MIRA INFORM REPORT

Report No. :	349915
Report Date :	13.11.2015

IDENTIFICATION DETAILS

Name :	ORCHID PHARMA LIMITED (w.e.f. 27.10.2015)
Formerly Known As :	ORCHID CHEMICALS AND PHARMACEUTICALS LIMITED
Registered Office :	‘Orchid Towers’, 313, Valluvar Kottam High Road, Nungambakkam, Chennai – 600 034, Tamilnadu
Tel No.:	91-44-28244702 / 28211000 / 28230000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	01.07.1992
Com. Reg. No.:	18-022994
Capital Investment / Paid-up Capital :	Rs.852.619 Million
CIN No.: [Company Identification No.]	L24222TN1992PLC022994
IEC No.:	3892002363
TAN No.: [Tax Deduction & Collection Account No.]	CHEO03079G CHEO00121C
PAN No.: [Permanent Account No.]	AAACO0402B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Seller of Pharmaceutical Products and Bulk Drugs.
No. of Employees :	2800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (21)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 12550000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject was erstwhile known with the name of “Orchid Chemicals and Pharmaceuticals Limited,” but recently on 27^th October 2015, the name of the company has been changed to “Orchid Pharma Limited” it is as established company having moderate track record. For the financial year ended 2015, the company has incurred huge losses from its operational activities. Further, rating constrained on account of company’s weak financial position marked by low networth base and leverage balance sheet profile of the company. Moreover, it is also to be noted that the company is listed with RBI defaulter and defaulter heavy amount with three major banks namely ING Vyasya Bank Limited, Kotak Mahindra Bank and State Bank of Hyderabad. However, business is active. Payments are reported to be slow. In view of the weak financial and listed in RBI defaulters, the company can be considered for business dealings under safe and secure 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	CARE
Rating	Long Term Bank Facilities B-
Rating Explanation	Have risk – prone credit quality and carries very high credit risk
Date	13.04.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	13.04.2015

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under:

Bank	Branch	Quarter	Borrower Name	Directors Name	Outstanding Amount (Rs. in Million)
ING VYSYA BANK LIMITED	Mount Road	30.06.2014	Orchid Chemicals And Pharmaceuticals	SUNDARAM YUVARAJ, KAILASAM RAGHVENDRA RAO	545.521
ING VYSYA BANK LIMITED	Mount Road	30.09.2014	Orchid Chemicals And Pharmaceuticals	KAILASAM RAGHVENDRA RAO SUBRAMANIAM KRISHNAN	576.001
ING VYSYA BANK LIMITED	Mount Road	30.12.2014	Orchid Chemicals	KAILASAM RAGHVENDRA RAO SUBRAMANIAM KRISHNAN	606.928
ING VYSYA BANK LIMITED	Mount Road	30.12.2014	Orchid Chemicals And Pharmaceuticals	KAILASAM RAGHVENDRA RAO SUBRAMANIAM KRISHNAN	606.928
ING VYSYA BANK LIMITED	Mount Road	31.03.2015	Orchid Chemicals	KAILASAM RAGHVENDRA RAO SUBRAMANIAM KRISHNAN	639.722
KOTAK MAHINDRA BANK	Mount Road	30.06.2015	ORCHID CHEMICALS	KAILASAM RAGHVENDRA RAO SUBRAMANIAM KRISHNAN	673.652
ING VYSYA BANK LIMITED	MOUNT ROAD	31.03.2015	Orchid Chemicals And Pharmaceuticals	KAILASAM RAGHVENDRA RAO SUBRAMANIAM KRISHNAN	400.000
KOTAK MAHINDRA BANK	MOUNT ROAD	30.06.2015	Orchid Chemicals And Pharmaceuticals	KAILASAM RAGHVENDRA RAO SUBRAMANIAM KRISHNAN	400.000
STATE BANK OF HYDERABAD	IFB. CHENNAI	30.06.2014	Orchid Chemicals And Pharmaceuticals	VENKATA SUBRAMANIAN, SUNDRAN	885.963
STATE BANK OF HYDERABAD	IFB. CHENNAI	30.09.2014	Orchid Chemicals And Pharmaceuticals	VENKATA SUBRAMANIAN, SUNDRAN	885.963
STATE BANK OF HYDERABAD	IFB. CHENNAI	31.12.2014	Orchid Chemicals And Pharmaceuticals	VENKATA SUBRAMANIAN, SUNDRAN	885.963
STATE BANK OF HYDERABAD	IFB. CHENNAI	31.03.2015	Orchid Chemicals And Pharmaceuticals	VENKATA SUBRAMANIAN, KAILASAM RAGHVENDRA RAO	885.963

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 31-03-2015.

INFORMATION DENIED BY

MANAGEMENT NON CO-OPERATIVE (91-44-28211000)

LOCATIONS

Registered/ Corporate Office :	‘Orchid Towers’, 313, Valluvar Kottam High Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India
Tel. No.:	91-44-28251532/ 28251547/ 28284776/ 28211000/ 28230000
Fax No.:	91-44-28284983/ 28211002/ 28281414
E-Mail :	orchid@giasmd01.vsnl.net.in corporate@orchidpharma.com chandrasekarl@orchidpharma.com
Website :	http://www.orchidpharma.com
Head Office :	‘Orchid Towers’, 152, Village Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India
Factory 1 (API Facilities) :	Alathur Works Plot Nos.85-87, 98-100, 126-131, 138-151 and 159-164, SIDCO Industrial Estate, Alathur, Kancheepuram District – 603110, Tamilnadu, India
Tel. No.:	91-44-27446402/ 403/ 205/ 206/ 320
Fax No.:	91-44-27446321
Factory 2 (API Facilities) :	Aurangabad Works L-8 and L-9, MIDC Industrial Area, Waluj, Aurangabad District – 431136, Maharashtra, India
Tel. No.:	91-240-2554992/ 993/ 994
Fax No.:	91-240-2554968
Factory 3 (Formulations) :	Plot Nos. B5 (Part) and B6 (Part), SIPCOT Industrial Park, Irungattukottai Sriperumbudur (Tk.), Pin 602 105, Tamilnadu, India
Factory 4 (Engineering Markets) :	Plot Nos. A-10, A-11, SIDCO Industrial Estate, Alathur, Kancheepuram Dist. – 603 110, Tamilnadu, India
Tel. No.:	91-44-27446909
Fax No.:	91-44-27446657
Factory 5 (Engineering Markets) :	B-77, SIDCO Industrial Estate, Alathur, Kancheepuram District Pin 603 110, Tamilnadu, India
Research and Development Centre	Plot No.476/14, Old Mahabalipuram Road, Shozhanganallur Chennai - 600 119, Tamilnadu, India

DIRECTORS

As on: 31.03.2015

Name :	Mr. Kailasam Raghavendra Rao
Designation :	Chairman and Managing Director
Address :	Plot No.14, Door No.6, Arundale Beach Road, Kalakshetra Colony, Chennai - 600090, Tamil Nadu, India
Qualification :	B.Com., PGDM (IIM-A), ACS, AICWAI
Date of Appointment :	13.07.1992
DIN No.:	00010096
Name :	Mr. Venkata Subramanian
Designation :	Additional Director
Address :	D4/D5, Ashok Swetha, 173, Avvai Shanmugam Road, Royapettah, Chennai, 600014, Tamil Nadu, India
Date of Appointment :	31.03.2014
DIN No.:	00007392
Name :	Mr. Kannan Ramamirtham
Designation :	Additional Director
Address :	Karachi Citizens CHS 205-B,, New Link Road D.N. Nagar, Andheri (West), Mumbai, 400053, Maharashtra, India
Date of Appointment :	28.05.2015
DIN No.:	00227980
Name :	Mr. Subramaniam Krishnan
Designation :	Director
Address :	11, C P Ramaswamy Street,, Abhiramapuram,, Chennai - 600018, Tamil Nadu, India
Date of Appointment :	28.04.2010
DIN No.:	00583985
Name :	Mr. Nagaraj Garla
Designation :	Nominee Director
Address :	82, A Wing, Twin Towers, Veer Savarkar Marg,, Near Siddhivinayak Temple, Prabhadevi, Mumbai - 400025, Maharashtra, India
Date of Appointment :	13.11.2014
DIN No.:	06983880
Name :	Mr. Soundara Kumar
Designation :	Nominee Director
Address :	B2/5, Gem Nirmalayam, Kattabomman Street, Ganapathy,, Coimbatore - 641006, Tamil Nadu, India
Date of Appointment :	30.03.2015
DIN No.:	01974515

KEY EXECUTIVES

Name :	Mrs. Bhoomijha Murali
Designation :	Company Secretary
Name :	Mr. Lakshmishankar Chandrasekar
Designation :	Chief Executive Officer / Secretary
Address:	D-1 Ashok Amoga No. 99, Gandhi Nagar , First Main Road, Adyar, Chennai - 600020, Tamil Nadu, India
Date of Appointment	01.12.2012
PAN No.:	AAAPC3127G
MANAGEMENT TEAM:
Name :	Dr. B. Gopalam
Designation :	Chief Scientific Office
Name :	Ms. Edna Braganza
Designation :	Chief Operating Officer - API
Name :	Mr. Suresh Babu
Designation :	Vice President – Corporate Affairs
Name :	Mr. Vijayendran
Designation :	Chief Executive – Domestic Formulation
Name :	Mr. S Mani
Designation :	Head API - Process Research
Name :	Dr. J Surya Kumar
Designation :	Senior Vice President-Formulation Development
Name :	Mr. Deepak M B Nayyar
Designation :	Vice President - Domestic Formulations
Name :	Mr. Sampath Parthasarathy
Designation :	Vice President - Domestic Formulations
Name :	Mr. L. Chandrasekar
Designation :	Executive Vice President – Finance and Secretary
Name :	Dr. U P Senthil Kumar
Designation :	Senior Vice President-Process Research

MAJOR SHAREHOLDERS

As on: 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	19094607	23.28
Bodies Corporate	18456125	22.50
Sub Total	37550732	45.77
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	37550732	45.77
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5450	0.01
Financial Institutions / Banks	209541	0.26
Insurance Companies	3134960	3.82
Foreign Institutional Investors	1001376	1.22
Any Others (Specify)	150000	0.18
Foreign Portfolio Investments Corporation	150000	0.18
Sub Total	4501327	5.49
(2) Non-Institutions
Bodies Corporate	15366116	18.73
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	19422739	23.68
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	4327108	5.27
Any Others (Specify)	867167	1.06
Non Resident Indians	851867	1.04
Overseas Corporate Bodies	300	0.00
Others	15000	0.02
Sub Total	39983130	48.74
Total Public shareholding (B)	44484457	54.23
Total (A)+(B)	82035189	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers and Sellers of Pharmaceutical Products and Bulk Drugs.

Products :

Products Description	ITC Code No.
Bulk Cephalosporin’s	2941.10
Pharma Products	3004.10
Other Bulk Drugs	2942.00

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	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 :

Reference :	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 :

2800 (Approximately)

Bankers :

• Allahabad Bank
• Andhra Bank
• Axis Bank Limited.
• Bank of Baroda
• Bank of India
• Canara Bank
• Central Bank of India
• City Union Bank
• Exim Bank
• ICICI Bank Limited.
• IDBI Bank Limited.
• Indian Bank
• Indian Overseas Bank
• ING Vysya Bank
• Punjab National Bank
• State Bank of Hyderabad
• State Bank of India
• State Bank of Mysore
• State Bank of Travancore
• Union Bank of India

Facilities :

(Rs. In Million)

Secured Loan	31.03.2015	As on 30.09.2013 (18 Months)
Long Term Borrowings
Rupee Term loans	18690.588	8902.813
Foreign currency Term loan	7153.935	9988.819
Less:- Current maturities transferred to Current liabilities	(904.986)	(9873.820)
Short Term Borrowings
Other loans and advances
Working Capital Facilities / Borrowings	4909.245	14348.953
Total	29848.782	23366.765

Long Term Borrowings

	Repayment terms Repayment terms	Balance No of installments due	Rate of interest	Amount due @
Rupee Term Loan	Quarterly	32	11.00%	18219.180
Foreign Currency Term Loan	Quarterly	32	LIBOR + 3% to 4.6%	7064.667

@ amount due includes for all installments in the respective category

As per the terms of the CDR package, all Indian rupee loan from bank carries interest @11% p.a.These loans are repayable in 32 quarterly installments from 01/04/2015. These loans are secured by Pari Passu charge by way of joint mortgage on immovable and movable assets situated at Factory premises at SIDCO Industrial Area, Alathur, and SIPCOT Industrial Park, Irungattukottai and current assets, subject to prior charges created/ to be created on current assets in favour of bankers and financial institutions for securing working capital borrowings. All term loans are additionally secured by personal guarantee of Shri K.Raghavendra Rao, Managing Director of the Company.

Terms of repayment of loan- All Foreign Currency term loan carries interest @ LIBOR plus 3 to 4.6%. The loan is repayable in 32 quarterly installments commencing from 01/04/2015. These loans are secured by Pari Passu charge by way of joint mortgage on immovable and movable assets situated at Factory premises at SIDCO Industrial Area, Alathur and SIPCOT Industrial Park, Irungattukottai and current assets, subject to prior charges created/ to be created on current assets in favour of bankers and financial institutions for securing working capital borrowings. The term loans are additionally secured by personal guarantee of Shri K.Raghavendra Rao, Managing Director of the Company.

The terms of the foreign currency term loan availed in Feb 2012 includes covenants pertaning to financial parameters such as limit on aggregate debt outstanding, debt service coverage ratio, ratio of net borrowings to EBDITA, Fixed assets coverage ratio, ratio of net borrowings to tangible networth etc., tested on the consolidated financial statements of the Company.

Short Term Borrowings

Packing Credit and Advances against bills from Banks and Working Capital Loans from Banks are secured by first charge on all current assets namely, Stocks of Raw materials, Semi-finished and Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares), Bills Receivable, Book Debts and all other movable property both present and future excluding such movables as may be permitted by the Banks/ financial institutions from time to time and by second charge on immovable properties after charges created/ to be created on immovable assets in favor of Financial Institutions/Banks for securing Term Loans. The borrowings from banks are additionally secured by personal guarantee of Shri. K. Raghavendra Rao, Chairman and Managing Director of the Company.

Financial Institutions :	SBICAP Trustee Company Limited, 202, Maker Tower, 'E' Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, India
Auditors :
Statutory Auditors
Name :	SNB Associates Chartered Accountants
Address 1:	No. 12, 3^rd Floor, Gemini Parsn Complex, 121, Anna Salai, Chennai – 600 006, Tamilnadu, India
Tel No.:	91-44-28224382
Address 2:	A-503, Sagar Tech Plaza, Near Saki Naka Signal Andheri Kurla Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel No.:	91-22-28527551 / 65529767 / 65593571
Address 3 :	W-304, Sunrise Chambers, 22, Ulsoor Road, Bangalore – 560042, Karnataka,
Cost Auditor :
Name :	V. Kalyanaraman Cost Accountants
Address:	No. 4 (Old No. 12), Second Street, North Gopalapuram, Chennai – 600 086, Tamilnadu, India
Subsidiaries : (As on 31.03.2015)	Orchid Europe Limited, UK Orchid Pharmaceuticals Inc., USA Orgenus Pharma Inc. USA (Subsidiary of Orchid Pharmaceuticals Inc USA.) Orchid Pharma Inc / Karalex Pharma USA, (Subsidiary of Orchid Pharmaceuticals Inc, USA) Orchid Pharmaceuticals SA (Proprietary) Limited, South Africa (OCPL, SA) Bexel Pharmaceuticals Inc., USA Diakron Pharmaceuticals Inc., USA
Associate	Allecra Therapeutics GmbH, Germany

CAPITAL STRUCTURE

As on: 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
85261877	Equity Shares	Rs.10/- each	Rs.852.619 Million

The reconciliation of the number of shares outstanding as at 31.03.2015 and September 30, 2013 is set out below:

Particular	31.03.2015
Number of shares at the beginning	70452076
Add: Allotment on exercise of ESOP	14809801
Number of shares at the end	85261877

The details of shareholder holding more than 5% shares is set out below:

	As on: 31.03.2015
Name of the Shareholder	No of shares	% held
K Raghavendra Rao	6925173	8.12
R Vijayalakshmi	6771155	7.94
Orchid Healthcare Private Limited	18456125	21.65
Serum Institute of India	5701524	6.69

a) ORCHID ESOP 2010 SCHEME

In terms of the resolution passed by the Company at the AGM dated July 21, 2010 the shareholders approved the scheme formulated under “ORCHID-ESOP 2010” for allotting 1000,000 options. Accordingly 901000 options were granted to the eligible Employees and the Executive Director except the Promoter Director by the Compensation Committee of the Board of Directors at a meeting held on October 28, 2010. Each option is convertible into one equity share of Rs 10/- each at a price of Rs 329.55 per share, being the closing share price of Orchid in the National Stock Exchange on October 27, 2010, the day prior to the date of the meeting. Considering the fall in the price of the shares of the Company and in the interest of the employees, the Compensation Committee of the Board of Directors at its meeting held on November 1, 2011 considered repricing of 864500 options in force on the said date from Rs 329.55 to Rs 166.15 as per the closing share price of Orchid at National Stock Exchange on October 31, 2011. Out of the total options granted 381,500 options have already lapsed and the remaining granted options in force as at September 30, 2013 under ORCHID ESOP 2010 Scheme are 509,500. The one year vesting period for the scheme ended on October 27, 2011 and the employees can exercise their right to convert the options into equity shares from October 28, 2011 onwards. The options will lapse on October 28, 2013, if they are not exercised within a period of 2 years from the date of vesting of options. As at September 30, 2013, only 10000 options have been exercised and converted in to equity shares.

b) ORCHID ESOP – DIRECTORS 2011 SCHEME

In terms of the resolution passed by the Company at the AGM held on July 29, 2011 the shareholders approved a scheme formulated as “ORCHID ESOP – DIRECTORS 2011 SCHEME” for allotting 5,00,000 options to Directors of the Company. Accordingly 300000 options were granted to the Directors of the Company including the Whole Time Director but excluding the Promoter Director, by the Compensation Committee of the Board of Directors at a meeting held on November 1, 2011. Each option is convertible into one equity share of Rs 10/- each at a price of Rs 166.15 per share, being the closing share price of Orchid in the National Stock Exchange Limited on October 31, 2011, the day prior to the date of the meeting. Out of the total options granted, 200,000 options have already lapsed and 100,000 options are in force as at September 30, 2013 under ORCHID ESOP - DIRECTORS 2011 Scheme

c) ORCHID ESOP – SENIOR MANAGEMENT 2011 SCHEME

In terms of the resolution passed by the Company at the AGM held on July 29, 2011 the shareholders approved a scheme formulated as “ORCHID ESOP – SENIOR MANAGEMENT 2011 SCHEME” for allotting 1000000 options to senior employees of the Company out of which 750000 options will be granted to the employees of the Company and 2,50,000 options will be granted to the employees of its subsidiary companies. Accordingly 42,700 options were granted to the Employees of the Company by the Compensation Committee of the Board of Directors at a meeting held on November 01, 2011. Each option is convertible into one equity share of Rs 10/- each at a price of Rs 10/- each (i.e. At Par). 42,700 options are in force as at September 30, 2013 under ORCHID ESOP – SENIOR MANAGEMENT 2011 Scheme.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015 (18 months)	30.09.2013 (18 Months)	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	852.619	704.521	704.421
(b) Reserves & Surplus	3541.336	4177.133	10758.675
(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)	4393.955	4881.654	11463.096
(3) Non-Current Liabilities
(a) long-term borrowings	24942.399	9017.812	10741.470
(b) Deferred tax liabilities (Net)	1113.930	1578.878	1711.834
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	41.794	52.398	77.197
Total Non-current Liabilities (3)	26098.123	10649.088	12530.501
(4) Current Liabilities
(a) Short term borrowings	5809.240	15248.948	6378.832
(b) Trade payables	3615.675	5616.686	4039.737
(c) Other current liabilities	1120.874	10524.029	4065.462
(d) Short-term provisions	121.800	311.718	508.910
Total Current Liabilities (4)	10667.589	31701.381	14992.941
TOTAL	41159.667	47232.123	38986.538
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19786.115	24441.653	18841.367
(ii) Intangible Assets	0.000	386.451	472.027
(iii) Capital work-in-progress	0.000	3322.070	3270.908
(iv) Intangible assets under development	0.000	282.092	233.435
(b) Non-current Investments	1246.470	1241.762	1489.029
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	5801.350	5110.169	1678.268
(e) Other Non-current assets	1258.367	931.044	883.815
Total Non-Current Assets	28092.302	35715.241	26868.849
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2422.783	5000.801	6235.991
(c) Trade receivables	2501.127	1836.969	913.093
(d) Cash and cash equivalents	3895.665	223.952	1695.851
(e) Short-term loans and advances	3197.790	4455.160	3272.754
(f) Other current assets	1050.000	0.000	0.000
Total Current Assets	13067.365	11516.882	12117.689
TOTAL	41159.667	47232.123	38986.538

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015 (18 month)	30.09.2013 (18 Month)	31.03.2012
	SALES
		Income	17361.946	19065.845	17363.306
		Other Income	423.747	397.694	558.117
		TOTAL (A)	17785.693	19463.539	17921.423
Less	EXPENSES
		Cost of Materials Consumed	8265.471	8224.639	8024.150
		Purchases of Stock-in-Trade	170.956	509.937	454.638
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(623.119)	848.103	(620.186)
		Employees benefits expense	1857.919	2370.513	1546.459
		Other expenses	4492.122	5814.183	4399.069
		Exceptional Items	1572.63	(511.108)	838.814
		Extraordinary Items	(2706.178)	0.000	(800.000)
		TOTAL (B)	13029.801	17256.267	13842.944
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4755.892	2207.272	4078.479
Less	FINANCIAL EXPENSES (D)		5370.087	5203.806	1790.529
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(614.195)	(2996.534)	2287.950
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3213.724	2438.687	1490.556
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(3827.919)	(5435.221)	797.394
Less	TAX (H)		(1917.517)	(132.956)	(233.722)
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(1910.402)	(5302.265)	1031.116
	EARNINGS IN FOREIGN CURRENCY
		F.O.B Value of Imports	7776.809	7377.570	8466.593
		Export Earnings	0.000	135.747	461.797
	TOTAL EARNINGS		7776.809	7513.317	8928.390
	IMPORTS
		Raw Materials	3982.300	4157.735	45945.516
		Stores & Spares	27.422	51.205	189.484
		Capital Goods	254.199	197.159	2304.970
	TOTAL IMPORTS		4263.921	4406.099	48439.97
	Earnings Per Share (Rs.)		(63.10)	(75.26)	14.46

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015 (18 months)	30.09.2013 (18 Months)	31.03.2012
Current Maturities of Long term debt	904.986	9873.820	2840.131
Cash generated from operations	931.828	1749.100	7927.028
Net cash flow from operating activity	(3697.228)	1749.100	7638.981

QUARTERLY RESULTS

PARTICULARS	1 Quarter
Unaudited	30.06.2015
Net Sales	2563.330
Total Expenditure	2088.640
PBIDT (Excl OI)	474.690
Other Income	0.000
Operating Profit	474.690
Interest	710.050
Exceptional Items	0.000
PBDT	(235.360)
Depreciation	367.780
Profit Before Tax	(603.140)
Tax	127.520
Provisions and contingencies	0.000
Profit After Tax	(475.620)

KEY RATIOS

PARTICULARS		31.03.2015 (18 months)	30.09.2013 (18 Months)	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(11.00)	(27.81)	5.94
Operating Profit Margin (PBIDT/Sales)	(%)	27.39	11.58	23.49
Return on Total Assets (PBT/Total Assets}	(%)	(10.21)	(12.82)	2.35
Return on Investment (ROI) (PBT/Networth)		(0.87)	(1.11)	0.07
Debt Equity Ratio (Total Debt /Networth)		7.35	6.99	1.74
Current Ratio (Current Asset/Current Liability)		1.22	0.36	0.81

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.52.80/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	30.09.2013 (18 Months)	31.03.2015 (18 Months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	704.421	704.521	852.619
Reserves & Surplus	10758.675	4177.133	3541.365
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	11463.096	4881.654	4393.984
long-term borrowings	10741.470	9017.812	24939.537
Short term borrowings	6378.832	15248.948	6466.416
Current Maturities of Long Term Debt	2840.131	9873.820	904.986
Total borrowings	19960.433	34140.580	32310.939
Debt/Equity ratio	1.741	6.994	7.353

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	30.09.2013 (18 months)	31.03.2015 (18 months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	17363.306	19065.845	17361.946
		9.805	(8.937)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	30.09.2013 (18 months)	31.03.2015 (18 months)
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	17363.306	19065.845	17361.946
Profit/Loss	1031.116	(5302.265)	(1910.402)
	5.94%	(27.81%)	(11.00%)

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)	No
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 financial last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last financial 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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

Madras High Court

Case Status Information System

Case Status : Pending

Status of : WRIT APPEAL 1633 of 2014

Litigation : ING VYSYA BANK LIMITED Vs. ORCHID CHEMICALS AND PHARMACEUTICALS LIMITED

Pet’s Adv. HARI SHANKAR MANI

Res’s Adv : T.K. BHASKAR

Last Date of Hearing ----

Next / Final Date of Hearing : Thursday, March 05, 2015

Case Update on : Tuesday, March 24, 2015

Category : ---

Connected Application (s)

No Connected Application

Connected Matter (S)

No Connected Cases

MANAGEMENT DISCUSSION AND ANALYSIS:

Economic overview: Global: Global growth in 2014 was a modest 3.4% against 3% in 2013, primarily due to a pickup in growth in advanced economies. Developing countries, which were the engine of global growth following the financial crisis, faced a difficult economic environment. As a result, growth in emerging and developing economies slowed as well. Despite the slowdown, emerging market and developing economies accounted for three-fourths of global growth in 2014.

Headline inflation has declined in advanced economies, reflecting the decline in oil prices, lesser prices for other commodities and a weakening of demand in a number of countries already experiencing below-target inflation, such as the euro area and Japan.

With regard to the emerging markets, lower prices for oil and other commodities contributed to reductions in inflation through 2014, with the notable exception of countries suffering sizable exchange rate depreciations, such as Russia.

Overall, global growth is projected to reach 3.5% in 2015 and 3.8% in 2016.

India: The full-year GDP growth for the fiscal year ending March 2015 settled at 7.3%, up from 6.9% in 2013-14, a tad lower than an official estimate of 7.4% (figures calculated as per the new series of national accounts with base year of 2011-12). This growth was due to the improvement in the performance of both services and manufacturing sectors. The Gross Value Added (GVA), a new concept introduced by Central Statistical Office (CSO) to measure economic activity, rose by 7.2% in 2014-15 compared to 6.6% in the previous fiscal. The economy remained relatively unshackled of factors generally associated with an economic slowdown.

Average Wholesale Price Index (WPI) inflation declined in 2014-15 to 3.4% (April-December) vis-a-vis 8.9% in 2013-14, owing to a sharp decline in fuel prices. Food price inflation moderated to 4.8% during April-December 2014 as compared to 9.4% in 2013-14. Average retail inflation, measured by Consumer Price Index (CPI), moderated to 6.3% in 2014-15 (April-December) from 9.5% in 2013-14. The country’s Current Account Deficit (CAD) narrowed sharply to 1.3% of GDP in 2014-15 primarily on account of a lower trade gap.

One of the heartening features has been the emergence of India as a large economy with a promising outlook, amidst the mood of pessimism and uncertainties that continue to persist in a number of advanced and emerging economies.

The Reserve Bank of India has projected India’s GDP growth for 2015-16 at 7.6%. The International Monetary Fund has forecast India’s growth to strengthen from 7.2% in 2014 to 7.5% in both 2015 and 2016.

Performance:

During the financial year 2013-15, the Company achieved a turnover and operating income of Rs.17361.900 Million (Rs.19065.800 Million in 2012-13). The gross profit before interest, depreciation and taxes stood at Rs.3622.300 Million (Rs.1696.100 Million in 2012-13). After providing for interest expense of Rs.537.00 Million (Rs.5203.800 Million previous fiscal), depreciation of Rs.3213.700 Million (Rs.2438.600 Million previous fiscal), Exceptional item Rs.1572.600 Million (Rs.511.100 Million previous fiscal) and Extraordinary item Rs.2706.200 Million (Nil in previous fiscal], the Loss before tax of the Company was Rs.3827.900 Million (Rs.5435.200 Million (Loss) previous fiscal). The net loss after tax stood at Rs.1910.400 Million (Rs.5302.300 Million (Loss) in the previous fiscal).

UNSECURED LOAN

(Rs. In Million)

Particular	31.03.2015 (18 months)	As on 30.09.2013 (18 Months)
From banks	649.995	649.995
From others	250.000	250.000
Unsecured advance from Related Parties	657.176	0.000
Total	1557.171	899.995

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10552318	05/02/2015	31,613,200,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E' CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	C45184256
2	10558014	30/03/2015 *	31,613,200,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E' CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA	C50541580
3	10431057	17/04/2013	65,728,000.00	BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL	A-254, BHISHAM PITAMAH MARG, Defence Colony, NEW DELHI, Delhi - 110024, INDIA	B77020428
4	10418287	02/07/2014 *	200,000,000.00	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	OFF CST ROAD, KALINA, MUMBAI, Maharashtra - 400098, INDIA	C09638313
5	10432635	02/07/2014 *	40,000,000.00	BANK OF BARAODA	21, GOPALAKRISHNA STREET, T NAGAR, CHENNAI, Tamil  Nadu - 600017, INDIA	C09524182
6	10406008	02/07/2014 *	900,000,000.00	STATE BANK OF INDIA	Corporate Accounts Group Branch, 18/3, Rukmani Lakshmipathi Road, Egmore, chennai, Tamil Nadu - 600008, INDIA	C09411075
7	10373428	06/08/2012	500,000,000.00		Cathedral Road Branch, Chennai, Tamil Nadu - 600086, INDIA	B56772742
8	10373620	06/08/2012	500,000,000.00	LAKSHMI VILAS BANK LIMITED	Cathedral Road Branch, Chennai, Tamil Nadu - 600086, INDIA	B56871189
9	10343946	02/07/2014 *	800,000,000.00	EXPORT-IMPORT BANK OF INDIA	Centre One Building, Floor 21,, World Trade Centre, Cuffe Parad,, Mumbai, Maharashtra - 400005, INDIA	C09692294
10	10342341	02/07/2014 *	420,000,000.00	STATE BANK OF MYSORE	CORPORATE ACCOUNTS BRANCH, NO: 18 RAMANASHREE, AR  CADE, MIDFORD GARDENS, M G ROAD, BANGALORE, Karnataka - 560001, INDIA	C09523135

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS ON 30.09.2015

[RS. IN MILLIONS]

PARTICULARS	3 Months Ended		6 Months Ended
	30.09.2015 [Unaudited]	30.06.2014 [Unaudited]	30.09.2015 [Unaudited]
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	2068.468	2537.146	4605.614
b) Other operating income	39.697	26.183	65.880
Total Income from Operations (net)	2108.165	2563.329	4671.494
2.Expenditure
Cost of material consumed	1190.579	968.811	2159.390
Purchases of Stock-in-Trade	6.006	329.973	335.979
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(175.687)	(20.110)	(195.797)
Employees benefits expense	225.347	218.693	444.040
Depreciation	357.414	367.776	725.190
Exchange Gain/Loss	0.000	0.000	0.000
Other expenses	428.158	471.665	899.823
Total expenses	2031.817	2336.808	4368.625
3. Profit from operations before other income, and financial costs and Exceptional Items
Profit/ (Loss) before Interest, Depreciation, Tax and Amortisation	76.348	226.521	302.869
4. Other income	0.093	0.000	0.093
5.Ecxhange Gain	0.000	0.000	0.000
6. Profit from ordinary activities before finance costs	76.441	226.521	302.962
7. Finance costs	757.473	710.052	1467.525
8. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(681.032)	(483.531)	(1164.563)
9. Exceptional item	(132.988)	(119.611)	(252.599)
10. Profit from ordinary activities before tax Expense:	(814.020)	(603.142)	(1417.162)
11.Tax expenses	(124.587)	(127.520)	(252.107)
12.Net Profit / (Loss) from ordinary activities after tax (9-10)	(689.433)	(475.622)	(1165.055)
13.Extraordinary Items (net of tax expense)	-	-	-
14.Net Profit / (Loss) for the period (11 -12)	(689.433)	(475.622)	(1165.055)
15.Paid-up equity share capital (Nominal value Rs.10 per share)	852.619	852.619	852.619
16. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	-
17.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):	-	-	-
(a) Basic and diluted	(8.09)	(5.58)	(13.65)
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	47711145	47711295	47711145
- Percentage of shareholding	55.96	55.96	55.96
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	32911453	34433453	32911453
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	87.65	91.70	87.65
Percentage of shares (as a % of total share capital of the company)	38.60	40.38	38.60
b) Non Encumbered
Number of shares	4639279	3117129	4639279
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	12.35	8.30	12.35
Percentage of shares (as a % of total share capital of the company)	5.44	3.66	5.44

	PARTICULARS	3 Months Ended 30.09.2015
B	Investor complaints (Nos.)
	Pending at the beginning of the quarter	NIL
	Received during the Quarter	2
	Disposed of during the quarter	2
	Remaining unresolved at the end of the quarter	NIL

NOTE:

1 The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 09, 2015 and have been subjected to limited review by the statutory auditors.

2 The Company is operating in a single segment (i.e) "Pharmaceuticals".

3 Exceptional items for three months ended September 30, 2015 represents amortization of exchange loss on restatement of foreign currency loans amounting to Rs.132.989 Million (Corresponding previous quarter Rs.128.595 Million)

4 The Company had exercised the option provided under the Companies (Accounting Standards) Amendment Rules, 2006 dated March 31, 2009. The Ministry of Corporate affairs vide notification dated 29/12/2011 has extended the amortization of gains or losses arising on reporting of foreign currency monetary items over the balance period of such long term asset/liability. Accordingly exchange loss on long term foreign currency loans have been amortized over the balance period of such loans. The amount remaining to be amortized in the financial statements as at September 30, 2015 on account of exercising the above option is Rs.1255.520 Million.

5 From 01/04/2015, the Company has adopted Schedule II rates as provided in the Companies Act, 2013. On account of adoption of these rates, the depreciation for the half year is lower by Rs.141.311 Million. In accordance with the transition provision available under Schedule II, a sum of Rs.168.181 Million has been debited to Reserves. These provisions have been adopted since this is the first financial year commencing after the effective date of Companies Act, 2013 came in to force.

6 Interest expenses for the quarter is net of interest earned Rs.108.621 Million (Corresponding previous quarter Rs.4.485 Million)

7 The figures for the current quarter are not comparable to that of the corresponding previous quarter since the corresponding previous quarter figure includes the financials of Aurangabad Unit which has been disposed of in July 2014.

8 During the quarter, the Company has received approval from the Shareholders in the Annual General Meeting for change of name of the Company from "Orchid Chemicals and Pharmaceuticals Limited." to "Orchid Pharma Limited.".

9 The auditors have observed matters relating to recovery of certain advances paid to suppliers, non-provision of diminution in value of investments in foreign R&D subsidiaries and non-provision of amount due from marketing subsidiary. The Corporate Debt Restructuring scheme already approved has been implemented in July 2014. Due to financial constraints, the Company was not able to take delivery of materials/capital goods and the company is confident that with the CDR implementation, the company would be able to take delivery of these materials in due course. As far as the diminution in value of investments is concerned, the Company is confident that the value of intellectual property of molecules held by the foreign subsidiaries will be more than the investment. In respect of dues from the marketing subsidiary, the Company has already started exporting and selling profitable products through its marketing subsidiaries and the profit made from the operations will be available for settlement of past dues. Hence the management expects that the observations made by the auditors will not have any material impact on the financials. The Company has disputes with certain banks and hence interest on loans/facilities availed from such banks has been provided on an estimated basis.

10 The previous accounting period was for 18 months commencing from October 01, 2013 to March 31, 2015. Hence comparable for the year to date figures are not given as it will not represent same period.

11 Previous period figures have been regrouped wherever necessary

(RS. IN MILLIONS)

SOURCES OF FUNDS	30.09.2014 [Unaudited]
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	852.619
(b) Reserves & Surplus	2033.044
Total Shareholders’ Funds	2885.663
(2) Share Application Money Pending Allotment	23.845
(3) Non-Current Liabilities
(a) long-term borrowings	24537.647
(b) Deferred tax liabilities (Net)	861.823
(c) Other long term liabilities	0.000
(d) long-term provisions	41.794
Total Non-current Liabilities (3)	25441.264
(4) Current Liabilities
(a) Short term borrowings	6526.526
(b) Trade payables	3506.704
(c) Other current liabilities	2108.118
(d) Short-term provisions	522.310
Total Current Liabilities (4)	12663.658
TOTAL	41014.430
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	18904.562
(b) Non-current Investments	1246.470
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	5694.520
(e) Other Non-current assets	1267.722
Total Non-Current Assets	27113.274
(2) Current assets
(a) Current investments	0.000
(b) Inventories	2596.783
(c) Trade receivables	3507.997
(d) Cash and cash equivalents	3487.491
(e) Short-term loans and advances	3258.885
(f) Other current assets	1050.000
Total Current Assets	13901.156
TOTAL	41014.430

FIXED ASSETS

Tangible Assets

• Freehold Land and Site Development
• Leasehold Land
• Buildings
• Plant and Machinery
• Factory Equipment
• Laboratory Equipment,
• Office Equipment
• Furniture and Fittings Vehicles

Intangible Assets

• Acquired Brands
• Trademarks
• Internally Generated
• DMF and ANDA
• Computer Software

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.66.35
UK Pound	1	Rs.100.28
Euro	1	Rs. 71.30

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	YES
--EPF	YES/NO	NO
TOTAL		21

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.