MIRA INFORM REPORT

Report Date :

22.08.2012

IDENTIFICATION DETAILS

Name :	EMCURE PHARMACEUTICALS LIMITED
Registered Office :	Emcure House, T – 184, MIDC, Bhosari, Pune–411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.04.1981
Com. Reg. No.:	25-024251
Capital Investment / Paid-up Capital :	Rs.351.657 Millions
CIN No.: [Company Identification No.]	U24231PN1981PLC024251
TAN No.: [Tax Deduction & Collection Account No.]	PNEE00094D
PAN No.: [Permanent Account No.]	AAACE4574C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Pharmaceuticals such as Antibiotics, Herbal, Bacteriological and Biological Products.
No. of Employees :	4000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (38)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 16000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a well established company having moderate track. Even though the company has recorded a better increase in its sales turnover, there appears some dip in the profitability during the year 2011. RBI has defaulted the subject as on 31.03.2012. However, trade relations are reported as decent. Business is active. Payments are reported to be slow but correct. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A+
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk
Date	January 2012

Rating Agency Name	CARE
Rating	A1
Rating Explanation	Having very strong degree of safety regarding timely payment of financial obligation it carry lowest credit risk
Date	January 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

Borrowers’ Name :	EMCURE PHARMACEUTICALS LIMITED
Address :	Emcure House, T – 184, MIDC, Bhosari, Pune – 411026, Maharashtra, India
Name of Individual :	Mr. Mahesh Nathalal Shah Mr. Amit Dixit Mr. Arunkumar Purushottamalal Khanna Mr. Berjis Minoo Desai Mr. Hamayun Dhanrajgir Mr. Jose Valentim Sartarelli Mr. Kedar Purushottam Phadke Mr. Marvin Stanly Samson Mr. Mukund Keshav Gurjar Mr. Mukund Pandurang Ranade Mr. Satish Ramanlal Mehta Mr. Shreekant Krushnaji Bapat Mr. Vikas Madan Thapar
Name of Credit Grantors / Bank & Branch:	ICICI Bank, Pune
Amount (Rs. In Millions) :	316.478

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 31-03-2012.

LOCATIONS

Registered Office/Factory :	Emcure House, T - 184, M. I. D. C., Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-30610000
Fax No.:	91-20-30610111
E-Mail :	corporate@emcure.co.in
Website :	http://www.emcure.co.in
Area :	50000 Sq. ft.
Location :	Owned
R and D Centers :	API R and D Plot 12/2, F – II Block, M.I.D.C., Pimpri, Pune – 411018, Maharashtra, India Tel No.: 91-20-30613000 Fax No.: 91-20-30613056 Plot P-II, IT-BT Park MI.D.C. Hinjwadi, Pune 411 057, Maharashtra, India Tel No.: 91-20-39821350 Fax No.: 91-20-39821445 Formulation R and D T 184, MIDC, Bhosari, Punr – 411026, Maharashtra, India Tel No.: 91-20-30610000 Fax No.: 91-20-30610222 Biotechnology R and D Plot No. I, IT-BT Park M.I.D.C. Hinjwadi, Pune 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821441
Manufacturing Units :	API Manufacturing Plot No. D – 24, M.I.D.C., Kurkumbh, Taluka Daund, District Pune - 413802, Maharashtra, India Tel No.: 91-2117-305000/ 235742 Fax No.: 91-2117-235743 Formulations – Injectables Plot P – 1, MIDC, Hinjewadi, Pune – 411057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821400 Formulations – Solids 1. C – 10/12, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India 2. Plot P-II, MI.D.C. Hinjwadi, Pune 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821340 Small Batch Manufacturing Plot P-II, IT-BT Park, MI.D.C. Hinjwadi, Pune - 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821444

DIRECTORS

AS ON 19.07.2011

Name :

Mr. Hamayun Raja Dhanrajgir

Designation :

Director

Address :

Flat No. F – 41, Dhanraj Mahal, CSM Road, Apollo Bunder, Mumbai – 400039, Maharashtra, India

Date of Birth/Age :

02.12.1936

Date of Appointment :

23.09.2000

DIN No.:

00004006

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	05/01/2010	27/12/1994	-	Active	NO
2	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	29/09/2000	29/09/2000	-	Strike off	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	19/06/2001	19/06/2001	23/08/2011	Active	NO
4	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	20/10/2011	03/07/2002	-	Active	NO
5	U15549PN2006PTC021813	Uth Beverage Factory Private Limited	Director	20/09/2007	23/08/2007	-	Active	NO
6	U24232PN2005PLC020815	Lasor Pharmaceuticals Limited	Director	28/07/2010	04/02/2010	-	Amalgamated	NO
7	U24232PN2011PLC138758	UTH HEALTHCARE LIMITED	Director	03/03/2011	03/03/2011	-	Active	NO

Name :

Dr. Mukund Keshav Gurjar

Designation :

Whole Time Director

Address :

Bungalow C – II / 2, NCL Colony, Pashan Road, Pune – 411008, Maharashtra, India

Date of Birth/Age :

28.08.1952

Qualification :

M. Sc., Ph. D.

Experience :

34 years

Date of Appointment :

23.07.2001

Voter ID No.:

DRD0732172

DIN No.:

00026843

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	28/08/2007	23/07/2001	-	Active	NO
2	L24239MH1935PLC002380	CIPLA LIMITED	Director	19/01/2002	19/01/2002	27/08/2007	Active	NO

Name :

Mr. Mahesh Nathalal Shah

Designation :

Whole Time Director (Technical)

Address :

303, Abhinav Sankul, Plot No. 1A, Survey No. 132, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

03.10.1953

Qualification :

M. Sc.

Experience :

34 years

Date of Appointment :

11.12.1999

Qualification :

M. Sc.

Voter ID No.:

MT/ 42/ 246/ 0777545

DIN No.:

00118341

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	15/06/2011	11/12/1999	-	Active	NO
2	U24232PN2005PLC020815	Lasor Pharmaceuticals Limited	Director	30/03/2009	30/03/2009	04/02/2010	Amalgamated	NO

Name :

Mr. Satish Ramanlal Mehta

Designation :

Managing Director

Address :

4, Mumbai – Pune Road, Kirkee, Pune – 411003, Maharashtra, India

Date of Birth/Age :

13.01.1951

Date of Appointment :

16.04.1981

Qualification :

M. Sc., M.B.A. [IIMA]

Experience :

31 years

Voter ID No.:

FGD0962068

DIN No.:

00118691

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Managing director	01/04/2012	16/04/1981	-	Active	NO
2	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	29/09/2000	29/09/2000	-	Strike off	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	19/06/2001	19/06/2001	09/09/2011	Active	NO
4	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	03/07/2002	03/07/2002	-	Active	NO
5	U24232PN2005PLC020815	Lasor Pharmaceuticals Limited	Director	28/07/2010	04/02/2010	-	Amalgamated	NO

Name :

Mr. Arunkumar Purushottamalal Khanna

Designation :

Whole Time Director

Address :

Clover Hills, Bungalow No. 63, Nibm Road, Kondhwa, Pune – 411048, Maharashtra, India

Date of Birth/Age :

09.07.1952

Qualification :

B.Sc, M.A. (Eco)

Experience :

38 years

Date of Appointment :

27.12.1994

DIN No.:

00121686

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	05/01/2010	27/12/1994	-	Active	NO
2	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	29/09/2000	29/09/2000	-	Strike off	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	19/06/2001	19/06/2001	23/08/2011	Active	NO
4	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	20/10/2011	03/07/2002	-	Active	NO
5	U15549PN2006PTC021813	Uth Beverage Factory Private Limited	Director	20/09/2007	23/08/2007	-	Active	NO
6	U24232PN2005PLC020815	Lasor Pharmaceuticals Limited	Director	28/07/2010	04/02/2010	-	Amalgamated	NO
7	U24232PN2011PLC138758	UTH HEALTHCARE LIMITED	Director	03/03/2011	03/03/2011	-	Active	NO

Name :

Mr. Berjis Minoo Desai

Designation :

Director

Address :

Yezerina II, 740 / 741, Parsi Colony Road No. 5, Dadar, Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

02.08.1956

Date of Appointment :

03.04.1997

Qualification :

LLM

DIN No.:

00153675

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1987PTC042289	CENTRUM FISCAL PRIVATE LIMITED	Director	21/01/1987	21/01/1987	-	Active	NO
2	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Director	27/08/1993	27/08/1993	-	Active	NO
3	U61100MH1991PTC059902	SEA FREIGHT PVT LTD	Director	11/01/1995	11/01/1995	-	Active	NO
4	U61100MH1996PTC102891	OCEAN EXPRESS PRIVATE LIMITED	Director	19/11/1996	19/11/1996	16/09/2002	Active	NO
5	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
6	U51900MH1998PTC115918	NISHIT MERCHANDISE PRIVATE LIMITED	Director	07/05/1999	07/05/1999	14/10/2011	Active	NO
7	L29299MH1987PLC045446	Reliance MediaWorks Limited	Director	19/07/2000	19/07/2000	26/10/2007	Active	NO
8	L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	Director	29/06/2001	29/06/2001	-	Active	NO
9	U24299MH2001PTC133128	ISAGRO (ASIA) AGROCHEMICALS PRIVATE LIMITED	Director	21/08/2001	21/08/2001	19/11/2008	Active	NO
10	U01110MH2002PTC136746	CAPRICORN AGRIFARMS AND DEVELOPERS PRIVATE LIMITED.	Director	25/09/2002	25/09/2002	-	Active	NO
11	U45201MH1992PTC067019	MAN REALTORS AND HOLDINGS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	07/10/2008	Active	NO
12	U63010MH1997PTC110288	JAKARI EXPRESS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	07/10/2008	Amalgamated	NO
13	U01210MH2002PTC136745	CAPRICON STUDFARM PRIVATE LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
14	L65990MH1977PLC019986	CENTRUM CAPITAL LIMITED	Director	30/01/2009	31/12/2002	30/04/2010	Active	NO
15	U74999MH2003PTC140687	CHRYSALIS HRD PRIVATE LIMITED	Director	02/06/2003	02/06/2003	22/07/2008	Active	NO
16	U72200MH2000PTC125520	BUSINESS ASIA CONSULTING PRIVATE LIMITED	Director	01/08/2003	01/08/2003	30/08/2008	Active	NO
17	U55102MH2004PTC187649	NEO CAPRICORN PLAZA PRIVATE LIMITED	Director	01/04/2004	01/04/2004	07/07/2011	Active	NO
18	U36101MH2000PLC129024	BP ERGO LIMITED	Director	18/04/2005	18/04/2005	25/06/2007	Active	NO
19	U01110MH1999PTC123246	TRIMODE PROPERTIES PRIVATE LIMITED	Director	26/04/2005	26/04/2005	19/06/2007	Active	NO
20	L52190DL2005PLC181536	Store One Retail India Limited	Director	11/08/2006	16/05/2005	26/12/2007	Active	NO
21	L99999MH1961PLC012003	NOCIL LIMITED	Director	29/07/2005	29/07/2005	01/08/2012	Active	NO
22	U74900MH2006PTC162712	SABRE PARTNERS INDIA ADVISORS PRIVATE LIMITED	Director	19/06/2006	19/06/2006	21/05/2012	Active	NO
23	U45200MH2006PLC161190	Reliance Asset Reconstruction Company Limited	Director	28/05/2007	27/09/2006	21/02/2009	Active	NO
24	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	18/12/2006	27/10/2006	-	Active	NO
25	U74900MH2007PTC171272	EQUINE BLOODSTOCK PRIVATE LIMITED	Director	04/06/2007	04/06/2007	-	Active	NO
26	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	09/09/2008	30/07/2007	23/12/2008	Active	NO
27	L65910MH1998PLC115967	IRB INFRASTRUCTURE DEVELOPERS LIMITED	Director	07/09/2007	03/08/2007	29/07/2009	Active	NO
28	U72200GA2006PTC004816	Inventurus Knowledge Solutions Private Limited	Director	30/09/2008	15/11/2007	05/12/2009	Active	NO
29	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	25/06/2008	04/12/2007	-	Active	NO
30	U65991MH2000PLC125008	KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED	Additional director	24/12/2007	24/12/2007	06/04/2009	Active	NO
31	U67190MH2008PTC180341	Sabre Capital India Investment Advisors Private Limited	Director	20/03/2008	20/03/2008	-	Strike off	NO
32	L24110GJ1970PLC001735	DEEPAK NITRITE LIMITED	Director	14/08/2008	16/04/2008	-	Active	NO
33	U28129MH2004PTC150322	Eden Realtors Private Limited	Director	18/08/2009	27/07/2009	07/08/2012	Active	NO
34	L99999MH1995PLC094641	Edelweiss Financial Services Limited	Director	30/07/2010	18/11/2009	-	Active	NO
35	L17112KA1985PLC006647	HIMATSINGKA SEIDE LIMITED.	Director	23/08/2011	08/09/2010	-	Active	NO
36	L24110GJ1939PLC000748	D C W LIMITED	Director	24/11/2011	08/08/2011	-	Active	NO
37	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	09/08/2012	17/09/2011	-	Active	NO
38	L70200MH2002PLC136849	Man Infraconstruction Limited	Director	08/08/2012	28/05/2012	-	Active	NO

Name :

Mr. Shreekant Krushnaji Bapat

Designation :

Director

Address :

Yashodhan, United Western CHS, Karve Nagar, Pune-411052, Maharashtra, India

Date of Birth/Age :

08.10.1937

Date of Appointment :

26.06.1999

DIN No.:

00621568

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U73200PN1980PLC023108	UNITED SOCIO-ECONOMIC DEVELOPMENT AND RESEARCHN PROGRAMME	Director	09/12/1995	09/12/1995	-	Active	NO
2	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	26/06/1999	26/06/1999	-	Active	NO
3	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	03/07/2002	03/07/2002	-	Active	NO
4	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	09/09/2011	23/04/2009	-	Active	NO

Name :

Mr. Amit Mahendrakumar Dixit

Designation :

Nominee Director

Address :

Thakur Niwas, Flat No. 21, 173, Jamshedji Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

26.01.1973

Date of Appointment :

01.03.2011

Qualification :

MBA, MS, B. Tech.

DIN No.:

01798942

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72900MH2007PTC171259	SKR BPO Services Private Limited	Director	25/09/2008	18/09/2007	07/07/2011	Active	NO
2	U99999MH2000PTC129112	Intelenet Global Services Private Limited	Director	30/09/2008	19/09/2007	07/07/2011	Active	NO
3	L72200AP1990PLC011146	NCC LIMITED	Alternate director	29/05/2012	12/12/2007	-	Active	NO
4	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Nominee director	01/03/2011	01/06/2009	-	Active	NO
5	U72200DL2000PTC107182	Moser Baer Projects Private Limited	Director	01/11/2010	26/10/2010	-	Active	NO
6	U01403CT2007PLC020179	MONNET POWER COMPANY LIMITED	Director	24/01/2011	24/01/2011	-	Active	NO
7	U22130MH2008PLC177808	Midday Infomedia Limited	Director	14/07/2011	31/03/2011	-	Active	NO
8	U67100UP1990PTC011645	JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED	Nominee director	30/09/2011	21/07/2011	-	Active	NO
9	L22219UP1975PLC004147	JAGRAN PRAKASHAN LIMITED	Additional director	22/10/2011	22/10/2011	-	Active	NO
10	U40101MP2008PLC022066	MB Power (Madhya Pradesh) Limited	Nominee director	29/11/2011	29/11/2011	-	Active	NO
11	U67190MH2005PTC156325	BLACKSTONE ADVISORS INDIA PRIVATE LIMITED	Additional director	19/03/2012	19/03/2012	-	Active	NO
12	L02710CT1990PLC009826	MONNET ISPAT AND ENERGY LIMITED	Additional director	14/05/2012	14/05/2012	-	Active	NO
13	U74999MH1955PTC009593	S H KELKAR AND COMPANY PRIVATE LIMITED	Additional director	08/08/2012	08/08/2012	-	Active	NO

Name :

Mr. Marvin Stanly Samson

Designation :

Director

Address :

752 Riverton Road, Moorestown, New Jersey – 08057

Date of Birth/Age :

20.06.1941

Date of Appointment :

27.08.2007

DIN No.:

01824691

Name :

Mr. Vikas Madan Thapar

Designation :

Alternate Director

Address :

Prasanna 4 Mumbai Pune Road, Pune—411003, Maharashtra, India

Date of Birth/Age :

27.04.1974

Qualification :

B. Sc., MBA (Finance and Operation)

Experience :

15 years

Date of Appointment :

12.11.2010

DIN No.:

02617012

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	21/07/2009	18/05/2009	-	Active	NO
2	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Alternate director	27/01/2012	12/11/2010	-	Active	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Additional director	09/09/2011	09/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kedar Purshottam Phadke
Designation :	Secretary
Address :	D-4, Arvind Complex, Hingne Khurd Sinhgad Road, Pune-411051, Maharashtra, India
Date of Birth/Age :	31.08.1966
Date of Appointment :	19.11.2010
Pan No.:	ABQPP3732P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 19.07.2011)

Names of Shareholders	No. of Shares
Satish Ramanlal Mehta	9392402
Namita Vikas Thapar	1517450
Samit Satish Mehta	3276130
Bhavana Satish Mehta	2284390
Pushpa Rajanikant Mehta	1074413
Sunil Rajanikant Mehta	1908312
Sanjay Rajanikant Mehta	2955779
Shaila Sharad Gujar	25125
Kamini Sunil Mehta	1661635
Sanjay Rajanikant Mehta jointly with Ms. Sonali Sanjay Mehta	820481
Rutav Sunil Mehta jointly with Mr. Sunil Rajanikant Mehta	147093
Kamini Sunil Mehta jointly with Mr. Sunil Rajanikant Mehta	322780
Arunkumar Purushottamlal Khanna	500000
Mahesh Nathalal Shah	75000
Avinash Kamlakar Medhekar	80625

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	15.39
Directors or relatives of Directors	53.12
Other	31.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Pharmaceuticals such as Antibiotics, Herbal, Bacteriological and Biological Products.

Products :

ITC Code No.	Product Description
293390.01	Heterocyclic Compounds (e.g. Carbamazepine)
300490.36	Anti – Histamines, Anti Asthamatis, Bronchospasm Relaxants in tablets / injections, etc
300450.02	Iron preparations Ferrous Furmrate / Ferrous Sulphate / Ferric Ammonium Cirate / Ferrous Gluconate haemoglobin, other iron compounds with vitamins in tablets, capsules, syrup, etc.

Brand Names :

“EMCURE”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity (In Lakhs)	Installed Capacity (In Lakhs)	Actual Production (In Lakhs)
Capsules	Numbers	10000.00	10750.00	1438.42
Tablets	Numbers	50000.00	68395.00	47689.51
API	Kilograms	NA	5.97	2.00
Injectibles	Vials	NA	1570.00	146.83
Liquid	Bottle	NA	237.60	97.37
Ointments	Tubes	--	--	56.23
Others	--	--	--	32.47

GENERAL INFORMATION

No. of Employees :

4000 (Approximately)

Bankers :

· Bank of Maharashtra,

Bhosari Brother, Pune – 411 026, Maharashtra, India

· The Saraswat Co-operative Bank Limited,

Nana Chowk, Bombay – 400 007, Maharashtra, India

· Export –Import Bank of India,

Centre One Building, 21^st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

· Axis Bank Limited,

2^nd Floor, E Axis House, Bombay Dyeing Mill Compound, P. B. Marg, Worli, Mumbai-400025, Maharashtra, India

· Citi Bank,

Camp Branch, India

· The Bank of Maharashtra Limited,

Lokmangal, 1501, Shivaji Nagar, Pune – 411005, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	762.580	1221.764
Rupee term loans financial institutions secured	3531.146	2237.969
Rupee term loans others secured	27.674	25.821
Total	4321.400	3485.554
NOTE: · 1. Secured by hypothecation of stock-in-trade and book debts.2. Secured by equitable/ registered mortgage of land and building situated at M.I.D.C., Hinjewadi, Kurkumbh , Pimpri, Pune and SIDCO, Jammu and hypothecation of movable fixed assets situated at M.I.D.C Bhosari, Hinjewadi, Kurkumbh, Pimpri, Pune and SIDCO, Jammu. · [Including Interest Accrued and Due Rs. 43.543 Millions [Repayable within one year - Rs.988.500 Millions].1. Secured by hypothecation of stock-in-trade and book debts.2. Secured by equitable/ registered mortgage of land and building situated at M.I.D.C., Hinjewadi, Kurkumbh , Pimpri, Pune and SIDCO, Jammu and hypothecation of movable fixed assets situated at M.I.D.C Bhosari, Hinjewadi, Kurkumbh, Pimpri, Pune and SIDCO, Jammu. · Secured by assets acquired on hire purchase
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Debt Unsecured	285.248	200.119
Total	285.248	200.119
· Trade Deposit (Interest Bearing) (Including interests accrued and due Rs.4.488 Millions)

Banking Relations :	--
Financial Institution :	· Housing Development Finance Corporation Limited, Ramon House 169, Bakbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai 400021, Maharashtra, India
Pan No.:	AAEFP3641G
Subsidiaries :	· Gennova Biopharmaceuticals Limited CIN No.: U24231PN2001PLC016253 · Zuventus Healthcare Limited CIN No.: U85320PN2002PTC018324 · Lasor Pharmaceuticals Limited CIN No.: U24232PN2005PLC020815 · Emcure Infotech Limited CIN No.: U72100PN2000PTC015368 · Emcure Pharmaceuticals USA Inc. · Emcure Nigeria Limited · Emcure Pharmaceuticals Holdings Inc. · Emcure Pharmaceutical South Africa Pty Limited · Emcure Pharmaceutical Mena FZ LLC
Other Related Party :	· H.M. Sales Corporation · Uth Beverages Factory Private Limited · Uth Healthcare Private Limited · Falcon Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs. 10/- each	Rs. 400.000 Millions
20000000	Preference Shares	Rs. 10/- each	Rs. 200.000 Millions
	Total		Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
35165689	Equity Shares	Rs. 10/- each	Rs.351.657 Millions

NOTES:

Of the above:

1. 24,014,046 equity shares were allotted as fully paid-up bonus shares by way of capitalization of Reserves.

2. 967,498 equity shares have been issued as fully paid-up shares pursuant to the Scheme of Amalgamation for consideration other than cash.

3. During the year 4,300,154 Equity Shares have been issued as fully paid up shares pursuant to conversion of optionally convertible redeemable preference shares into equity shares of Rs. 10 each]

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		351.657	487.971	487.971
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3760.134	3161.711	2821.137
4] (Accumulated Losses)		0.000	0.000	(1225.455)
NETWORTH		4111.791	3649.682	2083.653
LOAN FUNDS
1] Secured Loans		4321.400	3485.554	3444.847
2] Unsecured Loans		285.248	200.119	209.650
TOTAL BORROWING		4606.648	3685.673	3654.497
DEFERRED TAX LIABILITIES		424.911	190.512	0.000
TOTAL		9143.350	7525.867	5738.150
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5153.271	3543.943	3164.927
Capital work-in-progress		933.930	1754.662	1644.325
INVESTMENT		776.272	770.561	497.581
DEFERREX TAX ASSETS		0.000	0.000	585.336
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1623.466	1344.737	953.754
	Sundry Debtors	1753.753	1416.905	1365.828
	Cash & Bank Balances	109.750	44.950	80.502
	Other Current Assets	155.215	103.939	51.010
	Loans & Advances	1594.183	1437.479	1516.557
Total Current Assets		5236.367	4348.010	3967.651
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1856.797	1715.220	1133.188
	Other Current Liabilities	909.615	1028.018	2949.166
	Provisions	190.078	148.071	39.316
Total Current Liabilities		2956.490	2891.309	4121.670
Net Current Assets		2279.877	1456.701	(154.019)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9143.350	7525.867	5738.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9349.386	7659.622	5988.670
		Other Income	341.607	202.809	126.783
		TOTAL (A)	9690.993	7862.431	6115.453
Less	EXPENSES
		Consumption Materials changed Inventories	4211.746	3139.385	2233.122
		Manufacturing Service Cost	1047.077	765.083	0.000
		Employee Related Expenses	1447.679	1091.885	960.356
		Administrative, Selling and Other Expenses	1312.014	1260.529	1780.238
		Transfer from Revaluation Reserve	0.000	0.000	(0.228)
		Exceptional Item	0.000	(1509.434)	3209.181
		TOTAL (B)	8018.516	4747.448	8182.669
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1672.477	3114.983	(2067.216)
Less	FINANCIAL EXPENSES (D)		452.904	293.120	263.334
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1219.573	2821.863	(2330.550)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		392.829	302.450	232.300
	PROFIT BEFORE TAX (E-F) (G)		826.744	2519.413	(2562.850)
Less	TAX (H)		254.596	795.404	(836.596)
	PROFIT AFTER TAX (G-H) (I)		572.148	1724.009	(1726.254)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		249.895	(1225.455)	500.799
Less	APPROPRIATIONS
		Proposed Final Dividend	105.497	87.914	0.000
		Tax on Proposed Final Dividend	14.208	11.551	0.000
		Transfer to General Reserve	57.215	149.194	0.000
	BALANCE CARRIED TO THE B/S		645.123	249.895	(1225.455)
	EXPORT VALUE		5074.746	4151.540	2673.839
	IMPORTS
		Raw Materials and Packing Materials	NA	1249.000	579.677
		Capital Goods	NA	166.484	402.148
	TOTAL IMPORTS		NA	1415.484	981.825
	Earnings Per Share (Rs.)
	Basic		17.31	55.86	[55.93]
	Diluted		17.31	49.03	[55.93]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.90	21.93	(28.23)
Net Profit Margin (PBT/Sales)	(%)	8.84	32.89	(42.79)
Return on Total Assets (PBT/Total Assets}	(%)	7.96	31.92	(35.93)
Return on Investment (ROI) (PBT/Networth)		0.20	0.69	(1.23)
Debt Equity Ratio (Total Liability/Networth)		1.84	1.80	3.73
Current Ratio (Current Asset/Current Liability)		1.77	1.50	0.96

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2010
Sundry Creditors
Creditors due others	1856.797	1715.220	1133.188
Total	1856.797	1715.220	1133.188

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

RESULT OF OPERATIONS:

The Gross Sales Revenue for the financial year was Rs.9510.830 Millions as compared to Rs.7779.609 Millions recorded for the previous financial year. The Net Sales (after deducting Excise Duty of Rs.161.444 Millions) are Rs.9349.386 Millions as compared to previous year’s Net Sales of Rs.7659.622 Millions (after deducting Excise Duty of Rs.119.987 Millions). Thus, the Net Sales have recorded a growth of 22 %.

For the year, profit before tax and exceptional item is Rs.826.743 Millions as compared to Rs.1009.980 Millions in 2009-2010.

RESULTS OF SUBSIDIARY COMPANIES:

· ZUVENTUS HEALTHCARE LIMITED:

The Companies subsidiary, Zuventus Healthcare Limited, has recorded gross sales of Rs.3203.424 Millions as compared to the previous years Rs.2448.415 Millions, thereby registering a growth of 31%. The Company has recorded a profit before tax and exceptional item of Rs.313.820 Millions for the year against a profit of Rs. 296.276 Millions in 2009-2010.

As required under the Companies Act, 1956, the audited financial statements of Zuventus Healthcare Limited together with the Reports of the Directors and Auditors thereon for the year ended 31st March, 2011, are appended to this Report.

· GENNOVA BIOPHARMACEUTICALS LIMITED:

The Companies subsidiary, Gennova Biopharmaceuticals Limited has recorded gross sales of Rs.830.032 Millions as compared to the previous years Rs.672.014 Millions thereby registering a growth of 24%.

As required under the Companies Act, 1956, the audited financial statements of Gennova Biopharmaceuticals Limited together with the Reports of the Directors and Auditors thereon, for the year ended 31st March, 2011, are appended to this Report.

· EMCURE PHARMACEUTICALS USA, INC.:

The Companies subsidiary in the USA, generated income of USD 11.48 Million from services during the year under review as against USD 6.41 Million during the last year thereby registering a growth of 79%.

As required under the Companies Act, 1956, the audited financial statements of Emcure Pharmaceuticals USA, Inc. for the year ended 31^st March, 2011, are appended to this Annual Report.

· EMCURE NIGERIA LIMITED:

This is the third year of operations of the Company. As required under the Companies Act, 1956, the audited financial statements of Emcure Nigeria Limited for the year ended 31st March 2011, are appended to this Annual Report.

· EMCURE INFOTECH LIMITED:

The Companies subsidiary, Emcure Infotech Limited [EIL] has continued to remain dormant. EIL is in the process of getting its name struck off the records of the Registrar of Companies, Pune under section 560 of the Companies Act. The audited financial statements of Emcure Infotech Limited together with the Reports of the Directors and Auditors, for the year ended 31^st March, 2011, are appended to this Annual Report

· EMCURE PHARMACEUTICALS MENA FZ LLC

As required under the Companies Act, 1956, the financial statements of Emcure Pharmaceuticals Mena FZ LLC for the period ended 31st March, 2011, are appended to this Annual Report.

· EMCURE PHARMACEUTICALS SOUTH AFRICA (PTY) LIMITED

As required under the Companies Act, 1956, the audited financial statements of Emcure Pharmaceuticals South Africa together with the Reports of the Directors and Auditors, for the period ended 31st March, 2011, are appended to this Annual Report.

· EMCURE BRASIL REPRESENTACAO COMERCIAL FARMACEUTICA LTDA.

The Company was incorporated in January 2011 and is yet to commence business.

· EMCURE PHARMACEUTICAL HOLDINGS INC

The Company was incorporated in January 2011 and is yet to commence business.

FORM 8

Corporate identity number of the company	U24231PN1981PLC024251
Name of the company	EMCURE PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Emcure House, T – 184, MIDC, Bhosari, Pune – 411026, Maharashtra, India corporate@emcure.co.in
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	· Housing Development Finance Corporation Limited, Ramon House 169, Bakbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India CIN No.: L70100MH1977PLC019916 Email: nilimad@hdfc.com
Nature of instrument creating charge	Deed Of Simple Mortgage Dtd. 20th October, 2011 Entered Into Between The Company And Housing Development Finance Corporation Limited.
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs. 340.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest HDFC Limited - CPLR (corporate prime lending rate) minus 450 basis points i.e. as on date 13.25% p.a. with monthly reset in the rate of interest. Terms of repayment As Per The Deed of Simple Mortgage. Margin As Per The Deed of Simple Mortgage. Extent and operation of the charge Simple mortgage by way of charge on Immovable Fixed assets - land and building and movable Fixed assets of the company At: Plot No. T-184, Functional Electronic Estate, MIDC, Bhosari, Pune C-10 (12), functional Electronic Estate, MIDC, Bhosari, Pune F-12/1 - Ii Block, MIDC, Pimpri, Pune Plot No. F-12/2 - II Block, MIDC, Pimpri, Pune With all present and future construction on the land and building Other As Per The Deed of Simple Mortgage.
Short particulars of the property charged (Including location of the property)	Mortgage of All That Piece And Parcel of Immovable F.A. [Land And Bldg] At Plot No. T-184, Functional Electronic Estate, MIDC, Bhosari, Pune-26, With All Present And Future Construction Thereon. Mortgage of All That Piece And Parcel of Immovable F.A. [Land And Bldg] At Plot No. C-10 (12), Functional Electronic Estate, MIDC, Bhosari, Pune -26, With All Present And Future Construction Thereon. Movable Fixed Assets On Plot No. T-184, Functional Electronic Estate, MIDC, Bhosari, Pune – 411026 Movable Fixed Assets On Plot No. C-10 (12), Functional Electronic Estate, MIDC, Bhosari, Pune – 411026 Mortgage of All That Piece And Parcel of Immovable F.A. [Land And Bldg] At Plot No. F-12/1 - II Block, MIDC, Pimpri, Pune - 18, With All Present And Future Construction Thereon. Mortgage of All That Piece And Parcel of Immovable F.A. [Land And Bldg] At Plot No. F-12/2 - II Block, MIDC, Pimpri, Pune - 18 With All Present And Future Construction Thereon. Movable Fixed Assets On Plot No. F-12/1 - II Block, MIDC, Pimpri, Pune – 411018 Movable Fixed Assets On Plot No. F-12/2 - II Block, MIDC, Pimpri, Pune - 411018

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Air Handling Equipment

· Computer Hardware

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Computer Software

AS PER WEB SITE DETAILS

NEWS

EMCURE FELICITATES INDIAN HOCKEY TEAM FOR LONDON OLYMPIC TICKET.

The entire Indian Hockey team which qualified for the London Olympics 2012 was felicitated in the city by Emcure Pharmaceuticals Ltd in a glittering ceremony . Each member of the team including the entire support and administrative staff was presented the latest I-phone 4 S ,a shawl and bouquet at the hands of Mr. Satish Mehta Chief Executive Officer (CEO). Emcure and Mr. Arun Khanna Chief Operating Officer (COO) Emcure

Pune, Maharashtra, May 4, 2012 The entire Indian Hockey team which quailfied for the London Olympics 2012 was felicitated in the city by Emcure Pharmaceuticals Ltd in a glittering ceremony . Each member of the team including the entire support and administrative staff was presented the latest I-phone 4 S ,a shawl and bouquet at the hands of Mr. Satish Mehta Chief Executive Officer (CEO). Emcure and Mr. Arun Khanna Chief Operating Officer (COO)Emcure .

Bharat Chettri the captain of the Indian Hockey team stated that " We understand that the entire nation is behind us and we are working extremely hard to ensure that the Indian Hockey team will finish on the podium " , he also thanked and acknowledged Emcure as a "friend" company which came forwarded and supported the team during the bad times .

Michael Nobbs the head coach of the Indian men's Hockey team , said that he was extremely pleased to play a role of the transformation of young bunch of talented players and expected them to soon become world beaters". Such faith imposed in these lads by the public will surely help the boys to do better , he added Mr. Satish Mehta in his speech stated that Emcure would honor the team on them finishing amongst the top 6 at the Olympics games.

Mr Khanna in his speech motivated the players and asked them to fight against self and defeat self and do better in every game The evening was marked by Maharashtrian dance performance presentation by actress Sonali Kulkarni and her troupe Amongst those who attended the evening included Padma Vibhushan Dr KH Sancheti , Padbhushan Chandu Borde Earlier Emcure was also the first company from Pune to felicitate the Indian Hockey team by honoring them with a silver plaque and a cheque for Rs 25000/-- to each member of the team for winning the Sultan Azlan cup in 2010

Shah Cup in 2010.

Emcure also has sponsored few of the players by signing a yearly endorsement contract with 8 players, apart from imparting training on team building and psychological strengthening to the entire team before the Commonwealth games.

Col, Lalit Rai (VrC) retd , Senior Director HRD welcomed the team and guests

Notes to Editor

About Emcure Pharmaceuticals Limited: Emcure Pharmaceuticals Limited is a professionally managed vertically integrated pharmaceutical major with major thrust in areas of Research, Manufacturing and Marketing of APIs, Formulations and Biotechnology products. Emcure's three manufacturing facilities in India and one facility at USA have been approved by the US-FDA. Emcure conducts business through 27 distribution hubs, covering 2500 wholesalers, and 50,000 retail points all over India. Three thousand sales personnel call on 30,000 doctors daily to promote Emcure's products. This has enabled Emcure to be listed as the fastest growing company in India as per ORG-IMS.On the research front, Emcure has 375 scientists working at its RandD Labs in API, Biotechnology and Formulations. All our research facilities are approved by DSIR (Department of Scientific and Industrial Research), Ministry of Science and Technology, Government of India. Emcure has taken the lead in developing chirally pure molecules and many of them have been introduced for the first time in the world. Some of the notable introductions have been S-Amlodipine, S-Atenolol, S-Metoprolol, S-Pantoprazole, R-Ondansetron, Dexrabeprazole, Dexibuprofen, Eszopiclone, R-Sibutramine, Dexketoprofen, and S-etodolac. Research is at the heart of Emcure's philosophy. Scientists, at Emcure believe that research is one of the best-and most rewarding-ways to go ahead. The robust R and D environment within the company for API, formulation as well as biotech products reflects the Company's commitment to be a global leader in the pharmaceutical field.

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.55.34
UK Pound	1	Rs.87.39
Euro	1	Rs.68.72

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	YES
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		38

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.