MIRA INFORM REPORT

Report Date :

05.12.2014

IDENTIFICATION DETAILS

Name :	CONCORD BIOTECH LIMITED (w.e.f.16.02.2001)
Formerly Known As :	CONCORD PHARMACEUTICALS LIMITED (w.e.f.24.09.1985) SERVOMED PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	1482-86, Trasad Road, Dholka, Ahmedabad - 387810, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	23.11.1984
Com. Reg. No.:	04-007440
Capital Investment / Paid-up Capital :	Rs. 92.052 Millions
CIN No.: [Company Identification No.]	U24230GJ1984PLC007440
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	AHMC00391G
PAN No.: [Permanent Account No.]	AAACC8514G
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer active pharmaceutical Ingredients, semi-synthesis and synthesis based products.
No. of Employees :	361 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 6400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established and reputed company having fine track record. Financial position of the company is sound. Fundamentals of the company are healthy. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered normal 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 PARTED BY

Name :	Mr. Kishor
Designation :	Account Executive
Contact No.:	91-79-66168711
Date :	03.12.2014

LOCATIONS

Registered Office/ Factory :	1482-86, Trasad Road, Dholka, Ahmedabad - 387810, Gujarat, India
Tel. No.:	91-2714-222604/ 221904
Fax No.:	91-2714-222504
E-Mail :	finance@concordbiotech.com
Website :	http://www.concordbiotech.com
Head/Corporate Office :	403, 4^th Floor, Iscon Elegance, Prahaladnagar, Cross Road, Ahmedabad – 380015, Gujarat, India

DIRECTORS

As On 14.08.2013

Name :

Mr. Sudhir Jairam Vaid

Designation :

Managing Director

Address :

99, Basant Bahar, Opposite Sterling City, Bopal, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

03.09.1952

Qualification :

B.Sc.(Microbiology)

Experience :

37 Years

Date of Appointment :

01.04.2014

PAN No.:

ABVPV9184E

DIN No.:

00055967

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	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Managing director	01/04/2014	10/05/2000	-	Active	NO
2	U74140GJ2004PTC043545	SUDMAN CONSULTANTS PRIVATE LIMITED	Director	02/08/2005	02/08/2005	-	Converted to LLP and dissolved	NO
3	AAB-0388	SUDMAN CONSULTANTS LLP	Designated Partner	26/07/2012	26/07/2012	-	Active	NO

Name :

Mr. Ankur Sudhir Vaid

Designation :

Whole Time Director

Address :

99, Basant Bahar, Opposite Sterling City, Bhopal, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

14.04.1982

Qualification :

M.B.A

Date of Appointment :

01.09.2011

PAN No.:

ADWPV0192K

DIN No.:

01857225

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	U74140GJ2004PTC043545	SUDMAN CONSULTANTS PRIVATE LIMITED	Director	26/04/2007	26/04/2007	-	Converted to LLP and dissolved	NO
2	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Whole-time director	01/09/2011	04/12/2009	-	Active	NO
3	AAB-0388	SUDMAN CONSULTANTS LLP	Designated Partner	26/07/2012	26/07/2012	-	Active	NO

Name :

Mr. Ravi Narendranath Kapoor

Designation :

Director

Address :

202, Pravesh 10, Mahadev Nagar Society, Sardar Patel Road, Ahmedabad – 380014, Gujarat, India

Date of Birth/Age :

25.07.1963

Date of Appointment :

15.12.2003

PAN No.:

ABJPK1504D

DIN No.:

00003847

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	U24229GJ1987PTC009600	RENI CONSULTANTS PRIVATE LIMITED	Director	11/07/2000	11/07/2000	-	Active	NO
2	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	15/12/2003	15/12/2003	-	Active	NO
3	U74140GJ2004PTC044545	AMITY CONSULTANTS PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO
4	U74999GJ1991PTC016402	YAN ADVISORY SERVICES PRIVATE LIMITED	Director	05/02/2007	05/02/2007	-	Active	NO
5	U74140GJ2006PLC048053	CORPORATE STRATEGIC ALLIANZ LIMITED	Director	01/04/2007	01/04/2007	02/04/2012	Active	NO
6	U45202GJ2007PLC049808	SADBHAV INFRASTRUCTURE PROJECT LIMITED	Director	30/09/2008	01/04/2008	22/10/2014	Active	NO
7	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2009	27/02/2009	-	Active	NO
8	U74900GJ2008PTC053973	CORONEY TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2012	15/02/2012	-	Active	NO
9	U45203GJ2010PTC059669	BIJAPUR-HUNGUND TOLLWAY PRIVATE LIMITED	Director	27/02/2014	14/05/2013	-	Active	NO

Name :

Mr. Rajiv Ambrish Agarwal

Designation :

Director

Address :

Chamaria Niwas, 3^rd Floor, 41, Mahant Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India

Date of Birth/Age :

28.03.1971

Date of Appointment :

30.09.2009

DIN No.:

00379990

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	U85110AP1992PLC014728	QUALITY CARE INDIA LIMITED	Director	27/12/2005	27/12/2005	30/03/2012	Active	NO
2	U74999PN2006PLC128787	Maya Entertainment Limited	Director	20/07/2006	20/07/2006	01/04/2011	Active	NO
3	L72900MH2000PLC123841	APTECH LIMITED	Director	28/06/2007	29/10/2006	-	Active	NO
4	L55101AP1965PLC001048	VICEROY HOTELS LIMITED	Alternate director	31/01/2007	31/01/2007	15/10/2012	Active	NO
5	U29224GJ1987PLC010044	JOHN ENERGY LIMITED	Director	30/09/2008	08/05/2008	-	Active	NO
6	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	30/09/2009	30/06/2008	-	Active	NO
7	U12000MH1999PTC119259	HUNGAMA DIGITAL MEDIA ENTERTAINMENT PRIVATE LIMITED	Director	25/09/2008	01/09/2008	-	Active	NO
8	U65910MH2007PTC172599	EQUIRUS CAPITAL PRIVATE LIMITED	Director	10/08/2010	10/08/2010	-	Active	NO
9	U74120MH2011PTC224699	HUNGAMA DIGITAL SERVICES PRIVATE LIMITED	Director	08/12/2011	08/12/2011	08/09/2012	Active	NO
10	U74999MH2012PTC226152	HUNGAMA .COM PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
11	AAB-9744	TIGER CONSULTANCY LLP	Designated Partner	01/01/2014	01/01/2014	-	Active	NO

Name :

Mr. Harcharan Mohan Singh

Designation :

Director

Address :

10, Waterloo Crt, Thornhill, On – L3T6L9

Date of Birth/Age :

19.05.1949

Date of Appointment :

14.09.2010

DIN No.:

02852915

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	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	14/09/2010	04/12/2009	-	Active	NO
2	U51101TG2010PTC071300	GLOPEC INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO
3	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Nominee director	15/02/2012	15/02/2012	-	Active	NO

Name :

Mr. Utpal Hemendra Sheth

Designation :

Director

Address :

2901, 29th Floor, B Wing, Beaumonde, A.S. Marathe Marg PBD, Mumbai - 400025, Maharashtra, India

Date of Birth/Age :

20.06.1971

Qualification :

B.Com Grade CWA

Date of Appointment :

14.09.2010

DIN No.:

00081012

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	U65990MH1991PTC063580	INSIGHT ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	11/10/1991	11/10/1991	-	Active	NO
2	U67120MH1997PTC105571	HRS INSIGHT FINANCIAL INTERMEDIARIES PRIVATE LIMITED	Director	31/01/1997	31/01/1997	-	Active	NO
3	U67100MH2005PTC151400	CHANAKYA CORPORATE SERVICES PRIVATE LIMITED	Director	18/02/2005	18/02/2005	-	Active	NO
4	U51900MH1998PTC116557	TRUST TRADE AND INVESTMENT COMPANY PRIVATE LIMITED	Director	19/10/2006	19/10/2006	-	Strike off	NO
5	L72900MH2000PLC123841	APTECH LIMITED	Director	28/10/2006	28/10/2006	-	Active	NO
6	U19200MH1977PLC019449	METRO SHOES LTD	Alternate director	14/03/2007	14/03/2007	-	Active	NO
7	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Director appointed in casual vacancy	28/07/2007	28/07/2007	28/07/2014	Active	NO
8	U17120MH1993PTC074456	RaRe EQUITY PRIVATE LIMITED	Additional director	01/11/2007	01/11/2007	-	Active	NO
9	U65910MH1986PTC040671	CLUE LEASING AND FINANCE PRIVATE LIMITED	Director	01/11/2007	01/11/2007	-	Active	NO
10	U67120MH1988PTC049423	HILLCROFT INVESTMENTS COMPANY PRIVATE LIMITED	Additional director	01/11/2007	01/11/2007	-	Active	NO
11	U45400MH2008PTC177951	MOSS ESTATES PRIVATE LIMITED	Director	11/02/2008	11/02/2008	-	Strike off	NO
12	U45400MH2008PTC177950	MOSS PROPERTIES PRIVATE LIMITED	Director	11/02/2008	11/02/2008	-	Strike off	NO
13	U24110MH2001PLC134105	INNOVASSYNTH TECHNOLOGIES (INDIA ) LIMITED	Director	30/09/2009	25/06/2008	26/09/2012	Active	NO
14	L72200TG1993PLC015939	ZEN TECHNOLOGIES LIMITED	Director	12/09/2008	30/06/2008	28/09/2013	Active	NO
15	U74920MH1982PLC027283	TOPS SECURITY LIMITED	Director	15/12/2008	22/07/2008	22/01/2014	Active	NO
16	U70102MH2008PTC183684	RACE AHEAD PROPERTIES PRIVATE LIMITED	Director	20/08/2008	20/08/2008	-	Active	NO
17	L72200AP1990PLC011146	NCC LIMITED	Director	25/09/2014	31/10/2009	-	Active	NO
18	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	14/09/2010	04/12/2009	-	Active	NO
19	L92142MH2002PLC135964	CINELINE INDIA LIMITED	Director	19/09/2013	28/07/2010	-	Active	NO
20	U65991MH2010PTC206150	TRUST-PLUTUS WEALTH MANAGERS ( INDIA) PRIVATE LIMITED	Director	31/07/2010	31/07/2010	-	Active	NO
21	U34300MH1994PLC081463	KLT AUTOMOTIVE AND TUBULAR PRODUCTS LIMITED	Director	29/09/2011	25/09/2010	18/03/2014	Active	NO
22	U67110MH2011PTC215357	TRUST CAPITAL HOLDINGS PRIVATE LIMITED	Director	26/03/2011	26/03/2011	-	Active	NO
23	L92490TN1986PLC013044	STERLING HOLIDAY RESORTS (INDIA) LIMITED	Director	23/07/2012	07/11/2011	14/03/2014	Active	NO
24	L93030DL2011PLC262151	CINEMAX INDIA LIMITED	Additional director	24/05/2012	24/05/2012	08/01/2013	Amalgamated	NO
25	U67190MH2011PTC220268	CAERUS ADVISORS PRIVATE LIMITED	Director	25/07/2012	25/07/2012	-	Active	NO
26	U55101MH2005PTC158245	KANAKIA HOSPITALITY PRIVATE LIMITED	Director	28/09/2013	05/02/2013	-	Active	NO
27	U65923MH2013PTC245798	TrustPlutus Family Office & Investment Advisers (India) Private Limited	Director	17/07/2013	17/07/2013	-	Active	NO
28	U67190MH2013PTC248869	CHANAKYA WEALTH CREATION PRIVATE LIMITED	Director	04/10/2013	04/10/2013	-	Active	NO
29	AAA-0155	INSYNC CAPITAL PARTNERS LLP	Designated Partner	28/08/2009	28/08/2009	-	Active	NO
30	AAA-2697	CHANAKYA VALUE CREATION LLP	Designated Partner	02/11/2010	02/11/2010	-	Active	NO
31	AAB-0266	ZEN SUPERSTRUCTURE LLP	Designated Partner	18/07/2012	18/07/2012	-	Active	NO

Name :

Mr. Satish Khanna

Designation :

Director

Address :

Flat No.71/A/71B, Royal Accord III, Lokhandwala Complex, Andheri (West), Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

07.10.1953

Date of Appointment :

30.09.2011

DIN No.:

01827559

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	U74140MH2005PTC153578	VALMAX CORPORATE SERVICES PRIVATE LIMITED	Director	27/05/2005	27/05/2005	-	Active	NO
2	U24231GJ2006PLC047462	NOVODIGM LIMITED	Director	14/08/2008	26/09/2007	-	Amalgamated	NO
3	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	30/09/2011	07/05/2011	-	Active	NO
4	U24232MH2010PTC199429	Fullife Healthcare Private Limited	Director	22/07/2011	15/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr.Kishor
Designation :	Account Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.08.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 14.08.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	5.57
Bodies corporate	10.63
Directors or relatives of directors	42.14
Other top fifty shareholders	41.66
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer active pharmaceutical Ingredients, semi-synthesis and synthesis based products.

Products :

ITC Code No.	Product Descriptions
35079099	Other Diloxanide Furoate, Cimetidine, Famotidin Nes Glands and Other Organs for Organotherapeutic Uses, Dried, whether or not
29420090	Other Enzymes Prepared Enzymes Nes

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Japan
• USA
• Pakistan
• Korea

Imports :

Products :

Raw Material

Countries :

• China
• Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

36 (Approximately)

Bankers :

• Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad - 380006, Gujarat, India

• Citibank N. A., Kalapurnam, Main C.G. Road, Navarngpura,, Ahmedabad - 380009, Gujarat, India

• UTI Bank Limited, Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from banks	49.731	36.158
Total	49.731	36.158

NOTE :

Short Term Borrowings :

Cash credit facility aggregating to Rs. 49.731 Millions (As at 31st March 2013 Rs. 36.158 Millions) is secured by exclusive first charge over the entire current assets of the Company (both present and future) and extension of charge over the Fixed assets of the company excluding vehicles, and corporate office. The cash credit carries interest rate of base rate plus 2% p.a.

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage', 3rd Floor, Near Gujarat Vidhyapith, Opposite Ashram Road, Ahmedabad – 380014, Gujarat, India
PAN No.:	AABFD7919A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9,205,192	Equity Shares	Rs. 10/- each	Rs. 92.052 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	92.052	46.026	46.026
(b) Reserves & Surplus	2172.643	1809.155	1416.925
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2264.695	1855.181	1462.951
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	102.570	87.519	73.907
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.738	2.787	5.450
Total Non-current Liabilities (3)	105.308	90.306	79.357
(4) Current Liabilities
(a) Short term borrowings	49.731	36.158	65.899
(b) Trade payables	153.843	90.320	69.511
(c) Other current liabilities	39.293	22.829	35.758
(d) Short-term provisions	136.773	126.206	71.477
Total Current Liabilities (4)	379.640	275.513	242.645
TOTAL	2749.643	2221.000	1784.953
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	987.340	815.806	691.828
(ii) Intangible Assets	0.000	0.394	2.929
(iii) Capital work-in-progress	80.177	39.680	144.168
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.564	5.564	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	54.919	19.989	37.733
(e) Other Non-current assets	2.238	2.061	1.897
Total Non-Current Assets	1130.238	883.494	878.555
(2) Current assets
(a) Current investments	0.000	20.000	20.164
(b) Inventories	394.085	343.642	236.643
(c) Trade receivables	1003.544	854.346	548.307
(d) Cash and cash equivalents	26.741	15.333	10.417
(e) Short-term loans and advances	105.846	20.809	33.987
(f) Other current assets	89.189	83.376	56.880
Total Current Assets	1619.405	1337.506	906.398
TOTAL	2749.643	2221.000	1784.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	2048.162	1649.116	1355.997
		Other Income	28.257	53.110	25.784
		TOTAL (A)	2076.419	1702.226	1381.781
Less	EXPENSES
		Cost of materials consumed	513.427	368.287	307.136
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(25.250)	(25.381)	(57.272)
		Employee benefit expense	155.729	134.444	108.831
		Other expenses	550.622	411.590	340.695
		TOTAL (B)	1194.528	888.940	699.390
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		881.891	813.286	682.391
Less	FINANCIAL EXPENSES (D)		5.136	1.525	3.203
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		876.755	811.761	679.188
Less/ Add	DEPRECIATION/ AMORTISATION (F)		114.286	101.391	89.687
	PROFIT BEFORE TAX (E-F) (G)		762.469	710.370	589.501
Less	TAX (H)		218.335	216.505	171.671
	PROFIT AFTER TAX (G-H) (I)		544.134	493.865	417.830
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1052.693	600.598	811.445
	IMPORTS
		Raw Materials	153.158	129.911	24.789
		Stores & Spares	7.590	2.543	3.058
		Capital Goods	47.826	8.281	55.280
	TOTAL IMPORTS		208.574	140.735	83.127
	Earnings Per Share (Rs.)		59.11	53.65	90.78

Expected Sales (2014-15): Rs. 2500.000 Millions.

The above information has been parted by Mr. Kishor (Account Executive).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	26.57	29.95	30.81
Operating Profit Margin (PBDIT/Sales)	(%)	43.06	49.32	50.32
Return on Total Assets (PBT/Total Assets}	(%)	28.62	32.65	35.93
Return on Investment (ROI) (PBT/Networth)		0.34	0.38	0.40
Debt Equity Ratio (Total Liability/Networth)		0.02	0.02	0.05
Current Ratio (Current Asset/Current Liability)		4.27	4.85	3.74

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	46.026	46.026	92.052
Reserves & Surplus	1416.925	1809.155	2172.643
Net worth	1462.951	1855.181	2264.695
long-term borrowings	0.000	0.000	0.000
Short term borrowings	65.899	36.158	49.731
Total borrowings	65.899	36.158	49.731
Debt/Equity ratio	0.045	0.019	0.022

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1355.997	1649.116	2048.162
		21.616	24.198

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	1355.997	1649.116	2048.162
Profit/(Loss) After Tax	417.830	493.865	544.134
	30.81%	29.95%	26.57%

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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	---------------------
22]	Litigations that the firm / promoter involved in	--------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-------------------
26]	Buyer visit details	-------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90099613	31/01/2014 *	160,000,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G ARDEN ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA	B97745095

* Date of charge modification

CORPORATE INFORMATION

The Company is a public company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company is engaged in research and development, manufacturing, marketing and selling of active pharmaceutical ingredients, with focus on the fermentation, semi-synthesis and synthesis based products.

OPERATIONS:

Company focus on new products has benefited it. It is continuing its endeavor to identify and develop new products and with support of the Research and development team Company and accordingly has introduced new products during the year and is hopeful of introducing few new products in the current financial year.

Company’s income from operation has grown to Rs. 1993 Million from Rs. 1606 million which is around 24 % higher from the previous year.

FIXED ASSETS:

· Land

· Buildings

· Office building

· Factory building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Computer software

· Know-how

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 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. 61.87
UK Pound	1	Rs. 97.02
Euro	1	Rs. 76.13

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.