MIRA INFORM REPORT

Report Date :

22.08.2012

IDENTIFICATION DETAILS

Name :	UNILAB CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	107/108 Anjani Complex, 316 Parera Hill Road, Andheri Kurla Road, Andheri (East) Chakala, Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.1978
Com. Reg. No.:	11-20256
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U24110MH1978PTC020256
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03870G
PAN No.: [Permanent Account No.]	AAACV0707D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs and Formulations.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	High performance capability and moderate financial strength.
Date	October 2011

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 31-03-2012.

INFORMATION DENIED BY

Name :	Ms. Suvarna
Designation :	Accounts Heaad
Contact No.:	91-22-65704098
Date :	22.08.2012

LOCATIONS

Registered Office / Head Office : :	107/108 Anjani Complex, 316 Parera Hill Road, Andheri Kurla Road, Andheri (East) Chakala, Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-65704098/65705475/28260263
Fax No.:	91-22-28373987
E-Mail :	unilab@vsnl.net
Website :	www.unichem.com
Factory :	W-32, MIDC, Phase II, Dombivli (East), Mumbai-421204, Maharashtra, India
Tel. No.:	91-251-2871942/2870632
Fax No.:	91-251-2870632

DIRECTORS

As on 30.09.2011

Name :	Mr. Deepak Kantilal Vora
Designation :	Director
Address :	21, Parul Juhu Tara Road, Mumbai-400 049, Maharasahtra, India
Date of Birth/Age :	15.10.1953
Date of Appointment :	10.06.1994
Din No.:	00928321
Name :	Mrs. Smita Deepak Vora
Designation :	Director
Address :	21, Parul Juhu Tara Road, Mumbai-400 049, Maharasahtra, India
Date of Birth/Age :	19.16.1957
Date of Appointment :	01.06.2001
Din No.:	00928376
Name :	Mrs. Sharmishta Shantilal Vora
Designation :	Director
Address :	47-A, Firpose Bhulabhai Desai Road, Mumbai-400 026, Maharasahtra, India
Date of Birth/Age :	24.11.1930
Date of Appointment :	01.03.2001
Din No.:	00727351

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Deepak Kantilal Vora	13750
Rahul Deepak Vora	10000
Smita Deepak Vora	1250
Total	25000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk Drugs and Formulations.

GENERAL INFORMATION

No. of Employees :

100 [Approximately]

Bankers :

• Industrial Development Bank of India Limited, Damle building, Phadke Road, Bajiprabhu Chowk, Dombivli (East), Mumbai-421 201, Maharashtra, India
• IDBI Bank Limited, IDBI tower Complex, Cuffe Parade, Mumbai-400 005, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
U. W. Bank CC, A/C-352, Dombivali Branch (Secured against hypothecation of Stock and Book Debts)	1.147	(0.028)
ICICI Car Loan	0.000	0.009
Total	1.147	(0.019)

Banking Relations :	--
Auditors :
Name :	V. D. Lagu and Company Chartered Accountants
Address :	3, Vaikhari Ground Floor, Near Parle Tilak Vidyalaya, Hanuman Road, Vile Parle (East), Mumbai- 400 057, Maharashtra, India
Tel. No.:	91-22-26114719/26166159
Pan No.:	AAAPL1300J

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		36.769	30.809	24.786
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		39.269	33.309	27.286
LOAN FUNDS
1] Secured Loans		1.147	(0.019)	1.400
2] Unsecured Loans		8.497	4.701	6.248
TOTAL BORROWING		9.644	4.682	7.648
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		48.913	37.991	34.934
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.676	7.541	7.885
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2.545	2.504	0.246
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.956	13.970	11.147
	Sundry Debtors	33.279	24.975	30.018
	Cash & Bank Balances	4.869	2.334	4.736
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	35.666	23.070	23.974
Total Current Assets		93.770	64.349	69.875
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41.053	26.646	36.921
	Other Current Liabilities	4.184	2.717	2.111
	Provisions	9.841	7.040	4.040
Total Current Liabilities		55.078	36.403	43.072
Net Current Assets		38.692	27.965	26.803
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		48.913	38.010	34.934

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		10.288	10.718	6.970
Less/ Add	DEPRECIATION/ AMORTISATION		1.529	1.695	1.613
	PROFIT / (LOSS) BEFORE TAX		8.759	9.023	5.357
Less	TAX		NA	NA	NA
	PROFIT / (LOSS) AFTER TAX		NA	NA	NA
	Earnings / (Loss) Per Share (Rs.)		NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	8.63	12.55	6.89
Return on Investment (ROI) (PBT/Networth)		0.22	0.27	0.20
Debt Equity Ratio (Total Liability/Networth)		1.65	1.23	1.86
Current Ratio (Current Asset/Current Liability)		1.70	1.77	1.62

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Rs. In Millions

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	41.053	26.646	36.921

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	Yes
10]	Designation of contact person	Yes
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	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

Registered office of the company has been shifted from 212, Majestic Shopping Centre, J S S Road, Girgaon, Mumbai- 400 004, Maharashtra, India to the present address

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10083587
Corporate identity number of the company	U24110MH1978PTC020256
Name of the company	UNILAB CHEMICALS AND PHARMACEUTICALS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	212, Majestic Shopping Centre, J S S Road, Girgaon, Mumbai-400004, Maharashtra, India
Type of charge	Immovable Property Any Interest in Immovable Property
Particular of charge holder	Industrial Development Bank of India Limited, Damle building, Phadke Road, Bajiprabhu Chowk, Dombivli (East), Mumbai-421 201, Maharashtra, India Email: kumar.r@idbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry No.2010/11
Date of instrument Creating the charge	19.05.2010
Amount secured by the charge	Rs.30.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1) CC - at BPLR + 0.50% 2) PC and FBP/FBN - at BPLR - 2.5% upto 180 days and BPLR + 3% for above 180 days 3) LC and BG - as per SOC Terms of Repayment The Borrower shall on demand pay the whole amount due to the Bank with interest and cost. Margin 1) CC - 25% over stock and 40% over book debts of less than 90 days 2) PC - 10% 3) FBP/FBN - NIL 4) LC - 15% in the form of FDR 5) BG - 25% in the form of FDR Extent and Operation of the charge Security to cover principal amount together with interest, costs, charges, expenses etc. Others Details of credit facilities as under :- (Rs. in Millions) 1) Cash Credit - Rs. 5.000 2) Packing Credit - Rs. 2.000 3) FBP/FBN - Rs. 2.200 4) Letter of Credit - Rs. 18.000 5) Bank Guarantee - Rs. 3.000 --------------- Total Rs.30.200
Short particulars of the property charged	Equitable Mortgage of immovable property being, All that piece and parcel of land known as Plot No.W-32 along with factory building thereon including Plant and Machinery in the Dombivli Industrial Area Within the Village limits of Sagaon, Taluka and Registration Sub-District Kalyan, and Registration District Thane containing by admeasurement 1000 Sq. mtrs.
Date of latest modification prior to the present modification	23.03.2005
Particulars of the present modification	Charge enhanced to Rs.30.200 Millions.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Air Handling System

· Motor Car

· Furniture and Fixture

· Office Equipments

· Cycle

· Computer

· Office Equipments

· Glass Equipments

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.55.54
UK Pound	1	Rs.87.39
Euro	1	Rs.68.71

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	4
--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		41

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.