MIRA INFORM REPORT

Report No. :	302610
Report Date :	09.01.2015

IDENTIFICATION DETAILS

Name :	MANEESH PHARMACEUTICALS LIMITED (w.e.f 27.03.2007)
Formerly Known As :	MANEESH PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Plot No. 29-33, Ancillary Industrial Plots, Govandi, Mumbai – 400043, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.07.1985
Com. Reg. No.:	11-036952
Capital Investment / Paid-up Capital :	Rs.187.501 Millions
CIN No.: [Company Identification No.]	U24230MH1985PLC036952
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM08382D
PAN No.: [Permanent Account No.]	AAACM3635Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and marketing of pharmaceutical formulation and other related products.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Sick Company
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	The subject company is declared as a sick unit by the Board for Industrial and Financial Reconstruction. The management has register case (Case No. 74/2012) with Board for Industrial and Financial Reconstruction under section 3 (1) (0) of sick Industrial Companies Act. The order on which for approval for rehabilitation proposal is pending. Business is active. Payments are reported to be slow but delayed. The company can be considered for business dealings on a fully secured 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is enlisted as a defaulter in the publicly available RBI Defaulters’ list.

Suit-filed accounts of Rs. 10.000 Millions and above as on 09-Jan-2015
Search details 
Borrower Containing - s

Bank	Branch	Quarter	D&B D-U-N-S® Number	Borrower Name	Outstanding Amount (Rs. In Millions)
Citibank N.A.	MUMBAI	31-12-11		Maneesh Pharmaceuticals Limited	334.900
Citibank N.A.	MUMBAI	31-03-12		Maneesh Pharmaceuticals Limited	348.291
Citibank N.A.	MUMBAI	30-06-12		Maneesh Pharmaceuticals Limited	348.291
Citibank N.A.	MUMBAI	30-09-12		Maneesh Pharmaceuticals Limited	348.291
Citibank N.A.	MUMBAI	31-12-12		Maneesh Pharmaceuticals Limited	348.291
Citibank N.A.	MUMBAI	31-03-13		Maneesh Pharmaceuticals Limited	387.059
Citibank N.A.	MUMBAI	30-06-13		Maneesh Pharmaceuticals Limited	387.059
Citibank N.A.	MUMBAI	30-09-13		Maneesh Pharmaceuticals Limited	387.059
Citibank N.A.	MUMBAI	30-09-13		Maneesh Pharmaceuticals Limited	434.491
Royal Bank Of Scotland	MUMBAI	31-12-11		Maneesh Pharmaceuticals Limited	623.776
The Royal Bank Of Scotland	MUMBAI	31-03-12		Maneesh Pharmaceuticals Limited	623.776

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non Co-Operative (Tel No.: 91-22-30570831)

LOCATIONS

Registered Office/ Factory 1 :	Plot No.29-33, Ancillary Industrial Plots, Govandi, Mumbai – 400 043, Maharashtra, India
Tel. No.:	91-22-30570831/ 25526500/ 01/ 02
Fax No.:	91-22-30570840/ 25526530
E-Mail :	info@maneeshpharma.com vinay@maneeshpharma.com admin@maneeshealth.com gauri@maneeshealth.com
Website :	http://www.maneeshpharma.com
Corporate Office :	23/24, Kalpataru Court, Dr. Choitram Gidwani Marg, Chembur, Mumbai – 400 074, Maharashtra, India
Tel. No.:	91-22-25202122/ 23/ 24
Fax No.:	91-22-25202121
Unit Locations (Including Subsidiaries) :
Factory 2 :	Plot No.40, Ancillary Industrial Plots, Govandi, Mumbai – 400 043, Maharashtra, India
Tel. No.:	91-22-25565738/ 5559/ 7093
Fax No.:	91-22-25565620/ 7095/ 25565620/ 7093
E-Mail :	maneesh@maneeshpharma.com
Factory 3 :	Plot No.35, Ancillary Industrial Plots, Govandi, Mumbai – 400043, Maharashtra, India
Factory 4 :	Plot No.16/7, TTC Industrial Area, Turbhe, Navi Mumbai – 400703, Maharashtra, India
Factory 5 :	Plot No.T-172, MIDC, Bhosari , Pune – 411 026 Maharashtra, India
Factory 6 :	Plot No.D-6 / S-25, T – Block, MIDC, Bhosari, Pune – 411 026, Maharashtra, India
Factory 7 :	Near Hindustan Lever Limited, Village : Balyana, Purgana Doon, Barotiwala Tehsil, Kasouli, District: Solan, Himachal Pradesh, India
Factory 8 :	Adjoining Hinduja Glass, Near Unichem Limited, Village : Bhatoli Kalan, Tehsil - Nalgrah, Kasouli, District: Solan, Himachal Pradesh, India
Factory 9 :	Plot No.16/6, TTC Industrial Area, Turbhe, Navi Mumbai – 400703 Maharashtra, India
Factory 10 :	Plot No.1/4, MIDC Industrial Area, Kalyan Bhiwandi Road, Village Saravali, District Thane – 421 311, Maharashtra, India
Factory 11 :	LASA Industria Farmaceutica Ltda, Rodovia SC 453 – Km 48Cx, P. 458, Distrito Industrial 89560-000, Videira-SC, Brazil
Factory 12 :	Laboratório Sanobiol Ltda. Av. das Quaresmeiras s/n - Distrito Industrial 37550-000 - Pouso Alegre / MG, Brazil
Factory 13 :	Tillomed Laboratories Limited, 3 Howard Road , Eaton Socon, St Neots, Cambridgeshire, PE19 8ET, United Kingdom

DIRECTORS

As on 27.09.2014

Name :

Mr. Vinay Ramakant Sapte

Designation :

Managing Director

Address :

61-62, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

01.06.1955

Date of Appointment :

01.04.2011

DIN No.:

00135085

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	U24230MH1977PTC019510	BOMBAY BIOSYNTEX CHEMICALS PRIVATE LIMITED	Director	30/03/1985	30/03/1985	-	Amalgamated	NO
2	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Managing director	01/04/2011	25/07/1985	-	Active	NO
3	U24239MH2000PTC126087	SVIZERA PHARMA PRIVATE LIMITED	Director	24/04/2000	24/04/2000	-	Active	NO
4	U74999MH2000PTC127603	SERVAC PHARMA (I) PRIVATE LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
5	U74900MH2000PTC126639	BOMBAY BIOSYNTEX CHEMICALS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
6	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
7	U63022MH1982PTC028483	SHANBAG STORAGE AND SERVICES PRIVATE LIMITED	Director	21/05/2002	21/05/2002	-	Amalgamated	NO
8	U24110MH1970PLC014768	MEGHDOOT CHEMICALS LIMITED	Director	12/08/2002	12/08/2002	-	Active	NO
9	U15549HP1998PTC021906	HERITAGE LABORATORIES PRIVATE LIMITED	Director	10/02/2005	10/02/2005	-	Amalgamated	NO
10	U30000MH1990PTC056294	MANTECH COUNTING AND SYSTEMS PRIVATE LIMITED	Director	30/09/2005	25/02/2005	-	Active	NO
11	U85199PN1988PTC047757	PURE HEALTH PRODUCTS PRIVATE LIMITED	Director	29/09/2005	03/08/2005	-	Active	NO
12	U73100MH2006PTC164934	SVIZERA PHARMATECH PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Strike off	NO
13	L24239TG1981PLC002915	PHAARMASIA LIMITED	Director	14/11/2012	30/04/2009	-	Active	NO
14	U24100MH2009PTC197210	Svizera Health Remedies Private Limited	Director	23/11/2009	23/11/2009	-	Active	NO
15	U74999MH2010PTC201092	SHANBAG STORAGE AND SERVICES PRIVATE LIMITED	Director	20/03/2010	20/03/2010	-	Active	NO
16	U24232MH2010PTC199429	Fullife Healthcare Private Limited	Additional director	15/05/2010	15/05/2010	15/07/2011	Active	NO

Name :

Mr. Maneesh Ramakant Sapte

Designation :

Director

Address :

51-52, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

28.06.1971

Date of Appointment :

01.10.2002

DIN No.:

00020450

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	U24239MH2000PTC126087	SVIZERA PHARMA PRIVATE LIMITED	Director	24/04/2000	24/04/2000	-	Active	NO
2	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	13/11/2000	13/11/2000	-	Active	NO
3	U74999MH2000PTC127603	SERVAC PHARMA (I) PRIVATE LIMITED	Director	29/09/2001	29/09/2001	-	Active	NO
4	U74900MH2000PTC126639	BOMBAY BIOSYNTEX CHEMICALS PRIVATE LIMITED	Director	01/04/2002	01/04/2002	-	Active	NO
5	U63022MH1982PTC028483	SHANBAG STORAGE AND SERVICES PRIVATE LIMITED	Director	21/05/2002	21/05/2002	-	Amalgamated	NO
6	U24110MH1970PLC014768	MEGHDOOT CHEMICALS LIMITED	Director	19/08/2002	19/08/2002	-	Active	NO
7	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	01/10/2002	01/10/2002	-	Active	NO
8	U24230MH1977PTC019510	BOMBAY BIOSYNTEX CHEMICALS PRIVATE LIMITED	Director	01/06/2003	01/06/2003	-	Amalgamated	NO
9	U15549HP1998PTC021906	HERITAGE LABORATORIES PRIVATE LIMITED	Director	10/02/2005	10/02/2005	-	Amalgamated	NO
10	U30000MH1990PTC056294	MANTECH COUNTING AND SYSTEMS PRIVATE LIMITED	Director	30/09/2005	25/02/2005	-	Active	NO
11	L24239TG1981PLC002915	PHAARMASIA LIMITED	Managing director	01/03/2012	01/03/2006	-	Active	NO
12	U73100MH2006PTC164934	SVIZERA PHARMATECH PRIVATE LIMITED	Additional director	25/02/2008	25/02/2008	-	Strike off	NO
13	U24100MH2009PTC197210	Svizera Health Remedies Private Limited	Director	23/11/2009	23/11/2009	-	Active	NO
14	U74999MH2010PTC201092	SHANBAG STORAGE AND SERVICES PRIVATE LIMITED	Director	20/03/2010	20/03/2010	-	Active	NO
15	U85199PN1988PTC047757	PURE HEALTH PRODUCTS PRIVATE LIMITED	Director	26/09/2012	14/01/2012	-	Active	NO

Name :

Mr. Bharat Bachubhai Merchant

Designation :

Director

Address :

8-A, Land’s End, 8^th Floor, 29-D, Doongersy Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

24.06.1948

Date of Appointment :

23.12.2010

DIN No.:

00300384

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	L16000GJ1955PLC067605	GOLDEN TOBACCO LIMITED	Director	26/07/2002	26/07/2002	-	Active	NO
2	L99999MH1985PLC036685	SEQUENT SCIENTIFIC LIMITED	Director	20/11/2003	20/11/2003	25/10/2007	Active	NO
3	U99999MH1980PTC022843	AVAZ INVESTMENT PRIVATE LIMITED	Director	30/04/2006	30/04/2006	-	Dormant	NO
4	U74900MH2007PTC175244	ACE RISK MANAGEMENT SERVICES PRIVATE LIMITED	Director	31/12/2008	12/02/2008	20/05/2009	Active	NO
5	U01407MH2008PTC186305	SSB FARMS AND DEVELOPERS PRIVATE LIMITED	Director	29/08/2008	29/08/2008	22/02/2012	Active	NO
6	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	23/12/2010	29/03/2010	-	Active	NO
7	L99999MH1975PLC018079	NIMBUS INDUSTRIES LIMITED	Director	26/10/2010	26/10/2010	30/03/2014	Active	NO

Name :

Mrs. Rashmi Vinay Sapte

Designation :

Director

Address :

61-62, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

09.02.1962

Date of Appointment :

30.03.2007

DIN No.:

00334247

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	U74999MH1997PTC107389	SVIZERA LABS PRIVATE LIMITED	Director	09/04/1999	09/04/1999	-	Active	NO
2	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	30/03/2007	30/03/2007	-	Active	NO
3	U24233MH2012PTC228588	Cardex Lifecare Private Limited	Director	22/03/2012	22/03/2012	-	Active	NO
4	U24239MH2012PTC228934	Svizera Healthcare Private Limited	Director	29/03/2012	29/03/2012	-	Active	NO

Name :

Mr. Bhupinder Narendra Garg

Designation :

Director

Address :

B-1603, 16^th Floor, Fountain Heights, Lokhandwala, Township, Akurli Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India

Date of Birth/Age :

24.06.1948

Date of Appointment :

05.01.2011

DIN No.:

03337727

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	U24230MH1985PLC036952	MANEESH PHARMACEUTICALS LIMITED	Director	05/01/2011	05/01/2011	-	Active	NO
2	L24239TG1981PLC002915	PHAARMASIA LIMITED	Director	28/09/2012	31/10/2011	-	Active	NO
3	U24233MH2012PTC228588	Cardex Lifecare Private Limited	Director	21/09/2013	10/05/2012	-	Active	NO
4	U65990MH2010PTC200107	INOVATIVE SERVICE PROVIDERS PRIVATE LIMITED	Director	24/11/2012	24/11/2012	-	Active	NO
5	U51101MH2013PTC247240	PAN INDIA IMPEX PRIVATE LIMITED	Director	20/08/2013	20/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Adnan Shabbir Shaikh
Designation :	Secretary
Address :	Flat No. 305, Building No. 2, Garib Nawaz Complex, New Colony, Ambernath (West), Thane – 421501, Maharashtra, India
Date of Birth/Age :	31.05.1988
Date of Appointment :	12.08.2014
PAN No.:	CITPS5483A

MAJOR SHAREHOLDERS

As on 27.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.18
Bodies corporate	2.69
Directors or relatives of Directors	69.93
Other top fifty shareholders	21.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and marketing of pharmaceutical formulation and other related products.

Products :

Product Description	Item Code No. (ITC Code)
Doxinate Tablets	30068000

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

• ICICI Bank Limited, Landmarkrace cource circle, Alkapuri, Vadodara – 390015, Gujarat, India
• Kotak Mahindra Bank Limited, 36-38A, Narimanbhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India
• Vijaya Bank, Andheri Branch, S.V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
• Standard Chartered Bank
• Yes Bank Limited
• Axis Bank Limited
• The Royal Bank of Scotland N.V.
• Citibank N. A.

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Rupee term loans from banks	1309.331	2011.293
Foreign currency term loans from banks	754.741	1314.609
SHORT TERM BORROWINGS
Loans repayable on demand from banks	1128.013	904.067
Other loans and advances	46.468	46.468
Total	3238.553	4276.437

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vaccha Road, Mumbai – 400020, Maharashtra, India
PAN No.:	AAAFS2967E
Memberships :	--
Collaborators :	--
Fellow Subsidiary Company :	Tillomed Laboratories Limited, UK
Subsidiary Company :	Pure Health Products Private Limited CIN No.: U85199PN1988PTC047757 Phaarmasia Limited CIN No.: L24239TG1981PLC002915 Meghdoot Chemicals Limited CIN No.: U24110MH1970PLC014768 Svizera Labs Private Limited Svizera Holdings BV Lasa Industria Farmaceutica S.A. Faromed Handelsgesellschaft M.B.H.
Associate :	Svizera Europe B.V.
Others :	Svizera Health Remedies Private Limited CIN No.: U24100MH2009PTC197210 Mantech Counting and Systems Private Limited CIN No.: U30000MH1990PTC056294 Cardex Lifecare Private Limited U24233MH2012PTC228588 Atul Pharma Agency

CAPITAL STRUCTURE

As on 27.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
29000000	Equity Shares	Rs.10/-each	Rs.290.000 Millions
1000000	Preference Shares	Rs.10/-each	Rs.10.000 Millions
	Total		Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18750123	Equity Shares	Rs.10/-each	Rs.187.501 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	187.501	125.001	125.001
(b) Reserves & Surplus	(2,536.600)	(1,784.800)	(1,374.542)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	21.925	0.000
Total Shareholders’ Funds (1) + (2)	(2,349.099)	(1,637.874)	(1,249.541)
(3) Non-Current Liabilities
(a) long-term borrowings	3,203.508	3,622.809	4,238.178
(b) Deferred tax liabilities (Net)	129.544	183.237	209.387
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	63.999	80.731	68.167
Total Non-current Liabilities (3)	3,397.051	3,886.777	4,515.732
(4) Current Liabilities
(a) Short term borrowings	1,180.037	951.441	835.324
(b) Trade payables	403.706	757.342	803.131
(c) Other current liabilities	1,397.645	1,497.725	1,048.475
(d) Short-term provisions	51.142	51.273	73.318
Total Current Liabilities (4)	3,032.530	3,257.781	2,760.248
TOTAL	4,080.482	5,506.684	6,026.439
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,180.222	1,461.485	1,522.365
(ii) Intangible Assets	92.539	426.256	570.991
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1,782.226	1,783.894	1,687.178
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	35.217	34.275	46.690
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3,090.204	3,705.910	3,827.224
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	419.410	484.850	490.307
(c) Trade receivables	438.375	493.905	818.351
(d) Cash and cash equivalents	18.697	11.187	21.726
(e) Short-term loans and advances	97.288	769.514	838.815
(f) Other current assets	16.508	41.318	30.016
Total Current Assets	990.278	1,800.774	2,199.215
TOTAL	4,080.482	5,506.684	6,026.439

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		3,367.648	3,243.461	5,220.085
		Other Income		5.272	62.709	67.422
		TOTAL (A)		3,372.920	3,306.170	5,287.507
Less	EXPENSES
		Cost of Materials Consumed		681.613	1,054.404	1,274.524
		Purchase of Stock-in-trade		867.738	359.011	1,843.605
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		22.832	(33.253)	(16.519)
		Employee Benefits Expenses		347.525	416.487	366.554
		Other Expenses		859.072	1,110.115	1,167.072
				895.032	150.470	4,846.370
				21.861	2.776	69.162
		TOTAL (B)		3,695.673	3,060.010	9,550.768
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(322.753)	246.160	(4,263.261)
Less	FINANCIAL EXPENSES (D)			458.783	464.660	558.203
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			(781.536)	(218.500)	(4,821.464)
Less	DEPRECIATION/ AMORTISATION (F)			186.135	213.101	212.704
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			(967.671)	(431.601)	(5,034.1680
Less	TAX (H)			(53.693)	(26.150)	1.321
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(913.978)	(405.451)	(5,035.489)
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	1168.349	343.976	425.242
	TOTAL EARNINGS			1168.349	343.976	425.242
	IMPORTS
			Raw Materials	72.016	144.744	145.726
	TOTAL IMPORTS			72.016	144.744	145.726
	Earnings / (Loss) Per Share (Rs.)			(48.75)	(32.44)	(402.84)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(27.14)	(12.50)	(96.46)
Operating Profit Margin (PBIDT/Sales)	(%)	(9.58)	7.59	(81.67)
Return on Total Assets (PBT/Total Assets}	(%)	(42.10)	(11.59)	(116.01)
Return on Investment (ROI) (PBT/Networth)		0.41	0.26	4.03
Debt Equity Ratio (Total Debt /Networth)		(1.87)	(2.79)	(4.06)
Current Ratio (Current Asset/Current Liability)		0.33	0.55	0.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	125.001	125.001	187.501
Reserves & Surplus	(1374.542)	(1784.800)	(2536.600)
Share Application money pending allotment	0.000	21.925	0.000
Net worth	(1249.541)	(1637.874)	(2349.099)
Long Term borrowings	4238.178	3622.809	3203.508
Short Term borrowings	835.324	951.441	1180.037
Total borrowings	5073.502	4574.250	4383.545
Debt/Equity ratio	(4.060)	(2.793)	(1.866)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	5,220.085	3,243.461	3,367.648
		(37.866)	3.829

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	5,220.085	3,243.461	3,367.648
Profit	(5,035.489)	(405.451)	(913.978)
	(96.46%)	(12.50%)	(27.14%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS

Case Details
Bench:- Bombay
Lodging No.:-	EXAL/1042/2013	Filing Date:-	12/09/2013	Reg. No.:-	EXA/895/2014	Reg. Date:-	16/08/2014
Petitioner:-	CONTRACT ADVERTISING (INDIA) PRIVATE LIMITED		Respondent:-	MANEESH PHARMACEUTICALS LIMITED
Petn.Adv:-	DOIJODE ASSOCIATES
District:-	MUMBAI
Bench:-	SINGLE
Status:-	Pre-Admission		Category:-	EXECUTION APPLICATIONS.
Last Date:-	15/01/2014		Stage:-	FOR REJECTION [ORIGINAL SIDE MATTERS]
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER
Act :-	Code of Civil Procedure 1908

CIVIL CASE STATUS

COMPANY STATUS
Case No.	Company name	Address	Status	Date of Last Order
74/2012	MANEESH PHARMACEUTICALS LIMITED	Plot No.29-33, Ancillary Industrial Plots, Govandi, Mumbai	Declared Sick / DRS Awaited	21/11/2014

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Loans and advances from related parties	709.916	296.907
Other loans and advances, others	429.520	0.000
SHORT TERM BORROWINGS
Loans and advances from related parties	0.527	0.906
Other loans and advances	5.029	0.000
Total	1144.992	297.813s

OVERVIEW

The Company is a pharmaceutical Company producing a wide range of quality generic and branded formulations. The Company along with its subsidiaries has manufacturing locations spread across India and abroad with trading and other incidental and related account.

OPERATION AND FINANCIAL PERFORMANCE:

Sales and Services (Gross) for the year under review were Rs. 3448.719 Millions as against Rs.3337.280 Millions in the previous year. The Profit/Loss before Tax (before considering exceptional items and extra ordinary items) was at Rs. (50.775) Millions as against Rs. (278.355) Millions in the previous year.

During Previous year, the Company has become a sick Industrial Company u/s 3(1) (o) of SICA and has filed its reference before Board for Industrial & Financial Reconstruction, New Delhi in the month of Nov.? 2012 and the same has been registered as case no. 74/2012 but not yet approved till date.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10330367	13/06/2014 *	1,105,800,000.00	PEGASUS GROUP TWENTY SIX TRUST - I- PEGASUS ASSETS  RECONSTRUCTION PRIVATE LIMITED	55-56, 5TH FLOOR, FREE PRESS HOUSE, NARIMAN POINT  , MUMBAI, MAHARASHTRA - 400021, INDIA	C31788334
2	10273942	08/06/2011 *	185,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	B13910161
3	10206827	13/06/2014 *	100,000,000.00	PEGASUS GROUP TWENTY SIX TRUST - I- PEGASUS ASSETS  RECONSTRUCTION PRIVATE LIMITED	55-56, 5TH FLOOR, FREE PRESS HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C32577785
4	10127537	11/10/2008	250,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A49346604
5	10116170	26/07/2008	200,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A43179076
6	10117554	25/07/2008	200,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A43711050
7	10151826	26/03/2010 *	1,788,300,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA  , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA  - 400051, INDIA	A82856980
8	10100057	23/04/2008	450,000,000.00	ABN AMRO BANK N.V.	74, SAHAKAR BHAVAN, 7TH FLOOR,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A37122702
9	10096472	09/04/2008	400,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A35989987
10	10084389	11/01/2008	185,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA	A30820187
11	10080716	13/12/2007	200,000,000.00	AXIS BANK LIMITED	FORT BRANCH, UNIVERSAL INSU BLDG.,, SIR P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A29149267
12	10054244	16/03/2007	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A14531867
13	10049294	14/03/2007	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A14613087
14	10049634	14/03/2007	500,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A14531297
15	10034622	23/12/2006	420,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A09482464
16	10063735	30/04/2013 *	182,500,000.00	ADHRIT EDUCATION PRIVATE LIMITED	FLAT NO.2, NARAYAN BHUVAN, BHANDARKAR ROAD, MATUNGA CENTRAL, MUMBAI, MAHARASHTRA - 400019, INDIA	B75356212
17	10074814	05/09/2008 *	206,930,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A45540531
18	80008223	13/06/2014 *	640,000,000.00	PEGASUS GROUP TWENTY SIX TRUST - I- PEGASUS ASSETS  RECONSTRUCTION PRIVATE LIMITED	55-56, 5TH FLOOR, FREE PRESS HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	C31789316
19	80047136	19/07/2004	180,000,000.00	EXPORT-IMPORT BANK OF INDIA	W T C COMPLEX , CUFFE PARADE , MUMBAI, MAHARASHTRA - 400005, INDIA	-
20	80047138	14/06/2004	126,000,000.00	STANDARD CHARTERED BANK	90, M.G. RD. , FORT, , MUMBAI, MAHARASHTRA - 400001, INDIA	-
21	90172934	25/02/2004	9,000,000.00	CORPORATION BANK	DLF, GURGAON, HARYANA, INDIA	-
22	80067094	29/10/2013 *	215,000,000.00	ALCHEMIST ASSET RECONSTRUCTION COMPANY LIMITED	D-54 (FIRST FLOOR), DEFENCE COLONY, NEW DELHI, DELHI - 110024, INDIA	B92159177

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.63.45
UK Pound	1	Rs.95.99
Euro	1	Rs.75.28

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	VNT

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.