MIRA INFORM REPORT

Report Date :

21.12.2011

IDENTIFICATION DETAILS

Name :	GLAND PHARMA LIMITED
Registered Office :	#6-3-865/1/2, Flat No. 201, Greenland Apartments, Ameerpet, Hyderabad-500016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.03.1978
Com. Reg. No.:	01-002276
Capital Investment / Paid-up Capital :	Rs.117.585 Millions
CIN No.: [Company Identification No.]	U24239AP1978PLC002276
TAN No.: [Tax Deduction & Collection Account No.]	HYDG00199D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Small Volume Parental (SVPs) Including Pre Filled Syringes (PFSs).
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 11000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	6-3-865/1/2, Flat No. 201, Greenland Apartments, Ameerpet, Hyderabad-500016, Andhra Pradesh. India
Tel. No.:	91-40-55621010 / 23541535 / 66621010
Fax No.:	91-40-23402229
E-Mail :	gland@hd1.vsnl.net.in gland@glandpharma.com yvgkrao@glandpharma.com
Website :	http://www.glandpharma.com
Area :	4000 Sq .fts.
Location :	Owned
Factory 1 :	Plot No. 9, Anrich Industrial Estate, Bollaram- 502325.
Factory 2:	D. P. Pally Village, Dunogial P.O. Hyderabad-500016, Andhra Pradesh, India
Factory 3:	Plot No. C1-C9, Visakhapatnam Special Economic Zone (VSEZ), Duvvada, Visakhapatnam- 530046.
North America Development Office:	10411, Motor City Drive, Suite 750, Bethesda, MD 20817
Tel No:	1-301-221-3696

DIRECTORS

As on : 30.09.2011

Name :

Mr. Penmetsa Venkata Narasimha Raju

Designation :

Chairman

Address :

6-3-865-1/A-303, Greenlands Appartments, Ameerpet, Hyderabad-500016, Andhra Pradesh, India

Date of Birth/Age :

28.05.1933

Date of Appointment :

01.07.1980

Din No.:

00180021

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1977PTC008753	NOTHERN BIOLOGICALS AND CHEMICALS PRIVATE LIMITED.	Director	11/10/1977	11/10/1977	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Whole-time director	1/10/2009	3/12/1979	-	Active	NO
3	U24110AP1974PTC001694	GLAND CHEMICALS PRIVATE LIMITED	Director	21/04/1989	21/04/1989	-	Active	NO

Name :

Mr. Ravindranath Penmesta

Designation :

Vice Chairman and Managing Director

Address :

6-3-865-1/A-303, Greenlands Appartments, Ameerpet, Hyderabad-500016, Andhra Pradesh, India

Date of Birth/Age :

11.10.1956

Date of Appointment :

21.10.1992

Din No.:

00179939

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24110AP1974PTC001694	GLAND CHEMICALS PRIVATE LIMITED	Director	7/2/1983	7/2/1983	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Managing director	1/10/2009	21/10/1992	-	Active	NO
3	U70102AP2007PTC053046	GRAND PRESIDENCY PROPERTIES PRIVATE LIMITED	Director	7/3/2007	7/3/2007	-	Strike off	NO

Name :

Mr. Byrraju Rama Raju

Designation :

Executive Director

Address :

Plot No. 1254 A, Road No. 63, Jublie Hills, Hyderabad- 500033, Andhra Pradesh, India.

Date of Birth/Age :

08.03.1980

Date of Appointment :

13.06.2005

Din No.:

00148704

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120AP1998PTC030410	BRNR HOLDINGS PRIVATE LIMITED	Director	29/10/1998	29/10/1998	9/9/2011	Active	YES
2	U01119AP1998PTC030409	BRNR AGRO PRIVATE LIMITED	Director	29/10/1998	29/10/1998	10/9/2011	Active	YES
3	U15142AP1999PTC032159	REVATHI AGRO-TECH PRIVATE LIMITED	Director	22/07/1999	22/07/1999	-	Active	NO
4	U15142AP1999PTC032155	DHANISTA BIO-TECH PRIVATE LIMITED	Director	22/07/1999	22/07/1999	9/9/2011	Active	YES
5	U15142AP2000PTC033697	ANURADHA GREENLANDS PRIVATE LIMITED	Director	25/02/2000	25/02/2000	10/9/2011	Active	YES
6	U15142AP2000PTC033695	BHARANI BIO-TECH PRIVATE LIMITED	Director	25/02/2000	25/02/2000	9/9/2011	Active	YES
7	U01119AP2000PTC034904	NARMADA GREENLANDS PRIVATE LIMITED	Director	1/1/2002	1/1/2002	10/9/2011	Active	YES
8	U01119AP2002PTC039369	MANDAKINI AGRO-TECH PRIVATE LIMITED	Director	25/07/2002	25/07/2002	9/9/2011	Active	YES
9	U01120AP2000PTC034817	SATMALA AGRO-FARMS PRIVATE LIMITED	Director	15/01/2003	15/01/2003	9/9/2011	Active	YES
10	U01119AP2003PTC041371	DRONAGIRI AGRO-FARMS PRIVATE LIMITED	Director	21/07/2003	21/07/2003	9/9/2011	Active	YES
11	U01119AP2000PTC034908	SABARMATI AGRO-FARMS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	-	Active	NO
12	U24219AP1999PTC031992	ROHINI BIO-TECH PRIVATE LIMITED	Director	26/09/2003	26/09/2003	9/9/2011	Active	YES
13	U01120AP2000PTC034819	SARAYU AGRO-FARMS PRIVATE LIMITED	Director	26/09/2003	26/09/2003	9/9/2011	Active	YES
14	U01120AP2000PTC034818	MEDRAVATI AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	14/11/2011	Active	NO
15	U01120AP2000PTC034796	PENGANGA AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	22/06/2009	Active	YES
16	U01120AP2000PTC034795	YAMUNA AGRO-FARMS PRIVATE LIMITED	Director	27/09/2003	27/09/2003	14/11/2011	Active	NO
17	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Whole-time director	13/06/2005	13/06/2005	-	Active	NO
18	U45201AP1999PTC033094	MAYTAS ESTATES PRIVATE LIMITED	Director	2/1/2008	23/11/2005	-	Active	YES
19	U45200AP2005PLC046307	MAYTAS PROPERTIES LIMITED	Whole-time director	2/1/2008	23/11/2005	7/2/2011	Active	NO
20	U65993AP2006PTC050144	MAYTAS HOLDINGS PRIVATE LIMITED	Director	18/05/2006	18/05/2006	12/9/2011	Active	YES
21	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS PRIVATE LIMITED	Director	29/12/2006	30/05/2006	15/04/2011	Active	NO
22	U45200AP2006PTC051542	MAYTAS HILL COUNTY SEZ PRIVATE LIMITED	Director	6/11/2006	6/11/2006	1/10/2011	Active	NO
23	U45200AP2006PTC051555	MAYTAS VENTURES SEZ PRIVATE LIMITED	Director	7/11/2006	7/11/2006	1/10/2011	Active	NO
24	U45200AP2006PTC051556	MAYTAS ENTERPRISES SEZ PRIVATE LIMITED	Director	7/11/2006	7/11/2006	1/10/2011	Active	NO
25	U55100AP1998PTC029729	BAYPARK HOTEL AND RESORTS PRIVATE LIMITED	Director	3/1/2007	3/1/2007	25/01/2009	Active	NO
26	U45200AP2007PTC052496	MAYTAS LOGIPARKS (ISNAPUR) PRIVATE LIMITED	Director	24/01/2007	24/01/2007	1/10/2011	Active	NO
27	U70102AP2007PTC052494	MAYTAS VENTURES RESIDENCES PRIVATE LIMITED	Director	24/01/2007	24/01/2007	1/10/2011	Active	NO
28	U45200AP2007PTC052506	MAYTAS LOGIPARKS (MALKAPUR) PRIVATE LIMITED	Director	25/01/2007	25/01/2007	1/10/2011	Active	NO
29	U45200AP2007PTC052508	MAYTAS HILL COUNTY PROJECTS PRIVATE LIMITED	Director	25/01/2007	25/01/2007	1/10/2011	Active	NO
30	U45200AP2007PTC052505	MAYTAS HILL COUNTY RESIDENCES PRIVATE LIMITED	Director	25/01/2007	25/01/2007	1/10/2011	Active	NO
31	U70102AP2007PTC052518	MAYTAS VENTURES FARMS PRIVATE LIMITED	Director	25/01/2007	25/01/2007	1/10/2011	Active	NO
32	U45200AP2007PTC052507	MAYTAS VENTURES INDIA PRIVATE LIMITED	Director	25/01/2007	25/01/2007	1/10/2011	Active	NO
33	U45200AP2007PLC052829	MACHILIPATNAM PORT LIMITED	Director	17/02/2007	17/02/2007	24/09/2008	Active	NO
34	U45200AP2007PTC053870	MAYTAS ENTERPRISES RESIDENCES PRIVATE LIMITED	Director	8/5/2007	8/5/2007	1/10/2011	Active	NO
35	U01100AP2004PTC044935	MAYTAS ORANGE COUNTY PRIVATE LIMITED	Director	30/01/2008	30/01/2008	14/09/2011	Active	YES
36	U45200AP2008PTC057704	MAYTAS BUILDTECH PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
37	U45200AP2008PTC057706	MAYTAS DEVELOPERS PRIVATE LIMITED	Director	26/03/2010	20/02/2008	1/10/2011	Active	NO
38	U45200AP2008PTC057705	MAYTAS CONSTRUCTIONS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
39	U45209AP2008PTC057707	MAYTAS HILL COUNTY PRIVATE LIMITED	Director	20/02/2008	20/02/2008	1/10/2011	Active	NO
40	U45209AP2008PTC057708	MAYTAS HOMES PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
41	U45209AP2008PTC057710	MAYTAS REALTORS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
42	U45200AP2008PTC057711	MAYTAS TOWERS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
43	U45200AP2008PTC057712	MAYTAS TOWNSHIPS PRIVATE LIMITED	Director	20/02/2008	20/02/2008	23/02/2008	Active	NO
44	U45200AP2008PTC057709	MAYTAS MANSION PRIVATE LIMITED	Director	26/03/2010	20/02/2008	1/10/2011	Active	NO
45	U45200AP2008PTC057700	MAYTAS AVENUES PRIVATE LIMITED	Director	26/03/2010	20/02/2008	1/10/2011	Active	NO
46	U45209AP2008PTC057714	MAYTAS VILLAS PRIVATE LIMITED	Director	26/03/2010	20/02/2008	1/10/2011	Active	NO
47	U40108AP2008PTC059327	MAYTAS SOLAR POWER PRIVATE LIMITED	Director	24/05/2008	24/05/2008	-	Active	YES

Name :

Dr. Gollagunta Nandamuni

Designation :

Director

Address :

205, D Block, Landmark Residency, 1-56, Madinguda, Hyderabad-500050, Andhra Pradesh, India

Date of Birth/Age :

15.07.1939

Date of Appointment :

05.07.2000

Din No.:

00245512

Name :

Mr. Banduvula Vijay Prasad

Designation :

Director

Address :

3/2, RT, First Floor, Vijaya Nagar Colony, Hyderabad-500057, Andhra Pradesh, India

Date of Birth/Age :

15.03.1952

Date of Appointment :

07.09.2000

Din No.:

01628590

Name :

Mr. UDO Jahannes Vetter

Designation :

Director

Address :

IM Kammer Bruehl 24, D 88212, Ravensburg, Germany.

Date of Birth/Age :

23.11.1954

Date of Appointment :

22.10.2007

Din No.:

00707474

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Director	22/12/2007	12/1/1996	-	Active	NO
2	U74900AP2008FTC058963	PASCHAL FORM WORK (INDIA) PRIVATE LIMITED	Director	2/5/2008	2/5/2008	-	Active	NO
3	U74900AP2008FTC058964	PASCHAL TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	2/5/2008	2/5/2008	-	Amalgamated	NO

Name :

Mr. Moheb Masthan Ali

Designation :

Director

Address :

8-2-676/B/12, Plot No.48, Sai Nagar Colony, Banjara Hills, Road No. 13, Hyderabad- 500034, Andhra Pradesh, India.

Date of Birth/Age :

12.12.1943

Date of Appointment :

28.06.2006

Din No.:

00699254

Name :

Mr. Hariharanth Buggana

Designation :

Director

Address :

Plot No. 493, Road No. 22, Jublie Hills, Hyderabad- 500033, Andhra Pradesh, India.

Date of Birth/Age :

29/07/1948

Date of Appointment :

12.01.1996

Din No.:

00695002

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140AP2006PTC050912	INVASCENT ADVISORY SERVICES INDIA PRIVATE LIMITED	Managing director	9/9/2006	9/9/2006	-	Active	NO
2	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Director	25/08/2008	22/12/2007	-	Active	NO
3	U24231TN1990PTC019461	ANJAN DRUGS PRIVATE LIMITED	Alternate director	5/6/2009	5/6/2009	-	Active	NO
4	U85100TN2010PLC075403	DR. AGARWAL'S HEALTH CARE LIMITED	Director	30/09/2011	18/01/2011	-	Active	NO

Name :

Mr. G. Gopala Krishna Murty

Designation :

Director

Address :

7-B, Sanjeevareddy Nagar, Hyderabad-500038, Andhra Pradesh, India

Date of Birth/Age :

16.01.1931

Date of Appointment :

30.08.2004

Din No.:

00312700

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L24110AP1985PLC005315	SRI KRISHNA DRUGS LIMITED	Director	18/02/1985	18/02/1985	-	Amalgamated	NO
2	U24230AP1974PLC001790	SRI KRISHNA PHARMACEUTICALS LIMITED	Director	6/5/1989	6/5/1989	-	Active	NO
3	U65910AP1990PTC011408	KELLTON SECURITIES PRIVATE LIMITED	Director	21/06/1990	21/06/1990	16/09/2009	Active	NO
4	U24110AP1993PTC016704	SRI KRISHNA AGRI - FOODS PRIVATE LIMITED	Director	8/12/1993	8/12/1993	-	Active	NO
5	U24231TN1994PLC027491	NATCO ORGANICS LIMITED	Director	28/09/1996	28/09/1996	-	Active	NO
6	U24239AP1978PLC002276	GLAND PHARMA LIMITED	Director	30/08/2004	30/08/2004	-	Active	NO

Name :

Mr. Hariharnath Buggana

Designation :

Director

Address :

Plot No. 493, Road No.22, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

22.06.1968

Date of Appointment :

22.12.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2011

Names of Shareholders	No. of Shares
Mr. P.V.N. Raju	17700
Mrs. Suryakantham	13000
Dr. Ravi Penmetsa	145300
Mrs. K Jhansi Lakshmi	46000
Mrs. S Kanaka Durga	38000
Dr. Sagi N Raju	7500
Mr. K Aravind Raju	12000
Dr. P. Tirumala Raju	4500
Mr. B.V.S. Sagar	5000
Mr. B. Tirumala Kumar	7000
Mr. Shabbir Taher Chas	8300
Mr. Kuresh Taher Chas	8300
Mrs. P.S. Jyothi	4000
Gland Celsus Bio Chemicals Private Limited, India	2089600
Elem Investments Private Limited, India	280000
Fincity Investments Private Limited, India	280000

As On 30.09.2011

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.05
Bodies corporate	57.26
Directors or relatives of Directors	2.69
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Small Volume Parentals (SVPs) Including Pre Filled Syringes (PFSs).

Products :

Its product range includes

Ø Heparin

Ø Indeparin

Ø Protomine Sulphate

Ø Ciprofloxacin

Ø Diclofenac

Product Description	Item Code No. (ITC Code)
Enoxaparin	30019091
Heparin	30019091
Choindroitin Sulfate	30019099
Protamine Sulphate	29420001
Amikacin	29420039
Sodium Hyaluronate	29420039
Glucosamine	30019099

PRODUCTION STATUS : (AS ON 31.03.2010)

(Figures in Millions)

INSTALLED CAPACITY	31.03.2010
Ampoules	120.000
Vials	120.000
Pre-filled Syringes	48.000
Bottles	3.000

PRODUCTION	31.03.2010
Injectables	94.37
Orals (Strip of 10’s)	0.40

GENERAL INFORMATION

No. of Employees :

500 (Approximately)

Bankers :

· Syndicate Bank- Corporate Finance Branch, Hyderabad, Andhra Pradesh, India.

· The Bank of Nova Scotia, Hyderabad, Andhra Pradesh, India.

· Corporate Finance Branch, Hyderabad, India

Facilities :

Secured Loans	As on 31.03.2010 Rs in Millions	As on 31.03.2009 Rs in Millions
Term Loan from Institutions/ Banks	283.802	429.382
Working Capital Loan	60.440	81.840
Loans under Hire Purchase Scheme	4.591	3.186
External Commercial Borrowings	18.133	30.429
TOTAL	366.968	544.838
Unsecured Loans	As on 31.03.2010 Rs in Millions	As on 31.03.2009 Rs in Millions
Trade Deposits	2.950	2.850
Sakes Tax deferment with A P Govt	49.961	42.132
TOTAL	52.911	44.982

Banking Relations :

Satisfactory

Auditors :

Name :

Y. Raghuram and Company

Chartered Accountants

Address :

118, Phase –I, Kamalapuri, 8-3-833/ 118, Srinagar Colony, Hyderabad-500073, Andhra Pradesh, India

Related Companies :

Gland Chemicals Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
16000000	Equity Shares	Rs.10/- Each	Rs.160.000 Millions
1000000	Preferences Shares	Rs. 10/- Each	Rs. 10.000 Millions
	TOTAL		Rs.170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11758494	Equity Shares	Rs.10/- Each	Rs.117.585 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		117.585	117.585	117.585
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2515.937	2147.631	1845.218
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2633.522	2265.216	1962.803
LOAN FUNDS
1] Secured Loans		366.968	544.839	656.639
2] Unsecured Loans		52.911	44.982	39.578
TOTAL BORROWING		419.879	589.821	696.217
DEFERRED TAX LIABILITIES		165.631	158.286	146.384
TOTAL		3219.032	3013.323	2805.404
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1539.585	1430.770	1215.865
Capital work-in-progress		190.238	121.061	89.320
INVESTMENT		0.275	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1151.934	510.202	301.201
	Sundry Debtors	439.009	399.815	323.556
	Cash & Bank Balances	498.920	633.176	907.962
	Other Current Assets	66.257	53.983	37.786
	Loans & Advances	109.659	72.426	99.713
Total Current Assets		2265.779	1669.602	1670.218
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	584.168	30.950	49.022
	Sundry Creditors	74.756	96.880	28.156
	Provisions	117.921	80.280	92.821
Total Current Liabilities		776.845	208.110	169.999
Net Current Assets		1488.934	1461.492	1500.219
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3219.032	3013.323	2805.404

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	2071.464	1640.704	1180.729
		Other Income	67.800	101.260	35.552
		TOTAL (A)	2139.264	1741.964	1216.281
Less	EXPENSES
		Material Consumed	903.375	709.188	365.601
		Power and Fuel	73.184	66.132	56.739
		Staff Cost	254.350	206.247	162.617
		Other Expenses	305.271	248.475	202.537
		TOTAL (B)	1536.180	1230.042	787.494
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		603.084	511.922	428.787
Less	FINANCIAL EXPENSES (D)		35.442	52.175	68.404
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		567.642	459.747	360.383
Less/ Add	DEPRECIATION/ AMORTISATION (F)		89.695	73.653	62.294
	PROFIT BEFORE TAX (E-F) (G)		477.947	386.094	298.089
Less	TAX (H)		113.082	83.682	104.759
	PROFIT AFTER TAX (G-H) (I)		364.865	302.412	193.330
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		941.585	641.172	449.841
Less	APPROPRIATIONS
		Transfer to General Reserve	2.000	2.000	2.000
	BALANCE CARRIED TO THE B/S		1304.450	941.585	641.172
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1108.890	1011.610	NA
	TOTAL EARNINGS		1108.890	1011.610	NA
	IMPORTS
		Raw Materials	1150.220	107.500	NA
		Capital Goods	47.710	613.110	NA
	TOTAL IMPORTS		1197.930	720.610	NA
	Earnings Per Share (Rs.)		31.03	25.72	18.86

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	17.05	17.36	15.90
Net Profit Margin (PBT/Sales)	(%)	23.07	23.53	25.25
Return on Total Assets (PBT/Total Assets}	(%)	12.55	12.45	10.33
Return on Investment (ROI) (PBT/Networth)		0.18	0.17	0.15
Debt Equity Ratio (Total Liability/Networth)		0.45	0.35	0.44
Current Ratio (Current Asset/Current Liability)		2.91	8.02	9.82

LOCAL AGENCY FURTHER INFORMATION

PERFORMANCE AND OPERATIONS REVIEW

During the year, the gross income of the company was Rs. 2139.260 millions as against Rs. 1741.960 millions during the previous year reflecting a growth of 22.81%

EXPORTS :

the exports continue to be the growth drivers for the company. Commencing in 2001in a modest way, the company exports to 30 countries including USA. During the year, the company exports to 30 countries including USA. During the year, the company has achieved an export turnover of Rs. 110.889 million, which constitutes 53.53% of total turnover.

DOMESTIC OPERATIONS

The domestic sales in the year 2009-2010 are INR million against Rs. 62.910 million thereby registering a growth of 53.01%

Company marketing continues to be a major revenue source for Gland and more agreements are signed during the year.

FINANCE

The company has availed working capital facilities from Syndicate Bank and The Bank of Nova Scotia. The company has met all its financial obligations to Banks and other Institutions from which the company has availed term loans, both in servicing interest and repayment of installments.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956 and Generally Accepted Accounting Principles (GAAP) in India. These estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the statements reflect, in a true and fair manner, the state of affairs and profits for the year. This report may also contain certain, sttements that the Company believes are or may be considered to be ‘forward looking statements’ which are subject to certain risks and uncertaintieis.

INDUSTRY SCENARIO

GLOBAL MARKET

The current global pharmaceutical market is $825 billion and expected to grow at 4 - 7% Compound Annual Growth Rate (CAGR) through 2013.

This industry growth is driven by stronger near-term growth in the US market and is based an the global macro economy, the changing combination of innovative and r$ture products apart from the rising influence of healthcare access. Global ,Pharmaceutical market value is expected to expand to $g75+ billion by 2013, Different N. regions of the world will influence the pharmaceutical industry trends in different ways.

US continue to be a dominant market at 40% of global trade. IMS Health estimates that half of estimates growth for the period 2009-13 will be derived from China, India, Russia, Korea and Asia — Pacific nations. As the GDP and per capita income in emerging markets (BRIC-MTK) increases, 1MB Health projects that the growth in Pharmaceutical industry in Asia, Africa and Australia will average 12-15% for 2009-2014 against 3-6% in North America and Europa

By therapeutic category, cardiovascular drugs dominate the market and accounted for 10% industry sales in 2009. Oncology drugs comprise the single largest category, driven by the emergence of new drugs for the treatment of cancer.

DOMESTIC MARKET

Indian Pharmaceutical Industry is the top four emerging markets in pharma industry by the market research report published by IMS Health Inc. The global pharmaceutical industry, in the last few years, has shown high interest in India pharma industry because of its sustained economic growth, healthcare reforms and patent-related legislation.

INDIAN PHARMACEUTICAL INDUSTRY TRENDS 2010

Indian domestic pharmaceutical market has seen growth at a CAGR of about 12% in the last 5 years. About 67 Million Indians are expected to reach the age of 6 years by 2011. People of this age group spend around 3 to 4 times more on drugs than people in younger age groups. This indicates substantial growth of Indian pharmaceutical industry. Patented drugs are expected to have a 10% market share of pharmaceutical industry in 2010. Income of people in rural India is on a rise and the distribution network of drugs is also becoming strong. These factors are contributing to a high growth of India’s rural pharmaceutical market. The positive approach towards product patent product has encouraged the Indian pharmaceutical companies to invest more in Research and Development. Indian pharmaceutical market is expected to have compounded annual growth rate (CAGR)of 9.5 per cent by 2015.

The future trends of Indian pharmaceutical industry can be listed as under.

• By 2015, India will probably open a US$ B billion market for multi national pharmaceutical companies selling expensive drugs as predicted by the FICCIErnst and Young India study.

• The domestic India pharma market is likely to reach US$20 billion by 2015.

• A whopping amount of US$ 6.31 billion will be invested in the Indian pharmaceutical industry as per the estimates of the Ministry of Commerce. Government of India.

• Indian pharmaceutical off-shoring industry is predicted to he a US$ 2.5 billion opportunity by 2012 all because of low cost of R and D.

• Patented drugs are predicted to capture upto a 10% share of the total Lndian pharmaceutical industry by 2015 with a market size of US$2 billion.

• By 2015, the specialty and super-specialty therapies will account for 45% of the pharma market. The growing lifestyle disorders, particularly metabolic disorders like diabetes and obesity as wed ascoronary heart disease and hypertension, cardiovascular, neuropsychiatry and oncology drugs will gain considerable significance.

• Although there will be a shift towards specialty therapies, mass therapies will remain important in the Indian pharmaceutical industry. This will be, primarily due to the gap between the prevalence of common diseases and their treatment rates. Diseases like anaemia, diarrhoea, gastro-intestinal and respiratory problems. acute pain, infections etc. is suffered by a large number of population. The growing income levels will also increase spending on basic healthcare and the consumption of mass therapy drugs far acute ailments. Wdh increase in affordability and change in disease patterns, total health care spending in India grew at a CAGR of 14% from 2000 to 2005. Pharmaceutical

FUTURE OUTLOOK

An integrated presence across all verticals, combined With economies of scale, signifies the biggest competitive edge for Gland. Scale also ensures sufficient capacities to cater to/he emerging demand. At present, the Company focuses on existing capacity ,Ionsolidation and business development to generate optimal returns. While competition Nlfrom large players is a challenge, capability of the company with the excellent quality of its deliverables is considered an edge for its business growth.

The Company believes that with its strong R and D capabilities, will continue to deliver a pipeline of quality, innovative products, further enhancing the Company’s reputation as a supplier of quality prescriptive drugs, which is evident from the approvals from various regulatory authorities including US FDA

change of address

The registered office of the company has been shifted from 6-3-862, Ameerpet, Hyderabad - 500016, Andhra Pradesh to the present address with effect from 01.09.2007.

CONTINGENT LIABILITIES : (AS ON 31.03.2010)

In respect of Guarantee given by banks : Rs. 20.410 millions

In respect of Letter of Credit : Rs. 40.20 millions

FORM 8

Corporate identity number of the company	U24239AP1978PLC002276
Name of the company	GLAND PHARMA LIMITED
Address of the registered office or of the principal place of business in India of the company	#6-3-865/1/2, Flat No. 201, Greenland Apartments, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	The Bank of Nova Scotia, 6-3-346/1, Road No 1, Banjarahills, Hyderabad – 500034, Andhra Pradesh, India
Nature of instrument creating charge	Memorandum of Entry Declaration and Undertaking
Date of instrument Creating the charge	29/10/2010
Amount secured by the charge	Rs. 450.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate, as applicable for Rupee Loan LIBOR linked rates for export credits in Foreign Currency Terms of repayment Overdraft (repayable on demand), Export packing credit(max tenor up to 180 days), Export Bills Discounting with/without LC(max usance tenor 180 days), Short Term Working Capital Loan(max tenor up to 180 days), Letter of Credit (max tenor 180days), Guarantees ( maximum tenor up to 12 months Margin 25% on stocks and receivables Extent and operation of the charge Second charge on fixed assets of the company on pari passu basis and an equitable mortgage created on the immovablale property of the company situated at Dommara pochampally, qutbullapur mandal, Ranga Reddy Dist and Anrich Industrial estate Bollaram and East- Bhonangi revenue village, Parwada Mandal, Vishakapatnam dist , fully described in memorandum of entry 1-2010 dated 29.10.2010. Other Personal Guarantees of Mr. P V N Raju and Dr. Ravi Penmetsa, directors of the company.
Short particulars of the property charged (Including location of the property)	all those and percels of land admesuring Ac 12.11 gts in village dommarapochampalli, qutubullapur mandal medchel dist survey no 143 to 151,more specifically described in the Memorandum of entry. all those and percels of land admesuring 1.06 gts (5130 sq yards) s nos 81 and 84 of ANRICH Indurstrial Estate Bollarum (v) jinnaram Mandal, Narsapur Tq Medak dist all those and parcels of land admeasuring 15.05 acres equivalent to 60904.72 sq mts situated in plot no 49 under Survey No 24,25,34, 35 of E Bonangi revenue village plot no 50 under S No part 24,38, 23, 39, 22 and 21 of E Bonangi revenue village Parwada Mandal Visakhspatnam dist
Brief description of the instrument modifying the charge under section 135	To secure working capital limits of Rs. 450.000 millions (enhanced from Rs. 80.000 millions to Rs. 450.000 millions vide Facility Letter BNS HYD CB 72 OL 08 2011 dated 18 June 2010) of The Bank of Nova Scotia under Multiple Banking Arrangement with Syndicate Bank. The limit of Bank of Nova Scotia is additionally secured by pari passu second charge on entire fixed assets of the company by EMT of deposit of title deeds, more fully described in the Memorandum of Entry no.1/2010 dt 29 Oct 2010, by Syndicate Bank.

FIXED ASSETS

v Land: Factory

v Buildings

v Plant and Machinery

v Laboratory Equipments

v R and D Equipments

v Furniture and Fixtures

v Office Equipments

v Vehicles

v Tubewell

v Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 53.02
UK Pound	1	Rs. 82.34
Euro	1	Rs. 68.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.