MIRA INFORM REPORT

Report No. :	495740
Report Date :	07.03.2018

IDENTIFICATION DETAILS

Name :	NATURAL CAPSULES LIMITED
Registered Office :	No.102, Shreshta Bhumi, No.87, B.V.K. Iyengar, K.R. Road, Bangalore – 560 004, Karnataka
Tel. No.:	91-80-26671571
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	20.09.1993
Com. Reg. No.:	08-014742
Capital Investment / Paid-up Capital :	INR 62.327 Million
CIN No.: [Company Identification No.]	L85110KA1993PLC014742
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	BLRN00437D
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACN6209M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :
	Manufactures and sells E.H.G. Capsules. (Registered activity) Manufactures and sells hard gelatin capsule shells. The company also engages in formulating pharmaceutical dosage forms in capsule dosage form for use in pharma and nutraceutical products. It also exports its products. (From Indirect Source)
No. of Employees :

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 1700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in the year 1993. It is a manufacturer of Hard Gelatin Capsule shells, Hard Cellulose Capsule shells and Pharmaceutical Dosage Forms in Capsule Dosage Form. As per the financial records of 2017, the company has reported a decline in its revenue as compared to the previous year but has managed to maintain an average net profit margin of 1.17%. The company possesses healthy financial position marked by adequate net worth base along with negligible debt level and acceptable liquidity position. The company has its share price trading at around INR 122.20 on BSE as on March 1, 2018 as against the Face Value (FV) of INR 10. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	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 Loans = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	07.02.2018

Rating Agency Name	ICRA
Rating	Short Term Loans = A3+
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	07.02.2018

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 DENIED

MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-80-26671571 / 26671573

LOCATIONS

Registered Office :	No.102, Shreshta Bhumi, No.87, B.V.K. Iyengar, K.R. Road, Bangalore – 560 004, Karnataka, India
Tel. No.:	91-80-26671571/ 26671573/ 26671581
Fax No.:	91-80-26671562
E-Mail :	info@naturlacapsules.com sunil@naturalcapsules.com company.sec@naturalcapsules.com enquiry@naturalcapsules.com
Website :	www.naturalcapsules.com
Factory 1 :	Plot No.7A2, KIADB Industrial area, Attibele, Bangalore – 562 107, Karnataka, India
Tel. No.:	91-8110-645068
Fax No.:	91-80-27820325
Factory 2 :	RS No.84, Perambai Road, Pitchaiveerampet, Pondicherry – 652 010, India
Tel. No.:	91-413-2290833
Fax No.:	91-413-2293251

DIRECTORS

As on 31.03.2017

Name :	Mr. Sunil Laxminarayana Mundra
Designation :	Managing Director
Address :	Manjari 8/23, 10^th Cross, Basappa Layout, Gavipuram Extension, Bangalore – 560 019, Karnataka, India
Date of Birth/Age :	30.11.1964
PAN No.:	ADVPM5759J
Date of Appointment :	01.06.2014
DIN No.:	00214304
Name :	Mr. Laxminarayan Mundra
Designation :	Whole-time Director
Address :	Manjari, 10th Cross, 3rd Main, Gavipuram Extn., Bangalore – 560019, Karnataka, India
Date of Birth/Age :	01.06.1943
PAN No.:	ABQPM2191P
Date of Appointment :	01.09.2014
DIN No.:	00214298
Name :	Mr. Satyanarayan Mundra
Designation :	Whole-time Director
Address :	Manjari 8/23, 10^th Cross, Basappa Layout, Gavipuram Extension, Bangalore – 560 019, Karnataka, India
Date of Birth/Age :	22.04.1952
PAN No.:	ADVPM5763A
Date of Appointment :	01.06.2014
DIN No.:	00214349
Name :	Mr. Srirangam Gopalan
Designation :	Director
Address :	No.3, 2 Main Road, Jaganath Pura, Ualagheri, Chennai – 600 042, Tamilnadu, India
Date of Birth/Age :	16.08.1934
Date of Appointment :	29.06.1994
DIN No.:	00287219
Name :	Mr. Sushil Kumar Mundra
Designation :	Director
Address :	Manjari, 10^th Cross, 3 Main Gavipuram Mew Extension, Bangalore – 560 019, Karnataka, India
Date of Birth/Age :	03.12.1969
Date of Appointment :	20.09.1993
DIN No.:	00214332
Name :	Dr. Chikkana Yakanahalo Muddulingaiah Gurumurthy
Designation :	Director
Address :	No.317, 6^th Main, Hal II, Stage 1, No.1 Ranagar, Bangalore – 560 038, Karnataka, India
Date of Birth/Age :	30.06.1933
Date of Appointment :	29.06.1994
DIN No.:	00287294
Name :	Mr. Cattancoletore Padmanabhan Rangachar
Designation :	Director
Address :	B - 4, Yemlur Home Owners Assn Yemlur Village Road, Bangalore – 560037, Karnataka, India
Date of Birth/Age :	23.07.1942
Date of Appointment :	29.06.1994
DIN No.:	00310893
Name :	Ms. Jyoti Mundra
Designation :	Additional Director
Address :	8/23, 3^rd Main Road, 10^th Cross, Gavipuram New Extension, Basavanagudi, Bangalore – 560 019, Karnataka, India
Date of Appointment :	30.03.2015
DIN No.:	07143035

KEY EXECUTIVES

Name :	Mr. Skandan Prakash Jain
Designation :	Company Secretary
Address :	#2/B , Samruddhi, Buddha Marga, Opposite DFRL, Siddhartha Nagar, Mysuru – 570011, Karnataka, India
Date of Appointment :	26.03.2015
PAN No.:	AKNPA6468R
Name :	Mr. Prasanna Bhaskar Junnarkar
Designation :	Chief Finance Officer
Address :	C 005, Maple Block, Raheja Residency 8th Main, 3rd Block, Koramangala Bangalore – 560034, Karnataka, India
Date of Appointment :	30.03.2015
PAN No.:	ABQPJ7427F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on December 2017

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
(A) Promoter & Promoter Group	3251883	52.17
(B) Public	2980817	47.83
Grand Total	6232700	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
A1) Indian		0.00
Individuals/Hindu undivided Family	1954729	31.36
SUNIL LAXMINARYAN MUNDRA	416003	6.67
SUSHIL KUMAR MUNDRA	294400	4.72
INDRA MUNDRA	216200	3.47
JYOTI MUNDRA	204463	3.28
LAXMINARAYAN MOONDRA	160294	2.57
RADHA S MUNDRA	159600	2.56
SHARADA MUNDRA	129414	2.08
SATYANARAYAN MUNDRA	123255	1.98
JYOTSNA DAGA	20900	0.34
NIDHI SETHIA	10000	0.16
SHREY MUNDRA	110100	1.77
MADHAV MUNDRA	110100	1.77
Any Other (specify)	1297154	20.81
TAJOS INVESTMENTS PRIVATE LIMITED	769000	12.34
NANDI SYNTHETICS PRIVATE LTD	524354	8.41
DEEPAK KABRA	1200	0.02
CHANDRA R LADDHA	1000	0.02
B SAMPATHLAL	500	0.01
MUKUND GATTANI	500	0.01
DAMANI VIJAY	200	0.00
BHAGYALAXMI GURUMURTHY	200	0.00
C M GURUMURTHY	200	0.00
Sub Total A1	3251883	52.17
A2) Foreign		0.00
A=A1+A2	3251883	52.17

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
B2) Central Government/ State Government(s)/ President of India	0	0.00
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	1147539	18.41
Individual share capital in excess of INR 0.200 Million	719069	11.54
SANJAY KOTHARI	166000	2.66
JATIN RASIKLAL MANSATA	65000	1.04
SUBRAMANIAN P	257650	4.13
NISHA DUDHERIA	165000	2.65
Any Other (specify)	1114209	17.88
Sub Total B3	2980817	47.83
B=B1+B2+B3	2980817	47.83

BUSINESS DETAILS

Line of Business :

• Manufactures and sells E.H.G. Capsules. (Registered activity)

• Manufactures and sells hard gelatin capsule shells. The company also engages in formulating pharmaceutical dosage forms in capsule dosage form for use in pharma and nutraceutical products. It also exports its products. (From Indirect Source)

Products :

Item Code No.	Product Description
21001	E.H.G.Capsules

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS : 31.03.2017

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Capsules	Qty. in Lacs	Not Applicable	71000.00	61534.84

GENERAL INFORMATION

Suppliers :

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

Customers :

• Aglowmed Limited, Mumbai
• Shreya Life Sciences Private Limited, Mumbai
• Legend Drugs and Formulations Private Limited, Nagpur
• Chemcaps Limited, Delhi
• Bafna Pharmaceuticals Limited, Chennai

Reference :	Indswift Limited, Chandigarh
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

141 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Bangalore Commercial Branch, Hudson Circle, Bangalore - 560 001, Karnataka, 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)
Short-term borrowings
From Banks :
Term Loans	0.000	1.702
Cash Credit	27.773	53.528
Letter of Credit	0.603	0.000
Total	28.376	55.230
Note: 1. Long-term loans from State Bank of India are secured by first and joint equitable mortgage on pari-passu basis on Land, Building, Plant and Machinery / equipments, furniture and Computers situated at Attibele Industrial Area, Bangalore and at Pondichery and collateral security of entire stocks of raw materials, semi-finished goods and finished goods, book debts, receivable, other current assets etc. Long-term loans obtained from State Bank of India are secured by land and building situated at Pondicherry and hypothecation of plant and Machinery/equipments/furniture and computers. In addition collateral securities consist of second charge on fixed assets by shares of NCL held by M/s.Nandi Synthetic Private Limited to the tune of Rs.36.70 lacs and extension of charge on current asset. 2. The Secured term Loans from banks are repayable over a period of 2 to 3 years. 3. There are no continuing default in repayment of loans and interest. 4. Working Capital loan from State Bank of India is secured by hypothecation of stock of raw materials; work in process, finished goods, book debts, bills and other movable assets of the company. 5. All the secured loans are further secured by the personal guarantees of promoter directors.

Auditors 1 :
Name :	Gnanoba and Bhat Chartered Accountants
Address :	#45, Annamalai Arcade, 1^st Cross, Wilson Garden, Bangalore – 560 027, Karnataka, India
Tel No.:	91-80-22132191/92/93
Fax No.:	91-80-41131557
PAN No.:	AAAFG5742M
Auditors 2 :
Name :	P. Chandrasekar LLP Chartered Accountants
Address :	S-512/514, Maipal Centre, #47, Dikenson Road, Bangalore – 560042, Karnataka, India
Tel No.:	91-80-25585443 / 25597494
Email :	partner@pchandrasekar.com
Secretarial Auditors:
Name :	R. Parthasarathi
Address :	188, 1^st Floor, Aicoboonagar, 9^th Main, BTM 2^nd Stage, 11^th Cross, Bangalore, Karnataka, India
Memberships :	Not Available
Collaborators :	Not Available
Enterprise in which Directors have significant Control:	Mundra Enterprises Balurghat Technologies Limited Minakshi Enamels

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	INR 10/- each	INR 70.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6232700	Equity Shares	INR 10/- each	INR 62.327 Million

Reconciliation of the no. of shares outstanding at the beginning and at the end of the year:

Particular	No. of Share	(INR In Million)
No of share outstanding at the beginning of the year	5792700	57.927
Add: Additional share issued during the year	440000	4.400
Less: shares forfeited/Bought back during the year	0.000	0.000
No of share outstanding at the end of the year	6232700	62.327

Number of share held by each shareholder holding more than 5% shares in the company are as follows.

Particular	No. of Share	Percentage of Holding
Tajos Investment Private Limited	769000	12.34%
Nandhi Synthetics Private Limited	524354	8.41%
Vivog Commercial Limited	345000	5.54%
Sunil L Mundra Private Limited	416003	6.67%

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	62.327	57.927	52.427
(b) Reserves & Surplus	527.657	477.379	416.025
(c) Money received against share warrants	0.000	22.000	1.980
(2) Money received against share warrants	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	589.984	557.306	470.432
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	20.022	23.185	23.000
(c) Other long term liabilities	0.000	0.000	0.237
(d) long-term provisions	0.929	0.496	5.598
Total Non-current Liabilities (3)	20.951	23.681	28.835
(4) Current Liabilities
(a) Short term borrowings	28.376	55.230	54.184
(b) Trade payables	102.495	100.881	56.539
(c) Other current liabilities	17.684	21.464	13.126
(d) Short-term provisions	2.967	15.740	10.199
Total Current Liabilities (4)	151.522	193.315	134.048
TOTAL	762.457	774.302	633.315
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	260.699	301.601	292.088
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.176	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	50.736	50.736	24.947
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	16.073	14.790	17.699
(e) Other Non-current assets	3.988	3.218	2.585
Total Non-Current Assets	332.672	370.345	337.319
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	98.820	100.592	50.406
(c) Trade receivables	312.024	283.782	229.977
(d) Cash and cash equivalents	2.377	1.924	1.658
(e) Short-term loans and advances	16.564	17.659	13.955
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	429.785	403.957	295.996
TOTAL	762.457	774.302	633.315

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	536.428	620.530	673.208
	Other Income	8.130	12.323	7.945
	TOTAL	544.558	632.853	681.153
Less	EXPENSES
	Cost of Materials Consumed	253.031	294.167	294.531
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(10.787)	(45.113)	(14.360)
	Employees benefits expense	59.663	64.781	59.135
	Prior Period item:
	Prior Period Income	(0.124)	(0.066)	(0.138)
	Prior Period expenses	5.967	0.451	0.006
	CSR Expenditure	0.010	0.000	0.000
	Other expenses	184.635	211.708	220.699
	TOTAL	492.395	525.928	559.873
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	52.163	106.925	121.280
Less	FINANCIAL EXPENSES	5.830	4.886	5.641
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	46.333	102.039	115.639
Less/ Add	DEPRECIATION/ AMORTISATION	43.176	41.677	40.268
	PROFIT/ (LOSS) BEFORE TAX	3.157	60.362	75.371
Less	TAX	(3.122)	16.974	18.879
	PROFIT/ (LOSS) AFTER TAX	6.279	43.388	56.492
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	389.665	359.301	324.799
Add	Earlier year excess proposed dividend and dividend distribution tax (L)	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	0.000	2.169	2.825
	Adjustment relating to fixed assets	0.000	0.000	9.700
	Proposed Dividend	0.000	9.019	7.864
	Tax on Proposed Dividend	0.000	1.836	1.601
	Total (M)	0.000	13.024	21.990
	Balance Carried to the B/S	395.944	389.665	359.301
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	122.505	188.434	205.472
	TOTAL EARNINGS	122.505	188.434	205.472
	IMPORTS
	Excipients	0.408	0.418	0.063
	Raw Material	0.000	20.230	17.303
	Components and Stores parts	0.424	0.355	0.872
	Capital Goods	0.000	14.824	0.000
	TOTAL IMPORTS	0.832	35.827	18.238
	Earnings / (Loss) Per Share (INR)	1.04	8.06	11.18

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	21.128	49.650	69.906
Net cash flow from operating activity	19.128	34.620	54.269

QUARTERLY RESULTS

Particulars	30.06.2017	30.09.2017	31.12.2017
Audited / Unaudited	Unaudited	Unaudited	Unaudited
	1^ST Quarter	2^nd Quarter	3^rd Quarter
Net Sales	174.450	111.810	142.150
Total Expenditure	162.880	111.770	125.010
PBIDT (Excl OI)	11.570	0.040	17.140
Other Income	2.550	1.440	2.930
Operating Profit	14.120	1.480	20.070
Interest	0.560	0.880	0.500
Exceptional Items	NA	NA	NA
PBDT	13.560	0.600	19.570
Depreciation	9.990	9.990	9.990
Profit Before Tax	3.570	(9.380)	9.580
Tax	0.700	(3.460)	3.240
Provisions and contingencies	NA	NA	NA
Profit After Tax	2.870	(5.920)	6.330
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	2.870	(5.920)	6.330

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	212.31	166.92	124.69
Account Receivables Turnover (Income / Sundry Debtors)	1.72	2.19	2.93
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	147.85	125.17	70.07
Inventory Turnover (Operating Income / Inventories)	0.53	1.06	2.41
Asset Turnover (Operating Income / Net Fixed Assets)	0.20	0.35	0.42

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.20	0.25	0.21
Debt Equity Ratio (Total Liability / Networth)	0.05	0.10	0.12
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.26	0.35	0.28
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.44	0.54	0.62
Interest Coverage Ratio (PBIT / Financial Charges)	8.95	21.88	21.50

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.17	6.99	8.39
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.82	5.60	8.92
Return on Investment (ROI) ((PAT / Networth) * 100)	%	1.06	7.79	12.01

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.84	2.09	2.21
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.18	1.57	1.83
G-Score Ratio Financial (Networth / Total Assets)	0.77	0.72	0.74
G-Score Ratio Debt (Debts / Equity Capital)	0.46	0.95	1.03
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.84	2.09	2.21

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

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 122.20/-

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	52.427	57.927	62.327
Reserves & Surplus	416.025	477.379	527.657
Money received against share warrants	1.980	22.000	0.000
Net worth	470.432	557.306	589.984
Long Term borrowings	0.000	0.000	0.000
Short Term borrowings	54.184	55.230	28.376
Total borrowings	54.184	55.230	28.376
Debt/Equity ratio	0.115	0.099	0.048

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	673.208	620.530	536.428
		(7.825)	(13.553)

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	673.208	620.530	536.428
Profit	56.492	43.388	6.279
	8.39%	6.99%	1.17%

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

OPERATIONAL REVIEWS:

The company had a gross turnover of INR 583.854 Million as against INR 668.318 Million in the previous year, a decline of 12.64%. Profit before depreciation and taxation was INR 46.332 Million against INR 102.424 Million in the previous year. After providing for depreciation and taxation of INR 43.175 and INR (3.121) respectively, the net profit of the Company for the year was placed at INR 6.278 Million as against INR 43.388 Million previous year.

Due to tough market conditions, increase in cost of inputs and reduction in margins, there was decline in profits as compared to the previous year, hence the profit after tax has reduced by 85.53 % during the year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Industry structure and developments:

During the year, pharma business in both domestic and international economies has been affected due to issues of currency fluctuations and availability. Fall in commodity and oil prices, intense competition from Chinese supplier’s impact on in tradition demand of Gelatin. Domestic pharmaceutical industry had also slowed down due to control on pricing of finished formulations, slowing exports and ban on fixed dose combination products. As a result the company The Company had a gross turnover of INR 583.854 Million as against INR 668.318 Million in the previous year, a decline of 12.64%. Profit before depreciation and taxation was INR 46.332 Million against INR 102.424 Million in the previous year. After providing for depreciation and taxation of INR 43.175 and INR (3.121) respectively, the net profit of the Company for the year was placed at INR 6.278 Million as against INR 43.388 Million previous year. Due to tough market conditions, increase in cost of inputs and reduction in margins, there was decline in profits as compared to the previous year, hence the profit after tax has reduced by 85.53 % during the year.

OUTLOOK”

Based on the company’s performance up to the date of this report, orders on hand and realizing the additional capacity installed during last year, company is hopeful of achieving a turnover of around INR 600.000 to 620.000 Million in the current year. However due to fall in sales realization company may have to face fall in profits.

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G46400313	80002092	State Bank of India	24/11/1994	17/06/2017	-	77900000.0	Commercial Branch (04196), 1st Floor, Krishi Bhavan, Hudson Circle, Bangalore – 560001, Karnataka, India

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30^TH SEPTEMBER 2017

		Particulars	Quarter ended	Quarter ended	Half Year ended
			30.09.2017	30.06.2017	30.09.2017
1		Income from Operations
		Sales/Income from Operations (Gross)	174.449	111.813	286.262
		b) Other Operating Income	2.545	1.444	3.989
	Total Income from Operations (Net)		176.994	113.257	290.251
	Expenses
	a)	Cost of Materials consumed	64.557	49.312	113.869
	b)	Purchase of Stock-in-trade	--	--	--
	c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	8.798	(5.331)	3.467
	d)	Employee benefit expenses	13.462	13.326	26.788
	e)	Depreciation and amortization expense	0.557	0.877	1.434
	f)	Other expenses	76.057	54.466	130.523
	Total Expenses		173.420	122.638	296.058
	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		3.574	(9.381)	(5.807)
	Exceptional Items		--	--	--
	Profit /(Loss) from ordinary activities before tax		3.574	(9.381)	(5.807)
	Tax Expense		0.700	(3.459)	(2.759)
	Net Profit /(Loss) from ordinary activities after tax		2.874	(5.922)	(3.048)
	Paid up equity share capital (Eq. shares of INR 10/- each)		62.327	62.327	62.327
	Reserve excluding revaluation reserves
		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	0.46	(0.26)	(0.50)

The reconciliation of profit after tax as previously reported on account of transition from previous India GAAP to IND as for the quarter ended 30^th September 2017 are as under:

Particulars	Ended 30^th September	Ended 30^th September
Profit After Tax as reported under previous GAAP	2.242	0.713
Fair Value changes of Forward Contracts	--	--
Others	(2.500)	(2.500)
Deferred tax impact on above adjustment	--	--
Net Profit for the period under Ind - AS	(0.258)	(1.787)
Actual Gain / Loss on defined benefit plan recognized in OCI (Net of Deferred tax)	--	--
Total Comprehensive income for the period under Ind-AS	--	--

STATEMENT OF ASSETS ANS LIABILITIES AS ON 30^TH SEPTEMBER 2017

SOURCES OF FUNDS	30.09.2017
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	62.327
(b) Reserves & Surplus	517.106
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	579.433
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	16.562
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	16.562
(4) Current Liabilities
(a) Short term borrowings	20.984
(b) Trade payables	100.187
(c) Other current liabilities	24.400
(d) Short-term provisions	3.676
Total Current Liabilities (4)	149.247
TOTAL	745.242
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	240.735
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	1.176
(iv) Intangible assets under development	0.000
(b) Non-current Investments	50.736
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	8.913
(e) Other Non-current assets	8.342
Total Non-Current Assets	309.902
(2) Current assets
(a) Current investments	0.000
(b) Inventories	95.988
(c) Trade receivables	326.862
(d) Cash and cash equivalents	1.960
(e) Short-term loans and advances	10.530
(f) Other current assets	0.000
Total Current Assets	435.340
TOTAL	745.242

FIXED ASSETS

• Land
• Buildings
• Plant and Equipment
• Computers
• Furniture and Fixtures
• Vehicles
• Office Equipment

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 65.05
UK Pound	1	INR 89.69
Euro	1	INR 80.03

INFORMATION DETAILS

Analysis Done by :	NYT
Report Prepared by :	SUJ

SCORE FACTORS

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