MIRA INFORM REPORT

Report No. :	495193
Report Date :	07.03.2018

IDENTIFICATION DETAILS

Name :	COVALENT LABORATORIES PRIVATE LIMITED
Registered Office :	D. No. 8-3-677/18, 2^nd Floor, S.K.D. Nagar, Yellareddyguda, Hyderabad – 500073, Telangana
Tel. No.:	91-40-49483333/00
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	13.09.2002
Com. Reg. No.:	36-039606
Capital Investment / Paid-up Capital :	INR 60.000 Million
CIN No.: [Company Identification No.]	U24230TG2002PTC039606
IEC No.: [Import-Export Code No.]	0902009028
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	36AABCC9544R1ZY
PAN No.: [Permanent Account No.]	AABCC9544R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of pharmaceuticals. (Registered activity) · Manufacturer, Exporter and Importer of Bulk Drugs and Drug Intermediates. (Confirmed by management)
No. of Employees :	1000 (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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a part of Virchow Group which was incorporated in the year 2002 and it is a manufacturer, importer and exporter of Bulk Drugs and Drug Intermediates. As per financials of March 2017, the company has registered a growth of 15.87% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 3.13%. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with average debt coverage indicators and good liquidity position. Rating also takes into account the company’s established presence in the cephalosporin class of antibiotics along with financial flexibility derived from being part of the established Virchow group and improving geographic diversification with increasing presence in the regulated markets. Further, the company has reported a good earnings per share of INR 45.43 against its face value of INR 10. However, the rating strength is partially offset by high concentration on a single therapeutic segment and dependence on imports and intense competition limits margins. Payments seems to be regular. In view of aforesaid, the company can be considered good 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 (30.09.2017)	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	ICRA
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	03.10.2017

Rating Agency Name	ICRA
Rating	Short Term Rating = BBB+
Rating Explanation	Strong degree of safety and low credit risk.
Date	03.10.2017

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 07.03.2018

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 PARTED BY

Name :	Mr. D. Rajshekhar
Designation :	AGM Finance
Contact No.:	91-40-49483333
Date :	05.03.2018

LOCATIONS

Registered Office/ Admin Office :	D. No. 8-3-677/18, 2^nd Floor, S.K.D. Nagar, Yellareddyguda, Hyderabad – 500073, Telangana, India
Tel. No.:	91-40-49483333/00
Mobile No.:	91-9701390081 (Mr. Reddy)
Fax No.:	91-40-23738496/49483396
E-Mail :	finance@covalentab.com info@covalentlab.com
Website :	http://www.covalentlab.com
Area :	4000 sq. ft.
Location :	Rented
Locality :	Commercial / Residential
Factory/Warehouse :	Survey No. 374, Gundla Machanoor Village, Hathnoor Mandal, District Medak – 502296, Telangana, India
Tel. No.:	91-40-49483210/49483211
Fax No.:	91-40-49483210/49483211
Area :	30 acer
Location :	Owned

DIRECTORS

As on 31.03.2017

Name :

Mr. Mundla Naryana Reddy

Designation :

Director

Address :

Plot No. 15-A, Road No. 2, Jubilee Hills, Hyderabad-500033, Telangana, India

Date of Birth/Age :

01.06.1951

Date of Appointment :

15.05.2003

DIN No.:

00064392

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	04/06/2003	-
U24110TG2005PTC046609	EMMENNAR CHEM PRIVATE LIMITED	22/06/2005	-
U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	08/09/2004	-
U24210TG2001PTC036520	VIRCHOW BIOTECH PRIVATE LIMITED	04/04/2001	-
U24230MH2007PTC176048	VIRCHOW HEALTHCARE PRIVATE LIMITED	20/11/2007	-
U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	20/01/1982	-
U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	25/03/2004	-
U74210TG1974PTC001733	IMEX ENGINEERING CO PVT LTD	18/10/2001	-
U74999TG2007PLC052432	SV'S REMEDIES LIMITED	29/09/2012	-

Name :

Mr. Madireddy Vijay Kiran

Designation :

Whole Time Director

Address :

D No. 8-3-677/18, S.K.D. Nagar, Yellareddyguda, Hyderabad-500073, Telangana, India

Date of Birth/Age :

12.09.1981

Qualification :

MS

Date of Appointment :

13.09.2002

PAN No.:

ACKPV1863G

Din No.:

01095484

Name :

Mr. Lingareddy Venkata Subash

Designation :

Director

Address :

Plot No. 435/A, Road No. 20, Jubilee Hills, Hyderabad-500033, Telangana, India

Date of Birth/Age :

09.12.1971

Date of Appointment :

15.05.2003

DIN No.:

00125240

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U14200TG2008PTC057527	CORAMANDEL MINING & EXPORTS PRIVATE LIMITED	30/09/2010	-
U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	14/03/2002	-
U72100TG2001PLC036378	OCIMUM BIO SOLUTIONS (INDIA) LIMITED	01/12/2010	-
U72300TG2007PTC055671	MAX INFRATECH (INDIA) PRIVATE LIMITED (PART IX)	25/09/2007	-
U74999TG2007PTC052835	FICUS ENTERPRISES (INDIA) PRIVATE LIMITED	19/02/2007	-
U74999TG2017PTC113900	NEXTGEN CANCER SOLUTIONS PRIVATE LIMITED	05/01/2017	-

Name :

Mr. Madireddy Vijay Kiran

Designation :

Whole Time Director

Address :

D No. 8-3-677/18, S.K.D. Nagar, Yellareddyguda, Hyderabad-500073, Telangana, India

Date of Birth/Age :

12.09.1981

Qualification :

MS

Date of Appointment :

13.09.2002

PAN No.:

ACKPV1863G

Din No.:

01095484

Name :

Mr. Nandigala Prasanth

Designation :

Director

Address :

Plot No. 550, Road No. 19, Jubilee Hills, Hyderabad-500033, Telangana, India

Date of Birth/Age :

14.04.1972

Date of Appointment :

15.05.2003

DIN No.:

01740471

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U23209TG2003PTC041101	VIRCHOW PETROCHEMICAL PRIVATE LIMITED	29/09/2014	-
U24116TG1991PLC012314	ANDHRA ORGANICS LIMITED	08/09/2004	-
U24232AP2012PTC079367	SIRI DRUGS INDIA PRIVATE LIMITED	26/09/2015	-
U24232TG1982PLC003368	VIRCHOW LABORATORES LIMITED.	25/10/1999	-
U24239TG2004PLC042949	VIRCHOW DRUGS LIMITED	12/09/2007	-
U74210TG1974PTC001733	IMEX ENGINEERING CO PVT LTD	18/10/2001	-
U74999TG2007PLC052432	SV'S REMEDIES LIMITED	29/09/2012	-
U85195TG1988PLC008172	SARACA LABORATORIES LIMITED	30/09/2015	-

KEY EXECUTIVES

Name :	Mr. D. Rajshekhar
Designation :	AGM Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Narayana Reddy Madireddy	1886500
M. Sujatha	142000
M Varun	43500
Vijay Kiran Maddireddy	323000
K Prabhakar Reddy	5000
Narayana Reddy Mundla	180000
Lakshmi Prasana	180000
Sudha M	360000
Mahavishnu M	360000
Prasanth Nandigala	440000
Hemanth Nandigala	440000
N V Reddy	110000
Teena	110000
Suinil L V	300000
Sunitha L	300000
Gargi P	90000
Subhash L V	300000
Subha Reddy L V	90000
N Ramasubba Reddy	120000
Harimohan Reddy K	77000
Subhashini Reddy K	43000
Jayaprada G	40000
Ravindra P	30000
Rajini	30000
Total	6000000

Equity Share Break up (Percentage of Total Equity)

As on 28.08.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

• Manufacture of pharmaceuticals. (Registered activity)

· Manufacturer, Exporter and Importer of Bulk Drugs and Drug Intermediates. (Confirmed by management)

Products :

Item Code No.	Product Description
29419090	KILOGRAMS

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• Pakistan
• Bangladesh
• Turkey
• Indonesia

Imports :

Products :

Raw Material

Countries :

• China
• European Countries

Terms :

Selling :

Cash, Advance Payment and L/C

Purchasing :

Cash, Advance Payment and L/C

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Virchow Chemical Private Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

End Users

Reference :	Sun Pharmaceutical Industrial Limited
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

1000 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Industrial Finance Branch, Rajbhavan Road, Somajiguda, Hyderabad – 500082, Telangana, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	424.483	365.622
Short-term borrowings
Working capital loans from banks	1451.764	1486.252
Total	1876.247	1851.874

Auditors :
Name :	M V Narayana Reddy and Company Chartered Accountants
Address :	Flat No. 504, H NO.8-3-941 Vijayasree Apartments Opposite: Kammasangam, Ameerpet, Hyderabad – 500073, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFM4830F
Memberships :	Not Available
Collaborators :	Not Available
Associates:	Virchow Laboratores Limited., India U24232TG1982PLC003368 Virchow Petrochemical Private Limited, India U23209TG2003PTC041101 Andhra Organics Limited, India U24116TG1991PLC012314 Lonsdale Life Sciences Private Limited, India U24232TG2011PTC073729
Subsidiary company :	SV'S Remedies Limited, India U74999TG2007PLC052432

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	INR 10/- each	INR 200.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	INR 10/- each	INR 60.000 Million

FINANCIAL DATA

[all figures are in 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	60.000	60.000	60.000
(b) Reserves & Surplus	1764.780	1492.222	1484.371
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1824.780	1552.222	1544.371
(3) Non-Current Liabilities
(a) long-term borrowings	491.813	450.452	539.783
(b) Deferred tax liabilities (Net)	172.180	118.836	117.321
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	5.649	9.055	8.055
Total Non-current Liabilities (3)	669.642	578.343	665.159
(4) Current Liabilities
(a) Short term borrowings	1451.764	1486.252	1303.554
(b) Trade payables	2119.540	1477.972	1983.097
(c) Other current liabilities	253.395	342.257	382.170
(d) Short-term provisions	130.886	34.054	115.446
Total Current Liabilities (4)	3955.585	3340.535	3784.267
TOTAL	6450.007	5471.100	5993.797
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1945.525	1503.816	1673.121
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	25.268	373.187	47.025
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	39.817	32.874	26.498
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2010.610	1909.877	1746.644
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1052.396	1013.431	1259.257
(c) Trade receivables	2648.563	2085.631	2288.607
(d) Cash and cash equivalents	263.226	140.261	148.163
(e) Short-term loans and advances	69.274	82.678	141.021
(f) Other current assets	405.938	239.222	410.105
Total Current Assets	4439.397	3561.223	4247.153
TOTAL	6450.007	5471.100	5993.797

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	8719.914	7525.307	7857.115
	Other Income	64.255	17.485	18.063
	TOTAL	8784.169	7542.792	7875.178
Less	EXPENSES
	Cost of Materials Consumed	6796.454	6084.261	6573.308
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	12.302	57.688	(329.901)
	Employees benefits expense	259.179	220.187	214.656
	CSR expenditure	1.227	1.170	0.000
	Other expenses	849.087	697.961	670.995
	TOTAL	7918.249	7061.267	7129.058
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	865.920	481.525	746.120
Less	FINANCIAL EXPENSES	223.273	227.459	189.064
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	642.647	254.066	557.056
Less/ Add	DEPRECIATION/ AMORTISATION	224.838	241.199	237.273
	PROFIT/ (LOSS) BEFORE TAX	417.809	12.867	319.783
Less	TAX	145.251	5.016	114.620
	PROFIT/ (LOSS) AFTER TAX	272.558	7.851	205.163
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2240.668	1875.763	1813.365
	TOTAL EARNINGS	2240.668	1875.763	1813.365
	IMPORTS
	Raw Materials	3792.132	2843.958	3064.444
	Capital Goods	0.000	1.478	126.288
	TOTAL IMPORTS	3792.132	2845.436	3190.732
	Earnings / (Loss) Per Share (INR)	45.43	1.31	34.19

Expected Sales (2017-2018) : INR 9000.000 Million

The above information has been parted by Mr. D. Rajshekhar (AGM Finance)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	97.893	180.298	200.310
Net cash flows from (used in) operations	713.752	550.939	23.760
Net cash flows from (used in) operating activities	651.464	515.605	(57.130)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	110.86	101.16	106.32
Account Receivables Turnover (Income / Sundry Debtors)	3.29	3.61	3.43
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	113.83	88.66	110.12
Inventory Turnover (Operating Income / Inventories)	0.82	0.48	0.59
Asset Turnover (Operating Income / Net Fixed Assets)	0.44	0.26	0.43

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.70	0.73	0.75
Debt Equity Ratio (Total Liability / Networth)	1.12	1.36	1.32
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.17	2.15	2.45
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.08	1.21	1.11
Interest Coverage Ratio (PBIT / Financial Charges)	3.88	2.12	3.95

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	3.13	0.10	2.61
Return on Total Assets ((PAT / Total Assets) * 100)	%	4.23	0.14	3.42
Return on Investment (ROI) ((PAT / Networth) * 100)	%	14.94	0.51	13.28

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.12	1.07	1.12
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.86	0.76	0.79
G-Score Ratio Financial (Networth / Total Assets)	0.28	0.28	0.26
G-Score Ratio Debt (Debts / Equity Capital)	34.02	35.28	34.06
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.12	1.07	1.12

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	60.000	60.000	60.000
Reserves & Surplus	1484.371	1492.222	1764.780
Net worth	1544.371	1552.222	1824.780
Long Term borrowings	539.783	450.452	491.813
Short Term borrowings	1303.554	1486.252	1451.764
Current Maturities of Long term debt	200.310	180.298	97.893
Total borrowings	2043.647	2117.002	2041.470
Debt/Equity ratio	1.323	1.364	1.119

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	7857.115	7525.307	8719.914
		(4.223)	15.875

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	7857.115	7525.307	8719.914
Profit	205.163	7.851	272.558
	2.61%	0.10%	3.13%

LEGAL CASES

PRIMARY DETAILS

Main Number

CEA 93/2017

SR Number

CEASR 1633/2017

Petitioner

THE PRINCIPAL COMMISSIONER CUSTOMS

Respondent

COVALENT LABORATORIES PVT LTD.,

Petitioner Advocate

M VIJAYA KUMAR GOUD (SR SC FOR CEC-SER TAX)

Respondent Advocate

S DWARAKANATH

Case Category

NPD

District

MEDAK

Filing Date

01/06/2017

Registration Date

17/06/2017

Listing Date

16/08/2017

Case Status

PENDING

Purpose

INTERLOCUTORY

Hon'ble Judges

-

Category

Category

CEA

Sub Category

CENTRAL EXCISE APPEAL

Sub Sub Category

GENERAL AND CENVAT

IA DETAILS

IA Number

Misc.Paper Type

Status

Prayer

Order Date

Order

IA SR Details

IA SR Number

Advocate Name

Paper Type

IA SR Filing Date

IA SR Status

USR Details

USR Number

Advocate Name

USR Type

USR Filing Date

Remarks

CONNECTED MATTERS

Connected Case Number

VAKALATH

Advocate Code

Advocate Name

P/R No.

Remarks

LOWER COURT DETAILS

Court Name	HIGH COURT
District	HYDERABAD
Lower Court Case No.	ORDER 31080/2016
Hon'ble Judge	SULEKHA BEEVI
Date of Judgement	07-11-2016

PRAYER

to allow the appeal by duly setting aside the Final Order No A/31079-31080/2016 dt 07 11 2016 passed by the Customs Excise Service Tax Appellate Tribunal Regional Bench Hyderabad

PARTY DETAILS

PETITIONER(S)
S.No	Petitioner(S) Name
1	THE PRINCIPAL COMMISSIONER CUSTOMS Central Excise & Service Tax Hyderabad-1 Commissionerate L B Stadium Road Basheerbagh Hyderabad-500 004

RESPONDENT(S)
S.No	Respondent(S) Name
1	COVALENT LABORATORIES PVT LTD Sy No 374 Gundlamachnoor Village Hathnoor Mandal Medak District-502296

ORDERS

Order on

Judge Name

Date of Ordes

Order Type

Order Details

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	Yes
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	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from related parties	67.330	84.830
Total	67.330	84.830

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G34913178	100075386	HDFC BANK LIMITED	30/12/2016	-	-	360000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
2	G13281951	10609039	HDFC BANK LIMITED	28/11/2015	30/06/2016	-	300000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
3	C46866679	10555407	HDFC BANK LIMITED	16/01/2015	-	-	410000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
4	C41511031	10545240	YES BANK LIMITED	30/12/2014	-	-	300000000.0	Nehru Centre 9th FloorDiscovery of India, Dr.Annie Besant Road, WorliMumbaiMH400018IN
5	C43792886	10516286	HDFC BANK LIMITED	27/06/2014	02/02/2015	-	410000000.0	1-10-60/3, 4TH FLOOR, SURYODAYA,BEGUMPET, HYDERABADHYDERABADTG500016IN
6	C36382570	10495631	Citi Bank N.A.	29/03/2014	29/03/2014	-	300000000.0	163,ANNA SALAICHENNAITN600002IN
7	G09761537	90126847	State Bank of India	30/04/2004	30/06/2016	-	1962300000.0	Industrial Finance Branch,Rajbhavan Road, SomajigudaHyderabadTG500082IN
8	G52069598	10348440	CITI BANK N.A.	21/03/2012	-	08/08/2017	225000000.0	1st Floor, Queens Plaza,Sardar Patel Road,HyderabadAP500003IN
9	G02132561	10548785	The Hongkong and Shanghai Banking Corporation Limited	29/01/2015	-	22/04/2016	300000000.0	6-3-1107 & 1108, Raj Bhavan RoadSomaji GudaHyderabadTG500082IN
10	B82060013	10105158	PUNJAB NATIONAL BANK	02/06/2008	19/03/2011	02/08/2013	145000000.0	BANK STREETHYDERABADAP500001IN

FIXED ASSETS

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

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 65.99
UK Pound	1	INR 89.90
Euro	1	INR 80.20

INFORMATION DETAILS

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

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

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

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

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.