MIRA INFORM REPORT

Report Date :

08.07.2013

IDENTIFICATION DETAILS

Name :	CURETECH FORMULATIONS PRIVATE LIMITED
Registered Office :	Village Juddi Kalanjyothi Laboratories Baddi, District Solan – 171001, Himachal Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	29.08.2003
Com. Reg. No.:	06-026326
Capital Investment / Paid-up Capital :	Rs. 1.530 Millions
CIN No.: [Company Identification No.]	U24232HP2003PTC026326
PAN No.: [Permanent Account No.]	AACCC4441N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 310000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Eventhough the company has recorded a better growth in its sales turnover, there appears a drastic dip in its net profitability. However, company’s capital structure is seen as healthy. Liquidity position is good. Trade relations are fair. Business is active. Payment terms are regular. The company can be considered good 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 – 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.

LOCATIONS

Registered Office / Factory :	Village Juddi Kalanjyothi Laboratories Baddi, District Solan – 171001, Himachal Pradesh, India
Tel. No.:	91-1795-245716
Fax No.:	91-1795-245716
E-Mail :	rkjain35@gmail.com amit_singlacuretech@yahoo.co.in

DIRECTORS

As on 29.09.2012

Name :	Mr. Sumit Kumar
Designation :	Director
Address :	14, Aman Colony, Near 22 No. Phatak, Patiala -147001, Punjab, India
Date of Birth/Age :	17.03.1978
Date of Appointment :	01.08.2006
DIN No.:	02817063
Name :	Mr. Ashwani Kumar
Designation :	Managing Director
Address :	14, Aman Colony, Near 22 No. Phatak, Patiala -147001, Punjab, India
Date of Birth/Age :	29.09.1974
Date of Appointment :	29.08.2003
DIN No.:	01256240

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Sumit Kumar	73000
Ashwani Kumar	79000
Rakesh Gupta	1000
Total	153000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	99.35
Other top fifty shareholders	0.65
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products

Products :

Product Description	ITC Code
Pharmaceutical Products	3004

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Oriental Bank of Commerce, SSI Branch, Baddi - 173205, Himachal Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loan repayable on demand from bank (cash credit)	2.521	3.451
Total	2.521	3.451
Nature of security Loan repayable on demand from bank (cash credit) is primarily secured by hypothecation of stock of raw material, stock in process and finished stock of medicines i.e.. tablets, capsules and dry syrups and debtors and complete plant and machinery. The said loan is further secured by equitable mortgage of freehold land together with building, situated at Village Juddi Kalan. Tehsil Nalagarh. District Solan measuring 1 Bigha 10 Viswa in the name of the company. Guarantee by directors Loan repayable on demand from bank (cash credit) with sanctioned limit of Rs.8.000 Millions (previous year- Rs.4.000 Millions) is further covered by personal guarantees of the directors of the company.

Banking Relations :	---
Auditors :
Name :	Jain and Anil Sood Chartered Accountants
Address :	S.C.O. - 12, Basement, Feroze Gandhi Market, Ludhiana – 141001, Punjab, India
Tel. No.:	91-1795-2773027 / 3919027
PAN No.:	AAAFJ8851A
Enterprises over which key management personnel or relative of such personnel is able to exercise significant influence :	· Curetech Skincare · Ashirwad Printpack

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
160000	Equity Shares	Rs.10/- each	Rs.1.600 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
153000	Equity Shares	Rs.10/- each	Rs.1.530 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	1.530	1.530
(b) Reserves & Surplus	77.835	67.768
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	79.365	69.298
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	2.836	3.766
(b) Trade payables	21.568	17.881
(c) Other current liabilities	2.597	1.584
(d) Short-term provisions	0.124	1.242
Total Current Liabilities (4)	27.125	24.473
TOTAL	106.490	93.771
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	32.349	24.765
(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	0.025	0.025
(c) Deferred tax assets (net)	0.491	0.000
(d) Long-term Loan and Advances	9.649	6.488
(e) Other Non-current assets	0.029	0.027
Total Non-Current Assets	42.543	31.305
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	21.315	14.982
(c) Trade receivables	32.521	43.385
(d) Cash and cash equivalents	4.882	1.671
(e) Short-term loans and advances	5.229	2.428
(f) Other current assets	0.000	0.000
Total Current Assets	63.947	62.466
TOTAL	106.490	93.771

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.530
2] Share Application Money		0.000
3] Reserves & Surplus		57.585
4] (Accumulated Losses)		0.000
NETWORTH		59.115
LOAN FUNDS
1] Secured Loans		1.272
2] Unsecured Loans		0.015
TOTAL BORROWING		1.287
DEFERRED TAX LIABILITIES		0.000
TOTAL		60.402
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		24.642
Capital work-in-progress		0.000
INVESTMENT		0.025
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.268
	Sundry Debtors	34.613
	Cash & Bank Balances	6.676
	Other Current Assets	0.000
	Loans & Advances	5.059
Total Current Assets		57.616
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.819
	Other Current Liabilities	1.721
	Provisions	0.341
Total Current Liabilities		21.881
Net Current Assets		35.735
MISCELLANEOUS EXPENSES		0.000
TOTAL		60.402

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	141.242	123.747	111.062
		Other Income	0.052	0.021	NA
		TOTAL	141.294	123.768	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	127.478	106.565	NA
		Advertising Expenses
		TOTAL	127.478	106.565	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13.816	17.203	15.106
Less/ Add	DEPRECIATION/ AMORTISATION		4.748	4.458	4.237
	PROFIT BEFORE TAX		9.068	12.745	10.869
Less	TAX		1.108	2.562	1.910
	PROFIT AFTER TAX		7.960	10.183	8.959
	Earnings Per Share (Rs.)		52.03	66.56	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.63	8.23	NA
Net Profit Margin (PBT/Sales)	(%)	6.42	10.30	9.79
Return on Total Assets (PBT/Total Assets}	(%)	8.56	13.60	13.21
Return on Investment (ROI) (PBT/Networth)		0.11	0.18	0.18
Debt Equity Ratio (Total Debt /Networth)		0.04	0.05	0.02
Current Ratio (Current Asset/Current Liability)		2.36	2.55	2.63

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	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 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	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

REVIEW OF OPERATIONS

During the year the Company has performed reasonably well. Revenue from Operations has increased from Rs. 123.747 Millions during the financial year 2010-2011 to Rs. 141.242 Millions during the financial year 2011-2012. The Company has earned Profit before Depreciation and Tax of Rs. 13.816 Millions during the financial year 2011-2012 as against Rs. 17.203 Millions during the immediately preceding financial year. Profit before Tax for the year is Rs. 9.068 Millions as against Rs. 12.745 Millions during the immediately preceding financial year. Profit after Tax for the year is Rs. 7.960 Millions (Previous year - Rs. 10.182 Millions). The Company expects to achieve higher turnover and profits in the current financial year.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Short-term borrowings
Loans repayable on demand from related parties	0.315	0.315
Total	0.315	0.315

FIXED ASSETS

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proeeding 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.60.34
UK Pound	1	Rs.90.79
Euro	1	Rs.77.81

INFORMATION DETAILS

Report Prepared by :

NTH

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.