MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	RAPTAKOS BRETT AND COMPANY LIMITED
Formerly Known As :	RAPTAKOS BRETT AND COMPANY PRIVATE LIMITED
Registered Office :	253, Dr. Annie Besant Road, Worli Colony P O, Mumbai – 400030, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.04.1930
Com. Reg. No.:	11-002084
Capital Investment / Paid-up Capital :	Rs.12.500 Millions
CIN No.: [Company Identification No.]	U52310MH1930PLC002084
TAN No.: [Tax Deduction & Collection Account No.]	RTKR04028D
PAN No.: [Permanent Account No.]	AAACR1772R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Bulk Drugs, Pharmaceutical Formulations, Food Products and Fine Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 14100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sounds. Fundamental are strong and healthy. Trade relations are reported are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 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

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 :	253, Dr. Annie Besant Road, Worli Colony P O, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24934251/ 40856000
Fax No.:	91-22-24933747/ 24950341/ 40856020
E-Mail :	shetty@raptakos.com barve@raptakos.com
Website :	http://www.raptakos.com
Corporate Office :	21 A, 2^ndFloor, Mittal Tower, A Wing 210,Nariman Point, Mumbai - 400021, Maharashtra, India
Tel. No.:	91-22-40856000
Fax No.:	91-22-40856020
E-mail:	contact@raptakos.com
Branches :	Located at: Andhra Pradesh Assam Bihar Chhattisgarh Delhi Gujarat Jammu and Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Orissa Punjab Rajasthan Tamilnadu Uttarakhand Uttar Pradesh West Bengal

DIRECTORS

As on: 15.09.2011

Name :

Mr. Shyam Madanmohan Ruia

Designation :

Director

Address :

96 L, Jagmohan Marg, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

09.09.1945

Qualification :

M.A. (Cantab)

Date of Appointment :

25.01.1972

PAN No.:

AABPR8931L

DIN No.:

00094600

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	U74999MH1960PTC011837	RUIA AND COMPANY PRIVATE LIMITED	Director	08/01/1968	08/01/1968	-	Active	NO
2	L74999MH1960PLC011835	BOMBAY OXYGEN CORPORATION LIMITED	Director	09/08/1968	09/08/1968	-	Active	NO
3	U52310MH1930PLC002084	RAPTAKOS BRETT AND COMPANY LIMITED	Director	25/01/1972	25/01/1972	-	Active	NO
4	U51900MH1956PTC009756	M RAMNARAIN PRIVATE LIMITED	Director	28/06/1974	28/06/1974	-	Active	NO
5	U51900MH1980PTC023260	S M R TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	12/01/1981	12/01/1981	-	Active	NO
6	U51900MH1980PTC023261	K M R TRADING INVESTMENT COMPANY PRIVATE LIMITED	Director	12/01/1981	12/01/1981	-	Active	NO
7	U65990MH1966PTC013511	THE RELIANCE INVESTMENT COMPANY PRIVATE LIMITED	Director	12/01/1981	12/01/1981	-	Active	NO
8	U51900MH1993PTC072846	AMAYSR TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	14/07/1993	14/07/1993	-	Active	NO
9	U99999MH1995NPL086507	MRR CHARITIES	Director	15/03/1995	15/03/1995	-	Active	NO
10	U45201TN2003PLC050938	VELACHERI PROPERTIES LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
11	U24111MH2005PLC152844	BOMBAY OXYGEN GASES LIMITED	Director	27/04/2005	27/04/2005	-	Strike off	NO
12	U24111MH2005PLC152882	BOMBAY OXYGEN ACETYLENE LIMITED	Director	28/04/2005	28/04/2005	-	Strike off	NO
13	U91990MH1925PLC001182	ROYAL WESTERN INDIA TURF CLUB LIMITED	Director	21/12/2006	21/12/2006	-	Active	NO
14	U51101MH2012PTC227335	MESMERIC TRADING PRIVATE LIMITED	Director	23/02/2012	23/02/2012	-	Active	NO

Name :

Mr. Suhrud Shantilal Jhaveri

Designation :

Director

Address :

1510 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

23.06.1951

Qualification :

B.E. (Mech)

Date of Appointment :

09.09.1996

DIN No.:

00048045

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	U36900MH1964PTC013066	LONDON STAR DIAMOND COMPANY (INDIA) PRIVATE LIMITED	Director	01/06/1977	01/06/1977	18/02/2012	Active	NO
2	U36911MH1995PTC084347	GRAND-SLAM DIAMOND EXPORTS PRIVATE LIMITED	Director	05/01/1995	05/01/1995	-	Active	NO
3	U24200MH1980PLC023051	RAPTAKOS BRETT TEST LABORATORIES LIMITED	Director	09/09/1996	09/09/1996	-	Active	NO
4	U52310MH1930PLC002084	RAPTAKOS BRETT AND COMPANY LIMITED	Director	09/09/1996	09/09/1996	-	Active	NO

Name :

Mr. Indra Girdharlal Durlabhji

Designation :

Chairman

Address :

Durlabh Niwas C Scheme Oppositem Bagadia Bhavan Jaipur – 302002, Rajasthan, India

Date of Birth/Age :

18.08.1945

Qualification :

B.A. (Econ)

Date of Appointment :

09.09.1996

DIN No.:

00088759

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	U24239MH1992PTC065391	APOSTOLOS PHARMACEUTICALS PRIVATE LIMITED	Director	12/02/1992	12/02/1992	31/10/2008	Active	NO
2	U27107RJ1970PTC001305	MAN STRUCTURALS PRIVATE LIMITED	Director	06/09/1995	06/09/1995	-	Active	NO
3	U24232RJ1986PTC003720	KUNAL PHARMACEUTICALS PRIVATE LIMITED	Director	20/12/1995	20/12/1995	21/02/2011	Strike off	NO
4	U52310MH1930PLC002084	RAPTAKOS BRETT AND COMPANY LIMITED	Director	09/09/1996	09/09/1996	-	Active	NO
5	U24200MH1980PLC023051	RAPTAKOS BRETT TEST LABORATORIES LIMITED	Director	09/09/1996	09/09/1996	-	Active	NO
6	U45201RJ1997PTC013851	LEE CONSTRUCTION PRIVATE LIMITED	Managing director	30/05/1997	30/05/1997	-	Active	NO
7	U99999MH1995NPL086507	MRR CHARITIES	Director	29/06/1999	29/06/1999	-	Active	NO
8	U26943RJ2006PTC023500	RAGHUPATI CEMENTS PRIVATE LIMITED	Director	16/03/2007	16/03/2007	10/09/2011	Active	NO
9	U74999RJ1995PTC011276	YASH TRANSTECH PRIVATE LIMITED	Director	29/09/2007	04/05/2007	-	Active	NO

Name :

Mr. Ulhas Bhagwant Muthal

Designation :

Whole Time Director

Address :

Flat No.10, Rahul Co-operative Housing Society Limited, Arun Kumar Vaidya Marg, Thane (West), Mumbai – 400602, Maharashtra, India

Date of Birth/Age :

01.08.1943

Qualification :

B. Pharm.

Date of Appointment :

03.02.2010

PAN No.:

AAVPM8415E

DIN No.:

00086353

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	U52310MH1930PLC002084	RAPTAKOS BRETT AND COMPANY LIMITED	Whole-time director	03/02/2010	03/02/2004	-	Active	NO
2	U45201TN2003PLC050938	VELACHERI PROPERTIES LIMITED	Director	20/07/2004	20/07/2004	-	Active	NO

Name :

Mr. Amay Shyam Ruia

Designation :

Additional Director

Address :

96 L, Jagmohan Marg, Malbar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

07.04.1987

Qualification :

M.Sc. (University of Oxford)

Date of Appointment :

21.10.2010

DIN No.:

00564257

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	U24200MH1980PLC023051	RAPTAKOS BRETT TEST LABORATORIES LIMITED	Additional director	10/07/2008	10/07/2008	-	Active	NO
2	U52310MH1930PLC002084	RAPTAKOS BRETT AND COMPANY LIMITED	Additional director	21/10/2010	21/10/2010	-	Active	NO
3	U24111MH2005PLC152844	BOMBAY OXYGEN GASES LIMITED	Director	27/10/2010	27/10/2010	-	Strike off	NO
4	U24111MH2005PLC152882	BOMBAY OXYGEN ACETYLENE LIMITED	Director	27/10/2010	27/10/2010	-	Strike off	NO
5	L74999MH1960PLC011835	BOMBAY OXYGEN CORPORATION LIMITED	Director	27/10/2010	27/10/2010	-	Active	NO
6	U51900MH1980PTC023261	K M R TRADING INVESTMENT COMPANY PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO
7	U51900MH1956PTC009756	M RAMNARAIN PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO
8	U51900MH1993PTC072846	AMAYSR TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO
9	U74999MH1960PTC011837	RUIA AND COMPANY PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO
10	U51900MH1980PTC023260	S M R TRADING AND INVESTMENT COMPANY PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO
11	U65990MH1966PTC013511	THE RELIANCE INVESTMENT COMPANY PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 15.09.2011

Names of Shareholders	No. of Shares
Shyam Madanmohan Ruia	492
The Reliance Investment Company Private Limited, India	124751
Suhrud Shantilal Jhaveri and Shyam Madanmohan Ruia	1
Indra Girdharlal Durlabhji and Shyam Madanmohan Ruia	1
Amaysr Trading and Investment Company Private Limited and The Reliance Investment Company Private Limited, India	1
Amaysr Trading and Investment Company Private Limited, India	124712
Amaysr Trading and Investment Company Private Limited, India and Ulhas Bhagwant Muthal	40
Amay Shyam Ruia	2
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on: 15.09.2011

Category	Percentage
Bodies corporate	99.80
Directors or relatives of directors	0.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Bulk Drugs, Pharmaceutical Formulations, Food Products and Fine Chemicals.

Products :

Product Description	ITC Code
Hepatoglobine	300490.89
Neogadine	300490.89
Neopeptine Drops	304.2

• ALFA-CALCINOL Tablets
• CALCINOL RB Tablets
• Calcinol Syrup
• Calcinol-1000 Granules (with vitamin D3)
• Caps Hepatoglobine
• Caps Neopeptine
• Cerelyte
• Easifud
• Elixir Neogadine
• Flemnil Liquid
• Fructodex Saline
• Fructodex Water
• Glutol Capsules
• Hepatoglobine Drops
• Hepatoglobine Liquid
• Hepatoglobine Mikros
• IGOL
• IGOL PEARLS
• IGOL-D
• Isoflav Cal Tablets
• Isoflav CR Capsules
• Isoflav Vaginal Gel
• Lactodex
• Lactodex 3
• Lactodex Follow-Up
• Lactodex HMF
• Lactodex LBW
• Lactodex NMW-1
• Lactodex NMW-2
• Lactodex Starter
• Lactrol Granules
• Lotemp Drops
• Lotemp Suspension
• Neogadine Drops
• Neogadine Mikros
• NeogadinE SG
• Neopeptine Drops
• Neopeptine Liquid
• Nutrimom
• Premaform MCT Oil
• Rapkonac Capsules
• Rapkostat Capsules
• Rapkostat Gel
• Raptoliv Capsules
• Raptoliv Liquid
• Raptone Capsules
• Raptone Liquid
• Subsyde-CR
• Subsyde-M Gel
• Threptin Diskettes - Regular
• Threptin Diskettes - Chocolate
• Threptin Diskettes - Mango
• Threptin Diskettes - Pineapple
• Threptin CD Diskettes
• Threptin Micromix
• Threptin Syrup
• Trophox
• Trophox Syrup
• Trymo Tablets
• Veelac Rice
• Veelac Wheat
• Veelac Wheat Apple
• Zevac Syrup
• Zerolac
• Zytee Gel
• Zytee Mouthwash
• Zytee Toothpaste

PRODUCTION STATUS (As on: 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Biological Extract	Tonnes	1125.00	300.00	129.03
Aluminium Hydroxide Gel	Tonnes	2.19	NA	NA
Fine Chemicals	Tonnes	884.00	300.00	12.19
Injections	Kilolitres	8280.00	3900.00	1182.62
Liquids	Kilolitres	32503.26	17300.00	4816.57
Solids	Tonnes	1231.20	220.00	38.60
Tablets	Lakhs	32537.00	3000.00	210.58
Capsules/Controlled Released Capsule	Lakhs	35035.00	3200.00	611.49
Cream / Ointment / Gel	Tonnes	138.00	78.00	33.78
Controlled Released Pellets	Tonnes	78.84	36.50	11.19
Food Products	Tonnes	29842.45	5980.00	3785.00

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• ICICI Bank Limited
• State Bank of Bikaner and Jaipur Limited
• State Bank of Travancore Limited
• Canara Bank Limited
• Punjab National Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	0.000	31.641
Total	0.000	31.641
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Fixed deposits unsecured	0.000	0.075
Deposits related parties unsecured	150.450	68.600
Total	150.450	68.675

Banking Relations :	--
Auditors :
Name :	M. M. Nissim and Company Chartered Accountants
Address :	Barodawala Mansion, B Wing, 3^rd Floor, 81 Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
PAN No.:	AAAFM5103E
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Satyam Pharmaceutical and Chemicals Private Limited CIN No.: U24239MH1978PTC020491 Raptakos Brett Marketing Private Limited CIN No.: U51900MH1999PTC118138 Bombay Oxygen Corporation Limited CIN No.: L74999MH1960PLC011835 Glamour Tin Industries Private Limited CIN No.: U99999MH1983PTC029905 M Ramnarain Private Limited CIN No.: U51900MH1956PTC009756 The Reliance Investment Company Private Limited CIN No.: U65990MH1966PTC013511 Amaysr Trading and Investment Company Private Limited CIN No.: U51900MH1993PTC072846 S S Computer Services Private Limited CIN No.: U01200MH1981PTC023670 Ruia and Company Private Limited CIN No.: U74999MH1960PTC011837
Subsidiary Company :	Raptakos Brett Test Laboratories Limited CIN No.: U24200MH1980PLC023051 Raptakos Brett UK Limited Raptakos, Brett SA (Proprietary) Limited Velacheri Properties Limited CIN No.: U45201TN2003PLC050938 Pharma International Limited

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.50/- each	Rs.55.000 Millions
900000	Unclassified Shares	Rs.50/- each	Rs.45.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.12.500 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		12.500	12.500	12.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3529.040	2840.270	2359.727
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3541.540	2852.770	2372.227
LOAN FUNDS
1] Secured Loans		0.000	31.641	47.315
2] Unsecured Loans		150.450	68.675	57.768
TOTAL BORROWING		150.450	100.316	105.083
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3691.990	2953.086	2477.310
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		758.284	766.369	814.922
Capital work-in-progress		419.710	124.810	33.169
INVESTMENT		2182.175	1819.706	1318.415
DEFERREX TAX ASSETS		13.713	10.957	3.736
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	283.770	245.948	214.997
	Sundry Debtors	260.962	226.246	199.556
	Cash & Bank Balances	47.386	38.802	9.433
	Other Current Assets	0.001	0.003	0.013
	Loans & Advances	152.784	105.512	178.574
Total Current Assets		744.903	616.511	602.573
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	297.980	215.835	203.377
	Other Current Liabilities	0.394	0.449	0.584
	Provisions	128.421	168.983	91.544
Total Current Liabilities		426.795	385.267	295.505
Net Current Assets		318.108	231.244	307.068
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3691.990	2953.086	2477.310

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3034.524	2605.343	2216.123
		Other Income	238.603	128.070	122.072
		TOTAL (A)	3273.127	2733.413	2338.195
Less	EXPENSES
		Consumption materials changes inventories	1074.404	909.221
		Manufacturing service costs	184.223	178.792
		Employee related expenses	402.329	386.956
		Administrative selling other expenses	524.142	436.106
		TOTAL (B)	2185.098	1911.075	1782.374
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1088.029	822.338	555.821
Less	FINANCIAL EXPENSES (D)		8.780	11.975	6.142
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1079.249	810.363	549.679
Less/ Add	DEPRECIATION/ AMORTISATION (F)		82.281	85.532	97.974
	PROFIT BEFORE TAX (E-F) (G)		996.968	724.831	451.705
Less	TAX (H)		290.244	226.108	143.784
	PROFIT AFTER TAX (G-H) (I)		706.724	498.723	307.921
Less/ Add	Income tax adjustment for earlier years		0.000	0.000	2.877
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2216.785	1785.454	1520.022
Less	APPROPRIATIONS
		Transfer to General Reserve	70.672	49.872	31.080
		Interim Dividend	7.500	7.500	12.211
		Proposed Final Dividend	7.500	7.500	0.000
		Corporate Dividend Tax	2.368	2.520	2.075
	BALANCE CARRIED TO THE B/S		2835.469	2216.785	1785.454
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	200.612	181.610	163.046
	TOTAL EARNINGS		200.612	181.610	163.046
	IMPORTS
		Raw Materials	2.880	0.456	0.495
		Stores & Spares	33.162	19.587	12.825
	TOTAL IMPORTS		36.042	20.043	13.320
	Earnings Per Share (Rs.)		2826.90	1994.89	1269.49

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	21.59	18.25	12.98
Net Profit Margin (PBT/Sales)	(%)	32.85	27.82	20.38
Return on Total Assets (PBT/Total Assets}	(%)	66.32	52.41	31.87
Return on Investment (ROI) (PBT/Networth)		0.28	0.25	0.19
Debt Equity Ratio (Total Liability/Networth)		0.16	0.17	0.17
Current Ratio (Current Asset/Current Liability)		1.75	1.60	2.04

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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

PROGRESS:

During the year, the Company’s total income increased to Rs.3273.127 Millions as against Rs.2733.413 Millions during the previous year. The working profit before tax for the year was Rs.996.900 Millions as against Rs.724.800 Millions during the previous year. After providing Rs.290.200 Millions towards Income Tax there was a net working profit of Rs.706.700 Millions during the year.

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particular	31.03.2011	31.03.2011
Estimated amount of claims against the Company not acknowledged as debts in respect of Sales Tax	328.046	1.035
Excise Duty	64.909	79.612
Further, in respect of various demands by workers pending with Labour Authorities	35.610	32.325
Employees' State Insurance demands	0.413	0.375
In respect of Bank guarantees outstanding as at the end of the year	0.473	0.500

Note: It is not practicable to estimate the timings of the cash outflows in respect of these matters pending settlement.

Fixed Assets:

• Freehold land
• Leasehold land
• Buildings and roads
• Plant and machinery
• Laboratory equipments
• Furniture
• Office equipments
• Automobiles

AS PER WEBSITE DETAILS:

PROFILE

Subject, was founded in India in 1930 by Mr. A. Raptakos and Mr. W.H. Brett. Over the past seven decades, the company has shown consistent growth and acquired a well earned reputation for very ably serving the medical profession and patients alike with a portfolio of innovative products.

Manufacturing facilities complying with international standards are located at Mumbai, Thana (near Mumbai), Roha (about 125kms from Mumbai) and Chennai. The company also has a plant at Alwar in Rajasthan manufacturing intermediate products required in its formulations.

All the company's products have been developed through intensive in-house R and D efforts. The Company's Research and Development laboratories have won recognition for their work from the Government of India's Department of Science and Technology.

Research is focused primarily in the areas of nutrition and dietetics, APIs, pharmaceutical dosage forms and analytical methods. Subject has been successful in developing an innovative and unique drug delivery system called the Diffusion Rate Controlling Membrane or DRCM. This technology enables a single dose of a drug to be made available to the body over a 24 hour period in the required therapeutic concentration. The company has several products incorporating this technology.

Other pharmaceutical products cover several therapeutic groups such as Vitamin and Mineral supplements, haematinics, anti-asthmatics, gastrointestinal, NSAIDs, cardiovascular, antidiabetics and digestive enzymes.

The company has a wide range of nutraceutical products ranging from specialised infant foods for low birth weight and lactose intolerance infants foods for growing children, diabetics, cardiac patients, pregnant and lactating women, and the old and critically ill.

For the benefit of the medical profession, Subject publishes and distributes free of cost an in-house publication called the Quarterly Medical Review (QMR) containing articles of medical interest.

The company has an extensive distribution network comprising 24 branches spread all over India. Over 1000 field personnel serves the medical professionals throughout the country. The company has also established its presence in international markets in Asia, Africa, South America and Europe through its offices in Vietnam, Philippines, Kenya, Middle East, South Africa and UK.

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 hat 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.52.38
UK Pound	1	Rs.84.00
Euro	1	Rs.67.99

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
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	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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		66

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.