MIRA INFORM REPORT

Report Date :

08.02.2014

IDENTIFICATION DETAILS

Name :	ATRA PHARMACEUTICALS LIMITED (w.e.f. 16.02.2011)
Formerly Known As :	ATRA PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Anjali Complex, Khadkeshwar, Aurangabad – 431 001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.10.1991
Com. Reg. No.:	11-063442
Capital Investment / Paid-up Capital :	Rs.88.494 millions
CIN No.: [Company Identification No.]	U24230MH1991PLC063442
PAN No.: [Permanent Account No.]	AABCA5523A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in manufacturing of Ayurvedic and Allopathic Drug and it also offers contract research and manufacturing.
No. of Employees :	Not Available (We tried to confirm the number of employees but no one is ready to part any information from the company management)

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 655000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating reflects increasing in external borrowing marked by strained liquidity position and small size of business operations. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BB
Rating Explanation	Moderate risk of default and high credit risk.
Date	February 18, 2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	February 18, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

Management non-cooperative

(Tel. No.: 91-240-6609911)

LOCATIONS

Registered Office/ Head Office :	Anjali Complex, Khadkeshwar, Aurangabad – 431 001, Maharashtra, India
Tel. No.:	91-240-6609911/ 22/ 2332211/ 6609999/ 6609998
Fax No.:	91-240-6609990/ 2331515
E-Mail :	info@atrapharma.com atra99@hotmail.com atra_pharma@yahoo.co.in
Website :	http://www.atrapharma.com
Factory 1 :	H-19, M.I.D.C., Waluj, Aurangabad – 431 133, Maharashtra, India
Tel. No.:	91-240-6603311/ 6603322
Fax No.:	91-240-6603366
E-Mail :	works@atrapharma.com
Factory 2 :	H-12 and 13, M.I.D.C., Waluj, Aurangabad – 431 136, Maharashtra, India
Tel No.:	91-240-6603340/ 6603341
Fax No.:	91-240-6609900
E-Mail :	unit-ii@atrapharma.com
Mumbai Office :	D-402, Krishna Galaxy, Datta Mandir Road, Vakola, Santacruz (East), Mumbai – 400 055, Maharashtra, India
Tel. No.:	91-22-26680072/ 26682059
Fax No.:	91-22-26682059
E-Mail :	narendra-tembe@atrapharma.com atra@vsnl.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ajit Moreshwar Save

Designation :

Director

Address :

“Anjali Complex”, Khadkeshwar, Aurangabad – 431 001, Maharashtra, India

Date of Birth/Age :

19.02.1956

Qualification :

Graduate

Date of Appointment :

01.12.1995

DIN No.:

00561875

PAN No.:

ADCPS0196G

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	U63040MH1979PTC021382	SAVERA CARRIERS AND CONTRACTORS PRIVATE LIMITED	Director	13/06/1979	13/06/1979	-	Active	NO
2	U32109MH1991PTC060076	SAVERA PRESS COMPS PRIVATE LIMITED	Director	31/01/1991	31/01/1991	-	Active	NO
3	U55200MH1992PTC067687	LEELA-TARA MOTELS PRIVATE LIMITED	Director	14/07/1992	14/07/1992	-	Active	NO
4	U24230MH1991PLC063442	ATRA PHARMACEUTICALS LIMITED	Director	01/12/1995	01/12/1995	-	Active	NO
5	U24230MH1996PTC097697	SAVERA PHARMACEUTICALS PRIVATE LIMITED	Director	27/02/1996	27/02/1996	-	Active	NO
6	U92100MH1979PTC021761	ANJALI CINETORIUM PRIVATE LIMITED	Director	21/07/1997	21/07/1997	-	Active	NO
7	U29299MH1996PTC102506	SAVERA AUTO COMPS PRIVATE LIMITED	Director	15/09/2002	15/09/2002	-	Active	NO
8	U25209MH2008PTC178227	SAVERA BLOWPLAST PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Active	NO

Name :

Crd. Anil Moreshwar Save (Retd.)

Designation :

Managing Director

Address :

“Anjali Complex”, Khadkeshwar, Aurangabad – 431 001, Maharashtra, India

Date of Birth/Age :

13.05.1953

Qualification :

Graduate

Date of Appointment :

01.10.1991

DIN No.:

00561935

PAN No.:

ACZPS0141H

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	U24230MH1991PLC063442	ATRA PHARMACEUTICALS LIMITED	Managing director	01/10/1991	01/10/1991	-	Active	NO
2	U24230MH1996PTC097697	SAVERA PHARMACEUTICALS PRIVATE LIMITED	Managing director	27/02/1996	27/02/1996	-	Active	NO
3	U29299MH1996PTC102506	SAVERA AUTO COMPS PRIVATE LIMITED	Director	15/09/2002	15/09/2002	25/08/2008	Active	NO
4	U24231MH2004PTC149514	VENKATESHWARA PHARMA PRIVATE LIMITED	Managing director	11/11/2004	11/11/2004	-	Strike off	NO
5	U24233MH2011PTC220740	ATRA BIOTECH PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO
6	U85191MH2011PTC221487	AVANTI CLINICAL RESEARCH LABORATORIES PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
7	U73100MH2011PTC222310	ATRA LABS PRIVATE LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO

Name :

Dr. Rajeev Yadav Churi

Designation :

Director

Address :

Flat No.9, Moon Stone Apartment, 65-E, Linking Road, Santacruz (West), Mumbai, Maharashtra, India

Date of Birth/Age :

10.12.1956

Date of Appointment :

01.10.1991

DIN No.:

00561987

PAN No.:

AAAPC8651R

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	U24230MH1991PLC063442	ATRA PHARMACEUTICALS LIMITED	Director	01/10/1991	01/10/1991	-	Active	NO
2	U29299MH1978PTC020312	SARBI ENGINEERING AND WARE HOUSNG PRIVATE LIMITED	Director	21/03/1993	21/03/1993	-	Active	NO
3	U24230MH1996PTC097697	SAVERA PHARMACEUTICALS PRIVATE LIMITED	Director	27/02/1996	27/02/1996	-	Active	NO
4	U24231MH2004PTC149514	VENKATESHWARA PHARMA PRIVATE LIMITED	Director	11/11/2004	11/11/2004	-	Strike off	NO
5	U92190MH2008PTC185701	AMARANTH CRUISE AND ENTERTAINMENT PRIVATE LIMITED	Director	11/08/2008	11/08/2008	-	Active	NO
6	U91100MH2011NPL217250	INDIAN HOME & PERSONAL CARE INDUSTRY ASSOCIATION	Director	09/05/2011	09/05/2011	-	Active	NO
7	U74999MH2011PTC218126	VADWAL ENTERPRISES PRIVATE LIMITED	Director	31/05/2011	31/05/2011	-	Active	NO
8	U24233MH2011PTC220740	ATRA BIOTECH PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO
9	U73100MH2011PTC222310	ATRA LABS PRIVATE LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO
10	U01403MH2014NPL251693	NORTH KONKAN CHAMBER OF COMMERCE AND AGRICULTURAL FOUNDATION	Director	04/01/2014	04/01/2014	-	Active	NO

Name :

Mr. Atul Moreshwar Save

Designation :

Director

Address :

“Anjali Complex”, Khadkeshwar, Aurangabad – 431 001, Maharashtra, India

Date of Birth/Age :

26.02.1962

Qualification :

Graduate

Date of Appointment :

01.10.1991

DIN No.:

00562021

PAN No.:

ACHPS7762G

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	U63040MH1979PTC021382	SAVERA CARRIERS AND CONTRACTORS PRIVATE LIMITED	Director	13/03/1985	13/03/1985	-	Active	NO
2	U32109MH1991PTC060076	SAVERA PRESS COMPS PRIVATE LIMITED	Managing director	02/04/2012	31/01/1991	-	Active	NO
3	U24230MH1991PLC063442	ATRA PHARMACEUTICALS LIMITED	Director	01/10/1991	01/10/1991	-	Active	NO
4	U55200MH1992PTC067687	LEELA-TARA MOTELS PRIVATE LIMITED	Director	14/07/1992	14/07/1992	-	Active	NO
5	U29299MH1996PTC102506	SAVERA AUTO COMPS PRIVATE LIMITED	Managing director	02/04/2012	11/09/1996	-	Active	NO
6	U92100MH1979PTC021761	ANJALI CINETORIUM PRIVATE LIMITED	Director	21/07/1997	21/07/1997	-	Active	NO
7	U15421MH2000PLC125626	CHHATRAPATI SAMBHAJI RAJE SAKHAR UDYOG LIMITED	Director	06/04/2000	06/04/2000	29/04/2005	Active	NO
8	U29110MH1997PTC107125	SAVERA PRECISION ENGINEERING PRIVATE LIMITED	Director	02/01/2004	02/01/2004	-	Active	NO
9	U25206MH2004PTC144164	SAVERA MOULDINGS PRIVATE LIMITED	Director	22/01/2004	22/01/2004	-	Active	NO
10	U45400MH2008PTC178228	SAVERA PROMOTERS & DEVELOPERS PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Active	NO

Name :

Mrs. Anjali Deepak Raut

Designation :

Director

Address :

“Jamuna”, Triveni Co-Operative Housing Society, Navghar, Bassein Road, Thane (West), Maharashtra, India

Date of Birth/Age :

22.06.1969

Qualification :

Graduate

Date of Appointment :

01.12.1995

DIN No.:

01188379

Name :

Mr. Deepak Hari Raut

Designation :

Director

Address :

“Jamuna”, Triveni Co-Operative Housing Society, Navghar, Bassein Road, Thane (West), Maharashtra, India

Date of Birth/Age :

12.10.1950

Qualification :

Graduate

Date of Appointment :

01.12.1995

DIN No.:

01239598

Name :

Mr. Arpit Anil Save

Designation :

Whole Time Director

Address :

“Anjali Complex”, Khadkeshwar, Aurangabad – 431 001, Maharashtra, India

Date of Birth/Age :

10.08.1987

Qualification :

Graduate

Date of Appointment :

01.04.2010

DIN No.:

02863344

PAN No.:

BZHPS2309P

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	U24230MH1991PLC063442	ATRA PHARMACEUTICALS LIMITED	Whole-time director	01/04/2010	01/04/2010	-	Active	NO
2	U24100MH2010PTC206325	AMRIT LIFE SCIENCE PRIVATE LIMITED	Director	07/08/2010	07/08/2010	-	Active	NO
3	U24233MH2011PTC220740	ATRA BIOTECH PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO
4	U85191MH2011PTC221487	AVANTI CLINICAL RESEARCH LABORATORIES PRIVATE LIMITED	Director	02/09/2011	02/09/2011	-	Active	NO
5	U73100MH2011PTC222310	ATRA LABS PRIVATE LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Note:

Shareholding details file attached.

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	0.50
Directors or relatives of directors	99.50
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Ayurvedic and Allopathic Drug and it also offers contract research and manufacturing.

Products :

Item Code No. (ITC Code)	98041000
Product Description	Drugs and Medicines

GENERAL INFORMATION

Customers :

· Novartis

· Merck

· Ajanta

· Serdia

· Bio-ved Pharmaceuticals Private Limited

· RK Pharmacia

No. of Employees :

Not Available (We tried to confirm the number of employees but no one is ready to part any information from the company management)

Bankers :

· Punjab National Bank, B/O Plot 316, N-3, CIDCO, Aurangabad – 431 003, Maharashtra, India

· Export-Import Bank of India, Floor 21, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

· Kotak Mahindra Bank Limited

· Jalgaon Janta Sahakari Bank Limited

· State Bank of India

· HDFC Bank Limited

· Punjab National Bank, Aurangabad – 431 001, Maharashtra, India

· Deutsche Bank

· Vasai Vikas Sahakari Bank Limited, Head Office: Samaj Mandir, Opposite New English High School, Vasai – 401 201, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks (Personal guarantee of Mr. Anil Save, Mr. Atul Save, Mr. Ajit Save and Dr. Rajeev Churi.)	256.330	263.800
SHORT-TERM BORROWINGS
Loans repayable on demand from banks (Personal guarantee of Mr. Anil Save, Mr. Atul Save, Mr. Ajit Save and Dr. Rajeev Churi.)	110.047	68.068
Total	366.377	331.868

Banking Relations :	--
Financial Institution :	Electronica Finance Limited, 128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud, Pune – 411 038, Maharashtra, India
Auditors :
Name :	Ashok Patil and Associates Chartered Accountants
Address :	A.P. Heights, Behind Gopal Cultural Hall, New Osmanpura, Aurangabad – 431 005, Maharashtra, India
PAN No.:	ABFPP1555R
Associates :	· Savera Carriers and Contractors Private Limited, India (CIN No.: U63040MH1979PTC021382) · Savera Pharmaceuticals Private Limited, India (CIN No.: U24230MH1996PTC097697)
Other Related Parties :	· Savera Auto Comps Private Limited, India (CIN No.: U29299MH1996PTC102506) · Savera Tubes Private Limited, India (CIN No.: U27310MH2008PTC187478) · Atra Biotech Private Limited, India (CIN No.: U24233MH2011PTC220740) · Atra Labs Private Limited, India (CIN No.: U73100MH2011PTC222310) · Avanti Clinical Research Laboratories Private Limited, India (CIN No.: U85191MH2011PTC221487

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8849431	Equity Shares	Rs.10/- each	Rs.88.494 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	88.494	58.996	51.436
(b) Reserves & Surplus	75.205	103.955	99.606
(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)	163.699	162.951	151.042
(3) Non-Current Liabilities
(a) Long-term borrowings	290.363	274.855	47.668
(b) Deferred tax liabilities (Net)	24.930	17.934	16.054
(c) Other long term liabilities	33.334	23.549	28.545
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	348.627	316.338	92.267
(4) Current Liabilities
(a) Short term borrowings	110.047	68.068	0.232
(b) Trade payables	43.109	18.190	47.165
(c) Other current liabilities	53.716	2.217	1.299
(d) Short-term provisions	77.621	64.166	77.096
Total Current Liabilities (4)	284.493	152.641	125.792
TOTAL	796.819	631.930	369.101
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	430.761	79.729	49.505
(ii) Intangible Assets	0.040	0.040	0.040
(iii) Capital work-in-progress	45.225	255.509	34.850
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	23.205	23.205	38.032
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	129.581	99.126	43.378
(e) Other Non-current assets	0.070	0.140	0.210
Total Non-Current Assets	628.882	457.749	166.015
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	74.473	44.504	13.709
(c) Trade receivables	20.099	14.240	18.297
(d) Cash and cash equivalents	0.562	31.439	110.261
(e) Short-term loans and advances	1.250	6.353	15.532
(f) Other current assets	71.553	77.645	45.287
Total Current Assets	167.937	174.181	203.086
TOTAL	796.819	631.930	369.101

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	132.961	117.302	112.191
		Other Income	13.928	4.323	4.480
		TOTAL (A)	146.889	121.625	116.671
Less	EXPENSES
		Cost of materials consumed	37.081	31.329	27.651
		Employee benefit expense	35.712	33.174	42.479
		Other expenses	36.832	38.870	104.454
		Exceptional items	(0.124)	(0.669)	(141.291)
		TOTAL (B)	109.501	102.704	33.293
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		37.388	18.921	83.378
Less	FINANCIAL EXPENSES (D)		9.504	1.451	5.807
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.884	17.470	77.571
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.722	6.312	9.735
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		13.162	11.158	67.836
Less	TAX (H)		7.271	3.380	31.278
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		5.891	7.778	36.558
	APPROPRIATIONS
		Proposed Dividend on Equity Shares	4.425	2.950	2.572
		Tax on Dividend	0.718	0.479	0.417
	BALANCE CARRIED TO THE B/S		0.748	4.349	33.569
	EARNINGS IN FOREIGN CURRENCY
		Export Sale	11.621	9.554	8.013
	TOTAL EARNINGS		11.621	9.554	8.013
	Earnings / (Loss) Per Share (Rs.)
	- Basic		1.00	1.32	7.11
	- Diluted		1.98	1.32	7.11

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.01	6.40	31.33
Net Profit Margin (PBT/Sales)	(%)	9.90	9.51	60.46
Return on Total Assets (PBT/Total Assets}	(%)	1.81	3.16	22.90
Return on Investment (ROI) (PBT/Networth)		0.08	0.07	0.45
Debt Equity Ratio (Total Debt/Networth)		2.45	2.10	0.32
Current Ratio (Current Asset/Current Liability)		0.59	1.14	1.61

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	Yes
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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10465096	19/10/2013	3,600,000.00	VASAI VIKAS SAHAKARI BANK LIMITED	HEAD OFFICE: SAMAJ MANDIR, OPPOSITE NEW ENGLISH HIGH SCHOOL, VASAI, MAHARASHTRA - 401201, INDIA	B91524496
2	10414956	30/03/2013	3,900,000.00	ELECTRONICA FINANCE LIMITED	128/A, PLOT NO.3, KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA	B71809198
3	10406953	28/02/2013	39,279,245.00	ELECTRONICA FINANCE LIMITED	128/A, PLOT NO.3, KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA	B69152098
4	10299049	03/08/2011	26,900,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B17621061
5	10295465	22/05/2013 *	483,700,000.00	PUNJAB NATIONAL BANK	B/O PLOT 316, N-3, CIDCO, AURANGABAD, MAHARASHTRA - 431003, INDIA	B77370294

* Date of charge modification

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG-TERM BORROWINGS
Deferred sales tax loan	9.179	11.055
Loans and advances from directors	4.932	0.000
Loans and advances from others	19.922	0.000
Total	34.033	11.055

PERFORMANCE:

During the year, company has achieved a gross turnover of Rs.317.903 millions as compared to the gross turnover of Rs.249.112 millions of last year. It has earned net profit before tax of Rs.13.038 millions during this year as compared to net profit of Rs.10.489 millions of preceding year. No doubt they have achieved good results for FY 2012-13, but we believe they are poised to achieve organic as well as inorganic growth in the years. In the coming years we intend to concentrate more on their own domestic sales which is presently restricted to four states of Andhra Pradesh, Gujarat, Madhya Pradesh and Chhattisgarh. They plan to appoint franchisee distributors Pan India for our generic product range. Besides their own sales in domestic market, they wish to focus on niche products in the Allopathic, Ayurvedic and Veterinary range for exports to Rest of the World Market, while trying to register their products from their new plant in the regulated Markets like Australia, South Africa, Europe and subsequently USA etc. The company has also aggressively started preparing dossiers and soon intends to file for Market Authorization in various countries. They are also working for patent filing and hope to file at least two patents in the next year. The company despite having sold one of its manufacturing unit in the previous year has been able to maintain the production output by various steps taken to improve productivity and optimal utilization of plant and machinery. The table below would highlight the performance of the company in absolute terms.

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Vehicles

· Office Equipment

· Computer Equipments

· Books Periodicals

Intangible Assets

· Brands and Trade Marks

· Computer Software

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.62.32
UK Pound	1	Rs.101.78
Euro	1	Rs.84.68

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.