MIRA INFORM REPORT

Report Date :

10.07.2012

IDENTIFICATION DETAILS

Name :	UNICURE INDIA PRIVATE LIMITED
Registered Office :	C-677, New Friends Colony, New Delhi- 110005
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.07.1980
Com. Reg. No.:	55-10642
Capital Investment / Paid-up Capital :	Rs.25.495 Millions
CIN No.: [Company Identification No.]	U74899DL1980PTC010642
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	250 (Office-30, Factory-220) Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
1-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 434428
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Abdul Mateen
Designation :	Director

LOCATIONS

Registered Office :	C-677, New Friends Colony, New Delhi- 110005, India
Tel. No.:	91-11-26835453/26843780
E-Mail :	unicure@airtelmail.in caanilbajaj@gmail.com
Website:	www.unicureindia.com
Area :	700 sq. ft.
Location :	Owned
Factory 1:	C/22, Sector-3, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4786786
Fax No.:	91-120-4320184
Factory 2:	46A&49B Village Raipur Roorkee 247661, India

DIRECTORS

AS ON 30.09.20111

Name :	Mr. Abdul Mateen
Designation :	Director
Address :	C-677, New Friends Colony, New Delhi-110064, India
Date of Birth/Age :	07.05.1955
Date of Appointment :	14.07.1980
Name :	Mr. Ikhlas Ahmed Chawla
Designation :	Director
Address :	C-677, New Friends Colony, New Delhi-110064, India
Date of Birth/Age :	07.05.1965
Date of Appointment :	01.05.1999

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.20111

Names of Shareholders	No. of Shares
Abdul Rasheed	7050
Abdul Mateen	152398
Abdul Hameed	7000
Khail Ahmed	7000
Ikhlas Ahmed Chawla	7000
Shehnaz Rashid	3500
Atya Hameed	3500
Farzana Mateen	3500
Nishant Khalil	3500
Mukhlis Aziz	3800
Anmol Aziz	3800
Hamd Aziz	3800
Sana Aziz	3800
Nihal Aziz	3800
Amin-Ul-Aziz	3800
Fahad Aziz	3800
Saad Aziz	3800
Mehak Aziz	3800
Muskan Aziz	3800
Kashish Aziz	3800
Noor-Ul- Aziz	3800
Zoya Aziz	3800
Rahmat Aziz	3800
Khuloos Aziz	3800
Sufia Ikhlas	3500
Advesh Dixit	1
R. S. Dixit	1
Total	254950

LIST OF ALLOTTEE

AS ON 20.03.2012

Names of Shareholders	No. of Shares
Kashish Aziz	1500
Archna Bajaj	1250
Total	2750

AS ON 30.09.20111

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Products.
Products :	· Kurgesic (Dipersible) · Uniflam –DT · Du-Gesic · Comflam Plus · Ambenil-D · Ambenil · Ocaldin · Cipzole · Curezole 400 · Unitrtan D.S · EZI Tablet · Ranicure CM · Ranicure · Nile 400 · Unirox 150 · Ocin 200 · CFT 250 · CFT 500 · Unimox -125 DT · Unicof · Ocin-OZ · Ocin-TZ · Relax · Cetacure 250 mg · Cefacure 126 m (Disp.) · Cefacure 500 Mg. Tab · Alprazolam · Alpracalm- D · Unidal Kid (Dispersible) · Flamulide Tablets · Spasure
Exports :
Products :	Pharmaceutical Products
Countries :	Afganisthan
Imports :
Products :	Raw Material
Countries :	· China · Spain
Terms :
Selling :	L/C, Cash and Credit
Purchasing :	L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Government Organization

No. of Employees :

250 (Office-30, Factory-220) Approximately

Bankers :

Canara Bank, C-3, Sector -1, Noida-201301, Uttar Pradesh, India

Facilities :

SECURED LOANS	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans and Advances from Bank	27.165	7.238
Total	27.165	7.238
UNSECURED LOANS
Other Loans and Advances From Member	0.600	0.600
Total	0.600	0.600

Banking Relations :	-
Auditors :
Name :	Bajaj and Company Chartered Accountant
Address :	Flat No. 4, 9, Pusa Road, New Delhi-110 005, India

CAPITAL STRUCTURE

AS ON 30.09.20111

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
254950	Equity Shares	Rs. 100/- each	Rs.25.495 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		25.495	25.495	25.495
2] Share Application Money		6.455	4.055	1.755
3] Reserves & Surplus		76.657	55.675	37.470
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		108.607	85.225	64.720
LOAN FUNDS
1] Secured Loans		27.165	7.238	21.690
2] Unsecured Loans		0.600	0.600	0.850
TOTAL BORROWING		27.765	7.838	22.540
DEFERRED TAX LIABILITIES		0.000	0.000	0.353
TOTAL		136.372	93.063	87.613
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.733	51.490	50.463
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.408	0.172	0.169
DEFERREX TAX ASSETS		0.082	0.373	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.149	26.868	17.576
	Sundry Debtors	152.674	172.948	158.202
	Cash & Bank Balances	31.523	24.422	11.650
	Other Current Assets	0.451	0.614	0.246
	Loans & Advances	43.952	34.558	24.009
Total Current Assets		250.749	259.410	211.683
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	180.692	210.316	169.558
	Other Current Liabilities	1.158	0.216	0.519
	Provisions	5.750	7.850	4.645
Total Current Liabilities		187.600	218.382	174.722
Net Current Assets		63.149	41.028	36.961
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		136.372	93.063	87.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Gross Sales	653.988	753.567	557.831
		Other Income	0.000	9.710	10.633
		TOTAL	653.988	763.277	568.464
Less	EXPENSES
		Purchase		7.718	13.454
		Material Consumed	615.689	420.928	301.544
		Manufacturing and Other Expenses		313.916	229.734
		Increase/ Decrease in Stock		(6.455)	(1.680)
		TOTAL	615.689	736.107	543.052
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		38.299	27.170	25.412
Less/ Add	DEPRECIATION/ AMORTISATION		6.178	6.087	6.213
	PROFIT BEFORE TAX		32.121	21.083	19.199
Less	TAX		5.400	2.878	3.049
	PROFIT AFTER TAX		26.721	18.205	16.150
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	27.470	16.320
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	5.000
	BALANCE CARRIED TO THE B/S		NA	45.675	27.470
	EARNINGS IN FOREIGN CURRENCY		8.198	NA	NA
	IMPORTS		0.495	NA	NA
	Earnings Per Share (Rs.)		82.48	71.42	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.08	2.39	3.38
Net Profit Margin (PBT/Sales)	(%)	4.91	2.80	3.44
Return on Total Assets (PBT/Total Assets}	(%)	9.92	6.78	7.32
Return on Investment (ROI) (PBT/Networth)		0.29	0.25	0.30
Debt Equity Ratio (Total Liability/Networth)		1.98	2.65	3.05
Current Ratio (Current Asset/Current Liability)		1.33	1.19	2.11

LOCAL AGENCY FURTHER INFORMATION

OVERVIEW:

The gross turnover of the company during the year was Rs. 653.988 millions as against Rs. 753.567 millions during the previous years. A substantial potion of the sales continues to be to Government and Semi Government departments, however company is also getting good response from private markets. The company hopes to do good business in the current year.

The company during the year earned net profit Rs. 26.721 millions after providing depreciation of Rs. 6.178 millions. the profit after making provision of RS. 5.400 millions for income tax is being carried forward.

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1980PTC010642
Name of the company	UNICURE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-677, New Friends Colony, New Delhi- 110005, India
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Canara Bank, C-3, Sector -1, Noida-201301, Uttar Pradesh, India Email: managercb1177@canarabank.com
Nature of instrument creating charge	Supplemental Common Hypothecation Agreement And Ledtd To Be Used Where Additional Limit Is Granted On Very Security (Inclusive Of Third Party Property Already Given To The Bank)
Date of instrument Creating the charge	07.03.2012
Amount secured by the charge	Rs. 184.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest (BASE RATE+3.75% p.a.) presently @ 14.50% p.a. or such other rates as applicable from time to time. Terms of repayment As per agreement Margin Stocks: 25% Book-Debts: 40% Extent and operation of the charge 100% to secure various credit facilities of Rs. 184.000 millions sanctioned to the company, such as OCC/ODBD Rs. 70.000 millions, ILC/FLC Rs. 20.000 millions, BG Rs. 70.000 millions, and Term Loan of Rs. 24.000 millions and interest, all other costs thereon.
Short particulars of the property charged (Including location of the property)	All stocks of raw-material used in the manufacture of drugs and pharmaceuticals, finished goods and other goods lying at Plot No C-22, Sector-III, Noida (U.P.) and or lying at any other place including in transit. First charge over all the Book debts, outstanding moneys, receivable claims, etc. All plant and machinery all plant, machinery, tools, accessories, motor vehicles, already purchased/to be purchased; Equitable mortgage of land and building at C-21, Sector-3, Gautam Budh Nagar, Noida (U.P.) Equitable mortgage of all piece and parcel of land and building situated 44-B, Block-U-3, Sector-11, Dhavalgiri Apartments, Noida, Gautam Budh Nagar, (U.P.) Equitable mortgage of all piece and parcel of land and building situated, Flat No. 16-D, Block-B-9, Second Floor, Sector-34, Udaygiri Apartments, Noida, Gautam Budh Nagar, Equitable mortgage of all piece and parcel of land and building situated B-65, Sector-57, Noida, Gautam Budh Nagar, Equitable mortgage of all piece and parcel of land and building situated C-22, Sector-3, Noida, Gautam Budh Nagar Equitable mortgage of all piece and parcel of land and building situated at Khsra No. 46&49, Village: Raipur, Pargana Bhagwanpur, Roorkee, Haridwar, U.K.
Particulars of the present modification	Extent of operation of Charge over Hypothecated/mortgaged properties of the company stands enhanced to Rs. 184.000 millions to secure various credit facilities of Rs. 184.000 millions sanctioned to the company, such as OCC/ODBD Rs. 70.000 millions, ILC/FLC Rs. 20.000 millions, BG Rs. 70.000 millions and Term Loan of Rs. 24.000 millions and interest, all other costs thereon.

FIXED ASSETS:

· Lease hold Land

· Factory Building

· Plant and Machinery

· Dies

· Furniture and Fixture

· Electric Fittings

· Weighing Machine

· Office Equipments

· Cycle and Cycle Rickshaw

· Fans

· Laboratory Equipments

· Generator

· Scooter

· Water Tank

· Motor Cars

· Air Conditioner

· Computers

· Intercom

· Office Premises

· Pager

· Telephone Instruments

· Water Pump

· EPABX

· Hoist

· Security Equipments

· Transformer (Electric)

· Delivery Van

· Residential Flat

· Building under Construction

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	Yes
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	Yes
20) Export / Import details (if applicable)	Yes
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

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.56.02
UK Pound	1	Rs.86.78
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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.