MIRA INFORM REPORT

Report No. :	313185
Report Date :	04.04.2015

IDENTIFICATION DETAILS

Name :	TITAN BIOTECH LIMITED (TRANSFER FROM DELHI TO RAJASTHAN) (w.e.f. 12.09.1995)
Formerly Known As :	TITAN MEDICARES LIMITED
Registered Office :	A-902 A, RIICO Industrial Area, Phase-Iii, Bhiwadi - 301019, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	18.02.1992
Com. Reg. No.:	17-013387
Capital Investment / Paid-up Capital :	Rs. 77.387 Million
CIN No.: [Company Identification No.]	L74999RJ1992PLC013387
TAN No.: [Tax Deduction & Collection Account No.]	DELT04911E
PAN No.: [Permanent Account No.]	AAACT0078J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Biological peptones, Extracts and Dehydrated culture.
No. of Employees :	400 (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 400000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be decent. Trade relations are reported as fair. Business as active. Payment terms are reported to be usually correct and as per commitment. The company can be considered normal for 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Udit Singla
Designation :	Director Executive
Contact No.:	91-9999788110
Date :	21.03.2015

LOCATIONS

Registered Office :	A-902 A, RIICO Industrial Area, Phase-Iii, Bhiwadi - 301019, Rajasthan, India
Tel. No.:	91-11-47020108
Fax No.:	91-11-47619811
E-Mail :	info@titanbiotechltd.com cs@titanbiotechltd.com
Website :	http://www.titanbiotechltd.com
Area :	25000 Sq. Ft.
Location :	Owned
Head Office :	A-2/3, 303-305, 3^rd Floor, Lusa tower, Azadpur commercial Complex, Azadpur, Delhi – 110033, India
Tel. No.:	91-11-47020108
Factory :	E-540,Chopanki, Bhiwadi - 301019, Rajasthan, India

DIRECTORS

As on 31.03.2014

Name :

Mr. Naresh Kumar Singla

Designation :

Managing Director

Address :

373, Sainik Vihar, Pitampura, Delhi – 110034, India

Date of Birth/Age :

05.05.1959

Qualification :

Graduate

Date of Appointment :

01.10.2012

DIN No.:

00027448

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	U74899DL1984PTC018979	CONNOISSEUR MANAGEMENT SERVICES PRIVATE LIMITED	Director	16/08/84	16/08/84	-	Active	NO
2	L67190DL1993PLC052050	TITAN SECURITIES LIMITED	Director	08/02/93	08/02/93	-	Active	NO
3	U24233DL1993PLC052051	TITAN MEDIA LIMITED	Director	08/02/93	08/02/93	16/05/11	Active	NO
4	U74899DL1994PLC062144	TANITA LEASING & FINANCE LIMITED	Director	17/10/94	17/10/94	-	Active	NO
5	U74899DL1995PTC071668	TEE EER SECURITIES AND FINANCIAL SERVICES PRIVATE LIMITED	Director	30/12/95	30/12/95	-	Active	NO
6	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Managing director	01/10/12	01/05/02	-	Active	NO
7	U33110RJ2011PLC037007	PEPTECH BIOSCIENCES LIMITED	Director	15/11/11	15/11/11	-	Active	NO

Name :

Mr. Suresh Chand Singla

Designation :

Managing director

Address :

TU-40, Pitampura, Delhi – 110034, India

Date of Birth/Age :

26.07.1960

Qualification :

Graduate

Date of Appointment :

01.10.2012

DIN No.:

00027706

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	U24233DL1993PLC052051	TITAN MEDIA LIMITED	Director	08/02/93	08/02/93	16/05/11	Active	NO
2	L67190DL1993PLC052050	TITAN SECURITIES LIMITED	Director	01/10/06	01/10/93	-	Active	NO
3	U74899DL1995PTC071668	TEE EER SECURITIES AND FINANCIAL SERVICES PRIVATE LIMITED	Director	30/12/95	30/12/95	-	Active	NO
4	U74899DL1984PTC018979	CONNOISSEUR MANAGEMENT SERVICES PRIVATE LIMITED	Director	21/07/04	21/07/04	-	Active	NO
5	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Managing director	01/10/12	01/10/06	-	Active	NO
6	U74899DL1994PLC062144	TANITA LEASING & FINANCE LIMITED	Director	06/12/06	06/12/06	-	Active	NO
7	U33110RJ2011PLC037007	PEPTECH BIOSCIENCES LIMITED	Director	15/11/11	15/11/11	-	Active	NO

Name :

Mrs. Manju Singla

Designation :

Director

Address :

TU-40, Pitampura, Delhi – 110034, India

Date of Birth/Age :

06.07.1964

Qualification :

Graduate

Date of Appointment :

23.06.2001

DIN No.:

00027790

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	U74899DL1994PLC062144	TANITA LEASING & FINANCE LIMITED	Whole-time director	01/10/12	17/10/94	-	Active	NO
2	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	23/06/01	23/06/01	-	Active	NO
3	L67190DL1993PLC052050	TITAN SECURITIES LIMITED	Managing director	01/10/12	25/11/02	-	Active	NO
4	U33110RJ2011PLC037007	PEPTECH BIOSCIENCES LIMITED	Director	15/11/11	15/11/11	-	Active	NO

Name :

Mr. Sachin Gupta

Designation :

Director

Address :

5, Rail Vihar, Opposite 16 Sharda Niketan, Pitampura, Delhi – 110034, India

Date of Birth/Age :

31.07.1978

Qualification :

Graduate

Date of Appointment :

31.03.2005

DIN No.:

00082550

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	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	31/03/05	31/03/05	-	Active	NO
2	U51102DL2007PTC159046	Ocean Glass Art Private Limited	Director	30/09/14	09/02/07	-	Active	NO
3	U18109DL2007PTC162193	OMEGA LIFE STYLES PRIVATE LIMITED	Director	16/04/08	16/04/08	12/11/10	Active	NO
4	U36100DL2009PTC194910	OCEAN GLASS WORKS PRIVATE LIMITED	Director	06/10/09	06/10/09	-	Active	NO
5	U33110RJ2011PLC037007	PEPTECH BIOSCIENCES LIMITED	Director	26/06/12	26/06/12	-	Active	NO

Name :

Mr. Praveen Somani

Designation :

Director

Address :

AD/86/B, Shalimar Bagh, Delhi – 110088, India

Date of Birth/Age :

18.08.1966

Qualification :

Graduate

Date of Appointment :

30.09.2010

DIN No.:

02424925

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	U65920HR1995PTC032889	ICE-HEAT FINVEST PRIVATE LIMITED	Director	08/11/95	08/11/95	-	Active	NO
2	U65921DL1997PTC262868	PSE HOLDINGS AND FINLEASE PRIVATE LIMITED	Director	27/11/08	27/11/08	-	Active	NO
3	U70101DL2009PTC186935	SAMBHAVANA BUILDPROP PRIVATE LIMITED	Director	23/01/09	23/01/09	21/09/12	Active	NO
4	L74999RJ1992PLC013387	TITAN BIOTECH LTD. (TRANSFER FROM DELHI TO RAJ.)	Director	30/09/10	30/09/10	-	Active	NO
5	U70102DL2011PTC212686	PALASH PROJECTS PRIVATE LIMITED	Director	17/01/11	17/01/11	-	Active	NO
6	U70200DL2011PTC214068	Shrim Projects Private Limited	Director	01/08/14	22/12/11	-	Active	NO
7	U70109DL2013PTC250886	EVERBUILD INFRACON PRIVATE LIMITED	Director	14/10/14	14/10/14	-	Active	NO

Name :

Mr. Hitesh Kohli

Designation :

Director

Name :

Mr. Raja Singla

Designation :

Director

Name :

Ms. Supriya Singla

Designation :

Director

Name :

Mr. Parvesh Goel

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Charanjit Singh Arora
Designation :	Secretary
Address :	House No.4, Pocket A-1, Sector 3, Rohini, Delhi – 110085, India
Date of Birth/Age :	03.03.1973
Qualification :	01.07.2004
PAN No.:	ABQPA3700Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	536313	6.93
Bodies Corporate	3228686	41.72
Sub Total	3764999	48.65
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	3764999	48.65
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	2040680	26.37
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1775386	22.94
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	58795	0.76
Any Others (Specify)	98840	1.28
Non Resident Indians	9475	0.12
Hindu Undivided Families	88113	1.14
Clearing Members	1252	0.02
Sub Total	3973701	51.35
Total Public shareholding (B)	3973701	51.35
Total (A)+(B)	7738700	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	7738700	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Biological peptones, Extracts and Dehydrated culture.

Products :

Item Code No. (ITC Code)	Product Description
35040009	Biological Extracts
35040001	Biological Products
35040009	Dehydrated Culture Media

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Malaysia
• Pakistan
• Thailand etc.

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

400 (Approximately)

Bankers :

Bank Name	Punjab and Sind Bank
Branch	Adarsh Nagar, Delhi
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 :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans from Banks (a)	2.479	0.000
Short-term borrowings
Loans repayable on demand From Banks (OD)	5.070	0.000
From Banks (a)	25.670	15.753
Total	33.219	15.753

Note :

Long Term Borrowings

Nature of security for secured borrowings: The secured loans from banks consists of Vehicle loans secured against hypothecation of Vehicles.

Short Term Borrowings

Nature of security for secured borrowings: The secured loans from banks consists of Working Capital Limits which is secured against hypothecation of present and future Inventory and book debts of the company and collaterally secured by way of Equitable Mortgage by deposit of Title Deeds in respect of immovable property situated at Bhiwadi (Rajasthan) and by personal guarantee of Directors.

Auditors :
Name :	Deepika Setia and Company Chartered Accountants
Address :	190, 3^rd Floor, Mukherjee Nagar, Delhi- 110009, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFD4720F
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	· Titan Securities Limited CIN No.: L67190DL1993PLC052050 · Tanita Leasing and Finance Limited · Connoisseur Management Services Private Limited CIN No.: U74899DL1984PTC018979 · Tee Eer Securities and Financial Services Private Limited · Peptech Biosciences Limited CIN No.: U33110RJ2011PLC037007

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
80,00,000	Equity Shares	Rs.10/- each	Rs.80.000 Million
20,00,000	Preference Shares	Rs.10/- each	Rs. 20.000 Million
	Total		Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7038700	Equity Shares	Rs.10/- each	Rs.70.387 Million

Reconciliation of Shares outstanding at the beginning and at the end of year are given below:

Particulars	No. of Shares	Amount in Million
Equity share outstanding at the beginning of the year	7038700	70.387
Add: Equity share issued during the year	---	---
Less: Equity Shares Issued during the year	---	---
Equity share outstanding at the end of the year	7038700	70.387

Detail of shareholder holding more than 5 percent shares of the Company as on reporting date are given below:

Particulars	No. of Shares	Percentage of Holding
S. Udit Securities Limited	637347	9.05
Titan Securities Limited	1682736	23.91
Tanita Leasing and Finance Limited	780885	11.09
A V B Shares Trading Private Limited	1,000,000	14.21
Connoisseur Management Services Private Limited	410.000	5.82

Share options granted under the Employee Share Option Scheme:

The Company has not granted stock options to its employees under Employee Stock Option Scheme during the year under audit.

Detail of shares allotted without payment being received in cash during five years immediately preceding the Balance Sheet date are given below:

The Company has not allotted any fully paid up equity shares without payment being received in cash and by way of bonus shares nor has bought back any class of equity shares during the period of five years immediately preceding the balance sheet date.

FINANCIAL DATA

[all figures are in Rupees Million]

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	70.387	70.387	70.387
(b) Reserves & Surplus	83.013	74.271	67.331
(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)	153.400	144.658	137.718
(3) Non-Current Liabilities
(a) long-term borrowings	39.134	20.063	9.685
(b) Deferred tax liabilities (Net)	2.649	1.419	1.593
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	41.783	21.482	11.278
(4) Current Liabilities
(a) Short term borrowings	30.740	15.753	7.477
(b) Trade payables	14.557	14.858	47.115
(c) Other current liabilities	26.138	13.253	5.622
(d) Short-term provisions	12.367	13.035	6.214
Total Current Liabilities (4)	83.802	56.899	66.428
TOTAL	278.985	223.039	215.424
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	111.262	36.035	38.076
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	67.220	59.387
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.499	0.499	0.499
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.991	1.616	1.839
(e) Other Non-current assets	0.080	0.160	0.240
Total Non-Current Assets	113.832	105.530	100.041
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	68.710	54.277	55.875
(c) Trade receivables	55.895	25.634	36.482
(d) Cash and cash equivalents	19.663	19.767	4.024
(e) Short-term loans and advances	6.913	4.356	19.002
(f) Other current assets	13.972	13.475	0.000
Total Current Assets	165.153	117.509	115.383
TOTAL	278.985	223.039	215.424

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	391.335	270.758	225.178
	Other Income	3.818	2.195	1.32
	TOTAL (A)	395.153	272.953	226.498
Less	EXPENSES
	Cost of Materials Consumed	259.981	173.444	157.801
	Exceptional Items	1.146	1.372	13.304
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.552)	2.862	38.76
	Employees benefits expense	22.990	16.926	(6.532)
	Other expenses	78.698	51.393	0.000
	TOTAL (B)	362.263	245.997	203.333
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	32.890	26.956	23.165
Less	FINANCIAL EXPENSES (D)	2.357	3.572	1.009
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	30.533	23.384	22.156
Less/ Add	DEPRECIATION/ AMORTISATION (F)	8.195	3.583	3.633
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	22.338	19.801	18.523
Less	TAX (I)	7.420	6.685	6.103
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	14.918	13.116	12.420
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	59.272	52.332	39.912
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	0.000
	Dividend	6.176	6.176	0.000
	Tax on Dividend	0.000	0.000	0.000
	Total (M)	6.176	6.176	0.000
	Balance Carried to the B/S (J+K+L-M)	68.014	59.272	52.332
	IMPORTS
	Raw Materials	57.282	59.488	17.731
	Earnings / (Loss) Per Share (Rs.)	2.12	1.86	1.76

QUARTERLY RESULTS

(Rs.in Million)

Particulars	Jun 2014	Sep 2014	Dec 2014
Audited / UnAudited	UnAudited	UnAudited	UnAudited
Net Sales	88.700	111.800	83.000
Total Expenditure	79.800	101.100	75.300
PBIDT (Excl OI)	08.900	10.700	07.800
Other Income	00.700	00.400	01.700
Operating Profit	09.600	11.100	09.500
Interest	02.200	02.600	01.500
Exceptional Items	0.000	0.000	0.000
PBDT	07.400	08.500	07.900
Depreciation	01.900	01.800	01.800
Profit Before Tax	05.600	06.700	06.100
Tax	01.900	02.300	02.100
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	03.700	04.400	04.100
Net Profit	03.700	04.400	04.100

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.81	4.84	5.52
Operating Profit Margin (PBIDT/Sales)	(%)	8.40	9.96	10.29
Return on Total Assets (PBT/Total Assets}	(%)	8.02	12.75	11.91
Return on Investment (ROI) (PBT/Networth)		0.15	0.14	0.13
Debt Equity Ratio (Total Debt /Networth)		0.46	0.25	0.12
Current Ratio (Current Asset/Current Liability)		1.97	2.07	1.74

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	70.387	70.387	70.387
Reserves & Surplus	67.331	74.271	83.013
Net worth	137.718	144.658	153.400
long-term borrowings	9.685	20.063	39.134
Short term borrowings	7.477	15.753	30.740
Total borrowings	17.162	35.816	69.874
Debt/Equity ratio	0.125	0.248	0.456

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	225.178	270.758	391.335
		20.242	44.533

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	225.178	270.758	391.335
Profit	12.420	13.116	14.918
	5.52%	4.84%	3.81%

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	Yes
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	Yes
17]	Major suppliers	No
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Performance and Review

During the year the company has carried out manufacturing as well as trading activities, which has resulted in a turnover of Rs. 408.500 Million as compared to turnover of Rs. 285.300 Million in the last financial year and earned Net Profit before tax of Rs. 22.300 Million as compared to Rs. 19.800 Million during the last financial year.

FUTURE PLANS

The company is contemplating to participate in important exhibitions, seminars, and conferences, trade shows etc. in the current year in India as well as Abroad including Arab Lab, CPHI India etc. and will launch aggressive marketing and advertisement to tap the market.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The company is in the Biotech Industry and it provides biological peptones, extract and dehydrated culture media as raw material to the health care and other industries. All these products are basically conducive to growth of micro organisms and their primary use is in the development and growth of micro organisms in clinical diagnosis, production of vaccines, antibiotics etc. and also for checking the bacterial contamination in foods and water samples, department of microbiological botany in medical colleges and universities and tissue culture laboratories. Biotech industry is growing at a rapid pace. The growth prospects of the company are very bright. The Company also participate in many exhibitions for business promotion.

OUTLOOK

The Biotech industry is expected to grow steadily over the next few years as the focus of the government is also on health care and well-being of the people. The people are also becoming more health conscious. The people are becoming more and more aware of new health products in the market and they are taking maximum advantage from the same. They expect that the performance of the Company will improve over the next few years in terms of the sale and profitability. The growth in the Biotech industry will add further impetus to the growth of our industry. The company has developed dehydrated culture media, Media Basis and special type of peptones and hydrolysates for vaccines production and other users.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from Related Parties	32.400	20.063
Loans and Advances from Other Parties	4.255	0.000
Total	36.655	20.063

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90258363	01/08/2014 *	50,000,000.00	PUNJAB & SIND BANK	AZAD PUR, DELHI, Delhi - 110033, INDIA	C38637369
2	90070156	16/12/1997 *	4,000,000.00	PUNJAB & SIND BANK	AZADPUR, NEW DELHI, Delhi - 110033, INDIA	-

FIXED ASSETS

• Leasehold Land
• Site Development
• Factory Building
• Plant and Equipment
• Furniture and Fixture
• Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30^th SEPT, 2014

(Rs. In Million)

PARTICULARS	Quarter ended		Six Months Ended
	30.06.2014	30.09.2014	30.09.2014
	--	(Unaudited)	(Unaudited)
Income from Operations
Net Sales/Income from Operations	88.733	111.762	200.495
Other Operating Income	0.000	0.000	0.000
Total Income from operations (net)	88.733	111.762	200.495
Expenses
Cost of materials consumed	60.017	73.726	133.743
Changes in inventories of finished goods, work-in- progress and stock-in-trade	(3.387)	0.440	(2.947)
Employee benefits expense	6.358	6.882	13.240
Depreciation and amortization expense	1.857	1.752	3.609
Other Expenditure	16.860	20.017	36.877
Total Expenses	81.705	102.817	184.522
Profit / loss from Operations before Income, finance costs and Exceptional item (1-2)	7.028	8.945	15.973
Other Income	0.716	0.414	1.130
Profit / loss from Ordinary activities before finance costs Exceptional item (3+4)	7.744	9.359	17.103
Interest	2.159	2.537	4.806
Profit / loss from Ordinary activities after finance costs before Exceptional item (3+4)	5.575	6.722	12.297
Exceptional Items:	0.000	0.000	0.000
Profit/ (Loss) Before Tax	5.575	6.722	12.297
Tax Expenses
a) Provision for taxation	1.895	2.285	4.180
b) Provision for Deferred Tax	0.000	0.000	0.000
Total Tax Expenses	1.895	2.285	4.180
Net Profit (Loss) from Ordinary activities After Tax	3.680	4.437	8.117
Exceptional Items	0.000	0.000	0.000
Net Profit/ Loss	3.680	4.437	8.117
Operating Profit Before Exceptional Items
Paid up equity share capital	70.387	70.387	70.387
Reserve Excluding Revaluation Reserve (as per Balance Sheet)	NA	NA	NA
Earnings Per Share (before Extraordinary items) Basic and Diluted	0.052	0.053	0.115
Earnings Per Share (after Extraordinary items) Basic and Diluted Annualized Basic EPS Before Extraordinary Items	0.052	0.053	0.115
PARTICULARS OF SHAREHOLDING
1. Public shareholding
Number of Shares	3610371	3623701	3623701
Percentage of Shareholding
2. Promoters and promoter group shareholding	51.29	51.48	51.48
a) Pledged/Encumbered
- Number of Shares	0.000	0.000	0.000
- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	0.000	0.000	0.000
- Percentage of Shares (as a % of the Total Share Capital of the Company)	0.000	0.000	0.000
Non - encumbered
- Number of Shares	3428329	3414999	3414999
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	48.71	48.52	48.52
- Percentage of Shares (as a % of the total share capital of the company)	100.00	100.00	100.00

	PARTICULARS	Quarter 30.09.2014
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	NIL
	Received during the quarter	2
	Disposed of during the quarter	2
	Remaining unresolved at the end of the quarter	NIL

Notes:

1. The Above statement of financial results was taken on record by the Board of Directors at the meeting held on 29^th Oct, 2014
2. A Limited review of the financial results of the quarter ended 30th Sep 2014 has been carried out by the Statutory Auditors of the company .pursuant to clause 41 of the Listing Agreement.
3. Previous period figures are regrouped classified in fine with the current period.

Standalone Statement of Assets and Liabilities	As at 30^th September, 2014
I.              EQUITY AND LIABILITIES	(Unaudited)
(1)Shareholders' Funds
(a) Share Capital	70.3870
Reserves & Surplus	91.1297
Sub –total- Shareholders’ find	161.5167
(2) Non-Current Liabilities
(a) long-term borrowings	41.7552
(b) Deferred tax liabilities (Net)	2.6492
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Sub-total Non-current Liabilities	44.4044
(3) Current Liabilities
(a) Short term borrowings	41.1500
(b) Trade payables	58.3570
(c) Other current liabilities	19.5792
(d) Short-term provisions	4.1800
Sub-total-current Liabilities	123.2662
TOTAL – EQUITY AND LIABILITIES	329.1873
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets	109.9202
(b) Capital work-in-progress	2.3487
(c) Non-current Investments	0.4994
(d) Long-term Loan and Advances	2.9580
(e) Other non-current assets	0.1923
Sub-Total Non-Current Assets	115.9186
(2) Current assets
(a) Inventories	106.6718
(b) Trade receivables	76.4756
(c) Cash and cash equivalents	5.7050
(d) Short-term loans and advances	10.6327
(e) Other current assets	12.7836
Total Current Assets	213.2687
TOTAL- ASSETS	329.1873

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.62.59
UK Pound	1	Rs.93.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	RKA
Analysis Done by :	RAS
Report Prepared by :	GTA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--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.