MIRA INFORM REPORT

Report Date :

07.03.2014

IDENTIFICATION DETAILS

Name :	VASUDHA PHARMA CHEM LIMITED
Registered Office :	78/A, Vengal Rao Nagar, Hyderabad – 500038, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.12.1994
Com. Reg. No.:	01-019021
Capital Investment / Paid-up Capital :	Rs. 350.000 Millions
CIN No.: [Company Identification No.]	U24230AP1994PLC019021
TAN No.: [Tax Deduction & Collection Account No.]	HYDV02144C
PAN No.: [Permanent Account No.]	AAACV9857D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Active Pharmaceutical Ingredients and Pharma Intermediates.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 7200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. The company is performing well. Financial position of the company is good. Trader relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual trader 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 – 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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long term rating: IND A- : Upgraded from BBB+
Rating Explanation	This rating denote a strong credit risk.
Date	September 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 (91-40-44763666)

LOCATIONS

Registered Office :	78/A, Vengal Rao Nagar, Hyderabad – 500038, Andhra Pradesh, India
Tel. No.:	91-40-44763666/ 23711717/ 23812046
Fax No.:	91-40-23706696/ 23811576
E-Mail :	legal@vasudhapharma.com vasudha@vasudhapharma.com
Website :	www.vasudhapharma.com
Unit I:	Plot No. 39, A and B, Phase I, I.D.A, Jeedimetla, Hyderabad - 500055 Andhra Pradesh, India
Unit II:	Plot No. 79, Jawaharlal Nehru Pharma City, Parawada, District Vishakhapatnam - 531021, Andhra Pradesh, India
Unit III:	Plot No. 23, 24, Jawaharlal Nehru Pharma City, Parawada, District Vishakhapatnam - 531021, Andhra Pradesh, India

DIRECTORS

As on 26.09.2013

Name :

Mr. Venkata Ramaraju Manthena

Designation :

Chairman and Managing director

Address :

Plot No. 281, F/A Road, No. 10B, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

15.06.1946

Qualification :

M Sc (Organic Chemistry)

Date of Appointment :

04.09.2012

PAN No.:

AARPM1206D

DIN No.:

00085767

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	U24230AP1991PLC013162	VASUDHA ORGANICS LIMITED	Director	04/09/1991	04/09/1991	-	Active	NO
2	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Managing director	04/09/2012	20/12/1994	-	Active	NO
3	U24100AP1996PLC024189	SHRI RAM CHLOROCHEM LIMITED	Director	30/10/2000	30/10/2000	-	Active	NO
4	U70102AP2003PLC041857	VASUDHA HOMES LIMITED	Director	13/10/2003	13/10/2003	-	Active	NO
5	U45400AP2007PTC054693	VASUDHA COMFORT LIVING PRIVATE LIMITED.	Director	02/07/2007	02/07/2007	-	Active	NO
6	U45200AP2007PTC054735	VASUDHA SATELLITE TOWNSHIPS PRIVATE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO
7	U45200AP2009PTC065778	VRR INFRACON PRIVATE LIMITED	Director	10/11/2009	10/11/2009	-	Active	NO
8	U24100AP2010PLC070652	VEDA BIOFUEL LIMITED	Director	14/06/2013	11/07/2011	-	Active	NO

Name :

Mr. Ashok Srinivasa Raju Mantena

Designation :

Whole-time director

Address :

Flat No. 1201, A Block, Fortune Towers, Madhapur, Beside Petrol Bank, Hyderabad – 500081, Andhra Pradesh, India

Date of Birth/Age :

26.03.1972

Qualification :

M S (Chemical Engineering)

Date of Appointment :

01.01.2012

DIN No.:

00085896

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	U24230AP1991PLC013162	VASUDHA ORGANICS LIMITED	Director	04/09/1991	04/09/1991	-	Active	NO
2	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Whole-time director	01/01/2012	24/06/1998	-	Active	NO
3	U24100AP1996PLC024189	SHRI RAM CHLOROCHEM LIMITED	Managing director	30/10/2013	30/10/2000	-	Active	NO
4	U70102AP2003PLC041857	VASUDHA HOMES LIMITED	Director	13/10/2003	13/10/2003	-	Active	NO
5	U45400AP2007PTC054693	VASUDHA COMFORT LIVING PRIVATE LIMITED.	Director	02/07/2007	02/07/2007	-	Active	NO
6	U45200AP2007PTC054735	VASUDHA SATELLITE TOWNSHIPS PRIVATE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO
7	U45200AP2009PTC065778	VRR INFRACON PRIVATE LIMITED	Director	10/11/2009	10/11/2009	-	Active	NO
8	U40102AP2010PTC068506	HARITH URJA PRIVATE LIMITED	Director	29/09/2012	17/11/2011	-	Active	NO
9	U40108AP2012PTC078732	SARAYU WIND POWER (TALLIMADUGULA) PRIVATE LIMITED	Director	24/01/2012	24/01/2012	-	Active	NO
10	U40104AP2012PTC078724	SARAYU WIND POWER (ADONI) PRIVATE LIMITED	Director	24/01/2012	24/01/2012	-	Active	NO
11	U40108AP2012PTC078980	SARAYU CLEANGEN PRIVATE LIMITED	Director	07/02/2012	07/02/2012	05/12/2012	Active	NO
12	U40108AP2012PTC078981	SARAYU WIND POWER (KONDAPURAM) PRIVATE LIMITED	Director	07/02/2012	07/02/2012	-	Active	NO
13	U45200AP2007PTC056651	VASISTHA INFRASTRUCTURE PRIVATE LIMITED	Director	28/09/2012	09/04/2012	-	Active	NO
14	U40107AP2013PTC091180	SARAYU CLEAN INFRA PRIVATE LIMITED	Director	21/11/2013	21/11/2013	-	Active	NO

Name :

Mr. Anand Manthena

Designation :

Whole-time director

Address :

MCH No. 8-1-330, Tolic Howki, Magnificient Homes, H. NO. 7, Beside Reliance Mart, Hyderabad – 500008, Andhra Pradesh, India

Date of Birth/Age :

10.06.1974

Qualification :

MBA

Date of Appointment :

01.01.2012

DIN No.:

00085970

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	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Whole-time director	01/01/2012	16/03/1998	-	Active	NO
2	U24230AP1991PLC013162	VASUDHA ORGANICS LIMITED	Managing director	01/10/2010	27/09/2002	-	Active	NO
3	U24100AP1996PLC024189	SHRI RAM CHLOROCHEM LIMITED	Director	28/09/2002	28/09/2002	-	Active	NO
4	U70102AP2003PLC041857	VASUDHA HOMES LIMITED	Director	13/10/2003	13/10/2003	-	Active	NO
5	U45400AP2007PTC054693	VASUDHA COMFORT LIVING PRIVATE LIMITED.	Director	02/07/2007	02/07/2007	-	Active	NO
6	U45200AP2007PTC054735	VASUDHA SATELLITE TOWNSHIPS PRIVATE LIMITED	Director	09/07/2007	09/07/2007	-	Active	NO
7	U45200AP2009PTC065778	VRR INFRACON PRIVATE LIMITED	Director	10/11/2009	10/11/2009	-	Active	NO

Name :

Mr. Jagadeeswaravarma Raju Vegesana

Designation :

Whole-time director

Address :

Plot No. 62, Behind Siddarthanagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

10.08.1955

Qualification :

M com

Date of Appointment :

01.04.2012

DIN No.:

01125213

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	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Whole-time director	01/04/2012	26/12/2006	-	Active	NO
2	U24100AP1996PLC024189	SHRI RAM CHLOROCHEM LIMITED	Director	28/09/2007	24/01/2007	-	Active	NO

Name :

Mr. Venkata Surya Naga Vara Prasad Raju Mantena

Designation :

Whole-time director

Address :

LIG-17, Vuda Phase-I, Kurmanna Palem Gajuwaka, Visakhapatnam – 530046, Andhra Pradesh, India

Date of Birth/Age :

10.08.1964

Qualification :

B com

Date of Appointment :

20.09.2012

DIN No.:

00686034

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	U01122AP2006PTC049540	EKALAVYA FARMS AND RESORTS PRIVATE LIMITED	Director	21/03/2006	21/03/2006	20/07/2007	Active	NO
2	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Whole-time director	20/09/2012	20/09/2007	-	Active	NO

Name :

Mr. Venkata Raju Kalidindi

Designation :

Director

Address :

50-121-49/110, 4B Geethika Residency B. S. Layout, Seethammadhara, Visakhapatnam – 530013, Andhra Pradesh, India

Date of Birth/Age :

08.06.1964

Qualification :

Bachellor of Engineer

Date of Appointment :

23.03.2009

DIN No.:

02568582

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	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Director	29/09/2009	23/03/2009	-	Active	NO

Name :

Venkatachelam Samba Murthy Perinkolam

Designation :

Director

Address :

H.N. 8-2-310/R/8 Road, No. 14, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

13.09.1938

Date of Appointment :

23.09.2011

DIN No.:

03598725

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	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Director	23/09/2011	19/07/2011	-	Active	NO

Name :

Venkatanaga Mantena Madhusudhan Raju

Designation :

Whole Time Director

Address :

Plot No. 498, Bhagat Singh Nagar, ADJ to Vasanth Nagar, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

02.05.1976

Date of Appointment :

01.04.2012

DIN No.:

00685753

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	U70102AP2003PTC040255	EKTA DEVELOPERS PRIVATE LIMITED	Director	09/01/2003	09/01/2003	11/07/2011	Active	NO
2	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Whole-time director	01/04/2012	19/07/2011	-	Active	NO

Name :

Mr. Venkata Rama Raju Gadiraju

Designation :

Director

Address :

2-2-23/22/15, Bagh Amberpet, Hyderabad – 500013, Andhra Pradesh, India

Date of Birth/Age :

03.04.1939

Date of Appointment :

17.06.2013

DIN No.:

01873163

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	U28910AP1976PTC002025	DIAGRAM FORGINGS PRIVATE LIMITED	Director	26/04/1976	26/04/1976	-	Active	NO
2	U31200AP1984PTC005131	DIAGRAM FABRICATORS PRIVATE LIMITED	Director	27/11/1984	27/11/1984	-	Active	NO
3	U28999AP1995PTC020038	DIAGRAM FORGETOOLS PRIVATE LIMITED	Director	18/04/1995	18/04/1995	-	Active	NO
4	U40100AP1995PLC021342	R R BIO-ENERGIES LIMITED	Managing director	07/08/1995	07/08/1995	-	Strike off	NO
5	U91110PN1965NPL018870	ASSOCIATION OF INDIAN FORGING INDUSTRY	Additional director	18/10/2008	02/12/2002	-	Active	NO
6	U24230AP1994PLC019021	VASUDHA PHARMA CHEM LIMITED	Director	26/09/2013	17/06/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pavani Tulasi Pullipaka
Designation :	Secretary
Address :	Plot No. 256, Near Mallanna Temple Employees Colony Yapral Secunderabad, Hyderabad – 500087, Andhra Pradesh, India
Date of Birth/Age :	15.08.1965
Date of Appointment :	01.03.2013
PAN No.:	BBJPP8920R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2013

Category	Percentage
Bodies corporate	0.99
Directors or relatives of Directors	96.75
Other top fifty shareholders	2.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredients and Pharma Intermediates.

Products :

ITC Code	Product Descriptions
29225024	Domperidone
29333990	Losartain Potassium
29420090	Pentaprazole
29333990	Loratadine
29333990	Cyproheptadine

PRODUCTION STATUS [AS ON 31.03.2011]

CAPACITIES AND PRODUCTION

1. As the product mix is changing from time to time, it is not possible to quantify the installed capacity.

2. Production during the year 2010-11 is 2100829 Kgs.

3. The Production is as certified by the management.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Citibank N.A, Queens Plaza, S P Road, Secunderabad - 500003, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	70.588	117.647
Short-term borrowings
Loans repayable on demand	610.738	0.000
Rupee term loans from banks	0.000	596.133
Total	681.326	713.780

Banking Relations :	--
Auditors :
Name :	Paturi and Associates Chartered Accountants
Address :	G1, Jayaramakrishna Residency, Jaya Prakash Nagar, Yellareddyguda, Hyderabad – 500073, Andhra Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAQPP2545M
Other Related Parties :	· Shri Ram Chlorochem Limited · Vasudha Organics Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 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	350.000	350.000	350.000
(b) Reserves & Surplus	1451.866	1007.520	677.285
(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)	1801.866	1357.520	1027.285
(3) Non-Current Liabilities
(a) long-term borrowings	96.957	146.009	206.951
(b) Deferred tax liabilities (Net)	44.445	42.359	38.558
(c) Other long term liabilities	47.059	60.9420	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	188.461	249.310	245.509
(4) Current Liabilities
(a) Short term borrowings	610.738	596.133	517.966
(b) Trade payables	235.231	370.006	362.359
(c) Other current liabilities	141.217	138.953	247.899
(d) Short-term provisions	2.064	13.802	0.000
Total Current Liabilities (4)	989.250	1118.894	1128.224
TOTAL	2979.577	2725.724	2401.018
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	814.669	842.470	870.424
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	42.647	13.157	7.280
(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	20.931	7.750	0.000
(e) Other Non-current assets	0.065	0.130	0.000
Total Non-Current Assets	878.312	863.507	877.704
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	737.498	515.158	360.488
(c) Trade receivables	1014.254	1030.903	874.414
(d) Cash and cash equivalents	157.622	165.745	77.838
(e) Short-term loans and advances	191.891	150.411	210.379
(f) Other current assets	0.000	0.000	0.195
Total Current Assets	2101.265	1862.217	1523.314
TOTAL	2979.577	2725.724	2401.018

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4029.260	3823.691	2778.174
		Other Income	2.814	1.953	1.402
		TOTAL (A)	4032.074	3825.644	2779.576
Less	EXPENSES
		Cost of materials consumed	2340.043	2462.296	1718.230
		Employee benefit expense	211.098	178.980	145.757
		Other expenses	771.196	631.947	543.656
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(62.877)	(77.727)	(64.050)
		TOTAL (B)	3259.460	3195.496	2343.593
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		772.614	630.148	435.983
Less	FINANCIAL EXPENSES (D)		28.260	57.061	51.938
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		744.354	573.087	384.045
Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.224	82.571	67.481
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		658.130	490.516	316.564
Less	TAX (H)		214.431	160.281	105.441
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		443.699	330.235	211.123
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		105.500	35.300	24.200
	APPROPRIATIONS
		Transfer to General Reserve	350.000	260.000	200.000
	BALANCE CARRIED TO THE B/S		199.200	105.500	35.323
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1327.946	1202.527	717.525
	TOTAL EARNINGS		1327.946	1202.527	717.525
	IMPORTS
		Raw Materials	775.655	771.142	544.851
		Packing Materials	0.405	0.764	--
		Capital Goods	3.959	3.742	7.803
		Stores and Spares and Lab Chemicals	0.694	0.304	0.000
	TOTAL IMPORTS		780.713	775.952	552.654
	Earnings / (Loss) Per Share (Rs.)		12.68	9.44	6.03

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	11.00	8.63	7.60
Net Profit Margin (PBT/Sales)	(%)	16.33	12.83	11.39
Return on Total Assets (PBT/Total Assets}	(%)	22.41	18.08	13.22
Return on Investment (ROI) (PBT/Networth)		0.37	0.36	0.31
Debt Equity Ratio (Total Debt/Networth)		0.39	0.55	0.71
Current Ratio (Current Asset/Current Liability)		2.12	1.66	1.35

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	350.000	350.000	350.000
Reserves & Surplus	677.285	1007.52	1451.866
Net worth	1,027.285	1,357.520	1,801.866
long-term borrowings	206.951	146.009	96.957
Short term borrowings	517.966	596.133	610.738
Total borrowings	724.917	742.142	707.695
Debt/Equity ratio	0.706	0.547	0.393

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	2778.174	3823.691	4029.260
		37.633	5.376

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	2778.174	3823.691	4029.26
Profit	211.123	330.235	443.699
	7.60%	8.64%	11.01%

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

LITIGATION DETAILS

ITTA 331 / 2010

ITTASR 2218 / 2008

CASE IS:PENDING

PETITIONER		RESPONDENT
THE COMMISSIONER OF INCOME TAX-III	VS	M/S.VASUDHA PHARMA CHEM LIMITED
PET.ADV. : NARASIMHA SARMA		RESP.ADV. : PUSHYAM KIRAN
SUBJECT: U/Sec. 143 Assessment		DISTRICT:  HYDERABAD

FILING DATE:  23-03-2010	POSTING STAGE :  FOR ADMISSION
REG. DATE    :   23-03-2010	LISTING DATE :  05-07-2010	STATUS   :  ADMIT

HON'BLE JUDGE(S):

B.PRAKASH RAO

RAMESH RANGANATHAN

REVIEW OF OPERATIONS

During the year, the company’s net sales crossed INR 4.00 billion mark. The company could build a sustainable business model in Active Pharmaceutical Ingredients (APIs) manufacturing and became the largest producer in the country in Domperidone, Pantoprazole Sodium, Losartan Potassium and Loratadine. The company’s Research and Development (R and D) strength in process improvement enabled to cross the EBITDA margin benchmark of 20 per cent for the first time in the history of the Company, which is a highly respected level for generic API players who do not have CRAMS and Joint ventures. Inspite of macroeconomic challenges and weak global economy, the company’s export performance could contribute 42 per cent to its total revenue. The Company was successful in balancing its direct exports across geographies. Share of Europe was reduced to 33 per cent, share of East Asia increased to 20 per cent, share of Latin America increased to 16 per cent and share of South Asia increased to 11 per cent out of total direct exports of the company. The Company successfully completed inspections by various regulatory authorities such as USFDA, KFDA, Mexican MOH etc. USFDA has done the surveillance audit during the year and approved the facility for supply of four APIs for which Drugs Master Files (DMFs) were filed. India Ratings Private Limited assigned National Long Term Rating of BBB+ with positive outlook during August, 2012. Its surveillance is due now and the company is hopeful of an upgrade this year in view of its improved credit profile in Financial Year 2012-13.

OUTLOOK

The company earmarked Rs.180.000 Millions for capital expenditure during the Financial Year 2013-14, which will enable optimum utilization of all the present three facilities. The company is working to have continuous flow of new products development for launching between Financial Year 2013-14 and Financial Year 2015-16. The Company will continue its initiatives of filing DMFs and penetrate business in European, Chinese, Japanese and Korean markets.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Deferred sales tax loan	26.369	0.000
Loans repayable on demand from others	0.000	28.362
Total	26.369	28.362

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10242810	18/06/2013 *	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B81140428
2	10173480	04/11/2013 *	280,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B90574872
3	10133649	18/06/2013 *	150,000,000.00	STANDARD CHARTERED BANK	6-3-1090, RAJBHAVAN ROAD, SOMAJIGUDA, ANDHRA PRADESH - 500082, INDIA	B79288163
4	10053700	18/11/2013 *	220,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B90783069
5	90123295	18/06/2013 *	330,000,000.00	CITIBANK N.A	QUEENS PLAZA, S P ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA	B81075863

* Date of charge modification

CONTINGENT LIABILITIES: (As on 31.03.2013)

a. Contingent Liabilities not provided for in respect of Irrevocable Documentary Letters of Credit of Rs.37.841 Millions (Previous Year Rs.72.719 Millions) and Bank Guarantee given by Bankers on behalf of the Company of Rs.0.291 Millions (previous year Rs.1.997 Millions)

b. There was search operation u/s 132 of Income Tax Act on the Company on 11-11-2010. The Company has filed relevant return of income. The effective tax thereon will be accounted as and when assessments are complete.

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer 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.61.32
UK Pound	1	Rs.102.54
Euro	1	Rs.84.19

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	KVT

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	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.