MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	SERUM INSTITUTE OF INDIA LIMITED	Principal Name 1	Mr. Adar Cyrus Poonawalla
Status	Excellent	Principal Name 2	Mr. Behroze Z. Poonawalla
		Registration #	11-32945
Street Address	212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411028, Maharashtra, India
Established Date	22.05.1984	SIC Code	--
Telephone#	91-20-26993900/ 26993904	Business Style 1	Manufacturers
Fax #	91-20-26993921/ 26133228	Business Style 2	--
Homepage	http://www.seruminstitute.com	Product Name 1	Bacterial Vaccines
# of employees	600	Product Name 2	Viral Vaccines
Paid up capital	Rs.47,473,000/-	Product Name 3	Antisera
Shareholders	Bodies corporate-67.96% Directors or relatives of directors-32.04%	Banking	Bank of Baroda
Public Limited Corp.	NO	Business Period	27 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Aa (75)
Related Company
Relation	Country	Company Name	CEO
Group Companies	India	Intervalve (India) Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	5,047,998,000	Current Liabilities	876,740,000
Inventories	2,680,167,000	Long-term Liabilities	4,001,849,000
Fixed Assets	5,586,593,000	Other Liabilities	191,804,000
Deferred Assets	165,957,000	Total Liabilities	5,070,393,000
Invest& other Assets	7,861,180,000	Retained Earnings	16,223,310,000
		Net Worth	16,271,502,000
Total Assets	21,341,895,000	Total Liab. & Equity	21,341,895,000
Total Assets (Previous Year)	20,534,205,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	7,058,449,000	Net Profit	2,871,152,000
Sales(Previous yr)	10,924,678,000	Net Profit(Prev.yr)	3,867,251,000

MIRA INFORM REPORT

Report Date :

02.08.2011

IDENTIFICATION DETAILS

Name :	SERUM INSTITUTE OF INDIA LIMITED

Registered Office :	212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411028, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	22.05.1984

Com. Reg. No.:	11-032945

Capital Investment / Paid-up Capital :	Rs.47.473 Millions

CIN No.: [Company Identification No.]	U80903PN1984PLC032945

TAN No.: [Tax Deduction & Collection Account No.]	PNES15736A/ PNES00023C

PAN No.: [Permanent Account No.]	AABCS4225M

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturers of Vaccines and Immuno - Biologicals that include Tetanus Toxoid, Diphtheria, Measles, Mumps, Rubella and Hepatitis-B.

No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING

STATUS

PROPOSED CREDIT LINE

71-85

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 65086000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is an old, well established, and a reputed company specialized in producing preventive and curative products. Financial position of the company appears to be sound. Fundamentals appear to be strong and healthy. Directors are reported to be experienced and respectable businessmen. Some of them are qualified doctors. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION DECLINED BY

Management Non Co-operative

LOCATIONS

Registered Office / Human Resources / International Marketing Division :	212/2, Off Soli Poonawalla Road, Hadapsar, Pune – 411 028, Maharashtra, India
Tel. No.:	91-20-26993900/ 26993904
Fax No.:	91-20-26993921/ 26133228
E-Mail :	serum.institute@gmail.com contact@seruminstitute.com hr@seruminstitute.com serumexports@vsnl.com
Website :	http://www.seruminstitute.com

Domestic Marketing Division :	501, Dalamal Tower, 211, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22840370
Fax No.:	91-22-22044389
E-Mail :	marketing@seruminstitute.com

Finance Division:	Sarosh Bhavan, 16-B/1, Dr. Ambedkar Road, Pune – 411 001, Maharashtra, India
Tel. No.:	91-20-26137221
Fax No.:	91-20-26133228
E-Mail :	finance@seruminstitute.com

Administrative Office :	13/375, Khara Niwas, 2^nd Floor, Gurunanak Nagar, Off Shankar Sheth Road, Pune – 411 042, Maharashtra, India
Tel. No.:	91-20-26993900
Fax No.:	91-20-26993921
E-Mail :	adminoff@seruminstitute.com

Regional Office :	· 17-A, Nutan Bharat Society, 2^nd Floor, Nutan Bharat Club, Alkapuri, Baroda - 390 007, Gujarat, India · Noble Chambers, S. A. Brelvi Road, Mumbai - 400 00, Maharashtra, India · Velam House, 2^nd Floor, H. No. 3-6-432, Himayatnagar, Hyderabad - 500 029, Andhra Pradesh, India · Flat No. 3, 3^rd Floor, Vasanth Apartments, No.9, Montieth Lane, Egmore, Chennai - 600 008, Tamilnadu, India · 409/410, Mansarover, 90, Nehru Place, New Delhi - 110 019, India
	·
Laboratories :	Located at :- § Pune, Maharashtra, India § Mumbai, Maharashtra, India § Baroda, Gujarat, India § New Delhi, India § Chennai, Tamilnadu, India § Kolkata, West Bengal, India

Branches :	Located at: · Baroda · Chennai · Hyderabad · Kolkata · New Delhi · Surat · Vishakapatnam

DIRECTORS

AS ON 27.07.2009

Name :	Mr. Adar Cyrus Poonawalla
Designation :	Whole Time Director
Address :	11, Poonawalla Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	14.01.1981
Date of Appointment :	08.04.2005

Name :	Mr. Behroze Z. Poonawalla
Designation :	Director
Address :	12, Poonawalla Park, Salisbury Park,Swargate, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	08.12.1946
Date of Appointment :	01.02.1986

Name :	Dr. Cyrus Soli Poonawalla
Designation :	Chairman cum Managing Director
Address :	11, Poonawalla Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	11.05.1941
Date of Appointment :	22.05.1984

Name :	Dr. (Mrs.) Mrudula A. Phadke
Designation :	Director
Address :	181, Buena Vista Soc., Jagannath Bhosale Marg, Near Mantralaya, Mumbai – 400 021, Maharashtra, India
Date of Birth/Age :	22.12.1944
Date of Appointment :	25.08.2008

Name :	Mr. Satish Ramchandra Mundra
Designation :	Whole Time Director
Address :	401, Clover Court, Opposite Guruprasad Society, Pune – 411 001, Maharashtra, India
Date of Birth/Age :	04.06.1943
Date of Appointment :	27.09.1988

Name :	Dr. Suresh Sahkaram Jadhav
Designation :	Whole Time Director
Address :	16, Sadhana Society, Near Akashwani, Pune – 411 028, Maharashtra, India
Date of Birth/Age :	24.01.1950
Date of Appointment :	12.10.1992

Name :	Dr. Subhash Vinayak Kapre
Designation :	Whole Time Director
Address :	Golden Blossom, Flat No. 8, 9 and 10, 3^rd Floor Kanchan Galli, Off Law College Road, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	28.11.1947
Date of Appointment :	12.10.1992

Name :	Mr. Villoo Cyrus Poonawalla
Designation :	Director
Address :	11, Poonawalla Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	30.09.1943
Date of Appointment :	01.02.1986
Date of Ceasing :	08.06.2010

Name :	Mr. Zavaray Soli Poonawalla
Designation :	Director
Address :	12, Poonawalla Park, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	04.12.1943
Date of Appointment:	01.07.2007

Name :	Mr. Balchandra Kashinath Khare
Designation :	Director
Address :	17/18, Shiv Sagar, 19, Worli Sea Face, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	13.09.1927
Date of Appointment :	27.08.1993
Date of Ceasing :	27.07.2009

KEY EXECUTIVES

Name :	Mr. Makarand S. Karkare
Designation :	Company Secretary
Address :	A 507, Shilpa Housing Society, 124/ 15A/ 2, Off Paud Road, Pune – 411 038, Maharashtra, India
Date of Birth/Age :	30.05.1963
Date of Appointment :	08.06.2006

Name :	Mr. Sanjay Sodhvani
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.07.2009

Names of Shareholders	No. of Shares
Poonawalla Investments and Industries Private Limited, India	403250
Adar Cyrus Poonwawalla	38426
Cyrus Poonwala	118129
Corpint Investments Private Limited, India	5
Fortune Intercontinental Private Limited, India	5
Zavaray Soli Poonawalla	29671
Villoo Cyrus Poonawalla	3927
Chanda Investments and Trading Company Private Limited, India	5

Total	593418

AS ON 11.05.2010

Names of Allottees	No. of Shares
Cyrus Poonwala	15807
Poonawalla Investments and Industries Private Limited, India	18617
Villoo Cyrus Poonawalla	1323
Zavaray Soli Poonawalla	3595
Adurjee and Brothers Private Limited, India	32567

Total	71909

AS ON 27.07.2009

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		67.96
Directors or relatives of directors		32.04

Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Vaccines and Immuno - Biologicals that include Tetanus Toxoid, Diphtheria, Measles, Mumps, Rubella and Hepatitis-B.

Products :

Item Code No.	Product Description
300220.19	Human Vaccine
300220.08	Preventive Product
300220.11	Preventive Product

· Bacterial Vaccines

· Viral Vaccines

· Antisera

· Anticancer Products

· Plasma Products

· Vaccines

· Hepatoprotective

· Hormones

· Plasma Substitute

· Fertility

· Bacterial Vaccines

· Antisera

· Anticancer

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production

Preventive	Million Doses	N.A.	**	537.64
Curative	Million Doses	N.A.	**	4.30

** Installed capacities has not been disclosed as these are variable and subject to changes in product mix, and utilization of manufacturing facilities, given the nature of operations.

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

· Bank of Baroda