MIRA INFORM REPORT

Report No. :	490965
Report Date :	12.02.2018

IDENTIFICATION DETAILS

Name :	SUVEN LIFE SCIENCES LIMITED
Registered Office :	Door No. 8-2-334, 6th Floor, SDE Serene Chambers Road No. 5, Avenue 7, Banjara Hills, Hyderabad – 500034, Telangana
Tel. No.:	91-40-23541142/23543311
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	09.03.1989
Com. Reg. No.:	01- 009713
Capital Investment / Paid-up Capital :	INR 127.282 Million
CIN No.: [Company Identification No.]	L24110TG1989PLC009713
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Designs, manufactures, and supplies bulk actives, drug intermediates, and specialty chemicals and active pharmaceutical ingredients. Providing discovery research, development project management, process research formulation R&D and IP management services. [Registered Activity]
No. of Employees :	1016 (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+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 20900000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1989. It is a research based pharmaceutical company, engaged in the business of contract research and manufacturing services (CRAMS) and drug discovery and development support services (DDDSS). As per financial records of 2017, the company has achieved a fair growth of 8.83% in its revenue as compared to the previous year’s revenue and has earned a favourable profitability margin of 22.68%. The rating takes into consideration the company’s long established track record along with strong financial position backed by robust net worth base, strong debt coverage indicator and comfortable liquidity parameters. The company has its share price trading at around INR 197.30 on BSE as on February 8, 2018 as against the Face Value (FV) of INR 1. Business is active. Payment seems to be regular. In view of healthy financial profile of the company, it can be consideration good for normal business dealings at usual trade terms and condition.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

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	CARE
Rating	Long term loans: A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	04.09.2017

Rating Agency Name	CARE
Rating	Short term loans: A2+
Rating Explanation	Strong degree of safety and low credit risk.
Date	04.09.2017

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 12.02.2018

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-40-23541142/23543311)

LOCATIONS

Registered Office :	Door No. 8-2-334, 6th Floor, SDE Serene Chambers Road No. 5, Avenue 7, Banjara Hills, Hyderabad – 500034, Telangana, India
Tel. No.:	91-40-23541142/ 3311/ 3315
Fax No.:	91-40-23541152
E-Mail :	khrao@suven.com info@suven.com enquiry@suven.com purchases@suven.com
Website :	http://www.suven.com
Corporate Office:	6th Floor, SDE Serene Chambers, Avenue - 7, Road No. 5, Banjara Hills, Hyderabad-500 034, Telangana, India
Unit 1:	Dasaigudem Village, Suryapet Mandal, Nalgonda Dist, Telangana –508213
Unit 2:	Plot No. 18, Phase III, IDA, Jeedimetla, Hyderabad Telangana –500 055
Unit 3:	Plot No(s). 262 - 264 & 269 - 271, IDA, Pashamylaram, Medak Dist., Telangana – 502 307
Unit 4:	Plot No(s). 65 – 67, JN Pharmacity, Parwada, Visakhapatnam, Andhra Pradesh – 531 019
Research Centre – I:	No.18, Phase III, IDA Jeedimetla, Hyderabad - 500 055, Telangana, India
Research Centre – II:	Bio-Pharmaceutical Lab Plot No(s). 267- 268, IDA Pashamylaram, Medak District– 502 307, Telangana, India
Research Centre – III:	Formulation Development Centre Plot No(s). 265 to 268, IDA Pashamylaram, Medak District -502 307, Telangana, India
USA Office:	1100 Cornwall Road, Monmouth Junction NJ 08852, United States of America

DIRECTORS

AS ON 31.03.2017

Name :	Venkateswarlu Jasti
Designation :	Managing Director
Address :	396, Road No. 22B Jubilee Hills, Hyderabad -500033, Telangana, India
Date of Appointment :	04.01.2010
DIN No.:	00278028
Name :	Sudharani Jasti
Designation :	Wholetime Director
Address :	396, Road No. 22B Jubilee Hills, Hyderabad -500033, Telangana, India
Date of Appointment :	04.01.2013
DIN No.:	00277998
Name :	Gopalakrishna Muddusetty
Designation :	Director
Address :	12-2-823A/23, Santosh Nagar, Mehdipatnam Hyderabad -500028, Telangana, India
Date of Appointment :	14.11.2012
DIN No.:	00088454
Name :	Maripuri Rangaswamy Naidu
Designation :	Director
Address :	8-2-467/5, Road No. 5, Banjara Hills, Hyderabad- 500034, Telangana, India
Date of Appointment :	07.09.1998
DIN No.:	00143836
Name :	Govinda Prasad Dasu
Designation :	Director
Address :	A - 8, Madhura Nagar Ameerpet, Hyderabad -500038, Telangana, India
Date of Appointment :	19.01.2009
DIN No.:	00160408
Name :	Seyed Ehtesham Hasnain
Designation :	Director
Address :	102, Villa Green Gandipet, Ranga Reddy District Hyderabad -500075, Telangana, India
Date of Appointment :	30.04.2010
DIN No.:	02205199

KEY EXECUTIVES

Name :	Venkateswarlu Jasti
Designation :	Chief Executive officer
Address :	396, Road No. 22B Jubilee Hills, Hyderabad- 500033, Telangana, India
Date of Appointment :	01.11.2014
PAN No.:	ACEPJ1919K
Name :	Subba Rao Parupally
Designation :	Chief Finance Officer
Address :	Plot No.691 HMT Hills Colony, Kukatpally, Hyderabad - 500072, Telangana, India
Date of Appointment :	10.02.2015
PAN No.:	ADYPP7755N
Name :	Hanumantha Rao Kokkonda
Designation :	Company Secretary
Address :	Plot No-362, Saket ECIL-Post, Kapra, Hyderabad- 500062, Telangana, India
Date of Appointment :	06.12.2000
PAN No.:	AGHPK2846D

SHAREHOLDING PATTERN

AS ON 31.12.2017

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Promoter & Promoter Group	76370000	60.00
(B) Public	50912478	40.00
Grand Total	127282478	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of Shareholder	No. of Shares	Percentage of Holding
A1) Indian		0.00
Individuals/Hindu undivided Family	5000	0.00
VENKATESWARLU JASTI	1000	0.00
SUDHARANI JASTI	1000	0.00
KALYANI JASTI	1000	0.00
SIRISHA JASTI	1000	0.00
MADHAVI JASTI	1000	0.00
Any Other (specify)	76365000	60.00
JASTI PROPERTY AND EQUITY HOLDINGS PRIVATE LIMITED (In its capacity as sole trustee of the Jasti Family Trust)	76365000	60.00
Sub Total A1	76370000	60.00
A2) Foreign		0.00
A=A1+A2	76370000	60.00

Statement showing shareholding pattern of the Public shareholder

Category of Shareholder	No. of Shares	Percentage of Holding
B1) Institutions		0.00
Mutual Funds/	6465643	5.08
IDFC PREMIER EQUITY FUND	4220468	3.32
Foreign Portfolio Investors	2682508	2.11
Financial Institutions/ Banks	125689	0.10
Insurance Companies	486667	0.38
Sub Total B1	9760507	7.67
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	28658904	22.52
Individual share capital in excess of INR 0.200 Million	2882914	2.26
NBFCs registered with RBI	52723	0.04
Any Other (specify)	9557430	7.51
RAMBABU CHIRUMAMILLA	3184188	2.50
Trusts	1215	0.00
NRI – Repat	4910012	3.86
Clearing Members	384022	0.30
NRI – Non- Repat	419819	0.33
Bodies Corporate	3693808	2.90
I E P F	148554	0.12
Sub Total B3	41151971	32.33
B=B1+B2+B3	50912478	40.00

BUSINESS DETAILS

Line of Business :

• Designs, manufactures, and supplies bulk actives, drug intermediates, and specialty chemicals and active pharmaceutical ingredients.

• Providing discovery research, development project management, process research formulation R&D and IP management services.

[Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code
Bulk Drugs and Intermediates	24231

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

1016 (Approximately)

Bankers :

Banker Name :	Bank of Bahrain and Kuwait BSC
Branch :	43, Government Avenue P O Box 597Manama NA597BH
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

• State Bank of India

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Foreign currency term loan from State Bank of India Terms of repayment: The term loan is repayable in 20 quarterly installments after roll over commencing from March 2016	321.485	388.837
Foreign currency corporate loan from Bank of Bahrain and Kuwait Terms of repayment: The term loan is repayable in 16 quarterly installments of USD 0.375 Million. Commencing from December 2013	48.629	149.468
Current maturities of long-term debt	(143.658)	(167.545)
SHORT TERM BORROWINGS
Working Capital Loans from State Bank of India	246.121	182.571
Working Capital Loans from Bank of Bahrain and Kuwait	58.731	59.066
Total	531.308	612.397
Secured borrowings and assets pledged as security Non-current borrowings are secured by first and pari-passu charge on Land, Buildings, Plant & Machinery and Second charge on stocks, receivables and other current assets Current borrowings are secured by pari-passu first charge on inventories, receivables and other current assets of the company and pari-passu second charge on movable and immovable fixed assets of the company and equitable mortgage of the properties belonging to the company, both present and future.

Statutory Auditors:
Name :	Karvy and Company Chartered Accountants
Address :	No.2, Bhooma Plaza, Street No.4, Avenue 7, Banjara Hills, Hyderabad - 500 034, Telangana, India
Name :	Tukaram and Company, (w.e.f. 01-04-2017) Chartered Accountants
Address :	# 209 and 409, Venkataram Towers Basheer Bagh, Hyderabad - 500 029, Telangana, India
Internal Auditors:
Name :	Vemulapalli and Company Chartered Accountants
Address :	H. No. 14_1_90/435, Sai Dwarakamai 1st Floor, Gayatri Nagar Colony, Allapur Borabanda, Hyderabad – 500 038, Telangana, India
Secretarial Auditors:
Name :	Dvmgopal and Associates Company Secretaries
Address :	# 6/3/154-159, Flat No. 303, 3rd Floor, Royal Majestic, Prem Nagar Colony Hyderabad – 500 004, Telangana, India
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	M/s. Jasti Property and Equity Holdings Private Limited (In its capacity as sole trustee of the Jasti Family Trust)
Subsidiaries:	M/s. Suven Inc.
Jointly controlled entity:	Suven Trust

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	INR 1/- each	INR 400.000 Million

Issued Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
127282478	Equity Shares	INR 1/- each	INR 127.282 Million

Terms and rights attached to equity shares

Equity shares have a par value of INR 1. They entitle the holder to participate in dividends and to share in the proceeds of winding up the company in proportion to the number of and amounts paid on the shares held.

Every holder of equity shares present at a meeting in person or by proxy is entitled to one vote and upon a poll each share is entitled to one vote.

Shares reserved for issue under options

Information relating to employee stock Option Plan of the Company

Shares of the company held by ultimate holding company

Particulars	31.03.2017
M/s. Jasti Property and Equity Holdings Private Limited	76365000

Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
M/s. Jasti Property and Equity Holdings Private Limited	76365000	60.00

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	127.282	127.282
(b) Reserves & Surplus	7188.010	6107.441
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7315.292	6234.723
(3) Non-Current Liabilities
(a) long-term borrowings	259.322	416.385
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	28.350	23.949
(e)Government grants	13.382	14.821
Total Non-current Liabilities (3)	301.054	455.155
(4) Current Liabilities
(a) Short term borrowings	304.852	241.637
(b) Trade payables	379.397	356.049
(c) Other current liabilities	417.809	419.825
(d) Short-term provisions	40.385	27.450
(e)Government grants	2.906	2.906
Total Current Liabilities (4)	1145.349	1047.867
TOTAL	8761.695	7737.745
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3044.757	3050.564
(ii) Intangible Assets	12.483	2.970
(iii) Capital work-in-progress	97.164	71.973
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	650.772	230.515
(c) Deferred tax assets (net)	18.954	49.763
(d) Long-term Loan and Advances	0.335	0.192
(e) Other Non-current assets	65.555	61.451
Total Non-Current Assets	3890.020	3467.428
(2) Current assets
(a) Current investments	3008.891	0.531
(b) Inventories	925.114	834.644
(c) Trade receivables	458.332	535.649
(d) Cash and cash equivalents	46.237	2406.995
(e) Short-term loans and advances	0.757	1.152
(f) Other current assets	432.344	491.346
Total Current Assets	4871.675	4270.317
TOTAL	8761.695	7737.745

SOURCES OF FUNDS	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	127.283
(b) Reserves & Surplus	5465.858
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	5593.141
(3) Non-Current Liabilities
(a) long-term borrowings	614.459
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	227.133
(d) long-term provisions	22.748
Total Non-current Liabilities (3)	864.340
(4) Current Liabilities
(a) Short term borrowings	282.351
(b) Trade payables	438.908
(c) Other current liabilities	424.459
(d) Short-term provisions	128.142
Total Current Liabilities (4)	1273.860
TOTAL	7731.341
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1717.531
(ii) Intangible Assets	1.961
(iii) Capital work-in-progress	1070.133
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	108.874
(e) Other Non-current assets	63.054
Total Non-Current Assets	2961.553
(2) Current assets
(a) Current investments	0.364
(b) Inventories	818.055
(c) Trade receivables	401.692
(d) Cash and cash equivalents	2796.890
(e) Short-term loans and advances	745.979
(f) Other current assets	6.808
Total Current Assets	4769.788
TOTAL	7731.341

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	5444.778	5002.818
	Other Income	10.281	33.425
	Other gains/losses-net	200.644	159.511
	TOTAL	5655.703	5195.754
Less	EXPENSES
	Cost of Materials Consumed	1548.066	1784.537
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(29.594)	(120.521)
	Manufacturing expenses	806.276	744.606
	Excise duty	9.461	7.595
	Employees benefits expense	506.446	409.443
	Research & Development Expenses	649.409	621.741
	Other expenses	301.281	256.507
	TOTAL	3791.345	3703.908
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1864.358	1491.846
Less	FINANCIAL EXPENSES	56.658	58.721
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1807.700	1433.125
Less/ Add	DEPRECIATION/ AMORTISATION	214.131	174.971
	PROFIT/ (LOSS) BEFORE TAX	1593.569	1258.154
Less	TAX	358.832	257.355
	PROFIT/ (LOSS) AFTER TAX	1234.737	1000.799
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Exports	NA	4370.454
	Royalty and Other Services	NA	296.015
	TOTAL EARNINGS	NA	4666.469
	IMPORTS
	Raw Materials	NA	505.375
	Packing Materials	NA	1.201
	Components and Spare Parts	NA	80.595
	Capital Equipment	NA	23.653
	TOTAL IMPORTS	NA	610.824
	Earnings / (Loss) Per Share (INR)	9.69	7.83

	PARTICULARS	31.03.2015
	SALES
	Income	5208.550
	Other Income	85.812
	TOTAL	5294.362
Less	EXPENSES
	Cost of Materials Consumed	1772.478
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	34.795
	Manufacturing expenses	644.421
	Employees benefits expense	365.117
	Research & Development Expenses	559.626
	Other expenses	237.529
	TOTAL	3613.966
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1680.396
Less	FINANCIAL EXPENSES	47.092
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1633.304
Less/ Add	DEPRECIATION/ AMORTISATION	117.757
	PROFIT/ (LOSS) BEFORE TAX	1515.547
Less	TAX	428.044
	PROFIT/ (LOSS) AFTER TAX	1087.503
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	1561.765
	Adjustment of depreciation reserve as per Schedule II of Companies Act 2013	(46.906)
Less	APPROPRIATIONS
	Transfer to General Reserve	110.000
	Interim Dividend	0.000
	Proposed dividend	76.370
	Earlier year's dividend	0.002
	Tax on Interim Dividend	0.000
	Income tax on Proposed dividend	0.000
	Current Year	15.547
	Earlier year's provision	0.001
	Balance Carried to the B/S	2400.442
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Exports	4589.847
	Royalty and Other Services	189.511
	TOTAL EARNINGS	4779.358
	IMPORTS
	Raw Materials	503.038
	Packing Materials	24.119
	Components and Spare Parts	33.284
	Capital Equipment	42.035
	TOTAL IMPORTS	602.476
	Earnings / (Loss) Per Share (INR)	9.04

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	143.658	167.545	188.324
Cash generated from operations	1816.531	1165.220	1805.625
Net cash inflow from operating activities	1469.386	898.174	1429.051

QUARTERLY RESULTS

Particulars	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)	31.12.2017 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net sales	1410.190	1068.580	1636.570
Total Expenditure	957.320	618.630	1122.650
PBIDT (Excluding Other Income)	452.870	449.950	513.920
Other income	56.230	51.320	32.900
Operating Profit	509.100	501.270	546.820
Interest	12.700	9.360	11.520
Exceptional Items	NA	NA	NA
PBDT	496.400	491.920	535.300
Depreciation	51.920	53.400	54.170
Profit Before Tax	444.480	438.520	481.130
Tax	148.770	121.050	135.150
Provisions and contingencies	NA	NA	NA
Profit after tax	295.710	317.470	345.980
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	295.710	317.470	345.980

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	30.73	39.08	28.15
Account Receivables Turnover (Income / Sundry Debtors)	11.88	9.34	12.97
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	89.45	72.82	90.38
Inventory Turnover (Operating Income / Inventories)	2.02	1.79	2.05
Asset Turnover (Operating Income / Net Fixed Assets)	0.59	0.48	0.60

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.18	0.21	0.27
Debt Equity Ratio (Total Liability / Networth)	0.10	0.13	0.19
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.16	0.17	0.23
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.43	0.50	0.50
Interest Coverage Ratio (PBIT / Financial Charges)	32.91	25.41	35.68

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	22.68	20.00	20.88
Return on Total Assets ((PAT / Total Assets) * 100)	%	14.09	12.93	14.07
Return on Investment (ROI) ((PAT / Networth) * 100)	%	16.88	16.05	19.44

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	4.25	4.08	3.74
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	3.45	3.28	3.10
G-Score Ratio Financial (Networth / Total Assets)	0.83	0.81	0.72
G-Score Ratio Debt (Debts / Equity Capital)	5.56	6.49	8.53
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	4.25	4.08	3.74

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

STOCK PRICES

Face Value	INR 1/-
Market Value	INR 197.30/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	127.283	127.282	127.282
Reserves & Surplus	5465.858	6107.441	7188.010
Share Application money pending allotment	0.000	0.000	0.000
Net worth	5593.141	6234.723	7315.292
Long-Term Borrowings	614.459	416.385	259.322
Short Term Borrowings	282.351	241.637	304.852
Current Maturities of Long term debt	188.324	167.545	143.658
Total borrowings	1085.134	825.567	707.832
Debt/Equity ratio	0.194	0.132	0.097

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	5208.550	5002.818	5444.778
		(3.950)	8.834

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	5208.550	5002.818	5444.778
Profit	1087.503	1000.799	1234.737
	20.88%	20.00%	22.68%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	127.282	127.282
(b) Reserves & Surplus	6542.706	5825.566
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6669.988	5952.848
(3) Non-Current Liabilities
(a) long-term borrowings	259.322	416.385
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	28.350	23.949
(e)Government grants	13.382	14.821
Total Non-current Liabilities (3)	301.054	455.155
(4) Current Liabilities
(a) Short term borrowings	304.852	241.637
(b) Trade payables	379.397	356.049
(c) Other current liabilities	458.511	478.884
(d) Short-term provisions	40.385	27.450
(e)Government grants	2.906	2.906
Total Current Liabilities (4)	1186.051	1106.926
TOTAL	8157.093	7514.929
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3044.757	3050.564
(ii) Intangible Assets	12.483	2.970
(iii) Capital work-in-progress	97.164	71.973
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.705	0.705
(c) Deferred tax assets (net)	18.954	49.763
(d) Long-term Loan and Advances	0.335	0.192
(e) Other Non-current assets	65.555	61.451
Total Non-Current Assets	3239.953	3237.618
(2) Current assets
(a) Current investments	3008.891	0.531
(b) Inventories	925.115	834.644
(c) Trade receivables	458.332	535.649
(d) Cash and cash equivalents	91.701	2413.989
(e) Short-term loans and advances	0.757	1.152
(f) Other current assets	432.344	491.346
Total Current Assets	4917.140	4277.311
TOTAL	8157.093	7514.929

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	5444.778	5002.818
	Other Income	10.281	33.425
	Other gains/losses-net	200.644	159.511
	TOTAL	5655.703	5195.754
Less	EXPENSES
	Cost of Materials Consumed	1548.066	1784.537
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(29.594)	(120.521)
	Manufacturing expenses	806.276	744.606
	Excise duty	9.461	7.595
	Employees benefits expense	521.657	409.443
	Research & Development Expenses	991.454	903.516
	Other expenses	306.713	257.003
	TOTAL	4154.033	3986.179
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1501.670	1209.575
Less	FINANCIAL EXPENSES	56.834	58.763
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1444.836	1150.812
Less/ Add	DEPRECIATION/ AMORTISATION	214.131	174.971
	PROFIT/ (LOSS) BEFORE TAX	1230.705	975.841
Less	TAX	358.832	257.355
	PROFIT/ (LOSS) AFTER TAX	871.873	718.486
	Earnings / (Loss) Per Share (INR)	6.84	5.61

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	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY OVERVIEW

Subject is a bio-pharmaceutical company, began operations in 1989 as specialty chemicals provider about 27 years ago and went on to create a NCE based CRAMS (Contract Research and Manufacturing Services) business model in 1995, providing building blocks (bulk actives, drug intermediates and specialty chemicals) for global life science companies. Suven has made in-roads into drug discovery in the year 2005 with a specialisation on CNS (Central Nervous System) based programs targeting unmet medical need and 4 of the molecules in pipeline are into clinical phase of development. The Company is targeting CNS indications where there is a high unmet medical need, patient populations are identifiable, clinical endpoints can be well-defined and with possible commercialisation options. Suven, Inc., a Delaware Company, is a WOS (wholly owned subsidiary) of Suven, is a clinical-stage biopharmaceutical company commenced activities in October 2015, focused on the acquisition, development and commercialisation of novel therapeutics for the treatment of neurodegenerative disorders. The near-term focus for Suven, Inc., is to develop Suven product candidate, which they refer to as SUVN-502, for the treatment of Alzheimer's disease and other forms of dementia.

MANAGEMENT DISCUSSION AND ANALYSIS

Global economic review

Global GDP growth slowed marginally to 3.1% year-on-year, as deceleration in key emerging and developing economies overshadowed a modest recovery in major developed countries. This deceleration was accompanied by modest increase in commodity prices, subdued global trade, bouts of financial market volatility, and weakening capital flows. Global industrial production (IP) growth slowed to 1.5% year-on-year in 2016, after growing by 1.8% in 2015.This could have been worse had it not been for a healthy uptick in global economy during the second half of 2016, especially in advanced economies – this also provides optimism for economic resurgence in the current year.

Outlook: Consistently good economic news since the summer of 2016 is starting to add up to a brightening global outlook. With buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade under way, world growth is projected to rise from 3.1% in 2016 to 3.5% in 2017 and 3.6% in 2018.

Indian economy – performance and prospects

Favourable government reforms and a stringent fiscal regime in the recent past have supported the accelerated growth of the Indian economy since 2014. And despite the Indian economy having sustained its 7%-plus growth in 2016-17, the nation’s growth momentum decelerated marginally due to 7.1% in 2016-17 against 7.9% in 2015-16. This slip was primarily owing to two factors 1) political disruption prevailing in key global partners of the nation and 2) short-term disruptive government initiatives. On the brighter side, the steep decline in global oil prices that began in late 2014 boosted the economic activity in India, further improved the external current account and fiscal position and helped lower inflation. In addition, continued fiscal consolidation by reducing government deficits and

debt accumulation, and an anti-inflationary monetary policy stance have helped cement macroeconomic stability.

Outlook: Economy experts and opinion makers are optimistic of India’s economic resurgence and expect the nation’s GDP growth to improve to about 7.5% in 2017-18, catalysed by two important triggers – the GST roll out and the infrastructure spend announced in the Union Budget 2017-18.

Global pharmaceutical space

The life sciences sector’s growth correlates highly with countries’ general economic strength and health care spending levels and both of these vary widely around the globe. And while spending growth is expected to pick up, the pressure to reduce costs, increase efficiency, and prove value remains intense. Because of these contradictory trends, global health care spending is expected to increase by a low single digit.

Pricing pressures in the United States and unstable economic conditions in Brazil, Russia, and China, which collectively drive 50% of global pharma revenue, have led to a slowdown in the pharma segment. Under the circumstances, demand for generic drugs will continue to rise as payers pursue avenues to reduce costs. Pharma companies are adapting to current market dynamics and positioning themselves for growth through portfolio transformation, targeted deal-making, cost-cutting measures, and sharpened focus on high-performing therapeutic area and geographic markets.

The Company has achieved a standalone sales volume of INR 4995.200 Million as against INR 5208.600 Million in the previous year. Profit after Tax (PAT) of the Company was down by 13% to INR 949.700 Million from INR 1087.500 Million in the previous financial year. The Earnings per Share (EPS) of the Company has come down to INR 7.46 in fiscal 2015-16 per share from the previous year EPS of INR 9.04 in fiscal 2014-15 per share.

During the year the Company has formed a wholly owned subsidiary by name Suven Inc a Delaware Company in USA. As result of the consolidation for the year 2015-2016 the profit after tax reduced from INR 949.697 Million to 667.385 Million due to clinical development expenditure incurred by Suven Inc. on SUVN-502.

UNSECURED LOAN:

PARTICULARS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Loan from Department of Science and Technology, Government of India-I Terms of repayment: 10 Annual installments of INR 50 Lakhs each commencing from October 2013	18.963	27.415
Loan from Department of Science and Technology, Government of India-II Terms of repayment: 10 Annual installments of INR 44.40 Lakhs each commencing from February 2013	13.903	18.210
Total	32.866	45.625

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C71444285	10393384	BANK OF BAHRAIN AND KUWAIT BSC	06/12/2012	01/12/2015	-	60000000.0	6-3-550, L B BHAVAN, AKASHGANGASOMAJIGUDAHYDERABADTG500082IN
2	Y10228348	90135543	STATE BANK OF INDIA	28/12/1995	28/12/1995	-	108000000.0	OVERSEAS BRANCHABIDSHYDERABADAPIN
3	Y10228261	90135456	STATE BANK OF INDIA	29/03/1995	11/10/1995	-	9000000.0	OVERSEAS BRANCHABIDSHYDERABADAPIN
4	B98895568	90135165	STATE BANK OF INDIA	26/02/1990	05/03/2014	-	1101200000.0	OVERSEAS BRANCHRAJALA TOWERS, ROAD NO 36, JUBILEE HILLSHYDERABADAP500033IN
5	G67683458	10374097	BANK OF BAHRAIN AND KUWAIT BSC	24/08/2012	22/08/2013	20/11/2017	300000000.0	43, GOVERNMENT AVENUEP O BOX 597MANAMANA597BH
6	C77957124	10277810	BANK OF INDIA	17/02/2011	05/03/2014	04/02/2016	226300000.0	CHENNAI MID CORPORATE BRANCH, IV FLOORTARAPORE TOWERS, ANNA SALAICHENNAITN600002IN
7	B91627752	10228426	STATE OF BANK PATIALA	14/07/2010	24/08/2012	05/12/2013	200000000.0	COMMERCIAL BRANCH1ST FLOOR, ATLANTA, NARIMAN POINTMUMBAIMH400021IN
8	B86312642	10067801	STATE BANK OF INDIA	30/08/2007	29/07/2009	14/09/2013	253500000.0	MID CORPORATE LOAN ADMINISTRATION UNIT3-6-281/A/1, 1ST FLOOR, HYDERGUDA MAIN ROADHYDERABADAP500001IN
9	B86310885	10067209	STATE BANK OF INDIA	30/08/2007	30/06/2009	14/09/2013	253500000.0	MID CORPORATE LOAN ADMINISTRATION UNIT3/6/281/A/1 1ST FLOOR,HYDERGUDA MAIN ROAD,HYDERABADAP500001IN
10	Y10228331	90135526	EXPORT -- IMPORT BANK OF INDIA	13/11/1995	15/04/1998	07/06/2001	60000000.0	CENTRE ONE WORLD TRADE CENTRECUFFE PARADEBOMBAYMH400005IN

STATEMENT OF UN-AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31st DECEMBER 2017

(INR IN MILLION)

Particulars				Quarter Ended		Six months ended
				30.09.2017	30.06.2017	30.09.2017
				Unaudited	Unaudited	Unaudited
	Income from Operations
	Net sales/income from operations			1627.388	1040.995	4042.873
	Other operating income			9.185	27.593	72.478
	Total Revenue from operations			1636.573	1068.588	4115.351
	Other Income			32.895	51.323	140.447
	Total Income			1669.468	1119.911	4255.798
	Expenses
			Cost of Materials consumed	510.486	421.813	1300.652
			Purchase of stock in-trade	0.000	0.000	0.000
			Changes in inventories of finished goods, work-in-progress and stock-in-trade	(18.572)	(318.936)	(360.225)
			Employee benefit expenses	148.160	126.776	431.558
			Finance Costs	11.516	9.358	33.575
			Depreciation and amortization expense	54.166	53.399	159.485
			Manufacturing expenses	237.939	210.103	667.079
			Research & Development expenses	138.783	116.613	415.515
			Other expenses	105.862	62.266	244.034
	Total Expenses			1188.340	681.392	2891.673
		Profit /(Loss) before tax		481.128	438.519	1364.125
	Tax Expense
	Current tax			101.468	59.211	273.956
	Deferred tax			33.678	61.835	131.007
		Profit /(Loss) after tax		345.982	317.473	959.162
	Other Comprehensive Income
	Items that will not be reclassified to profit or loss			(0.373)	(0.372)	(1.118)
	Income tax relating to items that will not be reclassified to profit or loss			0.129	0.129	0.387
	Total Other Comprehensive Income			(0.244)	(0.243)	(0.731)
	Total Other Comprehensive Income for the year			345.738	317.230	958.431
	Paid-up equity share capital (face value of INR 1/- each)			127.282	127.282	127.282
	Earnings Per Share (EPS) for continuing operation (face value of Rs.1/- each):
	Basic			2.72	2.49	7.53
	Diluted			2.72	2.49	7.53

REPORTING OF UNAUDITED SEGMENT INFORMATION

(INR In Million)

Sr. No.	Particular	Quarter Ended		Six months ended
		30.09.2017	30.06.2017	30.09.2017
		Unaudited	Unaudited	Unaudited
1.	Segment Revenue
	Manufacturing (CRAMS)	1569.388	1002.647	3905.111
	Services (DDDSS)	67.185	65.941	210.240
	Research & Development	0.000	0.000	0.000
	Total	1636.573	1068.588	4115.351
	Less: Inter Segment Revenue	0.000	0.000	0.000
	Net Sales / Income from Operations	1636.573	1068.588	4115.351
2.	Segment Result
	Profit/(Loss) before tax and Interest from each segment
	Manufacturing (CRAMS)	644.425	531.213	1753.924
	Services (DDDSS)	26.776	31.936	99.237
	Research & Development	(138.783)	(116.614)	(415.515)
	Total	532.418	446.535	1437.646
	Less : i. Finance Cost	7.241	7.419	23.371
	ii. Other Un-allocable expenditure /(income), net	44.049	0.597	50.150
	Total Profit/(Loss) before tax	481.128	438.519	1364.125
3.	Segment Assets
	Manufacturing (CRAMS)	5683.594	5371.158	5683.594
	Services (DDDSS)	417.447	407.786	417.447
	Research & Development	311.769	289.637	311.769
	Un allocated	3500.749	3564.725	3500.749
	Total Segment Assets	9913.559	9633.306	9913.559
	Segment liabilities
	Manufacturing (CRAMS)	966.385	998.493	966.385
	Services (DDDSS)	49.866	57.483	49.866
	Research & Development	186.663	225.338	186.663
	Un allocated	85.623	92.545	85.623
	Total Segment liabilities	1288.537	1373.859	1288.537

NOTE:

The Company has adopted Indian Accounting Standards ("Ind AS") from April 1 2016 and accordingly these financial results have been prepared in accordance with the recognition and measurement principles laid down in the Ind AS 34 Interim Financial Reporting prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. Financial Results for all the periods presented have been prepared in accordance with the recognition and measurement principles of Ind AS 34.

The above results were reviewed by Audit Committee of the Board and approved by the Board of Directors' at their Meeting held on 30th January, 2018 and the same reviewed by the Statutory Auditors

Excise duty on sales was included under Revenue from operations and disclosed separately under expenses up to all reporting periods ending 30-June-2017. Post implementation of Goods and Service Tax (GST) Act w.e.f. 1st July, 2017 the revenue from operations is reported for the period ended 31-Dec-2017 is net of GST and hence to that extent not comparable.

The corresponding previous period figures have been regrouped / reclassified where ever necessary.

The Board has declared an Interim Dividend of INR 1.50 per equity share of face value of INR 1.00 each for the financial year 2017-18. The outflow on account of Interim dividend including dividend distribution tax is INR 229.791 Million

FIXED ASSETS:

• Land - Free Hold
• Buildings -Office at Factory
• Buildings – Factory
• Roads - RCC (Carpeted)
• Plant & Equipment
• Furniture & Fixtures
• Vehicles
• Office Equipments
• Laboratory Equipments
• ETP Works
• Misc Fixed Assets
• EDP Equipments
• 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 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 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	NYT
Report Prepared by :	KVT

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.