MIRA INFORM REPORT

Report Date :

14.08.2013

IDENTIFICATION DETAILS

Name :	INTAS PHARMACEUTICALS LIMITED (w.e.f. 10.03.1995) INTAS BIOPHARMACEUTICALS LIMITED AMALGAMATED WITH INTAS PHARMACEUTICALS LIMITED
Formerly Known As :	INTAS LABORATORIES PRIVATE LIMITED
Registered Office :	2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.05.1985
Com. Reg. No.:	04-007866
Capital Investment / Paid-up Capital :	Rs.1034.767 Millions
CIN No.: [Company Identification No.]	U24231GJ1985PLC007866
TAN No.: [Tax Deduction & Collection Account No.]	AHMI00350A
PAN No.: [Permanent Account No.]	AAACI5120L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The company is engaged in the development, manufacture and marketing of pharmaceutical formulations.
No. of Employees :	5000 (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 52400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a flagship company of the Ahmedabad based Chudgar Group. Over the year, the company diversified into wide therapeutic areas and also ventured into international markets through exports of generic drugs and contract manufacturing. The company is ranked as the 12^th largest pharmaceutical company in the domestic market as per IMS Health India. It is a well established company having fine track record. The company is performing well. Financial position of the company is good. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Non Convertible Debenture = AA
Rating Explanation	High degree of safety and low credit risk.
Date	May, 2013

Rating Agency Name	ICRA
Rating	Commercial Paper = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	May, 2013

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/ Corporate Office :	2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26576655/ 26579052/ 26578269/ 26623100
Fax No.:	91-79-26588862/ 26578862
E-Mail :	intas@ad1.vsnl.net.in manoj_nair@intaspharma.com info@intaspharma.com rutul_shukla@intaspharma.com kewal_chokshi@intaspharma.com finance@intaspharma.com jgvyas@intaspharma.com info@intaspharma.com
Website :	http://www.intaspharma.com
Area :	400 Sq. Ft
Location :	Owned
Factory 1 :	Plot No. 457/458 , Sarkhej - Bavla Highway, Village: Matoda, Taluka: Sanand, Ahmedabad - 382210, Gujarat, India
Tel. No.:	91-2717-551111/ 551298
Fax No.:	91-2717-551106
Factory 2 :	7/3, GIDC Estate, Behind Dena Bank, Vatva, Ahmedabad- 382445, Gujarat, India
Tel No :	91-79-25831279
Fax No :	91-79-25830207
Factory 3 :	85/87 Kailash Industrial Estate, Post Jyawa Taluka, Sanand, Ahmedabad, Gujarat, India
Tel. No.:	91-2717-284188
Factory 4 :	Valia, Near Bharuch, Ankaleshwar, Gujarat, India

DIRECTORS

As on: 27.08.2012

Name :

Mr. Nimish Hasmukh Bhai Chudgar

Designation :

Managing Director

Address :

3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satellite, Ahmedabad-380015, Gujarat, India.

Date of Birth/Age :

19.08.1960

Qualification :

B Sc

Date of Appointment :

01.04.2011

PAN No.:

ABDPC6875B

DIN No.:

00212400

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01/04/2011	31/05/1985	-	Active	NO
2	U51909GJ1955PTC000577	EQUATORIAL PRIVATE LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO
3	U65910GJ1994PTC023392	INTAS ENTERPRISE PRIVATE LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
4	U19129GJ1997NPL032264	ADVANCED TRANSFUSION MEDICINE RESEARCH FOUNDATION	Director	06/05/1997	06/05/1997	-	Active	NO
5	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16/12/1998	16/12/1998	-	Active	NO
6	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Additional director	27/09/2011	25/04/2000	-	Active	NO
7	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	27/11/2000	27/11/2000	-	Amalgamated	NO
8	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	24/02/2001	24/02/2001	-	Active	NO
9	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15/05/2001	15/05/2001	-	Active	NO
10	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
11	U24231GJ2000PLC037582	INTAS PHARMA LIMITED	Managing director	01/04/2011	02/12/2002	-	Active	NO
12	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	20/01/2003	20/01/2003	-	Active	NO
13	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	29/09/2006	16/01/2006	-	Active	NO
14	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
15	U73100GJ2003PLC042948	CYTAS RESEARCH LIMITED	Additional director	15/09/2011	15/09/2011	-	Active	NO
16	U73100GJ2008PLC054736	ONCOLOGY SERVICES INDIA LIMITED	Additional director	15/09/2011	15/09/2011	-	Active	NO

Name :

Mr. Urmish Hasmukh Chudgar

Designation :

Managing Director

Address :

16, Nishant Bungalows, Satellite, Ahmedabad-380015, Gujarat, India

Date of Birth/Age :

16.02.1959

Qualification :

MD in Oncology and Haemetoly

Date of Appointment :

01.09.2011

DIN No.:

00096080

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01/09/2011	30/09/1996	-	Active	NO
2	U19129GJ1997NPL032264	ADVANCED TRANSFUSION MEDICINE RESEARCH FOUNDATION	Director	06/05/1997	06/05/1997	-	Active	NO
3	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16/12/1998	16/12/1998	-	Active	NO
4	U24231GJ2000PLC037582	INTAS PHARMA LIMITED	Director	21/03/2000	21/03/2000	-	Active	NO
5	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	25/04/2000	25/04/2000	-	Active	NO
6	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	01/11/2007	27/11/2000	-	Amalgamated	NO
7	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15/05/2001	15/05/2001	-	Active	NO
8	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
9	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	01/02/2003	01/02/2003	-	Active	NO
10	U73100GJ2003PLC042948	CYTAS RESEARCH LIMITED	Director	22/09/2003	22/09/2003	-	Active	NO
11	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Managing director	01/12/2007	23/11/2005	-	Active	NO
12	U73100GJ2008PLC054736	ONCOLOGY SERVICES INDIA LIMITED	Director	11/08/2008	11/08/2008	-	Active	NO
13	U85195GJ2009PLC057059	UNIPATH SPECIALTY LABORATORY LIMITED	Director	26/05/2009	26/05/2009	-	Active	NO
14	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO

Name :

Mr. Binish Hasmukh Chudgar

Designation :

Managing Director

Address :

12, Aristo Villa Opposite Gold Coin Complex, Satellite, Jodhpur Char Rasta, Ahmedabad-380015, Gujarat, India.

Date of Birth/Age :

01.12.1963

Qualification :

B Com MBA

Date of Appointment :

01.04.2011

PAN No.:

ABDPC6876C

DIN No.:

00119503

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01/04/2011	31/05/1985	-	Active	NO
2	U51909GJ1955PTC000577	EQUATORIAL PRIVATE LIMITED	Director	01/08/1994	01/08/1994	-	Active	NO
3	U65910GJ1994PTC023392	INTAS ENTERPRISE PRIVATE LIMITED	Director	24/10/1994	24/10/1994	-	Active	NO
4	U24236GJ1998PLC034883	LAMBDA THERAPEUTIC RESEARCH LIMITED	Director	27/10/1998	27/10/1998	-	Active	NO
5	U24229GJ1998PTC035149	PRIME PAEDIATRICS PRIVATE LIMITED	Director	16/12/1998	16/12/1998	-	Active	NO
6	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	25/04/2000	25/04/2000	27/12/2008	Active	NO
7	U51100GJ1994PTC023865	EPSILON MARKETING AND CONSULTANCY PRIVATE LIMITED	Director	16/10/2000	16/10/2000	-	Active	NO
8	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	27/11/2000	27/11/2000	-	Amalgamated	NO
9	U24231GJ2001PLC039545	ASTRON RESEARCH LIMITED	Director	15/05/2001	15/05/2001	-	Active	NO
10	U21029GJ2001PLC039733	ASTRON PACKAGING LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
11	U24231GJ2000PLC037582	INTAS PHARMA LIMITED	Director	02/12/2002	02/12/2002	-	Active	NO
12	U24231GJ2003PLC041866	ACCORD HEALTHCARE LIMITED	Director	20/01/2003	20/01/2003	-	Active	NO
13	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	15/10/2004	15/10/2004	-	Active	NO
14	U24233GJ2007PLC050155	JINA PHARMACEUTICALS LIMITED	Director	06/03/2007	06/03/2007	-	Active	NO
15	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO
16	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	30/09/2010	08/07/2010	-	Active	NO

Name :

Mr. Hasmukh Chudgar

Designation :

Managing Director

Address :

3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satellite, Ahmedabad-380015, Gujarat, India.

Date of Birth/Age :

16.05.1933

Qualification :

B Pharm

Date of Appointment :

01.07.2009

DIN No.:

00172265

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Managing director	01/07/2009	31/05/1985	-	Active	NO
2	U24231GJ1973PLC040442	ANDRE LABORATORIES LIMITED	Director	24/02/2001	24/02/2001	-	Active	NO
3	U73100GJ2000PLC038979	INDUS BIOTHERAPEUTICS LIMITED	Director	01/06/2002	01/06/2002	-	Amalgamated	NO
4	U24240GJ2000PLC037850	CELESTIAL BIOLOGICALS LIMITED	Director	31/08/2003	31/08/2003	27/12/2008	Active	NO
5	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	29/09/2006	16/01/2006	-	Active	NO
6	U24231GJ2000PLC037582	INTAS PHARMA LIMITED	Director	29/09/2007	03/09/2007	-	Active	NO
7	U33110GJ2010PLC061475	INTAS MEDI DEVICES LIMITED	Director	07/07/2010	07/07/2010	-	Active	NO

Name :

Mr. Nitin Ram Potdar

Designation :

Additional director

Address :

202, Phoenix House. Sayani Road. Opposite Ravindra Natya Mandir, Prabhadevi, Mumbai -400 025. Maharashtra, India

Date of Birth/Age :

21.02.1963

Date of Appointment :

12.08.2011

DIN No.:

00452644

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231PN1995PTC014017	FRESENIUS KABI INDIA PRIVATE LIMITED	Alternate director	09/05/2001	09/05/2001	10/03/2011	Active	NO
2	U93090MH2006PTC165647	PROMOSALONS INDIA PRIVATE LIMITED	Director	20/11/2006	20/11/2006	05/12/2008	Active	NO
3	U93090PN2007PTC131552	FORI AUTOMATION INDIA PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
4	U17291MH2007PTC171241	SPERIAN PROTECTION INDIA PRIVATE LIMITED	Director	31/05/2007	31/05/2007	24/01/2008	Active	YES
5	U74140MH2006PTC163489	INFINITE INDIA INVESTMENT MANAGEMENT PRIVATE LIMITED	Alternate director	06/12/2008	19/10/2007	14/01/2009	Active	NO
6	U92412MH2008FTC179409	SPORTAL INDIA PRIVATE LIMITED	Director	25/02/2008	25/02/2008	02/05/2008	Active	NO
7	L65990MH1982PLC027751	GEODESIC LIMITED	Director	14/08/2008	24/04/2008	-	Active	NO
8	L24231DL2003PLC119441	FRESENIUS KABI ONCOLOGY LIMITED	Director	29/07/2009	11/08/2008	-	Active	NO
9	U74140MH2008FTC187025	HANNOVER RE CONSULTING SERVICES INDIA PRIVATE LIMITED	Director	24/09/2008	24/09/2008	24/09/2011	Active	NO
10	U93090MH2008PLC188187	MOTILAL OSWAL TRUSTEE COMPANY LIMITED	Director	30/07/2009	08/04/2009	-	Active	NO
11	L36911MH1986PLC040689	GITANJALI GEMS LIMITED	Director	25/09/2010	30/01/2010	-	Active	NO
12	U74120MH2011FTC212292	RIDER LEVETT BUCKNALL INDIA PRIVATE LIMITED	Director	13/01/2011	13/01/2011	02/08/2011	Active	NO
13	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Director	12/08/2011	09/02/2011	-	Active	NO

Name :

Mr. Surender Kumar Tuteja

Designation :

Additional director

Address :

S-307, Ilnd Floor, Panchshceel Park, New Delhi – 110017, India

Date of Birth/Age :

15.06.1945

Date of Appointment :

09.02.2011

DIN No.:

00594076

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L50101PB1983PLC005516	SML ISUZU LIMITED	Director	20/06/1998	20/06/1998	-	Active	NO
2	L99999PB1990PLC010307	TRIDENT LIMITED	Director	25/01/2002	25/01/2002	03/02/2012	Active	NO
3	U01100MH1987PTC042508	TIGER WAREHOUSING COLD CHAIN PRIVATE LIMITED	Director	06/08/2004	06/08/2004	-	Active	NO
4	U74999PB2006PLC030716	LOTUS INTEGRATED TEXPARK LIMITED	Director	29/09/2007	20/01/2007	31/03/2008	Active	NO
5	L01542KA1995PLC019046	SHREE RENUKA SUGARS LIMITED	Director	05/01/2008	25/01/2007	-	Active	NO
6	L63090GJ1998PLC034182	ADANI PORTS AND SPECIAL ECONOMIC ZONE LIMITED	Director	30/07/2007	30/01/2007	12/02/2011	Active	NO
7	U51909KA2007PLC041567	VANTAMURI TRADING AND INVESTMENTS LIMITED	Director	29/09/2007	09/02/2007	10/02/2011	Active	NO
8	L29230KA1953PLC000748	H.M.T. LIMITED	Director	29/09/2007	12/02/2007	12/02/2010	Active	NO
9	U45208PB2007PLC030942	ABHISHEK GLOBAL VENTURES LIMITED	Director	21/07/2008	05/05/2007	16/03/2009	Amalgamated	NO
10	L74899DL1995PLC073281	PRECISION PIPES AND PROFILES COMPANY LIMITED	Director	27/09/2008	03/07/2007	11/06/2012	Active	NO
11	U63023DL2007PLC165676	CENTRAL RAILSIDE WAREHOUSE COMPANY LIMITED	Nominee director	01/08/2007	01/08/2007	17/10/2007	Active	NO
12	U65999MH2004PTC144113	PEGASUS ASSETS RECONSTRUCTION PRIVATE LIMITED	Director	03/09/2007	03/09/2007	-	Active	NO
13	L40100GJ1996PLC030533	ADANI POWER LIMITED	Director	25/09/2008	17/09/2007	12/02/2011	Active	NO
14	U51909DL2004PLC126962	SVIL MINES LIMITED	Director	31/12/2008	18/10/2007	24/07/2012	Active	NO
15	U51503DL1986PTC023886	AMBIENCE PRIVATE LIMITED	Additional director	10/01/2008	10/01/2008	30/05/2008	Active	NO
16	U63090GJ2005PLC046510	ADANI LOGISTICS LIMITED	Director	11/08/2008	28/02/2008	-	Amalgamated	NO
17	U17115PB1989PLC009524	SOHRAB SPINNING MILLS LIMITED	Director	30/09/2008	24/06/2008	06/05/2010	Active	NO
18	U74999MH2007PLC169201	INDIAN ENERGY EXCHANGE LIMITED	Director	26/08/2008	26/06/2008	30/03/2012	Active	NO
19	L74999HR2002PLC034805	A2Z MAINTENANCE AND ENGINEERING SERVICES LIMITED	Director	30/09/2008	25/07/2008	-	Active	NO
20	U63030MH2005PLC152747	NATIONAL BULK HANDLING CORPORATION LIMITED	Director	23/09/2009	18/08/2008	26/08/2011	Active	NO
21	U66020MH2006PLC165039	AXIS PRIVATE EQUITY LIMITED	Director	13/04/2010	25/10/2008	-	Active	NO
22	U45204HR2008PLC037877	A2Z POWERCOM LIMITED	Director	30/09/2009	09/05/2009	30/01/2010	Active	NO
23	U45200DL2007PLC160927	A2Z INFRASTRUCTURE LIMITED	Director	30/09/2009	09/05/2009	10/07/2010	Active	NO
24	U63090GJ2005PLC046419	ADANI LOGISTICS LIMITED	Director	14/07/2010	18/07/2009	-	Active	NO
25	U93000MH2009PTC191700	CAPSTONE CAPITAL SERVICES PRIVATE LIMITED	Director	08/05/2010	02/02/2010	10/02/2011	Active	NO
26	U40108MH2007PTC167396	TOPWORTH ENERGY PRIVATE LIMITED	Director	30/09/2010	20/03/2010	-	Active	NO
27	L31900DL1983PLC016304	HAVELLS INDIA LIMITED	Director	29/09/2010	11/05/2010	-	Active	NO
28	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Director	12/08/2011	09/02/2011	-	Active	NO
29	U15209DL2005PLC135838	DAAWAT FOODS LIMITED	Director	30/09/2011	10/02/2011	-	Active	NO
30	U40102KA2008PLC045442	SHREE RENUKA ENERGY LIMITED	Director	29/09/2011	11/02/2011	-	Active	NO
31	L51100GJ1993PLC019067	ADANI ENTERPRISES LIMITED	Director	10/08/2011	12/02/2011	-	Active	NO
32	U74120DL2008PTC180485	DEVENIO OPTIMUS ADVISORS PRIVATE LIMITED	Director	02/08/2011	02/08/2011	-	Active	NO
33	U17290PB2010PLC033582	TRIDENT CORPORATION LIMITED	Additional director	03/02/2012	03/02/2012	-	Active	NO
34	U93000DL2012PTC233896	ALTARIS CREDIT RATING AGENCY PRIVAT E LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
35	L28999GJ1992PLC018570	GUJARAT FOILS LIMITED	Director	26/09/2012	11/04/2012	-	Active	NO

Name :

Mr. Tilokchand Punamchand Ostwal

Designation :

Additional director

Address :

103-104, Falcon’s Crest, G. D. Ambedkar Marg, Parel, Mumbai -400 012, Maharashtra, India

Date of Birth/Age :

07.11.1954

Date of Appointment :

12.08.2011

DIN No.:

00821268

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29309TN1987PLC029075	WTI ADVANCED TECHNOLOGY LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
2	U65999MH2006PTC164773	JPMORGAN ASSET MANAGEMENT INDIA PRIVATE LIMITED	Director	12/07/2012	14/04/2007	-	Active	NO
3	U65990MH1990PTC056666	CHATURVEDI AND SHAH CONSULTING PRIVATE LIMITED	Director	12/10/2007	12/10/2007	-	Active	NO
4	L45200MH1998PLC114818	OBEROI REALTY LIMITED	Director	30/09/2008	12/12/2007	-	Active	NO
5	U72900MH2000PTC125529	DELSOFT CONSULTANCY PRIVATE LIMITED	Director	21/02/2008	21/02/2008	-	Active	NO
6	U45200MH1995PLC093041	LODHA DEVELOPERS LIMITED	Director	22/09/2009	24/07/2009	05/01/2012	Active	NO
7	U70104MH1935PLC002249	SHREENIWAS COTTON MILLS LIMITED	Director	28/09/2010	19/09/2009	05/01/2012	Active	NO
8	U45202MH1993PLC074836	OBEROI CONSTRUCTIONS LIMITED	Director	04/05/2010	14/12/2009	-	Active	NO
9	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Director	12/08/2011	19/03/2011	-	Active	NO
10	U74120MH2012PTC235204	P AND O ADVISORS PRIVATE LIMITED	Director	31/08/2012	31/08/2012	-	Active	NO

Name :

Mr. Hemant Devidas Sheth

Designation :

Additional director

Address :

101, Aangan Plot No.40, T. V. Chindambaran Marg, Sion (East), Mumbai – 400 022, Maharashtra, India

Date of Birth/Age :

29.11.1961

Date of Appointment :

12.08.2011

DIN No.:

01261486

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74300GJ2001PLC046472	ONE ADVERTISING AND COMMUNICATION SERVICES LIMITED	Director	02/08/2001	02/08/2001	21/12/2010	Active	NO
2	U21098MH2007PTC170239	DIVINE PAPER PRODUCTS PRIVATE LIMITED	Director	24/04/2007	24/04/2007	-	Active	NO
3	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Director	12/08/2011	09/02/2011	-	Active	NO

Name :

Mr. Sanjiv Dwarkanath Kaul

Designation :

Nominee director

Address :

22 Siris Road, DLF Phase-3, Gurgaon-122002, Haryana, India

Date of Birth/Age :

25.07.1957

Date of Appointment :

05.09.2011

DIN No.:

01550413

Other Directorships :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24231GJ1985PLC007866	INTAS PHARMACEUTICALS LIMITED	Nominee director	16/06/2012	05/01/2006	-	Active	NO
2	U85110KA2005PTC035687	BIOQUEST SOLUTIONS PRIVATE LIMITED	Director	25/08/2006	25/08/2006	-	Active	NO
3	U74899DL1991PLC044843	MANKIND PHARMA LIMITED	Director	21/09/2007	24/04/2007	-	Active	NO
4	U45200DL2008PTC180377	SAAYA STRUCTURES PRIVATE LIMITED	Director	10/07/2008	10/07/2008	05/09/2009	Active	NO
5	U24230GJ2005PLC047111	INTAS BIOPHARMACEUTICALS LIMITED	Director	05/09/2011	02/08/2011	-	Active	NO
6	U24232GJ2007PTC049867	ERIS LIFESCIENCES PRIVATE LIMITED	Director	29/08/2011	29/08/2011	-	Active	NO
7	U24230GJ2009PTC057670	ERIS THERAPEUTICS PRIVATE LIMITED	Director	29/08/2011	29/08/2011	-	Active	NO
8	U74900DL2012PTC235889	NUVO CHRYSCAPITAL ADVISORS PRIVATE LIMITED	Additional director	21/05/2012	21/05/2012	-	Active	NO

Name :	Mr. John Geoffrey Goddard
Designation :	Additional director
Address :	38. Delvino Road, London SW6 4AJ, United Kingdom
Date of Birth/Age :	19.07.1951
Date of Appointment :	12.08.2011
DIN No.:	03420601

KEY EXECUTIVES

Name :	Mr. Manoj Narayanan Nair
Designation :	Company Secretary
Address :	Plot No. 648/1, Sector-4 C, Gandhinagar – 382006, Gujarat, India
Date of Birth/Age :	20.10.1979
Date of Appointment :	08.07.2007
PAN No.:	AEBPN7909Q

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 27.08.2012

Names of Shareholders	No. of Shares
Nimish H Chudgar	6261080
Binish H Chudgar	6037480
Umish H Chudgar	100200
Kusumben H Chudgar	2008050
Bindiben B Chudgar	6813816
Parulben U Chudgar	6889116
Binaben N Chudgar	5390216
Hasmukh K Chudgar	3493660
Equatorial Private Limited, India	46200000
Mozart Limited, Mauritius	11621100
Intas Enterprise Private Limited, India	4000000
Chudgar U. Shall	4661980
Cara Vaggio	6898447
Total	110375145

Equity Share Break up (Percentage of Total Equity)

As on: 27.08.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	16.78
Bodies corporate	45.48
Directors or relatives of directors	37.74
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in the development, manufacture and marketing of pharmaceutical formulations.

Products :

Product Description	ITC Code
Simvastatin	30049079
Docetaxel	30049044
Finasteride	30049049

GENERAL INFORMATION

No. of Employees :

5000 (Approximately)

Bankers :

• State Bank of India, Commercial Branch, Paramsiddhi Complex, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Tel. No.: 91-79-26575607

• Corporation Bank, Navrangpura Branch, Ahmedabad, Gujarat, India

Tel. No.: 91-824-2426416

• UCO Bank, Bhadra Branch, Ahmedabad, Gujarat, India
• Exim Bank of India, Cuffe Parade, Mumbai - 400005, Maharashtra, India
• IDBI Bank, Ahmedabad, Gujarat, India
• Export – Import Bank of India, Centre One, World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India
• Citi Bank
• Indusind Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India
• Indusind Bank Limited, Ahmedabad Branch, World Business House, Near Parimal Garden, Ellisbridge, Ahmedabad – 380006, Gujarat, India
• Industrial Development Bank of India, Neptune Towers, Ashram Road, Ahmedabad, Gujarat, India
• HSBC Bank Limited
• Axis Bank Limited
• Standerd Chartered Bank
• Kotak Mahindra Bank
• Yes Bank
• Deutsche Bank
• HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Non-convertible debentures banks The NCD, Term loans and ECB are secured by charge on the movable and immovable assets of the Company (except Vatva Plant), Intas Pharma Limited (WOS) and Intas Pharmaceutcials (Partnership Firm).	700.000	1050.000
Rupee term loans from banks	825.000	1650.000
Foreign currency term loans from banks	261.197	422.439
Term loans	2468.128	1420.152
Working capital loans from banks	386.690	670.049
Total	4641.015	5212.640

Banking Relations :	--
Auditors :
Name :	Apaji Amin and Company Chartered Accountants
Address :	304, Akansha Building, Opposite Vadilal House, Navrangpura, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-2303603
PAN No.:	AAFFA6140C
Related Parties :	Advanced Transfusion Medicine Research Foundation Astron Packaging Limited Celestial Biologicals Limited (Till 30.11.2010) Cytas Research Limited Epsilon Marketing and Consultancy Private Limited Equatorial Private Limited Indus Biotherapeutics Limited (Till 30.11.2010) Indus Biotherapeutics Limited (IBPL) (Till 30.11.2010) Intas Enterprise Private Limited Jina Pharmaceuticals Inc., USA Jina Pharmaceuticals Limited. India Lambda Therapeutic Research Limited Lambda Therapeutic Limited, UK One Advertising and Communication Services limited Pharm V Solutions Limited, UK Prime Paediatrics Private Limited Lambda Therapeutic Research SP ZOO., Poland MPR Pharma SP ZOO, Poland Lambda Therapeutic Research Inc., USA Lambda Therapeutic Research Inc., Canada Unipath Specialty Laboratory Private Limited
Associates :	Odpowiedzialnoscia, Poland Farmabiot SA DE CV, Mexico ViroPro Inc., USA (Investment by IBPL) Accord Healthcare AB, Sweden Celestial Biologicals Limited (w.e.f. 01.12.2010) Indus Biotherapeutics Limited (w.e.f. 01.12.2010)
Subsidiaries :	Andre Laboratories Limited CIN No: U24231GJ1973PLC040442 Indus Biothrapeutics Limited Accord Healthcare Limited CIN No: U24231GJ2003PLC041866 Accord Healthcare Limited, UK Accord Healthcare Limited Accord Healthcare INC. Canada Accord Farmaceutica Ltda., Brazil Accord Farma Sade CV Mexico Accord Healthcare SAC Peru Accord Health Care Inc. NJ, USA Accord Healthcare NZ Limited, New Zealand Accord Healthcare Pty. Limited, South Africa Accord Healthcare Inc. [U.S.A.], North Carolina Astron Research Limited (From 1^st December, 2008) Intas Pharma Limited Intas Pharmaceuticals (Partnership Firm) Intas Medi Devices Limited
Step-down Subsidiary :	Accord Healthcare Pty. Limited, Australia Accord Healthcare SAS, France Accord Healthcare BV, Netherlands Astron Research Limited, UK Accord Healthcare Italia SRL, Italy Accord Healthcare Sociedad Limitada, Spain Accord Healthcare Polska Spolka Z Ograniczona

CAPITAL STRUCTURE

After 27.08.2012

Authorised Capital : Rs.1679.168 Millions

Issued, Subscribed & Paid-up Capital : Rs.1144.363 Millions

As on: 27.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.1255.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
110375145	Equity Shares	Rs.10/- each	Rs.1103.751 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Millions
500000	Preference Shares	Rs.10/- each	Rs.5.000 Millions
	Total		Rs.1255.000 Millions

Issued, Subscribed Capital:

No. of Shares	Type	Value	Amount
103476698	Equity Shares	Rs.10/- each	Rs.1034.767 Millions
400000	Preference Shares	Rs.10/- each	Rs.4.000 Millions
	Total		Rs.1038.767 Millions

Paid-up Capital

No. of Shares	Type	Value	Amount
103476698	Equity Shares	Rs.10/- each	Rs.1034.767 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1034.767	1038.767
(b) Reserves & Surplus	12077.179	8284.738
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13111.946	9323.505
(3) Non-Current Liabilities
(a) long-term borrowings	3075.547	3984.439
(b) Deferred tax liabilities (Net)	228.847	223.730
(c) Other long term liabilities	170.179	168.328
(d) long-term provisions	293.111	276.447
Total Non-current Liabilities (3)	3767.684	4652.944
(4) Current Liabilities
(a) Short term borrowings	5504.697	3943.203
(b) Trade payables	4512.418	3379.867
(c) Other current liabilities	1942.305	1101.377
(d) Short-term provisions	240.526	240.526
Total Current Liabilities (4)	12199.946	8664.973
TOTAL	29079.576	22641.422
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2680.851	2080.798
(ii) Intangible Assets	154.546	185.228
(iii) Capital work-in-progress	420.811	397.671
(iv) Intangible assets under development	525.029	467.633
(b) Non-current Investments	8682.568	6505.105
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3256.436	4150.408
(e) Other Non-current assets	51.337	27.013
Total Non-Current Assets	15771.578	13813.856
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4646.117	3505.339
(c) Trade receivables	6934.153	3924.506
(d) Cash and cash equivalents	189.309	175.127
(e) Short-term loans and advances	1538.419	1222.594
(f) Other current assets	0.000	0.000
Total Current Assets	13307.998	8827.566
TOTAL	29079.576	22641.422

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		518.683
2] Share Application Money		0.000
3] Reserves & Surplus		5831.406
4] (Accumulated Losses)		0.000
NETWORTH		6350.089
LOAN FUNDS
1] Secured Loans		3564.092
2] Unsecured Loans		465.926
TOTAL BORROWING		4030.018
DEFERRED TAX LIABILITIES		241.069
TOTAL		10621.176
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2194.257
Capital work-in-progress		414.241
INVESTMENT		2769.248
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2475.655
	Sundry Debtors	2992.566
	Cash & Bank Balances	190.859
	Other Current Assets	413.027
	Loans & Advances	2777.540
Total Current Assets		8849.647
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2149.094
	Other Current Liabilities	1043.272
	Provisions	413.851
Total Current Liabilities		3606.217
Net Current Assets		5243.430
MISCELLANEOUS EXPENSES		0.000
TOTAL		10621.176

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	26044.833	19243.285	16092.523
		Other Income	469.447	408.292	321.161
		TOTAL (A)	26514.280	19651.577	16413.684
Less	EXPENSES
		Cost of materials consumed	5856.996	4210.364
		Purchases of stock-in-trade	7500.920	5830.118
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(905.566)	(720.133)	13546.740
		Employee benefit expense	1895.883	1457.596
		Amortisation expense	83.318	76.830
		Other expenses	6109.715	5106.990
		TOTAL (B)	20541.266	15961.765	13546.740
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5973.014	3689.812	2866.944
Less	FINANCIAL EXPENSES (D)		774.974	419.577	312.347
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5198.040	3270.235	2554.597
Less/ Add	DEPRECIATION/ AMORTISATION (F)		218.957	192.516	244.542
	PROFIT BEFORE TAX (E-F) (G)		4979.083	3077.719	2310.055
Less	TAX (H)		550.117	262.480	234.011
	PROFIT AFTER TAX (G-H) (I)		4428.966	2815.239	2076.044
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2791.594	1966.876	1310.000
	APPROPRIATIONS
		Proposed Equity Dividend	206.953	206.953	103.477
		Divided on Preference Shares	0.000	0.000	0.162
		Corporate Dividend Tax	33.573	33.573	17.213
		General Reserve	1000.000	1000.000	100.000
		Transfer to Capital Redemption Reserve	0.000	400.000	1.300
		Transfer to Debenture Redemption Reserve	350.000	350.000	350.000
	BALANCE CARRIED TO THE B/S		6870.558	2791.594	1966.874
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	9808.451	5536.198	4976.166
	TOTAL EARNINGS		9808.451	5536.198	4976.166
	Earnings Per Share (Rs.)		42.80	27.20	40.13

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.70	14.33	12.65
Net Profit Margin (PBT/Sales)	(%)	19.12	15.99	14.35
Return on Total Assets (PBT/Total Assets}	(%)	25.60	20.15	20.91
Return on Investment (ROI) (PBT/Networth)		0.38	0.33	0.36
Debt Equity Ratio (Total Debt/Networth)		0.65	0.85	0.63
Current Ratio (Current Asset/Current Liability)		1.09	1.02	2.45

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF GUJARAT

FIRST APPEAL No. 1995 of 2012

Status : PENDING ( Converted from : FAST/561/2012 ) CCIN No : 001012201201995

Last Listing Date: 04/07/2012

Coram : HONOURABLE MR.JUSTICE ANANT S. DAVE

S.NO.	Name of the Petitioner	Advocate On Record
1	PRASHANT KESHAVLAL MAKWANA	MR SANDIP C SHAH for: Appellant(s)  1

S.NO.	Name of the Respondant	Advocate On Record
1 2 3	JETHABHAI KAMABHAI JADAV INTAS PHARMACEUTICALS LIMITED NATIONAL INSURANCE COMPANY LIMITED THROUGH MANAGER	MR YOGEN N PANDYA for :Defendant(s)  2 MR MEHUL SHARAD SHAH for :Defendant(s)  3

Presented On	: 22/02/2012	Registered On	: 02/07/2012
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 2 times
StageName	: FOR FINAL HEARING
Classification	SJ - FIRST APPEAL - MOTOR VEHICLE ACT, 1988 - COMPENSATION - UNDER SECTION - 166 – INJURY
Act	MOTOR VEHICLES ACT-1988

OFFICE DETAILS

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	22/02/2012	VAKALATNAMA	MR SANDIP C SHAH ADVOCATE for PETITIONER(s)  1	5	MR SANDIP C SHAH:1
2	22/02/2012	CERTIFIED COPY	MR SANDIP C SHAH ADVOCATE for PETITIONER(s)  1	15	MR SANDIP C SHAH:1
3	13/03/2012	MEMO OF APPEAL/PETITION/SUIT	MR SANDIP C SHAH ADVOCATE for PETITIONER(s)  1	8950	MR SANDIP C SHAH:1
4	11/06/2012	VAKALATNAMA	MR MEHUL SHARAD SHAH ADVOCATE for RESPONDENT(s)  3	5	MR MEHUL SHARAD SHAH:3
5	25/06/2012	VAKALATNAMA	MR YOGEN N PANDYA ADVOCATE for RESPONDENT(s)  2	5	MR YOGEN N PANDYA:2
6	15/08/2012	VAKALATNAMA	MR MEHUL SHARAD SHAH ADVOCATE for RESPONDENT(s)  3	4	MR MEHUL SHARAD SHAH:3
7	15/08/2012	VAKALATNAMA	MR SANDIP C SHAH ADVOCATE for PETITIONER(s)  1	-	MR SANDIP C SHAH:1
8	15/08/2012	VAKALATNAMA	MR YOGEN N PANDYA ADVOCATE for RESPONDENT(s)  2	-	MR YOGEN N PANDYA:2

LINKED MATTERS

S. No.	CaseDetail	Status Name	Disposal Date	Action/Coram
1	CIVIL APPLICATION/3183/2012	DISPOSED	25/06/2012	RULE ABSOLUTE/ALLOWED @ F.H HONOURABLE MR.JUSTICE ANANT S. DAVE

COURT PROCEEDINGS

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	04/07/2012	11	-	FOR FINAL HEARING	RULE/ADMIT	HONOURABLE MR.JUSTICE ANANT S. DAVE

AVAILABLE ORDERS

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	FIRST APPEAL/1995/2012	HONOURABLE MR.JUSTICE ANANT S. DAVE	04/07/2012	N	N	View	Download

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Interoperate borrowings	1259.350	862.000
Other loans and advances	30.000	0.000
Borrowings	2361.069	1798.273
Working capital loans from banks	288.810	54.729
Total	3939.229	2715.002

CORPORATE INFORMATION

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is a leading vertically integrated Indian pharmaceutical company with global operations, engaged in the development, manufacture and marketing of pharmaceutical formulations and are headquartered in India. Company has manufacturing locations situated at Gujarat, i.e. Matoda, Vatva, Sanand and Valia.

REVIEW OF OPERATIONS

INDUSTRY STRUCTURE AND DEVELOPMENT

The global pharmaceutical market has grown at a 7% CAGR over the past six years according to data from IMS health. Within this, the generics market has been the key driver of growth, having grown at a much faster pace of 13.8% CAGR over the period, driven by large scale patent expiries and global demand for lower cost drugs. IMS health forecasts the global pharma market to grow at a CAGR of 5% over the next four years, within this, the generics sub-sector is expected to grow at 12-15% CAGR, helped by continuing patent expiries in the US and the faster growth in the pharmerging markets including Brazil, Russia, India, Mexico and Turkey.

The growth rate for the domestic Indian pharma market is set to rise over the medium term. The CAGR going forward has been targeted at a higher rate of 15.3% over FY 12E-14E owing to continued new product launches and focus on improving effectiveness of field force addition. (As per IMS health)

PERFORMANCE REVIEW

During the year, the company has achieved sales of Rs. 23903.900 Millions as compared to Rs. 17660.400 Millions in the previous year representing a growth of 35%.

The EBIDTA was Rs. 6056.300 Millions increased from 3766.600 Millions in the previous year representing a growth of 61 %. The PBT was Rs. 4979.100 Millions increased from Rs.3077.700 Millions in the previous year representing a growth of 62 %. The Net profit was Rs. 4429.000 Millions increased from Rs. 2815.200 Millions in the previous year representing a growth of 57 %. The Earning Per Share was Rs. 42.80 as compared to Rs. 27.21.

DOMESTIC BUSINESS

In this fragmented domestic pharmaceutical market, the company has achieved a turnover of Rs. 13974.300 Millions as compared to Rs. 11824.300 Millions in the previous year representing a growth of 18 %.

The company is currently ranked as the 12th largest pharmaceutical company in India in terms of market share, based on domestic sales of formulations. (Source: IMS March 2012.) The company is one of the fastest growing corporate with 25.7% MAT growth and is in the 6th position in the list of companies aggressive in new launches with 46 new launches generating an aggregate value of Rs. 250.000 Millions value.

INTERNATIONAL BUSINESS

Their international pharmaceutical sales contributed Rs. 9929.600 Millions as compared to Rs. 5836.100 Millions which represent 70.14 % growth over the previous year. This exponential growth in international sales was due to the increase in sales in the US markets.

UNITED STATES OF AMERICA

The US pharmaceutical market remains the world’s largest market. Their US operation posted sales of Rs. 4698.000 Millions, as compared to Rs. 1312.600 Millions in the previous year which has been due to three successful products launches.

In a short span, US has about 15 ANDAs approvals and supplied products of various categories like Anti-Cancer, Anti-Diabetic, Lipid lowering agents etc. It's the preferred supplier for leading distributors and retail pharma chains. With a strong R and D support, it has filed para IV with FTF status and 505(b)2 application and has a few more in pipeline. The Company has more focus on niche segments like hospital and critical care products with special emphasize on oncology, immunosuppressant and other critical care segments.

Going forward, their US operations aims to create significant presence in market with combination of product portfolio which includes high volume products as well as niche and difficult to develop products.

EUROPE

The Company’s presence in European market is through its subsidiary Accord Healthcare Limited and its step down subsidiaries at France, Italy, Sweden, Netherlands, Spain. They have also incorporated step down subsidiaries at Belgium, Austria, Finland, Ireland, Malta and Estonia. The total sales from the European market was Rs. 4530.900 Millions as compared to Rs. 3178.800 Millions in the previous year.

A substantial portion of their income from their international operations is derived from the European market. The company has established marketing infrastructure, which focuses on six large European markets, which are the U.K., The Netherlands, Germany, Spain, France and Italy.

REST OF THE WORLD

Apart from USA and Europe operation, the company has significant presence in various countries like Canada, Brazil, Mexico, LATAM Countries, Australia, New Zealand, South Africa, Asia-Pacific regions and Africa. The focus remains on expanding business in pharmerging market with the help its strong product basket and pipeline. Each country is supported with local regulatory team and infrastructure for registration of products.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10373035	30/08/2012	181,120,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8TH FLOOR,BLOCK NO.2, CGO COMPLEX,LODHI ROAD,, NEW DELHI, Delhi - 110003, INDIA	B56568801
2	10349325	27/03/2012	250,000,000.00	INDUSIND BANK LIMITED.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	B37464724
3	10347500	23/03/2012	170,000,000.00	IDBI Bank Limited	IDBI COMPLEX, NEAR LAL BUNGLOW,OPP-C.G.ROAD, AHM  EDABAD, Gujarat - 380006, INDIA	B36951887
4	10256338	18/07/2012 *	1,100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B57691313
5	10237974	31/03/2011 *	500,000,000.00	Citi Bank N.A.	301, 3rd Floor, Rembrant Building,, Opp. Associate Petrol Pump, C.G. Road, AHMEDABAD, Gujarat - 380006, INDIA	B12685574
6	10242942	31/03/2011 *	500,000,000.00	CITIBANK N. A.	301, 3rd Floor, Rembrant Building, Opp. Associat  e Petrol Pump, C.G. Road,, AHMEDABAD, Gujarat - 380006, INDIA	B12696878
7	10236319	31/03/2011 *	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B13009915
8	10216795	25/03/2010	1,050,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	A84363340
9	10187006	16/06/2010 *	1,050,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA	A88556238
10	10175453	31/03/2011 *	500,000,000.00	Citi Bank N.A.	301, 3rd Floor, Rembrant Building,, Opp. Associate Petrol Pump, C.G. Road, AHMEDABAD, Gujarat - 380006, INDIA	B12775250
11	10175025	21/01/2010 *	400,000,000.00	IDBI Bank Limited	IDBI COMPLEX, NEAR LAL BUNGLOW, OFF C G ROAD, AHMEDABAD, Gujarat - 380006, INDIA	A77607406
12	10169240	21/01/2010 *	200,000,000.00	IDBI Bank Limited	IDBI COMPLEX, NEAR LAL BUNGLOW, OFF C G ROAD, AHMEDABAD, Gujarat - 380006, INDIA	A77607224
13	10166819	24/06/2009	70,000,000.00	THE INDUSIND BANK LIMITED.	World Business House,, Nr. Parimal Garden, Ellisbridge, Ahmedabad, Gujarat - 380006, INDIA	A65468308
14	10144237	31/03/2011 *	300,000,000.00	INDUSIND BANK LIMITED.	2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA	B12599619
15	10139104	11/03/2013 *	2,738,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B72387103
16	10122937	19/03/2013 *	265,300,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B72809676
17	10018048	11/07/2012 *	320,000,000.00	Axis Bank Limited	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B44571925
18	90103163	31/03/2011 *	3,250,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, PARAMSIDDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	B12529269
19	90107682	01/05/1998	45,000,000.00	DENA BANK	ASHRAM ROAD BRANCH, ASHRAM ROAD, AHMEDABAD, Gujarat - 393009, INDIA	-

FIXED ASSETS

· Land

· Building

· Plant and machinery

· Furniture and Fixture

· Office equipment

· Vehicle

· Computers

· Technical Knowhow

· GCSF, EPO-License and Commercial Rights

AS PER WEBSITE

Astorn Research Limited vs Astorn Research on 2 April, 2013

petitions are filed under Sections 391 to 394 of the Companies Act, 1956 (the Act) seeking sanction of scheme of amalgamation proposed to be made between Astron Research Limited, Celestial Biologicals Limited, Intas Pharma Limited, Intas Biopharmaceuticals Limited (i.e. transferor companies petitioners of Company Petition Nos.193-196/12 respectively), with Intas Pharmaceutical Limited (for short IPL), transferee company of Company Petition No.197/12).

appears from the record that the aforesaid meeting came to be held on 07.09.2012 and an affidavit to that effect has filed by Shri Jainand Vyas alongwith report of the Chairman, which indicates that a resolution resolving the proposed scheme of amalgamation as prayed for it came to be approved by 94.74% majority. It is further indicative from the said report that out of 19 unsecured creditors 18 voted in favour of the resolution approving the scheme of amalgamation, whereas only one unsecured creditor voted against it, which shows that in value 99.27% unsecured creditors have approved the scheme.

company, as the chairman of the aforesaid meeting, which was ordered to be scheduled on 07.09.2012 and in respect of any adjournment(s) thereof. Other directions were also issued by this Court, including directing the chairman to submit report to this Court, the result of the said meeting, within 14 days from the conclusion of the meeting. It appears from the record that the aforesaid meeting came to be held on 07.09.2012 and an affidavit to that effect has filed by Shri Jainand Vyas along with report of the chairman, which indicate that a resolution resolving the proposed scheme of amalgamation as prayed for came to be approved unanimously i.e. by 100%. Intas Pharma Limited (the transferor company of Company Petition No.195/12) filed Company Application No.263 of 2012 before this Court seeking dispensation of the meetings of the equity shareholders and the secured creditors on the basis of their written consent and for further direction to hold meeting of the unsecured creditors of the company. This Court (Coram: Abhilasha Kumari, J) vide order dated 31.07.2012 ordered dispensation of the meetings of the equity shareholders and the secured creditors and also directed to hold meeting

Biopharmaceuticals Limited/IBPL) wherein it is stated that the objections are filed in his capacity as shareholder, creditor and also in public interest against the proposed scheme of arrangement in the nature of amalgamation by the transferor company/IBPL by way of this petition. It is stated that he was promoter, co-founder and director of several group companies of INTAS since its inception. It is also stated that the objector has strong objection to the amalgamation scheme as the same would result into destruction of the larger importance of the research and product development work and would adversely affect the larger interest of the citizens, interest of the dedicated team of scientists and knowledge workers and their years of toil in addition to the general value destruction. It is also stated that Dr.Urmish Chudgar, Managing Director of IBPL had given express commitment that he would maintain the independent status of IBPL and protect the interest of the company as well as the personal interest of the objector and of all other employees and the public

PRESS RELEASE

INTAS PHARMA FILES PAPERS FOR PUBLIC ISSUE

AHMEDABAD, JUNE 14:  

Intas Pharmaceuticals Limited on Friday said it has filed a draft red-herring prospectus with the Securities and Exchange Board of India and the stock exchanges for an initial public offering (IPO).

The Ahmedabad-based pharmaceutical major is a vertically-integrated company with global operations, engaged in the development, manufacture and marketing of pharmaceutical formulation.

The IPO will be made through a public issue of equity shares of face value of Rs 10 each, including a share premium, which will be determined on a later date, aggregating to Rs 2250.000 Millions, and an offer for sale of 1,16,21,100 equity shares by Mozart Limited, the company said in a statement here.

The promoters of the company are the Chudgar family, Intas Enterprise Private Limited, Equatorial Private Limited and Cytas Research Limited.

Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited are the Book Running Lead Managers to the issue and Link Intime India Private Limited is the Registrar to the issue.

The company’s market share in India is 2.52 per cent, based on domestic sales of formulations. Its products are marketed in over 60 countries.

CLARIS LIFESCIENCES, INTAS PHARMA UNDER NPPA SCANNER

Two Gujarat-based companies Claris Lifesciences and Intas Pharmaceuticals came under the National Pharmaceutical Pricing Authority (NPPA) net for overcharging prices of medicines flouting the ceiling fixed by the regulator.

Minister of State for chemicals and fertilisers Srikant Kumar Jena on Thursday informed the Parliament that a number of drug companies have been found to be selling some of their medicines to consumers at a price higher than the ceiling notified by the NPPA. Following which the NPPA has raised a demand of Rs 1300.000 Millions from these companies for overcharging.

"During the year 2012, (upto October 2012), NPPA has raised fresh demand for overcharging amounting to Rs 129.71 crore," Jena added. 

The minister also added that companies which have been issued fresh notices include Intas Pharmaceuticals, Ind-swift Limited, Aventis Pharma and IPCA Lab.

When contacted, Claris Lifesciences refused to comment on the matter. Intas Pharmaceuticals could not be reached for a comment. Howeber, industry sources informed that around 60 per cent of Claris' drugs in the market come under price control.

The NPPA directly controls the price of 74 bulk drugs and of all formulations which contain either one or more of these bulk drugs. For these drugs, the pharma companies have to approach the regulator before raising prices.

Claris Lifescines has a case pending in the Gujarat High Court where the company has challenged the NPPA's claim of overcharging.

Shares of Claris Lifesciences ended day's trade on the Bombay Stock Exchange (BSE) at Rs 271.50, up 2.18 per cent. Intas Pharma is not listed on the bourses.

INTAS PHARMA ANNOUNCES SETTLEMENT AND LICENSE AGREEMENT WITH ROCHE FOR XELODA

AHMEDABAD, India, June 25, 2013

Intas Pharmaceuticals Limited. and its wholly owned subsidiary Accord Healthcare Inc., today announced that it has entered into a settlement and license agreement with Hoffmann-La Roche Inc. that will resolve pending patent litigation related to XELODA(R)Tablets, 150 mg and 500 mg, known generically as Capecitabine Tablets. This product is an orally administered chemotherapeutic agent used in the treatment of metastatic breast and colorectal cancers.

XELODA(R) Tablets had U.S. sales of approximately $706.2 million for the 12 months ending Dec 31, 2012, according to IMS Health.

Hoffmann-La Roche Inc. had filed patent infringement suit against Accord Healthcare and Intas Pharmaceuticals Limited. following Accord's submission to the U.S. Food and Drug Administration of an Abbreviated New Drug Application (ANDA) for a generic version of XELODA(R) Tablets.

As part of the agreement, Hoffman La Roche Inc. has granted Accord a license to enter the U.S. market with a generic version of XELODA(R) Tablets ahead of its exclusivity period. Pursuant to the agreement, pending litigation would be dismissed. All other terms and conditions of the settlement are confidential, and the agreement itself is subject to review by the U.S. Department of Justice and the Federal Trade Commission.

About XELODA

XELODA(R), an oral tablet formulation of capecitabine, is approved in U.S. for the treatment of metastatic breast and colorectal cancers. It is available in dose strengths of 150 and 500 mg.

About Intas Pharmaceuticals Limited:

Intas Pharmaceuticals Limited is a leading vertically integrated Indian pharmaceutical company committed on delivering affordable and innovative pharmaceutical solutions. Its operation range from API to formulation development to large-scale commercial manufacturing to cater to global requirements In the domestic market Intas has a leading presence in chronic therapeutic segments and is currently ranked 12th largest company. Intas also has extensive presence in more than 60 countries worldwide with robust sales, marketing and distribution infrastructure in highly regulated markets like North America, Europe, South Africa, Australia and New Zealandetc. For the financial year ending March 2013, company has recorded turnover exceeding USD 650 mn. The company has a revenue growth of ~25% CAGR over the last 6 years. 

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 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.61.43
UK Pound	1	Rs.95.08
Euro	1	Rs.81.78

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	7
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	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.