MIRA INFORM REPORT

Report Date :

18.08.2014

IDENTIFICATION DETAILS

Name :	RA CHEM PHARMA LIMITED (w.e.f. 16.05.2005)
Formerly Known As :	IGOR PHARMACEM LIMITED IGOR PHARMACEM PRIVATE LIMITED IGOR DYESPEC PRIVATE LIMITED
Registered Office :	Plot No. 26 and 27, Technocrats Industrial Estate, Phase I, Balangar, Hyderabad - 500037, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.01.1996
Com. Reg. No.:	01- 022816
Capital Investment / Paid-up Capital :	Rs.100.181 Millions
CIN No.: [Company Identification No.]	U24110AP1996PLC022816
TAN No.: [Tax Deduction & Collection Account No.]	HYDI00508E
PAN No.: [Permanent Account No.]	AAACI6448M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs and Intermediates.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of balance sheet (i.e. financial file) is shown as 31.03.2013 but the document related to the financial are not available from any source. As per available financial of 2012, the rating takes into consideration company’s improved operational performance and sound profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.10.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	30.10.2013

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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Shailesh Jawar
Designation :	Finance Head
Contact No.:	91-40-44758595
Date :	14.08.2014

LOCATIONS

Registered Office :	Plot No. 26 and 27, Technocrats Industrial Estate, Phase I, Balangar, Hyderabad - 500037, Andhra Pradesh, India
Tel. No.:	91-40-44758595
Mobile No.:	91-9652216217 (Mr. Ananta Kanango)
Fax No.:	91-40-44758596
E-Mail :	info@rachempharma.com raj@rachempharma.com
Website:	http://www.rachempharma.com
Manufacturing Facility (API) :	R.S. No. 50/1, Mukteswarapuram Jaggaiahpeta Mandal, District Krishna-521175, Andhra Pradesh, India
Tel No.:	91-8683-240802/240803
E mail:	factory@rachemicals.com
Manufacturing Facility and R and D (FDF):	Plot No: A-19/C, Road No: 18, IDA, Nacharam, Hyderabad – 500076, Andhra Pradesh, India
Formulation R and D :	4^th Floor, CDC Towers, Road No: 5, IDA, Nacharam, Hyderabad – 500076, Andhra Pradesh, India
API R and D :	5-5-35/69, Ayyanna Building, Prashant Nagar, Kukatpally, Hyderabad – 500072 Andhra Pradesh, India

DIRECTORS

As on 12.09.2013

Name :

Mr. Rajender Rao Juvvadi

Designation :

Managing Director

Address :

Road No. 12, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

20.11.1967

Date of Appointment :

14.03.2003

PAN No.:

ABNPJ8965B

DIN No.:

00083540

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	U67120TG1999PTC033145	LAXMI r.a. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	16/10/2001	16/10/2001	-	Active	NO
2	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Managing director	14/03/2003	14/03/2003	-	Active	NO
3	U99999TG2000PTC035037	r.a.LABELS AND STICKERS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
4	U24239TG2003PTC040264	INVENTIS DRUG DELIVERY SYSTEMS PRIVATE LIMITED	Director	10/07/2004	10/07/2004	-	Amalgamated	NO
5	U24239TG2006PTC050152	CLINICAL RESEARCH AND BIOSCIENCES INDIA PRIVATE LIMITED	Director	19/05/2006	19/05/2006	-	Amalgamated	NO
6	U24239TG2004PTC043904	INDU PHARMA PRIVATE LIMITED	Director	08/01/2007	08/01/2007	-	Active	NO
7	U65910TG2010PTC066795	BEANSTALK INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	25/01/2010	25/01/2010	01/02/2014	Active	NO
8	U24232TG2012PTC081598	EPIONE LABS PRIVATE LIMITED	Director	01/03/2014	01/03/2014	-	Active	NO

Name :

Mr. Sirish Kumar Ravula

Designation :

Director

Address :

253/3RT, Vijaya Nagar Colony, Hyderabad – 500057, Andhra Pradesh, India

Date of Birth/Age :

08.07.1965

Date of Appointment :

10.03.2003

PAN No.:

ACZPR6294C

DIN No.:

01578978

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	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	10/03/2003	10/03/2003	-	Active	NO
2	U67120TG1999PTC033145	LAXMI r.a. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	19/05/2003	19/05/2003	-	Active	NO
3	U24239TG2003PTC040264	INVENTIS DRUG DELIVERY SYSTEMS PRIVATE LIMITED	Director	02/11/2004	02/11/2004	-	Amalgamated	NO
4	U24239TG2006PTC050152	CLINICAL RESEARCH AND BIOSCIENCES INDIA PRIVATE LIMITED	Director	19/05/2006	19/05/2006	-	Amalgamated	NO
5	U24239TG2004PTC043904	INDU PHARMA PRIVATE LIMITED	Director	02/08/2006	02/08/2006	-	Active	NO
6	U24232TG2012PTC081598	EPIONE LABS PRIVATE LIMITED	Director	01/03/2014	01/03/2014	-	Active	NO

Name :

Mr. Ravi Kumar Yerra

Designation :

Director

Address :

Flat #02, Jubilee Heavens, 104, Womens Co-operative Housing Society, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India.

Date of Birth/Age :

05.03.1961

Date of Appointment :

01.10.2005

PAN No.:

AAYPY5116H

DIN No.:

01941752

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	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	01/10/2005	01/10/2005	-	Active	NO
2	U67120TG1999PTC033145	LAXMI r.a. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
3	U24239TG2004PTC043904	INDU PHARMA PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO

Name :

Dr. Battula Srinivasa Reddy

Designation :

Additional director

Address :

310, Srinilaya Apartment, Yellareddyguda, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

01.07.1966

Date of Appointment :

31.12.2003

PAN No.:

ACSPB6668D

DIN No.:

02878853

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	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	31/12/2003	14/03/2003	-	Active	NO
2	U67120TG1999PTC033145	LAXMI r.a. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shailesh Jawar
Designation :	Finance Head

MAJOR SHAREHOLDERS

As on 12.09.2013

Names of Shareholders (Equity Shares)	No. of Shares
Laxmi RA Holdings and Investment Private Limited, India	3843848
1575773 Ontario Inc., Canada	1813702
Joseph Herman	431076
Orchem International Trading BV, The Netherland	699422
Joflo Centrifuges Private Limited, India	46023
Anand Gupta	652527
Laxman Kartikeyan	360000
N Nageswar Rao	3575
Harish Pandey	67071
P V Shedbalkar	100881
Total	8018125

Names of Shareholders (Preference Shares)	No. of Shares
Laxmi RA Holdings and Investment Private Limited, India	38438480
1575773 Ontario Inc., Canada	18137020
Joseph Herman	4310760
Orchem International Trading BV, The Netherland	6994220
Joflo Centrifuges Private Limited, India	460230
Anand Gupta	6525270
Laxman Kartikeyan	3600000
N Nageswar Rao	35750
Harish Pandey	670710
P V Shedbalkar	1008810
Total	80181250

Equity Share Break up (Percentage of Total Equity)

As on 12.09.2013

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	33.06
Bodies corporate	56.08
Other top fifty shareholders	10.86
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk Drugs and Intermediates.

Products :

Products Description	ITC Code
Mebeverine Hcl	29420090

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· YES Bank Limited, 9^th Floor, Nehru Centre, Discover of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India

· Bank of Bahrain and Kuwait BSC, 6-3-550, L.B. Bhawan, Akash Ganga, Somajiguda, Hyderabad-500082, Andhra Pradesh, India

· State Bank of India, Saifabad (SIB) Branch, HACA Bhavan, Opposite Assembly, Hyderabad-500004, Andhra Pradesh, India

· Axis Bank Limited, 6-3-879/B, Greenlands Road, Begumpet, Hyderabad – 500016, Andhra Pradesh, India

· ICICI Bank Limited, 1-11-256, Begumpet, Level IV, Hyderabad – 500016, Andhra Pradesh, India

· Barclays Bank PLC, 20-21, Kamaraj Salai, Kanchipuram – 631501, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	68.821	0.000
Foreign currency term loans from banks	120.194	83.988
Other external commercial borrowings	87.861	85.754
Loans taken for fixed assets	2.358	3.842
Total	279.234	173.584

Banking Relations :	--
Financial Institution :	· 3i Infotech Trusteeship Services Limited, 3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India · SREI Equipment Finance Private Limited, ‘Vishwakarma’, 86C, Topsia Road, Kolkata-700046, West Bengal, India
Auditors :
Name :	Chakradhar and Nandan Chartered Accountant
Address :	201, Srinath Residential Complex, SD Road, Secunderabad-500003, Andhra Pradesh, India.
Tel. No.:	91-40-66317174 / 66317598
E-Mail :	chakradhar_nandan@yahoo.com
PAN No.:	AABFC2045G
Holding Company :	· Laxmi r.a. Holdings And Investments Private Limited CIN No.: U67120AP1999PTC033145
Subsidiary Company :	· Indu Pharma Private Limited CIN No.: U24239AP2004PTC043904
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· r.a. Labels and Stickers Private Limited CIN No.: U99999AP2000PTC035037

CAPITAL STRUCTURE

As on 12.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
400000	Equity Shares	Rs.100/- each	Rs.40.000 Millions
	Total		Rs.140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8018125	Equity Shares	Rs.10/- each	Rs.80.181 Millions
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.100.181 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	100.181	134.928
(b) Reserves & Surplus	489.916	312.586
(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)	590.097	447.514
(3) Non-Current Liabilities
(a) long-term borrowings	303.743	202.573
(b) Deferred tax liabilities (Net)	35.727	8.042
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	3.346	1.957
Total Non-current Liabilities (3)	342.816	212.572
(4) Current Liabilities
(a) Short term borrowings	438.338	226.039
(b) Trade payables	396.953	339.260
(c) Other current liabilities	118.794	141.655
(d) Short-term provisions	64.168	18.922
Total Current Liabilities (4)	1,018.253	725.876
TOTAL	1,951.166	1,385.962
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	683.621	537.488
(ii) Intangible Assets	4.171	8.117
(iii) Capital work-in-progress	49.249	22.400
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	9.744	9.744
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	746.785	577.749
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	410.074	248.560
(c) Trade receivables	574.674	401.937
(d) Cash and cash equivalents	32.416	22.822
(e) Short-term loans and advances	187.217	134.894
(f) Other current assets	0.000	0.000
Total Current Assets	1,204.381	808.213
TOTAL	1,951.166	1,385.962

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		134.928
2] Share Application Money		0.000
3] Reserves & Surplus		241.484
4] (Accumulated Losses)		0.000
NETWORTH		376.412
LOAN FUNDS
1] Secured Loans		383.565
2] Unsecured Loans		36.622
TOTAL BORROWING		420.187
DEFERRED TAX LIABILITIES		0.377
TOTAL		796.976
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		453.906
Capital work-in-progress		6.770
Research and Development		8.580
INVESTMENT		9.744
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	201.605
	Sundry Debtors	311.771
	Cash & Bank Balances	24.478
	Other Current Assets	90.276
	Loans & Advances	0.000
Total Current Assets		628.130
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	250.452
	Other Current Liabilities	42.326
	Provisions	18.032
Total Current Liabilities		310.810
Net Current Assets		317.320
MISCELLANEOUS EXPENSES		0.656
TOTAL		796.976

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1,742.034	1,107.351	918.510
		Other Income	6.366	3.105	3.108
		TOTAL (A)	1,748.400	1,110.456	921.618
Less	EXPENSES
		Cost of Materials Consumed	910.234	609.358
		Purchase of Stock-in-trade	37.942	22.085
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	(99.544)	(49.120)
		Employee Benefits Expenses	145.242	105.120
		Other Expenses	414.597	256.170
		TOTAL (B)	1,408.471	943.613	775.751
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		339.929	166.843	145.867
Less	FINANCIAL EXPENSES (D)		60.979	40.828	42.899
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		278.950	126.015	102.968
Less	DEPRECIATION/ AMORTISATION (F)		44.514	31.071	27.198
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		234.436	94.944	75.770
Less	TAX (H)		91.854	23.842	12.181
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		142.582	71.102	63.589
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		175.078	103.976	40.387
	BALANCE CARRIED TO THE B/S		317.660	175.078	103.976
	Earnings Per Share (Rs.)		17.78	9.49	8.49

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.15	6.40	6.90
Net Profit Margin (PBT/Sales)	(%)	13.46	8.57	8.25
Return on Total Assets (PBT/Total Assets}	(%)	12.39	7.01	16.69
Return on Investment (ROI) (PBT/Networth)		0.40	0.21	0.20
Debt Equity Ratio (Total Debt /Networth)		1.26	0.96	1.12
Current Ratio (Current Asset/Current Liability)		1.18	1.11	0.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	134.928	134.928	100.181
Reserves & Surplus	241.484	312.586	489.916
Net worth	383.565	173.584	279.234
	36.622	255.028	462.847
Secured Loans	420.187	428.612	742.081
Unsecured Loans	1.116	0.958	1.258
Total borrowings	383.565	173.584	279.234
Debt/Equity ratio	36.622	255.028	462.847

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	918.510	1,107.351	1,742.034
		20.559	57.315

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	918.510	1,107.351	1,742.034
Profit	63.589	71.102	142.582
	6.92%	6.42%	8.18%

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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Intercorporate borrowings	23.406	27.255
Deposits from directors	1.103	0.000
Loans and advances from related parties	0.000	1.471
Other loans and advances	0.000	0.263
Short Term Borrowings
Rupee term loans from others	0.657	2.433
Loans repayable on demand	437.681	223.606
Total	462.847	255.028

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	CHARGE HOLDER	ADDRESS	Service Request Number (SRN)
1	10443975	27/06/2013	225,000,000.00	STATE BANK OF INDIA	SAIFABAD (SIB) BRANCH, HACA BHAVAN, OPP. ASSEMBLY, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	B82532599
2	10443980	27/06/2013	225,000,000.00	STATE BANK OF INDIA	SAIFABAD (SIB) BRANCH, HACA BHAVAN, OPP. ASSEMBLY, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	B82535337
3	10357644	16/04/2012	2,123,604.00	AXIS BANK LIMITED	5-2-183/184,ASC CENTRE, III FLOOR, R P ROAD, HYDERABAD, ANDHRA PRADESH - 500003, INDIA	B40388639
4	10327698	30/07/2014 *	1,420,000,000.00	STATE BANK OF INDIA	IFB, RAJ BHAVAN ROAD, SOMAJIGUDA,, HYDERABAD, TELANGANA - 500081, INDIA	C15220023
5	10304109	03/06/2013 *	780,100,000.00	STATE BANK OF INDIA	SAIFABAD (SIB) BRANCH, HACA BHAVAN, OPP. ASSEMBLY, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	B79906806
6	10228628	11/06/2010	25,000,000.00	BANK OF BAHRAIN AND KUWAIT BSC	6-3-550, L.B. BHAWAN,, AKASH GANGA, SOMAJIGUDA,, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	A88931647
7	10219143	01/10/2010 *	301,900,000.00	STATE BANK OF INDIA	SAIFABAD BRANCH HACA BHAVAN, OPP ASSEMBLY, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	A98290042
8	10079977	19/11/2007 *	42,500,000.00	STATE BANK OF INDIA	SAIFABAD BRANCH HACA BHAVAN, OPP ASSEMBLY, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	A30101455
9	10073795	29/09/2009 *	45,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A71992390
10	90263340	11/04/2007 *	96,400,000.00	ANDHRA PRADESH STATE FINANCIAL CORPORATION	5-9-194, CHIRAG ALI LANE, P B NO. 165, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	A13305354
11	90117611	26/03/2002 *	34,500,000.00	STATE BANK OF INDIA	OVERSEAS BRANCH, 5-9-300; ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		43

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.