MIRA INFORM REPORT

Report No. :	355271
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	SMRUTHI ORGANICS LIMITED
Registered Office :	165-A Balaji Bhavan, 1^st Floor, Railway Lines, Solapur – 413001, Maharashtra
Tel. No.:	91-217-2310268
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.07.1989
Com. Reg. No.:	11-052562
Capital Investment / Paid-up Capital :	Rs.38.154 Million
CIN No.: [Company Identification No.]	L24119PN1989PLC052562
IEC No.:	3192002808
TAN No.: [Tax Deduction & Collection Account No.]	PNES10689A
PAN No.: [Permanent Account No.]	AACCS5562Q
Legal Form :	A public limited liability company. The company’s shares are listed on Stock Exchanges.
Line of Business :	Manufacturer and sale of Bulk Drugs and Drug Intermediates (Registered Activities)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Smruthi Organics Limited was set up in 1989 and it manufactures bulk drugs and drug intermediates. Subject is an established company having moderate track record. The ratings reflect on company’s above average financial risk profile marked by its moderate networth, low gearing and average debt protection metrics. The rating is constrained on its exposure to intense competition in the highly competitive bulk drug manufacturing industry marked by continues losses from its operations over past two years. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal business dealing with some cautions.

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CRISIL
Rating	Long term rating = BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	May 21, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 21, 2014

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Vijay
Designation :	Account Manager
Contact No.:	91-217-2310267

LOCATIONS

Registered Office / Corporate Office :	165-A Balaji Bhavan, 1^st Floor, Railway Lines, Solapur-413001, Maharashtra, India
Tel. No.:	91-217-2310268 / 2620367 / 2310267
Fax No.:	91-217-2601112 / 2620268 / 2310268
E-Mail :	info@smruthiorganics.com spr-smruthi2@sancharnet.in
Website :	www.smruthiorganics.com
Mumbai Office :	108, Shivshakti Apartments, B-Wing, G. D. Ambedkar Road, Mumbai – 400 012, Maharashtra, India
Tel. No.:	91-22-2412 9211 / 2412 9442
Fax No.:	91-22-2415 5452
E-Mail :	solbby@bom5.vsnl.net.in
Factory 1 :	Plot No. 273/274, M.I.D.C., Akkalkot Road, Solapur – 413 006, Maharashtra, India
Tel. No.:	91-217-2651264 / 2653016
Factory 2 :	Plot No. A-27, M.I.D.C. Area, Chincholi, Post Kondi, Taluka Mohol, District Solapur, Maharashtra, India
Tel. No.:	91-217-2257491 /92 / 93 / 94

DIRECTORS

As on 17.08.2015

Name :

Mr. Purushottam Mallayya Eaga

Designation :

Chairman And Managing Director

Address :

Plot No 273/20, Dr Antrilikar Nagar No 2, Hotgi Road, Solapur- 413003, Maharashtra, India

Qualification :

M. Sc (Org. Chem)

Date of Appointment :

01.04.2014

DIN No.:

00033583

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	L24119PN1989PLC052562	SMRUTHI ORGANICS LTD	Managing director	01-04-14	09-09-94	-	Active	NO
2	U01122PN1999PTC014275	GREENFIELD CET PLANT PRIVATE LIMITED	Director	20-07-02	20-07-02	-	Active	NO

Name :

Mr. Jayant Hari Ranade

Designation :

Director

Address :

406, Vatvruksha Chs., Hari Krishna Pendse Lane, Brahmin Soc, Naupada, Thane (W), Thane, 400602, Maharashtra, India

Date of Appointment :

11.09.2006

DIN No.:

00004814

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	U25202MH1989PLC052912	NILMAC PACKAGING INDUSTRIES LIMITED	Director	30-04-90	30-04-90	-	Active	NO
2	U24229MH2001PTC130260	ENEM NOSTRUM REMEDIES PRIVATE LIMITED	Director	14-08-01	14-08-01	-	Active	NO
3	U24110MH2000PLC128198	FILTRA CATALYSTS AND CHEMICALS LIMITED	Director	05-11-04	05-11-04	-	Active	NO
4	L24119PN1989PLC052562	SMRUTHI ORGANICS LTD	Director	11-09-06	11-09-06	-	Active	NO
5	U24239MH2007PTC167239	Symmetrix Biotech Private Limited	Director	24-01-07	24-01-07	-	Active	NO
6	U72900MH2007PTC173481	NOSTRUM TECHNOLOGIES PRIVATE LIMITED	Director	27-08-07	27-08-07	-	Active	NO
7	U45309MH2007PTC175128	GAURISH ENTERPRISES PRIVATE LIMITED	Director	17-10-07	17-10-07	20-08-12	Active	NO
8	U24230MH1994PLC076168	SANGAM LABORATORIES LIMITED	Director	28-01-08	28-01-08	-	Amalgamated	NO
9	U30007MH2004PTC148162	FELECITAS INFO SYSTEMS PRIVATE LIMITED	Director	01-06-08	01-06-08	20-08-12	Active	NO
10	U72900MH2006PTC165901	EVENTUS BONUS ADVISORY SERVICES INDIA PRIVATE LIMITED	Director	01-06-08	01-06-08	20-08-12	Active	NO
11	U72900PN2008PLC151293	EQUINOX EPC ENGINEERING (INDIA) LIMITED	Director	11-09-08	11-09-08	01-11-13	Active	NO
12	U24230MH2004PTC148417	NEXGEN HEALTHCARE PRIVATE LIMITED	Director	02-02-10	02-02-10	-	Active	NO
13	U24100MH2008PLC180376	CHEMOLUTIONS CHEMICALS LIMITED	Director	29-06-10	18-03-10	-	Active	NO
14	U74990MH2010PTC204719	ALIVA NATURAL SCIENCES PRIVATE LIMITED	Director	23-06-10	23-06-10	-	Active	NO
15	U74140MH2001PTC134157	ATREYA SERVICES PRIVATE LIMITED	Director	30-09-11	04-07-11	20-08-12	Active	NO
16	U74120MH2011PTC224950	BOMBAY BIO-RESEARCH CENTRE PRIVATE LIMITED	Director	14-12-11	14-12-11	-	Active	NO
17	U65923MH1992PLC068181	CAMART FINANCE LIMITED	Director	21-05-12	19-12-11	-	Active	NO
18	U51900MH1997PTC106193	VIBHA AGENCIES PRIVATE LIMITED	Director	28-09-13	29-07-13	-	Active	NO

Name :

Mrs. Vaishnavi Purushottam Ega

Designation :

Director

Address :

Plot No 273/20, Dr. Antrilikar Nagar No 2, Hotgi Road, Solapur- 413003, Maharashtra, India

Date of Appointment :

09.09.1994

DIN No.:

00033669

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	L24119PN1989PLC052562	SMRUTHI ORGANICS LTD	Director	09-09-94	09-09-94	-	Active	NO
2	U24297PN1995PLC084696	SMRUTHI CHEMICALS AND INTERMEDIATES LIMITED	Director	18-03-09	18-03-09	-	Active	NO

Name :

Mr. Kashinath Revappa Dhole

Designation :

Director

Address :

224-17, Civil Lines, Gandhi Nagar, Solapur- 413001, Maharashtra, India

Date of Appointment :

27.09.2014

DIN No.:

01076675

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	U74999PN1991PTC064119	KROSS INTERNATIONAL P.LTD.	Managing director	25-11-91	25-11-91	-	Active	NO
2	U85100PN2010PTC135282	LOKMANGAL HOSPITALS PRIVATE LIMITED	Director	07-01-10	07-01-10	-	Strike off	NO
3	U85100PN2011PTC141268	AADHAAR LIFE SCIENCES PRIVATE LIMITED	Director	04-11-11	04-11-11	-	Active	NO
4	L24132MH1988PLC049387	BALAJI AMINES LIMITED	Director	29-09-14	11-05-13	-	Active	NO
5	L24119PN1989PLC052562	SMRUTHI ORGANICS LTD	Director	27-09-14	27-09-14	-	Active	NO

Name :

Mr. Swapnil Purushotham Eaga

Designation :

Whole-Time Director

Address :

Plot No. 273/20, Dr. Antrolikar Nagar No -2, Hotgi Road, Solapur- 413003, Maharashtra, India

Date of Appointment :

01.06.2015

DIN No.:

01241535

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	U24297PN1995PLC084696	SMRUTHI CHEMICALS AND INTERMEDIATES LIMITED	Director	19-01-07	19-01-07	-	Active	NO
2	L24119PN1989PLC052562	SMRUTHI ORGANICS LTD	Whole-time director	01-06-15	06-04-09	-	Active	NO

Name :

Mr. Rama Swamy Kanumala

Designation :

Director

Address :

Plot No.12, Sancharpuri Colony, Bowenpally, Secunderabad- 500011, Andhra Pradesh, India

Date of Appointment :

30.07.2012

DIN No.:

05273930

KEY EXECUTIVES

Name :	Mr. Sunil Shripad Karandikar
Designation :	Secretary
Address :	D-217, Chandravadan Appts-1,, Ganeshwadi, Panchpakhadi, Thane(West), Thane- 400602, Maharashtra, India
PAN No.:	AAWPK8422G
Name :	Mr. Swapnil Purushotham Eaga
Designation :	Chief Executive Officer
Address :	Plot No. 273/20, Dr. Antrolikar Nagar No -2, Hotgi Road, Solapur- 413003, Maharashtra, India
PAN No.:	AAHPE9562C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2129010	55.80
Bodies Corporate	82000	2.15
Any Others (Specify)	232181	6.09
Directors/Promoters & their Relatives & Friends	232181	6.09
Sub Total	2443191	64.03
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2443191	64.03
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	207685	5.44
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	795021	20.84
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	321092	8.42
Any Others (Specify)	48441	1.27
Clearing Members	770	0.02
Non-Resident Indians	47671	1.25
Sub Total	1372239	35.97
Total Public shareholding (B)	1372239	35.97
Total (A)+(B)	3815430	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)	3815430	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and sale of Bulk Drugs and Drug Intermediates (Registered Activities)
Products :	Amlodipine Besilate Amisulpride Carbidopa Ciprofloxacin Diloxanide Furoate Fenofibrate Metformin Hydrochloride Norfloxacin Pefloxacin Telmisartan Amlodipine Base Phthaloyl Amlodipine S-Amlodipine Besilate
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

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 :

Not Divulged

Bankers :

Bank Name	State Bank of India
Branch	Industrial Finance Branch, World Trade Centre, Mumbai – 400005, Maharashtra, 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

• Axis Bank Limited, 214/215, City Mall, Near Pune University, Pune-411007, Maharashtra, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long Term Borrowings
Axis Bank Term Loan *	69.427	82.755
Deferral Sales Tax Loan PSI 1993 Scheme *	4.882	14.348
Deferral Sales Tax Loan PSI 1993 Expansion **	35.515	35.515
Axis Bank Limited- Car Loan	0.259	0.376
SBI - IFB - WCTL A/c	60.000	0.000
Short Term Borrowings
Working Capital Loan from S.B.I., IFB Mumbai and Solapur *	177.213	281.857
Packing Credit in Foreign Currency Limit of SBI IFB Mumbai (PCFC)	42.172	0.000
TOTAL	389.468	414.851

Note:

Long Term Borrowings:

*1st mortgage / hypothecation charge on pari-passu basis with Axis Bank on Land & building and Plant and Machinery owned by the company situated at Plot No.273 & 274 MIDC,Akkalkot Road, Solapur 413006 & Plot No.A-27, MIDC Chincholi, Solapur- 413 255, First Charge on company's - Flat No 5, Rahul Neha Apt. Solapur , Flat No T/1 , Balaji Apt. Solapur,Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur, N.A. Plots GAT No. 230/2/B/2, 233/2/B, 231/2/B, 230/2/A/2 situated at Village Chincholi, Taluka Mohol, Dist. Solapur. First pari- passu charges on the above assets for Term Loan of Rs. 15.75 crores from Axis Bank Pune. The Term Loan of Axis Bank Rs 157.500 Million is repayable in 60 months equal installment along with interest from 01.01.2013.

*During the year the Company has offered additional collatoral Security of Mumbai Flat and eight Flats located at Solapur in the name of Company and one flat in the name of Mr. E.Purushotham, Managing Director of the Company in favour of State bank of India as per revised sanction letter.

*During the year Axis bank, Pune has sanctioned Term Loan-II of Rs. 3.50 crores repayable in 28 months after One year Moratorium by various installments. State Bank of India has restructure the account and sanctioned Rs. 60.000 Million Working Capital Term Loan repayable from Apr 2016 to Mar 2020 by various installments.

*Personal guarantee of Mr. E Purushotham, Managing Director and Mrs.E Vaishnavi Director.

**Deferred Sales Tax Loan is interest free and payable in yearly in 5 installment of each financial year after completion of 10 year and the final installment will due on 26.04.2022

Short Term Borrowings

*1st registered mortgage / hypothecation charge on pari-passu basis with Axis Bank on Land & building and Plant and Machinery owned by the company situated at Plot No.273 & 274 MIDC,Akkalkot Road, Solapur 413006 & Plot No.A-27, MIDC Chincholi, Solapur- 413 255, First Charge on company's - Flat No 5, Rahul Neha Apt. Solapur , Flat No T/1 , Balaji Apt. Solapur, Holiday esaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur, N.A. Plots GAT No. 230/2/B/2, 233/2/B, 231/2/B, 230/2/A/2 situated at Village Chincholi, Taluka Mohol, Dist. Solapur.

* During the last year the Company has offered additional collatoral Security of Mumbai Flat and eight Flats located at Solapur in the name of Company and one flat in the name of Mr. E.Purushotham, Managing Director of the Company in favour of State bank of India as per revised sanction letter. During the last year State Bank of India has restructuring of Working Capital Limit sanctioned Rs. 6.00 Crores repayable from Apr 2016 to Mar 2020 by various installments. Company has offered additional collatoral Security of Mumbai Flat and eight Flats located at Solapur in the name of Company and one flat in the name of Mr. E.Purushotham, Managing Director of the Company.

*Personal guarantee of Mr E Purushotham , Managing Director and Mrs. E Vaishnavi Director.

Auditors :
Name :	Ashok Madgundi and Company Chartered Accountant
Address :	210/ A/ 1, Sakhar Peth, Near Kanya Prashala, Solapur – 413005, Maharashtra, India
Tel. No.:	91-217-626540 / 620403
Memberships :	Not Available
Collaborators :	Not Available
Related Parties:	Smruthi Chemicals and Intermediates

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million
5000000	Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 50.000 Million
	TOTAL		Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3815430	Equity Shares	Rs.10/- each	Rs. 38.154 Million

Details of Shareholders holding more than 5% shares in the Company

Name of Shareholder	Number of Shares	% holding
Mr. Eaga Purushotham	1528510	40.06
Mrs. Eaga Vaishnavi	576450	15.11

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	38.154	38.154	38.154
(b) Reserves & Surplus	256.516	312.598	373.460
(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)	294.670	350.752	411.614
(3) Non-Current Liabilities
(a) long-term borrowings	170.083	132.994	148.824
(b) Deferred tax liabilities (Net)	0.000	11.569	43.597
(c) Other long term liabilities	176.547	18.186	17.165
(d) long-term provisions	3.038	3.462	6.752
Total Non-current Liabilities (3)	349.668	166.211	216.338
(4) Current Liabilities
(a) Short term borrowings	232.855	295.327	283.854
(b) Trade payables	154.287	392.700	297.054
(c) Other current liabilities	57.428	51.553	48.897
(d) Short-term provisions	0.000	0.000	31.128
Total Current Liabilities (4)	444.570	739.580	660.933
TOTAL	1,088.908	1,256.543	1,288.885
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	353.135	414.815	445.846
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.793	10.793	10.793
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.493	0.493	0.497
(c) Deferred tax assets (net)	14.595	0.000	0.000
(d) Long-term Loan and Advances	243.782	8.009	7.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	622.798	434.110	464.336
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	178.330	241.941	407.286
(c) Trade receivables	216.768	493.166	315.430
(d) Cash and cash equivalents	16.917	24.837	9.628
(e) Short-term loans and advances	54.095	62.489	92.205
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	466.110	822.433	824.549
TOTAL	1,088.908	1,256.543	1,288.885

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	748.046	918.291	1800.596
	Other Income	1.649	5.065	4.064
	TOTAL (A)	749.695	923.356	1804.660
Less	EXPENSES
	Cost of Materials Consumed	474.528	558.286	1378.88
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	56.066	105.181	(58.544)
	Employees benefits expense	63.178	84.979	101.527
	Other expenses	107.944	153.852	188.891
	TOTAL (B)	701.716	902.298	1610.754
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	47.979	21.058	193.906
Less	FINANCIAL EXPENSES (D)	56.507	51.868	40.173
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(8.528)	(30.810)	153.733
Less/ Add	DEPRECIATION/ AMORTISATION (F)	48.038	59.857	52.907
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(56.566)	(90.667)	100.826
Less	TAX (H)	(18.430)	(29.148)	37.3
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(38.136)	(61.519)	63.526
	EARNINGS IN FOREIGN CURRENCY	192.515	297.659	420.77
	IMPORTS	0.000	214.432	285.962
	Earnings / (Loss) Per Share (Rs.)	(10.0)	(16.1)	16.6

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	0.000	0.000	0.000
Cash generated from operations	85.273	93.748	76.621
Net cash flow from operating activity	85.052	91.526	43.725

QUARTERLY RESULTS

Particulars	30.06.2015	30.09.2015
Audited / Unaudited
Net Sales	168.320	160.750
Total Expenditure	145.640	142.500
PBIDT (Excl OI)	22.680	18.250
Other Income	0.970	NA
Operating Profit	23.650	18.250
Interest	12.900	13.520
Exceptional Items	NA	NA
PBDT	10.750	4.730
Depreciation	12.300	9.900
Profit Before Tax	(1.550)	(5.170)
Tax	NA	NA
Provisions and contingencies	NA	NA
Profit After Tax	(1.550)	(5.170)
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(1.550)	(5.170)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(5.10)	(6.70)	3.53
Operating Profit Margin (PBIDT/Sales)	(%)	6.41	2.29	10.77
Return on Total Assets (PBT/Total Assets}	(%)	(5.32)	(7.28)	7.89
Return on Investment (ROI) (PBT/Networth)		(0.19)	(0.26)	0.24
Debt Equity Ratio (Total Debt /Networth)		1.37	1.22	1.05
Current Ratio (Current Asset/Current Liability)		1.05	1.11	1.25

STOCK PRICES

Face Value	Rs. 10.00
Market Value	Rs.146.00

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	38.154	38.154	38.154
Reserves & Surplus	373.460	312.598	256.516
Net worth	411.614	350.752	294.670
Long-term borrowings	148.824	132.994	170.083
Short term borrowings	283.854	295.327	232.855
Total borrowings	432.678	428.321	402.938
Debt/Equity ratio	1.051	1.221	1.367

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1800.596	918.291	748.046
		(49.001)	(18.539)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1800.596	918.291	748.046
Profit / (Loss)	63.526	(61.519)	(38.136)
	3.53%	(6.70%)	(5.10%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	No
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	No
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Operational Performance/State of Company's Affairs

During the year, total income of the Company was Rs. 749.695 Million as compared to Rs.923.355 Million during previous year, registering a decrease of 19%. There was a substantial loss of sale on account of stoppage of production for 3 months due to labour strike. In addition, Ciprofloxacin manufacturing was discontinued and Norfloxacin output was cut down, which also contributed to drop in sales.

The Company posted net loss of Rs. 38.136 Million as against Rs. 61.519 Million in the previous year. At an operating level, the company's performance improved substantially in the last quarter due to boost in volume. For the last quarter, the company also witnessed margin improvement due to discontinuation of 26th_Annual_Report_ loss making products. In addition, recalculation of depreciation as per provisions of Schedule II of the Companies Act 2013 also added to the bottom line.

MANAGEMENT DISCUSSION AND ANALYSIS

Business of the Company and Future Outlook:

The company has identified API & Drug Intermediates as its core products. The company has rationalized its product portfolio in FY 2014 – 15 by stopping manufacture of low margin products and increasing marketing focus on high margin products. Although this had a negative impact on sales, the impact on operating margin and bottom line is significantly positive, as observed in the last quarter of FY 2014 – 15.

The company has experienced good progress in reaching more customers in domestic and international market in FY 2014 – 15, which have contributed to increase in sales volumes at a product level. The company has also taken several measures to reduce operating cost such as process improvement, switching to alternate fuels, rationalization of labour requirements and capacity utilization planning. In addition to the efforts taken to reduce operational costs, the company has taken up several measures to cut financial costs as well. Although the finance cost of the company increased in FY 2014 - 15, the company has judiciously managed its cash credit limits requirements and utilizing lower interest credit facilities offered by our banks. All these measures are continuing to contribute to margin improvement, which is the prime focus of the management.

Keeping the growth targets of FY 2015 – 16 and beyond in view, the company has adopted a three pronged approach to generate sustainable growth. Firstly, the company has enhanced its marketing team to expand its customer base in unexplored markets of South East Asia, Middle East, Latin America and Africa for its 26th_Annual_Report_ existing products. The company is directing its efforts to increase sales volumes by expanding the reach and depth of these markets, which will add to top line growth as well as optimize allocated fixed cost. In addition, the company is launching new products to boost margins. Finally, the company is working towards resolving outstanding issues with European regulatory to relaunch its products in highly profitable regulated and semi-regulated markets.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Short Term Borrowings
Directors	13.470	13.470
Total	13.470	13.470

UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31^ST MARCH 2015

(Rs. In Million)

Particulars	Quarter ended		Half Year Ended
	30.09.2015	30.06.2015	30.09.2015
	(Unaudited)	(Unaudited)	(Unaudited)
Income from operations
a) Net Sales / Income from Operations (Net of excise duty)	155.160	167.201	322.217
b) Other operating  income	5.734	1.117	6.851
TOTAL  INCOME FROM OPERATIONS  (net) (a+b)	160.750	168.318	329.068
Expenses
a)  Cost of materials consumed	96.174	101.906	198.080
b) Changes in inventories of finished goods, work- in-progress and  stock-in-trade	(0.843)	0.747	(0.096)
c) Employee benefits expense	17.991	18.455	36.446
d)  Depreciation and amortisation expenses	9.900	12.300	22.200
e)  Other expenses	29.173	24.519	53.371
TOTAL EXPENDITURE (a+b+c+d+e)	152.395	10.391	310.001
Profit/(Loss) from operations before other Income, finance costs and exceptional Items     (1-2)	8.355	0.967	19.067
Other Income	0.000	11.358	0.646
Profit/(Loss) from ordinary activities before finance costs and exceptional Items ( 3+4 )	8.355	11.358	19.713
Finance costs	13.524	12.903	26.427
Profit/(Loss) from ordinary activities after finance costs but before exceptional Items      ( 5-6 )	(5.169)	(1.545)	(6.714)
Exceptional items	0.000
Profit/(Loss) from ordinary activities before tax (7+8)	(5.169)	(1.545)	(6.714)
Tax expense
Current Income Tax	0.000	0.000	0.000
Defered Tax Asset / (Liability)	0.000	0.000	0.000
Income Tax of early year	0.000	0.000	0.000
Net Profit/(Loss) from ordinary activities after tax (9-10)	(5.169)	(1.545)	(6.714)
Extraordinary items  (net of tax expenses )	0.000	0.000	0.000
Net Profit/(Loss) for the period (11-12)	(5.169)	(1.545)	(6.714)
Paid-up equity share capital    ( Face value of Rs.10/- each )	38.154	38.154	38.154
Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year
Earnings per share (before extraordinary items (of Rs 10/- each)       (not annualised)
a) Basic	(1.35)	(0.40)	(1.76)
b) Diluted	(1.35)	(0.40)	(1.76)
Earnings per share (after extraordinary items (of Rs 10/- each)          (not annualised)
a) Basic	(1.35)	(0.40)	(1.76)
b) Diluted	(1.35)	(0.40)	(1.76)
PART II
PARTICULARS  OF  SHAREHOLDING
Public Shareholding
- Number of Shares	1372239	1372239	1372239
- Percentage of Shareholding	35.97%	35.97%	35.97%
Promoters and Promoter Group Shareholding
a) Pledged / Encumbered
-Number of Shares	Nil	Nil	Nil
-Percentage of shares (as a% of the total shareholding of promoter and promoter group)
-Percentage of shares (as a % of the total share capital of the company)
b) Non-encumbered
-Number of Shares	2443191	2443191	2443191
-Percentage of shares (as a% of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
-Percentage of shares (as a % of the total share capital of the company)	64.03%	64.03%	64.03%

Particulars
B. Investor Complaints
Pending at the beginning of the quarter	0
Received during the quarter	0
Disposed of during the quarter	0
Remaining unresolved at the end of the quarter	0

STATEMENT OF ASSETS AND LIABILITIES

Particulars	30.09.2015
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital	38.154
(b) Reserves and surplus	249.801
(c) Money received against share warrants	0.000
Sub-total - Shareholder's funds	287.955
Share application money pending allotment	0.000
Non-current liabilities
(a) Long-term borrowings	148.933
(b) Deferred tax liabilities (Net)	0.000
(c) Other Long term liabilities	177.734
(d) Trade payables (Fixed Assets)	2.070
Sub-total - Non-current liabilities	328.737
Current liabilities
(a) Short-term borrowings	177.277
(b) Trade payables	105.166
(c) Other current liabilities	63.866
(d) Short-term provisions	0.000
Sub-total - Current liabilities	346.309
TOTAL - EQUITY AND LIABILITIES	963.001
ASSETS
Non-current assets
(a) Fixed assets
(i)Tangible assets	334.043
(ii)Intangible assets	0.000
(iii)Capital work-in-progress	10.793
(iv)Intangible assets under development	0.000
(b) Non-current investments	0.493
(c) Deferred tax assets (net)	14.594
(d) Long-term loans and advances	243.882
(e) Other non-current assets	0.000
Sub-total - Non-current assets	603.805
Current assets
(a) Current investments	0.000
(b) Inventories	161.401
(c) Trade receivables	140.462
(d) Cash and cash equivalents	12.606
(e) Short-term loans and advances	44.727
(f) Other current assets	0.000
Sub-total - Current assets	359.196
TOTAL ASSETS	963.001

NOTES:

1. The Company operates in one segment only namely - "Bulk Drugs and Drug Intermediates".

2. Adjustment for deferred tax will be made in the quarter of the financial year based on year end result.

3. The Statuary Auditors have carried out a limited review of the Un- audited Financial Results of the company for the quarter ended 30^th September

4. The above financial were reviewed by Audit Committee and Approved by Board of Directors in the meeting held on 21th October 2015.

5. Previous period's figures have been regrouped / rearranged wherever necessary

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10398153	29/07/2015 *	192,500,000.00	Axis Bank Limited	Corporate Banking Branch,214-215,City Mall, Near Pune University,Ganeshkhind Road, Pune, Maharashtra - 411007, INDIA	C64708464
2	80013457	21/07/2014 *	410,700,000.00	State Bank of India	INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA	C32794778

CONTINGENT LIABILITIES:

Sales tax appeal is pending with JCST (Appeal ) Solapur for F Y 2009-10 and 2011-12 for Rs. 2.183 Million. Cenvat setoff of EOU unit appeal is pending with Additional Commissioner of Central Excise, Pune for 2007 to 2011 four years amounting to Rs. 5.744 Million and with Tribunal Pune for F Y 2009-10 for Rs 0.109 Million

FIXED ASSETS

· Factory Land

· Agricultural Land

· Building

· Ownership Flats

· Plant and Machinery

· Electrical Installation/ Equipments

· Vehicles

· Office Equipments

· Computer

· Furniture and Fixture

· Laboratory Equipments

· Other Factory Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.13

INFORMATION DETAILS

Information Gathered by :	SPR
Analysis Done by :	KSP
Report Prepared by :	VLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.