MIRA INFORM REPORT

Report No. :	344875
Report Date :	16.10.2015

IDENTIFICATION DETAILS

Name :	RA CHEM PHARMA LIMITED (w.e.f. 16.05.2005)
Formerly Known As :	IGOR PHARMACEM LIMITED IGOR PHARMACEM PRIVATE LIMITED IGOR DYESPEC PRIVATE LIMITED
Registered Office :	Plot No. 26 and 27, Technocrats Industrial Estate, Phase I, Balanagar, Hyderabad – 500037, Telangana
Tel. No.:	91-40-44758595
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.01.1996
Com. Reg. No.:	36-022816
Capital Investment / Paid-up Capital :	Rs. 85.011 Million
CIN No.: [Company Identification No.]	U24110AP1996PLC022816
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	HYDI00508E
PAN No.: [Permanent Account No.]	AAACI6448M
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	It is engaged in the manufacturing of Active Pharmaceutical Ingredients (API), formulations and clinical research activity.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 2000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	RA Chem Pharma Limited (RACPL), incorporated in January 1996, has been promoted by Mr J Rajender Rao, Mr R Sirish Kumar, Mar Ravi K Yerra, Dr B Srinivas Reddy and Mr Harcharan Singh. It is engaged in the manufacturing of Active Pharmaceutical Ingredients (API), formulations and clinical research activity. The ratings draw strength from the qualified and experienced promoters, diversified product profile, reputed clientele and satisfactory financial profile characterized by modest revenue growth during FY14 (refers to the period April 01 to March 31) and above average operating margins. The ratings are, however, constrained by the volatility in the raw material prices, foreign exchange fluctuation risk and intense competition in the pharmaceutical industry. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	October 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	October 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DENIED

Management non co-operative (Tel. No.: 91-40-44758595)

LOCATIONS

Registered Office / Corporate Office / Clinical Research and Biosciences:	Plot No. 26 and 27, Technocrats Industrial Estate, Phase I, Balangar, Hyderabad - 500037, Andhra Pradesh, India
Tel. No.:	91-40-44758595
Mobile No.:	91-9652216217 (Mr. Ananta Kanango) 91-8008277892 (Mr. Jagan Nath Rao )
Fax No.:	91-40-44758596
E-Mail :	info@rachempharma.com raj@rachempharma.com rmpurchase@invetisdds.com
Website:	http://www.rachempharma.com
Manufacturing Facility (API) :	R.S. No. 50/1, Mukteswarapuram Jaggaiahpeta Mandal, District Krishna-521175, Andhra Pradesh, India
Tel No.:	91-8683-240802/240803
E mail:	factory@rachemicals.com
Manufacturing Facility and R and D (FDF):	Plot No: A-19/C, Road No: 18, IDA, Nacharam, Hyderabad – 500076, Andhra Pradesh, India
Formulation R and D :	4^th Floor, CDC Towers, Road No: 5, IDA, Nacharam, Hyderabad – 500076, Andhra Pradesh, India
API R and D :	5-5-35/69, Ayyanna Building, Prashant Nagar, Kukatpally, Hyderabad – 500072 Andhra Pradesh, India

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Rajender Rao Juvvadi

Designation :

Managing Director

Address :

8-2-686/6/D1, Road No. 12, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

20.11.1967

Date of Appointment :

14.03.2003

PAN No.:

ABNPJ8965B

DIN No.:

00083540

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120TG1999PTC033145	LAXMI r.a. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	16/10/2001	16/10/2001	-	Active	NO
2	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Managing director	14/03/2003	14/03/2003	-	Active	NO
3	U99999TG2000PTC035037	r.a.LABELS AND STICKERS PRIVATE LIMITED	Director	01/04/2004	01/04/2004	-	Active	NO
4	U24239TG2003PTC040264	INVENTIS DRUG DELIVERY SYSTEMS PRIVATE LIMITED	Director	10/07/2004	10/07/2004	-	Amalgamated	NO
5	U24239TG2006PTC050152	CLINICAL RESEARCH AND BIOSCIENCES INDIA PRIVATE LIMITED	Director	19/05/2006	19/05/2006	-	Amalgamated	NO
6	U24239TG2004PTC043904	INDU PHARMA PRIVATE LIMITED	Director	08/01/2007	08/01/2007	-	Active	NO
7	U65910TG2010PTC066795	BEANSTALK INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	25/01/2010	25/01/2010	01/02/2014	Active	NO
8	U24232TG2012PTC081598	EPIONE LABS PRIVATE LIMITED	Director	01/03/2014	01/03/2014	-	Active	NO
9	U24232TG2014PTC096432	GeneSys Biologics Private Limited	Director	18/11/2014	18/11/2014	-	Active	NO
10	U24232TG2014PTC096589	AMICUS FORMULATIONS INDIA PRIVATE LIMITED	Director	28/11/2014	28/11/2014	-	Active	NO
11	U24100TG2015PTC098739	PUFMED THERAPEUTICS PRIVATE LIMITED	Director	01/05/2015	01/05/2015	15/06/2015	Active	NO

Name :

Ravula Sirish Kumar

Designation :

Director

Address :

253/3rt, Vijaya Nagar Colony Humayun Nagar, Hyderabad – 500057, Andhra Pradesh, India

Date of Birth/Age :

08.07.1965

Date of Appointment :

10.03.2003

DIN No.:

01578978

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	10/03/2003	10/03/2003	-	Active	NO
2	U67120TG1999PTC033145	LAXMI r.a. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	19/05/2003	19/05/2003	-	Active	NO
3	U24239TG2003PTC040264	INVENTIS DRUG DELIVERY SYSTEMS PRIVATE LIMITED	Director	02/11/2004	02/11/2004	-	Amalgamated	NO
4	U24239TG2006PTC050152	CLINICAL RESEARCH AND BIOSCIENCES INDIA PRIVATE LIMITED	Director	19/05/2006	19/05/2006	-	Amalgamated	NO
5	U24239TG2004PTC043904	INDU PHARMA PRIVATE LIMITED	Director	02/08/2006	02/08/2006	-	Active	NO
6	U24232TG2012PTC081598	EPIONE LABS PRIVATE LIMITED	Director	01/03/2014	01/03/2014	-	Active	NO

Name :

Mr. Ravi Kumar Yerra

Designation :

Director

Address :

Flat 02, Jubilee Heavens, 104, Womens Co-operative Housing Society, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India.

Date of Birth/Age :

05.03.1961

Date of Appointment :

01.10.2005

PAN No.:

AAYPY5116H

DIN No.:

01941752

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	01/10/2005	01/10/2005	-	Active	NO
2	U67120TG1999PTC033145	LAXMI r.a. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
3	U24239TG2004PTC043904	INDU PHARMA PRIVATE LIMITED	Director	01/06/2011	01/06/2011	-	Active	NO

Name :

Dr. Battula Srinivasa Reddy

Designation :

Director

Address :

310, Srinilaya Apartment, Yellareddyguda, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

01.07.1966

Date of Appointment :

31.12.2003

PAN No.:

ACSPB6668D

DIN No.:

02878853

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	31/12/2003	14/03/2003	-	Active	NO
2	U67120TG1999PTC033145	LAXMI r.a. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	Director	20/12/2004	20/12/2004	-	Active	NO

Name :

Mr. Harcharan Mohan Singh

Designation :

Nominee Director

Address :

10 WaterLoo Crt, Thorn Hill, On Thorn Hill, Canada

Date of Birth/Age :

19.05.1945

Date of Appointment :

15.02.2012

DIN No.:

02852915

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230GJ1984PLC007440	CONCORD BIOTECH LIMITED	Director	14/09/2010	04/12/2009	-	Active	NO
2	U51101TG2010PTC071300	GLOPEC INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	22/11/2010	22/11/2010	-	Active	NO
3	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Nominee director	15/02/2012	15/02/2012	-	Active	NO
4	U24232TG2007PTC053381	BIOPHORE INDIA PHARMACEUTICALS PRIVATE LIMITED	Additional director	10/07/2015	10/07/2015	-	Active	NO

Name :

Ramamoorthy Jayakumar

Designation :

Director

Address :

101, Creative Palace, 10-2-88, R No 3, St. No 7, W. Marredpally, Secunderabad – 500026, Andhra Pradesh, India

Date of Appointment :

20.01.2015

DIN No.:

02819800

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U73100MH1997PTC106267	Mylan Pharmaceuticals Private Limited	Director	07/10/2009	07/10/2009	29/06/2012	Active	NO
2	U24232KA2010PTC055115	VALUGEN PHARMA PRIVATE LIMITED	Director	16/09/2013	01/04/2013	30/11/2014	Active	NO
3	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	20/01/2015	20/01/2015	-	Active	NO
4	U74900TN2015PTC100269	Eywa Pharma Private Limited	Managing director	01/07/2015	01/07/2015	-	Active	NO

Name :

Potluri Venkata Subba Rao

Designation :

Director

Address :

8-3-1100/6/501, 501, Nitya Enclave, 114/A, Sri Nagar Colony, Hyderabad, 500073, Andhra Pradesh, India

Date of Appointment :

20.01.2015

DIN No.:

00099066

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51219TG1997PTC027638	A.G.BIO-SYSTEMS PRIVATE LIMITED	Director	30/07/1997	30/07/1997	-	Active	NO
2	U24230TG2000PTC033784	REVIVE IMPEX PRIVATE LIMITED	Managing director	01/02/2014	06/03/2000	-	Active	NO
3	U24239TG2004PLC043602	REVAG BIOSCIENCES LIMITED	Director	07/07/2004	07/07/2004	-	Active	NO
4	U24239TG2004PTC044858	REVIVE BIO-TECHNOLOGY PRIVATE LIMITED	Director	13/12/2004	13/12/2004	-	Active	NO
5	U24100TG2006PTC050221	VKT PHARMA PRIVATE LIMITED	Additional director	06/12/2014	06/12/2014	-	Active	NO
6	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	20/01/2015	20/01/2015	-	Active	NO
7	U51909GJ2002PTC041235	VALUE EDUCATION PRIVATE LIMITED	Director	10/07/2015	10/07/2015	-	Active	NO
8	U24248TG2015PTC100765	Navipharm Private Limited	Director	15/09/2015	15/09/2015	-	Active	NO

Name :

Anand Kumar Gupta

Designation :

Director

Address :

Flat No.313, 32 / 1, 1st Cross Cambridge Lyt, Bangalore, 560008, Karnataka, India

Date of Appointment :

29.09.2014

DIN No.:

02248139

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67190KA2009PTC049094	SAMBODHI INVESTMENTS PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Strike off	NO
2	U67190KA2009PTC049096	ANICHCHA INVESTMENTS PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Strike off	NO
3	U67190KA2009PTC049095	EQUANIMUS INVESTMENTS PRIVATE LIMITED	Director	10/02/2009	10/02/2009	-	Strike off	NO
4	U65100HR2013PTC050055	Punarnava Capital Private Limited	Director	12/08/2013	12/08/2013	-	Active	NO
5	U24110AP1996PLC022816	RA CHEM PHARMA LIMITED	Director	29/09/2014	29/09/2014	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Laxmi RA Holdings and Investments Private Limited, India	4166186
1575773 Ontario Inc., Canada	1894023
Orchem International Trading BV, Netherland	511397
Anand Gupta	699422
Lakshman Kartikeyan	46023
Joflo Industries Private Limited, India	652527
Joseph Herman	360000
N Nageswar Rao	3575
Harish Pandey	67071
P V Shedbalkar	100881
Total	8501105

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	33.07
Bodies corporate	56.68
Other top fifty shareholders	10.25
Total	100.00

BUSINESS DETAILS

Line of Business :	It is engaged in the manufacturing of Active Pharmaceutical Ingredients (API), formulations and clinical research activity.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India
• State Bank of India, Saifabad (SIB) Branch, Haca bhavan, opp. Assembly, Hyderabad – 500004, Andhra Pradesh, India
• UTI Bank Limited, 6-3-879/B, Green Lands Road, Begumpet, Hyderabad, Telangana, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Other loans and advances, others	2.199	3.083
Other external commercial borrowings	93.124	101.416
Rupee term loans from banks	88.767	116.379
SHORT TERM BORROWING
Other loans and advances	301.930	298.243
Working loans from banks	415.491	256.393
Total	901.511	775.514

Auditors :
Name :	Zanwar and Associates Chartered Accountant
Memberships :	--
Collaborators :	--
Subsidiaries :	Indu Pharma Private Limited
Enterprises which are owned or have significant influence of or are partners with key management personnel and their relatives:	Laxmi r.a. Holding and Investments Private Limited Labels and Stickers Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
14000000	Equity Shares	Rs.10/- each	Rs. 140.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8501105	Equity Shares	Rs.10/- each	Rs. 85.011 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	85.011	100.181	100.181
(b) Reserves & Surplus	750.630	626.843	489.916
(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)	835.641	727.024	590.097
(3) Non-Current Liabilities
(a) long-term borrowings	206.867	246.437	303.743
(b) Deferred tax liabilities (Net)	70.307	53.884	35.727
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.565	4.741	3.346
Total Non-current Liabilities (3)	282.739	305.062	342.816
(4) Current Liabilities
(a) Short term borrowings	717.421	554.636	438.338
(b) Trade payables	475.335	390.742	396.953
(c) Other current liabilities	168.631	113.301	118.056
(d) Short-term provisions	45.131	68.814	64.168
Total Current Liabilities (4)	1406.518	1127.493	1017.515
TOTAL	2524.898	2159.579	1950.428
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	832.151	798.006	683.620
(ii) Intangible Assets	1.446	2.024	3.770
(iii) Capital work-in-progress	52.857	13.415	49.248
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.044	10.044	9.744
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.274	0.000
Total Non-Current Assets	896.498	823.763	746.382
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	614.083	471.757	410.074
(c) Trade receivables	745.478	666.513	573.937
(d) Cash and cash equivalents	31.313	32.566	32.417
(e) Short-term loans and advances	237.526	164.980	187.217
(f) Other current assets	0.000	0.000	0.401
Total Current Assets	1628.400	1335.816	1204.046
TOTAL	2524.898	2159.579	1950.428

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2318.342	2152.772	1742.034
	Other Income	7.735	5.912	6.366
	TOTAL	2326.077	2158.684	1748.400
Less	EXPENSES
	Cost of Materials Consumed	1171.348	1071.410	910.234
	Purchases of Stock-in-Trade	40.356	25.261	37.942
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(125.410)	(59.275)	(99.544)
	Employees benefits expense	235.580	182.251	145.242
	Other expenses	656.208	554.550	428.487
	TOTAL	1978.082	1774.197	1422.361
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	347.995	384.487	326.039
Less	FINANCIAL EXPENSES	107.510	94.734	47.216
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	240.485	289.753	278.823
Less/ Add	DEPRECIATION/ AMORTISATION	68.060	60.150	44.387
	PROFIT BEFORE TAX	172.425	229.603	234.436
Less	TAX	67.031	92.677	91.854
	PROFIT AFTER TAX	105.394	136.926	142.582
	IMPORTS
	Raw Materials	215.957	289.703	0.000
	Capital Goods	14.759	13.399	0.000
	TOTAL IMPORTS	230.716	303.102	0.000
	Earnings Per Share (Rs.)	12.40	16.11	16.77

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	118.354	170.642	(31.010)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.55	6.36	8.18
Operating Profit Margin (PBIDT/Sales)	(%)	15.01	17.86	18.72
Return on Total Assets (PBT/Total Assets}	(%)	7.00	10.75	12.39
Return on Investment (ROI) (PBT/Networth)		0.21	0.32	0.40
Debt Equity Ratio (Total Debt /Networth)		1.11	1.10	1.26
Current Ratio (Current Asset/Current Liability)		1.16	1.18	1.18

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	100.181	100.181	85.011
Reserves & Surplus	489.916	626.843	750.630
Share Application money pending allotment	0.000	0.000	0.000
Net worth	590.097	727.024	835.641
long-term borrowings	303.743	246.437	206.867
Short term borrowings	438.338	554.636	717.421
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	742.081	801.073	924.288
Debt/Equity ratio	1.258	1.102	1.106

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1742.034	2152.772	2318.342
		23.578	7.691

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1742.034	2152.772	2318.342
Profit	142.582	136.926	105.394
	8.18%	6.36%	4.55%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
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

GENERAL INFORMATION

Subject is in the business of manufacture of Active Pharmaceutical Ingredients (APIs) and Formulations. It is also engaged in undertaking development studies and Clinical Research Studies.

COMPANY OPERATION AND PERFORMANCE

During the period, the company has recorded a Turnover of Rs.2326.100 million with a PAT of Rs.105.400 million as against the Turnover of Rs.2158.700 million and PAT of Rs.136.900 million during FY 2012-13. The Drop in profitability in on account of reduced margins owing to pricing pressures, increased expenditure in R and D and increase in Power costs in view of power shortage in the region

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from others	6.292	0.000
Loans and advances from related parties	1.280	1.330
Intercorporate borrowings	15.204	24.229
Total	22.776	25.559

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10545392	06/01/2015	245,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C41584020
2	10443975	27/06/2013	225,000,000.00	State Bank of India	Saifabad (SIB) Branch, Haca bhavan, opp.Assembly,  Hyderabad, Andhra Pradesh - 500004, INDIA	B82532599
3	10443980	27/06/2013	225,000,000.00	State Bank of India	Saifabad (SIB) Branch, Haca bhavan, opp.Assembly,  Hyderabad, Andhra Pradesh - 500004, INDIA	B82535337
4	10357644	16/04/2012	2,123,604.00	Axis Bank Limited	5-2-183/184,ASC Centre, III Floor, R P ROAD, HYDE  RABAD, Andhra Pradesh - 500003, INDIA	B40388639
5	10327698	01/07/2015 *	990,500,000.00	State Bank of India	Industrial Finance Branch, Mid Corporate Group, Rajbhavan Road, Somajiguda, Hyderabad, Telangana - 500082, INDIA	C58401555
6	10304109	03/06/2013 *	780,100,000.00	State Bank of India	Saifabad (SIB) Branch, Haca bhavan, opp.Assembly,  Hyderabad, Andhra Pradesh - 500004, INDIA	B79906806
7	10228628	11/06/2010	25,000,000.00	Bank of Bahrain and Kuwait BSC	6-3-550, L.B. Bhawan,, Akash ganga, Somajiguda,,  Hyderabad, Andhra Pradesh - 500082, INDIA	A88931647
8	10219143	01/10/2010 *	301,900,000.00	STATE BANK OF INDIA	SAIFABAD BRANCH HACA BHAVAN, OPP ASSEMBLY, HYDERABAD, Andhra Pradesh - 500004, INDIA	A98290042
9	10079977	19/11/2007 *	42,500,000.00	STATE BANK OF INDIA	SAIFABAD (SIB) BRANCH, HACA BHAVAN, SAIFABAD, HYDEARABAD, Andhra Pradesh - 500004, INDIA	A30101455
10	10073795	29/09/2009 *	45,500,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	A71992390

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 65.11
UK Pound	1	Rs. 99.50
Euro	1	Rs. 74.24

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

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

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

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