MIRA INFORM REPORT

Report No. :	486176
Report Date :	12.01.2018

IDENTIFICATION DETAILS

Name :	HETERO HEALTHCARE LIMITED
Registered Office :	Plot No. 7-2-A2, Hetero Corporate, Industrial Estate, Sanathnagar, Hyderabad -500018, Telangana
Tel. No.:	91-40-40473535
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	24.03.2006
Com. Reg. No.:	36- 049614
Capital Investment / Paid-up Capital :	INR 19.800 Million
CIN No.: [Company Identification No.]	U52520TG2006PLC049614
IEC No.:	Not Divulged
GSTIN/UIN:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCH6890D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Marketing of Pharmaceutical Formulations and Finished Dosages. [Registered Activity]
No. of Employees :	Not Available [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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 430000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2006. It is engaged in manufacturing and marketing of pharmaceutical formulations and finished dosages. For the financial year 2017, the company has achieved 58.03% growth in its revenue as compared to previous year revenue but has reported low profit margin of 0.33%. The rating takes into consideration sound financial profile of the company is marked by adequate networth base along with strong debt coverage indicators due to low debt balance sheet profile. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be consideration for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List

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

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

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 13.01.2018

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 (91-22-26849337/91-40-40473535)

LOCATIONS

Registered Office :	Plot No. 7-2-A2, Hetero Corporate, Industrial Estate, Sanathnagar, Hyderabad -500018, Telangana, India
Tel. No.:	91-40-23704923 / 23704924 / 23704925 / 23716565
Fax No.:	91-40-23704926 / 23714250 / 23861416
E-Mail :	kvkreddy@heterohealthcare.com info@heterohealthcare.com
Website :	http://www.heterohealthcare.com
Corporate Office	S.No: 80-84, Melange towers, Patrika Nagar, Madhapur, Hyderabad -500081, Telangana, India
Tel. No.:	91-40-40473535
R & D Office Address:	Plot No 15, Phase 4, Extn IDA, Jeedimetla, Hyderabad, Telangana, India
Tel. No.:	91-40- 40473838
Marketing Office:	A-202/B-201, Dipti Classic, 32/34. W.T.S. Suren Road, Andheri (East), Mumbai – 4000930, Maharashtra, India
Tel. No.:	91-22-26849340 / 26849337 / 26849338 / 26849339

DIRECTORS

AS ON 31.03.2017

Name :

Srinivas Male Reddy

Designation :

Managing Director

Address :

8-2-293/82/Nl/138, Road No.10C, Plot No.138/139 Mp/Mla Colony, Jubilee Hills, Hyderabad -500033, Telangana, India

Date of Birth/Age :

02.02.1973

Qualification:

MBA. Marketing

Date of Appointment :

03.07.2015

DIN No.:

00016085

PAN No.:

AARPM1219Q

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29100TG2014PTC096797	AZISTA INDUSTRIES PRIVATE LIMITED	22/12/2016	-
U24230TG2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	29/11/2004	-
U74999TG2017PTC116795	INVAS MEDICAL DEVICES PRIVATE LIMITED	26/04/2017	-
U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	01/08/2008	-
U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	07/04/2011	-
U40102TG2007PLC055910	HETERO MED SOLUTIONS LIMITED	15/10/2007	-
U85110TG1989PTC010293	HYDERABAD HOSPITALS PVT. LTD.	29/09/2004	-
U73100TG2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	05/01/2007	-
U24110TG1989PLC009723	HETERO LABS LIMITED	02/07/2015	-
U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	12/11/2009	-
U24239TG1996PLC025371	GENX PHARMA LIMITED	22/08/2016	-
U45200TG1995PTC021532	VIPASSANA CONSTRUCTIONS PRIVATE LIMITED	01/04/1997	-
U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	01/11/2001	-

Name :

Bose Numburi

Designation :

Wholetime Director

Address :

H.No. 30-265/25/50, Geetha Nagar, Near Rice Mill, R K Puram, Malkajgiri, Hyderabad - 500056, Telangana, India

Date of Appointment :

15.12.2016

DIN No.:

06902122

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999TG2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	25/09/2014	-
U29100TG2014PTC096797	AZISTA INDUSTRIES PRIVATE LIMITED	28/09/2017	-

Name :

Bandi Partha Saradhi Reddy

Designation :

Director

Address :

Plot No. 389, Road No. 22/B Juubileehills Check Post, Madhapur Road, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

06.03.1954

Qualification:

Ph.d in organic chemistry

Date of Appointment :

01.10.2008

DIN No.:

00015899

PAN No.:

AAJPB7067K

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65922TG2015PTC101532	RENWEG OPPORTUNITYS PRIVATE LIMITED	05/11/2015	-
U70109TG2016PTC103268	KUBERAKSHI LAND DEVELOPERS PRIVATE LIMITED	12/02/2016	-
U24239TG2016PTC110251	KSHEMAKARINI INDUSTRIES PRIVATE LIMITED	14/06/2016	-
U24290TG2016PLC111946	HETERO BIOPHARMA LIMITED	14/09/2016	-
U24110TG1989PLC009723	HETERO LABS LIMITED	09/02/2017	-
U24230TG1993PLC015582	HETERO DRUGS LIMITED	16/03/2017	-
U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	25/09/2014	-
U40100TG2010PLC071837	HETERO WIND POWER LIMITED	23/12/2010	-
U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	12/03/1993	-
U24110TG2008PTC058116	SYMED CHEMICALS PRIVATE LIMITED	11/03/2008	-
U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	10/08/2007	-
U24239TG1996PLC025371	GENX PHARMA LIMITED	26/09/2007	-
U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	06/03/2008	-
U24231TG1998PLC029961	SYMED LABS LIMITED	31/03/2009	-

Name :

Vamsikrishna Bandi

Designation :

Director

Address :

Plot No.389, Road No.22/B Jubilee Hills Check Post, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

31.07.1983

Qualification:

Msc chemical Engineering

Date of Appointment :

10.04.2008

DIN No.:

01014619

PAN No.:

AIPPB1881R

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	25/09/2014	-
U24230TG2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	29/11/2004	-
U40300TG2015PTC101063	HETERO WIND POWER (PENNAR) PRIVATE LIMITED	08/10/2015	-
U40100TG2010PLC071837	HETERO WIND POWER LIMITED	23/12/2010	-
U24299TG2008PLC058020	HETERO BIO CHEMICALS LIMITED	06/03/2008	-
U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	07/04/2011	-
U40102TG2007PLC055910	HETERO MED SOLUTIONS LIMITED	15/10/2007	-
U73100TG2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	05/01/2007	-
U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	12/11/2009	-
U24239TG1996PLC025371	GENX PHARMA LIMITED	26/09/2007	-
U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	15/09/2016	-
U24230TG1993PLC015582	HETERO DRUGS LIMITED	25/09/2008	-
U24110TG1989PLC009723	HETERO LABS LIMITED	09/02/2017	-
U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	19/08/2010	-

Name :

Gopalan Manoharan

Designation :

Additional Director

Address :

101/A, 1st Floor, Ambience Avenue Near Big Byte Bakery, Srinagar Colony, Main Road, Hyderabad- 500073, Telangana, India

Date of Appointment :

05.09.2017

DIN No.:

00040217

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L05005AP1992PLC014326	VSF PROJECTS LIMITED	12/02/2016	-
U24239TG1996PLC025371	GENX PHARMA LIMITED	05/09/2017	-

Name :

Kalavathi Bandi

Designation :

Additional Director

Address :

Plot No-389,Road No 22-B Jubilee Hills, Hyderabad -500033, Telangana, India

Date of Appointment :

19.12.2017

DIN No.:

00194597

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24239TG2016PTC110251	KSHEMAKARINI INDUSTRIES PRIVATE LIMITED	14/06/2016	-
U70109TG2016PTC103268	KUBERAKSHI LAND DEVELOPERS PRIVATE LIMITED	12/02/2016	-
U74110TG2016PTC103188	LABHAKARINI INDUSTRIES PRIVATE LIMITED	09/02/2016	-
U65922TG2015PTC101532	RENWEG OPPORTUNITYS PRIVATE LIMITED	05/11/2015	-
U24100TG2015PTC098476	PRAGNAYAA INDUSTRIES PRIVATE LIMITED	15/04/2015	-
U01119TG2007PTC055326	SRI SANKARANATH AGRITECH PRIVATE LIMITED	30/08/2007	-
U45400TG2007PTC055329	SAI SPURTHI LAND VENTURES PRIVATE LIMITED	30/08/2007	-
U45200TG2007PTC055523	SRI LORD VENKATESWARA LAND HOLDINGS PRIVATE LIMITED	14/09/2007	-
U45400TG2007PTC055324	SRI AYYAPPA LAND HOLDINGS PRIVATE LIMITED	30/08/2007	-
U01119TG2007PTC055650	RAJESWARI AGRO CHEMICALS PRIVATE LIMITED	22/09/2007	-
U40100TG2010PLC071837	HETERO WIND POWER LIMITED	08/12/2012	-
U45209TG2008PTC059000	SREE SAI KHYATHI INFRA VENTURES PRIVATE LIMITED	05/05/2008	-
U40107TG2008PTC059007	SREE SAI LOK INDUSTRY PRIVATE LIMITED	06/05/2008	-
U40107TG2008PTC058106	SRI SHAKTI SWAROOPINI INDUSTRY PRIVATE LIMITED	11/03/2008	-
U01119TG2008PTC057982	LAKSHMI PRASANNA AGRI PRODUCTS PRIVATE LIMITED	05/03/2008	-
U70102TG2008PTC057902	SHREE SHIVA SINDHU REAL ESTATES PRIVATE LIMITED	28/02/2008	-
U72200TG2008PTC057903	SRI SHIVA SHANKAR SOFT SERVICES PRIVATE LIMITED	28/02/2008	-
U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	06/12/2012	-
U24230TG1993PLC015582	HETERO DRUGS LIMITED	30/12/2015	-
U24110TG1989PLC009723	HETERO LABS LIMITED	30/12/2015	-

Name :

Narsimha Reddy

Designation :

Additional Director

Address :

408, NVS Heights, Sy No 23, Gachibowli, Serilingampally, Rangareddy - 500032, Telangana, India

Date of Appointment :

05.09.2017

DIN No.:

07850148

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24230TG1993PLC015582	HETERO DRUGS LIMITED	01/09/2017	-
U24239TG1996PLC025371	GENX PHARMA LIMITED	05/09/2017	-
U24231TG1998PLC029961	SYMED LABS LIMITED	01/09/2017	-
U65910TG1999PLC031162	KRISHNA BHIMA SAMRUDDHI LOCAL AREA BANK LIMITED	27/09/2017	-
U24233TG2011PLC077561	HONOUR LAB LIMITED	28/09/2017	-

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Hetero Labs Limited, India	200
Dr. B.Partha Saradhi Reddy	560903
B. Kalavathi	99000
Hetero Drugs Limited, India	100
B. Vamsi Krishna	610400
B. Anvida	49500
Dr. B.Partha Saradhi Reddy, Managing Trustee (of Krishna Sindhuri Private Trust)	659897
Total	1980000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2017

Category	Percentage
Promoters- Individual/Hindu Undivided Family- Indian	99.98
Promoters- Body corporate	0.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Pharmaceutical Formulations- Finished Dosages. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Manufacturing and Marketing of Pharmaceutical Formulations- Finished Dosages	21001/21002

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 Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

Banker Name :	Axis Bank Limited
Branch :	First Floor, # 6-3-879/B, G.Pullareddy Building, Greenland, Begumpet, Hyderabad-500016, Telangana, India
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 :	--

• IDBI Bank Limited, Specialized Corporate Branch, #5-9-89/1 & 2,Chapel Road, Hyderabad - 500001, Telangana, India
• ICICI Bank Limited, ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara - 390007, Gujarat, India

Auditors :
Name :	M V Narayana Reddy and Company Chartered Accountants
Address :	Flat No.504 Vijayasree Apartments, Behind Chermas, Ameerpet, Hyderabad - 500 073, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFM4830F
Memberships :	Not Available
Collaborators :	Not Available
Related party :	Hetero Drugs Limited, India [U24230TG1993PLC015582] Hetero Labs Limited, India [U24110TG1989PLC009723] Bandis Investments Private Limited, India [U65993TG1993PTC015489] Genx Pharma Limited, India [U24239TG1996PLC025371]

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
20,00,000	Equity Shares	INR 10/- each	INR 20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19,80,000	Equity Shares	INR 10/- each	INR 19.800 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	19.800	19.800	19.800
(b) Reserves and Surplus	131.170	115.393	(84.314)
(c) Money received against share warrants	0.000	0.000	0.000
(d) Minority interest	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	150.970	135.193	(64.514)
(3) Non-Current Liabilities
(a) long-term borrowings	158.388	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	34.250	27.750	27.750
(d) long-term provisions	36.840	57.513	39.405
Total Non-current Liabilities (3)	229.478	85.263	67.155
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	1689.458	943.481	516.538
(c) Other current liabilities	208.541	40.407	8.606
(d) Short-term provisions	82.945	54.554	58.479
Total Current Liabilities (4)	1980.944	1038.442	583.623
TOTAL	2361.392	1258.898	586.264
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	539.297	49.672	17.609
(ii) Intangible Assets	80.513	61.678	56.270
(iii) Tangible assets capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	10.000	10.000	10.000
(c) Deferred tax assets (net)	2.564	9.675	15.111
(d) Long-term loans and advances	127.682	37.402	10.190
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	760.056	168.427	109.180
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	994.231	686.818	243.145
(c) Trade receivables	355.985	258.551	172.030
(d) Cash and bank balances	72.183	97.571	34.480
(e) Short-term loans and advances	110.915	41.679	22.537
(f) Other current assets	68.022	5.852	4.892
Total Current Assets	1601.336	1090.471	477.084
TOTAL	2361.392	1258.898	586.264

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	4728.360	2992.125	2139.833
	Other Income	0.155	0.321	0.586
	TOTAL	4728.515	2992.446	2140.419
Less	EXPENSES
	Cost of Materials Consumed	144.972	4.029	0.000
	Purchases of Stock-in-Trade	2564.294	1902.657	1138.644
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(222.846)	(419.875)	(55.909)
	Employee benefit expense	822.627	428.199	326.402
	Other expenses	1359.598	798.200	527.952
	TOTAL	4668.645	2713.210	1937.089
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	59.870	279.236	203.330
Less	FINANCIAL EXPENSES	3.858	4.451	4.014
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	56.012	274.785	199.316
Less/ Add	DEPRECIATION/ AMORTISATION	23.775	11.821	8.503
	PROFIT/ (LOSS) BEFORE TAX	32.237	262.964	190.813
Less	TAX	16.460	63.257	96.262
	PROFIT/ (LOSS) AFTER TAX	15.777	199.707	94.551
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	115.392	(84.315)	(178.866)
	Balance Carried to the B/S	131.169	115.392	(84.315)
	Earnings / (Loss) Per Share (INR)	7.97	100.86	47.75

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	555.321	173.022	80.135
Net cash flows from (used in) operating activities	500.971	110.365	37.670

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	27.48	31.54	29.34
Account Receivables Turnover (Income / Sundry Debtors)	13.28	11.57	12.44
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	227.61	180.61	165.58
Inventory Turnover (Operating Income / Inventories)	0.06	0.41	0.84
Asset Turnover (Operating Income / Net Fixed Assets)	0.10	2.51	2.75

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.91	0.82	1.00
Debt Equity Ratio (Total Liability / Networth)	1.05	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	13.12	7.68	(9.05)
Fixed Assets to Networth (Net Fixed Assets / Networth)	4.11	0.82	(1.15)
Interest Coverage Ratio (PBIT / Financial Charges)	15.52	62.74	50.66

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.33	6.67	4.42
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.67	15.86	16.13
Return on Investment (ROI) ((PAT / Networth) * 100)	%	10.45	147.72	(146.56)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.81	1.05	0.82
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.31	0.39	0.40
G-Score Ratio Financial (Networth / Total Assets)	0.06	0.11	(0.11)
G-Score Ratio Debt (Debts / Equity Capital)	8.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.81	1.05	0.82

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	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	19.800	19.800	19.800
Reserves & Surplus	(84.314)	115.393	131.170
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(64.514)	135.193	150.970
Long-term borrowings	0.000	0.000	158.388
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	158.388
Debt/Equity ratio	0.000	0.000	1.049

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	2139.833	2992.125	4728.360
		39.830	58.027

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	2139.833	2992.125	4728.360
Profit/ (Loss)	94.551	199.707	15.777
	4.42 %	6.67 %	0.33 %

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

PERFORMANCE REVIEW

During the year, the Company has achieved Net Sales including other income of INR 4728.515 Million as against INR 2992.446 Million in the previous year and earned a net Profit of INR 15.777 Million (Previous Year INR 199.707 Million) after providing Income Tax and Deferred Tax of INR 16.460 Million (Previous Year INR 63.257 Million).

The Company is focusing on expansion and promotion of the business in the Pharma industry. To accomplish this objective and in order to leverage the available synergies and to compete in the highly competitive domestic pharmaceutical industry, the Board of Directors has taken a decision to leverage the business operations by acquiring the registered brands and rights to brands of some pharmaceutical products. In this process during the year the company has acquired the registered and unregistered brands and rights to brands from ‘Genx Pharma Limited’, which is a group Company for a consideration of INR 21.000 Million.

The Directors are working with a focus to build a sustainable business model which would add value to all stakeholders over the years to come.

Company build the manufacturing facility at Guwahati, Assam and started the Commercial Operations in the month of March, 2017.

The Company got the sanction of cash credit (fund based) of INR 100.000 Million and Term Loan of INR 300.000 Million and BG/LC (Non-fund based) limits of INR 75.000 Million from Axis Bank during the year 2016-17.

FUTURE PROSPECTS

The Company set up the new Manufacturing plant at Assam and started its commercial operations during March, 2017. The Company’s R&D Unit at Hyderabad is continuously endeavoring for innovation and development of new drugs on therapeutic segments like cancer, diabetes, malaria, nervous system disorders.

Further, the Company is successfully launched Branded Generics in the market. The Company also launched Diaspa Division which will market the Diabetic products. The Company has purchased the established brands in the market and the same is reflected as increase in the intangible assets.

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2017	As on 31.03.2016
LONG TERM BORROWING
Intercorporate borrowings	158.388	0.000
Total	158.388	0.000

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G41319096	100090584	AXIS BANK LIMITED	27/03/2017	-	-	475000000.0	FIRST FLOOR, # 6-3-879/B, G.PULLAREDDY BUILDING,GREENLAND, BEGUMPET, HYDERABAD-500016.HYDERABAD
2	G32574584	100070258	IDBI BANK LIMITED	15/12/2016	-	-	10000000.0	SPECIALIZED CORPORATE BRANCH,#5-9-89/1 & 2,CHAPEL ROAD, HYDERABADHYDERABADTG500001IN
3	G37352085	100064088	ICICI BANK LIMITED	20/10/2016	08/02/2017	-	14386955.0	ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGU390007IN
4	G42496133	100018610	IDBI BANK LIMITED	19/03/2016	-	26/04/2017	50000000.0	SPECIALIZED CORPORATE BRANCHCORPORATE BANKING GROUP, #5-9-89/1&2, CHAPEL ROADHYDERABADTG500001IN

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Leasehold improvements

Intangible assets

• Brands and trade marks
• 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 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	VAR
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.