MIRA INFORM REPORT

Report Date :

11.01.2014

IDENTIFICATION DETAILS

Name :	GRANULES OMNICHEM PRIVATE LIMITED
Registered Office :	H.No. 1-123/MH/201, 2^nd Floor, 3^rd Block, My Home Hub, Madhapur, Hyderabad – 500 081, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.09.2011
Com. Reg. No.:	01-076274
Capital Investment / Paid-up Capital :	Rs.375.100 Millions
CIN No.: [Company Identification No.]	U24233AP2011PTC076274
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bulk Drugs and Active Pharmaceutical Ingredients.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence commercial operation.
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during 2^nd September 2011. It is yet to commence its commercial operations. As claimed by Mr. Satyadrahmaje, Head Finance that company factory is under construction and it will start its commercial operation from 2015. As per the status of registrar of companies business appears to be active. Payment terms are unknown. The company can be considered for business dealing on a safe and secured 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 DENIED

Management Non Co-operative (91-40-66760000)

LOCATIONS

Registered Office :	H.No. 1-123/MH/201, 2^nd Floor, 3^rd Block, My Home Hub, Madhapur, Hyderabad – 500 081, Andhra Pradesh, India
Tel. No.:	91-891-2570444/ 91-40-66760000
Fax No.:	91-40-23115145
E-Mail :	satyabrahmajee.k@granulesomnichem.com shivangi.sharma@granulesindia.com
Website :	www.granulesomnichem.com

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Chigurupati Krishna Prasad

Designation :

Nominee Director

Address :

H.No.512/m, Road No.31, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

02.10.1954

Date of Appointment :

02.09.2011

DIN No.:

00020180

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	L24110AP1991PLC012471	GRANULES INDIA LIMITED	Managing director	01/09/2009	31/08/1994	-	Active	NO
2	U67120AP1997PTC027578	TRITON SECURITIES PRIVATE LIMITED	Director	04/06/2007	04/06/2007	-	Active	NO
3	U24230AP2007PTC054839	GIL LIFESCIENCES PRIVATE LIMITED	Director	19/07/2007	19/07/2007	-	Active	NO
4	U15520KA2007PTC044113	KRSMA ESTATES PRIVATE LIMITED	Director	30/07/2008	18/02/2008	-	Active	NO
5	U15520KA2008PTC045582	HARIKRISHNA VINEYARDS PRIVATE LIMITED	Director	30/07/2008	12/03/2008	29/10/2009	Strike off	NO
6	U01130KA2008PTC045488	KRSMA VINEYARDS PRIVATE LIMITED	Director	30/05/2009	06/04/2009	-	Active	NO
7	U24233AP2011PTC076274	GRANULES OMNICHEM PRIVATE LIMITED	Nominee director	02/09/2011	02/09/2011	-	Active	NO
8	U24230AP2000PLC034319	AUCTUS PHARMA LIMITED	Additional director	06/11/2013	06/11/2013	-	Active	NO

Name :

Mr. George Gwinnett Bompas

Designation :

Nominee Director

Address :

Rue Du Cortil Bailly 47, Lasne, Belgium 1380

Date of Birth/Age :

03.11.1960

Date of Appointment :

02.09.2011

DIN No.:

03587826

Name :

Mrs. Harsha Chigurupati

Designation :

Nominee Director

Address :

H.No.512/m, Road No.31, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

05.09.1983

Date of Appointment :

02.09.2011

DIN No.:

01606477

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	Company/ LLP Status	Defaulting status
1	U15412AP2008PTC057091	CHIGURUPATI NOURISHMENT PRIVATE LIMITED	Director	10/01/2008	10/01/2008	Strike off	NO
2	U24230AP2007PTC054839	GIL LIFESCIENCES PRIVATE LIMITED	Director	18/10/2008	03/03/2008	Active	NO
3	U01134KA2008PTC045902	PRAGNYA VINEYARDS PRIVATE LIMITED	Director	03/04/2008	03/04/2008	Under Process of Striking off	NO
4	U01130KA2008PTC045957	PRIYANKA VINEYARDS PRIVATE LIMITED	Director	08/04/2008	08/04/2008	Under Process of Striking off	NO
5	L24110AP1991PLC012471	GRANULES INDIA LIMITED	Whole-time director	01/08/2010	26/07/2010	Active	NO
6	U24233AP2011PTC076274	GRANULES OMNICHEM PRIVATE LIMITED	Nominee director	02/09/2011	02/09/2011	Active	NO
7	U74900AP2013PTC087262	CHIGURUPATI TECHNOLOGIES PRIVATE LIMITED	Director	25/04/2013	25/04/2013	Active	NO

Name :

Mr. Peter Marcel Eliane Marie Stuyck

Designation :

Nominee Director

Address :

Heist-Op-Den-Berg Sedert, Hazenstraat 7, Belgium 2220

Date of Birth/Age :

17.06.1956

Date of Appointment :

02.09.2011

DIN No.:

03583387

KEY EXECUTIVES

Name :	Mr. Satya Brahmajee Kola
Designation :	Secretary
PAN No.:	AHTPK6889P

MAJOR SHAREHOLDERS

AS ON 30.09.2013

Names of Shareholders	No. of Shares
SA Ajinomoto Omnichem NV, Belgium	20700000
Granules India Limited, ndia	20700000
Total	41400000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2013

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Bulk Drugs and Active Pharmaceutical Ingredients.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

ING Bank NV Singapore Branch, 19-02 Republic Plaza,, 9 Raffles Place, Singapore, - 048619, Singapore

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Term Loans from banks	695.438	0.000
Total	695.438	0.000

Banking Relations :	--
Financial Institutions :	DEG – Deutsche Investitions – UND Entwicklungesellschaft MBH, Kammergasse 22, Cologne – 50676, Germany
Auditors :
Name :	SRBC And Company LLP Chartered Accountants
Address :	Oval Office, 18, iLabs Centre, Hitech City, Madhapur, Hyderabad – 500 081, Andhra Pradesh, India
PAN No.:	AGDPM5469N

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs. 10/- each	Rs.450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
41400000	Equity Shares	Rs. 10/- each	Rs.414.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs. 10/- each	Rs.450.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
37510000	Equity Shares	Rs. 10/- each	Rs.375.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	375.100	175.100
(b) Reserves & Surplus	(5.952)	(2.257)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	38.900	30.000
Total Shareholders’ Funds (1) + (2)	408.048	202.843
(3) Non-Current Liabilities
(a) long-term borrowings	695.438	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	2.705	0.000
(d) long-term provisions	0.172	0.000
Total Non-current Liabilities (3)	698.315	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	6.977	1.369
(c) Other current liabilities	11.697	0.705
(d) Short-term provisions	0.059	0.371
Total Current Liabilities (4)	18.733	2.445
TOTAL	1125.096	205.288
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	153.577	2.496
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	343.248	9.632
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	80.922	151.688
(e) Other Non-current assets	26.333	0.000
Total Non-Current Assets	604.080	163.816
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	515.663	33.617
(e) Short-term loans and advances	5.122	7.855
(f) Other current assets	0.231	0.000
Total Current Assets	521.016	41.472
TOTAL	1125.096	205.288

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL	0.000	0.000
Less	EXPENSES
		Employee Benefits Expenses	0.327	0.000
		Other Expenses	3.367	2.257
		TOTAL	3.694	2.257
	PROFIT/(LOSS) BEFORE TAX		(3.694)	(2.257)
Less	TAX		0.000	0.000
	PROFIT/(LOSS) AFTER TAX		(3.694)	(2.257)
	Earnings Per Share (Rs.)		(0.10)	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(0.55)	(5.13)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.01)
Debt Equity Ratio (Total Debt /Networth)		1.70	0.00
Current Ratio (Current Asset/Current Liability)		27.81	16.96

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 two years	Yes
12]	Profitability for last two 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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10421575	28/05/2013 *	621,000,000.00	DEG - DEUTSCHE INVESTITIONS - UND ENTWICKLUNGSGESE LLSCHAFT MBH	KAMMERGASSE 22, COLOGNE, - 50676, GERMANY	B77888170
2	10423111	28/05/2013 *	621,000,000.00	ING BANK NV SINGAPORE BRANCH	19-02 REPUBLIC PLAZA,, 9 RAFFLES PLACE, SINGAPORE, - 048619, SINGAPORE	B77531762

* Date of charge modification

FIXED ASSETS:

· Land

· Furniture and Fixture

· Vehicles

· Office Equipments

· Computer Equipments

· Other Equipments

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.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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		15

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.