MIRA INFORM REPORT

Report No. :	356489
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	OPTIMUS GENERICS LIMITED
Registered Office :	7-2-C8 and C8/2, G V Chambers, Sanath Nagar IDA, Sanath Nagar, Hyderabad – 500018, Telangana
Tel. No.:	91-40-39219900
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.01.2013
Com. Reg. No.:	36-085349
Capital Investment / Paid-up Capital :	Rs. 635.336 Million
CIN No.: [Company Identification No.]	U24232TG2013PLC085349
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of development, manufacturing and marketing of Finished dosage (Oral Solids) formulations (Confirmed by management)
No. of Employees :	275 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 1727000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Glochem Industries Limited”. It is an established company incorporated in the year 2013 having satisfactory track. The company has incurred some accumulated losses during FY 2015. However, the rating takes into consideration company’s significant growth in turnover, good asset base and comfortable liquidity position of the company. The rating also derives strength from its holding and its experienced management. Trade relations are reported as fair. Business is active. Payments terms are reported as 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 – 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	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 31-03-2015.

LOCATIONS

Registered Office :	7-2-C8 and C8/2, G V Chambers, Sanath Nagar IDA, Sanath Nagar, Hyderabad – 500018, Telangana, India
Tel. No.:	91-40-39219900
Fax No.:	91-40-23711483
E-Mail :	rakhee.jain@optimusgenerics.com marketing@optimusgenerics.com
Website :	www.optimusgenerics.com
Factory :	Plot No S-8 S-9 S-13 (Partly) and S-14 (Partly), APIIC Pharma SEZ, Green Industrial Park, Polepally (V), Jadcherla (M), Mahabubnagar (District) – 509301, Telangana, India
Tel. No.:	91-8542-300400

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Subbarao Kattamuri

Designation :

Managing director

Address :

Plot No. 48, Nava Nirmal Nagar Road, No. 71, Jubilee Hils, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

10.03.1953

Date of Appointment :

09.02.2013

DIN No.:

00107121

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	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Managing director	01/07/2014	20/11/1995	-	Active	NO
2	U01119TG2010PTC069551	GIL AGROTECH ( INDIA ) PRIVATE LIMITED	Director	20/07/2010	20/07/2010	-	Active	NO
3	U24232TG2013PLC085349	Optimus Generics Limited	Managing director	09/02/2013	11/01/2013	-	Active	NO
4	U24239AP2002PTC038417	K.R.R. DRUGS & INTERMEDIATES PRIVATE LIMITED	Additional director	08/07/2015	08/07/2015	-	Active	NO

Name :

Mr. Kalyan Nagururu

Designation :

Director

Address :

30, MIGH, Mehdipatnam Colony, Hyderabad – 500028, Telangana, India

Date of Birth/Age :

08.04.1979

Date of Appointment :

11.03.2013

DIN No.:

02652051

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	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Director	17/03/2010	17/03/2010	04/09/2011	Active	NO
2	U24232TG2013PLC085349	Optimus Generics Limited	Director	11/03/2013	11/01/2013	-	Active	NO
3	U72200TN2000PTC044560	SHRIRAM PROPERTIES Private Limited	Director appointed in casual vacancy	19/03/2015	16/12/2014	-	Active	NO
4	U70101WB2007PTC118509	EARNEST TOWERS PRIVATE LIMITED	Director	30/09/2015	31/03/2015	-	Active	NO
5	U24239AP2002PTC038417	K.R.R. DRUGS & INTERMEDIATES PRIVATE LIMITED	Additional director	08/07/2015	08/07/2015	-	Active	NO
6	U74900TG2015PTC101410	Perfin fintech private limited	Director	29/10/2015	29/10/2015	-	Active	NO
7	AAB-2053	NORTHWAY ADVISORS LLP	Designated Partner	06/11/2012	06/11/2012	-	Active	NO

Name :

Mr. Manav Jassal

Designation :

Director

Address :

213-G, Randhir Singh Nagar, Ludhiana – 141402, Punjab, India

Date of Birth/Age :

04.11.1970

Date of Appointment :

11.03.2013

DIN No.:

03059931

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	U55101MH2010PTC208387	Avalon Hospitality Services Private Limited	Director	29/09/2010	29/09/2010	-	Active	NO
2	U24100DL2011PTC223635	ORGANOSYN LIFE SCIENCES PRIVATE LIMITED	Director	29/12/2012	29/12/2012	-	Active	NO
3	U24232TG2013PLC085349	Optimus Generics Limited	Director	11/03/2013	11/01/2013	-	Active	NO

Name :

Mr. Vikram Ravindra Mamidipudi

Designation :

Director

Address :

Plot No.16, Card Master Road, Arihant Road, Tarbund, Secunderabad - 500009, Telangana, India

Date of Appointment :

27.03.2015

DIN No.:

00008241

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	U51398TG1987PTC007885	NORMAK FASHIONS PRIVATE LIMITED	Director	18/11/1988	18/11/1988	-	Active	NO
2	U74140TG1992PTC014155	M.ANANDAM CONSULTANCY SERVICES PRIVATE LIMITED	Director	30/04/1992	30/04/1992	-	Active	NO
3	L85110KA1992PLC013421	ASM TECHNOLOGIES LIMITED	Director	28/06/2014	30/06/1998	-	Active	NO
4	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Director	30/09/2014	24/03/1999	-	Active	NO
5	U01119TG1992PTC014048	WINGS INFONET Private Limited	Director	11/05/2000	11/05/2000	02/04/2015	Active	NO
6	U74140TG2000PTC034461	ASSOCIATED BUSINESS COUNSELLILNG SERVICES PRIVATE LIMITED	Director	10/05/2001	10/05/2001	27/10/2014	Active	NO
7	U25209TN1978PTC007619	A-BOND STRANDS PRIVATE LIMITED	Director	31/07/2002	31/07/2002	25/03/2015	Active	NO
8	U36911TG2003PTC040714	NORMAK INDIA PRIVATE LIMITED	Director	25/03/2003	25/03/2003	27/10/2014	Active	NO
9	U72200TG2004PTC042465	PYTHIAN INDIA PRIVATE LIMITED	Alternate director	30/04/2004	30/04/2004	14/04/2007	Active	NO
10	U15549TG2004PTC043249	TAZA RICA BEVERAGES PRIVATE LIMITED	Director	14/09/2004	14/09/2004	08/09/2008	Active	NO
11	L27100AP1989PLC010122	ZENOTECH LABORATORIES LIMITED	Additional director	01/10/2009	29/11/2005	26/02/2010	Active	NO
12	L18101AP1962PLC054323	GTN INDUSTRIES LIMITED	Director	17/12/2005	17/12/2005	-	Active	NO
13	U65990MH1993PLC071003	CANARA ROBECO ASSET MANAGEMENT COMPANY LIMITED	Director	26/06/2007	18/04/2007	16/08/2007	Active	NO
14	U93000TG2008PTC057571	PACIFIC RIM ALLIANCE INDIA PRIVATE LIMITED	Director	12/02/2008	12/02/2008	09/05/2008	Active	NO
15	U74900TG2008PTC061647	ESTELLE INDIA PRIVATE LIMITED	Director	31/10/2008	31/10/2008	27/04/2015	Active	NO
16	U80302TG2002NPL039397	INSTITUTE OF INSURANCE AND RISK MANAGEMENT	Director	17/07/2009	25/03/2009	-	Active	NO
17	U80101TG1995PTC022594	TRIUMPHANT INSTITUTE OF MANAGEMENT EDUCATION PRIVATE LTD.	Director	22/07/2009	22/07/2009	-	Active	NO
18	L65191RJ1943PLC000135	THE BANK OF RAJASTHAN LIMITED	Director	14/12/2009	14/12/2009	-	Amalgamated	NO
19	U40109TG2008PLC061202	AMRELI POWER PROJECTS LIMITED	Director	29/09/2011	03/12/2010	25/05/2015	Active	NO
20	U65922DL1996PLC249927	Venture Finance & Development Corporation Limited.	Director	28/09/2012	23/08/2012	-	Active	NO
21	U80901TG2012NPL083292	LIFE SKILLS AND LIVELIHOOD SKILLS - INTERNATIONAL	Director	22/04/2013	13/10/2012	-	Active	NO
22	U24239TG2005PTC047102	AHLADA ENGINEERS PRIVATE LIMITED	Director	27/09/2013	23/08/2013	-	Active	NO
23	U40101PN2002PTC152951	SPECTRUM RENEWABLE ENERGY PRIVATE LIMITED	Director	30/09/2014	03/10/2013	-	Active	NO
24	U51909TG1981PLC041292	GTN ENGINEERING(INDIA) LIMITED	Director	04/07/2014	04/07/2014	-	Active	NO
25	U93090TN1962PLC004947	CHETTINAD CEMENT CORPORATION LIMITED	Director	27/08/2014	27/08/2014	-	Active	NO
26	U72900TG2010FTC068332	Facebook India Online Services Private Limited	Additional director	26/02/2015	26/02/2015	-	Active	NO
27	U24232TG2013PLC085349	Optimus Generics Limited	Director	27/03/2015	27/03/2015	-	Active	NO
28	U45200TN2001PLC088377	GVR INFRA PROJECTS LIMITED	Director	22/09/2015	30/03/2015	-	Active	NO
29	U72200KA2012PTC065545	Little Eye Software Labs Private Limited	Additional director	17/04/2015	17/04/2015	-	Active	NO
30	U72200KA2015PTC080793	ASM ENTERPRISE SOLUTIONS PRIVATE LIMITED	Director	08/06/2015	08/06/2015	-	Active	NO

Name :

Mr. Sundeep Kattamuri

Designation :

Director

Address :

Plot No.48,Navanirman Nagar, Jubilee Hills, Road No.71, Hyderabad - 500033, Telangana, India

Date of Appointment :

13.02.2015

DIN No.:

03128742

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	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Whole-time director	05/09/2014	05/09/2011	-	Active	NO
2	U24232TG2013PLC085349	Optimus Generics Limited	Director	13/02/2015	13/02/2015	-	Active	NO
3	U24239AP2002PTC038417	K.R.R. DRUGS & INTERMEDIATES PRIVATE LIMITED	Additional director	08/07/2015	08/07/2015	-	Active	NO

Name :

Mr. Sanjay Kumar Nayak

Designation :

Director

Address :

Qr. No. Mig/115, Kalinga Vihar, Patrapada, Bhubaneswar - 751019, Orissa, India

Date of Appointment :

13.02.2015

DIN No.:

06466666

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	U24100DL2011PTC223635	ORGANOSYN LIFE SCIENCES PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO
2	U24232TG2013PLC085349	Optimus Generics Limited	Director	13/02/2015	13/02/2015	-	Active	NO

Name :

Mr. Arun Prakash

Designation :

Director

Address :

C-88, Kirti Nagar, New Delhi - 110015, India

Date of Appointment :

13.02.2015

DIN No.:

00287125

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	U24239DL2001PTC112768	GENETIX BIOTECH ASIA PRIVATE LIMITED	Director	10/10/2001	10/10/2001	-	Active	NO
2	U24100DL2009PTC192460	QG BIO SCIENCES PRIVATE LIMITED	Director	22/07/2009	22/07/2009	-	Active	NO
3	U24100DL2011PTC223635	ORGANOSYN LIFE SCIENCES PRIVATE LIMITED	Director	11/08/2011	11/08/2011	-	Active	NO
4	U24232TG2013PLC085349	Optimus Generics Limited	Director	13/02/2015	13/02/2015	-	Active	NO

Name :

Mr. Ashok Reddy Bodanapu

Designation :

Director

Address :

8-2-293/82/a/347/1, Road No.23, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Appointment :

13.02.2015

DIN No.:

01848553

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	U72200TG1993PTC016580	INFOCAD ENTERPRISES PVT LTD	Director	17/11/1993	17/11/1993	-	Active	NO
2	U67120TG2005PTC047688	BANYAN SECURITIES AND FINANCIAL SERVICES PRIVATE LIMITED	Director	30/09/2014	01/11/2013	-	Active	NO
3	U40108TG2014PTC093083	SuryaJyothi Energy Private Limited	Director	21/02/2014	21/02/2014	-	Active	NO
4	U29200KA2007PLC043691	Infotech HAL Limited	Nominee director	28/05/2014	16/04/2014	-	Active	NO
5	U72200TG2008PTC061416	INFOTECH ENTERPRISES INFORMATION TECHNOLOGY SERVICES PRIVATE LIMITED	Director	30/09/2014	15/05/2014	01/11/2015	Active	NO
6	U72200TG2013PTC087527	Cyient Insights Private Limited	Director	30/09/2015	08/12/2014	-	Active	NO
7	U24232TG2013PLC085349	Optimus Generics Limited	Director	13/02/2015	13/02/2015	-	Active	NO

KEY EXECUTIVES

Name :	Revathi Gollapudi
Designation :	Chief Financial Officer
Address :	Vasavi Central Court Apartments, Czech Colony, Sanathnagar, Hyderabad - 500018, Telangana, India
PAN No.:	AIDPK2783K
Date of Appointment :	27.03.2015

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders	No. of Shares
Subbarao Kattamuri	94
Sundeep Kattamuri	1
Kalyan Nagururu	1
Sushma Kattamuri	1
Parvati Kattamuri	1
Manav Jassal	1
Arun Prakash	1
Organosyn Lifesciences Private Limited, India	31134000
Glochem Industries limited, India	32399553
Total	63533653

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of development, manufacturing and marketing of Finished dosage (Oral Solids) formulations (Confirmed by management)

Products / Services:

Item Code No.	Product / Services Description
99811301	Research and experimental Development services in medical
98041000	Drugs and medicines

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

275 (Approximately)

Bankers :

Bank Name	Axis Bank Limited
Branch	Corporate Banking Branch, G. Pullareddy Building, 6-3-879/B, Greenlands, Begumpet Road, Hyderabad - 500016,  Telangana, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	240.929	19.706
Short-term borrowings
Working capital loans from banks	21.051	0.000
Total	261.980	19.706

Auditors :
Name :	Walker Chandiok and Company LLP Chartered Accountants
Address :	7th Floor, Block III, White House Kundan Bagh Begumpet, Hyderabad - 500016, Telangana, India
PAN No.:	AAAFW4298E
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Glochem Industries Limited [U24110TG1995PLC022303]
Other Related parties :	Organosyn Life Sciences Private Limited [U24100DL2011PTC223635] Beacon Advisors

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
70,000,000	Equity Shares	Rs.10/- each	Rs.700.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
63,533,653	Equity Shares	Rs.10/- each	Rs.635.336 Million

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	635.336	330.952	0.980
(b) Reserves & Surplus	(30.845)	3.421	(0.094)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	69.048	13.520
Total Shareholders’ Funds (1) + (2)	604.491	403.421	14.406
(3) Non-Current Liabilities
(a) long-term borrowings	240.929	19.706	0.000
(b) Deferred tax liabilities (Net)	18.237	0.002	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.652	1.240	0.190
Total Non-current Liabilities (3)	260.818	20.948	0.190
(4) Current Liabilities
(a) Short term borrowings	21.051	0.000	0.000
(b) Trade payables	48.140	5.371	0.020
(c) Other current liabilities	93.341	190.524	0.648
(d) Short-term provisions	0.098	0.000	0.060
Total Current Liabilities (4)	162.630	195.895	0.728
TOTAL	1027.939	620.264	15.324
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	784.233	27.583	0.000
(ii) Intangible Assets	2.904	3.449	0.000
(iii) Capital work-in-progress	5.720	313.914	1.175
(iv) Intangible assets under development	107.142	54.929	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	11.779	61.051	10.530
(e) Other Non-current assets	2.373	28.205	2.100
Total Non-Current Assets	914.151	489.131	13.805
(2) Current assets
(a) Current investments	0.000	98.785	0.000
(b) Inventories	88.574	0.909	0.000
(c) Trade receivables	15.059	13.935	0.000
(d) Cash and cash equivalents	0.708	14.626	0.731
(e) Short-term loans and advances	5.635	2.878	0.788
(f) Other current assets	3.812	0.000	0.000
Total Current Assets	113.788	131.133	1.519
TOTAL	1027.939	620.264	15.324

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	71.445	16.698	0.000
	Other Income	4.466	5.223	0.000
	TOTAL	75.911	21.921	0.000
Less	EXPENSES
	Cost of Materials Consumed	37.189	0.000	0.000
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(56.335)	0.000	0.000
	Employees benefits expense	29.004	4.864	0.000
	Other expenses	45.699	12.976	0.093
	TOTAL	55.557	17.840	0.093
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	20.354	4.081	(0.093)
Less	FINANCIAL EXPENSES	11.150	0.139	0.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9.204	3.942	(0.094)
Less/ Add	DEPRECIATION/ AMORTISATION	25.235	0.285	0.000
	PROFIT/ (LOSS) BEFORE TAX	(16.031)	3.657	(0.094)
Less	TAX	18.235	0.142	0.000
	PROFIT/ (LOSS) AFTER TAX	(34.266)	3.515	(0.094)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	3.421	(0.094)	0.000
	EARNINGS IN FOREIGN CURRENCY
	Service income	46.777	0.000	NA
	TOTAL EARNINGS	46.777	0.000	NA
	Earnings / (Loss) Per Share (Rs.)	(0.61)	0.19	(8.38)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current maturities of long-term debt	2.250	0.000	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	75.489	24.064	(2.492)
Net cash flows from (used in) operating activities	69.744	17.413	(2.492)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(47.96)	21.05	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	28.49	24.44	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.75)	1.45	(0.66)
Return on Investment (ROI) (PBT/Networth)		(0.03)	0.01	(0.01)
Debt Equity Ratio (Total Debt /Networth)		0.43	0.05	0.00
Current Ratio (Current Asset/Current Liability)		0.70	0.67	2.09

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	0.980	330.952	635.336
Reserves & Surplus	(0.094)	3.421	(30.845)
Share Application money pending allotment	13.520	69.048	0.000
Net worth	14.406	403.421	604.491
long-term borrowings	0.000	19.706	240.929
Short term borrowings	0.000	0.000	21.051
Total borrowings	0.000	19.706	261.980
Debt/Equity ratio	0.000	0.049	0.433

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	0.000	16.698	71.445
			327.866

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	0.000	16.698	71.445
Profit/loss	(0.094)	3.515	(34.266)
	0.00	21.05%	(47.96%)

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	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
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	Yes
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	Yes
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 about 2 years and 3 months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about 2 years and 3 months	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

INDUSTRY STRUCTURE AND DEVELOPMENT:

Indian pharmaceuticals market has achieved a renowned global position and stands at third largest in terms of volume and thirteen in terms of value. The Indian Pharma sector is estimated to grow at 20 percent (CAGR) over next five years and Branded Generics constitutes almost 70 to 80 percent of the growth. The Indian Pharma market size is expected to grow to US$85 billion by 2020. There has been substantial progress in terms of infrastructure development, technology base and the wide range of products manufactured. The recent amendments to the existing Foreign Direct Investment (FDI) policy in the pharmaceutical sector to cover medical devices and allowing 100% FDI is a welcoming change.

The Government initiatives and campaigns to promote “Make in India” policy is encouraging to the Industry for innovation and investments in infrastructure. The Government initiatives and Vision 2020 for Pharma Industry aims at making India a global leader in end-end drug manufacture. Further, the government has also put in place mechanisms such as the Drug Price Control Order and the National Pharmaceutical Pricing Authority to address the issue of affordability and availability of medicines. Government has been taking several cost effective measures in order to bring down healthcare expenses. Thus, governments are focusing on speedy introduction of generic drugs into the market. This too will benefit Indian pharma companies. In addition, the thrust on rural health programmes, life saving drugs and preventive vaccines also augurs well for the pharma companies.

FINANCIAL PERFORMANCE AND OPERATIONS REVIEW:

During the financial year, the Company has achieved Turnover of Rs.75.911 Million (Previous Year: 21.921 Million) and EBIDTA of Rs.20.354 Million (Previous year: 4.081 Million) mainly arising from Licensing of Dossiers and providing contract manufacturing/development services to the customers. During the year the Company has completed the construction of project and commissioned the plant. MHRA officials have inspected the plant during December 2014 and issued their report on 19th December 2014. There were no critical observations and there were some major and minor observations for which the Company has submitted Corrective and Preventive Action Report (CAPA). The Company has received GMP certificate from MHRA on March 9th, 2015. Since there were no critical observations during MHRA inspection, the Company has gone ahead and capitalised the project cost on December 20th 2014. The Company has started its commercial production from December 20th 2014.

The Company’s R&D trials and product development on various dossiers is progressing well and happy to inform that the Company has received approval for Five dossiers during the year. The Company’s investment into product development activities is significant for the growth of the Company and the Company has incurred Rs. 52.353 Million (Previous Year: 58.396 Million) towards dossier development cost in 2014-15. During the year the company has purchased dossiers from Glochem Industries Limited for an amount of Rs. 31.300 Million. The Company has not capitalised any dossier during the year. According to the accounting policy of intangibles on Product development, the cost of development of dossiers will be amortised over the period of 5 years from the date of receipt of all regulatory approvals for commercialisation of the product.

OUTLOOK

The Company has started commercial supplies from June 2015 and expects to scale up the revenues during the year. The Company expects to receive approvals during the year, for some of the products developed and revenues are expected from these products in the coming years. The Company has signed several contract development projects catering to various markets and expects to complete the same during 2015-16. Revenue from these contract development projects is expected to realise from 2016-17 onwards. The Company continues to invest in product development of various products in the coming years for registration of its products in regulated markets which helps in improving the revenues of the Company.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10477914	15/05/2015 *	472,500,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, G. PULLAREDDY BUILDING, 6-3-879/B, GREENLANDS, BEGUMPET ROAD, HYDERABAD,  TELANGANA - 500016, INDIA	C55741441

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

Intangible assets

• Computer software

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 records 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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.