MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	PARENTERAL DRUGS (INDIA) LIMITED	Principal Name 1	Mr. Manoharlal Gupta
Status	Satisfactory	Principal Name 2	Mr. Vinod Kuamr Gupta
		Registration #	11-126481
Street Address	340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Established Date	13.12.1983	SIC Code	--
Telephone#	91-22-56943547	Business Style 1	Manufacturer
Fax #	91-22-26333763	Business Style 2	Exporter
Homepage	http://www.pdindia.com	Product Name 1	Intravenous Transfusions
# of employees	1800 (Approximately)	Product Name 2	Tablets Capsules
Paid up capital	Rs. 317,886,000/-	Product Name 3	Water for Injections
Shareholders	Promoters group (69.29%) Public Shareholding (30.71%)	Banking	State Bank of India
Public Limited Corp.	YES	Business Period	29 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	Ba (48)
Related Company
Relation	Country	Company Name	CEO
Subsidiary Company	India	Rajratan Exports Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,252,734,000	Current Liabilities	606,337,000
Inventories	690,065,000	Long-term Liabilities	2,515,487,000
Fixed Assets	3,158,882,000	Other Liabilities	4,061,000
Deferred Assets	0,000	Total Liabilities	3,125,885,000
Invest& other Assets	1,396,470,000	Retained Earnings	2,916,710,000
		Net Worth	3,372,266,000
Total Assets	6,498,151,000	Total Liab. & Equity	6,498,151,000
Total Assets (Previous Year)	5,809,929,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	3,807,134,000	Net Profit	87,150,000
Sales(Previous yr)	3,372,821,000	Net Profit(Prev.yr)	272,898,000

MIRA INFORM REPORT

Report Date :

06.08.2012

IDENTIFICATION DETAILS

Name :	PARENTERAL DRUGS (INDIA) LIMITED

Registered Office :	340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	13.12.1983

Com. Reg. No.:	11-126481

Capital Investment / Paid-up Capital :	Rs. 455.556 Millions

CIN No.: [Company Identification No.]	L99999MH1983PLC126481

TAN No.: [Tax Deduction & Collection Account No.]	MUMP19676G

PAN No.: [Permanent Account No.]	AAACP2820L

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

Line of Business :	Manufacturer and Exporters of Pharmaceutical Products like Intravenous Transfusions, Tablets Capsules and Water for Injections

No. of Employees :	1800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 13000000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. There is sharp dip in the profitability of the company. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal for business dealing at usual trade terms and condition.

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, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB+
Rating Explanation	Having moderate risk of default regarding timely servicing of financial obligation.
Date	26.05.2012

Rating Agency Name	CARE
Rating	A4+
Rating Explanation	Minimal degree of safety regarding timely payment of financial obligation. It carry high credit risk and susceptible of default
Date	26.05.2012

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-66943547 / 26304940 / 42762888
Fax No.:	91-22-26333763
E-Mail :	pdpl@pdindia.com
Website :	http://www.pdindia.com
Location :	Owned

Corporate Office & Investors Grievances Centre :	Shree Ganesh Chambers, A. B. Road , Navlakha Crossing, Indore - 452001 Madhya Pradesh, India
Tel. No.:	91-731-4092000 / 2401108
Fax No.:	91-731-2401052 / 2401307

Plants (Manufacturing Location) :	· Village Asrawad, Post Dudhia, Nemawar Road, Indore – 453331, Madhya Pradesh, India Tel No.: 91-731-3917834 · Village Sura, Post Suranussi, Jalandhar – 144027, Punjab, India · Village Bhud, Tehsil Nalagarh, District Solan – 173205, Himachal Pradesh, India · Honda Industrial Estate, Plot No. 1, Phase III Sattari – 403530, Goa, India

Overseas Mauritius :	Old Moka Road, Bell Village, P. O. Box 770, Republic of Mauritius.

Overseas Mauritius :	Arna Industrial Estate, Kapchagai, Republic of Kazakhstan.

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Manoharlal Gupta
Designation :	Chairman Cum Managing Director

Name :	Mr. Vinod Kuamr Gupta
Designation :	Managing Director

Name :	Mr. Govind Das Garg
Designation :	Whole Time Director

Name :	Mr. Anil Mittal
Designation :	Whole Time Director and Chief Executive

Name :	Mr. Satish Chandra Consul
Designation :	Non Executive Director – Independent Director

Name :	Mr. Dharam Pal Khanna
Designation :	Non Executive Director – Independent Director

Name :	Mr. Dilip Kumar Panchaity
Designation :	Non Executive Director – Independent Director

Name :	Mr. Dilip Kumar Sinha
Designation :	Non Executive Director – Independent Director

KEY EXECUTIVES

Name :	Ms. Archana Agar
Designation :	Company Secretary and Compliance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2012

Category of Shareholder

No. of Shares

% of No. of Shares

(A) Shareholding of Promoter and Promoter Group

(1) Indian

Bodies Corporate

17,921,907

69.29

Sub Total

17,921,907

69.29

(2) Foreign

Total shareholding of Promoter and Promoter Group (A)

17,921,907

69.29

(B) Public Shareholding

(1) Institutions

Mutual Funds / UTI

7,998

0.03

Financial Institutions / Banks

1,332

0.01

Foreign Institutional Investors

662,991

2.56

Sub Total

672,321

2.6

(2) Non-Institutions

Bodies Corporate

2,641,913

10.21

Individuals

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

1,555,807

6.01

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

3,001,339

11.6

Any Others (Specify)

73,544

0.28

Clearing Members

21,746

0.08

Non Resident Indians

42,178

0.16

Trusts

4,555

0.02

Directors & their Relatives & Friends

5,065

0.02

Sub Total

7,272,603

28.12

Total Public shareholding (B)

7,944,924

30.71

Total (A)+(B)

25,866,831

100

(C) Shares held by Custodians and against which Depository Receipts have been issued

(1) Promoter and Promoter Group

(2) Public

Sub Total

Total (A)+(B)+(C)

25,866,831

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of Pharmaceutical Products like Intravenous Transfusions, Tablets Capsules and Water for Injections

Products :

ITC Code No.	Product Description
30033900	Intravenous Transfusions
30049099	Tablets Capsules
30049076	Water for Injections

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Licensed Capacity (P.A)	Installed Capacity (P.A)	Actual Production (P.A)
I.V. Section (Large Volume)	2700.00	2700.00	1876.81*
Tablet Section (Tablets and Capsules)	14250.00	14250.00	3536.44**
Opthalmics Section
Ampoules	4500.00	4500.00	2618.82
Injections	1080.00	1080.00	284.97**

* It includes 103.84 lacs bottle manufactured on job work.

** Tablets includes Trading Purchase for 534.07 lacs nos (previous year 91.79 lacs nos) and Injections includes Trading Purchase for 64.47 lacs nos. (Previous year 73.21 lacs nos)

GENERAL INFORMATION

No. of Employees :

1800 (Approximately)

Bankers :

· State Bank of India

· Punjab National Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
State Bank of India, Commercial Branch, Indore Term Loan II for Baddi plant	12.459	25.221
State Bank of India, Commercial Branch, Indore Term Loan III for Baddi plant	49.522	70.747
State Bank of India, Commercial Branch, Indore Term Loan IV for Baddi plant	186.959	232.387
State Bank of India, Commercial Branch, Indore Term Loan V for Indore plant	504.803	498.826
State Bank of India, Commercial Branch, Indore Corporate Loan I	15.336	64.708
State Bank of India, Commercial Branch, Indore Corporate Loan II	303.214	0.000
Punjab National Bank, Chandigarh Term Loan for Baddi plant	11.372	16.402
Punjab National Bank, Chandigarh Term Loan for Indore plant	9.320	13.947
State Bank of India, Commercial Branch, Indore Cash Credit	942.430	614.453
Punjab National Bank, Chandigarh Cash Credit	352.456	258.031
HDFC Bank Limited Vehicle Finance	2.204	0.000

TOTAL	2390.075	1794.722
NOTES
State Bank of India, Commercial Branch ,Indore Term Loan II for Baddi plant (Secured by first pari-passu charge on fixed assets of the Company and second paripassu charge on current assets of the Company and guaranteed by two managing directors, one director and by third parties i.e. by HUF of three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private Limited.)	12.459	25.221
State Bank of India, Commercial Branch ,Indore Term Loan III for Baddi plant (Secured by first pari-passu charge on fixed assets of the Company and second paripassu charge on current assets of the Company and guaranteed by two managing directors, one director and by third parties i.e. by HUF of three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private Limited.)	49.522	70.747
State Bank of India, Commercial Branch ,Indore Term Loan I V for Baddi plant (Secured by first pari-passu charge on fixed assets of the Company and second paripassu charge on current assets of the Company and guaranteed by two managing directors, one director and by third parties i.e. by HUF of three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private Limited.)	186.959	232.387
State Bank of India, Commercial Branch ,Indore Term Loan V for Indore plant (Secured by first pari-passu charge on fixed assets of the Company and second paripassu charge on current assets of the Company and guaranteed by two managing directors, one director and by third parties i.e. by HUF of three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private Limited and secured by pledge of 0.500 Millions BSE traded Shares of the Company held by Rajratan Exports Limited)	504.803	498.826
State Bank of India,Commercial Branch ,Indore Corporate Loan I (Secured by first pari-passu charge on fixed assets of the Company and specifically secured by pledge of 2.000 Millions BSE traded Shares of the Company held by Rajratan Exports Limited.)	15.336	64.708
State Bank of India, Commercial Branch ,Indore Corporate Loan II (Secured by first pari-passu charge on fixed assets of the Company and specifically secured by pledge of 2.000 Millions BSE traded Shares of the Company held by Rajratan Exports Limited.)	303.214	0.000
Punjab National Bank, Chandigarh Term Loan for Baddi plant (Secured by first pari-passu charge on fixed assets of the Company and second paripassu charge on current assets of the Company and guaranteed by two managing directors, one director and by third parties i.e. by HUF of three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private Limited.)	11.372	16.402
Punjab National Bank, Chandigarh Term Loan (Secured by first pari-passu charge on fixed assets of the Company and second paripassu charge on current assets of the Company and guaranteed by two managing directors, one director and by third parties i.e. by HUF of three Directors, by Smt. Alpana Gupta and by Diamond Crystal Private Limited.)	9.320	13.947
State Bank of India, Commercial Branch ,Indore Cash Credit (Secured by first pari-passu charge on current assets of the Company and second paripassu charge on fixed assets of the Company and guaranteed by two managing directors, one director and by third parties i.e. by HUF of three Directors and by Smt. Alpana Gupta and by Diamond Crystal Private Limited)	942.430	614.453
Punjab National Bank, Chandigarh Cash Credit (Secured by first pari-passu charge on current assets of the Company and second paripassu charge on fixed assets of the Company and guaranteed by two managing directors, one director and by third parties i.e. by HUF of three Directors and by Smt. Alpana Gupta and by Diamond Crystal Private Limited)	352.456	258.031
HDFC Bank Limited Vehicle Finance (Secured by hypothecation of bus)	2.204	0.000

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors and Relatives	4.991	5.541
Inter Corporate Deposits	0.000	73.003
Security Deposit from Dealers and Suppliers	120.421	119.573

TOTAL	125.412	198.117


Banking Relations :	--

Auditors :
Name :	T.N. Unni and Company Chartered Accountant
Address :	402, Alankar Point, Geeta Bhawan Square, Indore – 452001, Madhya Pradesh, India

Subsidiaries:	· Parenteral Biotech Limited · Abhay Drugs Limited · Parenteral Impex Limited · Anjaney Pharmaceuticals Limited · Parentech Healthcare Limited · Parenteral Surgical Limited · Punjab Formulations Limited · Goa Formulations Limited · Mascareignes Pharmaceuticals Manufacturing Company Limited · Parenteral Drugs Kazakhstan

Enterprises Controlled by Key Management Personnel / Relatives of Key Management Personnel :	· Rajratan Exports Private Limited · Mahaganpati Investments Private Limited · PDPL Holdings Private Limited · PDPL Securities Private Limited · Parenteral Medicines Limited · Panorama Remedies Limited · Anitas Exports Private Limited · Lalit Media and Education Limited · Orissa Formulations Private Limited · Anitas Management Private Limited · MVG Mercantile Private Limited · Vino Infratech Private Limited · Chiron Metco Limited · Chetan Medicaments Private Limited · Diamond Crystal Private Limited · Earawat Steels Private limited · Neptune Packaging Private Limited · Prem Pharmaceuticals · Parenteral Commercial Services Private Limited · Manish Medicates Private Limited · AGT Mercantile Private Limited · Simtrad Overseas Private Limited · KRM Holdings Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

26500000	Equity Shares	Rs.10/- each	Rs. 265.000 Millions
3500000	Redeemable, Non Cumulative, Non Convertible Preference Shares	Rs.10/- each	Rs. 35.000 Millions
2962102	0% Optionally Convertible Redeemable Preference Shares	Rs.10/- each	Rs. 29.621 Millions
7037898	Redeemable Preference Shares	Rs.10/- each	Rs. 70.379 Millions
	TOTAL		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

25866831	Equity Shares	Rs.10/- each	Rs. 258.668 Millions
2962102	0% Optionally Convertible Redeemable Preference Shares	Rs.10/- each	Rs. 29.621 Millions
3500000	Redeemable, Non Cumulative, Non Convertible Preference Shares	Rs.10/- each	Rs. 35.000 Millions
	Share Application Money for Preference Share Capital		Rs. 132.267 Millions
	TOTAL		Rs. 455.556 Millions

NOTE:

Including 12751428 Equity Shares of Rs.10/- each Bonus shares issued as fully paid up out of free reserve and 1042560 Equity shares of 10 each issued as fully paid up out of revaluation reserves.

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		455.556	317.886	309.686
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2916.710	2887.632	2444.073
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3372.266	3205.518	2753.759
LOAN FUNDS
1] Secured Loans		2390.075	1794.722	1255.945
2] Unsecured Loans		125.412	198.117	182.113
TOTAL BORROWING		2515.487	1992.839	1438.058
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		5887.753	5198.357	4191.817

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		3158.882	2259.687	1347.784
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		1396.407	1395.335	1390.885
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	690.065	669.514	624.730
	Sundry Debtors	781.388	1017.134	743.352
	Cash & Bank Balances	46.469	96.940	94.446
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	424.877	371.255	368.180
Total Current Assets		1942.799	2154.843	1830.708
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	478.636	380.764	188.310
	Other Current Liabilities	127.701	101.069	99.950
	Provisions	4.061	129.739	89.364
Total Current Liabilities		610.398	611.572	377.624
Net Current Assets		1332.401	1543.271	1453.084

MISCELLANEOUS EXPENSES		0.063	0.064	0.064

TOTAL		5887.753	5198.357	4191.817

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3807.134	3372.821	2269.517
		Other Income	5.185	13.388	2.801
		TOTAL (A)	3812.319	3386.209	2272.318

Less	EXPENSES
		Material Consumed	2212.428	1848.322	1206.563
		Manufacturing Expenses	292.924	221.351	193.093
		Expenditure on Employees	166.045	107.334	92.554
		Administrative Expenses	208.296	183.338	142.713
		Selling and Distribution Expenses	518.367	458.833	383.027
		Increase/ (Decrease) in Finished Goods	(37.471)	1.869	(93.360)
		TOTAL (B)	3360.589	2821.047	1924.590

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		451.730	565.162	347.728

Less	FINANCIAL EXPENSES (D)		225.087	138.026	123.055

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		226.643	427.136	224.673

Less/ Add	DEPRECIATION/ AMORTISATION (F)		109.354	76.660	57.119

	PROFIT BEFORE TAX (E-F) (G)		117.289	350.476	167.554

Less	TAX (H)		30.139	77.578	59.860

	PROFIT AFTER TAX (G-H) (I)		87.150	272.898	107.694

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		494.421	306.737	313.325

Less	APPROPRIATIONS
		Transfer to General Reserve	--	40.935	21.539
		Proposed Dividend	--	37.847	20.805
		Tax on Dividend	--	6.432	3.536

	Issue of shares as per Amalgamation scheme		--	--	72.722

Add	Balance of Profit and Loss Account of Amalgamating Company		--	--	4.320

	BALANCE CARRIED TO THE B/S		581.571	494.421	306.737

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	142.920	45.490	63.202
	TOTAL EARNINGS		142.920	45.490	63.202

	IMPORTS
		Raw Materials	229.416	428.970	60.483
		Packing Material	0.000	0.000	1.560
		Capital Goods	15.976	0.145	0.422
	TOTAL IMPORTS		245.392	429.115	62.465

	Earnings Per Share (Rs.)		3.37	14.44	6.87

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	454.350	610.790	645.990	517.250
Total Expenditure	397.220	554.490	518.210	670.130
PBIDT (Excl OI)	57.130	56.300	127.780	(152.880)
Other Income	0.000	0.000	0.000	0.000
Operating Profit	57.130	56.300	127.780	(152.880)
Interest	80.270	93.100	98.450	120.080
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	(23.140)	(36.800)	29.330	(272.960)
Depreciation	25.950	26.000	30.070	46.430
Profit Before Tax	(49.090)	(62.800)	(0.740)	(319.390)
Tax	5.180	5.170	5.180	30.620
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(54.260)	(67.970)	(5.920)	(350.010)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(54.260)	(67.970)	(5.920)\|	(350.010)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.28	8.06	4.74

Net Profit Margin (PBT/Sales)	(%)	3.08	10.39	7.38

Return on Total Assets (PBT/Total Assets}	(%)	2.30	7.94	5.27

Return on Investment (ROI) (PBT/Networth)		0.03	0.11	0.06

Debt Equity Ratio (Total Liability/Networth)		0.93	0.81	0.66

Current Ratio (Current Asset/Current Liability)		3.18	3.52	4.85

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----
26]	Buyer visit details	----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

FINANCIAL PERFORMANCE

The consolidated turnover for the year was Rs. 4873.100 Millions compared to Rs. 4163.200 Millions in the previous year. The turnover on standalone basis stood Rs. 3812.300 Millions as against Rs. 3386.200 Millions in the previous year.

On a consolidated basis, the Company earned a gross income of Rs. 503.700 Millions during the year as against Rs. 662.400 Millions in the previous year and the profit before tax of Rs.92.500 Millions as against the profit before tax of Rs. 397.300 Millions during the previous year.

On a standalone basis, the Company earned a gross income of Rs. 451.700 Millions during the year as against Rs. 565.200 Millions in the previous year and profit before tax of Rs. 117.200 Millions as against Rs. 350.500 Millions during the previous year. The reduction in profitability is due to overall impact only intravenous fluids manufacturing companies because of the Jodhpur maternal deaths.

FINANCIAL FACILITIES

During the year, the Company repaid the term loan installments of Rs. 207.700 Millions and Fresh Term Loan/ Corporate Loan of Rs. 375.800 Millions were availed during the year.

The total outstanding fund based and non-fund based borrowings of Rs. 2204.500 Millions is sanctioned by the State Bank of India and Rs. 374.200 Millions sanctioned by the Punjab National Bank. The Term Loan/ Corporate Loan proceeds have been utilized for the purpose of funding of various expansion activities including the overseas initiatives. The remaining proceeds have been utilized for growth capex.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The Indian pharmaceutical sector has come a long way, being almost non-existent before 1970 to a prominent provider of healthcare products, meeting almost 95 per cent of the country's pharmaceuticals needs.

The Industry today is in the front rank of India's science-based industries with wideranging capabilities in the complex field of drug manufacturer and technology. It ranks very high, in terms of technology, quality and range of medicines manufactured. From simple headache pills to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is now made indigenously.

Playing a key role in promoting and sustaining development in the vital field of medicines, Indian Pharma Industry boasts of quality producers and many units approved by regulatory authorities in USA and UK. International companies associated with this sector have stimulated, assisted and spearheaded this dynamic development in the past years and helped to put India on the pharmaceutical map of the world.

CHALLENGES AND IMPLICATIONS

“For pharmaceutical companies, determined action is not a matter of choice, but one of necessity.”

Going forward, the large domestic companies could face strong competition on two fronts. On one hand, smaller players can maintain their trajectory if they continue to pioneer market creation. On the other, multinational firms can gain share through the launch of patented products, contingent on regulatory and infrastructural support.

The case for action is well established across all types of industry players. However, the priorities are likely to differ. For leading domestic companies, the case for action is underpinned by the need to counter the threat to their market leadership. For mid-sized and small domestic players, the challenge lies in replicating past success and coping with increasing scale and complexity. For multinational firms, the imperative is to build businesses of scale in the new patent regime and remain relevant in this high growth market.

FOR INDIAN COMPANIES

MARKET CREATION, DIFFERENTIATED STRATEGIES, PRODUCT ACCESS AND SKILL BUILDING

Market opportunities and threat have differing implications for leading companies and mid-sized and small players. However all converge towards four major actions:

• Drive market creation;

• Pursue differentiated strategies;

• Sustain product access and strengthen sales;

• Marketing capabilities.

SHIFT FOCUS FROM MARKET SHARE CAPTURE TO MARKET CREATION

As a result of intense generics competition, traditional geographic markets and prescriber bases are beginning to be well covered. The growth potential here is medium and the chances of share capture low. In such situations, expanding existing markets or creating new ones becomes more important.

Market creation will be difficult and could be fraught with some amount of failure. Companies will need to do things differently. And they should be prepared for a gestation period before economies stabilize. New markets are unlikely to yield the same level of financial returns as established businesses, not in the initial years at least.

ADOPT DIFFERENTIATED STRATEGIES AND BUSINESS MODELS

With the ongoing changes in the market opportunities, competitive scenario and disease profiles, a homogeneous business models is unlikely to work.

The challenge for domestic companies will not be limited to adopting differentiated strategies. They will need to match opportunities with talent of varying profiles. Often a different culture is needed to promote a new opportunity.

ENSURE CONTINUED ACCESS TO PRODUCTS

Domestic players will have a reasonably large set of generic product options for the next few years. However, accessing these options will take determined efforts. The first opportunity is to access pre-1995 products not yet launched in India.

The current list of over 200 molecules is a combination of relatively older products and more specialized molecules. Some of these are difficult to formulate and manufacture and will attract limited competition. And therein lies the opportunity. Only handful of companies has developed the skills to reverse engineer and manufacture such products.

A closer examination of these products reveals that oncology and neuropsychiatry offer attractive opportunities. These therapies account for 31 per cent of the product list and have a 48 per cent share of the total sales of these products in the US.

The second opportunity is to launch combinations and newer formulations of products already in the market.

The third approach is to in-license products for the Indian market. Their research shows that the top-30 multinational companies have owned 60 per cent of all molecules at the time of their global launch.

Indian companies should explore partnerships with smaller biotechnology firms or multinational companies that are unlikely to build a strong presence in India.

STRENGTHEN SALES AND MARKETING CAPABILITIES

To with stand completion and create genuine differentiation in the market place, domestic companies will need to upgrade their sales and marketing capabilities. At the minimum, these will need to encompass new product development and launch, brand lifecycle management, marketing spend effectiveness and sales force effectiveness.

FOR POLICY MAKERS

ENCOURAGE ACCESS AND INNOVATION

Access to affordable healthcare will remain a key imperative for the government. It will also have the responsibility of encouraging product as well as process innovation. The government should fulfill these objectives while supporting the industry. A viable, thriving and competitive industry is probably the best way to enhance access and encourage innovation. In particular, they believe that the upcoming changes in the Indian pharmaceuticals market have five major implications for policy makers, as described below.

EMPHASIS ACCESS THROUGH HEALTH INSURANCE

Although income growth will lift nearly 140 million people from the 'deprived' to the' aspirer' bracket, healthcare will remain out of reach for a large number of people. In addition, therapies for long-term, chronic diseases may continue to be beyond the reach of many if they have to rely on self-pay. Encouraging the growth of health insurance will therefore be critical to providing access to treatment for as many people as possible. The government has two different roles to play here. First it needs to encourage to private health insurers through regulatory reform.

The second role is more direct and involves providing a minimum level of cover to a large number of the deprived in both urban and rural areas.

ENSURE SMOOTH IMPLEMENTATION OF PATENT LAW

Patent infrastructure in the country has significantly upgraded over the past two years to support the new law, with addition of patent examiners, decentralization of the filing process, and digitization of records.

SUPPORT CAPABILITY BUILDING IN PHARMACEUTICALS R AND D

India is already recognized as a critical source of R and D capabilities and talent. It is also important to realize, though that India is competing with several other countries in Asia, Eastern Europe and now increasingly Latin America. Policy makers can strengthen Indian R and D by providing incentives beyond financial ones.

There is now consensus that innovation will be a key drive of India's continued growth, and the government has launched several initiatives to foster innovation.

CONTINUED EMPHASIS ON IMPROVING PUBLIC HEALTH INFRASTRUCTURE

The government today spends close to 1 per cent of GDP on health, which is half the spending in China and far lower than in the more developed markets. The stated plan is to increase this to 2.5 to 3 per cent of GDP by 2010, with a focus on prevention.

ADOPT A BROADER SET OF MEASURES TO CONTAIN HEALTHCARE COSTS

Drug pricing is very important and is on the agenda of most governments. Ensuring some form of health coverage is typically the first item on the list.

Policy makers will need to consider measures beyond price control. These could include wider health coverage, reimbursements control, preferential tenders, improved economies of public hospitals, and high patient co-pays for lifecycle diseases.

India's pharmaceuticals sector has the potential to transform itself over the next decade. The market is well poised to move into the top league in the scale and sophistication. Industry will play a crucial role in this transformation, countering the ever increasing burden of disease and improving the living standards of millions of Indians households. Sustained, progressive and collaborative efforts by the industry and policy makers can make this potential a reality.

YEAR UNDER REVIEW

PRODUCT LAUNCHES DURING THE YEAR:

The Company introduced 10 new products during financial year 2010-11.

Grasipar PFS	Botepar Injection
Leucopar-50 Injection	Antoxy-2 Syrup
Pacoff Expectorant	Bycold NF Syrup
Pidimol IV	Erlopar Tablets
5 FU-Par Injection	Ceface Cv Tablets
Tamolgan IV	Tegnid Injection

All the new launches received favorable response from the market. New products broadened the product basket of the Company and further strengthened the Company's image as research-based organization.

Further growth areas are:

• Product and assets acquisition opportunities.

• Use of information technology for efficient customer servicing and improved sales productivity.

• Emerging market segments like organized buyer groups and pharmacy chains.

• Leverage on the specialized sales force and distribution built in the domestic market.

PDIL's revenues are mainly from manufacture and sale of branded as well as unbranded generic pharmaceutical products. The growth in Indian Formulations revenues based on age of the portfolio is given below:

OVERSEAS VENTURES

In continuance with the international business strategy embarked by the Company a couple of years back, the Company has made significant forays in the identified markets mentioned below:

1. SAARC

2. African Countries.

3. Middle East

4. South East Asia

5. CIS

The production based hub and model concept has yielded good results for the Company and in the last year the Company has taken significant steps to set up / acquire manufacturing facilities in key countries.

Mauritius venture has been streamlined and is poised to deliver significant growth this year.

Kazakhastan facility is being geared to start production activities early next year and will serve as a hub to serve the highly lucrative CIS region.

Kenya venture will provide the company with an immediate opportunity to serve the African Sub Continent.

In sync with its defined global product portfolio, the Company has initiated products registrations/marketing approvals in product segments where it has core competencies viz :

IV fluids

Oncology

Critical Care

The Product registrations/Marketing Authorizations to be received in certain countries early next will boost the export sales of the company and provide a ready platform to expand its international operations

By early next year the company will be in a position to supply goods from any of its 8 global manufacturing locations (4 in India and 3 overseas) whereby providing a distinct competitive advantage.

OUTLOOK

The pharmaceuticals market in India looks poised to grow to USD 55 billion by 2020. At this projected scale, the market will be comparable to developed markets other than the US, Japan and China. Even more impressive will be its level of penetration. In terms of volume, India will be at the top, a close second only to the US market. Furthermore, India is expected to continue its high growth curve and rank among the top 11 global pharmaceutical market by 2015.

The Indian Pharmaceutical Market achieved 15.3% growth with volumes contributing 7.6%, new products contributing 6.5% and price 1.2%.

Indian companies are climbing the value chain by moving to developed markets and from bulk drugs to formulation exports. Indian companies are targeting opportunities rising in the regulated and unregulated markets.

Generics products will continue to dominate the Indian market. Over the next few years, the patent laws will provide an impetus to the launch of patent-protected products. Such products have the potential to capture up to a 10 per cent share of the total market by2015, implying a market size of US$2 billion. This segment is likely to grow strongly beyond 2010, by which time they expect patent-related infrastructure to be in place and the regulatory issues to have been finalized.

In this scenario-which they call “maintaining strong growth” all the key growth drivers will continue to see robust growth. Health insurance will grow to cover nearly 20%of the population by 2015 with strong efforts by private players. They expect patent infrastructure to gear up rapidly with two to three times increase in patent examination resources to enable 25 to 30 approvals a year and an average approval process of two years. Over 40% of the absolute growth in India's pharmaceutical market will be driven by rising incomes and a growing propensity to spend on healthcare. Improvements in medical infrastructure, facilitating diagnosis and treatment, will contribute an additional 20% of the growth. Greater health insurance penetration will account for nearly 15% of the growth. A gradual shift in disease profile will account for another 10% of the growth. Finally, population growth and other factors will make up the remaining 15%.

This expected growth is however linked to India's fundamental economic growth. The five factors described below could affect the pace and nature of market evolution.

• Successful implementation of the patent regime i.e. increased speed of patent approval and efficiency in dispute resolution;

• The penetration of health insurance, which will help increase affordability of the more expensive and specialized drugs;

• The evolution of pricing, where intense competition is already keeping prices down, question arises whether further monitoring and control is needed beyond the current Drug Pricing and Control Order;

• The development of medical infrastructure: Growth will be determined by the scale of investment by the private sector and the government in creating new medical facilities and improving the existing ones.

• The rise of organized retail: Although the current share of organized retail is insignificant in pharmaceutical product sales, it is expected to grow and could then reduce the influence of physicians and manufacturers.

FIXED ASSETS

· Land

· Factory Building

· Office Premises

· Vehicles

· Office Equipments

· Electrical Installation

· Plant and Machinery

· Furniture and Fittings

· Computer and Software

WEBSITE DETAILS

PROFILE

Subject is one of the leading and fastest growing healthcare company, that has constantly followed a path created by its own will, hard work and determination. PDPL is involved in research, production and manufacturing of pharmaceutical products viz. intravenous infusion, tablets, capsules, liquids syrups, injections etc. Established in the year 1983, PDPL has dedicated itself to the manufacturing of the best quality vital life saving drugs at the lowest possible cost.

PDPL is a forerunner among healthcare companies with a focus on innovative research and inspiring customer service.

Anticipating a potent activity area, converting it to a field of opportunity, approaching it with right solutions and achieving complete success in a societal and corporate goals of reaching every village of India and various corners of the World is the PDPL’s mission.

After winning trust and renown in the domestic market, Subject is now amongst the major drug export units for ethical formulations abroad too, and has won acclaim and recognition in African, Russian, Middle Eastern, Asian and CIS countries

They firmly believe that success is a result of teamwork and that teamwork divides a task but multiplies the success. They have an extremely committed and competent team of professionals and specialists who combine both expertise and experience.

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. 56.08
UK Pound	1	Rs. 87.02
Euro	1	Rs. 68.36

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.

MIRA INFORM REPORT

690.065

669.514

624.730

781.388

1017.134

743.352

46.469

96.940

94.446

0.000

0.000

0.000

424.877

371.255

368.180

1942.799

478.636

127.701

101.069

99.950

4.061

129.739

610.398

1332.401

1543.271

1453.084

2.28

8.06

3.08

10.39

2.30

7.94

0.03

0.11

0.93

0.81

3.18

3.52

Unit