MIRA INFORM REPORT

Report Date :

27.11.2014

IDENTIFICATION DETAILS

Name :	CENTAUR PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Centaur House, Shanti Nagar, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.10.1980
Com. Reg. No.:	11-023291
Capital Investment / Paid-up Capital :	Rs.184.966 Millions
CIN No.: [Company Identification No.]	U24230MH1980PTC023291
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10186B
PAN No.: [Permanent Account No.]	AAACC0444K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of API Chemicals.
No. of Employees :	150 (Approximately)

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 3900000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is well established and reputed company having a satisfactory track record. Directors are reported as experienced and respectable businessman. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – 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 PARTED BY

Name :	Mr. Avinash
Designation :	DGM Accounts
Contact No.:	91-2266499100
Date :	26.11.2014

LOCATIONS

Registered Office :	Centaur House, Shanti Nagar, Vakola, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-66499100
Fax No.:	91-22-66499108/ 112 / 66499228
E-Mail :	centalab@bom3.vsnl.net.in centaur@centaurlab.com export@cetaurchem.com pmn@centaurpharma.com hema@centaurlab.com
Website :	http://www.centaurpharma.com
Location :	Owned
Factory 1 :	API Division, Plot No.75/76, Chikhloli, M.I.D.C. Industrial Estate, Ambernath (West), District Thane – 421502, Maharashtra, India
Factory 1 / Plant :	Located At Pune

DIRECTORS

As on 19.08.2014

Name :

Mr. Shivanand Dattatraya Sawant

Designation :

Managing Director

Address :

501, Vasant Vihar Co-Operative Housing Society Limited, TPS III, 10^th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

20.03.1938

PAN No.:

AAAPS4838B

Qualification :

B.Sc. DIM LLB

Date of Appointment :

15.10.1980

DIN No.:

00407965

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	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Managing director	15/10/1980	15/10/1980	-	Active	NO
2	U85100MH2009PTC192268	HEALTH 'N' U THERAPEUTICS PRIVATE LIMITED	Director	08/05/2009	08/05/2009	22/06/2011	Active	NO
3	U45302MH2013PTC242599	CHIRON REALTY PRIVATE LIMITED	Director	29/04/2013	29/04/2013	21/01/2014	Active	NO

Name :

Dr. Shreekant Dattathray Sawant

Designation :

Managing Director

Address:

Flat No.11, 6^th Floor, Om Sidhivinatyak Apartment, L.T. Dilip Gupte Road, Mahim (West), Mumbai – 400016, Maharashtra, India

Date of Birth/ Age:

31.05.1949

Qualification :

M. Sc. PhD

Date of Appointment :

14.03.2013

DIN No.:

00745968

PAN No.:

AAHPS2107B

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	U24100MH1981PTC025661	CENTAUR CHEMICALS PRIVATE LIMITED	Director	29/07/1983	29/07/1983	-	Amalgamated	NO
2	U99999MH1994NPL082995	CHIKHLOLI MORIVLI EFFLUENT TREATMENT	Director	22/05/1996	22/05/1996	28/02/2012	Active	NO
3	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Managing director	14/03/2013	01/08/2008	-	Active	NO
4	U45302MH2013PTC242599	CHIRON REALTY PRIVATE LIMITED	Director	29/04/2013	29/04/2013	21/01/2014	Active	NO

Name :

Dr. Anil Mahadev Naik

Designation :

Whole Time Director

Address:

12, Vinayanand Co-Operative Housing Society, Dadabhai Cross Road No.1, Linking Road, Extension, Santacrusz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age:

06.09.1960

Qualification :

B. Sc. (Tech), PhD

Date of Appointment :

01.08.2008

DIN No.:

00405271

PAN No.:

AADPN9273B

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	U24100MH1993PTC075356	CHIRAL CHEMICALS P LTD	Director	30/11/1993	30/11/1993	-	Active	NO
2	U99999MH1996PTC102236	CENTAUR DRUG HOUSE PRIVATE LIMITED	Director	06/02/2001	06/02/2001	-	Dormant	NO
3	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Whole-time director	01/08/2008	01/08/2008	-	Active	NO

Name :

Mr. Govind Guno Desai

Designation :

Director

Address:

Kedar Apartment, Bhandar Lane, L.J. Road Mahim, Mumbai – 400015, Maharashtra, India

Date of Birth/ Age:

14.06.1933

Date of Appointment :

23.10.2008

DIN No.:

00140853

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	U29221MH1963PTC012756	BULLOWS PAINT EQUIPMENT PRIVATE LIMITED	Director	21/09/1982	21/09/1982	-	Active	NO
2	U13519MH1966PTC013519	BULLOWS INDIA PRIVATE LIMITED	Director	21/09/1982	21/09/1982	-	Active	NO
3	U74300MH1969PTC014297	CONTRACT ADVERTISING (INDIA) PRIVATE LIMITED	Director	31/07/1984	31/07/1984	-	Active	NO
4	L24230MH1984PLC034771	BLISS GVS PHARMA LIMITED	Director	21/12/1984	21/12/1984	-	Active	NO
5	L74999MH1985PLC037618	INDAGE VINTNERS LIMITED	Director	04/01/1986	04/01/1986	09/12/2009	Under liquidation	NO
6	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	03/03/1987	03/03/1987	19/03/2010	Active	NO
7	L24223MH1946PLC005434	KOKUYO CAMLIN LIMITED	Director	16/03/1988	16/03/1988	28/07/2008	Active	NO
8	U02411KA1980PTC004053	FOSROC CHEMICALS (INDIA) PRIVATE LIMITED	Director	09/08/1989	09/08/1989	30/11/2007	Active	NO
9	U74999MH1987PTC044849	CLASSIC STRIPES PRIVATE LIMITED	Director	01/01/1997	01/01/1997	29/06/2011	Active	NO
10	L15520MH1982PLC028415	INDAGE RESTAURANTS AND LEISURE LIMITED	Director	14/02/1998	14/02/1998	09/12/2009	Active	NO
11	U24100MH1981PTC025661	CENTAUR CHEMICALS PRIVATE LIMITED	Director	06/02/2001	06/02/2001	-	Amalgamated	NO
12	U65910MH1991PLC063461	ALTA LEASING AND FINANCE LIMITED	Director	30/04/2001	30/04/2001	-	Active	NO
13	L99999MH1951PLC008485	DIL LIMITED	Director	24/09/2014	29/11/2001	-	Active	NO
14	U45200MH1995PLC084766	AEGEAN PROPERTIES LIMITED	Director	27/02/2002	27/02/2002	-	Active	NO
15	U28933MH2004PTC148152	DURABUILD TECHNOLOGIES PRIVATE LIMITED	Director	05/05/2005	05/05/2005	08/06/2011	Active	NO
16	U24110MH1962PLC012526	LONA INDUSTRIES LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
17	U36930MH1994PTC082020	PRO-TECH SPORTS AND SAFETY PRODUCTS PRIVATE LIMITED	Director	24/06/2006	24/04/2006	08/06/2011	Active	NO
18	U25208MH1995PTC093753	FORMA SPORTS PRIVATE LIMITED	Director	24/06/2006	24/04/2006	08/06/2011	Active	NO
19	L65910MH1998PLC115967	IRB INFRASTRUCTURE DEVELOPERS LIMITED	Director	09/09/2014	03/08/2007	-	Active	NO
20	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Director	23/10/2008	23/10/2008	-	Active	NO
21	U74130MH2004PTC145141	EVOTEC (INDIA) PRIVATE LIMITED	Additional director	20/02/2009	20/02/2009	31/08/2009	Under liquidation	NO
22	U70101MH1977PTC019903	IDEAL ROAD BUILDERS PRIVATE LIMITED	Director	04/09/2014	28/04/2014	-	Active	NO
23	U45203MH1994PTC077075	MODERN ROAD MAKERS P LTD	Director	04/09/2014	28/04/2014	-	Active	NO

Name :

Mr. Sajit Kumar

Designation :

Nominee Director

Address:

Flat No.64, A Wing, Iris Park, Prabhat Estate Road, Jogeshwari (West), Mumbai – 400102, Maharashtra, India

Date of Birth/ Age:

04.06.1966

Date of Appointment :

21.04.2011

DIN No.:

00108263

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	U72300MH2000PLC125441	INDIAIDEAS COM LIMITED	Nominee director	23/03/2001	23/03/2001	29/03/2012	Active	NO
2	U85110KA1998PLC024110	WINFOWARE TECHNOLOGIES LIMITED	Nominee director	03/10/2002	03/10/2002	29/03/2010	Active	NO
3	U72900MH2004PTC146578	ISMART BUSINESS SOLUTIONS PRIVATE LIMITED	Nominee director	29/12/2004	29/12/2004	26/09/2011	Active	NO
4	U72900MH2002PTC138297	EISODUS NETWORKS PRIVATE LIMITED	Director	20/07/2005	20/07/2005	02/08/2008	Strike off	NO
5	U72300KA2003PTC033038	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED	Nominee director	25/07/2005	25/07/2005	04/07/2007	Active	NO
6	U72300PN1993PTC072002	MITHI SOFTWARE TECHNOLOGIES PRIVATE LIIMITED	Nominee director	03/05/2006	03/05/2006	13/01/2010	Active	NO
7	U72900KA2000PTC026794	SKELTA SOFTWARE PRIVATE LIMITED	Nominee director	31/01/2007	31/01/2007	20/04/2010	Active	NO
8	L72900MH1996PLC096866	COMPULINK SYSTEMS LIMITED	Nominee director	25/06/2007	25/06/2007	-	Amalgamated	NO
9	U74140KA2004PTC034965	BASIL COMMUNICATIONS PRIVATE LIMITED	Nominee director	20/08/2007	20/08/2007	-	Active	NO
10	U29301KA1999PTC025387	STOVE KRAFT PRIVATE LIMITED	Nominee director	11/04/2008	11/04/2008	07/06/2012	Active	NO
11	U31902KA2007PLC044766	HHV SOLAR TECHNOLOGIES LIMITED	Nominee director	04/12/2008	12/09/2008	28/10/2009	Active	NO
12	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Nominee director	21/04/2011	21/04/2011	03/04/2014	Active	NO
13	U72200KA1999PLC025904	KMG INFOTECH LIMITED	Nominee director	05/05/2011	05/05/2011	-	Active	NO
14	U29190KA2012PTC067387	HHV CENTER FOR ADVANCED PHOTOVOLTAIC TECHNOLOGIES PRIVATE LIMITED	Additional director	16/02/2013	16/02/2013	12/06/2014	Active	NO
15	U67190MH2008PTC180007	SYNERGISTIC FINANCIAL NETWORKS PRIVATE LIMITED	Nominee director	11/04/2013	11/04/2013	-	Active	NO

Name :

Mrs. Smita Abhayakumar Phal

Designation :

Whole Time Director

Address:

501, Vasant Vihar Co-Operative Housing Society, Tips III,10^th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/ Age:

30.08.1969

Date of Appointment :

30.09.2011

DIN No.:

02887382

PAN No.:

AAHPS4836R

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	U73100MH2010PTC199374	LIFESAN CLINICAL RESEARCH PRIVATE LIMITED	Director	25/01/2010	25/01/2010	17/01/2014	Active	NO
2	U24230MH1980PTC023291	CENTAUR PHARMACEUTICALS PRIVATE LIMITED	Whole-time director	30/09/2011	22/06/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Avinash
Designation :	DGM Accounts
Name :	Mr. Pritam Maruti Khawale
Designation :	Secretary
Address :	14/18, Mukand Iron Staff, Association Co-Operative Housing Society, Gavanpada, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	14.04.1979
Date of Appointment :	18.08.2009
PAN No.:	AMIPK2014J
Name :	Mr. Ajay K. Handa
Designation :	President
Qualification :	B. Sc., PGDBM
Date of Appointment :	01.06.1989

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.08.2014

SHAREHOLDING DETAILS FILE ATTACHED

As on 19.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	23.00
Directors or relatives of Directors	68.72
Other top fifty shareholders	8.28
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of API Chemicals.

Products :

PRODUCTION DESCRIPTION	ITEM CODE NO
SINAREST TAB	3004

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

· European Countries

Imports :

Products :

Raw Materials

Countries :

· China

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

GENERAL INFORMATION

Suppliers :

· ACG Pharma

Customers :

Wholesalers, Retailers

No. of Employees :

150 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Industrial Finance Branch, Snehal Chambers, Teli Galli, Andheri (East), Mumbai – 400 069, Maharashtra, India
Person Name (With Designation)	Mr. Thakur (Regional Manager)
Contact Number	91-22-26836870 (Ringing)
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)	CC/ PCFC/ LC RS. 500.000 Millions
Account Operation	Not Divulged
Remarks (If any)	--

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans from banks	24.300	15.700
Term loans from others	23.400	22.700
Short Term Borrowing
Loans repayable on demand from banks	515.100	518.600
Total	562.800	557.000

Auditors :
Name :	B.S.R. and Associates Chartered Accountants
Address :	Lodha Excelus, 5^th Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AAIFB7355D
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 19.08.2014

Authorised Capital :

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

Isued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18496560	Equity Shares	Rs.10/- each	Rs. 184.966 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	184.966	184.966	184.966
(b) Reserves & Surplus	1187.400	850.300	707.997
(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)	1372.366	1035.266	892.963
(3) Non-Current Liabilities
(a) long-term borrowings	141.400	127.100	168.102
(b) Deferred tax liabilities (Net)	169.100	139.800	47.703
(c) Other long term liabilities	78.800	65.900	60.500
(d) long-term provisions	40.500	18.300	48.504
Total Non-current Liabilities (3)	429.800	351.100	324.809
(4) Current Liabilities
(a) Short term borrowings	515.300	518.900	380.903
(b) Trade payables	342.900	342.000	339.240
(c) Other current liabilities	341.834	269.934	347.258
(d) Short-term provisions	58.000	69.700	33.400
Total Current Liabilities (4)	1258.034	1200.534	1100.801
TOTAL	3060.200	2586.900	2318.573
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1364.100	1330.000	1335.623
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	46.100	46.100	44.362
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.500	0.100	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	132.900	122.900	79.443
(e) Other Non-current assets	8.500	32.000	3.250
Total Non-Current Assets	1552.100	1531.100	1462.678
(2) Current assets
(a) Current investments	0.000	0.000	0.068
(b) Inventories	532.400	455.100	371.286
(c) Trade receivables	536.200	434.800	385.568
(d) Cash and cash equivalents	3.400	86.400	23.798
(e) Short-term loans and advances	430.400	77.600	73.721
(f) Other current assets	5.700	1.900	1.454
Total Current Assets	1508.100	1055.800	855.895
TOTAL	3060.200	2586.900	2318.573

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	3531.200	2717.500	2123.000
		Other Income	31.600	32.300	152.500
		TOTAL	3562.800	2749.800	2275.500
Less	EXPENSES TOTAL		2929.700	2327.900	1986.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		633.100	421.900	289.300
Less	FINANCIAL EXPENSES		72.100	92.800	110.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		561.000	329.100	179.000
Less/ Add	DEPRECIATION/ AMORTISATION		79.900	84.400	79.000
	PROFIT BEFORE TAX		481.100	244.700	100.000
Less	TAX		144.000	102.400	57.000
	PROFIT AFTER TAX		337.100	142.300	43.000
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	0.000	781.600	607.000
		Product Development Charges	0.000	141.200	8.600
	TOTAL EARNINGS		0.000	922.800	615.600
	Earnings Per Share (Rs.)		18.23	7.69	2.32

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	9.55	5.24	2.03
Operating Profit Margin (PBDIT / Sales)	(%)	17.93	15.53	13.63
Return on Total Assets (PBT/Total Assets}	(%)	15.96	9.63	4.40
Return on Investment (ROI) (PBT/Networth)		0.35	0.24	0.11
Debt Equity Ratio (Total Debt /Networth)		0.48	0.62	0.61
Current Ratio (Current Asset/Current Liability)		1.20	0.88	0.78

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	184.966	184.966	184.966
Reserves & Surplus	707.997	850.300	1187.400
Net worth	892.963	1035.266	1372.366
long-term borrowings	168.102	127.100	141.400
Short term borrowings	380.903	518.900	515.300
Total borrowings	549.005	646.000	656.700
Debt/Equity ratio	0.615	0.624	0.479

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)
Sales	2123.000	2717.500	3531.200
		28.003	29.943

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2123.000	2717.500	3531.200
Profit	43.000	142.300	337.100
	2.03%	5.24%	9.55%

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	Yes
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans from others	34.400	35.100
Loans and advances from related parties	59.300	53.600
Short Term Borrowing
Deposits	0.200	0.200
Loans and Advance from others	0.000	0.100
Total	39.900	89.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10501908	23/05/2014 *	125,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	C06436950
2	10503168	19/03/2014	650,000,000.00	ADITYA BIRLA FINANCE LIMITED	Indian Rayon Compound, Veraval, Gujarat - 362266,  INDIA	C06729305
3	10468294	10/12/2013	28,844,000.00	TJSB SAHAKARI BANK LIMITED	Vile Parle East Branch, Vishwanath Bhavan, Corner of Nehru Road, P.M.Road,, Mumbai, Maharashtra -  400057, INDIA	B92761246
4	10291402	04/02/2014 *	730,000,000.00	STATE BANK OF INDIA	IFB, Natraj Building, 102, 1st Floor, 194, Sir M  V Road Western Express Highway, Andheri (E), Mumbai, Maharashtra - 400069, INDIA	B97674196
5	10015268	26/08/2013 *	810,900,000.00	STATE BANK OF INDIA	IFB, Natraj Building, 102, 1st Floor, 194,, Sir M  V Road Western Express Highway, Andheri (E),, Mum  bai, Maharashtra - 400069, INDIA	B83670430

* Date of charge modification

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FINANCIAL REVIEW

The Company has recorded a sale (gross) of Rs. 3476.900 Millions as against the sale of Rs. 2632.100 Millions for the previous year registering a growth of approx. 32%. The Profit before Finance costs, Depreciation and tax amounted to Rs. 6331 Lakhs as compared to Rs. 421.900 Millions in the previous year, showing growth of approx. 50%.

INDUSTRY OVERVIEW AND OPERATIONS OF THE COMPANY

The global pharmaceutical market crossed sales of $1 trillion with a growth of less than 4% in 2013. The key developed markets like North America, Europe and Japan, faced a slowdown in growth as a result of higher cost pressures, patent expiries of blockbuster drugs, lower research productivity and an increasing demand for generic drugs from regulators and patients. The emerging markets which include India, accounted for 25% of the global pharmaceutical market by value and 50% by volume, the key growth drivers for the emerging markets were rising incomes and growing access to medicines.

The Indian pharmaceutical market recorded its lowest growth in 2013-14, growing at only 6% against a consistent double digit growth rate3 in the previous 5 years. The Drug Price Control Order (2013) which came into effect from May 2013 to control and monitor the prices of 348 essential drugs that contribute to one third of the industry sales, significantly impacted the growth of the Indian pharmaceutical industry as prices of essential medicines were reduced.

The growth in the Indian pharmaceutical market is driven by enhanced volumes, new drug introductions and price changes. Opportunities for growth in the Indian pharmaceutical market include increasing rural penetration, growing urbanization, rising incomes, higher government healthcare spending, unmet needs and the penetration of medical insurance.

In the Indian pharmaceutical market, acute therapy segments like infections, pain, cold and cough account for 70% market share, while chronic therapy segments consisting of diabetes, cardiovascular diseases and mental health drugs account for 30% sales. However the chronic therapy segment is growing at twice the growth rate of the acute therapy segments due to growing incidences of lifestyle diseases like diabetes, obesity, depression and heart related diseases, especially in the younger age groups.

Sinarest, our flagship brand continues to sustain its leadership amid intense competition and is expected to cross landmark sales of Rs 1.5 billion in 2014-15. Your company has pan India operations with a sales force of 1445 and 1800 stockists, covering 2 lakh doctors and 2 lakh chemists across India, every month.

The Indian API market is the second largest in the world with sales of $8 billion. Exports constitute 80% of this market while domestic sales account for 20%. Your Company is a leader in the psychotropic API segment having pioneered the introduction of 28 API in India. The API facility in Ambernath is approved by the USFDA; EUGMP/ ANSM, France; TGA, Australia; AFM- Japan; KFDA, Korea; ANVISA, Brazil and COFEPRIS, Mexico and other authorities.

The $4.0 billion Indian contract manufacturing industry accounts for a 5% global share and offers a highly skilled scientific pool, API and regulatory competencies and world class infrastructure, at a fraction of the cost in the regulated markets. Your Company’s formulations facility in Pune is approved by the USFDA, UK MHRA, TGA and WHO, which has placed your company in a strategic position to exploit contract manufacturing opportunities across regulated markets.

The $400 million Indian Clinical Research Organization (CRO) market offers a large population and higher cost arbitrage over regulated markets. Your company?s CRO, Lifesan, is approved by international authorities and has successfully achieved regulatory milestones.

The company has successfully co-developed a Globally Patented New Drug for the treatment of Diabetic Foot Ulcer, an unmet medical need. Centaur collaborated with Cytotools Germany and conducted Phase II and III studies in India. The drug will be introduced by the company, for the first time in the world.

With vertical integration across the value chain through a world-class infrastructure and key initiatives across people, processes and practices, the company is poised to leverage synergies across the pharmaceutical spectrum and provide end-to-end solutions to prestigious pharmaceutical partners.

They believe that a strategic global approach will widen our geographical spread, enhance business volumes, de-risk our revenue streams and help them carve out a niche in the global pharmaceutical market.

FIXED ASSETS

· Land Freehold

· Land Leasehold

· Factory Building

· Office Building/Guest House

· Furniture and Fixtures

· Vehicles

· Plant and Machinery

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. 61.86
UK Pound	1	Rs. 97.22
Euro	1	Rs. 76.21

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	KLS

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	5
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--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.