MIRA INFORM REPORT

Report Date :

16.08.2013

IDENTIFICATION DETAILS

Name :	SUN PHARMACEUTICAL INDUSTRIES LIMITED
Registered Office :	Sun Pharma Advance Research Centre (SPARC), Tandalja, Akota Road, Vadodara – 390020, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.03.1993
Com. Reg. No.:	04-019050
Capital Investment / Paid-up Capital :	Rs.1035.600 Millions
CIN No.: [Company Identification No.]	L24230GJ1993PLC019050
TAN No.: [Tax Deduction & Collection Account No.]	BRDS02426E
PAN No.: [Permanent Account No.]	AADCS3124K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturers of Tablets, Capsules, Parenterals, Ointments, Bulk Drugs, Chemicals and Liquids.
No. of Employees :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 324000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists
Comments :	Subject is a well established and reputed company having fine track record. Financials are strong and healthy. Liquidity position is good. Directors are reported to be experience and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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	CRISIL
Rating	AAA (Long Term Rating)
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	January 10, 2013

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	January 10, 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Sheetal
Designation :	Accounts Department
Contact No.:	91-22-66969696
Date :	13.08.2013

LOCATIONS

Registered Office/ Research Centre 1 :	Sun Pharma Advance Research Centre (SPARC), Tandalja, Akota Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2340001 / 5515500 / 600 / 700
Fax No.:	91-265-2339103 / 2354897/ 2332664
E-Mail :	corpcomm@sunpharma.com helpdesk@sunpharma.com secretarial@sunpharma.com ashok.bhuta@sunpharma.com
Website :	http://www.sunpharma.com
Corporate Office :	Acme Plaza, Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28211822 / 1842 / 1917 / 1951 / 1953
Fax No.:	91-22-28212010
E-Mail :	corpcomm@sunpharma.com
Research Centre 2 :	· F.P 27, Part Survey No. 27, C. S. No. 1050, T. RS. Village, Tandalja, District Vadodara - 390020, Gujarat, India 17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai - 400059, Maharashtra, India Chemistry and Discovery Reaserch Israel, 14 Hakitor Street, P.O. Box, 10347 Haifa Boy 26110, Israel
Factory 1 :	Plot No. 214, Plot No. 20, Government Industrial Area, Phase II, Piparia, Silvassa – 396230, Gujarat, India
Factory 2 :	Halol-Baroda Highway, Near Anand Kendra, Halol, District Panchmahal - 389350, Gujarat, India
Factory 3 :	Plot No. 24/2 and 25, GIDC, Phase-IV, Panoli, District Bharuch - 394116, Gujarat, India
Factory 4 :	A-7 and A-8, MIDC Industrial Area, Ahmednagar - 414111, Maharashtra, India
Factory 5 :	Plot No. 4708, GIDC. Ankleshwar - 393002, Gujarat, India
Factory 6 :	Sathammai Village, Karunkuzhi Post, Maduranthakam TK, District Kanchipuram - 603303, Tamilnadu, India
Factory 7 :	Plot No. 223, Span Industrial Complex, Dadra - 396191, Union Territory
Factory 8 :	Plot No. 817/A, Karkhadi, Taluka Padra, District Vadodara - 391450, Gujarat, India
Factory 9 :	Sun Pharma Drugs Private Limited Plot No. 754, Nandok Block, Setipool, P.O. Ranipool – 737135, Sikkim, India
Factory 10 :	Sun Pharma Medication Private Limited Survey No. 259/15, Dadra – 396191, Union Territory
Factory 11 :	Sun Pharma Medication Private Limited 6-9 Export Promotion Industrial Park (EPIP), Kartholi, Bari Brahmana, Jammu - 181133, Jammu and Kashmir, India
Factory 12 :	Sun Pharma Medication Private Limited I.G.C. Phase-I, Samba – 184121, Jammu and Kashmir, India
Factory 13 :	Sun Pharmaceutical Industries Inc. 705, E. Mulberry Street, Bryan, Ohio – 43506, USA
Factory 14 :	Sun Pharmaceutical Industries Inc. 270 Prospect Plains Road, Cranbury, New Jersey – 08512, USA
Factory 15 :	Caraco Pharmaceutical Laboratories Limited 1150 Elijah McCoy Drive, Detroit – 48202, Michigan, USA
Factory 16 :	Sun Pharmaceutical (Bangladesh) Limited Chandana, Joydevpur, Gazipur, Bangladesh
Factory 17 :	Alkaloida Chemical Company Zrt H-4440 Tiszavasvari , Kabay, Janos u.29, Hungary
Factory 18 :	TKS Farmaceutica Rodovia GO-080, Km 02, Chacaras 01/02, Jardim Pompeia, Goiania/GO, Brazil CEP: 74690-170
Factory 19 :	Sun Pharma de Mexico S.A. de C.V, Av. Rio Churubusco No. 658, Col. El Sifon, Del. Iztapalapa, C.P 09400 Mexico, Distrito Federal
Factory 20 :	Chattem Chemicals, Inc. 3708, St. Elmo Avenue, Chattanooga, TN 37409, USA
Factory 21 :	Taro Pharmaceuticals Inc. 130 East Drive, Brampton, Ontario L6T 1C1, Canada
Factory 22 :	Taro Pharmaceutical Industries Limited 14 Hakitor Street, P.O. Box 10347 Haifa Bay 26110, Israel

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Israel Makov
Designation :	Chairman
Name :	Mr. Dilip S. Shanghvi
Designation :	Managing Director
Qualification :	B. Com.
Date of Appointment :	01.04.1993
Name :	Mr. Sudhir V. Valia
Designation :	Whole Time Director
Qualification :	FCA
Date of Appointment :	01.04.1994
Name :	Mr. S. Kalyanasundaram
Designation :	Whole Time Director and Chief Executive Officer
Name :	Mr. Sailesh T. Desai
Designation :	Whole Time Director
Name :	Mr. S. Mohanchand Dadha
Designation :	Director
Name :	Mr. Hasmukh S. Shah
Designation :	Director
Name :	Mr. Ashwin Dani
Designation :	Director
Name :	Mr. Keki M. Mistry
Designation :	Additional Director

KEY EXECUTIVES

Name :	Mr. Sunil R. Ajmera
Designation :	Company Secretary
E mail :	secretarial@sunpharma.com
Name :	Ms. Sheetal
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	152326100	14.71
Bodies Corporate	506512000	48.91
Any Others (Specify)	640100	0.06
Trusts	640100	0.06
Sub Total	659478200	63.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	659478200	63.68
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13046472	1.26
Financial Institutions / Banks	20286435	1.96
Central Government / State Government(s)	224604	0.02
Foreign Institutional Investors	235698552	22.76
Qualified Foreign Investor	15800	0.00
Sub Total	269271863	26.00
(2) Non-Institutions
Bodies Corporate	49077703	4.74
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	37630706	3.63
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	14026985	1.35
Any Others (Specify)	6096498	0.59
Non Resident Indians	848062	0.08
Clearing Members	1451003	0.14
Trusts	719933	0.07
Foreign Corporate Bodies	646450	0.06
Directors and their Relatives and Friends	2408050	0.23
Overseas Corporate Bodies	23000	0.00
Sub Total	106831892	10.32
Total Public shareholding (B)	376103755	36.32
Total (A)+(B)	1035581955	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1035581955	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Tablets, Capsules, Parenterals, Ointments, Bulk Drugs, Chemicals and Liquids.

Products :

ITC Code No.	Product Description
30049038	Pantaprazole Sodium
30033900	Losartan Potassium
30049065	Metformin Hydrochloride
29420090	Pentoxifyline

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Credit

Purchasing :

Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Installed Capacity	Actual Production
Tablets/ Capsules/ Parenterals / Ointments	7157.4 No. in Millions	1187.7 No. in Millions
Bulk Drugs/ Chemicals	2085.7 [In Kilo Litres]	2252.5 [In ’00 Kgs]

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

End Users

No. of Employees :

1500 (Approximately)

Bankers :

· Bank of Baroda

Bank of Nova Scotia

Citibank N.A.

ICICI Bank Limited

Kotak Mahindra Bank Limited

Standard Chartered Bank

State Bank of India

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Short-Term Borrowings
Loans Repayable on Demand
Cash Credit Facility from Banks (Secured by hypothecation of Inventories and Trade Receivables)	403.000	505.300
TOTAL	403.000	505.300

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants,
Address :	Mumbai, Maharashtra, India
Subsidiaries :	· Alkaloida Chemical Company Zrt Caraco Pharmaceutical Laboratories Limited Chattem Chemical Inc Green Eco Development Centre Limited OOO "Sun Pharmaceutical Industries Limited TKS Farmaceutica Ltda Sun Pharma De Mexico S.A. DE C.V. Sun Pharma De Venezuela, CA Sun Pharma Global Inc Sun Pharmaceutical (Bangladesh) Limited Sun Pharmaceutical Industries (Europe) B.V. Sun Pharmaceutical Industries Inc Sun Pharmaceutical Spain, S.L. Sun Pharmaceuticals France Sun Pharmaceuticals Germany GmbH Sun Pharma Global (FZE) Sun Pharmaceuticals Italia S.R.L. Sun Pharmaceuticals UK Limited Taro Pharmaceutical Industries Limited Sun Pharmaceutical Industries (Australia) Pty. Limited Aditya Acquisition Company Limited Sun Pharmaceuticals (SA) (Pty) Limited Sun Global Canada Pty Limited Sun Pharmaceutical Peru S.A.C. Taro Development Corporation ZAO Sun Pharma Industries Limited SPIL De Mexico S.A. DE C.V. Caraco Pharma Inc 3 Sky Line LLC One Commerce Drive LLC Taro Healthcare Limited Taro Hungary Intellectual Property Licensing LLC Taro Industries Limited Taro International Limited - Israel Taro Laboratories Limited Taro Manufacturing Limited Taro Pharmaceutical INC Taro Pharmaceutical India Private Limited Taro Pharmaceutical Laboratories INC Taro Pharmaceutical U.S.A., INC Taro Pharmaceuticals Europe B.V Taro Pharmaceuticals Ireland Limited Taro Pharmaceuticals North America INC Taro Pharmaceuticals UK Limited Taro Research Institute Limited Tarochem Limited Morley and Company Inc Sun Laboratories FZE Taro Pharmaceuticals Canada Limited Sun Laboratories Inc Taro International Limited - UK Sun Global Development FZE Sun Pharmaceuticals Korea Limited Sun Pharma Philipinnes Inc Caraco Pharmaceuticals Private Limited Sun Pharma MEA JLT Sun Pharma Healthcare FZE Sun Pharma Japan Limited Sun Resins and Polymers Private Limited
Controlled Entity :	· Sun Pharma Exports Sun Pharmaceutical Industries Sun Pharma Sikkim Sun Pharma Drugs Universal Enterprise Private Limited
Enterprise under significant Influence of Key Management Personnel or their relative :	· Sun Petrochemicals Private Limited Navjivan Rasayan (Gujarat) Private Limited Sun Pharma Advanced Research Company Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity Shares	Re.1/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1035581955	Equity Shares	Re.1/- each	Rs. 1035.600 Millions

Rights, Preferences and Restrictions attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Equity Shares held by each shareholder holding more than 5 percent Equity Shares in the Company are as follows:

Name of Shareholders	As at 31st March, 2012
	No. of Shares held	% of Holding
Dilip Shantilal Shanghvi	115570240	11.2
Viditi Investments Private Limited	100692660	9.7
Tejaskiran Pharmachem Inds. Private Limited	97671880	9.4
Family Investment Private Limited	91463720	8.8
Quality Investment Private Limited	91434320	8.8

LISTING DETAILS

Subject Stock Code :	BSE : 524715 NSE : SUNPHARMA
Stock Exchange Place :	The Stock Exchange, Mumbai National Stock Exchange of India Limited, Uttar Pradesh Exchange Assoc Limited, Delhi Stock Exchange Assoc. Limited, Calcutta Stock Exchange Association Limited, Jaipur Stock Exchange Limited, Bangalore Stock Exchange Limited, Cochin Stock Exchange Limited, Hyderabad Stock Exchange Limited, Madras Stock Exchange Limited Over The Counter Exchange Of India Limited MCX Stock Exchange
Listed Date :	06.10.1994

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	1035.600	1035.600
(b) Reserves & Surplus	80050.500	65769.700
(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)	81086.100	66805.300
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	1423.400	1285.100
(c) Other long term liabilities	20.300	21.900
(d) long-term provisions	986.200	86.800
Total Non-current Liabilities (3)	2429.900	1393.800
(4) Current Liabilities
(a) Short term borrowings	403.000	505.300
(b) Trade payables	4001.900	2696.600
(c) Other current liabilities	625.400	420.800
(d) Short-term provisions	5154.900	4244.200
Total Current Liabilities (4)	10185.200	7866.900
TOTAL	93701.200	76066.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9797.400	7831.800
(ii) Intangible Assets	235.600	112.100
(iii) Capital work-in-progress	2488.700	1956.500
(b) Non-current Investments	32122.300	17785.900
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	6595.300	1438.900
(e) Other Non-current assets	28.300	1.900
Total Non-Current Assets	51267.600	29127.100
(2) Current assets
(a) Current investments	8449.800	18228.300
(b) Inventories	7861.500	6182.600
(c) Trade receivables	8373.200	5426.200
(d) Cash and cash equivalents	13277.100	12509.100
(e) Short-term loans and advances	3931.900	4183.500
(f) Other current assets	540.100	409.200
Total Current Assets	42433.600	46938.900
TOTAL	93701.200	76066.000

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1035.600
2] Share Application Money		0.000
3] Reserves & Surplus		56144.200
4] (Accumulated Losses)		0.000
NETWORTH		57179.800
LOAN FUNDS
1] Secured Loans		294.900
2] Unsecured Loans		0.000
TOTAL BORROWING		294.900
DEFERRED TAX LIABILITIES		1153.300
TOTAL		58628.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7405.200
Capital work-in-progress		921.500
INVESTMENT		39516.900
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5701.400
	Sundry Debtors	5532.900
	Cash & Bank Balances	1872.700
	Other Current Assets	73.900
	Loans & Advances	3661.300
Total Current Assets		16842.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1482.500
	Other Current Liabilities	1150.500
	Provisions	3424.800
Total Current Liabilities		6057.800
Net Current Assets		10784.400
MISCELLANEOUS EXPENSES		0.000
TOTAL		58628.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	40155.600	31075.700	18461.300
		Other Operating Income	0.000	0.000	6776.600
		Other Income	3428.500	1941.300	1229.300
		TOTAL	43584.100	33017.000	26467.200
Less	EXPENSES
		Cost of Materials Consumed	9406.400	7131.300	16280.900
		Purchases of Stock-in-Trade	1874.800	1766.800
		Employee Benefits Expense	3165.600	2610.900
		Other Expenses	8829.200	6254.700
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(706.600)	71.200
		TOTAL	22569.400	17834.900	16280.900
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21014.700	15182.100	10186.300
Less	DEPRECIATION/ AMORTISATION		757.200	642.300	694.700
	PROFIT BEFORE TAX		20257.500	14539.800	9491.600
Less	TAX		977.700	701.800	505.100
	PROFIT AFTER TAX		19279.800	13838.000	8986.500
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23517.000	18891.500	16225.900
Less	APPROPRIATIONS
		Proposed Dividend on Equity Share	4401.200	3624.500	2847.900
		Corporate Dividend Tax	714.000	588.000	473.000
		Transfer to General Reserve	7500.000	5000.000	3000.000
		Proposed Dividend Written Back	(100.000)	0.000	0.000
		Corporate Dividend Tax Written Back	(16.200)	0.000	0.000
	BALANCE CARRIED TO THE B/S		30297.800	23517.000	18891.500
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	14628.200	9005.600	8389.500
	TOTAL EARNINGS		14628.200	9005.600	8389.500
	IMPORTS
		Raw Materials	2895.200	2585.800	3003.900
		Packaging Material	669.000	337.300	242.600
		Capital Goods	907.800	903.500	242.000
		Stores and Spares	347.100	213.200	26.400
	TOTAL IMPORTS		4819.100	4039.800	3514.900
	Earnings Per Share (Rs.)		18.60	13.40	43.40

QUARTERLY RESULTS

PARTICULARS	30.06.2012 1^st Quarter	30.09.2012 2^nd Quarter	31.12.2012 3^rd Quarter	31.03.2013 4^th Quarter	30.06.2013 5^th Quarter
Net Sales	10052.100	10353.400	8767.100	7810.700	6176.400
Total Expenditure	6692.600	7086.800	7828.000	7130.500	5283.800
PBIDT (Excl OI)	3359.500	3266.600	939.100	680.200	892.600
Other Income	0.000	1145.900	336.500	570.600	0.000
Operating Profit	3359.500	4412.500	1275.600	1250.800	892.600
Interest	1.100	2.000	1.200	1.000	0.800
Exceptional Items	0.000	0.000	0.000	0.000	0.000
PBDT	3358.400	4410.500	1274.400	1249.800	891.800
Depreciation	211.200	217.800	229.500	204.800	236.400
Profit Before Tax	3147.200	4192.700	1044.900	1045.000	655.400
Tax	220.900	486.500	302.700	454.700	198.400
Provisions and contingencies	0.000	0.000	0.000	0.000	0.000
Profit After Tax	2926.300	3706.200	742.200	590.300	457.000
Extraordinary Items	0.000	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000	0.000
Net Profit	2926.300	3706.200	742.200	590.300	457.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	44.24	41.91	33.95
Net Profit Margin (PBT/Sales)	(%)	50.45	46.79	51.41
Return on Total Assets (PBT/Total Assets}	(%)	34.28	25.81	39.14
Return on Investment (ROI) (PBT/Networth)		0.25	0.22	0.17
Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.01
Current Ratio (Current Asset/Current Liability)		4.17	5.97	2.78

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10351563	31/03/2012	178,140,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8TH FLOOR, BLOCK NO.2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA	B38042354
2	90099243	27/03/2002 *	500,000.00	THE BANK OF NOVA SCONA	MITTAL TOWER; B WING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
3	90099216	26/09/2001 *	82,500,000.00	THE BANK OF NOVA SCOTIA	MAKER TOWER; B WING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
4	90099197	22/05/2000	218,000,000.00	ICICI BANK LIMITED	FREE PRESS HOUSE, 215; NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
5	90095114	14/07/2004 *	7,500,000.00	LAKSHDEEP INVESTMENT AND FINANCE PRIVATE LIMITED	3; NARAYAN BUILDING; 23; L.N. ROAD, DADAR (EAST), MUMBAI - 400014, MAHARASHTRA, INDIA	-
6	90095637	27/04/2000 *	7,500,000.00	NVFC FINANCE PRIVATE LIMITED	1843; 6TH CROSS 20TH MAIN, J.P. NAGAR; II PHASE, BANGLORE - 560078, KARNATAKA, INDIA	-
7	90095112	05/08/2004 *	15,000,000.00	RISK CAPITAL AND TECHNOLOGY FINANCE CORPORATION LIMITED	E-216; 3RD FLOOR, EAST KAILASH, NEW DELHI - 110065, INDIA	-
8	90095086	18/02/2005 *	134,500,000.00	LAKSHDEEP INVESTMENT AND FINANCE PRIVATE LIMITED	3; NARAYAN BUILDING; 23; L.N. ROAD, DADAR (EAST), MUMBAI - 400014, MAHARASHTRA, INDIA	-
9	90095083	09/07/2005 *	32,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
10	90101877	23/09/1998	250,000,000.00	ICICI LIMITED	163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA	-
11	90096541	16/06/1998	672,000,000.00	BANK OF BARODA	ALKAPURI, BARODA, GUJARAT, INDIA	-
12	90096481	14/09/1997	158,200,000.00	BANK OF BARODA	ALKAPURI, BARODA - 390005, GUJARAT, INDIA	-
13	90098604	15/05/1997	400,000,000.00	THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA LIMITED	163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA	-
14	90098599	07/05/1997	60,000,000.00	ICICI BANKING CORPORATION LIMITED	LAND MARK, RACE COURSE CIRCLE, BARODA - 390015, GUJARAT, INDIA	-
15	90098478	21/09/1996	75,000,000.00	ANZ GRINDLAYS BANK LIMITED	90; M. G. ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA	-
16	90094937	28/11/1997 *	92,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA	-
17	90098264	13/10/1995	30,000,000.00	ANZ GRINDLAYS BANK	PLC; FORT BRANCH, BOMBAY, MAHARASHTRA, INDIA	-
18	90098193	10/05/2004 *	252,500,000.00	BANK OF BARODA	ALKAPURI BRANCH, OPPOSITE PETROL PUMP, BARODA - 338155, GUJARAT, INDIA	-
19	90101587	03/10/2001 *	252,500,000.00	BANK OF BARODA	ALKAPURI BRANCH; OPPOSITE PETROL PUMP, LAKAPURI, BARODA - 338159, GUJARAT, INDIA	-
20	90102599	08/05/1998 *	252,500,000.00	BANK OPF BARODA	ALKAPURI BRANCH, ALKAPURI, GUJARAT, INDIA	-
21	90098184	28/06/1995	178,000,000.00	BANK OF BARODA	ALKAPURI BRANCH, R. C. DUTT ROAD, BARODA, GUJARAT, INDIA	-
22	90098061	28/01/1995	178,000,000.00	BANK OF BARODA	ALKAPURI BRANCH, R. C. DUTT ROAD, BARODA, GUJARAT, INDIA	-
23	90097782	25/10/1993	20,000,000.00	THE S.C.I.C.I. LIMITED	141; MAKER TOWER 'F', CUFFE PARADE, BOMBAY, MAHAR ASHTRA - 400005, INDIA	-
24	90101445	11/10/1993 *	13,600,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED	CHUNIOBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	-
25	90097770	20/10/1995 *	47,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED	163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA	-
26	90101444	05/10/1993	47,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED	163, BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA	-
27	90097707	06/04/1993 *	87,831,000.00	BANK OF BARODA	INDUSTRIAL ESTATE BRANCH, VAPI, GUJARAT, INDIA	-

* Date of charge modification

CHARGES

Entity	Competent Authority	Regulatory Charges	Regulatory Actions / Date of Order
PHARMACEUTICAL INDUSTRIES LIMITED	CBEC	DEFAULTED IN PAYMENT OF CUSTOMS/EXCISE DUTIES	NOTICE ISSUED UNDER SECTION 142 OF CUSTOMS ACT, 1962 09-March-2004

LITIGATION DETAILS

HIGH COURT OF GUJARAT TAX APPEAL No. 909 of 2011 To TAX APPEAL No. 910 of 2011

Status: PENDING (Converted from : ST/1840/2011) CCIN No : 001092201100909 Last Listing Date: 21/06/2012 Coram: HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI HONOURABLE MR.JUSTICE N.V.ANJARIA

S.NO.

Name of the Petitioner

Advocate On Record

1

COMMISSIONER OF INCOME TAX

MRS MAUNA M BHATT for: Appellant(s)  1

S.NO.

Name of the Respondant

Advocate On Record

1

SUN PHARMACEUTICAL INDUSTRIES LTD

RULE SERVED for :Opponent(s)  1

Presented On : 13/06/2011 Registered On : 13/06/2011 Bench Category : DIVISION BENCH District : AHMEDABAD Case Originated From: THROUGH ADVOCATE Listed : 1 times Stage Name : BOARD NO. I-A Classification - DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U /S 260 OF IT ACT - LONG TERM CAPITAL GAIN - U/S 54EA Act - INCOME-TAX ACT, 1961

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

13/06/2011

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1

6

MRS MAUNA M BHATT:1

2

13/06/2011

MEMO OF APPEAL/PETITION/SUIT

MRS MAUNA M BHATT ADVOCATE for PETITIONER(s)  1

20

MRS MAUNA M BHATT:1

3

15/08/2011

DOCUMENT

RULE SERVED  for RESPONDENT(s)  1

-

RULE SERVED:1

Court Proceedings

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

21/06/2012

3

-

BOARD NO. I-A

NEXT DATE

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI  · HONOURABLE MR.JUSTICE N.V.ANJARIA

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

1

TAX APPEAL/909/2011

· HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI  HONOURABLE MR.JUSTICE N.V.ANJARIA

21/06/2012

N

N

Certified Copy

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

22/06/2012

O/18908/2012

21/06/2012

25/06/2012

26/06/2012

Delivered

-

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Claims against the Company not acknowledged as debts	23.600	15.300
Guarantees Given by the bankers on behalf of the Company	226.900	160.100
Corporate Guarantees	157.500	72.900
Letters of Credit for Imports	243.300	166.700
Liabilities Disputed - Appeals filed with respect to :
Income Tax on account of Disallowances / Additions	2134.400	290.200
Sales Tax on account of Rebate / Classification	22.900	25.600
Excise Duty on account of Valuation / Cenvat Credit	319.400	318.400
ESIC Contribution on account of applicability	0.200	0.200
Drug Price Equalisation Account [DPEA] on account of demand towards unintended benefit, including interest there on, enjoyed by the Company	14.000	14.000
Demand by JDGFT import duty with respect to import alleged to be in excess of entitlement as per the Advanced Licence Scheme	12.000	11.500

FIXED ASSETS

v Tangible Assets

Freehold Land

Leasehold Land

Buildings

Buildings – Leased

Plant and Equipment

Vehicles

Office Equipment

Furniture and Fixtures

v Intangible Assets

Trademarks

Designs

PRESS RELEASE

SUN PHARMA TO PAY RS 25170.000 MILLIONS TO SETTLE PATENT SUIT

MUMBAI: Drug firm Sun Pharmaceutical Industries has said it will pay its dues of Rs 25174.100 millions soon as part of settlement agreement with Wyeth (now a division of Pfizer Inc.) and Altana Pharma AG (now known as Takeda GmbH).

"We have a made a provision of Rs 25174.100 millions payable in terms of the settlement agreement and the amount will be paid soon," Sun Pharma Managing Director Dilip Shanghvisaid at a conference call here.

During the June quarter, Sun Pharma settled the ongoing litigation pending in the US District Court, District of New Jersey regarding its subsidiary's generic pantoprazole.

Under the terms of the litigation settlement between Sun Pharma, Wyeth and Altana Pharma AG, the parties have dismissed all their claims. Sun Pharma will pay a lump-sum $ 550 million as a part of this settlement.

The company had already provided Rs 5840.000 millions in second quarter of FY13 towards this liability. For the quarter ended June 30, 2013, the company made a provision of Rs 25170.000 millions towards the difference between total settlement amount and past provision.

The company reported net loss at Rs 12760.000 millions in June quarter, on account of a provision of Rs 25170.000 millions towards settlement for patent infringement litigation.

"All our businesses continue to perform in-line with our expectations. We remain focused on strengthening our existing businesses and developing a differentiated and speciality driven product basket, Shanghvi said.

We also continue to review opportunities to expand and strengthen our global footprint," he added.

The company has continued its leadership in branded generics-chronic therapy in the country. Sales of branded prescription formulations in India grew by 44 per cent at Rs 8490.000 millions in first quarter of FY 2014.

Sun Pharma holds 5.1 per cent market share in the Rs 720000.000 millions Indian pharmaceutical market. The company reported strong performance led by Sun portfolio in the US formulations market. Sales in the US were at $ 364 million for the quarter, up by 28 per cent, accounting for 58 per cent of total sales.

The company has made consolidated R&D expense of Rs 2050.000 millions, at 6 per cent of sales in first quarter of FY 2014. Its total number of patent applications submitted now stands at 791, with 503 patents granted so far.

SUN PHARMA ANNOUNCES USFDA APPROVAL FOR GENERIC PRANDIN®

Company has 180-day marketing exclusivity

Mumbai, July 12, 2013: Sun Pharmaceutical Industries Limited. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE:

SUNPHARMA, BSE: 524715) today announced that the US FDA has granted its subsidiary final approval for its

Abbreviated New Drug Applications (ANDA) for generic version of Prandin®, Repaglinide tablets.

Repaglinide tablets, 1 mg and 2 mg are therapeutic equivalents of Novo Nordisk’s Prandin® tablets. These tablets

have annual sales of approximately USD 200 million in the US. Repaglinide tablets are indicated as an adjunct to

diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus.

Sun Pharma’s subsidiary, being the first-to-file an ANDA for generic Prandin® with a para IV certification, is eligible for a 180-day marketing exclusivity in the US.

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 proeeding 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. 61.52
UK Pound	1	Rs. 94.99
Euro	1	Rs. 81.63

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		75

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.