MIRA INFORM REPORT

Report No. :	302703
Report Date :	12.01.2015

IDENTIFICATION DETAILS

Name :	EAST INDIA PHARMACEUTICAL WORKS LIMITED
Registered Office :	6 Little Russel Street, Nandalal Bose Sarani, Kolkata – 700071, West Bengal
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.04.1936
Com. Reg. No.:	21-008598
Capital Investment / Paid-up Capital :	Rs. 66.745 Millions
CIN No.: [Company Identification No.]	U24231WB1936PLC008598
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALE00068F
PAN No.: [Permanent Account No.]	AAACE5779P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals and Pharmaceuticals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for dealing 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 – 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

Rating Agency Name	ICRA
Rating	Fund Based Limits (BBB-)
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	April 2014

Rating Agency Name	ICRA
Rating	Non- Fund Based Limits (A3)
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	April 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 31-03-2014.

LOCATIONS

Registered Office :	6 Little Russel Street, Nandalal Bose Sarani, Kolkata – 700071, West Bengal, India
Tel. No.:	91-33-22872262/ 3004/ 3007/ 3009/ 3041/ 22830709
Fax No.:	91-33-22873853/ 4289
E-Mail :	eipwl@cal.vsnl.net.in dev200653@rediffmail.com cs@eastindiapharma.org eastindia@eastindiapharma.org
Website :	http://www.eastindiapharma.org
Factory 1 :	119, Biren Roy Road (West) , Kolkata – 700061, West Bengal, India
Tel. No.:	2493-3135 / 3284/ 3384/3435/4283/6897
Fax No.:	91-33-24937274
E-Mail :	eisf@eastindiapharma.org office@eastindiapharma.org
Factory 2 :	Waria Road, Raturia, Durgapur – 71321, West Bengal, India
Tel. No.:	255 5813 / 6177
Fax No.:	91-343-2555813
E-Mail :	eipwl_durgapur@eastindiapharma.org
Training Centre :	102, Shyama Prosad Mukherjee Road, Kolkata – 700026, West Bengal, India
Tel. No.:	91-33-2455 2490
Branch Office :	Located at : Andhra Pradesh Karnataka Bihar Delhi Haryana Assam Orissa Uttar Pradesh West Bengal Tamil Nadu Kerala Madhya Pradesh Rajasthan Maharashtra

DIRECTORS

As on 19.09.2014

Name :

Mr. Amit Kumar Sen

Designation :

Managing Director

Address :

63 Jodhpur Park, Kolkata – 700068, West Bengal, India

Date of Birth/Age :

06.04.1943

Date of Appointment :

11.05.1984

DIN No.:

00032823

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	U24231WB1936PLC008598	EAST INDIA PHARMACEUTICAL WORKS LIMITED	Managing director	11/05/1984	11/05/1984	-	Active	NO
2	U91990WB1907GAP001754	THE BENGAL CLUB LIMIED	Director	11/05/1984	11/05/1984	31/05/2013	Active	NO
3	U91110MH1979NPL021571	ALL INDIA MANUFACTURERS ORGANIZATION	Director	11/05/1984	11/05/1984	29/05/2012	Active	NO
4	U74140WB1940PTC009964	A K SEN AND CO PRIVATE LIMITED	Director	01/06/1985	01/06/1985	-	Active	NO
5	U51909WB1991PLC053360	ADEIQ INTERNATIONAL LIMITED	Director	11/10/1991	11/10/1991	-	Strike off	NO
6	U30009WB1992PTC056637	ABADOO PROJECTS INDIA PRIVATE LIMITED	Director	18/09/1992	18/09/1992	26/02/2011	Active	NO
7	U85110WB1993PTC058605	QASAR HEALTHCARE PRIVATE LIMITED	Director	20/04/1993	20/04/1993	-	Active	NO
8	U51109WB2000PTC090913	MAPP CONSULTANTS PRIVATE LIMITED	Director	12/01/2000	12/01/2000	-	Strike off	NO
9	U91990WB2001NPL093699	ASSOCIATION FOR SOCIAL AND ENVIRONMENTAL DEVELOPMENT	Director	04/10/2001	04/10/2001	-	Active	NO
10	U91110WB1940NPL010249	BENGAL NATIONAL CHAMBER OF COMMERCE AND INDUSTRY	Director	29/09/2004	29/09/2004	25/09/2013	Active	NO

Name :

Mr. Probir Ray

Designation :

Director

Address :

10 Securin Roy Road, Behala, Kolkata – 700034, West Bengal, India

Date of Birth/Age :

19.04.1944

Date of Appointment :

19.09.2014

DIN No.:

00033045

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
1	U24119WB1963SGC025873	DURGAPUR CHEMICALS LIMITED	Director	07/01/1997	07/01/1997	26/03/2014	Active
2	U15419WB1986PLC040729	KEVENTER AGRO LIMITED	Director	16/05/2005	16/05/2005	-	Active
3	L74140WB1996PLC081521	SHALIMAR WIRES INDUSTRIES LIMITED	Director	29/09/2014	21/07/2005	-	Active
4	U24231WB1936PLC008598	EAST INDIA PHARMACEUTICAL WORKS LIMITED	Director	19/09/2014	25/07/2005	-	Active
5	U25112WB1984GOI037225	TYRE CORPORATION OF INDIA LIMITED	Director	05/12/2005	05/12/2005	04/12/2008	Active
6	U28999AP1966GOI001202	BHARAT HEAVY PLATE AND VESSELS LIMITED	Director	03/04/2007	03/04/2007	18/03/2010	Amalgamated
7	U70101WB2007PTC118817	TWISTER ENCLAVE PRIVATE LIMITED	Director	03/12/2007	03/12/2007	-	Active
8	U91110WB1940NPL010249	BENGAL NATIONAL CHAMBER OF COMMERCE AND INDUSTRY	Director	27/09/2010	27/09/2010	26/09/2011	Active
9	L20211WB1957PLC023493	SARDA PLYWOOD INDUSTRIES LIMITED	Director	23/09/2011	09/05/2011	-	Active

Name :

Mr. Ranbir Mukherjee

Designation :

Director

Address :

16/2Q, Dover Lane, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

03.12.1928

Date of Appointment :

23.08.1991

Qualification :

MBBS (Cal), DMOS (Cal), MS (Lucknow), Ph. D (Cal), FRC Ophth (London)

DIN No.:

00042992

Other Directorship :

Name :

Mr. Dilip Samadar

Designation :

Director

Address :

FE-248, Sector III, Salt Lake City, Kolakata – 700091, West Bengal, India

Date of Birth/Age :

03.12.1928

Date of Appointment :

19.09.2014

DIN No.:

00174153

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	U55101WB1990PLC049988	PEERLESS HOTELS LIMITED	Director	28/12/1999	28/12/1999	27/05/2014	Active	NO
2	U67120WB1995PLC067616	PEERLESS SECURITIES LIMITED	Director	25/06/2003	25/06/2003	29/04/2008	Active	NO
3	U85110WB1989PLC046938	PEERLESS HOSPITEX HOSPITAL AND RESEARCH CENTER LIMITED	Managing director	01/08/2012	15/03/2004	-	Active	NO
4	U24231WB1936PLC008598	EAST INDIA PHARMACEUTICAL WORKS LIMITED	Director	19/09/2014	22/07/2012	-	Active	NO
5	U70101WB1994PLC063280	BENGAL PEERLESS HOUSING DEVELOPMENT COMPANY LIMITED	Nominee director	09/08/2014	21/08/2013	-	Active	NO

Name :

Mrs. Suman Kumar Mukerjee

Designation :

Director

Address :

CJ – 34, Sector III, Salt Lake City, Kolakata – 700091, West Bengal, India

Date of Birth/Age :

02.18.1949

Qualification :

M.A., Ph.D

Date of Appointment :

04.08.2011

Din No.:

01262841

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
1	U74140WB2005PLC106083	S JAYKISHAN FINANCIAL CONSULTING LIMITED	Director	16/03/2006	16/03/2006	-	Active
2	U24231WB1936PLC008598	EAST INDIA PHARMACEUTICAL WORKS LIMITED	Director	04/08/2011	04/08/2011	-	Active
3	L51909WB1947PLC014515	JARDINE HENDERSON LIMITED	Director	24/07/2014	29/05/2014	-	Active

Name :

Debarshi Duttagupta

Designation :

Managing Director

Address :

28/1A, Gariaht Road, B-2, Fl-15, Kolakata – 700029, West Bengal, India

Date of Birth/Age :

09.10.1976

Date of Appointment :

01.09.2012

DIN No.:

01515595

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	U85110WB1993PTC058605	QASAR HEALTHCARE PRIVATE LIMITED	Director	21/07/2007	21/07/2007	-	Active	NO
2	U24231WB1936PLC008598	EAST INDIA PHARMACEUTICAL WORKS LIMITED	Managing director	01/09/2012	30/06/2010	-	Active	NO

Name :

Mrs. Sukamal Chand Basu

Designation :

Director

Address :

DL – 34, Sector II, Salt Lake City, Kolakata – 700091, West Bengal, India

Date of Birth/Age :

15.12.1946

Date of Appointment :

19.09.2014

DIN No.:

01735626

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	L15142WB1947PLC014811	SWAIKA VANASPATI PRODUCTS LIMITED	Director	18/04/2007	18/04/2007	24/01/2013	Active	NO
2	U72100WB2000PTC091814	BMG ITECH PRIVATE LIMITED	Director	23/08/2008	23/08/2008	21/05/2012	Active	NO
3	U24231WB1936PLC008598	EAST INDIA PHARMACEUTICAL WORKS LIMITED	Director	19/09/2014	22/06/2010	-	Active	NO
4	U65923WB2010PTC156220	INTELLIGENT MONEY MANAGERS PRIVATE LIMITED	Director	22/10/2014	08/10/2012	-	Active	NO
5	U80220WB2010PTC151243	RIVERSIDE MANAGEMENT ACADEMY PRIVATE LIMITED	Director	01/06/2013	01/06/2013	-	Active	NO

Name :

Mr. Abijeet Banerjee

Designation :

Director

Address :

25/1B, Rahim Ostagar Road, Kolakata – 700045, West Bengal, India

Date of Birth/Age :

17.10.2069

Date of Appointment :

27.06.2013

DIN No.:

02940563

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	U85100WB2009PTC132578	ASHOK NURSING HOME AND HEALTHCARE PRIVATE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO
2	U93020WB2010PTC144631	ASHOK LABORATORY CLINICAL TESTING CENTRE PRIVATE LIMITED	Director	29/03/2010	29/03/2010	-	Active	NO
3	U85191WB2011PTC160599	ASHOK AYURVEDA PRIVATE LIMITED	Director	10/03/2011	10/03/2011	-	Active	NO
4	U24231WB1936PLC008598	EAST INDIA PHARMACEUTICAL WORKS LIMITED	Director	27/06/2013	27/06/2013	-	Active	NO

Name :

Mr. Himadri Sen Gupta

Designation :

Director

Address :

D-615A, Lake Gardens, Kolkata – 700045, West Bengal, India

Date of Birth/Age :

20.11.1951

Date of Appointment :

25.06.2010

DIN No.:

03208107

Name :

Mr. Chira Ranjan Addy

Designation :

Director

Address :

3-2^nd Floor, Peary Mohan Roy Road, Chetla, Kolkat – 700027, West Bengal, India

Date of Birth/Age :

24.09.1957

Qualification :

B.A., LLB, Attorney of Law

Date of Appointment :

27.06.2013

DIN No.:

06606168

KEY EXECUTIVES

Name :	Mr. Hirjhar Mukhopadhyay
Designation :	Company Secretary
Address :	18 Borodighir Dhar Chandan Nagar, Hooghly, West Bengal, India
Date of Birth/Age :	24.09.1957
Date of Appointment :	14.06.1994
PAN No.:	AEEPM2301N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2014

SHAREHOLDER DETAILS FILE ATTACHED

As on 19.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	28.96
Other top fifty shareholders	35.74
Others	35.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals and Pharmaceuticals.

Products :

Product Description	Item Code No. (ITC Code)
Pharmaceutical Formulation	3004
Enteroquinol Tablets	30049029

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	United Bank of India
Branch Address	53, Shyamaprasad Mukherjee Road, Kolkata – 700026, West Bengal, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Rupee term loans from banks	0.000	1.017
Total	0.000	1.017

Auditors :
Name :	M/S APS Associates Chartered Accountants
Address :	3-C Madan Street, 1^st Floor , Kolkata – 700072, West Bengal, India
PAN No.:	AADFA8794N
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Qasar Healthcare Private Limited CIN No.: U85110WB1993PTC058605

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued Capital:

No. of Shares	Type	Value	Amount
6675543	Equity Shares	Rs.10/- each	Rs. 66.755 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6674858	Equity Shares	Rs.10/- each	Rs. 66.748 Millions
	Less : Unpaid by others		Rs.0.003 Million
	Total		Rs. 66.745 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	66.745	66.745	66.745
(b) Reserves & Surplus	298.059	275.112	290.745
(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)	364.804	341.857	357.490
(3) Non-Current Liabilities
(a) long-term borrowings	8.315	19.033	24.374
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	38.408	38.384	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	46.723	57.417	24.374
(4) Current Liabilities
(a) Short term borrowings	215.381	221.222	189.058
(b) Trade payables	240.513	176.152	171.373
(c) Other current liabilities	174.766	156.988	119.952
(d) Short-term provisions	15.778	1.261	24.186
Total Current Liabilities (4)	646.438	555.623	504.569
TOTAL	1057.965	954.897	886.433
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	103.796	115.879	131.870
(ii) Intangible Assets	4.622	5.778	7.222
(iii) Capital work-in-progress	1.951	4.443	1.142
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.100	0.100	0.100
(c) Deferred tax assets (net)	29.887	27.871	24.012
(d) Long-term Loan and Advances	6.264	5.622	3.825
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	146.620	159.693	168.171
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	186.384	177.729	193.301
(c) Trade receivables	548.959	464.268	354.360
(d) Cash and cash equivalents	112.981	96.440	106.115
(e) Short-term loans and advances	63.021	56.767	64.486
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	911.345	795.204	718.262
TOTAL	1057.965	954.897	886.433

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1275.521	1193.458	1276.015
		Other Income	4.602	1.473	1.026
		TOTAL	1280.123	1194.931	1277.041
Less	EXPENSES
		Cost of Materials Consumed	417.116	421.164	397.914
		Purchases of Stock-in-Trade	3.343	5.729	7.282
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.078	18.585	19.790
		Employees benefits expense	377.407	362.348	360.824
		Other expenses	386.146	343.147	377.766
		TOTAL	1186.090	1150.973	1163.576
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		94.033	43.958	113.465
Less	FINANCIAL EXPENSES		42.169	40.305	32.491
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		51.864	3.653	80.974
Less/ Add	DEPRECIATION/ AMORTISATION		19.677	23.144	24.287
	PROFIT/ (LOSS) BEFORE TAX		32.187	(19.491)	56.687
Less	TAX		1.484	(3.859)	17.801
	PROFIT/ (LOSS) AFTER TAX		30.703	(15.632)	38.886
	EARNINGS IN FOREIGN CURRENCY		0.058	1.791	2.302
	IMPORTS
		Raw Materials	130.237	132.532	68.734
	TOTAL IMPORTS		130.237	132.532	68.734
	Earnings Per Share (Rs.)		4.60	(2.34)	5.83

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	2.41	(1.31)	3.05
Operating Profit Margin (PBDIT / Sales)	(%)	7.37	3.68	8.89
Return on Total Assets (PBT/Total Assets}	(%)	3.14	(2.11)	6.58
Return on Investment (ROI) (PBT/Networth)		0.09	(0.06)	0.16
Debt Equity Ratio (Total Debt /Networth)		0.61	0.70	0.60
Current Ratio (Current Asset/Current Liability)		1.41	1.43	1.42

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	66.745	66.745	66.745
Reserves & Surplus	290.745	275.112	298.059
Net worth	357.490	341.857	364.804
long-term borrowings	24.374	19.033	8.315
Short term borrowings	189.058	221.222	215.381
Total borrowings	213.432	240.255	223.696
Debt/Equity ratio	0.597	0.703	0.613

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	1276.015	1193.458	1275.521
		(6.470)	6.876

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	1276.015	1193.458	1275.521
Profit	38.886	(15.632)	30.703
	3.05%	(1.31)%	2.41%

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	----------------------
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	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Public deposits	8.315	18.016
Short Term Borrowing
Working capital loans from banks	203.298	212.729
Public deposits	12.083	8.493
Total	223.696	239.238

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	ADDRESS	Service Request Number (SRN)
1	80014904	12/10/2006 *	169,900,000.00	UNITED BANK OF INDIA	53, SHYAMAPRASAD MUKHERJEE ROAD, KOLKATA- 700026, WEST BENGAL, INDIA	-
2	80027112	24/11/2014 *	406,300,000.00	United Bank of India	HAZRA ROAD BRANCH, 53, SHYAMAPRASAD MUKHERJEE ROA D, KOLKATA- 700026, WEST BENGAL, INDIA

* Date of charge modification

REVIEW OF OPERATIONS

In 2013-14 Indian Pharma Market experienced slow down with its growth rate going down to 9.8% from 16.6% of the previous year. This slow down can be attributed to the new Pharmaceutical Pricing Policy (NPPP). The NPPP implementation and the subsequent price corrections have resulted in a low off take in the first and second quarter of 2013-14.

There has been a decline in the growth of the top Indian companies as well as multinational companies. The trends in 2013-14 with the implementation of NPPP by the Govt. of India resulted in a drop of margin of all products that came under the purview of NPPP.

Against the above background, last year was one of the most challenging years. As stated earlier that new Drug

Price Control Order came into reality in May, 2013. As a result 9 of there products were affected, particularly, the Pyrigesic (paracetamol) group. Moreover, it created dispute with the Chemists and Druggists? Association as they demanded status quo on the quantum of commission and in general refused to accept the new norms as prescribed in the new DPCO. This impasse continued for the first 4 months till an understanding was arrived at. As a result, there sales for the first 6 months suffered, as the Pyrigesic (paracetamol) group is one of there important segments.

Enteroquinol came out of the DPCO, which they have already informed the. Fortunately during the year the price of Iodine also c down. As a result, they have been able to produce about Rs. 449.300 millions of tablet compared to 40.32 crores of the previous year. Throughout the year, there were concerted efforts to increase the turnover. They are happy to inform the that the turnover has increased to Rs. 1356.200 millions as against Rs. 1260.500 millions of last year. Rigorous measures are being taken to maintain the upward trend.

The other major challenges they faced during the year is cash crunch. As reported earlier, in the first 6 months, the tussle with the Chemists and Druggists? Association adversely affected sales and collection. While negotiation was in process with UBI for enhancing the credit limit as well as for the Capex loan, RBI put an embargo on UBI not to enhance the limit of those who are enjoying the credit limit exceeding Rs.100.000 millions. It still continues. As a result of this, cash crunch continued throughout the year. They are grateful to there suppliers and employees for bearing with us during this critical period.

MANAGEMENT DISCUSSION AND OUTLOOK

As a developing country the demand of quality healthcare in India is growing faster. Therefore, it is imperative the policy makers should put more emphasis on the growth of healthcare service so that it caters every section of there society. It is expected that in the next 5 years the government expenditure on healthcare should increase to 5% of GDP as compared to little over 1% now. Currently only a negligible portion of India 12 billion population have any access to affordable healthcare services. With widening scope of the Indian healthcare services, it is expected the Pharma Sector will also grow tremendously in the next 5 years.

They are now at the doorstep of there 80th. year. The last two years have been both trying and challenging for us. In spite of all the hurdles, there shareholders have put their faith on us. Hopefully, they have left behind there nightmarish days and with all ther support, the year 2014-15 will be the turnaround year. They need to spend about Rs. 80.000 millions for refurbishing there factories at Sarsuna and Durgapur to comply with the new regulations. They are confident that with a much improved result, they will be able to procure necessary funds for Capex.

The current year has started on a positive note. If the trend continues, they will be able to reach there target. There strength is there employees. They have stood by us during the last two years and they are grateful to them. They are also indebted to medical fraternity for their support. There suppliers have continued to support us in difficult times. There grateful thanks to them. There Bankers, UBI and HSBC, in spite of their difficulties have helped us and they hope after the end of current impasse, they will have the privilege of their support again. With all there stakeholders support, they hope for a bright 2014-15.

FIXED ASSETS

• Land
• Building
• Machinery
• Plant and Equipment
• Office Equipment
• Furniture and Fixture
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.94.16
Euro	1	Rs.73.61

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.