MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	TRIVENI FORMULATIONS LIMITED
Registered Office :	Plot No.52,53,54 and 62,63,64, Aleap Industrial Estate, Surampalli – 521212, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.01.2006
Com. Reg. No.:	01-048778
Capital Investment / Paid-up Capital :	Rs.22.520 Millions
CIN No.: [Company Identification No.]	U24239AP2006PLC048778
TAN No.: [Tax Deduction & Collection Account No.]	HYDT02427F
PAN No.: [Permanent Account No.]	AACCT3908R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulations of Diabetic, Cardiac, anti-psychiotric and General Medicines in Tablets, Capsules, Liquids and Ointments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 66000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Plot No.52,53,54 and 62,63,64, Aleap Industrial Estate, Surampalli – 521212, Andhra Pradesh, India
Tel. No.:	91-866-2854497
Fax No.:	91-866-2854498
E-Mail :	dssandco@yahoo.co.in
Website :	http://www.triveniformulations.com
Corporate Office :	# 302, Udaya krishna Apartment, Bhagyanagar Colony, Kukatpally, Hyderabad - 500 072, Andhra Pradesh, India
Tel. No.:	91-40-40263252
Fax No.:	91-40-23060219

DIRECTORS

As on 30.09.2011

Name :	Mr. Tunuguntla Vasudeva Gupta
Designation :	Managing Director
Address :	11-63-54 R K Towers, Flat No.204, Brahmin Street, Vijaywada, Krishna – 520001, Andhra Pradesh, India
Date of Birth/Age :	12.01.1951
Date of Appointment :	18.01.2006
DIN No.:	00020243

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24239AP2006PLC048778	Triveni Formulations Limited	Managing director	18-01-06	18-01-06	-	Active	NO
2	U24234KA2008PTC048016	Fides Bio-Sciences Private Limited	Director	15-10-08	15-10-08	-	Active	YES

Name :	Mr. Parvathaneni Srinivasa Rao
Designation :	Director
Address :	F-5, Sanjana Apartments, T S Bharathi nagar, Vijaywada, Krishna – 520008, Andhra Pradesh, India
Date of Birth/Age :	15.08.1959
Date of Appointment :	16.01.2006
DIN No.:	00020294

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24239AP2006PLC048778	Triveni Formulations Limited	Director	16-01-06	16-01-06	-	Active	NO
2	U24234KA2008PTC048016	Fides Bio-Sciences Private Limited	Director	15-10-08	15-10-08	-	Active	YES
3	U24232AP2011PTC072168	RR Medi Science Private Limited	Director	11-01-11	11-01-11	-	Active	NO

Name :	Mrs. Tunuguntla Indu Kumari
Designation :	Director
Address :	11-63-54 R K Towers, Flat No.204, Brahmin Street, Vijaywada, Krishna – 520001, Andhra Pradesh, India
Date of Birth/Age :	12.04.1959
Date of Appointment :	16.01.2006
DIN No.:	00020258
Name :	Mr. Kurmala Ranga Rao
Designation :	Director
Address :	D No.76-8-6/5, Bhavanipuram, Vijaywada, Krishna – 520012, Andhra Pradesh, India
Date of Birth/Age :	07.04.1937
Date of Appointment :	16.01.2006
DIN No.:	00020282
Name :	Mr. Vellampalli Prabhavathi
Designation :	Director
Address :	14-11-36/2, Opposite Narayan Swamy Hotel, Hanuman pet, Vijaywada, Krishna – 520003, Andhra Pradesh, India
Date of Birth/Age :	01.04.1968
Date of Appointment :	16.01.2006
DIN No.:	00020271

KEY EXECUTIVES

Name :	Mr. P. Srinivas Rao
Designation :	Chief Executive Officer
Name :	Mr. I. Peddi Readdy
Designation :	General Manager (Export (International))

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names Of Shareholders	No. Of Shares
Tunuguntla Vasudeva Gupta	47600
Kurmala Ranga Rao	18000
Tunuguntla Indu Kumari	13150
Chakka Srimannarayana	10800
Chakka Lakshmi Devi	4200
Tunuguntla Vijaya Lakshmi Deepika	700
Parvataneni Srinivasa Rao	11950
Velampalli Rama Rao	2650
Velampalli Prabhavathi	2250
Tunuguntla Indra Mohan	3350
P.N.D.A. Prasanna	3000
G Kishore	6000
B.Sri Lakshmi	13000
Parvathaneni Padma	9550
K.Ramachandra Rao	25250
K Kanya Kumari	4000
P.Rama Krishna	26000
B.Rama Krishna	6000
Ch. Lakshmikanth	6000
G.Jaya Lakshmi	3000
Bhavirisetti Gopala Krishna	2000
Bhavirisetti Sarojini Devi	2000
Gonuguntla Mohini Sarojini Devi	1875
Gonuguntla Rajini Kumari	1875
D.Mallikarjuna Rao	1000
Total	225200

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	89.00
Other top fifty shareholders	11.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulations of Diabetic, Cardiac, anti-psychiotric and General Medicines in Tablets, Capsules, Liquids and Ointments.
Products :

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ING Vysya Bank Limited, No.9-76-18 K.T. Road, S. K. P. V. V. Hindu High School, Compound,, Vijayawada - 520001, Andhra Pradesh, India
• State Bank of Hyderabad, Patamata Lanka Branch, Near Eenadu, Vijayawada – 520007, Andhra Pradesh, India
• State Bank of India
• UCO Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Secured Loan	12.484	15.856
Total	12.484	15.856
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
T. Indu Kumari	0.768	0.513
Vasudevsa Gupta	0.300	0.000
Total	1.068	0.513

Banking Relations :	--
Auditors :
Name :	Durga Shyam Sundar and Company Chartered Accountants
Address :	30-18-28A, K. V. S Gupta Street, Seetharampuram, Vijayawada – 520002, Andhra Pradesh, India
PAN.:	AABFD5624N

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
225200	Equity Shares	Rs.100/- each	Rs.22.520 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
225200	Equity Shares	Rs.100/- each	Rs.22.520 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		22.520	22.520	19.000
2] Share Application Money		1.500	0.000	2.754
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(7.629)	(7.769)	(4.369)
NETWORTH		16.391	14.751	17.385
LOAN FUNDS
1] Secured Loans		12.484	15.856	17.596
2] Unsecured Loans		1.068	0.513	0.000
TOTAL BORROWING		13.552	16.369	17.596
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		29.943	31.120	34.981
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.470	26.234	29.455
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.064	0.037	0.024
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.668	5.893	6.681
	Sundry Debtors	6.007	5.178	2.430
	Cash & Bank Balances	0.684	0.176	0.002
	Other Current Assets	0.006	0.155	0.014
	Loans & Advances	0.645	0.367	0.211
Total Current Assets		16.01	11.769	9.338
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.737	6.199	3.538
	Other Current Liabilities
	Provisions	0.872	0.738	0.323
Total Current Liabilities		8.609	6.937	3.861
Net Current Assets		7.401	4.832	5.477
MISCELLANEOUS EXPENSES		0.008	0.017	0.025
TOTAL		29.943	31.120	34.981

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	32.536	24.886	12.645
		Other Income	0.047	1.513	0.024
		TOTAL	32.583	26.399	12.669
Less	EXPENSES
		Cost of Production	18.687	17.337	3.339
		Manufacturing Expenses	2.156	1.715	1.984
		Advertisement	0.001	0.002	0.016
		Other Expenses	8.852	7.261	5.462
		TOTAL	29.696 (Including Financial Expenses)	26.315 (Including Financial Expenses)	10.801 (Including Financial Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
Less	FINANCIAL EXPENSES
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2.887	0.084	1.868
Less/ Add	DEPRECIATION/ AMORTISATION		2.748	3.483	3.809
	NET PROFIT / (LOSS)		0.139	(3.399)	(1.941)
	Earnings Per Share (Rs.)		0.62	(15.09)	(10.22)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.43	(12.88)	(15.32)
Net Profit Margin (PBT/Sales)	(%)	0.43	(13.36)	(15.35)
Return on Total Assets (PBT/Total Assets}	(%)	0.36	(8.94)	(5.00)
Return on Investment (ROI) (PBT/Networth)		0.01	(0.23)	(0.11)
Debt Equity Ratio (Total Liability/Networth)		1.35	1.58	1.23
Current Ratio (Current Asset/Current Liability)		1.86	1.70	2.42

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office of the company has been sifted from D.No.14-8-10, Nagabhushanam Street, Hanuman Pet, Vijaywada – 520003, Andhra, Pradesh, India to the present address w.e.f 27.04.2009

FORM 8:

Corporate identity number of the company	U24239AP2006PLC048778
Name of the company	TRIVENI FORMULATIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.52,53,54 and 62,63,64, Aleap Industrial Estate, Surampalli – 521212, Andhra Pradesh, India E-mail : dssandco@yahoo.co.in
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of Hyderabad, Patamata Lanka Branch, Near Eenadu, Vijayawada – 520007, Andhra Pradesh, India E-mail : patamatalanka@sbhyd.co.in
Nature of instrument creating charge	agreement of loan -cum-hypothecation, letter of arrangement, guarantee agreement
Date of instrument Creating the charge	02.02.2010
Amount secured by the charge	Rs.20.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest on CC 1% above SBH BPLR i.e. at present 12.25% present effective rate 13.25% Interest on Term Loan 1.5% above SBH BPLR i.e. at present 12.25% present effective rate 13.75% Terms of repayment CC- Repayable on Demand Term Loan - Repayable in 33 monthly installments of Rs.4,64,400/- Margin Raw Material and finished goods - 25% Book Debts - 50% [cover period 60 days] Extent and operation of the charge The charge operates in full on the properties given as security
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge on stocks and fixed assets of the company both present and future and on 3655 sq yds. land and Industrial building of the co ., at Plot no.52,53,54,62,63 and 64 situated at ALEAP, Surampalli Residential building in 296 sq.yds of land standing in the name of Smt. T. Indu Kumari situated at D.No.1-3-25/7A, R.S.No.30/3, Aravinda Street, 1st Right Road, Kamakoti Nagar, Vidyadharapurm, VJA Vacant Commercial land of 2.00 acres standing in the name of Triveni Pharma Laboratories rep. by Managing Partner Sri T.V.Gupta, situated at D.No.11-45, S.No.229/2B, Surampalli valued at Rs.12.000 Millions Residential building in 106 sq. yds.in the name of K. Ranga Rao situated at D.No.76-8-6/5, S.No.66/1, Vasavi Kalyana Mandapam St., Prathyusha colony, Bhavanipuram valued at Rs.1.917 Millions Residential building of 657 sft in the name of V.Prabhavathi devi at D.No.75-12-71, S.No.96, Bhavani Towers, Bhavanipuram, Vijayawada Personal guarantees of directors of the company

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 records 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.52.72
UK Pound	1	Rs.82.71
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		26

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.