MIRA INFORM REPORT

Report No. :	351367
Report Date :	14.12.2015

IDENTIFICATION DETAILS

Name :	EMCURE PHARMACEUTICALS SOUTH AFRICA (PTY) LTD

Registered Office :	Building 1, Ground Floor, South Win Meyersdal Office Park 65 Philip Engelbrect Avenue Meyersdal 1448

Country :	South Africa

Date of Incorporation :	19.07.2010

Com. Reg. No.:	2010/015167/07

Legal Form :	Private Company (Pty) Ltd

Line of Business :	Import and distribution of pharmaceutical products utilised for blood related cardiology, pain, HIV, gynaecology, and nephrology therapeutic areas.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

South Africa

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

SOUTH AFRICA ECONOMIC OVERVIEW

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors; and a stock exchange that is Africa’s largest and among the top 20 in the world.

Even though the country's modern infrastructure supports a relatively efficient distribution of goods to major urban centers throughout the region, unstable electricity supplies retard growth. Economic growth has decelerated in recent years, slowing to just 1.5% in 2014. Unemployment, poverty, and inequality - among the highest in the world - remain a challenge. Official unemployment is roughly 25% of the work force, and runs significantly higher among black youth. Eskom, the state-run power company, is building three new power stations and is installing new power demand management programs to improve power grid reliability. Load shedding and resulting rolling blackouts gripped many parts of South Africa in late 2014 and early 2015 because of electricity supply constraints that resulted from technical problems at some generation units, unavoidable planned maintenance, and an accident at a power station in Mpumalanga province. The rolling black outs were the worst the country faced since 2008. Construction delays at two additional plants, however, mean South Africa will continue to operate on a razor thin margin; economists judge that growth cannot exceed 3% until electrical supply problems are resolved.

South Africa's economic policy has focused on controlling inflation; however, the country faces structural constraints that also limit economic growth, such as skills shortages, declining global competitiveness and frequent work stoppages due to strike action. The current government faces growing pressure from urban constituencies to improve the delivery of basic services to low-income areas and to increase job growth.

Source : CIA

STATUTORY INFORMATION

Registered Name	EMCURE PHARMACEUTICALS SOUTH AFRICA (PTY) LTD
Registration Number	2010/015167/07
Type of Company	Private Company (Pty) Ltd
Registration Date	19/07/2010
Date Commenced Trading	19/07/2010
Commercial Status	In Business

CONTACT DETAILS

Contact Number	+27 11 867 7274
Social Media Presence
Registered Physical Address	Building 1, Ground Floor, South Win Meyersdal Office Park 65 Philip Engelbrect Avenue MEYERSDAL 1448
Trading Physical Address	Meyersdal Office Park 65 Philip Engelbrect Avenue MEYERSDAL, Alberton Johannesburg, Gauteng
Postal Address	P O Box 2099 MONDEOR Johannesburg Gauteng 2110

TAX INFORMATION

Income Tax Number 9277868171

VAT Number 4740260916

AUDITORS INFORMATION

Name CAP CHARTERED ACCOUNTANTS

GENERAL COMMENTS

Comments

On investigation attempts to contact the respondent at the subject proved unsuccessful, as the relevant person has gone on leave for the December holidays, and will only return to office during January 2016.

It was further stated that there is no one else who is able to assist with company information, as the subject operates as a subsidiary of its Holding Company EMCURE PHARMACEUTICALS PRIVATE LIMITED based in India.

As per our client's request we are closing this file, and the basic information contained in this report has been obtained from outside resources and CIPC details.

OWNERSHIP STRUCTURE

PRINCIPAL INFORMATION

PRINCIPAL DETAILS

Full Name	ID No.	Designation	Status	Date of Appoint- ment	Active Interests	Prev. Interests	Judg- ments	Fraud Listing
UTHARADHI, DEVBALAJI	Z1724584		Active	19/07/2010	1	0	0	0
UTHARADHI, DEVBALAJI	6307130000000		Active	19/07/2010	1	0	0	0
SHAIKH, TAJUDDIN SABIR	H0890074		Active	31/07/2015	1	0	0	0
KHANNA, ARUN KUMAR	5207090000000		Active	19/07/2010	1	0	0	0
KHANNA, ARUN KUMAR	Z2438381		Resigned	19/07/2010	0	1	0	0

ADMIN DETAILS

INTERVIEWER

Researcher	Inoxico
Contact Tel No.	+27 10 001 0540
Email	research@inoxico.com

LEGEND

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10
ZAR	1	Rs.4.44

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	ANK

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	--

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%)

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.

History	CIPC details reflect that EMCURE PHARMACEUTICALS SOUTH AFRICA (PTY) LTD was established in July 2010, and underwent no significant changes. Full company history details have not been confirmed.
Major Operations or Business	Import and distribution of pharmaceutical products utilised for blood related, cardiology, pain, HIV, gynaecology, and nephrology therapeutic areas. The subject operates as a subsidiary under the Holding Company EMCURE PHARMACEUTICALS PRIVATE LIMITED based in India.
Industry	Import and distribution.
SIC Code(s)	65(Import)