MIRA INFORM REPORT

Report Date :

21.12.2013

IDENTIFICATION DETAILS

Name :	CURATIO HEALTH CARE (I) PRIVATE LIMITED (w.e.f. 01.02.2013)
Formerly Known As :	CURATIO HEALTH CARE PRIVATE LIMITED
Registered Office :	25/13, Whites Road, 4^th Floor, Mamatha Complex, Royapettah, Chennai - 600 014, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.06.2005
Com. Reg. No.:	18-056730
Capital Investment / Paid-up Capital :	Rs.2.000 millions
CIN No.: [Company Identification No.]	U24231TN2005PTC056730
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Goods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge accumulated loss recorded by the company. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	25/13, Whites Road, 4^th Floor, Mamatha Complex, Royapettah, Chennai - 600 014, Tamilnadu, India
Tel. No.:	91-44-42633357/ 43531201
Fax No.:	Not Available
E-Mail :	auditor@curatiohealthcare.com info@curatiohealthcare.com Product Related Queries: customercare@curatiohealthcare.com Out-Licensing⁄ In-Licensing and Business Development: prachi@curatiohealthcare.com New Ingredients: sarang@curatiohealthcare.com Distribution: distribution@curatiohealthcare.com Careers: rohini@curatiohealthcare.com
Website :	www.curatiohealthcare.com
Factory :	Located at: · Chennai

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Krishna Krishnan Ramanathan

Designation :

Director

Address :

5, Radhakrishnan Nagar, 2^nd Cross Street, Thiruvanmiyur, Chennai – 600 041, Tamilnadu, India

Date of Birth/Age :

18.02.1976

Date of Appointment :

27.06.2005

DIN No.:

00633934

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70101TN2003PTC051989	CASA GRANDE PRIVATE LIMITED	Director	19/11/2003	19/11/2003	06/07/2013	Active	NO
2	U72900TN2004PTC054339	UKR AGENCY PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
3	U24231TN2005PTC056730	CURATIO HEALTH CARE (I) PRIVATE LIMITED	Director	27/06/2005	27/06/2005	-	Active	NO
4	U24232TN2003PTC052013	SHIELD HEALTH CARE PRIVATE LIMITED	Director	10/08/2013	29/03/2013	-	Active	NO
5	U24230MH2002PTC138465	RICHFEEL HEALTH AND BEAUTY PRIVATE LIMITED	Director	20/09/2013	01/04/2013	-	Active	NO
6	AAB-0263	FULCRUM VENTURE INDIA LLP	Designated Partner	18/07/2012	18/07/2012	-	Active	NO

Name :

Mr. Ramani Ganesh Kuppuswamy

Designation :

Director

Address :

No.11, 8^th Cross Street, Indira Nagar, Adayar, Chennai – 600 020, Tamilnadu, India

Date of Birth/Age :

30.08.1952

Date of Appointment :

27.06.2005

DIN No.:

00634416

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909TN2003PTC052203	DAILYLIFE ENTERPRISES PRIVATE LIMITED	Director	23/12/2003	23/12/2003	-	Active	YES
2	U24231TN2005PTC056730	CURATIO HEALTH CARE (I) PRIVATE LIMITED	Director	27/06/2005	27/06/2005	-	Active	NO
3	U74900TN2011PTC083367	NUTRI SYNAPZZ THERAPEUTIX PRIVATE LIMITED	Director	30/11/2011	30/11/2011	-	Active	NO

Name :

Mr. Ramnad Krishnan Ramanathan

Designation :

Director

Address :

No.3, Dr. Radhakrishnan Nagar, 2^nd Cross Street, Thiruvanmiyur, Chennai – 600 041, Tamilnadu, India

Date of Birth/Age :

17.04.1950

Date of Appointment :

27.06.2005

DIN No.:

00803128

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U55101TN1999PLC041675	SAS HOTELS AND ENTERPRISES LIMITED	Director	17/07/1999	17/07/1999	-	Active	NO
2	U70101TN2003PTC051989	CASA GRANDE PRIVATE LIMITED	Director	19/11/2003	19/11/2003	06/07/2013	Active	NO
3	U72900TN2004PTC054339	UKR AGENCY PRIVATE LIMITED	Director	27/09/2004	27/09/2004	-	Active	NO
4	U24231TN2005PTC056730	CURATIO HEALTH CARE (I) PRIVATE LIMITED	Director	27/06/2005	27/06/2005	-	Active	NO
5	U72200TN2008PTC067415	SWAAS SYSTEMS PRIVATE LIMITED	Director	21/04/2008	21/04/2008	-	Active	NO
6	AAB-0263	FULCRUM VENTURE INDIA LLP	Designated Partner	18/07/2012	18/07/2012	-	Active	NO

Name :

Mr. Nagarajan Subramanian

Designation :

Director

Address :

Flat No.7, 3^rd Floor, Sindhur Palace, Thirumurthi Road, T. Nagar, Chennai – 600 017, Tamilnadu, India

Date of Birth/Age :

28.01.1959

Date of Appointment :

27.06.2005

DIN No.:

02436024

Name :

Mr. Narasimhan Jaykaushik

Designation :

Director

Address :

115, Srinivasapuram, Journalist Colony, Thiruvanmiyur, Chennai – 600 041, Tamilnadu, India

Date of Birth/Age :

11.07.1971

Date of Appointment :

24.03.2006

DIN No.:

02436052

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Nagarajan S	14300
K. R. Krishna	11800
Ramani Ganesh Kuppuswamy	24800
Krishna Krishnan Ramanathan	26100
Abbishek. V. Bharadwaj	11800
Aparnah Satish	7000
K. Jayaraman	5500
K. R. Anerudan	11800
M. Arun Kumar	5500
M.K. Vaidyanathan	11800
N. Jay Kaushik	14300
Padma Ramani	18000
R. Priyanka	7000
S. Viswanathan	14300
Anand Natraj Venkatraman	10000
S. Gayathri	10
K. Panchapakesan	10
R. Nagalakshmi	10
Sathish Balakrishnan	10
P.G. Krishnamachari	10
Total	194050

AS ON 19.03.2013

Names of Allottees	No. of Shares
Srikumar	2000
R. Kumar	2000
Srikanth Iyengar	1950
Total	5950

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pharmaceutical Goods.
Products :	· Depigmenting Products · Emollients · Cleansers · Hair Care · Sunscreen · Topical Corticosteroids · Other Dermatologicals · Anti - Aging

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Bank Overdraft (The Bank Overdraft is secured against the Personal Guarantee provided by the Directors)	17.703	8.033
Total	17.703	8.033

Banking Relations :	--
Auditors :
Name :	NRG Associates Chartered Accountants
Address :	New No.19, Old No.10, Ist Floor, 5^th Main Road, Raja Annamalai Puram, Chennai – 600 028, Tamilnadu, India
Tel. No.:	91-44-24340925/ 43060925/ 2433568
E-Mail:	info@nrgassociates.in
Website :	www.nrgassociates.in
PAN No.:	AAEFN7749R
Enterprises where principal shareholders have control and significant influence :	· Swaas Systems Private Limited · Nutri Synapzz Therapeutix Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

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
200000	Equity Shares	Rs.10/- each	Rs.2.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	2.000	1.941	1.941
(b) Reserves & Surplus	(88.657)	(71.507)	(92.493)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(86.657)	(69.566)	(90.552)
(3) Non-Current Liabilities
(a) Long-term borrowings	146.040	106.100	105.760
(b) Deferred tax liabilities (Net)	0.000	0.000	0.319
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	6.873	4.453	3.352
Total Non-current Liabilities (3)	152.913	110.553	109.431
(4) Current Liabilities
(a) Short term borrowings	17.703	8.033	7.016
(b) Trade payables	19.578	11.442	8.391
(c) Other current liabilities	22.569	21.257	11.373
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	59.850	40.732	26.780
TOTAL	126.106	81.719	45.659
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.909	2.789	2.826
(ii) Intangible Assets	0.175	0.058	0.076
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.753	0.902	0.000
(d) Long-term Loan and Advances	16.750	7.100	0.800
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	21.587	10.849	3.702
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	55.049	38.761	20.688
(c) Trade receivables	20.285	23.365	14.535
(d) Cash and cash equivalents	14.763	0.761	0.712
(e) Short-term loans and advances	7.847	7.066	5.139
(f) Other current assets	6.575	0.917	0.883
Total Current Assets	104.519	70.870	41.957
TOTAL	126.106	81.719	45.659

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	NA	NA	230.281
		Other Income	NA	NA
		TOTAL	NA	NA	230.281
Less	EXPENSES
		Office Expenses	NA	NA	229.191
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	229.191
	PROFIT / (LOSS) BEFORE TAX		NA	24.820	1.090
Less	TAX		NA	3.835	28.653
	PROFIT / (LOSS) AFTER TAX		(17.150)	20.985	(27.563)
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB Basis	9.292	4.299	2.317
	TOTAL EARNINGS		9.292	4.299	2.317
	IMPORTS
		Raw Materials
		Green Apple Powder	1.823	1.438	0.674
		Desonide	0.862	0.578	0.691
		Dye	0.000	0.265	0.000
	TOTAL IMPORTS		2.685	2.281	1.365
	Earnings / (Loss) Per Share (Rs.)		(88.29)	108.14	(142.08)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	NA	NA	(11.97)
Return on Total Assets (PBT/Total Assets}	(%)	NA	30.71	2.39
Return on Investment (ROI) (PBT/Networth)		NA	(0.36)	(0.01)
Debt Equity Ratio (Total Debt/Networth)		(1.89)	(1.64)	(1.25)
Current Ratio (Current Asset/Current Liability)		1.75	1.74	1.57

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last one year	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	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
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10357349	24/05/2012	17,500,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA	B40211476

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
From Others (All the unsecured loan is taken from various shareholders or relatives of shareholder, at an interest of 18% per annum. The interest is accrued from the date of loan and payable very month. Whereas, the principal is repayable after four years from the date of loan taken.)	146.040	106.100
Total	146.040	106.100

Note:

The registered office of the company has been shifted from No.5, Kasthuri Estate, 1^st Street, Poes Garden, Chennai – 600 018, Tamilnadu to Old No.88, New No.78, Defence Officer's Colony, Nandambakkam, Chennai – 600 097, Tamilnadu w.e.f. 29.04.2009.

FIXED ASSETS:

Tangible Assets

· Furniture and Fixtures

· Computers

· Office Equipments

· Air Conditioner

· Improvements to LHP

Intangible Assets

· Software

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 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 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.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.