MIRA INFORM REPORT

Report Date :

29.07.2013

IDENTIFICATION DETAILS

Name :	AVRA SYNTHESIS PRIVATE LIMITED
Registered Office :	Avra House No,7/102/54sai Enclave, Habsiguda, Hyderabad - 500007, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.2005
Com. Reg. No.:	01-047528
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U24110AP2005PTC047528
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers and exporters of fine chemicals for research, oxidizing and reducing agents, coupling and de-coupling agents, protecting and de-protecting agents, catalysts, amino acid and derivatives, hetrocyclics and their derivatives, oxidising agents, reducing agents, grignard reagents, coupling agents, catalysts and amino acids, aliphatic, aromatic chemicals and pyridilines, pyrazines and other heterocyclics.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 62000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financial with the government department after 2011. As per the of 2011, there appeared some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payment terms are unknown. 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 – 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

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)

Name :	Ms. Geetha
Designation :	Accounts Department
Contact No.:	91-40-27179147
Date :	27.07.2013

LOCATIONS

Registered Office/ Factory :	Avra House No,7/102/54sai Enclave, Habsiguda, Hyderabad - 500007, Andhra Pradesh, India
Tel. No.:	91-40-27179147/ 27178571
Fax No.:	91-40-27179149
E-Mail :	ravi@avralab.com info@avrasynthesis.com
Website :	http://www.avrasynthesis.com
Location :	Rented
Factory 2 :	Plot No. A – 28/1/19, Road No. 15, IDA, Nacharam, Hyderabad – 501507, Andhra Pradesh, India
Tel. No.:	91-40-64572491 / 2504/ 27175796 / 27150423
Fax No.:	91-40-27175794
Area :	Leased
Marketing Department :
Tel. No.:	91-40-27175796
Fax No.:	91-40-27150424

DIRECTORS

As on: 29.09.2011

Name :

Mr. Alla Venkata Rama Rao

Designation :

Managing director

Address :

AVRA House, 7-102/54 Sai Enclave, Habsiguda, Rangareddy, Hyderabad - 500007, Andhra Pradesh, India

Date of Birth/Age :

02.04.1935

Date of Appointment :

20.09.2005

DIN No.:

01341232

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230AP1995PTC021115	AVRA LABORATORIES PRIVATE LIMITED	Managing director	20/07/1995	20/07/1995	-	Active	NO
2	L15420AP1947PLC000326	THE ANDHRA SUGARS LIMITED	Director	27/04/2001	27/04/2001	-	Active	NO
3	U24110AP2005PTC047528	AVRA SYNTHESIS PRIVATE LIMITED	Managing director	20/09/2005	20/09/2005	-	Active	NO

Name :

Mr. Ramarao Ramakrishna

Designation :

Director

Address :

AVRA House, 7-102/54 Sai Enclave, Habsiguda, Rangareddy, Hyderabad - 500007, Andhra Pradesh, India

Date of Birth/Age :

21.04.1967

Date of Appointment :

20.09.2005

DIN No.:

02252336

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230AP1995PTC021115	AVRA LABORATORIES PRIVATE LIMITED	Director	01/11/1995	01/11/1995	-	Active	NO
2	U24110AP2005PTC047528	AVRA SYNTHESIS PRIVATE LIMITED	Director	20/09/2005	20/09/2005	-	Active	NO

Name :

Mr. Pradip Haridas Popat

Designation :

Director

Address :

E-5, Vikrampuri, Secunderabad, Hyderabad – 500009, Andhra Pradesh, India

Date of Birth/Age :

01.03.1951

Date of Appointment :

20.09.2005

DIN No.:

01415124

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110AP2005PTC047528	AVRA SYNTHESIS PRIVATE LIMITED	Director	20/09/2005	20/09/2005	-	Active	NO
2	U24110AP2005PTC048520	APEX CHROMATOGRAPHY PRIVATE LIMITED	Director	21/12/2005	21/12/2005	-	Active	NO

Name :

Mr. Rama Rao Chandrashekar

Designation :

Director

Address :

AVRA House, 7-102/54 Sai Enclave, Habsiguda, Rangareddy, Hyderabad - 500007, Andhra Pradesh, India

Date of Birth/Age :

01.02.1973

Date of Appointment :

20.09.2005

DIN No.:

01343848

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230AP1995PTC021115	AVRA LABORATORIES PRIVATE LIMITED	Director	01/11/1995	01/11/1995	-	Active	NO
2	U24110AP2005PTC047528	AVRA SYNTHESIS PRIVATE LIMITED	Director	20/09/2005	20/09/2005	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Geetha
Designation :	Accounts Department

MAJOR SHAREHOLDERS

As on: 29.09.2011

Names of Shareholders	No. of Shares
Dr. A V Rama Rao	150000
Smt. Hymavathi Rama Rao	120000
Mr. R Ramakrishna	300000
Dr. Chandrashekar Rama Rao	280000
Mr. Pradip Haridas Popat	120000
Avra Laboratories Private Limited	990000
TJC .Sunderaswaran	40000
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2011

Category	Percentage
Bodies corporate	49.50
Directors or relatives of Directors	50.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers and exporters of fine chemicals for research, oxidizing and reducing agents, coupling and de-coupling agents, protecting and de-protecting agents, catalysts, amino acid and derivatives, hetrocyclics and their derivatives, oxidising agents, reducing agents, grignard reagents, coupling agents, catalysts and amino acids, aliphatic, aromatic chemicals and pyridilines, pyrazines and other heterocyclics.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

50 (Approximately)

Bankers :

State Bank of India, Nacharm Industrial Area Brach, Nacharm, Hyderabad - 500076, Andhra Pradesh, India

Tel. No.: 91-40-27170499

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Department of Science Technology (Hypothecation of Land Purchased from APIIC)	18.000	21.000
State Bank of India Cash and Credit (Hypothecation of Stock, Sundry Debtors and Other Current assets)	18.261	15.776
State Bank of India Term Loan (Hypothecation of Stock, Sundry Debtors and Other Current assets)	4.400	5.611
Total	40.661	42.387

Banking Relations :	--
Auditors :
Name :	Ramanatham and Rao Chartered Accountants
Address :	302, Kalamansion SD Road, PB No.2102, Secunderabad - 500003, Andhra Pradesh, India
E-Mail :	ramanathamandrao@gmail.com ramanathamandrao@rediffmail.com
PAN No.:	AAPSR1623C
Related Party :	Avra Laboratories Private Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(4.438)	(7.070)	(7.160)
NETWORTH		15.562	12.930	12.840
LOAN FUNDS
1] Secured Loans		40.661	42.387	51.541
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		40.661	42.387	51.541
DEFERRED TAX LIABILITIES		0.177	0.215	0.277
TOTAL		56.400	55.532	64.658
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.137	33.531	35.534
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.058	26.783	29.218
	Sundry Debtors	23.031	16.262	9.653
	Cash & Bank Balances	0.226	0.160	0.157
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.866	10.236	7.122
Total Current Assets		64.181	53.441	46.150
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.622	30.638	16.596
	Other Current Liabilities	2.560	0.404	0.000
	Provisions	0.753	0.421	0.459
Total Current Liabilities		40.935	31.463	17.055
Net Current Assets		23.246	21.978	29.095
MISCELLANEOUS EXPENSES		0.017	0.023	0.029
TOTAL		56.400	55.532	64.658

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	50.155	29.760	24.744
		Other Income	0.026	3.473	0.015
		TOTAL (A)	50.181	33.233	24.759
Less	EXPENSES
		Purchases	30.098	11.805	13.994
		Operating Expenses	16.632	12.485	8.616
		Preliminary Expenses Written Off	0.006	0.006	0.000
		Increase/ (decrease) in Stock	(4.274)	2.435	(2.318)
		TOTAL (B)	42.462	26.731	20.292
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.719	6.502	4.467
Less	FINANCIAL EXPENSES (D)		2.874	4.419	5.988
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.845	2.083	(1.521)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.067	2.052	2.221
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2.778	0.031	(3.742)
Less	TAX (H)		0.146	(0.059)	(0.004)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		2.632	0.090	(3.746)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(7.070)	(7.160)	(3.414)
	BALANCE CARRIED TO THE B/S		(4.438)	(7.070)	(7.160)
	Earnings/ (Loss) Per Share (Rs.)		1.32	0.04	(1.87)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.25	0.27	(15.13)
Net Profit Margin (PBT/Sales)	(%)	5.54	0.10	(15.12)
Return on Total Assets (PBT/Total Assets}	(%)	2.85	0.04	(4.58)
Return on Investment (ROI) (PBT/Networth)		0.18	0.00	(0.29)
Debt Equity Ratio (Total Debt /Networth)		2.61	3.28	4.01
Current Ratio (Current Asset/Current Liability)		1.57	1.70	2.71

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

The turnover of the company has increased during the year due to the sales of Camptothecin and its analogs and the overall profit increased during the year due to the above. However, the figures of the book profit have increased to a large extent due to more efficient way of production of intermediates supplied to our foreign clients. The Directors are talking all measures for growth and development in the company’s business.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10077548	11/10/2007	36,000,000.00	STATE BANK OF INDIA	NACHARM INDUSTRIAL AREA BRACH, NACHARM, HYDERABAD, Andhra Pradesh - 500076, INDIA	A27691633
2	10015370	30/06/2006	11,000,000.00	STATE BANK OF INDIA	NACHARAM I A BRANCH, HYDERABAD, Andhra Pradesh - 500076, INDIA	A03235777

FIXED ASSETS:

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

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] 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.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.