MIRA INFORM REPORT

Report Date :

06.09.2013

IDENTIFICATION DETAILS

Name :	GLAND PHARMA LIMITED
Registered Office :	#6-3-865/1/2, Flat No. 201, Green Land Apartments, Ameerpet, Hyderabad - 500016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.03.1978
Com. Reg. No.:	01-002276
Capital Investment / Paid-up Capital :	Rs.117.585 Millions
CIN No.: [Company Identification No.]	U24239AP1978PLC002276
TAN No.: [Tax Deduction & Collection Account No.]	HYDG00199D
PAN No.: [Permanent Account No.]	AAACG8036B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of different types of Formulations and Active Pharmaceutical Ingredients.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 18000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having a good track record. Financially company seems to be strong. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual trade terms and conditions.

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	FITCH
Rating	A (Long Term Rating)
Rating Explanation	The default risk is low. The capacity for payment of financial commitment is considered strong.
Date	March 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.

LOCATIONS

Registered Office :	#6-3-865/1/2, Flat No. 201, Green Land Apartments, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India
Tel. No.:	91-40-23541535 / 66621010
Fax No.:	91-40-23402229
E-Mail :	sampath@glandpharma.com gland@hd1.vsnl.net.in gland@glandpharma.com yvgkrao@glandpharma.com
Website :	http://www.glandpharma.com
Area :	4000 Sq .ft
Location :	Owned
Factory 1 :	Plot No. 9, Anrich Industrial Estate, Bollaram- 502325, India
Factory 2:	D. P. Pally Village, Dunogial P.O. Hyderabad-500016, Andhra Pradesh, India
Factory 3:	Plot No. C1-C9, Visakhapatnam Special Economic Zone (VSEZ), Duvvada, Visakhapatnam- 530046, Andhra Pradesh, India
Branch Office:	Near Ghandi Maisamma “X” Roads, D. P. Pally, Hyderabad - 500043, Andhra Pradesh, India

DIRECTORS

As on: 28.09.2012

Name :

Mr. Penmetsa Venkata Narasimha Raju

Designation :

Chairman

Address :

303, My Home Gardenia Apartments, Ameerpet. Hyderabad - 500 016, Andhra Pradesh, India

Date of Birth/Age :

28.05.1933

Date of Appointment :

01.10.2009

DIN No.:

00180021

PAN No.:

AFIPP8042G

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	U74899DL1977PTC008753	NOTHERN BIOLOGICALS AND CHEMICALS PVT.LTD.	Director	11/10/1977	11/10/1977	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LTD	Whole-time director	01/10/2009	03/12/1979	-	Active	NO
3	U24110AP1974PTC001694	GLAND CHEMICALS PVT LTD	Director	21/04/1989	21/04/1989	-	Active	NO

Name :

Mr. Ravindranath Penmesta

Designation :

Vice Chairman and Managing Director

Address :

307, My Home Gardenia Apartments, Ameerpet, Hyderabad - 500 016, Andhra Pradesh, India

Date of Birth/Age :

11.10.1956

Date of Appointment :

01.10.2009

DIN No.:

00179939

PAN No.:

AHMPP1651R

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	U24110AP1974PTC001694	GLAND CHEMICALS PVT LTD	Director	07/02/1983	07/02/1983	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LTD	Managing director	01/10/2009	21/10/1992	-	Active	NO
3	U70102AP2007PTC053046	GRAND PRESIDENCY PROPERTIES PRIVATE LIMITED	Director	07/03/2007	07/03/2007	-	Strike off	NO

Name :

Mr. Byrraju Rama Raju

Designation :

Executive Director

Address :

R/O B1, #8-2-317/1, Cross Winds Apartments, Road No. 14, Banjara Hills Hyderabad - 500 034, Andhra Pradesh, India

Date of Birth/Age :

08.03.1980

Date of Appointment :

13.06.2005

DIN No.:

00148704

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	U01119AP1998PTC030409	BRNR AGRO PRIVATE LIMITED	Director	29/10/1998	29/10/1998	10/09/2011	Active	NO
2	U67120AP1998PTC030410	BRNR HOLDINGS PRIVATE LIMITED	Director	29/10/1998	29/10/1998	09/09/2011	Active	NO
3	U15142AP1999PTC032159	REVATHI AGRO-TECH PRIVATE LIMITED	Director	22/07/1999	22/07/1999	30/06/2009	Active	NO
4	U15142AP1999PTC032155	DHANISTA BIO-TECH PRIVATE LIMITED	Director	22/07/1999	22/07/1999	09/09/2011	Active	YES
5	U15142AP2000PTC033697	ANURADHA GREENLANDS PRIVATE LIMITED	Director	25/02/2000	25/02/2000	10/09/2011	Active	YES
6	U15142AP2000PTC033695	BHARANI BIO-TECH PRIVATE LIMITED	Director	25/02/2000	25/02/2000	09/09/2011	Active	YES
7	U01119AP2000PTC034904	NARMADA GREENLANDS PRIVATE LIMITED	Director	01/01/2002	01/01/2002	10/09/2011	Active	NO
8	U01119AP2002PTC039369	MANDAKINI AGRO-TECH PRIVATE LIMITED	Director	25/07/2002	25/07/2002	09/09/2011	Active	NO
9	U01120AP2000PTC034817	SATMALA AGRO-FARMS PRIVATE LIMITED	Director	15/01/2003	15/01/2003	09/09/2011	Active	YES
10	U01119AP2003PTC041371	DRONAGIRI AGRO-FARMS PRIVATE LIMITED	Director	21/07/2003	21/07/2003	09/09/2011	Active	YES
11	U01120AP2000PTC034819	SARAYU AGRO-FARMS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	09/09/2011	Active	NO
12	U24219AP1999PTC031992	ROHINI BIO-TECH PRIVATE LIMITED	Director	26/09/2003	26/09/2003	09/09/2011	Active	YES
13	U01119AP2000PTC034908	SABARMATI AGRO-FARMS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	30/06/2009	Active	NO
14	U01120AP2000PTC034796	PENGANGA AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	22/06/2009	Active	YES
15	U01120AP2000PTC034818	MEDRAVATI AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	14/11/2011	Active	NO
16	U01120AP2000PTC034795	YAMUNA AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	14/11/2011	Active	NO
17	U24239AP1978PLC002276	GLAND PHARMA LTD	Whole-time director	13/06/2005	13/06/2005	-	Active	NO
18	U45201AP1999PTC033094	MAYTAS ESTATES PRIVATE LIMITED	Director	02/01/2008	23/11/2005	-	Active	YES
19	U45200AP2005PLC046307	Hill County Properties Limited	Whole-time director	02/01/2008	23/11/2005	07/02/2011	Active	NO
20	U65993AP2006PTC050144	MAYTAS HOLDINGS PRIVATE LIMITED	Director	18/05/2006	18/05/2006	12/09/2011	Active	YES
21	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS Private Limited	Director	29/12/2006	30/05/2006	15/04/2011	Active	NO
22	U45200AP2006PTC051542	MAYTAS HILL COUNTY SEZ PRIVATE LIMITED	Director	06/11/2006	06/11/2006	01/10/2011	Active	NO
23	U45200AP2006PTC051556	MAYTAS ENTERPRISES SEZ PRIVATE LIMITED	Director	07/11/2006	07/11/2006	01/10/2011	Active	NO
24	U45200AP2006PTC051555	MAYTAS VENTURES SEZ PRIVATE LIMITED	Director	07/11/2006	07/11/2006	01/10/2011	Active	NO
25	U55100AP1998PTC029729	BAYPARK HOTEL & RESORTS PRIVATE LIMITED	Director	03/01/2007	03/01/2007	25/01/2009	Active	NO
26	U70102AP2007PTC052494	MAYTAS VENTURES RESIDENCES PRIVATE LIMITED	Director	24/01/2007	24/01/2007	01/10/2011	Active	NO
27	U45200AP2007PTC052496	MAYTAS LOGIPARKS (ISNAPUR) PRIVATE LIMITED	Director	24/01/2007	24/01/2007	01/10/2011	Active	NO
28	U45200AP2007PTC052507	MAYTAS VENTURES INDIA PRIVATE LIMITED	Director	25/01/2007	25/01/2007	01/10/2011	Active	NO
29	U70102AP2007PTC052518	MAYTAS VENTURES FARMS PRIVATE LIMITED	Director	25/01/2007	25/01/2007	01/10/2011	Active	NO
30	U45200AP2007PTC052505	MAYTAS HILL COUNTY RESIDENCES PRIVATE LIMITED	Director	25/01/2007	25/01/2007	01/10/2011	Active	NO
31	U45200AP2007PTC052508	MAYTAS HILL COUNTY PROJECTS PRIVATE LIMITED	Director	25/01/2007	25/01/2007	01/10/2011	Strike off	NO
32	U45200AP2007PTC052506	MAYTAS LOGIPARKS (MALKAPUR) PRIVATE LIMITED	Director	25/01/2007	25/01/2007	01/10/2011	Active	NO
33	U45200AP2007PLC052829	MACHILIPATNAM PORT LIMITED	Director	17/02/2007	17/02/2007	24/09/2008	Active	NO
34	U45200AP2007PTC053870	MAYTAS ENTERPRISES RESIDENCES PRIVATE LIMITED	Director	08/05/2007	08/05/2007	01/10/2011	Active	NO
35	U01100AP2004PTC044935	MAYTAS ORANGE COUNTY PRIVATE LIMITED	Director	30/01/2008	30/01/2008	14/09/2011	Active	YES
36	U45200AP2008PTC057706	MAYTAS DEVELOPERS PRIVATE LIMITED	Director	26/03/2010	20/02/2008	01/10/2011	Active	NO
37	U45200AP2008PTC057704	MAYTAS BUILDTECH PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
38	U45209AP2008PTC057714	MAYTAS VILLAS PRIVATE LIMITED	Director	26/03/2010	20/02/2008	01/10/2011	Active	NO
39	U45200AP2008PTC057700	MAYTAS AVENUES PRIVATE LIMITED	Director	26/03/2010	20/02/2008	01/10/2011	Active	NO
40	U45200AP2008PTC057709	MAYTAS MANSION PRIVATE LIMITED	Director	26/03/2010	20/02/2008	01/10/2011	Active	NO
41	U45200AP2008PTC057712	MAYTAS TOWNSHIPS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
42	U45200AP2008PTC057711	MAYTAS TOWERS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Strike off	NO
43	U45209AP2008PTC057710	MAYTAS REALTORS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Under Process of Striking off	NO
44	U45209AP2008PTC057708	MAYTAS HOMES PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
45	U45209AP2008PTC057707	MAYTAS HILL COUNTY PRIVATE LIMITED	Director	20/02/2008	20/02/2008	01/10/2011	Under Process of Striking off	NO
46	U45200AP2008PTC057705	MAYTAS CONSTRUCTIONS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
47	U40108AP2008PTC059327	MAYTAS SOLAR POWER PRIVATE LIMITED	Director	24/05/2008	24/05/2008	-	Active	YES

Name :

Dr. Gollagunta Nandamuni

Designation :

Director

Address :

205, D Block, Landmark Residency, 1-56, Madinguda, Hyderabad-500050, Andhra Pradesh, India

Date of Birth/Age :

15.07.1939

Date of Appointment :

01.09.2012

DIN No.:

00245512

Name :

Mr. Chivukula Gopala Krishna Murty

Designation :

Director

Address :

7-B, Sanjeevareddy Nagar, Hyderabad-500038, Andhra Pradesh, India

Date of Birth/Age :

16.01.1931

Date of Appointment :

30.08.2004

DIN No.:

00312700

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	L24110AP1985PLC005315	SRI KRISHNA DRUGS LIMITED	Director	18/02/1985	18/02/1985	-	Amalgamated	NO
2	U24230AP1974PLC001790	SRI KRISHNA PHARMACEUTICALS LIMITED	Director	06/05/1989	06/05/1989	-	Active	NO
3	U65910AP1990PTC011408	KELLTON SECURITIES PRIVATE LIMITED	Director	21/06/1990	21/06/1990	16/09/2009	Active	NO
4	U24110AP1993PTC016704	SRI KRISHNA AGRI - FOODS PRIVATE LIMITED	Director	08/12/1993	08/12/1993	-	Active	NO
5	U24231TN1994PLC027491	NATCO ORGANICS LIMITED	Director	28/09/1996	28/09/1996	30/06/2012	Active	NO
6	U24239AP1978PLC002276	GLAND PHARMA LTD	Director	30/08/2004	30/08/2004	-	Active	NO

Name :

Mr. Mohammed Moheb Masthan Ali

Designation :

Director

Address :

8-2-676/B/12, Plot No.48, Sai Nagar Colony, Banjara Hills, Road No. 13, Hyderabad- 500034, Andhra Pradesh, India.

Date of Birth/Age :

12.12.1943

Date of Appointment :

29.09.2006

DIN No.:

00699254

Name :

Mr. Udo Jahannes Vetter

Designation :

Director

Address :

IM Kammer Bruehl 24, D 88212, Ravensburg, Germany.

Date of Birth/Age :

23.11.1954

Date of Appointment :

22.12.2007

DIN No.:

00707474

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	U24239AP1978PLC002276	GLAND PHARMA LTD	Director	22/12/2007	12/01/1996	-	Active	NO
2	U74900AP2008FTC058964	PASCHAL Technology (India) Private Limited	Director	02/05/2008	02/05/2008	-	Amalgamated	NO
3	U74900AP2008FTC058963	PASCHAL Form Work (India) Private Limited	Director	02/05/2008	02/05/2008	-	Active	NO

Name :

Mr. Hariharanth Buggana

Designation :

Director

Address :

Plot No. 493, Road No. 22, Jublie Hills, Hyderabad- 500033, Andhra Pradesh, India.

Date of Birth/Age :

22.06.1968

Date of Appointment :

25.08.2008

DIN No.:

00695002

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	U74140AP2006PTC050912	INVASCENT ADVISORY SERVICES INDIA PRIVATE LIMITED	Managing director	09/09/2006	09/09/2006	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LTD	Director	25/08/2008	22/12/2007	-	Active	NO
3	U24231TN1990PTC019461	ANJAN DRUG PRIVATE LIMITED	Alternate director	05/06/2009	05/06/2009	-	Active	NO
4	U85100TN2010PLC075403	DR. AGARWAL'S HEALTH CARE LIMITED	Director	30/09/2011	18/01/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on: 28.09.2012

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	39.91
Bodies corporate	57.26
Directors or relatives of Directors	2.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of different types of Formulations and Active Pharmaceutical Ingredients.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO. (ITC CODE)
Enoxaparin	30019091
Heparin	30019091
Choindroitin Sulfate	30019099
Protamine Sulphate	29420001
Amikacin	29420039
Sodium Hyaluronate	29420039
Glucosamine	30019099

PRODUCTION STATUS : (AS ON 31.03.2011)

(Figures in Millions)

INSTALLED CAPACITY	31.03.2011
Ampoules	120.000
Vials	180.000
Pre-filled Syringes	48.000
Bottles	3.000

PRODUCTION	31.03.2011
Injectables	130.540
Orals (Strip of 10’s)	0.270

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Bank of Nova Scotia, 6-3-346/1, Road No 1, Banjarahills, Hyderabad - 500034, Andhra Pradesh, India
• Syndicate Bank, Corporate Finance Branch, 6-3-666, 1st Floor, Lumbini Towers, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term loans from banks	0.000	69.500
Term loans from others	20.433	18.881
SHORT TERM BORROWINGS
Working capital loans from banks	750.784	472.268
Total	771.217	560.649

Banking Relations :	--
Auditors :
Name :	Y. Raghuram and Company Chartered Accountants
Address :	118, Phase –I, Kamalapuri, 8-3-833/ 118, Srinagar Colony, Hyderabad-500073, Andhra Pradesh, India
PAN No.:	AAAFY5141J
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Gland Chemicals Private Limited CIN No.: U24110AP1974PTC001694

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
16,000,000	Equity Shares	Rs.10/- each	Rs.160.000 Millions
1,000,000	Preference Shares	Rs.10/- each	Rs.10.000 Millions
	Total		Rs. 170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11,758,494	Equity Shares	Rs.10/- each	Rs.117.585 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	117.585	117.585
(b) Reserves & Surplus	4399.213	3386.944
(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)	4516.798	3504.529
(3) Non-Current Liabilities
(a) long-term borrowings	93.812	147.130
(b) Deferred tax liabilities (Net)	197.434	173.063
(c) Other long term liabilities	7.650	7.650
(d) long-term provisions	5.373	6.308
Total Non-current Liabilities (3)	304.269	334.151
(4) Current Liabilities
(a) Short term borrowings	750.784	472.268
(b) Trade payables	536.476	303.167
(c) Other current liabilities	1047.033	1180.480
(d) Short-term provisions	25.014	29.459
Total Current Liabilities (4)	2359.307	1985.374
TOTAL	7180.374	5824.054
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2062.026	1678.878
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	1427.455	659.883
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.275	0.275
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	25.992	15.705
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3515.748	2354.741
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1804.611	1993.635
(c) Trade receivables	920.843	740.973
(d) Cash and cash equivalents	840.684	640.269
(e) Short-term loans and advances	90.531	85.817
(f) Other current assets	7.957	8.619
Total Current Assets	3664.626	3469.313
TOTAL	7180.374	5824.054

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		117.585
2] Share Application Money		0.000
3] Reserves & Surplus		2515.937
4] (Accumulated Losses)		0.000
NETWORTH		2633.522
LOAN FUNDS
1] Secured Loans		366.968
2] Unsecured Loans		52.911
TOTAL BORROWING		419.879
DEFERRED TAX LIABILITIES		165.631
TOTAL		3219.032
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1539.585
Capital work-in-progress		190.238
INVESTMENT		0.275
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1151.934
	Sundry Debtors	439.009
	Cash & Bank Balances	498.920
	Other Current Assets	66.257
	Loans & Advances	109.659
Total Current Assets		2265.779
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.757
	Other Current Liabilities	584.167
	Provisions	117.921
Total Current Liabilities		776.845
Net Current Assets		1488.934
MISCELLANEOUS EXPENSES		0.000
TOTAL		3219.032

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	5266.697	4579.022	2071.464
		Other Income	138.849	97.366	67.800
		TOTAL (A)	5405.546	4676.388	2139.264
Less	EXPENSES
		Cost of materials consumed	2797.205	2708.158	1536.180
		Purchases of stock-in-trade	65.299	46.495
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	3.107	(168.498)
		Employee benefit expense	460.023	347.054
		Other expenses	610.155	489.957
		TOTAL (B)	3935.789	3423.166	1536.180
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1469.757	1253.222	603.084
Less	FINANCIAL EXPENSES (D)		27.691	37.701	35.442
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1442.066	1215.521	567.642
Less/ Add	DEPRECIATION/ AMORTISATION (F)		108.207	92.406	89.695
	PROFIT BEFORE TAX (E-F) (G)		1333.859	1123.115	477.947
Less	TAX (H)		321.591	252.108	113.082
	PROFIT AFTER TAX (G-H) (I)		1012.268	871.007	364.865
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2173.457	1304.450	941.585
Less	APPROPRIATIONS
		Transfer to General Reserve	2.000	2.000	2.000
		Dividend
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		3183.725	2173.457	1304.450
	EARNINGS IN FOREIGN CURRENCY		3848.179	3449.379	1108.890
	IMPORTS
		Raw Materials	NA	NA	1150.220
		Stores & Spares	NA	NA	47.710
	TOTAL IMPORTS		NA	NA	1197.930
	Earnings Per Share (Rs.)		86.09	74.07	31.03

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	18.73	18.63	17.05
Net Profit Margin (PBT/Sales)	(%)	25.33	24.53	23.07
Return on Total Assets (PBT/Total Assets}	(%)	23.19	21.75	12.55
Return on Investment (ROI) (PBT/Networth)		0.30	0.32	0.18
Debt Equity Ratio (Total Debt /Networth)		0.19	0.18	0.16
Current Ratio (Current Asset/Current Liability)		1.55	1.75	2.91

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

PERFORMANCE AND OPERATIONS REVIEW:

During the year, the gross income of the Company was Rs. 5405.546 Millions as against Rs. 4676.388 Millions during the previous year reflecting a growth of 15.59%.

UNSECURED LOAN

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Deferred sales tax loan	66.962	57.015
Other loans and advances	6.417	1.734
Total	73.379	58.749

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10378069	31/01/2013 *	1,000,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, PLOT NO.12, GACHIBOWLI, HYDERABAD, Andhra Pradesh - 500032, INDIA	B68366657
2	10364728	14/09/2012 *	1,000,000,000.00	SYNDICATE BANK	CORPORATE FINANCE BRANCH, 6-3-666, FIRST FLOOR, LUMBINI TOWERS, SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA	B60102928
3	80010582	26/03/2013 *	1,400,000,000.00	The Bank of Nova Scotia	6-3-346/1, Road No 1, Banjarahills, Hyderabad, Andhra Pradesh - 500034, INDIA	B73560229
4	80010646	26/03/2013 *	1,800,000,000.00	SYNDICATE BANK	CORPORATE FINANCE BRANCH, 6-3-666, FIRST FLOOR, LUMBINI TOWERS, SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA	B73576241

* Date of charge modification

FIXED ASSETS:

• Land
• Buildings
• Plant and Machinery
• Laboratory Equipment
• R and D Equipments
• Furniture and Fixtures
• Office Equipment
• Vehicles
• Tubewell
• Computers

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.66.04
UK Pound	1	Rs.103.11
Euro	1	Rs.86.99

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		63

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.