MIRA INFORM REPORT

Report Date :

03.12.2011

IDENTIFICATION DETAILS

Name :	TIRUPATI MEDICARE LIMITED (w.e.f. 13.05.2008)
Formerly Known as :	TIRUPATI ZEON MEDICARE LIMITED (w.e.f. 17.07.2007) TIRUPATI MEDICARE LIMITED
Registered Office :	D – 14, II ND Floor, Preet Vihar, New Delhi - 110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.08.2005
Com. Reg. No.:	05-139667
Capital Investment / Paid-up Capital :	Rs.6.570 Millions
CIN No.: [Company Identification No.]	U24233DL2005PLC139667
TAN No.: [Tax Deduction & Collection Account No.]	DELT06301B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing of Pharmaceutical Formulations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 420000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	D – 14, II ND Floor, Preet Vihar, New Delhi – 110092, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	vikas_ca35@yahoo.co.in
Website :	www.tirupatigroup.co.in
Factory :	NH – 72, Nahan Road, Paonta Sahib, District – Sirmour – 173025, Himachal Pradesh, India
Fax No.:	91-1704-222882
E-Mail :	info@tirupatigroup.co.in

DIRECTORS

As on 20.09.2011

Name :

Mr. Arun Goyal

Designation :

Director

Address :

5/227, Shamsherpur, Poanta Sahib, Simour – 173002, Himachal Pradesh, India

Date of Appointment :

16.08.2005

DIN No.:

00056340

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U65910DL1996PLC075642	HMD Technologies Limited	Director	20/12/2001	20/12/2001	16/10/2007	Active	NO
U74899DL2000PLC105785	Tirupati LPG Industries Limited	Director	12/08/2002	12/08/2002	-	Active	NO
U74899DL2000PTC108629	International Cylinders Private Limited (Transfer From Haryana To Delhi)	Director	26/08/2002	26/08/2002	-	Active	NO
U74899DL1994PTC062588	Tauras Financial Services Private Limited	Director	10/08/2004	10/08/2004	-	Active	NO
U24233DL2005PLC139667	Tirupati Medicare Limited	Director	16/08/2005	16/08/2005	-	Active	NO
U51900DL2007PTC162325	GCG Enterprises Private Limited	Director	20/04/2007	20/04/2007	-	Active	NO
U74999DL2004PTC125498	Tirupati Containers Private Limited	Director	20/08/2007	20/08/2007	3/05/2010	Active	NO
U74899DL2005PLC137278	Tirupati Cylinders Limited	Additional director	29/08/2007	29/08/2007	-	Active	NO
U60200DL2011PTC212106	Amba Warehousing Private Limited	Director	3/01/2011	3/01/2011	-	Active	NO
U63020DL2011PLC212468	Tirumala Warehousing and Logistics Limited	Director	11/01/2011	11/01/2011	-	Active	NO

Name :

Mr. Ajay Kumar Goel

Designation :

Director

Address :

Radha Kishan Pharma, Maya Complex, Indra Colony, Krurkshetra – 136118, Haryana, India

Date of Appointment :

09.11.2005

DIN No.:

00203434

Name :

Mr. Ashok Goyal

Designation :

Director

Address :

113, Ward – 4, Mahadev Mohalla, Thanesar, Kurukshetra – 136118, Haryana, India

Date of Appointment :

09.11.2005

DIN No.:

00230597

Name :

Mr. Gian Chand Goyal

Designation :

Director

Address :

5/227, Shamsherpur, Poanta Sahib, Simour – 173002, Himachal Pradesh, India

Date of Appointment :

16.083.2005

DIN No.:

02054181

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL2000PLC105785	Tirupati LPG Industries Limited	Director	12/08/2002	12/08/2002	-	Active	NO
U74899DL2000PLC107500	Tirupati Bio-Tech Limited	Director	18/08/2003	18/08/2003	-	Active	NO
U74899DL1994PTC062588	Tauras Financial Services Private Limited	Director	10/08/2004	10/08/2004	-	Active	NO
U74899DL2005PLC137278	Tirupati Cylinders Limited	Director	6/06/2005	6/06/2005	-	Active	NO
U24233DL2005PLC139667	Tirupati Medicare Limited	Director	16/08/2005	16/08/2005	-	Active	NO
U74899DL2000PTC108629	International Cylinders Private Limited (Transfer From Haryana To Delhi)	Director	22/05/2007	22/05/2007	-	Active	NO
U74999DL2004PTC125498	Tirupati Containers Private Limited	Director	29/01/2008	29/01/2008	3/05/2010	Active	NO

Name :

Mr. Narinder Pal Singh

Designation :

Director

Address :

Main Bazar, Sirmour - 173025, Himachal Pradesh, India

Date of Appointment :

16.08.2005

DIN No.:

02451588

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74899DL2000PTC108629	International Cylinders Private Limited (Transfer From Haryana To Delhi)	Director	27/12/2002	27/12/2002	-	Active	NO
U24233DL2005PLC139667	Tirupati Medicare Limited	Director	16/08/2005	16/08/2005	-	Active	NO
U74899DL2000PLC107500	Tirupati Bio-Tech Limited	Director	10/10/2009	10/10/2009	-	Active	NO
U27310UP1989PTC011480	Durrang Ispat Private Limited	Director	10/10/2009	10/10/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Shares
Arun Goyal	25000
Dinesh Goyal	9000
Anju Goyal	1000
Gian Chand Goyal	10000
Kavita Goyal	10000
Narinder Pal Singh	26500
Navdeep Kumar	10000
Ashok Kumar and Sons, India	18500
Sunil Kumar and Sons, India	22000
Aditya Antibiotics Private Limited, India	5000
Ajay Goel	63500
Ashok Goyal	74000
Alka Shah	12750
Ashok Kumar Shah	10000
Madhu Shah	4250
Sunil Shah	6500
Enpro Gas Company Private Limited, India	5000
International Cylinder, India	253000
Manish Bansal	5000
Mohit Bansal	4000
Rakhi Goyal	7000
Rani Sufla	20000
R. S. Associates, India	5000
Maya Industries, India	50000
Total	657000

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturing of Pharmaceutical Formulations.

GENERAL INFORMATION

Customers :

· Cipla Limited

· Ranbaxy

· Abbott India Limited

· Micro Labs Limited

· Ipca Laboratories Limited

· Alkem Laboratories Limited

· Meyer Organices Private Limited

· Sun Pharmaceutical Industries Limited

· Glenmark Pharmaceuticals Limited

· Wanbury Limited

· Geno Pharmaceuticals Limited

· Ajanta Pharma Limited

· Universal Medicare Private Limited

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, MID Corporate Branch, Sector 17 B, Chandigarh – 160017, India

· State Bank of India, Taruwala, Paonta Sahib – 173025, Himachal Pradesh, India

· HDFC Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Limit
PNB LCB C/C	155.330	70.649
PNB Paonta C/C	2.520	(0.080)
Term Loan
PNB LCB CHD.(138)	28.983	32.628
PNB LCB(174)	36.889	41.522
PNB LCB IC-632	17.618	19.824
PNB LCB (IC-854)	17.268	20.541
PNB LCB Car Loan	0.276	0.411
HDFC Vehicle Loan	0.422	0.634
UBI Vehicle Loan	0.000	0.146
TML Finance Service Limited	0.296	0.000
Total	259.602	186.275
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Deposits From Directors/ Group Concern	37.740	42.980
Total	37.740	42.980

Financial Institute :	TML Finance Service Limited
Banking Relations :	--
Auditors :
Name :	Vikas Garg Chartered Accountant
Address :	SCO – 12, Sector – 17, Near LIC Building, Kurukshetra – 136118, Haryana, India
PAN.:	ABEPG4282B
Group Companies :	· Tirupati Lifesciences · Newtramax Healthcare · International Cylinder Private Limited · Tirupati LPG Industries Limited · Tirupati Cylinders Limited · Spice Hotel

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
657000	Equity Shares	Rs.10/- each	Rs.6.570 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		6.570	6.570	47.320
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		100.429	73.661	0.048
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		106.999	80.231	47.368
LOAN FUNDS
1] Secured Loans		259.602	186.275	144.318
2] Unsecured Loans		37.740	42.980	43.177
TOTAL BORROWING		297.342	229.255	187.495
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		404.341	309.486	234.863
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		231.608	216.347	197.221
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.780	0.667	0.472
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	113.165	79.938	30.157
	Sundry Debtors	171.629	116.397	58.919
	Cash & Bank Balances	0.886	1.009	0.540
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.812	7.182	4.027
Total Current Assets		296.492	204.526	93.643
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	110.199	102.111	53.601
	Other Current Liabilities	8.347	5.732	2.762
	Provisions	6.094	4.327	0.190
Total Current Liabilities		124.640	112.170	56.553
Net Current Assets		171.852	92.356	37.090
MISCELLANEOUS EXPENSES		0.101	0.116	0.080
TOTAL		404.341	309.486	234.863

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	800.404	456.094	138.215
		Other Income	0.000	0.000	0.000
		TOTAL (A)	800.404	456.094	138.215
Less	EXPENSES
		Accretion (Depletion) in stock	(1.967)	(4.159)	0.002
		Manufacturing/ Direct Expenses	646.262	365.579	106.313
		Administrative Expenses	76.814	30.995	12.472
		Selling and Distribution Expenses	7.145	7.119	2.635
		Preliminary Expenses	0.015	0.015	0.010
		TOTAL (B)	728.269	399.549	121.432
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		72.135	56.545	16.783
Less	FINANCIAL EXPENSES (D)		31.972	22.754	12.816
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40.163	33.791	3.967
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.301	8.601	3.730
	PROFIT BEFORE TAX (E-F) (G)		29.862	25.190	0.237
Less	TAX (H)		9.966	8.177	0.190
	PROFIT AFTER TAX (G-H) (I)		19.896	17.013	0.047
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.061	0.048	0.001
	BALANCE CARRIED TO THE B/S		36.957	17.061	0.048
	Earnings Per Share (Rs.)		30.28	25.89	0.08

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.48	3.73	0.03
Net Profit Margin (PBT/Sales)	(%)	3.73	5.52	0.17
Return on Total Assets (PBT/Total Assets}	(%)	5.65	5.98	0.08
Return on Investment (ROI) (PBT/Networth)		0.28	0.31	0.01
Debt Equity Ratio (Total Liability/Networth)		3.94	4.25	5.15
Current Ratio (Current Asset/Current Liability)		2.37	1.82	1.65

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U24233DL2005PLC139667
Name of the company	TIRUPATI MEDICARE LIMITED
Address of the registered office or of the principal place of business in India of the company	D-14 II ND Floor, Preet Vihar, New Delhi – 110092, India Email Id : vikas_ca35@yahoo.co.in
This form is for	Creation of charge
Type of charge	Uncalled share capital Immovable property Any interest in immovable property Book debts Movable property (not being pledge)\ Current assets and fixed assets
Particular of charge holder	State Bank of India, Taruwala, Paonta Sahib – 173025, Himachal Pradesh, India Email Id : sbi.04589@sbi.co.in
Nature of instrument creating charge	Letter of Arrangement Agreement of Loan cum Hypothecation
Date of instrument Creating the charge	27.04.2011
Amount secured by the charge	Rs.308.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest on working capital @ 3.75 % above base rate on term loan @ 4.25 % above base rate Terms of Repayment working capital loan repayable on demand Term Loan for Rs.83.600 and Rs.18.800 Millions will be repayable in remaining 60 monthly installments along with interest w.e.f. April 2011 Margin Stock 25% Book Debts 25% ILC/PLC 15% Extent and operation of the charge FBWC Limit for Rs.200.000 Millions Term Loan-1 for Rs.83.600 Millions Term Loan-2 for Rs.18.800 Millions SME Credit Plus Rs.2.000 Millions SME Car Loan Rs.2.000 Millions ILC/FLC Limit For Rs.2.500 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all current assets of company including raw material stock in process finished goods consumables book debts/receivables etc Hypothecation of entire fixed assets of company(present and future) Equitable Mortgage of Factory Land Measuring 8 Bigha 19 Biswa and Building situated at Mauza Patlian Nh72 (Near Fire Station) Village Patlian Nahan Road Paonta Sahib in the name of the company Equitable Mortgage of Industrial/commercial land mesauring 2 Bigha 18 Biswa Bearing Khatoni No. 71/109 Khasra No. 390/334/9/4/1 at NH 72(Near Fire Station) Paonta Sahib In The Name of SH. Arun Goyal Equitable Mortgage of Industrial/commercial land mesauring 7 Bigha 3 Biswa Bearing Khatoni No. 71/109 Khasra No. 390/334/9/3 at NH 72 (Near Fire Station) Paonta Sahib in the name of Gian Chand Goyal Equitable Mortgage of Land Mesauring 14 Biswa Bearing Khatoni No. 83/124 Khasra No. 13/1 at NH 72 (Near Fire Station) Paonta Sahib in the name of Gian Chand Goyal Extension of charge on fixed assets of the company

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] 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	Indian Rupees
US Dollar	1	Rs.51.35
UK Pound	1	Rs.80.51
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
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	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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.