MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	UNIMARK REMEDIES LIMITED (w.e.f. 03.05.1995)
Formerly Known As :	UNIMARK REMEDIES PRIVATE LIMITED
Registered Office :	Enterprise Center, 1^st Floor, Off Nehru Road, Vile Parle (East), Mumbai – 400 099, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.1993
Com. Reg. No.:	11-075373
Capital Investment / Paid-up Capital :	Rs.129.934 Millions
CIN No.: [Company Identification No.]	U23200MH1993PLC075373
TAN No.: [Tax Deduction & Collection Account No.]	MUMU03720G
PAN No.: [Permanent Account No.]	AAACU0589R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Active Pharmaceutical Ingredients Formulations.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 / Corporate Office :	Enterprise Center, 1^st Floor, Orchid Lane, Off Nehru Road, Vile Parle (East), Mumbai – 400 099, Maharashtra, India
Tel. No.:	91-22-26464769/ 26040361/ 67304153/ 67304000/ 101/100
Fax No.:	91-22-67304100/ 260/ 26463772/ 26007917
E-Mail :	unimark@bom4.vsnl.net.in legal@unimarkremedies.com business@unimarkremedies.com yogeshparikh@unimarkremedies.com op.singh@unimarkremedies.com
Website :	http://www.unimarkremedies.com
Area :	5000 sq. ft.
Location :	Owned
Factory 1 :	41, G.I.D.C. Industrial Estate, 1^st Phase, District Valsad, Vapi – 396 195, Gujarat, India
Tel. No.:	91-260-2420639/ 40
Fax No.:	91-260-2420161/ 2424390
Factory 2 :	337, Kerala Nalsarovar Road, Taluka Dholka, Village Bavla, Ahmedabad – 380 220, Gujarat, India
Tel. No.:	91-2714-304100
Fax No.:	91-2714-268381/ 268229
Factory 3 :	Building No. AP/2-3, Gala No. 1 to 4, Rajlaxmi commercial Complex, Bhiwandi, India
Godown :	Near Marwell Engineering Works, Koparkhairne, Vashi, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-27687728

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Sandip Jayant Parekh

Designation :

Whole-time Director

Address :

11^th Floor, Kamleshwar New Cooperative Housing Society Limited, 40, Tagore Road, Santacruz West, Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

24.01.1968

Qualification :

M. Sc.( Org. Chem. ) from IIT, Mumbai

Date of Appointment :

01.12.1993

DIN :

00048033

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U23200MH1993PLC075373	UNIMARK REMEDIES LIMITED	Whole-time director	1/8/2009	1/12/1993	Active	NO
2	U85190MH2008PTC188384	ZEN LIFE SCIENCES PRIVATE LIMITED	Director	21/11/2008	21/11/2008	Active	NO
3	U24100MH2009PTC194712	ONKOLOGY KOMBINE PRIVATE LIMITED	Director	6/8/2009	6/8/2009	Active	NO
4	U24100MH2010PTC209590	SYNERGIA SCIENCES PRIVATE LIMITED	Director	29/10/2010	29/10/2010	Active	NO

Name :

Mr. Mehul Jayant Parekh

Designation :

Managing Director

Address :

11^th Floor, Kamleshwar New Cooperative Housing Society Limited, 40, Tagore Road, Santacruz West, Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

26.11.1958

Qualification :

B.Com

Date of Appointment :

06.03.1995

DIN :

00026776

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U23200MH1993PLC075373	UNIMARK REMEDIES LIMITED	Managing director	1/8/2009	6/3/1995	-	Active	NO
2	U67200MH2004PTC144428	UNIQUEST TECHNOLOGY PRIVATE LIMITED	Director	9/2/2004	9/2/2004	24/04/2008	Active	NO
3	U72100MH2005PTC151036	INFOMARK TECHNOLOGIES PRIVATE LIMITED	Director	4/2/2005	4/2/2005	31/08/2007	Active	YES
4	U85190MH2008PTC188384	ZEN LIFE SCIENCES PRIVATE LIMITED	Director	21/11/2008	21/11/2008	-	Active	NO
5	U24100MH2009PTC194712	ONKOLOGY KOMBINE PRIVATE LIMITED	Director	6/8/2009	6/8/2009	-	Active	NO
6	U24100MH2010PTC209590	SYNERGIA SCIENCES PRIVATE LIMITED	Director	29/10/2010	29/10/2010	-	Active	NO
7	U24233MH2011PTC221624	IMMUNOCON BIOREMEDIES PRIVATE LIMITED	Director	7/9/2011	7/9/2011	-	Active	NO

Name :

Mr. Yogesh Navnitlal Parekh

Designation :

Whole-time Director

Address :

C-36, Gujarat Society, 2^nd Floor, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

03.02.1959

Qualification :

B. Com, F.C.A

Date of Appointment :

17.07.1995

DIN :

00048121

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U23200MH1993PLC075373	UNIMARK REMEDIES LIMITED	Whole-time director	1/8/2009	17/07/1995	-	Active	NO
2	U67200MH2004PTC144428	UNIQUEST TECHNOLOGY PRIVATE LIMITED	Director	9/2/2004	9/2/2004	24/04/2008	Active	NO
3	U72100MH2005PTC151036	INFOMARK TECHNOLOGIES PRIVATE LIMITED	Director	4/2/2005	4/2/2005	31/08/2007	Active	YES
4	U72300MH2007PTC167431	INNOVEER SOLUTIONS INDIA PRIVATE LIMITED	Director	31/01/2007	31/01/2007	-	Active	NO
5	U85190MH2008PTC188384	ZEN LIFE SCIENCES PRIVATE LIMITED	Director	21/11/2008	21/11/2008	-	Active	NO
6	U24100MH2009PTC194712	ONKOLOGY KOMBINE PRIVATE LIMITED	Director	6/8/2009	6/8/2009	-	Active	NO

Name :

Mr. Harmander Palsingh Chawla

Designation :

Director

Address :

1022, Sector 44B, Chandigarh – 160047, Haryana, India

Date of Birth/Age :

14.04.1940

Date of Appointment :

04.03.2005

DIN No.:

00015627

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U23200MH1993PLC075373	UNIMARK REMEDIES LIMITED	Director	4/3/2005	4/3/2005	Active	NO
2	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	11/12/2006	11/12/2006	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Additional director	24/03/2009	24/03/2009	Active	NO

Name :

Mr. John Wiliam Scott

Designation :

Director

Address :

81, Edgemont Road, Montclair, USA 07043

Date of Birth/Age :

18.12.1941

Date of Appointment :

25.05.2007

DIN :

02091684

Name :

Mr. Himadri Sen

Designation :

Whole-time Director

Address :

S 119, DLF City, Phase – 3, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

26.04.1948

Date of Appointment :

21.09.2010

DIN :

03552235

Name :

Mr. Ramesh Narsibhai Patel

Designation :

Additional Director

Address :

572, Cabothill Road, Bridge Water, NJ, USA – 08807-1562

Date of Birth/Age :

08.11.1942

Date of Appointment :

29.07.2009

DIN :

02656834

Name :

Mr. Omdutt Behari Tyagi

Designation :

Whole time director

Address :

B – 804, Oberoi Woods, Off Western Express Highway, Goregaon (East), Mumbai-400 063, Maharashtra, India

Date of Birth/Age :

01.09.1958

Date of Appointment :

16.04.2010

DIN :

03023105

Name :

Mr. Rajiv Saman Shukla

Designation :

Director

Address :

B – 1101, Prathmesh Residency Dadabhai Road, Andheri, Mumbai – 400058, Maharashtra, India

Date of Birth/Age :

21.12.1974

Date of Appointment :

10.08.2011

DIN :

02143904

Other Directorships :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231KA2005PLC035853	I-VEN PHARMA CAPITAL LIMITED	Director	29/09/2008	7/4/2008	16/02/2010	Active	NO
2	U85110KA2007PTC043424	I-VEN MEDI-CARE INDIA Private Limited	Director	18/12/2008	28/04/2008	16/02/2010	Active	NO
3	U24239AP2005PTC047357	PERLECAN PHARMA PRIVATE LIMITED	Nominee director	5/5/2008	5/5/2008	29/07/2008	Amalgamated	NO
4	U24231MH1993PLC150891	ARCH PHARMALABS LIMITED	Nominee director	5/5/2008	5/5/2008	30/11/2009	Active	NO
5	U24230AP1996PLC023232	BHARAT BIOTECH INTERNATIONAL LIMITED	Nominee director	5/5/2008	5/5/2008	20/01/2010	Active	NO
6	U24230TN1980PLC008382	MALLADI DRUGS AND PHARMACEUTICALS LIMITED	Nominee director	30/06/2008	5/5/2008	22/01/2010	Active	NO
7	U24299KA2006PTC040565	CLININVEST HOLDINGS PRIVATE LIMITED	Director	26/05/2008	26/05/2008	9/2/2010	Active	NO
8	U24209DL1991PLC175849	RFCL LIMITED	Nominee director	30/06/2008	30/06/2008	16/02/2010	Active	NO
9	U74140WB2003PTC121076	MEDICA SYNERGIE PRIVATE LIMITED	Nominee director	23/12/2008	23/12/2008	24/03/2010	Active	NO
10	U23200MH1993PLC075373	UNIMARK REMEDIES LIMITED	Director	29/09/2011	10/8/2011	-	Active	NO

Name :

Mr. Shekhar Ramchandra Shanbhag

Designation :

Director

Address :

53, Winged Foot Drive, Manalapan, New Jersey, USA - 07726

Date of Birth/Age :

30.06.1947

Date of Appointment :

06.05.2011

DIN :

03518366

Name :

Mr. Ranchhodlal Kesavlal Shah

Designation :

Director

Address :

1601, Somerest Opposite D-Mart, Hiranandani Gardens Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

08.04.1944

Date of Appointment :

17.06.2011

DIN :

03470002

KEY EXECUTIVES

Name :	Mr. Mohammad Abdul Nadeem
Designation :	Secretary
Address :	G – 402, Plot 8 and 9 Sector 19A, Nerul East, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	07.11.1977
Date of Appointment :	27.06.2011
PAN :	ADTPN5526G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Jayant M Parekh Joint with Madhukanta Parekh	103,570
Madhukanta J Parekh Joint with Jayant M Parekh	46,380
J. M Parekh –HUF	3,36,190
Nandini S. Parekh	270
Sonali M. Parekh	2,18,970
Pooja M. Parekh	8,370
Mehul J Parekh Joint with Beena M Parekh	47,79,550
Sandip Parekh Joint with Nandini S Parekh	8,17,200
Beena M Parekh Joint with Mehul J Parekh	6,34,500
Jayant M Parekh Joint with Madhukanta Parekh Jt. Mehul Parekh	25,000
Swiss Technology Venture Capital Fund (Private) Limited, Mauritius	4,70,588
Adhunik Finance Private Limited, India	1,25,000
Am Rita Advisors Private Limited, India	1,00,000
Dr. Hitesh Parikh Joint with Dr. Priti Parikh	2,800
Dr. Priti Parikh Joint with Dr. Hitesh Parikh	2,800
Dr.Ashok Palvia Joint with Mrs. Ashok Palvia	300
Paresh Kakadia Joint with Mrs. Paresh Kakadia	300
Ketan Sukhadia Joint with Jigna Sukhadia	300
Anuj Sukhadia Joint with Chhaya Sukhadia	300
Jigna Sukhadia Joint with Ketan Sukhadia	300
Chhaya Sukhadia Joint with Anuj Sukhadia	300
Pooja Sukhadia Joint with Anuj Sukhadia	300
Aesha Sukhadia Joint with Ketan Sukhadia	300
Niranjan Gupta Joint with Mrs. Niranjan Gupta	300
Jayesh Gandhi Joint with Mrs. Jayesh Gandhi	300
Amul Shah Joint with Nilay Shah	300
Nilay Shah Joint with Amul Shah	300
Shahid Rangooni Joint with Roopa Rangooni	300
Roopa Rangooni Joint with Shahid Rangooni	300
Cvcigp II Client Rosehill Limited, Mauritius	21,77,034
Cvcigp II Employee Rosehill Limited, Mauritius	12,19,283
CVCIGP II Vinayak Shenvi Trust, India (Through Trustees Gautam Nayak And Keshav Bhujle)	526
CVCIGP II Jayanta Kumar Basu Trust, India (Through Trustees Gautam Nayak And Keshav Bhujle)	526
CVCIGP II Vivek Chhachhi Trust, India (Through Trustees Gautam Nayak And Keshav Bhujle)	526
CVCIGP II P.R. Srinivasan Trust, India (Through Trustees Gautam Nayak And Keshav Bhujle)	526
Madhukanta Parekh Joint with Dr. Hitesh Parikh	2,26,612
Madhukanta Parekh Joint with Dr. Priti Parikh	1,96,600
J.M. Parekh Joint with Dr. Priti Parikh	600
Jayant M.Parekh Joint with Dr. Ashok Palvia	1,24,700
J. M. Parekh (HUF) Joint with Paresh Kakadia	1,24,700
Yogesh Parikh Joint with Ketan Sukhadia	1,74,700
Raj Parikh Joint with Anuj Sukhadia	1,74,700
Madhvi Parikh Joint with Jigna Sukhadia	1,49,700
Pankti Parikh Joint with Chhaya Sukhadia	1,49,700
Madhvi Parikh Joint with Pooja Sukhadia	25,300
Pankti Parikh Joint with Pooja Sukhadia	24,400
Pankti Parikh Joint with Aesha Sukhadia	900
Yogesh Parikh Joint with Aesha Sukhadia	300
Raj Parikh Joint with Aesha Sukhadia	300
Jayant M.Parekh Joint with Aesha Sukhadia	48,200
Jayant M. Parekh Joint with Niranjan Gupta	99,700
J.M. Parekh (Huf) Joint with Jayesh Gandhi	99,700
Jayant M.Parekh Joint with Amul Shah	74,700
Jayant M.Parekh Joint with Nilay Shah	50,300
J.M. Parekh (Huf) Joint with Nilay Shah	24,400
J.M. Parekh(Huf) Joint with Shahid Rangooni	74,700
J.M. Parekh (Huf) Joint with Roopa Rangooni	74,700
Hikma Pharmaceuticals LLC, Jordan	38,96,104
TOTAL	1,68,89,525

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	45.96
Bodies corporate	1.33
Directors or relatives of directors	52.64
Others	0.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredients Formulations.

Products :

Product Description	ITC Code No
Nalidicic Acid	2918.3030
7ACCA	2941.9010
Montelukast	2942.0090
Lisnopril	2922.4100

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
API	Tones	622.74	1637.99

NOTE:

Installed capacity represents effective operational capacity calculated on a continuous process basis, based on that year’s product mix.

Actual production includes production at loan licensee locations and captive consumption

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· DBS Bank Limited,

3^rd Floor, Fort House, 221,Dr.D.N.Road, Fort, Mumbai-400001, Maharashtra, India

· State Bank of India,

Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai - 400021, Maharashtra, India

· Bank of Baroda

· Canara Bank

· Citi Bank N.A.

· State Bank of Indore

· Export Import Bank of India

· Standard Chartered Bank,

90, M. G. Road, Fort, Mumbai - 400001, Maharashtra, India

· The Jammu and Kashmir Bank Limited

79-A, Mehta House, Bombay Samachar Marg Fort, Mumbai – 400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	2323.287	1405.077
Working capital loans banks secured	1691.475	1890.640
Loans taken for vehicles secured	1.308	3.575
Total	4016.070	3299.292
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks unsecured	298.617	300.000
Other debt unsecured	50.000	30.000
Total	348.617	330.000

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountant
Address :	Engineering Centre, 6^th Floor, 9, Mathew Road, Opera House, Mumbai – 400 004, Maharashtra, India
Tel. No.:	91-22-23671623
Fax No.:	91-22-23671624
E-Mail :	mumbai@wcgt.in
PAN No.:	AAAFW4298E
Associates :	· KDL Biotech Limited CIN No.: L24230MH1986PLC040603
Subsidiaries :	· Unimark Remedies Hong Kong Limited · Zen Life Sciences Private Limited CIN No.: U85190MH2008PTC188384 · Onkology Kombine Private Limited (formerly known as Zen Oncology Private Limited) CIN No.: U24100MH2009PTC194712

CAPITAL STRUCTURE

AS ON 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16889525	Equity Shares	Rs.10/- each	Rs. 168.895 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12993421	Equity Shares	Rs.10/- each	Rs. 129.934 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		129.934	129.934	129.934
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3251.824	2987.100	2705.394
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3381.758	3117.034	2835.328
LOAN FUNDS
1] Secured Loans		4016.070	3299.292	3042.311
2] Unsecured Loans		348.617	330.000	100.000
TOTAL BORROWING		4364.687	3629.292	3142.311
DEFERRED TAX LIABILITIES		484.159	426.441	367.553
Other Liabilities (Deferred Credit)		23.218	23.218	23.218
TOTAL		8253.822	7195.985	6368.410
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3945.723	3758.718	2823.208
Capital work-in-progress		1260.962	786.700	829.935
INVESTMENT		130.883	128.843	128.742
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1390.125	1362.849	981.820
	Sundry Debtors	1964.454	1659.203	1357.126
	Cash & Bank Balances	40.787	318.847	883.386
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	695.636	609.171	464.326
Total Current Assets		4091.002	3950.070	3686.658
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1007.415	1272.732	952.790
	Other Current Liabilities	147.422	136.410	131.841
	Provisions	19.911	19.204	15.502
Total Current Liabilities		1174.748	1428.346	1100.133
Net Current Assets		2916.254	2521.724	2586.525
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8253.822	7195.985	6368.410

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6201.606	6278.873	5764.564
		Other Income	28.747	34.180	0.054
		TOTAL (A)	6230.353	6313.053	5764.618
Less	EXPENSES
		Consumption Materials Changed Inventories	3860.335	4038.376
		Manufacturing Services Costs	604.746	629.613
		Employee Related Expenses	371.349	368.460	5037.513
		Administration, Selling and Others Expenses	367.516	356.682
		Research and Development Expenses	54.846	43.348
		TOTAL (B)	5258.792	5436.479	5037.513
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		971.561	876.574	727.105
Less	FINANCIAL EXPENSES (D)		370.518	296.066	240.158
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		601.043	580.508	486.947
Less/ Add	DEPRECIATION/ AMORTISATION (F)		278.602	239.790	130.239
	PROFIT BEFORE TAX (E-F) (G)		322.441	340.718	356.708
Less	TAX (H)		57.718	59.011	70.893
	PROFIT AFTER TAX (G-H) (I)		264.723	281.706	285.815
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		393.742	362.036	326.221
Less	APPROPRIATIONS
		Transfer to General Reserve	250.000	250.000	250.000
	BALANCE CARRIED TO THE B/S		408.465	393.742	362.036
	EARNINGS IN FOREIGN CURRENCY		2090.605	2682.723	2295.597
	IMPORTS
		Raw Materials	NA	1806.381	1870.410
		Finished Goods	NA	245.255	0.000
		Stores & Spares	NA	0.133	1.273
		Capital Goods	NA	51.951	51.893
	TOTAL IMPORTS		NA	2103.720	1923.576
	Earnings Per Share (Rs.)		20.37	21.68	22.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.25	4.46	4.91
Net Profit Margin (PBT/Sales)	(%)	5.20	5.43	6.18
Return on Total Assets (PBT/Total Assets}	(%)	4.01	4.42	5.47
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.12
Debt Equity Ratio (Total Liability/Networth)		1.64	1.62	2.62
Current Ratio (Current Asset/Current Liability)		3.48	2.77	3.35

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	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	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	--
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

Note: Registered office of the company has been shifted from 19 Crystal, 1st Floor, Juhu Road, Santacruz (West), Mumbai – 400054, Maharashtra, India to the present address w.e.f.28.06.2011

INDUSTRY OVERVIEW

The recovery of the Indian economy seems to be on track with GDP predicted to grow to higher levels.

Industrial recovery has also gathered momentum in recent months. The Indian pharmaceutical industry maintained its momentum and registered sizable growth.

The dynamics of the Indian pharmaceutical industry is undergoing significant changes. Multinational corporations are working to entrench themselves as evidenced by the buyouts of the domestic business of major Indian pharmaceutical organizations. In the coming years, the industry may witness a significant shift and a consolidation phase. All the major players are trying to reach out to emerging rural markets in order to expand their reach.

The Indian healthcare services industry, which primarily includes hospitals, is growing at an unprecedented rate and is already one of the largest service sectors in the country. The Indian pharmaceutical industry will need to realign its strategies to cater to this segment.

PERFORMANCE AND OPERATIONS REVIEW

The Company achieved a turnover of Rs.6201.606 Millions as against Rs. 6278.873 Millions during the previous year. Other income earned during the year stood at Rs. 0.063 Million as against Rs. 0.053 Millions in the previous year. Earnings per share is Rs.20.37 per share as against Rs.21.68 per share last year. Exports constituted 34.26% of the total turnover.

FINANCE

The Company has availed of incremental need based Working Capital Limits to cater to increased business requirements. Interest and finance charges have been marginally higher at Rs. 341.834 Millions as against Rs. 261.939 Millions during the previous year on account of increase in interest rates worldwide.

NATURE OF OPERATIONS

The Company is a public limited company was incorporated on 1 December 1993. The Company is primarily engaged in the manufacturing of Active Pharmaceutical Ingredients (“APIs”) and Advanced Intermediates. The Company has developed skills in the areas of process research and development, process chemistry, handling complex chemical reactions and expertise in marketing of APIs and speciality intermediates both globally and within India. The Company currently operates two fully US FDA approved manufacturing units at Bavla near Ahmedabad, and at Vapi both in the state of Gujarat, India. At both these units the Company also has state of the art research and development facilities.

The Company is also involved in manufacturing and marketing of formulations in the Indian market and also exports such formulations in other unregulated markets.

CONTINGENT LIABILITIES AND CLAIMS NOT ACKNOWLEDGED AS DEBTS (As on 31.03.2011)

1] Performance guarantees issued

Bank guarantees given by the Company for performance are Rs. 30.774 Millions (previous year: Rs.10.937 Millions)

2] Bills discounted

Bills accepted by customers and discounted with banks are Rs.300.878 Millions (previous year: Rs.161.893 Millions)

3] Capital commitments:

Estimated amount of contracts remaining to be executed on capital account not provided for are Rs.11.746 Millions (previous year: Rs.100.820 Millions)

4] Corporate guarantee

Corporate guarantee given for subsidiary Unimark Remedies Hong Kong Limited of USD 18 million (previous year: USD 15 million) equivalent to Rs.802.620 Millions (previous year: Rs 673.800 Millions)

Bankers Charges Report as per Registry

Corporate identity number of the company	U23200MH1993PLC075373
Name of the company	UNIMARK REMEDIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Enterprise Centre, 1st Floor, Off. Nehru Road, Vile Parle (East), Mumbai – 400099, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	10101693
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Standard Chartered Bank, 90, M. G. Road, Fort, Mumbai - 400001, Maharashtra, India Email : nilesh.bababr@sc.com
Nature of description of the instrument creating or modifying the charge	Supplemental to Unattested Memorandum of Hypothecation dated 01/08/2011 executed by the Company in favour of Standard Chartered Bank.
Date of instrument Creating the charge	01.08.2011
Amount secured by the charge	Rs.335.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - LC / Payment Undertaking / OD / WCDL / Short Term Loan / Export Preshipment Finance / Export Postshipment Finance. Interest / Commission - As agreed by and with the Bank from time to time. Terms of Repayment - As agreed by and with the Bank from time to time. Margin - As applicable, if any. Extent and Operation of the charge - The Bank is having a first pari passu charge over Current assets (both present and future) and Second pari passu charge on Movable Fixed Assets of the Company located at Vapi and Bavla (Ahmedabad).
Short particulars of the property charged	First pari passu charge by way of hypothecation on all present and future book debts, outstanding moneys receivable, claims and bills which are now due and owing or which may at any time during the continuance of this security become due and owing to the Company in the course of it's business. First pari passu charge by way of hypothecation on all present and future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise whatsoever, being movable properties belonging to / at the disposal of the Company. Second pari passu charge by way of hypothecation on all present and future movable properties of the Company including without limitation its movable plant and machinery located at Vapi and Bavla (Ahmedabad), furniture and fittings, equipment, computer hardware, computer software, machinery spares, tools and accessories and other movables.
Date of latest modification prior to the present modification	19.09.2008
Particulars of the present modification	By present modification, the Bank has agreed to increase certain credit facilities to the Company, by way of working capital facilities, up to a maximum principal amount of INR 335.000 millions from the existing facility limit of INR 250.000 millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Office Equipments

· Computer

· Furniture and Fixture

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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		62

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.