MIRA INFORM REPORT

Report No. :	329640
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	MOREPEN LABORATORIES LIMITED
Registered Office :	Morepen Village, Nalagarh Road, Near Baddi, District Solan – 173205, Himachal Pradesh
Tel. No.:	91-11-23324443,23712025
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.12.1984
Com. Reg. No.:	006028
Capital Investment / Paid-up Capital :	Rs.2096.107 Million
CIN No.: [Company Identification No.]	L24231HP1984PLC006028
IEC No.:	2288001348
TAN No.: [Tax Deduction & Collection Account No.]	PTLM11889D
PAN No.: [Permanent Account No.]	AABCM1083B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of pharmaceutical products.
No. of Employees :	1010 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having poor track. The company possesses weak financial risk profile marked by losses incurred from its operational activities and weak liquidity and debt protection metrics of the company. Moreover, it is also to be noted that company has listed with RBI defaulter and defaulted hefty amount with serval banks. Business is active. Payments are reported to be slow. In view of weak financial and managerial profile, the company can be considered for business dealings on safe and 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Rajiv Jain
Designation :	Accounts Department
Contact No.:	91-1792-233285
Date :	01.07.2015

LOCATIONS

Registered Office :	Morepen Village, Nalagarh Road, Near Baddi, District Solan – 173205, Himachal Pradesh, India
Tel. No.:	91-1795-276201-03
Fax No.:	91-1795-276204
E-Mail :	Home Health Devices : devices.customercare@morepen.com API’s  : sales@morepen.com Formulations   :medicuspmt@morepen.com OTC / Dr Morepen  :mktg@morepen.com Finance :corporatefinance@morepen.com Fixed Deposit  :   fixeddeposit@morepen.com Career humanresource@morepen.com investors@morepen.com plants@morepen.com
Website :	http://www.morepen.com
Location :	Owned [Commercial]
Corporate Office :	409, Antriksh Bhawan, 22 Kasturba Gandhi Marg, New Delhi - 110 001, India
Tel. No.:	91-11-23324443,23712025
Fax No.:	91-11 23722422
E-Mail :	corporate@morepen.com
Factory 1 :	Located at Masulkhanna, Himachal Pradesh, India Village Masulkhana, District Solan, Himachal Pradesh, India
Tel. No.:	91-1792-233284
Fax No.:	91-1792-232606
Factory 2 :	Located at Baddi, Himachal Pradesh, India
Tel. No.:	91-1795-246408/03
Fax No.:	91-1795-244591
Factory 3 :	Sector-2, Parwanoo, District Solan, Himachal Pradesh, India
USA Office :	666 Plainsboro Road, Suite 215, Plainsboro,  New Jersey - 08536
Tel. No.:	+609 716 6300
Fax No.:	+609 716 6301
E-Mail :	ussales@morepen.com

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Sushil Suri
Designation :	Chairman and Managing Director
Name :	Dr. Arun Kumar Sinha
Designation :	Director
Name :	Mr. Manoj Joshi
Designation :	Director
Name :	Mr. Bhupender Raj Wadhwa
Designation :	Director
Name :	Mr. Sukhcharan Singh
Designation :	Director
Date of Birth/Age :	07.09.1942
Qualification :	B.A., Retired Inspector General of Police
Date of Appointment :	15.06.2005

KEY EXECUTIVES

Name :	Mr. Rajiv Jain
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	41241750	9.17
Bodies Corporate	114129838	25.37
Sub Total	155371588	34.54
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	155371588	34.54
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	6367940	1.42
Insurance Companies	22484570	5.00
Foreign Institutional Investors	48897500	10.87
Sub Total	77750010	17.28
(2) Non-Institutions
Bodies Corporate	22828279	5.07
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	148678943	33.05
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	26844865	5.97
Any Others (Specify)	18352518	4.08
NRIs/OCBs	14162346	3.15
Clearing Members	3917542	0.87
Trusts	272630	0.06
Sub Total	216704605	48.18
Total Public shareholding (B)	294454615	65.46
Total (A)+(B)	449826203	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	449826203	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of pharmaceutical products.
Products :	Complex and high margins molecules (APIs/Intermediates), formulations, diagnostics and Over the Counter (OTC) products.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Loratadine
Countries :	USA Germany
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash, Cheque and Credit (60 days / 90 days)
Purchasing :	Cash, Cheque and Credit (60 days / 90 days)

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Retailers, End Users and OEMs

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

No. of Employees :

1010 (Approximately)

Bankers :

Bank Name	ICICI Bank Punjab National Bank
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG TERM BORROWINGS
Term Loans from Banks & Institutions
Restructured Debts -
Interest Bearing	NA	301.800
Interest Free	NA	444.100
Other Loans	NA	0.600
SHORT TERM BORROWINGS
From banks
Buyer's credit facility [The buyers' credit facility is secured by way of term deposits with the bank.]	NA	11.900
Total	NA	758.400

NOTE [AS ON 31.03.2014]

LONG TERM BORROWINGS

Term Loans from Banks & Institutions

a. Term loans, except noted at (d) below, are secured by a first charge created by way of a joint equitable mortgage on pari-passu basis on all immovable and movable fixed assets, including plant and machinery, land & buildings and others, both present and future, first charge over Escrow/Trust and Retention Account, and second charge on the current assets of the company, both present and future. Further these loans are secured by personal guarantee of Managing Director of the company.

b. Yearwise re-payment schedule of Interest bearing portion of term loans, payable in quarterly instalments is as under –

Year of Repayment	2015-16	2016-17	2017-18	Total
Annual Repayment Amount	124.200	88.800	88.800	301.800
Annual Rate of Interest	18%	18%	18%	--

c. Yearwise re-payment schedule of Interest free portion of term loans, payable in quarterly instalments is as under. Debt is interest free till March, 2015.

Year of Repayment	2015-16	2016-17	2017-18	Total
Annual Repayment Amount	--	111.000	333.100	444.100
Annual Rate of Interest	--	8.25%	8.25%	--

d. Other loans represents vehicle loans, repayable on monthly basis, are secured by way of hypothecation of specific assets purchased under the hire purchase scheme

Year of Repayment	2015-16	2016-17	Total
Annual Repayment Amount	0.500	0.100	0.600
Annual Rate of Interest	8.50% -11.00%	8.50% -11.00%	--

e. Details of delay in repayment of term loan & interest thereon is as under –

Particulars	Amount	Period
Principal	15.700	Less than 3 Months
Interest	18.200	Less than 3 Months

Financial Institution :	The Oriental Insurance Company Limited, Oriental House, Post Bag No. 7037, A- 25/27, Asaf Ali Road, New Delhi - 110002, India
Auditors :
Name :	M. Kamal Mahajan and Company Chartered Accountants
Address :	SCO 61, Madhya Marg, Sector 26, Chandigarh, India
Memberships :	--
Collaborators :	---
Subsidiary Companies [AS ON 31.03.2014] :	MorepenMax Inc. - Overseas Company Morepen Inc. - Overseas Company Dr. Morepen Limited - Domestic Company Total Care Limited - Domestic Company
Associates [AS ON 31.03.2014]:	Morepen Biotech Limited - Domestic Company
Entities over which key management personnel/ or Relatives of key management personnel are able to exercise significant influence with which the company has any transactions during the year [AS ON 31.03.2014]:	Blue Coast Infrastructure Development Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs.2096.107 Million

AS ON 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
45,00,00,000	Equity Shares	Rs.2/- each	Rs.900.000 Million
1,20,00,000	Preferences Shares	Rs.100/- each	Rs.1200.000 Million
	Total		Rs.2100.000 Million

Issued & Subscribed Capital:

No. of Shares	Type	Value	Amount
44,98,26,203	Equity Shares	Rs.2/- each	Rs.899.700 Million
97,35,201	0.01% Optionally Convertible Preference Share	Rs.100/- each	Rs.973.500 Million
17,30,000	0.01% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.173.000 Million
5,00,000	9.75% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.50.000 Million
	Total		Rs.2096.200 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
44,97,93,203	Equity Shares	Rs.2/- each	Rs.899.600 Million
97,35,201	0.01% Optionally Convertible Preference Share	Rs.100/- each	Rs.973.500 Million
17,30,000	0.01% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.173.000 Million
5,00,000	9.75% Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.50.000 Million
	Total		Rs.2096.100 Million

NOTE:

Reconciliation of the numbers and amount of Equity shares.

Particulars	31.03.2014
	Nos.	Amount in Million
Outstanding at beginning of the year	449826203	899.700
Add : Shares issued during the year	--	--
Less : Shares bought back during the year	--	--
Outstanding at the end of year	449826203	899.700

Reconciliation of the numbers and amount of Preference shares –

Particulars	31.03.2014
	Nos.	Amount in Million
Outstanding at beginning of the year	11965201	1196.500
Add : Shares issued during the year	--	--
Less : Shares bought back during the year	--	--
Outstanding at the end of year	11965201	1196.500

Rights, preferences and restrictions attached to each class of Shares and terms of redemption

Rights, preferences and restrictions attached to each class of Shares and terms of redemption

a) i) The company has two classes of shares referred as equity shares and preference shares. The equity shares are having a par value of Rs. 2/- each whereas par value for each preference shares is Rs. 100/-. Every holder of equity shares is entitled to one vote per share in respect of all matters submitted to vote in the shareholders' meeting. Preference shareholders are entitled to one vote per share, in respect of every resolution placed before the company which directly affect the rights attached to their shares. However, a cumulative preference shareholder acquires voting rights at par with an equity shareholder if the dividend on preference shares has remained unpaid for a period of not less than two years.

ii) In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the company after distribution of preferential amounts. The distribution will be in the proportion of the number of equity shares held by the shareholders.

iii) 1730000, 0.01% Redeemable Preference Shares of Rs. 100/- each and 500000, 9.75% Redeemable Preference Shares of Rs. 100/- each are cumulative. Dividend arrears on these shares as at 31.03.2014 are Rs. 58.600 Million (Previous year Rs. 53.700 Million).

b) i) Out of 97,35,201, 0.01% Optionally Convertible Preference Shares, Shares amounting to Rs. 704.000 Million fall due for redemption/conversion on May 4, 2014, shares amounting to Rs. 176.200 Million are due for redemption on May 31, 2014 whereas balance shares amounting to Rs. 93.300 Million are due for redemption/conversion on February 9, 2015. The conversion, if opted for, of preference shares into equity shares will be at price determined as per SEBI guidelines. Dividend arrears on above preference shares as at 31.03.2014 are Rs. 0.700 Million (Previous year Rs. 0.600 Million).

ii) Out of 17,30,000, 0.01% Cumulative Redeemable Preference Shares, 15,30,000 Shares amounting Rs. 153.000 Million are redeemable in two equal instalments, on May 4, 2016 and May 4, 2017. Balance 200000 Shares amounting Rs. 20.000 Million, had already become due for redemption in the financial year ending 31.03.2012, could not be redeemed because of unavailability of surplus.

iii) 5,00,000, 9.75% Cumulative redeemable Preference shares amounting to Rs. 50.000 Million had been due for redemption since March, 2004, however, could not be redeemed because of unavailability of surplus. The subscriber has filed a legal case against the company for the recovery of the sum invested as well as interest thereon. The company has contested the claim of the subscriber and have moved the jurisdictional appellant authorities against the said claim.

iv) Capital Redemption Reserve for redemption of Preference Shares could not be created during the year because of unavailability of surplus.

The company itself being ultimate holding company, therefore, disclosure requirements about its parent company are not applicable in the present case.

Shareholders holding more than 5% shares

i) Equity Shares

Name of Shareholder	31.03.2014
	No. of Shares	% of Holding
GL India Mauritius (III) Limited	38530000	8.57

ii) Preference Shares

a) 9735201, 0.01% Optionally Convertible Redeemable Shares -

Name of Shareholder	31.03.2014
	No. of Shares	% of Holding
Bank of Nova Scotia	1179000	12.11
Stressed Assets Stabilisation Fund (SASF)	961044	9.87
EXIM Bank	916333	9.41
SICOM	829463	8.52
Punjab National Bank	671522	6.90
Oriental Bank of Commerce	623828	6.41
Dena Bank	593936	6.10
UCO Bank	515900	5.30

b) 1730000, 0.01% Cumulative Redeemable Shares –

Name of Shareholder	31.03.2014
	No. of Shares	% of Holding
Oriental Bank of Commerce	1000000	57.80
Axis Bank Limited	500000	28.90
Blue Sky Securities Private Limited	200000	11.56

c) 500000, 9.75% Cumulative Redeemable Shares –

Name of Shareholder	31.03.2014
	No. of Shares	% of Holding
Jammu and Kashmir Bank Limited	500000	100

During last 5 years immediately preceding the balance sheet date, no Equity Share or Preference share has been

issued pursuant to any contract without payment being received in cash. Further the company has neither allotted

any share by way of bonus shares, nor it had bought back any Equity or Preference Share during aforesaid period of 5 years.

Disclosure about unpaid calls –

(Rs. In Million)

Unpaid Calls	31.03.2014
By Directors and Officers	--
By Others	0.100

No shares have been forfeited by the company during the year.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2096.107	2096.100	2096.100
(b) Reserves & Surplus	1034.660	1146.500	1208.100
(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)	3130.767	3242.600	3304.200
(3) Non-Current Liabilities
(a) long-term borrowings	622.242	746.500	944.900
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	17.62	20.500	20.900
(d) long-term provisions	87.087	73.500	67.800
Total Non-current Liabilities (3)	726.949	840.500	1033.600
(4) Current Liabilities
(a) Short term borrowings	22.332	11.900	0.000
(b) Trade payables	785.520	667.500	549.000
(c) Other current liabilities	328.187	309.100	521.400
(d) Short-term provisions	8.358	7.300	6.800
Total Current Liabilities (4)	1144.397	995.800	1077.200
TOTAL	5002.113	5078.900	5415.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2434.253	2888.800	3305.900
(ii) Intangible Assets	5.007	5.900	3.200
(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	1179.422	1179.400	1218.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	339.347	17.500	15.800
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	3958.029	4091.600	4543.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	353.631	329.100	367.500
(c) Trade receivables	484.452	400.900	365.900
(d) Cash and cash equivalents	85.985	80.700	47.200
(e) Short-term loans and advances	88.908	140.700	60.100
(f) Other current assets	31.108	35.900	31.300
Total Current Assets	1044.084	987.300	872.000
TOTAL	5002.113	5078.900	5415.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from operations	3702.623	3359.700	3033.500
		Other Income	13.617	7.900	26.200
		TOTAL	3716.240	3367.600	3059.700
Less	EXPENSES
		Cost of Materials Consumed	1452.267	1309.900	1314.700
		Purchases of Stock-in-Trade	832.211	679.100	583.900
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	20.663	16.100	15.700
		Employees benefits expense	435.237	396.800	349.700
		Power and Fuel	74.145	0.000	0.000
		Travelling Expenses	57.405	0.000	0.000
		Selling and Distribution Expenses	160.589	0.000	0.000
		Other expenses	204.251	499.700	479.700
		Extraordinary Items - Income	0.000	(29.000)	(30.800)
		TOTAL	3236.768	2872.600	2712.900
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		479.472	495.000	346.800
Less	FINANCIAL EXPENSES		86.330	98.900	116.100
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		393.142	396.100	230.700
Less/ Add	DEPRECIATION/ AMORTISATION		385.949	457.700	457.400
	PROFIT/ (LOSS) BEFORE TAX		7.193	(61.600)	(226.700)
Less	TAX		1.370	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		5.823	(61.600)	(226.700)
	EARNINGS IN FOREIGN CURRENCY
		Exports of Goods on F.O.B. basis	NA	1089.800	986.000
	TOTAL EARNINGS		NA	1089.800	986.000
	IMPORTS
		Raw Materials	NA	469.100	518.100
		Stock -in -trade	NA	17.100	50.500
		Capital Goods	NA	0.000	6.300
	TOTAL IMPORTS		NA	486.200	574.900
	Earnings / (Loss) Per Share (Rs.)		0.002	(0.150)	(0.490)

Expected Sales ( 2015-2016 ) : Rs.4100.000 Million

The above information has been parted by Mr. Rajiv Jain

CURRENT MATURITIES OF LONG TERM BORROWINGS DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term borrowings	NA	131.900	165.100
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.16	(1.83)	(7.47)
Operating Profit Margin (PBIDT/Sales)	(%)	12.95	14.73	11.43
Return on Total Assets (PBT/Total Assets}	(%)	0.19	(1.58)	(5.40)
Return on Investment (ROI) (PBT/Networth)		0.00	(0.02)	(0.07)
Debt Equity Ratio (Total Debt /Networth)		0.21	0.23	0.29
Current Ratio (Current Asset/Current Liability)		0.91	0.99	0.81

STOCK PRICES

Face Value	Rs.2.00/-
Market Value	Rs.11.85/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2096.100	2096.100	2096.107
Reserves & Surplus	1208.100	1146.500	1034.660
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3304.200	3242.600	3130.767
long-term borrowings	944.900	746.500	622.242
Short term borrowings	0.000	11.900	22.332
Total borrowings	944.900	758.400	644.574
Debt/Equity ratio	0.286	0.234	0.206

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3033.500	3359.700	3702.623
		10.753	10.207

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3033.500	3359.700	3702.623
Profit/Loss	(226.700)	(61.600)	5.823
	(7.47%)	(1.83%)	0.16%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Claim against the Company not acknowledged as debts	NA	114.400
Guarantees	NA	0.900
Other money for which company is contingently liable	NA	147.700
Arrears of Fixed Cumulative Dividends on Preference Shares	NA	59.300
Bills discounted with banks	NA	12.600
Total	NA	334.900

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10568955	28/04/2015	637,000.00	PUNJAB NATIONAL BANK	PARWANOO-2912, HIMACHAL PRADESH, HIMACHAL PRADESH  - 173220, INDIA	C53423471
2	10485469	27/02/2012	950,000.00	THE KARUR VYSYA BANK LIMITED	B 3, LAWERENCE ROAD, DELHI, DELHI - 110035, INDIA	B39243274
3	10344030	10/02/2012	10,783,948.00	THE ORIENTAL INSURANCE COMPANY LIMITED	ORIENTAL HOUSE, POST BAG NO. 7037, A- 25/27, ASAF  ALI ROAD, NEW DELHI, DELHI - 110002, INDIA	B35754480
4	10345702	10/02/2012	113,134,000.00	THE KARUR VYSYA BANK LIMITED	CENTRAL PROCESSING CELL REPRESENT FORT MUMBAI BR,  KAMANWALA CHAMBERS,SIR P.M.ROAD,FORT, MUMBAI, MAH  ARASHTRA - 400001, INDIA	B36353001
5	10342382	10/02/2012	300,000,000.00	EXPORT-IMPORT BANK OF INDIA	FLOOR 21, CENTRE ONE BUILDING, WORLD TRADE CENTRE,  CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDI  A	B35095363
6	10342331	10/02/2012	464,310,000.00	UCO BANK	FLAGSHIP CORPORATE CENTRE, 5, PARLIAMENT STREET,  NEW DELHI, DELHI - 110001, INDIA	B35071026
7	80025870	10/01/2003	5,000,000.00	THE SARASWAT CO-OP. BANK LIMITED	WORLI BRANCH, MUMBAI, MAHARASHTRA - 400018, INDIA	-
8	80025869	08/01/2003	150,000,000.00	SICOM LIMITED	NIRMAL, FIRST FLOOR, NARIMAN POINT, MUMBAI, MAHAR  ASHTRA - 400021, INDIA	-
9	90169748	13/01/2003 *	150,000,000.00	SICOM LIMITED	NIRMAL 1ST FLOOR, NARIMAN POINT, MUMBAI, MAHARASH  TRA - 400021, INDIA	-
10	80025868	23/08/2002	150,000,000.00	THE KARUR VYSYA BANK LIMITED	KAMANWALA CHAMBERS, GROUND FLOOR, SIR P.M. ROAD,  FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

MANAGEMENT OVERVIEW [AS ON 31.03.2014]

The company has recorded revenues of Rs. 3367.600 Million during the current financial year against last year revenues of Rs. 3059.700 Million, recording a growth of 10% over the previous year revenues. Operating revenue for the current year at Rs. 3359.700 Million has posted a growth of 10.8% over the last year. Sales revenues of the company are steadily improving over the past few years.

Better planning, improved productivity and the effective cost control have helped the company to substantially improve its operating margins in the current year.

Growth in Active Pharmaceutical Ingredients (API) business has been moderate, though export price realisation was better on account of weak Indian Rupee against US Dollar. Home Diagnostics and branded formulation business has shown significant improvement in their sales revenues recording a growth of 21% and 27% respectively.

Current year's operating surplus of Rs. 466.000 Million has translated into a growth of 48% against last year of Rs. 316.000 Million. Finance cost at Rs. 98.900 Million has come down by 15% against Rs. 116.100 Million incurred in the previous year.

Cash generated during the year stands at Rs. 367.100 Million against Rs. 199.900 Million generated during the last financial year.

The management is committed towards profitable growth of all its business segments by improving their operating and financial performance. It is committed for the timely servicing of its financial obligations.

FIXED ASSETS

• Free hold Land
• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture’s and Fixtures
• Vehicles
• Office Equipment’s
• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.39
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	MNJ
Analysis Done by :	KAR
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	---
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

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.