MIRA INFORM REPORT

Report Date :

20.09.2011

IDENTIFICATION DETAILS

Name :	UNIVERSAL MEDICAP LIMITED
Registered Office :	Village Rania AL- Savlital Salvi, Baroda, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.07.1992
Com. Reg. No.:	04-18009
Capital Investment/ Paid-up Capital:	Rs.15.000 millions
CIN No.: [Company Identification No.]	U24230GJ1992PLC018009
TAN No.: [Tax Deduction & Collection Account No.]	BRDU00126A
PAN No.: [Permanent Account No.]	AAACU2331D
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturer and Exporter of high quality Pharmaceutical Rubber Closure

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 870000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
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 :	Village Rania AL- Savlital Salvi, Vadodara-391 780, Gujarat, India
Tel. No.:	91-2667244228/244318
Fax No.:	91-2667244228/244318
E-Mail :	universal.medicap@sril.net
Website :	www.umlindia.com
Administrative Office :	UML House, Parag Park, National Highway No.8, At Dashrath, District Vadadara-391 740, Gujarat, India
Tel. No.:	91-265-2243055/66/2240004/2240230
Fax No.:	91-265-2240507

DIRECTORS

As on 27.08.2010

Name :	Mr. Jagdish B. Patel
Designation :	Chairman cum Managing Director
Address :	4- Vasudha Society, Opposite Ghelani Petrol Pump, Nizampura- Vadadara-390 002, Gujarat, India
Date of Birth/Age :	24.06.1959
Date of Appointment :	17.07.1992
DIN No:	00013340

Other Directorship:

S.No.	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
1	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Managing director	17-07-92	17-07-92	-	Active	NO
2	U01111GJ2007PTC051823	DIVYAKIRAN AGRO PROCESSING PRIVATE LIMITED	Director	25-09-07	25-09-07	-	Active	NO

Name :	Mr. Nilesh R. Patel
Designation :	Whole time Director
Address :	Panch Bangla, Navdurga Colony, Vadadara-391 740, Gujarat, India
Date of Birth/Age :	14.04.1963
Date of Appointment :	17.07.1992
DIN No:	00180458

Other Directorship:

S.No.	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
1	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Whole-time director	17-07-92	17-07-92	-	Active	NO
2	U01111GJ2007PTC051823	DIVYAKIRAN AGRO PROCESSING PRIVATE LIMITED	Director	25-09-07	25-09-07	-	Active	NO

Name :	Mr. Ilesh B. Patel
Designation :	Whole time Director
Address :	K-204, Yogi Kutir, Bakrol road, Vallabh Vidyanagar, Anand, Gujarat, India
Date of Birth/Age :	23.06.1957
Date of Appointment :	17.07.1992
DIN No:	00013365

Other Directorship:

S.No.	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
1	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Whole-time director	17-07-92	17-07-92	-	Active	NO

Name :	Mr. Ramesh G. Patel
Designation :	Director
Address :	Village Keriavi, Nadiad,-387 355, Gujarat, India
Date of Birth/Age :	07.01.1956
Date of Appointment :	28.09.1999
DIN No:	00015008

Other Directorship:

S.No.	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
1	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Director	28-09-99	28-09-99	-	Active	NO

Name :	Mr. Ashwin M. Patel
Designation :	Director
Address :	Ganesh Baug, National highway No.8, Vadodara-391 740, Gujarat, India
Date of Birth/Age :	24.07.1954
Date of Appointment :	18.09.2001
DIN No:	00015005

Other Directorship:

S.No.	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
1	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Director	18-09-01	18-09-01	-	Active	NO

Name :	Mr. Bhanubahi R. Patel
Designation :	Director
Address :	Parag Park, National Highway No.8, At Dashrath, District Vadadara-391 740, Gujarat, India
Date of Birth/Age :	21.10.1955
Date of Appointment :	28.08.2004
DIN No:	00015002

Other Directorship:

S.No.	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
1	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Director	28-08-04	28-08-04	-	Active	NO

Name :	Mr. Kirit Kumar R. Patel
Designation :	Director
Address :	2A, Vijay Colony, Near Sardar Patel Colony, Naranpura-380 043, Gujarat, India
Date of Birth/Age :	10.02.1960
Date of Appointment :	28.01.2010
DIN No:	00380319

Other Directorship:

S.No.	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
1	U24230GJ1992PLC018009	UNIVERSAL MEDICAP LIMITED	Director	27-08-10	28-01-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Shareholding Pattern Not Available

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Other top fifty shareholders	64.59
Others	35.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of high quality Pharmaceutical Rubber Closure

GENERAL INFORMATION

Bankers :

State Bank of India

Facilities :

Secured Loans :	As on 31.03.2010 Rs. in Millions
From State Bank of India
Term Loan (Against hypothecation of Fixed assets and vehicles)	60.656
Working Capital facilities (Against hypothecation of stock and Book Debts)	69.856
Bills Discounted (Against personal guarantee of director)	6.737
Total	137.249

Banking Relations :	--
Auditors :
Name :	Lalit Mehta and Accountants Chartered Accountants
Address:	1st floor prasanna house, associated society, opp. radhakrishna park, nr. akota stadium. akota, vadodara- 390020, Gujarat, india
PAN No:	AAUPM0018Q

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity shares	Rs.10/- Each	Rs.20.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity shares	Rs.10/- Each	Rs.15.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		0.000	2.600	2.600
3] Reserves & Surplus		201.511	155.501	114.359
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		216.511	173.101	131.959
LOAN FUNDS
1] Secured Loans		137.249	165.314	200.134
2] Unsecured Loans		45.196	21.446	23.348
TOTAL BORROWING		182.445	186.760	223.482
DEFERRED TAX LIABILITIES		23.102	20.480	18.148
TOTAL		422.058	380.341	373.589
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		261.020	248.291	245.646
Capital work-in-progress		8.951	14.359	7.090
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	100.807	95.612	95.063
	Sundry Debtors	95.375	80.720	67.011
	Cash & Bank Balances	9.141	6.678	7.631
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.308	5.286	9.612
Total Current Assets		212.631	188.296	179.317
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.455	55.709	39.485
	Other Current Liabilities	15.339	11.289	7.494
	Provisions	5.760	3.620	11.495
Total Current Liabilities		60.554	70.618	58.474
Net Current Assets		152.077	117.678	120.843
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		422.058	380.341	373.589

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	376.995	372.293	278.152
		Other Income	0.384	0.562	0.402
		TOTAL (A)	377.379	372.855	278.554
Less	EXPENSES
		Raw Material Consumed	136.335	128.800
		Manufacturing Expenses	91.560	79.961
		Administrative and Selling Expenses	27.429	26.052	209.449
		Increase/ Decrease in Stock	(13.680)	8.984
		TOTAL (B)	241.644	243.797	209.449
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		135.735	129.058	69.105
Less	FINANCIAL EXPENSES (D)		23.743	27.443	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		111.992	101.615	69.105
Less/ Add	DEPRECIATION/ AMORTISATION (F)		31.518	27.258	20.485
	PROFIT BEFORE TAX (E-F) (G)		80.474	74.357	48.620
Less	TAX (H)		27.426	26.068	18.027
	PROFIT AFTER TAX (G-H) (I)		53.048	48.289	30.593
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		128.686	94.545	63.013
Less	APPROPRIATIONS
		Transfer to General Reserve	8.000	7.000	--
		Interim Dividend	6.000	6.000	--
		Tax on Dividend	1.020	1.020	--
	BALANCE CARRIED TO THE B/S		166.695	128.686	94.545
	Earnings Per Share (Rs.)		35.37	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.06	12.95	17.45
Net Profit Margin (PBT/Sales)	(%)	17.45	19.97	17.48
Return on Total Assets (PBT/Total Assets}	(%)	16.99	17.03	11.44
Return on Investment (ROI) (PBT/Networth)		0.37	0.43	0.37
Debt Equity Ratio (Total Liability/Networth)		1.12	2.17	2.14
Current Ratio (Current Asset/Current Liability)		3.51	2.67	3.07

LOCAL AGENCY FURTHER INFORMATION

Year in Restrospect:

Sales and Other income for the financial year in respect to Rs.377.379 millions from Rs.372.856 millions in the previous year registering a growth of around 1.21%. However profit after tax has increased to Rs.53.048 millions from Rs.48.289 millions in the previous year showing an increase of 9.86% which can be attributed mainly due to improvement in Manufacturing practice, optimum utilization of resources and reduction in finance charge duse to judicious financial management.

Fixed Assets:

· Land

· Plant and Machinery

· Office Equipments

· Computer

· Scooter

· Tractor

· Moulds

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	Indian Rupees
US Dollar	1	Rs.47.79
UK Pound	1	Rs.75.05
Euro	1	Rs.65.35

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	NO
--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.