MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	VIRCHOW LABORATORIES LIMITED
Registered Office :	Plot No. 4, S.V. Co-Operative Industrial Estate, Jeedimetla, Hyderabad – 500 855, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.01.1982
Com. Reg. No.:	01-3368
Capital Investment / Paid-up Capital :	Rs.11.755 Millions
CIN No.: [Company Identification No.]	U24232AP1982PLC003368
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers and Exporter of Pharmaceutical, Bulk Drugs, Medicines and Finished Goods.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (59)

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 7080000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company of Virchow Group. It is well established and reputed company having good track record. Financially company appears good. But the financially for the current year is missing from government department. However, liquidity position is god. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and condition.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A + [Long Term Fund Based]
Rating Explanation	Have adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	March 2012

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/ Factory 1 :	Plot No. 4, S.V. Co-Operative Industrial Estate, Jeedimetla, Hyderabad – 500 855, Andhra Pradesh, India
Tel. No.:	91-40-23096688 / 23098206 / 44445693
Fax No.:	91-40-23096677 / 23098205
E-Mail :	taxation@virchows.com hyd1_virchow@sancharnet.in info@virchow.com
Website :	http://www.virchow.com
Factory 2 :	Survey No. 451/1, Wadachepurupalli (West), Village, Parvada Mandal, Vishakhapatnam District, Andhra Pradesh, India

DIRECTORS

AS ON 17.09.2010

Name :	Mr. Mundla Narayana Reddy
Designation :	Managing Director (Technical)
Address :	Plot No. 15A, Road No. 2, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	01.06.1951
Qualification :	M.Sc.
Experience :	31 Years
Date of Appointment :	20.01.1982
DIN No.:	00064392

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	U24232AP1982PLC003368	Virchow Laboratores Limited	Managing director	01-06-11	20-01-82	-	Active	NO
2	U24210AP2001PTC036520	Virchow Biotech Private Limited	Director	04-04-01	04-04-01	-	Active	NO
3	U74210AP1974PTC001733	Imex Engineering Company Private Limited	Director	18-10-01	18-10-01	-	Active	YES
4	U24230AP2002PTC039606	Covalent Laboratories Private Limited	Director	15-05-03	15-05-03	-	Active	NO
5	U23209AP2003PTC041101	Virchow Petrochemical Private Limited	Director	04-06-03	04-06-03	-	Active	NO
6	U24239AP2004PLC042949	Virchow Drugs Limited	Director	25-03-04	25-03-04	-	Active	NO
7	U24116AP1991PLC012314	Andhra Organics Limited	Director	08-09-04	08-09-04	-	Active	NO
8	U24110AP2005PTC046609	Emmennar Chem Private Limited	Director	22-06-05	22-06-05	-	Active	NO
9	U45200AP2005NPL045814	Hyderabad Pharma Infrastructure And Technologies Limited	Director	21-12-06	21-12-06	17-01-11	Active	NO
10	U24230MH2007PTC176048	Virchow Healthcare Private Limited	Director	20-11-07	20-11-07	-	Active	NO
11	U24299AP2002PTC039653	Emmennar Bio-Tech Private Limited	Director	10-03-08	10-03-08	-	Active	NO

Name :	Dr. Nandigala Venkata Reddy
Designation :	Managing Director (Commercial)
Address :	Plot No. 550, Road No. 19, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	01.07.1943
Qualification :	M.B.B.S.
Experience :	36 Years
Date of Appointment :	30.09.1996
DIN No.:	01740424

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	U65910AP1980PTC002612	Nandini Finance Private Limited	Director	10-11-86	10-11-86	-	Active	NO
2	U65910AP1985PTC005769	Saraca Leasing And Finance Private Limited	Director	05-08-87	05-08-87	-	Active	NO
3	U24232AP1982PLC003368	Virchow Laboratores Limited	Managing director	01-06-11	30-09-96	-	Active	NO
4	U24210AP2001PTC036520	Virchow Biotech Private Limited	Director	04-04-01	04-04-01	-	Active	NO
5	U74210AP1974PTC001733	Imex Engineering Company Private Limited	Director	18-10-01	18-10-01	-	Active	YES
6	U23209AP2003PTC041101	Virchow Petrochemical Private Limited	Director	04-06-03	04-06-03	-	Active	NO
7	U24116AP1991PLC012314	Andhra Organics Limited	Director	08-09-04	08-09-04	-	Active	NO
8	U72300AP2007PTC055671	Max Infratech (India) Private Limited (Part IX)	Director	25-09-07	25-09-07	03-11-07	Amalgamated	NO
9	U24239AP2004PLC042949	Virchow Drugs Limited	Director	29-09-09	31-03-09	-	Active	NO

Name :	Mr. Mundla Sudha
Designation :	Director
Address :	Plot No. 15A, Road No. 2, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	19.04.1982
Date of Appointment :	14.03.2002
DIN No.:	00054013

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24232AP1982PLC003368	Virchow Laboratores Limited	Director	14-03-02	14-03-02	Active	NO
2	U24299AP2002PTC039653	Emmennar Bio-Tech Private Limited	Director	23-09-02	23-09-02	Active	NO
3	U24116AP1991PLC012314	Andhra Organics Limited	Director	20-03-06	20-03-06	Active	NO
4	U23209AP2003PTC041101	Virchow Petrochemical Private Limited	Whole-time director	01-04-08	27-09-06	Active	NO
5	U24239AP2004PLC042949	Virchow Drugs Limited	Director	29-09-09	31-03-09	Active	NO

Name :	Mr. Lingareddy Venkata Subash
Designation :	Director
Address :	Plot No. 435/A, Road No. 20, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	09.12.1971
Date of Appointment :	14.03.2002
DIN No.:	00125240

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	U72100AP2001PLC036378	Ocimum Bio Solutions (India) Limited	Whole-time director	01-12-10	12-03-01	-	Active	NO
2	U24232AP1982PLC003368	Virchow Laboratores Limited	Director	14-03-02	14-03-02	-	Active	NO
3	U15419AP2002PTC038404	Mukunda Dairy Products Private Limited	Director	30-03-02	30-03-02	09-09-11	Active	NO
4	U24129AP1976PTC002072	Coramandel Infrastructure Private Limited	Director	27-01-03	27-01-03	23-01-08	Active	NO
5	U24230AP2002PTC039606	Covalent Laboratories Private Limited	Director	15-05-03	15-05-03	-	Active	NO
6	U74999AP2007PTC052835	Ficus Enterprises (India) Private Limited	Director	19-02-07	19-02-07	-	Active	NO
7	U72300AP2007PTC055671	Max Infratech (India) Private Limited (Part IX)	Director	25-09-07	25-09-07	-	Amalgamated	NO
8	U14200AP2008PTC057527	Coramandel Mining and Exports Private Limited	Additional director	19-10-09	19-10-09	-	Active	NO
9	U45200AP1999PLC030861	UAN Max Infra Limited	Director	26-12-09	24-12-09	05-09-11	Active	NO

Name :	Dr. Linga Reddy Venkata Subba Reddy
Designation :	Director
Address :	Plot No. 435/A, Road No. 20, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	01.07.1941
Date of Appointment :	30.09.1996
DIN No.:	00135847

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	U65910AP1985PTC005769	Saraca Leasing And Finance Private Limited	Director	06-09-85	06-09-85	-	Active	NO
2	U65992AP1985PTC005772	Saraca Chit Fund Private Limited	Managing director	06-09-85	06-09-85	-	Active	NO
3	U65910AP1988PTC008595	Virchow Organics Private Limited	Director	28-04-88	28-04-88	-	Active	NO
4	U74999AP1992PTC015091	Saraca Pipes and Structurals Private Limited	Director	01-12-92	01-12-92	-	Active	NO
5	U24129AP1976PTC002072	Coramandel Infrastructure Private Limited	Director	21-11-94	21-11-94	-	Active	NO
6	U24232AP1982PLC003368	Virchow Laboratores Limited	Director	30-09-96	30-09-96	-	Active	NO
7	U15419AP2002PTC038404	Mukunda Dairy Products Private Limited	Director	30-03-02	30-03-02	-	Active	NO
8	U72100AP2001PLC036378	Ocimum Bio Solutions (India) Limited	Director	30-09-02	30-09-02	18-11-10	Active	NO
9	U23209AP2003PTC041101	Virchow Petrochemical Private Limited	Director	04-06-03	04-06-03	-	Active	NO
10	U24239AP2005PTC046919	L.V.S.R. Farms Private Limited	Director	20-07-05	20-07-05	-	Active	NO
11	U24129AP2006PLC065194	Haritha Fertilisers Limited	Director	26-04-06	26-04-06	01-05-08	Active	NO
12	U72300AP2007PTC055671	Max Infratech (India) Private Limited (Part IX)	Director	25-09-07	25-09-07	03-11-07	Amalgamated	NO
13	U14200AP2008PTC057527	Coramandel Mining and Exports Private Limited	Director	08-02-08	08-02-08	-	Active	NO
14	U40108AP2008PTC057517	Coramandel Energy Private Limited	Director	08-02-08	08-02-08	-	Active	NO
15	U40102AP2008PTC060429	Coramandel Power Transmission and Distribution Private Limited	Director	01-08-08	01-08-08	-	Active	NO
16	U41000AP2008PTC061065	Coramandel Healthy Water Private Limited	Director	16-09-08	16-09-08	-	Active	NO
17	U24239AP2004PLC042949	Virchow Drugs Limited	Director	29-09-09	31-03-09	-	Active	NO

Name :	Mrs. Mundla Lakshmi Prasanna
Designation :	Director
Address :	Plot No. 15A, Road No. 2, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	10.04.1956
Date of Appointment :	14.03.2002
DIN No.:	00736279

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74210AP1974PTC001733	Imex Engineering Company Private Limited	Director	18-10-01	18-10-01	Active	YES
2	U24232AP1982PLC003368	Virchow Laboratores Limited	Director	14-03-02	14-03-02	Active	NO
3	U24110AP2005PTC046609	Emmennar Chem Private Limited	Director	22-06-05	22-06-05	Active	NO
4	U65910AP1988PTC008596	Virchow Chemicals Private Limited	Whole-time director	01-10-07	01-10-07	Active	NO

Name :	Mr. Nandigala Pratyush Alias Hemanth
Designation :	Director
Address :	Plot No. 550, Road No. 19, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	02.01.1974
Date of Appointment :	29.01.1999
DIN No.:	01561731

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24232AP1982PLC003368	Virchow Laboratores Limited	Director	29-01-99	29-01-99	Active	NO
2	U24210AP2001PTC036520	Virchow Biotech Private Limited	Director	04-04-01	04-04-01	Active	NO
3	U24230MH2007PTC176048	Virchow Healthcare Private Limited	Director	20-11-07	20-11-07	Active	NO

Name :	Mr. Nandigala Prasanth
Designation :	Whole Time Director
Address :	Plot No. 550, Road No. 19, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	14.04.1972
Date of Appointment :	01.04.2005
DIN No.:	01740471

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24232AP1982PLC003368	Virchow Laboratores Limited	Director	25-10-99	25-10-99	Active	NO
2	U74210AP1974PTC001733	Imex Engineering Company Private Limited	Director	18-10-01	18-10-01	Active	YES
3	U24230AP2002PTC039606	Covalent Laboratories Private Limited	Director	15-05-03	15-05-03	Active	NO
4	U24116AP1991PLC012314	Andhra Organics Limited	Whole-time director	01-04-11	08-09-04	Active	NO
5	U24239AP2004PLC042949	Virchow Drugs Limited	Director	12-09-07	12-09-07	Active	NO

Name :	Ms. Gargi Pammi
Designation :	Director
Address :	Plot No. 435/A, Road No. 20, Jubilee Hills, Hyderabad-500033, Andhra Pradesh, India
Date of Birth/Age :	01.07.1947
Date of Appointment :	20.02.1985
DIN No.:	01744011

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24232AP1982PLC003368	Virchow Laboratores Limited	Director	20-02-85	20-02-85	Active	NO
2	U65992AP1985PTC005772	Saraca Chit Fund Private Limited	Director	06-09-85	06-09-85	Active	NO
3	U65910AP1985PTC005769	Saraca Leasing And Finance Private Limited	Director	06-09-85	06-09-85	Active	NO
4	U15419AP2002PTC038404	Mukunda Dairy Products Private Limited	Managing director	01-07-04	01-07-04	Active	NO
5	U24239AP2005PTC046919	L.V.S.R. Farms Private Limited	Director	20-07-05	20-07-05	Active	NO

Name :	Mr. Devireddy Ravinder Reddy
Designation :	Director
Address :	Plot No. 143, Siddhartha Nagar, Behind Vengalrao Nagar, Hyderabad-500038, Andhra Pradesh, India
Date of Birth/Age :	14.08.1934
Date of Appointment :	30.09.1996
DIN No.:	02440531

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24232AP1982PLC003368	Virchow Laboratores Limited	Director	30-09-96	30-09-96	Active	NO
2	U24116AP1991PLC012314	Andhra Organics Limited	Director	08-09-04	08-09-04	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 17.09.2010

Names of Shareholders	No. of Shares
N. Venkata Reddy	6686
T. Teena	6000
M. Narayana Reddy	8620
M. Lakshmi Prasanna	2509
D. Ravindra Reddy	8394
L. Nagamma	1027
N. Anasuyamma	1178
L.V. Subba Reddy	8080
P. Gargi	2968
N. Sudarshana	2350
N. Vijaya Bhaskar Reddy	2350
G. Chandramouleswara Reddy	1881
Nandigala Hemanth	8300
Nandigala Prasanth	8301
M. Maha Vishnu	10950
M. Sudha	10247
L.V. Sunil	8860
L.V. Subash	8224
G. Vedavati	1950
C. Sudhakar Reddy	100
N. Malla Reddy	100
L. Sunitha	5635
N.L. Marasimha Reddy	2350
C. Saraswathi	487
TOTAL	117547

AS ON

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Exporter of Pharmaceutical, Bulk Drugs, Medicines and Finished Goods.

Products :

PRODUCT DESCRIPTION	ITEM CODE (ITC CODE)
Sulfamethoxazole	29350011

· Biotech

· Papain Urea

· Ionic Silver Gel

· Hyaluronic Acid Cream

· Sodium Chloride Gels

Exports :

Products :

Pharmaceutical, Bulk Drugs, Medicines and Goods

Countries :

· USA

· Europe

· Canada

· Australia

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	2009-10
Licensed Capacity	Tonnes	5000.000
Installed Capacity	Tonnes	4000.000
Actual Production	Tonnes	3837.002

GENERAL INFORMATION

Customers :

Traders

No. of Employees :

800 (Approximately)

Bankers :

Standard Chartered Bank, Andhra Pradesh

HDFC Bank

Canara Bank, Prime Corporation Branch, II Floor, TSR Complex, S.P. Road, Hyderabad – 500 003, Andhra Pradesh, India

Facilities :

Secured Loans	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Cash Credit from Canara Bank	108.155	74.730
Packing credit in foreign currency	0.000	0.000
Export bills discounting	0.000	0.000
TOTAL	108.155	74.730

Notes:

All working capital limits from Canara Bank is secured by hypothecation of stock of raw materials, work in process, stores and spares, finished goods and book debts besides the first charge on all immovable properties.

Banking Relations :	--
Auditors :
Name :	Ramana Reddy and Associates Chartered Accountant
Address :	10-5-6/B, My Home Plaza, Off: 103, 2^nd Floor, Masab Tank, Hyderabad-500 028, Andhra Pradesh, India.
Tel. No.:	91-40-23316426/ 23316912
Group Companies :	· Sulfamethoxazole · Sucralose · Ranitidiane HCL · Chphalosporins
Associates :	· Rico Biotech Limited · Coramandal Infrastructures Private Limited · Virchow Petrochemicals Private Limited · Virchow Bio-Tech Private Limited · Covalent Laboratories Private Limited · Saraca Laboratories Limited · Imex Engineering Company Private Limited · Virchow Chemicals Private Limited
Subsidiaries :	· Andhra Organics Limited (CIN No.: U24116AP1991PLC012314) · Virchow Drugs Limited (CIN No.: U24239AP2004PLC042949) · Virchow Healthcare Private Limited (CIN No.: U24230MH2007PTC176048)

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
117547	Equity Share	Rs.100/- each	Rs.11.755 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		11.755	11.755	11.755
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1759.100	1432.607	1179.570
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1770.855	1444.362	1191.325
LOAN FUNDS
1] Secured Loans		108.155	74.730	321.986
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		108.155	74.730	321.986
DEFERRED TAX LIABILITIES		11.027	13.952	8.838
TOTAL		1890.037	1533.044	1522.149
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		225.036	224.244	232.996
Capital work-in-progress		209.699	88.215	92.627
INVESTMENT		298.327	107.384	46.186
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	117.863	151.128	151.565
	Sundry Debtors	416.110	506.276	526.649
	Cash & Bank Balances	12.296	11.269	8.015
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	872.377	667.392	603.066
Total Current Assets		1418.646	1336.065	1289.295
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	79.924	66.375	45.937
	Other Current Liabilities	1.128	6.078	6.651
	Provisions	180.619	150.411	86.367
Total Current Liabilities		261.671	222.864	138.955
Net Current Assets		1156.975	1113.201	1150.340
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1890.037	1533.044	1522.149

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		2147.965	2525.462	1834.840
		Other Income		119.119	131.881	121.181
		TOTAL (A)		2267.084	2657.343	1956.021
Less	EXPENSES
		Raw Material Consumed		1274.096	1792.689	1325.683
		Power & Fuel		111.670	110.330	112.672
		Repairs & Maintenance		65.471	57.904	61.898
		Salaries, Wages & Other Allowances		111.005	94.299	69.862
		Administrative & Selling Expenses		173.413	140.254	127.565
		Increase/ Decrease in Stocks		6.127	12.959	(12.096)
		TOTAL (B)		1741.782	2208.435	1685.584
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			525.302	448.908	270.437
Less	FINANCIAL EXPENSES (D)			7.869	22.167	17.279
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			517.433	426.741	253.158
Less/ Add	DEPRECIATION/ AMORTISATION (F)			25.651	28.857	30.448
	PROFIT BEFORE TAX (E-F) (G)			491.782	397.884	222.710
Less	TAX (H)			165.289	144.848	91.794
	PROFIT AFTER TAX (G-H) (I)			326.493	253.036	130.916
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1248.474	995.438	864.522
Less	APPROPRIATIONS
			Transfer to General Reserve @ 10%	0.000	0.000	0.000
			Interim / Final Dividend	0.000	0.000	0.000
			Corporate Dividend Tax	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S			1574.967	1248.474	995.438
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		1652.223	1521.142	1360.230
	TOTAL EARNINGS			1652.223	1521.142	1560.230
	IMPORTS
		Raw Materials		168.349	379.900	185.848
		Fixed Assets and Maintenance Items		29.448	1.400	4.047
	TOTAL IMPORTS			197.797	381.300	189.895
	Earnings Per Share (Rs.)			2777.56	2152.64	1113.73

Particulars	31.03.2011
Sales Turnover (Approximately)	2500.000

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

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.40	9.52	6.69
Net Profit Margin (PBT/Sales)	(%)	22.90	15.75	12.14
Return on Total Assets (PBT/Total Assets}	(%)	29.92	25.50	14.63
Return on Investment (ROI) (PBT/Networth)		0.28	0.27	0.19
Debt Equity Ratio (Total Liability/Networth)		0.21	0.21	0.39
Current Ratio (Current Asset/Current Liability)		5.42	5.99	9.28

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	Yes
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	--
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS

The production of Sulphamethoxazole during the year was 3837.002 tonnes as against 4005.054 tonnes in the previous year. The total turnover was Rs.2180.969 millions against Rs.2622.455 millions in the previous year.

The company has achieved a turnover of Rs.2180.969 millions and profit of Rs.491.782 millions during the year against a turnover of Rs.2622.455 millions and profit of Rs.397.884 millions in the previous year. The Directors are in hope to achieve better results for the coming year.

The company has started construction of plant at Vizag. The directors are expected to start its commercial operations in the forth coming year.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Particulars	31.03.2010 (Rs. in millions)
In respect of letters of credit	--
In respect of Bank Guarantees	1.929

FORM 8

Corporate identity number of the company

U24232AP1982PLC003368

Name of the company

VIRCHOW LABORATORES LIMITED

Address of the registered office or of the principal place of business in India of the company

Plot No. 4, S.V. Co-Operative Industrial Estate, Jeedimetla, Hyderabad – 500 855, Andhra Pradesh, India

E-Mail: taxation@virchows.com

This form is for

Modification of charge

Charge identification number of the modified

90129018

Type of charge

Book debts

Hypothecation of stocks, book debts and charge on fixed assets

Particular of charge holder

Canara Bank, Prime Corporation Branch, II Floor, TSR Complex, S.P. Road, Hyderabad – 500 003, Andhra Pradesh, India

E-Mail: hyd2657@canbank.co.in

Nature of description of the instrument creating or modifying the charge

1) Supplemental Common Hypothecation Agreement

2) Acknowledgement of DEBT and Security

3) Counter indemnity

4) Deed of undertaking

5)Power of attorney in respect of book-DEBTS facility

6) Power of attorney

Date of instrument Creating the charge

07/05/2010

Amount secured by the charge

Rs.672.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

OCC/ODBD: BPLR-1.25% p.a. presently 10.75% p.a. (floating) at present

PCFC/BRD : LIBOR+ 200 bps upto 180 days at present

PC : as applicable 9.50 % p.a. at present

Terms of Repayment:

As per sanction letter

Margin:

FB:

Stocks and Book Debts : 25%

Packing Credit : 10%

NFB

FLC/BC : 5%

Extent and Operation of the charge:

Prime: Hypothecation of Stocks and Book Debts of the Company

Collateral: I Charge on Fixed Assets of the Company(Excluding Vehicles)Valued at Rs.226.600 millions

Others:

(Rs. in millions)

	Exiting	Revised
OCC/ODBD :	200.000
OCC/ODBD/PC/ FDB/FBE/BRD FDB/FBE/BRD :	300.000	500.000
SUB LIMIT
FOR PC :	(150.000)	(200.000)
STANDBY CREDIT-PC :	30.000	30.000
STANDBY CREDIT- FDB/FBE/BRD :	60.000	60.000
TOTAL FB LIMIT:	590.000	590.000
FLC(DA/DP)	80.000	80.000
BG	2.000	2.000
TOATL FB+NFB LIMITS	672.000	672.000
FORWARD CONTRACT LIMIT :	750.000	1000.000

Short particulars of the property charged

Prime: Hypothecation of Stocks and Book Debts of the Company

Collateral: I Charge on Fixed Assets of the Company (Excluding Vehicles)Valued at Rs.226.600 millions

Date of latest modification prior to the present modification

29/12/2008

Particulars of the present modification

Limits Enhanced to 672.000 millions

(Rs. in millions)

OCC/ODBD :	200.000
OCC/ODBD/PC/ FDB/FBE/BRD FDB/FBE/BRD :	300.000	500.000
SUB LIMIT
FOR PC :	(150.000)	(200.000)
STANDBY CREDIT-PC :	30.000	30.000
STANDBY CREDIT- FDB/FBE/BRD :	60.000	60.000
TOTAL FB LIMIT:	590.000	590.000
FLC(DA/DP)	80.000	80.000
BG	2.000	2.000
TOATL FB+NFB LIMITS	672.000	672.000
FORWARD CONTRACT LIMIT :	750.000	1000.000

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· Plant and Machinery

· Electrical Equipment

· Lab Equipment

· Office Equipment

· Vehicles

· Weighing Machine

· Computers

· R and D Equipment

· Safety Equipment

· Boiler

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] 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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--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
TOTAL		59

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.