MIRA INFORM REPORT

Report Date :

10.04.2013

IDENTIFICATION DETAILS

Name :	PIRAMAL ENTERPRISES LIMITED (w.e.f. 31.07.2012)

Formerly Known As :	PIRAMAL HEALTHCARE LIMITED (w.e.f. 24.06.2008) NICHOLAS PIRAMAL INDIA LIMITED

Registered Office :	Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	26.04.1947

Com. Reg. No.:	11-005719

Capital Investment / Paid-up Capital :	Rs.345.100 Millions

CIN No.: [Company Identification No.]	L24110MH1947PLC005719

TAN No.: [Tax Deduction & Collection Account No.]	MUMN07675D

PAN No.: [Permanent Account No.]	AAACN4538P

Legal Form :	Public Limited Liability Company. The company’s shares are listed on the stock exchange.

Line of Business :	Manufacturers of tablets, capsules, liquids, powders, creams and ointments, granules, bulk drugs and intermediates, vitamin A in various forms and combinations, soda line and borosilicate and also glass manufacturers.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 46000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well-established and a reputed pharmaceutical company having good track record. There appears some dip in the profits during current year. However, Performance capability of the company is good. Directors are reported to be experienced and respectable industrialists. Trade relations are reported as 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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Commercial Paper Program (A1+)
Rating Explanation	Highest credit quality. It carry lowest credit risk.
Date	December, 2012

Rating Agency Name	ICRA
Rating	Non Convertible Debenture (AA)
Rating Explanation	The High credit quality. It carry low credit risk.
Date	October, 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	Nichola Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai-400013, Maharashtra, India
Tel No.:	Not Available
Fax No.:	Not Available
Email :	sectdept@pel.co.in secretarial.department@piramal.com corporate.secretarial@piramal.com
Website :	http://www.piramalhealthcare.com

Head Office :	100, Centrepoint, Dr. Ambedkar Road, Parel, Mumbai – 400 012, Maharashtra, India
Tel. No.:	91-22-66636666/24134653/24102082
Fax No.:	91-22-24163787/24172861/24163787/24144687/24902363
E-Mail :	spiramal@giasbm01.vsnl.net.in spiramal@giasbm01.vsnl.net.in
Website :	http://www.nicholaspiramal.com

Administrative Office :	Morarjee Mills Compound, Administrative Building, Dr.. Ambedkar Road, Parel, Mumbai - 400 012, Maharashtra, India
Tel. No.:	91-22-66636666
Fax No.:	91-22-66636416
E-Mail :	vidula@bom3.vsnl.net.in
Website :	http://piramalhealthcare.com

Plant 1:	Plot No. 67-70, Sector II, Pithampur - 454 775, Madhya Pradesh, India

Plant 2 :	Plot No. K-I, Additional MIDC, Mahad, District Raigad, Maharashtra, India

Plant 3:	Ennore Express Highway, Chennai - 600 057, Tamilnadu, India

Plant 4:	Digwal Village, Medak District - 502321, Andhra Pradesh, India

Plant 5:	C-301/1 T.T.C. Industrial Area, Pawne Mahape, Navi Mumbai - 400705, Maharashtra, India

Plant 6:	Plot No. 6505 /3, Sachin – 394 230, Surat, Gujarat, India

Plant 7:	Plot No.19 - PHARMEZ, Village Matoda, Sarkhej bawala, NH 8A, Taluka Sanand, Ahmedabad - 382 213, Gujarat, India

Plant 8:	Shirish Research Campus, Plot No – 18, PHARMEZ, Special Economic Zone, Taluka Sanand, Ahmedabad, Gujarat, India

Overseas Plant Location
Plant 1:	Piramal Healthcare UK Limited Morpeth, Northumberland, UK

Plant 2:	Piramal Healthcare UK Limited Grangemouth, Stirlingshire, UK

Plant 3:	Piramal Healthcare (Canada) Limited 110, Industrial Parkway North, Aurora, Ontario, L4G 3H4, Canada

Plant 4:	Piramal Healthcare (Canada) Limited 475, Boul, Armand-Frappier, Laval, Quebec, H7V 4B3, Canada

Plant 5:	Piramal Critical Care Inc. Bethlehem, PA 18017, 3950 Schelden Circle, Pennsylvania State, USA.

Plant 6:	Piramal Critical Care Inc. 50 Cobham Dr, Orchard Park, New York - 14127

DIRECTORS

As on 31.03.2012

Name :	Mr. Ajay G. Piramal
Designation :	Chairman
Qualification :	B. Sc, M.M.S., A.M.P.
Date of Appointment :	01.04.1997

Name :	Dr. (Mrs.) Swati A. Piramal
Designation :	Vice Chairperson
Qualification :	M.B.B.S, D.I.M., M.P.B. (Harvard)
Date of Joining :	01.10.1994

Name :	Mr. N. Vaghul
Designation :	Director

Name :	Mr. Deepak Satwalekar
Designation :	Director

Name :	Mr. S. Ramadorai
Designation :	Director

Name :	Mr. Keki Dadiseth
Designation :	Director

Name :	Ms. Nandini Piramal
Designation :	Executive Director

Name :	Mr. Amit Chandra
Designation :	Director

Name :	Mr. Vijay Shah
Designation :	Executive Director and Chief Operating Officer (w.e.f 1st January, 2012)

Name :	Mr. R.A. Mashelkar
Designation :	Director (w.e.f 21st December, 2011)

Name :	Mr. Goverdhan Mehta
Designation :	Director (w.e.f 21st December, 2011)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Category of Shareholder	Number of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	330753	0.19
Bodies Corporate	88665451	51.38
Any Others (Specify)	2442093	1.42
Any Other	2442093	1.42
Sub Total	91438297	52.99
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	91438297	52.99
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1612303	0.93
Financial Institutions / Banks	5597092	3.24
Central Government / State Government(s)	213	0.00
Insurance Companies	1690731	0.98
Foreign Institutional Investors	39942344	23.15
Sub Total	48842683	28.30
(2) Non-Institutions
Bodies Corporate	3830189	2.22
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	20082261	11.64
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1799043	1.04
Any Others (Specify)	6570627	3.81
Non Resident Indians	654804	0.38
Clearing Members	81100	0.05
Trusts	8014	0.00
Overseas Corporate Bodies	1509167	0.87
Foreign Nationals	631	0.00
Foreign Corporate Bodies	4316911	2.50
Sub Total	32282120	18.71
Total Public shareholding (B)	81124803	47.01
Total (A)+(B)	172563100	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	172563100	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of tablets, capsules, liquids, powders, creams and ointments, granules, bulk drugs and intermediates, vitamin A in various forms and combinations, soda line and borosilicate and also glass manufacturers.

Products :

Product Descriptions	Item Code No.
Phensedyl	30044030
Rch Kit A	30049099
Haemaccel	30049092

Brand Names :

Ø Anti-Infectives

· Paraxin

· Bactrim

· Genticyn

· Omnatax

Ø Cardio- Vasculars

· Sorbitrate

· ISMO

· Enace-D

· Calaptin

· Cytogard

· Bezalip

Ø Nutritionals

· Becozym C Forte

· Supradyn

· Redoxon

· Exerge

Ø Respiratory

· Deletes

Ø Others

· Haemaccel

Ø Anti-Diabetics

· Euglucon

· Semi-Euglucon

· Glimmer

· Gluformin

· Diabetrol

Ø CNS

· Rivotril

· Librium

· Valium

· Assert

Ø NASID’s

· Rejoint

· Orthobid

· Micropyrin

· Multigesic

Ø Biotek

· Recormon

· Neupogen

· Cellecept

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Tablets	Mios	7975.0	6373.5
Capsules	Mios	270.0	180.7
Liquids	KLs	9801.4	7340.1
Powders, creams and ointments	MTs	--	32.9
Bulk drug and intermediates	MTs	2090.3	1430.7
Vitamin A in various forms and combinations	mmu	276.0	136.8

Notes:

1. Includes products processed by third parties.

2. Includes production for captive consumption of Bulk Drugs 98328 kgs (PY 91850 kgs) and Vitamins 110.27 mmu (PY 138.33 mmu)

3. Stocks are net of breakages and unsalable stock.

4. Opening stocks, production, purchases & closing stocks are net of physician samples.

5. Licensed Capacity is not indicated as Industrial Licensing for all Bulk Drugs, Intermediates and their Formulations stands abolished in terms of Press Note No.4 (1994 series) dated 25th October, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India.

6. Excludes free samples issued.

7. Variation in quantity/value is on account of change in product mix.

8. In terms of Press Note No. 4 (1994 series) dated October 25, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India, and Notification No. S.O 137 (E) dated March 1, 1999 issued by the Department of Industrial Policy and Promotion, Ministry of Industry, Government of India, industrial licensing has been abolished in respect of Bulk Drugs and Formulations.

9. The Pharmaceuticals business comprises of Manufacturing and trading of bulk drugs and formulations.

10. Installed capacities of the formulation factories of the Company (except where continuous processes are involved) are on a triple shift basis are certified by the Management and have not been verified by the Auditors, this being a technical matter.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Allahabad Bank

· Corporation Bank

· Citibank N.A.

· HDFC Bank

· Standard Chartered Bank

· Axis Bank Limited

· State Bank of Hyderabad

· ICICI Bank Limited

· The Hong Kong and Shanghai Banking Corporation Limited

· Bank of Baroda

· BNP Paribas

· Kotak Mahindra Bank Limited

· Punjab National Bank

· Yes Bank Limited

· Credit Agricole Corporate and Investment Bank

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)

12.10% - Secured Redeemable Non Convertible Debentures (Redeemable at par at the end of 5th year from the date of allotment - December 15, 2008)	1500.000	1500.000
Loans repayable on demand - from banks	754.500	470.700
Total	2254.500	1970.700

Unsecured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)

Term Loans
- From Banks	666.700	892.000
Commercial Papers	9000.000	0.000
Total	9666.700	892.000

(a) Notes on Secured Loans

1. The Non-Convertible Debentures are secured on the movable properties of the Company (excluding working capital goods) and on the immovable properties of the Company situated at Gujarat, Mahad, Pithampur, Digwal and Bangalore.

2. Satisfaction of charges in respect of certain repaid loans are still awaited.

(b) Terms of repayment and rate of interest for unsecured borrowings

	31.03.2012		31.03.2011
Borrowings	Terms of Repayment	Rate of Interest	Terms of Repayment	Rate of Interest
1. External Commercial Borrowings	--	--	Repayable after Five years from date of availment of Loan	Interest to be paid half yearly @ 4.22% 5.42%p.a.
2. Loan from Central Bank of India	Repayable in 12 equal Quarterly installments from June 2012	Interest to be paid monthly @ BPLR minus 2% p.a.	--	--

(c) The Company is in process of transferring the loan taken from Central Bank of India (acquired on demerger of R and D NCE Unit) in the name of the Company.

(d) Loans are secured by hypothecation of stocks and book debts.


Banking Relations :	--

Auditors :
Name :	Price Waterhouse Chartered Accountants

Solicitors:
Name :	Crawaford Bayely and Company

Controlling Companies:	· The Swastik Safe Deposits and Investments Limited * (w.e.f. December 30, 2011) · The Ajay G. Piramal Foundation* · Paramount Pharma Private Limited* · BMK Laboratories Private Limited · Cavaal Fininvest Private Limited* · PHL Holdings Private Limited (formerly Known as Piramal International Private Limited)* (w.e.f. September 29, 2011) · Piramal Management Services Private Limited* (upto September 29, 2011) · Piramal Healthcare Limited - Employee Option Scheme* (PHL ESOP) · Piramal Enterprises Limited - Trustees of Piramal Enterprises Executive Trust* · Piramal Life Sciences Limited - Senior Employees Stock Option Trust (w.e.f. December 30, 2011)* *There are no transactions during the year with the above Companies.


Subsidiaries :	· PHL Fininvest Private Limited (PHL Fininvest) · Piramal Diagnostic Services Private Limited (PDSL) (upto August 20, 2010, consequent to divestment of shareholding) · Piramal Pharmaceutical Development Services Private Limited (PPDSPL) · Oxygen Bio Research Private Limited # · Piramal International@ · Piramal Holdings (Switzerland) Limited (Piramal Holdings) · NPIL Pharma Inc, USA * · Piramal Healthcare Inc. · Piramal Investment Holdings (Canada) Inc.* · Piramal Life Sciences (UK) Limited * @ · Piramal Healthcare UK Limited (Piramal Healthcare UK) * · Piramal Healthcare Pension Trustees Limited * @ · Piramal Healthcare (France) Limited * @ · Piramal Healthcare (Canada) Limited (Piramal Healthcare, Canada) * · Oxygen Healthcare Limited, UK (Oxygen Healthcare) * · Piramal Critical Care Italia, SPA * @ · Piramal Critical Care Inc (PCCI) · Minrad EU (France) @ · PHL Capital Private Limited (PHL Capital) (w.e.f. May 25, 2011) · PHL Finance Private Limited (PHL Finance) (w.e.f. July 27, 2011) $ · PHL Infrastructure Finance Company Private Limited (PHL Infra) (w.e.f. September 16, 2011) $@ · Indiareit Fund Advisors Private Limited (w.e.f. August 12, 2011) $ @ · Piramal Systems & Technologies Private Limited (Piramal Systems) (w.e.f. November 29, 2011) · Indiareit Investment Management Company,Mauritius (w.e.f. March 12, 2012) $ @ · Piramal Technologies SA (w.e.f. March 13, 2012) ## @ · Piramal Imaging SA (w.e.f. February 6, 2012) * @ · Piramal Molecular Imaging Development GmbH (w.e.f. February 27, 2012) * @ * Held through Piramal Holdings (Switzerland) Limited. ** Held through Piramal Healthcare Inc. # Held through Piramal Pharmaceutical Development Services Private Limited. $ Held through PHL Capital Private Limited. ## Held through Piramal Systems and Technologies Private Limited. @ There are no transactions during the year with the above Companies.

Other related parties where common control exists :	· Piramal Glass Limited (PGL) · Piramal Life Sciences Limited (PLSL) · Piramal Enterprises Limited (PEL) · Piramal Estates Private Limited (formerly known as Piramal Realty Limited) (Piramal Estates) · India Venture Advisors Private Limited* (India Venture) · Allergan India Private Limited (Allergan) · Arkray Piramal Medical Private Limited (Arkray) (upto September 30, 2010) * There are no transactions during the year with the above Company.

Investing parties with whom the Company is a JV Partner :	· Allergan Inc.* · ARKRAY Inc.* * There are no transactions during the year with the above companies.

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.2/- each	Rs.500.000 Millions
3000000	Preference Shares	Rs.100/- each	Rs.300.000 Millions
24000000	Preference Shares	Rs.10/- each	Rs.240.000 Millions
105000000	Unclassified Shares	Rs.2/- each	Rs.210.000 Millions

	Total		Rs. 1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

172563100	Equity Shares of	Rs.2/- each	Rs. 345.100 Millions

Notes:

1. Reconciliation of number of shares

Equity Shares

Particulars	No. of shares	Rs. In Millions
At the beginning of the year	167,916,044	335.800
Less: Shares bought back during the year	705,529	1.400
Add: Issued during the year - demerger of R and D NCE division of PLSL into the Company	5,352,585	10.700
At the end of the year	172,563,100	345.100

2. Details of shareholders holding more than 5% shares in the Company

Particulars	No. of shares	% Holding
Paramount Pharma Private Limited	33,058,878	19.16%
BMK Laboratories Private Limited	29,927,906	17.34%
Cavaal Fininvest Private Limited	14,775,684	8.56%
Aberdeen Asset Managers Limited	--	--
Aberdeen Global Indian Equity Fund Mauritius Limited	12,401,000	7.19%

3. Aggregate number of shares issued for consideration other than cash and shares bought back during the year of five years immediately preceding reporting financial year;

Particulars	Financial Year	No. of shares
Equity Shares allotted as fully paid-up pursuant to demerger of R and D NCE division of PLSL into the Company	2011-12	5,352,585
Equity shares bought back by the Company	2011-12	705,529
Equity shares bought back by the Company	2010-11	41,097,100

4. Rights, preferences and restrictions attached to shares

Equity Shares:

The company has one class of equity shares having a par value of Rs.2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

5. The Company had decided to buyback 41,802,629 equity shares during the financial year 2010-11 of which 4,10,97,100 equity shares were bought back through tender offer during the financial year 2010-11 aggregating amount of Rs.24658.300 Millions, by utilizing Securities Premium Account and General Reserve to the extent of Rs.1433.300 Millions and Rs.23142.800 Millions respectively. Capital Redemption Reserve has been created out of General Reserve for Rs.82.200 Millions being the nominal value of shares bought back in terms of Section 77AA of the Companies Act, 1956. In compliance with the Foreign Exchange Management Act, 1999, buyback of 7,05,529 equity shares belonging to one overseas corporate body was then kept in abeyance pending Reserve Bank of India (RBI) approval.

During the year, on receipt of approval from RBI the Company has bought back the remaining 7,05,529 equity shares for an aggregate amount of Rs.423.300 Millions, by utilizing General Reserve of Rs.421.900 Millions. Capital Redemption Reserve has been created out of General Reserve for Rs.1.400 Millions being the nominal value of shares bought back in compliance with Section 77AA of the Companies Act, 1956.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		345.100	335.800	418.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		111062.700	116649.300	14588.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		111407.800	116985.100	15006.300
LOAN FUNDS
1] Secured Loans		222815.600	233970.200	4065.300
2] Unsecured Loans		222815.600	233970.2.000	2544.300
TOTAL BORROWING		445631.200	467940.400	6609.600
DEFERRED TAX LIABILITIES		1005.300	923.300	1304.800

TOTAL		124334.300	120771.100	22920.700

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		9039.000	6668.800	10738.900
Capital work-in-progress		230.300	292.500	505.600

INVESTMENT		71102.900	15832.500	1926.500
DEFERREX TAX ASSETS		0.000	0.000	256.300

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2667.100	2302.000	2854.700
	Sundry Debtors	2424.800	2090.900	2730.700
	Cash & Bank Balances	132.400	17540.300	156.400
	Other Current Assets	42097.600	76960.300	72.700
	Loans & Advances	9749.900	9767.800	8830.300
Total Current Assets		57071.800	108661.300	14644.800
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3126.100	2761.300	2818.300
	Other Current Liabilities	6184.400	5363.200	794.900
	Provisions	3799.200	2559.500	1538.200
Total Current Liabilities		13109.700	10684.000	5151.400
Net Current Assets		43962.100	97977.300	9493.400

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		124334.300	120771.100	22920.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	11534.800	8144.400	26509.400
		Other Income	5344.300	4722.900	269.200
		TOTAL (A)	16879.100	12867.300	26778.600

Less	EXPENSES
		Cost of raw and packing materials consumed	5389.500	3545.200
		Purchases of stock-in-trade	809.600	807.800
		Changes in inventories of finished goods, work-in progress and stock-in-trade	(125.100)	(377.600)
		Employee benefits expense	1517.500	1449.200
		Other Expenses	5312.500	3986.600
		Exceptional Items	0.000	(162099.000)
		TOTAL (B)	12904.000	(152687.800)	20728.800

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3975.100	165555.100	6049.800

Less	FINANCIAL EXPENSES/ INTEREST (D)		1999.000	800.600	355.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1976.100	164754.500	5694.800

Less/ Add	DEPRECIATION/ AMORTISATION (F)		763.900	589.900	922.200

	PROFIT BEFORE TAX (E-F) (G)		1212.200	164164.600	4772.600

Less	TAX (H)		(95.000)	35195.500	340.400

	PROFIT AFTER TAX (G-H) (I)		1307.200	128969.100	4432.200

	Earnings Per Share (Rs.)		7.70	572.80	21.20

QUARTERLY RESULTS

Particular	30.06.2012	30.09.2012
Type	1^st Quarter	2^nd Quarter
Net Sales	3885.800	3809.900
Total Expenditure	3593.700	3791.700
PBIDT (Excl OI)	292.100	18.200
Other Income	594.900	253.200
Operating Profit	887.000	271.400
Interest	623.000	652.400
Exceptional Items	0.000	0.000
PBDT	264.000	(381.000)
Depreciation	195.500	205.800
Profit Before Tax	68.500	(586.800)
Tax	12.400	15.400
Provisions and contingencies	0.000	0.000
Profit After Tax	56.100	(602.200)
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	56.100	(602.200)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.74	1002.30	16.55

Net Profit Margin (PBT/Sales)	(%)	10.51	2015.67	18.00

Return on Total Assets (PBT/Total Assets}	(%)	1.83	142.34	18.80

Return on Investment (ROI) (PBT/Networth)		0.01	1.40	0.32

Debt Equity Ratio (Total Liability/Networth)		0.22	0.12	0.78

Current Ratio (Current Asset/Current Liability)		4.35	10.17	2.84

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

OPERATIONS REVIEW:

The financials of the year 2011-12 have been restated to show separately profit from the discontinued operations. Total Operating Income for the year grew by 17.9% to Rs.14082.000 Millions against Rs.11941.000 Millions in FY2011. Operating Profit (OPBIDTA) was higher at Rs.3975.000 Millions against Rs.3456.000 Millions in FY2011 due to higher foreign exchange gain (Rs.2797.000 Millions in FY2012 as compared to Rs.926.000 Millions in FY2011). Profit after Tax was Rs.1307.000 Millions and Earnings per share were Rs.7.7 for the year.

INDUSTRY OUTLOOK:

The global pharma outsourcing market grew at 15% CAGR from USD 44 billion in 2007 to USD 67 billion in 2010 (Source: ICRA Limited: CRAMS India, June 2011). The global outsourcing trend is likely to continue fuelled by the mounting healthcare costs in developed economies and decreasing profitability of pharma companies due to patent expiry of several blockbuster drugs. Strong growth prospects for the industry are backed by cost pressures for innovative companies and increasing genericisation. The de-stocking exercise of the client companies is over and the industry is back to its normal growth trajectory. Established relationships and trust with innovators, quality infrastructure, good regulatory track record and low production and R and D cost will aid strong growth for the Indian companies operating in this sector.

MANAGEMENT DISCUSSION AND ANALYSIS

FY2012 KEY HIGHLIGHTS:

· Demerger of NCE R and D unit of Piramal Life Sciences into Piramal Healthcare

· Entry into Financial Services business by setting up an NBFC

· Acquisition of INDIAREIT Fund Advisors and INDIAREIT Investment Management

· Financial investment in Vodafone for $1.2 billion (acquired ~11% equity stake)

Demerger of PLSL’s NCE research unit into subject:

During the year, the NCE R and D unit of Piramal Life Sciences Limited (PLSL) was demerged into subject as per the scheme of arrangement approved by the Bombay High Court. Under the scheme, each shareholder of PLSL was allotted one fully paid up equity share of Rs.2 of subject for every four shares of Rs.10 each held in PLSL. All assets and liabilities of the NCE division were transferred to SUBJECT at book value.

The rationale behind the demerger of PLSL’s R and D unit into subject is to get access to the innovative platform of PLSL through which subject can build its innovative discovery and commercialisation business. Subject can better utilise its manufacturing infrastructure and leverage its marketing experience with products from the division.

The detailed discussion on the pipeline is given in the subsequent parts of Management discussion and analysis section.

Entry into Financial Services Sector:

Piramal Healthcare has been evaluating various sectors to invest proceeds received on sale of the Healthcare Solutions business, in a way that results in long term value creation for shareholders. With this objective in mind, subject has forayed in Financial Services sector. India has had strong GDP growth in the past decade and is likely to continue with 7-8% GDP growth rate for the next decade. Given sound economic fundamentals, rising disposable income and growth of credit oriented culture; the financial services sector is poised for strong growth in India. To participate in this growth story, SUBJECT has decided to invest in the financial services sector.

To begin with, subject has commenced lending to real estate sector and other sectors such as education through a Non Banking Finance Company – PHL Finance Private Limited

Acquisition of INDIAREIT Fund Advisors and INDIAREIT Investment Management:

Towards building a strong financial services business, Piramal Healthcare has acquired INDIAREIT Fund Advisors Private Limited and INDIAREIT Investment Management Company for the total consideration of Rs.2250.000 Millions. INDIAREIT Fund Advisors Private Limited is advisors to the INDIAREIT Fund which is a domestic real estate private equity fund focused on the Indian markets. INDIAREIT Investment Management Company is manager to offshore real estate private equity funds investing in India through the FDI route. They have a demonstrated track record of raising and deploying effectively large sums of capital in the real estate sector in India. As on 31st March, 2012, the total fund size under management for these funds is Rs.41870.000 Millions.

Investment in Vodafone India:

After the sale of Healthcare solutions business to Abbott, subject has significant funds which will be invested in growing existing businesses and building new businesses. However, the whole process of finding the right strategic investment opportunity will take time. In the interim, subject has acquired ~11% stake in Vodafone India Limited for a consideration of Rs.58640.000 Millions (US$ 1.2 billion) in two tranches, first ~5.5% for Rs.28580.000 Millions in August 2011 and second ~5.5% for Rs.30060.000 Millions in February 2012.

The rationale for this investment was to utilize surplus funds from sale of healthcare solutions. They believe this investment will generate attractive return.

BUSINESS PERFORMANCE

PHARMA SOLUTIONS (CUSTOM MANUFACTURING)

Market commentary:

The global pharma outsourcing market grew at 15% CAGR from US$ 44 billion in 2007 to US$ 67 billion in 2010 (Source: CRAMS India report of ICRA Limited dated June 2011). The global outsourcing trend is likely to continue fuelled by the mounting healthcare costs in developed economies and decreasing profitability of pharma companies due to patent expiry of several blockbuster drugs. Strong growth prospects for the industry are backed by cost pressures for innovative companies and increasing genericisation. The de-stocking exercise of client companies is over and the industry is back to its normal growth trajectory. Established relationships and trust with innovators, quality infrastructure, good regulatory track record and low production and R and D cost will aid strong growth for the Indian companies operating in this sector.

Piramal Healthcare’s performance:

The revenues from Pharma Solutions business grew by 32.7% to Rs.13545.000 Millions in FY2012 as compared to Rs.10206.000 Millions in FY2011. The revenues from Indian assets grew by 52.7% to Rs.8008.000 Millions against Rs.5245.000 Millions in FY2011. The sales from assets outside India increased to Rs.5537.000 Millions, up by 11.6%.

Significant growth in API business:

Pharma Solutions sales from API division registered significant growth on the back of ramp up of sales in an existing contract with a key customer. A new contract was signed for commercial manufacturing of off-patent product on an exclusive basis for a large pharma company. During the year, DMFs were filed for five new APIs.

Scale-up of packaging business at Morpeth:

Over the last few years, they have built a robust clinical trial packaging business at their Morpeth, U.K. facility. During the year, they secured contract for packaging for Pfizer’s key formulation in the U.S. market. The site has now end to end supply chain service.

Increased capacity utilisation at formulation facility:

Capacity utilisation for solid oral dosage has seen significant improvement during the year.

Audits done/Awards won:

During the year their sites at Digwal, Pithampur and Toronto went through successful USFDA inspection.

PIRAMAL CRITICAL CARE

Revenue from Critical Care business was Rs.4126.000 Millions as compared to Rs.3877.000 Millions in FY2011 registering growth of 6.4%. The growth was lower due to pricing pressure on sevoflurane in some markets and delayed regulatory approvals.

Settlement of patent litigation with Baxter:

During the year, subject settled the patent litigation with Baxter Healthcare Corporation related to generic version of Baxter SUPRANE® (desflurane), inhalation anaesthetic agent typically used in the hospital. Under the settlement, subject may launch desflurane in the United States as of 1st January 2014, subject to US regulatory approval. However, subject may manufacture generic desflurane from 24th April 2012 solely for sale outside the United States in markets where it has obtained or will obtain regulatory registrations.

Increased market share in US for sevoflurane:

Subject’s market share for sevoflurane in US has increased from 20% in March 2011 to 25% in March 2012 in volume terms.

Expansion in European Union:

During the year, subject has received registrations for sevoflurane in 28 countries in European Union. Subject is currently focusing on preparing to launch sevoflurane in top 6 markets in EU.

OTC AND OPHTHALMOLOGY

Sales from OTC and Ophthalmology business grew by 12.3% to Rs.2200.000 Millions in FY2012 as compared to Rs.1958.000 Millions in FY2011. Subject’s rank improved from 9th to 7th in OTC market in India in FY2012. The market share has also gone up from 1.3% to 1.5%. During the year, subject has extended i-pill franchise across women’s intimate range of products.

INNOVATIVE DRUG DISCOVERY AND COMMERCIALISATION

During the year, the NCE R and D unit of Piramal Life Sciences Limited (PLSL) was demerged into subject.

This is product focused biopharmaceutical unit specializing in the discovery and development of novel small-molecule drugs. The strategy is to discover and optimize compounds to meet important unmet medical needs in the target markets of cancer, metabolic disorder, inflammatory and infectious diseases. The operating spend on NCE R and D expense for FY2012 was Rs.1381.000 Millions.

FINANCIAL SERVICES BUSINESS

During the year, subject formed a Non Banking Finance Company engaged in lending to real estate and other sectors – PHL Finance Private Limited and acquired INDIAREIT Fund Advisors and INDIAREIT Investment Management (together referred to “INDIAREIT”). These companies constitute financial services business for Piramal Healthcare Limited. The total revenue from this business was Rs.53.4 crores for the year.

Commencement of operations at NBFC:

During the year, subject commenced operations of its NBFC – PHL Finance Private Limited A highly experienced and knowledgeable team is now in place. Well defined systems and processes are in place with robust credit approval policy from credit committee comprising of experts in this field. As of 31st March 2012, the total loan book for subject stood at Rs.3510.000 Millions.

Update on new funds raised by INDIAREIT:

During the year, INDIAREIT Investment Manager has got a mandate from Trafalgar/F and C reit for managing their India Investment. (Fund size: US$ 36 million) The total asset under management (AUM) for INDIAREIT as on 31st March 2012 was Rs.41870.000 Millions.

JOINT VENTURE PERFORMANCE

Allergan India Limited (‘AIL’):

AIL is a 51:49 Joint Venture between Allergan Inc., USA and Piramal Healthcare Limited. Total revenues of AIL grew by 19.2% to Rs.1686.000 Millions (FY2011 Net Sales: Rs.1414.000 Millions).The Operating Profit for FY2012 was up by 4.8% to Rs.403.000 Millions as compared to Rs.384.000 Millions in FY2011. Profit after Tax for FY2012 was up by 5.7% to Rs.256.000 Millions as compared to Rs.242.000 Millions for FY2011.

Fixed Assets:

Intangible assets

· Brand / Know- How/ Intellectual Property Rights

· Computer software

Tangible assets

· Land leasehold

· Land freehold

· Building

· Plant and machinery

· Furniture and fixtures and office equipments

· Motor vehicle / transport

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
1 Claims against the company not acknowledged as debt: Demand dated June 5, 1984 the Government has asked for payment to the credit of the Drugs Prices Equalisation Account, the difference between the common sale price and the retention price on production of Vitamin ‘A’ Palmitate (Oily Form) from January 28, 1981 to March 31, 1985 not accepted by the Company. The Company has been legally advised that the demand is untenable.	6.100	6.100
2 Guarantees issued to Government authorities and limited companies including guarantees issued on behalf of subsidiaries and performance guarantees.	10893.600	9668.300
3 Others
i. Appeals filed in respect of disputed demands: Income Tax - where the Company is in appeal - where the Department is in appeal Sales Tax Central / State Excise Labour Matters Stamp Duty Legal Cases	4207.100 1710.800 143.700 110.500 2.900 40.500 70.700	213.250 1789.300 128.700 131.000 2.400 40.500 70.700
ii. Bills Discounted	240.000	217.000
iii. Unexpired Letters of Credit	132.100	90.200
Note: Future cash outflows in respect of 1 and 3(i) above are determinable only on receipt of judgments/decisions pending with various forums/authorities2.400

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2012

PART I (Rs in Millions)

Particulars	3 months ended	Preceding 3 months ended	Year to date figures for current period ended
	30.09.2012	30.06.2012	30.09.2012
	(Unaudited)	[Unaudited)	(Unaudited)
Income from operations
Net Sales / Income from Operations (Met of excise duty)	3259.800	3340.400	6600.200
Other Operating Income/Investment Income	550.100	545.400	1095.500
Total Income from Operations (Net)	3809.900	3885.800	7695.700
Expenses
Cost of Materials Consumed	1628.100	1595.500	3223.600
Purchase of Stock-in-Trade	236.200	148.800	385.000
Changes in inventories of finished goods, work-in- progress and stock-in-trade	(280.600)	16.300	(264.300)
Employee benefits expense	517.100	416.500	933.600
Depreciation and amortisation expense	205.800	195.500	401.300
Research and Development Expenses	696.100	418.400	1114.500
Other Ex senses (Net)	994.800	998.200	1993.000
Total Expenses	3997.500	3789.200	7786.700

Profit / (Loss) from operations before other Income, finance costs and exrrntional Items	(187.600)	96.600	(91.000)
Other Income	253.200	594.900	848.100
Profit / (Loss) from ordinary activities before finance costs and exertional items	65.600	691.500	757.100
Finance Costs	652.400	623.000	1275.400
Profit / (Loss) from ordinary activities after finance costs but before exceptional Items	(586.800)	68.500	(518.300)
Excecitionai Items	-	-	-
Profit / (Loss) from ordinary activities before tax	(586.800)	68.500	(518.300)
Tax Exoense (Net) (Refer Note 4)	15.400	12.400	27.800
Net Profit / (Loss) from ordinary activities after tax	(602.200)	56.100	(546.100)
Extraordinary Items (net of tax exoense)	-	-	-
Net Profit / (Loss) for the period	(602.200)	56.100	(546.100)
Paid-up Equity Share Capital (Face Value Rs.2/- each)	345.100	345.100	345.100
Reserves (Excluding Revaluation Reserves)
Paid-uo Debt Capital
Debenture Redemption Reserve	-		-
Earnings Per Share (EPS)
a) Basic and diluted EPS before extraordinary items for the period (Rs.)	(3.50)	0.30	(3.20)
b) Basic and diluted EPS after extraordinary items for the period (Rs.)	(3.50)	0.30	(3.20)
Debt Service Coverage Ratio (Refer Footnote No. 1)	-	-	2.20
Interest Service Coverage Ratio (Refer Footnote No. 2)	-	-	0.60

Footnotes:

1. Debt Service Coverage Ratio = Earnings before Interest and Tax/ (Interest Expense + Principal Repayment)

Debt = Long Term Debt

Interest Expense = Interest on Long Term Debt

2. Interest Service Coverage Ratio = Earnings before Interest and Tax / Interest Expense

PART II (Rs in Millions)

	3 months ended	Preceding 3 months ended	Year to date figures for current period ended
A. PARTICULARS OF SHAREHOLDING	30.09.2012	30.06.2012	30.09.2012
1. Public Shareholding
- Number of shares	81026828	81009478	81026828
- Percentage of shareholding	46.95	46.94	46.95

2. Promoters and Promoter group Shareholding
a) Pledged/Encumbered
- Number of shares	-	-	-
- Percentage of shares (as a % of the total shareholding of promoter and promoter group	-	-	-
- Percentage of shares (as a % of the total share capital of the company)	-	-	-
b) Non-encumbered
- Number of Shares	91536272	91553622	91536727
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
- Percentage of shares (as a % of the total share capital of the company)	53.05	53.06	53.05

Particulars	3 months ended 30.09.2012
B. INVESTOR COMPLAINTS
Pending at the beginning of the quarter	-
Received during the quarter	6
Disposed of during the quarter	5
Remaining unresolved at the end of the quarter	1

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs in Millions)

Particular of Shareholding	30.09.2012	30.06.2012	30.09.2012
	3 months ended	Preceding 3 months ended	Year to date figures for current period ended
Segment Revenue
Total Income from Operations (Net)
a. Pharmaceuticals manufacturing and services	3093.100	3259.600	6352.700
b. Financial Services including Strategic Investments	716.800	626.200	1343.000
Total	3809.900	3885.800	7695.700
Less: Inter Segment revenue	-	-	-
Total Income from Operations (Net)	3809.900	3885.800	7695.700

Segment Results (Profit / (Loss) before Tax, Finance Cost and Exchange Gain)
a. Pharmaceuticals manufacturing and services	(904.300)	(529.500)	(1433.800)
b. Financial Services including Strategic Investments	335.600	336.600	672.200
Total	(568.700)	(192.900)	(761.600)
Add : Exchange Gain	253.100	594.800	847.900
Less: Finance Cost	271.200	333.400	149.800
Total Profit / (Loss) Before Tax	(586.800)	68.500	(518.300)

Capital Employed (Segment Assets - Segment Liabilities)
a. Pharmaceuticals manufacturing and services	7495.000	5409.800	7495.000
b. Financial Services including Strategic Investments	103366.700	106054.100	103366.700
Total Capital Employed in the Company	110861.700	111463.900	110861.7110861.700

Notes:

· The standalone financial results, for the quarter and six months ended September 30, 2012, have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on November 5, 2012.

· Statement of Assets and Liabilities:

Disclosure of balance Sheet Items as per clause 41(V)(h) of the Listing Agreement as at September 30, 2012

STATEMENT OF ASSETS AND LIABILITIES

(Rs in Millions)

Particular	30.09.2012
	Unaudited
EQUITY AND LIABILITIES
Shareholders' Funds
Share Capital	345.100
Reserves and Surplus	110516.600
Sub-total - Shareholders' funds	110861.700
Non-current Liabilities
Long-term borrowings	2000.000
Deferred tax liabilities (Net)	1030.300
Other long-term liabilities	689.600
Long-term provisions	196.300
Sub-total - Non-current Liabilities	3916.200
Current Liabilities
Short-term borrowings	19333.800
Trade payables	3525.500
Other current liabilities	4638.700
Short-term provisions	183.300
Sub-total - Current Liabilities	27681.300

TOTAL - EQUITY AND LIABILITIES	142459.200
ASSETS
Non-current assets
Fixed assets	9542.300
Non-current investments	71671.700
Long-term loans and advances	1115.900
Other non-current assets	21284.900
Sub-total - Non-current assets	103614.800
Current Assets
Current investments	787.500
Inventories	2894.100
Trade receivables	2511.400
Cash and bank balances	190.800
Short-term loans and advances	11075.500
Other current assets	21385.100
Sub-total - Current Assets	38844.400

TOTAL - ASSETS	142459.200

· The figures for the quarter and six months ended September 30, 2012 are not comparable to the previous quarter and six months ended September 30, 2011 on account of demerger of New Chemical Entity (NCE) unit of Piramal Life Sciences Limited (PLSL) into the Company during the previous year.

· Tax Expense includes prior period tax expenses/(credit) of Rs. (11.600 Millions) during the quarter and Rs. 2.800 Millions for the six months ended September 30, 2012.

· The company has not recognized deferred tax asset on the tax losses in absence of virtual certainty for availability of taxable profits in the foreseeable future.

· The figures for the quarter and six months ended September 30, 2011 and for the year ended March 31, 2012 have been regrouped, wherever necessary.

AS PER WEBSITE

Profile

Subject is one of India's largest companies with an unmatched record of managing JVs/Alliances/Partnerships, and a proven commitment to IPR. With strong brand management and sales capabilities, a US FDA site-approved plant for on-and-off patent APIs and Intermediates, Basic Research, Process Innovation, Custom Chemical Synthesis, Formulations R and D, NDDS, and a world-class, accredited Clinical Research Organisation, NPIL is poised to emerge as India's pharma powerhouse.

With growth fuelled through a strategy of partnerships, quality acquisitions, brand building, focused selling and manufacturing the Company consolidated net sales turnover was US$ 313 million (INR 14.1 billion) in 2005-06 (April to March)".

The Company has emerged among the leaders in Indian pharma with a unique mix of inorganic and organic growth fuelled through a strategy of acquisitions, brand building and focused selling, and manufacturing. The company has one of the widest product portfolios in India, spanning nine key therapeutic areas, including the Cardio-vascular, Neuro-psychiatry, Oncology, Diabetes Management, Respiratory, Anti-infectives, Gastro-intestinals, Dermatology and NSAIDS.

The company was formed when the Piramal Group acquired Nicholas Laboratories, a small formulations company in 1988 from Sara Lee. It has followed a multi-pronged strategy to integrate and maximize synergies with the planned acquisitions and develop and consolidate its major strength in marketing to therapeutic niches.

Managed by a team of highly proficient industry professionals, the Company 's key strengths come from its strong brand building, selling and distribution, manufacturing and alliance/partnership management skills. The last, especially, are quite unique in the Indian context - few Indian Pharmaceutical have exhibited such a strong and consistent record in successfully and ethically managing JVs/Alliances and Partnerships as NPIL has.

Its policy of respecting IPR and managing partnerships, in keeping with both the letter and the spirit of written agreements, has been widely respected and commended by its partners.

The Company is the flagship company of the Rs.25000 Millions (US $ 550 million) Piramal Enterprises (PEL), one of India's largest diversified business houses.

BUSINESS DESCRIPTION

Piramal Healthcare Limited is an India-based company engaged in the pharmaceutical business mainly consisting of manufacturing and sale of own and traded bulk drugs and formulations. Its business segments are Pharmaceuticals and Other. The Company’s businesses include Pharma Solutions, which partners with multinational company (MNC) pharmaceutical companies to service their manufacturing and development needs; Critical Care, which caters to drug requirement of hospitals worldwide, and Consumer Products Division/OTC, which is a domestic business that caters to Indian consumers through sales of over the counter (OTC) products. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company acquired Oxygen Bio Research (Oxygen). During fiscal 2010, it acquired an anesthetic products business of Bharat Serums and Vaccines Limited. During 2010, the Company launched TRI-ACTIV. On November 3, 2010, the Company incorporated a wholly owned subsidiary Piramal Critical Care Italia SPA. For the nine months ended 31 December 2010, Piramal Healthcare Limited's revenues decreased 21% to RS22.03B. Net income totaled RS126.82B, up from RS3.18B. Revenues reflect a decrease in income from pharmaceuticals segment & lower income from other business segment. Net income benifited by a decrease in consumption of raw materials, Research and Development expenses, employees cost and other expenditure. There is also a fall in foreign exchange gain.

Ajay G. Piramal - Executive Chairman of the Board – Chairman

Shri. Ajay G. Piramal is Executive Chairman of the Board of Piramal Healthcare Limited. He envisions making his company the most admired in the Indian pharmaceutical industry, in the eyes of all its stakeholders - customers, shareholders, employees, and the society. Mr. Piramal also heads Piramal Enterprises, a Rs. 3,500 crore conglomerate with interests in textiles, retailing and engineering, besides pharmaceuticals. The flagship company, Nicholas Piramal India Limited. (NPIL), is the fourth pharmaceutical player in India. It all began with the acquisition of the US$ 4 million Nicholas Laboratories from Sara Lee in 1988. NPIL has registered dramatic growth over the last 15 years through a string of acquisitions that include the Indian subsidiaries of MNCs like Roche, Boehringer Mannheim, Rhone Poulenc, and Hoechst Marion Roussel (research division), and the pharmaceutical division of ICI India Limited.

Amit Chandra - Additional Independent Director - Director/Board Member

Mr. Amit Chandra is Additional Independent Director of Piramal Healthcare Limited. He is an MBA graduate from the Boston College, USA. He was awarded the School’s distinguished alumni in 2007. He received his under-graduate degree in Electrical Engineering from VJTI, Mumbai University. Mr. Chandra is a investment banker. He is a Director on the Board of Bain Capital Advisors (India) Private Limited, which is part of the Bain Capital Group, a global Private Equity firm. He joined Bain Capital in 2008 to found its Mumbai office. Prior to this, he was the Managing Director and Board Member of DSP Merrill Lynch where he spent most of his professional career, having direct oversight of its global market and investment banking business. Mr. Chandra is also active in the country’s not-for-profit space and serves as a Board Member of the Akanksha Foundation (which provides education to less privileged children) and GiveIndia (India’s philanthropic exchange). Among his other achievements, Mr. Chandra was named the “Young Global Leader” by the World Economic Forum in 2007

Keki Bomi Dadiseth - Non-Executive Independent Director - Director/Board Member

Mr. Keki Bomi Dadiseth is Non-Executive Independent Director of Piramal Healthcare Limited. Mr. Dadiseth is a Fellow of the Institute of Chartered Accountants of England and Wales. He joined Hindustan Lever Limited in India in 1973 as Manager in the Audit Department. His tenure with Hindustan Lever included a three-year secondment to Unilever Plc in London (1984-87), where he held senior financial and commercial positions. In 1987 Mr. Dadiseth joined the Board of Hindustan Lever till he became Chairman in 1996. Mr. Dadiseth headed several businesses (Detergents and Personal Products) and functions (Personnel and Acquisitions and Mergers activities) for the Group in India. Mr. Dadiseth was appointed as Director on the Board of Unilever Plc and Unilever NV in May 2000 and a Member of the Executive Committee. On January 1, 2001, he took over as Director, Home and Personal Care, responsible for the HPC business of Unilever worldwide. He retired from Unilever in May 2005. In India, Mr. Dadiseth is closely associated with various industry, educational, management and medical bodies. He is a Trustee of the Ratan Tata Trust and a Member of the Managing Committee, Breach Candy Hospital Trust.

Yezdi H. Malegam - Independent Non-Executive Director - Director/Board Member

Mr. Yezdi H. Malegam is Independent Non-Executive Director of Piramal Healthcare Limited. He is a Chartered Accountant and the former Managing Partner of Messrs S. B. Billimoria and Company, Chartered Accountants. He was also the Co-Chairman of Deloitte Haskins and Sells, Chartered Accountants. He is a member of the Central Board of Directors of the Reserve Bank of India and a member of the Board of Directors of several public limited companies.

Nandini Piramal - Executive Director - Director/Board Member

Ms. Nandini Piramal is Executive Director of Piramal Healthcare Limited since 01 April 2009. Ms. Piramal graduated in Bachelor of Arts (Hons.) from Hertford College, Oxford University and is an Masters of Business Administration of the Stanford Graduate School of Business. Her academic performance in the Masters of Business Administration Programme was acknowledged by the Stanford Graduate School of Business. In July, 2006 Ms. Nandini Piramal was appointed as GM - Strategic Marketing of the Company and was deputed to the Company’s wholly-owned subsidiary in the US, NPIL Pharma Inc. As GM - Strategic Marketing, Ms. Piramal gained deep insight into the Group’s Pharma Solutions business. She was instrumental in increasing co-ordination between UK, India and China towards globalized sourcing. In September 2008, she was appointed as a non-executive director on the Board of Piramal Healthcare (Canada) Inc (formerly Torcan). She played a key role in implementation of the Operational Excellence Project at Torcan and Grangemouth. She was also actively involved in due diligence of acquisition and joint venture targets. Prior to her appointment with the Company, Ms. Piramal was associated with McKinsey and Company as a Business Analyst, during which time she worked on many projects, including Purchase and Supply Management, Growth Strategy and Information Technology Strategy of various corporates. She was also associated with the slum rehabilitation proposal of McKinsey, which was part of its larger project for the future growth of Mumbai city.

Swati A. Piramal - Executive Director - Director/Board Member

Dr. Swati A. Piramal is Executive Director of Piramal Healthcare Limited. Her current responsibilities include Research and Development, Information Technology, Medical Services and Knowledge Management for the Healthcare Group of Piramal Enterprises. A Medical Doctor (MBBS) from the University of Bombay, Dr. Piramal graduated with a Masters Degree from Harvard School of Public Health, Boston USA, where she had the unique honour of being selected Commencement Speaker at the 1992 Graduation Ceremony. Dr. Piramal's special research interests include: Herbal, Clinical Discovery and Nutrition Research in Pharmaceuticals, the use of management techniques like Information Technology & Communication to improve access and lower healthcare costs to meet the needs of the underprivileged children. Her specific Research interests focus on Malaria, Tuberculosis, AIDS and Diabetes.

Subramanian Ramadorai - Non-Executive Independent Director - Director/Board Member

Mr. Subramanian Ramadorai is Non-Executive Independent Director of Piramal Healthcare Limited. Mr. Ramadorai is the Chief Executive Officer and Managing Director of Tata Consultancy Services Limited (TCS) and has been associated with TCS for the past thirty seven years. Mr. Ramdaorai joined TCS as a trainee and took over as CEO in 1996. In October 2006, TCS was recognized by Economic Times as the Company of the Year, a fitting tribute to its increasing global presence. Mr. Ramadorai’s vision is evident through the active role he played in establishing Offshore Development Centers (ODCs) in India to provide high-end quality solutions to corporations. With a view to remain abreast with changing technologies at all times, he set up Technology Excellence Centers in India that have acquired knowledge, and equipment in specialized technology areas. Mr. Ramadorai was presented with the UK Trade and Investment Special Recognition Award by Prime Minister Blair, in September 2005 for TCS’ exemplary contribution to India - UK economic ties. In 2008, he was recognized as the ‘International CEO of the Year’ at the 14th Annual LT Bravo Business Awards, which are widely acknowledged as the Oscars of Latin American business, and organized by the Latin Trade magazine.

N. Santhanam - Chief Operating Officer, Executive Director - Director/Board Member

Mr. N Santhanam is Chief Operating Officer, Executive Director of Piramal Healthcare Limited. He is the Chief Financial Officer of Nicholas Piramal India Limited reporting to the Chairman, Mr. Ajay Piramal. As CFO, Mr. Santhanam plays a key role and acts as a strategic business partner to the Chairman and the company's senior management team. The mission at Nicholas Piramal is to build a world class finance organization with the objective of creating an information environment to facilitate decision making and Mr. Santhanam is a qualified Chartered Accountant with a academic career. He has over 30 years of and varied experience in Corporate Accounts and Finance. Prior to joining the Group he was with The Bombay Dyeing and Manufacturing Company Limited. During his long tenure spanning over two decades with the Wadia Group, he gained and experience in not only the entire gamut of Finance (including Legal), but also in General Business Management.

Deepak M. Satwalekar - Non-Executive Independent Director - Director/Board Member

Mr. Deepak M. Satwalekar is Non-Executive Independent Director of Piramal Healthcare Limited. He was formerly the Managing Director and the Chief Executive Officer of HDFC Standard Life Insurance Company Limited. and prior to that, Managing Director of HDFC Limited. Mr. Satwalekar has been a consultant to the World Bank, the Asian Development Bank and other bilateral and multilateral agencies and is the recipient of the “Distinguished Alumnus Award” from the Indian Institute of Technology, Bombay from where he obtained his Bachelor of Technology. He has an MBA degree from the American University, Washington D.C., USA.

Rajendra A. Shah - Non-Executive Independent Director - Director/Board Member

Shri. Rajendra A. Shah is Non-Executive Independent Director of Piramal Healthcare Limited. He is Solicitor and Senior Partner of Messrs Crawford Bayley and Company. He specializes in a broad spectrum of Corporate Laws in general, with special focus on foreign investments, joint ventures, technology and licence agreements, intellectual property rights, mergers and acquisitions, industrial licensing, anti-trust and competition laws. He is on the Board of several reputed companies. Mr. R. A. Shah is a member of the Managing Committee of the Bombay Chamber of Commerce and Industry, Indo-German Chamber of Commerce and President of the Society of Indian Law Firms (Western Region).

Narayanan Vaghul - Non-Executive Independent Director - Director/Board Member

Shri. Narayanan Vaghul is Non-Executive Independent Director of Piramal Healthcare Limited. He served as the Chairman of ICICI Bank Limited. He was the Chairman of ICICI Limited from September 1985 until it merged with ICICI Bank Limited in 2001. He also served as Chief Executive Officer of ICICI until 1996. Mr. Vaghul has been a visiting professor at the Leonard N. Strn School of Business at New York University since 1998. Mr. N.Vaghul holds a Bachelors of Commerce in Banking from Madras University. His other Directorships include: ICICI Bank Limited – Chairman – Chairman – Remuneration Committee; Mahindra and Mahindra Limited – Director – Chairman – Compensation Committee; Mahindra World City Developers Limited – Chairman; – Member – Audit Committee – Member – Remuneration Committee Wipro Limited – Director.

N. Santhanam - Chief Operating Officer, Executive Director - Chief Operating Officer, Executive Director

PRESS RELEASE

Indiareit fund invests Rs200 cr in realty projects

ET Bureau Apr 3, 2013, 03.49AM IST

(Indiareit Fund Advisors,…)

MUMBAI: Indiareit Fund Advisors, the real estate private equity arm of Piramal Enterprises, has made two investments totaling Rs2000.000 Millions in realty projects in Mumbai, Pune and Bangalore, the fund said in a release on Tuesday.

Of the two investments, the first, worth Rs1000.000 Millions, is in a residential project developed by Omkar Realtors and Developers at Bhoiwada in central Mumbai. The under-construction project is spread over 17 acres and has a potential free-sale component of 2.5 million sq ft. This transaction also marks the maiden deal for Indiareit's recently concluded Rs400-crore Mumbai Redevelopment Fund. Indiareit's second transaction is for investment of Rs1000.000 Millions in Pune-based Marvel Group's projects in Pune, Bangalore and Mumbai. Marvel Group has total 15.3 million sq ft space under construction spread over 38 projects.

PIRAMAL ENTERPRISES ANNOUNCES Q3 FY2013 RESULT

TOTAL OPERATING INCOME UP BY 61% TO RS. 9940.000 MILLIONS, OPERATING PROFIT WAS HIGHER AT RS. 2070.000 MILLIONS AND NET PROFIT WAS AT RS. 640.000 MILLIONS

Mumbai, 11^th February 2013: Piramal Enterprises Limited (formerly Piramal Healthcare Limited) ("PEL", NSE: PEL, BSE: 500302) today announced results for Q3 FY2013.

For the quarter ended Q3 FY2013, the Total operating income showed strong growth of 60.9% to Rs.9936.000 Millions against Rs.6176.000 Millions in Q3FY2012. Operating Profit (OPBITDA) for the quarter grew to Rs.2067.000 Millions in Q3FY2013 as compared with Rs.87.000 Millions during the same period last year. Similarly, the Operating profit margin for the quarter was higher at 20.8% as compared to 1.4% in Q3FY2012. Net Profit for the quarter was Rs.638.000 Millions as compared with net profit of Rs.97.000 Millions during Q3FY2012.

9M FY2013 performance:

Total operating income for 9MFY2013 was up by 56.6% to ? 2,605.7 Cr. The Operating Profit for the period was higher at Rs.3602.000 Millions against Rs.1144.000 Millions in 9MFY2012. The Operating profit margin for 9MFY2013 was 13.8% as compared to 6.9% in 9MFY2012. The results for the period include the financial results of DRG and NCE unit. DRG acquisition was completed in June 2012 while NCE unit was de-merged into PEL in Q3FY2012. For the 9M FY2013, PEL reported a Net loss of Rs.223.000 Millions as compared with net profit of Rs.1526.000 Millions in 9MFY2012. Interest cost was higher at Rs.3501.000 Millions for 9MFY2013 as compared with Rs.528.000 Millions in 9M FY2012. As of December 2012, the total debt stood at Rs.7,3587.000 Millions raised to fund acquisition of DRG and Abacus International and to fund growth of PHL Finance.

During 9M FY2013, Pharma Solutions business grew by 16.7% to Rs.1,1232.000 Millions against Rs.9625.000 Millions in 9MFY2012. The revenues from overseas facilities recorded strong growth of 21.2% to Rs.4589.000 Millions over 9MFY2012. Critical Care business grew by 65.9% to Rs.4656.000 Millions over 9MFY2012. OTC and Ophthalmology business recorded sales of Rs.2083.000 Millions registering growth of 22.7% during 9MFY2013.

For the nine months ended December 2012, income from financial services business (PHL Finance and INDIAREIT) was Rs.2488.000 Millions. The loan book as on 31^st December 2012 was Rs.1,3490.000 Millions. Piramal's real estate PE firm - INDIAREIT term sheeted exits worth Rs.4400.000 Millions across three earlier funds and a third party mandate during Q3 FY2013.

The revenues from Decision Resources Group Inc. were Rs.4952.000 Millions for 9M FY2013. DRG continued to achieve a high customer retention rate of over 96% in 2012 and has retained all 2011 top 20 customers.

Note to the Editors:

About the Piramal Group

The Piramal Group, led by Ajay G. Piramal is one of India's foremost business conglomerates. Driven by the core values of Knowledge Action Care, the Piramal Group has interests in a myriad of industries that encompass healthcare, drug discovery and research, diagnostics, glass, real estate and financial services. The Piramal Group steadfastly pursues inclusive growth while adhering to ethical and value driven practices. The Group's turnover exceeded $ 700 million in FY2012.

About Piramal Enterprises Limited

Piramal Enterprises is one of India's largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors. Piramal Enterprises had consolidated revenues of $ 500 million in FY2012. In the pharmaceutical space, PEL is one of leading custom manufacturing player globally, has presence in the global critical care segment with a portfolio of inhalation and injectible anesthetics and its OTC business is ranked no. 7 in India. PEL is also engaged in drug discovery and research and has strong pipeline of development products. In the financial services space, PEL has a real estate focused PE fund - Indiareit and a NBFC that is focused on lending to real estate and education sector. Recently, PEL has also entered the global information management industry through acquisition of a US based company - Decision Resources Group.

PIRAMAL HEALTHCARE’S CANCER DRUG P276 MOVES TO PHASE II FOR REDUCTION OF SERIOUS RADIATION INDUCED MUCOSITIS IN PATIENTS OF HEAD AND NECK CANCER RECEIVING CHEMORADIATION

20 Jul 2012

- Regulatory approval for Phase II received for P276 after Phase I completion in Canada and India

- Serious radiation induced mucositis (RIM) occurs in 40-65% of all patients who receive radiation courses for head and neck cancers

- In India, this cancer is common with roughly 150,000 to 200,000 cases identified each year

MUMBAI, India I July 20, 2012 I Piramal Healthcare Limited (“PHL”, NSE: PIRHEALTH, BSE: 500302) announced today that it has received approval from the Drug Controller General of India (DCGI) for conducting the Phase II clinical trial of P276-00 in combination with chemoradiation for the reduction of serious radiation-induced mucositis in patients of head and neck cancer. Phase I studies were completed in Canada and India. The drug is likely to reach Phase III in early 2013.

Commenting on the development, Dr. Alan Hatfield, Executive Vice President, Clinical Research, Piramal Healthcare said “The DCGI decision to allow us to proceed with this study in collaboration with many expert investigators throughout India will be of great benefit to patients of head and neck cancer”.

Radiation Induced Mucositis (RIM) is a common and painful side effect of radiation and chemoradiation in head and neck cancer patients. Serious radiation induced mucositis (RIM) occurs in 40-65% of all patients who receive radiation courses for head and neck cancers.Prevalence of Head and Neck cancer in India is amongst the highest in the world. Even within India, this cancer is common with roughly 150,000 to 200,000 cases identified each year.

Symptoms of RIM include soreness of the mouth and throat that often progresses to severe pain, difficulty or inability to swallow due to open oral lesions. The consequences of RIM are far-reaching leading to increased medical resource use, patient suffering and poor outcomes of therapy. Radiation induced mucositis remains a high unmet medical need as to date, no agent has been approved for the indication of serious radiation induced mucositis in Head and Neck Cancer patients.

Dr. Swati Piramal, Vice Chairperson, Piramal Healthcare stated, “Severe radiation induced mucositis is a debilitating toxicity of chemoradiation in head and neck cancer patients and can limit the treatment dosing and frequency. By developing P276 for the treatment of radiation induced mucositis, we hope to provide benefit to patients both clinically, and in terms of a better quality of life, thereby addressing this unmet medical need.”

About P276:

P276 is a new chemical entity (NCE) that inhibits cyclin dependent kinase complexes which play an important role in the regulation of cell cycle progression. It also has demonstrated anti-inflammatory properties by virtue of its ability to inhibit TNF-a. Combination studies of P276-00 are in progress in patients with pancreatic cancer and Triple Negative breast cancer.

Phase II/III studies for P276

This trial has been designed as a registration level (or grade) Phase II/III study to assess the ability of P276-00 to reduce radiation induced mucositis (RIM) in subjects with locally advanced head and neck cancer receiving treatment with curative amounts of therapeutic radiation therapy combined with cis-platinum chemotherapy. It is being conducted at multiple sites within India in collaboration with the Head and Neck Cooperative Research Group (HNCOG), a consortium of investigators participating in clinical studies within India.

Commenting on the importance of this trial to patients with head and neck cancers at risk for RIM, Dr Subramania Iyer, MCh, FRCS, Professor and Head, Division of Reconstructive Surgery and Head and Neck Surgery/Oncology,Amrita Institute of Medical Sciences, Kochi, Kerala, and President of the HNCOG, said “The members of the Head and Neck Cooperative Group are gratified by the successful granting of permission for the phase 2 study of this product of Indian research origin to mitigate the problems of radiation induced mucositis. Radiation induced mucositis has been one of the major factors affecting successful treatment of head and neck cancers using radiotherapy alone or in combination with chemotherapy”.

The results of the Phase II study will pave the way for initiation of the Phase III component of the study.

PIRAMAL HEALTHCARE TO PRESENT PHASE I DATA FOR ORAL ANTICANCER MOLECULE AT THE AMERICAN SOCIETY FOR CLINICAL ONCOLOGY (ASCO) ANNUAL MEETING

22 May 2012

Piramal Healthcare to present Phase I data for oral anticancer molecule at the American Society for Clinical Oncology (ASCO) Annual Meeting

· Safety of P1446A-05 established in first-in-human studies

· Maximum tolerated dose of P1446A-05 determined

· Further Phase II studies planned in cancer patients

Mumbai, May 22, 2012: Piramal Healthcare Limited (“PHL”, NSE: PIRHEALTH, BSE: 500302) announced today that Phase I clinical trial data for its investigational new drug candidate P1446A-05 will be presented at the Annual Meeting of the American Society for Clinical Oncology (ASCO) being convened in Chicago from June 1-5, 2012. This year’s ASCO meeting will bring together more than 34,000 participants from around the world and focus on the theme of "Collaborating to Conquer Cancer".

Cancer is a complex group of diseases fueled by many underlying mechanisms. Research and development at Piramal Healthcare is built on recent discoveries in molecular genomics, rational drug design and state-of-the-art drug discovery technologies. The robust RandD program has enabled the Company to advance a broad range of innovative therapies in development, including various phases of clinical trials.

The two posters (ASCO Abstract ID numbers 3011 and 3013) from Piramal Healthcare and participating investigators to be discussed on Saturday afternoon, June 2, 2012, in the Developmental Therapeutics - Experimental Therapeutics session, will report results of Phase I clinical studies for P1446A-05 conducted in India and Canada, each investigating two different dosing schedules.

Dr. Alan Hatfield, Executive Vice President, Clinical Research, Piramal Healthcare commented, “The completion of these two Phase I studies readies P1446A-05, an oral CDK inhibitor administered daily, to enter into a broader context of clinical development across a spectrum of malignant diseases. It offers continuous exposure to the targets and has a profile that can be integrated with other therapies”.

About P1446A-05: P1446A-05 is a potent inhibitor of cyclin dependent kinases (Cdks) which are enzymes that regulate the cell cycle. Dysregulation of the cell cycle is often observed in human malignancies which drives malignant growth and unbalances the normal balance between cell division and death. P1446A-05 exhibits high oral bioavailability, shows potent antiproliferative activity in several human cancer cell lines, and is efficacious in xenograft tumor models.

P1446A-05 will be the second molecule in Piramal’s oncology pipeline to enter Phase II trials. The first molecule P276 is in Phase II/III trials for multiple indications of cancer.

Results of Phase I clinical trials of P1446A-05

The multicentric trial in India was designed to determine the maximum tolerated dose (MTD), dose limiting toxicity (DLT), safety profile, pharmacokinetics, and antitumor activity of P1446A-05, administered orally on an intermittent schedule (two weeks on treatment and one week off treatment) in patients with advanced refractory tumors until disease progression or unacceptable toxicity.

Twenty-nine patients with advanced cancer were dosed once per day on five separate dose levels. The drug was generally well tolerated and the MTD on this schedule was 600 mg per day. The trial was conducted at five centers across India that included Tata Memorial Centre, Mumbai; Ruby Hall Clinic, Pune; SEAROC Cancer Centre, Jaipur; Jehangir Clinical Development Centre, Pune; Bhagwan Mahaveer Cancer Hospital and Research Centre, Jaipur; and Central India Cancer Research Institute, Nagpur.

In the Canadian trial, feasibility, safety and tolerability, pharmacokinetics, and antitumor activity of P1446A-05 administered in a continuous daily dosing schedule in patients with advanced malignancies was studied. A total of thirty-nine patients were dosed continuously once per day at five separate dose levels. Again the drug was generally well tolerated and the MTD on this schedule was 350 mg per day. The trial was conducted at three centers in Canada: Tom Baker Cancer Centre, Calgary, AB; Cross Cancer Institute, Edmonton, AB; and London Regional Cancer Program, London, ON.

Dr. Swati Piramal, Director, Piramal Healthcare, commenting on the presentations at the ASCO Annual Meeting, stated, “We are extremely pleased with the results of the phase I study of P1446A-05 and are committed to moving the molecule further in clinical development for the treatment of cancer.”

Dr. Somesh Sharma, Chief Executive Officer, Drug Discovery and Development, Piramal Healthcare, stated, “Our goal is to develop cancer medicines that improve care in a way that is meaningful to patients. The successful completion of the Phase I clinical trial of our orally acting anticancer compound P1446A-05 is an important step towards this goal”.

These presentations at the 2012 ASCO Annual Meeting on the oral anticancer compound P1446A-05 highlight Piramal Healthcare’s continued commitment to exploring new treatment options for cancer through novel mechanisms and targets, and building up a robust oncology pipeline.

PIRAMAL HEALTHCARE ANNOUNCES Q4 and FULL YEAR FY2012 RESULT; BOARD OF DIRECTORS HAS RECOMMENDED A DIVIDEND OF RS.17.5 PER EQUITY SHARE (875%) FOR FY2012, INCREASED DIVIDEND REFLECTS CONFIDENCE IN INHERENT PROFITABILITY OF THE COMPANY

Total operating income was Rs.6880.000 Millions, Operating Profit was Rs.1500.000 Millions

Mumbai, 03 May 2012:

Piramal Healthcare Limited (“PHL”, NSE: PIRHEALTH, BSE: 500302) today announced Q4 and annual results for FY2012. For the year ended 31st March 2012, the Board of Directors has recommended a dividend of Rs.17.5 per share (i.e. 875%) of face value of Rs.2. Increased dividend reaffirms the Board of Directors' confidence in our capital allocation strategy for unutilized funds, while also reflecting strong belief in future prospects of Piramal Healthcare's existing businesses. Total dividend outgo (including dividenddistribution tax) will be Rs.3510.000 Millions.

Total operating income for the quarter was Rs.6881.000 Millions compared to Rs.6893.000 Millions in Q4 FY2011. Income from Investments for the quarter was lower at Rs.391.000 Millions as compared to Rs.1301.000 Millions in Q4FY2011 due to the investment of Rs.58620.000 Millions to acquire ~11% equity stake in Vodafone India Limited. Hence Operating Profit (OPBITDA) for the quarter was lower at Rs.1500.000 Millions compared to Operating profit of Rs.2630.000 Millions in Q4FY2011. The Operating profit margin for the quarter was lower at 21.8% as compared to 38.2% in Q4FY2011. The interest expense for the quarter includes one-time expense of Rs.1117.000 Millions finance charges towards discounting of receivables. Hence Net loss for the quarter was Rs.3730.000 Millions as compared to Net profit of Rs.2023.000 Millions in Q4FY2011.

For Q4FY2012, Pharma Solutions (CRAMS) business registered growth of 12.2% with sales of Rs.3919.000 Millions as compared to Rs.3493.000 Millions in Q4FY2011. The revenues from Indian facilities grew -by 13.8% to Rs.2170.000 Millions. The growth been driven by increase in sales from API business. Sales from facilities outside India grew by 10.2% to Rs.1749.000 Millions.

Piramal Critical Care sales grew by 13.7% to Rs.1319.000 Millions against Rs.1160.000 Millions in Q4 FY2011. Sales from OTC and Ophthalmology business was Rs. 501.000 Millions as compared to Rs. 676.000 Millions in Q4FY2011.

Income from Financial Services business which includes PHL Finance Limited and IndiaReit Fund was Rs.267.000 Millions for the quarter.

Investment in Vodafone India Limited

During the quarter, Piramal acquired further ~5.5% of the issued equity share capital of Vodafone India Limited (“VIL”) from ETHL Communications Holdings Limited for a cash consideration of Rs.3,006 crores taking the total shareholding of Piramal in VIL to ~11%.

FY2012 performance:

For continuing businesses, total operating income for FY2012 was up by 17.1% to Rs.23523.000 Millions. The Operating Profit for the year grew by 24.4% to Rs.4713.000 Millions against Rs.3787.000 Millions in FY2011. The Operating profit margin was higher at 20.0% against 18.9% during FY2011. Net Profit for the year was Rs.1153.000 Millions and EPS was Rs.6.6 per share.

Pharma Solutions sales grew by 32.7% to Rs.13545.000 Millions against Rs.10206.000 Millions in FY2011. The revenues from Indian facilities recorded strong growth of 52.7% to Rs.8008.000 Millions over FY2011 and the revenues from overseas facilities was Rs.5537.000 Millions; up by 11.6%. Critical Care business recorded sales of Rs.4126.000 Millions registering growth of 6.4%. OTC and Ophthalmology business grew by 12.3% to Rs.2200.000 Millions.

During the year, Piramal formed a Non Banking Finance Company engaged in lending to real estate and other sectors – PHL Finance Private Limited and acquired Indiareit Fund Advisors and Indiareit Investment Management. Indiareit Fund Advisors Private Limited is advisor to the Indiareit Fund which is a domestic real estate Private Equity fund and Indiareit Investment Management Company is manager to Offshore Real Estate Private Equity funds investing in India. PHL Finance Private Limited and Indiareit Fund Advisors Private Limited together constitute Financial services business for Piramal. The total revenuefrom this business was Rs.534.000 Millions for the year.

PIRAMAL HEALTHCARE TO ACQUIRE 5.5% STAKE IN VODAFONE ESSAR

MUMBAI, 10 AUGUST 2011

Piramal Healthcare (“Piramal”, NSE: PIRHEALTH, BSE: 500302) and Vodafone Group (“Vodafone”) today announced that Piramal has agreed to purchase approximately 5.5% of the issued equity share capital of Vodafone Essar Limited (“VEL”) from ETHL Communications Holdings Limited (“Essar”) for cash consideration of Rs. 2,856 crores (approximately US$640 million).

The transaction follows the settlement between Vodafone and Essar over the sale of Essar’s approximately 33% stake in VEL, announced on 1 July 2011.

The transaction contemplates various exit mechanisms for Piramal, including both participation in a potential initial public offering of VEL and a sale of its stake to Vodafone.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making anyprohibited 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. 54.46
UK Pound	1	Rs. 83.13
Euro	1	Rs. 70.99

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		76

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

2667.100

2302.000

2854.700

2424.800

2090.900

2730.700

132.400

17540.300

156.400

42097.600

76960.300

72.700

9749.900

9767.800

8830.300

57071.800

108661.300

14644.800

3126.100

2761.300

2818.300

6184.400

5363.200

794.900

3799.200

2559.500

1538.200

13109.700

10684.000

5151.400

43962.100

97977.300

9493.400

7.74

1002.30

16.55

10.51

2015.67

18.00

1.83

142.34

18.80

0.01

1.40

0.32

0.22

0.12

0.78

4.35

10.17

2.84

Unit