MIRA INFORM REPORT

Report No. :	510445
Report Date :	23.05.2018

IDENTIFICATION DETAILS

Name :	ALEOR DERMACEUTICALS LIMITED
Registered Office :	5th Floor, Administrative Building Alembic Limited, Alembic Road, Vadodara – 390003, Gujarat
Tel. No.:	91-265-2280550
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	23.05.2016
Com. Reg. No.:	04-092131
Capital Investment / Paid-up Capital :	INR 5.000 Million
CIN No.: [Company Identification No.]	U24302GJ2016PLC092131
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAOCA4479J
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the manufacturing and selling of Pharmaceuticals products. i.e. Formulations (Registered Activity)
No. of Employees :	Information denied by the management

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of “Alembic Pharmaceuticals Limited”. The company was incorporated in the year 2016. It is engaged manufacturing and selling of Pharmaceuticals products. Management has denied to provide any information about the subject. For the financial year 2017, the company has not earned any revenue from its operations. The moderate financial profile of the company is marked by negative reserve base along with negligible debt coverage indicators. However, rating takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Payment seems to be unknown. In view of aforesaid, the company can be considered for business dealings with some caution.

NOTES :

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

EXTERNAL AGENCY RATING

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name 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 31-03-2018.

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 23.05.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED

Management non-cooperative (Tel No.:91-265-3007628)

LOCATIONS

Registered Office/Factory 1:	5th Floor, Administrative Building Alembic Limited, Alembic Road, Vadodara – 390003, Gujarat, India
Tel. No.:	91-265-2280550
Fax No.:	91-265-2282506
E-Mail :	rajkumar_baheti@alembic.co.in aleor@aleorderm.com
Website :	www.aleorderm.com http://www.alembicpharmaceuticals.com
Mumbai Office:	2nd floor , Prime Corporate Park, Behind ITC Grand Maratha Sheraton, Sahar Road, Andheri (East), Mumbai - 400099, Maharashtra, India
Factory 2:	Panelav, Taluka Halol, District Panchmahal - 389 350, Gujarat, India
Factory 3:	Plot No. 21, 22, EPIP - Phase I, Jhamajri, Baddi, Tehsil – Nalagarh, Solan, Himachal Pradesh, India
Factory 4:	Village Karakhadi, Taluka Padra, Vadodara, Gujarat, India

DIRECTORS

As on 31.03.2017

Name :	Mr. Rajkumar Shreeram Baheti
Designation :	Director
Address :	B-2-302, Orcadia, Nautilus Complex, Off Vasna Road, Vadodara -390007, Gujarat, India
Date of Birth/Age :	24.10.1959
Date of Appointment :	23.05.2016
PAN No.:	ABXPB2161K
DIN No.:	00332079
Name :	Mr. Milin Kaimas Mehta
Designation :	Director
Date of Birth/Age :	204, Meghdhanush Apartment, Racecourse Circle, Vadodara- 390007, Gujarat, India
Date of Appointment :	23.06.2017
DIN No.:	01297508
Name :	Mr. Mitanshu Satishbhai Shah
Designation :	Director
Address :	4, Jivan Jyot Society Lal Baug Road, Opposite Indra Complex Vadodara- 390004, Gujarat, India
Date of Birth/Age :	05.11.1973
Date of Appointment :	23.05.2016
PAN No.:	AEPPS0788G
DIN No.:	02305207
Name :	Mr. Mohan Sivaraman Mailtur
Designation :	Director
Address :	141, Silpa Brindavan, Usha Mullapudi Road Samsiguda, Kukatpally, Hyderabad -500072, Telangana, India
Date of Birth/Age :	ACYPM1147N
Date of Appointment :	23.05.2016
PAN No.:	25.12.1963
DIN No.:	02573448
Name :	Mr. Srinivasan Rangan Thirukandalam
Designation :	Director
Address :	FF3, Mahalakshmi Flats, #132/9, Old #136/9, Lake View Road, West Mambalam, Chennai -600033, Telangana, India
Date of Appointment :	23.06.2017
DIN No.:	02578755
Name :	Mr. Hiren Dasharathbhai Patel
Designation :	Director
Address :	B/301, Aliens Elite, Prasanth Nagar, Near JP Nagar, Miyapur, Hyderabad 500081, Telangana, India
Date of Birth/Age :	17.11.1976
Date of Appointment :	23.05.2016
PAN No.:	ALRPP9307M
DIN No.:	03560495
Name :	Mr. Jesal Niranjan Shah
Designation :	Director
Address :	A-403, K P Luxuria Next To Bright Day School, Vasna Bhayli Road, Vadodara- 390007, Gujarat, India
Date of Birth/Age :	23.08.1972
Date of Appointment :	23.05.2016
PAN No.:	AACPS6546H
DIN No.:	07314882

KEY EXECUTIVES

Name :	Mr. Rahul Sudhakar Gawande
Designation :	Chief Executive Officer
Address :	F No 1204, Bl 2a, Smr Vinay City, Miyapur Hyderabad- 500049, Telangana, India
Date of Appointment :	18.07.2016
PAN No.:	AGGPG8780M

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Alembic Pharmaceuticals Limited	299994
Samir	1*
Rasesh	1*
Charandeep	1*
Rajkumar	1*
Jesal	1*
Mitanshu	1*
Orbicular Pharmaceutical Technologies Private Limited	199998
Mohan	1^
Hiren	1^
Total	500000
Notes: *Holding shares on behalf of alembic pharmaceutical limited ^Holding Share on behalf of Orbicular Pharmaceutical Technologies Private Limited

Equity Share Break up (Percentage of Total Equity)

As on 19.07.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing and selling of Pharmaceuticals products. i.e. Formulations (Registered Activity)
Products / Services :	Pharmaceuticals products.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	--
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 :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)
Long-term Borrowings
Non-convertible debentures others	650.000
Total	650.000

Auditors :
Name :	CNK and Associates LLP Chartered Accountants
Address :	Mistry Bhavan, 3^rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai-400020, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFC8587E
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Alembic Pharmaceuticals Limited
Associates Company:	Orbicular Pharmaceutical Technologies Private Limited

CAPITAL STRUCTURE

As on 19.07.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	INR 10/- each	INR 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	INR 10/- each	INR 5.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000
(b) Reserves & Surplus	(1.701)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	3.299
(3) Non-Current Liabilities
(a) long-term borrowings	650.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	650.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.000
(c) Other current liabilities	135.170
(d) Short-term provisions	0.611
Total Current Liabilities (4)	135.781
TOTAL	789.080
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	215.351
(iv) Intangible assets under development	259.139
(b) Non-current Investments	2.250
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	306.681
Total Non-Current Assets	783.421
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	4.370
(e) Short-term loans and advances	0.000
(f) Other current assets	1.289
Total Current Assets	5.659
TOTAL	789.080

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017
	SALES
	Income	0.000
	Other Income	0.000
	TOTAL	0.000
Less	EXPENSES
	Cost of Materials Consumed	0.000
	Employees benefits expense	0.161
	Other expenses	2.079
	TOTAL	2.240
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(2.240)
Less	FINANCIAL EXPENSES	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(2.240)
Less/ Add	DEPRECIATION/ AMORTISATION	0.000
	PROFIT/ (LOSS) BEFORE TAX	(2.240)
Less	TAX	0.000
	PROFIT/ (LOSS) AFTER TAX	(2.240)
	Earnings / (Loss) Per Share (INR)	(5.22)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017
Current Maturities of Long term debt	NA
Cash generated from operations	(174.429)
Net cash flows from (used in) operations	NA
Net cash flows from (used in) operating activity	(174.429)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017
Average Collection Days (Sundry Debtors / Income * 365 Days)	0.00
Account Receivables Turnover (Income / Sundry Debtors)	0.00
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00
Inventory Turnover (Operating Income / Inventories)	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.00
Debt Equity Ratio (Total Liability / Networth)	197.03
Current Liabilities to Networth (Current Liabilities / Net Worth)	41.16
Fixed Assets to Networth (Net Fixed Assets / Networth)	143.83
Interest Coverage Ratio (PBIT / Financial Charges)	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017
Net Profit Margin ((PAT / Sales) * 100)	%	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	(0.28)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(67.90)

SOLVENCY RATIOS

PARTICULARS	31.03.2017
Current Ratio (Current Assets / Current Liabilities)	0.04
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.04
G-Score Ratio Financial (Networth / Total Assets)	0.00
G-Score Ratio Debt (Debts / Equity Capital)	130.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.04

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

LOCAL AGENCY FURTHER INFORMATION

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

CORPORATE INFORMATION:

The Company's Financial Statements for the period ended 31st March, 2017 comprises of the Balance Sheet, Statement of Profit and Loss, Cash Flow Statement, Statement of Changes in Equity and the Notes to Financial Statements. The Company is a Limited Company domiciled in India and is incorporated on 23rd May, 2016 under the provision of the Companies Act, 2013 applicable in India. The registered office of the Company is located at Alembic Road, Vadodara - 390 003, India. The Company is principally engaged in the manufacturing and selling of Pharmaceuticals products. i.e. Formulations.

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G28082766	100068198	AXIS TRUSTEE SERVICES LIMITED	29/11/2016	-	-	3000000000.0	AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLI MUMBAI-400025 MAHARASHTRA INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2017
Guarantees	51.512
	51.512

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 67.52
UK Pound	1	INR 91.48
Euro	1	INR 80.52

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	VAR
Report Prepared by :	RKI

SCORE FACTORS

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

RATING EXPLANATIONS

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

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

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

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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