MIRA INFORM REPORT

Report No. :	338209
Report Date :	01.09.2015

IDENTIFICATION DETAILS

Name :	GIL LIFESCIENCES PRIVATE LIMITED
Registered Office :	2^nd Floor, Block III, May Home Hub, Madhapur, Cyberabad, Hyderabad – 500081, Telangana
Tel. No.:	91-40-66760000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.07.2007
Com. Reg. No.:	01-054839
Capital Investment / Paid-up Capital :	Rs. 29.462 Million
CIN No.: [Company Identification No.]	U24230TG2007PTC054839
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCG0605M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Yet to Commenced its Operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during 19^th July 2007. It is yet to commence its commercial activities. Ms. Chandrasheka (G.M. Finance), of the company has provided general information to us and claimed that company has not started its commercial activities and he is not sure when the activities is going to start as they are doing business in their other company. As per registrar of the company status is active. Payment terms are unknown. The company can be considered for business dealing on safe and secured 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION DENIED BY

Name :	Mr. Mithlesh
Designation :	Company Secretary
Contact No.:	91-40-66760000
Date :	25.08.2015

Name :	Mr. J. Satyanarayan
Designation :	Finance Department
Contact No.:	91-9866144166
Date :	25.08.2015

Name :	Mr. Chandrashekhar
Designation :	General Manager Finance
Contact No.:	91-40-66760000
Date :	25.08.2015

LOCATIONS

Registered Office :	2^nd Floor, Block III, May Home Hub, Madhapur, Hyderabad – 500081, Telangana, India
Tel. No.:	91-40-66760000
Fax No.:	91-40-23115145
E-Mail :	jsnarayana@granulesindia.com shivangi.sharma@granulesindia.com chaitanya.tummala@graulesindia.com
Website :	http://www.granulesindia.com
Location :	Owned
Factory 1 :	Jeedimetla, Hyderabad, Andhra Pradesh, India
Factory 2 :	Gagillapur, Hyderabad, Andhra Pradesh, India
Factory 3 :	Bomthapally, Hyderabad, Andhra Pradesh, India

DIRECTORS

As on 26.07.2014

Name :

Mr. Chigurupati Krishna Prasad

Designation :

Director

Address :

H. No. 512/M, Road No. 31, Jubilee Hill, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

02.10.1954

Date of Appointment :

19.07.2007

DIN No.:

00020180

Name :

Mrs. Harsha Chigurupati

Designation :

Director

Address :

H. No. 512/M, Road No. 31, Jubilee Hill, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

05.09.1983

Date of Appointment :

18.10.2008

DIN No.:

01606477

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	U15412TG2008PTC057091	CHIGURUPATI NOURISHMENT PRIVATE LIMITED	Director	10/01/2008	10/01/2008	-	Strike off	NO
2	U24230TG2007PTC054839	GIL Lifesciences Private Limited	Director	18/10/2008	03/03/2008	-	Active	NO
3	U01134KA2008PTC045902	PRAGNYA VINEYARDS PRIVATE LIMITED	Director	03/04/2008	03/04/2008	-	Strike off	NO
4	U01130KA2008PTC045957	PRIYANKA VINEYARDS PRIVATE LIMITED	Director	08/04/2008	08/04/2008	-	Strike off	NO
5	L24110TG1991PLC012471	GRANULES INDIA LIMITED	Whole-time director	01/08/2010	26/07/2010	-	Active	NO
6	U24233TG2011PTC076274	GRANULES OMNICHEM PRIVATE LIMITED	Nominee director	02/09/2011	02/09/2011	11/05/2015	Active	NO
7	U74900TG2013PTC087262	CHIGURUPATI TECHNOLOGIES PRIVATE LIMITED	Director	25/04/2013	25/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mithlesh
Designation :	Company Secretary
Name :	Mr. J. Satyanarayan
Designation :	Finance Department
Name :	Mr. Chandrashekhar
Designation :	General Manager Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.07.2014

Names of Shareholders	No. of Shares
Granules India Limited, India	2946175
Chigurupati Krishna Prasad nominee of Granules India Limited, India	1
Total	2946176

Equity Share Break up (Percentage of Total Equity)

As on 26.07.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Pharmaceutical Products.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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 :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
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

Auditors :
Name :	Kumar and Giri Chartered Accountants
Address :	1-11-126/D, Opposite Aero View Towers, Begumpet, Hyderabad – 500016, Andhra Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAIFK5261B
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Granules India Limited, India CIN No.: L24110AP1991PLC012471
Fellow Subsidiary company :	Granules USA Inc, United State Granules Singapore Pte Limited, Singapore Auctus Pharma Limited, CIN No.: U24230TG2000PLC034319
Associate :	Granules Biocause Pharmaceutical Limited, China Granules Omnichem Private Limited, India U24233AP2011PTC076274

CAPITAL STRUCTURE

As on 26.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2946176	Equity Shares	Rs.10/- each	Rs.29.462 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	29.462	29.462	29.462
(b) Reserves & Surplus	0.000	0.000	0.000
(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)	29.462	29.462	29.462
(3) Non-Current Liabilities
(a) long-term borrowings	1.020	1.020	1.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.020	1.020	1.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.059	0.049	0.039
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	0.059	0.049	0.039
TOTAL	30.541	30.531	30.501
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.673	29.673	29.673
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.415	0.374	0.330
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(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	0.307	0.307	0.307
Total Non-Current Assets	30.395	30.354	30.310
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.146	0.177	0.191
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	0.146	0.177	0.191
TOTAL	30.541	30.531	30.501

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 operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	0.03	0.03	0.03
Current Ratio (Current Asset/Current Liability)	2.47	3.61	4.90

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	29.462	29.462	29.462
Reserves & Surplus	0.000	0.000	0.000
Net worth	29.462	29.462	29.462
long-term borrowings	1.000	1.020	1.020
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.000	1.020	1.020
Debt/Equity ratio	0.034	0.035	0.035

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	NO
17	Details of sister concerns	No
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	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	No
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

NOTE: Registered office of the company has been shifted from 8-2-293/A/A/2, Road No. 2, Banjara Hills, Hyderabad – 500033, Telangana, India to the present address w.e.f. 01.11.2007

COMPANY PERFORMANCE:

The Company is yet to commence its operations. However it had acquired for the setting up a Pharmaceutical manufacturing unit at Jawaharlal Nehru Pharma City (JNPC), Parwada Mandal, Visakhapatnam.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Incorporated Borrowing	1.020	1.020
Total	1.020	1.020

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.78

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.