra - 400023, INDIA	A72105059
2	10114486	19/12/2008 *	1,700,000,000.00	Bank of India	MAHALAXMI BRANCH, 8A-BHULABHAI DSESAI ROAD, MUMBAI, MAHARASHTRA - 400026, INDIA	A54985908

* Date of charge modification

FIXED ASSETS

Tangible Assets

· Leasehold Land

· Factory Buildings

· Other Buildings and Premises

· Plant and Machinery

· Furniture and Fixtures

· Equipments

· Vehicles

Intangible Assets

· Computer Software

· Product Knowhow

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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.60.00
UK Pound	1	Rs.102.19
Euro	1	Rs.80.68

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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	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		62

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.