MIRA INFORM REPORT

Report Date :

16.06.2012

IDENTIFICATION DETAILS

Name :	ETHICARE PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	307, GIDC, Vil-Por, Ramangamdi, Vadodara – 391243, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.05.1993
Com. Reg. No.:	04-019386
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U24231GJ1993PTC019386
TAN No.: [Tax Deduction & Collection Account No.]	BRDE00048G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Supplying a broad range of Wellness Product, Pharmaceutical Specialties and Generic Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 160000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered good 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 – 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 :	307, GIDC, Vil-Por, Ramangamdi, Vadodara – 391243, Gujarat, India
Tel. No.:	91-265-2830128/ 2830842
Fax No.:	91-265-2830842
E-Mail :	prakash_vora@hotmail.com

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Prakash Gulabchand Vora
Designation :	Director
Address :	55, Rambaug Co-operative Housing Society, Near Makarpura St Depot, Vadodara, Gujarat, India
Date of Birth/Age :	12.12.1947
Date of Appointment :	03.05.1993
DIN No.:	01308178
Name :	Mr. Mahendra Vora
Designation :	Director
Address :	14, Ram Mohan Datt Road, Kolkata, West Bengal, India
Date of Birth/Age :	10.05.1954
Date of Appointment :	03.05.1993
DIN No.:	01472217
Name :	Mrs. Chetna Vora
Designation :	Director
Address :	14, Ram Mohan Datt Road, Kolkata, West Bengal, India
Date of Birth/Age :	03.12.1957
Date of Appointment :	08.05.2000
DIN No.:	01308267
Name :	Mrs. Varsha Vora
Designation :	Director
Address :	55, Rambaug Co-operative Housing Society, Near Makarpura St Depot, Vadodara, Gujarat, India
Date of Birth/Age :	17.08.1947
Date of Appointment :	08.05.2000
DIN No.:	01444817
Name :	Mr. Ashis Ghosh
Designation :	Director
Address :	306, Jyotpur Park, Kolkata, West Bengal, India
Date of Birth/Age :	27.08.1946
Date of Appointment :	01.04.1998
DIN No.:	01784318
Name :	Mr. Nareshbhai Gulabchand Vora
Designation :	Director
Address :	Sahyadri Apartment, 1^st Floor, Diwalipura, B/H Police Station, Baroda, Gujarat, India
Date of Birth/Age :	06.04.1950
Date of Appointment :	03.05.1993
DIN No.:	01784442
Name :	Mr. Meenakshi Vora
Designation :	Director
Address :	Sahyadri Apartment, 1^st Floor, Diwalipura, B/H Police Station, Baroda, Gujarat, India
Date of Birth/Age :	16.01.1952
Date of Appointment :	08.05.2000
DIN No.:	01803168

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Prakash Gulabchand Vora	50000
Varsha Vora	20000
Nareshbhai Gulabchand Vora	60000
Meenakshi Vora	23333
Mahendra Vora	60000
Chetna Vora	23333
Samir Vora	13334
Total	250000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Supplying a broad range of Wellness Product, Pharmaceutical Specialties and Generic Products.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tablet and Capsules	Boxes	Not Specified	Not Specified	227834

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

· Bank of Baroda

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Bank of Baroda cash Credit Account (secured against hypothecation of stock and Book Debts and E,M, of Land and Building)	0.000	0.052
HDFC Bank Limited	0.318	0.530
Kotak Mahindra Bank Limited (Secured against hypothecation of Cars)	0.413	0.000
Total	0.731	0.582
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	0.257	0.257
Total	0.257	0.257

Banking Relations :	--
Auditors :
Name :	Shah Sanghvi and Company Chartered Accountant
Address :	“2” Samarpan, 26 Haribhkti Colony, Race Course Circle, Vadodara – 390015, Gujarat, India
PAN No.:	AITPS7518Q

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- 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		0.317	0.317	1.217
3] Reserves & Surplus		36.243	33.153	31.575
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		39.060	35.970	35.292
LOAN FUNDS
1] Secured Loans		0.731	0.582	0.000
2] Unsecured Loans		0.257	0.257	0.257
TOTAL BORROWING		0.988	0.839	0.257
DEFERRED TAX LIABILITIES		0.181	0.199	0.269
TOTAL		40.229	37.008	35.818
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8.529	8.790	9.039
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		19.618	12.687	8.469
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.209	3.704	4.123
	Sundry Debtors	6.956	7.691	10.877
	Cash & Bank Balances	7.086	8.273	8.625
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.847	1.265	2.241
Total Current Assets		19.098	20.933	25.866
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.483	4.094	5.589
	Other Current Liabilities
	Provisions	2.533	1.308	1.967
Total Current Liabilities		7.016	5.402	7.556
Net Current Assets		12.082	15.531	18.310
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		40.229	37.008	35.818

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	29.921	27.597	19.668
		Other Income	1.730	1.576	0.898
		TOTAL (A)	31.651	29.173	20.566
Less	EXPENSES
		Increase/ (Decrease) in Stock	0.593	0.579	(2.055)
		Raw Materials Consumed	6.616	5.787	4.774
		Employees Remuneration and Benefit	7.785	7.892	6.688
		Manufacturing, Administrative, Selling and Other Expenses	11.062	11.702	9.414
		TOTAL (B)	26.056	25.960	18.821
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.595	3.213	1.745
Less	FINANCIAL EXPENSES (D)		0.188	0.240	0.247
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.407	2.973	1.498
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.121	1.222	1.221
	PROFIT BEFORE TAX (E-F) (G)		4.286	1.751	0.277
Less	TAX (H)		1.267	0.172	0.114
	PROFIT AFTER TAX (G-H) (I)		3.019	1.579	0.163
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.796	28.217	28.054
	BALANCE CARRIED TO THE B/S		32.814	29.796	28.217
	Earnings Per Share (Rs.)		12.08	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.54	5.41	0.79
Net Profit Margin (PBT/Sales)	(%)	14.32	6.34	1.41
Return on Total Assets (PBT/Total Assets}	(%)	15.51	5.89	0.79
Return on Investment (ROI) (PBT/Networth)		0.11	0.05	0.01
Debt Equity Ratio (Total Liability/Networth)		0.20	0.17	3.42
Current Ratio (Current Asset/Current Liability)		2.72	3.88	3.42

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FINANCIAL RESULTS/ OPERATIONS

The total income of the company was Rs.31.815 Millions (Previous year Rs.28.594 millions). The profit after tax for the year was Rs.3.019 Millions (Previous year rs.1.579 Millions).

FIXED ASSETS:

· Land

· Factory Building

· Office Building

· Plant and Machinery

· Furniture

· Books

· Lab Equipments

· Air Conditioner

· Tools

· Computers

· Printer

· Electrical Installation

· Water Cooler

· Water Filter

· Car

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.55.76
UK Pound	1	Rs.86.69
Euro	1	Rs.70.44

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.