MIRA INFORM REPORT

Report Date :

10.06.2013

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 (53)

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

Maximum Credit Limit :	USD 16440000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Exist
Comments :	Subject is a well established company having a satisfactory track record. The company has shown better improvement in its operations and profits during 2012. The balance sheet is not available. However, trade relations are reported as decent. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A+ [Long Term Bank Facilities]
Rating Explanation	Adequate degree of safety and low credit risk.
Date	30.01.2012

Rating Agency Name	CARE
Rating	A1 [short Term Bank Facilities]
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	30.01.2012

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

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

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
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 411057, 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 - 411057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821444
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 - 411057, 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 - 411057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821441

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

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	L85195AP1984PLC004393	NEULAND LABORATORIES LIMITED	Director	23/08/1994	23/08/1994	-	Active	NO
2	U70200MH2000PTC127068	H DHANRAJGIR ESTATES PRIVATE LIMITED	Director	07/06/2000	07/06/2000	-	Active	NO
3	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	11/07/2000	11/07/2000	-	Active	NO
4	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	23/09/2000	23/09/2000	-	Active	NO
5	U24249KA1991PLC011880	SAMI LABS LIMITED	Director	12/01/2002	12/01/2002	-	Active	NO
6	L24230GJ1995PLC025878	CADILA HEALTHCARE LIMITED	Director	16/08/2003	16/08/2003	-	Active	NO
7	U74300MH1969PTC014391	LINTAS INDIA PRIVATE LIMITED	Alternate director	27/09/2006	23/09/2003	02/07/2007	Active	NO
8	U85100MH1946GAP005082	BREACH CANDY HOSPITAL TRUST	Director	29/01/2004	29/01/2004	-	Active	NO
9	L24110GJ1969PLC001590	THEMIS MEDICARE LIMITED	Director	27/08/2004	27/08/2004	-	Active	NO
10	U23104KA1972PTC002151	KEMWELL PRIVATE LIMITED	Director	01/02/2005	01/02/2005	31/12/2010	Active	NO
11	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	27/07/2009	05/05/2006	-	Active	NO
12	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	28/07/2009	27/04/2009	-	Active	NO

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 :

28.08.2012

Voter ID No.:

DRD0732172

DIN No.:

00026843

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	28/08/2012	23/07/2001	-	Active	NO
2	L24239MH1935PLC002380	CIPLA LIMITED	Director	19/01/2002	19/01/2002	27/08/2007	Active	NO

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 :

15.06.2011

Voter ID No.:

MT/ 42/ 246/ 0777545

DIN No.:

00118341

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	15/06/2011	11/12/1999	-	Active	NO
2	U24232PN2005PLC020815	LASOR PHARMACEUTICALS LIMITED	Director	30/03/2009	30/03/2009	04/02/2010	Amalgamated	NO

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 :

01.04.2012

Qualification :

M. Sc., M.B.A. [IIMA]

Voter ID No.:

FGD0962068

DIN No.:

00118691

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Managing director	01/04/2012	16/04/1981	-	Active	NO
2	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	29/09/2000	29/09/2000	-	Strike off	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	19/06/2001	19/06/2001	09/09/2011	Active	NO
4	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	03/07/2002	03/07/2002	-	Active	NO
5	U24232PN2005PLC020815	LASOR PHARMACEUTICALS LIMITED	Director	28/07/2010	04/02/2010	-	Amalgamated	NO

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 :

05.01.2010

DIN No.:

00121686

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	05/01/2010	27/12/1994	-	Active	NO
2	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	29/09/2000	29/09/2000	-	Strike off	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	19/06/2001	19/06/2001	23/08/2011	Active	NO
4	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	20/10/2011	03/07/2002	-	Active	NO
5	U15549PN2006PTC021813	UTH BEVERAGE FACTORY PRIVATE LIMITED	Director	20/09/2007	23/08/2007	-	Active	NO
6	U24232PN2005PLC020815	LASOR PHARMACEUTICALS LIMITED	Director	28/07/2010	04/02/2010	-	Amalgamated	NO
7	U24232PN2011PLC138758	UTH HEALTHCARE LIMITED	Director	03/03/2011	03/03/2011	-	Active	NO

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

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	U99999MH1987PTC042289	CENTRUM FISCAL PRIVATE LIMITED	Director	21/01/1987	21/01/1987	-	Active	NO
2	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Director	27/08/1993	27/08/1993	-	Active	NO
3	U61100MH1991PTC059902	SEA FREIGHT PRIVATE LIMITED	Director	11/01/1995	11/01/1995	-	Active	NO
4	U61100MH1996PTC102891	OCEAN EXPRESS PRIVATE LIMITED	Director	19/11/1996	19/11/1996	16/09/2002	Active	NO
5	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	03/04/1997	03/04/1997	-	Active	NO
6	U51900MH1998PTC115918	NISHIT MERCHANDISE PRIVATE LIMITED	Director	07/05/1999	07/05/1999	14/10/2011	Active	NO
7	L29299MH1987PLC045446	RELIANCE MEDIAWORKS LIMITED	Director	19/07/2000	19/07/2000	26/10/2007	Active	NO
8	L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	Director	29/06/2001	29/06/2001	-	Active	NO
9	U24299MH2001PTC133128	ISAGRO (ASIA) AGROCHEMICALS PRIVATE LIMITED	Director	21/08/2001	21/08/2001	19/11/2008	Active	NO
10	U01110MH2002PTC136746	CAPRICORN AGRIFARMS AND DEVELOPERS PRIVATE LIMITED	Director	25/09/2002	25/09/2002	-	Active	NO
11	U45201MH1992PTC067019	MAN REALTORS AND HOLDINGS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	07/10/2008	Active	NO
12	U63010MH1997PTC110288	JAKARI EXPRESS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	07/10/2008	Amalgamated	NO
13	U01210MH2002PTC136745	CAPRICON STUDFARM PRIVATE LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
14	L65990MH1977PLC019986	CENTRUM CAPITAL LIMITED	Director	30/01/2009	31/12/2002	30/04/2010	Active	NO
15	U74999MH2003PTC140687	CHRYSALIS HRD PRIVATE LIMITED	Director	02/06/2003	02/06/2003	22/07/2008	Active	NO
16	U72200MH2000PTC125520	BUSINESS ASIA CONSULTING PRIVATE LIMITED	Director	01/08/2003	01/08/2003	30/08/2008	Active	NO
17	U55102MH2004PTC187649	NEO CAPRICORN PLAZA PRIVATE LIMITED	Director	01/04/2004	01/04/2004	07/07/2011	Active	NO
18	U36101MH2000PLC129024	BP ERGO LIMITED	Director	18/04/2005	18/04/2005	25/06/2007	Active	NO
19	U01110MH1999PTC123246	TRIMODE PROPERTIES PRIVATE LIMITED	Director	26/04/2005	26/04/2005	19/06/2007	Active	NO
20	L52190DL2005PLC181536	Store One Retail India Limited	Director	11/08/2006	16/05/2005	26/12/2007	Active	NO

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

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	U73200PN1980PLC023108	UNITED SOCIO-ECONOMIC DEVELOPMENT AND RESEARCHN PROGRAMME	Director	09/12/1995	09/12/1995	-	Active	NO
2	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	26/06/1999	26/06/1999	-	Active	NO
3	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	03/07/2002	03/07/2002	-	Active	NO
4	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	09/09/2011	23/04/2009	-	Active	NO

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

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	U72900MH2007PTC171259	SKR BPO SERVICES PRIVATE LIMITED	Director	25/09/2008	18/09/2007	07/07/2011	Amalgamated	NO
2	U99999MH2000PTC129112	INTELENET GLOBAL SERVICES PRIVATE LIMITED	Director	30/09/2008	19/09/2007	07/07/2011	Amalgamated	NO
3	L72200AP1990PLC011146	NCC LIMITED	Alternate director	08/11/2012	12/12/2007	-	Active	NO
4	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Nominee director	01/03/2011	01/06/2009	-	Active	NO
5	U72200DL2000PTC107182	MOSER BAER PROJECTS PRIVATE LIMITED	Director	01/11/2010	26/10/2010	-	Active	NO
6	U01403CT2007PLC020179	MONNET POWER COMPANY LIMITED	Director	24/01/2011	24/01/2011	-	Active	NO
7	U22130MH2008PLC177808	MIDDAY INFOMEDIA LIMITED	Director	14/07/2011	31/03/2011	-	Active	NO
8	U67100UP1990PTC011645	JAGRAN MEDIA NETWORK INVESTMENT PRIVATE LIMITED	Nominee director	30/09/2011	21/07/2011	-	Active	NO
9	L22219UP1975PLC004147	JAGRAN PRAKASHAN LIMITED	Director	28/09/2012	22/10/2011	-	Active	NO
10	U40101MP2008PLC022066	MB POWER (MADHYA PRADESH) LIMITED	Nominee director	28/09/2012	29/11/2011	-	Active	NO
11	U67190MH2005PTC156325	BLACKSTONE ADVISORS INDIA PRIVATE LIMITED	Director	29/09/2012	19/03/2012	-	Active	NO
12	L02710CT1990PLC009826	MONNET ISPAT AND ENERGY LIMITED	Director	29/09/2012	14/05/2012	-	Active	NO
13	U74999MH1955PTC009593	S H KELKAR AND COMPANY PRIVATE LIMITED	Director	27/09/2012	08/08/2012	-	Active	NO

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

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	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	20/05/2008	27/08/2007	Active	NO

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

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	U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	Director	21/07/2009	18/05/2009	Active	NO
2	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Alternate director	18/10/2012	12/11/2010	Active	NO
3	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	27/07/2012	09/09/2011	Active	NO

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

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	U74999MH1994PTC077533	ROCHE PRODUCTS (INDIA) PRIVATE LIMITED	Director	23/02/2012	02/05/1994	29/03/2013	Active	NO
2	U91120MH1965GAP013389	ORGANISATION OF PHARMACEUTICAL PRODUCERS OF INDIA	Director	23/09/2006	23/09/2006	01/04/2012	Active	NO
3	U36912MH2011FTC222075	MASTERS BIOPHARMA (INDIA) PRIVATE LIMITED	Director	28/09/2012	27/10/2011	-	Active	NO
4	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Director	10/08/2012	27/04/2012	-	Active	NO
5	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	27/07/2012	28/06/2012	-	Active	NO

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

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	U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	Director	16/03/2002	16/03/2002	-	Strike off	NO
2	U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	Director	09/01/2003	09/01/2003	18/05/2009	Active	NO
3	U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	Whole-time director	01/07/2012	12/11/2010	-	Active	NO

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

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

AS ON 10.08.2012

Equity Share Breakup	Percentage of Holding
Category
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”

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

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

• ABN Amro Bank N.V., 327, M.G. Road Camp, Pune-411001, Maharashtra, India

• The Bank of Maharashtra Limited, Lokmangal, 1501, Shivaji Nagar, Pune – 411005, Maharashtra, India
• Housing Development Finance Corporation Limited, Ramon House, 169, Backbay Reclamation, HT Parekh Marg, Mumbai-400020, Maharashtra, India

• State Bank of India, Industrial Finance Branch, Tara Chamber, 2^nd Floor, Mariaai Police Chowky, Pune-Mumbai Highway, Wakdewadi, Pune-411003, Maharashtra, India

• Indusind Bank Limited, 2401, Gen Timmayya Road, Contonment, Pune-411001, Maharashtra, India

• BNP Paribas Bank, French Bank Building, 62, Homji Street, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 [Rs. in Millions]	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 :	--
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 Commercial Farmaceutica Ltda · 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

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

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	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	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

CASE DETAILS

CS (OS) 2830/2011 and IA No. 18820/2011 (Under Order 39 Rule 1 and 2 CPC)

Dong-A Pharma Company Limited …………. Plaintiff

Through: Ms. T. Saukshnya, Adv.

Versus

Emcure Pharmaceuticals Limited ……..Defendant

Through: Ms. Rajeshwari, Adv.

CORAM:

HON’BLE MR. JUSTICE P.K. BHASIN

ORDER

02.05.2013

At joint request, adjourned to 19^th November, 2013.

P.K. Bhasin, J.

May 02, 2013

Neelam

UNSECURED LOANS

Particulars	31.03.2011 [Rs. in Millions]	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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.