MIRA INFORM REPORT

Report Date :

06.06.2013

IDENTIFICATION DETAILS

Name :	THEMIS MEDICARE LIMITED
Registered Office :	Plot No. 69-A, Vapi, GIDC Industrial Estate, District Valsad-396195, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.05.1969
Com. Reg. No.:	04-001590
Capital Investment / Paid-up Capital :	Rs. 80.505 Millions
CIN No.: [Company Identification No.]	L24110GJ1969PLC001590
TAN No.: [Tax Deduction & Collection Account No.]	HYDA00539A
PAN No.: [Permanent Account No.]	AAACA9062D
Legal Form :	Public Limited Liability Company. Company's Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturers of Pharmaceuticals Products such as Drug Intermediates, Bulk Drugs, Tablets, Injections, etc.,
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2100000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a joint venture of pharmaceutical company with Gedeon Richter Limited, Hungary. It is an established company having a moderate track record. There appears loss in the current year. The reserves of the company is deteriorating. The external borrowing seems to be huge. Liquidity position appears to be weak. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: D
Rating Explanation	Default of are expected to be in default soon.
Date	November, 2011

Rating Agency Name	CARE
Rating	Short term back facilities: D
Rating Explanation	Default of are expected to be in default soon.
Date	November, 2011

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 :	Plot No. 69-A, Vapi, GIDC Industrial Estate, District Valsad-396195, Gujarat, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	themis@bom7.vsnl.net.in themis@themismedicare.com
Website :	http://www.themismedicare.com
Corporate Office :	11/12, Udyog Nagar, S. V. Road, Goregaon (West), Mumbai-400104, Maharashtra, India
Tel. No.:	91-22-767080/ 28757836
Fax No.:	91-22-28746621
Factory 1 (Synthetic) :	Plot No. 69-A, GIDC Industrial Estate, Vapi, District Valsad-396195, Gujarat, India
Factory 2 (Biotech) :	“Artemis Biotech” (A division of Themis Medicare Limited) Plot No. 1 and 5, IDA, Jeedimetla, Hyderabad-500055, Andhra Pradesh, India
Factory 3 (Formulation) :	Sector 6-A, Plot No. 16, 17 and 18, IIE, BHEL, Haridwar-249403, Uttarakhand, India

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Hoshang Sinor
Designation :	Chairman
Name :	Mr. Lajos Kovacs
Designation :	Representative of Foreign Collaborator
Date of Birth/Age :	30.08.1960
Qualification :	M.Sc. in Chemical Engineering
Date of Appointment :	27.08.2004
Name :	Dr. Laszlo Kovacs
Designation :	Representative of Foreign Collaborator
Date of Birth/Age :	30.08.1960
Qualification :	Chemical Engineer
Date of Appointment :	27.08.2004
Name :	Mr. Humayun Dhanrajgir
Designation :	Director
Date of Birth/Age :	02.12.1936
Date of Appointment :	27.08.2004
Name :	Mr. Vijay Agarwal
Designation :	Director
Date of Birth/Age :	29.06.1957
Qualification :	B.Com. (Hons.), F.C.A
Date of Appointment :	27.08.2004
Name :	Mr. Rajneesh Anand
Designation :	Director
Date of Birth/Age :	05.03.1954
Qualification :	B.E.(Mech), MIE, DMS
Date of Appointment :	03.10.2008
Other Directorship :	Richter Themis Medicare (India) Private Limited
Name :	Dr. Sachin D. Patel
Designation :	Deputy Managing Director
Name :	Dr. Dinesh Patel
Designation :	Managing Director and Chief Executive Officer

KEY EXECUTIVES

EXECUTIVE MANAGEMENT BOARD
Name :	Dr. Dinesh Patel
Designation :	Key Executive (Overall Management )
Qualification :	Ph. D. C Chem. FRSC (London)
Name :	Dr. Shashikant P. Kurani
Designation :	Key Executive (Regulatory and Scientific Affairs)
Qualification :	M. Sc., PH.D., LLM, D.P.L.P
Name :	Dr. Sachin D. Patel
Designation :	Key Executive (Research and Business Development)
Qualification :	Ph. D. C Chem. University of Cambridge, U. K.
Name :	Mr. T. Damodar Reddy
Designation :	Key Executive (API –Business Biotech)
Qualification :	Graduate in Chemical Technology
Name :	Mr. Prakash D. Naringrekar
Designation :	Key Executive (Legal and Finance)
Qualification :	M.Com, ACS
Name :	Mr. Luis Dias
Designation :	Key Executive (API- Business Co-ordinator)
Qualification :	B.Com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Shareholders
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2283561	28.37
Bodies Corporate	2026946	25.18
Sub Total	4310507	53.54
(2) Foreign
Bodies Corporate	1300308	16.15
Sub Total	1300308	16.15
Total shareholding of Promoter and Promoter Group (A)	5610815	69.70
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	356356	4.43
Financial Institutions / Banks	1000	0.01
Sub Total	357356	4.44
(2) Non-Institutions
Bodies Corporate	215801	2.68
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1114457	13.84
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	609700	7.57
Any Others (Specify)	142371	1.77
Clearing Members	18425	0.23
Non Resident Indians	101532	1.26
Hindu Undivided Families	22414	0.28
Sub Total	2082329	25.87
Total Public shareholding (B)	2439685	30.30
Total (A)+(B)	8050500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	8050500	0.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Pharmaceuticals Products such as Drug Intermediates, Bulk Drugs, Tablets, Injections, etc.,

Products :

Product Description	ITC Code No.
Simvastatin USP/EP	2942.00
Ethambutol HCL	2905.14
Arteether Injection	2909.49

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Drug Intermediates	M/T	407	408	--
Bulk Drugs	M/T	363	529	379.280
Tablets	Lacs	8267	4800	1143.60
Injections	Liters	--	120000	24580.70
	Krs.	--	250000	12720
Syrups	Liters	--	--	114236
Others	--	--	--	82221

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Union Bank of India

· Bank of Baroda

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan – From Banks (Secured By an equitable mortgage created by deposit of title deeds of the Company's factory land and buildings situated at Vapi, Hyderabad, Haridwar and Baroda and hypothecation of Plant and Machinery both present and future and also secured by Directors of the Company) Repayable in 16 quarterly installments after a holiday period of one year from first disbursement.	26.410	0.000
Long term maturities of finance lease obligations (Secured By hypothecation of vehicles acquired - under hire purchase arrangement) Repayable in 36 equated Monthly Installments as per various arrangements.	1.404	0.564
Loans repayable on demand - from banks
i) Cash Credits against hypothecation of raw materials, Stock in Process, finished goods, packing material and book debts and also guaranteed by the Directors of the Company	317.010	291.298
ii) Bills Discounted	203.815	185.258
iii) Advance as Packing Credit for Export	47.775	23.870
iv) Secured Loan against Fixed Deposit Receipts	0.000	10.066
v) Buyers Credit	80.748	27.727
vi) Overdue Devolved Letter of Credit	94.900	27.727
Total	772.062	538.783

Banking Relations :	--
Auditors :
	Statutory Auditor M. T. Ankleshwaria and Company Chartered Accountants Cost Auditors B.J.D. Nanabhoy and Company Cost Accountants
Joint Venture :	· Richter Themis Medicare (India) Private Limited
Associates:	· Themis Distributors Private Limited Vividh Distributors Private Limited Vividh Margi Investments Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8050500	Equity Shares	Rs.10/- each	Rs. 80.505 Millions

Particulars	31.03.2012
	No. of Shares	Rs. In Millions
Shares outstanding at the beginning of the year	8,050,500	80.505
Movement during the year	--	--
Shares outstanding at the end of the year	8,050,500	80.505

Details of Shareholders holding more than 5% shares in the Company:

Name of Shareholder	Equity Shares
	31.03.2012
	No. of Shares held	% of Holding
Dinesh S. Patel	565707	7.03
Jayashree D. Patel	511134	6.35
Sachin D. Patel	415405	5.16
Vividh Margi Investment Private Limited	1252842	15.56
Vividh Distributors Private Limited	616100	7.65
Gedeon Richter Investment Management Limited	884308	10.98
Szepilona International Limited	416000	5.17
Reliance Capital Trustee Company Limited	405909	5.04

Terms / rights attached to shares

Equity Shares

The Company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim dividend.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		80.505	80.505	80.505
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		437.066	780.806	707.553
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		517.571	861.311	788.058
LOAN FUNDS
1] Secured Loans		772.062	538.783	595.413
2] Unsecured Loans		335.762	354.106	330.960
TOTAL BORROWING		1107.824	892.889	926.373
DEFERRED TAX LIABILITIES		30.899	32.557	39.504
TOTAL		1656.294	1786.757	1753.935
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1038.362	916.033	936.709
Capital work-in-progress		65.830	159.216	77.511
INVESTMENT		73.781	73.668	73.658
DEFERREX TAX ASSETS		0.000	0.000	5.444
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	386.125	385.915	361.614
	Sundry Debtors	431.155	639.983	537.913
	Cash & Bank Balances	53.665	49.486	123.711
	Other Current Assets	1.927	14.495	0.000
	Loans & Advances	331.772	320.773	239.563
Total Current Assets		1204.644	1410.652	1262.801
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	574.006	621.780	420.694
	Other Current Liabilities	136.381	111.335	142.277
	Provisions	15.936	39.697	39.217
Total Current Liabilities		726.323	772.812	602.188
Net Current Assets		478.321	637.840	660.613
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1656.294	1786.757	1753.935

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1380.180	2356.779	2123.063
		Other Income	21.782	55.940	44.194
		TOTAL (A)	1401.962	2412.719	2167.257
Less	EXPENSES
		Cost of materials consumed	830.620	1320.992	1842.606
		Purchases of Stock-in-Trade	59.286	87.799
		Changes in inventories of finished goods work-in-progress and Stock-in-Trade	51.292	(24.185)
		Employee benefits expense	209.760	197.509
		Other expenses	413.791	576.216
		TOTAL (B)	1564.749	2158.331	1842.606
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(162.787)	254.388	324.651
Less	FINANCIAL EXPENSES (D)		134.808	103.160	93.509
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(297.595)	151.228	231.142
Less/ Add	DEPRECIATION/ AMORTISATION (F)		50.802	51.360	52.200
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(348.397)	99.868	178.942
Less	TAX (H)		(1.657)	(1.505)	(1.756)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(346.740)	101.373	180.698
Add / Less	PRIOR YEAR ADJUSTMENT		0.000	0.000	(0.515)
	EXCESS / (SHORT) PROVISION FOR TAX IN RESPECT OF EARLIER YEARS		0.000	0.000	6.467
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		88.760	45.508	(82.885)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	30.000	30.000
		Proposed Dividend	0.000	24.152	24.152
		Tax on Dividend	0.000	3.969	4.105
	BALANCE CARRIED TO THE B/S		(257.980)	88.760	45.508
	EXPORT VALUE		664.130	807.918	731.886
	IMPORTS
		Raw Materials	354.743	541.488	379.037
		For Machinery / Equipment	0.000	3.094	4.903
	TOTAL IMPORTS		354.743	544.582	383.940
	Earnings Per Share (Rs.)		(43.07)	12.59	23.19

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	479.800	401.300	348.200	253.200
Total Expenditure	454.500	343.200	348.300	244.600
PBIDT (Excl OI)	25.400	58.100	(0.100)	8.600
Other Income	32.600	0.300	01.300	(1.800)
Operating Profit	58.000	58.400	01.200	06.800
Interest	44.900	42.800	27.800	36.600
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	13.100	15.600	(26.600)	(29.800)
Depreciation	13.400	15.300	14.600	14.300
Profit Before Tax	(0.300)	0.300	(41.100)	(44.100)
Tax	(0.900)	(1.000)	(1.000)	(1.000)
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	0.600	1.400	(40.200)	(43.100)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	0.600	1.400	(40.200)	(43.100)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(24.73)	4.20	8.34
Net Profit Margin (PBT/Sales)	(%)	(25.24)	4.24	8.43
Return on Total Assets (PBT/Total Assets}	(%)	(15.53)	4.29	8.12
Return on Investment (ROI) (PBT/Networth)		(0.67)	0.12	0.23
Debt Equity Ratio (Total Debt/Networth)		2.14	1.04	1.18
Current Ratio (Current Asset/Current Liability)		1.66	1.83	2.10

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]	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	Yes

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Term Loans
Foreign Currency Loan (Repayable in 18 quarterly Installments commencing from October 2011.)	147.552	164.860
From a Body Corporate (Repayable in 11 Equated monthly installments)	0.000	1.237
Deposits
Fixed Deposits (Repayable in 1, 2, and 3 years, based on the deposit period.)	178.958	184.777
Other loans and advances :
Advances from Customers	9.252	3.232
Total	335.762	354.106

OPERATIONS:

Sales / Income from operations at Rs.1377.500 Millions, decreased by 44% as compared to the previous year's sale of Rs.2397.100 Millions. The Company has recorded loss of Rs.346.740 Millions as against profit of Rs. 101.373 Millions in the previous year.

BUSINESS ACTIVITIES

The Company had witnessed a turbulent year 201112 resulting in financial losses. They suffered a major setback on the export front, around February 2011, due to certain technical problems faced by one of their major customer causing us to suspend supplies to the party. They were further led to take a call in the domestic business market by streamlining and disciplining credit terms. The cumulative effect of both was unfortunately "reduced business", with turnover almost halved during the period. This severely affected their bottom line and cash flow.

CURRENT OUTLOOK

On a positive note, however, they are pleased to inform that business with the above mentioned major export customer re-commenced in November 2011. As far as the domestic market business is concerned, the required discipline in credit terms is slowly beginning to yield fruit and should make it possible to pick up momentum in the coming months. All efforts are being made to contain costs except for financial costs, which unfortunately have increased in the last one and half years due to some economic policies that have been adopted by the R.B.I and the Central Government.

Barring unforeseen circumstances, they are confident that they should see a positive change in the Company's financials in the forthcoming year.

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
(a) Claims against the company not acknowledged as debt (i) The Ministry of Chemicals and Fertilizers ,Government of India has raised demand under Drug Price Control Order,1979 for difference in actual price and price of respective bulk drug allowed while fixing the prices of certain life saving Formulations which are disputed by the Company. The Company has preferred Appeals before Hon'ble High Courts of Gujarat and Bombay in respect of Bulk Drug Rifampicin and Ethambutol respectively, for grant of ad interim stay. While allowing the stay, The Hon'ble High Court Gujarat directed the Company to deposit Principal Liability of Rs.3.480 Millions out of the total liability of Rs.12.608 Millions as worked out by the Department of Chemicals and Fertlizers, Govt. of India. The Company has already complied with the directions of the H'norable Court. In respect of Liability for Bulk Drug Ethambutol, the H'norable Bombay High Court had directed the Company to submit Bank Guarantee of Principle amount with Court and stayed the matter. The Company has complied with the direction of the Honourable High Court. (ii) Others	33.333 0.087	33.333 0.087
(b) Bank Guarantees	20.564	18.114
(c) Other money for which the company is contingently liable (i) In respect of Letter of Credit (ii) Disputed Income Tax and Sales Tax as matters are in appeal (iii) Customs duty payable on raw materials imported under duty exemption scheme in case o f non-fulfillment of export obligation.	2.638 6.158 23.181	66.087 6.576 55.638

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH 2013

(Rs. In millions)

	Particulars	STANDALONE
		Quarter ended			Current year ended
		(31.03.2013)	(31.12.2012)			(31.03.2013)
	(Refer Notes Below)	(Audited)	(Unaudited)			(Audited)
	Income from operations,
	(a) Net sales/income from operations (Net of excise duty)	229.890	343.564			1439.330
	(b) Other operating income	23.307	4.655			43.236
	Total Income from operations (net)	253.197	348.219			1482.566
2	Expenses
	(a) Cost of materials consumed	127.719	163.257			781.236
	(b) Purchases of stock-in-trade	2.793	20.478			44.708
	(c) Changes in inventories of finished goods,
	work-in-progress and stock-in-trade	(55.797)	9.991			(94.761)
	(d) Employee benefits expense	66.983	58.456			239.805
	(e) Depreciation and amortisation expense	14.260	14.562			57.461
	(f) Other expenses(Any item exceeding 10% of the total	102.915	96.133			419.600
	Total expenses	258.873	362.877			1448.049
3	Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)	(5.676)	(14.658)			34.517
4	Other income	(1.774)	1.302			32.390
	Profit / (Loss) from ordinary activities before
-	finance costs and exceptional items (3 + 4)	(7.450)	(13.356)			66.907
6	Finance costs j	36.610	27.766			152.075
7	Profit / (Loss) from ordinary activities after
	finance costs but before exceptional items (5 + 6)	(44.060)	(41.122)			(85.168)
8	Exceptional items	-	-
9	Profit / (Loss) from ordinary activities before tax (7 + 8)	(44.060)	(41.122)			(85.168)
10	Tax expense j	(0.976)	(0.973)			(3.906)
11	Net Profit / (Loss) from ordinary activities after tax (9 -10)	(43.084)	(40.149)			(81.262)
42	Extraordinary items (net of tax expense Rs. NIL)	-
13	Net Profit / (Loss) for the period (11 +12)	(43.084)	(40.149)			(81.262)
14	Share of profit / (loss) of associates	-	-			-
15	Minority interest	-	-			-
as	Net Profit / (Loss) after taxes, minority interest and share of profit
	/(loss) of associates (13+14 +15)	(43.084)		(40.149)	(81.262)
17	Paid-up equity share capital- Face Value Rs. 10/- each	80.505		80.505	80.505
18	Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year.				355.804
19	Earnings per share (before extraordinary items)
	(a) Basic	(5.35)		(4.99)	(10.09)
	(b) Diluted	(4.87)		(4.54)	(9.18)
l9ii	Earnings per share (after extraordinary items)
	(a) Basic	(5.35)		(4.99)	(10.09)
	(b) Diluted	(4.87)		(4.54)	(9.18)

	Particulars	Quarter ended		Current year ended
		(31.03.2013)	(31.12.2012)	(31.03.2013)
		(Audited)	(Unaudited)	(Audited)
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	-Number of shares	2439625	2439685	2439685
	- Percentage of shareholding	30.30	30.30	30.30
2	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered
	- Number of shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total
	shareholding of promoter and promoter group)	NIL	NIL	NIL
	- Percentage of shares (as a % of the total
	share capital of the company)	NIL	NIL	NIL
	b) Hon - encumbered
	- Number of shares	5610815	5610815	5610815
	- Percentage of shares (as a % of the total
	shareholding of the Promoter and
	Promoter group)	100	100	100
	- Percentage of shares (as a % of the total
	share capital of the company)	69.70	69.70	69.70

	Particulars	3 months ended (31.03.2013)
B	INVESTOR COMPLAINTS (Nos.)
	Pending at the beginning of the quarter	-
	Received during the quarter	-
	Disposed of during the quarter	-
	Remaining unresolved at the end of the quarter	-

STATEMENT OF ASSETS AND LIABILITIES AS ON 31ST MARCH, 2013

		STANDALONE
	Particulars	31.03.2013
A	EQUITY AND LIABILITIES
1.	Shareholders' Funds
	(a) Share capital	80.505
	(b) Reserves and surplus	355.804
	(c) Amount Received against Share Warrants	8.500
	Sub-total - Shareholders' Funds	444.809
2	Non-current Liabilities
	(a) Long-term borrowings	604.516
	(b) Deferred tax liabilities (net)	26.993
	(c) Other long-term liabilities	15.050
	(d) Long-term provisions	-
	Sub-total - Non-current Liabilities	646.559
3	Current Liabilities
	(a) Short-term borrowings	505.495
	(b) Trade payables	495.130
	(c) Other current liabilities	140.331
	(d) Short-term provisions	20.142
	Sub-total - Current liabilities	1161.098
	TOTAL - EQUITY AND LIABILITIES	2252.466
B	ASSETS
1	Non-current Assets
	(a) Fixed Assets	1041.208
	(b) Non-current investments	104.628
	(c) Long-term Loans and Advances	77.252
	(d) Other non-current assets	2.733
	Sub-total - Non-current assets	1225.821
2	Current assets
	(a) Inventories	475.457
	(b) Trade Receivables	263.755
	(c) Cash and Cash Equivalents	57.029
	(d) Short-term Loans and Advances	230.404
	Sub-total - Current assets	1026.645
	TOTAL- ASSETS	2252.466

NOTES:

1. The Company has only one segment namely pharmaceuticals; hence no separate segment wise disclosure has been made.

2. The figures of last quarter for the current year are the balancing figures between the audited figures in respect of the full financial year ended 31^st March, 2013 and the unaudited published year to date figures upto the third quarter ended 31st December 2012 which were subjected to a limited review.

3. 4 lac fully convertible preferential warrants issued to some of the promoters during the year under review will be converted into Equity Shares on 16.01.2014.

4. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 15th May, 2013.

FIXED ASSETS:

· Trade Marks

· Freehold Land

· Leasehold Land

· Land and Building

· Plant and Machinery

· Furniture and Fixtures

· Electrical Installation

· Vehicles

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 recordsexist 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.56.42
UK Pound	1	Rs.86.54
Euro	1	Rs.73.86

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.