MIRA INFORM REPORT

Report No. :	303568
Report Date :	16.01.2015

IDENTIFICATION DETAILS

Name :	NUTRA SPECIALITIES PRIVATE LIMITED (w.e.f. 28.03.2007)
Formerly Known As :	NEUTRA SPECIALITIES PRIVATE LIMITED
Registered Office :	No.26, Vandalur-Kelambakkam Main Road, Keelakottaiyur, Chennai – 600 048, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.09.2005
Com. Reg. No.:	18-057504
Capital Investment / Paid-up Capital :	Rs.205.250 millions
CIN No.: [Company Identification No.]	U24231TN2005PTC057504
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEN05728C
PAN No.: [Permanent Account No.]	AACCN1943Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Active Pharmaceutical Ingredient.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of some accumulated losses incurred by the company. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	Term Loan Facilities: BB-
Rating Explanation	Moderate risk of default.
Date	May, 2014

Rating Agency Name	ICRA
Rating	Short-Term Fund Based Facilities: A4
Rating Explanation	Minimal degree of safety. It carry very high credit risk.
Date	May, 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.

INFORMATION PARTED BY (PARTIAL DETAILS)

Name :	Mr. Satyajit Mohan
Designation :	Accounts and Finance Manager
Contact No.:	91-44-42984141
Date :	15.01.2015

LOCATIONS

Registered Office :	No.26, Vandalur-Kelambakkam Main Road, Keelakottaiyur, Chennai – 600 048, Tamilnadu
Tel No.:	91-44-47445353/ 27479294
Fax No.:	91-44-27479293
E-Mail :	suresh.r@lifecellinternational.com mahesh.d@lifecell.in
Website :	www.nutraforlife.com
Corporate Office :	No.4, First Floor, Bharathi Nagar, 4^th Street, T. Nagar, Chennai – 600 017, Tamilnadu, India
Tel No.:	91-44-42984141
Fax No.:	91-44-42121880
E-Mail :	marketing@nutraforlife.com
Factory:	Sr. No.69, Chandrapadiya village, Vinjamur Mandal, Nellore District – 524 228 Andhra Pradesh, India
Tel No.:	91-8629-214145/ 6 91-8627-300100
Fax No.:	91-8627-300111
US Office:	200, Galleria Parkway Suite 450, Atianta GA 30339, USA
Tel No.:	001 770 916 1722
Fax No.:	001 770 916 1933

DIRECTORS

AS ON 04.09.2014

Name :

Mr. Ramamurthy Thyagarajan

Designation :

Director

Address :

No.12, Besant Road, Royapettah, Chennai – 600 014, Tamilnadu, India

Date of Birth/Age :

25.08.1937

Date of Appointment :

30.09.2008

DIN No. :

00185036

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	U99999MH1985PLC035149	CREDENTIAL FINANCE LIMITED	Director	20-09-1996	20-09-1996	26-08-2009	Dormant	NO
2	U22219TN1993PLC025407	ECONOMIST COMMUNICATIONS LIMITED	Director	11-06-2002	11-06-2002	-	Active	NO
3	U72200TN2000PTC044605	SHRIRAM CENTRE FOR LEARNING PRIVATE LIMITED	Director	02-01-2003	02-01-2003	20-11-2011	Active	NO
4	U85196TN2004PTC053577	LIFECELL INTERNATIONAL PRIVATE LIMITED	Director	08-07-2004	08-07-2004	-	Active	NO
5	U67120TN1995PTC030953	ABUSHA INVESTMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	08-07-2004	08-07-2004	26-05-2008	Converted to LLP and dissolved	NO
6	U65929TN2004NPL053788	CONFEDERATION OF INDIAN NON BANKING FINANCE ENTITIES	Director	21-07-2004	21-07-2004	-	Active	NO
7	U66010TG2005PLC045616	SHRIRAM LIFE INSURANCE COMPANY LIMITED	Director	15-03-2005	15-03-2005	10-12-2009	Active	NO
8	U66010RJ2006PLC029979	SHRIRAM GENERAL INSURANCE COMPANY LIMITED	Director	28-07-2006	28-07-2006	10-11-2009	Active	NO
9	U65991TN2007PLC064133	TVS CAPITAL FUNDS LIMITED	Director	20-08-2008	21-10-2007	-	Amalgamated	NO
10	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	30-09-2008	17-11-2007	-	Active	NO
11	U85100TN2007PTC063975	TRI CELL THERAPEUTICS PRIVATE LIMITED	Director	30-09-2008	03-12-2007	-	Active	NO
12	L25209TN1986PLC013098	VICTORY LAMINATIONS LIMITED	Director	01-11-2011	01-11-2011	18-10-2014	Active	NO
13	U74900TN1995PLC032506	SHRIRAM VENTURE LIMITED	Additional director	04-02-2013	04-02-2013	-	Active	NO
14	U93090TN1996PLC034522	MEDISPAN LIMITED	Additional director	04-10-2013	04-10-2013	-	Active	NO
15	U65191TN1994PLC028851	TVS Capital Funds Limited	Director	01-09-2014	01-11-2013	-	Active	NO

Name :

Mr. Vallavanur Subramaniam Pattabiraman

Designation :

Whole-time Director

Address :

No.2-A, Jeypore Palace, 12, Padmavathiar Road, Gopalapuram, Chennai – 600 086, Tamilnadu, India

Date of Appointment :

15.09.2005

DIN No. :

00784247

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	U74210TN2002PTC049065	PRECIMAX TECH PRIVATE LIMITED	Director	10-06-2002	10-06-2002	01-11-2007	Active	YES
2	U85196TN2004PTC053577	LIFECELL INTERNATIONAL PRIVATE LIMITED	Director	28-06-2004	28-06-2004	15-02-2013	Active	NO
3	U67120TN1995PTC030953	ABUSHA INVESTMENT AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	08-07-2004	08-07-2004	26-05-2008	Converted to LLP and dissolved	NO
4	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Whole-time director	15-09-2005	15-09-2005	-	Active	NO
5	U52311TN2005PTC057635	NEUTRA MARKETING PRIVATE LIMITED	Director	27-09-2005	27-09-2005	-	Strike off	NO
6	U85100TN2007PTC063975	TRI CELL Therapeutics Private Limited	Director	15-06-2007	15-06-2007	-	Active	NO
7	L21012TN2005PLC092783	SERVALAKSHMI PAPER LIMITED	Director	26-09-2014	09-06-2012	-	Active	NO
8	AAB-4427	BRAHMAVIDYA LLP	Designated Partner	04-04-2013	04-04-2013	-	Active	NO

Name :

Mr. Aaditya Tikmani

Designation :

Director

Address :

New No.5, Lakshmi Street, Kilpauk, Chennai – 600 010, Tamilnadu, India

Date of Appointment :

04.09.2014

DIN No. :

01581145

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	U65191TN1995PTC033118	T.G.I. PACKAGING PRIVATE LIMITED	Director	02-04-2005	02-04-2005	14-08-2012	Active	NO
2	U26101TN1976PTC007152	COROMANDEL REFRACTORIES PRIVATE LIMITED	Director	28-06-2013	28-06-2013	-	Active	NO
3	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	04-09-2014	04-09-2014	-	Active	NO

Name :

Mr. Giridhar Gopal Pulleti

Designation :

Director

Address :

Plot No. MIG 41/A, Flat No. 3-2, MCH Park, Beside Vengala Rao Nagar, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

10.08.1968

Date of Appointment :

29.09.2011

DIN No. :

01594062

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	U24232TG2007PTC052453	SANOVA PHARMA CHEM PRIVATE LIMITED	Director	22-01-2007	22-01-2007	-	Active	NO
2	L24230MH2006PLC158589	DR.DATSONS LABS LIMITED	Director	04-05-2010	20-03-2010	-	Active	NO
3	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	29-09-2011	21-05-2010	-	Active	NO
4	L65999MH1985PLC035113	FINAVENTURE CAPITAL LIMITED	Director	30-09-2011	20-11-2010	-	Active	NO
5	U24297TG2009PTC064991	CHEMSYNTH LABORATORIES PRIVATE LIMITED	Director	03-01-2011	03-01-2011	03-04-2011	Active	NO
6	U24232TG2012PTC084908	RAICHUR LABORATORIES PRIVATE LIMITED	Director	18-12-2012	18-12-2012	-	Active	NO
7	U24232AP2012PTC085122	ABHUSHA PHARMA PRIVATE LIMITED	Director	31-12-2012	31-12-2012	-	Active	NO
8	U74130TG2003PTC041399	ACURA LABS PRIVATE LIMITED	Additional director	25-08-2014	25-08-2014	-	Active	NO

Name :

Mr. Abhayakumar Deepak

Designation :

Managing Director

Address :

No.27, Mylai Ranganathan Street, T. Nagar, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

12.04.1983

Date of Appointment :

18.11.2014

DIN No. :

02043654

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	U67120TN1995PTC030953	ABUSHA INVESTMENT & MANAGEMENT SERVICES PRIVATE LIMITED	Director	30-09-2008	26-05-2008	-	Converted to LLP and dissolved	NO
2	U24111TN2000PTC044076	SANSKAR CHEMICALS AND DRUGS PRIVATE LIMITED	Director	02-03-2009	02-03-2009	-	Active	NO
3	U72900TN2009PTC072512	ENGRID GLOBAL PRIVATE LIMITED	Director	07-08-2009	07-08-2009	-	Active	NO
4	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Managing director	18-11-2014	22-11-2010	-	Active	NO
5	U55101TN2012PTC086654	PURPLETREE HOTELS AND HOSPITALITY SERVICES PRIVATE LIMITED	Director	06-07-2012	06-07-2012	-	Active	NO
6	AAC-2109	ABUSHA INVESTMENT AND MANAGEMENT SERVICES LLP	Designated Partner	25-03-2014	25-03-2014	-	Active	NO
7	AAC-3341	AMUDA CAPITAL SERVICES LLP	Designated Partner	30-05-2014	30-05-2014	-	Active	NO

Name :

Mr. Mohan Reddy Enaganuri

Designation :

Director

Address :

Yerrabellipalem, Vinjamur, Nellore – 524 228, Andhra Pradesh, India

Date of Birth/Age :

24.06.1971

Date of Appointment :

29.09.2011

DIN No. :

02720838

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	U24297TG2009PTC064991	CHEMSYNTH LABORATORIES PRIVATE LIMITED	Director	09-09-2009	09-09-2009	-	Active	NO
2	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	29-09-2011	21-05-2010	-	Active	NO
3	U24232TG2010PTC069596	HATRI PHARMA PRIVATE LIMITED	Director	21-07-2010	21-07-2010	-	Active	NO
4	U20296AP2012PTC080563	GREEN GOLD BIO COAL PRIVATE LIMITED	Director	27-04-2012	27-04-2012	-	Active	NO
5	U24232AP2012PTC085122	ABHUSHA PHARMA PRIVATE LIMITED	Director	31-12-2012	31-12-2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 04.09.2014

NOTE: SHAREHOLDING AND ALLOTTEES DETAILS FILE ATTACHED

AS ON 04.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	2.37
Bodies corporate	8.12
Directors or relatives of Directors	83.60
Others	5.91
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredient.

Products :

Item Code No. (ITC Code)	Product Description
98041000	Bulk Drugs

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Finished Goods

Countries :

• Pakistan
• US
• UK

Imports :

Products :

• Raw Materials

Countries :

• China

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
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	Canara Bank
Branch Address	K.B. Nagar Branch, Adyar, Chennai – 600 020, Tamilnadu, 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

ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	80.267	81.505
Loans and advances from directors	3.523	3.557
SHORT TERM BORROWINGS
Working capital loans from banks	145.844	79.438
Loans taken for vehicles	6.173	2.031
Total	235.807	166.531

Banking Relations :	--
Auditors :
Name :	Srikanth and Shanthi Chartered Accountants
Address :	No.9 Madanagopal Street, First Floor, Abhiramapuram, Chennai – 600 018, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAOFS4951L
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 04.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs.220.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20525000	Equity Shares	Rs.10/- each	Rs.205.250 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	205.250	150.066	143.066
(b) Reserves & Surplus	(75.666)	(106.195)	(90.838)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	10.901	7.001
Total Shareholders’ Funds (1) + (2)	129.584	54.772	59.229
(3) Non-Current Liabilities
(a) Long-term borrowings	83.790	85.062	94.894
(b) Deferred tax liabilities (Net)	13.101	9.116	8.977
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	96.891	94.178	103.871
(4) Current Liabilities
(a) Short term borrowings	318.265	245.254	159.204
(b) Trade payables	183.681	67.791	83.402
(c) Other current liabilities	2.413	2.811	2.538
(d) Short-term provisions	5.237	4.214	3.334
Total Current Liabilities (4)	509.596	320.070	248.478
TOTAL	736.071	469.020	411.578
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	233.452	164.616	174.146
(ii) Intangible Assets	83.153	7.594	5.163
(iii) Capital work-in-progress	11.201	52.142	21.471
(iv) Intangible assets under development	0.000	0.000	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	6.465	3.220	1.776
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	334.271	227.572	202.556
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	152.027	100.163	97.043
(c) Trade receivables	196.811	104.281	86.881
(d) Cash and cash equivalents	25.721	16.320	11.437
(e) Short-term loans and advances	9.715	13.182	10.204
(f) Other current assets	17.526	7.502	3.457
Total Current Assets	401.800	241.448	209.022
TOTAL	736.071	469.020	411.578

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income from Operations and Sales	679.100	347.800	253.500
	Other Income	13.387	18.183	4.045
	TOTAL	692.487	365.983	257.545
EXPENSES
	TOTAL	646.666	358.064	253.987
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		45.825	7.919	3.558
DEPRECIATION/ AMORTISATION		31.061	23.137	20.573
PROFIT/ (LOSS) BEFORE TAX		14.764	(15.218)	(17.015)
TAX		3.985	0.139	1.305
PROFIT/ (LOSS) AFTER TAX		10.780	(15.357)	(18.320)
EARNINGS IN FOREIGN CURRENCY		297.100	211.300	NA
Earnings / (Loss) Per Share (Rs.)		0.53	(1.02)	(1.28)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	1.59	(4.42)	(7.23)
Return on Total Assets (PBT/Total Assets}	(%)	2.04	(3.65)	(4.36)
Return on Investment (ROI) (PBT/Networth)		0.11	(0.28)	(0.29)
Debt Equity Ratio (Total Debt/Networth)		3.10	6.03	4.29
Current Ratio (Current Asset/Current Liability)		0.79	0.75	0.84

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	143.066	150.066	205.250
Reserves & Surplus	(90.838)	(106.195)	(75.666)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	7.001	10.901	0.000
Net worth	59.229	54.772	129.584
Long Term borrowings	94.894	85.062	83.790
Short Term borrowings	159.204	245.254	318.265
Total borrowings	254.098	330.316	402.055
Debt/Equity ratio	4.290	6.031	3.103

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income from Operations and Sales	253.500	347.800	679.100
		37.199	95.256

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Income from Operations and Sales	253.500	347.800	679.100
Profit	(18.320)	(15.357)	10.780
	(7.23%)	(4.42%)	1.59%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The registered address of the company has been shifted from No.41, Pinjala Subramaniam Street, T. Nagar, Chennai – 600 017, Tamilnadu to the present address w.e.f. 28.04.2006.

HIGHLIGHTS OF FINANCIAL POSITION AND PROSPECTS:

1. The Income from Operations and Sales have been growing steadily:

Rs.679.100 millions in the year 2014 (previous year Rs.347.800 millions). The compounded growth rate is 61% and further set to grow at a rapid pace in the immediate future.

The Company has made significant additions to its Product mix, by stabilizing the production process and introduction of new major products such as Voglibose and Moxifloxacin. These products set to gear up both domestic and export market share. Exports revenue has been growing and with the expansion of new market territories fetched export revenue of Rs.318.500 millions in 2014 (previous year Rs.211.400 millions). The contribution of exports on the total turnover is steadily increasing at an average of 52%p.a. For the first time, as the company entered into the profit zone after tax provisions, it is more likely that the trend would continue in the years ahead.

COMPANY’S OUTLOOK FOR FUTURE:

By maintaining the current growth trend and the potential market unleashed, the company expects to substantially increase the turnover by nearly two folds in the current financial year 2014-15 and is confident of making good most of the carry forward losses reported upto the year 2013-14.

Continuous efforts are being made to introduce, produce, achieve, increase productivity and stabilize the process of making additional products while at the same time optimizing the gap with adequate quality measures.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances, others	166.248	163.785
Total	166.248	163.785

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10517845	11/08/2014	25,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C19050160
2	10517846	11/08/2014	85,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C19050954
3	10517848	11/08/2014	190,000,000.00	ICICI BANK LIMITED	LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	C19051580
4	10489203	19/03/2014	1,560,000.00	CANARA BANK	CANARA BANK,KASTURBA NAGAR BRANCH, CHENNAI, TAMIL  NADU - 600020, INDIA	C03623931
5	10474878	06/12/2013	727,000.00	CANARA BANK	K B NAGAR BRANCH, ADYAR, CHENNAI, TAMILNADU - 600020, INDIA	B95204111
6	10194767	30/12/2009	500,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI, TAMILNADU - 600020, INDIA	A76842558
7	10164698	23/06/2009	280,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI, TAMILNADU - 600020, INDIA	A64970148
8	10119914	31/07/2008	1,063,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI, TAMILNADU - 600020, INDIA	A44532745
9	10031254	13/12/2006	880,000.00	CANARA BANK	K.B. NAGAR BRANCH, ADYAR, CHENNAI, TAMILNADU - 600020, INDIA	A08714859
10	10025741	11/11/2006	549,000.00	CANARA BANK	K.B. NAGAR BRANCH, ADYAR, CHENNAI, TAMILNADU - 600020, INDIA	A06653190
11	10025505	03/08/2011 *	245,100,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI, TAMILNADU - 600020, INDIA	B19435684
12	10025740	26/08/2013 *	363,943,000.00	CANARA BANK	KASTURBA NAGAR BRANCH, ADYAR, CHENNAI, TAMILNADU - 600020, INDIA	B87190922

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

Intangible assets

· Copyrights, Patents and Other Operating Rights

· Other Intellectual Property Rights

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.61.76
UK Pound	1	Rs.94.02
Euro	1	Rs.72.63

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
-- PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.