MIRA INFORM REPORT

Report No. :	320730
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	VIVIMED LABS LIMITED
Registered Office :	Plot No.78 – A, Kolhar Industrial Area, Bidar – 585 403, Karnataka
Tel. No.:	91-8482-232045
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.09.1988
Com. Reg. No.:	08-009465
Capital Investment / Paid-up Capital :	Rs.162.040 Million
CIN No.: [Company Identification No.]	L02411KA1988PLC009465
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability company. The company’s shares are listed on the Stock Exchange.
Line of Business :	Subject is engaged in the business of Manufacturing Products (Active Ingredients, Formulations, etc.) for Pharmaceutical, Personal Care and colour Chemistry Industry.
No. of Employees :	1060 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 11000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration experienced and qualified promoter and management team supported by track record of operations with a diversified portfolio of pharmaceutical products and sound financial base of the company. Trade relations are to be fair. Business is active. Payments are reported to be usually correct. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CARE
Rating	BB+ [Long Term Bank Facilities]
Rating Explanation	Inadequate credit quality and high credit risk.
Date	20.04.2015

Rating Agency Name	CARE
Rating	A4+ [Short Term Bank Facilities]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	20.04.2015

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 :	Plot No.78 – A, Kolhar Industrial Area, Bidar – 585 403, Karnataka, India
Tel. No.:	91-8482-232045
Mobile No.:	91-9902562830 (Mr. Jagdish Kulkarni)
Fax No.:	91-8482-232045
E-Mail :	chanakya@vivimedlabs.com fahim.aslam@vivimedlabs.com yugandhar.kopparthi@vivimedlabs.com
Website :	www.vividmedlabs.com
Corporate / Head Office :	2^nd Floor, Veeranag Towers, Husiguda, Hyderabad – 500 007, Andhra Pradesh, India
Tel. No.:	91-40-27176005 / 27176006
Fax No.:	91-40-27172242 / 27150599
E-Mail :	info@vivimedlabs.com
Overseas Office :	CHINA Vivimed Labs Limited Address: Guangzhou Representative Office, 1259 Block C, China Hotel, Liuhua Road, Guangzhou, 510015 P.R. China Tel no.: +86 20 8626 6003 Fax No.: +86 20 8626 6903 UNITED KINGDOM Vivimed Labs Europe Limited Address: PO Box B3, Leeds Road, Huddersfield Wes Yorkshire, HD1 6BU, England Tel No.: +44 (0) 1484320500 Fax No.: +44 (0) 1484320300 e-mail: sales@vivimedlabs.com USA Vivimed Labs USA Inc Address: 1100 Cornwall Road, Suite 160, Monmouth Junction, New Jersey 08852, USA Tel No.: +1 732-398-0008 Fax No.: +1 732-398-0013 e-mail: sales@vivimedlabs.com
Warehouses :	Located At: Bonthapally, Hydrabad, India Arnhen, Netherlands New Jersey, North Carolina (USA) Hong Kong, China
Plant Location: Specialty Chemicals Division: Pharma Division:	· 78/A, Kolhar Industrial Area, Bidar – 585403, Karnataka, India · Survey No. 202, 207/A, 207/E and 207/AA, Bonthapalty Village, Narsapur Mandal, Medax District – 502313, Andhra Pradesh, India · D 125 and 128, Phase III, Jeedimetla Industrial Estate, Hyderebad – 500055, Andhra Pradesh, India · Plot No. 25, Kundeshwari Village, Kashipur, Udham Sigh Nagar – 244 713, Uttranchal, India · D – 9, Industrial Area, Haridwar – 249 401, Uttranchal, India

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Santosh Varalwar
Designation :	Chief Executive Officer and Managing Director
Date of Birth/Age :	49 Years
Qualification :	Management Graduate
Name :	Dr. V. Manohar Roa
Designation :	Whole Time Director
Date of Birth/Age :	75 Years
Qualification :	Post Graduate in Veterinary Sciences
Name :	Mr. Subhash Varalwar
Designation :	Whole-time Director
Date of Birth/Age :	63 Years
Qualification :	Post Graduate in Chemical Engineering and a Management Graduate
Name :	Dr. M Bhagavantha Rao
Designation :	Independent Director
Date of Birth/Age :	67 Year
Qualification :	PHD in chemical engineering
Name :	Mr. Sandeep Varalwar
Designation :	Whole-time Director
Date of Birth/Age :	42 Years
Qualification :	Graduation in B. Pharmacy
Name :	Mr. S Raghunandan
Designation :	Whole-time Director
Date of Birth/Age :	50 Years
Qualification :	Science Post Graduate
Name :	Dr. M. Bhagvanth Rao
Designation :	Independent Director
Name :	Mr. P V Rathnam
Designation :	Independent Director
Date of Birth/Age :	68 Years
Qualification :	Chartered Accountants
Name :	Dr. Peesapati Venkateswarlu
Designation :	Independent Director
Name :	Mr. Srinivas Chidambaram
Designation :	Nominee Director
Name :	Mr. Nixon Patel
Designation :	Independent Director

KEY EXECUTIVES

Name :	Mr. Fahim Aslam Khan
Designation :	Company Secretary and Compliance Officer
AUDIT COMMITTEE
Name :	Mr. P.V. Rathnam
Designation :	Chairman
Name :	Dr. M. Bhagvanth Rao
Designation :	Member
Name :	Mr. S. Raghunandan
Designation :	Member
Name :	Mr. Srinivas Chidambaram
Designation :	Member
INVESTORS GRIEVANCE COMMITTEE
Name :	Mr. P.V. Rathnam
Designation :	Chairman
Name :	Mr. Santosh Varalwar
Designation :	Member
Name :	Dr. V. Manohar Rao
Designation :	Member
REMUNERATION COMMITTEE
Name :	Dr. M. Bhagvanth Rao
Designation :	Chairman
Name :	Mr. Subhash Varalwar
Designation :	Member
Name :	Mr. Sandeep Varalwar
Designation :	Member
Name :	Mr. D. Hanumantha Rao
Designation :	Member
Name :	Dr. Peesapati Venkateswarlu
Designation :	Member
COMPENSATION COMMITTEE
Name :	Mr. P.V. Rathnam
Designation :	Chairman
Name :	Mr. Santosh Varalwar
Designation :	Member
Name :	Mr. S. Raghunandan
Designation :	Member
Name :	Dr. M. Bhagvanth Rao
Designation :	Member
MANAGEMENT COMMITTEE
Name :	Dr. V. Manohar Rao
Designation :	Chairman
Name :	Mr. Santosh Varalwar M
Designation :	Member
Name :	Mr. Subhash Varalwar
Designation :	Member

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	3988738	24.62
Bodies Corporate	2155987	13.31
Sub Total	6144725	37.93
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	6144725	37.93
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	5667	0.03
Central Government / State Government(s)	19226	0.12
Foreign Institutional Investors	286345	1.77
Any Others (Specify)	4207121	25.96
Foreign Companies	4207121	25.96
Sub Total	4503172	27.79
(2) Non-Institutions
Bodies Corporate	1580222	9.75
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1398794	8.63
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1265546	7.81
Any Others (Specify)
Non Resident Indians	596472	3.68
Clearing Members	326741	2.02
Foreign Nationals	273968	1.69
Trusts	98956	0.61
Sub Total	5540699	34.19
Total Public shareholding (B)	10059058	62.07
Total (A)+(B)	16203783	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)	16203783	0.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of Manufacturing Products (Active Ingredients, Formulations, etc.) for Pharmaceutical, Personal Care and colour Chemistry Industry.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS [AS ON 31.03.2014]

Particulars	Unit	Licensed Capacity and Installed Capacity
Speciality Chemicals	MT	4000
Capsules	Million	400
Tablets	Million	100
Lotions	KL	800
Ointments	MT	5
Small Volume Parentals	KL	400

Particulars	Unit	Production Capacity
Speciality Chemicals	MT	3050.450
Capsules	Million	56.870
Tablets	Million	77.260
Lotions	KL	805.720
Ointments	MT	18.510
Small Volume Parentals	KL	320.500
Others	MT	173.550

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 :

1060 (Approximately)

Bankers :

Banker Name :	State Bank of Hyderabad
Branch Address :	India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

• Axis Bank
• EXIM Bank
• HDFC Bank
• Bank of Bahrain and Kuwait B.S.C.
• SBI London

Facilities :

Secured Loan	As on 31.03.2014 [Rs. in Million]	As on 31.03.2013 [Rs. in Million]
Long Term Borrowings
Term Loans From Banks	1062.200	742.250
Term Loans From Financial Institutions	1441.380	679.870
Short Term Borrowings
Working Capital From Banks
Cash Credit and Packing Credit	2472.590	1951.480
Foreign Bills Discounting	290.790	304.780
TOTAL	5266.960	3678.380

Auditors :
Name :	P. Murali and Company Chartered Accountants
Address :	6-3-655/2/3, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India
Internal Auditor :
Name :	Price Waterhouse Coopers Private Limited Chartered Accountants
Address :	# 8-2-293/A/113/A, Road No. 36, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India
Cost Auditor :
Name :	Bharthula and Associates Cost Accountants
Address :	G2, GSK Towers, Santhi Nagar, Baghameer, Kukatpally, Hyderabad – 500 072, Andhra Pradesh, India
Indian Subsidiaries :	Octtantis Nobel Labs Private Limited
Wholly Owned Indian Subsidiaries :	Creative Health Care Private Limited Klar Sehen Private Limited
Wholly Owned Subsidiaries :	Vivimed Holdings Limited, HongKong Vivimed Labs USA Inc. Vivimed Labs Europe Limited, U.K. Vivimed Labs Mauritius Limited
Wholly Owned Foreign Step Down Subsidiaries :	Vivimed Labs UK Limited Union Quimico Farmaceutica S.A.U., Spain Uquifa Mexico S.A. de C.V. Holiday International Limited, UK

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million
910000	Preferences Shares	Rs.1000/- each	Rs.910.000 Million
	TOTAL		Rs.1110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16203783	Equity Shares	Rs.10/- each	Rs.162.040 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	162.040	160.610	139.340
(b) Preferences	0.000	0.000	670.000
(c) Reserves & Surplus	3562.200	3280.140	2620.150
(d) Money received against share warrants	23.720	23.720	23.710
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3747.960	3464.470	3453.200
(3) Non-Current Liabilities
(a) long-term borrowings	2912.770	1839.450	1290.570
(b) Deferred tax liabilities (Net)	310.810	266.670	163.430
(c) Other long term liabilities	1146.310	686.540	156.770
(d) long-term provisions	23.530	19.720	18.090
Total Non-current Liabilities (3)	4393.420	2737.840	1628.860
(4) Current Liabilities
(a) Short term borrowings	2763.390	2256.260	2025.540
(b) Trade payables	528.010	468.340	277.240
(c) Other current liabilities	721.950	426.750	271.560
(d) Short-term provisions	202.910	119.740	118.440
Total Current Liabilities (4)	4216.260	3345.630	2692.780
TOTAL	12357.640	9547.940	7774.840
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3841.210	3903.940	2944.950
(ii) Intangible Assets	132.130	146.820	0.000
(iii) Capital work-in-progress	155.140	92.140	77.080
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2275.460	955.460	871.690
(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	0.000	0.590	300.610
Total Non-Current Assets	6403.940	5098.940	4194.330
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1701.320	1403.580	738.820
(c) Trade receivables	1820.160	1600.590	987.180
(d) Cash and cash equivalents	132.590	136.670	194.060
(e) Short-term loans and advances	2240.320	1248.840	1658.160
(f) Other current assets	59.310	59.310	2.290
Total Current Assets	5953.700	4449.000	3580.510
TOTAL	12357.640	9547.940	7774.840

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	4319.930	4231.260	3829.000
	Other Income	15.510	33.790	4.200
	TOTAL (A)	4335.440	4265.050	3833.200
Less	EXPENSES
	Cost of Materials Consumed	2360.570	2473.700	2293.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(14.100)	(75.530)	(15.680)
	Employees benefits expense	198.330	155.080	105.790
	Other expenses	557.150	561.000	480.470
	Administrative expenses	221.340	180.540	125.350
	TOTAL (B)	3323.290	3294.790	2988.930
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1012.150	970.260	844.270
Less	FINANCIAL EXPENSES (D)	443.440	284.380	225.35
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	568.710	685.880	618.920
Less/ Add	DEPRECIATION/ AMORTISATION (F)	180.630	172.070	105.510
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	388.080	513.810	513.410
Less	TAX (H)	121.780	146.460	109.27
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	266.300	367.350	404.140
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	1574.920	1319.610	1019.220
Less	APPROPRIATIONS
	Transfer to General Reserve	26.630	36.740	40.410
	Equity Share Capital Proposed Dividend	48.610	41.980	41.800
	Preferences Shares Capital Proposed Dividend	0.000	22.810	12.340
	Dividend Tax	7.890	10.510	9.200
	Balance Carried to the B/S (J+K+L-M)	1758.090	1574.920	1319.610
	Earnings / (Loss) Per Share (Rs.)
	- Basic	16.43	22.87	29.00
	- Diluted	16.43	22.87	25.16

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.16	8.68	10.55
Operating Profit Margin (PBIDT/Sales)	(%)	23.43	22.93	22.05
Return on Total Assets (PBT/Total Assets}	(%)	3.91	6.04	7.52
Return on Investment (ROI) (PBT/Networth)		0.10	0.15	0.15
Debt Equity Ratio (Total Debt/Networth)		1.51	1.18	0.96
Current Ratio (Current Asset/Current Liability)		1.41	1.36	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	139.340	160.610	162.040
Reserves & Surplus	2620.150	3280.140	3562.200
Net worth	2759.490	3440.750	3724.240
long-term borrowings	1290.570	1839.450	2912.770
Short term borrowings	2025.540	2256.260	2763.390
Total borrowings	3316.110	4095.710	5676.160
Debt/Equity ratio	1.202	1.190	1.524

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3829.000	4231.260	4319.930
		10.506	2.096

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3829.000	4231.260	4319.930
Profit	404.140	367.350	266.300
	10.55%	8.68%	6.16%

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	Yes
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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan	As on 31.03.2014 [Rs. in Million]	As on 31.03.2013 [Rs. in Million]
Long Term Borrowings
FCCB’s From Financial Institutions	409.200	417.330
TOTAL	409.200	417.330

OVERVIEW:

Under the Pharmaceuticals segment, subject manufactures and markets active pharmaceutical ingredients (APIs) and finished dosage formulations (FDF) covering diverse therapeutic segments. The business is divided into three parts – APIs, contract formulations and branded formulations. API segment: subject manufactures 45-plus APIs covering diverse therapeutic segments at its three international US FDA facilities in Spain and Mexico which cumulatively possess close to about 150 Drug Master Files filed with the regulator. About 40% of the production comprises the antiulcer segment; the rest comprises various therapeutic segments namely oncology, HIV, general therapeutics and certain quaternary APIs. The entire production is marketed to leading global pharmaceutical customers. The Company is focused on implementing process improvements in manufacturing facilities in Spain and Mexico by leveraging its India-based R and D expertise and procurement efficiencies.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10526423	29/09/2014	671,000,000.00	Axis Bank Limited	6-3-879/B, 1st Floor,, G. Pulla Reddy Building, Green Lands,Begumpet Road, Hyderabad, Andhra Pradesh - 500016, INDIA	C30124689
2	10525983	25/09/2014	57,500,000.00	STATE BANK OF HYDERABAD	IDPL Colony Branch,, Kukatpally, Hyderabad, Telangana - 500037, INDIA	C29732435
3	10507896	01/07/2014	140,000,000.00	STATE BANK OF HYDERABAD	OVERSEAS BRANCH, 6-3-652, "KAUTILYA', SOMAJIGUDA,  HYDERABAD, Telangana - 500082, INDIA	C10424158
4	10479761	28/01/2014	2,500,000.00	Biotechnology Industry Research Assistance Council  (BIRAC)	A-254, 3rd Floor, Bhisham Pitamah Marg, Defence Colony, New Delhi, Delhi - 110024, INDIA	B97264733
5	10479220	28/01/2014	2,500,000.00	Biotechnology Industry Research Assistance Council  (BIRAC)	A-254, 3rd Floor, Bhisham Pitamah Marg, Defence Colony, New Delhi, Delhi - 110024, INDIA	B97055719
6	10481757	10/01/2014	700,000,000.00	ALLAHABAD BANK	Industrial Finance Branch, 37,Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, INDIA	B98168966
7	10456550	04/08/2014 *	1,000,000,000.00	IFCI LIMITED	5-9-13, Taramandal Complex, 8th Floor, saifabad,, Hyderabad, Telangana - 500004, INDIA	C18286179
8	10436631	27/06/2013	19,847,615.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B79525283
9	10363112	29/06/2012	625,000,000.00	INTERNATIONAL FINANCE CORPORATION	Vibgyor Towers,6th Floor,, G Block, C-62, Bandra Kurla Complex, Bandra(East), Mumbai, Maharashtra -  400051, INDIA	B42676890
10	10365838	31/01/2013 *	590,700,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, RAJ BHAVAN  ROAD, HYDERABAD, Andhra Pradesh - 500082, INDIA	B68103100

* Date of charge modification

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Electrical Equipment
• Laboratory Equipment
• Office Equipment
• Computers
• Furniture
• Vehicles
• Generator

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^st DECEMBER 2014

Rs. In Million

Sr. No.	Particular	Quarter Ended		9 Months ended
		31.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1.	Net Sales/Income from Operations	1052.752	957.318	3037.354
	Other Operating Income	5.824	4.034	9.668
	Total Income From Operations (Net)	1058.576	961.352	3047.022
2.	Expenditure
	Cost of materials consumed	671.200	567.817	1926.189
	Changes in inventories of finished goods, work in progress and stock in trade	-204.874	(160.279)	-551.820
	Employee benefits expenses	62.401	83.003	200.362
	Depreciation and amortization expenses	66.371	45.162	156.349
	Other expenses	240.414	219.093	677.533
	Total Expenses	835.512	754.797	2408.613
3.	Profit/(Loss) From Operations before Other Income, Interest and Exceptional Items (1-2)	223.064	206.555	638.409
4.	Other Income	0.000	0.000	0.000
5.	Profit/(Loss) Before Interest and Exceptional Items (3-4)	223.064	206.555	638.409
6.	Finance cost	171.403	149.192	463.355
7.	Profit After Interest but before Exceptional Items (5-6)	51.661	57.363	175.054
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	51.661	57.363	175.054
10.	Tax Expense	10.332	13.630	41.679
11.	Net Profit from Ordinary Activities after Tax (9-10)	41.329	43.733	133.375
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	41.329	43.733	133.375
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	162.038	162.038	162.038
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	2.55	2.70	8.23
	b) Basic and diluted EPS after extraordinary items	2.55	2.70	8.23

NOTES:

1. The above Standalone Unaudited Financial Results for the Quarter ended & 9 months ended December 31'st 2014 have been reviewed by Audit committee and taken on record by Board of Directors at their meeting held on 13^th February 2015.

2. As per Accounting Standard 17 on Segment Reporting (AS-17), results of the two Segments "Specialty Chemicals" and "Pharma" are reported.

3. Corresponding numbers of previous period / year have been revised, regrouped, wherever necessary.

4. This quarter is the balancing figure of the YTD and the reported for last quarters.

5. Depreciation has been calculated basing on the provisions of the companies Act 2013.

SEGMENT-WISE STANDALONE FINANCIAL RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE-41 OF THE LISTING AGREEMENT

Rs. In Million

Sl. No.	Particulars	3 Months Ended		Till Date
		31.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1	SEGMENT REVENUE
	Net Sales / Income From Each Segment
	Speciality Chemicals Business	806.031	791.434	2407.434
	Pharma Business	246.721	165.884	629.920
	TOTAL	1052.752	957.318	3037.354
	Less : Inter Segment Revenue (Net of Excise)	--	--	--
	Net Sales / Income from Operation	1052.752	957.318	3037.354
2	SEGMENT RESULTS
	Speciality Chemicals Business	187.378	173.668	527.086
	Pharma Business	35.686	32.887	111.323
	TOTAL	223.064	206.555	638.409
	Less :Interest	171.402	149.192	463.355
	Less : Other Unallocable Expenses and Extra Ordinary Items	--	--	--
	Unallocable Income	--	--	--
	Net Profit (+) / Loss(-) before Tax	51.661	57.363	175.054
3	CAPITAL EMPLOYED
	Speciality Chemicals Business	7739.074	7629.465	7739.074
	Pharma Business	2956.782	2910.861	2956.782
	TOTAL	10695.856	10540.326	10695.856

SELECT INFORMATION FOR THE QUARTER ENDED 31.12.2014

		Quarter Ended
		31.12.2014	30.09.2014
17.	Public Shareholding
	-Number of Shares	10026058	10026058
	- Percentage of Shareholding	61.87%	61.87%
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	4079645	3110455
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	66.09%	50.35%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	25.18%	19.20%
	b) Non Encumbered
	- Number of Shares	2093080	3067270
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	33.91%	49.65%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	12.91%	18.93%

Particulars	Quarter Ended 31.12.2014
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

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.63.57
UK Pound	1	Rs.97.98
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.