MIRA INFORM REPORT

Report No. :	324775
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	FERMENTA BIOTECH LIMITED (w.e.f. 10.05.2000)
Formerly Known As :	FERMENTAPHARMA BIODIL LIMITED
Registered Office :	C/O Duphar-Interfran Limited Complex, Opposite Vidyapeeth, S.V. Road, Ghodbunder Road, Majiwada, Thane (West) - 400610, Maharashtra
Tel No. :	91-22-67980888
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.07.1986
Com. Reg. No.:	11-134021
Capital Investment / Paid-up Capital :	Rs. 181.928 Million
CIN No.: [Company Identification No.]	U99999MH1986PLC134021
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACF2503N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Vitamin D3, Enzymes, Penicillin G Acylase, CALB Lipase and Bio-Enzymes for environmental solutions waste water management and lake and pond bioremediation.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum credit limit :	USD 2200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an establish company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by sound liquidity position and fair profitability levels of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	10.04.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and high credit risk
Date	10.04.2014

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. Rajeev Midher
Designation :	Chief Executive officer
Contact No.:	91-22-66230800
Date :	27.05.2015

LOCATIONS

Registered Office/ Administrative :	C/O Duphar-Interfran Limited Complex, Opposite Vidyapeeth, S.V. Road, Ghodbunder Road, Majiwada, Thane (West) - 400610, Maharashtra, India
Tel. No.:	91-22-67980888/ 800 / 66230827
Mobile No.:	91-9930128326 (Mr. Dilip)
Fax No.:	91-22-67980999/ 67980899
E-Mail :	info@fermentabiotech.com fermenta@fermentabiotech.com rajeev.midha@fermentabiotech.com
Website :	www.fermentabiotech.com
Location:	Owned
Factory 1 :	Village Takoli, P. O. Nagwain, District Mandi – 175121, Himachal Pradesh, India
Tel. No.:	91-1905-287246/ 48/ 49
Fax No.:	91-1905-287250
E-mail:	fblmandi@fermentabiotech.com
Factory 2 :	Plot No. Z109, B and C, Dahej SEZ, Village Dahej, Taluka - Vagara, Bharuch – 392130, Gujarat, India

DIRECTORS

As on 24.09.2014

Name :

Mr. Satish Varma Azad Nadimpally

Designation :

Managing director

Address :

Flat No. 1104, Quiscent Heights, Mindspace Link Road, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Birth/Age :

21.03.1970

Qualification:

Computer Science

Date of Appointment :

01.05.2010

PAN No.:

AAPPV6580K

DIN No.:

00003255

Other directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Originaldate of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L99999MH1951PLC008485	DIL LIMITED	Director	30/04/2010	01/07/2003	-	Active	NO
2	U67120MH2003PTC141695	DVK INVESTMENTS PRIVATE LIMITED	Director	11/08/2003	11/08/2003	-	Active	NO
3	U45200MH1995PLC084766	AEGEAN PROPERTIES LIMITED	Director	01/09/2003	01/09/2003	-	Active	NO
4	U74130MH2004PTC145141	EVOTEC (INDIA) PRIVATE LIMITED	Director	17/03/2004	17/03/2004	31/08/2009	Under liquidation	NO
5	U92100MH2004PLC145627	WHITE STRIPES ENTERTAINMENT LIMITED	Director	12/04/2004	12/04/2004	-	Amalgamated	NO
6	U24230MH2004PTC148220	G I BIOTECH PRIVATE LIMITED	Director	25/08/2004	25/08/2004	-	Active	NO
7	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Managing director	01/05/2010	04/10/2004	-	Active	NO
8	U55101MH2005PTC152711	VM CAFE DE ART PRIVATE LIMITED	Director	02/08/2005	02/08/2005	-	Under Process of Striking off	NO
9	U93000MH2011PLC212089	CC Square Films Limited	Director	10/01/2011	10/01/2011	-	Active	NO
10	U74140TN1997PTC038736	PELICAN WEALTH MANAGERS PRIVATE LIMITED	Director	28/09/2013	01/04/2013	-	Active	NO

Name :

Mr. Krishna Vasantkumar Datla

Designation :

Director

Address :

42 – B, Dhananjay Presidency CHS JVPD Scheme, Juhu, Vile Parle, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

17.12.1980

Qualification:

B com

Date of Appointment :

01.02.2002

PAN No.:

AEIPD5499Q

DIN No.:

00003247

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	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	01/02/2002	01/02/2002	-	Active	NO
2	L99999MH1951PLC008485	DIL LIMITED	Managing director	09/05/2010	29/01/2005	-	Active	NO
3	U55101MH2005PTC152711	VM CAFE DE ART PRIVATE LIMITED	Director	02/05/2005	02/05/2005	-	UnderProcess of Striking off	NO
4	U74130MH2004PTC145141	EVOTEC (INDIA) PRIVATE LIMITED	Director	09/05/2005	09/05/2005	05/10/2011	Under liquidation	NO
5	U45200MH1995PLC084766	AEGEAN PROPERTIES LIMITED	Director	09/05/2005	09/05/2005	-	Active	NO
6	U67120MH2003PTC141695	DVK INVESTMENTS PRIVATE LIMITED	Director	09/05/2005	09/05/2005	-	Active	NO
7	U24230MH2004PTC148220	G I BIOTECH PRIVATE LIMITED	Director	27/10/2005	27/10/2005	-	Active	NO
8	U92100MH2004PLC145627	WHITE STRIPES ENTERTAINMENT LIMITED	Director	01/02/2006	01/02/2006	-	Amalgamated	NO
9	U85100MH2007FLC175165	Evotec-RSIL Limited	Director	18/10/2007	18/10/2007	-	Amalgamated	NO
10	U85100KA2008PTC047190	Health and Wellness India Private Limited	Additional director	13/12/2010	13/12/2010	28/03/2011	Active	NO
11	U93000MH2011PLC212089	CC Square Films Limited	Director	10/01/2011	10/01/2011	-	Active	NO
12	U55204MH2011PTC222081	Magnolia FNB Private Limited	Director	16/09/2011	16/09/2011	-	Active	NO

Name :

Mrs. Anupama Datla Desai

Designation :

Whole-time director

Address :

A/802, Aditya Samarth, Ramdas Marg, Juhu Scheme, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

12.06.1978

Qualification :

Post Graduate in Biotechnology Science Graduate from The Boston College

Date of Appointment :

01.04.2012

PAN No.:

AEFPD0595N

DIN No.:

00217027

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	U99999MH1996PTC103910	LACTO-COSMETICS (VAPI) PRIVATE LIMITED	Director	01/11/2003	01/11/2003	-	Active	NO
2	U24239MH1976PTC103955	DUPEN LABORATORIES PRIVATE LIMITED	Director	15/12/2004	15/12/2004	-	Active	NO
3	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Whole-time director	01/04/2012	29/03/2007	-	Active	NO

Name :

Mr. Sanjay Ramakant Buch

Designation :

Director

Address :

7/31, Bandra Sona CHS. Complex, Krishna Chandra Marg, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.09.1968

Qualification:

B A Hons Economics

Date of Appointment :

24.09.2014

PAN No.:

AAPPB5842A

DIN No.:

00391436

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	U24246TG1989PTC010416	SS ORAL HYGIENE PRODUCTS PRIVATE LIMITED	Director	03/12/1999	03/12/1999	-	Amalgamated	NO
2	L99999MH1951PLC008485	DIL LIMITED	Director	24/09/2014	28/04/2007	-	Active	NO
3	U99999MH1993PTC074256	AGFA INDIA PRIVATE LIMITED	Director	27/11/2008	07/04/2008	18/01/2010	Amalgamated	NO
4	U72900MH2008FTC186575	Stanley Engineered Fastening India Private Limited	Director	09/09/2008	09/09/2008	16/09/2010	Active	NO
5	U31409KA2008FTC047837	Black & Decker India Private Limited	Director	23/09/2008	23/09/2008	18/01/2010	Amalgamated	NO
6	U24110MH1993PLC070713	INDOFIL INDUSTRIES LIMITED	Director	22/09/2014	11/08/2009	-	Active	NO
7	U63090MH1983PTC161369	TRANSWAYS COMBINES PRIVATE LIMITED (TRF.)	Additional director	29/08/2009	29/08/2009	30/09/2009	Active	NO
8	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	24/09/2014	22/01/2010	-	Active	NO
9	U93000MH2010FTC211208	SEALCOM INDIA PRIVATE LIMITED	Director	22/12/2010	22/12/2010	-	Strike off	NO
10	U93000MH2010NPL201022	JM Foundation for Excellence in Journalism	Director	30/01/2015	30/01/2015	-	Active	NO

Name :

Mr. Peter John Bains

Designation :

Director

Address :

Hutchins Barn, Forty Green Road, Knotty Green, HP9IXL, Beaconsfield, United Kingdom - 76152

Date of Birth/Age :

26.07.1957

Qualification:

BSc Combined Hons. Physiology/Zoology Sheffield University

Date of Appointment :

24.09.2014

DIN No.:

00430937

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	L24239MH1924PLC001151	GLAXOSMITHKLINE PHARMACEUTICALS LIMITED	Director	26/07/2005	26/07/2005	27/07/2009	Active	NO
2	U51909KA1993PLC014937	SYNGENE INTERNATIONAL LIMITED	Director	23/07/2014	20/01/2010	-	Active	NO
3	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	24/09/2014	19/03/2010	-	Active	NO

Name :

Mr. Viswanath Venkata Subrahmanya Anjaneya Chibrolu

Designation :

Director

Address :

Flat No. 302, Chaitanya Estates, Moti Nagar, X Road, Hyderabad – 500018, Andhra Pradesh, India

Date of Birth/Age :

12.08.1969

Qualification:

MBA from IIM Lucknow

Date of Appointment :

17.01.2011

DIN No.:

01556254

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140TG2006PTC050912	INVASCENT ADVISORY SERVICES INDIA PRIVATE LIMITED	Director	13/07/2007	13/07/2007	-	Active	NO
2	U24236KA1995PTC019479	EASYSTICH NEEDLES PRIVATE LIMITED	Additional director	24/08/2009	24/08/2009	-	Amalgamated	NO
3	U03311KA1992PTC013831	SUTURES INDIA PRIVATE LIMITED	Director	25/08/2010	26/08/2009	08/10/2012	Active	NO
4	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	17/01/2011	17/01/2011	-	Active	NO
5	U73100TG2012PTC080474	Neuland Pharma Research Private Limited	Alternate director	07/12/2012	07/12/2012	-	Active	NO
6	U73100TG1993PTC015554	Neuland Health Sciences Private Limited	Director	02/08/2013	07/12/2012	-	Active	NO
7	U85101TG1997PLC028153	RELISYS MEDICAL DEVICES LIMITED	Nominee director	24/12/2014	24/10/2014	-	Active	NO

Name :

Mr. Tirunelveli Padmanabhan Devarajan

Designation :

Alternate director

Address :

10.03.152 (New No 38 ST No 2) East, Marredpally, Secunderabad – 500026, Andhra Pradesh, India

Date of Birth/Age :

28.03.1964

Qualification:

Chemical Engineer and Post Graduate Degree in Management from IIM Ahmedabad

Date of Appointment :

14.03.2011

DIN No.:

03473633

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ DesignatedPartner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Alternate director	14/03/2011	14/03/2011	-	Active	NO
2	U73100TG1993PTC015554	Neuland Health Sciences Private Limited	Alternate director	07/12/2012	07/12/2012	-	Active	NO
3	U73100TG2012PTC080474	Neuland Pharma Research Private Limited	Director	02/08/2013	07/12/2012	-	Active	NO
4	U85110TG2008PTC061208	Sreyas Holistic Remedies Private Limited	Alternate director	15/02/2014	15/02/2014	-	Active	NO

Name :

Mr. Gopakumar Gopalan Nair

Designation :

Director

Address :

C – 002/003, Gokul Plaza Thakur Complex Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

11.06.1941

Date of Appointment :

24.09.2014

DIN No.:

00092637

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	L24224MH1960PLC011856	ULTRAMARINE & PIGMENTS LIMITED	Director	07/08/2014	25/05/1990	-	Active	NO
2	U74999MH1991PTC063993	BDH BIOTECH P LTD	Director	14/11/1991	14/11/1991	-	Strike off	NO
3	U01110TG1999PLC033147	NANDAN CLEANTEC LIMITED	Director	20/10/2004	20/10/2004	03/09/2012	Active	NO
4	L99999MH1985PLC036685	SEQUENT SCIENTIFIC LIMITED	Director	29/09/2014	20/06/2006	-	Active	NO
5	U24110TG1995PLC022303	GLOCHEM INDUSTRIES LIMITED	Additional director	30/06/2010	27/06/2007	28/06/2014	Active	NO
6	U74999MH2007PTC175266	GNANLEX HERMENEUTICS PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Active	NO
7	U24110MH1997PTC112731	ELIXIR CHEMICALS PRIVATE LIMITED	Director	15/09/2008	19/11/2007	-	Amalgamated	NO
8	U85190TN2008PTC065996	SANVED RESEARCH LABS PRIVATE LIMITED	Director	09/01/2008	09/01/2008	-	Strike off	NO
9	U74120MH2013PLC248708	ALIVIRA ANIMAL HEALTH LIMITED	Director	29/09/2014	30/09/2013	-	Active	NO
10	U99999MH1986PLC134021	FERMENTA BIOTECH LIMITED	Director	24/09/2014	06/08/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Prakash Basantani
Designation :	Secretary
Address :	601, Prairie Tower No. 5, Vasant Lawans, Near Majiwada Naka, Thane (West), Mumbai – 400601, Maharashtra, India
Date of Birth/Age :	29.07.1979
Date of Appointment :	03.09.2012
PAN No.:	AKHPB9796R
Name :	Mr. Rajeev Midhar
Designation :	Chief Ecxecutive Officer

MAJOR SHAREHOLDERS

As on 24.09.2014

Names of Shareholders	No. of Shares
V. K. Datla	12
D. G. Rajan	12
O. Swaminatha Reddy	12
DIL Limited, India	12762464
V. R. Investment and Finance Private Limited, India	15000
D. Rajeshwari	85338
Govind Desai and Mr. Gunanath Govind Desai	2500
Govind Desai and Mr. Damodar Govind Desai	1000
Shaila G. Desai and Mr. Damodar Govind Desai	1500
S. Krishnan	10
S C Uniyal	10
Preeti Thakkar	3012
Dupen Laboratories Private Limited, India	100000
Kumar Subrmanian	10
S Raman	10
Prashant Kutty	20
DVK Investments Private Limited, India	87024
K H Kashid	10
Krishna Datla Jointly Mr. Rajeshwari Datla	27000
Satish Varma	10
Allegro Corporate Financial Advisors Private Limited, India	789474
Fermenta Biotech Limited ESOP Trust, India	488334
Srikant Sharma	10
Evolvence India Life Science Fund LLC, Mauritius	3830072
Total	18192844

As on 24.09.2014

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	21.05
Bodies corporate	75.60
Directors or relatives of Directors	0.64
Other top fifty shareholders	2.71
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Vitamin D3, Enzymes, Penicillin G Acylase, CALB Lipase and Bio-Enzymes for environmental solutions waste water management and lake and pond bioremediation.

Products :

Item Code No.	Product Description
3507	Enzymes
3906	Fermsept
2933	Phenyramidol
3004	Silicon Powder

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Chemicals. Drugs, Enzymes

Countries :

• US
• UK
• Germany
• Japan
• Finland

Imports :

Products :

Raw Materials

Countries :

• Neatherland
• Singapore
• Japan
• Germany

Terms :

Selling :

Cash and Credit (30/60/90 Days)

Purchasing :

Cash and Credit (30/60/90 Days)

GENERAL INFORMATION

Suppliers :

Reference :	Nippon, Japan
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 :

End Users and OEM’s

Reference :	Recordati, Turkey
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 :

350 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	Ghodbunder Road Branch, Solitaire Tower, Manpada, Ghodbunder Road, Thane – 400607, Maharashtra, India
Person Name (With Designation)	Ms. Suchita (Assistant Manager)
Contact Number	91-22-25890028
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	2007
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Ringing

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term loan from Banks	96.157	148.927
SHORT TERM BORROWING
Working capital loans from bank	245.879	215.407
Total	342.036	364.334

Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	14^th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
PAN No.:	AABFS3421N
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	DIL Limited
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives	Dupen Laboratories Private Limited Lacto Cosmetics (Vapi) Private Limited
Subsidiary Company :	Fermenta Biotech (UK) Limited G.I. Biotech Private Limited CIN No. : U24230MH2004PTC148220

CAPITAL STRUCTURE

As on 24.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18192844	Equity Shares	Rs.10/- each	Rs.181.928 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	181.928	181.928	181.928
(b) Reserves & Surplus	607.086	527.483	516.373
(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)	789.014	709.411	698.301
(3) Non-Current Liabilities
(a) long-term borrowings	96.157	148.927	190.600
(b) Deferred tax liabilities (Net)	20.286	16.315	0.633
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	15.681	15.555	15.271
Total Non-current Liabilities (3)	132.124	180.797	206.504
(4) Current Liabilities
(a) Short term borrowings	269.129	248.657	141.677
(b) Trade payables	182.136	143.307	124.183
(c) Other current liabilities	77.418	114.914	58.041
(d) Short-term provisions	20.961	2.460	6.482
Total Current Liabilities (4)	549.644	509.338	330.383
TOTAL	1470.782	1399.546	1235.188
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	727.943	784.479	544.069
(ii) Intangible Assets	16.996	24.816	34.714
(iii) Capital work-in-progress	8.942	3.693	54.511
(iv) Intangible assets under development	4.083	13.049	8.707
(b) Non-current Investments	18.662	18.662	18.662
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	15.912	14.709	43.561
(e) Other Non-current assets	0.871	0.250	0.843
Total Non-Current Assets	793.409	859.658	705.067
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	228.040	245.005	208.901
(c) Trade receivables	402.201	250.046	230.963
(d) Cash and cash equivalents	4.344	9.699	60.438
(e) Short-term loans and advances	40.522	29.159	29.819
(f) Other current assets	2.266	5.979	0.000
Total Current Assets	677.373	539.888	530.121
TOTAL	1470.782	1399.546	1235.188

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1250.143	1000.244	1014.108
	Other Income	22.051	17.492	38.850
	TOTAL (A)	1272.194	1017.736	1052.958
Less	EXPENSES
	Cost of Materials Consumed	567.314	422.384	389.287
	Purchases of Stock-in-Trade	7.735	12.150	10.403
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.240)	(27.621)	(16.138)
	Employees benefits expense	146.938	157.412	136.989
	Other expenses	309.775	297.177	299.739
	TOTAL (B)	1029.522	861.502	820.280
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	242.672	156.234	232.678
Less	FINANCIAL EXPENSES (D)	55.931	50.697	39.840
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	186.741	105.537	192.838
Less/ Add	DEPRECIATION/ AMORTISATION (F)	80.372	71.131	60.149
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	106.369	34.406	132.689
Less	TAX (I)	26.766	23.296	26.351
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	79.603	11.110	106.338
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	337.266	326.156	219.818
	Balance Carried to the B/S (J+K+L-M)	416.869	337.266	326.156
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	931.164	0.000	782.053
	TOTAL EARNINGS	931.164	0.000	782.053
	IMPORTS
	Raw Materials	104.719	122.503	0.000
	TOTAL IMPORTS	104.719	122.503	0.000
	Earnings / (Loss) Per Share (Rs.)	4.38	0.61	5.85

Expected Sales (2014-15) : Rs. 1500.000 Million

The above information has been parted by Mr. Rajeev Midher

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	54.464	58.477	43.531
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	6.37	1.11	10.49
Operating Profit Margin (PBDIT / Sales)	(%)	19.41	15.62	22.94
Return on Total Assets (PBT/Total Assets}	(%)	7.39	2.52	11.51
Return on Investment (ROI) (PBT/Networth)		0.13	0.05	0.19
Debt Equity Ratio (Total Debt /Networth)		0.53	0.64	0.54
Current Ratio (Current Asset/Current Liability)		1.23	1.06	1.60

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	181.928	181.928	181.928
Reserves & Surplus	516.373	527.483	607.086
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	698.301	709.411	789.014
long-term borrowings	190.600	148.927	96.157
Short term borrowings	141.677	248.657	269.129
Current maturities of long-term debts	43.531	58.477	54.464
Total borrowings	375.808	456.061	419.750
Debt/Equity ratio	0.538	0.643	0.532

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	1014.108	1000.244	1250.143
		(1.367)	24.984

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	1014.108	1000.244	1250.143
Profit	106.338	11.110	79.603
	10.49%	1.11%	6.37%

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	Yes
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

RESULTS FROM OPERATIONS

In the year the Company reported total revenue from operations of Rs. 1271.679 Million (previous year Rs. 1016.661 Million) thereby showing an increase of 25% as compared to the previous year.

Profit before tax for the year under review is Rs. 106.369 Million (previous year Rs. 34.406 Million). The profit after tax was Rs. 79.603 Million (previous year Rs. 11.110 Million) thereby showing more than seven-fold increase as compared to the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

World economy

The global economic output is earmarked for a 3.7% increase this year, as per the IMF. The US, the world’s largest economy is estimated to expand by 2.8% in 2014. The eurozone finally will reverse a two-year recession trend in 2014, and Britain is expected to grow at the fastest pace since 2007. Canada?s economy is pegged to expand by 2.2% in 2014 and 2.4% in 2015.China, the world’s second-biggest economy, will grow at a 7.5% rate in 2014.Africa expects to see accelerated growth at a rate of 4.7 %, a decent increase from 4% in 2013 while Japan is expected to grow by 1.5 % in 2014.

Indian economy

The Indian economy grew by 4.7% in 2013-14 a shade better than the 10-year low of 4.5 % in 2012-13. The growth in the agriculture sector improved to 4.7 % in 2013-14 from 1.4 % in the previous financial year, however it failed to boost overall economic growth as farming now accounts for just 18% of the country’s GDP.

Manufacturing, the lynchpin of the Indian industry, shrank by 0.7 % in 2013-14, against a 1.1 % growth in the previous financial year. The current account deficit may be contained at 2.3% of GDP in FY14, according to Citigroup.

Exports

India’s pharmaceutical exports stood at US$ 14.84 billion in FY2013-14. The United States is the country’s biggest market for pharma exports accounting for about 25%, followed by the United Kingdom. India has been able to make a name for itself as a quality supplier of affordable medicines across the globe and is expecting a 12% growth during FY2014-15. India is the largest provider of generic medicines across the globe; India’s generic drugs account for 20% of the global generics exports (in terms of volumes).

Pharma exports from India will surpass domestic sales by FY 2015, according to a report by India Ratings & Research. The country provides generic medicines to almost 200 countries. It is responsible for about 40 % of the generic and over-the-counter drugs consumed in the US.

In the US, the government has aimed to reduce the healthcare spending and spreading public healthcare to a larger chunk of the population. Although substituting patented drugs with low-cost drugs will boost demand for the generic market, price cuts are becoming common in the eurozone as well as in the US, adversely affecting the innovator and generics market.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loan and advances from related parties	23.250	33.250
Total	23.250	33.250

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514062	17/07/2014	9,000,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maharashtra - 400018, INDIA	C15738917
2	10369623	18/07/2012	20,000,000.00	UNION BANK OF INDIA	Ghodbunder Road Branch,, Solitaire Tower, Manpada ,Ghodbunder Road,, Thane, Maharashtra -400607, INDIA	B45355302
3	10373704	16/07/2012	35,000,000.00	SIEMENS FINANCIAL SERVICES PRIVATE LIMITED	130, PANDURANG BUDHKAR MARG,, WORLI, MUMBAI, Maharashtra - 400018, INDIA	B56909914
4	10311976	28/03/2014 *	130,000,000.00	UNION BANK OF INDIA Ghodbunder Road Branch,	UNION BANK OF INDIA Ghodbunder Road Branch,, Solitaire Tower, Manpada,Ghodbunder Road,, Mumbai, Maharashtra - 400607, INDIA	C03407285
5	10311913	28/03/2014 *	20,000,000.00	UNION BANK OF INDIA	GHODBUNDER ROAD BRANCH,, SOLITAIRE TOWER, MANPADA, GHODBUNDER ROAD,, MUMBAI, Maharashtra - 400607, INDIA	C05177993
6	10311912	28/03/2014 *	60,000,000.00	UNION BANK OF INDIA Ghodbunder Road Branch,	UNION BANK OF INDIA Ghodbunder Road Branch,, Solitaire Tower, Manpada,Ghodbunder Road,, Mumbai, Maharashtra - 400607, INDIA	C03406105
7	10330267	27/03/2014 *	411,700,000.00	UNION BANK OF INDIA Ghodbunder Road Branch,	UNION BANK OF INDIA Ghodbunder Road Branch,, Solitaire Tower, Manpada, Ghodbunder Road,, Mumbai, Maharashtra - 400610, INDIA	C03409661
8	10254874	15/11/2010	200,000,000.00	UNION BANK OF INDIA	Ghodbunder Road Branch,Solitaire Tower,, Ghodbunder Road,Chitalsar,Manpada, Thane, Maharashtra - 400607, INDIA	B00116210
9	10200372	21/01/2010	30,000,000.00	UNION BANK OF INDIA	GHOD BUNDER ROAD BRANCH, SOLITAIRE TOWERS, GHOD B UNDER ROAD, MANPADA, THANE, Maharashtra - 400607, INDIA	A78743846
10	10136274	28/03/2014 *	60,000,000.00	UNION BANK OF INDIA Ghodbunder Road Branch,	UNION BANK OF INDIA Ghodbunder Road Branch,, Solitaire Tower, Manpada,Ghodbunder Road,, Mumbai, Maharashtra - 400607, INDIA	C03405180

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles

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.63.90
UK Pound	1	Rs.98.61
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.