MIRA INFORM REPORT

Report No. :	339220
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	ANDHRA ORGANICS LIMITED
Registered Office :	Plot No. 8, S. V. Co-operative Industrial Estate, I.D.A, Jeedimetla, Hyderabad – 500055, Telangana
Tel. No.:	91-40-23196999
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.02.1991
Com. Reg. No.:	36-012314
Capital Investment / Paid-up Capital :	Rs.45.117 Million
CIN No.: [Company Identification No.]	U24116TG1991PLC012314
IEC No.:	2695000405
TAN No.: [Tax Deduction & Collection Account No.]	HYDA02175F
PAN No.: [Permanent Account No.]	AABCA8911E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Chemicals Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 4900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of “VIRCHOW LABORATORIES LIMITED”. It is a well-established company having fine track record. For the financial year ended 2014, company has possesses healthy operational performance and reported decent growth in its revenue profile along with decent profitability margins at 10.95%. Rating takes into account of company’s healthy financial risk profile backed by adequate networth base and sound liquidity position of the company. Company also receives strong financial and managerial support from its holding company. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. In view of adequate financial base along with strong holding company support, the company can be considered 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.

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	Long Term Fund Based Limits = A+
Rating Explanation	Have adequate degree of safety and carry low credit risk
Date	March 2014

Rating Agency Name	ICRA
Rating	Short Term Non Fund Based Limits = A1+
Rating Explanation	Have very strong degree of safety and lowest credit risk
Date	March 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 31-03-2013.

INFORMATION DENIED

Management Non Co-operative (91-40-23196999)

LOCATIONS

Registered Office :	Plot No. 8, S. V. Co-operative Industrial Estate, I.D.A, Jeedimetla, Hyderabad – 500055, Telangana, India
Tel. No.:	91-40-23196999
Fax No.:	91-40-23196777
E-Mail :	taxation@virchows.com info@andhraorganics.com purchase@andhraorganics.com finance@andhraorganics.com
Factory :	Plot No. 110A, IDA, Pyadibhimavaram, Ranastalam Mandal, Srikakulam District, Andhra Pradesh, India
Tel. No.:	91-8942-288215
Fax No.:	91-8942-288151

DIRECTORS

AS ON 29.09.2014

Name :

Mundla Sudha

Designation :

Director

Address :

Plot No. 15A, Road No.2, Jubilee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

19.04.1982

Date of Appointment :

20.03.2006

DIN No.:

00054013

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED	Director	14/03/2002	14/03/2002	-	Active	NO
2	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	23/09/2002	23/09/2002	-	Active	NO
3	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	20/03/2006	20/03/2006	-	Active	NO
4	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Whole-time director	01/04/2008	27/09/2006	-	Active	NO
5	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	29/09/2009	31/03/2009	-	Active	NO

Name :

Mundla Narayana Reddy

Designation :

Director

Address :

Plot No. 15A, Road No.2, Jubilee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

01.06.1951

Qualification :

M. Sc.

Date of Appointment :

08.09.2004

PAN No.:

ABYPN4171A

DIN No.:

00064392

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Managing director	01/06/2011	20/01/1982	-	Active	NO
2	U24210TG2001PTC036520	VIRCHOW BIOTECH PRIVATE LIMITED	Director	04/04/2001	04/04/2001	-	Active	NO
3	U74210TG1974PTC001733	IMEX ENGINEERING CO PRIVATE LIMITED	Director	18/10/2001	18/10/2001	-	Active	NO
4	U24230TG2002PTC039606	COVALENT LABORATORIES PRIVATE LIMITED	Director	15/05/2003	15/05/2003	-	Active	NO
5	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Director	04/06/2003	04/06/2003	-	Active	NO
6	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	25/03/2004	25/03/2004	-	Active	NO
7	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	08/09/2004	08/09/2004	-	Active	NO
8	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	22/06/2005	22/06/2005	-	Amalgamated	NO
9	U45200TG2005NPL045814	HYDERABAD PHARMA INFRASTRUCTURE AND TECHNOLOGIES	Director	21/12/2006	21/12/2006	17/01/2011	Active	NO
10	U24230MH2007PTC176048	VIRCHOW HEALTHCARE PRIVATE LIMITED	Director	20/11/2007	20/11/2007	-	Active	NO
11	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	10/03/2008	10/03/2008	01/10/2013	Active	NO
12	U74999TG2007PLC052432	SV'S REMEDIES LIMITED	Director	29/09/2012	16/05/2012	-	Amalgamated	NO

Name :

Sree Phani Kumar Reddy Mallidi

Designation :

Director

Address :

Padmaja Palace, Flat No. 401, Srinagar Colony, Hyderabad, Telangana, India

Date of Birth/Age :

26.10.1971

Date of Appointment :

08.09.2004

PAN No.:

APWPM0197D

DIN No.:

00307899

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	U24129TG1976PTC002072	CORAMANDEL INFRASTRUCTURE PRIVATE LIMITED	Managing director	07/09/1996	07/09/1996	03/11/2007	Active	NO
2	U85195TG1988PLC008172	SARACA LABORATORIES LIMITED	Director	09/05/1997	09/05/1997	-	Active	NO
3	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	08/09/2004	08/09/2004	-	Active	NO
4	U24232TG2007PTC053072	LUCID MEDICAL DIAGNOSTICS PRIVATE LIMITED	Additional director	29/03/2014	09/03/2007	-	Active	NO
5	U85100TG2010PTC066965	LUCID DIAGNOSTIC SOLUTIONS PRIVATE LIMITED	Director	10/02/2010	10/02/2010	24/12/2010	Active	NO
6	U85191TG2011PTC075961	LUCID DIAGNOSTICS CENTRE PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO
7	U01119TG2003PTC041228	SRI ANA BHASKARA AGRO FARMS PRIVATE LIMITED	Additional director	13/03/2012	13/03/2012	-	Active	NO
8	U45200TG2003PTC040206	SNEHA PRAGATHI ESTATES PRIVATE LIMITED	Additional director	13/03/2012	13/03/2012	-	Active	NO
9	U45200TG1999PLC030861	MAX INFRA (I) LIMITED	Whole-time director	14/05/2012	14/05/2012	-	Active	NO

Name :

Dr. Nandigala Venkata Reddy

Designation :

Director

Address :

Plot No. 550, Road No.19, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

01.07.1943

Date of Appointment :

08.09.2004

PAN No.:

AAMPD2660H

DIN No.:

01740424

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	U65910TG1980PTC002612	NANDINI FINANCE PRIVATE LIMITED	Director	10/11/1986	10/11/1986	01/04/2013	Active	NO
2	U65910TG1985PTC005769	LVSR LEASING AND FINANCE PRIVATE LIMITED	Director	05/08/1987	05/08/1987	-	Active	NO
3	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Managing director	01/06/2011	30/09/1996	-	Active	NO
4	U24210TG2001PTC036520	VIRCHOW BIOTECH PRIVATE LIMITED	Director	04/04/2001	04/04/2001	-	Active	NO
5	U74210TG1974PTC001733	IMEX ENGINEERING CO PRIVATE LIMITED	Director	18/10/2001	18/10/2001	-	Active	NO
6	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Director	04/06/2003	04/06/2003	-	Active	NO
7	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	08/09/2004	08/09/2004	-	Active	NO
8	U72300TG2007PTC055671	MAX INFRATECH (INDIA) PRIVATE LIMITED (PART IX)	Director	25/09/2007	25/09/2007	03/11/2007	Amalgamated	NO
9	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	29/09/2009	31/03/2009	-	Active	NO

Name :

Nandigala Prasanth

Designation :

Whole Time Director

Address :

Plot No. 550, Road No. 19, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

14.04.1972

Qualification :

MBA

Date of Appointment :

01.04.2011

PAN No.:

ABYPN4171A

DIN No.:

01740471

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Director	25/10/1999	25/10/1999	-	Active	NO
2	U74210TG1974PTC001733	IMEX ENGINEERING CO PRIVATE LIMITED	Director	18/10/2001	18/10/2001	-	Active	NO
3	U24230TG2002PTC039606	COVALENT LABORATORIES PRIVATE LIMITED	Director	15/05/2003	15/05/2003	-	Active	NO
4	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Whole-time director	01/04/2011	08/09/2004	-	Active	NO
5	U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO
6	U74999TG2007PLC052432	SV'S REMEDIES LIMITED	Director	29/09/2012	16/05/2012	-	Amalgamated	NO
7	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO
8	U85195TG1988PLC008172	SARACA LABORATORIES LIMITED	Additional director	04/11/2014	04/11/2014	-	Active	NO

Name :

Mr. Ravinder Reddy Devireddy

Designation :

Director

Address :

Plot No. 143, Siddhartha Nagar, Behind Vengalrao Nagar, Hyderabad – 500038, Telangana, India

Date of Birth/Age :

14.08.1934

Date of Appointment :

08.09.2004

PAN No.:

AMWPM8438Q

DIN No.:

02440531

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	U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	Director	30/09/1996	30/09/1996	-	Active	NO
2	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Director	08/09/2004	08/09/2004	-	Active	NO

Name :

Maha Vishnu Mundla

Designation :

Whole Time Director

Address :

Plot No. 15/A, Road No.2, Jubliee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

15.02.1987

Qualification :

MBA

Date of Appointment :

01.04.2011

PAN No.:

AMWPM8438Q

DIN No.:

02470664

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	U85195TG1988PLC008172	SARACA LABORATORIES LIMITED	Director	17/02/2006	17/02/2006	-	Active	NO
2	U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	Whole-time director	01/04/2011	12/02/2011	-	Active	NO
3	U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	Director	23/09/2011	27/04/2011	-	Amalgamated	NO
4	U24299TG2002PTC039653	EMMENNAR PHARMA PRIVATE LIMITED	Director	16/09/2011	01/08/2011	-	Active	NO
5	U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	Additional director	14/03/2014	14/03/2014	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Virchow Laboratories Limited, India	4510990
Linga Reddy Venkata Subash	100
M. Narayana Reddy	100
M. Lakshmi Prasanna	100
Nandigala Venkata Reddy	100
Nandigala Prasanth	100
D. Ravindra Reddy	100
M. S. Phani Kumar	100
Total	4511690

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Bodies corporate	99.98
Other top fifty shareholders	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Chemicals Products.

Products :

Product Description	Item Code No. (ITC Code)
Sulphamethoxozole	29350011
Cis (+) Lactum	29420090
Trimethoprim	29335920

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	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 :

Company Name :	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 :

Banker Name :	Andhra Bank
Branch :	Somajiguda Branch, D. No. 6-3-352/2, Astral Heights, Road No 1, Banjara Hills, Hyderabad – 500034, Telangana, 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 :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

• Citibank N. A., 1st Floor, Queens Plaza, Sardar Patel Road, Hyderabad – 500003, Telangana, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
SHORT TERM BORROWINGS
Working capital loans from banks	173.767	259.250
Other loans and advances, others	509.718	443.898
Total	683.485	703.148

Auditors :
Name :	M V Narayana Reddy and Company Chartered Accountants
Address :	8-3-941, Flat No. 504, Vijayasree Apartments, Ameerpet, Hyderabad – 500073, Telangana, India
PAN No.:	AADFM4830F
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding Company :	Virchow Laboratores Limited CIN No.: U24232AP1982PLC003368
Associates :	Virchow Chemicals Private Limited CIN No.: U65910AP1988PTC008596 Imex Engineering Company Private Limited CIN No.: U74210AP1974PTC001733 Virchow Petrochemical Private Limited CIN No.: U23209AP2003PTC041101 Virchow Drugs Limited CIN No.: U24239AP2004PLC042949 Emmennar Pharma Containers Private Limited CIN No.: U21014AP2001PTC037859 Emmennar Pharma Private Limited CIN No.: U24299AP2002PTC039653 Saraca Laboratories Limited CIN No.: U85195AP1988PLC008172 Covalent Laboratories Private Limited CIN No.: U24230TG2002PTC039606

CAPITAL STRUCTURE

AS ON 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4511690	Equity Shares	Rs.10/- each	Rs.45.117 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	45.117	45.117	45.117
(b) Reserves & Surplus	1680.879	1176.076	1069.424
(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)	1725.996	1221.193	1114.541
(3) Non-Current Liabilities
(a) long-term borrowings	605.169	607.669	588.169
(b) Deferred tax liabilities (Net)	175.161	153.541	145.971
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.519	6.446	5.379
Total Non-current Liabilities (3)	788.849	767.656	739.519
(4) Current Liabilities
(a) Short term borrowings	683.485	703.148	122.104
(b) Trade payables	256.710	68.840	12.693
(c) Other current liabilities	178.533	95.765	39.406
(d) Short-term provisions	198.237	61.122	53.230
Total Current Liabilities (4)	1316.965	928.875	227.433
TOTAL	3831.810	2917.724	2081.493
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1276.359	1000.027	1038.654
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	356.354	373.677	219.385
(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	84.406	78.632	7.510
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1717.119	1452.336	1265.549
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	519.670	288.165	349.139
(c) Trade receivables	1082.471	910.610	212.179
(d) Cash and cash equivalents	11.268	12.741	21.929
(e) Short-term loans and advances	291.310	187.458	171.955
(f) Other current assets	209.972	66.414	60.742
Total Current Assets	2114.691	1465.388	815.944
TOTAL	3831.810	2917.724	2081.493

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		4610.299	2405.189	2394.796
		Other Income		0.000	21.989	21.289
		TOTAL (A)		4610.299	2427.178	2416.085
Less	EXPENSES
		Cost of Materials Consumed		3129.910	1755.493	1807.389
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(77.428)	(4.943)	(34.829)
		Employee Benefits Expenses		158.836	69.676	67.985
		Other Expenses		540.507	315.835	330.189
		TOTAL (B)		3751.825	2136.061	2170.734
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			858.474	291.117	245.351
Less	FINANCIAL EXPENSES (D)			69.234	64.604	31.158
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			789.240	226.513	214.193
Less	DEPRECIATION/ AMORTISATION (F)			64.656	57.990	56.354
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			724.584	168.523	157.839
Less	TAX (H)			219.781	61.872	51.340
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			504.803	106.651	106.499
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			1174.075	1067.424	960.925
	BALANCE CARRIED TO THE B/S			1678.878	1174.075	1067.424
	EARNINGS IN FOREIGN CURRENCY
			Earnings in Foreign Currency on FOB Basis	2162.381	1200.962	1,174.112
	TOTAL EARNINGS			2162.381	1200.962	1174.112
	IMPORTS
			Raw Materials	698.835	310.030	553.867
			Capital Goods	0.000	0.000	8.616
	TOTAL IMPORTS			698.835	317.378	570.085
	Earnings / (Loss) Per Share (Rs.)			111.98	23.64	23.61

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) operations	474.720	(324.828)	328.503

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.95	4.43	4.45
Operating Profit Margin (PBDIT/Sales)	(%)	18.62	12.10	10.25
Return on Total Assets (PBT/Total Assets}	(%)	20.85	6.62	8.48
Return on Investment (ROI) (PBT/Networth)		0.42	0.14	0.14
Debt Equity Ratio (Total Debt /Networth)		0.75	1.07	0.64
Current Ratio (Current Asset/Current Liability)		1.61	1.58	3.59

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	45.117	45.117	45.117
Reserves & Surplus	1069.424	1176.076	1680.879
Net worth	1114.541	1221.193	1725.996
long-term borrowings	588.169	607.669	605.169
Short term borrowings	122.104	703.148	683.485
Total borrowings	710.273	1310.817	1288.654
Debt/Equity ratio	0.637	1.073	0.747

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	2394.796	2405.189	4610.299
		0.434	91.681

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	2394.796	2405.189	4610.299
Profit	106.499	106.651	504.803
	4.45%	4.43%	10.95%

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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

WA 1030 / 2013

WASR 48636 / 2013

CASE IS:PENDING

PETITIONER		RESPONDENT
APEPDCL, VISAKHAPATNAM & 2 OTHERS	VS	M/S.ANDHRA ORGANICS LTD, HYD & 11 OTHERS
PET.ADV. : JYOTHI ESWAR GOGINENI		RESP.ADV. : GUNARANJAN
SUBJECT: A.P.D.D.C.F.LTD.(MISC.MATTERS)		DISTRICT:  HYDERABAD

FILING DATE:  25-03-2013		POSTING STAGE :  INTERLOCUTORY
REG. DATE    :   08-07-2013	LISTING DATE : 03-07-2013		STATUS   :  ADMIT

HON'BLE JUDGE(S):

N.V.RAMANA

VILAS V.AFZULPURKAR

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Deferred payment liabilities	10.169	10.169
Intercorporate deposits	595.000	597.500
Total	605.169	607.669

REVIEW OF THE BUSINESS OPERATIONS

The company's leadership position in Sulphamethaxazole in key markets is continuing and the company has remained a preferred source to all its customers. Gross Sales witnessed an increase from Rs.2491.669 Million in the previous year to Rs.4780.927 Million in the current year and earned Profit after Tax of Rs.504.803 Million as against previous year profit of Rs.106.651 Million.

The directors assure that they will make every effort to achieve the best possible results in the ensuing years.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469097	06/12/2013	300,000,000.00	Citibank N. A.	1st Floor, Queens Plaza, Sardar Patel Road, Hyderabad, Andhra Pradesh - 500003, India	B93102572
2	90262119	25/03/2011 *	410,000,000.00	Andhra Bank	Somajiguda Branch, D.No.6-3-352/2, Astral Heights, Road No.1, Banjara Hills, Hyderabad, Andhra Pradesh - 500082, India	B12596383
3	90261767	30/03/1999	41,060,000.00	Bank of India	Visakhapatnam Overseas Branch, 10 - 50- 50; Kishan Bhawan, Visakhapatnam, Andhra Pradesh - 530002, India	-
4	90261648	30/03/1999 *	16,000,000.00	Bank of India	Visakhapatnam Overseas Branch, 10 - 50- 50; Kishan Bhawan, Visakhapatnam, Andhra Pradesh - 530002, India	-
5	90261546	10/07/1999 *	1,830,000.00	Bank of India	Visakhapatnam Overseas Branch, 10 - 50- 50; Kishan Bhawan, Visakhapatnam, Andhra Pradesh - 530002, India	-
6	90261384	10/07/1999 *	16,000,000.00	Bank of India	Visakhapatnam Overseas Branch, 10 - 50- 50; Kishan Bhawan, Visakhapatnam, Andhra Pradesh - 530002, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.74.79

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.