MIRA INFORM REPORT

Report Date :

11.07.2012

IDENTIFICATION DETAILS

Name :	EMPROCELL CLINICAL RESEARCH PRIVATE LIMITED (w.e.f. 14.12.2006)
Formerly Known As :	EM PRO CELL RESEARCH PRIVATE LIMITED
Registered Office :	C-7/1A, TTC Industrial Area, MIDC, Village Pawane, Navi Mumbai - 400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.04.2006
Com. Reg. No.:	11-161334
Capital Investment / Paid-up Capital :	Rs.12.164 millions
CIN No.: [Company Identification No.]	U24231MH2006PTC161334
TAN No.: [Tax Deduction & Collection Account No.]	MUME06472E
PAN No.: [Permanent Account No.]	AABCE5965G
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into Clinical Research and Clinical Trials.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company having poor track. Even though the company was incorporated during the year 2006, it has commenced its commercial operations in the year 2010. The company could not earn much operational income during the year 2011. There appear huge accumulated losses. The company has also incurred some loss during the year. Business is active. Payments are reported to be slow and delayed. Initially, the company can be considered for business dealings only on a safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.09.2011)	Current Rating (31.12.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	C-7/1A, TTC Industrial Area, MIDC, Village Pawane, Navi Mumbai - 400 705, Maharashtra, India
Tel. No.:	91-22-25901729/ 27611102
Fax No.:	91-22-25901730/ 27611102
E-Mail :	info@emprocell.com prof@emprocell.com
Website :	http://www.emprocell.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Alok Awadhesh Kumar

Designation :

Director

Address :

104, Light Bridge, Hiranandani Meadows, Pokhran Road No.2, Thane (West), Maharashtra, India

Date of Birth/Age :

01.07.1970

Date of Appointment :

24.04.2006

DIN No.:

00566358

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	U24230MH2002PTC135577	Lok-Beta Pharmaceuticals (India )Private Limited	Managing director	18/04/2002	18/04/2002	-	Active	NO
2	U24230MH2003PTC139202	J Duncan Healthcare Private Limited	Director	04/11/2003	04/11/2003	-	Active	NO
3	U24230MH2004PTC147141	Bioveeta Laboratories Private Limited	Director	24/06/2004	24/06/2004	28/12/2010	Active	NO
4	U24231MH2006PTC161334	Emprocell Clinical Research Private Limited	Director	24/04/2006	24/04/2006	-	Active	NO
5	U24239MH2006PTC165038	Lokbeta Laboratories Private Limited	Director	03/10/2006	03/10/2006	-	Active	NO
6	U24100MH2011PTC214319	Biosyntez Laboratories Private Limited	Managing director	03/03/2011	03/03/2011	-	Active	NO

Name :

Mr. Vladimir Evstakhievich Babiy

Designation :

Director

Address :

Flat No.215, St. Namekina, 9, Moscow, Russia

Date of Appointment :

09.05.2006

DIN No.:

02877333

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	Company/ LLP Status	Defaulting status
1	U24231MH2006PTC161334	Emprocell Clinical Research Private Limited	Director	09/05/2006	09/05/2006	Active	NO
2	U24230MH2002PTC135577	Lok-Beta Pharmaceuticals (India )Private Limited	Director	10/05/2006	10/05/2006	Active	NO

Name :

Mrs. Olga Dzhulay

Designation :

Director

Address :

60, Baumana Street, Apartment No.65, Kyiv, Ukraine

Date of Birth/Age :

03.01.1974

Date of Appointment :

24.04.2006

Name :

Ms. Elena Aleshicheva

Designation :

Director

Address :

Novocheomushkinskaya Street, 64/1, KV 88, Moscow, Russia

Date of Appointment :

09.05.2006

Name :

Mr. Viktor Radchenko

Designation :

Director

Address :

13, Staronavodnitskaya Street, Apt. 134, Kyiv

Date of Appointment :

10.06.2006

Name :

Mrs. Hina Kiran

Designation :

Director (Alternate Director to Mrs. Olga Dzhulay)

Address :

104, Light Bridge, Hiranandani Meadows, Pokhran Road No.2, Thane (West), Maharashtra, India

Date of Birth/Age :

01.03.1979

Date of Appointment :

09.05.2006

DIN No.:

00566172

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	Company/ LLP Status	Defaulting status
1	U24230MH2003PTC139202	J Duncan Healthcare Private Limited	Whole-time director	17/02/2003	17/02/2003	Active	NO
2	U24230MH2004PTC147141	Bioveeta Laboratories Private Limited	Director	24/06/2004	24/06/2004	Active	NO
3	U24239MH2006PTC165038	Lokbeta Laboratories Private Limited	Director	02/07/2007	02/07/2007	Active	NO
4	U24100MH2011PTC214298	Biolife Healthcare (India) Private Limited	Additional director	01/10/2011	01/10/2011	Active	NO

Name :

Mrs. Babiy Svitlana

Designation :

Director

Address :

31, Kvosnov’Aneka Street, Kyiv

Date of Appointment :

09.05.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Alok Kumar	10
Lok Beta Pharmaceuticals (India) Private Limited, India	185276
Citi Pharm K/S, Denmark	686920
Olga Dzhulay	10
Brij Mohan Gandhi	21558
Malebray Pharm Group Limited, Cyprus	300557

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	83.00
Bodies corporate	15.00
Other top fifty shareholders	2.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into Clinical Research and Clinical Trials.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Kotak Mahindra Prime Limited – Car Loan (Secured against hypothecation of a Motor Car) (Repayable within One Year Rs.0.241 million; Previous Year Rs. Nil)	0.841	0.000
Total	0.841	0.000

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From a Company Interest accrued and due on External Commercial Borrowing, the principal amount of which has been repaid in full in 2006-07	32.525	14.643
Total	32.525	14.643

Banking Relations :	--
Auditors :
Name :	Harivadan K. Shah and Company Chartered Accountants
Address :	308, Paradise Tower, Opposite Alok Restaurant, Naupada, Gokhale Road Thane (West), Thane – 400 602, Maharashtra, India
Tel. No.:	91-22-67934379
E-Mail :	ca_hkshah@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AEEPS5233F
Joint Venture Company :	v Citi Pharm K/S, Copenhagen, Denmark v Lok-Beta Pharmaceuticals (India) Private Limited, Mumbai, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1350000	Equity Shares	Rs.10/- each	Rs.13.500 millions
1650000	Preference Shares	Rs.10/- each	Rs.16.500 millions
	Total		Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1216448	Equity Shares	Rs.10/- each	Rs.12.164 millions

Out of the above, (i) 331875 fully paid up Equity Shares have been issued in 2006-07 against conversion of outstanding in respect of External Commercial Borrowings and (ii) 300557 fully paid up Equity Shares have been issued in 2009-10 against conversion of 1644949 Compulsorily Fully Convertible Preference Shares (CFCPS) of Rs.10/- each fully paid up which CFCPS were allotted and issued in 2009-10.

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		12.164	11.599	8.594
2] Share Application Money		0.000	0.000	0.011
3] Reserves & Surplus		119.490	115.777	102.333
4] (Accumulated Losses)		(27.309)	0.000	0.000
NETWORTH		104.345	127.376	110.938
LOAN FUNDS
1] Secured Loans		0.841	0.000	4.400
2] Unsecured Loans		32.525	14.643	0.000
TOTAL BORROWING		33.366	14.643	4.400
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		137.711	142.019	115.338
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		145.472	30.833	29.828
Capital work-in-progress		0.000	91.076	66.109
Incidental Expenditure during Construction		0.000	28.504	20.632
Capital Advances		0.000	0.492	0.473
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.671	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.129	0.844	0.205
	Other Current Assets	0.810	0.678	0.527
	Loans & Advances	7.798	8.128	9.507
Total Current Assets		8.737	10.321	10.239
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.105	15.725	4.940
	Other Current Liabilities	2.967	0.108	3.629
	Provisions	3.632	3.632	3.632
Total Current Liabilities		16.704	19.465	12.201
Net Current Assets		(7.967)	(9.144)	(1.962)
MISCELLANEOUS EXPENSES		0.206	0.258	0.258
TOTAL		137.711	142.019	115.338

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Operational Income	0.000	0.000	0.000
		Non-Operational Income	0.091	0.000	0.000
		TOTAL (A)	0.091	0.000	0.000
Less	EXPENSES
		Office Expenses	19.049	0.000	0.000
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	19.049	0.000	0.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(18.958)	0.000	0.000
Less	FINANCIAL EXPENSES (D)		0.071	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(19.029)	0.000	0.000
Less/ Add	DEPRECIATION & AMORTISATION OF PRELIMINARY EXPENSES (F)		14.488	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(33.517)	0.000	0.000
Less	TAX (H)		0.000	0.000	0.026
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(33.517)	0.000	(0.026)
	Earnings/ (Loss) Per Share (Rs.)		(28.06)	0.00	(0.03)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(36831.87)	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(21.73)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		(0.32)	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.48	0.27	0.15
Current Ratio (Current Asset/Current Liability)		0.52	0.53	0.84

LOCAL AGENCY FURTHER INFORMATION

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	No
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	No
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

Note:

The registered office of the company has been shifted from 324, Corporate Centre, Nirmallife Styles, LBS Road, Mulund (West), Mumbai – 400 080, Maharashtra to the present address w.e.f. 01.01.2012.

OPERATIONS:

The company has commenced its commercial operations with effected from 01.06.2010. Though, post the commencement of the commercial operations the company could not earn any operational income during the year, however it is well placed with scientists and supporting staff to carry out clinical trials in the field of stem cells.

FIXED ASSETS:

v Land

v Office Premises

v Laboratory Building

v Computer and Printers

v Furniture and Fixtures

v Office Equipments

v Plant and Machinery

v Laboratory Equipments

v Electrical Machinery

v Motor Cars

v Electrical Fittings

WEBSITE DETAILS:

PROFILE:

The Subject was incorporated on April, 2006, in India, Mumbai, under the Registration of Indian Companies act 1956 as a joint venture company with Citi Pharm K/S, Copenhagen, Denmark and the Lok-Beta Pharmaceuticals (India) Private Limited Mumbai, India.

Services and directions

The main goal of Subject is production and application of biotechnology of separation, preservation and clinical use of fetal progenitor cells, as well as extracts of fetal tissue and placenta into medical practice for therapy of such diseases as arthritis, autoimmune hepatitis and cirrhosis, glomerulonephritis, diabetes- first and second stage, oncology and chemotherapy, arterial hypertension, immunodeficiency, sexual and reproductive dysfunctions, neurodegenerative diseases, rejuvenation and skin burns.

Facility would also be used to prepare medicated cosmetics from the placenta or the left over bio-raw material generated after the separation of the cells. Cream using the preserved cryoplacenta or cord cells of a pregnant woman for her cosmetic use would avoid stretch mark after pregnancy and other after effects.

Support Laboratory Facilities

Preliminary Preparation Laboratory will support preprocessing, cleaning and separation of impurities from the abortive material, which can be further used for endotoxin testing.

Biotechnology Laboratory, specially designed Class B grade facility will support isolation and purification of various kinds of progenitor stem cells for future stem cell based therapeutics.

Ultramodern Cryopreservation facility (CryoBank) is well equipped with world class high capacity cryo-storage vessels serving as quarantine for fetal progenitor stem cells till microbiological and PCR analysis reports are available and final certification of cell suspension is made and finally storage of cell suspensions and tissue extracts in liquid nitrogen.

Biosafety Laboratory is uniquely designed to facilitate screening and detection of isolated and purified progenitor cells for various bacterial and viral pathogens as per th