1. Summary Information

		Country	India
Company Name	IPCA LABORATORIES LIMITED	Principal Name 1	Mr. Premchand Godha
Status	Good	Principal Name 2	Mr. Ajit Kumar Jain
		Registration #	11-007837
Street Address	48, Kandivli Industrial Estate, Kandivali (West), Mumbai - 400067, Maharashtra, India
Established Date	19.10.1949	SIC Code	--
Telephone#	91-22-66474444	Business Style 1	Manufacturing
Fax #	91-22-28686613	Business Style 2	Selling
Homepage	www.ipcalabs.com	Product Name 1	Pharmaceutical Products
# of employees	9815 (Approximately)	Product Name 2	--
Paid up capital	Rs.252,300,000/-	Product Name 3	--
Shareholders	Promoter and Promoter Group – 45.09% Public Shareholding – 54.09%	Banking	HSBC Bank Limited
Public Limited Corp.	YES	Business Period	63 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	A (67)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Tonira Pharma Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	6,088,300,000	Current Liabilities	4,058,600,000
Inventories	6,639,800,000	Long-term Liabilities	5,315,400,000
Fixed Assets	9,188,800,000	Other Liabilities	1,303,800,000
Deferred Assets	0,000	Total Liabilities	10,677,800,000
Invest& other Assets	1,383,600,000	Retained Earnings	12,370,400,000
		Net Worth	12,622,700,000
Total Assets	23,300,500,000	Total Liab. & Equity	23,300,500,000
Total Assets (Previous Year)	19,131,600,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	23,293,700,000	Net Profit	2,801,700,000
Sales(Previous yr)	18,659,200,000	Net Profit(Prev.yr)	2,553,700,000

MIRA INFORM REPORT

Report Date :

28.12.2012

IDENTIFICATION DETAILS

Name :	IPCA LABORATORIES LIMITED
Registered Office :	48, Kandivli Industrial Estate, Kandivali (West), Mumbai - 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.10.1949
Com. Reg. No.:	11-007837
Capital Investment / Paid-up Capital :	Rs.252.300 Millions
CIN No.: [Company Identification No.]	L24239MH1949PLC007837
TAN No.: [Tax Deduction & Collection Account No.]	MUMI05234F
PAN No.: [Permanent Account No.]	AAACI1220M
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Selling of Pharmaceutical Products such as Tablets/Capsules, Orals/Liquids, Injectables, Basic Drugs/Intermediates and Psyllium Husk.
No. of Employees :	9815 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

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 50500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is one of India’s largest suppliers of bulk drugs. It is an old and well established company having good track. It has recorded a better growth in the revenue earned from operations during 2012. Profitability appears to be good. Financial position of the company appears to be good. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA (Long Term Rating)
Rating Explanation	High degree of safety and very low credit risk.
Date	08.10.2012

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Debt)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	08.10.2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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/ International Division :	48, Kandivli Industrial Estate, Kandivali (West), Mumbai- 400067, Maharashtra, India
Tel No.:	91-22-66474444
Fax No.:	91-22-28686613
E-Mail :	harish@ipca.co.in harish.kamath@ipca.com
Website :	www.ipcalabs.com
Corporate Office :	142 AB, Kandivli Co-operative Industrial Estate Limited, Kandivli (West), Mumbai-400067, Maharashtra, India
Tel No.:	91-22- 66474747
Fax No.:	91-22- 6647 4757/ 28686954
Domestic Marketing :	IPCA House, 63-E, Kandivli Co-operative Industrial Estate Limited, Kandivli (West), Mumbai – 400067, Maharashtra, India
Te. No. :	91-22-66474222
Fax. No. :	91-22-66474114
Research and Development center :	123-AB, 125 and 126, Kandivali Industrial Estate, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Tel No.:	91-22-28684787/ 2867/ 28683589/ 28674518/ 66474755
Fax No.:	91-22-28683589/ 66474757
Plant :	P. O. Sejavata, Ratlam – 457002, Madhya Pradesh, India Tel: -91-7412-278000 Fax:-91-7412-279083 Plot No. 89-A-D/90/91, Industrial Estate, Pologround, Indore - 452 003, Madhya Pradesh, India Tel: -91- 731-24211 72/2081 Fax:-91-731- 2422082 Plot No, 69 to 72 (B), Sector II, Kandla Free Trade Zone, Gandhidham - 370 230, Gujarat, India Tel: 91-2836-252385/389 Fax:-91-2836-252313 4722, GIDC Industrial Estate, Ankleshwar – 393002, Gujarat, India Tel :- 91-2646-220594 Fax:- 91-2246-250435 23-24, GIDC Industrial Estate, Nandesari – 391340, Gujarat, India Tel :- 91-265-2840795 Fax:- 91-265-2840868 Plot No, 255/1, Village Athal, Sllvassa - 396 230, Dadra and Nagar Haveli (U.T.), India Tel :- 91-260-2640301 Fax:- 91-260-2640303 Plot No. 65 and 99, Danudyog Industrial Estate, Silvassa - 396 230, Dadra and Nagar Haveli (U.T.), India Tel:-91-260-2640850 Fax:-91-260-2640646 H-4, MIDC, Waluj, Aurangabad-431 136, Maharashtra, India Tel: -91-240- 2564993 Fax:-91-240-2564113 C-6, Sara Industrial Estate, Chakrata Road, Rampur, Dehradun - 248 197, Uttarakhand, India Tel: -91-135-6542228 Fax:-91-135- 2728766 Plot No. 393/394, Melli Jorethang Road, Gom Block, Bharikhola, South District Sikkim - 737121 Tele: 91-3595-276372 Fax: 91-03595-276372
Depots :	Located at: Ahmedabad Ambala Bangalore Chennai Cochin Cuttack Ghaziabad Guwahati Haldwani Hyderabad Indore CWH Jaipur Jammu Kolkata Lucknow Mumbai Nagpur New Delhi Patna Pune Raipur Ranchi Srinagar Vijaywada Zirakhpur

DIRECTORS

As on: 31.03.2012

Name :	Mr. Premchand Godha
Designation :	Chairman and Managing Director
Name :	Mr. Ajit Kumar Jain
Designation :	Joint Managing Director
Name :	Mr. Pranay Godha
Designation :	Executive Director
Name :	Mr. Prashant Godha
Designation :	Executive Director
Name :	Mr. Ramappa S. Hugar
Designation :	Director
Name :	Mr. Madhukar R. Chandurkar
Designation :	Director
Name :	Mr. Babulal Jain
Designation :	Director
Qualification	C. A.
Name :	Dr. V. V. Subba Rao
Designation :	Director
Qualification	Science Post Graduate in Chemistry and Ph.D.
Name :	Mr. Anand T. Kurse
Designation :	Director
Name :	Mr. Dev Prakash Yadava
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Jeevan L. Nagori
Designation :	President – Operation
Name :	Dr. Ashok Kumar
Designation :	President - R and D Chemicals
Name :	Mr. N. Guhaprasad
Designation :	President - International Marketing ( Branded Formulations)
Name :	Dr. Anil Pareek
Designation :	President – Medical Affairs and Clinical Research
Name :	Mr. Sunil Ghai
Designation :	President – Domestic Marketing
Name :	Harish P. Kamath
Designation :	Senior Vice President – Legal and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2012

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	10667946	8.46
Bodies Corporate	47243180	37.45
Sub Total	57911126	45.91
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	57911126	45.91
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	27115142	21.49
Financial Institutions / Banks	5827	0.00
Foreign Institutional Investors	15516258	12.30
Sub Total	42637227	33.80
(2) Non-Institutions
Bodies Corporate	10229704	8.11
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	12458972	9.88
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2071246	1.64
Any Others (Specify)	842084	0.67
Clearing Members	195262	0.15
Market Maker	4411	0.00
Hindu Undivided Families	163585	0.13
Non Resident Indians	478826	0.38
Sub Total	25602006	20.29
Total Public shareholding (B)	68239233	54.09
Total (A)+(B)	126150359	100.00
(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)	126150359	-

BUSINESS DETAILS

Line of Business :

Manufacturing and Selling of Pharmaceutical Products such as Tablets/Capsules, Orals/Liquids, Injectables, Basic Drugs/Intermediates and Psyllium Husk.

Products :

Item Code No. (ITC Code)	30049054
Product Description	Atenolol
Item Code No. (ITC Code)	30049031
Product Description	Chloroquine Phosphate
Item Code No. (ITC Code)	29392190
Product Description	Hydroxychloroquine Sulfate

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Tablets/ Capsules	Lacs	166090	129086
Orals/Liquids	Lacs	238	420
Injectables	Lacs	138	582
Basic Drugs/ Intermediates	Tones	4380	3814

NOTES

a) As the industrial licensing in respect of drugs and pharmaceuticals produced by the Company has been abolished under the Industrial Policy, the particulars of licensed capacity are not stated.

b) Installed capacity, being of a technical nature is not verified by the Auditors.

c) Production of basic drugs/intermediates includes 1459 tonnes (Previous year 1088 tonnes) used for captive consumption.

d) Production includes production under contract manufacturing.

e) Previous year’s figures are given in bracket.

GENERAL INFORMATION

No. of Employees :

9815 (Approximately)

Bankers :

· Canara Bank

· Corporation Bank

· ICICI Bank Limited

· HDFC Bank Limited

· HSBC Bank Limited

· Standard Chartered Bank

· UBS AG

· BNP Paribas

· DBS Bank Limited

· Citi Bank N.A.

· Kotak Mahindra Bank

· Barclays Bank PLC

· Bank of Nava Scotia

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Debentures	666.600
Rupee Term Loan	0.000
Foreign Currency Term Loan	2635.200
Working Capital Loan from banks-Canara bank consortium	1007.900
Working Capital Loan from Kotak Mahindra Bank	33.100
Total	4342.800	4272.500

Note:

a) Security and repayment terms

i) Debentures

12.75% Secured Redeemable Non-Convertible Debentures amounting to Rs 333.300 Millions (Previous year Rs. 500.000 Millions) -Redeemble in 3 equal annual installments of which one instalment is paid. Secured by mortgage over Company's office premises at Ahmedabad, Gujarat, first pari passu charge over movable and immovable properties at Dehradun and pari passu first charge on Company's plant and machinery at Ratlam. The schedule of repayment is: 26th December, 2013 Rs.166.600 Millions; 26th December, 2012 Rs.166.700 Millions.

9.95% Secured Redeemable Non-Convertible Debentures of Rs.500.000 Millions (Previous year Rs. NIL) - Redeemable at the end of 3rd year by exercising put/call option or, at the end of 5th year, both from the date of issue i.e. 3rd October 2011. Secured by mortgage over Company's office premises at Ahmedabad, Gujarat and first pari-passu charge over movable property of the Company includes plant and machinery situated at Ratlam, Athal (Silvassa), Indore (Madhya Pradesh), Piparia (Silvassa), Pithampur (lndore) and Dehradun.

ii) Rupee Term Loan

HDFC Bank Limited- Rs. NIL (Previous year Rs. 186.700 Millions) Repayable in 15 equal quarterly instalments from 16th May, 2009, secured by first pari passu charge by way of hypothecation of movable fixed assets both present and future except on movable fixed assets at Pithampur, Indore. The said loan is prepaid before the Balance sheet date.

Bank of Baroda - Rs. NIL (Previous year Rs.150.000 Millions) Repayable in 3 equal annual installments from 30th March, 2012, secured by first charge by way of equitable mortgage of land and building of the Company situated at lndore (except Pithampur), Dehradun, Ratlam, Mumbai, Athal and Piparia. The said loan is prepaid before the Balance sheet date.

iii) Foreign Currency Term Loan

ICICI Bank Offshore Banking Unit - Rs.76.400 Millions (Previous year Rs. 200.700 Millions) Repayable in 8 semiannual instalments from 10th October, 2008, secured by exclusive charge on the entire movable fixed assets at SEZ, Indore, Pithampur and pari passu first charge on movable fixed assets at Kandla.

BNP PARIBAS, Singapore Branch - a) Rs.508.800 Millions (Previous year Rs.564.900 Millions) Repayable in 4 equal semiannual installments from 20th March,2013, secured by first pari passu charge by way of hypothecation of movable fixed assets both present and future except on movable fixed assets at Pithampur, Indore.

b) Rs.508.800 Millions (Previous year Rs. NIL) Bullet Repayment at the end of 5th year on 6th October,2016,Secured by first pari passu charge by way of hypothecation of movable fixed assets both present and future except on movable fixed assets at Pithampur, Indore.

CITI Bank N.A. Bahrain Branch - Rs.199.900 Millions (Previous year Rs. 223.000 Millions) Repayable in 14 equal quarterly installments from 21st July,2011, secured by first pari passu charge by way of hypothecation of all the movable fixed assets both present and future except on movable fixed assets at Pithampur, Indore.

DBS Bank, Singapore Branch - Rs. 340.900 Millions (Previous year Rs. 396.900 Millions) Repayable in 9 semiannual instalments from 16th March,2011, secured by first pari passu charge by way of hypothecation of all the movable fixed assets both present and future except on movable fixed assets at Pithampur, Indore.

Barclays Bank PLC, London Branch - Rs. 508.800 Millions (Previous year Rs. 446.000 Millions) Repayable in 13 quarterly installments from 24th May, 2012, secured by first pari passu charge on the plant and machinery of the Company except assets at Pithampur, Indore.

HSBC Mauritius - Rs. 1017.600 Millions (Previous year Rs. NIL)' Repayable in 7 half yearly installments from 31st July, 2013, secured by first pari passu charge on the plant and machinery of the Company except assets at Pithampur, Indore.

b) Maturity Profile of Borrowings

	As at 31-Mar 2012
	Rupees in Millions
Installment payable between 1 to 2 years	877.600
Installment payable between 2 to 5 years	1757.600
Installment payable beyond 5 years	-
	2635.200

a) Canara Bank –

Consortium-Secured by first charge by way of hypothecation of raw materials, packing materials, work-in process, finished goods, stores and spares, book debts and all other movable current assets of the Company and second charge by way of mortgage of the immovable properties of the Company and hypothecation of plant and machinery of the Company.

b) Kotak Mahindra Bank-

Secured by first and exclusive hypothecation on all existing and future current assets and movable fixed assets of the erstwhile Tonira Pharma Limited, first and exclusive charge by way of equitable mortgageon the immovable properties of the erstwhile Tonira Pharma Limited bearing plot nos. 4722,4723,4731 and 4732 at GIDC, Ankleshwar and plot no. 23 and 24 at GIDC, Nandesari.

Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Short Term Loans from Banks:
HSBC Limited	452.600
UBS AG	0.000
BNP Paribas	150.00
Bank of Nova Scotia	229.000
Buyers Credit	141.000
Total	972.600	1035.600

Commercial Paper

During the year the Company had raised and repaid Commercial Paper. The maximum outstanding amount during the year was Rs 1000.000 Millions (Previous year Rs. 450.000 Millions) and the closing balance at year end is Rs. Nil. (Previous year Rs. Nil).

Banking Relations :	--
Auditors :
Name :	Natvarlal Vepari and Company Chartered Accountants
Cost Auditors :
Name :	ABK and Associates Chartered Accountants
Shareholders of Subject :	Kaygee Investments Private Limited Chandurkar Investments Private Limited
Subsidiaries :	Laboratories Ipca Do Brasil Ltda, Brazil (Liquidated) Ipca Pharmaceuticals Inc., USA Ipca Laboratories (UK) Limited, UK Ipca Pharma (Australia) Pty Limited, Australia Ipca Pharma Nigeria Limited, Nigeria National Druggists (Pty) Limited, South Africa Ipca Pharmaceuticals (Shanghai) Limited, China Ipca Pharmaceuticals Limited SA de CV, Mexico Ipca Traditional Remedies Private Limited Tonira Exports Limited (w.e.f. 01 -04-11 upon merger of Tonira Pharma Limited)
Step-down Subsidiaries :	Ipca Pharma (NZ) Private Limited, New Zealand Onyx Chemical Research Limited, UK Onyx Scientific Limited, UK
Associates :	Paschim Chemicals Private Limited Tonira Pharma Limited (Since merged with the Company w.e.f. 01-04-2011) Makers Laboratories Limited Trophic Wellness Private Limited
Other Related Parties (Entities in which Directors or their relatives have significant influence) :	Nipra Industries Private Limited Keymed Oscar Industries Prabhat Foundation Vandhara Resorts Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
285000000	Equity Shares	Rs.2/- each	Rs.570.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
127108750	Equity Shares	Rs.2/- each	Rs.254.200 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
125827655	Equity Shares	Rs.2/- each	Rs.251.700 Millions
322704	Share Suspense account	Rs.2/- each	Rs.0.600 Million
	Total		Rs.252.300 Millions

Of the above:

a) Aggregate Shares issued under Employees Stock Option Scheme (ESOS): 2108750 Equity Shares of Rs.2/- each (Previous year 1987500 Equity Shares)

b) Equity Share of Rs.10 each have been sub-divided into five equity shares of Rs.2/- each pursuant to the resolution passed by the shareholders at the Extra Ordinary General Meeting held on 25th February, 2010.

c) 53,210 Equity Shares of Rs. 10 each in 2009-10 and 2,03,009 Equity Shares of Rs. 10/- each in 2008-09 have been extinguished under Buy back Scheme.

d) The outstanding equity shares to be issued aggregating to Rs.0.600 Million representing 322704 equity shares of Rs. 21- each of the Company under the scheme of amalgamation of Tonira Pharma Limited with the Company is shown as Equity Share Suspense account under Share Capital.

e) As per the Scheme of Amalgamation, the authorised share capital of Tonira Pharma Limited of 12000000 equity shares of Rs.10/- each is added to the Authorised Share Capital of the Company as 60000000 equity shares of Rs 21- each amounting to Rs.120.000 Millions..

i) Reconciliation of Shares

	Equity Shares
Particulars	As at 31.03.2012
	Numbers	Rupees in Millions
Shares outstanding at the beginning of the year	125706405	251.400
Shares Issued during the year	121250	0.300
Shares outstanding at the end of the year	125827655	251.700

ii) Details of Shareholding in excess of 5%

	As at 31.03.2012
Name of Shareholder	Number of shares held	%
Kaygee Investments Private Limited	26994495	21.45
HDFC Trustee Company Limited	11283320	8.97
Exon Laboratories Private Limited	8101000	6.44
Chandurkar Investments Private Limited	6978005	5.54

iii) The details of Shares Reserved for issue under options as at 31st March, 2012 are as under:

Options	31.03.2012
	(Nos.)
At the beginning of the year	34750
Granted	-
Exercised #	24250
Forfeited / lapsed	-
At the end of the year	10500
Number of Shares to be issued	52500
Exercise price for outstanding options:
- Grant II	-
-Grant III	Rs.6303.000
Amount to be received on issue under option (Rs. Millions)

# Due to corporate action on 23rd March, 2010 for sub-division of 1 fully paid up equity share of Rs. 101- each into 5 fully paid up equity shares of Rs.2/- each, each of the outstanding options now represent a right but not an obligation to the option grantee to apply for 5 fully paid up equity shares of Rs.2/- each of the Company at exercise price duly adjusted for the said corporate action.

iv) Merger of Tonira Pharma Limited with the Company

Pursuant to scheme of amalgamation ('the scheme') of Tonira Pharma Limited (TPL) with Subject under the provisions of Sections 391 to 394 of the Companies Act, 1956 as sanctioned by the Honorable High Court of Judicature of Bombay vide its order dated 30th March, 2012 and by the Honorable High Court of Judicature of Gujarat vide its order dated 2nd April'2012, which orders have been filed with the Registrar of Companies on 15th and 16th of May, 2012, respectively, to make the scheme effective, all the assets and liabilities of the said TPL were transferred to and vested in the Company as a going concern with effect from the appointed date i.e. 1st April'2011. Accordingly, this scheme of amalgamation has been given effect to in these accounts.

Salient Features of the scheme of Amalgamation

TPL was engaged in the business of manufacturing/marketing of Drug intermediates and Active Pharmaceutical Ingredients.

Subject is engaged in the business of manufacturing/marketing of drug Intermediates, Active Pharmaceutical Ingredients and Pharmaceutical formulations.

The appointed date for the purpose of this amalgamation is 1st April, 2011

In accordance with the scheme approved, the accounting for this amalgamation has been done in accordance with the "Pooling of Interest Method" referred to in Accounting Standard 14- "Accounting for Amalgamation" of the Companies (Accounting Standards) Rules, 2006.

Accordingly, Subject has accounted for the Scheme in its books of accounts with effect from the Appointed Date i.e. 1 st April, 2011 asunder:

i) With effect from the Appointed Date, ail assets and liabilities appearing in the books of accounts of TPL have been transferred to and vested in Subject and have been recorded by Subject at their respective book values.

ii) In consideration of the transfer of the business as a going concern, the Company shall issue 6 fully paid-up equity shares of Rs. 21- each of the Company for every 100 equity share of Rs. 10/- each fully paid-up of TPL to the equity shareholders of TPL. Pending allotment, the outstanding equity shares to be issued aggregating to Rs.0.600 Million representing 3,22,704 equity shares of Rs. 21/- each of the company is shown as Equity Share Suspense account under Share Capital.

iii) The equity shares in TPL held by the Company have been cancelled under the scheme.

iv) The difference between the book value of net identifiable assets and liabilities of TPL transferred to Subject pursuant to this scheme and the consideration being the value of New Equity Shares to be issued and allotted by ILL amounting to Rupees 5.500 Millions has been credited to capital reserve account.

v) Accordingly, 3,22,704 equity shares of ILL of Rs. 21/- each fully paid up are to be issued to the shareholders of TPL under this amalgamation. The record date fixed for this purpose is 31st May, 2012.

vi) All intercompany transactions have been eliminated on incorporation of the accounts of TPL in the Company.

vii) The Company shall proceed to issue these equity shares to the shareholders of TPL in due course of time.

viii) The transactions of the business of TPL with effect from 1st April, 2011 have been incorporated in the Company's accounts on the basis of the Audited Financial Statements of the business, which is treated as a Company's Branch, as audited by Mitesh P Vora and Company Chartered Accountants, the statutory auditors of the erstwhile TPL. They were appointed by the Board of Directors of the Company as its Branch Auditors.

In view of the aforesaid amalgamation, the figures for the current year are not strictly comparable to those of the previous year.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		252.300	251.400	250.400
2] Share Application Money		0.000	0.000	0.100
3] Reserves & Surplus		12370.400	10287.200	8498.200
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12622.700	10538.600	8748.700
LOAN FUNDS
1] Secured Loans		4342.800	4272.500	3790.800
2] Unsecured Loans		972.600	1035.600	749.000
TOTAL BORROWING		5315.400	5308.100	4539.800
DEFERRED TAX LIABILITIES		930.900	807.300	793.100
TOTAL		18869.000	16654.000	14081.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9188.800	6978.200	6364.700
Capital work-in-progress		884.500	1131.500	382.800
INVESTMENT		428.000	489.400	494.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
OTHER NON CURRENT ASSETS		71.100	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6639.800	4625.100	3708.400
	Sundry Debtors	3451.100	4663.100	3919.100
	Cash & Bank Balances	92.500	84.400	82.900
	Other Current Assets	1444.500	0.000	0.000
	Loans & Advances	1100.200	1159.900	1215.400
Total Current Assets		12728.100	10532.500	8925.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2331.100	934.600	697.500
	Other Current Liabilities	1727.500	1123.000	1141.700
	Provisions	372.900	420.000	246.700
Total Current Liabilities		4431.500	2477.600	2085.900
Net Current Assets		8296.600	8054.900	6839.900
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		18869.000	16654.000	14081.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	23293.700
		Other Income	129.200
		TOTAL (A)	23422.900
Less	EXPENSES
		Cost of Materials Consumed	8714.300
		Purchases of Stock-in-Trade	1008.800
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(650.400)
		Employee Benefit Expenses	3222.000
		Other Expenses	5864.200
		Foreign Exchange (Gain)/ Loss Net	527.900
		TOTAL (B)	18686.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4736.100
Less	FINANCIAL EXPENSES (D)		393.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4342.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		653.100
	PROFIT BEFORE TAX (E-F) (G)		3689.400
Less	TAX (H)		887.700
	PROFIT AFTER TAX (G-H) (I)		2801.700
Less	Provision for Investment in Subsidiaries		0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1462.400
Add	Amalgamation of Tonira Pharma Limited		43.100
Less	APPROPRIATIONS
		Transfer to General Reserve	1000.000
		Transfer to Debenture Redemption Reserve	70.000
		Tax on Proposed Dividend	24.600
		Tax on Interim dividend	40.800
		Proposed final dividend	151.400
		Interim dividend	251.500
		Proposed Dividend of previous year reversed on Shares bought back	0.000
	BALANCE CARRIED TO THE B/S		2768.900
	EARNINGS IN FOREIGN CURRENCY
		FOB value of export	13533.600
		Dividend and interest	12.000
		Proceeds received on disposal of Joint Venture	0.000
		Other Services charges	63.500
	TOTAL EARNINGS		13609.100
	IMPORTS
		Raw Materials	3732.000
		Packing Material	21.800
		Trade goods	88.200
		Capital Goods	529.700
		Stores and machine component	34.300
		Others	24.500
	TOTAL IMPORTS		4430.500
	Earnings Per Share (Rs.)
	Basic:
	Before Exceptional Item		22.23
	After Exceptional Item		22.23
	Diluted
	Before Exceptional Item		22.22
	After Exceptional Item		22.22

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	18659.200	15455.500
		Other Income	236.200	134.000
		TOTAL (A)	18895.400	15589.500
Less	EXPENSES
		Material Cost and Inventory Adjustments	7675.700	6409.500
		Personal cost	2615.900	2163.800
		Manufacturing and Other Expenses	4734.500	3604.900
		Foreign Exchange Transaction	(433.400)	(57.900)
		Provision for Diminution in value of investments	0.000	30.300
		TOTAL (B)	14592.700	12150.600
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4302.700	3438.900
Less	FINANCIAL EXPENSES (D)		311.400	258.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3991.300	3180.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		554.300	463.300
	PROFIT BEFORE TAX (E-F) (G)		3447.000	2717.300
Less	TAX (H)		893.300	625.400
	PROFIT AFTER TAX (G-H) (I)		2553.700	2091.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1527.000	1519.500
Less	APPROPRIATIONS
		Debenture Redemption Reserve	150.000	150.000
		General Reserve	2000.000	1525.400
		Interim Dividend	251.300	224.900
		Proposed Final Dividend	150.800	125.200
		Proposed Dividend of previous year reversed on Shares bought back	0.000	(0.100)
		Tax on dividend	66.200	59.000
	BALANCE CARRIED TO THE B/S		1462.400	1527.000
	EARNINGS IN FOREIGN CURRENCY
		FOB value of export	9829.000	7833.200
		Dividend and interest	5.400	10.700
		Proceeds received on disposal of Joint Venture	0.00	2.300
		Other Services charges	31.100	11.000
	TOTAL EARNINGS		9865.500	7857.200
	IMPORTS
		Raw Materials	2210.200	1897.100
		Packing Material	26.600	57.000
		Trade goods	118.000	89.000
		Capital Goods	381.700	409.600
		Stores and machine component	237.000	8.900
	TOTAL IMPORTS		2973.500	2461.600
	Earnings Per Share (Rs.)		21.16	16.75

QUARTERLY RESULTS

PARTICULARS	30.06.2012
Type	1^st Quarter
Net Sales	6344.000
Total Expenditure	5514.700
PBIDT (Excl OI)	829.300
Other Income	29.800
Operating Profit	859.100
Interest	95.100
Exceptional Items	0,000
PBDT	764.000
Depreciation	199.200
Profit Before Tax	564.800
Tax	135.000
Provisions and contingencies	0,000
Profit After Tax	429.800
Extraordinary Items	0,000
Prior Period Expenses	0,000
Other Adjustments	0,000
Net Profit	429.800

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	11.96	13.42	7.15
Net Profit Margin (PBT/Sales)	(%)	15.84	17.58	9.85
Return on Total Assets (PBT/Total Assets}	(%)	16.83	24.07	9.63
Return on Investment (ROI) (PBT/Networth)		0.29	0.31	0.20
Debt Equity Ratio (Total Liability/Networth)		0.77	0.76	0.33
Current Ratio (Current Asset/Current Liability)		2.87	4.28	3.42

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	Yes
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)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS
Bench:- Bombay
Stamp No:-	CAWST/978/2012	Failing Date:-	12/01/2012	Reg. No.:-	CAW/102/2012	Reg. Date:-	12/01/2012
		Main Matter
Stamp No.:-	WPST/2655/2011		Reg. No.:-	WP/1264/2011
Petitioner:-	Krantikari Kamgar Union		Respondent:-	IPCA Laboratories Limited and ORS
Petn.Adv:-	Jane Cox
District:-	DDR-NGR-HVL@SALVASA
Bench:-	Single		Category:-	For Direction
Status:-	Pre-Admission		Stage:-	For Circulation (Civil side)
Last Date:-	13/02/2012
Last Coram:-	According to sitting List
Act:-	Order Act

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENT:

The global pharmaceutical market is now estimated to be US $820 billion and is growing at a rate of about 4% per annum. USA, Japan and Europe constitute about 85% of the global pharmaceutical market and are growing at a slower annual rate of about 3% mainly due to loss of exclusivity, lesser new product approvals and price erosions due to generics competition.

In contrast, pharmaceutical market of emerging economies like India, Brazil, Mexico, etc. are growing at a much faster rate of 10% -14% per annum driven by improved per capita income, increased access and rising awareness of modern medicines and strengthening of healthcare infrastructure.

OUTLOOK, RISKS AND CONCERNS:

Though in the world pharmaceutical market, India has a share of about 3% by value, India is recognized as one of the leading global players with large Number of drug master files and dossier registrations for Active Pharmaceutical Ingredients (APIs) and formulations with manufacturing facilities approved by regulatory authorities of the developed countries.

Indian companies are focusing on global generic and API business, R and D activities and contract research and manufacturing alliances. India is also fast emerging as a preferred pharmaceuticals manufacturing location.

Several large selling drugs going off patent over next few years and increasing use of pharmaceutical generics in developed markets to reduce healthcare cost will provide attractive growth opportunities to generics manufacturers and thus Indian pharmaceutical industry is poised for an accelerated growth in the coming years.

However, poor public healthcare funding and infrastructure, low per capita consumption of medicines in developing and under developed countries including India, currency fluctuations, inflation and resultant all round increase in input costs are few causes of concern.

FINANCIAL PERFORMANCE AND OPERATIONS REVIEW:

The Company had another successful financial year with a net total income of Rs. 23422.900 Millions as against Rs. 18896.1000 Millions in the previous year, a growth of 24%.

The Company`s focus on formulations business resulted into increase in overall formulation sales to Rs. 17495.500 Millions, an increase of 26% over previous year formulations sales of Rs. 13873.700 Millions.

The Company further expanded its therapeutic coverage with introduction of new formulations, both in the domestic and export markets, especially in the fast growing life style related segments.

The Active Pharmaceutical Ingredient (API) business also increased by 15% to Rs. 5496.900 Millions.

During the financial year under report, the Earnings before interest, depreciation, foreign exchange translation loss increased by 37% to Rs.5264.000 Millions as against Rs. 3842.400 Millions in the previous financial year. The operations have resulted in a net profit of Rs.2801.700 Millions during the financial year under report as against Rs. 2553.700 Millions in the previous financial year, an increase of 10%. Due to steep depreciation of Indian Rupee vis-a-vis major currencies, during the financial year under report, the Company incurred foreign exchange translations loss of Rs.527.900 Millions as against a gain of Rs. 433.400 Millions in the previous financial year.

INTERNATIONAL BUSINESS:

The products of the Company are now exported to over 110 countries across the globe. During the financial year under report the international business increased by 37% to Rs. 14019.700 Millions as against Rs. 10251.800 Millions in the previous year. Formulation exports of the Company increased by 44% to Rs. 9961.400 Millions and exports of APIs and Drug Intermediates increased by 22% to Rs.4058.300 Millions.

The directors have pleasure in informing that the Company has received in May 2012 recognition as "STAR TRADING HOUSE" from the Office of the Zonal Joint Director of Foreign Trade, Ministry of Commerce and Industry, Government of India.

Europe:

The Company achieved European export sales of Rs. 4448.400 Millions during the financial year under report as against sales of Rs. 3879.900 Millions in the previous year a growth of 15% from this continent.

The Company has developed and submitted 62 generic formulation dossiers for registration in Europe out of which 50 dossiers are already registered.

The Company has also obtained certificate of suitability (COS) of 40 APIs (previous year-34 APIs) from European Directorate for Quality Medicines.

The Company has also stepped up the activity of registering products in main EU markets. The Company has started exporting formulations to few more European countries during the financial year under report.

Americas:

The Company exports its APIs to USA, Canada and South American countries and formulations to USA, Panama, West Indies and few South American countries in this sub-continent.

The Company achieved sales of Rs. 2889.800 Millions in this continent as against Rs. 2109.800 Millions in the previous year, a growth of 37%.

The Company is working on a list of formulations for development and filing of ANDAs with US FDA. Most of these formulations are from own APIs for which the Company has file/in the process of filing Drug Master File (DMF).

The Company has signed agreements with marketing partners for sale/ distribution of generic formulations on a profit sharing arrangement in the US market. 25 ANDA applications in respect of generic formulations developed by the Company are filed with US FDA (previous year-22 ANDA) out of which 12 ANDA applications are granted till date.

The formulations manufacturing facility of the Company at Indore SEZ was inspected by US FDA in the month of January 2012 and their approval is awaited. Once this facility is approved by US FDA, the Company will be in a position to scale up its US generic business.

The Company has signed agreements with marketing partners for sale/ distribution of generic formulations in Canadian market and under these agreements, the Company has developed and filed few formulation dossiers for registration in Canada. With approval of 2 formulations dossiers, formulations business from this country has commenced in the financial year under report.

The Company`s wholly owned subsidiary in Mexico has started activities of filing the formulation dossiers for registration in the said country. The Company has started marketing its branded formulations in Venezuela, Columbia and Peru in the Latin American market with a few product registrations. Several more formulations dossiers are in the process of being registered/submitted for registration in all these markets of Latin America.

Asia

The Asian business (excluding India) recorded a sales of Rs. 1433.000 Millions as against Rs. 1115.700 Millions in the previous year, a growth of 28%. The Company exports formulations as well as APIs to several Asian countries. In countries like Nepal, Sri Lanka, Myanmar, Philippines and Vietnam, the Company markets its branded formulations through dedicated field force. The field force and product range of the Company in Asian market is also being expanded.

Africa

The Company achieved export sales of Rs. 3773.200 Millions to Africa during the financial year under report as against Rs. 2045.500 Millions in the previous year, a growth of 84%.

WHO pre-qualified anti-malarial formulation of Artemether+Lumefantrine helped the Company in increasing its anti-malarial formulations business in the African market. WHO pre-qualification for fixed dose anti-malarial formulation of Artesunate + Amodiaquine is expected shortly.

The Company exports branded and generic formulations as well as APIs to 31 African countries. The Company markets branded formulations in countries like Uganda, Ghana, Ivory Coast, Burkina Faso, Zimbabwe, Sudan, Tanzania, Kenya, Ethiopia and Nigeria through dedicated field force.

The Company is expanding its branded formulations business across the continent through expansion of field force and geographical coverage and increase in the number of branded formulations marketed.

Australasia

The Company exports APIs to Australia and formulations to Australia and New Zealand in this sub-continent. The business from this continent was Rs.397.900 Millions during the financial year under report as against Rs. 321.500 Millions in the previous year, a growth of 24%.

The Company is focusing on registering more formulation dossiers in Australia and New Zealand through its wholly owned subsidiary Company Ipca Pharma (Australia) Pty Limited, Australia and its wholly owned subsidiary Ipca Pharma (NZ) Pty Limited, New Zealand.

DOMESTIC FORMULATIONS BUSINESS

The Company`s formulations business in India now comprises of 12 marketing divisions focusing on key therapeutic segments.

The brand building was in evidence especially in chronic therapy segments such as cardio-vasculars, anti-diabetics, newer anti-malarials and non steroidal anti-inflammatory drugs (NSAID).

During the year under report, Zerodol, a NSAID brand of the Company became the first brand in the Company`s history to cross annual turnover of Rs.1000.000 Millions in the domestic branded formulations market.

During the year under report, the Company introduced 5 new products in the domestic market.

During the financial year under report, the domestic formulations business recorded a growth of 8% at Rs. 7534.100 Millions as against Rs. 6956.600 Millions in the previous year.

The lower growth in the Domestic branded formulations business was mainly on account of seasonal impact and rising attrition rate amongst field personnel. The steps taken by the Company have reduced the attrition rate amongst field personnel and the primary and secondary sales data of domestic branded formulations business have shown improvement since January 2012.

ACTIVE PHARMACEUTICAL INGREDIENTS (APIS) AND INTERMEDIATES BUSINESS

During the financial year under report, the APIs and Intermediates business recorded sales of Rs.5496.900 Millions as against Rs.4785.500 Millions in the previous financial year, a growth of 15%. Nearly74% of the APIs and Intermediates business is from exports.

Though quantitative API production was up by 21% during the financial year under report, the increased captive consumption of API`s due to substantial growth in the international formulations business restricted the sales volume of the APIs.

The Company exported APIs/Intermediates to 95 countries across the globe. Most of the international customers of the Company are end user formulation manufacturers including several multinational companies (MNCs). 6 new APIs were commercialized during the financial year under report.

The Ratlam API manufacturing facility of the Company is approved by regulatory agencies of US, Canada, Japan, Australia, UK and many other European countries.

The Company has also stepped up Drug Master File (DMF) registration activities. 61 DMFs (previous year - 57 DMFs) of the Company are currently filed with US FDA. The Company has also obtained Certificate of Suitability (COS) for 40 APIs (previous year - 34 APIs) from European Directorate for Quality Medicines (EDQM) for EU countries.

INTELLECTUAL PROPERTY PROTECTION

The Company has created intellectual property management group within the Research and Development centers to deal with management and protection of intellectual property. The Company has filed as many as 213 patent applications till date as against 196 patent applications filed a year ago in India, USA and other countries. These applications relate to novel and innovative manufacturing processes for the manufacture of APIs and pharmaceutical formulations.

The directors have pleasure in informing you that 65 patent applications of the Company are since registered, 47 in India, 11 in US and 7 in the European Union.

MANUFACTURING FACILITIES

The Company`s new formulations manufacturing unit at Special Economic Zone (SEZ)Indore meeting current Good Manufacturing Practices(cGMP)and regulatory requirements of developed countries was recently inspected by US-FDA and their approval is awaited. Small quantities of generic formulations are currently manufactured from this plant and exported to UK.

The API manufacturing facility at Ratlam was further expanded to cater to growing manufacturing needs of APIs.

The Company`s new formulations manufacturing unit at Sikkim initially commenced the commercial production in the month of July 2011. In the month of September 2011 the said manufacturing unit suffered damages due to earthquake and the production was stopped. The said plant recommenced production in the month of December 2011. Since all the manufacturing units of them Company are adequately insured, including for loss of profit, there was no financial impact on account of this incident.

The Company has started work for setting up a new R and D facility at Village Ranu, Tehsil Padra, District - Vadodara (Gujarat). The Company has also received the environmental clearance for setting-up of a green field API manufacturing facility at this location.

INTERNAL CONTROL SYSTEMS

The Company has adequate internal control systems including suitable monitoring procedures commensurate with its size and the nature of the business. The internal control systems provide for all documented policies, guidelines, authorization and approval procedures. The Company has an internal audit department which carries out audits throughout the year. The statutory auditors while conducting the statutory audit, review and evaluate the internal controls and their observations are discussed with the Audit committee of the Board.

Contingent liabilities and commitments not provided for in respect of:

Particulars	2011 -2012	2010-2011
	Rupees in Millions	Rupees in Millions
A. Contingent Liabilities
a) Bills discounted with banks	1472.400	1069.500
Since Realised	(850.800)	(478.500)
b) Other moneys for which the ompany is contingently liable for tax, excise, customs	185.300*	113.900
and other matters not accepted by the Company
c) Claims against the Company not acknowledged as debts.	0.100	0.100
d) Corporate Guarantees given to bankers of associates and subsidiaries for which the Company holds counter guarantees.	0.000	300.000
e) Corporate Guarantee given to others	22.800	22.800
f) Guarantees given by banks in favour of Government and others/ Letter of Credit opened against which goods are not received *	657.400	967.500

FIXED ASSETS

A. Tangible Assets

• Land
• Buildings
• Plant and Machinery
• Effluent Treatment Plant
• Furniture and Fixtures
• Vehicles
• Equipments
• Furniture

B. Intangible Assets

• Software
• Know-how
• Brands and Trademarks

UNAUDITED STANDALONE FINANCIAL RESULTS

(Rs. In Millions)

		Quarter Ended		Half Year Ended
	Particulars	30.09.2012	30.06.2012	30.09.2012
PART -1
1	Income from operations
	a) Net Sales/income from operations (Net of excise duty)	7575.200	6302.500	13877.700
	b) Other Operating Income	137.700	41.500	179.200
	Total Income from operations (net)	7712.900	6344.000	14056.900
2	Expenses
	a) Cost of materials consumed	2737.300	2505.400	5242.700
	b) Purchases of stock-in-trade	304.100	239.600	543.700
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	68.800	(287.500)	(218.700)
	d) Employee benefit expense	977.800	916.300	1894.100
	e) Depreciation / Amortisation Expense	208.800	199.200	408.000
	f) Other expenses	1836.800	1552.400	3389.200
	Total Expenses	6133.60	5125.400	11259.000
3	Profit from operations before other Income, foreign exchange transactions/translations (gain/loss) finance costs & exceptional items (1-2)	1579.300	1218.600	2797.900
4	Other Income	91.600	29.800	121.400
5	Profit from ordinary activities before foreign exchange transactions/translations (gain/loss, finance costs & exceptional items (3+4)	1670.900	1248.400	2919.300
6	Foreign exchange transactions/translations (gain) / loss	(63.800)	588.500	524.700
7	Finance costs	88.800	95.100	183.900
8	Profit from ordinary activities after foreign exchange transactions/translations (gain/loss, finance costs but before exceptional items (5-6-7)	1645.900	564.800	2210.700
9	Exceptional item	-	-	-
10	Profit from ordinary activities before tax (8-9)	1645.900	564.800	2210.700
11	Tax Expense	395.000	135.000	530.000
12	Net Profit from ordinary activities after tax (10-11)	1250.900	429.800	1680.700
13	Extraordinary items (net of tax expense)	-	-	-
14	Net Profit for the period (12-13)	1250.900	429.800	1680.700
15	Paid-up equity share capital (Face value of? 21- each)	252.300	252.300	252.300
16	Reserves excluding revaluation reserve	-	-	-
17	i Earnings per share (Rs.) (before extraordinary items)
	Basic	9.92	3.41	13.32
	Diluted	9.92	3.41	13.32
	ii Earnings per share (Rs.) (after extraordinary items)
	Basic	9.92	3.41	13.32
	Diluted	9.92	3.41	13.32
18	Debt service coverage ratio (DSCR) (No. of times) #	-	-	6.89
	Interest service coverage ratio (ISCR) (No. of times) ##	-	-	14.87
PART-II
A 1	PARTICULARS OF SHAREHOLDING Public shareholding
	- Number of shares	68239233	68239233	68239233
	- Percentage of shareholding	54.09%	54.09%	54.09%
2	Promoters and Promoter group shareholding a) Pledged / Encumbered
	- Number of Shares	6815400	7180400	6815400
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	11.77%	12.40%	11.77%
	- Percentage of Shares (as a % of the total share capital of the Company)	5.41%	5.69%	5.41%
	b) Non- encumbered
	- Number of Shares	51095726	50730726	51095726
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	88.23%	87.60%	88.23%
	- Percentage of Shares (as a % of the total share capital of the Company)	40.50%	40.22%	40.50%

# DSCR = [(Profit after tax before exceptional items + depreciation + interest on long term debts) / (Interest & Principal repayment of long term debts during the period)]

## ISCR = ((Profit before tax + depreciation + gross interest) / Gross interest]

B	NUMBER OF INVESTOR COMPLAINTS	30.09.2012
	Pending at the beginning of the quarter	-
	Received during the quarter	32
	Disposed of during the quarter	31
	Remaining unresolved at the end of the quarter	1

UNAUDITED STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2012

(Rs. In Millions)

Sr. No.	Particular	31.03.2012
A	EQUITY AND LIABILITIES
1	Shareholders' Funds
	a) Capital	252.300
	b) Reserves and Surplus	14341.200
	Sub-total - Shareholders' fund	14593.500
2	Share Application money pending allotment	-
	Non-current liabilities
	a) Long-term borrowings	3509.100
	b) Deferred tax liabilities (net)	1014.900
	c) Other Long-term liabilities	4.000
	d) Long-term provisions	105.900
	Sub-total - Non-current liabilities	4633.90
3	Current liabilities
	a) Short-term borrowings	1401.200
	b) Trade payables	3023.900
	c) Other current liabilities	1542.700
	d) Short-term provisions	117.500
	Sub-total-Current liabilities	6085.300
	TOTAL - EQUITY AND LIABILITIES	25312.700
B	ASSETS
1	Non-current Assets
	a) Fixed assets	10504.000
	b) Non-current investments	236.100
	c) Deferred tax assets (net)	0.000
	d) Long-term loans and advances	917.500
	e) Other non-current assets	79.000
	Sub-total-current Assets	11736.60
2	Current Assets
	a) Current Investments	315.600
	b) Inventories	6813.100
	c) Trade receivables	5029.100
	d) Cash and Bank Balances	174.900
	e) Short-term loans and advances	458.000
	f) Other current assets	785.400
	Sub-total-current assets	13576.100
	Total Assets	25312.700

Notes:

1. The above unaudited financial results as reviewed by the Audit Committee were approved and taken on record by the Board of Directors in their meeting held on October 25, 2012.

2. Pursuant to the scheme of amalgamation of Tonira Pharma Limited (Tonira) with the Company w.e.f. appointed date 1st April, 2011, the results of operations for the quarter and half year ended September, 2012 includes the operations of the business of erstwhile Tonira. Since this effect of amalgamation was given in the quarter ended March,2012, the figures of the comparative quarter and half year ended September,2011 does not include the result of operations of the erstwhile Tonira and hence not comparable.

3. Other income for the quarter and half year ended 30^th September, 2012 includes profit on sale of shares of an associate of Rs 46.900 Millions.

4. The Board has declared an interim dividend of Rs.2/- per share (100%) for the financial year 2012-13 for which 2nd November, 2012 has been fixed as the record date for members' entitlement of interim dividend.

5. The Auditors of the Company have carried out the limited review of the above unaudited financial results in terms of clause41 of the Listing Agreement.

6. The entire operations of the Company relate to only one segment viz/Pharmaceuticals'.

7. Previous year's figures have been regrouped, wherever necessary.

AS PER WEBSITE DETAILS:

Press Release

IPCA LABORATORIES Q2 FY13 FINANCIAL RESULTS

Mumbai, October 25, 2012: Ipca Laboratories Limited today announced its unaudited standalone financial results for the second quarter ended 30th September, 2012.

Key Highlights of Q2 FY13

• Net Total Income up 25% at Rs. 7804.500 Millions
• Indian formulations income up 15% at Rs. 2627.800 Millions
• Exports Income up 31 % at Rs. 4643.400 Millions
• EBIDTA margin @ 23.18%.
• Net Profit at Rs. 1250.900 Millions up 60%.
• Interim Dividend of Rs. 21- per share (100%) declared.

Q2 FY13 at a glance (Rs. In Millions)
Particulars	Q2FY13	Q2FY12	Growth
Net Total Income	7804.500	6265.500	25%
Export Income	4643.400	3531.900	31%
EBITDA	1788.100	1565.500	14%
Profit before Forex (gain) / loss and tax	1582.100	1313.400	20%
Forex (gain) /loss	(63.800)	271.500	-
Net Profit after Forex (gain) / loss and tax	1250.900	779.600	60%
Earnings per share of Rs. 21- each (Rs.)	99.200	62.000	60%

Q2 FY13 Revenue break-up (Rs. In Millions)
Particulars	Q2FY13	Q2FY12	Growth
Formulations
Domestic	2627.800	2292.100	15%
Exports	3391.600	2604.800	30%
Total Formulations	6019.400	4896.900	23%
APIs
Domestic	304.000	356.200	(15%)
Exports	1251.800	927.100	35%
Total APIs	1555.800	1283.300	21%
Grand Total	7575.200	6180.200	23%

Kev Highlights of H1 FY13

• Net Total Income up 22% at Rs. 14178.300 Millions
• Indian formulations income up 16% at Rs. 4869.600 Millions
• Exports Income up 28% at Rs. 8310.700 Millions
• EBIDTA margin @ 22.81 %.
• Net Profit at Rs. 1680.700 Millions up 20%.

HI FY13 at a glance (Rs. In Millions)
Particulars	HI FY13	HI FY12	Growth
Net Total Income	14178.300	11591.000	22%
Export Income	8310.700	6498.500	28%
EBITDA	3205.900	2508.100	28%
Profit before Forex (gain) / loss and tax	2735.400	2054.300	33%
Forex (gain) / loss	524.700	180.500	-
Net Profit after Forex (gain) / loss and tax	1680.700	1396.300	20%
Earnings per share of Rs. 21- each (Rs.)	133.200	111.000	20%

IPEA LABORATORIES Q1 FY13 RESULTS (JUNE 30, 2012)

Ipea Laboratories Q1 FY13 Results

• Net Total Income at Rs. 6373.8000 Millions, up by 20%
• Export Income at Rs. 3667.300 Millions, up by 24%
• EBITDA at Rs. 1417.800 Millions, up by 50%
• EBITDA margin @ 22.35% as against 17.79% in Q1FY12
• Net Profit at Rs. 429.800 Millions, down by 30%

(On account of forex translations/transactions loss of Rs. 588.500 Millions)

Mumbai, India, July 31, 2012: Ipca Laboratories Limited today announced its unaudited financial results for the first quarter ended 30^th June, 2012 of the financial year 2012-13.

Key Highlights of Q1 FY13

• Net Total Income at Rs. 6373.800 Millions in Q1 FY13 as against Rs. 5325.500 Millions in Q1 FY12, growth of 20%.
• Export Income at Rs. 3667.300 Millions in Q1 FY13 as against Rs. 2966.600 Millions in Q1 FY12, growth of 24%.
• EBITDA at Rs. 1417.800 Millions in Q1 FY13 as against Rs. 942.600 Millions in Q1 FY12, up by 50%.
• EBITDA margin increased from 17.79% to 22.35%.
• Net Profit at Rs. 429.800 Millions in Q1 FY13 as against Rs. 616.700 Millions in Q1 FY12, down by 30% on account of forex transactions / translations loss of Rs. 588.500 Millions in the quarter as against forex transactions / translations gain of Rs. 91.000 Millions in the corresponding quarter of the previous financial year.

Revenue Break-up

Formulations:

• Total Revenue from formulations business at Rs. 4486.900 Millions in Q1 FY13 as against Rs. 3955.500 Millions in Q1 FY12, growth of 13%.
• Revenue from Domestic branded formulations business at Rs. 2241.800 Millions in Q1 FY13 as against Rs. 1889.700 Millions in Q1 FY12, growth of 19%.
• Revenue from export of formulations at Rs. 2245.100 Millions in Q1 FY13 as against Rs. 2065.800 Millions in Q1 FY12, growth of 9%.

Active Pharmaceutical Ingredients (APIs)

• Total Revenues from Active Pharmaceutical Ingredients (APls) business at Rs. 1815.600 Millions in Q1 FY13 as against Rs. 1307.800 Millions in Q1 FY12, growth of 39%.
• Revenues from Domestic Active Pharmaceutical Ingredients (APls) business at Rs. 393.400 Millions in Q1 FY13 as against Rs. 407.000 Millions in Q1 FY12, down by 3%.
• Revenue from export of Active Pharmaceutical Ingredients (APls) at Rs. 1422.200 Millions in Q1 FY13 as against Rs. 900.800 Millions in Q1 FY12, growth of 58%.

Q1 FY13 at a glance

(Rs. In Millions)

1^st Quarter ended	30.06.2012	30.06.2011	Growth
Net Total Income	6373.800	5325.500	20%
Export Income	3667.300	2966.600	24%
EBITDA	1417.800	942.600	50%
Profit before Forex gain / loss and tax	1153.300	740.900	56%
Forex (gain) / loss	588.500	(91.000)	-
Net Profit after Forex gain / loss and tax	429.800	616.700	(30%)
Earnings per share of Rs. 2/- each (Rs)	34.100	49.100	(30%)

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 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.54.85
UK Pound	1	Rs.88.55
Euro	1	Rs.72.63

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

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.