MIRA INFORM REPORT

Report No. :	322260
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	SHILPA MEDICARE LIMITED (w.e.f. 12.02.2003)
Formerly Known As :	SHILPA ANTIBIOTICS LIMITED SHILPA ANTIBIOTICS PRIVATE LIMITED
Registered Office :	Plot No.10, Shop No.80, 1^st Floor, Rajendra Gunj, Raichur – 584 102, Karnataka
Tel No :	91-8532-235006/ 235704
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.11.1987
Com. Reg. No.:	08-008739
Capital Investment / Paid-up Capital :	Rs. 73.572 Million
CIN No.: [Company Identification No.]	L85110KA1987PLC008739
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRS12858G
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of bulk drugs and intermediates like oncology products, active pharmaceutical ingredients, fine chemicals, herbal products, and specialty chemical products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (66)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well- established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at 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	CRISIL
Rating	Long Term Rating: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	31.07.2014
Rating Agency Name	CRISIL
Rating	Short Term Rating: A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date

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 BY DECLINED BY

Name :	Mr. Venkatesh Reddy
Designation :	Not Divulged
Contact No.:	91-8532-236494
Date :	12.05.2015

LOCATIONS

Registered Office/ Corporate Office :	Plot No.10, Shop No.80, 1^st Floor, Rajendra Gunj, Raichur – 584102, Karnataka, India
Tel. No.:	91-8532-235006/ 235704
Fax No.:	91-8532-235876
E-Mail :	info@vbshilpa.com
Website :	http://www.vshilpa.com
Plant 1 :	Plot Nos.1A, 1B, 2, 2A, 3A to 3E and 4A to 4C, 5A, 5B, Deosugur Industrial Area, Deosugur , District Raichur – 584 170, Karnataka, India
Plant 2 (100% Export Oriented Unit) :	33-33A, 40 to 47, Raichur Industrial Growth Center, Wadloor Road, Chicksugur Cross, Chicksugur, District Raichur – 584 134, Karnataka, India
Plant 3 (Vizag R & D Unit) :	Survey No.207, Modavalasa Village, Denkada Mandalam, District, Vizayanagaram – 531 162, Andhra Pradesh, India
Plant 4 (SEZ Unit) :	Plot No.S-20 to S-24/A, Pharma SEZ, APIIC Green Industrial Park, Pollepally Village, Jadcherla Mandal, District – Mahaboobnagar – 509 301, Andhra Pradesh, India
Wind Mills :	Machine-No.1 Madkaripura, District Chitradurga, Karnataka, India Machine-No.2 Jogimatti, District Chitradurga, Karnataka, India Machine-No. 3 Vanivilas Sagar, District Chitradurga, Karnataka, India Machine-No.4 Kodameedipalli, District Kurnool, Andhra Pradesh, India

DIRECTORS

As on: 31.03.2014

Name :

Mr. Omprakash Inani

Designation :

Chairman

Address :

Tulasi Sadam, Jawahar Nagar, Raichur – 584103, Karnataka, India

Date of Birth/Age :

15.12.1956

Date of Appointment :

23.03.1988

DIN No.:

01301385

Name :

Mr. Vishnukant C. Bhutada

Designation :

Managing Director

Address :

Radhe Krupa, Jawahar Nagar, Raichur – 584103, Karnataka, India

Date of Birth/Age :

25.09.1962

Date of Appointment :

20.11.1987

DIN No.:

01243391

Name :

Carlton Felix Pereira

Designation :

Director

Address :

72, Buenavista, Gen. T. Bhosale Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

17.10.1967

Date of Appointment :

27.10.2006

DIN No.:

00106962

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	U74999MH2005PTC156242	TANO INDIA ADVISORS PRIVATE LIMITED	Director	02/01/2006	02/01/2006	-	Active	NO
2	U74899DL1994PLC061971	SSIPL RETAIL LIMITED	Director	30/09/2006	25/04/2006	-	Active	NO
3	U74899DL1988PTC032144	SIERRA INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	30/09/2006	25/04/2006	-	Amalgamated	NO
4	U24210KA1972PLC002255	PROMAC ENGINEERING INDUSTRIES LIMITED	Director	02/07/2007	24/04/2007	-	Active	NO
5	L85110KA1987PLC008739	SHILPA MEDICARE LIMITED	Director	05/09/2007	05/09/2007	-	Active	NO
6	U31103MH2007PLC175173	ABG MOTORS LIMITED	Director	29/09/2008	20/02/2008	29/10/2013	Active	NO
7	U22212MH1983PLC029081	ANIL PRINTERS LIMITED	Director	15/03/2008	15/03/2008	09/05/2014	Active	NO
8	U63040MH1983PTC031154	COMPACT TRAVELS PVT LTD	Director	30/03/2008	30/03/2008	-	Active	NO
9	U24299GA2004PTC003568	CHOWGULE CONSTRUCTION CHEMICALS PRIVATE LIMITED	Director	30/09/2013	18/10/2012	-	Active	NO
10	U74999PN2010PTC135586	SANGHVI BRANDS PROMOTERS PRIVATE LIMITED	Director	10/11/2014	31/01/2014	-	Active	NO
11	L32300MH1981PLC023637	MIRC ELECTRONICS LIMITED	Director	03/09/2014	15/05/2014	-	Active	NO
12	U74900PN2010PTC137959	Sanghvi Fitness Private Limited	Additional director	10/11/2014	10/11/2014	-	Active	NO
13	U74900PN2011PTC141626	SANGHVI BEAUTY & SALON PRIVATE LIMITED	Additional director	10/11/2014	10/11/2014	-	Active	NO
14	U74900PN2015PTC154025	SANGHVI HOSPITALITY PRIVATE LIMITED	Director	12/02/2015	12/02/2015	-	Active	NO

Name :

Mr. Pramod Kasat

Designation :

Director

Address :

24 III, Tarangan Complex, Samatanagar, Thane (w)- 400606, Maharashtra, India

Date of Birth/Age :

08.08.1969

Date of Appointment :

16.03.2010

DIN No.:

00819790

Name :

Mr. Venugopal Loya

Designation :

Director

Address :

15-07-594, Begum Bazar, Hyderabad – 500102, Telanagana, India

Date of Birth/Age :

03.08.1964

Date of Appointment :

07.10.2002

DIN No.:

01270402

Name :

Mr. Rajender Sunki Reddy

Designation :

Director

Address :

H No. 4-4-402/117, Anusha Nagar, Yergera road, Raichur - 584102, Karnataka, India

Date of Birth/Age :

06.05.1964

Date of Appointment :

30.06.208

DIN No.:

02284057

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	L85110KA1987PLC008739	SHILPA MEDICARE LIMITED	Director	19/09/2008	30/06/2008	-	Active	NO
2	U24231TG2007PTC079997	RAICHEM LIFE SCIENCES PRIVATE LIMITED	Nominee director	19/03/2011	19/03/2011	-	Amalgamated	NO
3	U24232KA2009PTC049999	RAICHEM MEDICARE PRIVATE LIMITED	Nominee director	19/03/2011	19/03/2011	-	Active	NO
4	U24239TG2004PTC043005	NU THERAPEUTICS PRIVATE LIMITED	Nominee director	30/09/2011	30/09/2011	-	Active	NO
5	U01403TG2011PTC077535	BRASS AGRO FARMS PRIVATE LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
6	U85191TG2012PTC081062	SRI NAVODAYA SUPERSPECIALITY HOSPITALS PRIVATE LIMITED	Director	22/05/2012	22/05/2012	-	Active	NO
7	U85191TG2012PTC082115	SRI NAVODAYA INSTITUTE OF MEDICAL SCIENCES PRIVATE LIMITED	Director	23/07/2012	23/07/2012	-	Active	NO
8	U01403TG2014PTC092803	Pavanam Green Fields Private Limited	Director	06/02/2014	06/02/2014	01/12/2014	Active	NO

Name :

Mr. N.P.S. Shinh

Designation :

Director

Address :

H. no. 223, Road No. 14, Banjara Hills, Hyderabad – 500034, Telanagana, India

Date of Birth/Age :

04.01.1946

Date of Appointment :

30.06.2008

DIN No.:

00023160

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	L27109WB1962PLC025605	NATIONAL STANDARD (INDIA) LIMITED	Director	11/10/2002	11/10/2002	-	Active	NO
2	L99999MH1947PLC252768	SANATHNAGAR ENTERPRISES LIMITED	Director	30/04/2010	27/12/2002	10/05/2010	Active	NO
3	U52520TG2004PTC044308	AVAYA HOLDINGS AND TRADING PRIVATE LIMITED	Director	30/09/2004	30/09/2004	-	Active	NO
4	U52520TG2004PTC044307	Heritage Texture Services Private Limited	Director	29/09/2006	28/08/2006	-	Active	NO
5	U74899DL1987PTC029809	G S DEVELOPERS AND CONTRACTORS PVT LTD	Director	22/03/2007	22/03/2007	03/04/2008	Active	NO
6	U65910TG1994PLC018376	EZRA TRADING AND FINANCE COMPANY LIMITED	Director	29/09/2007	23/04/2007	-	Active	NO
7	U74999TG2007PTC053943	BAKELITE COATINGS & PAINTS PRIVATE LIMITED	Director	11/05/2007	11/05/2007	-	Active	NO
8	U74999TG2007PLC054674	NATIONAL STANDARD TYRE MOULDS (INDIA) LIMITED	Director	29/06/2007	29/06/2007	-	Active	NO
9	U45200TG2007PLC055976	MOUNTAIN DEW PROPERTIES LIMITED	Director	17/10/2007	17/10/2007	-	Active	NO
10	U36999TG2007PLC056030	PANEL BOARDS & LAMINATES LIMITED	Director	22/10/2007	22/10/2007	19/02/2011	Active	NO
11	U74999AP2007PLC056062	Bakelite Hylam Limited.	Managing director	01/10/2012	24/10/2007	-	Active	NO
12	U36999TG2007PLC056118	BAKELITE HYLAM LAMINATES (INDIA) LIMITED	Director	29/10/2007	29/10/2007	27/10/2009	Active	NO
13	U74999TG2008PTC057357	BAKELITE PROPERTIES PRIVATE LIMITED	Director	28/01/2008	28/01/2008	-	Active	NO
14	U20299TG2008PTC057382	MYSTIC WOODS HOLDINGS & TRADING PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
15	L85110KA1987PLC008739	SHILPA MEDICARE LIMITED	Director	19/09/2008	30/06/2008	-	Active	NO
16	U52399TG2009PTC063129	BLK Trading Private Limited	Director	20/03/2009	20/03/2009	-	Active	NO
17	U52300TG2010PTC068892	ADAMAS TRADING PRIVATE LIMITED	Director	10/06/2010	10/06/2010	-	Active	NO
18	U52100TG2010PTC069035	STRAWBERRY TRADING PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO
19	U34300DL1982PLC014285	SHRIRAM AUTOMOTIVE PRODUCTS LTD	Additional director	26/12/2014	26/12/2014	-	Active	NO

Name :

Mr. Ajeet Singh Karan

Designation :

Director

Address :

House No. 36, Sector 37, Arunvihar, Noida- 201303, Uttar Pradesh, India

Date of Birth/Age :

09.12.1965

Date of Appointment :

28.01.2011

DIN No.:

00183622

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	U67190DL2005PTC142001	ACE WEALTH MANAGEMENT PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
2	U72300PY2000PTC001532	INTEGRA SOFTWARE SERVICES PRIVATE LIMITED	Director	01/09/2009	26/10/2006	04/11/2014	Active	NO
3	U74210DL2005PTC137756	COLLABIS CONSULTING PRIVATE LIMITED	Additional director	17/08/2007	17/08/2007	02/03/2009	Active	NO
4	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	01/10/2014	27/09/2007	-	Active	NO
5	U74140KA2003PTC032950	IMS HEALTH ANALYTICS SERVICES PRIVATE LIMITED	Director	25/09/2009	09/06/2009	18/01/2012	Active	NO
6	U72200TN2003PTC051138	SECOVA eSERVICES Private Limited	Director	29/09/2009	01/08/2009	-	Active	NO
7	U40101TN2005PTC058237	AURO MIRA ENERGY COMPANY PRIVATE LIMITED	Director	27/08/2009	27/08/2009	-	Active	NO
8	U28991TN1981PLC009067	CETHAR LIMITED	Director	27/12/2010	22/12/2010	16/08/2013	Active	NO
9	L85110KA1987PLC008739	SHILPA MEDICARE LIMITED	Director	22/09/2011	28/01/2011	-	Active	NO
10	U80900KA2013NPL069021	KAUSHALYA VIKAS KENDRA	Director	09/05/2013	09/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Nagalakshmi Popuri
Designation :	Company Secretary
Address :	6-3-348/5, Plot No. 205, Dwarakapuri Colony, Panjagutta, Hyderabad- 500082, Telangana, India
Date of Birth/Age :	03.12.2007
Date of Appointment :	01.06.2014
PAN No.:	AKKPV5259L
Name :	Ajay Naga Chowdary Vemuri
Designation :	Company Secretary
Address :	6-3-348/5, Plot No. 205, Dwarakapuri Colony, Panjagutta, Hyderabad- 500082, Telangana, India
Date of Birth/Age :	03.12.2007
Date of Appointment :	01.06.2014
PAN No.:	ARWPP7898Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2014

FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	22.56
Bodies corporate	6.69
Directors or relatives of Directors	53.06
Other top fifty shareholders	1.01
Others	16.67
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of bulk drugs and intermediates like oncology products, active pharmaceutical ingredients, fine chemicals, herbal products, and specialty chemical products.

Products :

Product Description	Item Code No. (ITC Code)
Bulk Drugs and Intermediates	2942
3 A 7 B Dihydroxy 56B Cholan 24-OIC Acid	29420090

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

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 :

Not Divulged

Bankers :

• Citi Bank N.A., 2nd Floor, No.5 M.G.Road, Bangalore, Karnataka - 560001, INDIA
• Lakshmi Vilas Bank Limited, Kathgaparai, Salem Road, Karur, Tamil Nadu - 639006, INDIA
• Standard Chartered Bank, Raheja Towers, No.26/27, M.G Road, Bangalore, Karnataka - 560001, INDIA

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loans from bank	73.300	0.000
Term loans from others	300.499	432.186
SHORT TERM BORROWING
Working capital loans from banks	220.224	389.233
Total	594.023	821.419

Financial Institute :	Karnataka State Financial Company, No 25 Mahatma Gandhi Road, Bangalore, Karnataka - 560001, INDIA
Auditors :
Name :	Bohara Bhandari Bung and Associates Chartered Accountants
Address :	Amar Complex, M.G. Road, Raichur – 584 101, Karnataka, India
PAN No.:	AABFB4880G
Memberships :	--
Collaborators :	--
Associates :	Reva Pharmachem Private Limited
Subsidiaries :	LOBA Feinchemie GmbH, (Step-down Subsidiary) Fahragasse 7, A- 2401, Fischamend, Austria. ZATORTIA HOLDINGS LIMITED 70, Kennedy Ave, 4th Floor, 1076, Nicosia – Cyprus, RAICHEM MEDICARE PRIVATE LIMITED, 10/80, Rajendra Gunj, Raichur, Karnataka- 584102 NU THERAPEUTICS PRIVATE LIMITED, Plot No.118 Phase-III, IDA, Cherlapalli, Hyderabad – 500051 MAKINDUS INC 206 Avondale Drive, North Wales, Pennsylvania 19454, County of Montgomery.

CAPITAL STRUCTURE

As on : 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
42500000	Equity Shares	Rs.2/- each	Rs. 85.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38550952	Equity Shares	Rs.2/- each	Rs. 77.102 Million

As on: 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
42500000	Equity Shares	Rs.2/- each	Rs. 85.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36786000	Equity Shares	Rs.2/- each	Rs. 73.572 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	73.572	49.048	49.048
(b) Reserves & Surplus	4052.078	3258.813	2823.945
(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)	4125.650	3307.861	2872.993
(3) Non-Current Liabilities
(a) long-term borrowings	373.799	432.186	50.749
(b) Deferred tax liabilities (Net)	269.747	206.302	191.077
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.789	3.124	7.583
Total Non-current Liabilities (3)	652.335	641.612	249.409
(4) Current Liabilities
(a) Short term borrowings	220.224	389.233	357.315
(b) Trade payables	866.115	477.384	531.346
(c) Other current liabilities	356.290	215.073	182.768
(d) Short-term provisions	47.789	37.998	26.000
Total Current Liabilities (4)	1490.418	1119.688	1097.429
TOTAL	6268.403	5069.161	4219.831
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2550.711	1512.859	1408.027
(ii) Intangible Assets	25.894	12.699	0.387
(iii) Capital work-in-progress	492.352	1141.790	552.655
(iv) Intangible assets under development	0.000	0.925	0.000
(b) Non-current Investments	650.651	370.073	331.129
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	305.232	203.907	175.202
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4024.840	3242.253	2467.400
(2) Current assets
(a) Current investments	101.390	502.816	680.217
(b) Inventories	1089.503	661.296	598.695
(c) Trade receivables	603.092	318.767	331.870
(d) Cash and cash equivalents	8.052	105.255	19.490
(e) Short-term loans and advances	431.869	231.105	116.652
(f) Other current assets	9.657	7.669	5.507
Total Current Assets	2243.563	1826.908	1752.431
TOTAL	6268.403	5069.161	4219.831

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	5273.681	3281.959	2797.594
		Other Income	88.533	50.063	77.860
		TOTAL	5362.214	3332.022	2875.454
Less	EXPENSES
		Cost of Materials Consumed	3122.911	1990.950	1863.899
		Purchases of Stock-in-Trade	55.135	26.310	56.272
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(118.283)	37.077	(170.117)
		Other expenses	662.375	351.763	320.039
		Extraordinary items	0.000	1.037	(6.272)
		TOTAL	4096.500	2634.750	2233.229
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1265.714	697.272	642.225
Less	FINANCIAL EXPENSES		33.974	13.623	14.920
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1231.740	683.649	627.305
Less/ Add	DEPRECIATION/ AMORTISATION		210.920	127.536	114.384
	PROFIT BEFORE TAX		1020.820	556.113	512.921
Less	TAX		212.252	96.517	115.445
	PROFIT AFTER TAX		808.568	459.596	397.476
Less	APPROPRIATIONS
		Transfer to General Reserve	2630.087	1911.072	1529.628
		Dividend	81.000	52.500	52.500
		Tax on Dividend	45.103	37.053	25.652
		TOTAL	2756.190	2000.625	1607.780
	Earnings Per Share (Rs.)		21.98	12.49	10.81

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	15.33	14.00	14.21
Operating Profit Margin (PBDIT / Sales)	(%)	24.00	21.25	22.96
Return on Total Assets (PBT/Total Assets}	(%)	19.92	15.64	15.38
Return on Investment (ROI) (PBT/Networth)		0.25	0.17	0.18
Debt Equity Ratio (Total Debt /Networth)		0.14	0.25	0.14
Current Ratio (Current Asset/Current Liability)		1.51	1.63	1.60

STOCK PRICES

Face Value	Rs. 2.00
Market Value	Rs. 909.65

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	49.048	49.048	73.572
Reserves & Surplus	2823.945	3258.813	4052.078
Net worth	2872.993	3307.861	4125.650
long-term borrowings	50.749	432.186	373.799
Short term borrowings	357.315	389.233	220.224
Total borrowings	408.064	821.419	594.023
Debt/Equity ratio	0.142	0.248	0.144

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	2797.594	3281.959	5273.681
		17.314	60.687

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	2797.594	3281.959	5273.681
Profit	397.476	459.596	808.568
	14.21%	14.00%	15.33%

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	No
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

REVIEW OF OPERATIONS:

During the year the Company performed well in all fronts posting good growth over 60% in sales revenues and 76% in profit after tax. Timely decisions of management in taking-up expansion/new projects, launching new products/ processes and maintaining good long-standing relationship with customers have been giving good results and taking up the Company to next level. The management continues to concentrate on expansion of operations into formulations, high-margin products, invention of new process, maintaining specified standards in production and quality of product and effective financial management to streamline the operations to continue with growth path. Export revenues have also shown good growth by posting of Rs.3347.080 Million (PY

Rs. 2451.705 Million) an increase of 36.5% over previous year

RAISING OF FUNDS :

During the current financial year i.e. 2014-15 the Company has issued and allotted 17, 64,705 equity shares of Rs.2/- each at a premium of Rs.423/- on preferential basis to raise an amount of Rs.75.000 Million.

OUTLOOK ON OPPORTUNITIES, THREATS, RISK AND CONCERNS:

It is often said that the pharma sector has no cyclical factor attached to it. Irrespective of whether the economy is in a downturn or in an upturn, the general belief is that demand for drugs is likely to grow steadily over the long-term.

FINANCIAL PERFORMANCE:

Prudent financial planning, effective resource allocation and tight financial control have ensured that the cash flows of the Company remain healthy. The ability of the Company to raise credit remains unimpaired. There is good improvement in the net operating working capital. The Company continues to invest in manufacturing and building new technologies/ process systems and during the year capital expenditure is Rs.12527.18 Lakhs along with a healthy debt equity ratio.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Ch arge Holder	Address	Service Request Number (SRN)
1	10523764	09/09/2014	250,000,000.00	Citi Bank N.A.	2nd Floor, No.5 M.G.Road, Bangalore, Karnataka - 5  60001, INDIA	C25587080
2	10481187	24/03/2014 *	130,000,000.00	LAKSHMI VILAS BANK LIMITED	Kathgaparai, Salem Road,, Karur, Tamil Nadu - 639  006, INDIA	C00748798
3	10342554	21/03/2012	200,000,000.00	Standard Chartered Bank	Raheja Towers, No.26/27, M.G Road, Bangalore, Karn  ataka - 560001, INDIA	B35156108
4	10342571	20/04/2012 *	300,000,000.00	Standard Chartered Bank	RAHEJA TOWERS, NO.26/27, M.G.ROAD, BANGLORE, Karn  ataka - 560001, INDIA	B38083663
5	10278062	20/04/2012 *	150,000,000.00	Standard Chartered Bank	RAHEJA TOWERS, NO.26/27, M.G.ROAD, BANGLORE, Karn  ataka - 560001, INDIA	B38088308
6	10262236	27/06/2013 *	650,000,000.00	Standard Chartered Bank	No.112.serenity,koramangala.Industrial Area, kora  mangala,5th Block,, Bangalure, Karnataka - 560092,  INDIA	B78913100
7	90195033	04/04/1991	500,000.00	KARNATAKA STATE FINANCIAL CO.	NO 25 MAHATMA GANDHI ROAD, BANGLORE, Karnataka - 5  60001, INDIA	-
8	90189334	02/11/1990	686,000.00	KARNATAKA STATE FINANCIAL CO.	NO 25 ; MAHATMA GANDHI ROAD, BANGLORE, Karnataka -  560001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Borewell

· Building

· Canteen Equipment

· Computer

· Electrical Installation

· Empty Cylinders

· ETP Building

· ETP Machinery

· Furniture

· Generator

· Lab Equipments

· Office Equipment

· P/M (Power Generation Unit)

· Pipeline

· Plant and Machinery

· Pollution Control Equipment

· R & D Equipments

· Storage Tank

· Transformer

· Unit-II Land and Building

· Vehicle

· Weigh Bridge

· Xerox Machine

· Land

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.100.29
Euro	1	Rs.72.37

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAR
Report Prepared by :	DDD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	8
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		66

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 unfavorable 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.