MIRA INFORM REPORT

Report No. :	321968
Report Date :	09.05.2015

IDENTIFICATION DETAILS

Name :	CALYX CHEMICALS AND PHARMACEUTICALS LIMITED
Formerly Known As :	CALYX CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Unit No.110, Marwah’s Complex, Krishanlal Marwah Estate, Off. Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra
Tel. No.:	91-22-28571190/28571191
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.01.1986
Com. Reg. No.:	11-038618
Capital Investment / Paid-up Capital :	Rs. 164.135 Million
CIN No.: [Company Identification No.]	U24220MH1986PLC038618
TAN No.: [Tax Deduction & Collection Account No.]	MUMC07976D/ MUMC09940A
PAN No.: [Permanent Account No.]	AABCC1457B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Active Pharmaceutical Ingredients.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. Management of the company has failed to file its latest financial for the year 2014 with the government department. As per Registrar of Companies the date of Balance Sheet i.e. financials filed is shown as 31^st March 2013 but the documents related to the financials for the year 2013 are not available from any sources. As per available financials 2012, financial position of the company seems to be decent. However, trade relations are fair. Business is active. Payment terms are reported to be unknown. The company can be considered for business dealings with some cautions.

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	Issues Rating = BBB- (Suspended)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	11.02.2014

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Shashikant More
Designation :	Accountant
Contact No.:	91-22-28571191
Date :	08.05.2015

LOCATIONS

Registered Office :	Unit No.110, Marwah’s Complex, Krishanlal Marwah Estate, Off. Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-28571191/ 82/ 28575037
Fax No.:	91-22-66466401/66466416
E-Mail :	crams@calyxindia.com sales@calyxindia.com hiren.dave@calyxindia.com shashikantmore@calyxindia.com devanand_mojidra@calyxindia.com pooja_gaonkar@calyxindia.com
Website :	www.clydxindia.com
Area :	3000 Sq. ft.
Location:	Owned
Corporate Office :	A-37/38, MIDC, Phase 1, Golavli, Kalyan Shil Road, Dombivali (East), Near Vicconaka, Thane – 421203, Maharashtra, India
Tel. No.:	91-251-2438310/ 6698300
Fax No.:	91-251-2438726
E-Mail :	sales@calyxindia.com crams@calyxindia.com
Factory 1 :	N 91/102, Tarapur Industrial Area, Boisar, District Thane, Maharashtra, India
Factory 2 :	W 212/213, MIDC, Phase II, Sonarpada, Dombivali (East), District Thane, Maharashtra, India

DIRECTORS

As on: 27.09.2013

Name :

Mr. Smitesh Chandravadan Shah

Designation :

Managing Director

Address :

B-403, Eden – III, Hiranadani Grdens, Powai, Mumbai – 400 076, Maharashtra, India

Date of Birth/Age :

28.04.1959

Qualification :

B.com

Date of Appointment :

01.04.2013

PAN No.:

AMUPS4238C

DIN No.:

00019720

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24220MH1986PLC038618	CALYX CHEMICALS AND PHARMACEUTICALS LIMITED	Managing director	01-04-2013	01-04-1995	-	Active	NO
2	U24233MH1993PTC072347	TOP LIFESCIENCES INTERNATIONAL PRIVATE LIMITED	Director	17-04-1995	17-04-1995	-	Active	NO
3	U72200MH2000PTC124247	NOBLE STRATEGIES INTERNATIONAL PRIVATE LIMITED	Director	15-02-2000	15-02-2000	-	Strike off	NO

Name :

Mr. Bharat Sukhlal Mehta

Designation :

Director

Address :

21, Nibbana Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

05.01.1938

Qualification :

MBA

Date of Appointment :

31.03.2010

PAN No.:

AAAPM7952K

DIN No.:

00038165

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24220MH1986PLC038618	CALYX CHEMICALS AND PHARMACEUTICALS LIMITED	Managing director	01-04-2013	01-04-1995	-	Active	NO
2	U24233MH1993PTC072347	TOP LIFESCIENCES INTERNATIONAL PRIVATE LIMITED	Director	17-04-1995	17-04-1995	-	Active	NO
3	U72200MH2000PTC124247	NOBLE STRATEGIES INTERNATIONAL PRIVATE LIMITED	Director	15-02-2000	15-02-2000	-	Strike off	NO

Name :

Mr. Rajat Indulal Doshi

Designation :

Director

Address :

1 E, Dil Pazir, Bhulabhai Desai Road, Cumballa, Gamdevi, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

13.10.1958

Qualification :

B.com

Date of Appointment :

30.09.2009

PAN No.:

AABPD9790M

DIN No.:

02423171

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200MH1983PTC031468	ADAGE SYSTEMS PVT LTD	Director	02-12-1983	02-12-1983	-	Strike off	NO
2	U32200MH1982PTC028754	SPECTRA VIDEO PVT LTD	Director	09-04-1984	09-04-1984	-	Under liquidation	NO
3	U45200MH1995PTC091114	ROYAL BUILDMAT INDIA PRIVATE LIMITED	Director	01-01-1996	01-01-1996	27-02-2010	Strike off	NO
4	U24220MH1986PLC038618	CALYX CHEMICALS AND PHARMACEUTICALS LIMITED	Director	30-09-2009	23-04-2009	-	Active	NO
5	AAA-1878	MSD TRADING LLP	Designated Partner	26-07-2010	26-07-2010	-	Active	NO
6	AAB-3211	KRUPA LIFESCIENCES LIMITED LIABILITY PARTNERSHIP	Designated Partner	17-01-2013	17-01-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shashikant More
Designation :	Accountant
Name :	Mr. Devanand P. Mojidra
Designation :	Company Secretary
Address :	A/504, Kamala Ashish Building, 3 CHS Limited, Mahavir Nagar, Dahanukar Wadi, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	07.02.1973
Date of Appointment :	11.05.2012
PAN No.:	AHRPM7047F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2013

SHAREHOLDING LIST ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	10.20
Bodies corporate	2.97
Directors or relatives of directors	75.56
Other	11.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredients.

Products :

Item Code No. (ITC Code)	Product Description
Pyrazina	29242960
Erythrom	29415000
Erystear	29415000
Artemether	29420090

Brand Names :

Not available

Agencies Held :

Not available

Exports :

Products :

Finish Goods

Countries :

• Singapore
• Nigeria
• Pakistan
• Japan

Imports :

Products :

Raw Material

Countries :

• UK
• Russia
• China

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production*
Active Pharmaceutical Ingredients, Intermediate and Chemicals	MT	127463	1743

NOTE:

· The Installed capacity has been certified by the management.

· Includes outsourced, contract manufactured and bought out goods

GENERAL INFORMATION

Suppliers :

Reference :	Sonfi Chem – France
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 :

Wholesalers, Retailers and Manufacturer

Reference :	Ajanta Pharma limited- Mumbai
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 :

300 (Approximately)

Bankers :

Bank Name	Standard Chartered Bank
Branch	Fort Branch, Mumbai
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

Bank Name	State Bank of India
Branch	Nariman Point, Mumba, Maharasahtra, India
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

Bank Name	UCO Bank
Branch	Marol Maroshi Road, Andheri (East)
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)	C/C – Rs. 200.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2012 Rs. in Million	31.03.2011 Rs. in Million
LONG TERM BORROWINGS
Rupee term loans from banks (First Pari Passu Charge by way of hypothecation over entire movable Fixed Assets and mortgage over the entire immovable properties of the Company present and future. First Pari Passu charge on all fixed assets and subservient charge on current assets of the company. First Pari Passu charge on all fixed assets of the company along with existing and proposed other lenders)	1016.326	1035.516
SHORT TERM BORROWINGS
Working capital loans from banks (Primary Security: - First pari-passu charge on entire current assets of the company. Collateral Security:- Second pari-passu charge on entire fixed assets of the company)	1577.492	924.364
Total	2593.818	1959.880

Auditors :
Name :	Jatin V. Shah Chartered Accountant
Address :	261/263, D N Road, 4^th Floor, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-32948140
Fax No.:	91-22-22610775
PAN No.:	AVVPS9231R
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Singind Life Sciences Pte. Limited, Singapore
Entities over which Key Management Personnel exercise significant influence/ Others:	Top Brass Gifts Private Limited CIN No.: U18101MH1993PTC072347 Sukhlal Mansukhlal Herbals (Formerly Known as Sum Electronics) Sum Electronics Calyx Employees Welfare Trust
Sister Concern :	Calyx Chemical LLC, Dubai Calyx International USA

CAPITAL STRUCTURE

As AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16413473	Equity Shares	Rs.10/- each	Rs.164.135 Million

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16048890	Equity Shares	Rs.10/- each	Rs.160.489 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	160.489	159.332
(b) Reserves & Surplus	1597.865	1187.591
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	57.704	0.000
Total Shareholders’ Funds (1) + (2)	1816.058	1346.923
(3) Non-current liabilities
(a) Long-term borrowings	1066.429	1175.607
(b) Deferred tax liabilities (Net)	207.870	166.238
(c) Other long term liabilities	400.844	366.641
(d) Long-term provisions	10.153	0.000
Total Non-current Liabilities (3)	1685.296	1708.486
(4) Current liabilities
(a) Short term borrowings	1577.492	1024.364
(b) Trade payables	1761.960	646.052
(c) Other current liabilities	365.940	373.154
(d) Short-term provisions	67.992	26.074
Total Current Liabilities (4)	3773.384	2069.644
TOTAL	7274.738	5125.053
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1184.938	973.880
(ii) Intangible Assets	481.306	486.320
(iii) Capital work-in-progress	88.360	88.762
(iv) Intangible assets under development	442.941	345.699
(b) Non-current Investments	2.981	2.713
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	29.850	27.883
(e) Other Non-current assets	18.669	34.523
Total Non-Current Assets	2249.045	1959.780
(2) Current assets
(a) Current investments	5.159	4.889
(b) Inventories	2629.276	1868.138
(c) Trade receivables	1796.906	920.727
(d) Cash and cash equivalents	464.735	188.012
(e) Short-term loans and advances	129.617	183.507
(f) Other current assets	0.000	0.000
Total Current Assets	5025.693	3165.273
TOTAL	7274.738	5125.053

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		135.360
2] Share Application Money		0.000
3] Reserves & Surplus		780.482
4] (Accumulated Losses)		0.000
NETWORTH		915.842
LOAN FUNDS
1] Secured Loans		1579.865
2] Unsecured Loans		295.949
TOTAL BORROWING		1875.814
DEFERRED TAX LIABILITIES		156.246
TOTAL		2947.902
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1453.601
Capital work-in-progress		0.000
INVESTMENT		1.020
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1223.411
	Sundry Debtors	729.227
	Cash & Bank Balances	242.460
	Other Current Assets	0.000
	Loans & Advances	286.456
Total Current Assets		2481.554
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	913.307
	Other Current Liabilities	43.003
	Provisions	50.057
Total Current Liabilities		1006.367
Net Current Assets		1475.187
MISCELLANEOUS EXPENSES		18.094
TOTAL		2947.902

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	5891.861	4171.774	3218.025
		Other Income	30.139	14.766	48.662
		TOTAL (A)	5922.000	4186.540	3266.687
Less	EXPENSES
		Cost of materials consumed	4528.358	3038.899
		Purchase of Stock-in-trade	292.979	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(685.316)	(114.644)
		Employee benefits expenses	160.826	125.302
		Manufacturing Expenses	154.482	125.278
		Administration Expenses	254.964	175.704
		Selling and Distribution Expenses	32.577	41.297
		Research and Development Expenses	19.811	22.176
		TOTAL (B)	4758.681	3414.012	2681.255
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1163.319	772.528	585.432
Less	FINANCIAL EXPENSES (D)		455.870	286.637	232.453
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		707.449	485.891	352.979
Less/ Add	DEPRECIATION/ AMORTISATION (F)		129.430	97.704	77.371
	PROFIT BEFORE TAX (E-F) (G)		578.019	388.187	275.608
Less	TAX (H)		161.836	91.461	67.238
	PROFIT AFTER TAX (G-H) (I)		416.183	296.726	208.370
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		837.922	598.665	422.057
Less	APPROPRIATIONS
		Interim Equity Dividend Paid	15.934	0.000	31.762
		Tax on Interim Dividend	2.585	0.000
		Proposed Final Equity Dividend	12.037	23.900
		Tax on Dividend	1.953	3.969
		Transfer to General Reserves	41.600	29.600
	BALANCE CARRIED TO THE B/S		1179.996	837.922	598.665
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	1486.344	817.867	389.208
	TOTAL EARNINGS		1486.344	817.867	389.208
	IMPORTS
		Capital Goods	0.481	0.000	0.000
		Raw Materials	1522.396	1299.467	1168.685
		Consumables	0.028	0.156	0.321
	TOTAL IMPORTS		1522.905	1299.623	1169.006
	Earnings Per Share (Rs.)		26.12	19.33	17.61

Particulars	31.03.2013	31.03.2014
Sales Turnover (Approximately)	8154.740	5023.636

The above information has been parted by Mr. Shashikant More (Accountant)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PAT / Sales)	(%)	7.06	7.11	6.48
Operating Profit Margin (PBDIT/Sales)	(%)	19.74	18.52	18.19
Return on Total Assets (PBT/Total Assets}	(%)	8.58	8.28	7.00
Return on Investment (ROI) (PBT/Networth)		0.32	0.29	0.30
Debt Equity Ratio (Total Debt /Networth)		1.46	1.63	2.05
Current Ratio (Current Asset/Current Liability)		1.33	1.53	2.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)
Share Capital	159.332	160.489
Reserves & Surplus	1187.591	1597.865
Share Application money pending allotment	0.000	57.704
Net worth	1346.923	1816.058
long-term borrowings	1175.607	1066.429
Short term borrowings	1024.364	1577.492
Total borrowings	2199.971	2643.921
Debt/Equity ratio	1.633	1.456

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3218.025	4171.774	5891.861
		29.638	41.232

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3218.025	4171.774	5891.861
Profit	208.370	296.726	416.183
	6.48%	7.11%	7.06%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS
CALCUTTA HIGH COURT
PRESENTATION DATE : 02.07.2013
STAMP: WPST/17966/2013 FILLING DATE: 02.07.2013 REG NO.: WP/5870/2013 REG. DATE: 05.07.2013
Petitioner: MAHARASHTRA STATE ELECTRICITY DISTRICT RESPONDENT: CALYX CHEMICALS AND PHARMACEUTICALS LIMITED
PETN.: ADV.	DSK LEGAL (I1590)
RESP. ADV:	PRAVIN D. KADAM (348)
DISTRICT:	THANE -
BENCH:	SINGLE
STATUS:	PRE-ADMISSION
NEXT DATE:	07.07.2015
STAGE:	PETITIONS ADMISSION – AFTER NOTICE [CIVIL SIDE MATTERS]
CORUM:	ACCOUNTING TO SITTING LIST
LAST DATE:	24.02.2015
STAGE:	PETITIONS ADMISSION – AFTER NOTICE [CIVIL SIDE MATTERS]
LAST CORUM:	HON’BLE SHRI JUSTICE M.S. SONAK
ACT:	ELECTRICITY SUPPILES ACT, 1948

CHANGE OF ADDRESS

The registered office of the company has been shifted from Unit No.2, Marwah’s Complex, Marwah Estate, Saki Vihar Road, Andheri (East), Mumbai – 400 072, Maharashtra to the present address w.e.f. 03.09.2012.

UNSECURED LOANS

	31.03.2012 (Rs. in Million)	31.03.2011 (Rs. in Million)
LONG TERM BORROWINGS
Loans repayable on demand from others	12.819	12.819
Deferred payment liabilities	17.434	17.972
Deposits from others	0.150	0.100
Loans and advances from related parties	19.700	122.019
SHORT TERM BORROWINGS
Working capital loans from banks	0.000	100.000
Total	50.103	252.910

CORPORATE INFORMATION

Subject is a closely held public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in manufacturing and dealing in Active Pharmaceutical Ingredients (APIs), Intermediates and Contract research and manufacturing services. The company caters to both domestic and international markets.

FIXED ASSETS

· Leasehold Land

· Building

· Plant and Machinery

· Air Conditioner

· Computer

· Electrical Installation

· Furniture and Fixture

· Laboratory Equipment

· Vehicles

· Office Equipment

· Air Conditioner

· Computer

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10489968	31/03/2014	500,000,000.00	THE JAMMU AND KASHMIR BANK LIMITED	MAHAKALI CAVES,, SUBHASH NAGAR, ANDHERI (EAST), M UMBAI, MAHARASHTRA - 400093, INDIA	C03753779
2	10406186	18/02/2013	200,000,000.00	UCO BANK	MCU ANDHERI (WEST), MAROL MAROSHI ROAD, NEXT TO M AROL FIRE BRIGADE, ANDHERI (E), MUMBAI, MAHARASHTR A - 400059, INDIA	B68691112
3	10400489	17/01/2013	275,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 4000 05, INDIA	B66677725
4	10389644	04/12/2012	400,000,000.00	CORPORATION BANK	LARGE CORPORATE BRANCH, EAGLES FLIGHT,, SUREN ROA D, ANDHERI (E), MUMBAI, MAHARASHTRA - 400093, INDI A	B63207336
5	10379031	05/10/2012	600,000,000.00	STATE BANK OF TRAVANCORE	N.M.WADIA BUILDING, 125 M.G ROAD, MUMBAI, MAHARAS HTRA - 400021, INDIA	B59100479
6	10365476	10/07/2012	52,200,000.00	DENA BANK	SHARE BAZAR BRANCH, HAMAM STREET, MUMBAI, MAHARAS HTRA - 400023, INDIA	B43627074
7	10367854	04/07/2012	100,000,000.00	BANK OF MAHARASHTRA	SHASHTRI HALL,, 292 , TARDEO ROAD,, MUMBAI, MAHAR ASHTRA - 400007, INDIA	B44626364
8	10368035	04/07/2012	150,000,000.00	BANK OF MAHARASHTRA	SHASHTRI HALL,, 292 , TARDEO ROAD,, MUMBAI, MAHAR ASHTRA - 400007, INDIA	B44696557
9	10365935	23/06/2012	400,000,000.00	STATE BANK OF BIKANER AND JAIPUR	COMMERCIAL NETWORK BRANCH, 239,, P.D'MELLO ROAD, NEAR G.P.O., MUMBAI, MAHARASHTRA - 400001, INDIA	B43778810
10	10364958	17/10/2012 *	6,459,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU MBAI, MAHARASHTRA - 400005, INDIA	B60027612

* Date of charge modification

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 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.64.05
UK Pound	1	Rs.99.04
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	RSM
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	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		31

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.