MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	CADILA PHARMACEUTICALS LIMITED
Formerly Known As :	NOVA BIOSTIC INDIA PRIVATE LIMITED
Registered Office :	Cadila Corporate Campus, Sarkhej - Dholka Road, Ahmedabad – 380008, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.02.1991
Com. Reg. No.:	04-015132
Capital Investment / Paid-up Capital :	Rs.800.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1991PLC015132
TAN No.: [Tax Deduction & Collection Account No.]	AHMC0038ID
PAN No.: [Permanent Account No.]	AAACC6251E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed 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 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 – 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

INFORMATION PARTED BY

Name :	Mr. Vargis
Designation :	DGM – Finance
Contact No.:	91-2718-225001

LOCATIONS

Registered/ Corporate Office :	Cadila Corporate Campus, Sarkhej - Dholka Road, Ahmedabad – 382210, Gujarat, India
Tel. No.:	91-2718-225001 (15 Lines)
Fax No.:	91-2718-225039
E-Mail :	secretarial@cadilapharma.co.in website@cadilapharma.co.in accounts@cadilapharma.co.in rmankodi@cadilapharma.co.in (For materials details) purchase@cadilapharma.com branded@cadilapharma.com rnair@cadilapharma.co.in shreyas.parikh@cadilapharma.co.in
Website:	http://www.cadilapharma.com
Area :	44 acres
Location :	Owned
Factory 1:	IRMA House, Off C. G. Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Tel. No:	91-79-26562615 (5 lines)
Fax No:	91-79-26425741
Area:	5000 sq. ft.
Location :	Owned
Factory 2:	Dholka – Manufacturing Plant Survey No. 1389, Trasad Road, Dholka, Ahmedabad – 387 810, Gujarat, India
Tel. No:	91-79-23421841/83/84/3422006/7/8/9/10
Fax No:	91-79-23420315/3421220
Area:	50000 sq. ft.
Location :	Owned
Factory 3:	Ankleshwar (Unit I) 294, GIDC Estate, Ankleshwar, Gujarat, India Ankleshwar (Unit II) 3205, GIDC Estate, Ankleshwar, Gujarat, India Jammu Industrial Growth Centre, Samba – 184 121, District Jammu, Jammu and Kashmir, India
Factory 4:	Tissu Culture Lab 756, Prakruti Farm, Hirapur Chowkdi, Hirapur, Ahmedabad, Gujarat, India
Tel. No:	91-79-3855260/3855495/496
Location :	Owned
Factory 5:	Chemicals SBU – Factory Plot No. 274, GIDC Industrial Estate, Ankleshwar, Gujarat, India
Tel. No:	91-2646-223846 / 252626 / 251519
Fax No:	91-2646-250051
Area:	174557 sq. ft.
Location :	Owned
Factory 6:	CHPL – Factory (Associated Company) Survey No. 342, Nani Kadi, Taluka Kadi, District Mehsana, North Gujarat, India
Tel. No:	91-2764-262463 / 242037 / 242194
Fax No:	91-2764-242223
Location :	Owned
Factory 7:	Survey No. 342, Nani Kadi, Taluka Kadi, District Mehsana, North Gujarat, India
Tel. No:	91-2764-262463 / 242037 / 242194
Fax No:	91-2764-242608
Location :	Owned
Branch Office :	Located at: Ø Mumbai Ø Delhi
Branch Office :	IRMA House, Off C. G. Road, Navrangpura, Ahmedabad - 380 009, Gujarat, India
Tel. No.:	91-79-26562615 (5 lines)
Fax No.:	91-79-26425741
E-Mail :	tc1@wilnetonline.net info@cadilapharma.com purchase@cadilapharma.com branded@cadilapharma.com international@cadilapharma.com info@cadilapharma.com rmankodi@cadilapharma.co.in secretarial@cadilapharma.co.in
Website :	http://www.cadilapharma.com
Area :	5000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2010

Name :

Mr. Indravadan Ambalal Modi

Designation :

Chairman and Managing Director

Address :

"KAKABA", 13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

18.02.1926

Qualification :

B. Sc. (Technical), Ph.D. (Biology), Chemical Engineer from USA

Date of Appointment :

27.05.1995

DIN No.:

00053280

Other Directorships:-

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24231GJ1973PLC002286	CADILA LABORATORIES PRIVATE LIMITED	Director	15-06-73	15-06-73	Active	NO
2	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LTD	Director	13-07-81	13-07-81	Active	NO
3	U73100GJ1994PLC023239	IRM LIMITED	Director	11-10-94	11-10-94	Active	NO
4	U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	03-05-95	03-05-95	Amalgamated	NO
5	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Managing director	01-07-10	27-05-95	Active	NO
6	U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	Director	17-10-95	17-10-95	Active	NO
7	U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	Director	15-04-97	15-04-97	Strike off	NO
8	U33111GJ1994PTC050484	MEDTEK ASIA PRIVATE LIMITED	Director	24-03-99	24-03-99	Amalgamated	NO
9	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Managing director	07-07-00	07-07-00	Active	NO
10	U72200GJ2000PLC038743	CADINDIA INSURANCE COMPANY LIMITED	Director	04-10-00	04-10-00	Strike off	NO
11	U01119TN1996PTC035672	SIV GOVIND PLANTATIONS PRIVATE LIMITED	Director	15-04-05	15-04-05	Dissolved	NO
12	U01119TN1996PTC035673	SATH GOVIND PLANTATIONS PRIVATE LIMITED	Director	15-04-05	15-04-05	Dissolved	NO
13	U01119TN1996PTC035654	DEVALA PLANTATIONS PRIVATE LIMITED	Director	15-04-05	15-04-05	Dissolved	NO
14	U01119TN1996PTC035653	CLONAL PLANTATIONS PRIVATE LIMITED	Director	15-04-05	15-04-05	Dissolved	NO
15	U01132TZ1964PTC000530	ROUSDONMULLAI TEA ESTATES PRIVATE LIMITED	Director	15-04-05	15-04-05	Amalgamated	NO
16	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31-07-06	31-07-06	Active	NO
17	U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	Director	05-02-08	05-02-08	Active	NO
18	U45209GJ2008PTC055133	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	26-09-08	26-09-08	Active	NO
19	U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	Director	24-03-09	24-03-09	Active	NO
20	U65993GJ2009PTC056511	CPL HOLDINGS PRIVATE LIMITED	Director	01-04-09	01-04-09	Active	NO
21	U01403GJ2009PTC056669	CPL AGRO PRODUCTS PRIVATE LIMITED	Director	20-04-09	20-04-09	Active	NO
22	U74999GJ2009PTC058116	IRM ENTERPRISES PRIVATE LIMITED	Director	15-09-09	15-09-09	Active	NO

Name :

Dr. Rajiv Indravadan Modi

Designation :

Managing Director

Address :

13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

09.05.1960

Qualification :

Ph. D. in Biological Science

Date of Appointment :

28.02.1991

DIN No.:

01394558

Other Directorships:-

S.No.	CIN	Name of the company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	Director	26-03-90	26-03-90	Active	NO
2	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Managing director	01-07-10	28-02-91	Active	NO
3	U24231GJ1973PLC002286	CADILA LABORATORIES PRIVATE LIMITED	Director	05-10-91	05-10-91	Active	NO
4	U73100GJ1994PLC023239	IRM LIMITED	Director	11-10-94	11-10-94	Active	NO
5	U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	03-05-95	03-05-95	Amalgamated	NO
6	U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	Director	17-10-95	17-10-95	Active	NO
7	U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	Director	15-04-97	15-04-97	Strike off	NO
8	U33111GJ1994PTC050484	MEDTEK ASIA PRIVATE LIMITED	Director	24-03-99	24-03-99	Amalgamated	NO
9	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Managing director	01-10-07	07-07-00	Active	NO
10	U72200GJ2000PLC038743	CADINDIA INSURANCE COMPANY LIMITED	Director	04-10-00	04-10-00	Strike off	NO
11	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31-07-06	31-07-06	Active	NO
12	U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	Director	05-02-08	05-02-08	Active	NO
13	U85100GJ2008FTC052859	STEMCYTE INDIA THERAPEUTICS PRIVATE LIMITED	Director	07-08-09	13-06-08	Active	NO
14	U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	Director	24-03-09	24-03-09	Active	NO
15	U65993GJ2009PTC056511	CPL HOLDINGS PRIVATE LIMITED	Director	01-04-09	01-04-09	Active	NO
16	U01403GJ2009PTC056669	CPL AGRO PRODUCTS PRIVATE LIMITED	Director	20-04-09	20-04-09	Active	NO
17	U45209GJ2008PTC055133	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	08-10-10	08-10-10	Active	NO
18	U74999GJ2009PTC058116	IRM ENTERPRISES PRIVATE LIMITED	Director	30-09-11	04-08-11	Active	NO

Name :

Mr. Atul Bipinbhai Tandon

Designation :

Director

Address :

Directors Bungalow, Mica, Shela, Ahmedabad – 380058, Gujarat, India

Date of Birth/Age :

03.01.1948

Date of Appointment :

04.07.2003

DIN No.:

00165667

Other Directorship :

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	U74300MH1999PTC118388	ASAPP MEDIA PRIVATE LIMITED	Director	17-02-99	17-02-99	-	Active	NO
2	L51109WB1934PLC088167	J L MORISON (INDIA) LIMITED	Director	18-06-03	18-06-03	-	Active	NO
3	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	04-07-03	04-07-03	-	Active	NO
4	U65990MH1994GOI081616	BOBCARDS LIMITED	Director	26-09-05	26-09-05	-	Active	NO
5	U74990MH2008PTC188627	SPACEANDPEOPLE INDIA PRIVATE LIMITED	Director	18-12-08	18-12-08	30-06-10	Active	NO

Name :

Mr. Daya Nand Khurana

Designation :

Director

Address :

288, Vasant Enclave, Vasant Vihar, New Delhi - 110057, India

Date of Birth/Age :

15.05.1935

Date of Appointment :

04.07.2003

DIN No.:

00020601

Other Directorship :

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	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	04-07-03	04-07-03	-	Active	NO
2	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	28-10-05	28-10-05	05-07-10	Active	NO
3	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	29-09-08	17-12-07	-	Active	NO

Name :

Mrs. Monika Garware Modi

Designation :

Director

Address :

13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

04.06.1963

Date of Appointment :

16.12.1995

DIN No.:

00143400

Other Directorships : 

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	L10889MH1957PLC010889	GARWARE POLYESTER LIMITED	Managing director	31-03-89	31-03-89	-	Active	NO
2	U91110MH1981NPL024836	B D GARWARE RESEARCH CENTRE	Director	09-04-93	09-04-93	-	Active	NO
3	U24110MH1995PLC090555	GARWARE CHEMICALS LIMITED	Director	13-07-95	13-07-95	30-08-07	Active	NO
4	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	15-12-95	15-12-95	-	Active	NO
5	U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	Director	10-08-96	10-08-96	-	Active	NO
6	U73100GJ1994PLC023239	IRM LIMITED	Director	10-08-96	10-08-96	-	Active	NO
7	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	Director	10-08-96	10-08-96	-	Active	NO
8	U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	10-08-96	10-08-96	-	Amalgamated	NO
9	U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	Director	15-04-97	15-04-97	-	Strike off	NO
10	U74999MH1989PLC053573	GARWARE INDUSTRIES LIMITED	Director	05-12-98	05-12-98	-	Active	NO
11	U65990MH1981PTC025590	MONIKA HOLDINGS PRIVATE LIMITED	Director	07-01-99	07-01-99	-	Active	NO
12	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Director	04-07-03	04-07-03	-	Active	NO
13	U01403GJ2009PTC056409	CPL BIOLOGICALS Private LIMITED	Director	08-06-09	08-06-09	-	Active	NO
14	U70102MH2009PTC197095	GREAT DESIGN PROPERTIES PRIVATE LIMITED	Director	31-03-10	31-03-10	-	Amalgamated	NO
15	U45400MH2010PTC202621	ENVISION PROPERTIES PRIVATE LIMITED	Director	11-05-10	11-05-10	-	Amalgamated	NO
16	U45202MH2010PTC205261	BEST DESIGN PROPERTIES PRIVATE LIMITED	Director	16-07-10	16-07-10	-	Active	NO

Name :

Mr. Chinubhai Ramanlal Shah

Designation :

Director

Address :

402, Heritage Cresent, Behind Prahladnagar Garden, Near Jain Derasar, S. G. Highway, Ahmedabad – 380 051, Gujarat, India

Date of Birth/Age :

04.06.1937

Date of Appointment :

31.03.2001

DIN No.:

00558310

Other Directorships:-

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	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	28-04-93	28-04-93	01-04-10	Active	NO
2	L55910GJ1992PLC018623	ARMAN FINANCIAL SERVICES LIMITED	Director	18-10-94	18-10-94	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	13-04-00	13-04-00	-	Active	NO
4	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	20-10-00	20-10-00	23-04-08	Active	NO
5	U80302GJ2001PTC039156	GUJARAT EDUCATION AND TRANING COMPANY PRIVATE LIMITED	Director	10-01-01	10-01-01	12-02-08	Active	NO
6	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	31-03-01	31-03-01	-	Active	NO
7	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	Director	15-01-02	15-01-02	-	Active	NO
8	L24240GJ1980PLC003670	NIRMA LIMITED	Director	06-06-02	06-06-02	-	Active	NO
9	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LIMITED	Nominee director	03-09-02	03-09-02	08-09-08	Active	NO
10	L51909WB1986PLC040098	GUJARAT NRE COKE LIMITED	Director	18-12-03	18-12-03	-	Active	NO
11	U52100GJ1965PLC001347	GSEC LIMITED	Director	18-03-04	18-03-04	-	Active	NO
12	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	18-08-05	18-08-05	-	Active	NO
13	U85110GJ2001PLC039758	NEFRON LIMITED	Director	24-10-05	24-10-05	07-04-07	Active	NO
14	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31-07-06	31-07-06	-	Active	NO
15	U74140GJ1995PLC027080	SALINE AREA VITALISATION ENTERPRISE LIMITED	Director	22-08-06	22-08-06	-	Active	NO
16	U24110GJ1995PTC025307	DOSHION PRIVATE LIMITED	Director	04-11-06	04-11-06	-	Active	NO
17	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	25-09-08	25-04-08	-	Active	NO
18	L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	Director	08-08-09	30-07-08	-	Active	NO
19	U40100GJ2008PLC054425	ABELLON CLEANENERGY LIMITED	Director	23-11-09	10-12-08	-	Active	NO
20	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	28-07-09	25-03-09	-	Active	NO

Name :

Mr. Pradip Navin Khandwalla

Designation :

Director

Address :

B/101, Jupiter Tower, Opposite Samkit Bunglows, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

18.02.1940

Date of Appointment :

14.09.2007

DIN No.:

00064643

Other Directorship :

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	L23203GJ1980PLC003623	GUJARAT GAS COMPANY LIMITED	Director	01-03-01	01-03-01	-	Active	NO
2	U24220GJ1991PLC016598	MICRO INKS LIMITED	Director	13-01-05	13-01-05	-	Active	NO
3	U24110GJ1980PLC004091	GUJARATGAS TRADING COMPANY LIMITED	Director	22-12-05	22-12-05	-	Active	NO
4	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	29-09-07	14-09-07	-	Active	NO
5	U99999DL1983NPL014987	AGA KHAN RURAL SUPPORT PROGRAMME (INDIA)	Director	07-04-08	07-04-08	-	Active	NO
6	U65991MH1992GOI069414	BARODA PIONEER ASSET MANAGEMENT COMPANY LIMITED	Director	23-09-08	27-06-08	27-09-11	Active	NO
7	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	22-09-09	25-09-08	-	Active	NO

Name :

Mrs. Shilaben Indravadan Modi

Designation :

Director

Address :

13, Sanjiv Baug, New Sharda Mandir Road, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

09.12.1931

Qualification :

Matriculate

Date of Appointment :

16.12.1995

DIN No.:

01976356

Other Directorships:-

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	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	16-12-95	16-12-95	-	Active	NO
2	U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	Director	10-08-96	10-08-96	-	Active	NO
3	U73100GJ1994PLC023239	IRM LIMITED	Director	10-08-96	10-08-96	-	Active	NO
4	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	Director	10-08-96	10-08-96	-	Active	NO
5	U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	10-08-96	10-08-96	-	Amalgamated	NO
6	U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	Director	15-04-97	15-04-97	-	Strike off	NO
7	U72200GJ2000PLC038743	CADINDIA INSURANCE COMPANY LIMITED	Director	04-10-00	04-10-00	-	Strike off	NO
8	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Director	04-07-03	04-07-03	-	Active	NO
9	U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	Director	05-02-08	05-02-08	-	Active	NO
10	U45209GJ2008PTC055133	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	26-09-08	26-09-08	-	Active	NO
11	U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	Director	24-03-09	24-03-09	09-06-09	Active	NO
12	U65993GJ2009PTC056511	CPL HOLDINGS PRIVATE LIMITED	Director	01-04-09	01-04-09	-	Active	NO
13	U01403GJ2009PTC056669	CPL AGRO PRODUCTS PRIVATE LIMITED	Director	20-04-09	20-04-09	-	Active	NO
14	U74999GJ2009PTC058116	IRM ENTERPRISES PRIVATE LIMITED	Director	15-09-09	15-09-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shreyas Kunjvuhari Parikh
Designation :	Company Secretary
Address :	B 001, Aakasheep Anne, Near Shreyas Railway Crossing, Amba Wadi, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	12.08.1957
Date of Appointment :	22.02.2008
PAN No.:	AEIPP6513R
Name :	Mr. Vargis
Designation :	DGM – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2010

Names of Shareholders	No. of Shares
Indravadan A Modi	7999990
Shilaben I Modi	7999990
Indravadan A Modi (Trustee of IRM Trust)	59460955
Indravadan A. Modi (Karta of I. A. Modi HUF)	4525712
Shilaben I Modi (Trustee of IRM Trust)	13333
Rajiv I Modi (Trustee of IRM Trust)	10
Indravadan A. Modi (Trustee of Mansi Trust)	10
Total	80000000

AS ON 29.09.2010

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	80.00
Directors or relatives of directors	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

Products :

Item Code No.	Product Description
29420014	Ranitidine
29051410	Ethambutol
29350011	Sulphamethaxazole

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Tablets	ML. Nos	14913.000	4553.69
Capsules	ML. Nos	1124.00	246.36
Injections	K. Litres	297.67	168.63
Liquids	K. Litres	10376.00	1704.09
Ophthalmic	K. Litres	Nil	10.27
Ointment	Tonnes	Nil	7.76
Dry powder injections	Tonnes	9.79	4.63
Granules and dry syrups	Tonnes	220.17	85.03
Bulk drugs	M.T	934.96	896.18
Tissue cultures	ML. Nos	10.00	9.07

NOTES:

1. As the Industrial licensing in respect of Drugs and Pharmaceuticals produced by the company has been waived, the particulars of licensed capacity are not stated.

2. The installed capacity is taken on 2 shift working as certified by the management.

3. Production includes production under loan license arrangement.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Central Bank of India, Lal Darwaja, Ahmedabad – 380 001, Gujarat, India

Ø Bank of Maharashtra

Ø Dena Bank

Ø State Bank of Saurashtra

Ø Tamilnadu Mercantile Co-operative Bank Limited

Ø Vijaya Bank

Ø Bank of Baroda , Corporate Financial Services Branch, Ahmedabad-380006, Gujarat, India

Ø Corporation Bank, Avrangpura Branch, Ahmedabad, Gujarat, India

Ø Oriental Bank of Commerce, Ashram Road, Ahmedabad, Gujarat, India

Ø Punjab National Bank, Ashram Road Branch, Satellite, Ahmedabad – 380 009, Gujarat, India

Ø Union Bank of India, Industrial Finance Branch, Ashram Road, Ahmedabad, Gujarat, India

Ø Axis Bank Limited, Ahmedabad, Gujarat, India

Ø Syndicate Bank, Ashram Road Branch, Ahmedabad-380 009, Gujarat, India

Ø ICICI Bank, Bandra, Mumbai, Maharashtra, India

Ø Canara Bank, Bhadra Branch, Ahmedabad - 380001

Ø Export Import Bank of India, Centre One, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

Ø State Bank of India

Ø Allahabad Bank, Ashram Road Branch, Ahmedabad-380014, Gujarat, India

Ø State Bank of Mysore

Ø HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

Ø The Karnataka Bank Limited, Shree Gantha Karna Mahavee Complex, Near New Cloth Market, Sarangpura, Ahmedabad- 380002, Gujarat, India

Facilities :

Secured Loans	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Term Loans
Bank of Baroda	524.996	735.000
Syndicate Bank	131.210	150.032
Dana Bank	1399.878	1002.000
Canara Bank	90.000	130.639
Central Bank of India	399.940	0.000
State Bank of India	218.262	247.748
Corporation Bank
Vehicle Loans
Corporation Bank	30.060	33.218
State Bank of Mysore	2.791	8.933
ICICI Bank	0.625	2.786
HDFC Bank	10.143	12.606
Vijaya Bank	0.000	0.070
Working Capital Loans from Banks
Cash Credit and Packing Credit Account	584.984	569.826
Working Capital Demand Loan	363.458	650.916
Total	3754.357	3704.106
NOTE: Term Loans: a) Term Loans from a) to b) are secured by pari passu first charge on all movable and immovable fixed assets of the company by way of equitable mortgage on land and building and hypothecation of plant and machinery (both present and future) b) Term Loan from Corporation Bank and Syndicate Banks are further secured by pledge on shares of Apollo Hospital International Limited Vehicle Loans are : Secured by hypothecation of specific financed by the loans. Working Capital Loans are: Secured by the hypothecation of stock-in-trade, packing materials, stores, spare parts, book debts and pledge of title of goods dispatched and further secured by second charge on all movable and immovable fixed assets of the company and personal guarantee of a director.
Unsecured Loans :	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Fixed Deposits from
Public	103.940	116.474
Directors	94.179	49.906
Shareholders	193.459	56.132
Other Loans and Advances
From Bank*	0.000	550.000
From Deptt. Of Science and Technology * Unsecured loans from banks include short term loans from Corporation Bank of Rs.450.000 millions and from Allahabad Bank of Rs.200.000 millions towards loans extended to sabelite overseas holding limited, U.K for accquring 16.67% stake in Novaveax Inc, USA ** Represents loan from Department of Science and Technology under Pharmaceutical Research and Development Programme for development of new generation therapeutic and prophylactic hepatitis B Vaccines	306.040	292.475
Total	697.619	1064.987

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	3^rd Floor, ‘Heritage’, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad – 380 014, Gujarat
Tel. No.:	91-79-27582542/ 27582543/ 266073100
Fax No.:	91-79-27582551
Pan No.:	AABFD7919A
E-Mail :	cchokshi@wilnetonline.net
Associates :	· Inter Pharma Industries Limited · Casil Health Products Limited · Medtek Asia Private Limited · Casil Industries Limited · Apollo Hospitals International Limited
Subsidiaries :	· CPL Biologicals Private Limited (U01403GJ2009PTC056409) · CPL Inc. · Cadila E.A Limited · IRM Pharmaceuticals P. Limited, Srilanka · Satellite Overseas Holdings Limited, UK · Cadila Pharmaceuticals (Ethiopia) PLC · Kedera Yakuhin Limited · Cadila E L Limited (Ethiopia)
Enterprises significantly influenced by Directors and / or their relatives :	· CPL Infrastructure Private Limited · Indraj Trust · Shilraj Trust · IRM Trust · IRM Labs Limited · A.J. Modi Family Trust · Karnavati Engineering Limited · Cadila Laboratories Limited · Manthan Family Trust · Mihir Family Trust · Manendra Family Trust · Mayur Family Trust · Manshi Family Trust · Raj Trust · Shantaben Family Will Trust · Shil Trust

CAPITAL STRUCTURE

AS ON 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

NOTE:

Out of the above 14884423 equity shares were issued pursuant to scheme of arrangement and amalgamation, without payment received in cash

15000000 equity shares of Rs.10/- each fully paid up, issued as bonus shares

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		800.000	800.000	450.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1332.124	1314.395	1176.147
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2132.124	2114.395	1626.147
LOAN FUNDS
1] Secured Loans		3754.357	3704.106	2851.174
2] Unsecured Loans		697.619	1064.987	612.381
TOTAL BORROWING		4451.976	4769.093	3463.555
DEFERRED TAX LIABILITIES		462.131	458.700	437.668
TOTAL		7046.231	7342.188	5527.370
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3382.072	2964.291	3037.358
Capital work-in-progress		102.844	559.541	264.504
INVESTMENT		1138.500	702.230	652.230
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1148.883	1285.725	1081.721
	Sundry Debtors	1601.648	1791.952	1237.433
	Cash & Bank Balances	274.876	223.547	54.250
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	894.005	1669.952	881.173
Total Current Assets		3919.412	4971.176	3254.577
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	951.615	1333.024	1071.036
	Other Current Liabilities	493.928	390.744	500.402
	Provisions	51.054	131.282	109.861
Total Current Liabilities		1496.597	1855.050	1681.299
Net Current Assets		2422.815	3116.126	1573.278
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7046.231	7342.188	5527.370

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	6478.223	6538.342	5366.437
		Other Income	250.545	374.466	399.249
		TOTAL (A)	6728.768	6912.808	5765.686
Less	EXPENSES
		Purchase of Finished Goods	561.468	745.182	514.763
		Cost of Material Consumed	2076.564	2401.799	1809.023
		Manufacturing Expenses	511.167	545.383	443.420
		Personnel Expenses	946.280	922.267	783.419
		Administrative, Selling and Distribution Expenses	1253.231	1151.375	1029.427
		Research and Development Expenses	275.070	269.433	212.494
		Exceptional items	295.861	212.328	0.000
		Increase or Decrease in Stock	136.433	(262.982)	99.689
		TOTAL (B)	6056.074	5984.785	4892.235
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		672.694	928.023	873.451
Less	FINANCIAL EXPENSES (D)		424.465	405.645	286.923
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		248.229	522.378	586.528
Less/ Add	DEPRECIATION/ AMORTISATION (F)		221.698	218.763	212.319
	PROFIT BEFORE TAX (E-F) (G)		26.531	303.615	374.209
Less	TAX (H)		8.802	82.429	107.425
	PROFIT AFTER TAX (G-H) (I)		17.729	221.186	266.784
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1160.044	1027.796	851.543
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	6.000	20.000
		Dividend	0.000	70.890	60.327
		Tax on Dividend	0.000	12.048	10.204
	BALANCE CARRIED TO THE B/S		1177.773	1160.044	1027.796
	IMPORTS
		Raw Materials	149.845	220.658	NA
		Research material	3.306	4.176	NA
		Stores and spares	4.335	16.196
		Capital goods	116.428	181.495
		Packing material	1.173	3.402	NA
	TOTAL IMPORTS		275.087	425.927
	Earnings Per Share (Rs.)		0.22	3.12	6.64

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.26	3.20	4.63
Net Profit Margin (PBT/Sales)	(%)	0.41	4.64	6.97
Return on Total Assets (PBT/Total Assets}	(%)	0.36	3.83	5.95
Return on Investment (ROI) (PBT/Networth)		0.01	0.14	0.23
Debt Equity Ratio (Total Liability/Networth)		2.79	3.13	3.16
Current Ratio (Current Asset/Current Liability)		2.62	2.68	1.94

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

Rs. In Millions

	Particulars	31.03.2010
a)	In respect of guarantees given by a Bank and counter guarantee given by the company	501.092
b)	Estimated amount of contracts remaining to be executed on capital account and not provided for	93.680
c)	In respect of the demand raised by the ministry of chemical and fertilizer, Government of India and disputed by the company based on the legal advice	14.242
d)	The claims against the company not acknowledged as debts (approximately)	124.854
e)	In respect of the demand raised by the Central Excise Department and State Excise Department against which the Company has preferred an appeal.	20.970
f)	In respect of disputed income tax and wealth tax matters	68.529
g)	In respect of disputed sales tax matters	5.000
h)	In respect of Municipal Property Tax for the years 1986-87 to 1994-95 against which the company has filed an appeal in court and the said court has issued stay order	0.510
i)	In respect of Excise Duty Refund at Jammu for year 2008-09 and 2009-10 against which the company has filed writ petition in Hon’ble High Court of Jammu and Kashmir	74.981

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	90103281
Corporate identity number of the company	U24231GJ1991PLC015132
Name of the company	CADILA PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Cadila Corporate Campus, Sarkhej - Dholka Road, Ahmedabad – 382210, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda , Corporate Financial Services Branch, Ahmedabad-380006, Gujarat, India
Email	corahm@bankofbaroda.com
Nature of description of the instrument creating or modifying the charge	As per the instrument of extension cum creation relating to deposit of title deeds by constructive delivery as well as deposit of original title deeds executed on 26/05/2010
Date of instrument Creating the charge	26.05.2010
Amount secured by the charge	Rs.5030.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cbi-bplr-2% i.e. 10% p.a.(fresh corporate loan of Rs.400.000 Millions) Other joint charge holders remaining unchanged. Terms of Repayment CBI (fresh corporate loan of Rs.400.000 Millions) - sixteen quarterly installments after a moratorium of two years. Others joint charge holders remaining unchanged. Margin CBI-nil Others joint charge holders remaining unchanged. Extent and Operation of the charge First mortgage and pari passu charge basis to term loan lenders aggregating to Rs.3230.000 Millions and second mortgage and pari passu charge basis to bob consortium member banks aggregating to Rs.1800.000 Millions on the properties fully described in the second schedule. Thus, making the aggregate credit facilities to Rs.5030.000 Millions.
Date of latest modification prior to the present modification	11.12.2009
Particulars of the present modification	(I) The Charge Has Been Modified so as to include Fresh Corporate Loan Sanctioned by The Central Bank of India Amounting to Rs.400.000 Millions Making Aggregate Credit Facilities to Rs.5030.000 Millions. (Ii) Extension of Pari Passu Charge by way of Inclusion of Immoveable Properties Situated at Ankleshwar as security to existing charge holders.

FIXED ASSETS:

Ø Freehold Land

Ø Leasehold Land

Ø Building

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Office Equipments

Ø Vehicles

Ø Live Stock

AS PER WEB SITE DETAILS:

PROFILE:

Subject is one of the privately held pharmaceutical companies in India, headquartered at Ahmedabad, in the state of Gujarat. Over the last five decades, it has been developing and manufacturing pharmaceutical products and selling and distributing these in over 50 countries around the world. An integrated healthcare solutions provider with pharmaceutical product basket, it caters to over 50 therapeutic areas that include cardiovascular, gastrointestinal, analgesics, haematinics, anti-infectives and antibiotics, respiratory agents, antidiabetics and immunologicals. The company focuses on providing high quality, appropriately priced products to its customers and supports all these with dedicated customer service. Subject has a multicultural, multilingual and multinational workforce of more than four thousand employees including over two hundred people outside India in forty-nine countries of Africa, CIS, Japan and USA.

The company has one of the best Research and Development (R and D) setups in India, manned by more than three hundred and fifty scientists and engineers from various disciplines including biology, pharmacology, clinical research, chemistry, toxicology, phytochemistry and different disciplines of engineering. The company also participates in Public-Private partnerships for developing diagnostic, preventive and curative pharmaceutical and diagnostic products.

Subject is the first Indian company to get IND approval by USFDA for clinical trials to be conducted in India. Subsequently, the company has filed four more INDs with USFDA. Of the five INDs filed, one is for pulmonary tuberculosis; the trial is supported by Department of Biotechnology, Govt. of India. The rest four are for various types of cancers, e.g., Lung Cancer, Prostrate cancer, Bladder Cancer and Melanoma. Thus all the INDs are for providing solutions to major global health care problems. The clinical trials on Prostrate cancer, Lung cancer and Bladder cancer are supported by Department of Science and Technology to encourage innovations.

The company has state-of-the-art manufacturing facilities conforming to the most stringent international cGMP norms vis-à-vis WHO-GMP, WHO, Geneva (GDF site for Anti- TB), TGA Australia (PIC/S), USFDA, UK- MHRA, MCC-South Africa, ISO 9001 and ISO 14001. Spread over hundred acres of land, Subject manufacturing facility at Dholka is the cynosure of all eyes, well equipped with world-class production facilities. The company’s two API units at Ankleshwar manufacture a wide-range of APIs and intermediates including three USFDA certified products. The manufacturing facility at Samba, near Jammu, started its commercial operations in August 2006. The first overseas formulation manufacturing facility of Subject has commenced its operations in Ethiopia.

A responsible corporate citizen conscious of its duty towards various sections of the society; Cadila Pharmaceuticals nurtures young talents; runs an ultra-modern charitable hospital in a remote area with facilities like Telemedicine in association with Apollo Ahmedabad; works closely with NGOs by way of assistance and support for mid-day meal programmes, among other initiatives.

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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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.