MIRA INFORM REPORT

Report No. :	504009.2
Report Date :	18.04.2018

IDENTIFICATION DETAILS

Name :	EMCURE PHARMACEUTICALS LIMITED
Registered Office :	‘Emcure House’, T-184, M.I.D.C., Bhosari, Pune – 411026, Maharashtra
Tel. No.:	91-20-30610000
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	16.04.1981
Com. Reg. No.:	11-024251
Capital Investment / Paid-up Capital :	INR 1808.521 Million
CIN No.: [Company Identification No.]	U24231PN1981PLC024251
IEC No.: [Import-Export Code No.]	3193008303
TIN No:	27750247807
GSTN : [Goods & Service Tax Registration No.]	27AAACE4574C1ZV
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACE4574C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Developing, Manufacturing and Marketing of Allopathic Pharmaceutical Products. [Registered Activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 31000000
Status :	Good
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Borrowing (A+)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	09.10.2017

Rating Agency Name	CARE
Rating	Short Term Borrowing (A1)
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	09.10.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 18.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Yogesh
Designation :	Not Divulged
Contact No.:	91- 7887541782
Date :	14.04.2018

91-20-30610000 (Management non-cooperative)

LOCATIONS

Registered Office/ Investor Grievances :	‘Emcure House’, T-184, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-30610000/ 27120084/ 40700000
Fax No.:	91-20-30610111
E-Mail :	corporate@emcure.co.in hiteshwar.pruthi@emcure.co.in arun.manjeshwar@roche.com gaurav.pancholia@emcure.co.in company.secretary@emcure.co.in
Website :	http://www.emcure.co.in
Corporate Office:	Survey No. 255/2, Opposite Tata Johnson, Hinjawadi Taluka Mulsi, District Pune-411057, Maharashtra, India
Tel. No.:	91-20-39821300
Business Development/ Factory :	Plot P-II, I.T.B.T Park, M.I.D.C, Mulshi, Hinjwadi, Pune - 411057, Maharashtra, India
Tel. No.:	91-20-39821300
Fax No.:	91-20-39821444
Manufacturing Units :	API Manufacturing Plot No. D – 24, M.I.D.C., Kurkumbh, Taluka Daund, District Pune – 413 802, Maharashtra, India Tel No.: 91-2117-305000/ 235742 Fax No.: 91-2117-235743 Formulations – Injectables Plot P – 1, MIDC, Hinjewadi, Pune – 411 057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821400 Formulations – Solids C – 10/12, M.I.D.C., Bhosari, Pune – 411 026, Maharashtra, India Small Batch Manufacturing Plot P-II, I.T.B.T Park, M.I.D.C, Mulshi, Hinjwadi, Pune - 411057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821444
R & D Centers :	API R and D Plot 12/2, F – II Block, M.I.D.C., Pimpri, Pune – 411 018, Maharashtra, India Tel No.: 91-20-30613000 Fax No.: 91-20-30613056 Plot P-II, Infotech Park M.I.D.C. Hinjwadi, Pune – 411 057, Maharashtra, India Tel No.: 91-20-39821350 Fax No.: 91-20-39821445 Formulation R and D T-184, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India Tel No.: 91-20-30610000 Fax No.: 91-20-30610222 Biotechnology R and D Plot P-II, I.T.B.T Park, M.I.D.C, Mulshi, Hinjwadi, Pune - 411057, Maharashtra, India Tel No.: 91-20-39821300 Fax No.: 91-20-39821441
Representative Office :	B/3, Shree Arihant Compound, Kalher Pipeline, Kalher Bhiwandi, Thane – 421 302, Maharashtra, India

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Satish Ramanlal Mehta

Designation :

Managing Director

Address :

4, Mumbai – Pune Road, Kirkee, Pune – 411 003, Maharashtra, India

Date of Birth/Age :

13.01.1951

Qualification :

M. Sc., PGDM [IIMA]

Date of Appointment :

16.04.1981

PAN No.:

AAVPM4447J

DIN No.:

00118691

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	03/07/2002	-
U24232PN2005PLC020815	LASOR PHARMACEUTICALS LIMITED	28/07/2010	-
U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	29/09/2000	-
U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	01/04/2015	-

Name :

Dr. Mukund Keshav Gurjar

Designation :

Whole Time Director

Address :

National Chemical Laboratory, Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

28.08.1952

Qualification :

M. Sc., Ph. D.

Date of Appointment :

23.07.2001

PAN No.:

ACGPG3335A

DIN No.:

00026843

Name :

Mr. Sunil Rajnikant Mehta

Designation :

Whole-time Director

Address :

4, Mumbai – Pune Road, Kirkee, Pune – 411 003, Maharashtra, India

Date of Birth/Age :

23.03.1963

Qualification :

B.Com, PGDBA

Date of Appointment :

05.06.2013

PAN No.:

AAUPM2926K

DIN No.:

00118469

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72100PN2000PTC015368	EMCURE INFOTECH LIMITED	15/01/2001	-
U24231PN2001PLC016253	GENNOVA BIOPHARMACEUTICALS LIMITED	19/06/2001	-

Name :

Mr. Berjis Minoo Desai

Designation :

Director

Address :

Yezerina II, 740/741, Parsi Colony Road No.5, Dadar, Mumbai – 400 014, Maharashtra, India

Date of Birth/Age :

02.08.1956

Qualification :

LLB, LLM

Date of Appointment :

03.04.1997

PAN No.:

AACPD9815A

DIN No.:

00153675

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72200GA2006PTC004816	INVENTURUS KNOWLEDGE SOLUTIONS PRIVATE LIMITED	30/09/2013	-
L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	08/08/2013	-
U27109GJ2017PTC100322	NU METAL & STEEL PRIVATE LIMITED	09/01/2018	-
L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	08/08/2012	-
U01110MH2002PTC136746	CAPRICORN AGRIFARMS AND DEVELOPERS PRIVATE LIMITED	25/09/2002	-
U01210MH2002PTC136745	CAPRICON STUDFARM PRIVATE LIMITED	05/12/2002	-
U63090MH2002PLC136326	GREATSHIP (INDIA) LIMITED	25/06/2008	-
U67190MH2008PTC180341	SABRE CAPITAL INDIA INVESTMENT ADVISORS PRIVATE LIMITED	20/03/2008	-
U74900MH2007PTC171272	EQUINE BLOODSTOCK PRIVATE LIMITED	04/06/2007	-
L74899UP1995PLC043677	JUBILANT FOODWORKS LIMITED	28/08/2017	-
L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	18/12/2006	-
L24121MH1979PLC021360	DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LIMITED	21/09/2017	-
L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	29/06/2001	-
U26940MH1999PLC118229	NUVOCO VISTAS CORPORATION LIMITED	03/01/2017	-
L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	27/08/1993	-
U99999MH1987PTC042289	CENTRUM FISCAL PRIVATE LIMITED	21/01/1987	-
U45200MH1995PTC093041	LODHA DEVELOPERS PRIVATE LIMITED	29/09/2017	-
L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	30/07/2010	-

Name :

Mr. Shreekant Krushnaji Bapat

Designation :

Director

Address :

Yashodhan, II Floor, United Western Co-Operative Housing Society, Karve Nagar, Pune – 411 052, Maharashtra, India

Date of Birth/Age :

06.10.1937

Qualification :

IPS

Date of Appointment :

26.06.1999

PAN No:

AAXPB9453H

DIN No.:

00621568

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72200GA2006PTC004816	INVENTURUS KNOWLEDGE SOLUTIONS PRIVATE LIMITED	30/09/2013	-
L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	08/08/2013	-
U27109GJ2017PTC100322	NU METAL & STEEL PRIVATE LIMITED	09/01/2018	-
L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	08/08/2012	-
U01110MH2002PTC136746	CAPRICORN AGRIFARMS AND DEVELOPERS PRIVATE LIMITED.	25/09/2002	-
U01210MH2002PTC136745	CAPRICON STUDFARM PRIVATE LIMITED	05/12/2002	-
U63090MH2002PLC136326	GREATSHIP (INDIA) LIMITED	25/06/2008	-
U67190MH2008PTC180341	SABRE CAPITAL INDIA INVESTMENT ADVISORS PRIVATE LIMITED	20/03/2008	-
U74900MH2007PTC171272	EQUINE BLOODSTOCK PRIVATE LIMITED	04/06/2007	-
L74899UP1995PLC043677	JUBILANT FOODWORKS LIMITED	28/08/2017	-
L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	18/12/2006	-
L24121MH1979PLC021360	DEEPAK FERTILISERS AND PETROCHEMICALS CORPORATION LTD	21/09/2017	-
L65990TN1975PLC062634	STERLITE INDUSTRIES (INDIA) LIMITED	29/06/2001	-
U26940MH1999PLC118229	NUVOCO VISTAS CORPORATION LIMITED	03/01/2017	-
L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	27/08/1993	-
U99999MH1987PTC042289	CENTRUM FISCAL PRIVATE LIMITED	21/01/1987	-
U45200MH1995PTC093041	LODHA DEVELOPERS PRIVATE LIMITED	29/09/2017	-
L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	30/07/2010	-

Name :

Mr. Hamayun Raja Dhanrajgir

Designation :

Director

Address :

Flat No.F-37/38, Dhanraj Mahal, CSM Road, Apollo Bunder, Mumbai – 400 039, Maharashtra, India

Date of Birth/Age :

02.12.1936

Qualification :

Graduate- Chemical Engineering

Date of Appointment :

23.09.2000

PAN No.:

AAAPD8407E

DIN No.:

00004006

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L85195TG1984PLC004393	NEULAND LABORATORIES LIMITED	23/08/1994	-
L24110GJ1969PLC001590	THEMIS MEDICARE LIMITED	27/08/2004	-
L24230GJ1995PLC025878	CADILA HEALTHCARE LIMITED	16/08/2003	-
U24249KA1991PLC011880	SAMI LABS LIMITED	12/01/2002	-
U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	11/07/2000	-
U70200MH2000PTC127068	H DHANRAJGIR ESTATES PRIVATE LIMITED	07/06/2000	-
L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	28/07/2009	-
U85100MH1946GAT005082	BREACH CANDY HOSPITAL TRUST	29/01/2004	-
U22100MH2004PTC149173	NEXT GEN PUBLISHING PRIVATE LIMITED	05/05/2006	-

LLPIN/FLLPIN	LLP Name	Begin Date	End Date
AAD-4038	ND CLOVERFIELDS CONSULTANCY LLP	19/02/2015	-

Name :

Mr. Girish Laxmikant Telang

Designation :

Director

Address :

401, Sagar Dardhan, 4^th Floor, Worli Sea Face, Mumbai – 400 030, Maharashtra, India

Date of Birth/Age :

28.11.1949

Qualification :

M.B.B.S

Date of Appointment :

27.04.2012

PAN No.:

AAAPT1950E

DIN No.:

00455125

Name :

Mr. Samonnoi Sajani Banerjee

Designation :

Director

Address :

Apartment 53, Maker Tower A, 5th Floor, Cuffe Parade, Mumbai-400005, Maharashtra, India

Date of Appointment :

08.01.2018

DIN No.:

06874206

Name :

Ms. Namita Vikas Thapar

Designation :

Whole-time Director and Chief Financial Officer

Address :

Prasanna, 4 Mumbai Pune Road, Kirkee, Pune – 411 003, Maharashtra, India

Date of Birth/Age :

21.03.1977

Date of Appointment :

28.07.2014

PAN No.:

AEDPM2995R

Qualification:

CA

DIN No.:

05318899

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L31300MH1967PLC016531	FINOLEX CABLES LIMITED	10/08/2015	-
U24231PN1981PLC024251	EMCURE PHARMACEUTICALS LIMITED	01/08/2014	-
U85320PN2002PLC018324	ZUVENTUS HEALTHCARE LIMITED	27/07/2012	-
U74999PN2015PTC156644	THAPAR VENTURES PRIVATE LIMITED	01/10/2015	-
U80302PN2015PTC156778	INCREDIBLE IDEAS PRIVATE LIMITED	09/10/2015	-
U74999PN2016PTC164198	INCREDIBLE VENTURES PRIVATE LIMITED	29/04/2016	-

Name :

Mr. Fakrul Alam Sayeed

Designation :

Director

Address :

26, Raphael Drive, Monmouth Junct NJ 88522539 United States

Date of Birth/Age :

15.09.1948

Date of Appointment :

22.03.2016

Qualification:

M.SC. , Ph. D. Pharmacy

DIN No.:

07458933

KEY EXECUTIVES

Name :	Mr. Sanjay Kumar Chowdhary
Designation :	Company Secretary
Address :	Coronet, A-201, Lokhandwala Housing Complex, Akurli Road, Kandivali (East) Mumbai-400101, Maharashtra, India
Date of Appointment :	10.11.2016
PAN No.:	ACLPC2022R
Name :	Mrs. Namita Vikas Thapar
Designation :	Chief Finance Officer
Address :	Prasanna Bunglow No. 4, Mumbai-Pune Road, Khadki, Pune - 411003, Maharashtra, India
Date of Birth/Age :	21.03.1977
Qualification:	CA
Date of Appointment :	01.08.2014
PAN No.:	AEDPM2995R
Name :	P.C. Dhamne and Associates
Designation :	Company Secretaries
Address :	Office No. 207, 2nd Floor, Adinath Shopping Complex, Pune-Satara Road, Pune – 411037, Maharashtra, India
Tel. No:	91-20-30488943
Fax. No:	91-98228 18161
Email:	pankajdhamne@gmail.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2017

Category	Percentage
Promoters [Individual/Hindu Undivided Family (Indian)]	47.99
Public/Other than promoters [Individual/Hindu Undivided Family (Indian)]	38.30
Public/Other than promoters [Non-resident Indian (NRI)]	0.62
Public/Other than promoters [Venture capital]	13.09
Total	100.00

BUSINESS DETAILS

Line of Business :

Developing, Manufacturing and Marketing of Allopathic Pharmaceutical Products. [Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Medicaments (Pharmaceutical products)	21002

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Not Divulged

Bankers :

• Axis Bank Limited, 2nd Floor-E, Axis House Bombay Dyeing Mill Compound, P. B. Marg, Worli, Mumbai-400025, Maharashtra, India

• Kotak Mahindra Bank Limited, 101-102, 1st Floor, Soharab Hall, 21, Sasoon Road, Behind Pune Railway Station, Pune – 4110001, Maharashtra, India

• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai-400013, Maharashtra, India

• Bank of Baroda, 39, Mantri Courtramabai Ambedkar Road, PUNE – 411001, Maharashtra, India

• Bank of Baroda, One Park Avenuenew Yorknany 10016US

Banker Name :	Export-Import Bank of India
Branch :	Centre One Building, Floor 21 World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Person Name :	---
Contact Number :	---
Name of Account Holder :	---
Account Number :	---
Account Since (Date/Year of Account Opening) :	---
Average Balance Maintained :	---
Credit Facilities Enjoyed (CC/OD/Term Loan) :	---
Account Operation :	---
Remark :	---

Facilities :

SECURED LOANS	31.03.2016 INR In Million	31.03.2015 INR In Million
LONG-TERM BORROWINGS
Indian Currency Loans from Banks	2215.097	1015.851
Foreign Currency Loans from Banks	1852.410	1481.632
Other loans and advances (Vehicle Loans)	23.629	32.638
SHORT TERM BORROWINGS
Working Capital Loans from Banks	3643.925	2891.654
Total	7735.061	5421.775

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Muttha Towers 5^Th Floor, Suite No-8 Airport Road, Yerwada, Pune, Maharashtra, India
PAN No.:	AAEFP3641G
Secretaries Auditors
Name :	SVD and Associates Secretaries Auditors
Address :	4th Floor, Vedwati Apartments, Shivajinagar, Pune – 411005, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Zuventus Healthcare Limited (U85320PN2002PLC018324) Gennova Biopharmaceuticals Limited (U24231PN2001PLC016253) Emcure Brasil Farmaceutica Ltda., Brazil Emcure Nigeria Limited, Nigeria Emcure Pharmaceutical Mena FZ LLC, United Arab Emirates Emcure Pharma UK Limited, United Kingdom Emcure Pharmaceuticals Singapore Pte. Limited, Singapore Emcure Pharmaceutical South Africa (Pty) Limited, South Africa Gennova Biopharmaceuticals Limited, India Heritage Pharma Holdings Inc., United States Zuventus Healthcare Limited, India (U85320PN2002PLC018324) UTH Healthcare Limited, India (U24232PN2011PLC138758) Emcure Pharma Peru S.A.C., Peru Emcure Pharma Mexico SA. De C.V., Mexico Marcan Pharmaceuticas Inc., Canada Emcure Pharmaceuticals Pty Limited, Australia Laboratorios Tillomed Spain S.L.U., Spain Tillomed Italia S.R.L., Italia Tillomed Pharma GmbH
Fellow Subsidiary Company :	Heritage Pharmaceuticals Inc., United States Emcure Heritage Canada Inc., Canada Kosina Ilac Sanayi Ve Dis Ticaret Anonim Sirketi, Turkey Tillomed Holdings Limited, United Kingdom Tillomed Laboratories Limited, United Kingdom Heritage Pharma Labs Inc., United States Bhardwaj Pharma GMBH, Germany
Associate :	Biolab Emcure Farmaceutica Comercial Ltda., Brazil
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives: (As on 31.03.2016)	H. M. Sales Corporation, India UTH Beverage Factory Private Limited, India (U15549PN2006PTC021813) UTH Wellness Product Limited, Nigeria

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	INR 10/- each	INR 2000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180852116	Equity Shares	INR 10/- each	INR 1808.521 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1808.521	452.130	452.130
(b) Reserves and Surplus	9066.941	8135.089	6870.288
(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)	10875.462	8587.219	7322.418
(3) Non-Current Liabilities
(a) long-term borrowings	4091.136	2530.121	3262.986
(b) Deferred tax liabilities (Net)	804.881	777.805	973.334
(c) Other long-term liabilities	140.932	410.846	380.612
(d) long-term provisions	89.826	83.303	65.356
Total Non-current Liabilities (3)	5126.775	3802.075	4682.288
(4) Current Liabilities
(a) Short-term borrowings	3643.925	2891.654	2368.626
(b) Trade payables	2719.375	2974.794	3249.709
(c) Other current liabilities	3296.653	2223.272	3099.094
(d) Short-term provisions	351.922	479.486	693.093
Total Current Liabilities (4)	10011.875	8569.206	9410.522
TOTAL	26014.112	20958.500	21415.228
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8087.007	6676.450	6427.558
(ii) Intangible Assets	812.265	567.730	870.066
(iii) Tangible assets capital work-in-progress	713.410	728.002	357.537
(iv) Intangible assets under development	0.000	10.500	1439.193
(b) Non-current Investments	2906.274	2281.535	1834.318
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	2345.860	1970.282	1439.104
(e) Other Non-current assets	80.460	68.318	28.490
Total Non-Current Assets	14945.276	12302.817	12396.266
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5129.302	3428.212	3348.245
(c) Trade receivables	4616.685	4013.318	3445.958
(d) Cash and bank balances	381.238	322.183	697.745
(e) Short-term loans and advances	863.181	759.518	1131.077
(f) Other current assets	78.430	132.452	395.937
Total Current Assets	11068.836	8655.683	9018.962
TOTAL	26014.112	20958.500	21415.228

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Total Revenue from operations	21370.101	20310.058	16286.399
	Other Income	404.201	646.055	197.656
	TOTAL	21774.302	20956.113	16484.055
Less	EXPENSES
	Cost of Materials Consumed	3912.228	5087.591	4707.674
	Purchases of Stock-in-Trade	3087.456	2201.935	1922.200
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(919.231)	56.738	(350.625)
	Employee benefit expense	4189.930	3429.065	2867.871
	CSR expenditure	37.801	29.519	0.000
	Other expenses	5146.903	4400.376	3876.859
	Exceptional items	543.935	1743.518	72.217
	TOTAL	15999.022	16948.742	13096.196
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	5775.280	4007.371	3387.859
Less	FINANCIAL EXPENSES	757.270	776.015	758.599
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	5018.010	3231.356	2629.260
Less	DEPRECIATION/ AMORTISATION	1044.261	1038.089	615.762
	PROFIT/ (LOSS) BEFORE TAX	3973.749	2193.267	2013.498
Less	TAX	794.128	126.588	269.245
	PROFIT/ (LOSS) AFTER TAX	3179.621	2066.679	1744.253
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	4615.062	3324.163	2276.580
	APPROPRIATIONS
	Transfer to General Reserve	0.000	0.000	174.480
	Interim Dividend (and Tax thereon)	919.820	511.820	0.000
	Proposed Dividend (and Tax thereon	0.000	263.960	522.190
	TOTAL EARNINGS	919.820	775.780	696.670
	Balance Carried to the B/S	6874.863	4615.062	3324.163
	Earnings Per Share (INR)
	Basic	17.58	45.71	39.03
	Diluted	17.58	45.71	39.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	1842.169	1291.261	1146.275
Net cash flows from (used in) operations	3412.484	3463.977	3250.879
Net cash flows from (used in) operating activities	2506.744	2803.921	2886.092

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days [Sundry Debtors / Income * 365]	78.85	72.12	77.23
Account Receivables Turnover [Income / Sunday Debtors]	4.63	5.06	4.73
Average Payment Days [Sundry Creditors / Purchases * 365]	141.80	148.95	178.91
Inventory Turnover [Operating Income / Inventories]	1.13	1.17	1.01
Asset Turnover [Operating Income / Net Fixed Assets]	0.60	0.50	0.37

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.57	0.54	0.60
Debt Equity Ratio (Total Liability / Networth)	0.78	0.65	0.81
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.92	1.00	1.29
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.88	0.93	1.24
Interest Coverage Ratio (PBIT / Financial Charges)	7.63	5.16	4.47

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	14.88	10.18	10.71
Return on Total Assets ((PAT / Total Assets) * 100)	%	12.22	9.86	8.14
Return on Investment (ROI) ((PAT / Networth) * 100)	%	29.24	24.07	23.82

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.11	1.01	0.96
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.59	0.61	0.60
G-Score Ratio Financial (Networth / Total Assets)	0.42	0.41	0.34
G-Score Ratio Debt (Debts / Equity Capital)	4.72	12.27	13.05
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.11	1.01	0.96

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	452.130	452.130	1808.521
Reserves & Surplus	6870.288	8135.089	9066.941
Net worth	7322.418	8587.219	10875.462
Long-term borrowings	3262.986	2530.121	4091.136
Short term borrowings	2368.626	2891.654	3643.925
Current maturities of long-term debts	1146.275	1291.261	1842.169
Total borrowings	6777.887	6713.036	9577.230
Debt/Equity ratio	0.926	0.782	0.881

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	16286.399	20310.058	21370.101
		24.706	5.219

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	16286.399	20310.058	21370.101
Profit/ (Loss)	1744.253	2066.679	3179.621
	10.71 %	10.18 %	14.88 %

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4192.681	452.130
(b) Reserves & Surplus	12218.113	9216.557
(c) Money received against share warrants	0.000	0.000
(d) Share Application money pending allotment	0.000	0.000
(2) Minority Interest	649.755	472.054
Total Shareholders’ Funds (1) + (2)	17060.549	10140.741
(3) Non-Current Liabilities
(a) long-term borrowings	9421.259	3943.599
(b) Deferred tax liabilities (Net)	809.672	782.469
(c) Other long term liabilities	1305.540	444.301
(d) long-term provisions	753.889	729.947
Total Non-current Liabilities (3)	12290.360	5900.316
(4) Current Liabilities
(a) Short term borrowings	3788.348	3336.380
(b) Trade payables	5215.659	5134.747
(c) Other current liabilities	5143.000	3914.899
(d) Short-term provisions	2362.400	1697.135
Total Current Liabilities (4)	16509.407	14083.161
TOTAL	45860.316	30124.218
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9907.686	8468.514
(ii) Intangible Assets	1609.953	1344.546
(iii) Capital work-in-progress	973.915	779.153
(iv) Intangible assets under development	8515.198	1690.205
(v) Goodwill Consolidation	0.032	0.040
(b) Non-current Investments	994.518	559.102
(c) Deferred tax assets (net)	2135.558	1712.777
(d) Long-term Loan and Advances	16.565	16.397
(e) Other Non-current assets
Total Non-Current Assets	24153.425	14570.734
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	8979.068	6255.265
(c) Trade receivables	7911.394	6079.488
(d) Cash and cash equivalents	3309.078	2167.291
(e) Short-term loans and advances	1499.100	1041.573
(f) Other current assets	8.251	9.867
Total Current Assets	21706.891	15553.484
TOTAL	45860.316	30124.218

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Income	43562.874	37766.628
	Other Income	247.213	350.029
	TOTAL	43810.087	38116.657
Less	EXPENSES
	Cost of Materials Consumed	5794.142	6663.691
	Purchases of Stock-in-Trade	10693.233	7781.066
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1806.299)	(256.939)
	Employee benefit expense	8556.278	6845.386
	CSR expenditure	42.277	31.449
	Other expenses	9365.252	8017.844
	Exceptional items	1067.791	2436.897
	TOTAL	33712.674	31519.394
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	10097.413	6597.263
Less	FINANCIAL EXPENSES	1051.163	1017.411
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	9046.250	5579.852
Less	DEPRECIATION/ AMORTISATION	1974.727	1878.163
	PROFIT/ (LOSS) BEFORE TAX	7071.523	3701.689
Less	TAX	1913.369	1091.037
	TOTAL PROFIT (LOSS) FOR PERIOD BEFORE MINORITY INTEREST	5158.154	2610.652
Less	PROFIT (LOSS) OF MINORITY INTEREST	85.136	47.118
	TOTAL PROFIT (LOSS) FOR PERIOD	5073.018	2563.534
	Earnings / (Loss) Per Share (INR)	28.05	14.17

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	Yes
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OBSERVATION POINTS

Name of Company :	EMCURE PHARMACEUTICALS LIMITED
Address :	‘Emcure House’, T-184, M.I.D.C., Bhosari, Pune – 411026, Maharashtra, India
Person to whom we met:	Mr. Wankhede Designation : Security Guard
Name Board :	Sighted
Location:	Easy
Total Floors of the building:	Shed Type Premises
Locality:	Commercial
Area :	Upmarket
Neighbour’s interview :	Company of Company: Rohit Springform Company of Company: Maneesh Pharmaceutical Limited
Proof of visit:	Photograph

GENERAL INFORMATION: (As on 31.03.2016)

Subject the Company is engaged in developing, manufacturing and marketing a broad range of pharmaceutical products globally. Company's core strength lies in developing and manufacturing differentiated pharmaceutical products in-house, which are commercialized through Company's marketing infrastructure across geographies and relationships with multi-national pharmaceutical companies.

INDEX OF CAHREGS:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G82958000	100166764	Axis Bank Limited	19/03/2018	-	-	500000000.0	2ND FLOOR - E, AXIS HOUSEBOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLIMUMBAIMH400025IN
2	G80016728	100161882	Axis Bank Limited	19/03/2018	-	-	2650000000.0	2ND FLOOR - E, AXIS HOUSEBOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLIMUMBAIMH400025IN
3	G75772038	100151755	Axis Bank Limited	23/01/2018	-	-	630000000.0	2ND FLOOR - E, AXIS HOUSEBOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLIMUMBAIMH400025IN
4	G77447514	100155866	HDFC BANK LIMITED	15/01/2018	-	-	750000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN
5	G68216217	100136740	HDFC BANK LIMITED	10/10/2017	-	-	8500000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN
6	G57511917	100128731	BANK OF BARODA	22/09/2017	-	-	290000000.0	39, MANTRI COURTRAMABAI AMBEDKAR ROADPUNEMH411001IN
7	G54321948	100124569	HDFC BANK LIMITED	28/08/2017	-	-	3100000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN
8	G68469873	100138013	HDFC BANK LIMITED	10/08/2017	-	-	7800000.0	HDFC BANK HOUSE SENAPATI BAPAT MARGLOWER PAREL WESTMumbaiMH400013IN
9	G49322464	100112623	Axis Bank Limited	14/07/2017	-	-	3893321000.0	2ND FLOOR - E, AXIS HOUSEBOMBAY DYEING MILL COMPOUND, P. B. MARG, WORLIMUMBAIMH400025IN
10	G45031556	100100730	BANK OF BARODA	20/05/2017	-	-	290000000.0	39, MANTRI COURTRAMABAI AMBEDKAR ROADPUNEMH411001IN

FIXED ASSETS:

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official 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	INR
US Dollar	1	INR 65.61
UK Pound	1	INR 94.21
Euro	1	INR 81.32

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	PYK
Report Prepared by :	MTN

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.