MIRA INFORM REPORT

Report Date :

10.10.2013

IDENTIFICATION DETAILS

Name :	SMILAX LABORATORIES LIMITED
Registered Office :	Plot No 12/A Phase Iii, Ida Jeedimetla, Hyderabad – 500055, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.2004
Com. Reg. No.:	01-044461
Capital Investment / Paid-up Capital :	Rs.795.047 Millions
CIN No.: [Company Identification No.]	U24230AP2004PLC044461
TAN No.: [Tax Deduction & Collection Account No.]	HYDS16172C
PAN No.: [Permanent Account No.]	AAJCS3390R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Active Pharmaceutical ingredients (API’s) and drug intermediates.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 3900000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company appears to be low. Rating also takes into consideration irregularity in debt serving by the company. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = D (Long Term Scale)
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	February 2013

Rating Agency Name	ICRA
Rating	D (Non Fund Based Limits)
Rating Explanation	Lowest credit quality and very low prospects of recovery.
Date	February 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED BY

Name :	Mr. Reddy
Designation :	Accounts Department
Contact No.:	91-8080809055
Date :	08.10.2013

LOCATIONS

Registered Office/ Factory 1 :	Plot No 12/A Phase Iii, Ida Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India
Tel. No.:	91-40-23090260/ 23191777
Fax No.:	91-40-23095239
E-Mail :	arunkumar@adrasl.com ganesh.pulicherla@gmail.com
Website :	http://www.smilaxlabs.com
Corporate Office :	6-3-1239/4, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India.
Tel. No.:	91-40-23304198/ 79
Fax No.:	91-40-23312749
E-Mail :	info@smilaxlabs.com marketing@smilaxlabs.com
Mumbai Branch Office :	Corporate Park - II, 9th Floor, Sion - Trombay Road, Chembur, Mumbai - 400071, Maharashtra, India
Tel. No.:	91-22-67628888
Fax No.:	91-22-67628899
Factory 2 :	Survey No. 57/A and 58, Kardanoor Village, BDL Road, Patancheru, Hyderabad, Andhra Pradesh, India
Factory 3 :	Plot No: 18, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam-531 021 Andhra Pradesh, India
Factory 4 :	Plot No: 70, Incubation Centre, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam-531 024 Andhra Pradesh, India

DIRECTORS

As on: 29.09.2012

Name :

Mr. Suryadevara Murali Krishna

Designation :

Managing director

Address :

Flat No.4, 2nd Floor, 8-3-976, Sri Sal Residency Salivahana Nagar, Yellareddyguda , Hyderabad – 500073, Andhra Pradesh, India

Date of Birth/Age :

02.06.1965

Date of Appointment :

28.03.2005

DIN No.:

00218735

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	U24230AP2004PLC044461	SMILAX LABORATORIES LIMITED	Managing director	28/03/2005	28/03/2005	-	Active	NO
2	U24232AP2008PLC061191	TRIDAX LABORATORIES LIMITED	Director	24/09/2008	24/09/2008	12/01/2010	Active	NO
3	U24232AP2013PTC088534	Smilax Patancheru drugs and pharmaceuticals Private Limited	Director	24/06/2013	24/06/2013	-	Active	NO
4	U24297AP2013PTC088773	Spinosa drugs Private Limited	Director	03/07/2013	03/07/2013	-	Active	NO

Name :

Mr. Mareddy Goutham Reddy

Designation :

Director

Address :

3-6-696, Flat No.I04, Raghavendra Royal Port, Street No.11, Hlmayatnagar, Hyderabad – 500027, Andhra Pradesh, India

Date of Birth/Age :

01.07.1970

Date of Appointment :

30.09.2009

DIN No.:

00251461

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	U24117AP1997PTC026555	SEMBRAMKY ENVIRONMENTAL MANAGEMENT PRIVATE LIMITED	Director	03/03/1997	03/03/1997	12/06/2006	Active	NO
2	U74140AP1994PLC018833	RAMKY ENVIRO ENGINEERS LIMITED	Whole-time director	11/03/2002	11/03/2002	05/11/2007	Active	NO
3	U90001AP2001PLC037829	MUMBAI WASTE MANAGEMENT LIMITED	Director	15/04/2002	15/04/2002	06/11/2007	Active	NO
4	U74140AP2002PLC039702	TAMILNADU WASTE MANAGEMENT LIMITED	Director	03/10/2002	03/10/2002	02/08/2008	Active	NO
5	U45202AP2003PLC041549	MDDA-RAMKY ISBUS TERMINAL LIMITED	Director	20/08/2003	20/08/2003	21/01/2013	Active	NO
6	U40105AP2006PLC049237	RAMKY ENERGY AND ENVIRONMENT LIMITED	Director	22/02/2006	22/02/2006	06/11/2007	Active	NO
7	U72200AP2000PTC034890	RAMKY GLOBAL SOLUTIONS PRIVATE LIMITED	Director	26/10/2006	26/10/2006	05/11/2007	Amalgamated	NO
8	L74210AP1994PLC017356	RAMKY INFRASTRUCTURE LIMITED	Alternate director	16/03/2007	16/03/2007	03/09/2007	Active	NO
9	U74999AP2007PTC054200	LBW CONSULTING PRIVATE LIMITED	Director	30/05/2007	30/05/2007	30/06/2007	Active	NO
10	U45203AP2007PLC054825	RAMKY ELSAMEX HYDERABAD RING ROAD LIMITED	Director	18/07/2007	18/07/2007	02/08/2008	Active	NO
11	U70109DL2006PLC150027	GWALIOR BYPASS PROJECT LIMITED	Director	15/09/2008	17/09/2007	-	Active	NO
12	U70102AP2007PLC056184	RAMKY VILLAS LIMITED	Director	02/11/2007	02/11/2007	02/08/2008	Active	NO
13	U45209CT2007PLC020375	NAYA RAIPUR GEMS AND JEWELLERY SEZ LIMITED	Director	27/09/2008	05/11/2007	21/01/2013	Active	NO
14	U24290CT2007PLC020374	RAMKY HERBAL AND MEDICINAL PARK (CHATTISGARH) LIMITED	Director	05/11/2007	05/11/2007	02/08/2008	Active	NO
15	U45209CT2007PLC020373	RAMKY FOOD PARK (CHATTISGARH) LIMITED	Director	05/11/2007	05/11/2007	02/08/2008	Active	NO
16	U45209AP2007PLC054907	RAMKY TOWERS LIMITED	Director	30/09/2009	05/11/2007	-	Active	NO
17	U24239AP2004PLC042855	RAMKY PHARMA CITY (INDIA) LIMITED	Director	30/09/2008	05/11/2007	-	Active	NO
18	U70102AP2007PLC056526	RAMKY INTEGRATED TOWNSHIP LIMITED	Director	04/12/2007	04/12/2007	-	Active	NO
19	U01119AP2008PLC057808	RAMKY - MIDC AGRO PROCESSING PARK LIMITED	Director	25/02/2008	25/02/2008	21/01/2013	Active	NO
20	U70102AP1995PLC021333	RAMKY ESTATES AND FARMS LIMITED	Director	30/09/2009	30/11/2008	-	Active	NO
21	U24232AP2008PLC061191	TRIDAX LABORATORIES LIMITED	Additional director	13/02/2009	13/02/2009	12/01/2010	Active	NO
22	U24230AP2004PLC044461	SMILAX LABORATORIES LIMITED	Director	30/09/2009	13/02/2009	-	Active	NO
23	U74900AP2010FLC069522	Evergreen Cleantech Facilities Management (India) Limited	Director	29/09/2011	19/07/2010	16/11/2011	Active	NO
24	U40109AP2007PTC052271	CHHATTISGARH ENERGY CONSORTIUM (INDIA) PRIVATE LIMITED	Director	29/09/2011	27/09/2010	-	Active	NO
25	U93000TN2010PTC075502	B & G SOLAR PRIVATE LIMITED	Director	13/12/2010	26/11/2010	-	Active	NO
26	U24232AP2010PLC071719	Ramky Life Sciences Limited	Director	16/12/2010	16/12/2010	-	Active	NO
27	U73100AP2011PLC077628	JNPC PHARMA INNOVATION LIMITED	Director	29/09/2012	23/11/2011	-	Active	NO
28	U74120AP2010PLC071143	FRANK LLOYD TECH MANAGEMENT SERVICES LIMITED	Director	30/08/2012	03/12/2011	-	Active	NO
29	U74900AP1998PTC051098	ELCON GREENGEN INDIA PRIVATE LIMITED	Additional director	12/10/2012	12/10/2012	-	Active	NO
30	U45209AP2010PLC068968	N.A.M.EXPRESSWAY LIMITED	Director	25/09/2013	01/03/2013	-	Active	NO
31	U45203MH2010PLC204456	Jorabat Shillong Expressway Limited	Director	24/09/2013	01/03/2013	-	Active	NO
32	U24232AP2013PTC088534	Smilax Patancheru drugs and pharmaceuticals Private Limited	Director	24/06/2013	24/06/2013	-	Active	NO

Name :

Mr. Sreesha Attur

Designation :

Director

Address :

Flat 105, Krishe Gardens, Rasoolpura,Begumpet, Hyderabad - 500003 Andhra Pradesh, India

Date of Birth/Age :

12.12.1955

Date of Appointment :

30.09.2011

DIN No.:

03498608

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	U24230AP2004PLC044461	SMILAX LABORATORIES LIMITED	Director	30/09/2011	28/04/2011	05/02/2013	Active	NO
2	U74120AP2010PLC071143	FRANK LLOYD TECH MANAGEMENT SERVICES LIMITED	Director	30/08/2012	03/12/2011	08/05/2013	Active	NO
3	U73100AP2011PLC077628	JNPC PHARMA INNOVATION LIMITED	Director	29/09/2012	06/02/2012	21/01/2013	Active	NO
4	U24232AP2010PLC071719	Ramky Life Sciences Limited	Director	29/09/2012	17/05/2012	28/06/2013	Active	NO

Name :

Mr. Yoganjaneya Reddy Panem

Designation :

Director

Address :

B Block, Flat N0.403, Vertex Prestige Nizampet Road, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

14.07.1968

Date of Appointment :

30.09.2011

DIN No.:

02073863

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	U24232AP2008PTC057994	VEGA LIFESCIENCES PRIVATE LIMITED	Director	05/03/2008	05/03/2008	05/03/2012	Active	NO
2	U24232AP2008PLC058745	Lantech Pharmaceuticals Limited	Director	21/03/2009	21/03/2009	-	Active	NO
3	U24233AP2011PTC073080	YMS LABORATORIES PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO
4	U24230AP2004PLC044461	SMILAX LABORATORIES LIMITED	Director	30/09/2011	28/09/2011	04/03/2013	Active	NO
5	U24232AP2008PLC061191	TRIDAX LABORATORIES LIMITED	Additional director	19/11/2011	19/11/2011	29/09/2012	Active	NO
6	U73100AP2011PLC077628	JNPC PHARMA INNOVATION LIMITED	Additional director	06/02/2012	06/02/2012	03/09/2012	Active	NO

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Mr. Alla Perri Reddy	80000
Ms. Alla Rama Devi	80000
Ms. Alla Radha Oevi	80000
Ms. Veera Raghavamma A	112000
Mr. Alla Rama Krishna Reddy	80000
Mr. Sambi Reddy P	80000
Ms. Nagamalleswari. P	80000
Ms. D Suchitra	80000
Mr. Muralikrishna. S.	320000
Mr. Y R Nagaraja	321120
Mr. Alla Ayodhya Rami Reddy	65388680
Ms. Alla Dakshayani	1976000
M/S.ADR Constructions	1086680
Ms. Y N Madhurani	109200
M/S. Ramky Finance and Investments Private Limited	352000
VVD Constructions Private Limited	9279000
Total	79504680

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	12.11
Directors or relatives of Directors	5.64
Other top fifty shareholders	82.25
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical ingredients (API’s) and drug intermediates.

PRODUCTION STATUS As on (31.03.2011)

Particulars	Unit	Installed Capacity
Glass Linked Reactors	Lts.	111430
Stainless steel Reactors	Lts.	265363

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Bank of India, Khairatabad Branch, Ground Floor, PTI Building, A.C.Guards, Masab Tank, Hyderabad - 500004, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Term loans from banks	409.000	416.210
Short Term Borrowing
Working capital loans from banks	346.728	306.025
Other loans and advances	0.000	27.738
Total	755.728	749.973

Banking Relations :	--
Auditors :
Name :	Visweswara Rao and Associates Chartered Accountants
Address :	“SRI” Plot No.512A1, Road No-31, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India
Tel. No.:	91-40-23546705
Fax No.:	91-40-23548003
E-Mail :	svrvrao@gmail.com
PAN.:	AACFV6616M
Group Companies :	Ramky Enviro Engineers Limited CIN No.: U74140AP1994PLC018833 Ramky Estates and Farms Limited CIN No.: U70102AP1995PLC021333 Ramky Towers Limited CIN No.: U45209AP2007PLC054907 Ramky Enclave Limited CIN No.: U45200AP2007PLC056183 Mumbai Waste Management Limited CIN No.: U90001AP2001PLC037829 Ramky Pharma City (India) Limited CIN No.: U24239AP2004PLC042855 Ramky Advisory Services Limited CIN No.: U74900AP2010PLC067911 Ramky Infrastructure Limited CIN No.: L74210AP1994PLC017356

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
83000000	Equity Shares	Rs.10/- each	Rs.830.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
79504680	Equity Shares	Rs.10/- each	Rs.795.047 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	795.047	795.047
(b) Reserves & Surplus	193.298	183.371
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	988.345	978.418
(3) Non-Current Liabilities
(a) long-term borrowings	909.000	416.210
(b) Deferred tax liabilities (Net)	26.514	21.592
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.410	1.770
Total Non-current Liabilities (3)	937.924	439.572
(4) Current Liabilities
(a) Short term borrowings	572.794	631.094
(b) Trade payables	657.133	397.221
(c) Other current liabilities	246.739	206.175
(d) Short-term provisions	3.407	3.592
Total Current Liabilities (4)	1480.073	1238.082
TOTAL	3406.342	2656.072
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1232.553	1048.458
(ii) Intangible Assets	158.881	85.189
(iii) Capital work-in-progress	390.124	411.538
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	19.775	0.125
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	13.174	13.507
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1814.507	1558.817
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	687.458	491.187
(c) Trade receivables	574.155	452.460
(d) Cash and cash equivalents	30.030	18.026
(e) Short-term loans and advances	120.911	26.151
(f) Other current assets	179.281	109.431
Total Current Assets	1591.835	1097.255
TOTAL	3406.342	2656.072

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		39.381
2] Share Application Money		4.000
3] Reserves & Surplus		326.593
4] (Accumulated Losses)		0.000
NETWORTH		369.974
LOAN FUNDS
1] Secured Loans		1101.512
2] Unsecured Loans		354.509
TOTAL BORROWING		1456.021
DEFERRED TAX LIABILITIES		16.013
TOTAL		1842.008
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		887.242
Capital work-in-progress		505.895
INVESTMENT		0.125
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	397.438
	Sundry Debtors	345.227
	Cash & Bank Balances	12.920
	Other Current Assets	0.000
	Loans & Advances	119.775
Total Current Assets		875.360
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	380.074
	Other Current Liabilities	43.696
	Provisions	2.844
Total Current Liabilities		426.614
Net Current Assets		448.746
MISCELLANEOUS EXPENSES		0.000
TOTAL		1842.008

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1196.327	1019.398	699.672
		Other Income	0.000	0.000	1.153
		TOTAL (A)	1196.327	1019.398	700.825
Less	EXPENSES
		Cost of materials consumed	712.898	686.286	563.665
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(72.341)	(126.311)
		Employee benefit expense	70.208	64.365
		Other expenses	59.516	59.785
		TOTAL (B)	770.281	684.125	563.665
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		426.046	335.273	137.160
Less	FINANCIAL EXPENSES (D)		203.236	108.462	89.816
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		222.810	226.811	47.344
Less/ Add	DEPRECIATION/ AMORTISATION (F)		75.930	58.345	39.423
	PROFIT BEFORE TAX (E-F) (G)		146.879	168.465	7.921
Less	TAX (H)		4.921	5.579	2.669
	PROFIT AFTER TAX (G-H) (I)		141.958	162.886	5.252
	EARNINGS IN FOREIGN CURRENCY		579.900	428.350	239.777
	IMPORTS
		CIF Value of imports	NA	74.688	81.322
		Traveling & Exhibition expenses		0.771	0.000
		Capital Equipment Purchase		2.829	0.000
	TOTAL IMPORTS		NA	78.288	81.322
	Earnings Per Share (Rs.)		0.12	0.17	0.07

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.87	15.98	0.75
Net Profit Margin (PBT/Sales)	(%)	12.28	16.53	1.13
Return on Total Assets (PBT/Total Assets}	(%)	4.90	7.51	0.45
Return on Investment (ROI) (PBT/Networth)		0.15	0.17	0.02
Debt Equity Ratio (Total Debt/Networth)		1.50	1.07	3.94
Current Ratio (Current Asset/Current Liability)		1.08	0.89	2.05

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	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	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

NOTE: The registered office of the company has been shifted from Plot No 88/A, Flat No 401, Sarala Nivas Apartment, Street No 1, Sagar Society, Road No 2, Banjara Hills, Hyderabad – 500038, Andhra Pradesh, India to present address w.e.f. 15.05.2010.

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Term loans from banks	500.000	0.000
Short Term Borrowing
Rupee term loans from others	226.066	297.331
Total	726.066	297.331

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U24230AP2004PLC044461
Name of the company	SMILAX LABORATORIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 12/A, Phase III, IDA, Jeedimetla, Hyderabad – 500055, Andhra Pradesh, India mahipal@adrasl.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90260299
Type of charge	Immovable property
Particular of charge holder	Axis Bank Limited, Corporate Banking Branch, Ground and 1st Floor, 6-3-879/B, Green Lands, Begumpet, Hyderabad – 500016, Andhra Pradesh, India g.kanakadurga@axisbank.com
Nature of instrument creating charge	Link Document _ Smilax Labs
Date of instrument Creating the charge	28.04.2012
Amount secured by the charge	Rs.163.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest No change in terms and conditions Terms of Repayment No change in terms and conditions Margin No change in terms and conditions Extent and Operation of the charge No change in terms and conditions Others The overall term loans sanctioned on various dates aggregates to Rs 90.000 Millions and as we have repaid an amount of Rs 45.000 Millions the revised limits of term loans are Rs 45.000 Millions ( Term Loan I Rs 25.000 Millions + Term Loan II Rs 20.000 Millions).
Short particulars of the property or asset(s) charged (including complete address and location of the property)	No change in terms
Date of instrument modifying the charge	11.11.2010
Particulars of the present modification	PCFC/PSCFC limits of Rs. 40.000 Millions are sanctioned as sub limits under CC facility. There is no change in the overall limits.

FIXED ASSETS:

• Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Goodwill

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.61.92
UK Pound	1	Rs.99.45
Euro	1	Rs.83.92

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.