MIRA INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	USV LIMITED
Formerly Known As :	U.S. VITAMIN AND PHARMACEUTICAL CORPORATION (INDIA) PRIVATE LIMITED
Registered Office :	Arvind Vithal Gandhi Chowk, BSD Marg, Govandi, Mumbai - 400088, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 [Profit and Loss A/c]
Date of Incorporation :	25.08.1961
Com. Reg. No.:	11-012098
Capital Investment / Paid-up Capital :	Rs. 999.670 Millions
CIN No.: [Company Identification No.]	U24239MH1961PLC012098
TAN No.: [Tax Deduction & Collection Account No.]	MUMU00007A
PAN No.: [Permanent Account No.]	AAACU1366N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Selling of Active Pharmaceutical Ingredient (API), Finished Dosages and Generics.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 40000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a closely held public limited company engaged in manufacturing and marketing of pharmaceuticals in the form of tablets, capsules, liquid, creams, etc. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. The company is progressing well. Payments are reported to be regular and as per commitments. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA + [Long Term]
Rating Explanation	High degree of safety and very low credit risk.
Date	17.07.2012

Rating Agency Name	CRISIL
Rating	A1 + [Short Term]
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	17.07.2012

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 PARTED BY [GENERAL DETAILS]

Name :	Mr. Tushar Gedam
Designation :	Accounts Department
Contact No.:	91-22-25564048

LOCATIONS

Registered / Corporate Office :	Arvind Vithal Gandhi Chowk, BSD Marg, Govandi, Mumbai - 400088, Maharashtra, India
Tel. No.:	91-22-25564048/ 4049/ 4050/ 4051/ 2225/ 25559915/ 25581118/ 67861111
Fax No.:	91-22-25515608/ 25584025
E-Mail :	albert.matherus@usv.co.in sudhir.thatte@usv.co.in hrd@usv.co.in info@usv.co.in info@usvlimitedindia.com hrd@usv.co.in custompeptides@usv.co.in bizdev@usv.co.in
Website :	http://www.usvindia.com
Location :	Owned
Factory 1 :	MIDC, Lote Industrial Area, Khed, Ratnagiri, OIDC, Dabhel, Daman, HPSIDC, Baddi, Himachal Pradesh, India
Factory 2 :	Plot No. B-1 / 8, M.I.D.C. Lote Industrial Area, Taluka Khed, Ratnagiri, Maharashtra, India
Tel. No.:	91-2356-272242
Fax No.:	91-2356-272402
Factory 3:	OIDC, Dabhel, Daman, Daman and Diu, India
Factory 4:	Hilltop Industrial, Area, Jhar Majri, Baddi, Himachal Pradesh, India

DIRECTORS

AS ON 27.09.2012

Name :

Mrs. Leena Gandhi Tewari

Designation :

Chairperson

Address :

41, Ritu Apartments, 208, B.J. Road, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

09.03.1957

Qualification :

MBA, Boston University, USA B. Com.

Date of Appointment :

20.01.1986

DIN No.:

00001748

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	U24239MH1961PLC012098	USV LIMITED	Director	20/01/1986	20/01/1986	-	Active	NO
2	U24239MH1989PTC054414	VIPAL HEALTH CARE PRIVATE LIMITED	Director	28/11/1989	28/11/1989	-	Active	NO
3	U24239MH1989PTC054400	TREVA HEALTH CARE PRIVATE LIMITED	Director	28/11/1989	28/11/1989	-	Active	NO
4	U24239MH1995PTC092234	USV RELIABLE HOMES PRIVATE LIMITED	Director	28/08/1995	28/08/1995	-	Active	NO
5	U30007MH1989PLC050842	SKYTEL NETWORKS LIMITED	Director	15/06/1998	15/06/1998	15/03/2007	Active	NO
6	U24239MH1960PTC011862	NEO-PHARMA INDUSTRIES PRIVATE LIMITED	Director	10/07/1998	10/07/1998	-	Active	NO
7	U72900MH2008PTC179070	V-KIDD COMPUTER GRAPHICS PRIVATE LIMITED	Director	19/02/2008	19/02/2008	-	Active	NO
8	U24232MH2010PLC205370	USV LABS LIMITED	Director	08/07/2010	08/07/2010	-	Active	NO
9	AAA-3050	TENDER MANAGEMENT CONSULTANTS LLP	Designated Partner	09/12/2010	09/12/2010	-	Active	NO

Name :

Mr. Prashant Kumar Tewari

Designation :

Managing director

Address :

41, Ritu Apartments, 208, B J Road, Bandra ( West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

09.04.1958

Qualification :

MS, B. Tech IIT- Kanpur

Date of Appointment :

01.05.2008

DIN No.:

00001745

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	U24239MH1961PLC012098	USV LIMITED	Managing director	01/05/2008	20/01/1986	-	Active	NO
2	U24239MH1989PTC054400	TREVA HEALTH CARE PRIVATE LIMITED	Director	28/11/1989	28/11/1989	-	Active	NO
3	U24239MH1989PTC054414	VIPAL HEALTH CARE PRIVATE LIMITED	Director	28/11/1989	28/11/1989	-	Active	NO
4	U24239MH1995PTC092234	USV RELIABLE HOMES PRIVATE LIMITED	Director	28/08/1995	28/08/1995	-	Active	NO
5	U30007MH1989PLC050842	SKYTEL NETWORKS LIMITED	Director	15/06/1998	15/06/1998	31/08/2007	Active	NO
6	U24239MH1960PTC011862	NEO-PHARMA INDUSTRIES PRIVATE LIMITED	Director	10/07/1998	10/07/1998	-	Active	NO
7	U72200MH1999PTC119417	ARISTOS SOFTWARE PRIVATE LIMITED	Director	15/04/1999	15/04/1999	-	Dormant	NO
8	U17120MH1965PLC015806	HINDUSTAN POLYAMIDES AND FIBRES LIMITED	Director	25/03/2002	25/03/2002	03/02/2009	Active	NO
9	U72900MH2008PTC179070	V-KIDD COMPUTER GRAPHICS PRIVATE LIMITED	Director	19/02/2008	19/02/2008	-	Active	NO
10	U24232MH2010PLC205370	USV LABS LIMITED	Director	08/07/2010	08/07/2010	-	Active	NO

Name :

Debabrata Sujit Gupta

Designation :

Whole-time director

Address :

B-804, Etrnai, Hiranandani Gardens, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

19.02.1963

Qualification :

B. Tech.(Chemistry)-IIT Kharagpur

Date of Appointment :

19.09.2008

DIN No.:

01500784

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	Company/ LLP Status	Defaulting status
1	U24239MH1961PLC012098	USV LIMITED	Whole-time director	19/09/2008	19/09/2005	Active	NO
2	U24232MH2010PLC205370	USV LABS LIMITED	Director	08/07/2010	08/07/2010	Active	NO

Name :

Mr. Deepak Keshav Ghaisas

Designation :

Director

Address :

B 61/62, Swapnashilp Apartments, Mahant Road, Vile Parle (East), Mumbai-400057, Maharashtra, India

Date of Birth/Age :

19.11.1957

Qualification :

CA, CS and ICWA

Date of Appointment :

23.08.2003

DIN No.:

00001811

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	U72900MH2001PTC131264	ORACLE (OFSS) ASP PRIVATE LIMITED	Director	16/03/2001	16/03/2001	12/09/2008	Active	NO
2	U72309PN2000PTC015028	SARVATRA TECHNOLOGIES PRIVATE LIMITED	Director	28/12/2012	31/05/2001	-	Active	NO
3	U24239MH1961PLC012098	USV LIMITED	Director	23/08/2003	23/08/2003	-	Active	NO
4	L51900MH1997PLC108798	SHOPPERS STOP LIMITED	Director	24/07/2004	24/07/2004	-	Active	NO
5	U72900MH2005PLC151334	ORACLE (OFSS) PROCESSING SERVICES LIMITED	Director	16/02/2005	16/02/2005	08/08/2008	Active	NO
6	U72900DL2002PLC180572	ORACLE (OFSS) BPO SERVICES LIMITED	Director	30/05/2005	30/05/2005	08/08/2008	Active	NO
7	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	31/05/2006	31/05/2006	13/06/2008	Active	NO
8	L72200MH1989PLC053666	ORACLE FINANCIAL SERVICES SOFTWARE LIMITED	Whole-time director	24/08/2007	01/05/2007	08/08/2008	Active	NO
9	L24223MH1946PLC005434	KOKUYO CAMLIN LIMITED	Director	26/06/2009	28/07/2008	19/10/2011	Active	NO
10	U93090MH2008PTC186828	GENCOVAL STRATEGIC SERVICES PRIVATE LIMITED	Director	17/09/2008	17/09/2008	-	Active	NO
11	U85100MH2009PTC189779	GCV LIFE PRIVATE LIMITED	Director	21/01/2009	21/01/2009	-	Active	NO
12	U93090MH2009PTC193622	STEMADE BIOTECH PRIVATE LIMITED	Director	29/06/2009	29/06/2009	-	Active	NO
13	U45200MH2009PTC193674	DCUBE VENTURES & DEVELOPERS PRIVATE LIMITED	Director	30/06/2009	30/06/2009	14/04/2012	Active	NO
14	U93000MH2009NPL196282	CHITPAVAN FOUNDATION	Director	06/10/2009	06/10/2009	-	Active	NO
15	U74990MH2009PTC197233	HARIOM INFRAFACILITIES SERVICES PRIVATE LIMITED	Director	23/11/2009	23/11/2009	-	Active	NO
16	U74140MH2010PTC201348	HEALTHBRIDGE ADVISORS PRIVATE LIMITED	Director	26/03/2010	26/03/2010	-	Active	NO
17	U74900PN2008PTC132818	NV CONSULTING PRIVATE LIMITED	Additional director	22/06/2010	22/06/2010	13/03/2013	Active	NO
18	U85110MH2010PTC205448	UNICITY HEALTH PRIVATE LIMITED	Director	13/07/2010	13/07/2010	10/08/2010	Active	NO
19	U52510MH2004PLC146577	HYPERCITY RETAIL (INDIA) LIMITED	Director	23/09/2010	04/08/2010	-	Active	NO
20	U85100MH2011PTC219265	HEALTHY SLEEP SOLUTIONS INDIA PRIVATE LIMITED	Director	29/06/2011	29/06/2011	-	Active	NO
21	U92120MH2006PLC164692	COGENCIS INFORMATION SERVICES LIMITED	Director	12/03/2013	12/03/2013	-	Active	NO

Name :

Debabrata Bhadury

Designation :

Director

Address :

9-A, Belvedere Court, Sane Guruji Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India

Date of Birth/Age :

20.11.1941

Qualification :

MA (Economics)

Date of Appointment :

01.05.2001

DIN No.:

00001754

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	Company/ LLP Status	Defaulting status
1	U24239MH1961PLC012098	USV LIMITED	Director	01/05/2001	01/05/2001	Active	NO
2	U65991MH2001PTC131170	DEUTSCHE TRUSTEE SERVICES (INDIA) PRIVATE LIMITED	Director	24/07/2002	24/07/2002	Active	NO

Name :

Murugappan Muthiah Venkatachalam

Designation :

Director

Address :

20/1, Valliammai Achi Road, Kottupuram, Chennai - 600085, Tamilnadu, India

Date of Birth/Age :

24.11.1958

Qualification :

MBA, Washington University, USA

Date of Appointment :

31.07.2006

DIN No.:

00152619

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	U65993TN1980PTC008423	M M MUTHIAH SONS PRIVATE LIMITED	Director	20/09/1980	20/09/1980	-	Active	NO
2	U73100TN1983NPL010490	M.M.MUTHIAH RESEARCH FOUNDATION	Director	29/11/1983	29/11/1983	-	Active	NO
3	U01116TN1942PTC003659	AMBADI INVESTMENTS PRIVATE LIMITED	Director	25/09/1992	25/09/1992	-	Active	NO
4	U29309TN1993PLC025896	POLUTECH LIMITED	Director	29/09/1993	29/09/1993	-	Active	NO
5	U65991TN1989PLC017825	CHOLAMANDALAM FACTORING LIMITED	Director	31/03/1995	31/03/1995	-	Amalgamated	NO
6	U25209TN1995PLC033299	COROMANDEL BATHWARE LIMITED	Director	19/10/1995	19/10/1995	14/03/2008	Strike off	NO
7	U67190TN2000PLC045617	CHOLAMANDALAM DISTRIBUTION SERVICES LIMITED	Director	23/08/2000	23/08/2000	24/04/2008	Active	NO
8	U65993TN1994PLC028674	CHOLAMANDALAM SECURITIES LIMITED	Director	13/11/2000	13/11/2000	28/02/2009	Active	NO
9	L72300TN1997PLC037550	RAMCO SYSTEMS LIMITED	Director	05/04/2001	05/04/2001	-	Active	NO
10	U30007TN2000PTC045768	LASER WORDS PRIVATE LIMITED	Director	27/01/2007	25/01/2002	04/11/2011	Active	NO
11	U85320TN1999NPL041989	YOUNG PRESIDENTS ORGANISATION (CHENNAI CHAPTER)	Director	20/09/2003	20/09/2003	14/08/2010	Active	NO
12	U01119TN1977PLC070246	MURUGAPPA HOLDINGS LIMITED	Director	19/11/2003	19/11/2003	09/02/2012	Active	NO
13	U65991TN1941PLC001437	AMBADI ENTERPRISES LIMITED	Director	05/02/2004	05/02/2004	-	Active	NO
14	U29142TN1990PLC020023	PARRY ENTERPRISES INDIA LIMITED	Director	14/07/2004	14/07/2004	19/10/2012	Active	NO
15	L24211TN1975PLC006989	E.I.D PARRY (INDIA) LIMITED	Director	28/04/2005	28/04/2005	29/10/2007	Active	NO
16	U24239MH1961PLC012098	USV LIMITED	Director	31/07/2006	19/09/2005	-	Active	NO
17	U17229TN2006PTC061400	PARRY MURRAY AND COMPANY FURNISHINGS AND FLOOR COVERINGS (INDIA) PRIVATE LIMITED	Director	30/10/2006	30/10/2006	-	Amalgamated	NO
18	L24120AP1961PLC000892	COROMANDEL INTERNATIONAL LIMITED	Director	24/07/2007	23/01/2007	-	Active	NO
19	U65990TN2008PTC066257	NEW AMBADI ESTATES PRIVATE LIMITED	Director	31/01/2008	31/01/2008	-	Active	NO
20	L74910TN1947PLC000343	COROMANDEL ENGINEERING COMPANY LIMITED	Managing director	26/04/2012	31/07/2009	-	Active	NO
21	U91990TZ1889GAP000136	OOTACAMUND CLUB	Director	22/11/2010	22/11/2010	-	Active	NO
22	U01132TN2011PLC079800	PARRY AGRO INDUSTRIES LIMITED	Director	18/05/2011	23/03/2011	-	Active	NO
23	L24110GJ1991PLC020753	SABERO ORGANICS GUJARAT LIMITED	Director	13/07/2012	19/12/2011	-	Active	NO
24	U55101TN2005PTC055586	ALAMPARA HOTELS AND RESORTS PRIVATE LIMITED	Director	26/09/2012	16/08/2012	-	Active	NO

Name :

Mr. Vilas Gandhi Tewari

Designation :

Director

Address :

5416, Fair Ave Apartment, 1321, N Hollywood, CA USA 91601

Date of Birth/Age :

24.03.1984

Date of Appointment :

27.09.2012

DIN No.:

05354249

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	Company/ LLP Status	Defaulting status
1	U24239MH1961PLC012098	USV LIMITED	Director	27/09/2012	14/08/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Tanmay Anand Joshi
Designation :	Secretary
Address :	1/23, Radha Krishna Nivas, Dr. B.A. Road, Dadar (East), Mumbai-400014, Maharashtra, India
Date of Birth/Age :	20.01.1983
Date of Appointment :	05.06.2009
PAN No.:	AGWPJ8684G
Name :	Mr. Tushar Gedam
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2012

Names of Shareholders	No. of Shares
Leena Gandhi Tewari	91287618
Aneesha Gandhi Tewari	11106
Treva Health Care Private Limited, India	5553
Vipal Health Care Private Limited, India	5553
USV Reliable Homes Private Limited, India	7404
Leena Gandhi Tewari Jointly with Prashant Tewari	5395665
Prashant Tewari Jointly with Leena Gandhi Tewari	3041193
Prashant Tewari	201759
Neo-Pharma Industries Private Limited, India	11106
Total	99966957

AS ON 27.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Active Pharmaceutical Ingredient (API), Finished Dosages and Generics.

Products :

ITC Code	Product Descriptions
21069099	Visyneral
21069091	Diataal
29331990	Irbesartan
29350090	Glimepiride
29420090	Metformin
30049099	Glycomet
30049099	Ecosprin
30045090	Bottles
30049099	Metformin

Exports :

Products :

Finished Goods

Countries :

Ø US

Ø Europe

Ø Kenya

Ø Singapore

Ø Sri Lanka

Ø Uganda

Ø Vietnam

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

End Users and Medical Institutes

No. of Employees :

600 (Approximately)

Bankers :

Ø Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Ø State Bank of India, Mid Corporate Loan, Administrative Unit, Shree Hari Building, RTO Lane, Four Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India [Tel No.: 91-22-26332133]

Ø Standard Chartered Grindlays Bank Limited, Dr. D. N. Road, Mumbai-400001, Maharashtra, India

Ø The Saraswat Co-operative Bank Limited, Mumbai, Maharashtra, India

Ø Canara Bank

Ø Vietcom Bank

Ø JSC Bank

Ø Swed Bank

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Rupee Term Loans Others Secured	N.A.	7.825
Total	N.A.	7.825

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Internal Auditor :
Name :	A P R Associates Chartered Accountants
Cost Auditor :
Name :	Sevekari, Khare and Associates Cost Accountants
Associates [31.03.2011] :	Ø Treva Health Care Private Limited Ø Vipal Health Care Private Limited Ø Tender Remedies Ø Business Link Automation (India) Limited Ø Vital Pharmacal Private Limited Ø Neo Pharma Industries Private Limited Ø Chronomed Health Care Private Limited Ø USV Reliable Homes Private Limited
Subsidiaries [31.03.2011]:	Ø USV North America Inc Ø Indicus Pharma LLC Ø USV Europe Limited Ø USV Labs Limited [U24232MH2010PLC20537]

CAPITAL STRUCTURE

AS ON 27.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125,000,000	Equity Shares	Rs. 10/- each	Rs. 1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99,966,957	Equity Shares	Rs. 10/- each	Rs. 999.670 Millions

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		999.670	999.670
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		9070.135	8086.350
4] (Accumulated Losses)		0.000	0.000
NETWORTH		10069.805	9086.020
LOAN FUNDS
1] Secured Loans		7.825	7.825
2] Unsecured Loans		25.989	32.127
TOTAL BORROWING		33.814	39.952
DEFERRED TAX LIABILITIES		177.428	228.141
TOTAL		10281.047	9354.113
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3607.984	3478.177
Capital work-in-progress		291.117	123.773
INVESTMENT		4864.610	4913.096
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1316.962	1144.009
	Sundry Debtors	1528.678	1125.101
	Cash & Bank Balances	1008.720	754.402
	Other Current Assets	0.000	0.000
	Loans & Advances	2265.269	1571.570
Total Current Assets		6119.629	4595.082
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1693.345	1255.366
	Current Liabilities	88.894	58.808
	Provisions	2820.054	2441.841
Total Current Liabilities		4602.293	3756.015
Net Current Assets		1517.336	839.067
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		10281.047	9354.113

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

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	14470.371	11561.982	10149.493
		Other Income	642.243	471.958	488.665
		TOTAL (A)	15112.614	12033.940	10638.158
Less	EXPENSES
		Cost of materials consumed	3190.497	2534.104
		Purchases of stock-in-trade	1991.741	1505.726
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(72.008)	(144.486)
		Employee benefit expense	1281.896	937.310
		Other expenses	4702.317	3879.488
		TOTAL (B)	11094.443	8712.142	7588.169
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4018.171	3321.798	3049.989
Less	FINANCIAL EXPENSES (D)		1.850	3.785	1.538
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4016.321	3318.013	3048.451
Less/ Add	DEPRECIATION/ AMORTISATION (F)		639.565	646.334	386.722
	PROFIT BEFORE TAX (E-F) (G)		3376.756	2671.679	2661.729
Less	TAX (H)		552.107	124.022	453.462
	PROFIT AFTER TAX (G-H) (I)		2824.649	2547.657	2208.267
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of goods exported	3374.620	2748.360	2833.690
	IMPORTS
		Raw Materials	1028.828	530.356	639.190
		Components and Spares Parts	148.678	130.708	11.110
		Capital Goods	89.443	215.170	--
		Traded Goods	--	--	56.900
		Plant and Machinery	--	--	100.710
		Laboratory Equipment	--	--	87.790
		Laboratory Chemicals and Consumables	--	--	36.270
		Others	--	--	2.980
	TOTAL IMPORTS		1266.949	876.234	934.950
	Earnings Per Share (Rs.)		28.26	25.48	22.09

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	23.34	21.17	20.76
Net Profit Margin (PBT/Sales)	(%)	18.69	23.11	26.23
Return on Total Assets (PBT/Total Assets}	(%)	NA	27.46	32.97
Return on Investment (ROI) (PBT/Networth)		NA	0.27	0.29
Debt Equity Ratio (Total Debt/Networth)		NA	0.00	0.00
Current Ratio (Current Asset/Current Liability)		NA	1.33	1.22

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	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	No
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)	Yes
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	No
34]	External Agency Rating, if available	Yes

CHARGES

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
USV Limited		CBEC	Defaulted in payment of customs/ excise duties	Notice issued under Section 142 of Customs Act, 1962 17-July-2009

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Deferred Sales Tax Loan Unsecured	N.A.	25.989
Total	N.A.	25.989

CORPORATE INFORMATION

USV Limited (the Company) is a public company domiciled in India and incorporated under the provision of the Companies Act, 1956. Its shares are not listed on any stock exchange in India. The company is engaged in the manufacturing and selling of Active Pharmaceutical Ingredient (API), finished dosages and generics. The Company is admired in India for leadership in diabetes and cardio-vascular space, as well as strong brands in other segments.

CONTINGENT LIABILITIES:

Particulars	31.03.2011	31.03.2010
	(Rs. in Millions)
Guarantees given by the Bank on behalf of the Company	40.250	52.61
Letters of credit issued by bank on behalf of the Company	160.770	15.690
Demands of Income Tax, Sales Tax and Excise (Authorities pertaining to further disputes by respective authorities against initial appeal orders. The Company is of the view that the matters will be decided in its favour and does not expect any liability on these disputes)	86.28	99.44
Claims against the Company not acknowledged as debts 1) DPCO / DPEA / NPPA Claims pertaining to recovery of excess price / equalization. 2) Legal / Labour Claims pertaining to compensation pursuant to termination of service.	246.670 3.230	241.180 2.240

FIXED ASSETS:

Ø Land – Freehold

Ø Land – Leasehold

Ø Factory Building

Ø Residential Buildings

Ø Office Premises

Ø Plant and Machinery

Ø Office Equipments

Ø Furniture and Fixtures

Ø Vehicles

Ø Computers

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. 61.05
UK Pound	1	Rs. 90.89
Euro	1	Rs. 78.27

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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.