MIRA INFORM REPORT

Report Date :

09.03.2012

IDENTIFICATION DETAILS

Name :	EMCURE PHARMACEUTICALS LIMITED
Registered Office :	Emcure House, T – 184, MIDC, Bhosari, Pune–411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.04.1981
Com. Reg. No.:	25-24251
Capital Investment / Paid-up Capital :	Rs.351.657 Millions
CIN No.: [Company Identification No.]	U24231PN1981PLC024251
TAN No.: [Tax Deduction & Collection Account No.]	PNEE00094D
PAN No.: [Permanent Account No.]	AAACE4574C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Pharmaceuticals such as Antibiotics, Herbal, Bacteriological and Biological Products.
No. of Employees :	4000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 16000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Directors are reported as experienced and respectable businessmen. 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 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/Factory :	Emcure House, T - 184, M. I. D. C., Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-30610000
Fax No.:	91-20-30610111
E-Mail :	corporate@emcure.co.in
Website :	http://www.emcure.co.in
Area :	50,000 Sq. ft.
Location :	Owned
R and D Centers :	API R and D Plot 12/2, F – II Block, M.I.D.C., Pimpri, Pune – 411018, Maharashtra, India Tel No.: 91-20-30613000 Fax No.: 91-20-30613056 Plot P-II, IT-BT Park MI.D.C. Hinjwadi, Pune 411 057, Maharashtra, India Tel No.: 91-20-39821350 Fax No.: 91-20-39810222 Formulation R and D T 184, MIDC, Bhosari, Punr – 411026, Maharashtra, India Tel No.: 91-20-30610000 Fax No.: 91-20-30610222 Biotechnology R and D Plot No. I, IT-BT Park M.I.D.C. Hinjwadi, Pune 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821441
Manufacturing Units :	API Manufacturing Plot No. D – 24, M.I.D.C., Kurkumbh, Taluka Daund, District Pune - 413802, Maharashtra, India Tel No.: 91-2117-305000/ 235742 Fax No.: 91-2117-235743 Formulations – Injectables Plot P – 1, MIDC, Hinjewadi, Pune – 411057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821400 Formulations – Solids 1. C – 10/12, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India 2. Plot P-II, MI.D.C. Hinjwadi, Pune 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821340 Small Batch Manufacturing Plot P-II, IT-BT Park, MI.D.C. Hinjwadi, Pune - 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821444

DIRECTORS

AS ON 19.07.2011

Name :	Mr. Hamayun Raja Dhanrajgir
Designation :	Director
Address :	Flat No. F – 41, Dhanraj Mahal, CSM Road, Apollo Bunder, Mumbai – 400039, Maharashtra, India
Date of Birth/Age :	02.12.1936
Date of Appointment :	23.09.2000
DIN No.:	00004006

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	L85195AP1984PLC004393	NEULAND LABORATORIES LIMITED	Director	23-08-94	23-08-94	-	Active	NO
2	U70200MH2000PTC127068	H DHANRAJGIR ESTATES PRIVATE LIMITED	Director	07-06-00	07-06-00	-	Active	NO
3	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	11-07-00	11-07-00	-	Active	NO
4	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	23-09-00	23-09-00	-	Active	NO
5	U24249KA1991PLC011880	SAMI LABS LIMITED	Director	12-01-02	12-01-02	-	Active	NO
6	L24230GJ1995PLC025878	CADILA HEALTHCARE LIMITED	Director	16-08-03	16-08-03	-	Active	NO
7	U74300MH1969PTC014391	LINTAS INDIA PRIVATE LIMITED	Alternate director	27-09-06	23-09-03	02-07-07	Active	NO
8	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	29-01-04	29-01-04	-	Active	NO
9	L24110GJ1969PLC001590	THEMIS MEDICARE LIMITED	Director	27-08-04	27-08-04	-	Active	NO
10	U23104KA1972PTC002151	KEMWELL PRIVATE LIMITED	Director	01-02-05	01-02-05	31-12-10	Active	NO
11	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	27-07-09	05-05-06	-	Active	NO
12	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	28-07-09	27-04-09	-	Active	NO

Name :	Dr. Mukund Keshao Gurjar
Designation :	Whole Time Director
Address :	Bungalow C – II / 2, NCL Colony, Pashan Road, Pune – 411008, Maharashtra, India
Date of Birth/Age :	28.08.1952
Qualification :	M. Sc., Ph. D.
Experience :	34 years
Date of Appointment :	23.07.2001
DIN No.:	00026843

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	28-08-07	23-07-01	-	Active	NO
2	L24239MH1935PLC002380	CIPLA LIMITED	Director	19-01-02	19-01-02	27-08-07	Active	NO

Name :	Mr. Mahesh Nathalal Shah
Designation :	Whole Time Director (Technical)
Address :	303, Abhinav Sankul, Plot No. 1A, Survey No. 132, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	03.10.1953
Qualification :	M. Sc.
Experience :	34 years
Date of Appointment :	11.12.1999
Qualification :	M. Sc.
DIN No.:	00118341

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	11-12-99	11-12-99	-	Active	NO
2	U24232PN2005PLC020815	LASOR PHARMACEUTICALS LIMITED	Director	30-03-09	30-03-09	04-02-10	Amalgamated	NO

Name :	Mr. Satish Ramanlal Mehta
Designation :	Managing Director
Address :	4, Mumbai – Pune Road, Kirkee, Pune – 411003, Maharashtra, India
Date of Birth/Age :	13.01.1951
Date of Appointment :	16.04.1981
Qualification :	M. Sc., M.B.A. [IIMA]
Experience :	31 years
DIN No.:	00118691

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Managing director	16-04-81	16-04-81	-	Active	NO
2	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	29-09-00	29-09-00	-	Strike off	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	19-06-01	19-06-01	09-09-11	Active	NO
4	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	03-07-02	03-07-02	-	Active	NO
5	U24232PN2005PLC020815	LASOR PHARMACEUTICALS LIMITED	Director	28-07-10	04-02-10	-	Amalgamated	NO

Name :	Mr. Arunkumar Purushottamalal Khanna
Designation :	Whole Time Director
Address :	Clover Hills, Bungalow No. 63, Nibm Road, Kondhwa, Pune – 411048, Maharashtra, India
Date of Birth/Age :	09.07.1952
Qualification :	B.Sc, M.A. (Eco)
Experience :	38 years
Date of Appointment :	27.12.1994
DIN No.:	00121686

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	05-01-10	27-12-94	-	Active	NO
2	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	29-09-00	29-09-00	-	Strike off	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	19-06-01	19-06-01	23-08-11	Active	NO
4	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	20-10-11	03-07-02	-	Active	NO
5	U15549PN2006PTC021813	UTH BEVERAGE FACTORY PRIVATE LIMITED	Director	20-09-07	23-08-07	-	Active	NO
6	U24232PN2005PLC020815	LASOR PHARMACEUTICALS LIMITED	Director	28-07-10	04-02-10	-	Amalgamated	NO
7	U24232PN2011PLC138758	UTH HEALTHCARE LIMITED	Director	03-03-11	03-03-11	-	Active	NO

Name :	Mr. Berjis Minoo Desai
Designation :	Director
Address :	Yezerina II, 740 / 741, Parsi Colony Road No. 5, Dadar, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	02.08.1956
Date of Appointment :	03.04.1997
DIN No.:	00153675

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	U99999MH1987PTC042289	CENTRUM FISCAL PRIVATE LIMITED	Director	21-01-87	21-01-87	-	Dormant	NO
2	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Director	27-08-93	27-08-93	-	Active	NO
3	U61100MH1991PTC059902	SEA FREIGHT PRIVATE LIMITED	Director	11-01-95	11-01-95	-	Active	NO
4	U61100MH1996PTC102891	OCEAN EXPRESS PRIVATE LIMITED	Director	19-11-96	19-11-96	-	Active	YES
5	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	03-04-97	03-04-97	-	Active	NO
6	U51900MH1998PTC115918	NISHIT MERCHANDISE PRIVATE LIMITED	Director	07-05-99	07-05-99	14-10-11	Active	NO
7	L29299MH1987PLC045446	RELIANCE MEDIAWORKS LIMITED	Director	19-07-00	19-07-00	26-10-07	Active	NO
8	L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	Director	29-06-01	29-06-01	-	Active	NO
9	U24299MH2001PTC133128	ISAGRO (ASIA) AGROCHEMICALS PRIVATE LIMITED	Director	21-08-01	21-08-01	19-11-08	Active	NO
10	U01110MH2002PTC136746	CAPRICORN AGRIFARMS AND DEVELOPERS PRIVATE LIMITED.	Director	25-09-02	25-09-02	-	Active	NO
11	U63010MH1997PTC110288	JAKARI EXPRESS PRIVATE LIMITED	Director	01-11-02	01-11-02	07-10-08	Amalgamated	NO
12	U45201MH1992PTC067019	MAN REALTORS AND HOLDINGS PRIVATE LIMITED	Director	01-11-02	01-11-02	07-10-08	Active	NO
13	U01210MH2002PTC136745	CAPRICON STUDFARM PRIVATE LIMITED	Director	05-12-02	05-12-02	-	Active	NO
14	L65990MH1977PLC019986	CENTRUM CAPITAL LIMITED	Director	30-01-09	31-12-02	30-04-10	Active	NO
15	U74999MH2003PTC140687	CHRYSALIS HRD PRIVATE LIMITED	Director	02-06-03	02-06-03	22-07-08	Active	NO
16	U72200MH2000PTC125520	BUSINESS ASIA CONSULTING PRIVATE LIMITED	Director	01-08-03	01-08-03	30-08-08	Active	NO
17	U55102MH2004PTC187649	CAPRICORN PLAZA PRIVATE LIMITED	Director	01-04-04	01-04-04	07-07-11	Active	NO
18	U36101MH2000PLC129024	BP ERGO LIMITED	Director	18-04-05	18-04-05	25-06-07	Active	NO
19	U01110MH1999PTC123246	TRIMODE PROPERTIES PRIVATE LIMITED	Director	26-04-05	26-04-05	19-06-07	Active	NO
20	L52190DL2005PLC181536	STORE ONE RETAIL INDIA LIMITED	Director	11-08-06	16-05-05	26-12-07	Active	NO
21	L99999MH1961PLC012003	NOCIL LIMITED	Director	29-07-05	29-07-05	-	Active	NO
22	U74900MH2006PTC162712	SABRE PARTNERS INDIA ADVISORS PRIVATE LIMITED	Director	19-06-06	19-06-06	-	Active	NO
23	U45200MH2006PLC161190	RELIANCE ASSET RECONSTRUCTION COMPANY LIMITED	Director	28-05-07	27-09-06	21-02-09	Active	NO
24	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	18-12-06	27-10-06	-	Active	NO
25	U74900MH2007PTC171272	EQUINE BLOODSTOCK PRIVATE LIMITED	Director	04-06-07	04-06-07	-	Active	NO
26	U85100MH1991PLC063096	WOCKHARDT HOSPITALS LIMITED	Director	09-09-08	30-07-07	23-12-08	Active	NO
27	L65910MH1998PLC115967	IRB INFRASTRUCTURE DEVELOPERS LIMITED	Director	07-09-07	03-08-07	29-07-09	Active	NO
28	U72200GA2006PTC004816	INVENTURUS KNOWLEDGE SOLUTIONS PRIVATE LIMITED	Director	30-09-08	15-11-07	05-12-09	Active	NO
29	U63090MH2002PLC136326	GREATSHIP (INDIA ) LIMITED	Director	25-06-08	04-12-07	-	Active	NO
30	U65991MH2000PLC125008	KOTAK MAHINDRA TRUSTEESHIP SERVICES LIMITED	Additional director	24-12-07	24-12-07	06-04-09	Active	NO
31	U67190MH2008PTC180341	SABRE CAPITAL INDIA INVESTMENT ADVISORS PRIVATE LIMITED	Director	20-03-08	20-03-08	-	Strike off	NO
32	L24110GJ1970PLC001735	DEEPAK NITRITE LIMITED	Director	14-08-08	16-04-08	-	Active	NO
33	U28129MH2004PTC150322	EDEN REALTORS PRIVATE LIMITED	Director	18-08-09	27-07-09	-	Active	NO
34	L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	Director	30-07-10	18-11-09	-	Active	NO
35	L17112KA1985PLC006647	HIMATSINGKA SEIDE LIMITED.	Director	23-08-11	08-09-10	-	Active	NO
36	L24110GJ1939PLC000748	D C W LIMITED	Additional director	08-08-11	08-08-11	-	Active	NO
37	L40100GJ1996PLC030533	ADANI POWER LIMITED	Additional director	17-09-11	17-09-11	-	Active	NO

Name :	Mr. Shreekant Krushnaji Bapat
Designation :	Director
Address :	Yashodhan, United Western CHS, Karve Nagar, Pune-411052, Maharashtra, India
Date of Birth/Age :	08.10.1937
Date of Appointment :	26.06.1999
DIN No.:	00621568

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	U73200PN1980PLC023108	UNITED SOCIO-ECONOMIC DEVELOPMENT AND RESEARCHN PROGRAMME	Director	09-12-95	09-12-95	Active	NO
2	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	26-06-99	26-06-99	Active	NO
3	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	03-07-02	03-07-02	Active	NO
4	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	09-09-11	23-04-09	Active	NO

Name :	Mr. Amit Mahendrakumar Dixit
Designation :	Nominee Director
Address :	Thakur Niwas, Flat No. 21, 173, Jamshedji Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	26.01.1973
Date of Appointment :	01.03.2011
DIN No.:	01798942

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	U72900MH2007PTC171259	SKR BPO SERVICES PRIVATE LIMITED	Director	25-09-08	18-09-07	07-07-11	Active	NO
2	U99999MH2000PTC129112	INTELENET GLOBAL SERVICES PRIVATE LIMITED	Director	30-09-08	19-09-07	07-07-11	Active	NO
3	L72200AP1990PLC011146	NCC LIMITED	Alternate director	30-05-11	12-12-07	-	Active	NO
4	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Nominee director	01-03-11	01-06-09	-	Active	NO
5	U72200DL2000PTC107182	MOSER BAER PROJECTS PRIVATE LIMITED	Director	01-11-10	26-10-10	-	Active	NO
6	U01403CT2007PLC020179	MONNET POWER COMPANY LIMITED	Director	24-01-11	24-01-11	-	Active	NO
7	U22130MH2008PLC177808	MIDDAY INFOMEDIA LIMITED	Director	14-07-11	31-03-11	-	Active	NO
8	U67100UP1990PTC011645	JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED	Nominee director	21-07-11	21-07-11	-	Active	NO

Name :	Mr. Marvin Stanly Samson
Designation :	Director
Address :	752 Riverton Road, Moorestown, New Jersey – 08057
Date of Birth/Age :	20.06.1941
Date of Appointment :	27.08.2007
DIN No.:	01824691
Name :	Mr. Vikas Madan Thapar
Designation :	Alternate Director
Address :	Prasanna 4 Mumbai Pune Road, Pune—411003, Maharashtra, India
Date of Birth/Age :	27.04.1974
Qualification :	B. Sc., MBA (Finance and Operation)
Experience :	15 years
Date of Appointment :	12.11.2010
DIN No.:	02617012

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	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	21-07-09	18-05-09	Active	NO
2	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Alternate director	12-11-10	12-11-10	Active	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Additional director	09-09-11	09-09-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Kedar Purshottam Phadke
Designation :	Secretary
Address :	D-4, Arvind Complex, Hingne Khurd Sinhgad Road, Pune-411051, Maharashtra, India
Date of Birth/Age :	31.08.1966
Date of Appointment :	19.11.2010
Pan No.:	ABQPP3732P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 19.07.2011)

Names of Shareholders	No. of Shares
Satish Ramanlal Mehta	9392402
Namita Vikas Thapar	1517450
Samit Satish Mehta	3276130
Bhavana Satish Mehta	2284390
Pushpa Rajanikant Mehta	1074413
Sunil Rajanikant Mehta	1908312
Sanjay Rajanikant Mehta	2955779
Shaila Sharad Gujar	25125
Kamini Sunil Mehta	1661635
Sanjay Rajanikant Mehta jointly with Ms. Sonali Sanjay Mehta	820481
Rutav Sunil Mehta jointly with Mr. Sunil Rajanikant Mehta	147093
Kamini Sunil Mehta jointly with Mr. Sunil Rajanikant Mehta	322780
Arunkumar Purushottamlal Khanna	500000
Mahesh Nathalal Shah	75000
Avinash Kamlakar Medhekar	80625

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	15.39
Directors or relatives of Directors	53.12
Other	31.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Pharmaceuticals such as Antibiotics, Herbal, Bacteriological and Biological Products.

Products :

ITC Code No.	Product Description
293390.01	Heterocyclic Compounds (e.g. Carbamazepine)
300490.36	Anti – Histamines, Anti Asthamatis, Bronchospasm Relaxants in tablets / injections, etc
300450.02	Iron preparations Ferrous Furmrate / Ferrous Sulphate / Ferric Ammonium Cirate / Ferrous Gluconate haemoglobin, other iron compounds with vitamins in tablets, capsules, syrup, etc.

Brand Names :

“EMCURE”

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity (In Lakhs)	Installed Capacity (In Lakhs)	Actual Production (In Lakhs)
Capsules	Numbers	10000.00	10750.00	1438.42
Tablets	Numbers	50000.00	68395.00	47689.51
API	Kilograms	NA	5.97	2.00
Injectibles	Vials	NA	1570.00	146.83
Liquid	Bottle	NA	237.60	97.37
Ointments	Tubes	--	--	56.23
Others	--	--	--	32.47

GENERAL INFORMATION

No. of Employees :

4000 (Approximately)

Bankers :

· Bank of Maharashtra,

Bhosari Brother, Pune – 411 026, Maharashtra, India

· The Saraswat Co-operative Bank Limited,

Nana Chowk, Bombay – 400 007, Maharashtra, India

· Export –Import Bank of India,

Centre One Building, 21^st Floor, World Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

· Axis Bank Limited,

2^nd Floor, E Axis House, Bombay Dyeing Mill Compound, P. B. Marg, Worli, Mumbai-400025, Maharashtra, India

· Citi Bank,

Camp Branch, India

· The Bank of Maharashtra Limited,

Lokmangal, 1501, Shivaji Nagar, Pune – 411005, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	762.580	1221.764
Rupee term loans financial institutions secured	3531.146	2237.969
Rupee term loans others secured	27.673	25.821
Total	4321.399	3485.554
NOTE: · 1. Secured by hypothecation of stock-in-trade and book debts.2. Secured by equitable/ registered mortgage of land and building situated at M.I.D.C., Hinjewadi, Kurkumbh , Pimpri, Pune and SIDCO, Jammu and hypothecation of movable fixed assets situated at M.I.D.C Bhosari, Hinjewadi, Kurkumbh, Pimpri, Pune and SIDCO, Jammu. · [Including Interest Accrued and Due Rs. 43.543 Millions [Repayable within one year - Rs.988.500 Millions].1. Secured by hypothecation of stock-in-trade and book debts.2. Secured by equitable/ registered mortgage of land and building situated at M.I.D.C., Hinjewadi, Kurkumbh , Pimpri, Pune and SIDCO, Jammu and hypothecation of movable fixed assets situated at M.I.D.C Bhosari, Hinjewadi, Kurkumbh, Pimpri, Pune and SIDCO, Jammu. · Secured by assets acquired on hire purchase
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Debt Unsecured	285.248	200.119
Total	285.248	200.119
· Trade Deposit (Interest Bearing) (Including interests accrued and due Rs.4.488 Millions)

Banking Relations :	--
Financial Institution :	· Housing Development Finance Corporation Limited, Ramon House 169, Bakbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai 400021, Maharashtra, India
Pan No.:	AAEFP3641G
Subsidiaries :	· Gennova Biopharmaceuticals Limited CIN No.: U24231PN2001PLC016253 · Zuventus Healthcare Limited CIN No.: U85320PN2002PTC018324 · Lasor Pharmaceuticals Limited CIN No.: U24232PN2005PLC020815 · Emcure Infotech Limited CIN No.: U72100PN2000PTC015368 · Emcure Pharmaceuticals USA Inc. · Emcure Nigeria Limited · Emcure Pharmaceuticals Holdings Inc. · Emcure Pharmaceutical South Africa Pty Limited · Emcure Pharmaceutical Mena FZ LLC
Other Related Party :	· H.M. Sales Corporation · Uth Beverages Factory Private Limited · Uth Healthcare Private Limited · Falcon Enterprises

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
40000000	Equity Shares	Rs. 10/- each	Rs. 400.000 Millions
20000000	Preference Shares	Rs. 10/- each	Rs. 200.000 Millions
	Total		Rs. 600.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
35165689	Equity Shares	Rs. 10/- each	Rs.351.657 Millions

NOTES:

Of the above:

1. 24,014,046 equity shares were allotted as fully paid-up bonus shares by way of capitalization of Reserves.

2. 967,498 equity shares have been issued as fully paid-up shares pursuant to the Scheme of Amalgamation for consideration other than cash.

3. During the year 4,300,154 Equity Shares have been issued as fully paid up shares pursuant to conversion of optionally convertible redeemable preference shares into equity shares of Rs. 10 each]

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		351.657	487.971	487.971
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3760.134	3161.711	2821.137
4] (Accumulated Losses)		0.000	0.000	(1225.455)
NETWORTH		4111.791	3649.682	2083.653
LOAN FUNDS
1] Secured Loans		4321.399	3485.554	3444.847
2] Unsecured Loans		285.248	200.119	209.650
TOTAL BORROWING		4606.647	3685.673	3654.497
DEFERRED TAX LIABILITIES		424.910	190.512	0.000
TOTAL		9143.350	7525.867	5738.150
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5153.271	3543.943	3164.927
Capital work-in-progress		933.930	1754.662	1644.325
INVESTMENT		776.272	770.561	497.581
DEFERREX TAX ASSETS		0.000	0.000	585.336
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1623.466	1344.737	953.754
	Sundry Debtors	1753.753	1416.905	1365.828
	Cash & Bank Balances	109.750	44.950	80.502
	Other Current Assets	155.215	103.939	51.010
	Loans & Advances	1594.183	1437.479	1516.557
Total Current Assets		5236.367	4348.010	3967.651
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1856.797	1715.220	1133.188
	Other Current Liabilities	909.615	1028.018	2949.166
	Provisions	190.078	148.071	39.316
Total Current Liabilities		2956.490	2891.309	4121.670
Net Current Assets		2279.877	1456.701	(154.019)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9143.350	7525.867	5738.150

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9349.386	7659.622	5988.670
		Other Income	341.607	202.809	126.783
		TOTAL (A)	9690.993	7862.431	6115.453
Less	EXPENSES
		Consumption Materials changed Inventories	4211.746	3139.385	2233.122
		Manufacturing Service Cost	1047.077	765.083	0.000
		Employee Related Expenses	1447.679	1091.885	960.356
		Administrative, Selling and Other Expenses	1312.014	1260.529	1780.238
		Transfer from Revaluation Reserve	0.000	0.000	(0.228)
		Exceptional Item	0.000	(1509.434)	3209.181
		TOTAL (B)	8018.516	4747.448	8182.669
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1672.477	3114.983	(2067.216)
Less	FINANCIAL EXPENSES (D)		452.904	293.119	263.334
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1219.573	2821.864	(2330.550)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		392.829	302.450	232.300
	PROFIT BEFORE TAX (E-F) (G)		826.744	2519.414	(2562.850)
Less	TAX (H)		254.596	795.404	(836.596)
	PROFIT AFTER TAX (G-H) (I)		572.148	1724.010	(1726.254)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		249.896	(1225.455)	500.799
Less	APPROPRIATIONS
		Proposed Final Dividend	105.497	87.914	0.000
		Tax on Proposed Final Dividend	14.208	11.551	0.000
		Transfer to General Reserve	57.215	149.194	0.000
	BALANCE CARRIED TO THE B/S		645.124	249.896	(1225.455)
	EXPORT VALUE		5074.746	4151.540	2673.839
	IMPORTS
		Raw Materials and Packing Materials	NA	1249.000	579.677
		Capital Goods	NA	166.484	402.148
	TOTAL IMPORTS		NA	1415.484	981.825
	Earnings Per Share (Rs.)
	Basic		17.31	55.86	[55.93]
	Diluted		17.31	49.03	[55.93]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.90	21.93	(28.23)
Net Profit Margin (PBT/Sales)	(%)	8.84	32.89	(42.79)
Return on Total Assets (PBT/Total Assets}	(%)	7.96	31.92	(35.93)
Return on Investment (ROI) (PBT/Networth)		0.20	0.69	(1.23)
Debt Equity Ratio (Total Liability/Networth)		1.84	1.80	3.73
Current Ratio (Current Asset/Current Liability)		1.77	1.50	0.96

LOCAL AGENCY FURTHER INFORMATION

RESULT OF OPERATIONS:

The Gross Sales Revenue for the financial year was Rs.9510.830 Millions as compared to Rs.7779.609 Millions recorded for the previous financial year. The Net Sales (after deducting Excise Duty of Rs.161.444 Millions) are Rs.9349.386 Millions as compared to previous year’s Net Sales of Rs.7659.622 Millions (after deducting Excise Duty of Rs.119.987 Millions). Thus, the Net Sales have recorded a growth of 22 %.

For the year, profit before tax and exceptional item is Rs.826.743 Millions as compared to Rs.1009.980 Millions in 2009-2010.

RESULTS OF SUBSIDIARY COMPANIES:

· ZUVENTUS HEALTHCARE LIMITED:

The Companies subsidiary, Zuventus Healthcare Limited, has recorded gross sales of Rs.3203.424 Millions as compared to the previous years Rs.2448.415 Millions, thereby registering a growth of 31%. The Company has recorded a profit before tax and exceptional item of Rs.313.820 Millions for the year against a profit of Rs. 296.276 Millions in 2009-2010.

As required under the Companies Act, 1956, the audited financial statements of Zuventus Healthcare Limited together with the Reports of the Directors and Auditors thereon for the year ended 31st March, 2011, are appended to this Report.

· GENNOVA BIOPHARMACEUTICALS LIMITED:

The Companies subsidiary, Gennova Biopharmaceuticals Limited has recorded gross sales of Rs.830.032 Millions as compared to the previous years Rs.672.014 Millions thereby registering a growth of 24%.

As required under the Companies Act, 1956, the audited financial statements of Gennova Biopharmaceuticals Limited together with the Reports of the Directors and Auditors thereon, for the year ended 31st March, 2011, are appended to this Report.

· EMCURE PHARMACEUTICALS USA, INC.:

The Companies subsidiary in the USA, generated income of USD 11.48 Million from services during the year under review as against USD 6.41 Million during the last year thereby registering a growth of 79%.

As required under the Companies Act, 1956, the audited financial statements of Emcure Pharmaceuticals USA, Inc. for the year ended 31^st March, 2011, are appended to this Annual Report.

· EMCURE NIGERIA LIMITED:

This is the third year of operations of the Company. As required under the Companies Act, 1956, the audited financial statements of Emcure Nigeria Limited for the year ended 31st March 2011, are appended to this Annual Report.

· EMCURE INFOTECH LIMITED:

The Companies subsidiary, Emcure Infotech Limited [EIL] has continued to remain dormant. EIL is in the process of getting its name struck off the records of the Registrar of Companies, Pune under section 560 of the Companies Act. The audited financial statements of Emcure Infotech Limited together with the Reports of the Directors and Auditors, for the year ended 31^st March, 2011, are appended to this Annual Report

· EMCURE PHARMACEUTICALS MENA FZ LLC

As required under the Companies Act, 1956, the financial statements of Emcure Pharmaceuticals Mena FZ LLC for the period ended 31st March, 2011, are appended to this Annual Report.

· EMCURE PHARMACEUTICALS SOUTH AFRICA (PTY) LIMITED

As required under the Companies Act, 1956, the audited financial statements of Emcure Pharmaceuticals South Africa together with the Reports of the Directors and Auditors, for the period ended 31st March, 2011, are appended to this Annual Report.

· EMCURE BRASIL REPRESENTACAO COMERCIAL FARMACEUTICA LTDA.

The Company was incorporated in January 2011 and is yet to commence business.

· EMCURE PHARMACEUTICAL HOLDINGS INC

The Company was incorporated in January 2011 and is yet to commence business.

FORM 8

Corporate identity number of the company	U24231PN1981PLC024251
Name of the company	EMCURE PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Emcure House, T – 184, MIDC, Bhosari, Pune – 411026, Maharashtra, India corporate@emcure.co.in
This form is for	Creation of charge
Type of charge	Immovable property Movable property (not being pledge)
Particular of charge holder	· Housing Development Finance Corporation Limited, Ramon House 169, Bakbay Reclamation, H T Parekh Marg, Mumbai-400020, Maharashtra, India CIN No.: L70100MH1977PLC019916 Email: nilimad@hdfc.com
Nature of instrument creating charge	Deed Of Simple Mortgage Dtd. 20th October, 2011 Entered Into Between The Company And Housing Development Finance Corporation Limited.
Date of instrument Creating the charge	20.10.2011
Amount secured by the charge	Rs. 340.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest HDFC Limited - CPLR (corporate prime lending rate) minus 450 basis points i.e. as on date 13.25% p.a. with monthly reset in the rate of interest. Terms of repayment As Per The Deed of Simple Mortgage. Margin As Per The Deed of Simple Mortgage. Extent and operation of the charge Simple mortgage by way of charge on Immovable Fixed assets - land and building and movable Fixed assets of the company At: Plot No. T-184, Functional Electronic Estate, MIDC, Bhosari, Pune C-10 (12), functional Electronic Estate, MIDC, Bhosari, Pune F-12/1 - Ii Block, MIDC, Pimpri, Pune Plot No. F-12/2 - II Block, MIDC, Pimpri, Pune With all present and future construction on the land and building Other As Per The Deed of Simple Mortgage.
Short particulars of the property charged (Including location of the property)	Mortgage of All That Piece And Parcel of Immovable F.A. [Land And Bldg] At Plot No. T-184, Functional Electronic Estate, MIDC, Bhosari, Pune-26, With All Present And Future Construction Thereon. Mortgage of All That Piece And Parcel of Immovable F.A. [Land And Bldg] At Plot No. C-10 (12), Functional Electronic Estate, MIDC, Bhosari, Pune -26, With All Present And Future Construction Thereon. Movable Fixed Assets On Plot No. T-184, Functional Electronic Estate, MIDC, Bhosari, Pune – 411026 Movable Fixed Assets On Plot No. C-10 (12), Functional Electronic Estate, MIDC, Bhosari, Pune – 411026 Mortgage of All That Piece And Parcel of Immovable F.A. [Land And Bldg] At Plot No. F-12/1 - II Block, MIDC, Pimpri, Pune - 18, With All Present And Future Construction Thereon. Mortgage of All That Piece And Parcel of Immovable F.A. [Land And Bldg] At Plot No. F-12/2 - II Block, MIDC, Pimpri, Pune - 18 With All Present And Future Construction Thereon. Movable Fixed Assets On Plot No. F-12/1 - II Block, MIDC, Pimpri, Pune – 411018 Movable Fixed Assets On Plot No. F-12/2 - II Block, MIDC, Pimpri, Pune - 411018

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Air Handling Equipment

· Computer Hardware

· Office Equipment

· Furniture and Fixtures

· Vehicles

· Computer Software

WEBSITE DETAILS

PROFILE

Established in 1983, Emcure was born out of the vision to create a healthcare company that would address the vast healthcare needs. Their commitment and drive have propelled their growth from a single manufacturing facility during the genesis, to a range of world class manufacturing facilities spread across API, formulations and biotechnology.

What began with a single manufacturing facility at Pune, has today rapidly grown into a set of world class manufacturing facilities and one of the top Indian pharmaceutical corporates in the domestic industry.

Headquartered in Pune, India, Emcure is today a vertically integrated pharmaceutical company with infrastructure, skills and resources that are at par with the best in the world. Their strengths span research to the manufacturing of APIs, Formulations and Biotechnology.

The Company has carved a niche for itself as a preferred outsourcing partner for some of the largest MNCs both in India and global markets.

Emcure also researches, manufactures and markets formulations under its own brands in the domestic market and exports its own formulations to Asia, Africa, CIS, Europe, Latin America and the Middle East.

In 2006, it received US FDA approval for its solid dosages facility at Hinjwadi, Pune. The plant manufactures solid oral formulations for the international regulated markets. With this approval, the facility has accreditation from US FDA, UK MHRA, WHO Geneva and MCC South Africa.

Today, the Emcure brand stands for quality, competitiveness and transparency. These values have stood us in good stead to carve our image in the industry and build long-term sustainable relationships with our partners.

Emcure is building its pipeline of Chiral and conventional APIs and is emerging as a strong player in the biotechnology front.

Emcure is also very active in dealing with HIV/AIDS concern through its "Let's fight AIDS together" initiative and supplies Antiretroviral drugs to Africa, Asia Pacific and CIS. We took another significant step towards fulfilling our corporate social responsibility by starting 'Taal', a pharmacy for HIV/AIDS.

MANAGEMENT

MR. HUMAYUN DHANRAJGIR – CHAIRMAN

Mr. Humayun Dhanrajgir has a very rich and varied experience in the pharmaceutical industry. He has held several senior management positions including that of the Vice Chairman and Managing Director of Glaxo India Limited. He was also the Managing Director of Kodak India Limited. He is a former President of the Organization of Pharmaceutical Producers of India (O.P.P.I) and was a General Committee member of Bombay Chanmber of Commerce and Industry. Mr. Dhanrajgir joined the Board of the Company in September, 2000.

Mr. Dhanrajgir is a graduate in Chemical Engineering from Loughborough University, UK, Member – Institute of Chemical Engineers, UK, Chartered Engineer, UK and has completed the Advanced Management Program of Harvard Business School.

Mr. Dhanrajgir is an independent Non-Executive Director of Cadila Healthcare Limited, HDFC Asset Management Company Limited, Zydus Wellness Limited, Next Gen Publishing Limited, Themis Medicare Ltd among others. He is also a Trustee of Breach Candy Hospital Trust, Mumbai and on the Advisory Board of U.S. Pharmacopeia (India). He is a Member of the Global Advisory Board of Asian Center for Corporate Governance.

MR. SHREEKANT BAPAT

Mr. S. K. Bapat has been associated with the Company since February, 1999. He is a highly distinguished and decorated erstwhile officer of the Indian Police Service (IPS), having held senior appointments with the Government of India and the Government of Maharashtra like Joint Director – Intelligence Bureau, Ministry of Home Affairs, Commissioner of Police, Mumbai and Senior Member of the Maharashtra Public Service Commission. He was the President of the Indian chapter of a global philanthropic foundation for seven years. He has special interest in areas relating to National Security, Human Resource Development and Corporate Social Responsibility.

MR. BERJIS DESAI

Mr. Berjis Desai is the Managing Partner of J. Sagar Associates, a national law firm in Mumbai, Delhi, Bangalore, Hyderabad and Dubai. Mr. Desai specialises in mergers and acquisitions, derivatives, corporate and financial laws, international business laws and international commercial arbitration. Mr. Berjis Desai has been on the Board of the Company since 1997.

Mr. Berjis Desai is a law graduate from the Mumbai University and a post-graduate in law from the Cambridge University.

Some of the companies in which Mr. Berjis Desai is a Director are Praj Industries Limited, Sterlite Industries (India) Limited, The Great Eastern Shipping Company Limited and NOCIL Limited.

DR. MAHENDRA PATEL

Dr. Mahendra Patel has an all round expertise in the areas of Active Pharmaceutical Ingredients, formulation development, bio-equivalence studies, Intellectual Property and Regulatory Processes. He has the honor of holding 30 patents to his credit. He set up and successfully led his own generic company, Invamed, in the USA, which was later acquired by multinational pharma giant, Sandoz. Dr. Patel has also been associated with large transnational pharma companies in the USA like Bristol Myers Squibb and Lederle where he held senior management positions in R and D. Dr. Patel joined the Company as a Director in January, 2005.

Dr. Patel is a Ph.D. in Pharmaceutical Science from University of Wisconsin, USA. Dr. Patel is also on the Board of Zydus Pharmaceuticals USA, Inc.

MR. AKHIL GUPTA

Mr. Akhil Gupta represents the Blackstone Group on the Board of the Company. Mr. Gupta is the Chairman and Managing Director of Blackstone Advisors India Private Limited. Prior to Blackstone, he has worked as CEO – Corporate Development for Reliance Industries Limited and Reliance Infocomm Limited. He has held senior positions in various organizations in the USA. He has more than 30 years of experience in the corporate world. Mr. Gupta became the member of the Board of the Company in August, 2006.

Mr. Gupta is a B. Tech in Chemical Engineering from IIT, Delhi and MBA from Stanford University, USA.

MR. MARVIN SAMSON

Mr. Marvin Samson received a Bachelor of Science degree in Chemistry from Temple University. He has been the founder of several organizations in USA e.g. Samson Medical Technologies, Elkins-Sinn, Marsam Pharmaceuticals, etc.

Mr. Samson holds five U.S. patents pertaining to pharmaceutical manufacturing. Apart from Emcure, he is a director on the Boards of Baxa Corporation, Flynn Pharma and Dobfar Holdings S.p.A. He is the Chairman of the Board of Qualitest Pharmaceuticals.

A recipient of various awards for business leadership, Mr. Samson continues to be actively involved in philanthropic activities.

EXECUTIVE DIRECTORS

MR. SATISH MEHTA

Mr. Satish Mehta is the Chief Executive Officer and Managing Director and founder member of the Company. He has vast experience in the pharmaceutical industry. He is the prime mover for various strategic alliances and growth plans of the Company. His dynamic leadership has led the Company to become a major player in the pharmaceutical industry.

Mr. Satish Mehta is a Post Graduate in Chemistry and MBA from IIM, Ahmedabad.

MR. ARUN KUMAR KHANNA

Mr. Arunkumar Khanna is the Chief Operating Officer and Executive Director of the Company and heads the operations of the Company. He has over 35 years of rich and varied experience in leading pharma companies.

Since 1995, Mr. Khanna has played a pivotal role in transforming Emcure into the fastest growing Pharma Major. He has also been instrumental in ensuring the wide global reach of Emcure's leading brands. Emcure's Corporate Social Responsibility in the area of HIV / AIDS has been widely acclaimed and appreciated as a result of his passionate efforts.

MR. MAHESH SHAH, DIRECTOR - TECHNICAL

Mr. Mahesh Shah is post graduate in Organic Chemistry with total experience of 32 years. Mr. Shah is the Director (Technical) and is associated with Emcure since its inception. He is in charge of manufacturing operations of all the formulation plants. He has played lead role in getting regulatory approvals from USFDA for solid dosage, sterile dosage and bulk drug manufacturing facilities besides regulatory approvals from UKMHRA, WHO GENEVA and MCC South Africa for Hinjwadi solid dosage facility. He is also involved in various projects that the organization has undertaken at Hinjwadi and Jammu.

DR. MUKUND GURJAR

Dr. Mukund Gurjar is the Chief Scientific Officer and a member of the Board of the Company. He has over 30 years of experience in pharmaceutical sciences and has spearheaded major projects in drugs and pharmaceuticals. He is a fellow at various National and International Academies. He has contributed significantly in synthetic organic chemistry involving both basic and applied research. Over 50 Ph D students were trained under his supervision and he has published more than 200 papers in various international journals. He is a Regional Editor of Synthetic Communication, an international journals published by Taylor and Francis, USA and also member of the Editorial Board of Organic Process Research and Development of American Chemical society and Indian Journal of Chemistry of CSIR, New Delhi. Dr. Gurjar is on the Board of the Company since 2001.

Dr. Gurjar has obtained Master of Science degree in Organic Chemistry and Ph.D. in chemistry from the Nagpur University. He also obtained the second Ph.D. degree from the London University, UK.

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. 50.02
UK Pound	1	Rs. 79.31
Euro	1	Rs. 66.02

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		61

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.