MIRA INFORM REPORT

Report Date :

02.05.2012

IDENTIFICATION DETAILS

Name :	MARCK BIOSCIENCES LIMITED
Formerly Known As :	MARCK PARENTERALS ( INDIA) LIMITED
Registered Office :	5^th Floor, Heritage Near Vidyapath, Ashram Road, Ahmedabad – 380014, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.1994
Com. Reg. No.:	04 – 23944
Capital Investment / Paid-up Capital :	Rs.363.081 Millions
CIN No.: [Company Identification No.]	U24139GJ1994PLC023944
TAN No.: [Tax Deduction & Collection Account No.]	AHMM01724C
PAN No.: [Permanent Account No.]	AABCM0366P
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturer of Medical Equipments.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 3540000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INFORMATION DECLINED BY

Management Non-Corporative (Name not disclosed)

LOCATIONS

Registered Office/ Corporate office :	5^th Floor, Heritage Near Vidyapath, Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-30017500
Fax No.:	91-79-30017600
E-Mail :	shailesh_shah@marckindia.com info@marckindia.com rctc@vsnl.com bmahme0541@centralbank.co.in
Website :	http://www.marckindia.com http://www.marckbiosciences.com
Area :	15000 sq.ft
Location :	Owned
Corporate Office :	MD’s Office Tel No.: 91-79-30017553/ 30017554 National Sales Tel No.: 91-79-30017542/ 30017543 International Business Tel No.: 91-79-30017503/ 30017507 Contract Manufacturing Tel No.: 91-79-30017505/ 30017506 Regulatory Affairs Tel No.: 91-79-30017502/ 30017504
Factory :	Production Tel No.: 91-2694-304016 Utility Tel No.: 91-2694-304017 Purchases Tel No.: 91-2694-304026 Despatch/ Logistics Tel No.: 91-2694-304029 QA/QC Tel No.:91-2694304033 HR and Admin Tel No.: 91-2694-304038
Factory :	876, N H No. 8, Hariyala, Tal. Matar, Dist. Kheda – 387411, Gujarat, India.
Tel. No.:	91-2694-304000
Fax No.:	91-2694-304050

DIRECTORS

AS ON 26.09.2011

Name :

Mr. Surendra Maneklal Shah

Designation :

Director

Address :

SNEH, Panchwati, 1^st Lane, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Date of Birth/Age :

23.11.1936

Date of Appointment :

21.09.2006

DIN No.:

00016578

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74900GJ1995PTC025545	ARYAN SHELTERS PRIVATE LIMITED	Director	21-04-95	21-04-95	05-04-10	Active	NO
2	U45400GJ1987PTC010024	FRIENDS INFRABUILD PRIVATE LIMITED	Director	25-05-98	25-05-98	18-06-08	Active	NO
3	U24231GJ1983PLC006120	GUJARAT CHLOR ALKALI INDUSTRIES LIMITED	Director	25-05-98	25-05-98	20-10-08	Active	NO
4	U25209GJ1973PTC002202	SHRUTI PLASTIC INDUSTRIES PRIVATE LIMITED	Director	25-05-98	25-05-98	-	Strike off	NO
5	L24230GJ1991PLC015279	TORRENT CABLES LIMITED.	Director	04-12-00	04-12-00	24-10-08	Active	NO
6	L65990GJ1983PLC006345	GUJARAT LEASE FINANCING LIMITED	Director	15-07-06	26-05-06	-	Active	NO
7	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Director	21-09-07	21-09-06	-	Active	NO

Name :

Mr. Prayasvinbhai Bhanubhai Patel

Designation :

Director

Address :

Honest House, Bakrol Road, V.V. Nagar, Anand – 388120, Gujarat, India

Date of Appointment :

31.07.1997

DIN No.:

00037394

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27310GJ1963PLC001222	PRAYAS ENGINEERING LIMITED	Director	25-06-76	25-06-76	-	Active	NO
2	U67120MH1978PTC020520	K B INVESTMENTS PRIVATE LIMITED	Director	31-07-78	31-07-78	-	Active	NO
3	L29259GJ1960PLC001082	ELECON ENGINEERING COMPANY LIMITED	Managing director	01-07-11	12-03-83	-	Active	NO
4	L65910GJ1982PLC005124	V V N MFG AND INVESTA LIMITED	Director	18-10-83	18-10-83	-	Amalgamated	NO
5	U63040GJ1991PLC015379	NARMADA TRAVELS LIMITED	Director	01-04-92	01-04-92	-	Active	NO
6	L29199GJ1974PLC002574	EIMCO ELECON (INDIA ) LIMITED	Managing director	26-05-08	09-05-92	-	Active	NO
7	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Director	31-07-97	31-07-97	-	Active	NO
8	U40100GJ1998PLC033785	POWER BUILD ELECON GEARS LIMITED	Director	05-03-98	05-03-98	-	Amalgamated	NO
9	U29224GJ1998PLC034233	ELECON PERIPHERALS LIMITED	Additional director	02-08-11	08-06-98	-	Active	NO
10	U31103KA1999PLC025872	KIRLOSKAR POWER BUILD GEARS LIMITED	Director	22-10-99	22-10-99	-	Under liquidation	NO
11	U32201GJ1972PLC002065	POWER BUILD LIMITED	Director	31-10-99	31-10-99	-	Active	NO
12	U65910GJ1978PLC003215	AKAAISH MECHATRONICS LIMITED	Director	31-03-01	31-03-01	-	Active	NO
13	U65910GJ1982PTC005586	DEVKISHAN INVESTMENTS PRIVATE LIMITED	Director	31-03-01	31-03-01	-	Active	NO
14	U65910GJ1979PTC003283	BIPRA INVESTMENTS AND TRUSTS PRIVATE LIMITED	Director	31-03-01	31-03-01	-	Active	NO
15	U65910GJ1984PLC007066	ELECON INFORMATION TECHNOLOGY LIMITED	Director	21-07-01	21-07-01	-	Active	NO
16	U74140GJ1983PTC006445	JAMKO CONSULTANTS PRIVATE LIMITED	Director	01-09-01	01-09-01	-	Active	NO
17	U31900GJ2005PLC046661	EIMCO ELECON ELECTRICALS LIMITED	Director	25-08-05	25-08-05	-	Active	NO
18	U55101GJ2005PLC047198	MADHUBAN PRAYAS RESORTS LIMITED	Director	05-12-05	05-12-05	-	Active	NO
19	U29100GJ2008PLC054839	DRA (INDIA) LIMITED	Director	22-08-08	22-08-08	24-09-11	Active	NO

Name :

Mr. Bhaveshbhai Girishbhai Patel

Designation :

Managing Director

Address :

8, Samarth Bunglows, B/H Shivalik Arcade, 100 Ft Ring Road, Nera Anand Nagar, Char Rasta, Prahlad Nagar, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

03.07.1966

Date of Appointment :

21.12.1994

DIN No.:

00085505

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29120GJ1988PTC010526	MAGNETO INDUCTION PRIVATE LIMITED	Director	05-04-88	05-04-88	-	Active	NO
2	U99999GJ1993PLC019724	MARCK REMEDIES LIMITED	Director	28-06-93	28-06-93	30-07-08	Active	NO
3	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Managing director	01-10-10	21-12-94	-	Active	NO
4	U73100MH1996NPL100174	THE PHARMACEUTICAL FORM-FILL-SEAL ASSOCIATION OF INDIA	Director	29-09-10	29-09-10	-	Active	NO

Name :

Mr. Rohitbhai Jasbhai Patel

Designation :

Chairman

Address :

Vishal, Karamsad Vidya Nagar Road, Opp. Sachidanad Hall, Karamsad – 388 325, India

Date of Birth/Age :

22.09.1946

Date of Appointment :

21.12.1994

DIN No.:

00088482

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29224GJ1988PTC010370	UNIVERSAL MECHELECT PRIVATE LIMITED	Director	17-02-88	17-02-88	15-03-08	Active	NO
2	U29120GJ1988PTC010526	MAGNETO INDUCTION PRIVATE LIMITED	Director	05-04-88	05-04-88	-	Active	NO
3	U99999GJ1993PLC019724	MARCK REMEDIES LIMITED	Director	28-06-93	28-06-93	-	Active	NO
4	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Director	21-12-94	21-12-94	-	Active	NO
5	U32201GJ1987PTC010122	MILCENT APPLIANCES PRIVATE LIMITED	Director	29-03-95	29-03-95	-	Active	NO
6	U50101GJ1991PTC015178	MAGTECH MOTORS PRIVATE LIMITED	Director	02-09-02	02-09-02	-	Active	YES

Name :

Mrs. Indiraben Jitendra Parikh

Designation :

Director

Address :

32, Kedar, Near Range Hills Corner, Yashwant Nagar, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

29.08.1943

Date of Appointment :

21.09.2006

DIN No.:

00143801

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U34100GJ1978PLC003127	MAHINDRA GUJARAT TRACTOR LIMITED	Nominee director	10-03-00	10-03-00	24-09-10	Active	NO
2	U74999TN2001NPL071764	SUMEDHAS ACADEMY FOR HUMAN CONTEXT	Director	12-12-01	12-12-01	14-05-09	Active	NO
3	U40109MP2001SGC014880	MADHYA PRADESH POWER TRANSMISSION COMPANY LIMITED	Director	09-08-02	09-08-02	08-08-07	Active	NO
4	L17110GJ1931PLC000454	SINTEX INDUSTRIES LIMITED	Director	27-08-03	27-08-03	-	Active	NO
5	L15490GJ1993PLC019895	ANIL LIMITED	Director	31-10-03	31-10-03	-	Active	NO
6	U74140MH2001PTC134379	ESP CONSULTANT INDIA PRIVATE LIMITED	Director	01-04-06	01-04-06	-	Active	NO
7	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Director	21-09-06	21-09-06	-	Active	NO
8	U74140TN2000PTC046245	FLAME-TAO KNOWARE PRIVATE LIMITED	Director	18-10-06	18-10-06	-	Active	NO
9	L23201MH1959GOI011388	INDIAN OIL CORPN. LIMITED	Director	24-09-07	30-07-07	-	Active	NO
10	L27105MP1984PLC002521	STI INDIA LIMITED	Director	29-09-07	31-07-07	30-06-08	Active	NO
11	U32204AP1998PTC029457	ASTER PRIVATE LIMITED	Director	08-08-09	17-10-08	-	Active	NO
12	L15201GJ1994PLC023490	ZYDUS WELLNESS LIMITED	Director	16-07-10	29-07-09	-	Active	NO

Name :

Mrs. Manishben B. Patel

Designation :

Alternate Director

Address :

8, Samarth Bunglows, B/H Shivalik Arcade, 100 Ft Ring Road, Nera Anand Nagar, Char Rasta, Prahlad Nagar, Ahmedabad – 380 015, Gujarat, India

Date of Birth/Age :

19.07.1969

Date of Appointment :

19.03.2005

DIN No.:

00154332

Name :

Mr. Pradyumn Gaurishanker Shrotriya

Designation :

Nominee Director

Address :

15, Green Park, ambli Bopal Road, Ambli, Ahmedabad – 380 058, Gujarat, India

Date of Birth/Age :

01.02.1945

Date of Appointment :

21.09.2006

DIN No.:

00822579

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29249MH1987PTC044458	M J BIOPHARM PRIVATE LIMITED	Director	30-11-02	30-11-02	07-01-09	Active	NO
2	U15311MH1991PTC061659	STONEWOOD CEM-FAB (INDIA) PRIVATE LIMITED	Director	28-03-05	28-03-05	19-10-07	Amalgamated	NO
3	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Director	21-09-06	21-09-06	-	Active	NO

Name :

Mr. Prafulbhai J. Patel

Designation :

Director

Address :

2710, Sultana Ave, Ontario, C A - 91761

Date of Birth/Age :

01.12.1943

Date of Appointment :

03.07.2003

DIN No.:

01898939

Name :

Mr. Akshay Dua

Designation :

Nominee Director

Address :

House No.V-11/57, DLF PH – 3, Block V, Village Nathupur, Gurgaon, Haryana, India

Date of Appointment :

09.03.2011

DIN No.:

03144843

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U40100HP2005PLC028769	REGENT ENERGY LIMITED	Nominee director	14-10-09	14-10-09	31-05-11	Active	NO
2	U24232UR2006PLC032300	JEEVAN-REKHA MEDICAL CARE SERVICES LIMITED	Nominee director	06-10-10	06-10-10	-	Active	NO
3	U01409KA2004PTC033933	MSR HOTEL (BANGALORE) PRIVATE LIMITED	Nominee director	29-12-10	29-12-10	-	Active	NO
4	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Nominee director	09-03-11	09-03-11	-	Active	NO
5	U40300AP2006PLC050927	ARANI POWER SYSTEMS LIMITED	Nominee director	31-05-11	31-05-11	-	Active	NO
6	U24100MH1993PLC071376	SHREE PUSHKAR PETRO PRODUCTS LIMITED	Nominee director	30-09-11	23-06-11	-	Active	NO

Name :

Mr. Kirit Ambalal Desai

Designation :

Additional Director

Address :

1207, Cardinal Avenue, Sugar Land, Houston, Texas 77478 USA

Date of Appointment :

29.09.2010

DIN No.:

03272190

Name :

Mrs. Jayshreeben R. Patel

Designation :

Director

Address :

Vishal Karamsad Vidya Nagar Road, Opp. Sachidanad Hall.

Date of Birth/Age :

27.07.1951

Date of Appointment :

31.01.1998

DIN No.:

00868474

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U32201GJ1987PTC010122	MILCENT APPLIANCES PRIVATE LIMITED	Director	12-11-87	12-11-87	-	Active	NO
2	U50101GJ1991PTC015178	MAGTECH MOTORS PRIVATE LIMITED	Director	08-03-91	08-03-91	-	Active	YES
3	U24139GJ1994PLC023944	MARCK BIOSCIENCES LIMITED	Alternate director	29-09-10	30-01-98	-	Active	NO
4	U29224GJ1988PTC010370	UNIVERSAL MECHELECT PRIVATE LIMITED	Director	29-11-01	29-11-01	15-03-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2011

Names of Shareholders	No. of Shares
Abbas S. Barad	10500
Agotherm Engineers Private Limited	25000
American Manniquines Inc	3305316
Ashok M Patel Hansa A. Patel	164150
Babubhai Patel	664970
Bhartiben P. Patel	307230
Bhavesh Girishbhai Patel	3023570
Brijesh A. Patel	262090
Chandrakant Premchand Shah Ramaben Chandrakant Shah	98400
Chiraj Desai	323639
Dineshbhai Shantillall Shah Shantilal Shah	118571
Dipen M. Patel	448500
Harikrishna C. Patel Shobha Patel	124110
Iacm-1-D	5000000
Industrial Development Bank Of India	1261905
Jasmine Patel	290000
Jitedra J Patel	2414740
Kaushalya N. Patel	129550
Milcent Appliances Private Limited	3100000
Marck Remedies Ltd	2842360
Mihir Bipinchandra	314285
Niranjan Patel Kaushaliya N. Patel	1373221
Prafulbhai J. Patel	2202370
Pravin D. Mehta Snehlata P. Mehta	1512520
Rohitbhai J Patel	263550

Equity Share Break up (Percentage of Total Equity)

AS ON 26.09.2011

Category	Percentage
Venture Capital	13.77
Bodies corporate	27.81
Directors or relatives of Directors	58.42
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Medical Equipments.

Products :

ITC Code	Product Description
29400000	Dextrose Solution
30042013	Ciprofloxacin
28510010	Water For Injection
30045003	Ringer Lactate/ Electrolite / Manitol
30049022	Metronidazole

PRODUCTION STATUS

AS ON 31.03.2011

(Units In Millions)

Particulars	Unit	Installed Capacity (Per Annum)	Actual Production
Large Volume Parenterals	Units	59.600	58.638
Small Volume Parenterals		226.500	223.282

Notes:

• Licensed Capacity is not mentioned since the same is not applicable
• Installed capacity is as per actual production per hour on 22.5 hours per day on 360 days working in a year.
• Capacity as certified by management and accepted by auditors being technical matter

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

• Central Bank of India Limited, Ashram Road Branch, Usmanpura Char Rasta, Ashram Road, Ahmedabad – 380 014, Gujarat, India
• ICICI Bank Limited,
• Industrial Development Bank of India Limited, Ahmedabad, Gujarat, India
• State Bank of India, 1^st Floor, Neptune Tower, Annexe, Off Nehru Bridge, Near Sakar – VII, Ashram Road, Ahmedabad – 380009, Gujarat, India
• 3i Infotech Trusteeship Services limited, 3^rd to 6^th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400 703, Maharashtra, India.

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	501.387	603.693
Working capital loans banks secured	191.881	192.208
Loans taken for vehicles secured	5.200	2.860
Total	698.468	798.761
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Fully convertible debentures unsecured	25.000	20.250
Working capital loans unsecured	13.463	16.426
Loans directors unsecured	7.863	4.493
Other debt unsecured	27.609	21.619
Total	73.935	62.788

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	2nd Floor Heritage, Asharam Road, Usmanpura, Ahmedabad-380013, Gujarat, India
PAN.:	AABFD7919A

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
36308078	Equity Shares	Rs.10/- each	Rs.363.081 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		363.081	353.581	343.364
2] Share Application Money		0.000	0.000	22.900
3] Reserves & Surplus		521.515	414.830	360.283
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		884.596	768.411	726.547
LOAN FUNDS
1] Secured Loans		698.468	798.761	848.774
2] Unsecured Loans		73.935	62.788	55.401
TOTAL BORROWING		772.403	861.549	904.175
DEFERRED TAX LIABILITIES		101.412	58.492	43.705
TOTAL		1758.411	1688.452	1674.427
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1123.401	1169.482	1206.262
Capital work-in-progress		362.940	201.621	93.422
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	101.909	116.004	153.459
	Sundry Debtors	255.183	276.144	303.897
	Cash & Bank Balances	19.050	23.127	16.017
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	107.382	77.276	60.170
Total Current Assets		483.524	492.551	533.543
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	118.144	107.888	104.968
	Other Current Liabilities	51.106	42.001	37.890
	Provisions	47.236	25.313	15.942
Total Current Liabilities		216.486	175.202	158.800
Net Current Assets		267.038	317.349	377.743
MISCELLANEOUS EXPENSES		5.032	0.000	0.000
TOTAL		1758.411	1688.452	1677.427

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1029.196	919.472	768.758
		Other Income	16.549	15.284	18.206
		TOTAL (A)	1045.745	934.756	786.964
Less	EXPENSES
		Consumption materials changes inventories	415.021	398.400	567.729
		Manufacturing service costs	185.980	156.576
		Employee related expenses	96.749	78.844
		Administrative selling other expenses	58.581	74.586
		Prior period items before tax	0.193	0.190
		TOTAL (B)	756.524	708.596	567.729
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		289.221	226.160	219.235
Less	FINANCIAL EXPENSES (D)		94.696	101.142	114.164
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		194.525	125.018	105.071
Less/ Add	DEPRECIATION/ AMORTISATION (F)		78.504	75.238	73.692
	PROFIT BEFORE TAX (E-F) (G)		116.021	49.780	31.379
Less	TAX (H)		33.086	24.009	10.945
	PROFIT AFTER TAX (G-H) (I)		82.935	25.771	20.434
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		88.518	62.747	42.313
	BALANCE CARRIED TO THE B/S		171.453	88.518	62.747
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	221.682	152.030
	TOTAL EARNINGS		NA	221.682	152.030
	IMPORTS
		Raw Materials	216.238	179.527	185.241
		Stores & Spares	6.029	3.970	0.000
		Capital Goods	0.000	6.650	4.144
	TOTAL IMPORTS		222.267	190.147	189.385
	Earnings Per Share (Rs.)		2.32	0.74	0.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.93	2.76	2.60
Net Profit Margin (PBT/Sales)	(%)	11.27	5.41	4.08
Return on Total Assets (PBT/Total Assets}	(%)	7.22	3.00	1.80
Return on Investment (ROI) (PBT/Networth)		0.13	0.06	0.04
Debt Equity Ratio (Total Liability/Networth)		1.12	1.35	1.46
Current Ratio (Current Asset/Current Liability)		2.23	2.80	3.36

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
10) Designation of contact person	Yes
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	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

OPERATIONAL REVIEW

Globally and in India the commodity prices has remained an area of concern for everyone. Almost all commodity prices heated up during the fiscal year, the prices of petroleum products saw sharp increase during the fiscal year. This resulted in inflationary pressure and the regulators were forced to take controlling fiscal measures, which resulted in higher interest cost for borrowing.

On the positive side and also as an important development for IV Fluid industry, there was multi-fold push in the demand for its products. More particularly the demand for FFS bottles witnessed higher growth. This resulted into the increase in the realization price, for many of the products, including common solution and electrolytes. The increase in the realization was in the range of 18% to 35%.

In line with last year, this year also the manufacturing facilities of Large Volume Parenteral (LVP) were utilized above 95% and for Small Volume Parenterals (SVP), it improved from 74% to above 95%, during the year under review.

The company has registered a growth in total revenue from Rs.947.200 millions to Rs.1059.500 millions. The higher revenue is mainly attributable to higher realization.

The turnover in the domestic markets has reached Rs.706.600 millions. This represents approximately 11 % to 12 % of the market share in the trade segment.

As far as the export revenue is concerned, it has increased to Rs.350.000 millions from Rs.290.000 millions registering approximately 20 % growth. Company is witnessing substantial increase in volume for Export Business. Many new markets have opened up for the company. Company has received very large orders for Tender Business as well from three countries.

The company had tied up for supply of four more products to multi national company, Pfizer Limited

During the year the company has received additional 48 registration of product, for export market.

This is one of the major drivers for increased export revenue.

There was increase in the input prices all across like petroleum products (Plastic granules), Raw material and packing material. Global increase in commodity prices, has contributed to increased input cost. Fortunately for the company increased in revenue (Unit price), is more than increase in the cost of production.

As part of Formulation and Development (FandD) activity, the company has developed reach product pipeline. It gives us immense pleasure to inform you that, the company has launched a new product viz; Paracetamol IV, in domestic and international market. This is the company's own developed product and company is tying up with different marketing companies including MNC for front end marketing.

Company also has achieved operational efficiency, with better yield and lower wastage/rejection ratio .The assets of the company has been optimally Utilized.

The Lens Cleaning solution project, implemented with the funding of private equity, is commissioned and now fully operational. A commercial production has started from 1^st April 2011.

Company is also implementing a Manufacturing Line for '3 piece Ophthalmic bottles. The line will be operational by July/Aug 2011. This will enhance substantially Ophthalmic business for domestic as well as international customers.

NEW PROJECTS

During the year, the company has successfully bided in an auction process for purchase of a closed IV fluid facility situated at Goa in DRT II Mumbai. The company has also purchased entire plant and machineries of erstwhile IV fluid manufacturing company M/s Gujarat Inject (Kerala) Limited. The purchased plant and machinery were shifted to Goa unit. The manufacturing facility at Goa unit is being revamped to bring it in line, with contemporary good manufacturing facility (cGMP). Once the unit becomes operational in July 2011, it will have capacity to produce 20 million bottles per annum. Further the manufacturing facility of Goa has Euro Head compatibility. This will help in exports to South East Asian market as well as to Europe for some of the products. The funding for these manufacturing assets has been completely tied up.

BUSINESS OUTLOOK

The company's revenue model is well balanced and well diversified with three revenue stream of National sale, International sale and Contract manufacturing .This has provided strength to the company to withstand the odds.

The company has many business leads in advanced stage, for value added products from overseas customers, as well as multinational companies in India. Company is working on Leads from Indian Company and MNC for setting up dedicated manufacturing line in SVP. The investment is expected to be in the range of Rs.500.000 millions to Rs.550.000 millions

The prices in the domestic market are firming up by demand pull and expected to continue, as there are no significant addition in capacity in near future, The prices of input material are stabilizing and expected to go down to a reasonable level. The combined effect their two will push up company's profitability.

The international market for company's product is constantly enlarging. With the introduction of export incentives in form of Focus Market and Focus Product schemes, the realization will further strengthen. The DEPB scheme is expected to be discontinued, but it will not have a major impact.

The company is streamlining its product portfolio of formulation, ophthalmic and respiratory product, and medical device products by increasing registration. The business is expected to grow by 10 to 12% by way of value addition only in the next one/two years. Further with operationalization of Goa facility, by end July, fluid therapy business for southern India and South-East Asia will also strengthen.

FORM 8

Corporate identity number of the company	U24139GJ1994PLC023944
Name of the company	MARCK BIOSCIENCES LIMITED
Address of the registered office or of the principal place of business in India of the company	5^th Floor, Heritage Near Vidyapath, Ashram Road, Ahmedabad – 380014, Gujarat, India Email : info@marckindia.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10270232
Type of charge	Immovable Property Book Debts Movable Property Others
Particular of charge holder	State Bank of India, 1^st Floor, Neptune Tower, Annexe, Off Nehru Bridge, Near Sakar – VII, Ashram Road, Ahmedabad – 380009, Gujarat, India Email: sbi.60327@sbi.co.in
Nature of instrument creating charge	Supplement Deed of Hypothecation of Goods and assets for increase in the overall limit executed in favor of State Bank Of India by Marck Biosciences Limited
Date of instrument Creating the charge	11.07.2011
Amount secured by the charge	Rs.215.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Cash Credit at 4.00 % above base rate that is 13.25 % with monthly basis Terms of Repayment: Working Capital On Demand Margin: 25% of RM, WIP, FG , 50 % of receivables with cover period of 60 days and 25 % of LC & BG Extent and Operation of the charge: Exclusive hypothecation charge over RM, WIP , FG, & and all other current assets of the Goa division
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Exclusive hypothecation charge over RM, WIP , FG, & and all other current assets of the Goa division. Extension of Charge over all plant & Machineries of GOA division
Date of instrument modifying the charge	24.06.2011
Particulars of the present modification	Credit facilities has been increased from 15 Cr to 21.50 Cr by extending charge on all other current assets of the Goa division and over all plant & Machineries of GOA division

FIXED ASSETS:

• Registration Fees
• Freehold Land
• Buildings
• Plant and Machinery
• Electric Installations
• Vehicles
• Furniture and Fixtures
• Office Equipments

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.52.52
UK Pound	1	Rs.85.49
Euro	1	Rs.69.61

INFORMATION DETAILS

Report Prepared by :

PRL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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

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.