MIRA INFORM REPORT

Report No. :	325265
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	INDOCO REMEDIES LIMITED
Registered Office :	Indoco House, 166, C.S.T. Road, Vidyanagari Marg Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra
Tel. No. :	91-22-26541851
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	23.08.1947
Com. Reg. No.:	11-005913
Capital Investment / Paid-up Capital :	Rs.184.301 Million
CIN No.: [Company Identification No.]	L85190MH1947PLC005913
TAN No.: [Tax Deduction & Collection Account No.]	MUMI00405A / MUMI05235G
PAN No.: [Permanent Account No.]	AAACI0380C
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Marketing of Pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the Company are Strong and Healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan = AA-
Rating Explanation	High degree of safety and carry very low credit risk.
Date	March, 2014

Rating Agency Name	ICRA
Rating	Cash Credit = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	March, 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 DENIED

Management Non Cooperative (91-22-26541851)

LOCATIONS

Registered Office :	Indoco House, 166, C.S.T. Road, Vidyanagari Marg Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India
Tel. No.:	91-22-26541851– 55
Fax No.:	91-22-26520787
E-Mail :	indoco@bom5.vsnl.net.in jagdishs@indoco.com sunil.joshi@indoco.com
Website :	http://www.indoco.com
Location :	Owned
Factory 1 :	A-26, MIDC Industrial Area, Verna, Goa - 403722, Maharashtra, India
Factory 2 :	L-32,33,34 Verna Industrial Estate, Verna, Goa - 403722, Maharashtra, India
Factory 3 :	R-104, Rabale TTC Area, MIDC Thane-Belapur Road, Navi Mumbai - 400701, Maharashtra, India
Factory 4 :	B-20 MIDC, Waluj, Aurangabad, Maharashtra, India
Factory 5 :	Village Katha, P.O. Baddi, Tehsil Nalagarh, District Solan, Himanchal Pradesh-173205, India
Factory 6 :	L-14, Verna Industrial Area, Verna, Goa - 403722, Maharashtra, India
Factory 7 :	Located at: Patalganga, Maharashtra, India
R and D Centre :	R-92/93, Rabale TTC Area, MIDC Thane-Belapur Road, Navi Mumbai - 400701, Maharashtra, India

DIRECTORS

As on 31.03.2014

Name :	Mr. Suresh G. Kare
Designation :	Chairman and Managing Director
Qualification:	B. Sc.
Date of Joining:	26.12.1963
Name :	Ms. Aditi Panandikar
Designation :	Managing Director
Date of Birth/Age :	22.01.1970
Qualification :	B. Pharm, Masters in Business Management, Ohio State University
Date of Appointment :	27.03.2014
Name :	Mr. Sundeep V. Bambolkar
Designation :	Director - Finance and Operations
Date of Birth/Age :	23.10.1960
Qualification :	B. Sc. MBA
Date of Appointment :	27.03.2004
Name :	Mr. Divakar M. Gavaskar
Designation :	Director
Date of Birth/Age :	05.02.1943
Qualification :	B.Com, FCA, FCS
Date of Appointment :	11.04.2005
Name :	Mr. Rajiv P. Kakodkar
Designation :	Director
Date of Birth/Age :	23.12.1956
Qualification :	B. Pharm, MBA from Stuart School of Business, USA
Date of Appointment :	26.04.2007
Name :	Mr. Sharad P. Upasani
Designation :	Director
Date of Birth/Age :	01.10.1938
Qualification :	M.Com, LL.B., IAS, MBA
Date of Appointment :	23.02.2008
Name :	Dr. Anil M. Naik
Designation :	Director
Date of Birth/Age :	22.05.1942
Qualification :	M.Com, MBA
Date of Appointment :	14.02.2012
Name :	Dr. Anand Nadkarni
Designation :	Director
Date of Birth/Age :	22.12.1958
Qualification :	M.D. in Psychological Medicine.
Date of Appointment :	28.05.2014

KEY EXECUTIVES

SENIOR MANAGEMENT
Name :	Mr. Sunil D. Joshi
Designation :	President - Finance and Company Secretary
Name :	Mr. A.S. Rege,
Designation :	President - Operations
Name :	Dr. Kavita Inamdar,
Designation :	President – R and D (Formulations)
Name :	Mr. Vilas V. Nagare,
Designation :	Executive Vice President - Corporate Affairs
Name :	Mr. B. Rajendra Kumar,
Designation :	Vice President- Sales and Marketing
Name :	Mr. Rakesh Malik,
Designation :	Vice President - Sales and Marketing
Name :	Mr. Clarence P D'souza,
Designation :	Vice President - International Business
Name :	Mr. Ajay Karajagi,
Designation :	Associate Vice President-Marketing Services
Name :	Mr. Amulya Nayak,
Designation :	Associate Vice President - Sales and Marketing
Name :	Ms. Aida Dias, Associate
Designation :	Vice President- Corporate O.A.
Name :	Mr. R V. Ramesan,
Designation :	Associate Vice President-Technical Operations (API)

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	19851714	21.54
Bodies Corporate	15771755	17.12
Any Others (Specify)	18975215	20.59
Persons Acting in Concert	18975215	20.59
Sub Total	54598684	59.25
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	54598684	59.25
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10061774	10.92
Financial Institutions / Banks	16308	0.02
Foreign Institutional Investors	7608903	8.26
Sub Total	17686985	19.19
(2) Non-Institutions
Bodies Corporate	2713769	2.94
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7630524	8.28
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9128753	9.91
Any Others (Specify)	391640	0.43
Non Resident Indians	224722	0.24
Trusts	4500	0.00
Clearing Members	162418	0.18
Sub Total	19864686	21.56
Total Public shareholding (B)	37551671	40.75
Total (A)+(B)	92150355	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	92150355	0.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	SPA Holdings Private Limited	18335,000	19.90
2	Shanteri Investment Private Limited	15771755	17.12
3	Panandikar Aditi Milind	5559013	6.03
4	Ramani Madhura Anup	5184079	5.63
5	Kare Aruna Suresh	4774714	5.18
6	Kare Suresh Govind	4060408	4.41
7	Kare Suresh Govind	273500	0.30
8	Suman Pundalik Naik	240000	0.26
9	Laxmi Vasant Bambolkar	144000	0.16
10	Sharda Ramnath Kare	57800	0.06
11	Ramnath Govind Kare	61500	0.07
12	Vasant Camotim Bambolkar	52875	0.06
13	Anup Premanand Ramani	39337	0.04
14	Ajit Madhusudan Vaidya	26550	0.03
15	Rajendra M Pai	10653	0.01
16	Milind S Panandikar	7500	0.01
	Total	54598684	59.25

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Baring India Pvt Equity Fund III Listed Investments Limited	3708301	4.02
2	Reliance Capital Trustee Co Limited A/c Reliancepharma Fund	1524419	1.65
3	SBI Tax Advatage Fund	2061683	2.24
4	DSP Blackrock Micro Cap	3125135	3.39
5	UTI - Mid Cap Fund	1805194	1.96
6	Mangeshi Investment Private Limited	1167300	1.27
7	Goldman Sachs India Fund Limited	1243474	1.35
8	First State Investments (Hongkong) Limited A/c First State India subcontinent Fund	945396	1.03
	Total	15580902	16.91

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of Pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).
Products :	· Pharmaceutical Formulations · Active Pharmaceutical Ingredients
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

• State Bank of India
• The Saraswat Co-operative Bank Limited
• HDFC Bank Limited
• Citi Bank NA
• Standard Chartered Bank
• Kotak Mahindra Bank Limited
• IDBI Bank Limited
• DBS Bank Limited

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Foreign currency loan External Commercial Borrowings (Note No. 5.1)	NA	17.974
Indian rupee loan (Note No.5.2)	NA	54.006
Short Term Borrowings
Cash credit facility (Note No. 9.1)	NA	194.945
Foreign Currency export packing credit (Note No. 9.2)	NA	71.140
Working Capital Demand Loan (Refer Note No. 9.3)	NA	50.000
Total	NA	388.065

Auditors :
Name :	Patkar and Pendse Chartered Accountants
Address :	9, Chartered House CHS, Marine Lines, Mumbai - 400 002, Maharashtra, India
Subsidiary Companies (As on 31.03.2014) :	· Xtend Industrial Designers and Engineers Private Limited (Formerly known as Indoco Industrial Designers and Engineers Private Limited) · Indoco Pharmchem Limited.
Associates (As on 31.03.2014) :	· Indoco Analytical Solution LLP
Enterprises controlled by key management personnel (As on 31.03.2014) :	· SPA Holdings Private Limited · Shanteri Investments Private Limited · Indoco Capital Markets Limited · A K Services · Suresh Kare Indoco Foundation.

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Rs.184.300 Million

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.2/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
92150355	Equity Shares	Rs.2/- each	Rs.184.301 Million

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	184.300	184.301	184.301
(b) Reserves & Surplus	4999.500	4385.352	3956.142
(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)	5183.800	4569.653	4140.443
(3) Non-Current Liabilities
(a) long-term borrowings	128.500	137.887	273.856
(b) Deferred tax liabilities (Net)	270.100	305.286	348.108
(c) Other long term liabilities	96.900	91.852	92.020
(d) long-term provisions	150.300	163.410	68.196
Total Non-current Liabilities (3)	645.800	698.435	782.180
(4) Current Liabilities
(a) Short term borrowings	730.500	565.960	628.358
(b) Trade payables	1186.300	691.414	680.907
(c) Other current liabilities	408.800	538.800	513.196
(d) Short-term provisions	260.200	196.586	148.367
Total Current Liabilities (4)	2585.800	1992.760	1970.828
TOTAL	8415.400	7260.848	6893.451
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4021.300	2960.950	2910.029
(ii) Intangible Assets	0.000	291.824	304.308
(iii) Capital work-in-progress	0.000	243.585	219.900
(iv) Intangible assets under development	0.000	197.602	157.949
(b) Non-current Investments	6.400	4.452	3.962
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	573.400	550.432	568.305
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4601.100	4248.845	4164.453
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1462.000	1082.633	927.599
(c) Trade receivables	1536.400	1372.464	1270.772
(d) Cash and cash equivalents	152.800	131.361	118.117
(e) Short-term loans and advances	658.900	422.061	412.078
(f) Other current assets	4.200	3.484	0.432
Total Current Assets	3814.300	3012.003	2728.998
TOTAL	8415.400	7260.848	6893.451

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	8489.000	7277.124	6303.865
	Other Income	64.800	17.523	15.048
	TOTAL	8553.800	7294.647	6318.913
Less	EXPENSES
	Cost of Materials Consumed	2640.700	2301.643	2238.950
	Purchases of Stock-in-Trade	536.300	400.522	355.445
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(192.500)	(10.506)	31.333
	Employees benefits expense	1393.600	1290.467	1077.37
	Research & Development Expenses	216.700	144.286	129.024
	Other expenses	2289.700	1950.015	1547.209
	TOTAL	6884.500	6076.427	5379.331
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1669.300	1218.220	939.582
Less	FINANCIAL EXPENSES	103.400	188.015	218.724
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1565.900	1030.205	720.858
Less/ Add	DEPRECIATION/ AMORTISATION	471.100	309.121	237.159
	PROFIT/ (LOSS) BEFORE TAX	1094.800	721.084	483.699
Less	TAX	266.700	142.106	57.114
	PROFIT/ (LOSS) AFTER TAX	828.100	578.978	426.585
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	1341.188	1183.195
Less	APPROPRIATIONS
	Transfer to General Reserve		150.000	150.000
	Dividend		129.010	101.365
	Tax on Dividend		21.925	17.227
	Total (M)	NA	300.935	268.592
	Balance Carried to the B/S		1619.231	1341.188
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	2480.348	2115.754
	TOTAL EARNINGS	NA	2480.348	2115.754
	IMPORTS
	Raw Materials		353.116	264.800
	Components and Stores parts		7.200	1.562
	Capital Goods		35.333	76.082
	TOTAL IMPORTS	NA	395.649	342.444
	Earnings / (Loss) Per Share (Rs.)	8.98	6.28	4.62

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	1145.435	771.863

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	9.75	7.96	6.77
Operating Profit Margin (PBDIT / Sales)	(%)	19.66	16.74	14.90
Return on Total Assets (PBT/Total Assets}	(%)	13.02	10.58	7.43
Return on Investment (ROI) (PBT/Networth)		0.21	0.16	0.12
Debt Equity Ratio (Total Debt /Networth)		0.17	0.15	0.22
Current Ratio (Current Asset/Current Liability)		1.48	1.51	1.38

STOCK PRICES

Face Value	Rs.2.00 /- each
Market Value	Rs.383.00 /- each

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	184.301	184.301	184.300
Reserves & Surplus	3956.142	4385.352	4999.500
Net worth	4140.443	4569.653	5183.800
long-term borrowings	273.856	137.887	128.500
Short term borrowings	628.358	565.960	730.500
Total borrowings	902.214	703.847	859.000
Debt/Equity ratio	0.218	0.154	0.166

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	6303.865	7277.124	8489.000
		15.439	16.653

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	6303.865	7277.124	8489.000
Profit	426.585	578.978	828.100
	6.77%	7.96%	9.75%

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	No
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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)	No
16	No. of employees	No
17	Details of sister concerns	No
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	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

Case Details
Bench:- Bombay
Lodging No. :	EXAL/1045/2011	Failing Date:-	17.06.2011	Reg. No.:-	EXA/499/2011	Reg. Date:-	07.07.2011
Petitioner:-	SHARAD CONSTRUCTIONS PRIVATE LIMITED		Respondent:-	INDOCO REMEDIES LIMITED
Petn.Adv:-	PURNANAND AND COMPANY (692)		Resp. Adv.:	PRS LEGAL (0)
District:-	MUMBAI
Bench:-	SINGLE		Category:-	EXECUTION APPLICATIONS
Status:-	Pre-Admission

FUTURE OUTLOOK

Company’s domestic business continues to focus on brand building, new product launches, concentrated efforts to increase share in chronic segment and penetration in Tier II and Tier III towns.

Indoco’s international business continues to focus on its core competencies, viz., Research & Development and Manufacturing. The Company will continue to remain the preferred partner, offering complete solutions to generic companies worldwide. Additionally, it will also exploit the larger opportunities through alliances in major markets.

With the recent acquisition of CRO from Piramal, the Company is successfully progressing towards complete integration and faster filings of own ANDAs and Dossiers. Robust pipeline with multiple dosage forms accompanied with flexible business models will enable the Company to have upper edge over comparable competitors, in international markets.

While surging ahead in the Regulated Markets, Indoco is also consolidating its position in the Emerging markets through active brand promotion. Part of the emerging market is exploited through distributors appointed by Indoco and part through alliances.

Expertise in Research & Development, excellence in Manufacturing, expertise in Clinical Research services and a strong customer base will ensure consistent growth both in Indoco’s Domestic as well as International business.

UNSECURED LOAN:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Foreign currency loan External Commercial Borrowings (Note No. 5.1)	NA	65.907
Short Term Borrowings
Cash credit facility (Note No. 9.1)	NA	0.000
Foreign Currency export packing credit (Note No. 9.2)	NA	149.875
Working capital demand loan (Note No. 9.3)	NA	0.000
Short term loan (Note No. 9.4)	NA	100.000
Total	NA	315.782

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
A) Matters under dispute
i) Sales Tax Rs.11.808 Million has been paid under protest Previous year Rs.9.490 Million)	NA	39.683
ii) Excise / Service Tax	NA	36.392
iii) Income Tax	NA	13.484
B) Bank Guarantees	NA	9.847
C) Letters of Credit	NA	53.819
D) Estimated amount of contracts remaining to be executed on Capital Account, net of advances of Rs.20.164 Million (Previous year Rs.10.811 Million)	NA	77.613
E) Corporate Guarantee given to Bank on behalf of the Subsidiary	NA	20.000

INDEX OF CHARGE:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10513601	25/08/2014 *	100,000,000.00	The Saraswat Cooperative Bank Limited	SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, INDIA	C21639836
2	10515486	02/09/2014 *	40,000,000.00	IDBI Bank Limited	ALCON CHAMBERS, DR. BANDORKAR MARG, PANAJI, Goa - 403722, INDIA	C21512827
3	10360574	29/05/2012	238,000,000.00	DBS BANK LIMITED	221, Fort House, 3rd Floor, D.N.Road, Fort, Mumbai, Maharashtra - 400001, INDIA	B41596404
4	10193735	04/01/2010	100,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA	A76397967
5	10168713	17/07/2009	100,000,000.00	Standard Chartered Bank	90, M G Road,, Fort,, Mumbai, Maharashtra - 400001, INDIA	A66643669
6	10148381	04/12/2012 *	140,000,000.00	IDBI Bank Limited	47, OPUS Centre, Central Road 47, OPUS Centre, Opposite Tunga Paradise Hotel, MIDC (E) Andheri, MUMBAI, Maharashtra - 400093, INDIA	B64014889
7	10148720	30/01/2009	136,500,000.00	State Bank Of India	Commercial Branch,, Justice G N Vaidya Marg, Fort , Mumbai, Maharashtra - 400023, INDIA	A58965146
8	10138657	18/09/2014 *	62,500,000.00	The Saraswat Cooperative Bank Limited	SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, INDIA	C28811362
9	10137698	18/09/2014 *	112,000,000.00	The Saraswat Cooperative Bank Limited	SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, INDIA	C28802403
10	10137713	18/09/2014 *	7,500,000.00	The Saraswat Cooperative Bank Limited	SME Vile Parle Branch, Bholanath Co-op Hsg Soc, Subhash Road, Vile Parle East, Mumbai, Maharashtra  - 400057, INDIA	C28800266

FIXED ASSETS:

• Land (Lease Hold)
• Buildings and Premises
• Plant and Machinery
• Handling Equipment’s
• Pollution Control Equipment’s
• Laboratory Equipment’s
• R and D Equipment’s
• Plant - Utilities
• Electrical Installations
• Furniture and Fixtures
• Office and Data Processing Equipment’s
• Air-conditioning Unit
• Vehicles
• Trade Mark
• Technical Knowhow

WEBSITE DETAILS:

PRESS RELEASE:

INDOCO ACQUIRES PIRAMAL’S CLINICAL RESEARCH DIVISION

Mumbai, 1st April, 2015: Indoco Remedies Ltd. has signed a definitive agreement to acquire Piramal Clinical Research (PCL), a Hyderabad based Clinical Research Division (CRO) of Piramal Enterprises Ltd., on a going concern basis. This is an all cash-deal funded with internal accruals.

The CRO specializes in conducting bioequivalence and bioanalytical studies for generic products. This facility is spread across an area of 30,000 square feet and is equipped with a 98-bed facility, monitoring stations, phlebotomy stations, four-bed ICU, state-of-the-art analytical lab & capabilities of eCTD submission.

“We are extremely happy to have the CRO division of Piramals as part of Indoco. This acquisition will expand the depth of our services to customers in India as well as across the globe and would reduce our dependability to outsource bio-equivalence studies. Apart from reducing cost and ensuring time-bound outcome of studies, the CRO would be a perfect fit to our existing R&D efforts, including facilitation of ANDA/Dossier filings”, said Aditi Kare Panandikar, Managing Director of Indoco Remedies Limited.

The CRO initially established under the name Wellquest in 2001 in Mumbai and later shifted to Hyderabad in 2007, has regulatory approvals from several bodies including USFDA and was the first CRO from India to receive GCP certification from UK-MHRA.

ABOUT INDOCO REMEDIES LIMITED:

Indoco Remedies Ltd., headquartered in Mumbai, is a fully integrated, research-oriented pharma Company with presence in 80 countries. Indoco, a USD 125 million Company, employs over 6000 people including 250 skilled scientists.

The Company has 8 manufacturing facilities, 5 of which are for FDFs and 3 for APIs, supported by a state-ofthe-art R and D Centre. The facilities have been approved by USFDA, UK-MHRA, SUKL-Czech Republic, TGA Australia, MCC-South Africa, etc. Indoco develops and manufactures a wide range of pharmaceutical products for the Indian and international markets. It generates more than 50 million prescriptions annually from over 200000 doctors in India. Indoco’s 10 domestic marketing divisions, viz., Indoco, Warren Nxgen, Warren Ace, Spade, Warren Excel & Warren Vision, Spera, Eterna, Indoco CND, Indoco Focus and Indoco Impulse, cater to both acute and chronic therapies.

Indoco has a strong brand portfolio in various therapeutic segments including Respiratory, Anti-Infectives, Dental Care, Pain Management, Gastro-intestinal, Ophthalmic, Cardiovascular, Anti-Diabetics, etc. Top Indoco brands include Febrex Plus, Cyclopam, Sensodent-K, ATM, Glychek, Methycal, Rosuchek-D, Omegachek, Vepan, Cital, Oxipod, Sensoform, Osteochek, Lorchek-MR, Homide, Renolen, Cloben-G, Karvol Plus, Tuspel Plus, Inflachek-D, Clamchek and MCBM 69. On the international front, Indoco has tie-ups with large generic companies like Watson (Actavis) - USA, ASPEN-South Africa and DSM-Austria.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.60
UK Pound	1	Rs.97.26
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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.