MIRA INFORM REPORT

Report No. :	303687
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	NOSCH LABS PRIVATE LIMITED
Registered Office :	Flat No. 404 to 406, IVth Floor, Vijay Sai Towers, Opposite BJP office, Kukatpally, Hyderabad – 500072, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.08.2001
Com. Reg. No.:	01-037086
Capital Investment / Paid-up Capital :	Rs. 13.333 Millions
CIN No.: [Company Identification No.]	U24231TG2001PTC037086
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCN2833Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Bulk Drugs and Intermediates.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	Flat No. 404 to 406, IVth Floor, Vijay Sai Towers, Opposite BJP office, Kukatpally, Hyderabad – 500072, Telangana, India
Tel. No.:	91-40-23144400
Mobile No.:	Not Available
Fax No.:	91-40-23154405/23154406
E-Mail :	dodda@noschlabs.net noschlabs@noschlabs.net hyd2_nosch@sancharnet.in
Website :	http://www.noschlab.com http://www.noschlab.net
Manufacturing Units :
Units I :	5-5-35/33/3, Prasanthi Nagar, IDA, Kukatpally, Hyderbad – 500 072, Andhra Pradesh, India
Units II :	Survey No. 14, Gaddapotharam Village, IDA, Kazipally, Jinnaram mandal, Medak – 502 319, Andhra Pradesh, India
Units III :	D. Nagaram Village, Choutuppal Mandal, Nalgonda – 508 252, Andhra Pradesh, India
Units IV :	Veliminedu Village, Chityal Mandal, Nalgonda – 508 114, Andhra Pradesh, India

DIRECTORS

As on 31.03.2014

Name :

Dr. Satyanarayana Reddy Bhimireddy

Designation :

Managing director

Address :

Plot No. 12, Srinivasa Nagarmedicles Society, Water Tank Lane, Kukatpally, Hyderabad – 500072, Rangareddy, Andhra Pradesh, India

Date of Birth/Age :

14.01.1964

Date of Appointment :

01.10.2001

DIN No.:

00008173

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	U24231TG2001PTC037086	NOSCH LABS PRIVATE LIMITED	Managing director	01-10-2001	01-10-2001	-	Active	NO
2	U74999TG2007PLC056002	NALGONDA ENVIRO-TECH LIMITED	Director	18-10-2007	18-10-2007	-	Active	NO
3	U01400TG2010PTC067211	BSN AGRO FARMS PRIVATE LIMITED	Director	24-02-2010	24-02-2010	-	Active	NO

Name :

Mr. Rajasekhar Reddy Tummuru

Designation :

Whole-time director

Address :

Plot Ni. 637,1^st Floor, Vivekanana Nagar, Hyderabad – 500072, Rangareddy, Andhra Pradesh, India

Date of Birth/Age :

19.02.1973

Date of Appointment :

01.10.2001

DIN No.:

00008266

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	U24231TG2001PTC037086	NOSCH LABS PRIVATE LIMITED	Whole-time director	01-10-2001	01-10-2001	-	Active	NO
2	U01119TG2011PTC074956	HAMSATHI AGRO FARMS PRIVATE LIMITED	Director	13-06-2011	13-06-2011	-	Active	NO

Name :

Mr. Veera Venkata Satyanarayana Reddy Dodda

Designation :

Whole-time director

Address :

Villa No. 47, Ramkypeari, Kukatpally, Hyderabad – 500072, Rangareddy, Andhra Pradesh, India

Date of Birth/Age :

10.06.1971

Date of Appointment :

01.10.2001

DIN No.:

00008220

Name :

Mr. Gustavo Daniel Lorenzo Pelizzari

Designation :

Director

Address :

Calle Costa Brava 24, Madrid – 28034, Spain

Date of Birth/Age :

07.09.1972

Date of Appointment :

22.06.2006

DIN No.:

00104930

Name :

Mr. Isabel Alcalde Giraudo

Designation :

Director

Address :

Calle Nueva 16, Las Rozas, Madrid – 28230, Spain

Date of Birth/Age :

07.08.1969

Date of Appointment :

22.06.2006

DIN No.:

00105072

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Names of Shareholders	No. of Shares
Dr. SATYANARAYANA REDDY BHIMIREDDY	261000
Mr. RAJASEKHAR REDDY TUMMURU	99750
Mr. VEERA VENKATA SATYANARAYANA REDDY DODDA	131250
Mr. BHIMIREDDY Vijaya Laksmi	45000
Mr. BHIMIREDDY Goutam Reddy	15000
Mr. BHIMIREDDY Vivek Reddy	15000
Mr. TUMMURU Sridevi	30000
Mr. TUMMURU Radhadevi	33750
Mr. TUMMURU Venkatarami	30000
Mr. TUMMURU Avinash Reddy	15000
Mr. DODDA Madhavi	33750
Mr. DODDA Vijaya Spandana	29500
Mr.Appala Ramprasad	8000
Mr. Mandapati Satyanarayana Reddy	16000
Mr. Veera Venkata Satyanarayana Reddy Dodda	19250
Mr. Gali Pradeep Chowdhury	1500
Mr. Chenna Reddy Sasidhar Reddy	750
Mr. TUMMURU Hamsathi	15500
Alkmaar Export B.V.	533333
Total	1333333

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2014

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	40.00
Directors or relatives of Directors	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Bulk Drugs and Intermediates.
Products :	Active Pharmaceutical Ingredients Semi-Finished Formulations Chemical Intermediates, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• Axis Bank Limited, Corporate Banking Branch, 6-3-879/B, G Pullareddy Building, Greenlands, Hyderabad - 500016, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Working capital loan from banks	0.730	26.635
Total	0.730	26.635

Auditors :
Name :	PSN Ravishanker and Associates Chartered Accountants
Address :	Flat No.205, Ii Floor B - Block, Kushaul Towers Khairtabad, Hyderabad 500 004, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFP1611J
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Chemo Espania S.L. Laboratories Liconsa S.A. Quimica Sintetica S.A. Chem-East Limited Zhejiang gold pharma company Limited Chemo Iberica Romikin S.A. Chemissentia SRL

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1333333	Equity Shares	Rs.10/- each	Rs.13.333 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	13.333	13.333	13.333
(b) Reserves & Surplus	1255.349	1057.156	901.147
(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)	1268.682	1070.489	914.480
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	77.543	62.054	52.957
(c) Other long term liabilities	0.000	0.000	3.490
(d) long-term provisions	3.751	3.641	3.183
Total Non-current Liabilities (3)	81.294	65.695	59.630
(4) Current Liabilities
(a) Short term borrowings	0.730	26.635	43.476
(b) Trade payables	220.792	206.249	127.379
(c) Other current liabilities	0.000	0.000	41.288
(d) Short-term provisions	332.828	196.275	111.046
Total Current Liabilities (4)	554.350	429.159	323.189
TOTAL	1904.326	1565.343	1297.299
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	625.024	569.458	569.288
(ii) Intangible Assets	0.000	1.083	2.913
(iii) Capital work-in-progress	15.260	25.918	0.859
(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	0.000	0.000	0.000
(e) Other Non-current assets	27.059	8.344	11.029
Total Non-Current Assets	667.343	604.803	584.089
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	476.969	411.816	267.502
(c) Trade receivables	377.731	288.721	317.889
(d) Cash and cash equivalents	134.029	123.487	42.602
(e) Short-term loans and advances	14.306	8.983	3.775
(f) Other current assets	233.948	127.533	81.442
Total Current Assets	1236.983	960.540	713.210
TOTAL	1904.326	1565.343	1297.299

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1726.850	1551.482	1218.938
	Other Income
	TOTAL (A)	1726.850	1551.482	1218.938
Less	EXPENSES
	TOTAL (B)	1134.173	1150.743	937.640
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	592.677	400.739	281.298
Less	FINANCIAL EXPENSES (D)	11.776	7.741	9.527
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	580.901	392.998	271.771
Less/ Add	DEPRECIATION/ AMORTISATION (F)	34.389	31.618	26.564
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	546.512	361.380	245.207
Less	TAX (I)	161.126	81.401	66.376
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	385.386	279.979	178.831
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	791.482	665.474	573.628
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	35.000	30.000	25.000
	Dividend	160.000	106.667	53.333
	Tax on Dividend	27.192	17.304	8.652
	Total (M)	222.192	153.971	86.985
	Balance Carried to the B/S (J+K+L-M)	954.676	791.482	665.474
	Earnings / (Loss) Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	22.32	18.05	14.67
Operating Profit Margin (PBIDT/Sales)	(%)	34.32	25.83	23.08
Return on Total Assets (PBT/Total Assets}	(%)	28.93	23.47	18.91
Return on Investment (ROI) (PBT/Networth)		0.43	0.34	0.27
Debt Equity Ratio (Total Debt /Networth)		0.00	0.02	0.05
Current Ratio (Current Asset/Current Liability)		2.23	2.24	2.21

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	13.333	13.333	13.333
Reserves & Surplus	901.147	1057.156	1255.349
Net worth	914.480	1070.489	1268.682
long-term borrowings	0.000	0.000	0.000
Short term borrowings	43.476	26.635	0.730
Total borrowings	43.476	26.635	0.730
Debt/Equity ratio	0.048	0.025	0.001

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1218.938	1551.482	1726.850
		27.281	11.303

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1218.938	1551.482	1726.850
Profit	178.831	279.979	385.386
	14.67%	18.05%	22.32%

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
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	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90117951	21/06/2004	4,500,000.00	UTI BANK	BEGUMPET BRANCH 6-3-879/B; GREENLANDS ROAD, BEGUM PET, HYDERABAD, Andhra Pradesh - 500016, INDIA	-
2	90119122	15/04/2002	280,000.00	CENTURIAN BANK LTD 94	MINERVA COMPLEX F-416 IVTH FLOOR, SAROJNI DEVI RO AD, SECUNDERABAD, Andhra Pradesh - 500003, INDIA	-
3	80013575	25/03/2013 *	225,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH,, 6-3-879/B, G PULLAREDD Y BLDG,GREENLANDS, HYDERABAD, Andhra Pradesh - 500 016, INDIA	B73210916

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.