MIRA INFORM REPORT

Report Date :

17.10.2011

IDENTIFICATION DETAILS

Name :	BHARAT SERUMS AND VACCINES LIMITED
Formerly Known As :	GAUTAM LABORATORIES PRIVATE LIMITED
Registered Office :	17^th Floor, Hoechst House, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	29.04.1971
Com. Reg. No.:	11-015134
Paid-Up Capital :	Rs. 100.483 Millions
CIN No.: [Company Identification No.]	U24230MH1971PLC015134
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer and Marketer of Biologicals, Biotechnology Products and Pharmaceuticals.
No. of Employees :	884 (approximately)

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 6700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having good track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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 :	17^th Floor, Hoechst House, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-66560900 / 66560980
Fax No.:	91-22-66560901 / 66560903
E-Mail :	aniket.hirpara@bharatserums.com shipa.likhite@bharatserums.com
Website :	www.bharatserums.com
Corporate Office 1 /Exports :	Hoechst House, 16^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-56560900
Fax No.:	91-22-56560901
E-Mail :	corporate@bharatserums.com export@bharatserums.com
Corporate Office 2 / R and D Centre :	DIL Complex, Behind Cine Wonder, Ghodbunder Road, Thane – 400 610, Maharashtra, India
Tel No :	91-22-25899758
Factory 1 :	Plot No. A-371-372, Road 27, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel. No.:	91-22-25822181
Fax No.:	91-22-25823640
E-Mail :	factory@bharatserums.com
Factory 2 :	Plot No. K-27, Anand Nagar, Additional M.I.D.C., Ambernath (East), Maharashtra, India
Tel. No.:	91-95251-2621645
Fax No.:	91-95251-2621089
E-Mail :	ambernath@bharatserums.com
Distribution :	Gala No. B, Plot No. 83 B2, Near Kala Industrial Estate, Opposite Shangrila Biscuit Factory, LBS Marg, Bhandup, Mumbai – 400078, Maharashtra, India
Tel. No.:	91-22-25919434
Fax No.:	91-22-25919544
Animal Farm :	At Post Khoni, Ambernath M. I. D. C. Road, Khoni-Taloja Link Road, Kalyan, Thane-421308, Maharashtra, India
Tel. No.:	91-251- 2395107
Godown :	Shree Arihant Compound, Building No. H-2, Gala No. 12, 13 (Part), 14 (Part), 15, 16, 17, Ground Floor, Koper Village, Thane Bhiwandi Road, District Thane – 421302, Maharashtra, India
Tel. No.:	91-252-2646169/70

DIRECTORS

As On 16.09.2010

Name :

Mr. Bharat Vinod Daftary

Designation :

Chairman and Managing Director

Address :

114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

12.01.1956

Date of Appointment :

05.05.1992

DIN No.:

00011518

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	U24230MH1984PTC032645	HITECH LABORATORIES PRIVATE LIMITED	Director	12/4/1984	12/4/1984	-	Active	NO
2	U28113MH1988PTC047315	HAVER STANDARD INDIA PRIVATE LIMITED	Director	5/7/1989	5/7/1989	1/10/2010	Active	NO
3	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Managing director	5/5/1992	5/5/1992	-	Active	NO
4	U33110MH1993PTC075088	AKSIPRO DIAGNOSTICS P LTD	Director	11/11/1993	11/11/1993	-	Active	NO
5	U24239MH1995PTC091631	AKSIGEN PHARMACEUTICALS PRIVATE LIMITED	Director	9/8/1995	9/8/1995	-	Active	NO
6	U24230MH1994PTC079029	AKSITECH LIFE SCIENCES PRIVATE LIMITED	Director	12/5/1997	12/5/1997	-	Active	NO
7	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
8	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED.	Nominee director	17/10/2005	17/10/2005	-	Active	NO
9	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Nominee director	17/10/2005	17/10/2005	-	Amalgamated	NO
10	U93090MH2006PTC165629	inVentiv International Pharma Services Private Limited	Director	17/11/2006	17/11/2006	15/04/2008	Active	NO
11	U73100MH2005PTC153327	KASIAK RESEARCH PRIVATE LIMITED CN	Director	16/05/2007	16/05/2007	-	Active	NO
12	U24297MH2010PTC209352	Advy Chemical Private Limited	Director	22/10/2010	22/10/2010	-	Active	NO

Name :

Dr. Gautam Vinod Daftary

Designation :

Managing Director

Address :

114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

03.10.1959

Date of Appointment :

05.05.1992

DIN No.:

00009326

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	U24230MH1984PTC032645	HITECH LABORATORIES PRIVATE LIMITED	Director	12/4/1984	12/4/1984	-	Active	NO
2	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Managing director	5/5/1992	5/5/1992	-	Active	NO
3	U33110MH1993PTC075088	AKSIPRO DIAGNOSTICS P LTD	Director	11/11/1993	11/11/1993	-	Active	NO
4	U24230MH1994PTC079029	AKSITECH LIFE SCIENCES PRIVATE LIMITED	Director	12/5/1997	12/5/1997	-	Active	NO
5	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
6	U24239MH1995PTC091631	AKSIGEN PHARMACEUTICALS PRIVATE LIMITED	Director	9/8/2005	9/8/2005	-	Active	NO
7	U24230GJ2005PTC046915	ZYDUS BSV PHARMA PRIVATE LIMITED.	Nominee director	17/10/2005	17/10/2005	-	Active	NO
8	U73100GJ2005PTC046914	ZYDUS BSV RESEARCH AND DEVELOPMENT PRIVATE LIMITED	Nominee director	17/10/2005	17/10/2005	-	Amalgamated	NO
9	U93090MH2006PTC165629	inVentiv International Pharma Services Private Limited	Director	17/11/2006	17/11/2006	15/04/2008	Active	NO
10	U73100MH2005PTC153327	KASIAK RESEARCH PRIVATE LIMITED CN	Director	16/05/2007	16/05/2007	-	Active	NO
11	U24297MH2010PTC209352	Advy Chemical Private Limited	Director	22/10/2010	22/10/2010	-	Active	NO

Name :

Mr. Shahzaad Dalal

Designation :

Director (uptp 25.09.2009)

Address :

Crescent Heights, 9^th Floor, Fla No. 902, V. N. Naik Road, Tardeo, Mumbai – 400007

Date of Birth/Age :

01.12.1958

Date of Appointment :

14.11.2000

Name :

Mr. Kamlesh Niranjan Sarangi

Designation :

Alternate Director

Address :

Plot No. 503, Floor 5, Lakshchandi Height, Gokuldham, Goregaon (E), Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

28.11.1971

DIN No.:

02852838

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	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Alternate director	25/09/2009	25/09/2009	30/03/2010	Active	NO
2	U51900MH2006PLC160647	The MobileStore Limited	Director	3/3/2010	3/3/2010	-	Active	NO

Name :

Mrs. Cynthia Christine D’Souza

Designation :

Director

Address :

Sarguro Park 3, 1^st Floor, Deonar Farm Road, (opposite Raj Kapoor’s bunglow), Mumbai – 400 088, Maharashtra, India

Date of Birth/Age :

02.11.1953

Date of Appointment :

06.06.2008

DIN No.:

00420046

Other Directorship :

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	U74140MH2000PTC127650	CYNTHESIS MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	10/7/2000	10/7/2000	Active	NO
2	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	29/09/2008	6/6/2008	Active	NO
3	U72900MH2009PTC195506	Sciemetric Technologies India Private Limited	Additional director	30/11/2009	30/11/2009	Active	NO
4	U72300MH2010PTC201680	Naysa Technologies Private Limited	Director	5/4/2010	5/4/2010	Active	NO

Name :

Mr. Sunil Vasantrao Diwakar

Designation :

Alternate Director (Upto 30.03.2010)

Address :

C-002, Shreejville, Opposite Nitin Company, Almeda Road, Panchpakhadi, Thane (West) – 400 602, Maharashtra, India

Date of Birth/Age :

22.05.1963

Date of Appointment :

07.08.2006

DIN No.:

00089266

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	U24230TN1980PLC008382	MALLADI DRUGS AND PHARMACEUTICALS LIMITED	Nominee director	27/12/2004	27/12/2004	-	Active	NO
2	U32301TN1994PLC028160	PRASAD CORPORATION LIMITED	Nominee director	15/10/2005	15/10/2005	-	Active	NO
3	U63090MH1997PLC108197	CONTINENTAL WAREHOUSING CORPORATION (NHAVA SEVA) LIMITED	Nominee director	1/12/2010	15/05/2006	11/4/2011	Active	NO
4	L99999DN1982PLC000128	JBF INDUSTRIES LIMITED	Director	27/07/2007	17/07/2006	-	Active	NO
5	U32305MH2000PTC124260	EBS WORLDWIDE SERVICES PRIVATE LIMITED	Nominee director	20/07/2006	20/07/2006	11/9/2009	Active	YES
6	L17226WB1946PLC013554	EASTERN SILK INDUSTRIES LIMITED	Nominee director	20/07/2006	20/07/2006	4/3/2011	Active	NO
7	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	25/09/2009	7/8/2006	30/03/2010	Active	NO
8	U34102PN1989PLC014807	RSB TRANSMISSIONS (I) LTD	Nominee director	26/09/2007	9/7/2007	-	Active	NO
9	U34300PN1992PLC021849	INTERNATIONAL AUTO LIMITED	Nominee director	26/09/2007	9/7/2007	-	Amalgamated	NO
10	U24231MH1993PLC150891	ARCH PHARMALABS LIMITED	Nominee director	28/01/2008	28/01/2008	9/12/2010	Active	NO
11	U85110KA1961PLC001433	BHARAT FRITZ WERNER LIMITED	Additional director	27/09/2008	28/07/2008	-	Active	NO
12	U27310JH2006PLC012663	ELECTROSTEEL STEELS LIMITED	Nominee director	31/08/2009	31/08/2009	-	Active	NO
13	L55101DL2007PLC157518	ASIAN HOTELS (WEST) LIMITED	Director	18/09/2010	10/8/2010	-	Active	NO
14	U63090MH2009PLC219843	JICS LOGISTIC LIMITED	Additional director	18/07/2011	18/07/2011	-	Active	NO

Name :

Mr. Ajeet Singh Karan

Designation :

Director

Address :

House No.36, Sector – 37, Arunvihar, Noida – 201 303

Date of Birth/Age :

09.12.1965

Date of Appointment :

27.09.2007

DIN No.:

00183622

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	U67190DL2005PTC142001	ACE WEALTH MANAGEMENT PRIVATE LIMITED	Director	21/10/2005	21/10/2005	-	Active	NO
2	U72300PY2000PTC001532	INTEGRA SOFTWARE SERVICES PRIVATE LIMITED	Director	1/9/2009	26/10/2006	-	Active	NO
3	U74210DL2005PTC137756	COLLABIS CONSULTING PRIVATE LIMITED	Additional director	17/08/2007	17/08/2007	2/3/2009	Active	YES
4	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	29/09/2008	27/09/2007	-	Active	NO
5	U74140KA2003PTC032950	PHARMARC ANALYTIC SOLUTIONS PRIVATE LIMITED	Director	9/6/2009	9/6/2009	-	Active	NO
6	U72200TN2003PTC051138	SECOVA eSERVICES Private Limited	Director	29/09/2009	1/8/2009	-	Active	NO
7	U40101TN2005PTC058237	AURO MIRA ENERGY COMPANY PRIVATE LIMITED	Director	27/08/2009	27/08/2009	-	Active	NO
8	U28991TN1981PLC009067	CETHAR LIMITED	Director	27/12/2010	22/12/2010	-	Active	NO
9	L85110KA1987PLC008739	SHILPA MEDICARE LIMITED	Additional director	28/01/2011	28/01/2011	-	Active	NO

Name :

Mr. Sunil Manubhai Shah

Designation :

Director

Address :

40, Yashodham Bungalows, Film City Road, Goregaon, Mumbai -400 063, Maharashtra, India

Date of Birth/Age :

06.01.1958

Qualification :

B.Com (Hon), MBA (IIMA)

Date of Appointment :

18.06.2009

DIN No.:

00137105

Other Directorships Held :

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	U65990MH1991PTC063019	EVERGREEN RESEARCH AND ASSETS MANAGEMENT PRIVATE LIMITED	Director	21/08/1991	21/08/1991	-	Active	NO
2	U67120MH2000PLC152193	HDFC SECURITIES LIMITED	Managing director	17/01/2005	17/01/2005	16/01/2008	Active	NO
3	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	25/09/2009	18/06/2009	-	Active	NO

Name :

Mr. Rohan Pradeep Shah

Designation :

Director

Address :

P-6, Godrej Glenelg, Damani House, Captain Prakash Pethe Marg, 11, CUffe Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

12.01.1963

Date of Appointment :

18.06.2009

DIN No.:

00088684

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	U51900MH1994PTC080486	BANSWARA TRADERS PRIVATE LIMITED	Director	19/08/1994	19/08/1994	-	Active	YES
2	L74999MH1957PLC010975	GRAUER AND WEIL (INDIA) LIMITED	Director	30/03/2004	30/03/2004	-	Active	NO
3	U45203MH2004PTC147309	DUBAI PORTS AND FREE ZONES INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	5/7/2004	5/7/2004	27/09/2007	Active	NO
4	L24390MH1976PLC019380	J B CHEMICALS AND PHARMACEUTICALS LIMITED	Director	13/05/2005	13/05/2005	-	Active	NO
5	L34103PN1944PLC020842	PREMIER LIMITED	Director	27/06/2008	27/03/2008	-	Active	NO
6	U45201MH2006PTC166586	JAFZA BANGALORE BUSINESS PARK (INDIA) PRIVATE LIMITED	Alternate director	14/04/2008	14/04/2008	-	Strike off	NO
7	U45200MH2007PTC168842	JAFZA Delhi Business World (India) Private Limited	Alternate director	14/04/2008	14/04/2008	-	Strike off	NO
8	U45201MH2006PTC166585	JAFZA MUMBAI BUSINESS PARK (INDIA) PRIVATE LIMITED	Alternate director	21/04/2008	21/04/2008	-	Active	NO
9	U72900TN2006PTC061194	JAFZA CHENNAI BUSINESS PARK (INDIA) PRIVATE LIMITED	Alternate director	21/04/2008	21/04/2008	-	Active	NO
10	U93000MH2008PTC187354	New Day Employee Trustee Private Limited	Director	8/10/2008	8/10/2008	-	Active	YES
11	U74140MH2009PTC191347	ELP ADVISORY SERVICES PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO
12	U74900MH2009PTC193204	Dolby Technology India Private Limited	Director	10/6/2009	10/6/2009	2/2/2010	Active	NO
13	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	25/09/2009	18/06/2009	-	Active	NO
14	U65910MH1995PLC220528	RELIANCE CAPITAL TRUSTEE CO LTD	Director	7/6/2010	23/02/2010	-	Active	NO
15	U55101MH2009PTC189351	CHECK-INN HOTELS PRIVATE LIMITED	Director	29/09/2010	2/8/2010	-	Active	NO
16	U55204MH2007PTC175253	Pilgrimage Hotels Private Limited	Director	29/09/2010	2/8/2010	-	Active	NO
17	U36911MH2002PLC138275	DIAMOND INDIA LIMITED	Director	28/09/2010	28/09/2010	-	Active	NO

Name :

Mr. Sunny Gurparshad Sharma

Designation :

Director

Address :

10, West End Ave Apartment, 11 H, new York 10023

Date of Birth/Age :

31.08.1974

Qualification :

M.B.B.S. MBA from IIM, Bangalore

Date of Appointment :

24.03.2010

DIN No.:

02267273

Other Directorships held :

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	U67120MH2008FTC186971	OrbiMed Advisors India Private Limited	Managing director	24/09/2008	23/09/2008	Active	NO
2	U73100KA2004PLC035260	MANIPAL ACUNOVA LIMITED	Nominee director	30/11/2009	30/11/2009	Active	NO
3	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	16/09/2010	24/03/2010	Active	NO

Name :

Mr. Nitin Jagannath Deshmukh

Designation :

Director

Address :

Flat No. 201, Ekta Heritage, 15 Road, Khar (West), Mumbai – 400 052, Maharashtra, India

Date of Birth/Age :

07.11.1962

Qualification :

MBA (Mumbai University), Masters Degree in Pharmaceutical Technology (UDCT), Post Graduation Programme in Pharmaceutical Technology (University of Ghent, Belgium)

Date of Appointment :

21.11.2008

DIN No.:

00060743

Other Directorships held :

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	U73100KA2000PLC028246	METAHELIX LIFE SCIENCES LIMITED	Nominee director	2/6/2005	2/6/2005	30/12/2010	Active	NO
2	U85110KA1961PLC001433	BHARAT FRITZ WERNER LIMITED	Director	23/03/2006	23/03/2006	29/07/2009	Active	NO
3	U74210TN2002PTC049197	MACROCOMM CONVERGENCE (INDIA) PRIVATE LIMITED	Additional director	2/5/2006	2/5/2006	-	Dormant	NO
4	U31200TZ1992PTC004114	DIGITRAC POWER CONTROLS PRIVATE LIMITED	Additional director	8/6/2006	8/6/2006	-	Amalgamated	NO
5	U31200TZ1984PTC001476	DYNA SPEDE INTEGRATED SYSTEMS PRIVATE LIMITED	Nominee director	28/08/2007	8/6/2006	2/7/2009	Active	NO
6	U74210PN2002PTC017313	VLIFE SCIENCES TECHNOLOGIES PRIVATE LIMITED	Nominee director	15/06/2006	15/06/2006	-	Active	NO
7	U05121KA2002PLC031204	DHAANYA SEEDS LIMITED	Director	7/8/2006	12/7/2006	30/12/2010	Active	NO
8	U63040AP1991PTC013178	DRS LOGISTICS PRIVATE LIMITED	Director	21/02/2008	13/02/2007	18/10/2008	Active	YES
9	U24230MH2000PTC125061	SIRO CLINPHARM PRIVATE LIMITED	Nominee director	28/03/2007	28/03/2007	-	Active	NO
10	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	28/09/2007	14/08/2007	11/11/2010	Active	NO
11	U73100MH1999PTC119744	RUBICON RESEARCH PRIVATE LIMITED	Director	25/08/2007	25/08/2007	-	Active	NO
12	U24231MH1995PTC085656	INDUS BIOTECH PRIVATE LIMITED	Director	24/09/2007	30/08/2007	-	Active	NO
13	U74999PN2002PLC016834	BVG INDIA LIMITED	Nominee director	31/03/2008	31/03/2008	11/1/2011	Active	NO
14	U65990MH1994PLC077472	KOTAK INVESTMENT ADVISORS LIMITED	Whole-time director	1/4/2010	1/4/2008	-	Active	NO
15	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	25/09/2009	21/11/2008	-	Active	NO
16	U85110KA2010PTC052540	MANIPAL HEALTH ENTERPRISES PRIVATE LIMITED	Nominee director	22/11/2010	22/11/2010	-	Active	NO

Name :

Mr. Suketu Viren Shah

Designation :

Director

Address :

A/52, Darshan Apartments, Mt. Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

04.12.1954

Qualification :

MBA from Harvard Business School

Date of Appointment :

22.12.2009

DIN No.:

00033407

Other Directorships held :

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	U65920MH1982PTC027800	JYOTI SHAH PREMISES AND INVESTMENTS PVT LTD	Director	14/07/1982	14/07/1982	-	Active	NO
2	U01100MH1982PTC029007	SUNNYDAYS AGRO COMPANY PRIVATE LIMITED	Director	10/1/1983	10/1/1983	20/12/2007	Active	NO
3	U01100MH1982PTC029006	AMIVIR AGRO CO PVT LTD	Director	23/03/1983	23/03/1983	20/12/2007	Active	NO
4	U67120MH1982PTC026490	RAJVI ENGINEERING AND INVESTMENTS PVT LTD	Director	25/01/1984	25/01/1984	-	Active	NO
5	U67120MH1982PTC026493	AKHIL INVESTMENTS & TRADES PRIVATE LIMITED	Director	13/11/1987	13/11/1987	-	Active	NO
6	U67120MH1982PTC026494	KSHITIJ HOLDINGS AND ENGINEERING PVT LTD	Director	13/11/1987	13/11/1987	-	Active	NO
7	U24239MH1980PTC022904	ADONIS LABORATORIES PRIVATE LIMITED	Director	7/3/1988	7/3/1988	-	Active	NO
8	U01100MH1982PTC029005	AMAR JYOTI AGRO CO PVT LTD	Director	28/07/1988	28/07/1988	20/12/2007	Active	NO
9	U01110MH1982PTC029008	ANANT JEEWAN AGRO CO PVT LTD	Director	28/07/1988	28/07/1988	20/12/2007	Active	NO
10	L99999MH1937PLC002726	MUKAND LIMITED	Managing director	5/7/2011	3/7/1989	-	Active	NO
11	U15209WB1991PLC051980	METRO DAIRY LTD	Director	10/6/1991	10/6/1991	31/05/2011	Active	NO
12	U67120MH1992PLC066417	LINEAGE INVESTMENTS LIMITED	Director	17/07/1992	17/07/1992	-	Active	NO
13	U65990MH1992PLC067166	PRIMUS INVESTMENTS AND FINANCE LIMITED	Director	18/07/1992	18/07/1992	-	Active	NO
14	U65990MH1992PLC067732	ECONIUM INVESTMENTS AND FINANCE LIMITED	Director	24/07/1992	24/07/1992	-	Active	NO
15	U67120MH1979PLC021418	MUKAND GLOBAL FINANCE LIMITED	Director	30/11/1992	30/11/1992	27/09/2007	Active	NO
16	U85110KA1995PLC018735	MUKAND VIJAYANAGAR STEEL LIMITED	Director	14/09/1995	14/09/1995	-	Active	NO
17	U27106MH1968NPL014092	THE ALLOY STEEL PRODUCERS ASSOCIATION OF INDIA	Director	26/09/1997	26/09/1997	-	Active	NO
18	U85110KA1998PLC023759	HOSPET STEELS LIMITED	Director	20/05/1998	20/05/1998	-	Active	NO
19	L72200MH1990PLC056987	UTV SOFTWARE COMMUNICATIONS LIMITED	Director	7/7/2000	7/7/2000	-	Active	NO
20	U72200DL1997FLC085765	CLICKFORSTEEL SERVICES LIMITED	Director	10/4/2001	10/4/2001	-	Active	NO
21	U51900MH1937PLC002724	JEEWAN LIMITED	Director	16/06/2001	16/06/2001	-	Active	NO
22	U15110MH2000PLC125868	GALAXY LIFESTYLE RESTAURANTS LIMITED	Director	25/06/2001	25/06/2001	-	Active	YES
23	U45400MH2008PTC179591	JLS REALTY PRIVATE LIMITED	Director	30/09/2009	29/07/2008	-	Active	NO
24	U14200MH2008PLC187216	MUKAND VINI MINERAL LIMITED	Director	15/10/2008	15/10/2008	-	Active	NO
25	U01403MH2009PTC194755	SHAHVIR AGRO PRIVATE LIMITED	Director	8/8/2009	8/8/2009	-	Active	NO
26	U74900MH2008PTC180685	LOTAN VEER SECURITY PRIVATE LIMITED	Additional director	12/10/2009	12/10/2009	4/5/2011	Active	NO
27	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	16/09/2010	22/12/2009	-	Active	NO

Name :

Mr. Siddharth Bharat Daftary

Designation :

Director

Address :

114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

28.12.1983

Qualification :

B.sc (Lifesciences), Mumbai University and M.sc (Molecular and Genetic Medicine), University of Sheffield

Date of Appointment :

22.12.2009

DIN No.:

02897197

Other Directorships held :

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	U24230MH1971PLC015134	BHARAT SERUMS AND VACCINES LIMITED	Director	16/09/2010	22/12/2009	Active	NO
2	U73100MH2005PTC153327	KASIAK RESEARCH PRIVATE LIMITED CN	Additional director	18/03/2010	18/03/2010	Active	NO
3	U15132MH2008PTC188318	NOSTIMIA FOODS PRIVATE LIMITED	Director	28/09/2010	18/03/2010	Active	NO
4	U33110MH1993PTC075088	AKSIPRO DIAGNOSTICS P LTD	Director	28/09/2010	18/03/2010	Active	NO
5	U24297MH2010PTC209352	Advy Chemical Private Limited	Director	22/10/2010	22/10/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Aniket Bavchandbhai Hirpara
Designation :	Company Secretary
Address :	B-105, Pravin Palace, Dindayal Nagar, Station Road, Vasai (West), Thane – 401202, Maharashtra, India
Date of Birth/Age :	15.07.1982
Date of Appointment :	26.12.2008
Pan No.:	ABPPH4615N
Name :	Mr. Ajay Sapre
Designation :	Executive Vice President – Finance
Name :	Mr. Anil Damle
Designation :	Finance Controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 16.09.2010

Names of Shareholders	No. of Shares
Vinod G. Daftary	2073954
Gaurang S Daftary	106500
Ameet S Daftary	106500
Gautam V. Daftary	1839820
Bharat V.Daftary (HUF)	785550
Gautam V. Daftary (HUF)	785550
Vinod Daftary (HUF)	750
Akshay G. Daftary Jointly with Aarti G. Daftary	750
Siddharth B. Daftary Jointly with Bhavna Daftary	750
Ansuya V. Daftary Jointly with Vinod G. Daftary	750
Nayantara H. Kothari Jointly with Sarala G. Kothari	135750
Bharat V. Daftary	1839820
Aksipro Diagnostic Private Limited – India	900000
Bharat V. Daftary Jointly with Bhavna Daftary	1906200
Gautam V. Daftary Jointly with Aarti Daftary	1906200
Aarti Daftary Jointly with Gautam Daftary	1012500
Bhavna Daftary Jointly with Bharat Daftary	1012500
Agcetech Pharmacuticals Private Limited – India	155562
Czaee Shah	71000
Gauri Pohoomul	71000
Kavita Khanna	71000
Kotak Mahindra Trusteeship Services Limited – India	1201801
Kotak India Private Equity Fund – Mauritius	407727
Kotak Investment Advisors Limited – India	29151
Raj N. Parekh	300
Caduceus Asia Mauritius Limited – Mauritius	699358
Total	17120743

As On 16.09.2010

Category	Percentage
Mutual Funds	7.02
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.47
Bodies corporate	6.34
Directors or relatives of Directors	76.90
Other top fifty shareholders	3.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Marketer of Biologicals, Biotechnology Products and Pharmaceuticals.

Products :

Item Code No. (ITC Code)	Product Description
3002.10.99	Monoclonal Anti-Rho(D) Immuneglobulin
3004.39.21	Human Chorionic Gonadotrophin
3002.90.90	Anti Snake Venom Serum
3002.10.99	Monoclonal Anti-RHO (D) Immuneglobulin
3004.39.21	Human Chorionic Gonadotrophin
3002.90.90	Anit Snake Venom Serum

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Injections	Nos		27160000	7584930

Note: Excludes quantity produced under loan licence agreement

GENERAL INFORMATION

No. of Employees :

884 (approximately)

Bankers :

· DBS Bank Limited – 221, Dr. D. N. Road, Fort, Mumbai – 400001, Maharashtra, India

· IDBI Bank Limited – Dosti Pinnacle, Ground Floor, Road No. 22, Wagle Industrial Estate, Thane West 400604, Maharashtra, India

· Corporation Bank

· Citi Bank N.A

· ICICI Bank Limited

· Bank of Baroda

· Exim Bank

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Term Loan from Banks
Foreign Currency loan	109.976	119.110
Rupee Loan	320.000	216.800
Working Capital Borrowings from Banks	156.448	346.868
Total	586.424	682.778

Note:

1. Rupee Term Loan taken from various banks is secured by way of the hypothecation of movable assets and the first pari-passu charge on immovable assets of the company situated at Ambernath Plant. Foreign Currency Term Loan is secured by way of first pari-passu charge on the immovable assets of the company situated at Ambernath Plant.

2. Rupee Term loan installment repayable within a year – Rs.55.000 (74.000) millions

3. Foreign Currency Term Loan installment repayable within a year Rs. 54.988 millions

4. Working capital facilities from banks are secured by way of hypothecation of raw material, packing material, materials under process, finished goods, book debts, machinery and other movable assets of the Company situated at Thane factory; first pari-passu charge on the immovable assets of the Company situated at Thane Factory; and second charge on the immovable assets of the company situated at Ambernath Plant.

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Term Loan from a Bank	--	15.000
Trade Deposits	70.833	70.833
Hire Purchase	2.489	1.292
From Others *	211.675	151.820
Total	284.997	238.945

Note:

Hire Purchase Loan is secured against the specific vehicle purchased from the loan amount.

* Others include loans taken from Dept of Science and Technology and Dept of Biotechnology. Out of the same Rs.18.000 (NIL) millions, is repayable within a year.

Banking Relations :	--
Auditors :
Name :	M M Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B – Wing, 3^rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Pan No :	AAAFM5103E
Tel No :	91-22-24949991
Fax No :	91-22-24949995
E-mail :	mail@mmnissim.com
Website :	www.mmnissim.com
Pan No.:	AAAFM5103E
Associates :	· Siro Clinpharm Private Limited · Advy Chemical · Aksigen Hospital Care · Kasiak Research Private Limited · Aksigen Pharmaceuticals Private Limited · Aksipro Diagnostics Private Limited · Hitech Laboratories Private Limited · Sara Trust
Joint Venture :	· Zydus BSV Pharma Private Limited
Subsidiaries :	· BSV Biosciences Inc. USA · BSV Biosciences Inc., Germany · BSV Biosciences GmbH

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
20987800	Equity Shares	Rs. 5/- each	Rs.104.939 Millions
200	Equity Shares with Differentail Voting Right	Rs. 5/- each	Rs. 0.001 Millions
920000	0.01% Convertible Redeemable Preference shares	Rs. 5/- each	Rs. 4.600 Millions
742000	0.01% Convertible Cumulative Preference Shares Series – I	Rs. 5/- each	Rs. 3.710 Millions
1350000	0.01% Convertible Cumulative Preference Shares Series – II	Rs. 5/- each	Rs. 6.750 Millions
	Total		Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
	Equity Share Capital
17120643	Equity Shares	Rs.5/- each	Rs.85.603 Millions
100	Equity Shares with Differentail Voting Right	Rs. 5/- each	Rs. 0.001 Millions
	Preference Share Capital
919243	0.01% Convertible Redeemable Preference shares	Rs. 5/- each	Rs. 4.596 Millions
714119	0.01% Convertible Cumulative Preference Shares Series – I	Rs. 5/- each	Rs. 3.571 Millions
1342444	0.01% Convertible Cumulative Preference Shares Series – II	Rs. 5/- each	Rs. 6.712 Millions
			Rs. 100.483 Millions

Note:

- (699357 Equity Shares has been brought back and extinguished during the year as per section 77A of the Companies Act,1956)

- (of the above 175353 shares has been issued as bonus shares by utilizing securities premium account)

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		100.483	93.562	89.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1578.293	1067.558	718.274
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1678.776	1161.120	807.374
LOAN FUNDS
1] Secured Loans		586.424	682.778	718.050
2] Unsecured Loans		284.997	238.945	403.592
TOTAL BORROWING		871.421	921.723	1121.642
DEFERRED TAX LIABILITIES		88.605	72.510	75.439
TOTAL		2638.802	2155.353	2004.455
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		902.601	843.864	755.494
Capital work-in-progress		735.442	599.942	569.762
INVESTMENT		160.897	153.897	143.897
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	287.479	258.443	311.481
	Sundry Debtors	573.993	316.645	221.019
	Cash & Bank Balances	215.474	214.042	34.873
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	227.943	116.182	283.206
Total Current Assets		1304.889	905.312	850.579
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	139.771	93.565	183.532
	Other Current Liabilities	263.638	209.042	96.002
	Provisions	61.618	45.055	35.743
Total Current Liabilities		465.027	347.662	315.277
Net Current Assets		839.862	557.650	535.302
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2638.802	2155.353	2004.455

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1957.972	1492.891	1395.698
		Income from Intellectual Property	99.000	67.996	13.453
		Export Entitlements	17.918	13.863	10.825
		Other Income	42.744	42.672	106.881
		TOTAL (A)	2117.634	1617.422	1526.857
Less	EXPENSES
		Material Consumed	478.925	283.281	295.399
		Purchase of Finished Goods	298.306	115.659	144.011
		Decrease in Stocks	10.500	47.227	28.858
		Manufacturing and other Expenses	951.516	853.846	731.930
		TOTAL (B)	1739.247	1300.013	1200.198
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I		378.387	317.409	326.659
Less	FINANCIAL EXPENSES (D)		95.941	116.219	150.789
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		282.446	201.190	175.870
Less/ Add	DEPRECIATION/ AMORTISATION (F)		97.084	96.311	96.686
	PROFIT BEFORE TAX (E-F) (G)		185.362	104.879	79.184
Less	TAX (I)		16.159	(0.048)	(10.224)
	PROFIT AFTER TAX (G-I) (J)		169.203	104.927	89.408
Add	TAXATION ADJUSTMENT FOR EARLIER YEARS		0.636	0.137	0.000
Less	Prior Period Expenses		0.000	0.000	1.050
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		441.940	363.853	300.716
Less	APPROPRIATIONS
		Proposed Dividend	15.746	15.366	15.147
		Corporate Dividend Tax	2.675	2.611	2.574
		General Reserve	16.000	9.000	7.500
	BALANCE CARRIED TO THE B/S		577.358	441.940	363.853
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	361.392	323.550	244.397
	TOTAL EARNINGS		361.392	323.550	244.397
	IMPORTS
		Raw Materials	377.835	155.123	200.987
		Finished Goods	228.468	65.240	103.503
		Packing Materials	13.102	15.881	7.010
		Spare Parts	3.150	1.720	10.408
		Capital Goods	10.801	15.610	4.047
	TOTAL IMPORTS		633.356	253.574	325.955
	Earnings Per Share (Rs.)
	- Basic		9.53	5.90	4.96
	- Diluted		9.07	5.61	4.96

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.99	6.49	5.86
Net Profit Margin (PBT/Sales)	(%)	9.47	7.03	5.67
Return on Total Assets (PBT/Total Assets}	(%)	8.40	5.99	4.93
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.10
Debt Equity Ratio (Total Liability/Networth)		0.81	1.09	0.39
Current Ratio (Current Asset/Current Liability)		2.81	2.60	2.70

LOCAL AGENCY FURTHER INFORMATION

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW:

The Indian pharmaceutical industry recorded a turnover of Rs.417000.000 millions with 18% growth over the prior year (MAT March 2010). The growth was primarily driven by the volume and new products introduction. The industry growth is largely influenced by the chronic disease management segments. Overall, the industry was relatively less affected by the impact of the economic slowdown.

India’s pharma sector now ranks 3rd in terms of volume of production with 10% share of the global pharmaceutical market and occupies 14th position by value, says a news release issued by Press Information Bureau from the Ministry of Finance, government of India. During the year, there was a status quo as regards major issues like clarity on certain areas in the Patent Laws, Drug Pricing policy, Data Exclusivity. The progress in these areas would stimulate the growth and support the rapid development including R and D initiatives of the pharmaceutical industry.

OUTLOOK AND OPPORTUNITIES:

In 2010-11, the pace of the economic recovery would influence the macroeconomic indicators globally. The impact of this on the Indian economy would be determined by the Country’s GDP growth, Government’s policies.

The pharmaceutical industry is expected to show a double digit growth in the medium term. The Government’s healthcare policies continues to focus on improving the access, reach of the medicines and increase in the Public healthcare spending from present 1% to 2%of the GDP. The increase in the disposable income, improved health awareness, development in the rural areas and infrastructure along with favourable Government healthcare policies would drive the growth of the industry.

The Company has planned a robust growth during 2010-11. The various measures initiated would augment the rapid growth of the business in the future. On the Operations side, the emphasis would be to drive the top line. The marketing plans are in place to achieve the sales targets and drive the growth of the power brands. The export team would be expanded in terms of the manpower resources to exploit the potential in the existing territories as well as to take advantage of the new registrations which are likely to be received during the year.

The fund raised through the private equity investment and terms loans from the Banks would support the facility up gradation including new hormones facility. The new Hormones API plant in Germany and formulation plant in Ambernath would be operational and would enable the Company to tap high potential export markets in future.

The Company.s research capabilities have been recognized by the pharma players. The strategies have been worked out to create more alliances and strategic partnerships to commercialize the R and D molecules. This would have significant impact on the profitability and give boost to the R and D work of the Company.

The new products introduction is a lifeline for the pharmaceutical industry. The Company is currently carrying out the clinical trials on three Products and plans to initiate the trial on one more new Product. These Products have very high potential and advantage in terms of cost, efficacy and safety profile. The Company plans to introduce these Products in the coming year. The Company has also put in place various action plans to ensure that the adequate resources are available in terms of manpower, technology, infrastructure etc to support the achievement of its business plans.

FINANCIAL PERFORMANCE REVIEW:

The Company recorded sales of Rs.1957.900 million verses Rs.1492.800 million in the previous year and grew by 31.1. The revenue included income of Rs.99.000 million from the outlicensing deals made during the year. The profit before tax was Rs.185.000 million verses Rs.105.000 million in the previous year. The sales of flagship Products progressed well. The availability of plasma range of Products supported the sales growth. The sales of these Products were affected in the prior year due to non-availability. The favourable exchange fluctuation of rupee versus dollar has helped in improving the profitability of the Company.

The Company’s focused outlicensing strategy is showing encouraging results. The discussions are at the advance stage for outlicensing arrangement of one of its molecules. This would be the second such arrangement since last year.

The Company has made significant work on the molecule which deals with kala azar. The Department of Science and Technology has recognized this work and have rendered support in the form of grant to carry out further clinical trial in the field of kala azar for inclusion in National Vector Borne Disease Control Programme (NVBDCP) of the Government of India. The clinical trial has progressed very well and the results are expected to be available in the third quarter of the coming year. The Company has also initiated clinical trial on the additional two new drugs. The Company is very optimistic about the clinical trial results and the successful launch of these drugs. Company’s Joint Venture (JV), namely Zydus BSV Pharma Private Limited (ZBP) continues to focus on the development of the patented product, Nudoxa and on the contract manufacturing business for generic products. For the patented product, Nudoxa, the JV Company has initiated a trial in breast cancer which is showing promising results. The trial would be used for support for the sales in India and also for filing in the dossiers for certain emerging markets like Russia, etc. For the Developed markets, the JV has filed for a request with the FDA for a Pre IND meeting. For the Generic Contract Manufacturing Business, in addition to the signed Contract from a US company, the JV is in advanced stages of discussions with an European company for manufacturing of generic products for certain European Markets. The JV is also pursuing exploratory discussions with a few other Indian / US companies for the development and manufacture of generic oncology products.

The Company received the infusion of funds through the private equity agreement and the term loans from the Banks. The Company expects to benefit immensely from the rich experience and knowledge of both the Equity Partners in the coming years. The funds would be utilized for the operations and manufacturing facility expansion which would meet international manufacturing and quality standards. This would help the company to enhance its presence in the export markets. The construction of new hormone API facility in Germany and formulation facility in Ambernath has started and both the plants are expected to commence the operations in the next year. The R and D expenditure continues to be higher but the Company is hopeful that the results of the same in coming years will provide excellent growth prospects for the Company.

Contingent Liability not provided for:

- Income Tax Rs.0.171 million (Rs.0.171 million)

- Excise Duty Rs.1.942 million (Rs.1.942 million)

- Bank Guarantee Rs.17.177 million (Rs.23.174 million)

Stand By Letter of Credit (SBLC)

Corporate Guarantee given to Citibank [Rs.137,800 thousand (previous year Rs. Nil)] in consideration of the stand by letter of credit (SBLC) opened by them in favor of Commerzbank AG, Germany, as security for loan granted by them to BSV Biosciences GmbH Germany, a subsidiary Company. The SBLC is issued out of the working capital facilities of the company.

NOTE: The Registered office of the company has been shifted from “16^th Floor, Hoechst House, Nariman Point, Mumbai – 400 021, Maharashtra, India” to present address w.e.f 27.09.2007.

Form: 8

Corporate identity number of the company	U24230MH1971PLC015134
Name of the company	BHARAT SERUMS AND VACCINES LIMITED
Address of the registered office or of the principal place of business in India of the company	17^th Floor, Hoechst House, Nariman Point, Mumbai – 400 021, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	IDBI Bank Limited – Dosti Pinnacle, Ground Floor, Road No. 22, Wagle Industrial Estate, Thane West 400604, Maharashtra, India E-Mail: bn.nambiar@idbi.co.in
Nature of description of the instrument creating or modifying the charge	1. Supplemental deed of hypothecation 2. Memorandum of entry
Date of instrument Creating the charge	10.06.2011
Amount secured by the charge	Rs. 300.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest - As per sanction letter as may be modified from time to time Terms of Repayment - As per sanction letter as may be modified from time to time Margin - As per sanction letter as may be modified from time to time Extent and Operation of the charge - First pari passue charge by way of hypothecation of all present and future goods, book debts and other movable assets and mortgage on immovable property situated at A-371 and A-372, industrial area, village panchpakadhadi, dist. Thane to secure the due repayment of working capital facility of Rs.300.000 millions along with interest and other costs.
Short particulars of the property charged	All present and future goods, book debts and other movable assets immovable property situated at A-371 and A-372, industrial area, village panchpakadhadi, dist. Thane
Particulars of present modification	A charge was created on current assets of the company both present and future to secure working capital facility of charge holders on 29-9-2007 and on immovable property situated at A-371 and A-372, industrial area, villege panchpakhadi, dist. Thane as a collateral security to secure working capital facility. Now with this modification charge on the above properties extended to secure working capital facility of Rs.300.000 millions by way of collateral security.

FIXED ASSETS:

· Leasehold Land

· Freehold Land

· Buildings

· Leasehold Improvements

· Plant and Machinery

· Furniture and Fixtures

· Office Equipment

· Live Stock

· Vehicles

· Software

· Patents

PRESS RELEASE

Piramal Healthcare Limited to acquire the Anesthetic products business of

Bharat Serums And Vaccines Limited

Piramal Healthcare expands it’s anesthetic portfolio to include injectibles

Mumbai, 22.04.2010: Piramal Healthcare Limited [NSE: PIRHEALTH, BSE: 500302] (“Piramal”), one of India’s largest pharmaceutical and healthcare companies, and Bharat Serums And Vaccines Limited (“BSV”), an Indian bio-pharmaceutical company, jointly announced that they have signed a definitive agreement for Piramal to acquire BSV’s injectible anesthetic products business including - Propofol, Bupivacaine and Atracurium Besylate. This anesthetic product range is developed and currently manufactured by BSV at its own plant.

In a hospital setting Propofol is used for “Induction / Initiation of Anesthesia” while Bupivacaine is used for local anesthesia. Atracurium Besylate is used to provide muscle relaxation during surgery. The business had sales of Rs. 106 million in FY2010 out of which around 80% is accounted for by Propofol.

The acquisition gives Piramal access to key intellectual property developed by BSV for the manufacture of injectible anesthetics products including process-based intellectual property and business contracts. The acquisition provides Piramal an immediate entry into the Propofol market, the largest selling injectible anesthetic globally. As per IMS, the total market size of Propofol is approximately US $ 825 million. The market excluding Europe/US/Japan is approximately US $ 250 million.

Piramal is a leading producer of inhalation anesthetics such as sevoflurane, enflurane, halothane and isoflurane. The acquisition of injectible anesthetic product portfolio will strengthen the overall product offering. BSV currently sells the injectible anesthetic products in 30 countries including India, Russia, Columbia and Ukraine. The reach and span of this business will now be expanded significantly given Piramal’s strong marketing and sales network across 108 countries with 178 distributors.

As per the terms of the agreement, BSV will enter into a long-term manufacture and supply agreement with Piramal Healthcare for anesthetic products developed and manufactured by BSV.

Commenting on the acquisition, Mr. Ajay Piramal, Chairman, Piramal Group said, “At Piramal Healthcare, we are committed to building a strong global presence in critical care. Our strong marketing capabilities and distribution infrastructure across 108 countries will help us rapidly scale up the BSV’s injectable anesthetic business. Our core values of knowledge, action and care propel us to reduce the burden of disease”

Bharat V. Daftary, Chairman and Managing Director, Bharat Serums and Vaccines Limited said: “We are very pleased to partner with Piramal Healthcare for marketing of our anesthetic products. BSV has built a strong presence globally for its anesthetic product range and Piramal’s focus on anesthetics will build on our foundation of product development and marketing, adding value to both companies. This will enable us to focus on our core competencies of cutting edge research, development and manufacturing of innovative biopharmaceutical and biotech products.”

About the Piramal Group

The Piramal Group, led by Ajay G. Piramal is one of India’s foremost business conglomerates. Driven by the core values of Knowledge Action Care, the Piramal Group has interests in a myriad of industries that encompass healthcare, drug discovery and research, diagnostics, glass, real estate and financial services. The Piramal Group steadfastly pursues inclusive growth while adhering to ethical and value driven practices. The Group’s turnover exceeded US $ 900 million in FY2009.

About Piramal Healthcare Limited

Piramal Healthcare Limited, a Piramal Group company, is one of India’s largest pharmaceutical companies, with a growth track record of above 29% CAGR since 1988. Piramal Healthcare had consolidated revenues of US$ 656 million in FY2009. The Company is currently ranked 4th in the Indian pharmaceutical market with a diverse product portfolio spanning fourteen therapeutic areas. The Company is also one of the largest custom manufacturing companies with a global footprint of assets across North America, Europe and Asia.

About Bharat Serums and Vaccines Limited

BSV is a public limited company incorporated in India with a focus on the niche segment of life saving pharma, biological and biotech injectibles. The Company has two manufacturing facilities and a research center. BSV's product portfolio is comprised of a wide range of products covering biologicals, equine antitoxins and serums, hormones, anesthetics, antifungals, and cardiovascular formulations.

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.47.06
UK Pound	1	Rs.77.41
Euro	1	Rs.67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
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	NO
--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.