MIRA INFORM REPORT

Report No. :	494909
Report Date :	01.03.2018

IDENTIFICATION DETAILS

Name :	IND SWIFT LIMITED
Registered Office :	781, Industrial Area, Phase II, Chandigarh – 160002
Tel. No.:	91-172-2638781-786/ 2638782/ 2638786
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	06.06.1986
Com. Reg. No.:	53-006897
Capital Investment / Paid-up Capital :	INR 250.329 Million
CIN No.: [Company Identification No.]	L24230CH1986PLC006897
IEC No.: [Import-Export Code No.]	2288001305
PAN No.: [Permanent Account No.]	AAACI6100L
GSTN : [Goods & Service Tax Registration No.]	04AAACI6100L1ZY
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of formulations (Registered Activity)
No. of Employees :	1252 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 1986. It is engaged in manufacturing of formulations. For the financial year 2017, the company has reported dip in its revenue by 13.17% as compared to the previous year along with operational loss. The moderate financial risk profile of the company is marked by eroded networth base due to huge accumulated losses along with average debt balance sheet profile. Further, subject has been found under RBI defaulters list, the name of credit grantor is Central Bank of India and the amount charged is INR 95.602 million dated 31.12.2017. Payments seems to be slow. In view of aforesaid, dealings are recommended on safe and secured terms. NOTE: Due to subject’s continuous operational loss resulting in erosion of net worth and also its availability in the list of RBI Defaulters, rating has been downgraded. Hence we do not recommend any credit limit to the subject.

NOTES :

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

ECGC Country Risk Classification List

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

Suit-filed accounts of INR 10.000 Million and above
Search details 
Borrower Containing - IND SWIFT LIMITED

Sr No.	Director reported by credit grantors	DIN Number
Central Bank of India
1	DR. GOPAL MUNJAL AAVPM2103M	00005196
2	Navrattan Munjal AAVPM2074M	00015096
3	Sanjeev Rai Mehta AAVPM2077J	00005668

List of credit grantors to which INR Swift Limited is a defaulters

Name of credit grantors	Branch	Amount (INR in million)
Central Bank of India	Sector 17-B, Chandigarh – 160002, India	INR 95.602 Million

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 01.03.2018

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 DECLINED

Management non-cooperative (Tel No.:91-22-42288300)

Tel No.: 91-1762-522288 (Continuously ringing)

LOCATIONS

Registered Office / Corporate Office :	781, Industrial Area, Phase II, Chandigarh – 160002, India
Tel. No.:	91-172-2638781-786/ 2638782/ 2638786
Fax No.:	91-172-2652242 / 2655406
E-Mail :	cs.indswift@gmail.com indswiftho@indswift.com info@indswift.com corporate@indswift.com
Website :	http://www.indswiftltd.com
Marketing Office :	102-103, 107-109, Basement L1, The Summit-Business Bay off Western Express Highway, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel No.:	91-22-42288300/ 42288399
Fax No.:	91-22-26184120
Factory 1 :	123, Industrial Area 1, Panchkula 134 109, Haryana, India
Factory 2 :	Plot. No. 23, Sector 2, (Unit I), Parwanoo, Himachal Pradesh, India
Factory 3 :	Plot No. 17 B, Sector 2, (Unit II) Parwanoo, Himachal Pradesh, India
Factory 4 :	Village Malku Majra, (Unit III and IV) Baddi, Himachal Pradesh, India
Factory 5 :	Global Business, Unit Off NH-21, Village Jawaharpur, Tehsil Dera Bassi - Patiala - 140507 , Punjab, India
Factory 6:	Industrial Growth Centre, Sambha, Jammu, Jammu and Kashmir, India
R & D Office :	Plot No. R-489, TTC Industrial Area, MIDC, Rabale, Navi Mumbai – 400701, Thane, Maharashtra, India

DIRECTORS

As on 31.03.2017

Name :	Dr. Gopal Munjal
Designation :	Managing Director
Address :	House No. 1085, Sector 7, Panchkula, Haryana, India
Date of Birth/Age :	01.08.1958
Date of Appointment :	11.12.1986
DIN No.:	00005196
Name :	Mr. Sanjeev Rai Mehta
Designation :	Whole Time Director
Address :	House No. 333, Sector 6, Panchkula, Haryana, India
Date of Birth/Age :	01.08.1956
Date of Appointment :	30.11.2006
DIN No.:	00005668
Name :	Dr. Vikrant Rai Mehta
Designation :	Wole Time Director
Address :	House No. 1044, Sector 4, Panchkula, Haryana, India
Date of Birth/Age :	22.10.1958
Date of Appointment :	30.09.1993
DIN No.:	00010756
Name :	Mr. Navrattan Munjal
Designation :	Director
Address :	House No. 382, Sector 6, Panchkula, Haryana, India
Date of Birth/Age :	09.02.1952
Date of Appointment :	11.12.2006
DIN No.:	00015096
Name :	Mr. Himanshu Jain
Designation :	Director
Address :	House No. 1133, Sector 21-B, Chandigarh, India
Date of Birth/Age :	17.08.1982
Date of Appointment :	31.07.2003
DIN No.:	00014533
Name :	Mr. Rishav Mehta
Designation :	Additional Director
Address :	House No. 322, Sector 6, Panchkula, Haryana, India
Date of Birth/Age :	06.01.1991
Date of Appointment :	23.03.2010
DIN No.:	03028663
Name :	Mr. Jatender Kumar Kakkar
Designation :	Director
Address :	House No. 880, Sector-7, Panchkula -134109, Haryana, India
Date of Appointment :	13.05.2017
DIN No.:	00015493
Name :	Mr. Prakash Sharma
Designation :	Director
Address :	700, M.P. Block, Asiad Village Complex, New Delhi -110049, India
Date of Birth/Age :	21.11.1955
Date of Appointment :	07.11.2012
DIN No.:	00475413
Name :	Mr. Jagvir Singh Ahluwalia
Designation :	Additional Director
Address :	Flat No. - 811, Block A8, Palm Court Vip Road, Zirakpur, Baltana, Mohali -140603, Punjab, India
Date of Appointment :	29.08.2017
DIN No.:	06930649
Name :	Mr. Vinay Arora
Designation :	Director
Address :	A-97, Sector 27, Noida, 201301, Uttar Pradesh, India
Date of Appointment :	07.03.2014
DIN No.:	06830624
Name :	Mr. Brij Mohan Padha
Designation :	Nominee Director
Address :	House No. 51, Sector 2, Chandigarh, 160002, India
Date of Appointment :	29.12.2014
DIN No.:	06999443
Name :	Mr., Subhash Chander Galhotra
Designation :	Director
Address :	Flat N O. 1166, Progressive Co Op. H/B Society Sector 50-B Chandigarh 160047 , India
Date of Appointment :	31.12.2016
DIN No.:	07205416
Name :	Mr. Anoop Michra
Designation :	Director
Address :	House No. 1409, Sector 34 C, Chandigarh- 160022, India
Date of Appointment :	06.05.2017
DIN No.:	07813108

KEY EXECUTIVES

Name :	Mr. Arun Sheth
Designation :	Chief Financial Officer
Address :	H.No.364, Sector 48a, Chandigarh - 160047, India
Date of Appointment :	13.02.2015
PAN No.:	ABXPS5256L
Name :	Simrat Kaur
Designation :	Company Secretary
Address :	Flat No. 2311, Telehos Society (BSNL), Sector 50 C, Chandigarh- 160047, India
Date of Appointment :	30.06.2016
PAN No.:	BUXPK0113Q

MAJOR SHAREHOLDERS

As on 31.12.2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %
(A) Promoter & Promoter Group	30090404	55.55
(B) Public	24074249	44.45
Grand Total	54164653	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %
A1) Indian
Individuals/Hindu undivided Family	13056971	24.11
N.R. MUNJAL	611700	1.13
NIDHI MUNJAL	502970	0.93
RAVI MEHTA	634470	1.17
S.R. MEHTA	2035871	3.76
NEETA MUNJAL	578600	1.07
V.R. MEHTA	1921361	3.55
MEENAKSHI MEHTA	398310	0.74
NEERA MEHTA	1547050	2.86
RISHAV MEHTA	111700	0.21
GOPAL MUNJAL	1957199	3.61
SUNITA JAIN	1812400	3.35
HIMANSHU JAIN	495300	0.91
ANNIE MEHTA	158630	0.29
SAHIL MUNJAL	116010	0.21
BHANAVI MEHTA	30300	0.06
SAURABH MUNJAL	51700	0.10
ISHAV MEHTA	44200	0.08
DEEPTI MUNJAL	34200	0.06
DIVYA MUNJAL	15000	0.03
Any Other (specify)	17033433	31.45
ESSIX BIOSCIENCES LIMITED	17033433	31.45
Sub Total A1	30090404	55.55
A2) Foreign		0.00
A=A1+A2	30090404	55.55

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a %
B1) Institutions
Mutual Funds/	4500	0.01
Foreign Portfolio Investors	700209	1.29
ALBULA INVESTMENT FUND LTD	700209	1.29
Financial Institutions/ Banks	1924	0.00
Insurance Companies	996900	1.84
UNITED INDIA INSURANCE COMPANY LIMITED	996900	1.84
Sub Total B1	1703533	3.15
B2) Central Government/ State Government(s)/ President of India		0.00
Central Government/ State Government(s)/ President of India	204074	0.38
Sub Total B2	204074	0.38
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 million	12421945	22.93
Individual share capital in excess of INR 0.200 million	1895413	3.50
SHARWAN SINGH GULERIA	762000	1.41
NBFCs registered with RBI	2504	0.00
Any Other (specify)	7846780	14.49
Clearing Members	195293	0.36
EXCEL MOTORS PRIVATE LIMITED	586000	1.08
GRAVITY SYSTEMS PRIVATE LIMITED	750000	1.38
JUSTIN PHARMACEUTICALS PRIVATE LIMITED	860000	1.59
PANCHKULA FINVEST PRIVATE LIMITED	1400000	2.58
DEEPA RAM KHERIA	575000	1.06
HUF	937819	1.73
Sub Total B3	22166642	40.92
B=B1+B2+B3	24074249	44.45

BUSINESS DETAILS

Line of Business :

Manufacturer of formulations (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
21002	formulations

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 :

1252 (Approximately)

Bankers :

• Punjab National Bank, Sector 28, Chandigarh, India
• State Bank of India, SCO 103-106, Sector-17, Chandigarh, India
• Canara Bank, SCO 311-314, Sector 35-B, Chandigarh, India
• IDBI Bank, Sector-17, Chandigarh, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
From Banks/Asset Reconstruction Companies (ARC) From Financial Institutions/ Asset	6018.725	6040.163
Reconstruction Companies (ARC)	427.012	430.236
Short-term borrowings
Borrowings for working capital are secured by a Pari-Passu, first charge by way of Hypothication of the company's current assets, namely, Stocks of Raw Materials, SemiFinished, Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumbale Stores and Spares), Bills Receivable and Book Debts and all other movables of the Company both present and future excluding such movables as may be permitted by the said Banks/ Asset Reconstruction Companies (ARC) from time to time. The said facility is further secured by way of pari passu second charge on the company's immovable and movable properties (other than current assets) and personal guarantees of Directors and by way of pledge of shares of promoters.	3595.491	3499.947
Total	10041.228	9970.346
NOTES: Long-term Borrowings Term Loan from Banks and Financial Institutions are secured by way of first pari-passu charge over entire fixed assets of the company, second pari-passu charge over the entire current assets of the company, personal guarantee of Directors and by way of pledge of shares of promoters. Restructured Bill Discounting/Factoring facilities are secured by way of subservient charge over entire current assets of the company. Since the Company is unable to repay the instalments and Banks have exited from the CDR mechanism, the instalments due and falling due in next twelve months have not been segregated as current liability. The entire loan amount has been shown as long term liability except loan accounts which are being repaid as per repayment schedule.

Auditors :
Name :	J. K. Jain and Associates Chartered Accountants
Address :	S.C.O. 1132-33, Sector 22-B, Chandigarh -160 022, India
Tel No.:	91-172-2575761, 2575762
Mobile No.:	91-9316112404
Email:	jainassociates1968@gmail.com
Legal Advisors:
Name :	P. K. Goklaney and Company Advocates
Address :	38, Sector 16-A, Chandigarh, India
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Ind-Swift Laboratries Limited
Others (entities in which KMP or their relative is director, or KMP or their relative exercises control):	Essix Biosciences Limited Halcyon Life Sciences Private Limited Fortune India Construction Limited Mansa Print and Publishers Limited Swift Fundamental Research and Education Society 3m Advertisers and Publishers Limited Punjab Renewable Energy Private Limited B. M. Cosmed Private Limited Dashmesh Medicare Private Limited Consummate Pharmaceuticals Private Limited Integral Buildcon Private Limited Akj Portfolios Private Limited Nrm Portfolios Private Limited Srm Portfolios Private Limited Gm Portfolios Private Limited Vrm Portfolios Private Limited Vkm Portfolios Private Limited

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	INR 2/- each	INR 150.000 Million
2500000	Cumulative Preference Share	INR 100/- each	INR 250.000 Million
	Total		INR 400.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
54164653	Equity Shares	INR 2/- each	INR 108.329 Million
1420000	Cumulative Redeemable Preference Share	INR 100/- each	INR 142.000 Million
	Total		INR 250.329 Million

b) Reconciliation of Equity and Preference Shares as on 31.03.17

	31.03.2017
	No. of Shares held
	Equity	Preference
Opening Balance	50346941	1420000
Add: No of Shares Issued	3817712	Nil
Closing Balance	54164653	1420000

c) No. of shareholders holding 5% or more of share capital

Name of Shareholders	31.03.2017
	No. of Shares held	% of Holding
Essix Biosciences Limited	9215721	17.01

d) The Preference Shares shall rank for dividends in priority to equity Shares for time being. These shares shall be entitled to rank in priority to equity shares as regards repayment of Capital and arrears of dividend declared, but shall not be entitled to any further participation in profit or assets of the Company.

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	250.329	242.694	242.694
(b) Reserves & Surplus	(6343.618)	(2704.306)	(704.502)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	66.810	66.810
Total Shareholders’ Funds (1) + (2)	(6093.289)	(2394.802)	(394.998)
(3) Non-Current Liabilities
(a) long-term borrowings	6647.699	6716.524	5414.093
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	48.086	56.386	62.264
(d) long-term provisions	26.375	20.402	13.999
Total Non-current Liabilities (3)	6722.160	6793.312	5490.356
(4) Current Liabilities
(a) Short term borrowings	3835.220	3712.534	3690.188
(b) Trade payables	1617.599	1753.815	1502.621
(c) Other current liabilities	621.071	742.963	1990.117
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	6073.890	6209.312	7182.926
TOTAL	6702.761	10607.822	12278.284
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3146.886	3442.934	3714.870
(ii) Intangible Assets	276.237	298.507	321.688
(iii) Capital work-in-progress	22.175	22.175	22.175
(iv) Intangible assets under development	0.000	14.499	16.749
(b) Non-current Investments	451.233	451.233	451.233
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	127.871	163.122	162.626
(e) Other Non-current assets	0.000	98.900	209.554
Total Non-Current Assets	4024.402	4491.370	4898.895
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	390.598	909.405	1133.672
(c) Trade receivables	1084.810	3803.303	4854.814
(d) Cash and cash equivalents	91.051	173.896	169.830
(e) Short-term loans and advances	820.622	869.109	857.641
(f) Other current assets	291.278	360.739	363.432
Total Current Assets	2678.359	6116.452	7379.389
TOTAL	6702.761	10607.822	12278.284

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	2672.027	3077.483	4171.665
	Other Income	109.293	125.050	18.667
	TOTAL	2781.320	3202.533	4190.332
Less	EXPENSES
	Cost of Materials Consumed	1672.082	2190.411	2541.261
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(39.302)	14.369	993.034
	Employees benefits expense	423.300	403.698	428.714
	Other expenses	3833.906	2038.515	908.000
	TOTAL	5889.986	4646.993	4871.009
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(3108.666)	(1444.460)	(680.677)
Less	FINANCIAL EXPENSES	163.159	189.679	399.257
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(3271.825)	(1634.139)	(1079.934)
Less/ Add	DEPRECIATION/ AMORTISATION	357.322	363.515	393.633
	PROFIT/ (LOSS) BEFORE TAX	(3629.147)	(1997.654)	(1473.567)
Less	TAX	8.935	1.746	(22.291)
	PROFIT/ (LOSS) AFTER TAX	(3638.082)	(1999.400)	(1451.276)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(4414.731)	(2415.331)	(964.055)
	Balance Carried to the B/S	(8052.813)	(4414.731)	(2415.331)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1188.165	986.800	509.278
	Technology Transfer Fees	18.893	22.611	12.725
	TOTAL EARNINGS	1207.058	1009.411	522.003
	IMPORTS
	Raw Materials	93.505	75.066	41.377
	Packing Material /Consumables	0.579	1.239	0.541
	Finished Goods	0.000	9.321	0.000
	Equipment’s	0.000	6.894	0.000
	TOTAL IMPORTS	94.084	92.520	41.918
	Earnings / (Loss) Per Share (INR)	(67.17)	(39.71)	(28.83)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt
Current Maturities of Long Term Debts	0.000	38.100	1290.328
Current Maturities of Vehicle Loan	0.000	0.295	1.483
Total	0.000	38.395	1291.811
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA
Net cash flows from (used in) operating activity	67.198	(1057.911)	855.748

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	526.080	713.140	767.970
Total Expenditure	565.780	754.120	799.660
PBIDT (Excl OI)	(39.700)	(40.980)	(31.690)
Other Income	10.420	2.080	2.060
Operating Profit	(29.280)	(38.900	(29.630)
Interest	30.360	17.420	24.090
Exceptional Items	NA	NA	NA
PBDT	(59.640)	(56.320)	(53.720)
Depreciation	85.960	86.130	86.230
Profit Before Tax	(145.600)	(142.450)	(139.950)
Tax	NA	NA	NA
Provisions and contingencies	NA	NA	NA
Profit After Tax	(145.600)	(142.450)	(139.950)
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	(145.600)	(142.450)	(139.950)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	148.19	451.08	424.77
Account Receivables Turnover (Income / Sundry Debtors)	2.46	0.81	0.86
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	353.11	292.25	215.82
Inventory Turnover (Operating Income / Inventories)	(7.96)	(1.59)	(0.60)
Asset Turnover (Operating Income / Net Fixed Assets)	(0.90)	(0.38)	(0.17)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.90	1.22	1.13
Debt Equity Ratio (Total Liability / Networth)	(1.72)	(4.37)	(26.32)
Current Liabilities to Networth (Current Liabilities / Net Worth)	(1.00)	(2.59)	(18.18)
Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.57)	(1.58)	(10.32)
Interest Coverage Ratio (PBIT / Financial Charges)	(19.05)	(7.62)	(1.70)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(136.15)	(64.97)	(34.79)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(54.28)	(18.85)	(11.82)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	59.71	83.49	367.41

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.44	0.99	1.03
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.38	0.84	0.87
G-Score Ratio Financial (Networth / Total Assets)	(0.91)	(0.23)	(0.03)
G-Score Ratio Debt (Debts / Equity Capital)	41.88	43.13	42.84
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.44	0.99	1.03

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

STOCK PRICES

Face Value	INR 2/-
Market Value	INR 8.70/-

FINANCIAL ANALYSIS

[all figures are in 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	242.694	242.694	250.329
Reserves & Surplus	(704.502)	(2704.306)	(6343.618)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	66.810	66.810	0.000
Net worth	(394.998)	(2394.802)	(6093.289)
long-term borrowings	5414.093	6716.524	6647.699
Short term borrowings	3690.188	3712.534	3835.220
Current maturities of long-term debts	1291.811	38.395	0.000
Total borrowings	10396.092	10467.453	10482.919
Debt/Equity ratio	(26.319)	(4.371)	(1.720)

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	4171.665	3077.483	2672.027
		(26.229)	(13.175)

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	4171.665	3077.483	2672.027
Profit	(1451.276)	(1999.400)	(3638.082)
	(34.79)%	(64.97)%	(136.15)%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	250.329	242.694
(b) Reserves & Surplus	(6448.900)	(2763.847)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	66.810
Total Shareholders’ Funds (1) + (2)	(6198.571)	(2454.343)
(3) Non-Current Liabilities
(a) long-term borrowings	6647.699	6716.524
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	48.086	56.386
(d) long-term provisions	26.375	20.403
Total Non-current Liabilities (3)	6722.160	6793.313
(4) Current Liabilities
(a) Short term borrowings	3835.220	3712.534
(b) Trade payables	1617.599	1753.814
(c) Other current liabilities	621.071	742.963
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	6073.890	6209.311
TOTAL	6597.479	10548.281
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3146.886	3442.934
(ii) Intangible Assets	276.237	298.507
(iii) Capital work-in-progress	22.175	22.175
(iv) Intangible assets under development	0.000	14.499
(b) Non-current Investments	345.951	391.692
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	127.871	163.122
(e) Other Non-current assets	0.000	98.900
Total Non-Current Assets	3919.120	4431.829
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	390.598	909.405
(c) Trade receivables	1084.810	3803.303
(d) Cash and cash equivalents	91.051	173.896
(e) Short-term loans and advances	820.622	869.109
(f) Other current assets	291.278	360.739
Total Current Assets	2678.359	6116.452
TOTAL	6597.479	10548.281

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	2672.027	3077.483
	Other Income	109.293	125.050
	TOTAL	2781.320	3202.533
Less	EXPENSES
	Cost of Materials Consumed	1672.082	2190.411
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(39.302)	14.369
	Employees benefits expense	423.300	403.698
	Other expenses	3833.906	2038.515
	TOTAL	5889.986	4646.993
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(3108.666)	(1444.460)
Less	FINANCIAL EXPENSES	163.159	189.679
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(3271.825)	(1634.139)
Less/ Add	DEPRECIATION/ AMORTISATION	357.322	363.515
	PROFIT/ (LOSS) BEFORE TAX	(3629.147)	(1997.654)
Less	TAX	8.935	1.746
	PROFIT/ (LOSS) AFTER TAX	(3638.082)	(1999.400)
	Share of Profit/ (Loss) from an Associates	(84.406)	(136.504)
	Net Profit / Loss for the year	(3722.488)	(2135.904)
	Earnings / (Loss) Per Share (INR)	(68.73)	(42.42)

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	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

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT:

The pharmaceutical industry is one of the fastest growing industries in the world and it is one of the biggest contributors to the world economy. The major sales of the pharmaceutical products come from the “Triad” (US, EU and Japan) in the world. The size of world pharmaceutical market in 2014 was around USD 1.2 Trillion and is estimated to be USD 1.4 trillion by 2020. According to IMS health report, it is projected that, US contributes about 41 percent of total sales of medicine in the word by 2020, followed by EU5 and Chain which are projected to spend about 13 percent and 11 percent respectively. Brazil, Russia and India put together contribute about 6 percent of global consumption of the medicine. According to Equity Master Report, Indian pharmaceutical industry is the third largest, in terms of volume and it is number thirteen in terms of value in the world market. The Indian pharmaceutical sector accounts for 10 percent in volume terms and 2.4 percent of in value terms, the world market. The Present market size of the Indian pharmaceutical sector is USD 20 billion and expected to reach USD 55 billion by the year 2020 with a compound annual growth rate (CAGR) of 15.92 per cent between 2015 and 2020. It is projected to grow more than the annual growth rate of the world pharmaceutical sector, which is estimated about 5 per cent between same periods.

OPERATIONS REVIEW & COMPANY'S OUTLOOK

Exports through the state of the art manufacturing facilities at Derabassi Punjab continued to be the main stay of the Company. Besides the Exports, Company is also focusing to increase its presence in the Domestic Markets. The Gynaecology and pediatric segments of the Company are performing streadily. During the year we have taken initiative in domestic sale by increasing the field force by 15% & also adding two new molecules in Gynae AND Derma therapy area which definitely will yield results during the year in progress. And in our healthcare segment, we have added 15 new products. We have also started a new Division with the name NOVA for Diabetic/Cardio & Hapatology therapy areas, which is definitely going to give dividend in the next coming few years. Since all these therapeutic segments are fastest growing & will remain so.

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Fixed Deposit from Public	201.962	246.125
Short-term borrowings
From Banks	17.198	32.380
From Financial Institution	125.819	105.155
Fixed Deposit from Public	96.712	75.052
Total	441.691	458.712

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G49121247	10421176	PUNJAB NATIONAL BANK	28/03/2013	30/09/2016	-	10028700000.0	SECTOR 28 CHANDIGARH-160028 INDIA
2	B79477675	10403081	State Bank of India	29/01/2013	06/07/2013	-	9768600000.0	SCBSECTOR 17-B CHANDIGARH-160017 INDIA
3	G33078148	10410964	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	19/01/2013	31/03/2016	-	1507700000.0	EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA,MUMBAI-400098 MAHARASHTRA INDIA
4	G04801973	10361298	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	01/06/2012	23/03/2016	-	300000000.0	EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA,MUMBAI-400098 MAHARASHTRA, INDIA
5	G72907868	10354686	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	10/05/2012	31/03/2017	-	150000000.0	EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA,MUMBAI-400098 MAHARASHTRA, INDIA
6	B37178340	10348283	Bank of India	14/03/2012	-	-	500000000.0	NIHON SELMEL SAKAISUJI HONMACHI BLDG 8-12,HONMACHI 1-CHOME, CHUO-KU, PO BOX 14,OSAKANA5410053JP
7	B32804270	10337188	IDBI Bank Limited	10/02/2012	-	-	200000000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN
8	G33080649	10326217	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	22/12/2011	31/03/2016	-	350000000.0	EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA,MUMBAI-400098 MAHARASHTRA, INDIA
9	B26348292	10320222	EXPORT-IMPORT BANK OF INDIA	24/11/2011	-	-	300000000.0	CENTER ONE BUILDING,FLOOR-21WORLD TRADE CENTER COMPLEX, CUFFE PARADE MUMBAI-400005 MAHARASHTRA, INDIA
10	B25453986	10318051	DIRECTOR OF INDUSTIRES	17/11/2011	-	-	3000000.0	DY.DIRECTOR OF INDUSTRIESS.W.C.A BADDI ,DISTT SOLAN BADDI-173205 INDIA

CONTINGENT LIABILITIES:

a) Foreign Letter of Credit/Inland Letter of Credit/Bank Guarantee issued by Bankers:

(INR in million)

PARTICULARS	31.03.2015
BG	1.601
b) Arrears of Cumulative Dividend on cumulative Redeemable Preference Shares amounting to INR 8.520 Million Previous year (INR 7.100 Million). c) In respect of Income Tax matters pending before appellate authorities/Tribunal/High Courts which the Company expects to succeed, based on decisions of Tribunals/Courts there is contingent liability amounting to INR 44.793 Million. d) In respect of Sale Tax matters pending before appellate authorities/Tribunal/High Courts which the Company expects to succeed, based on decisions of Tribunals/Courts there is contingent liability amounting to INR 84.625 Million. e) In respect of Service Tax matters pending before appellate authorities/Tribunal which the Company expects to succeed, based on decisions of Tribunals/Courts. There is contingent liability amounting to INR 18.382 Million. f) In respect of Central Excise matters pending before appellate authorities/Tribunal which the Company expects to succeed, based on decisions of Tribunals/Courts. There is contingent liability amounting to INR 140.163 Million.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED / NINE MONTHS ON DECEMBER 2017

[INR IN MILLION]

PARTICULARS	Quarter Ended		9 Months Ended
	31.12.2017 [Unaudited]	30.09.2017 [Unaudited]	31.12.2017 [Unaudited]
Income from Operations
Revenue from operations	767.974	713.138	2007.193
Other Operating Income	2.059	2.080	14.556
Total income from operations (net)	770.033	715.218	2021.749
Expenses
Cost of materials consumed	312.664	294.335	879.919
Purchase of stock in trade	116.972	82.710	285.657
Changes in inventories of finished goods. work-in-progress and stock in trade	12.121	51.423	12.151
Employee benefits expense	115.049	110.963	336.807
Finance Cost	24.089	17.416	71.863
Depreciation and Amortization Expenses	86.228	86.133	258.320
Other Expenses	242.857	214.691	605.033
Total expenses	909.980	857.671	2449.750
Profit/ (Loss) before exceptional items	(139.947)	(142.453)	(428.001)
Exceptional items	-	-	-
Profit/ (Loss) before tax	(139.947)	(142.453)	(428.001)
Tax expenses	0.000	0.000	0.000
Net Profit / (Loss) for the period (11-12)	(139.947)	(142.453)	(428.001)
Paid up equity share capital (Face Value of INR 2each)	108.329	108.329	108.329
Earning per share INR 2/- Each
(a) Basic	(2.58)	(2.63)	(7.90)
(b) Diluted	(2.58)	(2.63)	(7.90)

Note:

1. During this quarter some banks/ Assets Reconstruction Companies (ARC'S) have not charged interest due to NPA status of account on cash credit, Term Loans, Working Capital Term Loans and Funded Interest Term Loans accounts. Also some banks/ARC's have not provided bank statements due to which interest charged figures are not available. Hence the accrued liability on account of the same amounting to INR 372.530 million, has not been provided in books of accounts.

2. Other expenses for this quarter include Provision for Doubtful Debts/Debts Written off for INR 125.000 million which has been made in accounts on proportionate basis in respect of debts considered to be doubtful of recovery.

3. The Company has First time adopted IND-AS with effect from 1 st April 2017, with the transition date of 1 st April 2016, The unaudited financial results have been prepared by the company in accordance with the Companies (Indian Accounting Standard) Rules 2015 (IND-AS) prescribed under section 133 of the companies act 2013 and other recognised accounting practices and policies to the extent applicable.

4. The statement does not include Ind-AS compliant results for the previous year ended 31 st March 2017 as the same is not mandatory as per SEBI circular dated 5th July 2016.

FIXED ASSETS

· Land Leasehold Land

· Building

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Misc Fixed Assets

· Building (R&D)

· Furniture & Fixture (R&D)

· Equipment (R&D)

· Land (R&D)

· Patent & Trade Mark

· Product Technology

· 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 64.82
UK Pound	1	INR 79.94
Euro	1	INR 90.66

INFORMATION DETAILS

Information Gathered by :	KAM
Analysis Done by :	PRI
Report Prepared by :	RKI

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	YES
--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.