MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	RAVOO'S LABORATORIES LIMITED
Registered Office :	H. No. 2-22-50, Plot No. 132 and 133, Survey No. 126, 301, Bhagavan Residency, Kukatpally, Hyderabad – 500042, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.04.2003
Com. Reg. No.:	36-040808
Capital Investment / Paid-up Capital :	Rs. 18.000 Millions
CIN No.: [Company Identification No.]	U24239TG2003PLC040808
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Bulk Drugs, Intermediates, Fine Chemical.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 130000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but 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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-40-23810261)

LOCATIONS

Registered Office :	H. No. 2-22-50, Plot No. 132 and 133, Survey No. 126, 301, Bhagavan Residency, Kukatpally, Hyderabad – 500042, Telangana , India
Tel. No.:	91-40-23810261
Fax No.:	Not Available
E-Mail :	info@ravoos.com
Website :	http://www.ravoos.com
Head Office :	Flat No. 215, Bhanu Enclave, Beside ESI Hospital, Erragadda, Hyderabad – 500038, Telangana , India
Tel. No.:	91-40-23810261
Fax No.:	91-40-40126625
E-Mail :	vijay@ravoos.net
Factory:	Survey No. 542 to 544, Chivemla (Village and Mandal), Nalgonda District, Hyderabad – 500072, Telangana , India
E-Mail :	vijay@ravoos.net

DIRECTORS

AS ON 25.09.2013

Name :

Mr. Pandillapally Rao Venkateswara

Designation :

Director

Address :

H. No. 2-22-46, Vivekananda Nagar, Colony, Kukatpally, Rangareddy, Hyderabad – 500072, Telangana , India

Date of Birth/Age :

10.07.1964

Date of Appointment :

22.02.2007

DIN No.:

00146001

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	U24239TG2005PTC047655	MSN LIFE SCIENCES PRIVATE LIMITED	Director	03/10/2005	03/10/2005	04/10/2012	Active	NO
2	U24239TG2003PLC040808	RAVOO'S LABORATORIES LIMITED	Director	22/02/2007	22/02/2007	-	Active	NO
3	U24100TG2011PTC077437	SRI MONASHI LIFE SCIENCES PRIVATE LIMITED	Director	15/11/2011	15/11/2011	-	Active	NO

Name :

Mr. Sanivarapu Vijaya Mohan Reddy

Designation :

Director

Address :

Plot No. 57, Siddartha Nagar, S. R. Nagar, Rangareddy, Hyderabad – 500072, Telangana , India

Date of Birth/Age :

25.08.1972

Date of Appointment :

25.03.2009

DIN No.:

02605370

Name :

Mr. Ahalya Pandillapalli

Designation :

Director

Address :

H. No .2-22-46, Vivekananda Nagar, Colony, Kukatpally, Rangareddy, Hyderabad – 500072, Telangana , India

Date of Appointment :

09.04.2003

DIN No.:

02693438

MAJOR SHAREHOLDERS

As on 25.09.2013

Names of Shareholders	No. of Shares
P. Venkateshwara Rao	950000
P. Ahalya	450000
Vijaya Mohan Reddy	200000
P. Nitin Kumar	100000
Sreevani Reddy	100000
Total	1800000

As on 25.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Bulk Drugs, Intermediates, Fine Chemical.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Karur Vysya Bank, Divisional Office, 5-9-208 Andand Complex, Chirag Ali Lane, Abids, Hyderabad - 500001, Telangana , India

· State Bank of Hyderabad, SME Branch, Hyderabad - 500037, Telangana , India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
From Bank
SBH Term Loan	2.561	6.127
HDFC Top Up Loan	0.000	0.532
HDFC (Skoda) Car	0.092	0.587
SBH Bill Discounting	0.810	2.829
SBH Packing Credit	8.062	3.192
From Other Parties
Tata Capital Loan	0.001	0.566
SHORT TERM BORROWINGS
From bank
SBH OD	8.221	8.663
Total	19.747	22.496

Banking Relations :	--
Auditors :
Name :	A.V. Raghunadha Rao Chartered Accountants
Address :	H. No. 6/2/966-2, Flat No. 101, Madhava Apartments. Opposite Hindi Prachara Sabha, Khairatabad, Hyderabad – 500004, Telangana , India
Tel. No.:	91-40-65583650
Mobile No.:	91-9391033119
Fax No.:	91-40-23390407
PAN No.:	ADGPA7355M

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1800000	Equity Shares	Rs.10/- each	Rs. 18.000 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	18.934	18.934	11.827
(b) Reserves & Surplus	15.447	8.991	5.070
(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)	34.381	27.925	16.897
(3) Non-Current Liabilities
(a) long-term borrowings	11.526	16.477	15.732
(b) Deferred tax liabilities (Net)	0.061	0.061	0.061
(c) Other long term liabilities	0.000	0.000	0.114
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	11.587	16.538	15.907
(4) Current Liabilities
(a) Short term borrowings	8.221	8.663	4.713
(b) Trade payables	48.634	43.643	29.993
(c) Other current liabilities	2.497	1.759	3.592
(d) Short-term provisions	3.979	6.099	6.073
Total Current Liabilities (4)	63.331	60.164	44.371
TOTAL	109.299	104.627	77.175
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	26.171	25.981	27.929
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	7.467	5.903	2.653
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	33.638	31.884	30.582
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.325	15.702	14.068
(c) Trade receivables	22.286	24.951	13.938
(d) Cash and cash equivalents	0.252	0.067	0.040
(e) Short-term loans and advances	10.286	12.925	9.374
(f) Other current assets	22.512	19.098	9.173
Total Current Assets	75.661	72.743	46.593
TOTAL	109.299	104.627	77.175

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	162.006	145.249	145.181
	Other Income	1.407	2.571	1.210
	TOTAL (A)	163.413	147.820	146.391
Less	EXPENSES
	Cost of Materials Consumed	118.354	102.709	95.358
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.682)	0.745	0.780
	Other Operating Expenses	14.647	14.580	14.407
	Employees benefits expense	6.517	7.068	6.371
	Other Administrative Expenses	13.244	9.411	17.451
	Exceptional Items	0.000	0.000	0.110
	TOTAL (B)	146.080	134.513	134.477
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	17.333	13.307	11.914
Less	FINANCIAL EXPENSES (D)	4.487	4.399	3.603
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	12.846	8.908	8.311
Less/ Add	DEPRECIATION/ AMORTISATION (F)	3.737	3.773	4.194
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	9.109	5.135	4.117
Less	TAX (H)	2.126	1.214	1.476
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	6.983	3.921	2.641
	Earnings / (Loss) Per Share (Rs.)	3.88	2.18	3.30

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.27	2.65	1.80
Net Profit Margin (PBT/Sales)	(%)	5.62	3.54	2.84
Return on Total Assets (PBT/Total Assets}	(%)	8.95	5.20	5.52
Return on Investment (ROI) (PBT/Networth)		0.26	0.18	0.24
Debt Equity Ratio (Total Debt /Networth)		0.57	0.90	1.21
Current Ratio (Current Asset/Current Liability)		1.19	1.21	1.05

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	11.827	18.934	18.934
Reserves & Surplus	5.070	8.991	15.447
Net worth	16.897	27.925	34.381
long-term borrowings	15.732	16.477	11.526
Short term borrowings	4.713	8.663	8.221
Total borrowings	20.445	25.140	19.747
Debt/Equity ratio	1.210	0.900	0.574

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	145.181	145.249	162.006
		0.047	11.537

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	145.181	145.249	162.006
Profit	2.641	3.921	6.983
	1.82%	2.70%	4.31%

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	10456495	30/09/2013	590,000.00	KARUR VYSYA BANK	DIVISIONAL OFFICE, 5-9-208 ANDAND COMPLEX, CHIRAG  ALI LANE, ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA	B88128061
2	80001176	30/06/2011 *	41,100,000.00	STATE BANK OF HYDERABAD	SME BRANCH, BALANAGAR, HYDERABAD, ANDHRA PRADESH  - 500037, INDIA	B16620999
3	80001175	20/02/2005	4,000,000.00	STATE BANK OF HYDERABAD	SSI BRANCH, BALANAGAR, HYDERABAD, ANDHRA PRADESH  - 500037, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Other loans and advances	0.000	2.644
Total	0.000	2.644

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer and Software

· Office Equipments

· Santro Car

· Electrical Installations

· Tools and spares

· Lab Equipment

· Hero Honda Bike

· Verna Car

· Car Skoda

· Generator

· Air Conditioner

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. 61.75
UK Pound	1	Rs. 100.07
Euro	1	Rs. 77.95

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		42

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.