MIRA INFORM REPORT

Report Date :

22.06.2013

IDENTIFICATION DETAILS

Name :	S.R. DRUGS AND INTERMEDIATES PRIVATE LIMITED
Registered Office :	N.No.1-36/1/12/141, Vemana Colony, Chanda Nagar, Hyderabad-500050, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.10.1992
Com. Reg. No.:	01-014907
Capital Investment / Paid-up Capital :	Rs. 25.400 millions
CIN No.: [Company Identification No.]	U24230AP1992PTC014907
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs.
No. of Employees :	Not Divulged

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 720000
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 financials with the government department after 2010. Mr. Radha Krishnan, director has denied to disclose any detail of the subject to us. As per old [2010], the subject company was considered normal for business dealings. However, business is active. Payment terms are unknown. 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 – 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 DECLINED

MANAGEMENT NON-COOPERATIVE

LOCATIONS

Registered Office :	N.No.1-36/1/12/141, Vemana Colony, Chanda Nagar, Hyderabad-500050, Andhra Pradesh, India
Tel. No.:	91-8455-241148
Fax No.:	91-8455-241374
E-Mail :	bkrish_ash@yahoo.co.in
Website :	www.srdrugs.in
Factory :	Plot No.24b/1, Phase-I, I.D.A, Patancheru, Medak, Andhra Pradesh, India
Corporate Office :	No.3-58, R.C.Puram, Medak (District)-502032, Andhra Pradesh, India
Tel. No.:	91-8455-244489 / 241148
Fax No.:	91-8455-241374
E-Mail :	info@srdrugs.in

DIRECTORS

As on 27.09.2010

Name :

Chinamile Satyanarayana Reddy

Designation :

Managing director

Address :

Plot No. 2, Sai Nagar Colony, Bhel Depot Road, Ramachandrapuram, Medak-502032, Andhra Pradesh, India

Date of Birth/Age :

12.08.1965

Qualification :

B.A.,

Date of Appointment :

22.10.1992

DIN No.:

01667950

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	U24230AP1992PTC014907	S.R. DRUGS AND INTERMEDIATES PRIVATE LIMITED	Managing director	22-10-92	22-10-92	-	Active	NO
2	U24110AP1999PTC031736	SRICHAITANYA CHLORIDES PRIVATE LIMITED	Director	19-05-99	19-05-99	-	Active	NO
3	U24239AP2004PLC044199	ARENE LIFE SCIENCES LIMITED	Director	17-09-04	17-09-04	-	Active	NO
4	U29246AP1991PTC012392	M.M.FINE GRINDERS PRIVATE LIMITED	Director	30-11-05	30-11-05	-	Active	NO
5	U01403AP2009PTC065913	S. S. R. AGRO FARMS (EMU) PRIVATE LIMITED	Director	24-11-09	24-11-09	-	Active	NO
6	U24100AP2011PTC072551	CHINAMILE ORGANIC INDUSTRIES PRIVATE LIMITED	Director	10-02-11	10-02-11	-	Active	NO
7	U74900AP2011PTC072559	ARTHASRI IMPEX PRIVATE LIMITED	Director	11-02-11	11-02-11	-	Active	NO
8	U24232AP2011PTC073133	UNILOIDS SOLVENTS PRIVATE LIMITED	Director	09-03-11	09-03-11	-	Active	NO
9	U24230AP2012PTC081440	RANTUSS DRUGS PRIVATE LIMITED	Director	13-06-12	13-06-12	-	Active	NO

Name :

Khairtabad Satyanarayana Reddy

Designation :

Director

Address :

H. No.25-35/18, Ramchandra Reddy Nagar, Ramchandrapuram, Medak-502032, Andhra Pradesh, India

Date of Birth/Age :

04.11.1963

Qualification :

B.Tech

Date of Appointment :

12.11.1997

DIN No.:

01665330

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	U24230AP1992PTC014907	S.R. DRUGS AND INTERMEDIATES PRIVATE LIMITED	Director	12-11-97	12-11-97	-	Active	NO
2	U24110AP1999PTC031736	SRICHAITANYA CHLORIDES PRIVATE LIMITED	Director	01-04-00	01-04-00	-	Active	NO
3	U24239AP2004PLC044199	ARENE LIFE SCIENCES LIMITED	Managing director	17-09-04	17-09-04	-	Active	NO
4	U29246AP1991PTC012392	M.M.FINE GRINDERS PRIVATE LIMITED	Director	30-11-05	30-11-05	-	Active	NO

Name :

Hemalatha Chinamail

Designation :

Director

Address :

Plot No. 2, Sai Nagar Colony, Bhel Depot Road, Ramachandrapuram, Medak-502032, Andhra Pradesh, India

Date of Birth/Age :

11.05.1971

Qualification :

B.A.,

Date of Appointment :

24.12.2002

DIN No.:

00054527

Name :

Sharada Khairatabad

Designation :

Director

Address :

H. No.25-35/18, Ramchandra Reddy Nagar, Ramchandrapuram, Medak-502032, Andhra Pradesh, India

Date of Birth/Age :

17.05.1969

Qualification :

B.Com

Date of Appointment :

24.12.2002

DIN No.:

00054552

Name :

Radha Krishna Madallapalli

Designation :

Director

Address :

H. No.345, Ground Floor, Road No.24, Hig Phase-I, Bhel, Ramachndrapuram, Medak-502032, Andhra Pradesh, India

Date of Birth/Age :

04.06.1961

Date of Appointment :

15.12.2005

DIN No.:

00088649

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	U24239AP2004PLC044199	ARENE LIFE SCIENCES LIMITED	Director	05-11-04	05-11-04	20-09-10	Active	NO
2	U24230AP1992PTC014907	S.R. DRUGS AND INTERMEDIATES PRIVATE LIMITED	Director	15-12-05	15-12-05	-	Active	NO
3	U74900AP2011PTC072559	ARTHASRI IMPEX PRIVATE LIMITED	Director	11-02-11	11-02-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
C.Satyanarayana Reddy	76500
P.Yadav Reddy	1900
K. Koteswara Rao	1250
K. Ashok Reddy	2100
K. Janardhan Reddy	500
N. Durga Reddy	1500
A. Ramanada Reddy	1500
A. Satish Reddy	1300
A. Buchi Reddy	2150
L. Pratap Reddy	1400
V. Ram Mohan Rao	1450
K. Swarup Rani	1600
K. Pushpa	2600
C. Hemalatha	28780
Prakash Reddy	2420
C. Jyothi	2500
C. Lakshmi Narasamma	2850
C. Godavari	2500
K. Malla Reddy	2250
G. Subhash Reddy	2500
N. Rami Reddy	1900
P. Gopal Reddy	1800
Mohan Reddy	2250
G. Narasing rao	500
C. Mahipal Reddy	1500
K. Satyanarayana Reddy	75000
D. Venkatesh	3000
K. Sharada	28500
Total	254000

As on 27.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	88.00
Others	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk Drugs.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Karnataka Bank Limited, Nampally Branch, Nampally Station Road, Hyderabad - 500001, Andhra Pradesh, India

HSBC Bank Limited

American Express Bank

Facilities :

Secured Loan	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
Karnataka Bank Limited (O.C.C)	32.422	60.406
American Express Bank (H.P. Loan)	0.000	0.245
Total	32.422	60.651

Banking Relations :	--
Auditors :
Name :	K.K.Chowdary Associates Chartered Accountants
Address :	N0.37, L.B Stadium, Hyderabad-500001, Andhra Pradesh, India
PAN No.:	AAYPK8952D
Companies in which directors are interested :	· Sri Chaitanya Chlorides Private Limited AVR Organics Private Limited Arene Life Sciences Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
254000	Equity Shares	Rs.100/- each	Rs. 25.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		25.400	25.400	25.400
2] Share Application Money		14.405	0.405	17.205
3] Reserves & Surplus		140.327	113.051	83.241
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		180.132	138.856	125.846
LOAN FUNDS
1] Secured Loans		32.422	60.651	68.081
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		32.422	60.651	68.081
DEFERRED TAX LIABILITIES		0.000	0.000	0.181
TOTAL		212.554	199.507	194.108
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.777	24.016	26.241
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.899	7.899	7.899
DEFERRED TAX ASSETS		1.266	0.690	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.062	9.209	8.074
	Sundry Debtors	164.197	124.340	158.918
	Cash & Bank Balances	3.449	0.662	3.811
	Other Current Assets	89.875	118.365	63.101
	Loans & Advances	48.843	43.285	36.556
Total Current Assets		341.426	295.861	270.460
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	128.049	95.870	82.118
	Other Current Liabilities	19.678	17.335	16.026
	Provisions	15.087	15.754	12.351
Total Current Liabilities		162.814	128.959	110.495
Net Current Assets		178.612	166.902	159.965
MISCELLANEOUS EXPENSES		0.000	0.000	0.003
TOTAL		212.554	199.507	194.108

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	487.244	546.476	541.007
		Other Income	32.724	7.108	8.956
		TOTAL (A)	519.968	553.584	549.963
Less	EXPENSES
		Raw Materials Consumed	339.974	324.744	333.737
		Packing Materials Consumed	4.672	5.829	4.839
		Manufacturing Expenses	79.943	81.873	68.729
		Administrative Expenses	34.317	35.367	42.561
		Central Excise Duty Paid	30.692	47.024	54.667
		Sales Tax Paid	3.169	6.058	6.215
		Increase / Decrease in Stocks	(22.923)	(0.322)	(3.426)
		TOTAL (B)	469.844	469.844	507.322
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50.124	53.011	42.641
Less	FINANCIAL EXPENSES (D)		4.080	4.362	4.210
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		46.044	48.649	38.431
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.257	3.956	3.917
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		41.787	44.693	34.514
Less	TAX (H)		14.511	14.883	11.390
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		27.276	29.810	23.124
	Earnings / (Loss) Per Share (Rs.)		107.39	117.36	91.04

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.25	5.38	4.20
Net Profit Margin (PBT/Sales)	(%)	8.58	8.18	6.38
Return on Total Assets (PBT/Total Assets}	(%)	11.41	13.97	11.63
Return on Investment (ROI) (PBT/Networth)		0.23	0.32	0.12
Debt Equity Ratio (Total Debt/Networth)		0.18	0.44	0.54
Current Ratio (Current Asset/Current Liability)		2.10	2.29	2.45

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	No
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

FIXED ASSETS

· Land

Factory Building

Lab Equipment

Plant and Machinery

Furniture and Fixtures

Electrical Equipment

Office Equipment

Computers

Vehicles

WEBSITE DETAILS

PROFILE

The company is basically engaged in the manufacture of mono chloro acetic acid and intermediate chemicals for Bulk Drugs, Pesticides, textiles, water treatment, dyes and dyes intermediates etc.

The Company is incorporated in 1992 as a private limited company by Young First Generation Entrepreneurs and since then the company is running successfully. 

They believe in business ethics, environmental policies, corporate contributions, community development and corporate social responsibility. 

They started with 240 tones per annum installed capacity in 1992 and now the installed capacity is about 23000 tones and the unit is running with 100% capacity utilization. 

They are proud to say that 90% of their customers are US FDA approved and are highly satisfied with their consistent high quality products. 

Their’s is a SSI unit and the turnover for the financial year 2005-06 is over Rs.440 millions and their group turnover is Rs.700 millions and striving hard to achieve new heights in their scope and limits. 

They are in the process of adding few more FINE CHEMICALS to existing products in thier facilities for export market and setting up a multi purpose manufacturing facility for fine chemicals, Active Pharma Ingredient products, herbal and natural extracts.

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.59.35
UK Pound	1	Rs.92.11
Euro	1	Rs.78.59

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	4
--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		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.