MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	GLOCHEM INDUSTRIES LIMITED
Registered Office :	G.V. Chambers, 7-2-C8 and C8/2, IDA Santnagar, Hyderabad-500018, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.11.1995
Com. Reg. No.:	01-022303
Capital Investment / Paid-up Capital :	Rs.36.291 Millions
CIN No.: [Company Identification No.]	U24110AP1995PLC022303
TAN No.: [Tax Deduction & Collection Account No.]	HYDG00852F
PAN No.: [Permanent Account No.]	AAACG9134E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Active Pharmaceutical Ingredients (API’s), Intermediaries, Formulation, Fine Chemicals, etc.
No. of Employees :	150 [Approximately]

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 2040000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having moderate track record. The company has achieved a better growth in its sales turnover and net profitability during 2012. However, the profit margin appears to be low. Ratings also take into consideration the small scale of operations carried out by the company. Trade relations are fair. Business is active. Payment terms are slow but correct. In view of experienced management and long track record of operations, the subject 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB+ [Long Term Bank]
Rating Explanation	Moderate risk of default.
Date	04.01.2013

Rating Agency Name	CARE
Rating	A4 [Short Term Bank]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	04.01.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY [GENERAL DETAILS]

Contact Person :	Receptionist
Contact No.:	91-40-39219900
Date :	25.07.2013

LOCATIONS

Registered Office/ Corporate Office :	G.V. Chambers, 7-2-C8 and C8/2, IDA Santnagar, Hyderabad-500018, Andhra Pradesh, India
Tel. No.:	91-40-23713041 / 42 / 43 / 23816951
Fax No.:	91-40-23711483
E-Mail :	hyd2_glochem@sancharnet.in md@glochemindia.com marketingin@glochemindia.com purchase@glolchemindina.com accounts@glochemindia.com ra@glkochemindia.com projects@glocehmindia.com
Website:	http://www.glochemindia.com
Factory 1 :	174/176, I.D.A., Bollaram, Medak-502325 District, Andhra Pradesh, India
Tel No.:	91-8458-279003/ 280021 91-8452-302944
Fax No.:	91-8458-279058
E Mail:	bollaram@glochemindia.com
Factory 2 :	Survey No. 36, 37 and 46, Plot No. 77, Jawaharlal Nehru Pharma City, Thanam Village, Parawada Mandal Visakhapatnam, Andhra Pradesh, India
Tel No.:	91-892-4247132 91-891-3016504
Fax No.:	91-892-4247269
E Mail:	vizag@glochemindia.com
Factory 3 :	Plot No.S16 and S17, Green Industrial Park, Polapally, Jedcheria, Mahaboob Nagar District – 509302, Andhra Pradesh, India
Tel No.:	91-8542-304654

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Kattamuri Subbarao
Designation :	Chief Promoter and Managing Director
Address :	Plot No. 48, Navanirman Nagar, Road No. 71, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	10.03.1953
Date of Appointment :	20.11.1995
DIN No.:	00107121

Other Directorship:

Sr. 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	U24110AP1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Managing director	01-07-11	20-11-95	Active	NO
2	U01119AP2010PTC069551	GIL AGROTECH ( INDIA ) PRIVATE LIMITED	Director	20-07-10	20-07-10	Active	NO

Name :	Mr. Hazarath Basha Shaik
Designation :	Director
Address :	H. No. 22-307/7A, Opposite KPHB, Bhagyanagar, Hyderabad – 500072, Andhra Pradesh, India
Date of Birth/Age :	26.03.1956
Date of Appointment :	24.05.1996
DIN No.:	01321868
Name :	Mr. Vikram Ravindra Mamidipudi
Designation :	Director
Address :	80, Road No. 3, East Marredpally, Secunderabad – 500003, Andhra Pradesh, India
Date of Birth/Age :	18.05.1956
Date of Appointment :	24.03.1999
DIN No.:	00008241

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	U51398AP1987PTC007885	NORMAK FASHIONS PRIVATE LIMITED	Director	18-11-88	18-11-88	-	Active	NO
2	U74140AP1992PTC014155	M.ANANDAM CONSULTANCY SERVICES PRIVATE LIMITED	Director	30-04-92	30-04-92	-	Active	NO
3	U85110KA1992PLC013421	ASM TECHNOLOGIES LIMITED	Director	25-01-10	30-06-98	-	Active	NO
4	U24110AP1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Director	24-03-99	24-03-99	-	Active	NO
5	U01119AP1992PLC014048	WINGS INFONET LIMITED	Director	11-05-00	11-05-00	-	Active	NO
6	U74140AP2000PTC034461	ASSOCIATED BUSINESS COUNSELLILNG SERVICES PRIVATE LIMITED	Director	10-05-01	10-05-01	-	Active	NO
7	U25209TN1978PTC007619	A-BOND STRANDS PRIVATE LIMITED	Director	31-07-02	31-07-02	-	Active	NO
8	U36911AP2003PTC040714	NORMAK INDIA PRIVATE LIMITED	Director	25-03-03	25-03-03	-	Active	NO
9	U72200AP2004PTC042465	PYTHIAN INDIA PRIVATE LIMITED	Alternate director	30-04-04	30-04-04	14-04-07	Active	NO
10	U15549AP2004PTC043249	TAZA RICA BEVERAGES PRIVATE LIMITED	Director	14-09-04	14-09-04	08-09-08	Active	NO
11	L27100AP1989PLC010122	ZENOTECH LABORATORIES LIMITED	Additional director	01-10-09	29-11-05	26-02-10	Active	NO
12	L18101AP1962PLC054323	GTN INDUSTRIES LIMITED	Director	17-12-05	17-12-05	-	Active	NO
13	U65990MH1993PLC071003	CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED	Director	26-06-07	18-04-07	16-08-07	Active	NO
14	U93000AP2008PTC057571	PACIFIC RIM ALLIANCE INDIA PRIVATE LIMITED	Director	12-02-08	12-02-08	09-05-08	Active	NO
15	U74900AP2008PTC061647	ESTELLE INDIA PRIVATE LIMITED	Director	31-10-08	31-10-08	-	Active	NO
16	U80302AP2002NPL039397	INSTITUTE OF INSURANCE AND RISK MANAGEMENT	Director	17-07-09	25-03-09	-	Active	NO
17	U80101AP1995PTC022594	TRIUMPHANT INSTITUTE OF MANAGEMENT EDUCATION PRIVATE LIMITED	Director	22-07-09	22-07-09	-	Active	NO
18	L65191RJ1943PLC000135	THE BANK OF RAJASTHAN LIMITED	Director	14-12-09	14-12-09	-	Amalgamated	NO
19	U40109AP2008PLC061202	AMRELI POWER PROJECTS LIMITED	Director	29-09-11	03-12-10	-	Active	NO

Name :	Mr. Gopakumar Gopalan Nair
Designation :	Additional Director
Address :	C-002/3, Gokul Plaza, Thakur Complex, Kandivli (East), Mumbai-400101, Maharashtra, India
Date of Birth/Age :	11.06.1941
Date of Appointment :	30.06.2010
DIN No.:	00092637

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	L24224MH1960PLC011856	ULTRAMARINE AND PIGMENTS LIMITED	Director	25-05-90	25-05-90	Active	NO
2	U74999MH1991PTC063993	BDH BIOTECH PRIVATE LIMITED	Director	14-11-91	14-11-91	Strike off	NO
3	U01110AP1999PLC033147	NANDAN CLEANTEC LIMITED	Director	20-10-04	20-10-04	Active	NO
4	L99999MH1985PLC036685	SEQUENT SCIENTIFIC LIMITED	Director	17-09-07	20-06-06	Active	NO
5	U24110AP1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Additional director	30-06-10	27-06-07	Active	NO
6	U74999MH2007PTC175266	GNANLEX HERMENEUTICS PRIVATE LIMITED	Director	22-10-07	22-10-07	Active	NO
7	U24110MH1997PTC112731	ELIXIR CHEMICALS PRIVATE LIMITED	Director	15-09-08	19-11-07	Amalgamated	NO
8	U85190TN2008PTC065996	SANVED RESEARCH LABS PRIVATE LIMITED	Director	09-01-08	09-01-08	Strike off	NO

Name :	Mr. Mohan Krishna Reddy
Designation :	Director
Address :	No. 78, [New 123], Road No. 7A, Women Co-operative Society, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Date of Birth/Age :	03.05.1956
Date of Appointment :	24.12.2003
DIN No.:	00093185

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	U24110AP1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Director	24-12-03	24-12-03	-	Active	NO
2	U74140AP1992PTC014155	M.ANANDAM CONSULTANCY SERVICES PRIVATE LIMITED	Director	01-01-05	01-01-05	-	Active	NO
3	U67120AP2005PTC047688	BANYAN SECURITIES AND FINANCIAL SERVICES PRIVATE LIMITED	Managing director	01-03-08	02-11-05	-	Active	NO
4	U74999AP2007PTC053533	ORAFIN FINANCIAL SERVICES PRIVATE LIMITED	Director	11-04-07	11-04-07	-	Active	YES
5	U72200AP2007PTC052954	THRIVE ENERGY TECHNOLOGIES PRIVATE LIMITED	Director	10-11-07	10-11-07	-	Active	NO
6	U74900TN2008PTC065902	XYLEM SUPPLY CHANGE MANAGEMENT PRIVATE LIMITED	Director	01-01-08	01-01-08	21-07-09	Active	YES
7	U45209AP2008PTC057522	3KOLL CONCRETE SOLUTIONS PRIVATE LIMITED	Director	08-02-08	08-02-08	-	Active	NO
8	L72200AP1999PLC033131	FOUR SOFT LIMITED	Director	25-09-09	19-06-09	-	Active	NO
9	U41000TN2010PTC075859	GREENTECH AQUA PRIVATE LIMITED	Director	19-01-11	19-01-11	-	Active	NO

Name :	Mr. Peter Arend William Burema
Designation :	Nominee Director
Address :	Delsbergstrasse 58, 4253, Liesberg, Netherlands-4253
Date of Appointment :	30.06.2010
DIN No.:	03054636
Name :	Mr. Sundeep Kattamuri
Designation :	Whole Time Director
Address :	Plot No.48, Navanirman Nagar, Jubilee Hills, Road No.71, Hyderabad-50003, Andhra Pradesh, India
Date of Birth/Age :	17.11.1983
Date of Appointment :	05.09.2011
DIN No.:	03128742

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	24.50
Bodies corporate	0.55
Directors or relatives of directors	66.07
Other top fifty shareholders	8.88
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Active Pharmaceutical Ingredients (API’s), Intermediaries, Formulation, Fine Chemicals, etc.

Products :

PRODUCT DESCRIPTION	ITC CODE NO
Other Organic Compounds	2942

Exports :

Products :

Amlodipine and Cetrizine Di Hydrochloride

Countries :

· Korea

· UK

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Bulk Drugs, Intermediates and Spent Solvents	MT	478	726.155

NOTES:

1. (Industrial Licensing has been abolished in respect of Bulk Drugs and formulations in terms of Press Note No.4 (1994 series) dated October 25^th 1994 issued by the Department of the Industrial Development, Ministry of Industry, Government of India and Notification No. S.O.137 (E) dated 1^st March 1999 issued by the Department of Industrial Policy and Promotion, Ministry of Industry, Government of India). Licensed Capacities for bulk drugs and formulations are not applicable.

2. Installed Capacities varies based on product mix and utilization of manufacturing facilities given the nature of the production.

3. Installed capacities are certified by the management and have not been verified by the Auditors due to technical in nature.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

150 [Approximately]

Bankers :

· Punjab National Bank, Hi-tech City Branch, Madhapur, Hyderabad-500033, Andhra Pradesh, India

· Axis Bank Limited, 5-2-183/184, 3^rd Floor, Credit Management Centre, R P Road, Secunderabad-500003, Andhra Pradesh, India

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

Facilities :

Secured Loan

As on 31.03.2012

[Rs. in Millions]

As on 31.03.2011

[Rs. in Millions]

Long Term Borrowings

Term Loans

From Banks

[Term loans from Axis Bank are secured by first charge on entire fixed assets of the company, present and future (other than those purchased out of hire purchase finance and land and building of Jedcherla unit) and by second charge on the current assets of the company, both present and future.

The loans are further secured by personal guarantee of the Managing Director.]

37.653

24.833

Vehicle Loans

From Others

[Repayment terms Term loans from Axis Bank are payable commencing from October 30, 2011.]

[Vehicle loan from Cholamandalam Investment and Finance Company Limited Vehicle loan of, 625 secured by a lien on the asset purchased. The loan is repayable in 45 monthly installments commencing from January 10, 2012 and carries an interest of 6.64% per annum. The loans are further secured by personal guarantee of the Managing Director.]

0.445

0.142

Name of the Banker

Interest Terms

Quarterly Installments

Balance Outstanding As At [Excluding Current Maturities]

31 March, 2012	31 March 2011
Rs. in Millions

Axis Bank-Rupee Term Loan

Base Rate + 3%

20

10.000

24.833

Axis Bank-Foreign Currency Term Loan

27.652

0.000

Average base rate is 10% (year ended March 31, 2011: 10%) per annum

Short Term Borrowings

Loans Repayable on Demand

From Banks

142.116

45.131

TOTAL

142.561

45.273

NOTES:

i) Loans repayable on demand include working capital and demand loans (including buyer’s credit) from Axis Bank and Punjab National Bank. These are secured by hypothecation of current assets and further secured by second charge on fixed assets of the company.

ii) The above loans are also guaranteed by the Managing Director of the company.

iii) The average rate of interest is 13% (for year ended 31 March, 2011:12.25%) per annum.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Coramandel House, 1-2-10, SP Road, Secunderabad – 500003, Andhra Pradesh, India
PAN No:	AACFD3771D
Other Related Parties :	· Acino Pharma Limited [Formerly Cimex Pharma Limited], Switzerland · Beacon Advisors [From January 1, 2012]

CAPITAL STRUCTURE

AS ON 28.09.2012

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
3629080	Equity Shares	Rs.10/- each	Rs.36.291 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	36.291	34.261
(b) Reserves & Surplus	475.708	403.117
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	511.999	437.378
(3) Non-Current Liabilities
(a) long-term borrowings	38.098	24.975
(b) Deferred tax liabilities (Net)	21.017	20.194
(c) Other long term liabilities	169.425	221.970
(d) long-term provisions	6.444	3.414
Total Non-current Liabilities (3)	234.984	270.553
(4) Current Liabilities
(a) Short term borrowings	142.116	45.131
(b) Trade payables	200.602	86.847
(c) Other current liabilities	526.435	71.054
(d) Short-term provisions	8.018	3.916
Total Current Liabilities (4)	877.171	206.948
TOTAL	1624.154	914.879
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	664.259	299.504
(ii) Intangible Assets	1.993	2.649
(iii) Capital work-in-progress	0.031	318.316
(iv) Intangible assets under development	23.789	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	16.398	67.276
(e) Other Non-current assets	11.741	0.000
Total Non-Current Assets	718.211	687.745
(2) Current assets
(a) Current investments	0.000	0.001
(b) Inventories	275.224	147.556
(c) Trade receivables	146.592	61.255
(d) Cash and cash equivalents	1.139	1.770
(e) Short-term loans and advances	59.996	16.389
(f) Other current assets	422.992	0.163
Total Current Assets	905.943	227.134
TOTAL	1624.154	914.879

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		34.261
2] Share Application Money		0.000
3] Reserves & Surplus		443.061
4] (Accumulated Losses)		0.000
NETWORTH		477.322
LOAN FUNDS
1] Secured Loans		42.349
2] Unsecured Loans		0.000
TOTAL BORROWING		42.349
DEFERRED TAX LIABILITIES		19.325
TOTAL		538.996
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		307.507
Capital work-in-progress		261.796
INVESTMENT		0.001
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	147.201
	Sundry Debtors	58.474
	Cash & Bank Balances	69.988
	Other Current Assets	1.106
	Loans & Advances	82.866
Total Current Assets		359.635
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	376.581
	Other Current Liabilities	2.797
	Provisions	10.565
Total Current Liabilities		389.943
Net Current Assets		(30.308)
MISCELLANEOUS EXPENSES		0.000
TOTAL		538.996

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	540.307	358.617	821.521
		Other Income	13.767	4.156	19.970
		TOTAL (A)	554.074	362.773	841.491
Less	EXPENSES
		Cost of materials consumed	323.685	177.177
		Purchases of stock in trade	1.697	10.883
		Employee benefits expense	74.141	64.640	761.491
		Manufacturing, administrative and other expense	173.402	137.970
		Changes in inventories of finished goods and work in progress	(74.415)	(23.837)
		TOTAL (B)	498.510	366.833	761.491
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		55.564	(4.060)	80.000
Less	FINANCIAL EXPENSES (D)		14.272	5.666	4.761
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		41.292	(9.726)	75.239
Less/ Add	DEPRECIATION/ AMORTISATION (F)		34.651	28.801	24.012
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		6.641	(38.527)	51.227
Less	TAX (H)		0.987	1.416	8.175
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.654	(39.943)	43.052
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.508	44.451	38.403
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	35.000
		Dividend	0.000	0.000	1.713
		Tax on Dividend	0.000	0.000	0.291
	BALANCE CARRIED TO THE B/S		10.162	4.508	44.451
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	175.776	181.018	732.772
	TOTAL EARNINGS		175.776	181.018	732.772
	IMPORTS
		Raw Materials	68.027	49.548	113.202
		Capital Goods	15.173	4.506	15.333
	TOTAL IMPORTS		83.200	54.054	128.535
	Earnings / (Loss) Per Share (Rs.)		1.63	(11.66)	12.56

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.02	(11.01)	5.12
Net Profit Margin (PBT/Sales)	(%)	1.23	(10.74)	6.24
Return on Total Assets (PBT/Total Assets}	(%)	0.41	(6.45)	7.68
Return on Investment (ROI) (PBT/Networth)		0.01	(0.09)	0.11
Debt Equity Ratio (Total Debt/Networth)		0.35	0.17	0.95
Current Ratio (Current Asset/Current Liability)		1.03	1.10	0.92

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	No
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	--
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	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396629	13/12/2012	13,000,000.00	PUNJAB NATIONAL BANK	HI-TECH. CITY BRANCH, 1Q4-A3,1ST FLOOR, CYBER TOWERS, MADHAPUR, HYDERABAD - 500081, ANDHRA PRADESH, INDIA	B65771081
2	10357060	13/12/2012 *	96,900,000.00	PUNJAB NATIONAL BANK	HI-TECH. CITY BRANCH, 1Q4-A3,1ST FLOOR, CYBER TOWERS, MADHAPUR, HYDERABAD - 500081, ANDHRA PRADESH, INDIA	B65771248
3	10035995	29/05/2009 *	47,500,000.00	AXIS BANK LIMITED	6-3-879/B, GREENLANDS ROAD, BEGUMPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA	A65181216
4	90117886	29/12/2003	7,500,000.00	UTI BANK LIMITED	BEGUMPET, HAYDERABAD, ANDHRA PRADESH, INDIA	-
5	90116056	30/04/2012 *	384,000,000.00	PUNJAB NATIONAL BANK (on behalf of PNB CONSORTIUM WHERE PNB & AXIS BANK LIMITED ARE MEMBERS)	HI-TECH. CITY BRANCH, 1Q4-A3,1ST FLOOR, CYBER TOWERS, MADHAPUR, HYDERABAD - 500081, ANDHRA PRADESH, INDIA	B40114167
6	90119034	15/12/2002 *	7,600,000.00	PUNJAB NATIONAL BANK	1Q4 A3; CYBER TOWERS, HITECH CITY, MADHAPUR, HYDERABAD - 500013, ANDHRA PRADESH, INDIA	-
7	90259724	28/03/2012 *	253,000,000.00	AXIS BANK LIMITED	6-3-879/B, GREENLANDS ROAD, BEGUMPET, HYDERABAD - 500016, ANDHRA PRADESH, INDIA	B36378164
8	90115356	29/12/2003 *	6,000,000.00	UTI BANK LIMITED	BEGUMPET, HAYDERABAD, ANDHRA PRADESH, INDIA	-
* Date of charge modification

CORPORATE INFORMATION:

Subject was incorporated on November 20, 1995 and is engaged in the business of manufacturing and marketing of Active Pharma Ingredients (APIs), drug intermediates, finished dosage forms and contract manufacturing of finished dosage formulations.

The Company has three manufacturing facilities at Bollaram near Hyderabad, at Vishakhapatnam and at Jedcherla. Jedcherla unit is in Special Economic Zone which has started operations effective from January 1, 2012.

BUSINESS REVIEW:

The Company has achieved a turnover of RS.587.40 Millions for the year ended 31st March 2012 compared to the previous year's turnover of Rs. 381.14 Millions representing a growth of 54%. The Company has made an EBITDA of Rs. 55.56 Millions (9 %of Turnover) for the year.

Besides the manufacturing and marketing of Products developed in the own R N D. the company has also taken up a new business model of contract manufacturing of APIs and intermediates for the regulatory (US and Europe) markets for some of the reputed Indian Companies.

The steps taken by the management in expanding the product and customer base and exploring new business tie ups with new companies have started yielding results in the form of business and revenues only in the last quarters of the year. The full impact of these steps and the resultant revenues can be seen in the financial year 2012-2013

The overall profit for the year is quite marginal i.e. Rs. 5.650 millions

OUTLOOK:

API’s:

The company expects to achieve a significant growth in revenues and profits during the current year considering that the impact of all the steps taken in development of products and customer base etc. will be felt over the full year of operations during the current year.

The company is also proposing to enhance the capacities in manufacturing of APIs and intermediates by going in for expansion at its Vizag facility by building a new manufacturing block with a proposed additional capacity of about 75 m3 of reaction volumes. The company's proposal to the Banks for sanction the term loans to meet these expansion plans is being favorably considered by the Banks. The Company expects to achieve a growth of about 100% in the API operations during the current year.

FINISHED DOSAGE FORMS:

Following the approval of the Finished Dosage Forms facility by MHRA, the company has entered into several contracts with reputed international customers for contract manufacturing, development of dossiers etc. Validations have been completed for several of these products and the data has been submitted to the Regulatory authorities for approval. All these approvals are expected to come in by September/October 2012 and the commercial production will commence thereafter.

The company has also developed Dossiers for its own APIs including Amlodipine, Cetrizine, Levo Cetrizen, Raloxifene etc. The MAs (in Europe) and ANDAs in USA have been submitted or being submitted to the authorities in the next 3/4 months time.

The revenues from the commercial operations are expected from the Formulations Division from October/November 2012.

FIXED ASSETS:

• Land
• Building
• Plant and machinery
• Electrical Installation
• Computers
• Office Equipments
• Furniture and Fixture
• Vehicles

· Laboratory Equipments

AS PER WEBSITE:

EVOLUTION OF GLOCHEM

1996	Begins as a Trading Company
1997   -  2002	Manufacturing operations commenced in 1997 and got Stabilized. Facility received WHO GMP certificate in 2002.
2004	Received COS for Amlodipine Besilate and Cetirizine DIHCL. DMF for Amlodipine Maleate approved by several European Health Authorities Development of non-Bisulphate salt of Clopidogrel commences.
2005 - 2006	· Development of non-Bisulphate salt of Clopidogrel. · Entered into a strategic business association and equity partnership arrangement with Cimex (currently known as Acino) Pharma, Switzerland · DMFs filed with USFDA - for Amlodipine Besilate and  Cetirizine Dihcl
2007	· Received EUGMP approval for Amlodipine Besilate. · USFDA approval received for its facilities at Unit 1, Bollaram, Hyderabad. · A new cGMP/USFDA compliant API manufacturing facility at Pharmacity, Visakhapatnam has been commissioned. DMFs filed with · USFDA for Clopidogrel Bisulphate and Levo Cetririzine · Health Canada for Clopidogrel Bisulphate, Amlodipine Maleate, Amlodipine Besilate and Cetirizine Di hcl.
2008	· Approval received for the non Bisulphate salt of Clopidogrel from an European regulatory authority. · DMF filed with USFDA for Raloxifene HCl. · Unit -2 at Vizag received EUGMP approval
2009	· An additional API manufacturing block with 26 reactors (with reaction volume of 40 M³) with two pharma (class 100,000) modules has been commissioned at Vizag in Aug 2009. · A new USFDA, EUGMP and MHRA compliant Finished Dosage Forms facility is coming up at Pharma special SEZ at Jadcherla near Hyderabad · Unit No 2 at Pharma City, Vizag receives USFDA approval. · At unit -2, Process validation for Amlodipine Mesilate, Amlodipine Besilate, Candesartan Cilexetil, and Eprosartan Mesylate, completed. DMFs are under preparation.
2010	A new USFDA, EUGMP and MHRA compliant Finished Dosage Forms facility is commissioned at Pharma special SEZ at Jadcherla near Hyderabad

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.58.91
UK Pound	1	Rs.90.67
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

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

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.