MIRA INFORM REPORT

Report Date :

26.11.2014

IDENTIFICATION DETAILS

Name :	HY-GRO CHEMICALS PHARMTEK PRIVATE LIMITED
Formerly Known As :	HY-GRO CHEMICALS PRIVATE LIMITED (w.e.f. 02.08.2004)
Registered Office :	Plot No 174, Progressive industrial society, miyapur Bollara Narasdapur Dilst, Meadak - – 502325, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.05.1957
Com. Reg. No.:	01 - 028631
Capital Investment / Paid-up Capital :	Rs.120.000 Million
CIN No.: [Company Identification No.]	U24110TG1957PTC028631
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	HYDH00508E
PAN No.: [Permanent Account No.]	AAACH6012J
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Advanced Intermediates, Active Pharmaceutical Ingredients (APIs), and Finished Dosages.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 1600000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of balance sheet (i. e financial filed) is shown as 31.03.2014 but the documents related to the financials of 2014 are not available from any source. As per registrar of 2013, rating reflects sound financial risk profile marked by decent liquidity position and improvement in performance of the company. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 DENIED BY

Management Non Co – operative (Tel No. 91-40-27720233)

LOCATIONS

Registered Office :	Plot No 174, Progressive industrial society, miyapur Bollara Narasdapur Dilst, Meadak– 502325, Telangana, India
Tel. No.:	91-8458-279642/279575
Fax No.:	91-8458-279552
E-Mail :	hygro@hygrochemicals.com
Website :	www.hygrochemicals.com
Corporate Office 1 :	Plot No.15, Sri Krishna Nagar Colony, Picket, Secunderabad - 500 009. India.
Tel. No.:	91-40-27720233 / 35 / 36
Fax No.:	91-40-27848394
Corporate Office 2 :	Plot No. 203 and 204, 2^nd Floor, Ashoka Bhoopal Chambers, Sardar Patel Road, Secunderabad – 500003, India
Corporate Office 3 :	Plot No. 51A, Road No.1, J.N.Pharma City, Parawada, Visakhapatnam – 530019, Andhra Pradesh, India
Corporate Office 4 :	Plot No 169, Progressive industrial society, Bollara Narasapur Tq, Meadak– 502325, Telangana, India

DIRECTORS

As on 27.09.2014

Name :

Mr. Chandra Kumar Bishnoi

Designation :

Managing Director

Address :

8-2-468/11, Road No.5, Banjara Hills, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

04.12.1946

Date of Appointment :

21.05.1973

DIN No.:

00672023

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	U24110TG1957PTC028631	HY-GRO CHEMICALS PHARMTEK PRIVATE LIMITED	Managing director	21/05/1973	21/05/1973	-	Active	NO
2	U01119TG1976PTC008280	GROMORE CHEMICALS PVT.LTD.	Managing director	19/11/1976	19/11/1976	-	Active	NO

Name :

Mr. Anuradha Bishnoi

Designation :

Director

Address :

8-2-468/11, Road No.5, Banjara Hills, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

18.12.1951

Date of Appointment :

21.05.1973

DIN No.:

00827317

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	U24110TG1957PTC028631	HY-GRO CHEMICALS PHARMTEK PRIVATE LIMITED	Director	21/05/1973	21/05/1973	-	Active	NO
2	U01119TG1976PTC008280	GROMORE CHEMICALS PVT.LTD.	Director	10/07/1980	10/07/1980	-	Active	NO

Name :

Mr. Vivek Bishnoi

Designation :

Whole Time Director

Address :

H No. 303 L, Road No- 25, Jubleehills, Hyderabad, Andhra Pradesh, India.

Date of Birth/Age :

31,01.1979

Date of Appointment :

27.06.2011

DIN No.:

03572137

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	U24110TG1957PTC028631	HY-GRO CHEMICALS PHARMTEK PRIVATE LIMITED	Whole-time director	27/06/2011	27/06/2011	-	Active	NO
2	U01119TG1976PTC008280	GROMORE CHEMICALS PVT.LTD.	Director	29/09/2011	01/09/2011	-	Active	NO

Name :

Deevi Sarangapani Iyengar

Designation :

Director

Address :

H. No. 4 – 1 – 108, Bhavani Street No. 3, Nacharam, Hyderabad – 50, Andhra Pradesh, India

Date of Birth/Age :

04.06.1941

Date of Appointment :

18.11.2004

DIN No.:

00672094

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2014

Names of Shareholders	No. of Shares	%age
Sri Vivek Bishnoi	1320000	11.00
Malvika Bishnoi	1200000	10.00
Sangeeta Bishnoi	1200000	10.00
Radhika Bishnoi	1200000	10.00
C K Bishnoi	1080000	9.00
Anuradha Bishnoi	6000000	50.00
Total	12000000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Advanced Intermediates, Active Pharmaceutical Ingredients (APIs), and Finished Dosages.

Products :

ITEM CODE (ITC CODE)	PRODUCT DESCRIPTION
29399900	Bulk Drugs
29339900	Drug Intermediaries
30042012	Formulations

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Not Divulged

Countries :

Not Divulged

Imports :

Products :

Not Divulged

Countries :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Indian Overseas Bank
Branch Address	Maredpally Branch, Secunderabad - 500026,India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee Term Loans From Banks		68.793
	NA
Short Term Borrowing
Working Capital Loans From Bank		10.469
Total		79.262

Banking Relations :	---
Auditors :
Name :	Mahesh Virender and Sriram Chartered Accountant
Address :	6-3-788/36 and 37A, Ameerpet, Hyderabad, Andhra Pradesh – 500016, India
PAN No.:	AACFM8813F
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

SUMMARISED BALANCE SHEET

Particulars	31.03.2014
Paid Up Capital	120.000
Reserves and Surplus	462.967
Secured Loan	144.336
Total Liabilities	1108.719
Total Assets	1108.719
Total Fixed Assets	331.632
Total Current Assets	321.201
Investment	0.167

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.000	30.000
(b) Reserves & Surplus	279.399	219.214
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	399.399	249.214
(3) Non-Current Liabilities
(a) long-term borrowings	68.794	28.263
(b) Deferred tax liabilities (Net)	4.300	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	116.130	59.122
Total Non-current Liabilities (3)	189.224	87.385
(4) Current Liabilities
(a) Short term borrowings	10.469	40.000
(b) Trade payables	79.582	72.032
(c) Other current liabilities	30.847	19.716
(d) Short-term provisions	7.120	3.553
Total Current Liabilities (4)	128.018	135.301
TOTAL	716.641	471.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	329.817	143.806
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	41.825
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.168	0.168
(c) Deferred tax assets (net)	0.000	0.201
(d) Long-term Loan and Advances	108.653	58.005
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	438.638	244.005
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	67.542	64.403
(c) Trade receivables	74.197	19.528
(d) Cash and cash equivalents	79.226	100.116
(e) Short-term loans and advances	57.038	43.848
(f) Other current assets	0.000	0.000
Total Current Assets	278.003	227.895
TOTAL	716.641	471.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)	905.705	728.187	498.389
Less	EXPENSES (B)		604.829	478.081	349.746
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			250.106	148.643
Less	FINANCIAL EXPENSES (D)		Including Financial and Depreciation Expenses	17.595	9.426
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			232.511	139.217
Less/ Add	DEPRECIATION/ AMORTISATION (F)			18.247	16.854
	PROFIT BEFORE TAX (E-F) (G)		300.876	214.264	122.363
Less	TAX (H)		88.124	57.058	34.715
	PROFIT AFTER TAX (G-H) (I)		212.752	157.206	87.648
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		278.674	215.680	131.519
	BALANCE CARRIED TO THE B/S		491.427	278.674	215.680
	Earnings Per Share (Rs.)		17.73	1.31	0.73

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	17.08	29.91	28.48
Return on Investment (ROI) (PBT/Networth)		0.52	0.54	0.49
Debt Equity Ratio (Total Debt /Networth)		NA	0.20	0.27
Current Ratio (Current Asset/Current Liability)		NA	2.17	1.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	30.000	120.000	120.000
Reserves & Surplus	219.214	279.399	462.967
Net worth	249.214	399.399	582.967
long-term borrowings	28.263	68.794	144.336
Short term borrowings	40.000	10.469	0.000
Total borrowings	68.263	79.263	144.336
Debt/Equity ratio	0.274	0.198	0.248

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	498.389	728.187	905.705
		46.108	24.378

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	498.389	728.187	905.705
Profit	87.648	157.206	212.752
	17.59%	21.59%	23.49%

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	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 CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90125920	09/01/2014 *	300,000,000.00	Indian Overseas Bank	Maredpally Branch, SECUNDERABAD, Andhra Pradesh -  500003, INDIA	B94323011

* Date of charge modification

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Lab Equipment
• Office Equipment
• Electrical Fittings
• Air Conditioner
• Vehicles
• Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	SUM
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.