MIRA INFORM REPORT

Report No. :	345104
Report Date :	15.10.2015

IDENTIFICATION DETAILS

Name :	J B CHEMICALS AND PHARMACEUTICALS LIMITED (w.e.f. 21.08.1985)
Formerly Known As :	J.B. MODY CHEMICALS AND PHARMACEUTICALS LIMITED
Registered Office :	Neelam Centre, B Wing, 4^th Floor, Hind Cycle Road, Worli, Mumbai-400030, Maharashtra
Tel. No.:	91-22-24822222
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	18.12.1976
Com. Reg. No.:	11-019380
Capital Investment / Paid-up Capital :	Rs. 169.616 Million
CIN No.: [Company Identification No.]	L24390MH1976PLC019380
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged into manufacturing a wide range of bulk drugs, intermediates, pharmaceutical specialties, radio-diagnostics, and herbal remedies.
No. of Employees :	2635 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

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

Status :	Good
Payment Behavior :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1976 having fine track record. The company possesses impressive revenue profile marked by profitability margin of 10.70%. There is significant increase in its revenue and profit margin as compared to previous year. The company has good networth marked by decent liquidity position along with adequate cash accruals and there is favorable gap between trade payables and receivables. Trade relations are fair. Business is active, payments are regular and as per commitment. In view of long track record and its established position in the pharmaceuticals industry, the company can be considered good 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating : AA
Rating Explanation	High degree of safety and very low credit risk.
Date	25.05.2015

Rating Agency Name	CRISIL
Rating	Short Term Rating : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	25.05.2015

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

Contact No: 91-22-24822222

LOCATIONS

Registered Office :	Neelam Centre, B Wing, 4^th Floor, Hind Cycle Road, Worli, Mumbai-400030, Maharashtra, India
Tel. No.:	91-22-24822222/2493 0918
Fax No.:	91-22-24930534/24939633
E-Mail :	secretarial@jbcpl.com investorreations@jbcpl.com
Website :	http://www.jbcpl.com
Factory 1 :	Plot Nos. 215 to 219, 304 to 310 and Plot No.4 and 5, Phase IV, GIDC Industrial Area, Panoli - 394116, Maharashtra, India
Factory 2 :	Plot Nos.128/1, 128/1/1, 128/2, 129/1 and 129/B1, GIDC Industrial Area, Ankleshwar - 393002, Gujarat, India
Factory 3 :	Survey No.101/2 and 102/1, Daman Industrial Estate, Airport Road, Kadaiya, Daman - 396210, Union Territory, India
R and D Centers:	Located at: Thane Panoli Nani Daman

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Jyotindra Bhagwanlal Mody
Designation :	Managing Director
Address :	7, Avillion, Little Gibbs Road,, Malabar Hill, Mumbai- 400006, Maharashtra, India
Date of Appointment :	01.11.2010
DIN No.:	00034851
Name :	Mr. Shirish Bhagwanlal Mody
Designation :	Whole-Time Director
Address :	F-No-232, Kshitij, 47 Nepansea Road, Mumbai - 400026, Maharashtra, India
Date of Appointment :	01.11.2010
DIN No.:	00035051
Name :	Mr. Dinesh Bhagwanlal Mody
Designation :	Whole-Time Director
Address :	601, Citadel, L.D. Ruparel Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Appointment :	01.11.2010
DIN No.:	00034992
Name :	Mr. Bharat Pravinchandra Mehta
Designation :	Whole-Time Director
Address :	5, Avillion, L. D. Ruparel Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Appointment :	01.07.2011
DIN No.:	00035444
Name :	Mr. Pranabh Dinesh Mody
Designation :	Whole-Time Director
Address :	202, 2nd Floor, 361/C, 18B, Citadel, L D Ruparel Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Appointment :	01.07.2011
DIN No.:	00035505
Name :	Mr. Kamlesh Lalitkumar Udani
Designation :	Whole-Time Director
Address :	4, Kundan, Deepali Co-Operative Housing Society Bharuch - 392002, Gujarat, India
Date of Appointment :	01.07.2011
DIN No.:	00036215
Name :	Ms. Krupa Rajen Gandhi
Designation :	Director
Address :	C/2, Ishwardas Mansion, Nana Chowk, Mumbai - 400007, Maharashtra, India
Date of Appointment :	15.09.2014
DIN No.:	00294629
Name :	Mr. Jashvantrai Balwantrai Joshi
Designation :	Director
Address :	Flat 123 Wimbledon Central, 21-33 Worple Road, London, Sw194bg, United Kingdom
Date of Appointment :	15.09.2014
DIN No.:	05232149
Name :	Mr. Durga Dass Chopra
Designation :	Director
Address :	102, Silver Arch, Napeansea Road, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Appointment :	15.09.2014
DIN No.:	00036036
Name :	Mr. Satyanarain Rameshwardas Agarwala
Designation :	Director
Address :	62, Ashoka Apartment, 68 Napeansea Road, Mumbai - 400006, Maharashtra, India
Date of Appointment :	15.09.2014
DIN No.:	00036079
Name :	Mr. Rajiv Chandrakant Mody
Designation :	Director
Address :	2978, Toran , 5th Cross , 12th Main, Hal 2nd Stage , Indira agar, Bangalore - 560008, Karnataka, India
Date of Appointment :	15.09.2014
DIN No.:	00092037
Name :	Mr. Niranjan Narottamdas Maniar
Designation :	Director
Address :	16, Vittal Court, 151 August Kranti Marg, Mumbai - 400036, Maharashtra, India
Date of Appointment :	15.09.2014
DIN No.:	00036266
Name :	Mr. Mahesh Kishandas Shroff
Designation :	Director
Address :	Flat No. 1601, A-Wing, 16th Floor, Bldg. No. 1, Shreepati Arcage, Nana Chowk, A K Marg, Mumbai - 400036, Maharashtra, India
Date of Appointment :	15.09.2014
DIN No.:	00036162
Name :	Mr. Devang Rohit Shah
Designation :	Director
Address :	3D, Cosmopolis, L.D.Ruparel Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Appointment :	19.08.2015
DIN No.:	00232606

KEY EXECUTIVES

Name :	Mr. Mayur Chamanlal Mehta
Designation :	Secretary
Address :	Bldg No.32, Flat No. 4, Brindavan Society Thane (West), Mumbai - 400601, Maharashtra, India
Date of Birth/Age :	AAFPM0393P
Date of Appointment :	01.10.2008
Name :	Mr. Vijay Dharmadatt Bhatt
Designation :	Chief Finance Officer
Address :	F-404, Shanti Apartments, Mathuradas Extension, Road Kandivali (West), Mumbai - 400067, Maharashtra, India
Date of Birth/Age :	AAAPB6161B
Date of Appointment :	21.01.2015
AUDIT COMMITTEE	Mr. Durga Dass Chopra (Chairman) Mr. Dinesh B. Mody Dr. Satyanarain Agarwala Dr. Niranjan N. Maniar Ms. Krupa R. Gandhi
CORE TECHNICAL TEAM
Name :	Dr. Milind Joshi
Designation :	President - Regulatory Affairs
Name :	Mr. Parmeshwar Bang
Designation :	Vice President - Works
Name :	Mr. M. K. Karve
Designation :	Quality Controller - Corporate QA
Name :	Mr. Bharat P. Meht
Designation :	Whole-time Director (Planning and Development)
Name :	Mr. Kamlesh Udani
Designation :	Executive Director (Technical and Production)
Name :	Mr. Vijaysinh V. Chauhan
Designation :	Vice President - Research and Development
BUSINESS MANAGEMENT TEAM
Name :	Mr. Jyotindra B. Mody
Designation :	Managing Director
Name :	Mr. Dinesh B. Mody
Designation :	Whole time Director (Administration)
Name :	Mr. Shirish B. Mody
Designation :	Whole time Director (Marketing)
Name :	Mr. Pranabh Mody
Designation :	President and Whole time Director (Operations)
Name :	Mr. P. K. Singh
Designation :	President - Global Business
Name :	Mr. Nirav Mody
Designation :	Sr. Vice President - Strategic Marketing and Business Development
Name :	Mr. Jay Mehta
Designation :	Sr. Vice President – International Division
Name :	Mr. Anupam Mehta
Designation :	Sr. Vice President - Materials
Name :	Mr. Savya Sachi
Designation :	Director - Marketing and Sales
Name :	Mr. B. K. Dhar
Designation :	General Manager - API (B.U.)
Name :	Mr. Mitesh Kothari
Designation :	General Manager - Diagnostic
Name :	Mr. Bhavesh Joshi
Designation :	Chief Financial Officer
Name :	Mr. Bhushan Sachdeva
Designation :	Vice President - Supply Chain Management

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	46363520	54.66
Bodies Corporate	132690	0.16
Any Others (Specify)	522610	0.62
Limited Liability Partnership	72610	0.09
Trusts	450000	0.53
Sub Total	47018820	55.43
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	286517	0.34
Sub Total	286517	0.34
Total shareholding of Promoter and Promoter Group (A)	47305337	55.77
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1764941	2.08
Financial Institutions / Banks	67058	0.08
Insurance Companies	1353000	1.60
Foreign Institutional Investors	4072191	4.80
Sub Total	7257190	8.56
(2) Non-Institutions
Bodies Corporate	2972811	3.50
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	16584436	19.55
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	9658646	11.39
Any Others (Specify)	1041555	1.23
Non Resident Indians	1034055	1.22
Overseas Corporate Bodies	7500	0.01
Sub Total	30257448	35.67
Total Public shareholding (B)	37514638	44.23
Total (A)+(B)	84819975	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	84819975	0.00

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

l.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	% of grand total
1	Jyotindra B. Mody	53,71,905	6.33
2	Dinesh B. Mody/ Kumud D. Mody	300	0.00
3	Dinesh B. Mody	47,38,632	5.59
4	Shirish B. Mody/ Bharati S. Mody	2,27,550	0.27
5	Shirish B. Mody	48,28,762	5.69
6	Kumud D. Mody/ Dinesh B. Mody	1,04,865	0.12
7	Kumud D. Mody	47,35,079	5.58
8	Bharati S. Mody	47,43,208	5.59
9	Bharati S. Mody/ Shirish B. Mody	2,19,794	0.26
10	Pallavi B. Mehta/ Bharat P. Mehta	3,10,890	0.37
11	Pallavi B. Mehta	48,90,317	5.77
12	Pranabh Dinesh Mody/ Dinesh B. Mody	90,000	0.11
13	Pranabh Dinesh Mody/ Sejal P. Mody	87,325	0.10
14	Pranabh D. Mody	47,62,847	5.62
15	Sejal Pranabh Mody/ Pranabh D. Mody	50,000	0.06
16	Nirav Shirish Mody/ Shirish B. Mody	2,18,500	0.26
17	Nirav S. Mody	47,66,479	5.62
18	Jinali Pranabh Mody	3,000	0.00
19	Purvi Uday Asher/ Uday M. Asher	3,75,000	0.44
20	Jay Bharat Mehta/ Shilpi Jay Mehta	2,050	0.00
21	Jay Bharat Mehta	24,56,558	2.90
22	Dinesh Bhagwanlal Mody/ Jyotindra B. Mody (held for D B Mody HUF)	5,02,500	0.59
23	Uday M. Asher/ Purvi U. Asher	1,20,900	0.14
24	Uday Madhavdas Asher	14,100	0.02
25	Kantaben Vinaychandra Gosalia	19,420	0.02
26	Kantaben Vinaychandra Gosalia / Bhakti Ashok Patel	6,460	0.01
27	Priti R. Shah	10,000	0.01
28	Bharat P. Mehta/ Pallavi B. Mehta	1,71,810	0.20
29	Bharat P. Mehta	24,85,549	2.93
30	Vibha Anupam Mehta/ Anupam P. Mehta	9,500	0.01
31	Anupam Pravinchandra Mehta	5,000	0.01
32	P. D. Mody (held for P D Mody HUF)	7,000	0.01
33	Jyotindra Bhagwanlal Mody /Dinesh Bhagwanlal Mody (held for Mody Bros.)	19,125	0.02
34	Pallavi Bharat Mehta/ D. B. Mody / Bharati Shirish Mody (held for Mody Trading Co.)	53,485	0.06
35	Nirav Shirish Mody/ Shirish Bhagwanlal Mody (as a trustee of Priti Family Trust)	2,25,000	0.27
36	Nirav Shirish Mody/ Shirish Bhagwanlal Mody (as a trustee of Deepali Family Trust)	2,25,000	0.27
37	Synit Drugs Private Limited	750	0.00
38	Namplas Chemicals Private Limited	1,23,110	0.15
39	Boxcare Packagings Private Limited	8,830	0.01
40	Nisha Vinaychandra Gosalia/ Kantaben Vinaychandra Gosalia	2,420	0.00
41	Nirmala Zaveri/ Narendra B. Zaveri	4,500	0.01
42	Rajniben Zaveri	11,500	0.01
43	Ila Parekh/ Dipak Hiralal Parekh	9,800	0.01
44	Bharat K. Doshi	25,402	0.03
45	Nitin K. Doshi	2,61,115	0.31
	Total	4,73,05,337	55.77

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

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Ashish Dhawan	7808612	9.21
2	General Insurance Corporation of India	851000	1.00
3	ICICI Lombard General Insurance Company Limited	1000000	1.18
4	Franklin India Smaller Companies Fund	1391360	1.64
5	Credit Suisse (Singapore) Limited	909269	1.07
	Total	11960241	14.10

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

l. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares
1	Ashish Dhawan	7808612	9.21
	Total	7808612	9.21

BUSINESS DETAILS

Line of Business :

Subject is engaged into manufacturing a wide range of bulk drugs, intermediates, pharmaceutical specialties, radio-diagnostics, and herbal remedies.

Products :

NIC Code No.	Name and description of main products
2100	Manufacture of pharmaceutical products
46497	Trading in pharmaceutical products

Brand Names :

“TRAZOGRAF”

Agencies Held :

Not Available

Exports :

Not Divulged

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 :

2635 (Approximately)

Bankers :

Bank Name	Bank of India
Branch	Nariman Point Large Corporate Branch, 92-93 Free  Press House, Nariman Point, Mumbai - 400021, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• BNP Paribas
• Standard Chartered Bank
• HDFC Bank Limited

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term loans
Vehicle loans from banks	0.000	0.884
Short-term borrowings
Working Capital Loans from Banks
Foreign currency loans	540.000	437.433
Rupee Loans	0.000	148.405
Total	540.000	586.722

Auditors :
Name :	J. K. Shah and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN. No.:
Memberships :	-----
Collaborators :	-----
Subsidiary Companies:	OOO Unique Pharmaceutical Laboratories J. B. Healthcare Private Limited J. B. Chemicals and Pharmaceuticals Private Limited. (Upto 13-06-14) LLC Unique Pharmaceutical Laboratories. Unique Pharmaceutical Laboratories FZE
Associate Concerns / Trusts/ Companies/ Joint Venture:	Mody Trading Company Mody Brothers Jyotindra Family Trust Dinesh Family Trust Shirish Family Trust Biotech Laboratories (Pty.) Limited J.B.Mody Enterprises LLP Ansuya Mody Enterprises LLP Dinesh Mody Ventures LLP Kumud Mody Ventures LLP Shirish Mody Enterprises LLP Bharati Mody Ventures LLP Synit Drugs Private Limited Unique Pharmaceutical Laboratories Limited Ifi unik Pharmaceuticals Limited Namplas Chemicals Private Limited Gemma Jewellery Private Limited Lekar Pharma Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
101500000	Equity Shares	Rs.2/- each	Rs. 203.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84808225	Equity Shares	Rs.2/- each	Rs. 169.616 Million
	Less: Share Capital cancelled on amalgamation		Rs. 86.685 Million
	Add: Share Capital pending allotment		Rs. 86.685 Million
	Total		Rs. 169.616 Million

Reconciliation of the shares outstanding and amount of Share Capital

Particulars	As at March 31, 2015
	Number	Rs. In Million
Shares outstanding at the beginning of the year	84731625	169.463
Shares Issued during the year pursuant to Employees Stock Options Scheme	76600	0.153
Shares outstanding at the end of the year	84808225	169.616

The company has only one class of issued shares having par value of Rs. 2/-. Each holder of equity shares is entitled to one vote per share and carries identical right as to dividend. These shares are not subject to any restrictions.

Details of shareholders holding more than 5% shares.

Particulars	As at March 31, 2015
	No. of Shares Held	% of Holding
Jyotindra Mody Holdings Private Limited	7466242	8.80
Dinesh Mody Securities Private Limited	7055326	8.32
Shirish B. Mody Investments Private Limited	6530601	7.70
Ansuya Mody Securities Private Limited	7234882	8.53
Kumud Mody Securities Private Limited	7181232	8.47
Bharati S. Mody Investments Private Limited	7873987	9.28
Ashish Dhawan	8179608	9.64

*These shares are cancelled and new shares have been issued to the shareholders of the respective companies pursuant to the Scheme of Amalgamation

Shares reserved for issue under ESOP

In the year 2004, the company has instituted the Employees Stock Option Scheme, under which 2,500,000 equity shares of Rs. 2 each have been reserved. Under the Scheme, the options are granted at an amount equal to ninety five percent of the average daily closing price of the shares of the company’s shares quoted on National Stock Exchange of India Limited. during the period of twelve weeks preceding the date of grant. These options vest in four equal instalments and subject to other provisions of the Scheme, are exercisable within a period of five years from the respective date of vesting.

The activity in the said ESOP Scheme during the last two years was as under:

Particulars	As at March 31, 2015
Options outstanding at the beginning of the period	167350
Less: Exercised	76600
Lapsed	54875
Options outstanding at the end of the period	35875

On exercise of options during the year, the company received aggregate exercise price of Rs. 7.113 Million

FINANCIAL DATA

[All figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	169.616	169.463	169.415
(b) Reserves & Surplus	9993.499	10308.653	9920.603
(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)	10163.115	10478.116	10090.018
(3) Non-Current Liabilities
(a) long-term borrowings	4.000	4.884	72.426
(b) Deferred tax liabilities (Net)	216.222	198.893	219.749
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	120.260	121.870	82.282
Total Non-current Liabilities (3)	340.482	325.647	374.457
(4) Current Liabilities
(a) Short term borrowings	1047.297	812.785	367.735
(b) Trade payables	623.076	516.908	517.614
(c) Other current liabilities	825.992	939.959	984.087
(d) Short-term provisions	1487.641	345.906	394.330
Total Current Liabilities (4)	3984.006	2615.558	2263.766
TOTAL	14487.603	13419.321	12728.241
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2996.191	2801.646	2924.948
(ii) Intangible Assets	12.505	20.427	18.716
(iii) Capital work-in-progress	551.713	463.208	47.298
(iv) Intangible assets under development	0.000	0.000	0.000
(v) Realisable value of impaired assets	0.000	0.000	0.772
(b) Non-current Investments	486.353	388.567	389.798
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	176.191	106.199	142.847
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4222.953	3780.047	3524.379
(2) Current assets
(a) Current investments	5488.621	4972.574	3946.780
(b) Inventories	1284.740	1112.270	898.892
(c) Trade receivables	2484.905	2480.515	1946.431
(d) Cash and cash equivalents	90.552	108.030	1491.099
(e) Short-term loans and advances	915.832	965.885	920.660
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	10264.650	9639.274	9203.862
TOTAL	14487.603	13419.321	12728.241

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Revenue from Operations (Net)	10614.212	9565.339	8164.225
	Other Income	104.088	375.377	259.607
	TOTAL	10718.300	9940.716	8423.832
Less	EXPENSES
	Cost of Materials Consumed	3415.873	3107.857	2619.038
	Purchases of Stock-in-Trade	900.966	771.606	730.495
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(6.824)	(111.392)	33.119
	Employees benefits expense	1468.181	1318.459	1201.287
	Other expenses	2906.562	2938.329	2466.070
	Exception items-revision of purchase price in respect of sale of Russia - CIS OTC business undertaking	0.000	645.000	0.000
	TOTAL	8684.758	8669.859	7050.009
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2033.542	1270.857	1373.823
Less	FINANCIAL EXPENSES	66.501	59.328	52.418
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1967.041	1211.529	1321.405
Less/ Add	DEPRECIATION/ AMORTISATION	375.999	271.651	243.958
	PROFIT/ (LOSS) BEFORE TAX	1591.042	939.878	1077.447
Less	TAX	455.217	255.623	228.062
	PROFIT/ (LOSS) AFTER TAX	1135.825	684.255	849.385
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4772.565	4454.281	3987.145
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	68.426	84.939
	Proposed Dividend	1187.315	254.323	254.122
	Tax on Dividend	241.709	43.222	43.188
Less:	Residual value of assets without useful life adjusted against opening balance	34.740	0.000	0.000
Less:	Adjustment pursuant to the scheme of amalgamation and arrangement	20.480	0.000	0.000
	Total	1484.244	365.971	382.249
	Balance Carried to the B/S	4424.146	4772.565	4454.281
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5786.729	(5545.496)	(4664.183)
	Export of service	44.121	(51.242)	(74.540)
	Dividend	2.049	(8.673)	(15.948)
	Corporate guarantee commission	0.246	0.000	0.000
	TOTAL EARNINGS	5833.145	(5605.411)	(4754.671)
	IMPORTS
	Raw Materials	789.203	695.517	(415.684)
	Components and Stores parts	11.685	(12.287)	(16.690)
	Capital Goods	101.995	(153.135)	(69.266)
	others	0.000	0.000	(0.456)
	TOTAL IMPORTS	902.883	530.095	(502.096)
	Earnings / (Loss) Per Share (Rs.)
	Basic	13.40	8.08	10.03
	Diluted	13.39	8.07	10.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
Vehicle Loan*	0.883	1.292	1.181
Fixed Deposit from Public and Shareholders#	0.000	108.760	50.694
Total	0.883	110.052	51.875
Notes: * Vehicle loans are secured by hypothecation of vehicles and same is repayable in sixty equivated monthly instalment inclusive of interest on reducing balance. # Fixed Deposit amount includes Rs. Nil (Previous year Rs. 10.400 Million) from certain directors and Rs. Nil (Previous year Rs. 57.970) Million from their relatives
Cash generated from operations	1882.901	149.005	1019.777
Net cash from Operating Activities	1503.180	(116.506)	804.093

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.70	7.15	10.40
Operating Profit Margin (PBIDT/Sales)	(%)	19.16	13.29	16.83
Return on Total Assets (PBT/Total Assets}	(%)	11.83	7.48	8.77
Return on Investment (ROI) (PBT/Networth)		0.16	0.09	0.11
Debt Equity Ratio (Total Debt /Networth)		0.10	0.09	0.05
Current Ratio (Current Asset/Current Liability)		2.58	3.69	4.07

STOCK PRICES

Face Value	Rs. 2/-
Market Value	Rs. 283.65/-

QUARTERLY RESULTS

PARTICULARS	30.06.2015
Unaudited	1^st Quarter
Net Sales	2842.090
Total Expenditure	2346.800
PBIDT (Excl OI)	495.290
Other Income	42.970
Operating Profit	538.260
Interest	17.100
Exceptional Items	39.860
PBDT	561.020
Depreciation	97.700
Profit Before Tax	463.320
Tax	120.500
Provisions and contingencies	NA
Profit After Tax	342.820

FINANCIAL ANALYSIS

[All figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	169.415	169.463	169.616
Reserves & Surplus	9920.603	10308.653	9993.499
Share Application money pending allotment	0.000	0.000	0.000
Net worth	10090.018	10478.116	10163.115
long-term borrowings	72.426	4.884	4.000
Short term borrowings	367.735	812.785	1047.297
Current maturities of long-term debts	51.875	110.052	0.883
Total borrowings	492.036	927.721	1052.180
Debt/Equity ratio	0.049	0.089	0.104

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	8164.225	9565.339	10614.212
		17.162	10.965

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	8164.225	9565.339	10614.212
Profit	849.385	684.255	1135.825
	10.40%	7.15%	10.70%

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	No
7	Name of the person contacted	No
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	No
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 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	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS/STATE OF AFFAIRS

The net sales during the year at Rs. 10381.400 Million were 11.10% higher over the previous year, while the total revenue for the year at Rs. 10718.300 Million was 7.82% higher over the previous year. The previous year’s other income included Rs. 176.400 Million being write back of excess provision for expenses in relation to Russia-CIS OTC business sold by the company. While the profit before tax at Rs. 1591.000 Million was marginally higher when compared against profit before tax and exceptional item of the previous year, the profit after tax for the year stood at Rs. 1135.800 Million.

The domestic formulations business continued to do well and achieved overall sales of Rs. 4095.700 Million that represents growth of 15.22%. The prescription products business at sales of Rs. 3734.300 Million grew by 15.95% over the previous year, while the contrast media business sales of Rs. 351.300 Million grew by 7.95%. The company plans to continue to focus on brand building and therapy building with aim of increasing the share of focus products.

The total formulations exports during the year at Rs. 5017.600 Million were 8.09% higher over the previous year. Out of this, the exports to rest of the world countries at Rs. 3501.100 Million grew by 16.83% in Rupee terms, while the exports for Russia CIS market at Rs. 692.600 Million, though not strictly comparable with the previous year, were lower. The sales of bulk drugs at Rs. 1037.600 Million were 4.45% higher over the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY DEVELOPMENTS

The domestic formulations industry at sales of over Rs. 900000.000 Million for 12 months period ended March 2015, grew at around 12% (IMS). The market continues to show intense competition with increased number of brands and new combination being launched in the market.

OUTLOOK

In view of good business outlook both in domestic and international market as discussed above, the company’s manufacturing infrastructure of international standard, strong products portfolio with high growth brands, strong marketing capability and strong balance sheet present good outlook for the company’s business.

FINANCIAL PERFORMANCE

The net revenue from operations stood at Rs. 10614.200 Million as against Rs. 9565.300 Million in the previous year, while the total revenue for the year stood at Rs. 10718.300 Million against Rs. 9940.700 Million in the previous year.

The profit before tax at Rs. 1591.000 Million shows marginal growth as against profit before tax and exceptional item in the previous year. The profit after tax for the year stood at Rs. 1135.800 Million against Rs. 684.200 Million in the previous year. The earnings per share for the year is Rs. 13.40 per equity share of face value of Rs. 2 each.

SCHEME OF AMALGAMATION

The Hon’ble High Court of Mumbai, on February 27, 2015 sanctioned the Scheme of Amalgamation under Section 391 to 394 of the Companies Act, 1956 of six investment companies (the primary assets of which comprise of equity shares in the company) namely, Jyotindra Mody Holdings Private Limited (JMPL), Ansuya Mody Securities Private Limited (AMPL), Dinesh Mody Securities Private Limited (DMPL), Kumud Mody Securities Private Limited (KMPL), Shirish B. Mody Investments Private Limited (SMPL), and Bharati S. Mody Investments Private Limited (BMPL), (collectively herein after referred to as ‘Transferor Companies’) with the company. The scheme was earlier approved by the shareholders in the court convened meeting held on October 14, 2014 as well as by the public shareholders through postal ballot and e-voting on October 16, 2014. The Company has fi led the Court Order with the Registrar of Companies on 13th April, 2015 to make the scheme effective in terms of said order dated February 27, 2015. The Company has given eff ect for the said scheme in its books of accounts with effect from the appointed date i.e. 1st April, 2014. In accordance with the Scheme and in compliance with AS-14 “Accounting for Amalgamation”, the Company has accounted for the Amalgamation based on the “Pooling of Interest” method as under:

(i) All assets and liabilities (including reserves) appearing in the books of accounts of Transferor Companies have been transferred to and vested in and have been recorded by the Company at their respective book values.

(ii) The investments in equity share capital of the Company as it appears in the books of account of the Transferor Companies have been cancelled pursuant to the scheme.

(iii) The excess of net assets value of the Transferor Companies as reduced by the face value of shares issued by the Company, adjusted for cancellation of equity share capital as mentioned above and net of all expenses in relation to the Scheme, amounting to Rs. 20.480 Million, has been adjusted to surplus in the Profit and Loss Account.

(iv) The Statutory Reserve of Rs. 26.749 Million vested with the Company, created by respective transferor Company u/s 45 IC of the RBI Act, will be re-classified to General Reserve on getting approval from RBI.

(v) All inter-company transactions have been eliminated on incorporation of the accounts of Transferor Companies in the books of Company.

(vi) In consideration of the above, the Company has allotted equity shares, credited as fully paid up, to the extent indicated below, to all the members of the Transferor Companies in the following proportion:

(a) 746.6242 fully paid up equity shares of Rs. 2 each of the Company for every 1 paid up equity share of Rs. 10 each held in JMPL.

(b) 723.4882 fully paid up equity shares of Rs. 2 each of the Company for every 1 paid up equity share of Rs. 10 each held in AMPL.

(c) 705.5326 fully paid up equity shares of Rs. 2 each of the Company for every 1 paid up equity share of Rs. 10 each held in DMPL.

(d) 718.1232 fully paid up equity shares of Rs. 2 each of the Company for every 1 paid up equity share of Rs. 10 each held in KMPL.

(e) 637.1318 fully paid up equity shares of Rs. 2 each of the Company for every 1 paid up equity share of Rs. 10 each held in SMPL.

(f) 787.3987 fully paid up equity shares of Rs. 2 each of the Company for every 1 paid up equity share of Rs. 10 each held in BMPL.

Accordingly, 43,342,270 fully paid up equity shares of Rs. 2 each of the Company have been issued to the shareholders of the Transferor Companies, which is equivalent to the shares cancelled, vide

(ii) Above; these shares, aggregating to Rs. 86.685 Million, pending allotment as on year-end have been shown as “Share Capital pending allotment” under Share Capital, thus resulting in no change in the total issued and paid up Share Capital of the Company. The new equity shares issued as above rank pari-passu with the existing equity shares of the Company. As per the scheme of amalgamation, the said shares have been issued and allotted to the shareholders of the transferor companies as per register of members of the transferor companies as on the effective date i.e.13th April, 2015.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long term Borrowings
Inter corporate deposit from a related party	4.000	4.000
Short term Borrowings
Unsecured loans	507.297
Foreign currency loans from Bank		191.622
Rupee loans		0.000
Interest free advance from Directors		0.150
Deposit from Distributors / Customers		24.675
Inter-Corporate Deposits from related parties		10.500
Total	511.297	230.947

CONTINGENT LIABILITIES: (AS ON 31.03.2015)

THE CONTINGENT LIABILITIES NOT PROVIDED FOR

Letter of Credit opened by banks Rs. 303.518 Million (Previous year Rs. 188.779 Million)

Guarantee issued by the bank on behalf of the company Rs. 160.516 Million (Previous year Rs. 152.804 Million)

Corporate guarantee of Rs. 250.000 Million (Previous year Rs. Nil) given by company to a bank in respect of loan taken by a subsidiary company.

Central Excise and Service Tax Demand / show cause notice of Rs. 55.404 Million (Previous year Rs. 30.811 Million), against which the company has made pre-deposit of Rs. 2.15 Million (Previous year Rs. Nil).

Income Tax demand of Rs. 2.098 Million (Previous year Rs. Nil) being disputed in appeal (against which the company has made pre-deposit of Rs. 2.098 Million).

Sales Tax Demand of Rs. 1.182 Million (Previous year Rs. 5.031 Million) being disputed in appeal. (Against which the company has made pre-deposit of Rs. 35.500 Million (Previous year Rs. 1.125 Million) and given a bank guarantee of Rs. 0.0074 Million (Previous year Rs. 0.074 Million).

The company had acquired fixed assets under the “Export Promotion Capital Goods Scheme” (EPCG) in the year 2013-14 and 2014-15 that has resulted in the savings of duty of Rs. 39.465 Million. As per the terms of the authorization granted under the scheme, the company has undertaken to achieve export commitment of Rs. 232.715 Million over the export obligation period of 6 years from the date of issuing the license. In the event of company being unable to execute its export obligation by this period, the company shall be liable to pay custom duty for unfulfilled export obligation along with interest after expiry of the export obligation period. Further, during the year, consequent to the deboning of two export oriented unit, company has undertaken to fulfill the export obligation of Rs. 1524.066 Million.

The Pharmaceutical Division of Unique Pharmaceutical Laboratories Limited (UPLL) which was acquired by the company on a going concern basis, has received demand notices from Dept. of Chemicals and Fertilizers, Govt. of India, New Delhi demanding a sum of Rs. 46.147 Million in respect of the bulk drug Metronidazole and a further sum of Rs. 59.105 Million in respect of the bulk drug Oxyphenbutazone. These amounts were claimed on hypothetical basis in 1996, under para 7(2) of DPCO 79 read with para 14 of DPCO 87 and para 12 of DPCO 95, long after repeal of DPCO 79 and DPCO 87 and gains allegedly notionally made by it by procuring the bulk drugs at alleged lower cost. UPLL has fi led review petition against each of these claims disputing the jurisdiction, power and legal or rational basis for making such demands, particularly in view of the repeal of DPCO 79 and DPCO 87. The company has fi led writ petitions bearing No 446 of 2008 in respect of demand for Oxyphenbutazone & writ petition No. 2623 of 2007 in respect of demand for Metronidazole in Bombay High Court. These writ petitions have been admitted and the Hon’ble High Court has restrained the Government from adopting coercive steps to recover the amount till the disposal of the writ petition on the company furnishing security as per the orders. The company has already furnished the bank guarantee as security. As per the legal advice received by the company, there is no liability and accordingly no provision is being made in the accounts for these claims and demands.

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) Rs. 361.856 Million (Previous year Rs. 19.983 Million)

Surrender of 0% EPGC licences or Status Holder Incentive Scrip (SHIS) amounting to Rs. 4.450 Million with applicable interest and levy of penalty of Rs. 13.349 Million ordered by Dy. Director General of Foreign Trade, being disputed in appeal.

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10258640	26/11/2010	408,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (West), MUMBAI - 400013, Maharashtra, INDIA	B01579739
2	10258752	26/11/2010	408,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (West), MUMBAI - 400013, Maharashtra, INDIA	B01596139
3	10258741	26/11/2010	633,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (West), MUMBAI - 400013, Maharashtra, INDIA	B01596436
4	80029551	11/06/2015 *	1,400,000,000.00	Bank of India	NARIMAN POINT LARGE CORPORATE BRANCH, 92-93 FREE PRESS HOUSE, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	C57161226
5	90240383	24/12/2004 *	380,000,000.00	BANK OF INDIA	BULLION EXC BR 185 SHEIKH MEMON ST, MUMBAI - 400002, MAHARASHTRA INDIA	-
6	90376062	07/05/1997	1,000,000.00	DENA BANK	NEW MARINE LINES BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
7	90238304	04/03/2005 *	320,000,000.00	BANK OF INDIA	BULLION EXC BR 185 SHEIKH MEMON ST, MUMBAI - 400002, MAHARASHTRA INDIA	-
8	90375707	01/11/1994	700,000.00	DENA BANK	NEW MARINE LINES BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
9	90223799	27/06/1984	33,800.00	LAXMICHAND BHAGAJI	RAMON HOUSE; 69, BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA	-
10	90216933	24/06/1984	101,000.00	LAXMI OHAND BHAFJI	RAMON HOUSE; 69, BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA	-

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2015

[Rs. in Million]

PARTICULARS	Quarter ended
	30.06.2015 (Unaudited)
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	2791.493
b) Other operating income	50.592
Total Income from Operations (net)	2842.085
2.Expenditure
Cost of material consumed	902.298
Purchases of Stock-in-Trade	230.910
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	59.954
Employees benefits expense	409.701
Depreciation	97.700
Exchange fluctuation transactional (Gain/Loss)	11.872
Other expenses	732.063
Total expenses	2444.498
3. Profit from operations before other income, and financial costs and Exceptional Items	397.587
Profit/ (Loss) before Interest, Depreciation, Tax and Amortization
4. Other income	42.971
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	397.587
Other Income	42.971
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	440.558
Finance Costs	17.103
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	423.455
Exchange fluctuation transactional (Gain/Loss)	39.864
Profit/ (Loss) from ordinary activities before tax (7+8)	463.319
Tax expenses	120.500
Net Profit / (Loss) from ordinary activities after tax (9-10)	342.819
Extraordinary item (net of tax expense)
Net Profit / (Loss) for the period (11-12)	342.819
Share of profit' (loss) of associates
Minority Interest
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)
Paid up equity share capital (Face Value of Rs 10/-each)	169.616
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):
(a) Basic	4.04
(b) Diluted	4.04
A. PARTICULARS OF SHAREHOLDING
1. Public Shareholding
- Number of shares	37502888
- Percentage of shareholding	44.22
2. Promoters and Promoters group Shareholding
a) Pledged /Encumbered
Number of shares	---
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	---
Percentage of shares (as a % of total share capital of the company)	---
b) Non Encumbered
Number of shares	47305337
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00
Percentage of shares (as a % of total share capital of the company)	55.78

	PARTICULARS	3 Months Ended 30.06.2015
B	Investor complaints
	Pending at the beginning of the quarter	0
	Received during the Quarter	0
	Disposed of during the quarter	1
	Remaining unresolved at the end of the quarter	0

Notes:

The above financial results have been reviewed by the audit committee and approved by the board of directors at its meeting held on August 05, 2015.

The statutory auditors have carried out limited review of the above financial results for the quarter ended on June 30, 2015.

3. The figures for the quarter ended on March 31, 2015 are the balancing figures between audited figures in respect of the full financial year ended on March 31, 2015 and the published year-to-date figures upto the third quarter ended on December 31, 2014.

4. The Company is engaged in a single segment of activity viz. Pharmaceuticals.

5. The previous quarter's figures have been regrouped / re-stated, wherever necessary.

FIXED ASSETS

Tangible Assets

· Land (Freehold)

· Factory Buildings

· Land (Leasehold)

· Furniture and Fixtures

· Plant and Equipment

· Vehicles

· Office Equipment

· Air conditioners

Intangible Assets

· Trade Marks

· 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 records 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 nti-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. 65.11
UK Pound	1	Rs. 99.50
Euro	1	Rs. 74.24

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	AMR
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavorable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.