MIRA INFORM REPORT

Report Date :

13.09.2008

IDENTIFICATION DETAILS

Name :	RANBAXY LABORATORIES LIMITED

Registered Office :	A-11, Industrial Area, Sahibzada Ajit Singh Nagar, District Ropar - 160 055, Punjab

Country :	India

Financials (as on) :	31.12.2007

Date of Incorporation :	16.06.1961

Com. Reg. No.:	16-3747

CIN No.: [Company Identification No.]	L24231PB1961PLC003747

TAN No.: [Tax Deduction & Collection Account No.]	DELR01481E DELR09731B

PAN No.: [Permanent Account No.]	AAACR0127N

Legal Form :	Public Limited Liability Company. The company's shares are listed on the Stock Exchanges.

Line of Business :	Manufacturer and Seller of Pharmaceuticals in Dosage forms of Tablets, Capsules, Liquids, Drops, Dry syrups / Powders, Ampoules, Vials, Liquids and Drops, etc.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 126861000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established, respectable and reputed company in its field. Available information indicates high financial responsibility of the company and it's directors. Their trade relations are fair. It has established satisfactory track. Business is on sound principles. General reputation is favourable. Banking relations are good. The company's payments are always correct and as per commitments. Due to company’s huge expansion, isolated complaints are reported for slow payments in domestic market. However, overseas suppliers are paid as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	A-11, Industrial Area, Sahibzada Ajit Singh Nagar, District Ropar - 160 055, Punjab, India
Tel. No.:	91-172-2271450
Fax No.:	91-172-2226925
E-Mail :	vasant@rllind.globemail.in sushilp@ranbaxy.co.in sushil.patwari@ranbaxy.com malvinder.singh@ranbaxy.com corporate.communications@ranbaxy.com
Website :	http://www.ranbaxy.com

Head Office :	12^th Floor, Devika Tower, 6, Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-26452666
Fax No.:	91-11-26225987
E-Mail :	vasant@rllind.globemail.in sushilp@ranbaxy.co.in

Corporate Office :	Plot No.90, Sector 32, Gurgaon-122001, Haryana, India
Tel. No.:	91-124-4135000
Fax No.:	91-124-4135001

Regional Head Quarters:	Located at: New Delhi, London, Singapore, New Jersey (USA), Rio de Janerio (Brazil), Johansberg (South Africa)

Marketing Offices	Located at: Doula (Cameroon), Kiev (Ukraine), Moscow (Russia), Ho Chi Minh City (Vietnam), Kaunas (Lithuania), Bucharest (Romania), Nairobi (Kenya), Abidjan (Ivory Coast), Warsaw (Poland) and Yangon (Myanmar), Almaty (Kazakhstan)

Plants 1:	A-8, A-9, A-10 & A-11, Industrial Area, Phase III, Sahibzada Ajit Singh Nagar, Mohali – 160 055, Chandigarh, Punjab, India

Plants 2:	Village Toansa, P. O. Railmajra, District Nawansahar – 144 533, Punjab, India

Plants 3:	Industrial Area – 3, A. B. Road, Dewas – 450 001, Madhya Pradesh, India

Plants 4:	Village & PO Ganguwala, Tehsil Paonta Sahib, District Sirmour – 173 025, Himachal Pradesh, India

Plants 5:	E-47/9, Okhla Industrial Area, Phase II, Okhla, New Delhi – 110 020, India

Plants 6:	E-2 & E-3, MIDC, Jejuri, District Pune – 412 303, Maharashtra, India

Plants 7:	Plot No. B-2, Madkaim Industrial Estate, Ponda, Goa, India

DIRECTORS

Name :	Mr. Tejendra Khanna
Designation :	Chairman (upto 08.04.2007)

Name :	Mr. D.S. Brar
Designation :	Director

Name :	Mr. V.K. Kaul
Designation :	Additional Director

Name :	Dr. Brian W. Tempest
Designation :	Chief Mentor and Executive Vice Chairman

Name :	Dr. P. S. Joshi
Designation :	Director

Name :	Mr. J. W. Balani
Designation :	Director

Name :	Mr. Vivek Bharat Ram
Designation :	Director

Name :	Mr. Nimesh N. Kampani
Designation :	Director

Name :	Mr. Vivek Mehra
Designation :	Director

Name :	Mr. Harpal Singh
Designation :	Director

Name :	Mr. Surendra Daulet Singh
Designation :	Director

Name :	Mr. Malvinder Mohan Singh
Designation :	Managing Director & Chief Executive Officer

Name :	Mr. Gurcharan Das
Designation :	Additional Director

Name :	Mr. Shivinder Mohan Singh
Designation :	Director

Name :	Mr. Ramesh L Adige
Designation :	Executive Director – Corporate Affairs and Global Corporate Communications

Name :	Mr. Ravi Mehrotra
Designation :	Director

Name :	Mr. Atul Sobti
Designation :	Chief Operating Officer and Whole time Director

OTHER PERSONNEL:

Name :	Mr. S. K. Patawari
Designation :	Company Secretary

Name :	Mr. Malvinder M. Singh
Designation :	CEO & Managing Director

Name :	Dr. O P Sood
Designation :	Member – Governing Council, Ranbaxy Science Foundation

Name :	Mr. Raghu Kochar
Designation :	Director Corporate Communications

Name :	Mr. Krishnan Ramalingam
Designation :	Senior Manager – Corporate Communications

MAJOR SHAREHOLDERS

Names of Shareholders (As on 31.12.2006):-	No. of Shares	Percentage of Holding
Shareholding of Promoter and Promoter Group 2
Indian
Individuals/ Hindu Undivided Family	6468582	1.80
Central Government/ State Government(s)
Bodies Corporate	121316718	33.70
Financial Institutions/ Banks
Any Others(Specify)
Trusts	2150914	0.60
Public shareholding
Institutions
Mutual Funds/ UTI	15407854	4.28
Financial Institutions / Banks	2096909	0.58
Insurance Companies	63596799	17.67
Foreign Institutional Investors	61326200	17.04
Non-institutions
Bodies Corporate	7180396	1.99
Individuals
Individuals -i. Individual shareholders holding nominal share capital up to Rs 0.100 Million	66409369	18.45
ii. Individual shareholders holding nominal share capital in excess of Rs 0.100 Million	11004572	3.06
Any Other (specify)
NDCOs	3032663	0.84
TOTAL (A)+(B)	359990976	100

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Pharmaceuticals in Dosage forms of Tablets, Capsules, Liquids, Drops, Dry syrups / Powders, Ampoules, Vials, Liquids and Drops, etc.

Products :

ITC Code	Product Description
294190	Cefaclor
294200	Cephalexin
294110	Amoxicillin

Exports:

Products :

Bulk Drugs and formulation

Countries :

China, CIS, Europe, Middle East, Nigeria, South Africa, South East Asia and USA.

Imports:

Products :

6 APA, PENV, PENG, D alpha and D Salt

Countries :

Japan, The Netherlands and UK.

PRODUCTION STATUS (As on 31.12.2006):-

Class of Goods	Units	Installed Capacity	Actual Production
Dosage Forms
Tablets	Nos/Millions	6518.00	5236.71
Capsules	Nos/Millions	2540.00	1970.14
Dry Syrups/Powders	Bottles/Millions	27.20	41.11
Ampoules	Nos/Millions	74.40	100.11
Vials	Nos/Millions	39.00	33.80
Liquids	Kilolitres	--	1266.27
Drops	Kilolitres	--	40.60
Active Pharmaceuticals Ingredients and drug intermediates	Tonnes	2014.23	1517.58
Ointments	Tonnes	*	327.48

* In different denominations than actual production

GENERAL INFORMATION

Suppliers :

v Anasthetic Gases Private Limited

v Bhasin Packwell Private Limited

v Kejariwal Industries

v Medicamen Biotech Limited

v Niranjan Containers Private Limited

v Ranq Pharmaceuticals and Excipients Private Limited

v Sidmak Laboratories (India) Limited

v Tatva Chintan Pharma Private Limited

v Ankur Drugs and Pharma Limited

v Everest Industrial Corporation

v Laxon Drugs

v Metakaps Engineering Company

v Orchid Healthcare

v Real Gas and Chemicals

v Srikem Laboratories Private Limited

v Vevek Pharmachem (India) Limited

v Askas Platic Private Limited

v Imperial Packaging Company

v Mahabir Industries

v National Electronic Corporation

v Packs and Packaging

v Sampre Nutrition

v Sukkan Industries

v Autofits

v Kallin Industries

v Mayura Offset

v NBZ Pharma Limited

v Ramesh Industries (Indore)

v Saurav Chemicals

v Tauras Chemicals Private Limited

v Zenna Plastics Limited

No. of Employees :

9000

Bankers :

v ABN Amro Bank NV

v Standard Chartered Grindlays Bank Limited

v Bank of America NA

v Citibank NA

v Deutsche Bank AG

v The HongKong and Shanghai Banking Corporation Limited (Hongkong Bank), Mercantile House, 15, Kasturba Gandhi Marg, Delhi - 110 001

v Punjab National Bank

v Calyon Bank

v ANZ Grindlays Bank PLC, Vereinigtes Konigreich

Facilities :

Secured Loans :

Loans from Banks

Secured against stocks, book debts and receivables both present and future : Rs.2242.900 millions

Unsecured Loans :

(Rs. In millions)

Short term loans
Banks	7611.620
Long term loans
Zero coupon foreign currency convertible bonds	19474.400
Banks	2398.760
Others	44.300
Deferred sales tax credit	14.020
Total	29543.100

Banking Relations :

Good

Auditors :

Statutory Auditors

Walker, Chandiok & Company

Chartered Accountants

41-L, Connaught Circus, New Delhi – 110 001, India

Independent Auditors

Grant Thornton

Chartered Accountant

41-L, Connaught Circus, New Delhi – 110 001, India

Joint Ventures Overseas :

Nihon Pharmaceuticals Industry Company Limited, Japan
Ohm Laboratories, Ins., USA
Basics GmbH , Germany
Eli Lilly Ranbaxy Limited
Ranbaxy (Guangzhou China) Limited. China
Ranbaxy (Hong Kong) Limited, Hong Kong
Ranbaxy (Malaysia) Sdn. Bhd.
Ranbaxy (S.A.! Proprietary Limited, South Africa
Ranbaxy [Thailand] Company Limited

Collaborators :

Canada, china, Malaysia, Nigeria and Thailand

Subsidiaries :

Domestic

· Ranbaxy Drugs and Chemicals Company

(a public company with unlimited liability!

· Solus Pharmaceuticals Limited

# Ceased to be a subsidiary during the year

Overseas

· Ranbaxy [Netherlands} BV, The Netherlands

· Ranbaxy Inc., USA

· Ranbaxy Egypt [LLC.], Egypt

· Ranbaxy Farmaceutica Limited, Brazil

· Ranbaxy Signature, LLC, USA

· Ranbaxy Panama SA, Panama

· Ranbaxy PRP (Peru] SAC

· Ranbaxy Australia Pty Limited, Australia

· Lapharma GmbH, Germany #

· Ranbaxy Unichem Company Limited, Thailand

· Ranbaxy USA, inc.

· Ranbaxy Italia S.p.A

· Terapia S.A.. Romania #

· Rexcei Pharmaceuticals Limited

· Ran Air Services Limited #

· Vidyut Investments Limited

· Ranbaxy NANV, The Netherlands

· Ranbaxy (Poland) S. P. Zoo, Poland

· Ranbaxy Nigeria Limited, Nigeria

· Ranbaxy Europe Limited, U.K.

· Ranbaxy (UK) Limited, U.K

· ZAO Ranbaxy, Russia

· Unichem Distributors Limited, Thailand *

· Office Pharmaceutique Industrial et Hospitalier SARL

· Unichem Pharmaceuticals Limited, Thailand *

· Ranbaxy Pharmaceuticals, Inc., USA

· Ranbaxy Laboratories Inc., USA

· Ranbaxy Hungary Kft

· Mundogen Farma S.A., Spam #

· Ranbaxy Pharma AB, Sweden #

· Ranbaxy Drugs Limited

· Gufic Pharma Limited

· Ranbaxy Pharmaceuticals BV, The Netherlands *

· Ranbaxy Ireland Limited, Ireland

· Ranbaxy Holdings [UK] Limited, U.K

· Ranbaxy Do Brazil Limited, Brazil

· Laboratories Ranbaxy, S.L., Spain

· Ranbaxy Vietnam Company Limited-, Vietnam

· Ranbaxy Pharmacie Generiques SAS. France

· Ranbaxy Pharmaceuticals Canada Inc., Canada

· Sonke Pharmaceuticals [Pty) Limited, South Africa

· Bounty Holdings Company Limited, Thailand *

· Ranbaxy Mexico S.A.de C.V.

· Ranbaxy Portugal - Com E Desenvolv De Prod

· Farmaceuticos Unipessoai Lda, Portugal

· Ranbaxy Beligium N.V., Belgium #

# New entities in 2006

* Under liquidation during the year

Associates :

Fortis Healthcare Limited
SRL Ranbaxy Limited
International Hospitals Limited
Religare Securities Limited
Fortis Clinical Research Limited [Formerly Oscar Research Limited]

Memberships:

Confederation of Indian Industry

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
598000000	Equity Shares	Rs.5/- each	Rs.2990.000 millions
100000	Cumulative Preference Shares	Rs.100/- each	Rs.10.000 millions
	GRAND TOTAL		Rs.3000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
372686964	Equity Shares	Rs.5/- each	Rs.1863.435 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2007	31.12.2006	31.12.2005
SHAREHOLDERS FUNDS
1] Share Capital		1865.400	1863.430	1862.210
2] Share Application Money		0.000	8.790	2.780
3] Reserves & Surplus		23506.800	21627.910	21907.980
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25372.200	23500.130	23772.970
LOAN FUNDS
1] Secured Loans		3650.600	2242.900	3534.920
2] Unsecured Loans		31379.600	29543.100	6763.120
TOTAL BORROWING		35030.200	31786.000	10298.040
DEFERRED TAX LIABILITIES		0.000	1502.380	1165.810

TOTAL		60402.400	56788.510	35236.820

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		14695.200	14340.310	11999.680
Capital work-in-progress		3274.200	3018.790	4328.430

INVESTMENT		32375.500	26799.450	7627.750
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9760.700	9549.120	8909.330
	Sundry Debtors	8829.100	10137.450	8066.180
	Cash & Bank Balances	1804.500	711.510	1165.930
	Other Current Assets	0.000	780.850	1179.160
	Loans & Advances	8829.900	3911.010	3383.080
Total Current Assets		29224.200	25089.940	22703.680

Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	11785.300	7233.300	7282.800
	Provisions	7381.400	5226.680	4139.920
Total Current Liabilities		19166.700	12459.980	11422.720
Net Current Assets		10057.500	12629.960	11280.960

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		60402.400	56788.510	35236.820

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2007	31.12.2006	31.12.2005
Sales Turnover		44799.300	39777.680	35697.690
Other Income		5009.900	381.910	904.800
Total Income		49809.200	40159.590	36602.490

Profit/(Loss) Before Tax		7744.100	4429.760	2013.630
Provision for Taxation		1566.900	624.330	(223.350)
Profit/(Loss) After Tax		6177.200	3805.430	2236.980

Earnings in Foreign Currency :
	Export Earnings	26608.640	25891.780	22243.380
	Other Earnings		1666.890	1334.020
Total Earnings		26608.640	27558.670	23577.400

Imports :
	Raw Materials		5212.370	5382.140
	Stores & Spares	11188.130	82.33	93.580
	Capital Goods		343.16	1041.180
Total Imports		11188.130	5637.860	6516.900

Expenditures :
	Manufacturing Expenses	1503.200	1997.090	1752.910
	Excise Duty	513.700	NA	NA
	Administrative Expenses	14374.200	8582.780	8741.760
	Power & Fuel	970.700	NA	NA
	Raw Material Consumed	18219.700	16323.820	14936.630
	Increase/(Decrease) in Finished Goods	[406.500]	NA	NA
	Salaries, Wages, Bonus, etc.	3888.000	3310.850	3016.520
	Interest	934.300	584.440	264.110
	Depreciation & Amortization	1030.000	1067.500	1013.330
	Other Expenditure	1037.800	3863.350	4863.600
Total Expenditure		42065.100	35729.830	34588.86

QUARTERLY RESULTS

PARTICULARS	31.03.2008	30.06.2008
Type	1^st Quarter	2^nd Quarter
Sales Turnover	9872.900	12169.200
Other Income	1772.000	1074.800
Total Income	11644.900	13244.000
Total Expenditure	9746.900	10529.100
Operating Profit	1898.000	2714.900
Interest	262.500	2230.800
Gross Profit	1635.500	484.100
Depreciation	321.500	292.300
Tax	279.800	(45.500)
Reported PAT	1034.200	237.300

KEY RATIOS

Year	31.12.2007	31.12.2006	31.12.2005
Debt-Equity Ratio	1.37	0.89	0.24
Long Term Debt-Equity Ratio	0.92	0.50	0.03
Current Ratio	0.98	1.06	1.21
TURNOVER RATIOS
Fixed Assets	2.04	2.09	2.29
Inventory	4.64	4.44	4.10
Debtors	4.72	4.51	4.60
Interest Cover Ratio	9.29	8.58	6.66
Operating Profit Margin(%)	21.67	14.47	6.88
Profit Before Interest And Tax Margin(%)	19.37	12.23	4.81
Cash Profit Margin(%)	16.09	11.52	6.79
Adjusted Net Profit Margin(%)	13.79	9.28	4.71
Return On Capital Employed(%)	15.00	11.22	5.82
Return On Net Worth(%)	25.28	16.10	7.07

LOCAL AGENCY FURTHER INFORMATION

History:

Incorporated in June 1961 as a private limited company, subject manufactures and markets pharmaceutical dosage forms (for human health care), animal health care products, bulk drugs and intermediates, diagnostics, laboratory chemicals and reagents. It is the largest exporter of bulk drugs and pharmaceutical dosage forms in India.

Subject has three successful overseas joint ventures in Nigeria, Malaysia and Thailand. A joint venture incorporated in India with Eli Lilly -- a leading original research company in pharmaceuticals was began its operations. The bulk antibiotics plant at Toansa, Punjab, has been approved by the US FDA and the dosage forms pharmaceuticals plant at Dewas, MP, is accredited by the World Health Organisation (WHO). The plants for bulk cephalosporins at Mohali and bulk fluoroquinolones at Dewas have also been designed to conform to FDA and MCA standards.Ranbaxy has decided to disinvest its entire 50% in the 50:50 joint venture Eli Lilly Ranbaxy and finally dissolve its eight-year-old joint venture with the US-based Eli Lilly and Company. For the company, retaining its 50% stake would entail an investment of about Rs 370.000 Millions

In 1997-98, it entered into a 50:50 joint venture with the New Jersey-based Schein Pharmaceuticals Inc, the generics arm of Bayer AG, Germany, for manufacture of Ranitidine.

It went public in October 1993 to part-finance manufacturing facilities of bulk fluoroquinolones at Dewas, MP; and dosage forms at Paonta Sahib, Himachal Pradesh. For easier access to the European markets, the company bought a drug firm in Ireland in January 1996. In 1996, it acquired six leading brands from Gufic. Croslands Research Laboratories, a leading manufacturer of dermatological pharmaceutical formulations has been merged with subject. In October 1998 sold off the Glat (Global Alliances and Technologies) division of Croslands to French pharma major Galderma.

In June 2001, Ranbaxy Laboratories Netherlands B.V, a wholly owned subsidiary of Ranbaxy Laboratories and Vectura (Ventura), a world leader in the application of particle science for the development of novel drug delivery systems, made a collaboration to develop a new cost-effective, patent protected oral- controlled release technology with potential application for a broad range of pharmaceuticals compounds.

In May 2002, the company has filed an Investigational New Drug (IND) application of its molecule, RBx 7644 (Ranbezolid), an extended spectrum Oxazolidinone, with the Drugs Controller General of India (DCGI). Worldwide, this is the second anti-bacterial molecule of oxazolidinone class of compounds; but is the first going into clinical investigations with an extended spectrum of activity both in solid and injectable form. The company has completed the developmental activates for its 3 key products Cifran DD, Zanocin OD and Riomet OD.

Ranbaxy Pharmaceuticals Inc., a wholly-owned subsidiary of the company has received approval from US FDA to sell a version of the antibiotic amoxicillin in the US. The company has given its focus on selling its versions of medicines going off patent in the US, the world's biggest drug market, where drugs worth 35 billion US dollars in sales, lose patent protection between 2000 and 2005. The company gets FDA nod for Cefadroxil Oral Suspension USP. The US Food and Drug Administration has approved to market Cefadrozil Powder for Oral Suspension USP in 125 mg/5 ml, 250 mg/5 ml strengths.

For several years, it has consistently been winning export awards, the last one being the top Trishul award from CHEMEXCIL in Nov.'92. The company has bagged the prestigious National Safety Award for the year 2001 and 2002 and the same has received during the September 2003. Also subject received the Economic Times Award for Corporate Excellence-for the 'Company of the year' during the October 2003.

The company has signed an agreement during the year 2003 to acquire RPG (Aventis) SA along with its fully owned subsidiary, OPIH SARL, in France. This acquisition was completed during 2004 and the integrated the business successfully. Consequently, RPG Aventis was renamed as Ranbaxy Pharmacie Generiques SAS. During 2004 the company has set up new subsidiaries in Europe and Australia.

The company was the first to launch prescription products under its own label in the United States. In March - 2000 it launched CLAFRINAST, this novel drug compound belongs to the VLA (Very Large Antigen)4 class of drug which represents a totally new mechanism for treatment of asthma. No such drug has been launched in the international market. During the year 2004, the Company has successfully launched its various new products in the Global Markets such as Metformin XR and Cefpodoxime Proxetil Tablets in the US, Clarithromycin and Easyhaler Inhalers in UK, Exorex and Sotret Gel in India and Cutison and Contifil-OD in Brazil and much more.

In India three new herbal brands were launched under the umbrella of 'New Age Herbals' during the year. The Company has introduced 41 new products and line extensions in Pharmaceutical Research in the domestic market.

The Company has increased its installed capacity of Tablets by 336.70 Nos./Millions, Capsules by 20.00 Nos./Millions, Dry Syrups/Powders by 3.00 Nos./Millions, Active Pharmaceuticals indegredients and drug intermediates by 180.67 Tonnes. With this expansion, the total installed capacity of Tablets, Capsules, Dry Syrups/Powders, API has increased upto 4098.00 Nos/Millions, 1630.00 Nos/Millions, 27.20 Nos/Millions, 2058.02 Tonnes respectively.

After subject recent foray into the Italian market, the company has launched its operations in Canada during September 2005 with its wholly owned subsidiary Ranbaxy Pharmaceuticals Canada Inc or RPCL. This is the first India based pharma company with a ground presence in the canadian market.

Business:

The company is engaged in manufacturing and selling of pharmaceuticals in dosage forms of tablets, capsules, liquids, drops, dry syrups / powders, ampoules, vials, liquids, drops and bulk pharmaceutical substances including intermediates, laboratory reagents - solids, liquids, medical aids and pop bandages / medicated and non medicated tapes.

Operations:

The Company had a successful year registering an improved performance on the key parameters. Consolidated net sales at Rs. 66927 millions grew by 10.3% in 2007, while Profit after Tax registered a robust growth of 53% over the previous year. The performance during the year was driven by growth in sales of dosage forms across developed and emerging markets, increased operating efficiencies, a continuing focus on cost optimization and better management of working capital. Dosage form sales

SUBSIDIARIES AND JOINT VENTURES:

A statement pursuant to section 212 of the Companies Act, 1956, relating to subsidiary companies is attached to the accounts. In terms of approval granted by the Central Government under section 212(8) of the Companies Act, 1956, the audited accounts of the subsidiary companies are not attached to this Annual Report. However, the consolidated financial statements prepared in accordance with Accounting Standard 21 of the Institute of Chartered Accountants of India presented in this Annual Report includes the financial information of subsidiary companies.

MERGER and ACQUISITIONS

Demerger of New Drug Discovery Research Unit:

The Board of Directors of the Company at its meeting held on February 19, 2008, approved a Scheme of Arrangement for Demerger (Scheme) of New Drug Discovery Research (NDDR) Unit of the Company into Ranbaxy Life Sciences Research Limited ("RLS"), a subsidiary of the Company, subject to requisite approvals. The Appointed Date for the purpose of demerger has been fixed as 1st January 2008. Under the Scheme, shareholders of the Company will be entitled to receive one equity share of Re. 1.00 each of RLS without any payment for every four equity shares of Rs. 5.00 each held in the Company as on the Record Date to be fixed for this purpose. This is a significant step in creating an independent pathway for NDDR with dedicated resources and an enhanced focus for long-term growth. In terms of the Listing Agreements with the stock exchanges, The National Stock Exchange of India Ltd. and Bombay Stock Exchange Limited have conveyed their "No Objection" to the Scheme.

Zenotech Laboratories Limited:

The Company increased its equity stake in Zenotech Laboratories Ltd., Hyderabad, from 6.94% to 46.95%. This would provide a strong platform in high growth areas like Biologics and Speciality injectables including Oncology products, across emerging and developed markets to the Company.

Jupiter BioSciences Limited:

The Company acquired a strategic stake of 14.9% in Jupiter Biosciences Limited, Hyderabad, through equity warrants. The total investment for this would be Rs. 470 million. This would provide the Company access to the fast growing and niche therapeutic segment of Peptides.

Be-Tabs Pharmaceuticals (Proprietary) Limited (South Africa):

The Company concluded the acquisition of Be-Tabs in South Africa through Ranbaxy Netherlands B.V (RNBV), a wholly owned subsidiary of the Company.

This has resulted in making Ranbaxy the fifth largest generic pharmaceutical company in South Africa.

Dermatalogy Brands of Bristol Myers Squibb(USA):

The Company, through RNBV acquired 13 dermatalogy products from Bristol Myers Squibb (BMS) in the USA for consideration of US $ 26 Mn. This has further strengthened and extended the franchise of the Company in the dermatology arena.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE and DEVELOPMENTS:

The Global Pharmaceutical market audited sales grew by approximately 6.1% (at constant exchange rates) to reach US $ 663.5 Bn in 2007. North America, Europe and Japan continued to remain the key markets accounting for 86% of the worldwide pharmaceutical sales in 2007. The world's largest market, the United States recorded prescription sales of US$ 286.5 Bn, a growth of 3.8%. This slower growth was due to fewer new product approvals, loss of exclusivity of branded medicines and the year on year impact of the Medicare Part D program. The emerging economies further consolidated their position in the global landscape with growth in countries like India, Russia, Brazil and Turkey exceeding that in the developed markets.

The North American pharmaceutical sales grew by approximately 4.2% to reach US $ 304.5 Bn, constituting 46% of the global sales in 2007. Europe clocked sales of US$ 206 Bn, a growth of 6.7% and contributed 31% to total global pharmaceutical sales. Pharmaceutical sales in Japan, the world's second largest market stood at US $ 58.5 Bn, and recorded a growth of 4.2%. Sales in Latin America, led by the key markets of Brazil and Mexico grew by 12% to reach US $ 32 Bn while Asia, Africa and Australia grew by 13% to US$ 62 Bn.

The Top 10 leading products contributed approximately 10% to Global Pharmaceutical Sales in 2007 with combined sales of US$ 64Bn. The top 3 selling products worldwide were Atorvastatin (Lipitor US $13.5 Bn) followed by Clopidogrel (Plavix US$ 7.3 Bn and Esomeprazole (Nexium US$ 7.2 Bn). The top three therapeutic categories in 2007 were Oncologics, Lipid regulators and Respiratory agents with combined sales of US$ 104 Bn. the Top 10 therapeutic segments contributed 36% to Global Pharmaceutical Sales in 2007, with combined sales of US$ 242 Bn.

Generics:

The Generics market registered buoyant growth with the fundamental drivers of demand continuing to emanate from increasing burden of healthcare costs in developed countries and wider access to healthcare in developing economies. With over US$ 80 Bn of drugs going off patent by 2012 and higher penetration across developed and emerging markets, the generics market will continue to provide attractive growth opportunities in future. Generics represented more than half of the volume of pharmaceutical products sold in 7 key markets globally, viz. USA, Canada, France, Spain, Italy, Germany and UK.

Consolidation in the industry intensified with companies increasingly realising the need to further enhance their competitive advantages and trying to attain the right balance amongst cost leadership, product portfolio, geographic reach and specialty products and technologies.

In order to optimize value at various points across the pharmaceutical value curve, Innovator Pharmaceutical and Generic Companies are exploring ways to move from a competing business model to a collaborative one. With Innovator Companies facing issues in terms of R and D productivity, costs, product safety and patent expiries and Generic companies involved with their own set of challenges, there seems to be a clear focus on leveraging each others' strengths to form symbiotic relationships. With competitive advantages in terms of research and development, manufacturing and marketing, Indian Companies today stand at the forefront to partner with Innovator Pharmaceutical Companies.

An emerging trend in the generic landscape is the focus on specialty therapeutic segments such as bio-similars, peptides, limuses and others.

With difficult entry barriers characterized by complex technologies and large resource requirements for development, manufacturing and marketing, these therapeutic areas are expected to witness lesser competition and higher sustainable margins in future. Opportunities for growth in these segments are being witnessed both through a mix of organic and inorganic efforts as companies try to supplement product gaps in their portfolios and significantly reduce their time to market.

An important segment is that of bio-similars, a fast growing area wherein bio-products which today account for approximately 10% of the worldwide pharmaceutical market are opening up to generic competition over the next few years. Bio-similar products are expected to lead the growth in the specialty therapeutic segments.

In a bid to ascend the value chain and to create their own Intellectual Property, some Indian Pharmaceutical Companies have taken strategic step of de-merging their New Drug Discovery Research (NDDR) Unit's business into separate entities. This is a long term value proposition to bring about a sharper and enhanced focus on drug discovery research in the Indian industry.

The three largest markets for Ranbaxy today are USA, Europe and India. The prevailing market environment in these geographies is as discussed below –

United States : In 2007, the proportion of generic prescriptions dispensed to total prescriptions stood at a robust 65% (61% in 2006). Although volumes rose across a number of therapeutic areas, the emergence of generic forms of lipid regulators, anti-depressants and calcium blockers resulted in significant growth for these classes of medications. Sales in 2007 were driven by blockbuster products such as Amlodopine, Zolpidem and Carvedilol going off patent. Generics continue to play an increasingly prominent role in the US healthcare market.

According to the baseline forecast of IMS Health, the US generics market is expected to deliver a CAGR in excess of 14% in value terms over the period from 2005 to 2010. Generics will have a greater prescription market share compared to 2007 as the market realizes the full impact of the US$ 12 Bn in branded products that were genericised in the course of 2007. Further, an additional US$ 13 Bn worth of branded products are expected to be genericised in 2008.

Europe : The key markets in Western Europe witnessed a relatively stable year vis-a-vis the challenging conditions witnessed in 2006. While the markets of UK, France and Germany performed better than last year, Romania, a key market in Central Europe was subject to certain proposed healthcare reforms consequent to it joining the EU from January 1, 2007. The other markets in Central, Eastern and Southern Europe, including the CIS belt continued to experience buoyant growth led by a higher per capita pharmaceutical expenditure and an increasing utilization of generic drugs, driven by the governments' efforts to reduce healthcare spends.

India : The Indian Pharmaceutical market in 2007 was valued at Rs 310 Bn (US$ 7.6 Bn), recording a growth of 13%. The Top 10 Companies registered a combined market share of 36% and grew at a pace similar to that of the market. While the Chronic therapy segments continued their robust momentum, recording a growth of approximately 20% during the year, the Acute therapy categories grew by 11%.

The overall market growth was a mix of higher volumes of existing products, new product introductions and price increases with all three witnessing a positive trend. Approximately 75% of the overall market growth was led by volume increases in existing products, while the balance was attributed to new product introductions, price increases and other factors. Semi-urban and rural markets are becoming an important driver for growth (+23% in 2007) in the Indian market. With higher per capita income and increasing access to modern medicine, this segment is expected to continue its strong growth momentum.

The emergence of an organised pharmaceutical retail segment and the fast growing area of medical insurance are likely to be other important factors that would positively impact the sector in the coming years.

OUTLOOK ON OPPORTUNITIES:

The Generic Industry is expected to witness buoyant growth with blockbuster patent expiries, increasing generic penetration and healthcare cost pressures.

The company today is amongst the leading generic companies with a widespread presence across markets of North America, Europe and the Asia Pacific region. It has a balanced revenue mix with developed markets contributing 40% to total revenues, the emerging markets 54% and the balance being the Active Pharmaceutical Ingredients (API) business. With its brand building capabilities in the emerging markets, First to File (FTF) product pipeline in the US market and an increasing presence in the specialty products segment, the Company is well placed to capitalize on the generics growth opportunity.

The Company's potential for revenue growth from generic products is closely related to its product pipeline. As of December 31, 2007, the Company had 239 and as filed with the FDA, of which 141 have been approved. The Company believes that its pending pipeline of 98 and as is one of the largest in the generics industry representing an innovator market size of approximately US$ 54 Bn. Of these, based on the Company's own analysis of publicly available US FDA data, it believes that it has a FTF on 18 of these ANDA applications, which relate to brand-name drugs having aggregate sales in the United States of more than US $ 25 Bn.

The Company entered into settlements with innovator companies for 3 key FTF products .i.e. Sumatriptan and Valacyclovir with GlaxoSmithKline (brand name Imitrex and Valtrex respectively) and Tamsulosin with Boehringer Ingelheim / Astellas Pharma (brand name Flomax). These products have a combined innovator market size exceeding US $ 3.5 Bn and the Company is expected to launch these in 2008, 2009 and 2010 respectively. The settlements provide certainty of revenue flows and enhance product visibility for the Company going forward.

Europe posted good performance in 2007 and is expected to continue to perform well. The Company's operations across Europe recorded strong growth led by improved performances in UK, France and Germany. Rest of Europe and Romania, the Company's largest market in Europe performed well despite the uncertainty due to the proposed healthcare reforms.

Outlook on the Indian Pharma market continues to be good. It is expected that the growth in the market would be driven by higher volume consumption led by economic growth providing increased affordability of pharmaceutical products coupled with a rising awareness of modern medicine. Added to that, the emerging new market segments of rural and semi-urban areas, the initiation of organised pharmaceutical retailing and the growing medical insurance area are all set to favorably impact the Indian Pharmaceutical industry. With Product Patent regulations in force, the Indian market has become an attractive option for research and drug delivery system based products. In-licensing would also provide a lucrative option for companies with strong distribution reach and excellent brand recognition. Ranbaxy, the leading pharmaceutical Company in India, is well entrenched across the Metro and extra urban areas and has a strong distribution and brand building skill sets. With a robust product pipeline, a number of existing and potential in-licensing product arrangements and a strong drug delivery system based product presence, the Company is well placed to capture the opportunity in the market place.

OUTLOOK ON THREATS, RISKS AND CONCERNS:

The global generics business remains challenging due to increased competition from companies in emerging markets and government led healthcare reforms that lead to short term fluctuations. On the other hand, in developed economies Innovator Pharmaceutical companies are continually evolving ways to delay entry of generic drugs. The generic segment as such has inherent risks with regard to patent litigation, product liability, increasing regulations and compliance related issues.

The manufacture of generic pharmaceuticals is heavily regulated by governmental authorities around the world, including by US FDA. Any material non-compliance could potentially have adverse affect on manufacturing operations at the concerned facility, on approvals of drug products in the market and for grant of approvals of new products.

In regard to some of their manufacturing facilities, the US FDA has made certain observations most of which have been responded to while a few are in the process of being addressed. Specifically in regard to the facility at Poanta Sahib (Himachal Pradesh, India), they have fulfilled their commitments made to the US FDA and await their final clearance pending which, they could continue to face delays for new product approvals from this plant. They continue to cooperate fully with the concerned authorities.

SEGMENT-WISE PERFORMANCE:

Ranbaxy recorded global sales of US $ 1619 Mn, a 21% growth over last year. Dosage form sales constituted 94% of global sales as against 91% in 2006. Overseas market constituted 78% of the total sales of the Company.

FINANCIAL PERFORMANCE:

For the year, the Company recorded consolidated global sales of Rs. 66927 Mn, 10% higher than prior year. Profit before interest, depreciation and amortization was Rs. 13581 Mn, higher than prior year by 45%. Profit before tax at Rs. 9985 Mn, was up by 53%. Profit after tax was Rs. 7866 Mn, 53% higher than last year. While at the operating level, the Company recorded a strong performance, the foreign exchange gains on translation arising out of significant rupee appreciation witnessed in 2007 added to the profits for the year.

The company is in trade terms with:

v Askas Plastic Private Limited

v Bhasin Packwell Private Limited

v Ankit Glass Industries Private Limited

v Symbiotech Steroids Private Limited

v Zenna Plastics Limited

v Srikem Laboratories Private Limited

v Excipients Private Limited

v NBZ Pharma Limited

v Kejariwal Industries

v Time Cap Pharma Private Limited

Fixed Assets

v Goodwill

v Trade Marks and Product Licenses

v Land

v Building

v Plant and Machinery

v Furniture and Fixtures

v Vehicles

Operating Joint Ventures:

Brazil

v Ranbaxy Farmaceutics Limiteda.

China

v Ranbaxy (Guangzhou China) Limited

Egypt

v Ranbaxy Egypt Limited

France

v Ranbaxy France SAS

Germany

v Basics GmbH

Hong Kong

v Ranbaxy (Hong Kong) Limited

India

v Ranbaxy Fine Chemicals Limited

v Rexcel Pharmaceuticals Limited

v Solus Pharmaceuticals Limited

v Vorin Laboratories Limited

v Vidyut Travel Services Limited

Ireland

v Ranbaxy Ireland Limited

Malaysia

v Ranbaxy (Malaysia) Sdn Bhd

The Netherlands

v Ranbaxy (Netherlands) B.V.

v Ranbaxy Pharmaceuticals B.V.

Nigeria

v Ranbaxy (Nigeria) Limited

Panama

v Ranbaxy Panama S. A.

Peru

v Ranbaxy PRP (Peru) SAC

Poland

v Ranbaxy Poland Sp. zoo.

South Africa

v Ranbaxy (SA) (Pty.) Limited

Thailand

v Ranbaxy Unichem Company Limited

v Unichem Distributors Limited, Part.

v Unichem Pharmaceuticals Limited

v Ranbaxy (UK) Limited

v Ranbaxy Europe Limited

USA

v Ohm Laboratories Inc.

v Ranbaxy Pharmaceuticals Inc.

v Ranbaxy Schein Pharma, LLC

Vietnam

v Ranbaxy Vietnam Company Limited

Milestone:

January 2003:

v The Company launched Co-Amoxyclav (Enhancin/Moxclav) in the US.

v Bayer, the licensing collaborator for Cipro once-a-day product, launched its 500mg dosage forms in the US market.

February 2003:

v The Company launched a high and advanced Cephalosporin, Cefprozil, under the brand name Refzil O (Cefprozil).

v The Company launched its second branded product, Sotret (Isotretinoin), in the US

April 2003:

v The Company rolled-out the company’s vision for 2012.

June 2003:

v The Company entered into Collaborative Research with ‘Medicines for Malaria venture’ (MMV), Geneva, for the development of Anti-Malarial Drug.

September 2003:

v Bayer, the company’s licensing collaborator for Cipro once-a-day product (developed by Ranbaxy), launched the 1 gm dosage form in the US market.

v The Company launched high-end Anti-Infective Injectable, Cilanem, for the first time in India.

v The Company gained USFDA approval for commercialization of Riomet (Metformin HCL) oral solution 100 mg/ml.

v The Company launched the latest Cholestrol Reducing Agent, Rosuvas (Rosuvastatin) in India

v The Company received prestigious National Safety Awards for the Year 2001 and 2002.

October 2003:

v The Company receives The Economic Times Award for Corporate Excellence for the “Company of the Year”.

v The Company and GlaxoSmithkline PLC (GSK) entered into a drug discovery and clinical development collaboration covering a wide range of therapeutic areas signifying the recognition of Ranbaxy’s research capabilities.

v The Company signed an agreement with The William Jefferson Clinton Foundation to supply HIV/AIDS drugs to millions of people in developing countries at a significantly reduced price.

v The Company and Anna University signed an agreement to collaborate for New Drug Discovery.

November 2003:

v President Bill Clinton visited Company’s RandD centre to thank Ranbaxy and the other four partner companies of the Clinton Foundation who had signed an agreement to supply HIV/AIDS drugs.

December 2003:

v The Company signed an agreement to acquire RPG (Aventis) SA along with its fully owned subsidiary, OPIH SARL, in France.

AS PER WEBSITE

Corporate Profile

The Company headquartered in India, is an integrated, research based, international pharmaceutical company, producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. The Company is ranked amongst the top ten global generic companies and has a presence in 23 of the top 25 pharma markets of the world. The Company with a global footprint in 49 countries, worldclass manufacturing facilities in 11 and a diverse product portfolio, is rapidly moving towards global leadership, riding on its success in the world’s emerging and developed markets.

R and D

Subject views its R and D capabilities as a vital component of its business strategy that will provide the company with a sustainable, long-term competitive advantage. The Company today has a pool of 1,200 scientists who are engaged in path-breaking research.

Subject is among the few Indian pharmaceutical companies in India to have initiated its research program in the late 70’s. To support its global ambition a first of its kind world class R and D centre was commissioned in 1994. Today, the Company’s multi-disciplinary R and D centre at Gurgaon, in India, houses dedicated facilities for generics research and innovative research. The Company’s robust R and D environment for both drug discovery and development reflects the Company's commitment to be a leader in the generics space and offer value added formulations based on its Novel Drug Delivery System (NDDS) and New Chemical Entity (NCE) research outcomes.

The company's NDDS focus is mainly on the development of NDA/ ANDAs of oral controlled- release products for the regulated markets. The Company's first significant international success using the NDDS technology platform came in September 1999, when Ranbaxy out-licensed its first once-a-day formulation to a multinational company.

The research areas for drug discovery at Ranbaxy are anti-infectives, inflammatory / respiratory, metabolic diseases and Oncology. Presently, the Company has 10 programs in the area of NDDR including one NCE in Phase-II clinical trials. The Company has received approvals to commence Phase I studies in India on its NCE molecule for Dyslipidemia. In addition, the Company also has a number of other pre-clinical leads in various segments.

Subject also has a global alliance in the area of drug discovery and development with GlaxoSmithKline Plc. Presently two research programs have been initiated under this alliance.

Press Clippings:

RANBAXY RECEIVES FINAL APPROVAL TO MANUFACTURE AND MARKET CETIRIZINE HYDROCHLORIDE TABLETS (OTC), 5MG AND 10MG

Gurgaon, Haryana, India, December 31, 2007

Ranbaxy Laboratories Limited (RLL), announced today that the company has received final approval from the U.S. Food and Drug Administration to manufacture and market Cetirizine Hydrochloride Tablets (OTC), 5 mg and 10 mg. The Office of Generic Drugs, U.S. Food and Drug Administration, has determined the Ohm formulation to be bioequivalent and have the same therapeutic effect as that of the reference listed drug Zyrtec® Allergy tablets, 5mg and l0mg and Zyrtec® Hives Relief tablets, 5mg and 10mg by Pfizer Pharmaceuticals Inc. Total annual market sales for Cetirizine Hydrochloride Tablets as a prescription only product were $1.3 billion (IMS – MAT: September 2007).

Cetirizine Hydrochloride is indicated for the temporary relief of runny nose, sneezing, itching of the nose or throat, and itchy, watery eyes due to hay fever or other upper respiratory allergies.

"We are pleased to receive this final approval for Cetirizine Hydrochloride Tablets (OTC) 5mg and 10mg, that has proven its clinical value and utility in both adults and children. We are pleased to offer this preferred formulation that will meet the needs of all patients who need this medication in response to allergic reactions. This OTC product formulation further expands our portfolio of affordable generic alternatives and will be launched immediately to all classes of trade," said Jim Meehan, Vice President of Sales and Distribution for Ohm Laboratories Inc, a wholly owned subsidiary of RLL.

Ohm, based in North Brunswick, New Jersey, is a wholly owned subsidiary of Ranbaxy Laboratories Limited (“RLL”), India’s largest pharmaceutical company. Ohm is engaged in the sale and distribution of generic and branded private label, OTC products in the U.S. healthcare system.

Ranbaxy’s continued focus on R and D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company’s foray into Novel Drug Delivery Systems has led to proprietary "platform technologies", resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries.

RANBAXY RECEIVES WHO PRE-QUALIFICATION FOR THREE ADDITIONAL ARVS

TWO PRODUCTS INTRODUCED FOR THE FIRST TIME ON THE WHO LIST

Gurgaon, Haryana, India, September 10, 2007

Ranbaxy Laboratories Limited (Ranbaxy) announced today that the World Health Organisation, (WHO), Geneva, has included three more Anti Retroviral (ARV) products of the Company in its pre-qualification list taking the total to 15 ARVs.

The ARV’s approved by the WHO recently are:

Lamivudine 150mg/Zidovudine 300mg tablet + Efavirenz 600mg tablet compliance pack

Lamivudine 150mg/Stavudine 30mg tablet + Efavirenz 600mg tablet compliance pack

Lamivudine 150mg/Stavudine 40mg tablet + Efavirenz 600mg tablet compliance pack

With these inclusions, Ranbaxy now has a total of 15 ARVs on the WHO pre-qualification list consisting of single dose and fixed dose combination products.

Commenting on the latest WHO listings, Ranbaxy’s CEO and MD, Mr. Malvinder Mohan Singh said, "We are committed to using our experience and technology in developing innovative products to make value added generic ARVs that improve compliance and reduce costs. Recent years have seen major reduction in cost of ARVs and Ranbaxy has been on the forefront in providing affordable ARVs to patients across nations. We now need to look for other benefits for patients and develop smarter products. We are delighted with these new approvals and believe this will benefit patients immensely".

These ARVs are made available in compliance Kit packs, designed to enhance patient compliance for medication and are Ranbaxy’s latest additions to the WHO list. These packs contain two fixed dose combination tablets of Lamivudine/Zidovudine or Lamivudine/Stavudine with a single tablet of Efavirenz. Among these, Lamivudine/Stavudine + Efavirenz formulations are the first by any company on the WHO list.

Worldwide, several patients use Lamivudine, Efavirenz and Stavudine/Zidovudine, all together. Presenting these ARV’s in kits will enable the doctors ensure patients comply with the treatment. The Kit packs will also make it simple for procurement managers to place orders and help to reduce cost of procurement and shipment.

Ranbaxy’s ARVs, including the recently approved WHO pre-qualified products, are manufactured at the Company’s state-of-the-art manufacturing facilities in India, inspected and approved by some of the most stringent agencies in the world. The Company has already filed a range of ARVs for USFDA approvals and has begun to receive tentative approvals from the USFDA under the PEPFAR program. The Company’s ARVs are sold in over 50 countries worldwide.

Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R and D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company’s foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries

RANBAXY LAUNCHES PRAVASTATIN SODIUM 80 MG TABLETS IN USA

RANBAXY TO BENEFIT FROM 180 DAY EXCLUSIVITY

Gurgaon (Haryana), India, June 25, 2007

Ranbaxy Laboratories Limited (RLL), announced today that the Company’s wholly owned subsidiary, Ranbaxy Pharmaceuticals Inc. (RPI), has launched Pravastatin Sodium 80 mg Tablets in the U.S. healthcare system.

Being the first-to-file, Ranbaxy will enjoy a 180 day exclusivity for Pravastatin 80mg and benefit from the commercial gains during this period. The annual sales for Pravastatin 80mg are $ 209 Million (IMS: MAT - Dec. 2006).

“They will make Pravastatin Sodium 80 mg Tablets available to all classes of trade immediately, and their Ranbaxy Sales and Distribution Teams will be doing everything to have product in the hands of their customers as quickly as possible. They are delighted to have this product formulation as an addition to their ever expanding product portfolio of affordable generic alternatives,” said Jim Meehan, Vice President of Sales and Marketing for RPI, USA.

Pravastatin is indicated in the treatment of primary prevention of coronary events such as in hypercholesterolemic patients without clinically evident coronary heart disease. Pravastatin is also indicated to reduce the risk of myocardial infarction, reduce the risk of undergoing myocardial revascularization procedures and reduce the risk of cardiovascular mortality with no increase in death from non-cardiovascular causes. It is also indicated for treatment in the secondary prevention of cardiovascular events such as in patients with clinically evident coronary heart disease to reduce the risk of stroke and stroke/transient ischemic attack (TIA), and slow the progression of coronary atherosclerosis

Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, USA, is a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), India’s largest pharmaceutical company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.

Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R and D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company’s foray into Novel Drug Delivery Systems has led to proprietary "platform technologies", resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries

RANBAXY PRESENTS SPECIAL AWARD IN PUBLIC HEALTH TO PROFESSOR K. SRINATH REDDY

Gurgaon, India, December 29, 2006

Ranbaxy Science Foundation, a non-profit organization set-up by Ranbaxy Laboratories Limited (RLL) to encourage and reward Indian scientists around the world, today, presented its 3rd ‘Ranbaxy Special Award in Public Health’ to Professor K. Srinath Reddy, Professor of Cardiology, AIIMS, and President Public Health Foundation of India, for his research contributions in public health in the field of epidemiology and prevention of cardio vascular diseases. The Foundation confers this special award on a person whose work or action has had a strong and lasting impact on public health issues. The award was presented by Dr. Nitya Anand, Chairman, Ranbaxy Science Foundation. On the occasion, Prof. Reddy delivered a lecture on the topic “Promoting Heart Health in India: A Public Health Approach”.

Prof. Reddy has been awarded with the Ranbaxy Special Award for distinguished services to public health in recognition of his outstanding national and global contributions to health promotion and prevention of cardiovascular and other chronic diseases. His illustrious career as a cardiologist and epidemiologist till recently as a faculty member of the AIIMS and presently as the President of the Public Health Foundation of India, is replete with rich and varied contributions to public health. Prof. Reddy has, through his research, helped to identify the nature and extent of risk factors contributing to the rapid rise of heart diseases in India and also charted the dynamics of health transition which is transforming developing countries into a high risk zone for cardiovascular diseases, diabetes and cancers. Working closely with Indian Ministry of Health as well as international agencies such as the World Health Organization and the World Heart Federation, he has helped to evolve policies and designed public health programmes related to prevention of cardiovascular diseases and obesity, tobacco control, healthy nutrition and physical activity.

Prof. Reddy has also created several new initiatives for health promotion and disease prevention. Through HRIDAY-SHAN, a school and college based network for promoting health awareness and informed health advocacy among youth, thousands of students have been mobilized into health action in Delhi and 10 other states. The first ever Global Youth Meet on Health, organized by HRIDAY-SHAN in 2006, unified youth from 35 countries into a Youth For Health movement which is set to conduct global campaigns for health promoting policies. An ongoing programme, in 10 industries across India, is providing over 200,000 employees and their family members health education, risk factor screening and counseling for disease prevention and management. Rigorous evaluation has shown these interventions to be highly successful in reducing risk and WHO has identified them to be ‘best practices’ for replication elsewhere.

Prof. Reddy has also been globally acclaimed for his role in championing tobacco control. As a member of the Indian delegation to the inter-governmental negotiations on the global Framework Convention on Tobacco Control, his articulate advocacy has made him a spokesperson for the developing countries. He was awarded with the WHO Director General’s Award for ‘Outstanding Contributions To Global Tobacco Control’ at the World Health Assembly of 2003.

Professor K. Srinath Reddy was awarded PADMA BHUSHAN by the President of India in 2005. He has brought honour to India by being awarded the Queen Elizabeth Medal for Health Promotion in 2005 and by becoming the first Indian Scientist to be inducted into the US National Academies’ Institute of Medicine. He is also the first Indian to deliver the prestigious Cutter Lecture at the Harvard School of Public Health. He has been listed by the University Grants Commission as one of the top Indian researchers in Medical Sciences and Social Sciences. He is a winner of ECAAR Global Peace Essay Award, adjudged by nine Nobel Laureates and other luminaries, as well as the Times of India Human Rights Essay Prize.

The Ranbaxy Special Award in Public Health has earlier been conferred on Mr. S. R. Rao former Commissioner of Surat and Dr. Justice K. Narayana Kurup former Acting Chief Justice and Judge of the Madras High court in recognition of their dynamic contributions towards improving the sanitation system in the aftermath of plague and imposing ban on smoking in public places respectively.

Ranbaxy Science Foundation is a non-profit organisation and was set up as an independent society in 1985 with the mission of providing impetus to the scientific endeavour in the country by encouraging and rewarding excellence in medical and pharmaceutical research. So far the Foundation has honoured 104 scientists for their outstanding Research and Scientific contributions in the fields of Medical and Pharmaceutical Sciences.

Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on RandD has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies", resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 9 countries.

RANBAXY IN-LICENSES NDDS CARDIOVASCULAR DRUG FROM ETHYPHARMA FOR INDIAN MARKET

Gurgaon (Haryana), India - September 18, 2006

Ranbaxy will market the product under its brand name STORFIB(tm). Introduction of STORFIB will address the need for effective management of Mixed Dyslipidemia, which is very common amongst the Indian population. The product will be manufactured by Ethypharm, at its facility located near Mumbai.

Commenting on the agreement, Mr. Sanjeev I. Dani, Regional Director, India and Middle East, Ranbaxy said, "Ranbaxy in India, is the leader in Novel Drug Delivery System (NDDS products) and a pioneer in the Lipids management portfolio. The launch of STORFIB, which symbolises both these strengths, would further augment their leadership position in the cardio-vascular market. "

Combinational products are growing very fast in India and it is estimated that more than two thirds of all combination products worldwide are registered first in India. Ethypharm endeavours to ensure that the benefits of its Drug Delivery technologies also encompass such combinational products. "This product encapsulates the benefits of both Combination offerings and Drug Delivery technologies and will help the large Indian populace who suffer from Combined (mixed) Dyslipidemia which is common culprit in Asian subcontinent including India", said Mr Ajey Kumar, Chief Executive Officer of Ethypharm India.

Fenofibrate is a drug prescribed to lower triglycerides in cases of Hyperlipidemia while Atorvastatin is a cholesterol lowering drug. Ethypharm's enhanced absorption technologies serve to increase bioavailability of drugs like Fenofibrate thereby making it more efficacious, effective and safe medicine.

Earlier in May 2006, Ranbaxy had entered into a similar in-licensing agreement with Ethypharm, India, for marketing of Tramadol Flashtab®, a pain management drug. It is Ranbaxy's strategic intent to in-licence other value added Drug Delivery products for the Indian market to supplement its significant portfolio in this area. Ranbaxy's strong marketing and distribution network coupled with its own expertise in the segment, makes it a partner of choice for companies evaluating similar collaborative go-to-market arrangements.

Ethypharm is a French company, present on the principal world health markets with manufacturing and R and D sites in Europe, North America, China and India. Ethypharm is headed by Gérard Leduc (Chairman and CEO) and Henry Martin (General Manager) since November 2005. The Ethypharm pharmaceutical company focuses on developing, manufacturing and licensing pharmaceutical products based on optimization of delivery through proprietary technologies, mainly in the oral sustained release formulations. The Company has a special focus on pain management, cardiovascular, oncology and CNS branded and generic products. Over the years, Ethypharm has developed more than 50 branded and generic products, based on its core proprietary technologies.

Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on RandD has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies", resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 8 countries.

RANBAXY GAINS WHO PRE-QUALIFICATION FOR FOUR MORE ARVS

Gurgaon, India, May 24, 2006

Ranbaxy Laboratories Limited (Ranbaxy) announced today that the World Health Organisation, Geneva (WHO), has included four additional Anti Retroviral (ARV) products of the Company in its pre-qualification list. The products approved by the WHO are:

Efavirenz 600mg tablets
Efavirenz 200mg capsules
Stavudine 30mg capsules
Stavudine 40mg capsules

With these inclusions, the Company now has a total of 12 ARVs on the WHO pre-qualification list. The Company also has three approvals from USFDA for ARVs, making it eligible for making supplies to the US funded PEPFAR programme.

Commenting on the new WHO listings, Ranbaxy’s CEO and MD, Mr. Malvinder Mohan Singh said, “This is a significant development. They strongly feel that Generic ARVs are essential in fighting the worldwide struggle against HIV/AIDS and are committed to providing high quality, cost effective generics.” He further added, “Efavirenz is rapidly becoming a preferred drug in HIV treatment program in developing countries. The other newly listed drug, Stavudine, is also being widely used as a first line of therapy against AIDS. Both products increase customer choice enabling patients to access therapy easily, at affordable prices.”

Ranbaxy’s ARVs, including the recently approved WHO pre-qualified products, are manufactured at the Company’s state-of-the-art manufacturing facilities, inspected and approved by some of the most stringent agencies in the world. These include the USFDA and the WHO.

Since 2001, Ranbaxy has been providing high quality ARV medicines, at affordable prices, to countries and patients afflicted by HIV/AIDS who might not otherwise have been able to gain access to this therapy. The Company's ARVs have been used as mainstays in various large treatment programs, both National and NGO/Institutional with good results. Ranbaxy is committed to supporting the global fight against HIV/AIDS through high quality, affordable medicines.

Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on Rand D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies", resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 7 countries.

RANBAXY IN-LICENCES NDDS ANALGESIC MOLECULE FROM ETHYPHARM-FRANCE, FOR INDIA

Adds muscle to its strategic portfolio of Novel drugs

Gurgaon, India, May 24, 2006

Ranbaxy Laboratories Limited (Ranbaxy) announced today that the Company has entered into a strategic in-licensing agreement for the Indian market, with Ethypharm LL India (Ethypharm), a wholly-owned subsidiary of a leading French drug delivery company, for the Novel Drug Delivery System (NDDS) analgesic, Tramadol 50 mg Flashtab®. The product will be supplied from Ethypharm's manufacturing facility near Mumbai, and marketed and distributed by Ranbaxy under its brand name 'Trambax'.

Tramadol is a drug of choice for severe to moderately severe pain in trauma cases and is currently one of the four most commonly prescribed analgesics worldwide. It is also used as an adjunct therapy in the treatment of cancer patients. Tramadol Flashtab® tablets melt rapidly in the mouth without water and combine several benefits in terms of acceptability, accuracy of dosing and safety. This inherent property of a Flashtab® is an advantage in the treatment of pain, since it can be consumed without water and hence can be used anywhere, anytime. Ranbaxy and Ethypharm aim to respond to the needs of patients and health authorities' for convenient medication by utilising the unique Flashtab® technology.

Commenting on the agreement, Mr. Sanjeev I. Dani, Regional Director, India and Middle East, Ranbaxy said, "The introduction of Trambax (Tramadol Flashtab®) Tablets is part of Ranbaxy's strategy to provide world-class products with NDDS technology to doctors in India bringing rapid pain relief to their patients. This will further strengthen their portfolio in the pain management segment."

"The Indian market of Tramadol is approximately Rs 150 Millions annually and is expected to grow significantly with the addition of this Novel Drug Delivery System, making the administration of the product easier and more convenient to the patient", said Mr Ajey Kumar, Chief Executive Officer of Ethypharm LL India.

Today Ranbaxy is a clear market leader in India in the NDDS space with a basket of 30 novel products already on pharmacy shelves in the country.

This year, with the introduction of the NDDS product Trambax, Ranbaxy has so far launched 2 in-licenced products and has 5 more such products in the pipeline, for launch during the year.

It is Ranbaxy's strategic intent to in-licence other value added NDDS products for the Indian market to supplement its own significant portfolio in this area. Ranbaxy's strong marketing and distribution network coupled with its own expertise in NDDS makes it a partner of choice for companies evaluating similar collaborative go-to-market arrangements.

Ethypharm is a pharmaceutical laboratory specialized in controlled release systems of medical products for the oral route. Its principal therapeutic areas concern pain, cardio-vascular and the central nervous system. The Company has more than 50 products launched by business partners of international repute in approximately 70 countries. Ethypharm develops and manufactures its products in compliance with the current pharmaceutical norms worldwide. The Company has developed a large range of technology platforms for the administration of products by the oral route, including controlled release, orally disintegrating taste-masked formulations and systems for the improvement of the solubility of active substances of low solubility. Ethypharm is present on the principal world health markets with plants and Research and Development centres in Europe, in North America (Canada) and in Asia (China and India). Ethypharm LL India is a 100% subsidiary of Ethypharm S.A., France.

Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on RandD has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies", resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 7 countries.

RANBAXY IN-LICENCES NEW ASTHMA DRUG FROM EURODRUG LABORATORIES, NETHERLANDS

Product to be marketed in India for the first time

Gurgaon, India, May 17, 2006

Ranbaxy Laboratories Limited (Ranbaxy) announced today that the Company has entered into an in-licensing agreement for the Indian domestic market, with the Netherlands based Pharma company, Eurodrug Laboratories, for the asthma product Doxophylline - a Novel Xanthine Bronchodilator .

The product developed in collaboration with many European medical centers, will be introduced for the first time in India under the Brand Name "SYNASMA". The drug is indicated for Chronic Bronchitis, Asthma and Chronic Obstructive Pulmonary Disease (COPD) and is considered to be superior to available Xanthine analogues, like Theophylline and Aminophylline. Eurodurg has been successfully marketing this medicine in Europe, Latin America and few Asian markets like Korea, Philippines and Thailand.

Commenting on the development, Mr. Sanjeev I. Dani, Regional Director -India and Middle East-, Ranbaxy, said "Synasma (Doxophylline) is yet another innovative asthma drug to be introduced in India for the 'first' time, by Ranbaxy. It is their strategic intent to in-licence differentiated products for the Indian market in the post-patent era and this drug augments the Company's position in the fast growing asthma segment."

Reflecting the commitment of Ranbaxy in continuing to launch new molecules with unique action mechanisms, Mr. Dani further added, " Doxophylline will build on the oral asthma franchise of Ranbaxy, which is already a leader in the montelukast market."

India presently has an estimated 15-20 million asthmatic patients and the estimated prevalence rate in 5-11 year old children is between 10-15%. A large segment of the population is susceptible to this disorder. The classified triggers for asthma include environment pollutants, molds, dust mites, certain food etc and the disease affects all sections of the society.

The Eurodrug Laboratories Group is a Netherlands based multinational pharma company established in 1984 with a vision of introducing one NCE every two years in the global market. The primary activity of Eurodrug group is registering, marketing and distributing a wide range of New Chemical Entities of European origin available through it's contract research, in-licensing and joint-ventures. Eurodrug is actively present in over 21 countries especially in Latin America, Asia Pacific and Eastern Europe. In most of the countries Eurodrug, markets the products through its own local sales-forces whereas in some countries it operates through leading local companies.

Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy's continued focus on R and D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company's foray into Novel Drug Delivery Systems has led to proprietary "platform technologies", resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 7 countries.

RANBAXY & MERCK SIGN ANTI-INFECTIVE DRUG DISCOVERY AND DEVELOPMENT AGREEMENT

Gurgaon, India, May 12, 2008

Ranbaxy Laboratories Ltd. (Ranbaxy) and Merck & Co., Inc. (Merck) announced today that they have signed a strategic Product Development Agreement (the “Agreement”) providing for a drug discovery and clinical development collaboration for new products, in the anti-infective field.

Ranbaxy and Merck will work together to develop clinically validated anti-bacterial and anti-fungal drug candidates. Ranbaxy will carry-out drug discovery and clinical development through Phase IIa clinical trials, with Merck conducting development and commercialization of drug candidates thereafter.

The Agreement provides that the collaboration will begin this year with an initial term of five years and can be extended mutually thereafter by the parties. Under the terms of the Agreement, Ranbaxy will be paid an undisclosed upfront sum, with the potential to receive payments totaling more than US$100 million associated with the achievement of various research, development and regulatory approval milestones for each target included in the collaboration. Ranbaxy is also eligible to receive significant royalties on worldwide net sales of any products commercialized under the Agreement.

Commenting on this agreement with Merck, Malvinder Mohan Singh, CEO and MD, Ranbaxy, said, “We believe that our philosophy of partnering with Big Pharma will continue to gather momentum as companies continue to recognize the strength and breadth of our R & D expertise and resources. This collaboration with Merck positions Ranbaxy to extend its capability set and move up the value chain for drug discovery and development.”

"Collaborations with external partners, wherever in the world, are an integral and essential part of Merck's long-term strategy to build and expand its pipeline," said Dr. Mervyn Turner, senior vice president of worldwide Licensing and external research at Merck. "By combining each other's strengths and resources both Merck and Ranbaxy are able to decrease development risk while sharing the potential reward."

Ranbaxy Laboratories Limited, India's largest pharmaceutical company, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R & D has resulted in several approvals in developed markets and significant progress in New Drug Discovery Research. The Company’s foray into Novel Drug Delivery Systems has led to proprietary "platform technologies," resulting in a number of products under development. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 49 countries and manufacturing operations in 11 countries.

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 records 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	Indian Rupees
US Dollar	1	Rs.45.77
UK Pound	1	Rs.80.67
Euro	1	Rs.64.20

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	10
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		81

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

MIRA INFORM REPORT

IDENTIFICATION DETAILS

LOCATIONS

DIRECTORS

MAJOR SHAREHOLDERS

BUSINESS DETAILS

PRODUCTION STATUS (As on 31.12.2006):-

GENERAL INFORMATION

CAPITAL STRUCTURE

ABRIDGED BALANCE SHEET

NETWORTH

TOTAL BORROWING

TOTAL

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]

Capital work-in-progress

INVESTMENT

CURRENT ASSETS, LOANS & ADVANCES

Inventories

9760.700

9549.120

8909.330

Sundry Debtors

8829.100

10137.450

8066.180

Cash & Bank Balances

1804.500

711.510

1165.930

Other Current Assets

0.000

780.850

1179.160

Loans & Advances

8829.900

3911.010

3383.080

Total Current Assets

29224.200

25089.940

22703.680

Less : CURRENT LIABILITIES & PROVISIONS

Current Liabilities

11785.300

7233.300

7282.800

Provisions

7381.400

5226.680

4139.920

Total Current Liabilities

19166.700

12459.980

11422.720

Net Current Assets

10057.500

12629.960

11280.960

TOTAL

PROFIT & LOSS ACCOUNT

KEY RATIOS

LOCAL AGENCY FURTHER INFORMATION

Milestone:

Unit

SCORE & RATING EXPLANATIONS