MIRA INFORM REPORT

Report Date :

16.04.2013

IDENTIFICATION DETAILS

Name :	MANKIND PHARMA LIMITED
Formerly Known As :	MANKIND PHARMA PRIVATE LIMITED
Registered Office :	236, Okhla Industrial Estate, Phase – III, New Delhi – 110 020
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.07.1991
Com. Reg. No.:	55-044843
Capital Investment / Paid-up Capital :	Rs. 148.366 Millions
CIN No.: [Company Identification No.]	U74899DL1991PLC044843
TAN No.: [Tax Deduction & Collection Account No.]	DELM09991C
PAN No.: [Permanent Account No.]	AAACM9401C
Legal Form :	A closely held Public Limited Liability Company.
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	4500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

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

Maximum Credit Limit :	USD 19000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears be sound. Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office / Corporate Office :	236, Okhla Industrial Estate, Phase – III, New Delhi – 110 020, India
Tel. No.:	91-11-46541400 (30 Lines)
Fax No.:	91-11-46541382
E-Mail :	finance@mankindpharma.com contact@mankindpharma.com
Website :	http://www.mankindpharma.com
Area :	30000 Sq. ft.
Location :	Leased
Head Office :	6-B, Mohakampur Enclave, Meerut, Uttar Pradesh, India
Factory 1 :	Poanta Sahib (Himachal Pradesh), India
Factory 2 :	Udyog Vihar. 485 and 490, Phase 5, Gurgaon, Haryana, India
Branch Offices :	Located at · Meerut · Secunderabad · Indore

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Ramesh Chand Juneja
Designation :	Managing Director
Address :	7, Vasant Marg, 2^nd Floor, Vasant Vihar, New Delhi-110057, Delhi, India
Date of Birth/Age :	18.07.1950
Date of Appointment :	03.07.1991
DIN No.:	00283399

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1991PLC044843	Mankind Pharma Limited	Managing director	01-05-11	03-07-91	-	Active	NO
2	U74899DL1991PTC045731	Teen Murti Products Private Limited	Director	19-02-01	19-02-01	-	Active	NO
3	U67120DL1996PTC078045	Casablanca Securities Private Limited	Director	01-08-02	01-08-02	28-06-07	Active	NO
4	U24232DL1991PTC043980	Mithras Labs Private Limited	Director	23-09-02	23-09-02	-	Active	NO
5	U74899DL1976PTC008081	Luxor Metaltec India Private Limited	Director	09-12-02	09-12-02	-	Active	NO
6	U74899DL1973PTC006492	Rekhi Steels Private Limited	Director	20-07-04	20-07-04	-	Strike off	NO
7	U74899DL2006PTC146814	V And V Fine Tex Private Limited	Additional director	25-01-07	25-01-07	15-09-09	Active	NO
8	U15311HP1989PTC009770	Sirmour Remedies Private Limited	Director	31-03-08	31-03-08	31-07-09	Active	NO
9	U51397DL1998PTC093307	Magnet Labs Private Limited	Director	25-09-08	04-06-08	-	Active	NO
10	U85110DL2003PTC123280	Broadway Hospitality Services Private Limited	Additional director	29-10-10	29-10-10	-	Active	NO
11	U28113DL2011PTC223576	Casablanca Industries Private Limited	Director	10-08-11	10-08-11	-	Active	NO

Name :	Mr. Rajeev Juneja
Designation :	Whole Time Director
Address :	C-4/2, 1^st Floor, Safdarjung Development Area, New Delhi-110029, Delhi, India
Date of Birth/Age :	28.07.1965
Date of Appointment :	22.12.1992
DIN No.:	00283481

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1991PLC044843	Mankind Pharma Limited	Whole-time director	01-05-11	22-12-92	-	Active	NO
2	U70101DL1996PTC080289	Moksha Estates Private Limited	Director	01-08-02	01-08-02	28-06-07	Strike off	NO
3	U74899DL1976PTC008081	Luxor Metaltec India Private Limited	Director	09-12-02	09-12-02	-	Active	NO
4	U74899DL1973PTC006492	Rekhi Steels Private Limited	Director	20-07-04	20-07-04	-	Strike off	NO
5	U24232DL2004PTC131232	Lifestar Pharma Private Limited	Director	14-12-04	14-12-04	-	Active	NO
6	U15311HP1989PTC009770	Sirmour Remedies Private Limited	Director	22-08-05	22-08-05	31-07-09	Active	NO
7	U99999DL1974PTC007499	Alankrit Handicrafts Private Limited	Director	16-09-05	16-09-05	-	Active	NO
8	U45201DL2005PTC135016	Saburi Sai Ram Buildtech Private Limited	Director	07-08-06	07-08-06	-	Active	NO
9	U74899DL2006PTC146814	V And V Fine Tex Private Limited	Additional director	25-01-07	25-01-07	15-09-09	Active	NO
10	U51397DL1998PTC093307	Magnet Labs Private Limited	Director	25-09-08	04-06-08	-	Active	NO
11	U85110DL2003PTC123280	Broadway Hospitality Services Private Limited	Additional director	29-10-10	29-10-10	-	Active	NO
12	U51500DL2006PTC153155	Prolijune Lifesciences Private Limited	Additional director	21-07-11	21-07-11	-	Active	NO
13	U28113DL2011PTC223576	Casablanca Industries Private Limited	Director	10-08-11	10-08-11	-	Active	NO

Name :	Mrs. Puja Juneja
Designation :	Director
Address :	C-4/2, 1^st Floor, Safdarjung Development Area, New Delhi-110029, Delhi, India
Date of Birth/Age :	20.02.1973
Date of Appointment :	01.05.2006
DIN No.:	00504198

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231UP1995PTC017986	Mankind Drugs Private Limited	Director	01-04-98	01-04-98	-	Active	NO
2	U51397UP2001PTC025873	Mediforce Healthcare Private Limited	Additional director	14-08-09	14-02-01	12-09-09	Active	NO
3	U24232DL1991PTC043980	Mithras Labs Private Limited	Director	19-02-01	19-02-01	-	Active	NO
4	U74899DL1991PTC045731	Teen Murti Products Private Limited	Director	19-02-01	19-02-01	-	Active	NO
5	U74899DL1991PTC043986	Rashi Apparels Private Limited	Director	19-02-01	19-02-01	-	Active	NO
6	U74899DL1991PTC043979	Rashmi Exports Private Limited	Director	19-02-01	19-02-01	-	Active	NO
7	U70101DL1996PTC080289	Moksha Estates Private Limited	Director	01-08-02	01-08-02	-	Strike off	NO
8	U30007DL1996PTC076458	Nextwave India Private Limited	Director	18-09-04	18-09-04	-	Active	NO
9	U74899DL1991PLC044843	Mankind Pharma Limited	Director	01-05-06	01-05-06	-	Active	NO
10	U45201DL2005PTC135016	Saburi Sai Ram Buildtech Private Limited	Director	07-08-06	07-08-06	-	Active	NO
11	U74899DL1988PTC033151	Copmed Pharmaceuticals Private Limited	Director	20-12-06	20-12-06	31-07-09	Active	NO
12	U67120DL1996PTC078045	Casablanca Securities Private Limited	Director	28-06-07	28-06-07	-	Active	NO

Name :	Mrs. Sheetal Arora
Designation :	Whole Time Director
Address :	A-1/9, Vasant Vihar, New Delhi-110052, Delhi, India
Date of Birth/Age :	18.11.1975
Date of Appointment :	21.09.2007
DIN No.:	00704292

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231UP1995PTC017986	Mankind Drugs Private Limited	Director	03-05-95	03-05-95	-	Active	NO
2	U24231UP1997PTC022390	Relax Pharmaceuticals Private Limited	Director	01-04-00	01-04-00	31-07-09	Active	NO
3	U24232DL1991PTC043980	Mithras Labs Private Limited	Director	19-02-01	19-02-01	-	Active	NO
4	U74899DL1991PTC043986	Rashi Apparels Private Limited	Director	19-02-01	19-02-01	-	Active	NO
5	U74899DL1991PTC043979	Rashmi Exports Private Limited	Director	19-02-01	19-02-01	-	Active	NO
6	U67120DL1996PTC076977	Swing Securities Private Limited	Director	01-08-02	01-08-02	-	Under liquidation	NO
7	U74899DL1991PTC045731	Teen Murti Products Private Limited	Director	18-06-07	18-06-07	-	Active	NO
8	U67120DL1996PTC078045	Casablanca Securities Private Limited	Director	28-06-07	28-06-07	-	Active	NO
9	U70101DL1996PTC080289	Moksha Estates Private Limited	Director	28-06-07	28-06-07	-	Strike off	NO
10	U74899DL1991PLC044843	Mankind Pharma Limited	Whole-time director	23-06-09	21-09-07	-	Active	NO
11	U51500DL2006PTC153155	Prolijune Lifesciences Private Limited	Additional director	21-07-11	21-07-11	-	Active	NO
12	U28113DL2011PTC223576	Casablanca Industries Private Limited	Director	10-08-11	10-08-11	-	Active	NO

Name :	Mr. Prem Kumar Arora
Designation :	Whole Time Director
Address :	A-1/9, Vasant Vihar, New Delhi-110052, Delhi, India
Date of Birth/Age :	11.09.1938
Date of Appointment :	07.07.2007
DIN No.:	00704226

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51397UP2001PTC025873	Mediforce Healthcare Private Limited	Additional director	14-08-09	14-02-01	12-09-09	Active	NO
2	U30007DL1996PTC076458	Nextwave India Private Limited	Director	30-03-02	30-03-02	-	Active	NO
3	U24232DL2004PTC131232	Lifestar Pharma Private Limited	Director	14-12-04	14-12-04	-	Active	NO
4	U74899DL1991PLC044843	Mankind Pharma Limited	Whole-time director	07-07-07	01-05-06	-	Active	NO
5	U74899DL1988PTC033151	Copmed Pharmaceuticals Private Limited	Director	20-12-06	20-12-06	31-07-09	Active	NO
6	U51397DL1998PTC093307	Magnet Labs Private Limited	Director	30-07-07	30-07-07	-	Active	NO
7	U85110DL2003PTC123280	Broadway Hospitality Services Private Limited	Additional director	29-10-10	29-10-10	-	Active	NO
8	U51500DL2006PTC153155	Prolijune Lifesciences Private Limited	Additional director	21-07-11	21-07-11	-	Active	NO

Name :	Mr. Arjun Juneja
Designation :	Director
Address :	7, Vasant Marg, 2^nd Floor, Vasant Vihar, New Delhi-110057, Delhi, India
Date of Appointment :	15.05.2009
DIN No.:	00704349

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24232DL2004PTC131232	Lifestar Pharma Private Limited	Director	14-12-04	14-12-04	-	Active	NO
2	U15311HP1989PTC009770	Sirmour Remedies Private Limited	Director	22-08-05	22-08-05	31-03-08	Active	NO
3	U74899DL1991PLC044843	Mankind Pharma Limited	Whole-time director	30-09-09	01-05-06	-	Active	NO
4	U74899DL1988PTC033151	Copmed Pharmaceuticals Private Limited	Director	20-12-06	20-12-06	31-07-09	Active	NO
5	U51500DL2006PTC153155	Prolijune Lifesciences Private Limited	Additional director	28-07-11	28-07-11	-	Active	NO

Name :	Ms. Prabha Arora
Designation :	Director
Address :	A-1/9, Vasant Vihar, New Delhi-110052, Delhi, India
Date of Birth/Age :	07.07.1948
Date of Appointment :	07.07.2007
DIN No.:	00283527

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1991PLC044843	Mankind Pharma Limited	Director	07-07-07	06-02-95	-	Active	NO
2	U74899DL1973PTC006492	Rekhi Steels Private Limited	Director	20-07-04	20-07-04	-	Strike off	NO
3	U24232DL2004PTC131232	Lifestar Pharma Private Limited	Director	14-12-04	14-12-04	-	Active	NO
4	U15311HP1989PTC009770	Sirmour Remedies Private Limited	Director	22-08-05	22-08-05	31-07-09	Active	NO
5	U99999DL1974PTC007499	Alankrit Handicrafts Private Limited	Director	16-09-05	16-09-05	-	Active	NO

Name :	Mr. Sanjiv Dwarkanath Kaul
Designation :	Director
Address :	22, Siris Road, DLF Qutab Enclave, Phase-3, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	25.07.1957
Date of Appointment :	21.09.2007
DIN No.:	01550413

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ1985PLC007866	Intas Pharmaceuticals Limited	Nominee director	05-01-06	05-01-06	-	Active	NO
2	U85110KA2005PTC035687	Bioquest Solutions Private Limited	Director	25-08-06	25-08-06	-	Active	NO
3	U74899DL1991PLC044843	Mankind Pharma Limited	Director	21-09-07	24-04-07	-	Active	NO
4	U45200DL2008PTC180377	Saaya Structures Private Limited	Director	10-07-08	10-07-08	05-09-09	Active	NO
5	U24230GJ2005PLC047111	Intas Biopharmaceuticals Limited	Director	05-09-11	02-08-11	-	Active	NO
6	U24230GJ2009PTC057670	Eris Therapeutics Private Limited	Director	29-08-11	29-08-11	-	Active	NO
7	U24232GJ2007PTC049867	Eris Lifesciences Private Limited	Director	29-08-11	29-08-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjeev Kumar Singh
Designation :	Secretary
Address :	2531 (G), Sector – 3, Faridabad – 121 004, Haryana, India
Date of Birth/Age :	10.05.1976
Date of Appointment :	01.08.2006
PAN No.:	AVWPS0513P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ramesh Chand Juneja	6951934
Rajeev Juneja	4686779
Prabha Arora	4988176
Puja Juneja	1195861
Poonam Juneja	93
P K Arora	3156
Arjun Juneja	186
M /s Monet Limited	2157534
Dinaz Kaul	45703
Total	20029422

AS ON 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	10.70
Directors or relatives of Directors	89.30
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

Products :

ITC Code	Products Descriptions
2941.90.90	Ofloxacin
2941.90.90	Cifixime
2936.26.10	Methylcobalamin

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Filled Liquid Injectibles	LACS	NA	900	627
Dry Powder Injectibles	LACS	NA	360	98
Tablets and Capsules	LACS	NA	12000	6.87

GENERAL INFORMATION

No. of Employees :

4500 (Approximately)

Bankers :

• Citi Bank N. A., Jeevan Bharti Building, 4^th Floor, 124, Connaught Circus, Connaught Place, New Delhi-110001, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Foreign Currency Term Loans from Scheduled Bank	36.675	71.371
Other Term Loans from Scheduled Banks	0.414	1.366
Total	37.089	72.737

Notes:

1) Long term Foreign Currency Loan From ICICI Bank Limited is secured by first charge on all present and future fixed assets of the company's manufacturing plant at Paonta Sahib (H.P)

2) Other Term Loans are for Cars and are secured by Hypothecation of respective cars.

3) Amount of term loans re-payable within one year Rs. 28.955 millions (P. Y. Rs. 33.298 Millions)

Banking Relations :	--
Financial Institution :	Director of Industries Himachal Pradesh, Single Window Clearance Agaency, Ponta Sahib, District Sirmour, Panta Sahib-173025, Himachal Pradesh, India
Auditors :
Name :	Bhagi Bhardwaj Gaur and Comapany Chartered Accountants
Address :	2952-53/2, Sangtarashan, Paharganj, New Delhi – 110 055, Delhi, India
Subsidiaries :	Lifestar Pharma Private Limited CIN No.: U24232DL2004PTC131232 Magnet Labs Private Limited CIN No.: U51397DL1998PTC093307
Other Related Company	Casablanca Securiteis Private Limited Moksha Estate Private Limited Swing Securities Private Limited A. D. Printers Pharma Force Lab Mankind Drugs Private Limited Next Wave India Sirmour Remedies Private Limited Copmed Pharmaceuticals Relax Pharmaceuticals Private Limited Rekhi Steels Private Limited Alankrit Handicrafts Private Limited Luxor Metaltech India Private Limited Rashi Apparels Private Limited Rashmi Exports Private Limited N. S. Industries Pronjiule Exports Private Limited A to Z Packers Teen Murti Products Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14836609	Equity Shares	Rs.10/- each	Rs. 148.366 Millions

Notes:

Of the above.

1. 160220 equity shares and 9306600 equity shares of Rs. 10/- each fully paid up were allotted during the year ended March 31, 2000 and 2005 respectively by way of way of bonus shares by capitalizing General Reserve of the company.

2. 4046348 equity shares of Rs. 10/- each fully paid up were allotted during the year ended March, 31, 2009 by way of bonus shares by capitalizing Share premium account.

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20029422	Equity Shares	Rs.10/- each	Rs. 200.294 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		148.366	148.366	107.902
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4849.989	3187.553	2083.267
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4998.355	3335.919	2191.169
LOAN FUNDS
1] Secured Loans		37.089	72.737	91.706
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		37.089	72.737	91.706
DEFERRED TAX LIABILITIES		20.722	18.141	10.989
TOTAL		5056.166	3426.797	2293.864
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		846.183	582.555	585.868
Capital work-in-progress		73.020	2.135	11.740
INVESTMENT		1564.187	900.834	165.201
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1535.523	1166.261	936.533
	Sundry Debtors	932.974	707.721	595.994
	Cash & Bank Balances	995.544	596.106	574.732
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1441.160	1188.055	698.314
Total Current Assets		4905.201	3658.143	2805.573
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	994.853	683.103	360.920
	Other Current Liabilities	547.713	388.485	477.303
	Provisions	789.859	645.971	436.630
Total Current Liabilities		2332.425	1717.559	1274.853
Net Current Assets		2572.776	1940.584	1530.720
MISCELLANEOUS EXPENSES		0.000	0.689	0.335
TOTAL		5056.166	3426.797	2293.864

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	10857.716	8402.722	6248.922
		Other Income	196.777	191.749	117.499
		TOTAL (A)	11054.493	8594.471	6366.421
Less	EXPENSES
		Cost of Goods Manufactured	296.455	226.796	103.421
		Cost of Traded Goods Sold	4732.987	3796.333	3205.565
		(Accretion)/ Depletion in Stock	(50.268)	12.919	(64.452)
		Personnel Expenses	1399.436	1016.583	737.263
		Other Expenses	2121.690	1623.634	1221.601
		TOTAL (B)	8500.300	6676.265	5203.398
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2554.193	1918.206	1163.023
Less	FINANCIAL EXPENSES (D)		15.165	23.761	24.704
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2539.028	1894.445	1138.319
Less/ Add	DEPRECIATION/ AMORTISATION (F)		44.414	42.032	35.758
	PROFIT BEFORE TAX (E-F) (G)		2494.614	1852.413	1102.561
Less	TAX (H)		774.426	646.914	406.787
	PROFIT AFTER TAX (G-H) (I)		1720.188	1205.499	695.774
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2236.897	1212.797	624.472
Less	APPROPRIATIONS
		Transfer to General Reserve	172.019	120.649	69.577
		Dividend	0.000	0.000	32.370
		Interim Dividend	51.928	51.925	0.000
		Tax on Dividend	8.825	8.824	5.501
	BALANCE CARRIED TO THE B/S		3724.313	2236.897	1212.797
	IMPORTS
		Finished Goods	6.873	74.121	19.402
		Machinery and Equipments	21.203	1.801	0.000
	TOTAL IMPORTS		28.076	75.922	19.402
	Earnings Per Share (Rs.)		115.94	110.00	64.81

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	15.56	14.03	11.13
Net Profit Margin (PBT/Sales)	(%)	22.98	22.04	17.64
Return on Total Assets (PBT/Total Assets}	(%)	43.37	43.68	32.51
Return on Investment (ROI) (PBT/Networth)		0.50	0.56	0.50
Debt Equity Ratio (Total Liability/Networth)		0.48	0.54	0.63
Current Ratio (Current Asset/Current Liability)		2.10	2.13	2.20

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

Company has done extremely well during the year. Profits before depreciation and taxes but after providing for all other expenses and charges have been Rs. 2539.000 millions against profits of Rs. 1894.400 millions last year. As against growth of 29% in turnover, over previous year, EBIDTA for the current year has increased by 37.5% as a direct result of tight control on manufacturing and selling costs. This enabled the company to generate large distributable profits; 42.7% higher than previous year. The focus laid on and heavy investment made by the company in continuous training and development of its human resources not only sailed the company through economic turmoil the world has been witnessing across the industries for more than two years but helped it surpass its own achievements of the past that, most of the time, have been much above the industry average.

It gives all of them a great sigh of relief to see that pharma industry has been able to hold its ground firmly and did not succumb to global recession. Generic industry is experiencing unprecedented growth. Indian Pharma industry that is 3rd largest in terms of volume and 14th in terms of value is poised to significantly boost its share of generics market on back of its expertise in process engineering and its low cost advantages. On the other hand, health care consumption is bound to go up with rising disposable incomes, greater penetration of health insurance, expanding medical infrastructure and increasing incidence of life style diseases. Keeping with this the company has taken many new initiatives and is in the process of development of large number of formulations in varied dosage forms. To strengthen company’s manufacturing capabilities, one more unit to manufacture tablets and capsules has already been set and commissioned too by the end of financial year under review. One more, and larger, manufacturing unit is in the process of setting up and is expected to be ready for trail runs by end of current financial year. The existing injectibles manufacturing unit of the company is now WHO-GMP approved and is fully geared to produce as per international standards.

The product patent regime will make it obligatory for Indian companies to compete in R and D if they want to survive. Therefore, it is imperative that pharma industry has surplus for investment. Liberalization of price Control regime, in this context, becomes most important. However, without waiting for policy makers. Response to this need of the industry, the company has joined hands for setting up a R and D Center near Delhi which R and D Center shall be dedicated to and primarily cater to the needs of the company. It is expected to be fully functional by beginning of the coming financial year.

The company firmly believes in .the success lies in the fact that the people in the remotest areas of the country benefiting the fruits of success. For this reason it never restricted itself just to urban and semi-urban areas but equally focused on rural areas also with its specially trained and motivated field force. To further put its beliefs into action the company has always endeavored to keep the prices within the reach of common people of the country. The service support is the backbone of business existence. The service model is based on reliability, responsiveness and assurance. With a view to diversify in the related field, the company had taken a considered decision in recent past to venture into OTC segment. Some products introduced in market by the company not long ago has got very encouraging acceptance by the consumers and their brands have become house hold name in the country. Some more up-market products in this segment are in pipeline and soon the company shall be having a full range of quality health care products.

In line with its pre-set goals, the company during the year took first step to enter the export arena by submitting dossiers for registration of some of its products in few South Asian countries. Company has already got few registrations and the first export consignment is expected to be shipped to Sri Lanka before this Diwali.

In line with its pre-set goals, the company during the year under review took first step to enter the export arena by

submitting dossiers for registration of some of its products in few South Asian countries. Company has already got few registrations and the first export consignment is expected to be shipped to Sri Lanka before this Diwali.

Two subsidiaries of the company are also doing well and are progressing as per the plan. They expect to keep the line of growth moving further and further up and see a very bright future for the company in years to come.

FORM 8

Corporate identity number of the company	U74899DL1991PLC044843
Name of the company	MANKIND PHARMA LIMITED
Address of the registered office or of the principal place of business in India of the company	236, Okhla Industrial Estate, Phase – III, New Delhi – 110 020, India
This form is for	Creation of charge
Type of charge	Book debts
Particular of charge holder	Citi Bank N. A., Jeevan Bharti Building, 4^th Floor, 124, Connaught Circus, Connaught Place, New Delhi-110001, Delhi, India
Nature of instrument creating charge	Goods Security Agreement.
Date of instrument Creating the charge	12.10.2010
Amount secured by the charge	Rs. 400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per sanction terms and as may be decided by the bank and company mutually from time to time. Terms of repayment Repayable on demand, annually renewable. Margin 20% against the hypothecated assets. Extent and operation of the charge First pari-passu charge by hypothecation of the borrower's current assets consisting of all the book debts, both present and future in favour of Citibank N.A Delhi for the repayment of all monies in respect of the credit facility, including outstanding balance and also all interest, costs, charges and expenses.
Short particulars of the property charged (Including location of the property)	All the Borrower's present and future book debts, bills receivables, claims, bills forming part of the current assets

FIXED ASSETS:

• Building
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Electrical Fittings
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 54.63
UK Pound	1	Rs. 83.70
Euro	1	Rs. 71.42

INFORMATION DETAILS

Report Prepared by :

RAJ

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

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

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

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