MIRA INFORM REPORT

Report No. :	322784
Report Date :	21.05.2015

IDENTIFICATION DETAILS

Name :	GENNOVA BIOPHARMACEUTICALS LIMITED

Formerly Known As :	EMCURE DRAGON BITOECH LIMITED

Registered Office :	Emcure House, T-184, MIDC Bhosari, Pune-411026, Maharashtra
Tel. No.:	91-20-30610000

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	19.06.2001

Com. Reg. No.:	11-016253

Capital Investment / Paid-up Capital :	Rs. 605.114 Million

CIN No.: [Company Identification No.]	U24231PN2001PLC016253

IEC No.:	3102008402

TAN No.: [Tax Deduction & Collection Account No.]	PNEE00413A

PAN No.: [Permanent Account No.]	AABCE0008Q

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Heamatinics, Erythropotin Preparation and Anti-Bacterial Formulation

No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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

Maximum Credit Limit :	USD 1900000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is the flagship company of Emcure Group. It is an established company having a fine track record. The company has incurred a loss from its operations during 2014. However, the rating takes into consideration extensive experience and long track record of the promoters. It also takes into consideration unconditional and irrevocable corporate guarantee provided by Emcure Pharmaceuticals Limited for the bank facilities of Gennova Biopharmaceuticals Limited. Trade relations are reported to be fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered for normal business dealing at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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	Long term bank facilities = AA- (SO)
Rating Explanation	Have high degree of safety and carry very low credit risk.
Date	17.10.2014

Rating Agency Name	CARE
Rating	Short term bank facilities = A1+ (SO)
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	17.10.2014

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. Gaurav
Designation :	General Manager
Contact No.:	91-20-30610000
Date :	16.05.2015

LOCATIONS

Registered Office :	Emcure House, T-184, MIDC Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-30610000
Mobile No.:	91-9158181915 (Mr. Gaurav)
Fax No.:	91-20-30610111
E-Mail :	gennova.finance@emcure.co.in corporate@emcure.co.in
Website :	www.emcure.co.in

Biotechnology Research and Development / Formulation – Injectables :	Plot No. P1 IT-BT Park, Phase -2, MIDC, Hinjewadi, Pune-411057, Maharashtra, India
Tel. No.:	91-20-39821300
Fax No.:	91-20-39821441

MANUFACTURING FACILITIES :
API Manufacturing	Plot No. D-24, M.I.D.C., Kurkumbh, Daund, Pune-413802, Maharashtra, India
Tel. No.:	91-2117-305000 / 235742
Fax No.:	91-2117-235743

Formulation – Solids :	C – 10/12, M.I.D.C., Bhosari, Pune 411 026, Maharashtra, India 2. Plot P-II, M.I.D.C., Hinjwadi, Pune 411 057, Maharashtra, India Tele No.: 91-20 -39821300 Fax No.: 91-20-39821340

Small Batch Manufacturing :	Plot No. PII IT-BT Park, Phase -2, MIDC, Hinjewadi, Pune-411057, Maharashtra, India
Tel. No.:	91-20-39821300
Fax No.:	91-20-39821444

DIRECTORS

As on

Name :

Mr. Sunil Rajanikant Mehta

Designation :

Director

Address :

4, Mumbai-Pune Road, Kirkee, Pune-411003, Maharashtra, India

Date of Birth/Age :

23.03.1963

Date of Appointment :

19.06.2001

DIN No.:

00118469

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	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	15/01/2001	15/01/2001	-	Strike off	NO
2	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	19/06/2001	19/06/2001	-	Active	NO
3	U24232PN2005PLC020815	Lasor Pharmaceuticals Limited	Director	01/06/2005	01/06/2005	04/02/2010	Amalgamated	NO
4	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	01/07/2013	05/06/2013	-	Active	NO

Name :

Mr. Satish Ramanlal Mehta

Designation :

Director

Address :

4, Mumbai-Pune Road, Kirkee, Pune-411003, Maharashtra, India

Date of Birth/Age :

13.01.1951

Date of Appointment :

01.07.2013

DIN No.:

00118691

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Managing director	01/04/2012	16/04/1981	-	Active	NO
2	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	29/09/2000	29/09/2000	-	Strike off	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Whole-time director	01/07/2013	19/06/2001	-	Active	NO
4	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	03/07/2002	03/07/2002	-	Active	NO
5	U24232PN2005PLC020815	Lasor Pharmaceuticals Limited	Director	28/07/2010	04/02/2010	-	Amalgamated	NO

Name :

Mr. Krishna Kumar Tewari

Designation :

Director

Address :

16, Urey Court, Irvine, USA-92617

Date of Birth/Age :

13.09.1937

Date of Appointment :

19.05.2008

DIN No.:

01746250

Name :

Mr. Shreekant Krushnaji Bapat

Designation :

Director

Address :

Yashodhan, 2^nd Floor, 56 United Western Co-operative Housing Society, Karvenagar, Pune-411052, Maharashtra, India

Date of Birth/Age :

06.10.1937

Date of Appointment :

09.09.2011

DIN No.:

00621568

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	U73200PN1980PLC023108	UNITED SOCIO-ECONOMIC DEVELOPMENT AND RESEARCHN PROGRAMME	Director	09/12/1995	09/12/1995	-	Active	NO
2	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	26/06/1999	26/06/1999	-	Active	NO
3	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	03/07/2002	03/07/2002	-	Active	NO
4	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	09/09/2011	23/04/2009	-	Active	NO

Name :

Mr. Sanjay Singh

Designation :

Whole Time Director

Address :

Row House No.18, Atulexcellency, SR No.207/2, Wakad, Pune-411057, Maharashtra, India

Date of Birth/Age :

30.03.1967

Date of Appointment :

19.04.2013

DIN No.:

01693705

Other Directorship:

Name :

Mr. Samit Satish Mehta

Designation :

Director

Address :

4, Mumbai - Pune Road, Kirkee, Pune-411003, Maharashtra, India

Date of Birth/Age :

04.04.1980

Date of Appointment :

27.07.2012

DIN No.:

00332562

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	U15549PN2006PTC021813	Uth Beverage Factory Private Limited	Director	10/01/2006	10/01/2006	-	Active	NO
2	U15400PN2010PTC137416	Uth Snacks Private Limited	Director	28/09/2010	28/09/2010	-	Strike off	NO
3	U24232PN2011PLC138758	EMCURE UTH HEALTHCARE LIMITED	Director	03/03/2011	03/03/2011	-	Active	NO
4	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	27/07/2012	09/09/2011	-	Active	NO
5	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Alternate director	18/10/2012	29/06/2012	28/02/2013	Active	NO

Name :

Mr. Girish Laxmikant Telang

Designation :

Director

Address :

401, Sagar Darshan, 4th Floor, Abdul Gaffar Khan Road, Worli Sea Face, Mumbai-400030, Maharashtra, India

Date of Birth/Age :

28.11.1949

Date of Appointment :

28.06.2012

DIN No.:

00455125

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	U74999MH1994PTC077533	ROCHE PRODUCTS (INDIA) PRIVATE LIMITED	Director	23/02/2012	02/05/1994	29/03/2013	Active	NO
2	U91120MH1965GAP013389	ORGANISATION OF PHARMACEUTICAL PRODUCERS OF INDIA	Director	23/09/2006	23/09/2006	01/04/2012	Active	NO
3	U36912MH2011FTC222075	MASTERS BIOPHARMA (INDIA) PRIVATE LIMITED	Director	28/09/2012	27/10/2011	-	Active	NO
4	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	10/08/2012	27/04/2012	-	Active	NO
5	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	27/07/2012	28/06/2012	-	Active	NO

Name :

Mr. Vikas Madan Thapar

Designation :

Director

Address :

C-6, S. No. 86 To 90, Castel Royal Towers, Near Joshi Gate, Pune University, Pune-411005, Maharashtra, India

Date of Birth/Age :

27.04.1974

Date of Appointment :

27.07.2012

DIN No.:

02617012

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	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	21/07/2009	18/05/2009	-	Active	NO
2	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Alternate director	18/10/2012	12/11/2010	05/06/2013	Active	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	27/07/2012	09/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shilpa Dhavale
Designation :	Secretary
Address :	C 302, Sai Marigold Society, Pimple Saudagar, Pune-411028, Maharashtra, India
Date of Birth/Age :	01.04.1984
Date of Appointment :	28.06.2012
PAN No.:	ATIPD0060E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.07.2014

Names of Equity Shareholders		No. of Shares
Satish Ramanlal Mehta		560
Sunil Rajanikant Mehta		690
Sanjay Rajanikant Mehta		690
Samit Satish Mehta		460
Arunkumar Khanna		100
Emcure Pharmaceuticals Limited, India		4847500
Sanjay Banu Singh		661365
Total		5511365

Names of Preference Shareholders		No. of Shares
Emcure Pharmaceuticals Limited, India		10000000
Zuventus Healthcare Limited, India		45000000
Total		55000000

Equity Share Break up (Percentage of Total Equity)

As on 28.07.2014

Category	Percentage
Bodies corporate	87.95
Directors or relatives of Directors	12.04
Other top fifty shareholders	00.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Heamatinics, Erythropotin Preparation and Anti-Bacterial Formulation

Products :

Item Code No.	Product Description
30045020	Medicaments (Biopharmaceutical Products)

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Products :

Raw Materials

Countries :

China
USA

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	U.S.V. Limited
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 :

Reference :	Path India Limited
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 :

3000 (Approximately) )

Bankers :

Bank Name	State Bank of India
Branch	Tara Chamber, 2^nd Floor, Near Mariaai Police Chowky, Pune-Mumbai Highway, Wakdewadi, Pune-411003, Maharashtra, 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

The Bank of Maharashtra Limited, Tejsingh Building, 35/B, Mumbai Pune Highway, Dapodi, Pune - 411012, Maharashtra, India

State Bank Of India Industrial Finance Branch, Tara Chamber,2nd Floor, Near Mariaai Police Chowky, Pune-Mumbai Highway,Wakdewadi, Pune - 411003, Maharashtra, India

Bank Of Maharashtra, Tejsingh Building, 35/B, Mumbai Pune Highway, Dapodi, Pune - 411012,
Maharashtra, India

Citibank N.A., 2413, Parmar House, East Street, Pune, Pune - 411001, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	163.500	281.700
Rupee term loans from others	46.206	50.962
Other loans and advances	1.878	3.736

Short-term borrowings
Working capital loans from banks	118.950	139.233
Total	330.534	475.631

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Pune, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAEFP3641G

Memberships :	Not Available

Collaborators :	Not Available

Holding companies :	Emcure Pharmaceuticals Limited CIN No.: U24231PN1981PLC024251

Fellow Subsidiaries :	Emcure Pharmaceuticals USA, INC Emcure UTH Healthcare Limited Zuventus Healthcare Limited

CAPITAL STRUCTURE

As on 28.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Million
55000000	Preference Shares	Rs.10/- each	Rs. 550.000 Million
	Total		Rs. 650.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5511365	Equity Shares	Rs.10/- each	Rs. 55.114 Million
55000000	Preference Shares	Rs.10/- each	Rs. 550.000 Million
	Total		Rs. 605.114 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	605.114	605.114	605.114
(b) Reserves & Surplus	71.069	94.586	-11.394
(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)	676.183	699.700	593.720

(3) Non-Current Liabilities
(a) long-term borrowings	290.833	406.449	426.415
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	8.305	4.431	30.935
(d) long-term provisions	7.594	10.138	6.902
Total Non-current Liabilities (3)	306.732	421.018	464.252

(4) Current Liabilities
(a) Short term borrowings	118.950	139.233	104.516
(b) Trade payables	97.391	110.228	77.860
(c) Other current liabilities	123.217	250.415	304.441
(d) Short-term provisions	14.258	9.314	6.744
Total Current Liabilities (4)	353.816	509.190	493.561

TOTAL	1336.731	1629.908	1551.533

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	634.563	1104.273	1142.541
(ii) Intangible Assets	5.496	10.804	16.859
(iii) Capital work-in-progress	0.000	8.780	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.125	0.125	0.125
(c) Deferred tax assets (net)	65.573	33.565	27.454
(d) Long-term Loan and Advances	2.603	1.301	2.528
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	708.360	1158.848	1189.507

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	172.669	203.131	87.518
(c) Trade receivables	168.392	206.425	210.393
(d) Cash and cash equivalents	13.242	51.945	55.554
(e) Short-term loans and advances	6.371	8.909	8.175
(f) Other current assets	267.697	0.650	0.386
Total Current Assets	628.371	471.060	362.026

TOTAL	1336.731	1629.908	1551.533

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	938.730	1092.900	870.183
	Other Income	143.580	69.420	72.704
	TOTAL (A)	1082.310	1162.320	942.887

Less	EXPENSES
	Cost of Materials Consumed	125.370	140.840	81.060
	Purchases of Stock-in-Trade	75.880	63.160	63.320
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	18.570	(78.220)	9.728
	Employees benefits expense	227.510	235.610	201.436
	Other expenses	460.660	464.210	379.764
	TOTAL (B)	907.990	825.600	735.308

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	174.320	336.720	207.579

Less	FINANCIAL EXPENSES (D)	78.730	89.550	75.782

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	95.590	247.170	131.797

Less/ Add	DEPRECIATION/ AMORTISATION (F)	118.810	115.270	80.630

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(23.220)	131.900	51.167

Less	TAX (H)	0.290	25.950	55.480

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(23.510)	105.950	(4.313)

	Earnings / (Loss) Per Share (Rs.)	(4.27)	19.22	(0.78)

Particulars

31.03.2015

Sales Turnover (Approximately)

1200.000

Expected Sales (2015-2016 ) : Rs. 1500.000 Million

The above information has been parted by Mr. Gaurav (General Manager)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

46.756

78.080

59.600

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.50)	9.69	(0.50)

Operating Profit Margin (PBIDT/Sales)	(%)	18.57	30.81	23.85

Return on Total Assets (PBT/Total Assets}	(%)	(1.83)	8.31	3.36

Return on Investment (ROI) (PBT/Networth)		(0.03)	0.19	0.09

Debt Equity Ratio (Total Debt /Networth)		0.68	0.89	0.99

Current Ratio (Current Asset/Current Liability)		1.78	0.93	0.73

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	605.114	605.114	605.114
Reserves & Surplus	(11.394)	94.586	71.069
Net worth	593.720	699.700	676.183

long-term borrowings	426.415	406.449	290.833
Short term borrowings	104.516	139.233	118.950
Current maturities of long-term debts	46.756	78.080	59.600
Total borrowings	577.687	623.762	469.383
Debt/Equity ratio	0.973	0.891	0.694

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	870.183	1092.900	938.730
		25.594	(14.107)

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	870.183	1092.900	938.730
Profit	(4.313)	105.950	(23.510)
	(0.50%)	9.69%	(2.50%)

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from others	79.249	70.051
Total	79.249	70.051

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10348677	24/03/2012	114,320,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8th FLOOR, BLOCK NO.2, CGO COMPLEX, LODHI ROAD, , NEW DELHI, Delhi - 110003, INDIA	B37279346
2	10311044	13/10/2011	240,000,000.00	Bank of Maharashtra	Tejsingh Building, 35/B, Mumbai Pune Highway, Dapodi, Pune, Maharashtra - 411012, INDIA	B22878565
3	10280696	13/05/2014 *	28,499,800.00	BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL	MTNL Building, 1st Floor, 9 CGO Complex, Lodi Road, New Delhi, Delhi - 110003, INDIA	C38386181
4	10215121	31/10/2014 *	6,400,800.00	BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL	MTNL Building, 1st Floor, 9 CGO Complex, Lodi Road, New Delhi, Delhi - 110003, INDIA	C38383006
5	10201325	30/09/2014 *	190,000,000.00	State Bank of India	Tara Chamber,2nd Floor, Near Mariaai Police Chowky, Pune-Mumbai Highway,Wakdewadi, pune, Maharashtra - 411003, INDIA	C29837564
6	10115590	10/07/2008	40,000,000.00	CITIBANK N.A.	2413, Parmar House,, East Street, Pune, Pune, Maharashtra - 411001, INDIA	A43050293
7	90086867	27/06/2014 *	120,000,000.00	THE BANK OF MAHARASHTRA LIMITED	TEJSINGH BUILDING, 35/B, MUMBAI PUNE HIGHWAY, DAPODI, PUNE, Maharashtra - 411012, INDIA	C15824279

RESULT OF OPERATIONS:

The Gross Revenue from operations for the financial year under review was Rs. 1083.210 million as compared to Rs.1162.490 million recorded for the previous financial year. The Net Revenue from Operations (after deducting Excise Duty of Rs. 0.900 Million) is Rs. 938.730 Million as compared to previous year’s Net Revenue from Operations of Rs. 1092.900 Million (after deducting Excise Duty of Rs. 0.170 Million).

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
contingent liabilities	10.573	10.040

FIXED ASSETS

Leasehold Land
Building
Plant and Machinery
Computers
Office Equipments
Furniture and Fixtures
Computer Software
Vehicles
Product Development

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.63.86
UK Pound	1	Rs.98.88
Euro	1	Rs.70.73

INFORMATION DETAILS

Information Gathered by :	RKH

Analysis Done by :	RSM

Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.