MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	EMBIO LIMITED (w.e.f.27.07.2009)
Formerly Known As :	EMMELLEN BIOTECH PHARMACEUTICALS LIMITED
Registered Office :	501, Sentinal, Central Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.01.1986
Com. Reg. No.:	11-038680
Capital Investment / Paid-up Capital :	Rs. 182.702 millions
CIN No.: [Company Identification No.]	U24110MH1986PLC038680
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACE1154C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Ephedrine and Pseudoephedrine salts.
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD3100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	October 15, 2014

Rating Agency Name	CARE
Rating	Short term fund based bank facilities : A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	October 15, 2014

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. Kiran Thakkar
Designation :	Chief Manager Finance
Contact No.:	91-22-66797200
Date :	19.12.2014

LOCATIONS

Registered Office :	501, Sentinal, Central Avenue Road, Hiranandani Gardens, Powai, Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-66797200
Fax No.:	91-22-66797222
E-Mail :	chirag@embio.co.in embio@embio.co.in sales@embio.co.in
Website :	http://www.embio.co.in
Factory :	E - 21-22, MIDC Industrial Estate, Mahad - 402309, District Raigad, Maharashtra, India
Tel. No.:	91-2145-232059 / 060 / 061
Fax No.:	91-2145-232375
E-Mail :	mahad@embio.co.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Devesh Malladi

Designation :

Managing director

Address :

1301, Solitaire, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

13.07.1966

Qualification :

M. Tech

Date of Appointment :

01.04.2014

PAN No.:

AAAPD6878R

DIN No.:

00025221

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	U24110MH1986PLC038680	EMBIO LIMITED	Managing director	01/04/2014	19/09/1997	-	Active	NO
2	U65993MH1997PTC111641	GURU NARAYAN FINCAP PRIVATE LIMITED	Director	24/11/1998	24/11/1998	-	Amalgamated	NO
3	U74140MH1998PTC114311	URAV CONSULTANCY PRIVATE LIMITED	Director	24/11/1998	24/11/1998	-	Amalgamated	NO
4	U99999MH1988PTC136042	MALLADI INVESTMENTS PRIVATE LIMITED	Director	26/12/1998	26/12/1998	-	Amalgamated	NO
5	U51900MH1998PTC116955	HAKUNA FARMA PRIVATE LIMITED	Director	05/07/1999	05/07/1999	-	Amalgamated	NO
6	U24230MH1991PTC063919	PRERNA PHARMA INDUSTRIES PRIVATE LIMITED	Director	11/01/2002	11/01/2002	-	Active	NO
7	U24230MH2004PTC144351	MALLADI INDUSTRIES PRIVATE LIMITED	Director	04/02/2004	04/02/2004	-	Active	NO
8	U24230MH2005PLC154829	INJEN RX PHARMA LIMITED	Director	15/07/2005	15/07/2005	-	Under liquidation	NO
9	U72900MH2009PTC189521	RIK TECHNOLOGIES INDIA PRIVATE LIMITED	Director	12/01/2009	12/01/2009	20/11/2013	Active	NO
10	AAB-2261	ARCO IRIS CONSULTANTS LLP	Designated Partner	23/11/2012	23/11/2012	-	Active	NO

Name :

Mr. Rajendra Kamalakant Prabhu

Designation :

Whole-time director

Address :

5/81, Juhu Tarang CHS, New D.N. Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

09.05.1961

Qualification :

Chartered Accountant, LLB, B.Com

Date of Appointment :

26.08.2013

PAN No.:

AAAPD6878R

DIN No.:

00025412

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	U24230MH2005PLC154829	INJEN RX PHARMA LIMITED	Director	15/07/2006	15/07/2006	-	Under liquidation	NO
2	U24110MH1986PLC038680	EMBIO LIMITED	Whole-time director	26/08/2013	26/08/2008	-	Active	NO
3	U24230MH2004PTC144351	MALLADI INDUSTRIES PRIVATE LIMITED	Director	28/09/2010	05/03/2010	22/04/2011	Active	NO

Name :

Mr. Hanumantha Avadhani Malladi

Designation :

Director

Address :

1-35/4, Malladi Vari Street, Nazerpet, Tenali, Guntur – 522201, Andhra Pradesh, India

Date of Birth/Age :

18.08.1934

Qualification :

M. Sc (Chem)

Date of Appointment :

05.06.1990

PAN No.:

AAAPA6776B

DIN No.:

00055989

Name :

Mr. Jayant Narayan Godbole

Designation :

Director

Address :

604-A, Cottage Land Co-operative Housing Society, Plot No. 16A, Sector-19, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

17.02.1945

Qualification :

B. Tech (IIT Bombay) MBA (JBIML)

Date of Appointment :

01.07.2014

DIN No.:

00056830

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	U74999MH2003PTC139774	INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED	Director	26/05/2005	26/05/2005	11/07/2008	Active	NO
2	U67190MH2005PTC155404	INVENT ARC PRIVATE LIMITED	Director	17/08/2005	17/08/2005	11/07/2008	Active	NO
3	U24110MH1986PLC038680	EMBIO LIMITED	Director	01/07/2014	21/10/2005	-	Active	NO
4	L28120MH1992PLC069252	TECHNOCRAFT INDUSTRIES (INDIA) LIMITED	Director	01/03/2006	01/03/2006	18/05/2009	Active	NO
5	L17229UP1994PLC017199	J. K. CEMENT LIMITED.	Director	26/07/2014	29/07/2006	-	Active	NO
6	L51909WB1935PLC008194	GILLANDERS ARBUTHNOT & CO LTD	Director	05/09/2007	07/03/2007	28/08/2014	Active	NO
7	L31300DN1961PLC000232	IMP POWERS LIMITED	Director	05/12/2008	16/03/2007	-	Active	NO
8	L21019WB1981PLC034161	EMAMI PAPER MILLS LIMITED	Director	11/08/2014	17/03/2007	-	Active	NO
9	L72200MH2000PLC130073	MW UNITEXX LIMITED	Director	27/09/2007	16/04/2007	23/04/2010	Active	NO
10	L15432UP1932PLC025186	THE OUDH SUGAR MILLS LIMITED	Director	17/12/2007	23/04/2007	07/08/2013	Active	NO
11	L21012CT1980PLC001682	MADHYA BHARAT PAPERS LIMITED	Director	25/07/2007	25/07/2007	13/08/2014	Active	NO
12	L51420MH1989PLC053772	BILPOWER LIMITED	Director	22/09/2007	26/07/2007	17/06/2008	Active	NO
13	L65921GA1967PLC000157	ZUARI GLOBAL LIMITED	Director	01/09/2014	01/08/2007	21/09/2014	Active	NO
14	U26951UP1988PLC010111	JAYKAYCEM LIMITED	Director	26/07/2008	09/02/2008	-	Amalgamated	NO
15	L26941GJ1956PLC000840	SAURASHTRA CEMENT LIMITED	Director	27/06/2012	28/04/2008	-	Active	NO
16	L24110GJ1973PLC002247	GUJARAT ALKALIES AND CHEMICALS LIMITED	Director	22/08/2014	04/03/2009	-	Active	NO
17	L45203MH2008PLC178061	KESAR TERMINALS & INFRASTRUCTURE LIMITED	Director	14/09/2010	29/01/2010	-	Active	NO
18	U67190WB2010PTC141896	MIDAS ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	24/05/2011	11/08/2010	07/11/2012	Active	NO
19	U65100MH2010PLC199319	IDBI Asset Management Limited	Director	27/06/2014	09/11/2010	-	Active	NO
20	L65910GA2009PLC006177	ZUARI AGRO CHEMICALS LIMITED	Director	01/09/2014	20/05/2011	-	Active	NO
21	U74120MH2011PLC222597	KESAR MULTIMODAL LOGISTICS LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO
22	L01110MH1994PLC082421	IITL Projects Limited	Director	07/09/2013	04/03/2013	24/07/2014	Active	NO

Name :

Mr. Ajit Tekchand Vaswani

Designation :

Director

Address :

502, Solitaire, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

05.07.1937

Qualification :

Chartered Accountant, Company Secretary

Date of Appointment :

01.07.2014

DIN No.:

00057953

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	U24219KA1991PTC011795	PJ MARGO PRIVATE LIMITED	Director	16/12/1994	16/12/1994	-	Active	NO
2	L72200PN1963PLC012621	ZENSAR TECHNOLOGIES LIMITED	Director	09/02/1996	09/02/1996	-	Active	NO
3	U72200PN1984PLC034103	ZENSAR TRANSFORMATION SERVICES LIMITED	Director	15/03/2000	15/03/2000	-	Amalgamated	NO
4	L12801PN1963PLC149701	TERRUZZI FERCALX INDIA LIMITED	Director	03/10/2000	03/10/2000	16/02/2010	Active	NO
5	U24110MH1986PLC038680	EMBIO LIMITED	Director	01/07/2014	16/10/2001	-	Active	NO
6	U24119KA1994PTC016163	MARGO BIOCONTROLS PRIVATE LIMITED	Director	22/12/2003	22/12/2003	-	Active	NO
7	L45200MH2005PLC152061	KEC INTERNATIONAL LIMITED	Director	12/01/2006	12/01/2006	-	Active	NO
8	U15133PN2006PTC139152	SONOCO INDIA PRIVATE LIMITED	Director	08/05/2006	08/05/2006	-	Active	NO
9	U85100PN2011PTC141113	PRIME SURGICAL CENTERS PRIVATE LIMITED	Director	19/10/2011	19/10/2011	29/03/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Kiran Thakkar
Designation :	Chief Manager Finance
Name :	Mr. Chirag Arvind Vora
Designation :	Secretary
Address :	301/302 Paras Darshan, Modi Patel Road, Bhayander (West), Thane – 401101, Maharashtra, India
Date of Birth/Age :	19.10.1983
Date of Appointment :	01.11.2011
PAN No.:	AIJPV9105C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 01.07.2014

Names of Shareholders	No. of Shares
M Devesh (HUF)	2958208
Shobna Devesh Malladi	1044028
Devesh Malladi	174030
Malladi Sundari jointly with Sarvani Malladi	348000
M. Srikant	174000
Malladi Samhith	60
Malladi Industries Private Limited, India	13572058

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	74.29
Directors or relatives of Directors	25.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Ephedrine and Pseudoephedrine salts.

Products :

Item Code No. (ITC Code)	Product Description
29394120	Ephedrine and Its Derivatives

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Good

Countries :

• US
• Japan
• Singapore

Imports :

Products :

Raw Material

Countries :

• China
• Netherland

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

450 (Approximately)

Bankers :

Banker Name :	Axis Bank Limited
Branch Address :	Ahmedabad-380006, Gujarat, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Axis Bank Limited, Corporate Office, Bombay Dyeing Mills Compound,Ground Floor, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India
• State Bank of India. Commercial Branch, N.G.N. Vaidya Marg, Horniman Circle, Fort, Mumbai - 400001, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	33.413	43.750
Loans taken for vehicles	2.680	0.000
Borrowing from government semi-government bodies	0.000	16.270
Short Term Borrowing
Working capital loans from banks	205.828	182.786
Total	241.921	242.806

Auditors :
Name :	SSPA and Company Chartered Accountants
Address :	1st Floor, Arjun Plot No. 6A, V P Road, Andheri-West, Mumbai – 400058, Maharashtra, India
PAN No.:	ABLFS2629F
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates :	Ø Prerna Pharma Industries Private Limited [U24230MH1991PTC063919] Ø Guru Narayan Fincap Private Limited [U65993MH1997PTC111641] Ø Malladi Investments Private Limited [U99999MH1988PTC136042] Ø Malladi Industries Private Limited [U24230MH2004PTC144351]

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
42000000	Equity Shares	Rs.10/- each	Rs.420.000 millions
10000000	Preference Shares	Rs.1/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18270204	Equity Shares	Rs.10/- each	Rs.182.702 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	182.702	182.702	91.351
(b) Reserves & Surplus	900.507	687.673	696.640
(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)	1083.209	870.375	787.991
(3) Non-Current Liabilities
(a) long-term borrowings	36.576	61.095	70.455
(b) Deferred tax liabilities (Net)	186.068	172.206	162.466
(c) Other long term liabilities	10.992	6.373	4.275
(d) long-term provisions	5.734	5.205	4.338
Total Non-current Liabilities (3)	239.370	244.879	241.534
(4) Current Liabilities
(a) Short term borrowings	205.828	182.786	172.204
(b) Trade payables	218.721	217.871	177.153
(c) Other current liabilities	120.620	150.752	90.318
(d) Short-term provisions	43.433	43.323	45.891
Total Current Liabilities (4)	588.602	594.732	485.566
TOTAL	1911.181	1709.986	1515.091
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	991.391	915.357	787.077
(ii) Intangible Assets	0.263	0.663	1.063
(iii) Capital work-in-progress	0.000	2.033	145.306
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.904	0.904	0.904
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	19.328	27.006	18.712
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1011.886	945.963	953.062
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	410.873	261.917	182.619
(c) Trade receivables	224.894	279.264	183.570
(d) Cash and cash equivalents	1.628	10.350	7.223
(e) Short-term loans and advances	261.900	212.492	188.617
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	899.295	764.023	562.029
TOTAL	1911.181	1709.986	1515.091

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1723.349	1335.556	1157.854
		Other Income	40.684	45.904	12.479
		TOTAL (A)	1764.033	1381.460	1170.333
Less	EXPENSES
		Cost of Materials Consumed	667.492	495.600	387.108
		Purchases of Stock-in-Trade	28.039	72.785	46.994
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(98.603)	(41.826)	21.736
		Employees benefits expense	150.196	115.318	97.994
		Other expenses	573.096	463.619	375.256
		TOTAL (B)	1320.220	1105.496	929.088
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		443.813	275.964	241.245
Less	FINANCIAL EXPENSES (D)		19.113	25.694	25.305
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		424.700	250.270	215.940
Less/ Add	DEPRECIATION/ AMORTISATION (F)		69.707	70.595	63.218
	PROFIT BEFORE TAX (E-F) (G)		354.993	179.675	152.722
Less	TAX (H)		99.409	54.541	37.245
	PROFIT AFTER TAX (G-H) (I)		255.584	125.134	115.477
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		49.815	47.431	33.805
Less	APPROPRIATIONS
		Transfer to General Reserve	120.000	80.000	70.000
		Dividend	36.540	36.540	27.405
		Tax on Dividend	6.210	6.210	4.446
	BALANCE CARRIED TO THE B/S		142.649	49.815	47.431
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1142.300	884.555	694.158
	TOTAL EARNINGS		1142.300	884.555	694.158
	Earnings Per Share (Rs.)		13.99	6.85	6.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	14.83	9.37	9.97
Operating Profit Margin (PBDIT/Sales)	(%)	25.75	20.66	20.84
Return on Total Assets (PBT/Total Assets}	(%)	18.58	10.53	11.16
Return on Investment (ROI) (PBT/Networth)		0.33	0.21	0.19
Debt Equity Ratio (Total Debt /Networth)		0.22	0.28	0.31
Current Ratio (Current Asset/Current Liability)		1.53	1.28	1.16

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	91.351	182.702	182.702
Reserves & Surplus	696.640	687.673	900.507
Net worth	787.991	870.375	1083.209
long-term borrowings	70.455	61.095	36.576
Short term borrowings	172.204	182.786	205.828
Total borrowings	242.659	243.881	242.404
Debt/Equity ratio	0.308	0.280	0.224

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)
Sales	1157.854	1335.556	1723.349
		15.348	29.036

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1157.854	1335.556	1723.349
Profit	115.477	125.134	255.584
	9.97%	9.37%	14.83%

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

UNSECURED LOAN

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Deferred sales tax loan	0.483	1.075
Total	0.483	1.075

REVIEW OF OPERATIONS

Sales for the year were Rs. 17587.36 Millions as compared to Rs. 1367.466 Millions in the previous year, an increase of 28.61 %. Profit before tax increased from Rs. 179.675 Millions to Rs. 354.994 Millions , an increase of 97.58 %. This was largely the result of increased volumes and improved sales realization.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10508103	01/08/2014 *	75,000,000.00	Axis Bank Limited	CORPORATE OFFICE, BOMBAY DYEING MILLS COMPOUND,GROUND FLOOR, PANDURANG BUDHKAR MARG, WORLI., MUMBAI, Maharashtra - 400025, INDIA	C16982043
2	10394806	10/12/2012	20,000,000.00	MInistry of Science & Technology	Department of Biotechnology, Block 2 CGO Complex, Lodhi Road,, New Delhi, Delhi - 110003, INDIA	B65106791
3	10195592	28/03/2011 *	125,000,000.00	Axis Bank Limited	Corporate Banking Branch, Bombay Dyeing Mill Compo, Axis House, P.B.Marg, Worli, Mumbai, Maharashtra - 400025, INDIA	B10254787
4	80046613	01/08/2014 *	225,000,000.00	Axis Bank Limited	CORPORATE OFFICE, BOMBAY DYEING MILLS COMPOUND, G  ROUND FLOOR, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, Maharashtra - 400025, INDIA	C17016239
5	90219644	19/06/2014 *	115,300,000.00	State Bank of India	COMMERCIAL BRANCH, N.G.N. VAIDYA MARG,, HORNIMAN  CIRCLE, FORT,, MUMBAI, Maharashtra - 400001, INDIA	C11303864

* Date of charge modification

FIXED ASSETS

Ø Land

Ø Buildings

Ø Plant and machinery

Ø Furniture and fixture

Ø Office equipment

Ø Vehicle

Ø Technical knowhow

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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	SUM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.