MIRA INFORM REPORT

Report Date :

17.09.2014

IDENTIFICATION DETAILS

Name :	UNIVERSAL PHARMACEUTICALS LIMITED
Registered Office :	No.1, Grihalakshmi Shopping Complex, Vaidyanathan Street, Tondiarpet, Chennai – 600 081, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.07.1990
Com. Reg. No.:	18-019449
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U24231TN1990PLC019449
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of pharmaceuticals product.
No. of Employees :	50 (Approximately)

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 130000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Networth of the company seems to be good. Trade relations are reported to be fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealing 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Shiva Kumar
Designation :	Director
Contact No.:	91-413-2640370
Date :	05.02.2014

LOCATIONS

Registered Office :	No.1, Grihalakshmi Shopping Complex, Vaidyanathan Street, Tondiarpet, Chennai – 600 081, Tamilnadu, India
Tel. No.:	91-44-42007545
Fax No.:	Not Available
E-Mail :	accounts@unipha.co.in factory@unipha.co.in
Website :	www.unipha.co.in
Location :	Rented
Corporate Office :	9A, III Floor, 72 Rukmani Lakshmipathi Salai, Egmore, Chennai – 600 008, Tamilnadu, India
Location :	Rented
Factory :	18^th Cross, PIPDIC Industrial Area, Mettupalayam, Pondicherry – 605107, Puducherry, India

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Shreenivasan Parambath

Designation :

Director

Address :

4-B, Golden Kings Mead Ias Enclave, Off 10^th Main Anna Nagar, Chennai – 600 040, Tamilnadu, India

Date of Birth/Age :

01.07.1951

Date of Appointment :

15.07.2004

DIN No.:

00717716

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	U24231TN1990PLC019449	UNIVERSAL PHARMACEUTICALS LIMITED	Director	15/07/2004	15/07/2004	Active	NO
2	U24231TN2009PTC074088	TIL LABORATORIES PRIVATE LIMITED	Director	31/12/2009	31/12/2009	Active	NO

Name :

Mr. Marda Ratan Shew

Designation :

Director

Address :

1-3 Sastri Nagar, 9^th Cross Street, Adyar, Chennai – 600 020, Tamilnadu, India

Date of Birth/Age :

07.03.1945

Date of Appointment :

10.08.2006

DIN No.:

00717719

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	U24231TN1990PLC019449	UNIVERSAL PHARMACEUTICALS LIMITED	Director	10/08/2006	10/08/2006	Active	NO
2	U51909TN2012PTC084293	TAGROS INTERNATIONAL PRIVATE LIMITED	Director	03/02/2012	03/02/2012	Strike off	NO

Name :

Mr. Swaminathan Sivakumar

Designation :

Director

Address :

26, 3^rd Cross Extension, Shanti Nagar, Pondicherry – 605 013, India

Date of Birth/Age :

06.03.1953

Date of Appointment :

09.08.2007

DIN No.:

06497380

KEY EXECUTIVES

Name :	Mr. Chandra
Designation :	Accounts Department

MAJOR SHAREHOLDERS

AS ON 31.03.2012

Names of Shareholders	No. of Shares
Srihari Foundation s private Limited, India	8330
Woodbird Marketing Private Limited, India	11662
Provincial Investment Corporation Private Limited, India	19992
SRB Agencies Private Limited, India	15660
D K Capital Market Private Limited India	4332
Talon India Private Limited, India	19992
Vishakha Tradecom Private Limited, India	16660
RSRK Mercantile Private Limited, India	3332
Total	99960

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Bodies corporate	56.33
Other top fifty shareholders	43.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pharmaceuticals product.
Exports :
Products :	Finished Goods
Countries :	· Ghana · Sri Lanka · Myanmar
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

No. of Employees :	50 (Approximately)
Bankers :	· Canara Bank, Overseas Branch, Anna Salai, Chennai – 600 002, Tamilnadu, India · ICICI Bank Limited, 110, Nungambakkam High Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	M. C. Ranganathan and Company Chartered Accountants
Address :	No.9, Madanagopal Street, Abiramapuram, Chennai – 600 018, Tamilnadu, India
PAN No.:	AAEFM7446Q

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
99960	Equity Shares	Rs. 10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000	1.000	1.000
(b) Reserves & Surplus	31.728	29.788	32.275
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	32.728	30.788	33.275
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	6.933	9.108
(b) Deferred tax liabilities (Net)	0.617	0.393	0.419
(c) Other long term liabilities	2.770	6.086	3.822
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.387	13.412	13.349
(4) Current Liabilities
(a) Short term borrowings	15.943	5.959	3.150
(b) Trade payables	48.756	21.525	16.603
(c) Other current liabilities	1.973	0.736	0.594
(d) Short-term provisions	1.385	0.938	0.086
Total Current Liabilities (4)	68.057	29.158	20.433
TOTAL	104.172	73.358	67.057
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19.761	21.694	23.152
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	9.462	9.462	9.463
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.221	0.211	0.212
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29.444	31.367	32.827
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	20.593	11.528	11.051
(c) Trade receivables	22.060	14.421	11.411
(d) Cash and cash equivalents	1.058	0.118	0.232
(e) Short-term loans and advances	31.017	15.924	11.536
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	74.728	41.991	34.230
TOTAL	104.172	73.358	67.057

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	125.960	77.617	57.340
		Other Income	6.366	1.683	1.361
		TOTAL (A)	132.326	79.300	58.701
Less	EXPENSES
		Cost of Materials Consumed	68.075	42.447	30.556
		Changes in Inventories of finished goods	0.040	0.187	(0.779)
		Employee Benefits Expenses	20.976	18.484	13.902
		Other Expenses	36.238	16.114	18.491
		TOTAL (B)	125.329	77.232	62.170
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.997	2.068	(3.469)
Less	FINANCIAL EXPENSES (D)		2.291	1.785	1.395
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.706	0.283	(4.864)
Less	DEPRECIATION/ AMORTISATION (F)		2.541	2.796	3.107
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		2.165	(2.513)	(7.971)
Less	TAX (H)		0.225	0.026	0.092
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		1.940	(2.487)	(7.879)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		28.886	31.373	39.252
	BALANCE CARRIED TO THE B/S		30.826	28.886	31.373
	Earnings Per Share (Rs.)		1.94	(2.49)	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	1.47	(3.14)	(13.42)
Net Profit Margin (PBT/Sales)	(%)	1.72	(3.24)	(13.90)
Return on Total Assets (PBT/Total Assets}	(%)	2.29	(3.93)	(13.84)
Return on Investment (ROI) (PBT/Networth)		0.07	(0.08)	(0.24)
Debt Equity Ratio (Total Debt /Networth)		0.49	0.42	0.37
Current Ratio (Current Asset/Current Liability)		1.10	1.44	1.68

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	1.000	1.000	1.000
Reserves & Surplus	32.275	29.788	31.728
Net worth	33.275	30.788	32.728
long-term borrowings	9.108	6.933	0.000
Short term borrowings	3.150	5.959	15.943
Total borrowings	12.258	12.892	15.943
Debt/Equity ratio	0.368	0.419	0.487

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	57.340	77.617	125.960
		35.363	62.284

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	57.340	77.617	125.960
Profit	(7.879)	(2.487)	1.940
	(13.74%)	(3.20%)	1.54%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
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	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

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10022867	25/10/2013 *	36,500,000.00	CANARA BANK	OVERSEAS BRANCH, ANNA SALAI, CHENNAI - 600002, TAMIL NADU, INDIA	B92119882
2	90301267	14/08/2004	27,292,000.00	INDIAN BANK	MADRAS GEORGE TOWN BRANCH; NEW NO. 321, OLD NO. 155; THAMBU CHETTY STREET, CHENNAI - 600001, TAMIL NADU, INDIA	-
3	90302311	28/01/2005 *	27,292,000.00	INDIAN BANK	MADRAS GEORGE TOWN BRANCH; NEW NO. 321, OLD NO. 155; THAMBU CHETTY STREET, CHENNAI - 600001, TAMIL NADU, INDIA	-

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Air Conditioner

· Electrical Fittings

· Fax

· Office Equipment

· Plant and Machinery

· Refrigerator

· Furniture and Fixture

· Vehicles

· 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.61.10
UK Pound	1	Rs.99.05
Euro	1	Rs.79.03

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--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	YES
--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
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.