MIRA INFORM REPORT

Report No. :	498553
Report Date :	22.03.2018

IDENTIFICATION DETAILS

Name :	CADILA PHARMACEUTICALS LIMITED
Formerly Known As :	NOVA BIOSTIC (INDIA) PRIVATE LIMITED
Registered Office :	Cadila Corporate Campus, Sarkhej Dholka Road, Bhat, Ahmedabad – 382210, Gujarat
Tel. No.:	91-2718-225001
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	28.02.1991
Com. Reg. No.:	04-015132
Capital Investment / Paid-up Capital :	INR 964.021 Million
CIN No.: [Company Identification No.]	U24231GJ1991PLC015132
IEC No.: [Import-Export Code No.]	0895001390
TIN No.:	24073403196
CST No.:	24573403196
PAN No.: [Permanent Account No.]	AAACC6251E
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTN : [Goods & Service Tax Registration No.]	24AAACC6251E1Z5
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Pharmaceutical products. (Registered activity and also Confirmed by management)
No. of Employees :	500 (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++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 12300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Cadila was founded by late Mr. Indravadan Modi and Mr. Ramanbhai Patel. Subsequently, in 1991, it was bifurcated into two different companies namely “Cadila Healthcare Limited”, part of Patel group and “Cadila Pharmaceuticals Limited” (Cadila), part of Modi group. Cadila manufactures both formulations and API drugs for more than 45 therapeutic areas. The company has two Active Pharmaceuticals Ingredient (API) manufacturing facilities located at Ankleshwar (Gujarat), one formulation facility at Dholka (Gujarat) which is USFDA approved and one formulation facility at Samba in Jammu. Cadila exports its products to various countries through its marketing set up in USA, Japan, UK, Africa and Russia. The ratings derive strength from its experienced management in the pharmaceutical industry with long-standing track record, established operations, recognized position in the domestic formulation market, strong product portfolio across therapeutic segments with good marketing setup. The ratings also take into account the moderate debt coverage indicators and a healthy liquidity of the company. The ratings are, however, due to declining operating profitability margins and high exposure towards subsidiary/group companies, its presence in price controlled domestic formulation business and highly competitive Active Pharmaceuticals Ingredients (API) segment along with increasing regulatory risk and foreign exchange fluctuations risk. Trade relations are fair. Payments are regular and as per commitment. In view of aforesaid, the company can be considered good for normal business dealings at usual trade 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	CARE
Rating	Long term loans : A
Rating Explanation	Adequate degree of safety and low credit risk
Date	15.03.2018

Rating Agency Name	CARE
Rating	Short term loans : A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	15.03.2018

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 22.03.2018

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. Kiran
Designation :	Senior Executive
Contact No.:	91-2646-251519
Date :	20.03.2018

LOCATIONS

Registered/ Corporate Office 1 :	Cadila Corporate Campus, Sarkhej Dholka Road, Bhat, Ahmedabad – 382210, Gujarat, India
Tel. No.:	91-2718-225001
Mobile No.:	91-9924865997 (Mr. Pranav)
Fax No.:	91-2718-225039
E-Mail :	secretarial@cadilapharma.co.in
Website :	http://www.cadilapharma.com
Location :	Owned
Locality:	Commercial
Corporate Office 2/ Factory 1 :	I R M House, Navrangpura, Off C G Road, Ahmedabad - 380009, Gujarat, India
Factory 2 :	Dholka – Manufacturing Plant, Survey No. 1389, Trasad Road, Dholka, Ahmedabad – 387810, Gujarat, India
Tel. No:	91-79-23421841 / 83 / 84 / 23422006 / 7 / 8 / 9 / 10
Fax No:	91-79-23420315
Factory 3 :	Chemical SBU 294, GIDC Estate, Ankleshwar- 393002, Gujarat, India
Tel. No:	91-2646-223846/ 252626/ 251519
Fax No:	91-2646-250051
Factory 4 :	CHPL – Factory / Karnavati Engineering Limited Survey No. 342, Nani Kadi, Taluka Kadi, District Mehsana, North Gujarat, India
Tel. No:	91-2764-262463/ 242037/ 242194/ 241464-65
Fax No:	91-2764-242223/ 242608
Factory 5 :	Chemicals SBU Factory Plot No. 274, GIDC Industrial Estate, Ankleshwar, Gujarat, India
Tel. No:	91-2646-223846/ 252626/ 251519
Fax No:	91-2646-250051
Factory 6 :	Tissu Culture Lab 756, Prakruti Farm, Hirapur Chowkdi, Hirapur, Ahmedabad, Gujarat, India
Tel. No:	91-79-3855260/ 3855495/ 496
Factory 7 :	Cadila Pharmaceuticals Limited, Jammu Industrial Growth Centre, Samba – 184121, District Jammu, Jammu and Kashmir, India
Tel. No:	91-1923-241113/ 241114/ 241115
Fax No:	91-1923-246744

DIRECTORS

As on 31.03.2017

Name :

Dr. Rajiv Indravadan Modi

Designation :

Managing Director

Address :

13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

09.05.1960

Qualification :

Ph. D (Biological Science), M. SC (Biochemical Engineering), B. Tech(Chemical Engineering)

Date of Appointment :

28.02.1991

PAN No.:

ACGPM3768F

DIN No.:

01394558

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74997GJ2016PTC091809	IRM BRANDS PRIVATE LIMITED	03/05/2016	-
U74140GJ2016PLC086449	APOLLO CVHF LIMITED	15/03/2016	-
U40100GJ2015PTC085213	IRM ENERGY PRIVATE LIMITED	01/12/2015	-
U24230GJ2012PTC069227	CASIL BG MEDICAL DEVICES PRIVATE LIMITED	28/02/2012	-
U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	15/04/1997	-
U70101GJ2013PTC074111	IRM PROPERTIES PRIVATE LIMITED	21/03/2013	-
U73100GJ2012PTC070636	INVERIKA BIORESEARCH PRIVATE LIMITED	07/06/2012	-
U24230GJ2012PLC071212	CASIL INDUSTRIES LIMITED	19/07/2012	-
U74999GJ2009PTC058116	IRM ENTERPRISES PRIVATE LIMITED	30/09/2011	-
U01403GJ2009PTC056669	LA VIE AGRICARE PRIVATE LIMITED	20/04/2009	-
U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	24/03/2009	-
U45209GJ2008PTC055133	CPL INFRASTRUCTURE PRIVATE LIMITED	08/10/2010	-
U24231GJ1973PLC002286	CADILA LABORATORIES PRIVATE LIMITED	05/10/1991	-
U85100GJ2008FTC052859	STEMCYTE INDIA THERAPEUTICS PRIVATE LIMITED	07/08/2009	-
U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	05/02/2008	-
U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	31/07/2006	-
U33111GJ1994PTC050484	MEDTEK ASIA PRIVATE LIMITED	24/03/1999	-
U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	01/10/2012	-
U72200GJ2000PLC038743	CADINDIA INSURANCE COMPANY LIMITED	04/10/2000	-
U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	17/10/1995	-
U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	03/05/1995	-
U74120GJ1994PLC023239	IRM LIMITED	11/10/1994	-
U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	26/03/1990	-
L24110GJ1973PLC002247	GUJARAT ALKALIES AND CHEMICALS LIMITED	01/10/2014	-

Name :

Mr. Ramesh Ratilal Choksi

Designation :

Whole-time director

Address :

B-9, Indira Niwas, 82 Linking Road, Santacruz Police ST, Santacruz (West), Mumbai, 400054, Maharashtra, India

Date of Appointment :

08.08.2014

PAN No.:

AABPC1816H

DIN No.:

06636737

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	08/08/2014	-
U74120GJ1994PLC023239	IRM LIMITED	30/09/2017	-
U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	30/09/2017	-
U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	02/06/2013	-
U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	30/09/2017	-
U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	24/09/2014	-
U24230GJ2012PLC071212	CASIL INDUSTRIES LIMITED	25/09/2015	-

Name :

Mr. Daya Nand Khurana

Designation :

Director

Address :

288, Vasant Enclave, Vasant Vihar, New Delhi - 110057, India

Date of Birth/Age :

15.05.1935

Qualification :

B.E.(EC)

Date of Appointment :

04.07.2003

DIN No.:

00020601

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999DL2016PTC306547	DAKS INDIA INDUSTRIES PRIVATE LIMITED	28/09/2016	-

Name :

Mr. Pradip Navin Khandwalla

Designation :

Director

Address :

B/101, Jupiter Tower, Opposite Samkit Bunglows, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

18.02.1940

Qualification :

B. Com. (Com), MBA (Wharton, Penn.), Ph.D. (Carnegie-Mellon), ACA

Date of Appointment :

29.09.2007

DIN No.:

00064643

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L23203GJ1980PLC003623	GUJARAT GAS COMPANY LIMITED	01/03/2001	-
U24110GJ1980PLC004091	GUJARATGAS TRADING COMPANY LIMITED	22/12/2005	-
U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	22/09/2009	-
U99999DL1983NPL014987	AGA KHAN RURAL SUPPORT PROGRAMME (INDIA)	07/04/2008	-

Name :

Mrs. Monika Garware Modi

Designation :

Director

Address :

13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

04.06.1963

Qualification :

M.B.A. from Pace University, New York, USA

Date of Appointment :

15.12.1995

PAN No.:

AEQPG3834C

DIN No.:

00143400

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45202MH2010PTC205261	BEST DESIGN PROPERTIES PRIVATE LIMITED	16/07/2010	-
U24230GJ2012PLC071212	CASIL INDUSTRIES LIMITED	17/01/2014	-
U73100GJ2012PTC070636	INVERIKA BIORESEARCH PRIVATE LIMITED	03/12/2013	-
U70102MH2012PTC234792	GREAT VIEW REAL ESTATES PRIVATE LIMITED	20/08/2013	-
U74999MH2012PLC235072	GARWARE INDUSTRIEES LIMITED	19/08/2013	-
U70101GJ2013PTC074111	IRM PROPERTIES PRIVATE LIMITED	21/03/2013	-
U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	15/04/1997	-
U24119MH2003PTC139109	NAIGAON CHEMICALS PRIVATE LIMITED	07/09/2012	-
U45400MH2007PTC172262	VIA INVESTMENT CONSULTANTS PRIVATE LIMITED	07/09/2012	-
U24230GJ2012PTC069227	CASIL BG MEDICAL DEVICES PRIVATE LIMITED	26/08/2013	-
U40100GJ2015PTC085213	IRM ENERGY PRIVATE LIMITED	01/12/2015	-
U74997GJ2016PTC091809	IRM BRANDS PRIVATE LIMITED	03/05/2016	-
U45400MH2010PTC202621	ENVISION PROPERTIES PRIVATE LIMITED	11/05/2010	-
U70102MH2009PTC197095	GREAT DESIGN PROPERTIES PRIVATE LIMITED	31/03/2010	-
U74999GJ2009PTC058116	IRM ENTERPRISES PRIVATE LIMITED	27/09/2013	-
U01403GJ2009PTC056669	LA VIE AGRICARE PRIVATE LIMITED	27/09/2013	-
U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	08/06/2009	-
U45209GJ2008PTC055133	CPL INFRASTRUCTURE PRIVATE LIMITED	27/09/2013	-
U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	28/09/2013	-
U85100MH1946GAT005082	BREACH CANDY HOSPITAL TRUST	20/06/2017	-
U91110MH1981NPL024836	B D GARWARE RESEARCH CENTRE	09/04/1993	-
U65990MH1981PTC025590	MONIKA HOLDINGS PRIVATE LIMITED	07/01/1999	-
U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	30/09/2013	-
U74999MH1989PLC053573	GARWARE INDUSTRIES LIMITED	05/12/1998	-
L10889MH1957PLC010889	GARWARE POLYESTER LIMITED	31/03/1989	-
U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	04/07/2003	-
U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	10/08/1996	-
U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	10/08/1996	-
U74120GJ1994PLC023239	IRM LIMITED	10/08/1996	-
U29199GJ1981PLC004488	KARNAVATI ENGINEERING LTD	10/08/1996	-
U24231GJ1973PLC002286	CADILA LABORATORIES PRIVATE LIMITED	30/09/2015	-

Name :

Mr. Chinubhai Ramanlal Shah

Designation :

Director

Address :

402, Heritage Cresent, Behind Prahladnagar Garden, Near Jain Derasar, S. G. Highway, Ahmedabad – 380051, Gujarat, India

Date of Birth/Age :

04.06.1937

Qualification :

M.A., L.L.M. (Gold Medalist), DLP, DTP, FCS, Life Fellow AIMA

Date of Appointment :

31.03.2001

DIN No.:

00558310

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	13/04/2000	-
L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	08/08/2009	-
L55910GJ1992PLC018623	ARMAN FINANCIAL SERVICES LIMITED	18/10/1994	-
U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	15/01/2002	-
U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	18/08/2005	-
U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	31/07/2006	-
U24240GJ1980PLC003670	NIRMA LIMITED	06/06/2002	-
U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	28/07/2009	-
U52100GJ1965PLC001347	GSEC LIMITED	18/03/2004	-
U85191GJ2015NPL083151	HUMAN WELLNESS FOUNDATION	07/05/2015	-

Name :

Mr. Amitava Sanat Mukherjee

Designation :

Director

Address :

52, Panchsheel, 64 Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Appointment :

30.09.2016

DIN No.:

00003285

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L74120MH1985PLC035308	GODREJ PROPERTIES LIMITED	17/07/2010	-
U65990MH1992PTC069386	AQUATAR SECURITIES PRIVATE LIMITED	04/11/1992	-
U33125MH1995PTC090076	TEXANLAB LABORATORIES PRIVATE LIMITED	29/09/2017	-
U24114MH1995PTC094620	DYSTAR INDIA PRIVATE LIMITED	29/09/2017	-
L72200TN1999PLC054429	SAKSOFT LIMITED	03/07/2003	-
U91110MH2001NPL130603	IMPACT FOUNDATION (INDIA)	30/09/2010	-

Name :

Mr. Girdhar Prem Balwani

Designation :

Additional Director

Address :

G-6, Venus Apartments, R. G. Thadani Marg, Worli, Mumbai – 400018, Maharashtra, India

Date of Appointment :

01.05.2017

DIN No.:

00328949

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65990MH1992PTC069386	AQUATAR SECURITIES PRIVATE LIMITED	17/07/2017	-
U51900MH1995PTC093706	SKANEM INTERLABELS INDUSTRIES PRIVATE LIMITED	09/12/2015	-
U24233GJ2008PTC055635	INOVAIL PHARMACEUTICALS (INDIA) PRIVATE LIMITED	14/04/2010	-
U74999MH2012PTC226818	SKANEM INTERLABELS INDUSTRIES NORTH PRIVATE LIMITED	09/12/2015	-
U74900MH2015PTC263802	AYUKRT INNOVATION PRIVATE LIMITED	03/11/2017	-
U74999MH2015PTC267088	INNOPHARM HEALTHCARE PRIVATE LIMITED	03/08/2015	-
U72300MH2015PTC270190	KENNECT SOLUTIONS PRIVATE LIMITED	24/10/2016	-
U74999MH2017PTC297589	VOLL SANTE FUNCTIONAL FOODS & NUTRACEUTICALS PRIVATE LIMITED	13/03/2018	-

Name :

Mr. Ajit Singh

Designation :

Director

Address :

221 Kipling Street Palo Alto 94301 United States

Date of Appointment :

01.07.2017

DIN No.:

02525853

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72200DL2001PLC111313	MAX HEALTHCARE INSTITUTE LIMITED	24/08/2009	-
U85100HR2012PTC046376	CORE DIAGNOSTICS PRIVATE LIMITED	30/09/2013	-
U74999HR2015PTC056170	MEDECUBE HEALTHCARE INDIA PRIVATE LIMITED	26/10/2015	-

Name :

Mr. Jaswinder Matharu

Designation :

Director

Address :

11508 Swainslock Terrace Potomac 20854 United States

Date of Appointment :

01.07.2017

DIN No.:

00416137

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72900DL2003PTC121161	INFOGIX INTERNATIONAL PRIVATE LIMITED	02/07/2003	-
U72900DL2004PTC125289	SEQUENTIAL TECHNOLOGY INTERNATIONAL (INDIA) PRIVATE LIMITED	19/03/2004	-
U51909DL2017PTC314356	HOMELII TECHNOLOGIES PRIVATE LIMITED	30/03/2017	-

KEY EXECUTIVES

Name :	Mr. Kiran
Designation :	Senior Executive
Name :	Mr. Amitabha Banerjee
Designation :	Chief Finance Officer
Address :	A-902, Prestige Tower, Off. Judges Bunglow Road, Vastrapur, Ahmedabad - 380015, Gujarat, India
Date of Appointment :	08.07.2014
PAN No.:	AADPB0669D
Name :	Mr. Prashant Arunkumar Mehta
Designation :	Company Secretary
Address :
Date of Appointment :	14.10.2017
PAN No.:	AEQPM8488N

MAJOR SHAREHOLDERS

As on 31.03.2017

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 11.09.2017

Category	Percentage
Promoters (Body corporate)	0.00007874
Public/Other than promoters (Others-Trust)	99.99985752
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader and Exporter of Pharmaceutical products. (Registered activity and also Confirmed by management)

Products / Services :

Item Code No.	Products/Services Description
29420014	Ranitidine
29051410	Ethambutol
29350011	Sulphamethaxazole

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• United States of America
• Japan

Imports :

Not Divulged

Terms :

Selling :

Advance Payment, Cheque, Others (RTGS)

Purchasing :

Advance Payment, Cheque, Others (RTGS)

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 :

End Users

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

No. of Employees :

500 (Approximately)

Bankers :

Banker Name :	IDFC Bank Limited
Branch :	Sun Square, Near Nest Hostel, off C.G. Road, Ahmedabad -380006, Gujarat, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

· Corporation Bank, Near Post Office, Opposite Navrangpura Bus Standnear Navrangpura Head Post Office, Navrangpura, Ahmedabad – 380009, Gujarat, India

· Export-Import Bank of India, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai -400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	3042.372	2068.981
Loans taken for fixed assets	80.391	49.034
Short-term borrowings
Working capital loans from banks	2839.426	2333.726
Total	5962.189	4689.062

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage', 3rd Floor, Near Gujarat Vidypith, Off. Ashram Road, Ahmedabad – 380014, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AABFD7919A
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Inverika Bioresearch Private Limited · CPL Infrastructure Private Limited · IRM Enterprises Private Limited · IRM Limited · IRM Trust · Karnavati Engineering Limited · Kaka Ba and Kala Budh Charitable Trust · LA Vie Agricare Private Limited · Shree Sarswati Education trust · IRM Brands Private Limited
Subsidiary companies :	· Cadila Pharmaceuticals (E.A.) Limited, Kenya · Cadila Pharmaceuticals (Europe) Limited · Cadi La Pharmaceuticals Sweden AB · Cadila Pharmaceuticls(Ethiopia) Plc., Ethiopia · Casil BG Medical Devices · CPL Biologicals Private Limited CIN No.: U01403GJ2009PTC056409 · C P L Inc. · Interpharma Limited, Nigeria · Kadera Yakuhin Limited · Sohl Limited, U.K · Irm Energy Private Limited CIN No.: U40100GJ2015PTC085213 · Modavar Pharmaceuticals · Medtree LLC · Casil Health Products Limited CIN No.: U51909GJ1995PLC027839 · Cadila Pharmaceuticals (Ghana) Limited · Cadila Pharmaceuticals (Ethopia) Plc., Ethopia · Satellite Overseas Holdings Limited U.K. · Sohl Inc., Usa (Through Sohl U.K) · Modavar Pharmaceutical LLC., USA (Through Sohl Inc.) · RRM Properties LLC USA (Through Sohl Inc.) · CPL Inc., USA · Cadila Pharmaceuticals (E.A.) Limited, Kenya · Global Pharma Inc., Bvi · Interpharma Industries Limited Nigeria · Kadera Yakuhin Limited, Japan · Cadila Pharma (Europe) Limited U.K. · CSM Pharma Limited Cayman Islands (Through Sohl, UK) · CSM Global Pharma Management, Cayman Islands (Through CSM Pharma Limited) · Cadila Pharma(Sweden) AB, Sweden · CPL Pharma Rawanda Limited Rawanda (Through CSM Pharma Limited) · CPL Biologicals US LLC. · Medtree LLC · Targeted Microwave Solutions Inc. · EQL Pharma AB · Ooo Cadila Pharmaceuticals (Russia) Limited (From 23.06.2016) · Imex Bliss Pharma Congo Limited (From 19.05.2016)
Associates :	· Green Channel Logi-Solutions Limited · EQL Pharma · Casil BG Medicals Devices Private Limited CIN No.: U24230GJ2012PTC069227 · Energy Hunter Resources Inc. (from 06.07.2016)

CAPITAL STRUCTURE

After 11.09.2017

Authorised Capital : INR 1206.500 Million

Issued, Subscribed & Paid-up Capital : INR 1204.021 Million

As on 11.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
80050000	Equity Shares	INR 10/- each	INR 800.500 Million
4573896	0.01% Redeemable Non-Cumulative Preference Shares	INR 10/- each	INR 45.739 Million
33317932	8% Cumulative Non-Convertible Redeemable Preference Shares	INR 10/- each	INR 333.179 Million
1708172	8% Non-Cumulative Non-Convertible Redeemable Preference Shares	INR 10/- each	INR 17.082 Million
100000	10% Cumulative Non-Convertible Redeemable Preference Shares	INR 100/- each	INR 10.000 Million
	Total		INR 1206.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80010000	Equity Shares	INR 10/- each	INR 800.100 Million
4573896	0.01% Redeemable Non-Cumulative Preference Shares	INR 10/- each	INR 45.739 Million
10000000	8% Cumulative Non-Convertible Redeemable Preference Shares	INR 10/- each	INR 100.000 Million
1708172	8% Non-Cumulative Non-Convertible Redeemable Preference Shares	INR 10/- each	INR 17.082 Million
11000	10% Cumulative Non-Convertible Redeemable Preference Shares	INR 100/- each	INR 1.100 Million
	Total		INR 964.021 Million

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	964.021	964.021	845.739
(b) Reserves & Surplus	3342.495	2734.067	2482.649
(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)	4306.516	3698.088	3328.388
(3) Non-Current Liabilities
(a) long-term borrowings	3777.456	2708.379	2675.324
(b) Deferred tax liabilities (Net)	370.265	452.023	411.830
(c) Other long term liabilities	437.876	346.154	333.901
(d) long-term provisions	130.372	78.935	63.799
Total Non-current Liabilities (3)	4715.969	3585.491	3484.854
(4) Current Liabilities
(a) Short term borrowings	2839.426	2333.726	1548.235
(b) Trade payables	2843.422	2692.511	2480.433
(c) Other current liabilities	1408.390	1346.323	1198.515
(d) Short-term provisions	141.017	123.025	377.746
Total Current Liabilities (4)	7232.255	6495.585	5604.929
TOTAL	16254.740	13779.164	12418.171
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5695.282	5308.661	4946.568
(ii) Intangible Assets	71.188	52.315	18.756
(iii) Capital work-in-progress	893.373	687.327	517.921
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2085.393	1041.364	966.673
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	491.881	886.078	844.827
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	9237.117	7975.745	7294.745
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2846.350	2273.402	1779.343
(c) Trade receivables	3192.533	2716.497	2542.643
(d) Cash and cash equivalents	286.520	179.618	189.298
(e) Short-term loans and advances	642.710	568.688	578.954
(f) Other current assets	49.510	65.214	33.188
Total Current Assets	7017.623	5803.419	5123.426
TOTAL	16254.740	13779.164	12418.171

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	16072.502	14655.611	13720.891
	Other Income	176.077	186.948	217.386
	TOTAL	16248.579	14842.559	13938.277
Less	EXPENSES
	Cost of Materials Consumed	4413.501	4156.810	4104.107
	Purchases of Stock-in-Trade	1694.573	1473.886	1434.059
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(484.717)	(283.445)	(117.900)
	Employees benefits expense	3300.774	2787.470	2375.353
	Other expenses	5316.388	4755.582	4188.995
	CSR Expenditure	17.366	14.320	22.230
	TOTAL	14257.885	12904.623	12006.844
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1990.694	1937.936	1931.433
Less	FINANCIAL EXPENSES	699.129	539.037	504.130
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1291.565	1398.899	1427.303
Less/ Add	DEPRECIATION/ AMORTISATION	612.457	619.000	652.630
	PROFIT/ (LOSS) BEFORE TAX	679.108	779.899	774.673
Less	TAX	70.680	220.818	121.821
	PROFIT/ (LOSS) AFTER TAX	608.428	559.081	652.852
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5228.453	4843.626	4657.360
	TOTAL EARNINGS	5228.453	4843.626	4657.360
	Earnings / (Loss) Per Share (INR)	7.60	6.75	8.16

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	762.129	940.172	748.248
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	1195.465	1298.297	1994.169

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	72.50	67.65	67.64
Account Receivables Turnover (Income / Sundry Debtors)	5.03	5.40	5.40
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	169.91	174.54	163.48
Inventory Turnover (Operating Income / Inventories)	0.70	0.85	1.09
Asset Turnover (Operating Income / Net Fixed Assets)	0.30	0.32	0.35

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.72	0.74	0.73
Debt Equity Ratio (Total Liability / Networth)	1.71	1.62	1.49
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.68	1.76	1.68
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.55	1.64	1.65
Interest Coverage Ratio (PBIT / Financial Charges)	2.85	3.60	3.83

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	3.79	3.81	4.76
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.74	4.06	5.26
Return on Investment (ROI) ((PAT / Networth) * 100)	%	14.13	15.12	19.61

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.97	0.89	0.91
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.58	0.54	0.60
G-Score Ratio Financial (Networth / Total Assets)	0.26	0.27	0.27
G-Score Ratio Debt (Debts / Equity Capital)	7.65	6.21	5.88
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.97	0.89	0.91

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

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	845.739	964.021	964.021
Reserves & Surplus	2482.649	2734.067	3342.495
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	3328.388	3698.088	4306.516
long-term borrowings	2675.324	2708.379	3777.456
Short term borrowings	1548.235	2333.726	2839.426
Current maturities of long-term debts	748.248	940.172	762.129
Total borrowings	4971.807	5982.277	7379.011
Debt/Equity ratio	1.494	1.618	1.713

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	13720.891	14655.611	16072.502
		6.812	9.668

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	13720.891	14655.611	16072.502
Profit	652.852	559.081	608.428
	4.76%	3.81%	3.79%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	964.021	964.021
(b) Reserves & Surplus	5417.098	5537.107
(c) Money received against share warrants	0.000	0.000
(d) Minority Interest	111.136	81.747
(2) Share Application money pending allotment	111.136	81.747
Total Shareholders’ Funds (1) + (2)	6492.255	6582.875
(3) Non-Current Liabilities
(a) long-term borrowings	3824.900	2819.573
(b) Deferred tax liabilities (Net)	329.794	433.842
(c) Other long term liabilities	438.276	356.653
(d) long-term provisions	138.027	81.901
Total Non-current Liabilities (3)	4730.997	3691.969
(4) Current Liabilities
(a) Short term borrowings	2884.039	2415.721
(b) Trade payables	2930.608	2773.302
(c) Other current liabilities	1850.218	1485.716
(d) Short-term provisions	141.732	123.959
Total Current Liabilities (4)	7806.597	6798.698
TOTAL	19029.849	17073.542
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6413.676	5941.052
(ii) Intangible Assets	107.472	86.982
(iii) Capital work-in-progress	1383.030	719.297
(iv) Intangible assets under development	62.917	48.193
(b) Non-current Investments	590.028	945.893
(c) Deferred tax assets (net)	4.962	0.257
(d) Long-term Loan and Advances	312.519	290.469
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	8874.604	8032.143
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	3285.616	2612.450
(c) Trade receivables	2945.465	2614.342
(d) Cash and cash equivalents	3163.393	3131.281
(e) Short-term loans and advances	680.107	625.035
(f) Other current assets	80.664	58.291
Total Current Assets	10155.245	9041.399
TOTAL	19029.849	17073.542

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	16729.186	15232.295
	Other Income	193.983	367.414
	TOTAL	16923.169	15599.709
Less	EXPENSES
	Cost of Materials Consumed	4733.147	4274.369
	Purchases of Stock-in-Trade	1708.185	1595.615
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	-532.895	-254.332
	Employees benefits expense	3501.486	2955.454
	Other expenses	5526.753	5068.749
	CSR Expenditure	17.366	14.320
	Exceptional Items	423.459	-2511.498
	TOTAL	15377.501	11142.677
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1545.668	4457.032
Less	FINANCIAL EXPENSES	720.722	562.857
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	824.946	3894.175
Less/ Add	DEPRECIATION/ AMORTISATION	671.922	675.097
	PROFIT/ (LOSS) BEFORE TAX	153.024	3219.078
Less	TAX	57.873	205.686
	PROFIT/ (LOSS) AFTER TAX	95.151	3013.392
Less/ Add	Minority Interest	7.059	(51.872)
Less/ Add	Share of profit (loss) for period	195.974	44.076
	PROFIT/ (LOSS) FOR THE PERIOD	(107.882)	3021.188
	Earnings / (Loss) Per Share (INR)	(1.35)	37.53

LEGAL CASE

NOTE: LEGAL CASE DETAILS ATTACHED

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)	Yes
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	Yes
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

OPERATING RESULTS

During the year, the Company has achieved the sales of INR 15610.000 Million, which shows the growth of 9 % over the previous year (INR 14332.100 Million) on standalone basis. The profits after tax for the year increased to INR 608.400 Million as against INR 559.100 Million in the previous year on standalone basis.

SCHEME OF AMALGAMATION (As on 31.03.2016)

The Hon’ble High Court of Gujarat vide its order dated 7.12.2015 has sanctioned the Scheme of Amalgamation (the Scheme) of Casil Industries Limited (CIL) with Cadila Pharmaceuticals Limited. These orders were filed with the Registrar of Companies on 29.12.2015. Accordingly, the Scheme has become operational with effective date of 29.12.2015 and appointed date of 1st April, 2015. From the effective date, CIL stand dissolved (without being wound up) and merged with the Company. Pursuant to amalgamation, 10000 equity shares of the Company of INR 10 each, 10% 11,000 Cumulative Non-convertible Redeemable Preference Shares of INR 100 each, 8% 10000000 Cumulative Non-Convertible Redeemable Preference Shares of INR 10/- each and 8% 1708172 Non-Cumulative Non-Convertible Redeemable Preference Shares of INR 10 each, all at par, fully paid up, were allotted to the shareholders of CIL.

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Bonds	150.000	300.000
Deposits from others	0.000	4.010
Loans and advances from related parties	225.000	0.000
Other loans and advances, others	279.693	286.354
Total	654.693	590.364

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G50935816	100117832	HDFC BANK LIMITED	29/06/2017	-	600000000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PARELMUMBAIMH400013IN
2	G19910280	100058093	IDFC BANK LIMITED	07/10/2016	-	600000000.0	SUN SQUARE, NEAR NEST HOSTELOFF C.G. ROADAHMEDABADGJ380006IN
3	G04552543	100030179	CORPORATION BANK	06/05/2016	-	600000000.0	Near Post Office, Opposite Navrangpura Bus StandNear Navrangpura Head Post Office, Navrangpura,AHMEDABADGJ380009IN
4	C80490733	10490013	Export-Import Bank of India	25/03/2014	01/03/2016	350000000.0	Floor 21, World Trade Centre Complex, Cuffe ParadeMumbaiMH400005IN
5	B98178411	10481788	Bank of Baroda	10/02/2014	-	1250000000.0	Corporate Financial Services Branch, 1st Floor,BOB Towers, Opp. Law Garden, Ellisbridge,AhmedabadGJ380009IN
6	B92018449	10466339	UNION BANK OF INDIA	29/11/2013	-	500000000.0	IFB, C. U. SHAH CHAMBERS,ASHRAM ROAD,AHMEDABADGJ380014IN
7	B61496022	10384789	BANK OF BARODA	17/10/2012	-	500000000.0	CORPORATE FINANCIAL SERVICES BRANCHBANK OF BARODA TOWERS, ELLISBRIDGEAHMEDABADGJ380006IN
8	B37458825	10349308	Export-Import Bank of India	09/04/2012	-	420000000.0	Centre One Building, Floor 21World Trade Centre Complex, Cuffe Parade,MumbaiMH400005IN
9	B84319458	10284330	Indian Overseas Bank	18/04/2011	21/08/2013	500000000.0	401, 403 SIGMA LEGACYNR. POLYTECHNIC CROSS ROAD, IIRM ROADAHMEDABADGJ380015IN
10	A61567855	10157250	Department of Biotechnology	08/04/2009	-	2550000.0	Block 2, CGO ComplexLodhi RoadNew DelhiDL110003IN

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	246.476	188.801
Guarantees	1150.234	161.776

FIXED ASSETS:

• Land
• Furniture and fixtures
• Plant and equipment
• Vehicles
• Office equipment
• Computer software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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 65.20
UK Pound	1	INR 91.49
Euro	1	INR 80.46

INFORMATION DETAILS

Information Gathered by :	ARC
Analysis Done by :	NIY
Report Prepared by :	JYTK

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.

·