MIRA INFORM REPORT

Report No. :	501274
Report Date :	03.04.2018

IDENTIFICATION DETAILS

Name :	RA CHEM PHARMA LIMITED (w.e.f. 16.05.2005)
Formerly Known As :	IGOR PHARMACEM LIMITED (w.e.f. 21.11.2000) IGOR PHARMACEM PRIVATE LIMITED (w.e.f. 01.01.1999) 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) :	31.03.2016
Date of Incorporation :	08.01.1996
Com. Reg. No.:	36-022816
Capital Investment / Paid-up Capital :	INR 85.011 Million
CIN No.: [Company Identification No.]	U24110TG1996PLC022816
IEC No.: [Import-Export Code No.]	0996000836
TIN No.:	36180238194
GSTN : [Goods & Service Tax Registration No.]	36AAACI6448M1Z6
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACI6448M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of Active Pharmaceutical Ingredients (API) and Finished dosage formulations (FDF) and caters to both domestic and international markets. [Registered Activity]
No. of Employees :	Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 3431000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1996. It is a manufacturer of pharmaceutical products. For the financial year 2016, the company achieved revenue growth of 16.64% as compared to the previous year along with decent profit margin of 7.71%. The sound financial risk profile of the company is marked by adequate net worth base along with negligible debt balance sheet profile. Rating takes into consideration the subject’s healthy earnings per share of INR 27.14 against the Face value of INR 10. Rating takes into account the subject’s long established track record of business operations along with extensive experience of its promoters. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term borrowing = AA-
Rating Explanation	High degree of safety and very low credit risk
Date	16.03.2018
Rating Agency Name	CARE
Rating	Short term borrowing = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	16.03.2018

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 03.04.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel. No.:91-40-44758595)

LOCATIONS

Registered Office / Clinical Research and Biosciences:	Plot No. 26 and 27, Technocrats Industrial Estate, Phase I, Balanagar, Hyderabad - 500037, Telangana, India
Tel. No.:	91-40-44758595
Fax No.:	91-40-44758596
E-Mail :	info@rachempharma.com raj@rachempharma.com rmpurchase@invetisdds.com
Website:	http://www.rachempharma.com
Corporate Office :	Plot No: 45, Silicon Valley, Madhapur, Hyderabad-500081, Telangana, India
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, Telangana, India
Formulation R and D :	4^th Floor, CDC Towers, Road No: 5, IDA, Nacharam, Hyderabad – 500076, Telangana, India
API R and D :	5-5-35/69, Ayyanna Building, Prashant Nagar, Kukatpally, Hyderabad – 500072, Telangana, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Ravula Sirish Kumar

Designation :

Managing Director

Address :

253/3 RT, Vijaya Nagar Colony, Humayun Nagar, Hyderabad-500057, Telangana, India

Date of Birth/Age :

07.08.1965

Qualification :

B. Tech (Chemical Engineer), MBA from Syndemham College of Commerce, Mumbai

Date of Appointment :

10.03.2003

DIN No.:

01578978

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74110TG1999PTC033145	LAXMI R.A. HOLDINGS AND INVESTMENTS PRIVATE LIMITED	19/05/2003	-
U24239TG2003PTC040264	INVENTIS DRUG DELIVERY SYSTEMS PRIVATE LIMITED	02/11/2004	-
U24239TG2004PTC043904	INDU PHARMA PRIVATE LIMITED	02/08/2006	-
U24239TG2006PTC050152	CLINICAL RESEARCH AND BIOSCIENCES INDIA PRIVATE LIMITED	19/05/2006	-
U24232TG2012PTC081598	EPIONE LABS PRIVATE LIMITED	01/03/2014	-

Name :

Mr. Potluri Venkata Subba Rao

Designation :

Director

Address :

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

Date of Appointment :

20.01.2015

DIN No.:

00099066

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24239AP1987PLC008066	SMS PHARMACEUTICALS LIMITED	01/10/2016	-
U51219TG1997PTC027638	A.G.BIO-SYSTEMS PRIVATE LIMITED	30/07/1997	-
U24230TG2000PTC033784	REVIVE IMPEX PRIVATE LIMITED	01/02/2014	-
U24239TG2004PLC043602	REVAG BIOSCIENCES LIMITED	07/07/2004	-
U51909GJ2002PTC041235	VALUE EDUCATION PRIVATE LIMITED	10/07/2015	-
U24100TG2006PTC050221	VKT PHARMA PRIVATE LIMITED	30/09/2015	-
U74930TG2006PLC050223	SMS LIFESCIENCES INDIA LIMITED	30/09/2016	-
U74900MH2015PTC267576	GALAXY SCIENTIFIC NUTRITION PRIVATE LIMITED	01/10/2016	-
U24248TG2015PTC100765	NAVIPHARM PRIVATE LIMITED	15/09/2015	-
U74999TG2016PTC112179	ARBOR LIFE SCIENCES PRIVATE LIMITED	08/08/2017	-
U74999TG2016PTC112710	SELECTCHEMIE SERVICES PRIVATE LIMITED	31/10/2016	-

Name :

Mr. Divyang Bipinchandra Kapadia

Designation :

Director

Address :

3/A, Nandita, 93 Linking Road, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Appointment :

04.01.2017

DIN No.:

01555454

Name :

Mr. Vijayakrishna Thirumaleswara Konila

Designation :

Director

Address :

No.66, Sathyanarayanan Layout West of Chord Road, 3rd Stage, Bangalore – 560079, Karnataka, India 

Date of Appointment :

04.01.2017

DIN No.:

01752225

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72900KA2007PTC041614	PREDICTION LOGIC SOFTWARE (INDIA) PRIVATE LIMITED	01/02/2007	-

Name :

Ms. Minakshi Maheshwari

Designation :

Director

Address :

305, Sea Flama B Wing, Dosti Flamingos China Mill Compd, Sewri Naka, Sewri (West), Mumbai-400015, Maharashtra, India

Date of Appointment :

30.03.2017

DIN No.:

07780480

Name :

Mr. Vivekanand Thutupalli

Designation :

Additional Director

Address :

Flat No.303, H.No.37-17/634/303, Vineyard Jasper, Defence Colony, Sainikp Uri, Secunderabad-500062, Telangana, India

Date of Appointment :

25.11.2017

DIN No.:

01592485

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24230TG2006PTC049853	SVAN PHARMACARE PRIVATE LIMITED	05/04/2008	-

KEY EXECUTIVES

Name :	Mr. Praneeth Abhishek Gunda
Designation :	Company Secretary
Address :	11-3-366/4/B/G1, Gayatri Apartments, Srinivas Naga, Secunderabad-500061, Telangana, India
Date of Appointment :	07.09.2017
PAN No.:	AUPPG9796C

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Laxmi R.A. Holdings and Investments Private Limited, India	3941404
Micro Labs Limited, India	3749657
Dwarkadhish Trading Private Limited, India	510272
1575773 Ontario Inc., Canada	136901
Orchem International Trading BV, Netherland	112391
Revula Sirish Kuamar	50440
Atul Mardia	10
Anita Mardia	10
Vipul Kumat	10
Meeta Kumat	10
Total	8501105

AS ON 29.09.2017

Equity Share Break up	Percentage
Category
Promoters - Individual/Hindu Undivided Family – Indian	0.60
Promoters - Bodies corporate	93.40
Public/Other than promoters - Bodies corporate	6.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the manufacturing and selling of Active Pharmaceutical Ingredients (API) and Finished dosage formulations (FDF) and caters to both domestic and international markets. [Registered Activity]

Products / Services :

Item Code No. (ITC Code)	Product Description
29420090	Mebeverine HCL

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Divulged [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Bank Name	Indusind Bank Limited
Branch	2401, Gen Thimmayya Road, Cantonment Pune-411001, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2016 INR In Million	31.03.2015 INR In Million
LONG TERM BORROWINGS
Term loans from banks	128.440	215.096
Loans taken for fixed assets	9.892	5.146
SHORT TERM BORROWINGS
Loans repayable on demand from banks	995.449	887.512
Total	1133.781	1107.754

Auditors :
Name :	Walker Chandiok and Company LLP Chartered Accountants
Address :	7th Floor, Block III, White House, Kundan Bagh, Begumpet , Hyderabad - 500016, Telangana, India
PAN No.:	AABFC2045G
Memberships :	Not Available
Collaborators :	Not Available
Holding Company : (As on 31.03.2017)	Micro Labs Limited, India CIN No.: U24232KA1973PLC002401
Subsidiary Company : (As on 31.03.2017)	Indu Pharma Private Limited CIN No.: U24239TG2004PTC043904
Associates Companies :	Laxmi R.A. Holdings and Investments Private Limited, India CIN No.: U67120TG1999PTC033145
Subsidiary Company :	Indu Pharma Private Limited, India CIN No.: U24239TG2004PTC043904
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	R. A. Labels and Stickers Private Limited, India CIN No.: U99999TG2000PTC035037 1575773 Ontario Inc., Canada

CAPITAL STRUCTURE

AS ON 29.09.2017

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	85.011	85.011	85.011
(b) Reserves and Surplus	1115.855	890.207	750.631
(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)	1200.866	975.218	835.642
(3) Non-Current Liabilities
(a) long-term borrowings	196.106	270.310	170.288
(b) Deferred tax liabilities (Net)	98.593	86.782	70.307
(c) Other long-term liabilities	63.671	50.226	43.327
(d) long-term provisions	10.512	7.224	5.055
Total Non-current Liabilities (3)	368.882	414.542	288.977
(4) Current Liabilities
(a) Short-term borrowings	995.449	887.512	717.421
(b) Trade payables	415.320	414.938	449.020
(c) Other current liabilities	318.174	251.068	204.941
(d) Short-term provisions	40.264	20.476	28.264
Total Current Liabilities (4)	1769.207	1573.994	1399.646
TOTAL	3338.955	2963.754	2524.265
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1136.533	1108.458	832.151
(ii) Intangible Assets	0.421	0.315	1.446
(iii) Tangible assets capital work-in-progress	0.000	0.000	41.536
(iv) Intangible assets under development	4.508	13.593	0.000
(b) Non-current Investments	10.144	10.144	10.044
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	53.786	39.013	37.222
(e) Other Non-current assets	0.221	0.559	6.947
Total Non-Current Assets	1205.613	1172.082	929.346
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	929.542	722.461	614.084
(c) Trade receivables	919.272	814.296	762.377
(d) Cash and bank balances	39.444	37.960	24.487
(e) Short-term loans and advances	211.492	192.476	182.650
(f) Other current assets	33.592	24.479	11.321
Total Current Assets	2133.342	1791.672	1594.919
TOTAL	3338.955	2963.754	2524.265

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Total Revenue from operations	2993.368	2566.223	2178.747
	Other Income	7.127	8.363	2.809
	TOTAL	3000.495	2574.586	2181.556
Less	EXPENSES
	Cost of Materials Consumed	1380.031	1237.577	1073.938
	Purchases of Stock-in-Trade	40.212	47.288	40.356
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(101.255)	(98.602)	(125.410)
	Employee benefit expense	376.803	297.640	235.580
	CSR expenditure	1.101	0.000	0.000
	Other expenses	757.050	687.061	609.097
	TOTAL	2453.942	2170.964	1833.561
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	546.553	403.622	347.995
Less	FINANCIAL EXPENSES	152.182	105.691	107.510
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	394.371	297.931	240.485
Less	DEPRECIATION/ AMORTISATION	102.730	90.758	68.060
	PROFIT/ (LOSS) BEFORE TAX	291.641	207.173	172.425
Less	TAX	60.894	60.814	67.030
	PROFIT/ (LOSS) AFTER TAX	230.747	146.359	105.395
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2044.658	1745.931	1623.268
	TOTAL EARNINGS	2044.658	1745.931	1623.268
	Earnings / (Loss) Per Share (INR)	27.14	17.22	12.40

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	131.938	129.337	110.676
Net cash flows from (used in) operations	216.228	182.242	99.603
Net cash flows from (used in) operating activities	171.774	124.221	23.802

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365)	112.09	115.82	127.72
Account Receivables Turnover (Income / Sunday Debtors)	3.26	3.15	2.86
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	106.74	117.87	147.08
Inventory Turnover (Operating Income / Inventories)	0.59	0.56	0.57
Asset Turnover (Operating Income / Net Fixed Assets)	0.48	0.36	0.40

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.63	0.67	0.67
Debt Equity Ratio (Total Liability / Networth)	1.10	1.32	1.19
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.47	1.61	1.67
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.95	1.15	1.05
Interest Coverage Ratio (PBIT / Financial Charges)	3.59	3.82	3.24

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin [(PAT / Sales) * 100]	%	7.71	5.70	4.84
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.91	4.94	4.18
Return on Investment (ROI) ((PAT / Networth) * 100)	%	19.22	15.01	12.61

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.21	1.14	1.14
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.68	0.68	0.70
G-Score Ratio Financial (Networth / Total Assets)	0.36	0.33	0.33
G-Score Ratio Debt (Debts / Equity Capital)	15.57	15.14	11.74
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.21	1.14	1.14

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	85.011	85.011	85.011
Reserves & Surplus	750.631	890.207	1115.855
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	835.642	975.218	1200.866
Long-term borrowings	170.288	270.310	196.106
Short term borrowings	717.421	887.512	995.449
Current maturities of long-term debts	110.676	129.337	131.938
Total borrowings	998.385	1287.159	1323.493
Debt/Equity ratio	1.195	1.320	1.102

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2178.747	2566.223	2993.368
		17.784	16.645

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2178.747	2566.223	2993.368
Profit/ (Loss)	105.395	146.359	230.747
	4.84%	5.70%	7.71%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	85.011	85.011
(b) Reserves and Surplus	1114.775	889.051
(c) Money received against share warrants	0.000	0.000
(d) Minority interest	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1199.786	974.062
(3) Non-Current Liabilities
(a) long-term borrowings	196.106	270.310
(b) Deferred tax liabilities (Net)	98.593	86.782
(c) Other long-term liabilities	63.671	50.226
(d) long-term provisions	10.512	7.224
Total Non-current Liabilities (3)	368.882	414.542
(4) Current Liabilities
(a) Short-term borrowings	995.449	887.512
(b) Trade payables	415.721	415.282
(c) Other current liabilities	318.333	251.205
(d) Short-term provisions	40.277	20.490
Total Current Liabilities (4)	1769.780	1574.489
TOTAL	3338.448	2963.093
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1147.894	1120.933
(ii) Intangible Assets	3.596	3.489
(iii) Tangible assets capital work-in-progress	4.508	13.593
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.400	0.400
(c) Deferred tax assets (net)	0.873	0.752
(d) Long-term loans and advances	45.776	30.597
(e) Other Non-current assets	0.221	0.559
Total Non-Current Assets	1203.268	1170.323
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	929.542	722.461
(c) Trade receivables	919.272	814.296
(d) Cash and bank balances	39.487	38.004
(e) Short-term loans and advances	213.287	193.530
(f) Other current assets	33.592	24.479
Total Current Assets	2135.180	1792.770
TOTAL	3338.448	2963.093

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	2993.368	2566.223
	Other Income	7.127	9.996
	TOTAL	3000.495	2576.219
Less	EXPENSES
	Cost of Materials Consumed	1380.031	1237.577
	Purchases of Stock-in-Trade	40.212	47.288
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(101.255)	(98.602)
	Employee benefit expense	376.823	297.659
	Other expenses	757.063	686.951
	TOTAL	2452.874	2170.873
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	547.621	405.346
Less	FINANCIAL EXPENSES	152.182	105.692
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	395.439	299.654
Less	DEPRECIATION/ AMORTISATION	103.844	92.411
	PROFIT/ (LOSS) BEFORE TAX	291.595	207.243
Less	TAX	60.773	60.889
	PROFIT/ (LOSS) AFTER TAX	230.822	146.354
	Earnings / (Loss) Per Share (INR)	27.15	17.22

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	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	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	No
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

COMPANY OVERVIEW

The Company is a public company domiciled in India and registered under the provisions of the erstwhile Companies Act, 1956. The Company was incorporated on 8 January 1996. The Company together with its subsidiary (collectively referred to as “Group”) is engaged in the manufacturing and selling of Active Pharmaceutical Ingredients (API) and Finished dosage formulations (FDF) and caters to both domestic and international markets. The Group is also engaged in undertaking dossier development and clinical research studies.

BUSINESS OPERATIONS

During the year company has achieved total revenue of INR 3000.495 Million compared to previous year revenue of INR 2574.586 Million and registered a net profit of INR 230.747 Million compared to previous year profit of INR 146.359 Million. The Company expects good business in the upcoming years.

UNSECURED LOANS:

PARTICULAR	31.03.2016 INR In Million	31.03.2015 INR In Million
Long-term Borrowings
Term loans from others	31.512	31.900
Loans and advances from related parties	26.262	18.168
Total	57.774	50.068

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G76793900	100154322	INDUSIND BANK LTD.	30/01/2018	-	-	200000000.0	2401, Gen Thimmayya Road, Contonment, Pune-411001, Maharashtra, India
2	G76812544	100154793	INDUSIND BANK LTD.	30/01/2018	-	-	270000000.0	2401, Gen Thimmayya Road, Contonment, Pune-411001, Maharashtra, India
3	G76784909	100154276	INDUSIND BANK LTD.	30/01/2018	-	-	106000000.0	2401, Gen Thimmayya Road, Contonment, Pune-411001, Maharashtra, India
4	G59507459	100130493	Axis Bank Limited	04/10/2017	-	-	800000.0	"Trishul", 3 Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahemedabad-380006, Gujarat, India
5	G57555633	100129041	Axis Bank Limited	23/06/2017	-	-	4433000.0	"Trishul", 3 Floor, Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahemedabad-380006, Gujarat, India
6	C41584020	10545392	ICICI BANK LIMITED	06/01/2015	-	-	245000000.0	Landmarkrace Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India
7	B82532599	10443975	State Bank of India	27/06/2013	-	-	225000000.0	Saifabad (SIB) Branch, Haca bhavanopp Assembly, Hyderabad-500004, Telangana, India
8	B40388639	10357644	Axis Bank Limited	16/04/2012	-	-	2123604.0	5-2-183/184, ASC Centre, III Floor, R P Road, Hyderabad-500003, Telangana, India
9	G37435765	10327698	State Bank of India	17/12/2011	20/02/2017	-	1355100000.0	Industrial Finance Branch, Mid Corporate Group, Rajbhavan Road, Somajiguda, Hyderabad-500082, Telangana, India
10	G78651924	10073795	ICICI BANK LIMITED	11/09/2006	29/09/2009	01/03/2018	45500000.0	Landmarkrace Cource Circle, Alkapuri, Vadodara-390015, Gujarat, India

FIXED ASSETS:

Tangible Asset:

• Land
• Building
• Plant and equipment
• Furniture and Fixture
• Office equipment
• Computer
• Vehicles

Intangible Asset:

· Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l 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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	PRY
Report Prepared by :	BHG

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.