MIRA INFORM REPORT

Report No. :	323988
Report Date :	25.05.2015

IDENTIFICATION DETAILS

Name :	SMRUTHI ORGANICS LIMITED
Registered Office :	165-A Balaji Bhavan, 1^st Floor, Railway Lines, Solapur – 413001, Maharashtra
Tel. No.:	91-217-2310268
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.07.1989
Com. Reg. No.:	11-052562
Capital Investment / Paid-up Capital :	Rs.38.154 Million
CIN No.: [Company Identification No.]	L24119PN1989PLC052562
TAN No.: [Tax Deduction & Collection Account No.]	PNES10689A
PAN No.: [Permanent Account No.]	AACCS5562Q
Legal Form :	A public limited liability company. The company’s shares are listed on Stock Exchanges.
Line of Business :	Manufacturing and selling of Bulk Drugs and Intermediates, Fine chemicals (APls).
No. of Employees :	350 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Status :	Moderate
Payments Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has incurred loss from its operational activities during financial year 2014. However, trade relations are Payments is active. Payments are reported to be slow but correct. The company can be considered for normal business dealing 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = BB-
Rating Explanation	Inadequate credit quality and high credit risk.
Date	May 21, 2014

Rating Agency Name	CRISIL
Rating	Short term rating = A4
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	May 21, 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. Vijay
Designation :	Account Manager
Contact No.:	91-217-2310267
Date :	25.05.2015

LOCATIONS

Registered Office / Corporate Office :	165-A Balaji Bhavan, 1^st Floor, Railway Lines, Solapur-413001, Maharashtra, India
Tel. No.:	91-217-2310268 / 2620367 / 2310267
Fax No.:	91-217-2601112 / 2620268 / 2310268
E-Mail :	info@smruthiorganics.com spr-smruthi2@sancharnet.in
Website :	www.smruthiorganics.com
Mumbai Office :	108, Shivshakti Apartments, B-Wing, G. D. Ambedkar Road, Mumbai – 400 012, Maharashtra, India
Tel. No.:	91-22-2412 9211 / 2412 9442
Fax No.:	91-22-2415 5452
E-Mail :	solbby@bom5.vsnl.net.in
Factory 1 :	Plot No. 273/274, M.I.D.C., Akkalkot Road, Solapur – 413 006, Maharashtra, India
Tel. No.:	91-217-2651264 / 2653016
Factory 2 :	Plot No. A-27, M.I.D.C. Area, Chincholi, Post Kondi, Taluka Mohol, District Solapur, Maharashtra, India
Tel. No.:	91-217-2257491 /92 / 93 / 94

DIRECTORS

AS ON 31.03.2014

Name :	Mr. E. Purushotham
Designation :	Chairman and Managing Director
Qualification :	M.Sc (Org. Chem)
Name :	Mrs. E. Swapnil
Designation :	Director (Business Development)
Qualification :	B.S. Chemical Engineering
Name :	Mrs. E. Vaishnavi
Designation :	Director
Name :	Dr. Nagender Yerram
Designation :	Director
Name :	Dr. K. Rama Swamy
Designation :	Director
Date of Appointment :	09.05.2012
Name :	Mr. J. H. Ranade
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Vijay
Designation :	Account Manager

SHAREHOLDING PATTERN

AS ON 31.03.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2129010	55.80
Bodies Corporate	82000	2.15
Any Others (Specify)	232181	6.09
Directors/Promoters & their Relatives & Friends	232181	6.09
Sub Total	2443191	64.03
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2443191	64.03
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	207685	5.44
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	795021	20.84
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	321092	8.42
Any Others (Specify)	48441	1.27
Clearing Members	770	0.02
Non-Resident Indians	47671	1.25
Sub Total	1372239	35.97
Total Public shareholding (B)	1372239	35.97
Total (A)+(B)	3815430	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)	3815430	0.00

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

Category of Shareholder	No. of Shares	Percentage of Holding
Dr K Ramaswam	8,600	0.23
E Purushottam	15,28,510	40.06
Eaga Rajamouli	9,500	0.25
Smruthi Chemicals & Intermediates Limited	82,000	2.15
Smruthi Purushotham Eaga	24,000	0.63
Swapnil Purushotham Eaga	1,90,081	4.98
Vaishnavi Eag	5,76,450	15.11
Yadagiri M Ega	24,050	0.63
Total	24,43,191	64.03

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

Category of Shareholder	No. of Shares	Percentage of Holding
Dilip Kumar Rungta	50000	1.31
Jayashri Shankar Myakal	49460	1.30
Rajasthan Global Securities Limited	38212	1.00
Total	137672	3.61

BUSINESS DETAILS

Line of Business :

Manufacturing and selling Bulk Drugs and Intermediates, Fine chemicals (APls).

Products :

Product Description	ITC Code
Diloxanide Furoate	2942.00
Norfloxacin	2942.00
Ciprofloxacin	2942.00
Pefloxacin	2942.00
Metformin HCL	2942.00
Amlodipine	2942.00
Chlorhexidine Base	2942.00
Zidouvdine	2942.00
Carbidopa	2942.00
Enrofloxacin	2942.00
Phthaloyl Amlodipine	2942.00

Brand Names :

--

Agencies Held :

--

Exports :

Products :

Chemicals

Countries :

• Europe
• China

Imports :

Products :

Raw Materials

Countries :

China

Terms :

Selling :

Credit

Purchasing :

Credit

GENERAL INFORMATION

Suppliers :

Company Name :	Not Divulged
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 :

Company Name :	Not Divulged
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 :

350 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	Industrial Finance Branch, World Trade Centre, Mumbai – 400005, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

• Axis Bank Limited, 214/215, City Mall, Near Pune University, Pune-411007, Maharashtra, India

Facilities :

Secured Loan	Rs. In Million 31.03.2014	Rs. In Million 31.03.2013
Long Term Borrowings
Axis Bank Term Loan *	82.755	88.477
Deferral Sales Tax Loan PSI 1993 Scheme *	14.348	23.777
Deferral Sales Tax Loan PSI 1993 Expansion **	35.515	35.515
Axis Bank Limited- Car Loan	0.376	1.056
Short Term Borrowings
Working Capital Loan from S.B.I., IFB Mumbai and Solapur *	281.857	270.390
SBI Global Factors Limited, Mumbai	0.000	(0.007)
TOTAL	414.851	419.208

NOTES:

Long Term Loans

*1st mortgage / hypothecation charge on pari-passu basis with Axis Bank on Land & building and Plant and Machinery owned by the company situated at Plot No.273 & 274 MIDC, Akkalkot Road, Solapur 413006 and Plot No.A-27, MIDC Chincholi, Solapur- 413 255, First Charge on company's - Flat No 5, Rahul Neha Apt. Solapur, Flat No T/1, Balaji Apt. Solapur, Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur, N.A. Plots GAT No. 230/2/B/2, 233/2/B, 231/2/B, 230/2/A/2 situated at Village Chincholi, Taluka Mohol, Dist. Solapur. First pari- passu charges on the above assets for Term Loan of Rs. 157.500 Million from Axis Bank Pune, with State Bank of India, Industrial Finance Branch Mumbai, Paripasu Charge. The Term Loan of Axis Bank Rs 157.500 Million is repayable in 60 months equal installment along with interest from 01.01.2013.

*During the year Restructuring of Working Capital Limit is sanctioned of Rs. 60.000 Million as a Working Capital Term Loan by offering additional collateral security of Companies ownership Flats located at Solapur & Mumbai and ownership Flats of Managing Director Mr. Eaga Purushotham

*Personal guarantee of Mr E Purushotham, Managing Director and Mrs. E Vaishnavi Director.

**Deferred Sales Tax Loan is interest free and payable in yearly in 5 installment of each financial year after completion of 10 year and the final installment will due on 26.04.2022

Short Term Loans

*1st registered mortgage / hypothecation charge with State Bank of India on lease hold land & building and Plant and Machinery owened by the company situated at Plot No.273 and 274 MIDC, Akkalkot Road, Solapur 413006 & Plot No.A-27, MIDC Chincholi, Solapur- 413 255 and Flat No 5, Rahul Neha Apt. Solapur, Flat No T/1 , Balaji Apart. Solapur, Holiday Resaurt at Plot No 31, Nakoda Constr. at village. Pakani Solapur. IInd charge on entire current assets of company pari-passu basis to Axis Bank, Pune.

*During the year Restructuring of Working Capital Limit is sanctioned of Rs. 60.000 Million as a Working Capital Term Loan by offering additional collateral security of Companies ownership Flats located at Solapur and Mumbai and ownership Flats of Managing Director Mr. Eaga Purushotham.

*Personal guarantee of Mr. E Purushotham, Managing Director and Mrs. E Vaishnavi Director.

Auditors :
Name :	Ashok Madgundi and Company Chartered Accountant
Address :	210/ A/ 1, Sakhar Peth, Near Kanya Prashala, Solapur – 413005, Maharashtra, India
Tel. No.:	91-217-626540 / 620403
Related Parties :	Smruthi Chemicals and Intermediates

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million
5000000	Non-Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 50.000 Million
	TOTAL		Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3815430	Equity Shares	Rs.10/- each	Rs. 38.154 Million

Details of Shareholders holding more than 5% shares in the Company

Name of Shareholder	Number of Shares	% holding
Mr. Eaga Purushotham	1528510	40.06
Mrs. Eaga Vaishnavi	576450	15.11

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	38.154	38.154	38.154
(b) Reserves & Surplus	312.598	373.460	319.556
(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)	350.752	411.614	357.710
(3) Non-Current Liabilities
(a) long-term borrowings	132.994	148.824	117.212
(b) Deferred tax liabilities (Net)	11.569	43.597	28.497
(c) Other long term liabilities	18.186	17.165	12.607
(d) long-term provisions	3.462	6.752	7.178
Total Non-current Liabilities (3)	166.211	216.338	165.494
(4) Current Liabilities
(a) Short term borrowings	295.327	283.854	203.588
(b) Trade payables	392.700	297.054	360.303
(c) Other current liabilities	51.553	48.897	24.625
(d) Short-term provisions	0.000	31.128	67.132
Total Current Liabilities (4)	739.580	660.933	655.648
TOTAL	1256.543	1288.885	1178.852
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	414.815	445.846	323.689
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	10.793	10.793	43.772
(b) Non-current Investments	0.493	0.497	0.997
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.009	7.200	10.204
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	434.110	464.336	378.662
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	241.941	407.286	317.321
(c) Trade receivables	493.166	315.430	368.085
(d) Cash and cash equivalents	24.837	9.628	21.086
(e) Short-term loans and advances	62.489	92.205	93.698
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	822.433	824.549	800.190
TOTAL	1256.543	1288.885	1178.852

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	918.291	1800.596	2051.581
		Other Income	5.065	4.064	2.191
		TOTAL (A)	923.356	1804.660	2053.772
Less	EXPENSES
		Cost of materials consumed	558.286	1378.880	1537.094
		Employee benefits expenses	84.979	101.527	91.991
		Other Expenses	153.852	188.891	161.442
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	105.181	(58.544)	3.502
		TOTAL (B)	902.298	1610.754	1794.029
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		21.058	193.906	259.743
Less	FINANCIAL EXPENSES (D)		51.868	40.173	54.008
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(30.810)	153.733	205.735
Less	DEPRECIATION/ AMORTISATION (F)		59.857	52.907	45.296
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(90.667)	100.826	160.439
Less	TAX (H)		(29.148)	37.300	54.040
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(61.519)	63.526	106.399
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	297.659	420.770	461.820
	TOTAL EARNINGS		297.659	420.770	461.820
	IMPORTS
		Raw Materials	214.432	285.962	303.050
	TOTAL IMPORTS		214.432	285.962	303.050
	Earnings / (Loss) Per Share (Rs.)		(16.12)	16.65	27.89

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	97.842	76.621	178.856

QUARTERLY RESULTS

(Rs. In Million)

Particulars	Jun 2014	Sep 2014	Dec 2014	Mar 2015
	Unaudited	Unaudited	Unaudited	Unaudited
Net Sales	260.860	98.700	138.260	247.710
Total Expenditure	244.960	105.840	137.990	213.080
PBIDT (Excl OI)	15.900	(7.1400	0.270	34.630
Other Income	NA	2.810	1.510	NA
Operating Profit	15.900	(4.330)	1.780	34.630
Interest	12.940	14.450	13.820	15.300
Exceptional Items	NA	NA	NA	NA
PBDT	2.960	(18.7800	(12.040)	19.340
Depreciation	14.280	14.270	14.280	1.640
Profit Before Tax	(11.320)	(33.050)	(26.320)	17.700
Tax	NA	NA	NA	(17.610)
Provisions and contingencies	NA	NA	NA	NA
Profit After Tax	(11.320)	(33.050)	(26.320)	35.310
Extraordinary Items	NA	NA	NA	NA
Prior Period Expenses	NA	NA	NA	NA
Other Adjustments	NA	NA	NA	NA
Net Profit	(11.320)	(33.050)	(26.320)	35.310

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	(6.70)	3.53	5.19
Operating Profit Margin (PBDIT/Sales)	(%)	2.29	10.77	12.66
Return on Total Assets (PBT/Total Assets}	(%)	(10.68)	11.08	22.84
Return on Investment (ROI) (PBT/Networth)		(0.26)	0.24	0.45
Debt Equity Ratio (Total Debt /Networth)		1.22	1.05	0.90
Current Ratio (Current Asset/Current Liability)		0.00	0.00	0.00

STOCK PRICES

Face Value	Rs.10
Market Value	Rs.96.80

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	38.154	38.154	38.154
Reserves & Surplus	319.556	373.460	312.598
Net worth	357.710	411.614	350.752
long-term borrowings	117.212	148.824	132.994
Short term borrowings	203.588	283.854	295.327
Total borrowings	320.800	432.678	428.321
Debt/Equity ratio	0.897	1.051	1.221

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	2051.581	1800.596	918.291
		(12.234)	(49.001)

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	2051.581	1800.596	918.291
Profit	106.399	63.526	(61.519)
	5.19%	3.53%	(6.70%)

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	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	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

SALES

The Gross Sales for the year amounted to Rs. 1007.602 Million as against Rs. 1855.834 Million for the previous year, showing decrease of 46%. The production quantity for the year was 1552 MTs as against 1863 MTs in the previous year showing decrease of about 17%

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS OF THE COMPANY AND FUTURE OUTLOOK:

Efforts to recoup the business in domestic market are paying off as reflected in the higher revenues from the domestic market in FY 2013 – 14. The company is expanding its marketing team in order to tap unexplored markets in rest of the world (ROW) and further improve its business. Going forward, the company expects to increase its market share in the domestic market and start supplying to select markets in rest of the world. In the meantime, the management is taking efforts to resolving regulatory issues. The company is also working to launch new products, which will help the Company to improve its profitability.

UNSECURED LOAN

Particulars	Rs. In Million 31.03.2014	Rs. In Million 31.03.2013
Short Term Borrowings
Directors	13.470	13.470
TOTAL	13.470	13.470

UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31^ST MARCH 2015

(Rs. In Million)

Sr. No.	Particulars	3 months ended	Preceding 3 months ended	Year to date figures for current year ended
		31.03.2015	31.12.2014	31.03.2015
		(Unaudited)	(Unaudited)	(Unaudited)
1	Income from operations
	a) Net Sales / Income from Operations (Net of excise duty)	244.809	126.601	728.659
	b) Other operating  income	2.905	11.664	19.386
	TOTAL  INCOME FROM OPERATIONS  (net) (a+b)	247.714	138.265	748.045
2	Expenses
	a)  Cost of materials consumed	133.650	82.137	474.528
	b) Changes in inventories of finished goods, work- in-progress and  stock-in-trade	27.075	27.714	56.066
	c) Employee benefits expense	19.549	12.066	63.178
	d)  Depreciation and amortisation expenses	1.638	14.281	44.481
	e)  Other expenses	32.806	16.069	107.919
	TOTAL EXPENDITURE (a+b+c+d+e)	214.718	152.266	746.171
3	Profit/(Loss) from operations before other Income, finance costs and exceptional Items     (1-2)	32.996	(14.001)	1.874
4	Other Income	0.000	1.514	1.649
5	Profit/(Loss) from ordinary activities before finance costs and exceptional Items ( 3+4 )	32.996	(12.487)	3.523
6	Finance costs	15.296	13.829	56.507
7	Profit/(Loss) from ordinary activities after finance costs but before exceptional Items      ( 5-6 )	17.700	(26.316)	(52.984)
8	Exceptional items	0.000	0.000	0.000
9	Profit/(Loss) from ordinary activities before tax (7+8)	17.700	(26.316)	(52.984)
10	Tax expense
	Current Income Tax	0.000	0.000	0.000
	Defered Tax Asset / (Liability)	17.606	0.000	17.606
	Income Tax of early year	0.000	0.000	0.000
11	Net Profit/(Loss) from ordinary activities after tax (9-10)	35.306	(26.316)	(35.378)
12	Extraordinary items  (net of tax expenses )	0.000	0.000	0.000
13	Net Profit/(Loss) for the period (11-12)	35.306	(26.316)	(35.378)
14	Paid-up equity share capital    ( Face value of Rs.10/- each )	38.154	38.154	38.154
15	Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year	0.000	0.000	265.991
16.i	Earnings per share (before extraordinary items (of Rs 10/- each)       (not annualised)
	a) Basic	9.25	(6.90)	(9.27)
	b) Diluted	9.25	(6.90)	(9.27)
16.ii	Earnings per share (after extraordinary items (of Rs 10/- each)          (not annualised)
	a) Basic	9.25	(6.90)	(9.27)
	b) Diluted	9.25	(6.90)	(9.27)
PART II
A	PARTICULARS  OF  SHAREHOLDING
1	Public Shareholding
	- Number of Shares	1372239	1372239	1372239
	- Percentage of Shareholding	35.97%	35.97%	35.97%
2	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered
	-Number of Shares	Nil	Nil	Nil
	-Percentage of shares (as a% of the total shareholding of promoter and promoter group)
	-Percentage of shares (as a % of the total share capital of the company)
	b) Non-encumbered
	-Number of Shares	2443191	2443191	2443191
	-Percentage of shares (as a% of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
	-Percentage of shares (as a % of the total share capital of the company)	64.03%	64.03%	64.03%
	Particulars	3 months ended 31.03.2015
B	INVESTOR  COMPLAINTS
	Pending at the beginning of the quarter	0
	Received during the quarter	0
	Disposed of during the quarter	0
	Remaining unresolved at the end of the quarter	0

	Particulars	31.03.2015
A	EQUITY AND LIABILITIES
1	Shareholders’ funds
	(a) Share capital	38.154
	(b) Reserves and surplus	265.991
	(c) Money received against share warrants	-
	Sub-total - Shareholder's funds	304.145
2	Share application money pending allotment	-
3	Non-current liabilities
	(a) Long-term borrowings	170.083
	(b) Deferred tax liabilities (Net)	(0.000)
	(c) Other Long term liabilities	176.547
	(d) Trade payables (Fixed Assets)	3.037
	Sub-total - Non-current liabilities	349.667
4	Current liabilities
	(a) Short-term borrowings	232.855
	(b) Trade payables	154.287
	(c) Other current liabilities	57.403
	(d) Short-term provisions	-
	Sub-total - Current liabilities	444.546
	TOTAL - EQUITY AND LIABILITIES	1098.358
B	ASSETS
1	Non-current assets
	(a) Fixed assets
	(i)Tangible assets	366.635
	(ii)Intangible assets	-
	(iii)Capital work-in-progress	10.793
	(iv)Intangible assets under development	-
	(b) Non-current investments	0.493
	(c) Deferred tax assets (net)	10.544
	(d) Long-term loans and advances	243.782
	(e) Other non-current assets	-
	Sub-total - Non-current assets	632.247
2	Current assets
	(a) Current investments	-
	(b) Inventories	178.330
	(c) Trade receivables	216.768
	(d) Cash and cash equivalents	16.917
	(e) Short-term loans and advances	54.095
	(f) Other current assets	-
	Sub-total - Current assets	466.111
	TOTAL ASSETS	1098.358

NOTES:

1. The Company operates in one segment only namely - "Bulk Drugs and Drug Intermediates".

2. Pursuant to Schedule II to the Companies Act, 2013, the Company has re-assessed, on external and internal evaluation, the useful lives of the process equipments and the allied facilities as also buildings. Accordingly,
the difference between the written down values of these assets and their existing written down values as on 1st April, 2014, net of deferred tax, is adjusted against the retained earnings in the amount of Rs.10632285/- Correspondingly, the charge of depreciation, on these assets, for the year ended 31st March, 2015 is lower by Rs. 10282081/- which has been adjusted against and reduced from the charge of depreciation of the quarter ended 31st March 2015 with consequential effect on the profits of the said quarter

3. For the financial year 2014-15 companies performance adversely affected for 3 months due to illegal strike by the  workers

4. The above results have been reviewed by Audit Committee and Statutory Auditor and have been taken on record at the meeting of the Board of Directors held on 15th May 2015.

5. Previous period's figures have been regrouped / rearranged wherever necessary.

INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation /Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN
1	10398153	08/03/2013 *	157,500,000.00	Axis Bank Limited	Corporate Banking Branch, 214-215, City Mall, Near Pune University, Ganesh Khind Road, Pune, Maharashtra - 411007, India	B71352900
2	80013457	17/12/2012 *	535,000,000.00	State Bank of India	Industrial Finance Branch, The Arcade, 2nd Floor, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B65875700
* Date of charge modification

FIXED ASSETS

· Factory Land

· Agricultural Land

· Building

· Ownership Flats

· Plant and Machinery

· Electrical Installation/ Equipments

· Vehicles

· Office Equipments

· Computer

· Furniture and Fixture

· Laboratory Equipments

· Other Factory Equipments

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.99.67
Euro	1	Rs.70.93

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	NKT

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	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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.