MIRA INFORM REPORT

Report No. :	489149
Report Date :	05.02.2018

IDENTIFICATION DETAILS

Name :	VASUDHA PHARMA CHEM LIMITED
Registered Office :	78/A, Vengalrao Nagar, Hyderabad – 500038, Telangana
Tel. No.:	91-40-44763666/ 23711717/ 23812046/ 23811576
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	20.12.1994
Com. Reg. No.:	36-019021
Capital Investment / Paid-up Capital :	INR 350.000 Million
CIN No.: [Company Identification No.]	U24230TG1994PLC019021
IEC No.:	0995005621
TIN No.:	37390187262
TAN No.: [Tax Deduction & Collection Account No.]	HYDV02144C
GSTIN :	36AAACV9857D1Z1
PAN No.: [Permanent Account No.]	AAACV9857D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Active Pharmaceutical Ingredients and Pharma Intermediates. [Registered Activity and also confirmed by management]
No. of Employees :	2000 (Approximately)

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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 7800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was established in the year 1994 and is engaged in manufacturing pharmaceutical ingredients. Its products include pipes done and piper dine derivatives. Management has failed to file its latest financials with Government Registry. As per available financials of March 2016, the company has registered growth pf 10.80% in its revenue as compared to its previous year’s revenue and reported good profit margins of 10.94% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with strong debt coverage indicators and good liquidity position. Rating also takes into account the extensive industry experience of promoters and long standing relationship with its customer. However, rating strength is partially offset by prevailing uncertain regulatory environment in the Indian pharma industry and ever increasing competition. Payments seems to be regular. In view of aforesaid, the company can be considered good for business dealings at usual trade terms and condition. Note: As per indirect sources, we could find that the company has achieved net sales were INR 5128.000 Million in the FY 2016 and INR 4625.000 Million in the FY 2015 and profit after tax was INR 561.000 Million in the FY 2016 and INR 509.000 Million in the FY 2015.

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 (30.06.2017)	Current Rating (30.09.2017)
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	INDIA RATING
Rating	Long Term Rating = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	March, 2017

Rating Agency Name	INDIA RATING
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	March, 2017

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 05.02.2018

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 PARTED BY

Name :	Mr. Kumar
Designation :	Finance Manager
Contact No.:	91-40-44763666
Date :	02.02.2018

Name :	Mr. Gupta
Designation :	Not Divulged
Contact No.:	91-40-44763666 / Ex-413
Date :	02.02.2018

LOCATIONS

Registered Office :	78/A, Vengalrao Nagar, Hyderabad – 500038, Telangana, India
Tel. No.:	91-40-44763666/ 23711717/ 23812046/ 23811576
Mob No.:	91-9441552555 (Mr. Arvind Rao)
Fax No.:	91-40-23706696/ 23811576/ 44763636
E-Mail :	legal@vasudhapharma.com vasudha@vasudhapharma.com
Website :	www.vasudhapharma.com
Location :	Rented
Locality :	Commercial
Unit I:	Plot No. 39, A and B, Phase I, I.D.A, Jeedimetla, Hyderabad - 500055 Telangana, India
Unit II:	Plot No. 79, Jawaharlal Nehru Pharma City, Parawada, District Vishakhapatnam - 531021, Telangana, India
Unit III:	Plot No. 23 and 24, Jawaharlal Nehru Pharma City, Parawada, District Vishakhapatnam - 531021, Telangana, India
Unit IV:	Plot No. 01, Jawaharlal Nehru, Pharmacity, Parawada, District Vishakhapatnam – 531021, Andhra Pradesh, India
Branch Office :	Plot No. 184, Industrial Park, Opposite Jawaharlal Nehru Pharma City, Thanam Village, Parawada Mandal, Vishakhapatnam – 531021, Andhra Pradesh, India Unit 2, Plot No. 79, Jawaharlal Nehru Pharma City, Parawada, Vishakhapatnam – 531021, Andhra Pradesh, India Unit 3, Plot No. 23 and 24, Jawaharlal Nehru Pharma City, Parawada, Vishakhapatnam – 531021, Andhra Pradesh, India Unit 4, Plot No. 01, Jawaharlal Nehru Pharma City, Thadi Village Parawada, Vishakhapatnam – 531019, Andhra Pradesh, India Unit 1, Plot No. 39 A and B, IDS Jeedimetla, Rangareddy, Telangana – 500055, Hydrabad, India Plot No. 42 and 43, Saibaba Nagar Colony, Kukatpally, Hyderabad - 500072, Rangareddy, Telangana, India R and D Building, Commercial Hub, Road No. 13, Jawaharlal Nehru Pharmacity Parawad, Visakhapatnam – 531019, Andhra Pradesh, India Unit 5, Plot No. 24, 24A and 24 B, (Denotified Area), APSEZ Atchutapuram Lalam, Koduru (V), Rambilli (M), Atchutapuram, Visakhapatnam – 531011, Andhra Pradesh, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Venkata Ramaraju Manthena

Designation :

Managing director

Address :

Plot No. 281, F/A Road, No. 10B, Jubilee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

15.06.1946

Qualification :

Master of Science (Chemistry)

Date of Appointment :

29.09.2009

PAN No.:

AARPM1206D

DIN No.:

00085767

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24230TG1991PLC013162	VASUDHA ORGANICS LIMITED	04/09/1991	-
U24100TG1996PLC024189	SHRI RAM CHLOROCHEM LIMITED	30/10/2000	-
U01119TG2002PTC039159	VANAJA FARMS AND ESTATES PRIVATE LIMITED	26/09/2016	-
U01119TG2002PTC040117	EKADANTA FARMS AND ESTATES PRIVATE LIMITED	28/09/2016	-
U70102TG2003PLC041857	VASUDHA HOMES LIMITED	13/10/2003	-
U70102TG2002PTC039830	EKAVIRA FARMS AND ESTATES PRIVATE LIMITED	26/09/2016	-
U01119TG2006PTC048937	EKAGRA AGRO FARMS PVT LTD	26/09/2016	-
U45200TG2007PTC056651	VASISTHA INFRASTRUCTURE PRIVATE LIMITED	27/09/2016	-
U24100AP2010PLC070652	VEDA BIOFUEL LIMITED	30/12/2011	-

Name :

Mrs. Varalakshmi Mantena

Designation :

Director

Address :

Plot No.281 F/A Road No. 10b, Jubilee Hills Hyderabad 500033, Andhra Pradesh, India

Date of Birth/Age :

10.08.1949

Qualification :

Bachellor of Science (B Sc)

Date of Appointment :

26.02.2015

PAN No.:

ABIPM9053C

DIN No.:

00085857

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65920TG1996PLC023172	V P C L FINANCE LIMITED	11/01/2008	-
U01119TG2006PTC049204	VAHINI AGRO FARMS PVT LTD	30/09/2006	-
U45209TG2008PTC058700	VISHNUPRIYA INFRASTRUCTURE PRIVATE LIMITED	29/09/2016	-

Name :

Mr. Ashok Srinivasa Raju Mantena

Designation :

Whole-Time Director

Address :

Flat No. 1201, A Block, Fortune Towers, Madhapur, Beside Petrol Bank, Hyderabad – 500081, Telangana, India

Date of Birth/Age :

26.03.1972

Qualification :

Master of Science (Chemical Engineering)

Date of Appointment :

24.06.1998

PAN No.:

AHWPM3791P

DIN No.:

00085896

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200TG2007PTC056641	VIJETHA BUILDERS PRIVATE LIMITED	27/09/2016	-
U45400TG2007PTC056694	OMSHAKTI BUILDERS PRIVATE LIMITED	28/09/2016	-
U45209TG2009PTC065672	SREEJA INFRASTRUCTURE PRIVATE LIMITED	15/02/2016	-
U45200TG2007PTC056651	VASISTHA INFRASTRUCTURE PRIVATE LIMITED	28/09/2012	-
U01119TG2006PTC049541	OMKARA RESORTS PRIVATE LIMITED	28/09/2016	-
U40107TG2013PTC091180	SARAYU CLEAN INFRA PRIVATE LIMITED	21/11/2013	-
U70102TG2003PLC041857	VASUDHA HOMES LIMITED	13/10/2003	-
U24100TG1996PLC024189	SHRI RAM CHLOROCHEM LIMITED	20/09/2014	-
U24230TG1991PLC013162	VASUDHA ORGANICS LIMITED	04/09/1991	-
U41000AP2016PLC103829	ATCHUTAPURAM EFFLUENT TREATMENT LIMITED	09/08/2016	-

Name :

Mr. Anand Manthena

Designation :

Whole-Time Director

Address :

8-2-293/82/A/667, Road No.33, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

10.06.1974

Qualification :

Master of Business Administration

Date of Appointment :

22.08.2011

PAN No.:

AAUPM0373L

DIN No.:

00085970

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24230TG1991PLC013162	VASUDHA ORGANICS LIMITED	20/09/2014	-
U24100TG1996PLC024189	SHRI RAM CHLOROCHEM LIMITED	28/09/2002	-
U70102TG2003PLC041857	VASUDHA HOMES LIMITED	13/10/2003	-
U70102TG2002PTC039830	EKAVIRA FARMS AND ESTATES PRIVATE LIMITED	26/09/2016	-
U01119TG2006PTC048937	EKAGRA AGRO FARMS PVT LTD	26/09/2016	-
U01119TG2006PTC049205	VALLABHA AGRO TECH PVT LTD	29/09/2016	-
U01122TG2006PTC049540	EKALAVYA FARMS AND RESORTS PRIVATE LIMITED	28/09/2016	-

Name :

Venkatanaga Mantena Madhusudhan Raju

Designation :

Whole Time Director

Address :

Plot No. 498, Bhagat Singh Nagar, ADJ to Vasanth Nagar, Kukatpally, Hyderabad – 500072, Telangana, India

Date of Birth/Age :

02.05.1976

Qualification :

Bachellor of Commerce

Date of Appointment :

19.07.2011

PAN No.:

ANQPM3013Q

DIN No.:

00685753

Name :

Mr. Venkata Surya Naga Vara Prasad Raju Mantena

Designation :

Whole-Time Director

Address :

Flat No.101, Nakshatra Castle, Prashanti Nagar, Kurmannapalem, Gajuwaka, Visakhapatnam - 530046, Andhra Pradesh, India

Date of Birth/Age :

10.08.1964

Qualification :

Bachellor of Commerce

Date of Appointment :

20.09.2012

PAN No.:

AOHPM1430M

DIN No.:

00686034

Name :

Mr. Jagadeeswaravarma Raju Vegesana

Designation :

Wholetime Director

Address :

Flat No.A 907, Nagarjuna Residency Telecom Nagar, Gachibowli

Date of Birth/Age :

10.08.1955

Qualification :

Master of Commerce (M Com)

Date of Appointment :

26.12.2006

PAN No.:

ABHPV6466F

DIN No.:

01125213

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100TG1996PLC024189	SHRI RAM CHLOROCHEM LIMITED	28/09/2007	-

Name :

Mr. Venkata Rama Raju Gadiraju

Designation :

Director

Address :

2-2-23/22/15, Bagh Amberpet, Hyderabad – 500013, Telangana, India

Date of Birth/Age :

03.04.1939

Qualification :

Bachellor of Engineering (B E) (Mechanical)

Date of Appointment :

17.06.2013

PAN No.:

ACGPG3705Q

DIN No.:

01873163

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U28910TG1976PTC002025	DIAGRAM FORGINGS PVT LTD	26/04/1976	-
U31200TG1984PTC005131	DIAGRAM FABRICATORS PVT LTD	27/11/1984	-
U40100TG1995PLC021342	R R BIO-ENERGIES LIMITED	07/08/1995	-
U28999TG1995PTC020038	DIAGRAM FORGETOOLS PRIVATE LIMITED	18/04/1995	-

Name :

Mr. Venkata Raju Kalidindi

Designation :

Director

Address :

#G2, Parimala Pride, "C" Block, Aecs Layout, Kundalahalli, Bangalore - 560037, Karnataka, India

Date of Birth/Age :

08.06.1964

Qualification :

Bachellor of Technology (B Tech) (Civil Engineering)

Date of Appointment :

23.03.2009

PAN No.:

AHTPK6870G

DIN No.:

02568582

Name :

Mr. Karanam Aravinda Rao

Designation :

Additional Director

Address :

Plot No.8, Gurukula Patashala, Puppalaguda, Rajendranagar Ranga Reddy District-500089, Telangana, India

Date of Birth/Age :

06.06.1951

Date of Appointment :

23.01.2017

PAN No.:

AFAPK5858H

DIN No.:

07002205

Note:

No company exist for a Director:

· Mr. Venkatachelam Samba Murthy Perinkolam

KEY EXECUTIVES

Name :	Mr. Jagadeeswaravarma Raju Vegesana
Designation :	Chief Finance Officer
Address :	Flat No. A 907, Nagarjuna Residency Telecom Nagar, Gachibowli Hyderabad-500032, Telangana, India
Date of Birth/Age :	10.08.1955
Qualification :	Master of Commerce (M Com)
Date of Appointment :	01.04.2014
PAN No.:	ABHPV6466F
Name :	Mr. Phani Chakravarthy Nadupalle
Designation :	Company Secretary
Address :	Plot No. 256, H. No. 9-222/1, Employees Colony Near Mallanna Temple, Yapral Secunderabad-500087, Telangana, India
Date of Appointment :	19.09.2016
PAN No.:	BDUPP0350E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2016

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2016

Category	Percentage
Promoters (Individual/Hindu Undivided Family - Indian)	96.18
Public/Other than promoters (Individual/Hindu Undivided Family - Indian)	2.83
Public/Other than promoters (Bodies corporate)	0.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Active Pharmaceutical Ingredients and Pharma Intermediates. [Registered Activity and also confirmed by management]

Products :

Item Code No.	Product Description
29420090	Pentaprazole
29225024	Domperidone
29333990	Losartan Potassium
29333990	Loratidine
29029090	Fexofenadine

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Countries :

• European Country
• United State of America
• United Kingdom
• Middle East
• Far East Countries

Imports :

Products :

Raw Material

Countries :

• China
• Malaysia
• European Country
• Singapore

Terms :

Selling :

L/C, Cheque and Credit (30 / 90 Days)

Purchasing :

L/C, Cheque and Credit (30 / 90 Days)

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 :

End Users and Manufacturer

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

No. of Employees :

2000 (Approximately)

Bankers :

Bank Name	The Hongkong and Shanghai Banking Corporation Limited
Branch	6-3-1107 and 1108, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Telangana, 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)	Total Limit = INR 1250.000 Million
Account Operation	--
Remarks (If any)	--
Bank Name	HDFC Bank Limited
Branch	HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India
Credit Facilities Enjoyed (If any)	Total Limit = INR 1250.000 Million
Bank Name	Citibank N.A
Branch	Queens Plaza, S P Road, Secunderabad - 500003, Telangana, India
Credit Facilities Enjoyed (If any)	Total Limit = INR 1250.000 Million

· Export-Import Bank of India

Floor 21, Centre One Building, World Trade Centre, Cuffe Parade, Mumbai - 400006, Maharashtra, India

· Standard Chartered Bank

G5, Ground Floor, Ashok Bhoopal Chambers, S P Road, Secunderabad - 500003, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2015 (INR In Million)	31.03.2014 (INR In Million)
Long-term Borrowings
Rupee term loans from banks	0.000	23.529
(Personal guarantees of Mr. M V Rama Raju, Chairman and Managing Director, Mr. M A S Raju, Director – Technical and Sri M Anand, Di r e c tor - Commercial)
Short-term borrowings
Loans repayable on demand from banks	815.553	784.072
(Personal guarantees of Sri M V Rama Raju, Chairman and Managing Director, Sri M A S Raju, Director – Technical and Sri M Anand, Director - Commercial.)
Total	815.553	807.601

Auditors :
Name :	Paturi and Associates Chartered Accountants
Address :	G1, Jayaramakrishna Residency, Jaya Prakash Nagar, Yellareddyguda, Hyderabad – 500073, Telangana, India
Tel No.:	91-40-23746430
Mob No.:	91-9848882181
Email.:	paturiassociates@gmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAQPP2545M
Secretarial Audit Report :
Name :	D.Hanumanta Raju and Company
Address :	B-13, F-1, P S Nagar, Vijaynagar Colony, Hyderabad – 500057, Telangana, India
PAN No.:	AAIFD5899E
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	· Vasudha Organics Limited U24230TG1991PLC013162 · Shri Ram Chlorochem Limited U24100TG1996PLC024189

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	INR 10/- each	INR 350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	INR 10/- each	INR 350.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	350.000	350.000	350.000
(b) Reserves & Surplus	2395.568	1888.244	1451.866
(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)	2745.568	2238.244	1801.866
(3) Non-Current Liabilities
(a) Long-term borrowings	18.680	46.993	96.957
(b) Deferred tax liabilities (Net)	45.944	46.822	44.445
(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)	64.624	93.815	141.402
(4) Current Liabilities
(a) Short term borrowings	815.553	784.072	610.738
(b) Trade payables	311.695	434.261	235.231
(c) Other current liabilities	208.502	236.616	188.276
(d) Short-term provisions	10.531	8.712	2.064
Total Current Liabilities (4)	1346.281	1463.661	1036.309
TOTAL	4156.473	3795.720	2979.577
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1059.386	930.454	814.669
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	36.118	88.563	42.647
(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	12.494	16.190	20.931
(e) Other Non-current assets	0.000	0.000	0.065
Total Non-Current Assets	1107.998	1035.207	878.312
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1004.108	938.083	737.498
(c) Trade receivables	1582.790	1327.164	1014.254
(d) Cash and cash equivalents	216.833	287.053	157.622
(e) Short-term loans and advances	243.373	208.213	191.891
(f) Other current assets	1.371	0.000	0.000
Total Current Assets	3048.475	2760.513	2101.265
TOTAL	4156.473	3795.720	2979.577

PROFIT & LOSS ACCOUNT

Particulars	31.03.2017	31.03.2016
SALES TURNOVER	6010.000	5128.000
PROFIT/ (LOSS) AFTER TAX	Not Available	561.000

Expected Sales (2017-2018) : INR 6500.000 Million

The above information has been parted by Mr. Kumar (Finance Manager)

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	4625.098	4264.092	4029.260
	Other Income	30.298	2.722	2.814
	TOTAL	4655.396	4266.814	4032.074
Less	EXPENSES
	Cost of Materials Consumed	2554.771	2529.560	2340.043
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(47.556)	(253.602)	(62.877)
	Employees benefits expense	335.039	258.760	211.098
	CSR Expenditure	846.221	851.763	762.859
	Other expenses	10.688	0.000	0.000
	TOTAL	3699.163	3386.481	3251.123
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	956.233	880.333	780.951
Less	FINANCIAL EXPENSES	82.689	58.945	36.597
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	873.544	821.388	744.354
Less/ Add	DEPRECIATION/ AMORTISATION	104.617	92.155	86.224
	PROFIT/ (LOSS) BEFORE TAX	768.927	729.233	658.130
Less	TAX	259.924	251.366	214.431
	PROFIT/ (LOSS) AFTER TAX	509.003	477.867	443.699
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	285.597	199.219	105.520
Less	APPROPRIATIONS
	Transfer to General Reserve	400.000	350.000	350.000
	Tax expense/(benefit) of prior years	0.100	41.489	0.000
	Transition Depreciation recognized	6.500	0.000	0.000
	Total	406.600	391.489	350.000
	Balance Carried to the B/S	388.000	285.597	199.219
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1557.929	1709.777	1327.946
	TOTAL EARNINGS	1557.929	1709.777	1327.946
	IMPORTS
	Raw Materials	884.903	693.635	775.655
	Packing Materials	0.000	0.000	0.405
	components and spare parts	1.469	0.871	0.694
	Capital Goods	5.684	6.001	3.959
	TOTAL IMPORTS	892.056	700.507	780.713
	Earnings / (Loss) Per Share (INR)	15.54	13.65	12.68

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	28.313	49.964	47.059
Cash generated from operations	470.570	629.334	443.077
Net cash flow from operating activity	211.477	345.504	218.994

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Average Collection Days (Sundry Debtors / Income * 365 Days)	124.91	113.60	91.88
Account Receivables Turnover (Income / Sundry Debtors)	2.92	3.21	3.97
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	44.53	62.66	36.69
Inventory Turnover (Operating Income / Inventories)	0.95	0.94	1.06
Asset Turnover (Operating Income / Net Fixed Assets)	0.87	0.86	0.91

LEVERAGE RATIOS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.34	0.41	0.40
Debt Equity Ratio (Total Liability / Networth)	0.31	0.39	0.42
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.49	0.65	0.58
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.40	0.46	0.48
Interest Coverage Ratio (PBIT / Financial Charges)	11.56	14.93	21.34

PROFITABILITY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin ((PAT / Sales) * 100)	%	11.01	11.21	11.01
Return on Total Assets ((PAT / Total Assets) * 100)	%	12.25	12.59	14.89
Return on Investment (ROI) ((PAT / Networth) * 100)	%	18.54	21.35	24.62

SOLVENCY RATIOS

PARTICULARS	31.03.2015	31.03.2014	31.03.2013
Current Ratio (Current Assets / Current Liabilities)	2.26	1.89	2.03
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.52	1.25	1.32
G-Score Ratio Financial (Networth / Total Assets)	0.66	0.59	0.60
G-Score Ratio Debt (Debts / Equity Capital)	2.46	2.52	2.16
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.26	1.89	2.03

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	31.03.2013	31.03.2014	31.03.2015
	INR In Million	INR In Million	INR In Million
Share Capital	350.000	350.000	350.000
Reserves & Surplus	1451.866	1888.244	2395.568
Net worth	1801.866	2238.244	2745.568
Long Term borrowings	96.957	46.993	18.680
Short Term borrowings	610.738	784.072	815.553
Current Maturities of Long term debt	47.059	49.964	28.313
Total borrowings	754.754	881.029	862.546
Debt/Equity ratio	0.419	0.394	0.314

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	INR In Million	INR In Million	INR In Million
Sales	4029.260	4264.092	4625.098
		5.828	8.466

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	INR In Million	INR In Million	INR In Million
Sales	4029.260	4264.092	4625.098
Profit	443.699	477.867	509.003
	11.01%	11.21%	11.01%

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	Yes
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)	Yes
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	No
26	Turnover of firm for last five years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last four 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

FINANCIAL HIGHLIGHTS

Gross Revenue of INR 5065.100 Million from operations was achieved during the financial year 2014-15, registering a growth of 9% over the previous year. Revenue from Export sales and Export incentives accounts for 42% of Gross Revenue from operations.

Profit Before Depreciation, Interest and Tax for the year was INR 956.200 Million and Profit Before Tax for the year was INR 768.900 Million, registering a growth of 4.50% and 5.44% respectively over the previous year. Profit After Tax for the year was INR 509.000 Million, registering a growth of 6.52% over the previous year.

REVIEW OF OPERATIONS:

Inspite of macroeconomic challenges and weak global economy, the company could sustain its margins and maintain its leadership position in its top five products

The Company obtained Certificate of Suitability (C.O.S) for eight products from European authorities, Mexican Good Manufacturing Practices (GMP) certificate for seven products, Korean Food and Drugs Administration (KFDA) approval for four products, Import Drug License for three products from Chinese authorities, registered two products with Japanese authorities and registered five products with Taiwan authorities as on the date of this report. In addition, the Company has also filed Drug Master Files (DMFs) for nine products with United States Food and Drugs Administration (USFDA), four products for C.O.S. certification, three products with Chinese authorities and four products with Taiwan authorities.

USFDA has completed 2nd surveillance audit of company’s Unit-I in May 2015 with zero 483 observations. The company is actively pursuing to become a sourcing partner for supplying Active Pharmaceutical Ingredients (APIs) to the reputed formulators in their Abbreviated New Drug Application (ANDA) filings. This will provide sustainable growth.

The company has completely repaid the Unit-III Term Loan (Availed from HDFC Bank) and has become Term Debt free as on the date of this report.

Now, the Company proposes to set up a manufacturing facility (Unit-IV) to convert its in-house APIs into pellets, which is a semi-finished formulation stage. The company has already purchased 3.32 acres of land in Jawaharlal Nehru Pharma City, Visakhapatnam and actively pursuing civil works. The capital outlay of the project is Rs.45 crores and will be entirely funded through internal accruals. In addition, the company is spending Rs.10 crores of routine capital expenditure during Financial Year 2015-16 to up-grade its existing three facilities, which will also be met from internal accruals.

OUTLOOK

The company will be launching three new APIs during the financial year 2015-16 and another three products are in the Research and Development (R & D) pipeline which will be launched in the financial year 2016-17. The company has also separated R & D into two departments namely, R & D and Process Development (PD). R & D carries out the process development for launching new products and PD engages in process development (improvement) of existing products. This will enable the company to address the challenges of launching new products for future growth and sustain the margins of existing products. The company’s new products, its increased supplies to the existing customers and more business in the regulated markets will drive the future growth of the company

The company expects to commence production in the pellets manufacturing facility (Unit-IV) by end of March, 2016 and completes the finishing works of the facility by end of first quarter of FY 2016-17. This will become another important step to move in the value chain, have innovative technology, retain existing customers, add new customers who are looking for APIs in the form of semi-finished formulations, provide value to the customers, control on costs and quality and improve profitability of the company.

Having acquired about 26 acres of land from APIIC Ltd., Special Projects Zone, Achutapuram, Visakhapatnam District, Andhra Pradesh at a cost of about INR 100.000 million, the company proposes to commence civil works during the first quarter of Financial Year 2016-17 for setting up APIs manufacturing facility. The estimated cost of the project and time line is being worked out. This project provides additional API production capacity and drive the future growth of the company.

UNSECURED LOAN

PARTICULARS	31.03.2015 (INR In Million)	31.03.2014 (INR In Million)
Long-Term Borrowings
Deferred payment liabilities	18.680	23.464
Total	18.680	23.464

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G41514571	10526824	The Hongkong and Shanghai Banking Corporation Limited	16/10/2014	16/03/2017	-	300000000.0	6-3-1107 & 1108, Raj Bhavan Road,SomajigudaHyderabadTG500082IN
2	G12547030	10173480	HDFC BANK LIMITED	10/08/2009	30/07/2016	-	280000000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
3	G10835742	10133649	Standard Chartered Bank	15/12/2008	30/07/2016	-	150000000.0	6-3-1090, TSR TOWERS, RAJ BHAVAN ROADSOMAJIGUDAHYDERABADTG500084IN
4	G09902883	10053700	KOTAK MAHINDRA BANK	09/05/2007	30/07/2016	-	170000000.0	27 B K C, C 27, "G" BLOCKBANDRA KURLA COMPLEX, BANDRA EASTMumbaiMH400051IN
5	G10947661	90123295	Citi Bank N.A.	13/01/2005	30/07/2016	-	350000000.0	Queens Plaza, S P RoadHYDERABADTG500003IN
6	C65824187	10242810	HDFC BANK LIMITED	18/08/2010	18/06/2013	24/09/2015	200000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
7	B58477282	10063714	EXPORT-IMPORT BANK OF INDIA	09/07/2007	16/06/2011	13/09/2012	270000000.0	FLOOR 21, CENTRE ONE BUILDINGWORLD TRADE CENTRE, CUFFE PARADEMUMBAIMH400006IN
8	A72156367	10052307	ICICI BANK LIMITED	09/05/2007	04/07/2008	04/11/2009	120000000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN
9	A18304196	90122580	UNION BANK OF INDIA	14/03/1997	20/08/1999	19/06/2007	3000000.0	SOMAJIGUDA BRANCHHYDERABADAPIN
10	A18347484	90121061	UNION BANK OF INDIA	14/03/1997	20/08/1999	19/06/2007	4000000.0	SOMAJIGUDA BRANCHHYDERABADAPIN

CONTINGENT LIABILITIES:

Contingent Liabilities not provided for in respect of Irrevocable Documentary Letters of Credit of INR 75.857 Million (previous year INR 37.841 Million) and Bank Guarantees given by Bankers on behalf of the company of INR 0.446 Million (previous year INR 0.291 Million). 26. With reference to the search operation U/s 132 of Income Tax Act on the company on 11.11.2010, company has received assessment orders during the year for the block period of AY 2005-06 to AY 2010-11 and paid taxes there on of INR 41.489 and considered

FIXED ASSETS

• Land
• Buildings
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No records 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 63.61
UK Pound	1	INR 90.17
Euro	1	INR 78.94

INFORMATION DETAILS

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

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	YES
--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.