MIRA INFORM REPORT

Report Date :

21.11.2012

IDENTIFICATION DETAILS

Name :	CADILA PHARMACEUTICALS LIMITED
Registered Office :	Cadila Corporate Campus, Sarkhej Dhokla Road, Ahmedabad – 380008, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.02.1991
Com. Reg. No.:	04-015132
Capital Investment / Paid-up Capital :	Rs.800.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1991PLC015132
TAN No.: [Tax Deduction & Collection Account No.]	AHMC0038ID
PAN No.: [Permanent Account No.]	AAACC6251E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 8900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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	CARE
Rating	Short Terms Bank Loan Rating = A2
Rating Explanation	Strong degree of safety and very low credit risk
Date	October 2011 to March 2012

Rating Agency Name	CARE
Rating	Long Terms Bank Loan Rating = BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	October 2011 to March 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 / Corporate Office :	Cadila Corporate Campus, Sarkhej - Dholka Road, Ahmedabad – 382210, Gujarat, India
Tel. No.:	91-2718-225001 (15 Lines)
Fax No.:	91-2718-225039
E-Mail :	secretarial@cadilapharma.co.in website@cadilapharma.co.in accounts@cadilapharma.co.in rmankodi@cadilapharma.co.in (For materials details) purchase@cadilapharma.com branded@cadilapharma.com rnair@cadilapharma.co.in shreyas.parikh@cadilapharma.co.in
Website:	http://www.cadilapharma.com
Area :	44 acres
Location :	Owned
Factory 1:	Dholka – Manufacturing Plant Survey No. 1389, Trasad Road, Dholka, Ahmedabad – 387810, Gujarat, India
Tel. No:	91-79-23421841/83/84/ 3422006/7/8/9/10
Fax No:	91-79-23420315 / 3421220
Area:	50000 sq. ft.
Location :	Owned
Factory 2:	Chemical SBU 294, GIDC Estate, Ankleshwar, Gujarat, India
Tel. No:	91-2646-223846 / 252626 / 251519
Fax No:	91-2646-250051
Factory 3:	CHPL – Factory / Karnavati Engineering Limited Survey No. 342, Nani Kadi, Taluka Kadi, District Mehsana, North Gujarat, India
Tel. No:	91-2764-262463 / 242037 / 242194 / 241464-65
Fax No:	91-2764-242223 / 242608
Location :	Owned
Factory 4:	Chemicals SBU Factory Plot No. 274, GIDC Industrial Estate, Ankleshwar, Gujarat, India
Tel. No:	91-2646-223846 / 252626 / 251519
Fax No:	91-2646-250051
Area:	174557 sq. ft.
Location :	Owned
Factory 5:	Tissu Culture Lab 756, Prakruti Farm, Hirapur Chowkdi, Hirapur, Ahmedabad, Gujarat, India
Tel. No:	91-79-3855260/3855495/496
Location :	Owned
Factory 6:	Cadila Pharmaceuticals Limited, Jammu Industrial Growth Centre, Samba – 184121, District Jammu, Jammu and Kashmir, India
Tel. No:	91-1923-241113 / 241114 / 241115
Fax No:	91-1923-246744

DIRECTORS

As on 30.09.2011

Name :

Mr. Indravadan Ambalal Modi

Designation :

Managing Director

Address :

13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

18.02.1926

Qualification :

B. Sc. (Technical), Ph.D. (Biology), Chemical Engineer from USA

Date of Appointment :

01.07.2010

DIN No.:

00053280

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1973PLC002286	CADILA LABORATORIES PRIVATE LIMITED	Director	15-06-73	15-06-73	-	Active	NO
2	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	Director	13-07-81	13-07-81	-	Active	NO
3	U74120GJ1994PLC023239	IRM LIMITED	Director	11-10-94	11-10-94	-	Active	NO
4	U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	03-05-95	03-05-95	-	Amalgamated	NO
5	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Managing director	01-07-10	27-05-95	-	Active	NO
6	U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	Director	17-10-95	17-10-95	-	Active	NO
7	U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	Director	15-04-97	15-04-97	-	Strike off	NO
8	U33111GJ1994PTC050484	MEDTEK ASIA PRIVATE LIMITED	Director	24-03-99	24-03-99	-	Amalgamated	NO
9	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Managing director	07-07-00	07-07-00	-	Active	NO
10	U72200GJ2000PLC038743	CADINDIA INSURANCE COMPANY LIMITED	Director	04-10-00	04-10-00	-	Strike off	NO
11	U01119TN1996PTC035672	SIV GOVIND PLANTATIONS PRIVATE LIMITED	Director	15-04-05	15-04-05	-	Dissolved	NO
12	U01119TN1996PTC035673	SATH GOVIND PLANTATIONS PRIVATE LIMITED	Director	15-04-05	15-04-05	-	Dissolved	NO
13	U01119TN1996PTC035654	DEVALA PLANTATIONS PRIVATE LIMITED	Director	15-04-05	15-04-05	-	Dissolved	NO
14	U01119TN1996PTC035653	CLONAL PLANTATIONS PRIVATE LIMITED	Director	15-04-05	15-04-05	-	Dissolved	NO
15	U01132TZ1964PTC000530	ROUSDONMULLAI TEA ESTATES PRIVATE LIMITED	Director	15-04-05	15-04-05	-	Amalgamated	NO
16	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31-07-06	31-07-06	-	Active	NO
17	U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	Director	05-02-08	05-02-08	-	Active	NO
18	U45209GJ2008PTC055133	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	26-09-08	26-09-08	-	Active	NO
19	U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	Director	24-03-09	24-03-09	-	Active	NO
20	U65993GJ2009PTC056511	CPL HOLDINGS PRIVATE LIMITED	Director	01-04-09	01-04-09	-	Active	NO
21	U01403GJ2009PTC056669	CPL AGRO PRODUCTS PRIVATE LIMITED	Director	20-04-09	20-04-09	-	Active	NO
22	U74999GJ2009PTC058116	IRM ENTERPRISES PRIVATE LIMITED	Director	15-09-09	15-09-09	-	Active	NO
23	U24230GJ2012PTC069227	CASIL BG MEDICAL DEVICES PRIVATE LIMITED	Director	28-02-12	28-02-12	-	Active	NO
24	U73100GJ2012PTC070636	INVERIKA BIORESEARCH PRIVATE LIMITED	Director	07-06-12	07-06-12	-	Active	NO
25	U24230GJ2012PLC071212	OMNICARE PHARMACEUTICALS LIMITED	Director	19-07-12	19-07-12	-	Active	NO

Name :

Dr. Rajiv Indravadan Modi

Designation :

Managing Director

Address :

13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380007, Gujarat, India

Date of Birth/Age :

09.05.1960

Qualification :

Ph. D. in Biological Science

Date of Appointment :

01.07.2010

DIN No.:

01394558

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	Director	26-03-90	26-03-90	-	Active	NO
2	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Managing director	01-07-10	28-02-91	-	Active	NO
3	U24231GJ1973PLC002286	CADILA LABORATORIES PRIVATE LIMITED	Director	05-10-91	05-10-91	-	Active	NO
4	U74120GJ1994PLC023239	IRM LIMITED	Director	11-10-94	11-10-94	-	Active	NO
5	U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	03-05-95	03-05-95	-	Amalgamated	NO
6	U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	Director	17-10-95	17-10-95	-	Active	NO
7	U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	Director	15-04-97	15-04-97	-	Strike off	NO
8	U33111GJ1994PTC050484	MEDTEK ASIA PRIVATE LIMITED	Director	24-03-99	24-03-99	-	Amalgamated	NO
9	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Managing director	01-10-07	07-07-00	-	Active	NO
10	U72200GJ2000PLC038743	CADINDIA INSURANCE COMPANY LIMITED	Director	04-10-00	04-10-00	-	Strike off	NO
11	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31-07-06	31-07-06	-	Active	NO
12	U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	Director	05-02-08	05-02-08	-	Active	NO
13	U85100GJ2008FTC052859	STEMCYTE INDIA THERAPEUTICS PRIVATE LIMITED	Director	07-08-09	13-06-08	-	Active	NO
14	U01403GJ2009PTC056409	CPL BIOLOGICALS Private LIMITED	Director	24-03-09	24-03-09	-	Active	NO
15	U65993GJ2009PTC056511	CPL HOLDINGS Private Limited	Director	01-04-09	01-04-09	-	Active	NO
16	U01403GJ2009PTC056669	CPL AGRO PRODUCTS Private Limited	Director	20-04-09	20-04-09	-	Active	NO
17	U45209GJ2008PTC055133	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	08-10-10	08-10-10	-	Active	NO
18	U74999GJ2009PTC058116	IRM ENTERPRISES PRIVATE LIMITED	Director	30-09-11	04-08-11	-	Active	NO
19	U24230GJ2012PTC069227	CASIL BG MEDICAL DEVICES PRIVATE LIMITED	Director	28-02-12	28-02-12	-	Active	NO
20	U73100GJ2012PTC070636	INVERIKA BIORESEARCH PRIVATE LIMITED	Director	07-06-12	07-06-12	-	Active	NO
21	U24230GJ2012PLC071212	OMNICARE PHARMACEUTICALS LIMITED	Director	19-07-12	19-07-12	-	Active	NO

Name :

Prof. Atul Bipinbhai Tandon

Designation :

Director

Address :

A/43, Royal Orchid, Corporate Road, Opposite Prahlad Nagar Gardens, Prahlad Nagar, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

03.01.1948

Date of Appointment :

04.07.2003

DIN No.:

00165667

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74300MH1999PTC118388	ASAPP MEDIA PRIVATE LIMITED	Director	17-02-99	17-02-99	-	Active	NO
2	L51109WB1934PLC088167	J L MORISON (INDIA) LIMITED	Director	18-06-03	18-06-03	-	Active	NO
3	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	04-07-03	04-07-03	-	Active	NO
4	U65990MH1994GOI081616	BOBCARDS LIMITED	Director	26-09-05	26-09-05	-	Active	NO
5	U74990MH2008PTC188627	SPACEAND PEOPLE INDIA PRIVATE LIMITED	Director	18-12-08	18-12-08	30-06-10	Active	NO

Name :

Mr. Daya Nand Khurana

Designation :

Director

Address :

288, Vasant Enclave, Vasant Vihar, New Delhi - 110057, India

Date of Birth/Age :

15.05.1935

Date of Appointment :

04.07.2003

DIN No.:

00020601

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	04-07-03	04-07-03	-	Active	NO
2	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	28-10-05	28-10-05	05-07-10	Active	NO
3	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	29-09-08	17-12-07	-	Active	NO
4	U91990DL2007PLC158833	SYENERGY ENVIRONICS LIMITED	Director	19-06-12	19-06-12	-	Active	NO

Name :

Mrs. Monika Garware Modi

Designation :

Director

Address :

13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

04.06.1963

Date of Appointment :

15.12.1995

DIN No.:

00143400

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L10889MH1957PLC010889	GARWARE POLYESTER LIMITED	Managing director	31-03-89	31-03-89	-	Active	NO
2	U91110MH1981NPL024836	B D GARWARE RESEARCH CENTRE	Director	09-04-93	09-04-93	-	Active	NO
3	U24110MH1995PLC090555	GARWARE CHEMICALS LIMITED	Director	13-07-95	13-07-95	30-08-07	Active	NO
4	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	15-12-95	15-12-95	-	Active	NO
5	U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	Director	10-08-96	10-08-96	-	Active	NO
6	U74120GJ1994PLC023239	IRM LIMITED	Director	10-08-96	10-08-96	-	Active	NO
7	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	Director	10-08-96	10-08-96	-	Active	NO
8	U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	10-08-96	10-08-96	-	Amalgamated	NO
9	U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	Director	15-04-97	15-04-97	-	Strike off	NO
10	U74999MH1989PLC053573	GARWARE INDUSTRIES LIMITED	Director	05-12-98	05-12-98	-	Active	NO
11	U65990MH1981PTC025590	MONIKA HOLDINGS PRIVATE LIMITED	Director	07-01-99	07-01-99	-	Amalgamated	NO
12	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Director	04-07-03	04-07-03	-	Active	NO
13	U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	Director	08-06-09	08-06-09	-	Active	NO
14	U70102MH2009PTC197095	GREAT DESIGN PROPERTIES PRIVATE LIMITED	Director	31-03-10	31-03-10	-	Amalgamated	NO
15	U45400MH2010PTC202621	ENVISION PROPERTIES PRIVATE LIMITED	Director	11-05-10	11-05-10	-	Amalgamated	NO
16	U45202MH2010PTC205261	BEST DESIGN PROPERTIES PRIVATE LIMITED	Director	16-07-10	16-07-10	-	Amalgamated	NO
17	U45400MH2007PTC172262	VIA INVESTMENT CONSULTANTS PRIVATE LIMITED	Director	07-09-12	29-06-12	-	Active	NO
18	U24119MH2003PTC139109	NAIGAON CHEMICALS PRIVATE LIMITED	Director	07-09-12	29-06-12	-	Active	NO

Name :

Mr. Chinubhai Ramanlal Shah

Designation :

Director

Address :

402, Heritage Cresent, Behind Prahladnagar Garden, Near Jain Derasar, S. G. Highway, Ahmedabad – 380 051, Gujarat, India

Date of Birth/Age :

04.06.1937

Date of Appointment :

31.03.2001

DIN No.:

00558310

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	28-04-93	28-04-93	01-04-10	Active	NO
2	L55910GJ1992PLC018623	ARMAN FINANCIAL SERVICES LIMITED	Director	18-10-94	18-10-94	-	Active	NO
3	L24110GJ1995PLC024052	MEGHMANI ORGANICS LIMITED	Director	13-04-00	13-04-00	-	Active	NO
4	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	20-10-00	20-10-00	23-04-08	Active	NO
5	U80302GJ2001PTC039156	GUJARAT EDUCATION AND TRANING COMPANY PRIVATE LIMITED	Director	10-01-01	10-01-01	12-02-08	Active	NO
6	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	31-03-01	31-03-01	-	Active	NO
7	U85110GJ2002NPL040355	INDIA RENAL FOUNDATION	Director	15-01-02	15-01-02	-	Active	NO
8	U24240GJ1980PLC003670	NIRMA LIMITED	Director	06-06-02	06-06-02	-	Active	NO
9	L28112WB1920PLC003606	THE TINPLATE COMPANY OF INDIA LIMITED	Nominee director	03-09-02	03-09-02	08-09-08	Active	NO
10	L51909WB1986PLC040098	GUJARAT NRE COKE LIMITED	Director	18-12-03	18-12-03	-	Active	NO
11	U52100GJ1965PLC001347	GSEC LIMITED	Director	18-03-04	18-03-04	-	Active	NO
12	U92190GJ2005PLC046225	GULMOHAR GREENS-GOLF AND COUNTRY CLUB LIMITED	Director	18-08-05	18-08-05	-	Active	NO
13	U85110GJ2001PLC039758	NEFRON LIMITED	Director	24-10-05	24-10-05	07-04-07	Active	NO
14	U85110TN1997PLC039016	APOLLO HOSPITALS INTERNATIONAL LIMITED	Director	31-07-06	31-07-06	-	Active	NO
15	U74140GJ1995PLC027080	SALINE AREA VITALISATION ENTERPRISE LIMITED	Director	22-08-06	22-08-06	-	Active	NO
16	U24110GJ1995PTC025307	DOSHION PRIVATE LIMITED	Director	04-11-06	04-11-06	-	Active	NO
17	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	25-09-08	25-04-08	01-07-12	Active	NO
18	L27100GJ1993PLC020552	SHILP GRAVURES LIMITED	Director	08-08-09	30-07-08	-	Active	NO
19	U40100GJ2008PLC054425	ABELLON CLEANENERGY LIMITED	Director	23-11-09	10-12-08	-	Active	NO
20	U24100GJ2007PLC051717	MEGHMANI FINECHEM LIMITED	Director	28-07-09	25-03-09	-	Active	NO

Name :

Prof. Pradip Navin Khandwalla

Designation :

Director

Address :

B/101, Jupiter Tower, Opposite Samkit Bunglows, Bodakdev, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

18.02.1940

Date of Appointment :

14.09.2007

DIN No.:

00064643

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L23203GJ1980PLC003623	GUJARAT GAS COMPANY LIMITED	Director	01-03-01	01-03-01	-	Active	NO
2	U24220GJ1991PLC016598	MICRO INKS LIMITED	Director	13-01-05	13-01-05	-	Active	NO
3	U24110GJ1980PLC004091	GUJARATGAS TRADING COMPANY LIMITED	Director	22-12-05	22-12-05	-	Active	NO
4	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	29-09-07	14-09-07	-	Active	NO
5	U99999DL1983NPL014987	AGA KHAN RURAL SUPPORT PROGRAMME (INDIA)	Director	07-04-08	07-04-08	-	Active	NO
6	U65991MH1992PLC069414	BARODA PIONEER ASSET MANAGEMENT COMPANY LIMITED	Director	23-09-08	27-06-08	27-09-11	Active	NO
7	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	22-09-09	25-09-08	-	Active	NO

Name :

Mrs. Shilaben Indravadan Modi

Designation :

Director

Address :

13, Sanjiv Baug, New Sharda Mandir Road, Ahmedabad – 380 007, Gujarat, India

Date of Birth/Age :

09.12.1931

Qualification :

Matriculate

Date of Appointment :

16.12.1995

DIN No.:

01976356

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	16-12-95	16-12-95	-	Active	NO
2	U51909GJ1995PLC027839	CASIL HEALTH PRODUCTS LIMITED	Director	10-08-96	10-08-96	-	Active	NO
3	U74120GJ1994PLC023239	IRM LIMITED	Director	10-08-96	10-08-96	-	Active	NO
4	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	Director	10-08-96	10-08-96	-	Active	NO
5	U67120GJ1995PTC025713	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	10-08-96	10-08-96	-	Amalgamated	NO
6	U67120GJ1997PTC032109	CASIL FINANCE PRIVATE LIMITED	Director	15-04-97	15-04-97	-	Strike off	NO
7	U72200GJ2000PLC038743	CADINDIA INSURANCE COMPANY LIMITED	Director	04-10-00	04-10-00	-	Strike off	NO
8	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Director	04-07-03	04-07-03	-	Active	NO
9	U63023GJ2008PLC052813	GREEN CHANNEL LOGI-SOLUTIONS LIMITED	Director	05-02-08	05-02-08	-	Active	NO
10	U45209GJ2008PTC055133	CPL INFRASTRUCTURE PRIVATE LIMITED	Director	26-09-08	26-09-08	-	Active	NO
11	U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	Director	24-03-09	24-03-09	09-06-09	Active	NO
12	U65993GJ2009PTC056511	CPL HOLDINGS PRIVATE LIMITED	Director	01-04-09	01-04-09	-	Active	NO
13	U01403GJ2009PTC056669	CPL AGRO PRODUCTS PRIVATE LIMITED	Director	20-04-09	20-04-09	-	Active	NO
14	U74999GJ2009PTC058116	IRM ENTERPRISES PRIVATE LIMITED	Director	15-09-09	15-09-09	-	Active	NO
15	U24230GJ2012PLC071212	OMNICARE PHARMACEUTICALS LIMITED	Director	19-07-12	19-07-12	-	Active	NO

Name :

Mr. Sanjay Sinha

Designation :

Director

Address :

A/ 31, Orchid Woods, Opposite Vodafone House, Prahlad Nagar, Corporate Road, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

01.11.1958

Date of Appointment :

29.09.2012

DIN No.:

03627342

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Director	30-09-11	01-09-11	-	Active	NO
2	U24231GJ2000PLC038320	CASIL INDUSTRIES LIMITED	Director	29-09-12	01-09-11	-	Active	NO
3	U01403GJ2009PTC056409	CPL BIOLOGICALS PRIVATE LIMITED	Director	30-09-11	01-09-11	-	Active	NO
4	U29199GJ1981PLC004488	KARNAVATI ENGINEERING LIMITED	Director	30-09-11	12-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shreyas Kunjvuhari Parikh
Designation :	Company Secretary
Address :	B 001, Aakasheep Anne, Near Shreyas Railway Crossing, Amba Wadi, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	12.08.1957
Date of Appointment :	22.02.2008
PAN No.:	AEIPP6513R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Indravadan A Modi	7999990
Shilaben I Modi	7999990
I. A. Modi	59460955
I. A. Modi (HUF)	10
Shilaben I Modi	13333
R. I. Modi	4525712
I. A. Modi	10
Total	80000000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	80.00
Directors or relatives of Directors	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

Products :

Item Code No.	Product Description
29420014	Ranitidine
29051410	Ethambutol
29350011	Sulphamethaxazole

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Tablets	Nos in million	14913	6116
Capsules	Nos in million	1124	300
Injections	Kilo Litres	298	216
Liquids	Kilo Litres	10376	2071
Ophthalmic	Kilo Litres	0	24
Ointment	M.T	0	6
Dry powder injections	M.T	10	5
Granules and dry syrups	M.T	220	1
Bulk drugs	M.T	979	1069
Tissue cultures	Nos in million	10	10

Notes:

1. As the Industrial licensing in respect of Drugs and Pharmaceuticals produced by the Company has been waived, the particulars of licensed capacity are not stated.

2. The installed capacity is taken on 2 shift working, as Certified by Management.

3. Production includes production under Loan License arrangement.

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

· Bank of Baroda, CFS Ellis Bridge, Ahmedabad, Gujarat, India

· Central Bank of India, Lal Darwaja, Ahmedabad – 380 001, Gujarat, India

· Bank of Maharashtra

· Dena Bank

· State Bank of Saurashtra

· Tamilnadu Mercantile Co-operative Bank Limited

· Vijaya Bank

· Bank of Baroda , Corporate Financial Services Branch, Ahmedabad-380006, Gujarat, India

· Corporation Bank, Avrangpura Branch, Ahmedabad, Gujarat, India

· Oriental Bank of Commerce, Ashram Road, Ahmedabad, Gujarat, India

· Punjab National Bank, Ashram Road Branch, Satellite, Ahmedabad – 380 009, Gujarat, India

· Union Bank of India, Industrial Finance Branch, Ashram Road, Ahmedabad, Gujarat, India

· Axis Bank Limited, Ahmedabad, Gujarat, India

· Syndicate Bank, Ashram Road Branch, Ahmedabad-380 009, Gujarat, India

· ICICI Bank, Bandra, Mumbai, Maharashtra, India

· Canara Bank, Bhadra Branch, Ahmedabad - 380001

· Export Import Bank of India, Centre One, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

· State Bank of India

· Allahabad Bank, Ashram Road Branch, Ahmedabad-380014, Gujarat, India

· State Bank of Mysore

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

· The Karnataka Bank Limited, Shree Gantha Karna Mahavee Complex, Near New Cloth Market, Sarangpura, Ahmedabad- 380002, Gujarat, India

Facilities :

Secured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Term Loans
Rupee Term Loans secured	3107.636	2762.295
Working Capital Loans from Banks	1379.937	948.443
Loans taken for Vehicles	61.461	43.619
Total	4549.034	3754.357
Unsecured Loans	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Fixed Deposits From
Fixed deposits unsecured	415.342	391.579
Other debts unsecured	363.180	306.040
Total	778.522	697.619

(A) Term Loans:

(a) Bank of Baroda Rs.759.999 Millions (b) Syndicate Bank Rs.93.780 Millions (c) Dena Bank Rs.1400.000 Millions (d) Canara Bank Rs.49.959 Millions (e) Central Bank of India Rs.650.000 Millions (f) Corporation Bank Rs.153.895 Millions [Term Loans from (a) to (f) are secured by pari passu first charge on all movable and immovable fixed assets of the Company, except land and building at Jammu and vehicle mentioned at (ii) below, by way of Equitable Mortgage on land and building and hypothecation of plant and machinery(both present and future),and further secured by second charge on current assets of the company except loan from Corporation bank, Syndicate Bank and Canara Bank as well as personal guarantee of a director.] [ b) Term loan from Corporation and Syndicate banks are further secured by pledge on Shares of Apollo Hospitals International Limited.]

(B) TERM LOANS:

(a) Bank of Baroda Rs.524.996 Millions (b) Syndicate Bank 131.210 Millions (c) Dena Bank 1399.877 Millions (d) Canara Bank Rs.90.000 Millions (e) Central Bank of India 399948175 (f) Corporation Bank 216262323 [Term Loans from (a) to (f) are secured by pari passu first charge on all movable and immovable fixed assets of the Company, except land and building at Jammu and vehicle mentioned at (ii) below, by way of Equitable Mortgage on land and building and hypothecation of plant and machinery(both present and future),and further secured by second charge on current assets of the company except loan from Corporation bank, Syndicate Bank and Canara Bank as well as personal guarantee of a director.] [ b) Term loan from Corporation and Syndicate banks are further secured by pledge on Shares of Apollo Hospitals International Limited.]

(C) Working Capital Loans From Banks : (1) Cash Credit and Packing Credit account Rs.1166.752 Millions (2) Working Capital Demand Loan Rs.213.184 Millions [Working Capital Loans : Secured by the hypothecation of stock-in-trade, packing materials, stores, spare parts, book-debts and pledge of title of goods despatched and further secured by second charge on all movable and immovable fixed assets of the Company except land and building situated at Jammu and personal guarantee of a director.]

(D) Working Capital Loans From Banks : (1) Cash Credit and Packing Credit account 584984126 (2) Working Capital Demand Loan Rs.363.458 Millions [Working Capital Loans : Secured by the hypothecation of stock-in-trade, packing materials, stores, spare parts, book-debts and pledge of title of goods despatched and further secured by second charge on all movable and immovable fixed assets of the Company except land and building situated at Jammu and personal guarantee of a director.]

(E) Vehicle Loans: Secured by hypothecation of specific vehicles financed out of the loans.

(F) Vehicle Loans: Secured by hypothecation of specific vehicles financed out of the loans.

(G) Secured Loans include Rs.812.567 Millions repayable within one year

(H) Secured Loans include Rs.374.614 Millions repayable within one year

Unsecured Loans :

(A) Fixed Deposits: (1) Public Rs.106.652 Millions

(2) Directors Rs.109.738 Millions

(3) Shareholders Rs.198.951 Millions

(B) Fixed Deposits:

(1) Public Rs.103.939 Millions

(2) Directors Rs.94.179 Millions

(3) Shareholders Rs.193.459 Millions

(C) From Deptt.of Science and Technology [Represents loan from Dept. Of Science and Technology under Pharmaceutical Research and Development Programme for development]

(D) From Deptt.of Science and Technology [Represents loan from Dept. Of Science and Technology under Pharmaceutical Research and Development Programme for development]

(E) Unsecured Loans include Rs.33.963 Millions repayable within one year

(F) Unsecured Loans include Rs.17.317 Millions repayable within one year

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	‘Heritage’, 3^rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-27582542/ 27582543/ 266073100
Fax No.:	91-79-27582551
E-Mail :	AABFD7919A
PAN.:	cchokshi@wilnetonline.net
Associates Company :	· Casil Health Products Limited · Casil Industries Limited · Apollo Hospitals International Limited · Green Channel LogiSolutions Limited
Subsidiaries Company :	· Satellite Overseas Holdings Limited, UK · Caidla Pharmaceuticals (E. A) Limited, Kenya · Interpharma Industries Limited, Nigeria · CPL Biologicals Private Limited CIN No : U01403GJ2009PTC056409 · Cadila Pharmaceuticls(Ethiopia) Plc., Ethopia · SOHL Inc., U.S.A. · CPL Inc., U.S.A. · Kadera Yakuhin Limited, Japan · CPL Biologicals Private Limited · CPL Agro Products Private Limited · CPL Holdings Private Limited · Cadila Pharma (Europe) Limited, U.K.
Enterprises significantly influenced by Directors and / or their relatives :	· Cadila Laboratories Limited · CPL Infrastructure Private Limited · IRM Limited · IRM Enterprises Private Limited · Karnavati Enggineering Limited · Shri I.A. Modi (H.U.F)-A/C no.1 · Shri I.A. Modi (H.U.F)-A/C no.2 · Shri I.A. Modi (H.U.F.)-A/C no.3 · Shri I.A. Modi (H.U.F) · J. Modi Family Trust · Indraj Trust · IRM Trust · Manendra Family Trust · Manshi Family Trust · Manthan Family Trust · Mayur Family Trust · Mihir Family Trust · Raj Trust · Shantaben Family Will Trust · Shil Trust · Shilraj Trust · A Modi Family Trust · Miten Family Trust · Rajiv Family Trust · Shilaben Family Trust

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Notes:

(Out of which: 1,48,84,423 Equity Shares were issued pursuant to scheme of Arrangement and Amalgamation, without payment being received in cash and 1,50,00,000 Equity Shares of Rs.10/-each fully paid up, issued as Bonus Shares)

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		800.000	800.000	800.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1427.297	1332.124	1314.395
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2227.297	2132.124	2114.395
LOAN FUNDS
1] Secured Loans		4549.034	3754.357	3704.106
2] Unsecured Loans		778.522	697.619	1064.987
TOTAL BORROWING		5327.556	4451.976	4769.093
DEFERRED TAX LIABILITIES		490.447	462.131	458.700
TOTAL		8045.300	7046.231	7342.188
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3415.718	3382.072	2964.291
Capital work-in-progress		444.523	102.845	559.541
INVESTMENT		1197.025	1138.500	702.230
DEFERREX TAX ASSETS			0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1506.732	1148.883	1285.725
	Sundry Debtors	1781.776	1601.648	1791.952
	Cash & Bank Balances	201.900	274.876	223.547
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1206.120	992.624	1669.952
Total Current Assets		4696.528	4018.031	4971.176
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1097.223	1050.234	1333.024
	Other Current Liabilities	556.440	493.928	390.744
	Provisions	54.831	51.055	131.282
Total Current Liabilities		1708.494	1595.217	1855.050
Net Current Assets		2988.034	2422.814	3116.126
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8045.300	7046.231	7342.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	7668.501	6478.223	6538.342
		Other Income	232.031	250.545	374.466
		TOTAL (A)	7900.532	6728.768	6912.808
Less	EXPENSES
		Increase or Decrease in Stock	3306.592	2886.378
		Manufacturing service costs	552.369	399.254
		Employee related expenses	1082.120	942.562
		Administrative, Selling and other Expenses	1538.328	1256.950	5984.785
		Research and Development Expenses	322.773	275.070
		Exceptional items	0.000	0.096
		Other Expenses	253.961	295.861
		TOTAL (B)	7056.143	6056.171	5984.785
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		844.389	672.597	928.023
Less	FINANCIAL EXPENSES (D)		444.627	424.465	405.645
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		399.762	248.132	522.378
Less/ Add	DEPRECIATION/ AMORTISATION (F)		242.856	221.698	218.763
	PROFIT BEFORE TAX (E-F) (G)		156.906	26.434	303.615
Less	TAX (H)		61.733	8.705	82.429
	PROFIT AFTER TAX (G-H) (I)		95.173	17.729	221.186
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1177.773	1160.044	1027.796
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	6.000
		Dividend	0.000	0.000	70.890
		Tax on Dividend	0.000	0.000	12.048
	BALANCE CARRIED TO THE B/S		1272.946	1177.773	1160.044
	IMPORTS
		Raw Materials	237.146	149.845	220.658
		Research material	4.674	3.306	4.176
		Stores and spares	16.410	4.335	16.196
		Capital goods	140.428	116.428	181.495
		Packing material	4.212	1.173	3.402
	TOTAL IMPORTS		402.870	275.087	425.927
	Earnings Per Share (Rs.)		1.19	0.22	3.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.20	0.26	3.20
Net Profit Margin (PBT/Sales)	(%)	2.04	0.41	4.64
Return on Total Assets (PBT/Total Assets}	(%)	1.93	0.35	3.83
Return on Investment (ROI) (PBT/Networth)		0.07	0.01	0.14
Debt Equity Ratio (Total Liability/Networth)		3.15	2.84	3.13
Current Ratio (Current Asset/Current Liability)		2.75	2.52	2.68

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	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	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	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

REVIEW OF OPERATIONS

During the year, the net sales increased to Rs.7668.501 Million from Rs.6478.223 Million in 2009-10, registering a growth of about 12%. Profit before tax (PBT) improved significantly to Rs.156.906 Million and Profit after tax (PAT) to Rs.95.173 Million in the current year as against PBT of Rs.26.434 Million and PAT of Rs.17.729 Million in the previous year.

Contingent Liabilities (As on 31.03.2011)

(a) Guarantees given by a Bank and counter guarantee given by the Company – RS.543.827 Millions

(b) Estimated amount of contracts remaining to be executed on capital account and not provided for, net of advances - Rs.35.945 Millions

(c) The demand raised by the Ministry of Chemical and Fertilizer, Govt. of India and disputed by the Company based on the legal advice Rs.14.242 Millions

(d) The claims against the Company not acknowledged as debts - Rs.124.509 Millions

(e) The demand raised by the Central and State Excise Department against which the Company is in appeal and pending for decision Rs.29.609 Millions

(f) Disputed Income Tax and Wealth Tax matters – Rs.31.500 Millions

(g) Disputed Sales Tax Matters Rs.8.300 Millions

(h) Municipal Property Tax for the years 1986-87 to 1994-95 against which the Company has filed an appeal in Court and the said Court has issued stay order Rs.0.510 Millions

(i) Excise Duty Refund at Jammu for year 2008-09 and 2009-10 against which the Company has filed Writ petition in Hon'ble High Court of Jammu and Kashmir Rs.110.740 Millions

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24231GJ1991PLC015132
Name of the company	CADILA PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Cadila Corporate Campus, Sarkhej Dholka Road, Ahmedabad – 380008, Gujarat, India Email Id : secretarial@cadilapharma.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90103281
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Corporate Financial Services Branch, Bob Towers, Oppoiste Law Garden, Ellisbridge, Ahmedabad – 380009, India Email Id : corahm@bankofbaroda.com
Nature of instrument creating charge	Instrument of extension relating to deposit of title deeds by constructive delivery executed on 24th august, 2011 to secure fresh term loan aggregating to Rs.650.000 Millions granted by Indian Overseas Bank
Date of instrument Creating the charge	24.08.2011
Amount secured by the charge	Rs.6160.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 1. Term Loan - Base Rate +1.00% i.e. 10.50% 2. Corporate Loan - Base Rate +2.00%, i.e.11.50% Terms of repayment 1. Term loan to be repaid in 20 quarterly installments of Rs.25.000 Millions after moratorium period of 24 months from the date of first disbursement 2. Corporate Loan to be repaid in 16 quarterly installments of Rs.9.375 Millions after moratorium period of 24 months from the date of first disbursement 3. Monthly interest shall be serviced by the company as and when charged to the account Margin Margin for Term Loan - 16.66% and Nil for Corporate Loan Extent and operation of the charge First mortgage and pari passu charge basis to Term Loan lenders amounting to Rs.4360.000 Millions (incl. Rs.650.000 Millions granted by Indian Overseas bank) and second mortgage and pari passu charge basis to BOB consortium members amounting to Rs.1800.000 Millions on the properties fully described in the Second Schedule, thus making the aggregate facilities to Rs.6160.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	More particularly described in the Second Schedule attached to the Instrument of extension relating to deposit of title deeds dated 24th August, 2011
Date of instrument modifying the charge	21.12.2010
Particulars of the present modification	The present charge has been modified to extend the first pari passu charge in favour of Indian Overseas Bank, Ashram Road, Ahmedabad, to secure the fresh Term Loan of Rs.500.000 Millions and Corporate Term Loan of Rs.150.000 Millions aggregating to Rs.650.000 Millions along with other bankers by constructive deposit of title deeds in favour of Bank of Baroda, CFS Branch, BOB Towers, Opp. Law Garden, Ellisbridge, Ahmedabad, Gujarat, India

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Vehicles

· Live Stock

Website Details

PROFILE

Subject is one of the largest privately held pharmaceutical companies in India, headquartered at Ahmedabad, in the state of Gujarat. Over the last five decades, it has been developing and manufacturing pharmaceutical products and selling and distributing these in over 50 countries around the world. An integrated healthcare solutions provider with pharmaceutical product basket, it caters to over 45 therapeutic areas that include cardiovascular, gastrointestinal, analgesics, haematinics, anti-infectives and antibiotics, respiratory agents, antidiabetics and immunologicals. The company focuses on providing high quality, appropriately priced products to its customers and supports all these with dedicated customer service. Cadila Pharmaceuticals has a multicultural, multilingual and multinational workforce of more than four thousand employees including over two hundred people outside India in forty-nine countries of Africa, CIS, Japan and USA.

The company has one of the best Research and Development (R and D) setups in India, manned by more than three hundred and fifty scientists and engineers from various disciplines including biology, pharmacology, clinical research, chemistry, toxicology, phytochemistry and different disciplines of engineering. The company also participates in Public-Private partnerships for developing diagnostic, preventive and curative pharmaceutical and diagnostic products.

Subject is the first Indian company to get IND approval by USFDA for clinical trials to be conducted in India. Subsequently, the company has filed four more INDs with USFDA. Of the five INDs filed, one is for pulmonary tuberculosis; the trial is supported by Department of Biotechnology, Govt. of India. The remaining four are for various types of cancers, e.g., Lung Cancer, Prostrate cancer, Bladder Cancer and Melanoma. Thus all the INDs are for providing solutions to major global health care problems. The clinical trials on Prostrate cancer, Lung cancer and Bladder cancer are supported by Department of Science and Technology to encourage innovations.

The company has state-of-the-art manufacturing facilities conforming to the most stringent international cGMP norms vis-à-vis WHO-GMP, WHO, Geneva (GDF site for Anti- TB), TGA Australia (PIC/S), USFDA, UK- MHRA, MCC-South Africa, ISO 9001 and ISO 14001. Spread over hundred acres of land, Cadila Pharmaceuticals’ manufacturing facility at Dholka is the cynosure of all eyes, well equipped with world-class production facilities. The company’s two Active Pharmaceutical Ingredients units at Ankleshwar manufacture a wide-range of APIs and intermediates including three USFDA certified products. The manufacturing facility at Samba, near Jammu, started its commercial operations in August 2006. The first overseas formulation manufacturing facility of subject has commenced its operations in Ethiopia.

A responsible corporate citizen conscious of its duty towards various sections of the society; Cadila Pharmaceuticals nurtures young talents; runs an ultra-modern charitable hospital in a remote area with facilities like Telemedicine in association with Apollo Ahmedabad; works closely with NGOs by way of assistance and support for mid-day meal programmes, among other initiatives.

PRESS RELEASES

Cadila Pharmaceuticals secures Wellcome Trust Award

Wellcome Trust supports Cadila Pharmaceuticals’ preventive approach towards combat cardio vascular diseases

Ahmedabad, 29 November, 2010 – Ahmedabad based pharma major Cadila Pharmaceuticals Limited has received a prestigious Wellcome Trust Award under the new R and D for Affordable Healthcare in India initiative to support a phase III clinical trial of PolycapTM, a combination pill to reduce the risk of Cardiovascular diseases.

Cardio Vascular Diseases (CVD), predominantly heart disease and stroke, account for around 30% of all deaths around the world. The PolycapTM offers a primary prevention strategy to individuals who are at high risk for these illnesses.

PolycapTM comprises three blood pressure reducing agents, including a diuretic and a beta blocker, together with a cholesterol-lowering statin. All of the agents have been chosen based on the evidence of their reducing cardiovascular risk and generic drug status.

The combination pill has already been tested in over 2000 volunteers across 50 centers in India as part of The Indian PolycapTM Study (TIPS) published in the Lancet in 2009. Results from that phase II trial found that use of the drug reduces the risk of coronary heart disease by 62% and stroke by 48%.

Speaking of the award, Mr. Indravadan Modi, Chairman of Cadila Pharmaceuticals said, “We are delighted that our innovative product has gained recognition by the UK’s leading biomedical foundation, the Wellcome Trust. This award endorses our efforts in providing research-based revolutionary products in the cardio care segment.”

The Wellcome Trust award will support the study of at least 5,000 individuals with no previous history of heart attack or stroke. The placebo-controlled trial will recruit men over the age of 55 and women over 60 that have been identified as being at increased risk of CVD through a questionnaire based on family history and lifestyle factors. The investigators will assess whether taking PolycapTM for a period of five years can cut the risk of CVD, by monitoring the incidence of death due to heart attack, non-fatal heart attack, and non-fatal stroke.

Dr Nick Dunster, Senior Business Analyst at the Wellcome Trust commented: “Cadila Pharmaceuticals has already reported positive results from previous clinical trials and we look forward to seeing how PolycapTM performs in this larger phase III trial. CVD is a global problem, so a drug that can cut the risk for susceptible individuals has the potential to make a huge impact on human health the world over, not just in India.”

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.54.91
UK Pound	1	Rs.87.38
Euro	1	Rs.70.24

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.