MIRA INFORM REPORT

Report Date :

30.01.2013

IDENTIFICATION DETAILS

Name :	EMCURE PHARMACEUTICALS LIMITED
Registered Office :	Emcure House, T – 184, MIDC, Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss A/c)
Date of Incorporation :	16.04.1981
Com. Reg. No.:	25-024251
Capital Investment / Paid-up Capital :	Rs.351.657 Millions (As on 31.03.2011)
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 :	4500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 16000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has shown some improvement in its operations and profits during 2012. RBI has defaulted the company as on 31.03.2012. However, trade relations are reported as fair. Business is active. Payment terms are usually correct and as per commitments. The company can be considered 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.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term bank facility= A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	30.01.2012

Rating Agency Name	CARE
Rating	Short Term bank facility= A1
Rating Explanation	Strong degree of safety and low credit risk.
Date	30.01.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under:

Borrowers’ Name :	EMCURE PHARMACEUTICALS LIMITED
Address :	Emcure House, T – 184, MIDC, Bhosari, Pune – 411026, Maharashtra, India
Name of Individual :	Mr. Amit Dixit Mr. Arunkumar Purushottamalal Khanna Mr. Berjis Minoo Desai Mr. Hamayun Dhanrajgir Mr. Jose Valentim Sartarelli Mr. Kedar Purushottam Phadke Mr. Mahesh Nathalal Shah Mr. Marvin Stanly Samson Mr. Mukund Keshav Gurjar Mr. Mukund Pandurang Ranade Mr. Satish Ramanlal Mehta Mr. Shreekant Krushnaji Bapat Mr. Vikas Madan Thapar
Name of Credit Grantors / Bank & Branch:	ICICI Bank, Pune
Amount (Rs. In Millions) :	316.478

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.

INFORMATION PARTED BY

Name :	Mr. Gaurav
Designation :	Finance Manager
Contact No.:	91-20-30610000
Date :	29.01.2013

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 gaurav.pancholia@emcure.co.in dixit@blackstone.com
Website :	http://www.emcure.co.in
Area :	50000 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.: 91-20-39821445 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 10.08.2012)

Name :	Mr. Hamayun Raja Dhanrajgir
Designation :	Director
Address :	Flat No. F – 37/38, 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
Name :	Dr. Mukund Keshav 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.
Date of Appointment :	23.07.2001
Voter ID No.:	DRD0732172
DIN No.:	00026843
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.
Date of Appointment :	11.12.1999
Voter ID No.:	MT/ 42/ 246/ 0777545
DIN No.:	00118341
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]
Voter ID No.:	FGD0962068
DIN No.:	00118691
Name :	Mr. Arunkumar Purushotamalal 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)
Date of Appointment :	27.12.1994
DIN No.:	00121686
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
Qualification :	LLM
DIN No.:	00153675
Name :	Mr. Shreekant Krushnaji Bapat
Designation :	Director
Address :	Yashodhan, II Floor, United Western CHS, Karve Nagar, Pune-411052, Maharashtra, India
Date of Birth/Age :	06.10.1937
Date of Appointment :	26.06.1999
DIN No.:	00621568
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
Qualification :	MBA, MS, B. Tech.
DIN No.:	01798942
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)
Date of Appointment :	27.01.2012
DIN No.:	02617012
Name :	Mr. Jose Valentim Sartarelli
Designation :	Director
Address :	6, Miramicha Trail WV Morgantown USA 26508
Date of Birth/Age :	30.07.1949
Date of Appointment :	18.10.2011
DIN No.:	03625682
Name :	Mr. Girish Laxmikant Telang
Designation :	Director
Address :	401, Sagar Dardhan, 4^th Floor, Worli Sea Face, Mumbai – 400030, Maharashtra, India
Date of Birth/Age :	28.11.1949
Date of Appointment :	27.04.2012
DIN No.:	00455125
Name :	Mr. Samit Satish Mehta
Designation :	Alternate Director
Address :	4, Mumbai – Pune Road, Kirkee, Pune - 411003, Maharashtra, India
Date of Birth/Age :	04.04.1980
Date of Appointment :	29.06.2012
DIN No.:	00332562
Name :	Mr. Mukund Pandurang Ranade
Designation :	Whole-time Director
Address :	C-503, Pride Panorama Senapati Bapat Marg, Pune – 411016, Maharashtra, India
Date of Birth/Age :	30.04.1956
Date of Appointment :	29.06.2012
DIN No.:	00109845

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
Name :	Mr. Gaurav
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 19.07.2011)

Shareholding Details file Attached.

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	15.39
Directors or relatives of directors	53.89
Other top fifty shareholders	30.72
Total	100.00

BUSINESS DETAILS

Line of Business :

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

Products :

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

Brand Names :

“EMCURE”

Terms :

Selling :

L/C, Cash and Credit (30-60 days)

Purchasing :

L/C, Cash and Credit (30-60 days)

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

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

4500 (Approximately)

Bankers :

· Bank of Maharashtra,

Tejsingh Building, 35/B, Mumbai Pune Highway, Depodi, Pune – 411012, 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	27.674	25.821
Total	4321.400	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

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 :	· Emcure Brasil Representacao Comercil Farmaceutica Ltds · Emcure Nigeria Limited · Emcure Pharmaceutical Mena FZ LLC · Emcure Pharmaceutical South Africa Pty Limited · Emcure Pharmaceuticals USA Inc. · Gennova Biopharmaceuticals Limited CIN No.: U24231PN2001PLC016253 · Heritage Pharma Holdings Inc. · Zuventus Healthcare Limited CIN No.: U85320PN2002PTC018324 · Emcure Infotech Limited CIN No.: U72100PN2000PTC015368 · Emcure Pharmaceuticals Holdings Inc. (Merged with Heritage Pharma Holdings Inc. on April 29, 2011)
Step-Down Subsidiary :	· Heritage Pharmaceuticals Inc (Subsidiary of Heritage Pharma Holding Inc)
Other Related Party :	· Falcon Enterprises · H.M. Sales Corporation · Uth Beverages Factory Private Limited · Uth Healthcare Private Limited · Uth Wellness Products Limited

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
SHAREHOLDERS FUNDS
1] Share Capital		351.657	487.971
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		3760.134	3161.711
4] (Accumulated Losses)		0.000	0.000
NETWORTH		4111.791	3649.682
LOAN FUNDS
1] Secured Loans		4321.400	3485.554
2] Unsecured Loans		285.248	200.119
TOTAL BORROWING		4606.648	3685.673
DEFERRED TAX LIABILITIES		424.911	190.512
TOTAL		9143.350	7525.867
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5153.271	3543.943
Capital work-in-progress		933.930	1754.662
INVESTMENT		776.272	770.561
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1623.466	1344.737
	Sundry Debtors	1753.753	1416.905
	Cash & Bank Balances	109.750	44.950
	Other Current Assets	155.215	103.939
	Loans & Advances	1594.183	1437.479
Total Current Assets		5236.367	4348.010
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1856.797	1715.220
	Other Current Liabilities	909.615	1028.018
	Provisions	190.078	148.071
Total Current Liabilities		2956.490	2891.309
Net Current Assets		2279.877	1456.701
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		9143.350	7525.867

Note: Balance Sheet for the year 2012 is not available only Profit and Loss A/c is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	12367.500	9557.920	7659.622
		Other Income	181.810	134.060	202.809
		TOTAL (A)	12549.310	9691.980	7862.431
Less	EXPENSES
		Cost of Materials Consumed	5077.380	4119.440
		Purchases of stock-in-trade	553.420	237.530
		Changes in Inventories of Finished Goods, Work-in-progress and stock-in-trade	(169.150)	(145.220)	4747.448
		Employee benefit Expenses	1907.960	1543.890
		Other Expenses	2739.090	2262.900
		Exceptional Item	0.170	0.000
		TOTAL (B)	10108.870	8018.540	4747.448
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2440.440	1673.440	3114.983
Less	FINANCIAL EXPENSES (D)		628.260	453.860	293.120
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1812.180	1219.580	2821.863
Less/ Add	DEPRECIATION/ AMORTISATION (F)		456.440	392.830	302.450
	PROFIT BEFORE TAX (E-F) (G)		1355.740	826.750	2519.413
Less	TAX (H)		151.430	254.600	795.404
	PROFIT AFTER TAX (G-H) (I)		1204.310	572.150	1724.009
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	(1225.455)
Less	APPROPRIATIONS
		Proposed Final Dividend	NA	NA	87.914
		Tax on Proposed Final Dividend	NA	NA	11.551
		Transfer to General Reserve	NA	NA	149.194
	BALANCE CARRIED TO THE B/S		NA	NA	249.895
	EARNINGS IN FOREIGN CURRENCY		7028.800	5074.750	4151.540
	IMPORTS
		Raw Materials and Packing Materials	2765.570	2210.240	1249.000
		Finished Goods	2.100	7.540
		Capital Goods	220.360	185.670	166.484
	TOTAL IMPORTS		2988.030	2403.450	1415.484
	Earnings Per Share (Rs.)
	-Basic		36.44	17.31	55.86
	-Diluted		36.44	17.31	49.03

Expected Sales (2012-13): Rs.14500.000 Millions

The above information has been parted by Mr. Gaurav.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.60	5.90	21.93
Net Profit Margin (PBT/Sales)	(%)	10.96	8.84	32.89
Return on Total Assets (PBT/Total Assets}	(%)	NA	7.96	31.92
Return on Investment (ROI) (PBT/Networth)		NA	0.20	0.69
Debt Equity Ratio (Total Liability/Networth)		NA	1.84	1.80
Current Ratio (Current Asset/Current Liability)		NA	1.77	1.50

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Sundry Creditors
Creditors due others	Not Available	1856.797	1715.220
Total	Not Available	1856.797	1715.220

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	No
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	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Other Debt Unsecured	285.248	200.119
Total	285.248	200.119
Note: Trade Deposit (Interest Bearing) (Including interests accrued and due Rs.4.488 Millions)

CONTINGENT LIABILITIES

Claims against the company not acknowledge as at 31^st March, 2012

Particulars	31.03.2012	31.03.2011
Sales Tax	97.410	4.680
Excise Matters	38.240	77.83
Others	131.650	--

FORM 8

This form is for	Creation of charge
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, M.I.D.C, Bhosari, Pune – 411026, Maharashtra, India corporate@emcure.co.in
Type of charge	Immovable Property Book Debts Movable Property Floating Charge Others: Stocks, Receivables, Intangible Assets etc.
Particular of charge holder	Axis Bank Limited 2nd Floor-E, Axis House, Bombay Dyeing Mill Compound, P.B. Marg, Worli, Mumbai – 400025, Maharashtra, India debenturetrustee@axistrustee.com
Nature of description of the instrument creating or modifying the charge	By this indenture of mortgage Dtd. 8th November, 2012 Entered between the company and Axis Bank Limited [Security Trustees] acting on behalf of Bank of Maharashtra and Citi Bank NA., the company has availed term loan of Rs.550.000 Millions from Bank of Maharashtra and ECB Term Loan of USD 10 mn. (Equivalent to Rs.554.000 Millions) from Citi Bank NA., Aggregating to Rs.1104.000 Millions.
Date of instrument Creating the charge	08/11/2012
Amount secured by the charge	Rs.1104.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As per sanction letter / loan agreement Terms of Repayment As per sanction letter / loan agreement Margin As per sanction letter / loan agreement Extent and Operation of the charge Alongwith Existing Lenders: I) 1st pari passu charge on Immovable Fixed Assets at Plot No. P-2, IT-BT Park, Hinjewadi, Pune - 411057 and Plot Nos. D24 and D 24/1, MIDC, Kurkumbh, Pune - 413802 II) 1st pari passu charge on Movable Fixed Assets at P-1 and P-2, IT-BT Park, Hinjewadi, Pune - 411 057 and Plot Nos. D 24 and D 24/1, MIDC, Kurkumbh, Pune - 413802 III) 1st pari passu charge on all Intangible Assets IV) 2nd pari passu charge on Current Assets such as Stock and Book Debts. Others As per sanction letter / loan agreement
Short particulars of the property charged	Immovable Fixed Assets situated at Plot No. P-2, IT-BT Park, Hinjewadi, Pune - 411 057 and Plot Nos. D24 and D 24/1, MIDC, Kurkumbh, Pune - 413802. All the movable fixed assets situated AT P-1, IT-BT Park, Hinjewadi, Pune-411 057, P-2, IT-BT Park, Hinjewadi, Pune - 411 057 and Plot Nos. D24 and D 24/1, MIDC, Kurkumbh, Pune - 413802. All intangible assets of the company. All current assets of the company such as stocks of all types, stocks in transit, book debts, receivables etc

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Electrical Installation

· Air Handling Equipment

· Computer

· Office Equipment

· Furniture and Fixtures

· 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 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.53.89
UK Pound	1	Rs.84.93
Euro	1	Rs.72.51

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		44

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.