MIRA INFORM REPORT

Report No. :	347085
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :`	VINS BIOPRODUCTS LIMITED
Formerly Known As :	VINS BIOPRODUCTS PRIVATE LIMITED
Registered Office :	806, Essjay House, Road No. 3, Banjara Hills, Hyderabad - 500034, Telangana, India
Tel. No.:	91-40-23354550-23353540
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.02.1997
Com. Reg. No.:	01-026437
Capital Investment / Paid-up Capital :	Rs. 200.000 Million
CIN No.: [Company Identification No.]	U24110TG1997PLC026437
IEC No.:	0998004677
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCV0226F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Chemicals, Pharmaceuticals Products.
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1997 and it is a manufacturer and exporter of chemical and pharmaceutical products. The company products includes anti snake venom serum, anti rabies serum, scorpion venom antitoxin, tetanus antitoxin, diphtheria antitoxin. For the financial year ended 2014, company has reported 28.31% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 12.15% during the year under a review. The rating draws comfort from long standing experience of the promoters in the pharmaceuticals industry supported by niche product profile and diversified clientele of the company. Rating also takes into account of company’s satisfactory financial profile supported by its adequate net worth base along with sound debt protection indicators and fair liquidity position. However, rating strength is partially offset by dependence on a single therapeutic segment (ASVS) for major portion of the revenues and the highly regulated manufacturing process which limits the scaling up of production. The company is also exposed to exchange rate volatility risks which could affect its margins going forward. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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	ICRA
Rating	Fund Based Limits = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Madhusudan
Designation :	Finance Manager
Contact No.:	91-40-23354550
Date :	28.10.2015

LOCATIONS

Registered Office :	806, Essjay House, Road No.: 3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Tel. No.:	91-40-23354550/23353540
Mobile No.:	Not Available
Fax No.:	91-40-23350410
E-Mail :	info@vinsbio.in vins@vinsbio.in mktgh@vinsbio.in
Website :`	www.vinsbio.in
Factory 1 :	Survey No.: 117, Thimmapur Village, Kothur Mandal, Mahaboobnagar - 509325, Telangana, India

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Sura Surendranath Reddy

Designation :

Director

Address :

8-2-178/10/3/B, Nagarjuna Hills, Hyderabad – 500082, Andhra Pradesh, India

Date of Birth/Age :

29.10.1948

Qualification :

Post Graduate

Date of Appointment :

25.11.2004

DIN No.:

00108599

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	U01134TG1998PTC030459	KSHETRA AGRITECH PRIVATE LIMITED	Director	01/11/2014	09/11/1998	-	Active	NO
2	U85195WB2001PTC093142	PULSE DIAGNOSTICS PRIVATE LIMITED	Director	25/04/2001	25/04/2001	05/08/2015	Active	NO
3	U15122TG2003PTC041117	Summit Nutraceuticals Private Limited	Director	05/06/2003	05/06/2003	-	Active	NO
4	U24110TG1997PLC026437	VINS BIOPRODUCTS LIMITED	Director	25/11/2004	25/11/2004	-	Active	NO
5	U85110TG2004PTC044908	QPS BIOSERVE INDIA PRIVATE LIMITED	Director	11/03/2011	20/12/2004	-	Active	NO
6	U85100TG2007PTC081716	NAMRATA DIAGNOSTIC CENTRE PRIVATE LIMITED	Additional director	02/11/2007	02/11/2007	-	Active	NO
7	U85120TG2006PTC081715	DOCTORSLAB MEDICAL SERVICES PRIVATE LIMITED	Director	29/09/2008	02/11/2007	-	Active	NO
8	U85195TG2002PTC039075	VIJAYA DIAGNOSTIC CENTRE PRIVATE LIMITED	Managing director	01/10/2014	01/10/2014	-	Active	NO
9	U85300TG2009PTC064237	Vijaya Diagnostic Private Limited	Additional director	29/03/2015	29/03/2015	-	Active	NO
10	U85110TG1987PTC007902	VIJAYA HOSPITALS PVT LTD	Additional director	29/03/2015	29/03/2015	-	Active	NO
11	U85110TG2010PTC071284	VIJAYA DIAGNOSTIC CENTRE (MANCHERIAL) PRIVATE LIMITED	Additional director	29/03/2015	29/03/2015	-	Active	NO
12	U85110TG2006PTC048916	BHADRAKALI MEDICAL CENTER PRIVATE LIMITED	Managing director	29/03/2015	29/03/2015	-	Active	NO
13	L85110TG1993PLC015481	MEDINOVA DIAGNOSTIC SERVICES LIMITED	Director	25/09/2015	13/08/2015	-	Active	NO

Name :

Mr. Siddarth Daga

Designation :

Director

Address :

Essjay House, H. No. 8-2-248/A/1/2/J, Road No. 3, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

14.04.1983

Qualification :

Post Graduate

Date of Appointment :

01.04.2013

PAN No.:

AEYPD8436P

DIN No.:

01251123

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	U24239TG2001PLC036247	ESSJAY BIOTECH LIMITED	Director	26/09/2002	26/09/2002	-	Active	NO
2	U01119TG2007PTC053254	SIPROGEN BIOTECH PRIVATE LIMITED	Director	23/03/2007	23/03/2007	-	Strike off	NO
3	U70102TG1989PTC009588	ESSJAY ESTATES PVT LTD.	Director	29/09/2007	29/09/2007	-	Active	NO
4	U24231TG2001PTC036036	SERAWIN BIOLOGICALS PRIVATE LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO
5	U24110TG1997PLC026437	VINS BIOPRODUCTS LIMITED	Whole-time director	01/04/2013	01/04/2013	-	Active	NO
6	U85195WB2001PTC093142	PULSE DIAGNOSTICS PRIVATE LIMITED	Director	30/09/2015	30/09/2015	-	Active	NO

Name :

Mr. Shreedas Narayandas Daga

Designation :

Director

Address :

806 Essjay House Road,No.3 Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India

Date of Birth/Age :

14.11.1949

Qualification :

Post Graduate

Date of Appointment :

01.04.2013

PAN No.:

ACLPD7232N

DIN No.:

00135105

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	U45200TG1995PTC020483	ESSJAY DEVELOPERS PRIVATE LIMITED	Director	26/05/1995	26/05/1995	-	Active	NO
2	U24110TG1997PLC026437	VINS BIOPRODUCTS LIMITED	Whole-time director	01/04/2013	30/09/2000	-	Active	NO
3	U72200TG2000PTC034023	VIZ ELECTRONICS Private LIMITED.	Director	28/09/2002	28/09/2002	-	Active	NO
4	L17116TG2004PLC044053	RAJVIR INDUSTRIES LIMITED	Director	29/10/2005	29/10/2005	16/07/2012	Active	NO

Name :

Mr. Ajit Nair

Designation :

Director

Address :

34-85 Vivekanandpuram, Sainikpuri, Secunderabad, Hyderabad – 500094, Andhra Pradesh, India

Date of Birth/Age :

07.07.1952

Qualification :

Post Graduate

Date of Appointment :

15.05.2011

PAN No.:

ABOPN3562B

DIN No.:

01062455

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	U24231TG2001PTC036036	SERAWIN BIOLOGICALS PRIVATE LIMITED	Director	26/11/2006	26/11/2006	-	Active	NO
2	U24110TG1997PLC026437	VINS BIOPRODUCTS LIMITED	Whole-time director	15/05/2011	15/05/2008	-	Active	NO

Name :

Mr. Ravindrareddy Puli

Designation :

Director

Address :

257, Road No 2, Banjara Hills, Next To Natco House, Hyderabad - 500033, Andhra Pradesh, India

Date of Appointment :

22.09.2014

DIN No.:

03462495

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	U74999TG1995PLC020965	A J PACKAGING LIMITED	Director	30/09/2011	01/03/2011	-	Active	NO
2	U24110TG1997PLC026437	VINS BIOPRODUCTS LIMITED	Director	22/09/2014	31/05/2014	-	Active	NO

Name :

Aruna Malani

Designation :

Director

Address :

1-11-219, Gurumurthy Lane, Begumpet, Hyderabad - 500016, Andhra Pradesh, India

Date of Appointment :

22.09.2014

DIN No.:

00073901

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	U55101TG1998PLC029997	ESSJAY INNS LIMITED	Director	21/08/1998	21/08/1998	-	Strike off	NO
2	U70102TG1989PTC009588	ESSJAY ESTATES PVT LTD.	Director	28/09/2012	01/06/2012	-	Active	NO
3	U24110TG1997PLC026437	VINS BIOPRODUCTS LIMITED	Director	22/09/2014	31/05/2014	-	Active	NO

KEY EXECUTIVES

Name :	Sushma Prabhakara Pammidimarri
Designation :	Secretary
Address :	H. No. 6-3-604, T1, Harika Enclave,, Padmavathi Nag, Khairatabad, Hyderabad, 500004, Telangana, India
PAN No.:	ARSPP3854E
Name :	Khusboo Mundra
Designation :	Chief Executive Officer
Address :	Essjay House, H.No. 8-2-248/A/1/2/J,, Road No.3, Banjara Hills, Hyderabad, 500034, Telangana, India
PAN No.:	CESPM3209K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2014

Names of Shareholders	No. of Shares
Jaya Sreedas Daga	14646230
Shreedas Narayandas Daga	854800
Siddarth Daga	3973830
Khushboo Mundra	137050
Sunaina Bihani	131050
Shreedas Narayandas Daga (HUF)	28500
Sunanda Sarada	128500
K.I. Varaprasad Reddy	100000
Ajit Nair	10
VVS Sastry	10
Mahesh Jajoo	10
S. B. Raisinghani	10
Total	20000000

Equity Share Break up (Percentage of Total Equity)

AS ON 22.09.2014

Category	Percentage
Directors or relatives of Directors	99.50
Other top fifty shareholders	0.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Chemicals, Pharmaceuticals Products.
Products :	· Anti Snake Venom Serum · Anti Rabies Serum · Scorpion Venom Antitoxin · Tetanus Antitoxin · Diphtheria Antitoxin
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	· Pakistan · Sri Lanka · South Africa
Imports :	Not Available
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

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 :

End Users and Others

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 :

250 (Approximately)

Bankers :

Bank Name	Canara Bank
Branch	Basheerbagh, Hyderabad – 500029, Telangana, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

· HDFC Bank Ltd

· Kotak Mahindra Prime Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Vehicle Loans from Banks/Finance Companies which are secured by way of hypothecation of respective vehicles	8.449	12.403
Total	8.449	12.403
Short-term borrowings
Working capital loans from banks	39.847	95.700
Total	39.847	95.700

NOTE:

Long-term Borrowings

· There is no continuing default as on the balance sheet date in repayment of loans and interest amounts

· Sales Tax Deferment loan from Govt. of A.P. (interest free) payment commence from the year 2014.

Banking Relations :
Auditors :
Name :	R. B. Kabra and Company Chartered Accountants
Address :	4-1-917 Parsi Lane, Tilak Road, Hyderabad-500001, Telangana, India
PAN No. of Auditors Firm:	AAEFR3093C
Memberships :	Not Divulged
Collaborators :	Not Divulged
Subsidiaries :	Nepal Biologicals Private Limited
Associates :	Serawin Biologicals Private Limited CIN No.: U24231AP2001PTC036036
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Essjay Agrotech

CAPITAL STRUCTURE

AS ON 22.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20,000,000	Equity Shares	Rs.10/- each	Rs. 200.000 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	200.000	200.000	200.000
(b) Reserves & Surplus	155.544	119.808	106.936
(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)	355.544	319.808	306.936
(3) Non-Current Liabilities
(a) long-term borrowings	64.025	68.223	97.785
(b) Deferred tax liabilities (Net)	22.324	21.363	21.532
(c) Other long term liabilities	0.052	0.166	0.156
(d) long-term provisions	2.638	2.116	1.695
Total Non-current Liabilities (3)	89.039	91.868	121.168
(4) Current Liabilities
(a) Short term borrowings	39.847	95.700	56.940
(b) Trade payables	69.556	46.916	50.304
(c) Other current liabilities	13.101	19.421	42.780
(d) Short-term provisions	81.388	59.447	14.734
Total Current Liabilities (4)	203.892	221.484	164.758
TOTAL	648.475	633.160	592.862
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	386.508	350.080	353.770
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	8.492	48.099	45.395
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.750	2.750	2.750
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37.323	37.335	1.784
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	435.073	438.264	403.699
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	61.175	60.272	89.651
(c) Trade receivables	82.704	49.501	61.379
(d) Cash and cash equivalents	41.641	44.537	10.929
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	27.882	40.586	27.204
Total Current Assets	213.402	194.896	189.163
TOTAL	648.475	633.160	592.862

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	510.730	398.009	300.543
	Other Income	1.184	0.595	1.777
	TOTAL SALES	511.914	398.604	302.320
Less	EXPENSES
	Cost of Materials Consumed	125.473	96.811	62.763
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.623)	23.929	1.825
	Employees benefits expense	42.520	34.293	26.702
	Other expenses	189.986	122.612	94.144
	Extraordinary Items	0.000	0.017	5.527
	TOTAL EXPENSES	353.356	277.662	190.961
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	158.558	120.942	111.359
Less	FINANCIAL EXPENSES	8.955	14.083	20.424
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	149.603	106.859	90.935
Less	DEPRECIATION/ AMORTISATION	34.012	22.751	21.642
	PROFIT/ (LOSS) BEFORE TAX	115.591	84.108	69.293
Less	TAX	33.059	24.437	23.615
	PROFIT/ (LOSS) AFTER TAX	82.532	59.671	45.678
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	198.933	97.466	44.057
	TOTAL EARNINGS	198.933	97.466	44.057
	IMPORTS
	Raw Materials	0.045	1.636	2.529
	Components and Stores parts	0.124	0.041	0.170
	Capital Goods	2.461	0.323	0.641
	TOTAL IMPORTS	2.630	2.000	3.340
	EARNINGS / (LOSS) PER SHARE (RS.)	4.13	2.98	2.28

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	5.108	11.756	35.820
Cash generated from operations	NA	NA	NA
Cash generated from (Used) operations	169.117	82.823	86.449
Cash generated from Operating Activities	141.285	57.594	75.732

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	16.16	14.99	15.20
Operating Profit Margin (PBIDT/Sales)	(%)	31.05	30.39	37.05
Return on Total Assets (PBT/Total Assets}	(%)	18.14	14.44	12.72
Return on Investment (ROI) (PBT/Networth)		0.33	0.26	0.23
Debt Equity Ratio (Total Debt /Networth)		0.29	0.51	0.50
Current Ratio (Current Asset/Current Liability)		1.05	0.88	1.15

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	200.000	200.000	200.000
Reserves & Surplus	106.936	119.808	155.544
Net worth	306.936	319.808	355.544
long-term borrowings	97.785	68.223	64.025
Short term borrowings	56.940	95.700	39.847
CURRENT MATURITIES OF LONG-TERM DEBTS	35.820	11.756	5.108
Total borrowings	190.545	175.679	108.980
Debt/Equity ratio	0.621	0.549	0.307

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	300.543	398.009	510.730
		32.430	28.321

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	300.543	398.009	510.730
Profit	45.678	59.671	82.532
	15.20%	14.99%	16.16%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Note: Registered office of the company is shifted from Surve No. 291, Erdanoor Village, Sangareddy Mandal, Medak – 502329, Andhra Pradesh to present address.

REVIEW OF OPERATIONS :

A. During the year, the Company has achieved significant business growth in adverse economic growth in the Country. The Company has recorded overall sales growth of over 28.32% over the last year’s performance.

B. During the year your Company has recorded significant growth of Products.

C. The Company has always considered Research and Development (R & D) as crucial for the sustained growth of the Company.

The Company has R&D centers at Hyderabad duly recognized by the Government of India, Ministry of Science and Technology, Department of Scientific & Industrial Research (DSIR). The Company has stepped up its R & D expenditure from Rs. 10.777 Million in the previous year to Rs. 16.419 Million in the year under report. With qualified and experienced research scientists and engineers manning the research and development activities, the Company has focused its thrust on new and innovative process and product development. The Company has carried out process development/scale-up various niche products such as Echis Oscelatus, Monovalent Viper and Cobra Venin injections and also introduced Anti Tetanus-Pre Filled Syringe for exports as well as for domestic market.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Deffered Payment Liabilites Sales Tax Defferment	23.105	23.350
Other Loans and Advances
- From Corporate Entities	19.000	19.000
- From Others	2.070	2.070
Others
- Dept. of Scientific & Industrial Research (DSIR)	11.400	11.400
Total	55.575	55.820

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2014
Guarantees	11.370
Total	11.370

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10531979	09/06/2014	3,244,500.00	Citi Bank N.A.	1ST FLOOR, QUEEN PLAZA,, SADAR PATEL ROAD,, HYDER  ABAD, TELANGANA - 500003, INDIA	C34012898
2	90134801	15/04/2014 *	200,000,000.00	Canara Bank	CANARA BANK, HYDERABAD, HYDERABAD, ANDHRA PRADESH  - 500029, INDIA	C03016706

FIXED ASSETS

· Land and Building

· Furniture’s and Fixtures

· Office Equipment

· Computer

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 65.15
UK Pound	1	Rs. 99.36
Euro	1	Rs. 71.25

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KRN
Report Prepared by :	SYL

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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

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

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

RATING EXPLANATIONS

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

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

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