MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	AHLCON PARENTERALS (INDIA) LIMITED
Registered Office :	4, Community Centre, Saket, New Delhi-110017
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.01.1992
Com. Reg. No.:	55-047245
Capital Investment / Paid-up Capital :	Rs. 81.002 millions
CIN No.: [Company Identification No.]	L24239DL1992PLC047245
TAN No.: [Tax Deduction & Collection Account No.]	DELA12317E
PAN No.: [Permanent Account No.]	AAACA1112C
Legal Form :	A Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in Research, Development, Manufacture and Distribution of Pharmaceuticals and Intravenous fluids.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct 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

LOCATIONS

Registered Office :	4, Community Centre, Saket, New Delhi-110017, India
Tel. No.:	91-11-65641898 / 41664016 / 40504578
Fax No.:	91-11-26852036
E-Mail :	info@ahlcoindia.com cssahu@ahlcoindia.com
Website :	www.ahlcoindia.com
Corporate Office :	M-1, Saket, New Delhi-110017, India
Tel. No.:	91-11-40504562
Factory 1 :	SP-917 and 918, Phase III, Bhiwadi-301019, District Alwar, Rajasthan, India
Tel. No.:	91-1493-225304-07
Fax No.:	91-1493-221045

DIRECTORS

AS ON 31.03.2010

Name :	Mr. Bikramjit Ahluwalia
Designation :	Chairman
Name :	Dr. Rohini Ahluwalia
Designation :	Executive Vice Chairperson, CEO
Name :	Mr. Arun Kumar Gupta
Designation :	Director
Name :	Ms. Sudarshan Walia
Designation :	Director
Name :	Prof. G.P. Talwar
Designation :	Director
Name :	Dr. S.S. Arora
Designation :	Director
Name :	Dr. S.C.L. Gupta
Designation :	Director
Name :	Mr. S.K. Sachdeva
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ranjan Kumar Sahu
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Category of Shareholders	No. of Shares	% of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4449617	61.80
Bodies Corporate	658588	9.15
Sub Total	5108205	70.95
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5108205	70.95
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	24516	0.34
Sub Total	24516	0.34
(2) Non-Institutions
Bodies Corporate	130051	1.81
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	1052487	14.62
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	853574	11.85
Any Others (Specify)	31317	0.43
NRIs/OCBs	24750	0.34
Clearing Members	3567	0.05
Trusts	3000	0.04
Sub Total	2067429	28.71
Total Public shareholding (B)	2091945	29.05
Total (A)+(B)	7200150	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Research, Development, Manufacture and Distribution of Pharmaceuticals and Intravenous fluids.

Products :

ITC CODE	PRODUCT
300320	Large Volume Parenterals
300320	Small Volume Parenterals

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
I. V. Fluids	Nos. in Lacs	$ 450	*342.69
Injectable	Nos. in Lacs	1440	**999.09

Notes:

$ Includes capacity of 130 lacs nos. added w.e.f. 1^st September, 2010.

* Includes 147.70 lac bottles (previous year 108.18 lac bottles) on job basis.

** Includes 654.65 lac vials (Previous Year 493.20 lac vials) on job basis.

GENERAL INFORMATION

Bankers :

· Punjab and Sind Bank

· Syndicate Bank

· State Bank of Bikaner and Jaipur

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Loan From : Scheduled Bank	91.147	47.707
Term Loans From : Scheduled Bank	155.638	50.821
Vehicle Loans From : Scheduled Banks	1.025	1.511
Interest accrued and Due	3.588	0.393
Total	251.398	100.432

Notes:

a. Working capital facility / Term loans from Punjab and Sind Bank are secured by way of first and exclusive charge on all the current assets of the company and the specific machinery purchased against the term loans and on other Fixed Assets including hypothecation and mortgage on land and building of the company, both existing and future. The said loan is further secured by the personal guarantee of the chairman and two directors in their personal capacity.

b. Term loans (vehicles) are secured by hypothecation of specified assets.

c. Secured Term loan repayment due in the next 12 months Rs.43.329 millions (Previous year Rs. 11.785 millions).

Banking Relations :	--
Auditors :
Name :	Arun K. Gupta and Associates Chartered Accountant
Address :	D-58, East of Kailash, New Delhi – 110065, Delhi, India
Enterprises under common control:	· Ahluwalia Contracts (India) Limited · Ahluwalia Builders Development Group (Private) Limited. · Tidal Securities Private Limited · Capricon Industrials Limited · Ahlcons India (Private) Limited · Ahlcon Ready Mix Concrete Private Limited · Dipesh Mining Private Limited · Jiwanjyoti Traders Private Limited · Paramount Dealcomm Private Limited · Prem Sagar Merchants Private Limited · Splendor Distributors Private Limited · Enterprises over which key managerial personal is able · to exercise significant influence. · Shantidevi Progressive Educational Society · Karamchand Ahluwalia Charitable Hospital

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs. 110.000 Millions
7000000	Preference Shares	Rs. 10/- each	Rs. 70.000 Millions
	Total		Rs. 180.000 Millions

Issued, Subscribed:

No. of Shares	Type	Value	Amount
7200150	Equity Shares	Rs.10/- each	Rs. 72.002 Millions
900000	6% Redeemable Cumulative Preference Shares	Rs. 10/- each	Rs. 9.000 millions
	Total		Rs. 81.002 Millions

Paid-up Capital:

No. of Shares	Type	Value	Amount
7200150	Equity Shares	Rs.10/- each	Rs. 72.002 Millions
900000	6% Redeemable Cumulative Preference Shares (Preference shares are redeemable at par by way of a put and call options at any time after a period of two years from the date of their allotment i.e 28.10.2006 by giving one month prior notice either by the company or by preference shareholders.) Note: The 6% Redeemable Cumulative Preference Shares redeemable during the year on exercising option by the Company / shareholders have not been redeemed as none has exercised the option during the year.	Rs. 10/- each	Rs. 9.000 millions
	Total		Rs. 81.002 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		81.002	81.002	81.002
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		299.998	270.301	211.981
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		381.000	351.303	292.983
LOAN FUNDS
1] Secured Loans		251.398	100.432	130.278
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		251.398	100.432	130.278
DEFERRED TAX LIABILITIES		63.266	47.295	46.682
TOTAL		695.664	499.030	469.943
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		503.397	345.729	353.351
Capital work-in-progress		25.887	29.171	23.983
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	76.203	48.379	43.832
	Sundry Debtors	145.693	108.505	75.568
	Cash & Bank Balances	12.055	30.253	5.267
	Other Current Assets	4.561	3.937	2.360
	Loans & Advances	43.051	17.962	21.017
Total Current Assets		281.563	209.036	148.044
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	65.247	45.404	19.692
	Other Current Liabilities	31.587	22.207	18.640
	Provisions	18.349	17.295	17.146
Total Current Liabilities		115.183	84.906	55.478
Net Current Assets		166.380	124.130	92.566
MISCELLANEOUS EXPENSES		0.000	0.000	0.043
TOTAL		695.664	499.030	469.943

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	618.256	502.890	378.302
		Other Income	9.668	3.452	4.753
		TOTAL (A)	627.924	506.342	383.055
Less	EXPENSES
		Material	245.271	167.567	135.482
		Personal	104.424	72.253	61.585
		Expenses	171.645	113.440	106.147
		Miscellaneous Expenditure Written Off	0.000	0.043	0.134
		Provision for Doubtful Debts	1.551	0.000	1.481
		Provision for Doubtful Advances	0.000	0.204	0.326
		Provision for Obsolete Stock	1.472	1.390	1.395
		Provision for Obsolete Stock	(0.737)	(0.170)	(1.375)
		Provision for Doubtful Advances Written Back	(0.708)	(0.326)	(0.230)
		Provision for Obsolete Stock Written Back	(0.166)	(0.081)	(1.001)
		Prior Period Adjustments	0.128	1.070	(2.919)
		Increase / (Decreased) in Stock	(13.422)	1.387	6.544
		TOTAL (B)	509.458	356.777	307.569
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		118.466	149.565	75.486
Less	FINANCIAL EXPENSES (D)		24.708	16.799	18.867
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		93.758	132.766	56.619
Less/ Add	DEPRECIATION/ AMORTISATION (F)		28.931	21.954	22.290
	PROFIT BEFORE TAX (E-F) (G)		64.827	110.812	34.329
Less	TAX (I)		21.906	39.225	11.713
	PROFIT AFTER TAX (G-I) (J)		42.921	71.587	22.616
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		204.547	152.227	147.878
Less	APPROPRIATIONS
		Proposed Dividend on Preference Shares	0.540	0.540	0.540
		Tax on Dividend on Preference Shares	0.090	0.092	0.092
		Proposed Dividend on Equity Shares	10.800	10.800	10.800
		Tax on Dividend on Equity Shares	1.794	1.835	1.835
		Profit transferred to General Reserve	6.000	6.000	5.000
	BALANCE CARRIED TO THE B/S		228.244	204.547	152.227
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	67.042	46.661	26.749
	TOTAL EARNINGS		67.042	46.661	26.749
	IMPORTS
		Raw Materials	85.454	56.457	41.851
		Stores & Spares	10.085	1.001	1.627
		Capital Goods	92.172	2.978	0.000
	TOTAL IMPORTS		187.711	60.436	43.478
	Earnings Per Share (Rs.)		5.87	9.85	3.05

QUARTERLY RESULTS

PARTICULARS	30.06.2011
	1^st Quarter
Net Sales	208.500
Total Expenditure	165.240
PBIDT (Excl OI)	43.260
Other Income	0.760
Operating Profit	44.030
Interest	8.360
Exceptional Items	0.000
PBDT	35.670
Depreciation	8.170
Profit Before Tax	27.500
Tax	8.400
Provisions and contingencies	0.000
Profit After Tax	19.100
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	19.100

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.83	14.14	5.90
Net Profit Margin (PBT/Sales)	(%)	10.49	22.04	9.07
Return on Total Assets (PBT/Total Assets}	(%)	8.26	19.97	6.85
Return on Investment (ROI) (PBT/Networth)		0.17	0.32	0.12
Debt Equity Ratio (Total Liability/Networth)		1.13	0.66	0.79
Current Ratio (Current Asset/Current Liability)		2.44	2.46	2.67

LOCAL AGENCY FURTHER INFORMATION

OPERATIONAL PERFORMANCE

The company has planned to face the new challenges and to built up the sales as compared to the previous year. The Director have the reasons to be satisfied about the financial and operational performance of the company as it has continued to surpass all its previous records and has achieved a positive sales growth. Their sales turnover increased from Rs. 506.300 millions in 2009-10 to Rs. 627.700 millions in 2010-11through the constant efforts put by the directors and employees in internal initiatives on productivity enhancement, cost optimization and a congenial work environment, however the company could achieve Net Profit after tax of Rs.42.921 millions as compared to the previous year’s figure of Rs.71.587 millions, on the back of excess volatility in input prices and mounting governmental pressure to reduce drug prices. Further, the directors are making constant efforts to build up the same in the ensuing and coming years.

CORPORATE REVIEW

Contract Manufacturing (CM) has become a promising medium for the Indian pharma industry, with India increasingly being viewed as global hub for Contract Manufacturing. Due to rising concerns over high production costs globally, India has become a prominent destination for the purpose of contract manufacturing of pharma products. Additionally, pharma giants are looking for convenient and faster transportation of products to the target markets. Besides, sponsor companies are looking to outsource related services, such as product development, packaging, and logistics. Contract manufacturing Industry is expected to grow at a magnificent CAGR of over 45% during 2011-2013. Growth will be much higher than the past years as the impacts of the global recession are wearing off from the market.

Contract manufacturing will also help the pharmaceutical companies to meet with the growing demand for new drugs and improve their core competencies. The report depicts the overall market scenario across the prominent destinations in the developed and developing regions of the country. Apart from the current market scenario in these destinations, the report covers the initiatives, which are being taken up by the State Governments. The report also includes detailed competitive analysis of key players functioning in the Indian contract manufacturing industry. A prudent analysis of the trends and drivers of the market delineates the favourable avenues for the purpose of contract manufacturing.

“Indian Contract Manufacturing - A Hot Opportunity” also covers various issues being faced by the contract manufacturing industry, including IP issues, investment risks, and issues related to quality assurance. These segments are aimed to provide a pragmatic outlook of the contract manufacturing market, thereby allowing the identification of shortcomings of certain avenues in the industry.

Analysis of the ongoing developments, market expectations, and driving factors facilitates clear outlook of every aspect of the industry. Besides current market scenario, forecasting in the report provides a clear picture of the industry’s future scenario. The report would help clients in enhancing their understanding regarding the industry and thereby, formulating strategies to help their business grow.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

CAVEAT

This section of the 19th Annual Report has been included in adherence to the spirit enunciated in the Code of Corporate Governance approved by the Securities and Exchange Board of India. Shareholders are cautioned that certain data and information external to the Company is included in this section. Though these data and information are based on sources believed to be reliable, no representation is made on their accuracy or comprehensiveness. Further, though utmost care has been taken to ensure that the opinions expressed by the management herein contain their perceptions on most of the important trends having a material impact on the Company’s operations, no representation is made that the following presents an exhaustive coverage on and of all issues related to the same. The opinions expressed by the management may contain certain forward-looking statements in the current scenario, which is extremely dynamic and increasingly fraught with risks and uncertainties. Actual results, performances, achievements or sequence of events may be materially different from the views expressed herein. Shareholders are hence cautioned not to place undue reliance on these statements, and are advised to conduct their own investigation and analysis of the information contained or referred to in this section before taking any action with regard to their own specific objectives. Further, the discussion following herein reflects the perceptions on major issues as on date and the opinions expressed here are subject to change without notice.

The Company undertakes no obligation to publicly update or revise any of the opinions or forward-looking statements expressed in this section, consequent to new information, future events, or otherwise.

OVERVIE WAHLCON

Subject is one of the leading manufacturing Company in the Indian Pharmaceutical Industry. The Company’s revenues are mainly from Contract Manufacturing and ethical sale of branded-generic and unbranded-generic manufactured pharmaceutical products. A further break down of pharmaceutical sales can be done as, Domestic formulations (comprising branded pharmaceuticals formulations sold in the domestic market), Contract manufacturing (comprising sourcing, manufacturing and supplying pharmaceutical formulations to giant pharma company under their brand name) and direct export to International market comprising exports of branded and generic manufactured pharmaceutical formulations. The operating costs primarily comprise raw and packing materials, purchase of finished goods, staff cost, selling and marketing expenses, manufacturing, Research & Development expenses and general overheads.

OVERVIEW INDIAN PHARMA INDUSTRY

The Indian market offers unique advantages. India is one of the biggest democratic country for last 63 years in this globe. It has an educated workforce and English is the language of business in addition to Hindi, the basic national Language. It has a strong legal framework and strong financial markets. Professional services are easily available. There is already an established industry and international trade. It has a good network of educational institutions and world-class strengths in information technology.

Indian participant players in the pharmaceutical industry in the future may continue to face the future with confidence. There are enormous opportunities for pharmaceutical players both nationally and globally, but the possibilities are challenges to be overcome to achieve sustainable growth in the future. The future is very promising with a lot of progress in the way the Indian pharmaceutical industry perceives.

INDIAN PHARMA INDUSTRY: SCENARIO-2020

The pharmaceutical industry in India is expected to increase to the level of USD 75 billion by 2020. The global integration of most sectors of the global economy would be much more pronounced, and the pharmaceutical industry will not be an exception. In fact, the Indian pharmaceutical industry, which currently has close links with the global pharmaceutical market will become even more highly integrated. Overall, the pharmaceutical market is undergoing a transformation driven by the change in the demand structure, the realignment of supply chains, and global regulatory changes. To predict the state of the Indian pharmaceutical market in 2020, it is useful to understand the current global pharmaceutical market and its main trends and analyze the implications that these factors will have on the global and domestic pharmaceutical industry. Major trends in worldwide pharmaceutical industry is declining productivity of R and D, the increase in the distribution of generic drugs and increased outsourcing.

The Indian Pharma Industry is entering an era in which the components of the value chain are reevaluated and redesigned to achieve the optimum value. While the cost of doing business is increasing, customers are demanding more innovative pharmaceutical products at more competitive prices. The change of patent regime has also become an announced change in the dynamics of the sector. On the one hand, patents on blockbuster drugs expire and, secondly, there are enough drugs in the pipeline. The dynamic evolution of industry at both national and international pharmaceutical industry has forced players to rethink their traditional business strategies.

OUTLOOK ON THREATS, RISK AND CONCERNS

Pharmaceuticals Pricing:

One of the very serious concerns for the Pharmaceuticals division is Government regulation of prices of medicines and mounting pressure to reduce drug prices. The control extends two ways with the first being on the cost of inputs i.e raw materials, packing materials where the Government determines the fixation of prices and the second being the conversion cost and packing cost which is yet again decided by the Government on the basis of studies carried out by them. The Company has a very high percentage of Government-price-controlled medicines and for the last several years their performance has been subject to the vagaries of a price sensitive environment. The domestic market is subject to price control under DPCO, 1995. More and more products are being added to the list of controlled products and thereby, the profit margins could be significantly affected. The Company manages its product portfolio, product mix and value added products, so as to move away, reduce and minimize the product weightage of drugs under price control.

FINANCIAL RISKS:

With the high amount of imports of raw materials like granules and exports of finished goods transacted in foreign currencies the foreign exchange fluctuations have an impact on the working of the Company. By way of hedging of foreign exchange transactions wherever found prudent, the Company minimizes the impact of foreign exchange loss. Due to the broad customer base in Pharmaceuticals segment, the Company is exposed to a low credit risk in its sales markets.

PRICES OF INPUTS:

The uncertainties in the prices of the inputs and even their availability were causes for concern last year, especially in the case of active pharmaceutical ingredients ( API) and granules where prices have shown high amount of variations, making it very difficult for the Company to make accurate projections and sustain the operating results of the company.

WEAKNESS IN DOMESTIC MARKETS:

Fierce price competition has become the order of the day for the domestic pharma industry, which has restricted the ability of the domestic pharma market to grow in value terms. Due to its highly fragmented structure, the pricing power of the players has been pruned. The Indian markets have traditionally been and continue to remain price sensitive and premium pricing of products is extremely difficult to maintain .The new players in the industry are resorting to the cutthroat price competition. However, the company has been able to increase its product ranges and able to maintain a balance for its existing profit percentage.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Vehicles

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH JUNE 2011

Particulars	Unaudited Quarter Ended
	30.06.2011
Gross Sales / Income from Operations	227.347
Less: Excise Duty	(21.332)
Net Sales	206.015
Other Operating Income	2.488
Total Income	208.503
Expenditure
a) (Increase) / Decrease in stock in trade and work in progress	1.654
b) Consumption of raw materials	76.575
c) Purchase of Traded Goods	0.000
d) Power and Fuel	24.660
e) Employee’s cost	32.463
f) Depreciation	8.169
g) Other expenditure	29.886
Total	173.407
Profit from operations before other income and Net Finance Charges	35.096
Other income	0.761
Profit before Net Finance Charges	35.857
Interest	8.360
Profit before tax	27.497
Tax expense	8.396
Net Profit after tax	19.101
Paid up equity share capital (Face value of Rs.10/- per share)	72.001
Reserves excluding revaluation reserves	--
Earning per share (EPS)
(a) Basic (Rs.)	2.63
(b) Diluted (Rs.)	2.63
Public shareholding
- Number of shares	2091945
- Percentage of shareholding	29.05%
Promoters and Promoters group Shareholding
Number of shares	5108205
Percentage of shares	70.95%
a) Pledged /Encumbered
Number of shares	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--
Percentage of shares (as a % of total share capital of the company)	--
b) Non Encumbered
Number of shares	5108205
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100%
Percentage of shares (as a % of total share capital of the company)	70.95%

Notes:

1. Figures have been regrouped I rearranged to make them comparable, wherever considered necessary

2. The activities of the Company relate to single segment i.e. pharmaceutical business segment.

3. Information on investor complaints for the quarter in numbers: Opening- 0, Received -10, Disposed Off - 10, and Closing - 0.

4. The statutory auditors of the company have carried out a limited review of the results for the quarter ended on 30.06.2011.

5. The above results have been reviewed by the Audit Committee on 11.08.2011, approved and taken on record by the Board at its meeting held on 11.08.2011

WEB SITE DETAILS

PROFILE

Subject was established in year 1992 with a motto to provide BFS technology - Large Volume Parenterals / Small Volume Parenterals for the consumers at affordable prices.The driving force was the need of leading pharma companies for reliable and assured quality manufacturer in this field.

Subject, an ambitious venture to manufacture life saving Intravenous Fluids and medical disposals by employing a highly sophisticated production process, the aseptic Blow-Fill-Seal Technology imported from Europe and U.S. Subject has an installed capacity of 30 million bottles per annum for LVP in pack size of 100ml, 200ml, 300ml and 500ml packs. The company also has capacity of 150 million vials of Eye drops and Injections in the fill size of 2ml, 3ml, 5ml, 10ml and 20ml both in transparent and white opaque packs as SVP.

At Subject, Quality Assurance comes first, a fact well evidenced by the highly sophisticated fully integrated production process where in one continuous operation the container is blow, formed, filled with the solution and sealed. The entire process takes place in a completely sterile environment within the machine, untouched by human hands which eliminates any risk of contamination. The Quality Control laboratory at the plant ensures intensive quality control checks at all the stages of production process.

Within a short span of time since inception, the Company has achieved the quality certification like WHO - GMP, ISO 9001 a landmark achievement which ensures international quality standards with ultimate objective of getting MCA approval and they are also achieving various other countries approvals.

The factory design engineering and the system have been totally redesigned and modified under the guidance of world leaders of pharma consultancy. With continuous efforts the Company has successfully moved towards its motto: 'LIFE FLOWS FROM TECHNOLOGICAL EXCELLENCE'. .

NEWS

PRESS RELEASE

POSTPONEMENT OF BOARD MEETING

05 May 2011

India, May 05 -- Ahlcon Parenterals (India) Limited has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on May 06, 2011, which has been postponed and is now scheduled to be held on May 14, 2011 to consider and approve inter alia, Audited Financial Results for the year ended on March 31, 2011 and to consider Proposed Dividend for the same year, if any.

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. 49.02
UK Pound	1	Rs. 77.12
Euro	1	Rs. 67.55

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.