MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	UNICURE INDIA LIMITED
Formerly Known As :	UNICURE INDIA PRIVATE LIMITED
Registered Office :	C-677, New Friends Colony, New Delhi- 110005
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.07.1980
Com. Reg. No.:	55-010642
Capital Investment / Paid-up Capital :	Rs.25.770 Millions
CIN No.: [Company Identification No.]	U74899DL1980PLC010642
PAN No.: [Permanent Account No.]	AAACU0405C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1300000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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

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.

INFORMATION DECLINED BY

Name :	Mr. Abdul Mateen
Designation :	Director
Contact No.:	91-9810337912
Date :	01.07.2013

LOCATIONS

Registered Office :	C-677, New Friends Colony, New Delhi- 110005, India
Tel. No.:	91-11-26835453/ 26843780
Fax No.:	Not Available
E-Mail :	unicure@airtelmail.in caanilbajaj@gmail.com
Website:	www.unicureindia.com
Area :	700 sq. ft.
Location :	Owned
Corporate Office/ Factory 1:	C/22, Sector-3, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4786786
Fax No.:	91-120-4320184
Factory 2:	46A and 49B Village Raipur Roorkee 247661, India

DIRECTORS

As on: 29.09.2012

Name :	Mr. Abdul Mateen
Designation :	Director
Address :	C-677, New Friends Colony, New Delhi-110025, India
Date of Birth/Age :	07.05.1955
Date of Appointment :	14.07.1980
DIN No.:	01131944
PAN No.:	AAPPM9451L
Name :	Mr. Ikhlas Ahmed Chawla
Designation :	Director
Address :	C-677, New Friends Colony, New Delhi-110025, India
Date of Birth/Age :	07.05.1965
Date of Appointment :	01.05.1990
DIN No.:	01131959
PAN No.:	AAEPC8644G

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Abdul Rasheed	217000
Abdul Mateen	3047960
Abdul Hameed	140000
Khalil Ahmed	140000
Ikhlas Ahmed Chawla	140000
Shehnaz Rashid	70000
Atya Hameed	70000
Farzana Mateen	69920
Nishat Khalil	70000
Mukhlis Aziz	76000
Anmol Aziz	76000
Hamd Aziz	76000
Sana Aziz	76000
Nihal Aziz	76000
Amin-Ul-Aziz	76000
Fahad Aziz	76000
Saad Aziz	76000
Mehak Aziz	76000
Muskan Aziz	76000
Kashish Aziz	106000
Noor-Ul-Aziz	76000
Zoyaaziz	76000
Khuloos Aziz	76000
Sufia Ikhlas	70000
Sachin Jain	20
R.S.Dixit	20
Vani Gupta	20
Pranay Dandia	20
Kamla Narula	20
Sudip Verma	20
Archna Bajaj	25000
Total	5154000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	99.51
Other top fifty shareholders	0.49
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

Canara Bank, C-3, Sector 1, Noida - 201301, Uttar Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Rupee term loans from banks	22.910	24.009
Term loans from others	0.457	0.000
Loans repayable on demand from banks	18.399	3.156
Total	41.766	27.165

Banking Relations :
Auditors :
Name :	H.K. Dua and Company Chartered Accountants
Address :	New Delhi, India
PAN No.:	AAAFH1614F

CAPITAL STRUCTURE

As on: 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5154000	Equity Shares	Rs.10/- each	Rs.51.540 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.100/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
257700	Equity Shares	Rs.100/- each	Rs.25.770 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	25.770	25.495
(b) Reserves & Surplus	319.982	76.658
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	6.455
Total Shareholders’ Funds (1) + (2)	345.752	108.608
(3) Non-Current Liabilities
(a) long-term borrowings	85.609	24.609
(b) Deferred tax liabilities (Net)	0.266	0.000
(c) Other long term liabilities	40.892	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	126.767	24.609
(4) Current Liabilities
(a) Short term borrowings	18.399	3.156
(b) Trade payables	248.557	155.190
(c) Other current liabilities	50.379	26.660
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	317.335	185.006
TOTAL	789.854	318.223
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	330.655	72.734
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.608	0.408
(c) Deferred tax assets (net)	0.000	0.080
(d) Long-term Loan and Advances	19.234	19.349
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	350.497	92.571
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	38.266	22.150
(c) Trade receivables	349.720	152.675
(d) Cash and cash equivalents	20.397	31.523
(e) Short-term loans and advances	30.088	18.853
(f) Other current assets	0.886	0.451
Total Current Assets	439.357	225.652
TOTAL	789.854	318.223

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		25.495
2] Share Application Money		4.055
3] Reserves & Surplus		55.675
4] (Accumulated Losses)		0.000
NETWORTH		85.225
LOAN FUNDS
1] Secured Loans		7.238
2] Unsecured Loans		0.600
TOTAL BORROWING		7.838
DEFERRED TAX LIABILITIES		0.000
TOTAL		93.063
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		51.490
Capital work-in-progress		0.000
INVESTMENT		0.172
DEFERREX TAX ASSETS		0.373
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.868
	Sundry Debtors	172.948
	Cash & Bank Balances	24.422
	Other Current Assets	0.614
	Loans & Advances	34.558
Total Current Assets		259.410
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	210.316
	Other Current Liabilities	0.216
	Provisions	7.850
Total Current Liabilities		218.382
Net Current Assets		41.028
MISCELLANEOUS EXPENSES		0.000
TOTAL		93.063

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2012	31.03.2011
SALES
	Income	993.271	651.182
	Other Income	NA	NA
	TOTAL	NA	NA
EXPENSES
	Office Expenses	NA	NA
	Administrative Expenses
	Advertising Expenses
	TOTAL	NA	NA
PROFIT BEFORE TAX		48.360	26.721
TAX		NA	NA
PROFIT AFTER TAX		35.514	21.029
EARNINGS IN FOREIGN CURRENCY		7.994	8.198
Earnings Per Share (Rs.)		137.81	82.48

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	4.87	4.10
Return on Total Assets (PBT/Total Assets}	(%)	6.13	8.41
Return on Investment (ROI) (PBT/Networth)		0.14	0.25
Debt Equity Ratio (Total Debt /Networth)		0.30	0.26
Current Ratio (Current Asset/Current Liability)		1.38	1.22

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	753.567
		Other Income	9.710
		TOTAL	763.277
Less	EXPENSES
		Purchase	7.718
		Material Consumed	420.928
		Manufacturing and Other Expenses	313.916
		Increase/ Decrease in Stock	(6.455)
		TOTAL	736.107
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		27.170
Less/ Add	DEPRECIATION/ AMORTISATION		6.087
	Profit for the year		21.083
Add	Balance brought forward from previous year		27.470
	Deferred Tax		0.724
Less	APPROPRIATIONS
		Provision for Taxation	3.600
		FBT Paid	0.002
	BALANCE CARRIED TO THE B/S		45.675
	Earnings Per Share (Rs.)		71.42

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	2.76
Debt Equity Ratio (Total Debt /Networth)		0.09
Current Ratio (Current Asset/Current Liability)		1.19

LOCAL AGENCY FURTHER INFORMATION

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

(Rs. in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Other loans and advances	62.242	0.600
Total	62.242	0.600

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U74899DL1980PTC010642
Name of the company	UNICURE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-677, New Friends Colony, New Delhi- 110005, India caanilbajaj@gmail.com
This form is for	Modification of charge
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Canara Bank, C-3, Sector -1, Noida-201301, Uttar Pradesh, India Email: managercb1177@canarabank.com
Nature of instrument creating charge	Supplemental common hypothecation agreement and ledtd to be used where additional limit is granted on very security (inclusive of third party property already given to the bank)
Date of instrument Creating the charge	07.03.2012
Amount secured by the charge	Rs. 184.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest (BASE RATE+3.75% p.a.) presently @ 14.50% p.a. or such other rates as applicable from time to time. Terms of repayment As per agreement Margin Stocks: 25% Book-Debts: 40% Extent and operation of the charge 100% to secure various credit facilities of Rs. 184.000 millions sanctioned to the company, such as OCC/ODBD Rs. 70.000 millions, ILC/FLC Rs. 20.000 millions, BG Rs. 70.000 millions, and Term Loan of Rs. 24.000 millions and interest, all other costs thereon.
Short particulars of the property charged (Including location of the property)	All stocks of raw-material used in the manufacture of drugs and pharmaceuticals, finished goods and other goods lying at Plot No C-22, Sector-III, Noida Uttar Pradesh and or lying at any other place including in transit. First charge over all the Book debts, outstanding moneys, receivable claims, etc. All plant and machinery all plant, machinery, tools, accessories, motor vehicles, already purchased/to be purchased; Equitable mortgage of land and building at C-21, Sector-3, Gautam Budh Nagar, Noida Uttar Pradesh Equitable mortgage of all piece and parcel of land and building situated 44-B, Block-U-3, Sector-11, Dhavalgiri Apartments, Noida, Gautam Budh Nagar, Uttar Pradesh Equitable mortgage of all piece and parcel of land and building situated, Flat No. 16-D, Block-B-9, Second Floor, Sector-34, Udaygiri Apartments, Noida, Gautam Budh Nagar, Equitable mortgage of all piece and parcel of land and building situated B-65, Sector-57, Noida, Gautam Budh Nagar, Equitable mortgage of all piece and parcel of land and building situated C-22, Sector-3, Noida, Gautam Budh Nagar Equitable mortgage of all piece and parcel of land and building situated at Khsra No. 46&49, Village: Raipur, Pargana Bhagwanpur, Roorkee, Haridwar, Uttarakhand.
Particulars of the present modification	Extent of operation of Charge over Hypothecated/mortgaged properties of the company stands enhanced to Rs. 184.000 millions to secure various credit facilities of Rs. 184.000 millions sanctioned to the company, such as OCC/ODBD Rs. 70.000 millions, ILC/FLC Rs. 20.000 millions, BG Rs. 70.000 millions and Term Loan of Rs. 24.000 millions and interest, all other costs thereon.

FIXED ASSETS:

· Lease hold Land

· Factory Building

· Plant and Machinery

· Dies

· Furniture and Fixture

· Electric Fittings

· Weighing Machine

· Office Equipments

· Cycle and Cycle Rickshaw

· Fans

· Laboratory Equipments

· Generator

· Scooter

· Water Tank

· Motor Cars

· Air Conditioner

· Computers

· Intercom

· Office Premises

· Pager

· Telephone Instruments

· Water Pump

· EPABX

· Hoist

· Security Equipments

· Transformer (Electric)

· Delivery Van

· Residential Flat

· Building under Construction

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.59.15
UK Pound	1	Rs.90.05
Euro	1	Rs.77.07

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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

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.