MIRA INFORM REPORT

Report Date :

24.08.2012

IDENTIFICATION DETAILS

Name :	TRIDENT CHEMPHAR LIMITED
Registered Office :	SY. No. 66 and 67, Miyapur, Hyderabad-500050, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.02.2007
Com. Reg. No.:	01-052901
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U24232AP2007PLC052901
TAN No.: [Tax Deduction & Collection Account No.]	HYDT02886C
PAN No.: [Permanent Account No.]	AAEFT8416H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Trading in Chemicals Minerals and Mines.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Even though the company has recorded an increase in its sales during 2011. There appears some loss incurred. Accumulated losses appears to be increasing over years. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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.

LOCATIONS

Registered Office :	SY. No. 66 and 67, Miyapur, Hyderabad-500050, Andhra Pradesh, India
Tel. No.:	91-40-40408055
Fax No.:	91-40-40408060
E-Mail :	cs@aurobindo.com

DIRECTORS

AS ON 28.09.2011

Name :

Mr. Gelli Venkata Seshaiah

Designation :

Director

Address :

2-1-186/1, Flat No. 201, Sree Residency, Nallakunta, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

30.06.1949

Date of Appointment :

21.02.2007

Din No.:

00778048

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	U24232AP2007PLC052901	TRIDENT CHEMPHAR LIMITED	Director	21/02/2007	21/02/2007	Active	NO
2	U24231AP2006PLC051148	VERITAZ HEALTHCARE LIMITED	Director	28/09/2011	06/11/2010	Active	NO
3	U24232AP2011PLC076052	STEPS THERAPEUTICS LIMITED	Director	18/08/2011	18/08/2011	Active	NO
4	U74999DL2011PLC224400	VAXER PHARMA LIMITED	Director	30/08/2011	30/08/2011	Active	NO
5	U24232AP2010PTC069638	HYACINTHS PHARMA PRIVATE LIMITED	Director	29/03/2012	29/03/2012	Active	NO

Name :

Subramani Suresh

Designation :

Whole Time Director

Address :

Flat No. G1, Gyaneswari Nilayam, H. No. 8-3-677/11, Yellareddy Guda, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

31.05.1957

Date of Appointment :

21.02.2007

Din No.:

02633641

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	U24232AP2007PLC052901	TRIDENT CHEMPHAR LIMITED	Whole-time director	21/02/2010	21/02/2007	Active	NO
2	U24231AP2006PLC051148	VERITAZ HEALTHCARE LIMITED	Director	28/09/2011	06/11/2010	Active	NO

Name :

Mr. Sashi Kumaran Parambath

Designation :

Director

Address :

6-3-1219-12/202, Methadist Colony, Begumpet, Hyderabad-500016, Andhra Pradesh, India

Date of Birth/Age :

24.08.1967

Date of Appointment :

01.08.2009

Din No.:

02752493

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	U24232AP2007PLC052901	TRIDENT CHEMPHAR LIMITED	Additional director	01/08/2009	01/08/2009	Active	NO
2	U24231AP2006PLC051148	VERITAZ HEALTHCARE LIMITED	Director	28/09/2011	06/11/2010	Active	NO

Name :

Mr. Rohit Reddy Penaka

Designation :

Director

Address :

Plot No. 46, Siddartha Nagar, Behind Vengal Rao Nagar, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

01.10.1988

Date of Appointment :

27.01.2010

Din No.:

02624136

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	U24232AP2007PLC052901	TRIDENT CHEMPHAR LIMITED	Director	27/09/2010	27/01/2010	Active	NO
2	U70102AP2010PTC070535	ROSA AVENUES INDIA PRIVATE LIMITED	Director	23/09/2010	23/09/2010	Active	NO
3	U74999DL2011PLC224400	VAXER PHARMA LIMITED	Director	30/08/2011	30/08/2011	Active	NO
4	U24232AP2011PTC076791	SACHA CHEMPHAR PRIVATE LIMITED	Director	30/09/2011	30/09/2011	Active	NO
5	U26100AP2009PLC065810	COGENT GLASS LIMITED	Director	02/01/2012	02/01/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2011

Names of Shareholders	No. of Shares
Penaka Sarath Chandra Reddy	4999400
Subramani Suresh	100
Gelli Venkata Seshaiah	100
Hanumantha Rao	100
K.G. Krishna Rao	100
K.V. Murali	100
B. Ramaswamy Reddy	100
Total	5000000

AS ON 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading in Chemicals Minerals and Mines.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, 6-3-879/B, Greenland Road, Begumpet, Hyderabad-500016, Andhra Pradesh, India

Facilities :

SECURED LOAN	01.04.2010 TO 31.03.2011 [12 Months]	01.10.2009 TO 31.03.2010 [6 Months]
	[Rs. in Millions]
Foreign currency loans	225.023 (A)	113.104 (B)
Working capital loans	5.088	10.241
Total	230.111	123.345
NOTE: (A) Axis Bank Limited - ECB Loan 190.814 Millions Andhra Bank - ECB Loan 34.208 Millions (B) Axis Bank Limited - ECB Loan 43.698 Millions Andhra Bank - ECB Loan 69.404 Millions
UNSECURED LOAN	01.04.2010 TO 31.03.2011 [12 Months]	01.10.2009 TO 31.03.2010 [6 Months]
	[Rs. in Millions]
Other debts	440.000 (A)	240.000 (B)
Total	440.000	240.000
NOTE: (A) It represents Intercorporate Deposits (B) It represents Intercorporate Deposits

Banking Relations :	--
Auditors :
Name :	K. Nagaraju and Associates Chartered Accountants
Address :	No. 1-8-197, Chikadpally, Hyderabad-500020, Andhra Pradesh, India
Pan No.:	AVHPK1930B
Subsidiary :	Veritaz Healthcare Limited [U24231AP2006PLC051148]
Related Party :	· Aurobindo Pharma Limited [L24239AP1986PLC015190] · Axis Clinicals Limited [U67120AP2007PLC052813]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		01.04.2010 TO 31.03.2011 [12 Months]	01.10.2009 TO 31.03.2010 [6 Months]	01.04.2008 TO 30.09.2009 [18 Month]
SHAREHOLDERS FUNDS
1] Share Capital		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.000	4.000	4.000
4] (Accumulated Losses)		(21.404)	(4.242)	(9.849)
NETWORTH		32.596	49.758	44.151
LOAN FUNDS
1] Secured Loans		230.111	123.345	26.132
2] Unsecured Loans		440.000	240.000	220.000
TOTAL BORROWING		670.111	363.345	246.132
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		702.707	413.103	290.283
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		504.110	160.450	160.450
DEFERREX TAX ASSETS		0.002	5.005	5.308
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.926	12.982	13.468
	Sundry Debtors	246.986	238.288	220.005
	Cash & Bank Balances	79.443	28.377	69.929
	Other Current Assets	1.217	13.104	4.092
	Loans & Advances	29.616	227.350	218.202
Total Current Assets		398.188	520.101	525.696
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	128.305	224.192	263.238
	Other Current Liabilities	67.792	48.383	138.156
	Provisions	3.586	0.056	0.000
Total Current Liabilities		199.683	272.631	401.394
Net Current Assets		198.505	247.470	124.302
MISCELLANEOUS EXPENSES		0.090	0.178	0.223
TOTAL		702.707	413.103	290.283

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2010 TO 31.03.2011 [12 Months]	01.10.2009 TO 31.03.2010 [6 Months]	01.04.2008 TO 30.09.2009 [18 Month]
	SALES
		Income	552.516	345.585	1085.175
		Other Income	111.619	64.118	76.943
		TOTAL (A)	664.135	409.703	1162.118
Less	EXPENSES
		Consumption Materials Changes Inventories	491.950	321.800	1006.787
		Employee Related Expenses	3.806	1.992	4.279
		Administrative Selling Other Expenses	121.717	60.855	136.924
		TOTAL (B)	617.473	384.647	1147.990
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		46.662	25.056	14.128
Less	FINANCIAL EXPENSES (D)		49.517	19.146	29.698
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.855)	5.910	(15.570)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(2.855)	5.910	(15.570)
Less	TAX (H)		14.308	0.303	(5.245)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(17.163)	5.607	(10.325)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(4.242)	(9.849)	0.476
	BALANCE CARRIED TO THE B/S		(21.405)	(4.242)	(9.849)
	IMPORTS
		Trading Goods	396.699	292.059	532.527
	TOTAL IMPORTS		396.699	292.059	532.527
	Earnings / (Loss) Per Share (Rs.)		(3.43)	1.12	--

KEY RATIOS

PARTICULARS		01.04.2010 TO 31.03.2011 [12 Months]	01.10.2009 TO 31.03.2010 [6 Months]	01.04.2008 TO 30.09.2009 [18 Month]
PAT / Total Income	(%)	(2.58)	1.37	(0.89)
Net Profit Margin (PBT/Sales)	(%)	(0.52)	1.71	(1.43)
Return on Total Assets (PBT/Total Assets}	(%)	(0.72)	1.14	(2.96)
Return on Investment (ROI) (PBT/Networth)		(0.09)	0.12	(0.35)
Debt Equity Ratio (Total Liability/Networth)		26.68	12.78	14.67
Current Ratio (Current Asset/Current Liability)		1.99	1.91	1.31

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	No
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	--
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	No

REVIEW OF OPERATIONS AND FUTURE PLANS:

The company has witnessed significant improvement in its revenues, profit before depreciation interest and tax, during the financial year 2010-2011 due to the concerted efforts of all. Owing to the issues faced during the year before our company has kept the minerals and metals business on hold till we make a detailed study of the same It is matter of great pleasure to state before the members the company has EBITA of 46.600 Millions for the sale of 664.100 Millions Company has also made adequate provisions to write off the overdue export advances and this has made the balance sheet healthier during the period under review. The forgoing results vindicate that the company is moving forward in all respects. During the period under review the Foreign Exchange fluctuation are modest as result of which company has earned the forex income On the business development front, new product lines and value added products were inducted, to improve the profitability of the company in addition to the top line product Methanol .The company will maintain the same movementum in maintaining the all key parameters of growth and also to improve further in the ensuing years. As most of the issues pertaining to Iron ore export and previous year over dues are addressed the next year will be a land mark year for the company. As policy to diversify the business moduled during the year, the company has invested 347.000 Millions in Veritaz Health Care Limited a pharma distribution company of Pan India with a top line of 411.000 Millions making it as 100% subsidiary.

CONTINGENT LIABILITIES:

Rs. in Millions

Particulars	01.04.2010 TO 31.03.2011 [12 Months]	01.10.2009 TO 31.03.2010 [6 Months]
Letter of credits	68.988	94.724
Total	68.988	94.724

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.55.19
UK Pound	1	Rs.87.65
Euro	1	Rs.69.15

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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
TOTAL		33

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.