MIRA INFORM REPORT

Report Date :

15.06.2013

IDENTIFICATION DETAILS

Name :	TRIVENI FORMULATIONS LIMITED
Registered Office :	Plot No.52,53,54 and 62,63,64, Aleap Industrial Estate, Surampalli – 521212, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.01.2006
Com. Reg. No.:	01-048778
Capital Investment / Paid-up Capital :	Rs. 22.520 Millions
CIN No.: [Company Identification No.]	U24239AP2006PLC048778
TAN No.: [Tax Deduction & Collection Account No.]	HYDT02427F
PAN No.: [Permanent Account No.]	AACCT3908R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceutical Formulations of Diabetic, Cardiac, anti-psychiotric and General Medicines in Tablets, Capsules, Liquids and Ointments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 74000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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.

LOCATIONS

Registered Office :	Plot No.52,53,54 and 62,63,64, Aleap Industrial Estate, Surampalli – 521212, Andhra Pradesh, India
Tel. No.:	91-866-2854497
Fax No.:	91-866-2854498
E-Mail :	dssandco@yahoo.co.in
Website :	http://www.triveniformulations.com
Corporate Office :	# 302, Udaya Krishna Apartment, Bhagyanagar Colony, Kukatpally, Hyderabad - 500 072, Andhra Pradesh, India
Tel. No.:	91-40-40263252
Fax No.:	91-40-23060219

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Tunuguntla Vasudeva Gupta
Designation :	Managing Director
Address :	11-63-54 R K Towers, Flat No.204, Brahmin Street, Vijaywada, Krishna – 520001, Andhra Pradesh, India
Date of Birth/Age :	12.01.1951
Date of Appointment :	18.01.2006
DIN No.:	00020243

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239AP2006PLC048778	TRIVENI FORMULATIONS LIMITED	Managing director	18-01-06	18-01-06	Active	NO
2	U24234KA2008PTC048016	FIDES BIO-SCIENCES PRIVATE LIMITED	Director	15-10-08	15-10-08	Strike off	NO

Name :	Mr. Parvathaneni Srinivasa Rao
Designation :	Director
Address :	F-5, Sanjana Apartments, T S Bharathi nagar, Vijaywada, Krishna – 520008, Andhra Pradesh, India
Date of Birth/Age :	15.08.1959
Date of Appointment :	16.01.2006
DIN No.:	00020294

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239AP2006PLC048778	TRIVENI FORMULATIONS LIMITED	Director	16-01-06	16-01-06	Active	NO
2	U24234KA2008PTC048016	FIDES BIO-SCIENCES PRIVATE LIMITED	Director	15-10-08	15-10-08	Strike off	NO
3	U24232AP2011PTC072168	RR MEDI SCIENCE PRIVATE LIMITED	Director	11-01-11	11-01-11	Active	NO

Name :	Mrs. Tunuguntla Indu Kumari
Designation :	Director
Address :	11-63-54 R K Towers, Flat No.204, Brahmin Street, Vijaywada, Krishna – 520001, Andhra Pradesh, India
Date of Birth/Age :	12.04.1959
Date of Appointment :	16.01.2006
DIN No.:	00020258
Name :	Mr. Kurmala Ranga Rao
Designation :	Director
Address :	D No.76-8-6/5, Bhavanipuram, Vijaywada, Krishna – 520012, Andhra Pradesh, India
Date of Birth/Age :	07.04.1937
Date of Appointment :	16.01.2006
DIN No.:	00020282
Name :	Mr. Vellampalli Prabhavathi
Designation :	Director
Address :	14-11-36/2, Opposite Narayan Swamy Hotel, Hanuman pet, Vijaywada, Krishna – 520003, Andhra Pradesh, India
Date of Birth/Age :	01.04.1968
Date of Appointment :	16.01.2006
DIN No.:	00020271

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Tunuguntla Vasudeva Gupta	47600
Kurmala Ranga Rao	18000
Tunuguntla Indu Kumari	13150
Chakka Srimannarayana	10800
Chakka Lakshmi Devi	4200
Tunuguntla Vijaya Lakshmi Deepika	700
Parvataneni Srinivasa Rao	11950
Velampalli Rama Rao	2650
Velampalli Prabhavathi	2250
Tunuguntla Indra Mohan	3350
P.N.D.A. Prasanna	3000
G Kishore	6000
B. Sri Lakshmi	13000
Parvathaneni Padma	9550
K. Ramachandra Rao	25250
K Kanya Kumari	4000
P. Rama Krishna	26000
B. Rama Krishna	6000
Ch. Lakshmikanth	6000
G. Jaya Lakshmi	3000
Bhavirisetti Gopala Krishna	2000
Bhavirisetti Sarojini Devi	2000
Gonuguntla Mohini Sarojini Devi	1875
Gonuguntla Rajini Kumari	1875
D. Mallikarjuna Rao	1000
TOTAL	225200

AS ON 29.09.2012

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	89.00
Other top fifty shareholders	11.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical Formulations of Diabetic, Cardiac, anti-psychiotric and General Medicines in Tablets, Capsules, Liquids and Ointments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ING Vysya Bank Limited, No.9-76-18 K.T. Road, S. K. P. V. V. Hindu High School, Compound,, Vijayawada - 520001, Andhra Pradesh, India
• State Bank of Hyderabad, Patamata Lanka Branch, Near Eenadu, Vijayawada – 520007, Andhra Pradesh, India
• State Bank of India, Gantasalavari Street, Gayatri Nagar, Viajayawada-520008, Andhra Pradesh, India
• UCO Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short Term Borrowings
From Banks Repayable on Demand
Cash Credit – SBH	7.528	6.224
Letter of Credit – SBH	0.963	0.000
TOTAL	8.491	6.224

Banking Relations :	--
Auditors :
Name :	Durga Shyam Sundar and Company Chartered Accountants
Address :	30-18-28A, K. V. S Gupta Street, Seetharampuram, Vijayawada – 520002, Andhra Pradesh, India
Tel No.:	91-866-2439091 / 2435418
PAN No.:	AABFD5624N

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
225200	Equity Shares	Rs.100/- each	Rs. 22.520 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
225200	Equity Shares	Rs.100/- each	Rs. 22.520 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	22.520	22.520
(b) Reserves & Surplus	(7.485)	(7.629)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	3.542	1.500
(3) Non-current liabilities
(a) long-term borrowings	0.291	2.758
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	10.736	7.292
(b) Trade payables	4.514	6.466
(c) Other current liabilities	4.200	5.645
(d) Short-term provisions	0.000	0.000
TOTAL	38.318	38.552
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.000	22.470
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.079	0.064
(d) Long-term Loan and Advances	0.245	0.129
(e) Other Non-current assets	0.000	0.008
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9.293	8.668
(c) Trade receivables	7.421	6.007
(d) Cash and cash equivalents	0.872	0.684
(e) Short-term loans and advances	0.405	0.516
(f) Other current assets	0.003	0.006
TOTAL	38.318	38.552

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		22.520
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(7.769)
NETWORTH		14.751
LOAN FUNDS
1] Secured Loans		15.856
2] Unsecured Loans		0.513
TOTAL BORROWING		16.369
DEFERRED TAX LIABILITIES		0.000
TOTAL		31.120
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.234
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.037
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.893
	Sundry Debtors	5.178
	Cash & Bank Balances	0.176
	Other Current Assets	0.155
	Loans & Advances	0.367
Total Current Assets		11.769
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.199
	Other Current Liabilities	0.000
	Provisions	0.738
Total Current Liabilities		6.937
Net Current Assets		4.832
MISCELLANEOUS EXPENSES		0.017
TOTAL		31.120

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	43.125	31.427	24.886
		Other Income	0.139	0.000	1.513
		TOTAL (A)	43.264	31.427	26.399
Less	EXPENSES
		Cost of Material Consumed	32.583	21.014	24.024
		Employee benefits expenses	3.204	1.870
		Other expense	4.988	3.422
		Changes in inventories of finished goods, work in progress and stock in trade	(2.332)	(0.170)
		TOTAL (B)	38.443	26.136	24.024
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.821	5.291	2.375
Less	FINANCIAL EXPENSES (D)		2.031	2.123	2.291
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.790	3.168	0.084
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.637	3.056	3.483
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.153	0.112	(3.399)
Less	TAX (H)		0.009	(0.027)	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.144	0.139	(3.399)
	Earnings Per Share (Rs.)		0.64	0.62	(15.09)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.33	0.44	(12.88)
Net Profit Margin (PBT/Sales)	(%)	0.35	0.36	(13.66)
Return on Total Assets (PBT/Total Assets}	(%)	0.40	0.29	(8.94)
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	(0.23)
Debt Equity Ratio (Total Debt /Networth)		0.59	0.61	1.11
Current Ratio (Current Asset/Current Liability)		0.93	0.82	1.70

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	No
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	No

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long Term Borrowings
Deposits From Stockists and Others
SBH (Term Loan) (Included Rs. Nil Under other Current Liabilities being the amount payable in the next financial year for the current year and Rs. 3.501 Millions for the previous year)	0.000	2.758
Staff Deposits	0.291	0.000
Short Term Borrowings
Loans and Advances from Related Parties
From Directors	2.245	1.068
TOTAL	2.536	3.826

FORM 8

Corporate identity number of the company	U24239AP2006PLC048778
Name of the company	TRIVENI FORMULATIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.52,53,54 and 62,63,64, Aleap Industrial Estate, Surampalli – 521212, Andhra Pradesh, India E-mail : dssandco@yahoo.co.in
This form is for	Modification of charge
Charge identification number of the charge to be modified	10201671
Type of charge	· Immovable property · Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India, Gantasalavari Street, Gayatri Nagar, Viajayawada-520008, Andhra Pradesh, India
Nature of instrument creating charge	Memorandum of Deposit of title deeds date 29/10/2012 extending charge guarantee agreement date 06/10/2012
Date of instrument Creating the charge	29.10.2012
Amount secured by the charge	Rs. 32.700 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at 4.5% above Base Rate of 10% i.e 15% Terms of repayment Payable on Demand Margin 25% on loan Extent and operation of the charge Fully Charged
Short particulars of the property charged (Including location of the property)	All movable assets including Raw Materials, Working Progress, Receivables, and Other Current Assets of the Company located at the Reg. office of the Company ALEAP Industrial Estate, Surampalli, Andhra Pradesh Sy No. 372,369/2,371,369,368,371,369/1 and 368 in plot 52,53,54,62,63 and 64 with Assessment No. 1126 admg 3655 sq. yd R.C.C building with site situated in Surampalli Village, Gannavaram Mandal District
Date of instrument modifying the charge	02.02.2010
Particulars of the present modification	All Movable Assets including Raw material, Working Progress, Receivables and Other Currents Assets of the Company Extension of Equitable Mortgage on Property of Triveni Formulations Limited situated in Sy. 372, 369/2, 371, 369, 368, 371, 369/1 and 365 in Plot No. 52,53,54,62,63 and 64 with Assessment No. 1126 admg 3655 sq yd R.C.C building with site situated in Surampalli Village, Gannavaram Mandal District

FIXED ASSETS

· Air Conditioner

· Lab Equipments

· Air Handling

· C Television

· Generator

· Machinery

· Steam Boiler

· Water Cooler

· Intercom

· Bore

· Electrical Fittings

· Furniture

· Computers

· Building

· Telephone

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. 57.74
UK Pound	1	Rs. 90.64
Euro	1	Rs. 77.02

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.