MIRA INFORM REPORT

Report Date :

26.06.2012

IDENTIFICATION DETAILS

Name :	IDEAL CURES PRIVATE LIMITED
Registered Office :	Elecon Chambers, 6^th Floor, Behind Sakinaka Telephone Exchange, A. K. Road, Andheri (East), Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.07.1988
Com. Reg. No.:	11-48150
Capital Investment / Paid-up Capital :	Rs.6.000 Millions
CIN No.: [Company Identification No.]	U24239MH1988PTC048150
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of Pharmaceutical Formulations and Other Related Products.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 1600000
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. However, trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade term 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 :	Elecon Chambers, 6^th Floor, Behind Sakinaka Telephone Exchange, A. K. Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-66764491/92/93/94/ 28501245
Fax No.:	91-22-66764495
E-Mail :	srpla@vsnl.com srp19@vsnl.com info@idealcures.com info@idealcures.co.in
Website :	http://www.instaglowindia.com http://www.idealcures.com http://www.idealcures.co.in http://www.pharmaranddcoater.com http://www.instaglowindia.com
Corporate Office and R and D Centre – II :	A-223 to A-229, 2nd Floor, Virwani Industrial Estate, Off Western Express Highway, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel. No.:	91-22-42688700
Fax No.:	91-22-42688713
Factory :	Plat No.24, Sector – 2, The Vasai Taluka Industrial Co-op Society Limited, Gauraipada, Vasai (East), Thane – 4041208, Maharashtra, India
Tel. No.:	91-250-2456701/ 702/ 703
Fax No.:	91-250-2452954

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Suresh Rukmand Pareek
Designation :	Managing Director
Address :	B/503, Mansarover, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	10.04.1957
Date of Appointment :	20.11.1998
DIN No.:	00757066
Name :	Mrs. Veena Suresh Pareek
Designation :	Director
Address :	B/503, Mansarover, Film City Road, Malad (East), Mumbai – 400097, Maharashtra, India
Date of Birth/Age :	03.01.1961
Date of Appointment :	02.05.2001
DIN No.:	00756339
Name :	Mr. Shrikant Jagdish Prasad Tibrewala
Designation :	Director
Address :	504, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	22.06.1958
Date of Appointment :	04.08.1994
DIN No.:	00197891
Name :	Mr. Ramakant Jagdish Prasad Tiberewala
Designation :	Director
Address :	603, Panchsheel, Gokuldham, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	21.09.1956
Date of Appointment :	20.07.1994
DIN No.:	01237898

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
(Equity Shares)
Brijesh Tibrewala	17500
Mahesh Tibrewala	12500
Dipesh Tibrewala	12500
Harsh Tibrewala	12500
Suresh Pareek	99900
Veena Pareek	75000
Annapura Tibrewala	5500
Brijesh Tibrewala HUF	10000
Dipesh Tibrewala HUF	3000
Harsh Tibrewala HUF	9500
Jagdish Tibrewala HUF	5000
Ramakant Tibrewala	26000
Sushma Tibrewala	9000
Shrikant Tibrewala	2000
Roha Dyechem Limited	75000
Suresh Pareek HUF	25000
Saryu Pareek	100
Total	400000
(Preference Shares)
R. S. Global Infotech Limited	20000
Total	20000

(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 Marketing of Pharmaceutical Formulations and Other Related Products.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity #	Installed Capacity *	Actual Production
Film Coating Systems	Kg in (‘000)	Not Available	Not Available	312.758
Polymers	Kg in (‘000)	Not Available	Not Available	63.658

# Licensed Capacity is not applicable as industrial licensing has been abolished for all Bulk Drugs; Intermediates and their Formulations vide Press Note No. 4 (1994 Series) dated 25th October, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India.

* Installed capacities as mentioned above are based on six days week and on single shift basis as certified by management and have not been verified by the Auditors being a technical matter.

GENERAL INFORMATION

No. of Employees :

80 (Approximately)

Bankers :

· HDFC Bank Limited,

HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

· Bank of Baroda, Sakinaka Branch

· State Bank of India

· Tamilnadu Mercantile Bank Limited

· Bank of India – Tardeo Branch

· Jammu and Kashmir Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Banks and Financial Institutions (secured against Car Loans with HDFC Bank)	38.304	45.759
Total	38.304	45.759
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors and Members	69.160	58.516
From Others	61.050	55.588
Total	130.210	114.104

Banking Relations :	--
Auditors :
Name :	G R and Associates (Rohit Agarwal, B.Sc., FCA/ Geeta Agarwal, B. Com, FCA) Chartered Accountant
Address :	“Shaniya Enclave”, 602, Vallabh Bhai Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Tel No.:	91-22-26123644
Mobile No. :	91-9820231490/ 9892368269
PAN No.:	ADIPA2886M
Email ID :	carohitagarwal@gmail.com
Subsidiary Company :	· Ideal Cures Europe – SRL
Associates	· Roha Dychem Private Limited
Other Related Parties :	· Saryu Life Science Private Limited · R S Global Private Limited · Roha Infrastructures Developments Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs.7.500 Millions
25000	Preference Shares	Rs.100/- each	Rs.2.500 Millions
	Total		Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Millions
20000	Preference Shares	Rs.100/- each	Rs.2.000 Millions
	Total		Rs.6.000 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		6.000	6.000	6.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		386.767	304.711	215.636
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		392.767	310.711	221.636
LOAN FUNDS
1] Secured Loans		38.304	45.759	1.027
2] Unsecured Loans		130.210	114.104	100.933
TOTAL BORROWING		168.514	159.863	101.960
DEFERRED TAX LIABILITIES		11.630	6.680	8.117
TOTAL		572.911	477.254	331.713
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		258.045	244.507	62.569
Capital work-in-progress		16.105	1.876	31.909
INVESTMENT		5.328	23.711	6.176
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.597	68.877	58.465
	Sundry Debtors	168.004	128.293	94.880
	Cash & Bank Balances	57.820	20.638	74.790
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	44.317	26.469	20.648
Total Current Assets		354.738	244.277	248.783
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	29.139	20.331	6.039
	Other Current Liabilities	4.630	2.094	4.122
	Provisions	27.536	14.692	7.563
Total Current Liabilities		61.305	37.117	17.724
Net Current Assets		293.433	207.160	231.059
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		572.911	477.254	331.713

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	436.402	348.403	299.992
		Other Income	12.573	14.554	10.715
		TOTAL (A)	448.975	362.957	310.707
Less	EXPENSES
		Material and Manufacturing Expenses		155.629	118.225
		Personnel Expenses	295.728	26.126	20.274
		Administrative and Selling and Distribution Expenses		49.814	38.764
		Accretion/ Decreation in Stock		[2.987]	1.062
		TOTAL (B)	295.728	228.582	178.325
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		153.247	134.375	132.382
Less	FINANCIAL EXPENSES (D)		14.239	12.663	12.989
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		139.008	121.712	119.393
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.390	14.648	8.415
	PROFIT BEFORE TAX (E-F) (G)		109.618	107.064	110.978
Less	TAX (H)		27.445	17.836	24.707
	PROFIT AFTER TAX (G-H) (I)		82.173	89.228	86.271
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		304.747	215.636	131.538
Less	APPROPRIATIONS
		Proposed Preference Dividend	0.100	0.100	0.100
		Corporate Tax on Dividend	0.017	0.017	0.017
		Assessment tax paid	0.000	0.000	2.055
		Provision for gratuity	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		386.803	304.747	215.637
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.883	3.005	49.389
	TOTAL EARNINGS		3.883	3.005	49.389
	IMPORTS
		Raw Materials	3.150	3.275	19.380
	TOTAL IMPORTS		3.150	3.275	19.380
	Earnings Per Share (Rs.)		195.65	223.00	210.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	18.30	24.58	27.77
Net Profit Margin (PBT/Sales)	(%)	25.12	30.73	36.99
Return on Total Assets (PBT/Total Assets}	(%)	17.89	21.90	35.64
Return on Investment (ROI) (PBT/Networth)		0.28	0.34	0.50
Debt Equity Ratio (Total Liability/Networth)		0.59	0.63	0.54
Current Ratio (Current Asset/Current Liability)		5.79	6.58	14.04

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	Yes
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	Yes
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

NOTE:

The Registered Office of the company has been shifted from 80/81, M V Road, Sakinaka, Andheri (East), Mumbai – 400059, Maharashtra, India to the present address i.e. Elecon Chambers, 6^th Floor, Behind Sakinaka Telephone Exchange, A. K. Road, Andheri (East), Mumbai – 400072, Maharashtra, India. w.e.f. 01.12.2006

OPERATIONS:

The total profit of the company for the year March 31, 2011 is Rs.82.056 Millions as compared to profit of Rs.89.075 Millions for the year ended March 31, 2010.

Bankers Charges Report as per Registry

Corporate identity number of the company	U24239Mh1988PTC048150
Name of the company	IDEAL CURES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Elecon Chambers, 6^th Floor, Behind Sakinaka Telephone Exchange, A. K. Road, Andheri (East), Mumbai – 400072, Maharashtra, India srp19@vsnl.com
This form is for	Creation of Charge
Type of charge	Immovable Property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of instrument creating charge	Memorandum Recording Past Transaction of Mortgage by Delivery of Title Deeds
Date of instrument Creating the charge	28.06.2010
Amount secured by the charge	Rs. 62.500 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the bank form time to time Terms of Repayment On Demand Margin As may be stipulated by the bank from time to time Extent and Operation of the charge The company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under Item No. 15 as security for the due repayment of Rs. 62.500 Millions by the company, including principal amount of the Facility, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged	Immovable properties situated at Unit No. A-223, 2^nd Floor, Western Express Highway, Virwani Industrial Estate, Goregaon (E), Mumbai-400063. Immovable properties situated at Unit No. 224/A, 2^nd Floor, Western Express Highway, Virwani Industrial Estate, Goregaon (East), Mumbai-400063 Immovable properties situated at Unit No. 225/A, 2^nd Floor, Western Express Highway, Virwani Industial Estate, Goregaon (East), Mumbai-400063 Immovable properties situated at Unit No. A/226, 2^nd Floor, Western Express Highway, Virwani Industrial Estate, Goregaon (East), Mumbai-400063. Immovable Properties situated at Unit No. A/227, 2^nd Floor, Western Express Highway, Virwani Industrial Estate, Goregaon (East), Mumbai-400063 Immovable properties situated at Unit No. A/228, 2^nd Floor, Western Express Highway, virwani Industrial Estate, Goregaon (East), Mumbai-400063. Immovable properties situated at Unit No. A/229, 2^nd Floor, Western Express Highway, Virwani Industrial Estate, Goregaon (East), Mumbai-400063.

FIXED ASSETS:

· Goodwill

· Factory Land and Building

· Computers

· Electrical Installations

· Furniture and Fixtures

· Laboratory Equipments

· Office equipments

· Plant and Machinery

· Vehicles

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.56.53
UK Pound	1	Rs.88.09
Euro	1	Rs.70.83

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.