MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	EMMENNAR PHARMA PRIVATE LIMITED (w.e.f. 13.08.2013)
Formerly Known As :	EMMENNAR BIO - TECH PRIVATE LIMITED
Registered Office :	MCH No :7-2-A4, Industrial Estate, Opposite Sanath Nagar Police Station, Sanath Nagar, Hyderabad – 500018, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.09.2002
Com. Reg. No.:	01-039653
Capital Investment / Paid-up Capital :	Rs. 49.832 Millions
CIN No.: [Company Identification No.]	U24299TG2002PTC039653
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of bulk drugs and drug intermediates
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 690000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profit of the company has declined during financial year 2013. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers with hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Fund Based Limits =BBB -
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	June, 2014

Rating Agency Name	ICRA
Rating	Short Term Non-Fund Based Limits = A3
Rating Explanation	Moderate degree of safety and High credit risk
Date	June, 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 DENEID BY

Name :	Mr. Shrikrishna
Designation :	Marketing Department
Contact No.:	91- 40-65974799
Date :	21.07.2014

LOCATIONS

Registered Office :	MCH No :7-2-A4, Industrial Estate, Opposite Sanath Nagar Police Station, Sanath Nagar, Hyderabad – 500018, Telangana
Tel. No.:	91-40-65974799
Fax No.:	91-40-23801966
E-Mail :	sales@emmennar.com
Website :	www.emmennar.com
Factory 1 :	Sy. No. 10, 1 D A, Gadda Potharam (V), Jinnaram (M), Medak District – 502319, Telangana, India
Factory 2 :	Plot No. 15, Jawaharlal Bheu Pharma City, Tadi Villege, Parwada (M), Visakhapatnam – 531019, Andhra Pradesh, India
Factory 3 :	Sy. No. 334 and 335, I D A Narsapur – Sangareddy highway, Turkala Khanapur Village, Hatnoora Mandal, Medak district – 502296, Telangana,India

DIRECTORS

As on: 30.09.2013

Name :

Mundla Narayan Reddy

Designation :

Director

Address :

15-A, Road No. 2, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

10.03.2008

DIN No.:

00064392

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Managing director	01/06/2011	20/01/1982	-	Active	NO
2	U24210TG2001PTC036520	VIRCHOW BIOTECH PRIVATE LIMITED	Director	04/04/2001	04/04/2001	-	Active	NO
3	U74210TG1974PTC001733	IMEX ENGINEERING CO PVT LTD	Director	18/10/2001	18/10/2001	-	Active	YES
4	U24230TG2002PTC039606	COVALENT LABORATORIES PRIVATE LIMITED	Director	15/05/2003	15/05/2003	-	Active	NO
5	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Director	04/06/2003	04/06/2003	-	Active	NO
6	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
7	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	08/09/2004	08/09/2004	-	Active	NO
8	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	22/06/2005	22/06/2005	-	Amalgamated	NO
9	U45200TG2005NPL045814	HYDERABAD PHARMA INFRASTRUCTURE AND TECHNOLOGIES	Director	21/12/2006	21/12/2006	17/01/2011	Active	NO
10	U24230MH2007PTC176048	VIRCHOW HEALTHCARE PRIVATE LIMITED	Director	20/11/2007	20/11/2007	-	Active	NO
11	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	10/03/2008	10/03/2008	01/10/2013	Active	NO
12	U74999TG2007PLC052432	SV'S REMEDIES LIMITED	Director	29/09/2012	16/05/2012	-	Amalgamated	NO

Name :

Mundla Sudha

Designation :

Director

Address :

15-A, Road No. 2, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

19.04.1982

Date of Appointment :

23.09.2002

DIN No.:

00054013

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Director	14/03/2002	14/03/2002	-	Active	NO
2	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	23/09/2002	23/09/2002	-	Active	NO
3	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
4	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Whole-time director	01/04/2008	27/09/2006	-	Active	NO
5	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	29/09/2009	31/03/2009	-	Active	NO

Name :

Lingala Durga Maheshwar Eddy

Designation :

Director

Address :

Plot No 353, Road No. 23, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

23.04.1971

Date of Appointment :

25.08.2004

DIN No.:

00940580

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	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
2	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	10/03/2008	10/03/2008	-	Amalgamated	NO

Name :

Kotha Venkata Sri Ramanjaneya Seshu Kumar

Designation :

Director

Address :

H. No. 1/55/A, Flat No. 201, Sri Rama Nivas, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

10.07.1970

Date of Appointment :

01.11.2004

DIN No.:

00940623

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	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	01/11/2004	01/11/2004	-	Active	NO
2	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	12/02/2010	12/02/2010	-	Amalgamated	NO

Name :

Mundla Maha Vishnu

Designation :

Director

Address :

15-A, Road No. 2, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

15.02.1987

Date of Appointment :

16.09.2011

DIN No.:

02470664

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	U85195TG1988PLC008172	SARACA LABORATORIES LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
2	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Whole-time director	01/04/2011	12/02/2011	-	Active	NO
3	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	23/09/2011	27/04/2011	-	Amalgamated	NO
4	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	16/09/2011	01/08/2011	-	Active	NO

Name :

Kallem Vamshidhar Reddy

Designation :

Additional Director

Address :

D No. 7-1-214/10, Dharam Karan Road, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Date of Birth/Age :

07.01.1975

Date of Appointment :

18.11.2013

DIN No.:

01133873

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	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	27/06/2005	27/06/2005	-	Amalgamated	NO
2	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Additional director	18/11/2013	18/11/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shrikrishna
Designation :	Marketing Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Narayana Reddy	2495701
M Sudha	1920900
M. Lakshmi Prasanna	605100
M Maha Vishnu	3019080
M V Subba Reddy	32100
P Muni Reddy	32100
M V Narayana Reddy	60990
M Venkata Subba Reddy	21000
M Prasanthi	35310
Kvsr Seshu Kumar	110425
L D Maheshwar Reddy	103220
L Suneela	39160
L Subba Reddy	17500
G Lakshmi Reddy	32620
M Maheswara Reddy	107856
M Nageswari	20544
K Vamshidhar Reddy	1190275
M Subba Reddy	22470
M Syamalamma	16860
Bobbalavenkatarami Reddy	50000
Total	9933211

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of bulk drugs and drug intermediates
Products :	· Tramadol Hydro Chloride · Acetylbenzofuran · Benzoyl Acetone · Benzyl Carbazate · Bromonicotinic Acid

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· State Bank of India, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

· Canara Bank, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
TERM LOANS
State Bank of India (The Term Loans are secured by exclusive charge on fixed assets of the company as primary charge and charge on stocks, Receivables and other current assets of the company. The Term Loans are further secured by the guarantee of four directors of the company in their personal capacity.)	141.680	141.831
Canara Bank (The Term Loans are secured by exclusive charge on fixed assets of the company as primary charge and charge on additional assets/equipment etc. being acquired with the Term Loan of the company. The Term Loans are further secured by the guarantee of four directors of the company in their personal capacity.)	2.381	0.000
Deferred Payment Liabilities (The Loans are secured by way of hypothecation in favor of the Bank as continuing security of its vehicle )	0.675	0.578
SHORT TERM BORROWINGS:
LOANS REPAYABLE ON DEMAND
State Bank of India (The Working Capital Loans from State Bank of India are secured against exclusive charge on current assets of company towards primary security and extension of charge on the fixed assets of the company as collateral security. The cash credit facility is secured by the guarantee of four directors of the company in their personal capacity.)	53.774	68.372
Canara Bank (The Working Capital Loans from Canara Bank are secured against exclusive charge on current assets of company towards primary security and extension of charge on the fixed assets of the company as collateral security)	14.348	0.000
Total	212.858	210.781

Banking Relations :	--
Auditors :
Name :	Suryanarayana Reddy and Company Chartered Accountants
Address :	Flat No. 505, Vijayasree Apartments, Opposite Kammasangam, Ameerpet, Hyderabad – 500073, Andhra Pradesh, India
Tel. No.:	91-40-23744448 / 23743975
Fax No.:	Not Available
PAN No.:	AAOFS1595G
Associates/Subsidiaries :	· Virchow Laboratories Limited · Emmennar Pharma Containers Private Limited · Virchow Drugs Limited · Andhra Organics Limited

CAPITAL STRUCTURE

As on: 30.09.2013

Authorized 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
9933211	Equity Shares	Rs.10/- each	Rs. 99.332 Millions

As on: 31.03.2013

Authorized 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
4983211	Equity Shares	Rs.10/- each	Rs. 49.832 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	49.832	49.832	49.832
(b) share capital suspense account	49.500	0.000	0.000
(c) Reserves & Surplus	72.683	64.174	57.460
(d) 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)	172.015	114.006	107.292
(3) Non-Current Liabilities
(a) long-term borrowings	408.364	235.456	131.776
(b) Deferred tax liabilities (Net)	18.176	12.496	8.171
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.722	0.728	0.516
Total Non-current Liabilities (3)	428.262	248.680	140.463
(4) Current Liabilities
(a) Short term borrowings	68.122	68.372	47.169
(b) Trade payables	73.233	65.336	26.999
(c) Other current liabilities	21.494	36.522	12.261
(d) Short-term provisions	5.327	4.691	5.680
Total Current Liabilities (4)	168.176	174.921	92.109
TOTAL	768.453	537.607	339.864
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	502.338	358.060	104.758
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.667	0.000	123.258
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.960	3.915	13.015
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	510.965	361.975	241.031
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	88.062	84.977	16.229
(c) Trade receivables	125.191	64.317	56.279
(d) Cash and cash equivalents	8.207	1.327	10.495
(e) Short-term loans and advances	34.755	24.707	15.717
(f) Other current assets	1.273	0.304	0.113
Total Current Assets	257.488	175.632	98.833
TOTAL	768.453	537.607	339.864

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	611.613	277.129	244.548
		Other Income	NA	0.135	0.426
		TOTAL (A)	NA	277.264	244.974
Less	EXPENSES
		Cost of Materials Consumed	NA	221.921	162.324
		Purchases of Stock-in-Trade	NA
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	NA	-51.869	-1.369
		Employees benefits expense	NA	17.292	12.297
		Other expenses	NA	51.917	37.843
		TOTAL (B)	NA	239.261	211.095
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		73.950	38.003	33.879
Less	FINANCIAL EXPENSES (D)		42.024	15.653	10.907
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		31.926	22.350	22.972
Less/ Add	DEPRECIATION/ AMORTISATION (F)		21.628	8.492	4.356
	PROFIT BEFORE TAX (E-F) (G)		10.298	13.858	18.616
Less	TAX (H)		4.866	7.144	5.972
	PROFIT AFTER TAX (G-H) (I)		5.432	6.714	12.644
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.335	0.968	5.030
	TOTAL EARNINGS		0.335	0.968	5.030
	IMPORTS
		Raw Materials	52.024	30.763	7.070
		Capital Goods	1.831	5.382	0.000
	TOTAL IMPORTS		53.855	36.145	7.070
	Earnings Per Share (Rs.)		0.55	1.35	2.54

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.00	2.42	5.16
Net Profit Margin (PBT/Sales)	(%)	1.68	5.00	7.61
Return on Total Assets (PBT/Total Assets}	(%)	1.34	2.58	8.59
Return on Investment (ROI) (PBT/Networth)		0.06	0.12	0.17
Debt Equity Ratio (Total Debt/Networth)		2.77	2.67	1.67
Current Ratio (Current Asset/Current Liability)		1.53	1.00	1.07

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.832	49.832	49.832
Share Capital Suspense Account	0.000	0.000	49.500
Reserves & Surplus	57.460	64.174	72.683
Net worth	156.792	114.006	172.015
long-term borrowings	131.776	235.456	408.364
Short term borrowings	47.169	68.372	68.122
Total borrowings	178.945	303.828	476.486
Debt/Equity ratio	1.141	2.665	2.770

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	244.548	277.129	611.613
		13.323	120.696

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	244.548	277.129	611.613
Profit	12.644	6.714	5.432
	5.17%	2.42%	0.89%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	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:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Loans and Advances From Related Parties
Directors and their relatives	263.452	92.871
Shareholders	0.176	0.176
Total	263.628	93.047

REVIEW OF OPERATIONS:

The company has achieved a turnover of Rs. 611.613 Millions as against Rs. 266.992 Millions in the previous year, thereby registering a growth of 129% over previous year. Profit after tax stood at Rs. 5.432 Millions against Rs. 6.76 Millions for the corresponding previous year. The dip in profits is mainly due to increased fuel costs and decreased margins on some products.

As a result of the merger of Emmennar chem Private Limited (ECPL). The input material Tremadol HCI got added to company’s product portfolio. This will help in reduced input costs and increased profit margins for the company. The directors are confident of achieving better results in the years to come.

AMALGAMATION:

The scheme of amalgamation of Emmennar Chem Private Limited (herein after referred to as ECPL) with your company is operative from the appointed date of April 1, 20123 and has come into effect (Efective date) from 15.08.2013.

As a result of the merger of ECPL, the input material Tremadol HCI got added to company’s product portfolio. This will help in reduced input costs and increased profit margins for the company.

The merger was effected pursuant to a scheme of amalgamation which was approved by the shareholders at the court convened meetings of your company and ECPL respectively and the merger has been approved by the Honorable high court of judicature at Andhra Pradesh. Pursuant to the order, the transferor company stands dissolved on and from the effective date viz. 15.08.2013. the scheme is operative from the Appointed Date viz. April 1, 2012. Accordingly the balance sheet and the statement of profit and loss of the merged entity are being presented to the members for adoption hence, the figures of the current year are not comparable with that of the previous year.

The scheme of amalgamation will benefit both the companies to carry on their business as a combined unit on a larger scale and would be in the interests of shareholders, creditors, employees, customers and all other stake holders as the same would enable focused business approach with maximization of benefits to all stakeholders.

Further, the combined entity would be in position to generate additional funds and to further diversify and expand its business and activities and attain better competitive edge.

INDEX OF CHARGES:

S.No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10266799	01/02/2011	800,000.00	CANARA BANK	VISTA GRAND TOWER, 6-3-1086,, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B05557038
2	10241377	13/12/2013	393,000,000.0	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA,, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B93569705
3	10231516	26/07/2010	640,000.00	CANARA BANK	VISTA GRAND TOWER, 6-3-1086,, RAJ BHAVAN ROAD, SOMAJIGUDA,, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	A90810466
4	10177837	22/09/2009	705,000.00	CANARA BANK	VISTA GRAND TOWER, 6-3-1086, RAJ BHAVAN ROAD, SOMAJIGUDA,, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	A70640669
5	10144801	09/01/2012	26,000,000.00	CANARA BANK	VISTA GRAND TOWER, 6-3-1086,, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD - 500082, ANDHRA PRADESH, INDIA	B29635463

FIXED ASSETS:

· Land

· Plant and Equipment

· Furniture and Fixtures

· Lab Equipment

· R and D Equipment

· Vehicles

· Office Equipment

· Electrical Equipment

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 judgment 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.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	JAY

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.