MIRA INFORM REPORT

Report Date :

16.07.2013

IDENTIFICATION DETAILS

Name :	CADILA PHARMACEUTICALS LIMITED
Registered Office :	Cadila Corporate Campus, Sarkhej Dhokla Road, Ahmedabad – 380008, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.02.1991
Com. Reg. No.:	04-015132
Capital Investment / Paid-up Capital :	Rs.800.000 Millions
CIN No.: [Company Identification No.]	U24231GJ1991PLC015132
TAN No.: [Tax Deduction & Collection Account No.]	AHMC0038ID
PAN No.: [Permanent Account No.]	AAACC6251E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 9270000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established and a reputed company having fine track record. Financial position of the company appears to be sound. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB+ (Long Term Bank Facilities)
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	April 2013

Rating Agency Name	CARE
Rating	A2 (Short Term Bank Facilities)
Rating Explanation	Strong degree of safety and low credit risk.
Date	April 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

Name :	Mr. Kamlesh Shah
Designation :	General Manager Finance Department
Contact No.:	91-2718-225001
Date :	15.07.2013

LOCATIONS

Registered/ Corporate Office :	Cadila Corporate Campus, Sarkhej - Dholka Road, Ahmedabad – 382210, Gujarat, India
Tel. No.:	91-2718-225001 (15 Lines)
Fax No.:	91-2718-225039
E-Mail :	secretarial@cadilapharma.co.in website@cadilapharma.co.in accounts@cadilapharma.co.in rmankodi@cadilapharma.co.in purchase@cadilapharma.com branded@cadilapharma.com rnair@cadilapharma.co.in shreyas.parikh@cadilapharma.co.in
Website:	http://www.cadilapharma.com
Area :	44 Acres
Location :	Owned
Factory 1:	Dholka – Manufacturing Plant Survey No. 1389, Trasad Road, Dholka, Ahmedabad – 387810, Gujarat, India
Tel. No:	91-79-23421841/83/ 84/ 3422006/ 7/ 8/ 9/ 10
Fax No:	91-79-23420315s/ 3421220
Area:	50000 sq. ft.
Location :	Owned
Factory 2:	Chemical SBU 294, GIDC Estate, Ankleshwar, Gujarat, India
Tel. No:	91-2646-223846 / 252626 / 251519
Fax No:	91-2646-250051
Factory 3:	CHPL – Factory / Karnavati Engineering Limited Survey No. 342, Nani Kadi, Taluka Kadi, District Mehsana, North Gujarat, India
Tel. No:	91-2764-262463 / 242037 / 242194 / 241464-65
Fax No:	91-2764-242223 / 242608
Location :	Owned
Factory 4:	Chemicals SBU Factory Plot No. 274, GIDC Industrial Estate, Ankleshwar, Gujarat, India
Tel. No:	91-2646-223846 / 252626 / 251519
Fax No:	91-2646-250051
Area:	174557 sq. ft.
Location :	Owned
Factory 5:	Tissu Culture Lab 756, Prakruti Farm, Hirapur Chowkdi, Hirapur, Ahmedabad, Gujarat, India
Tel. No:	91-79-3855260/3855495/496
Location :	Owned
Factory 6:	Cadila Pharmaceuticals Limited, Jammu Industrial Growth Centre, Samba – 184121, District Jammu, Jammu and Kashmir, India
Tel. No:	91-1923-241113 / 241114 / 241115
Fax No:	91-1923-246744

DIRECTORS

AS ON 28.09.2012

Name :	Dr. Rajiv Indravadan Modi
Designation :	Managing Director
Address :	13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380007, Gujarat, India
Date of Birth/Age :	09.05.1960
Qualification :	Ph. D (Biological Science), M. Sc (Biochemical Engineering), B. Tech(Chemical Engineering)
Date of Appointment :	01.07.2010
PAN No.:	AAPPM9265J
Din No.:	01394558
Name :	Prof. Atul Bipinbhai Tandon
Designation :	Director
Address :	A/43, Royal Orchid, Corporate Road, Opposite Prahlad Nagar Gardens, Prahlad Nagar, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	03.01.1948
Qualification :	B. Tech from I.I.T, Bombay and PGDBA from IIM, Ahmedabad
Date of Appointment :	04.07.2003
Din No.:	00165667
Name :	Mrs. Monika Garware Modi
Designation :	Director
Address :	13, Sanjiv Building, New Sharda Mandir Road, Paldi, Ahmedabad – 380 007, Gujarat, India
Date of Birth/Age :	04.06.1963
Qualification :	M.B.A. from Pace University, New York, USA
Date of Appointment :	15.12.1995
PAN No.:	AEQPG3834C
Din No.:	00143400
Name :	Mr. Chinubhai Ramanlal Shah
Designation :	Director
Address :	402, Heritage Cresent, Behind Prahladnagar Garden, Near Jain Derasar, S. G. Highway, Ahmedabad – 380 051, Gujarat, India
Date of Birth/Age :	04.06.1937
Qualification :	M.A., L.L.M. (Gold Medalist), DLP, DTP, FCS, Life Fellow AIMA
Date of Appointment :	31.03.2001
Din No.:	00558310
Name :	Prof. Pradip Navin Khandwalla
Designation :	Director
Address :	B/101, Jupiter Tower, Opposite Samkit Bunglows, Bodakdev, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	18.02.1940
Qualification :	B. Com. (Bom), MBA (Wharton, Penn.), Ph.D. (Carnegie-Mellon), ACA
Date of Appointment :	14.09.2007
Din No.:	00064643
Name :	Mrs. Shilaben Indravadan Modi
Designation :	Director
Address :	13, Sanjiv Baug, New Sharda Mandir Road, Ahmedabad – 380 007, Gujarat, India
Date of Birth/Age :	09.12.1931
Qualification :	Matriculate
Date of Appointment :	16.12.1995
PAN No.:	AEYPM8647R
Din No.:	01976356
Name :	Mr. Sanjay Sinha
Designation :	Director
Address :	A/ 31, Orchid Woods, Opposite Vodafone House, Prahlad Nagar, Corporate Road, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.11.1958
Date of Appointment :	29.09.2012
Din No.:	03627342
Name :	Mr. Daya Nand Khurana
Designation :	Director
Address :	288, Vasant Enclave, Vasant Vihar, New Delhi-110057, India
Date of Birth/Age :	15.05.1935
Qualification :	B.E.(EC)
Date of Appointment :	04.07.2003
Din No.:	00020601

KEY EXECUTIVES

Name :	Mr. Shreyas Kunjvuhari Parikh
Designation :	Company Secretary
Address :	B 001, Aakasheep Anne, Near Shreyas Railway Crossing, Amba Wadi, Ahmedabad – 380 006, Gujarat, India
Date of Birth/Age :	12.08.1957
Date of Appointment :	22.02.2008
Pan No.:	AEIPP6513R
Name :	Mr. Kamlesh Shah
Designation :	General Manager Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Indravadan A Modi	7999990
Shilaben I Modi	7999990
I. A. Modi	59460955
I. A. Modi (HUF)	10
Shilaben I Modi	13333
R. I. Modi	4525712
I. A. Modi	10
TOTAL	80000000

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	80.00
Directors or relatives of directors	20.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

Products :

ITEM CODE NO.	PRODUCT DESCRIPTION
29420014	Ranitidine
29051410	Ethambutol
29350011	Sulphamethaxazole

Terms :

Selling :

Credit

Purchasing :

Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Tablets	Nos in million	14913	6116
Capsules	Nos in million	1124	300
Injections	Kilo Litres	298	216
Liquids	Kilo Litres	10376	2071
Ophthalmic	Kilo Litres	0	24
Ointment	M.T	0	6
Dry powder injections	M.T	10	5
Granules and dry syrups	M.T	220	1
Bulk drugs	M.T	979	1069
Tissue cultures	Nos in million	10	10

NOTES:

1. As the Industrial licensing in respect of Drugs and Pharmaceuticals produced by the Company has been waived, the particulars of licensed capacity are not stated.

2. The installed capacity is taken on 2 shift working, as Certified by Management.

3. Production includes production under Loan License arrangement.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

5000 (Approximately)

Bankers :

· Central Bank of India, Central Bank Building, Lal Darwaja, Ahmedabad – 380 001, Gujarat, India

· Bank of Baroda , Corporate Financial Services Branch, 1^st Floor, BOB Towers, Opposite Law Garden, Ellis Bridge, Ahmedabad-380009, Gujarat, India

· Corporation Bank, Avrangpura Branch, Ahmedabad, Gujarat, India

· Oriental Bank of Commerce, Ashram Road, Ahmedabad, Gujarat, India

· Punjab National Bank, Ashram Road Branch, Satellite, Ahmedabad – 380 009, Gujarat, India

· Union Bank of India, Industrial Finance Branch, Ashram Road, Ahmedabad, Gujarat, India

· Syndicate Bank, Ashram Road Branch, Ahmedabad-380 009, Gujarat, India

· ICICI Bank, Bandra, Mumbai, Maharashtra, India

· Canara Bank, Bhadra Branch, Ahmedabad - 380001

· Export Import Bank of India, Centre One, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

· State Bank of India, Corporate Account Group, Cuffe Parade, 58, Shrimali Society, Navrangpura, Ahmedabad, Gujarat, India

· Allahabad Bank, Ashram Road Branch, Ahmedabad-380014, Gujarat, India

· HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India

· The Karnataka Bank Limited, Shree Gantha Karna Mahavee Complex, Near New Cloth Market, Sarangpura, Ahmedabad- 380002, Gujarat, India

· Axis Bank Limited, Ahmedabad, Gujarat, India

· Bank of Maharashtra

· State Bank of Mysore

· Dena Bank

· State Bank of Saurashtra

· Tamilnadu Mercantile Co-operative Bank Limited

· Vijaya Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
LONG TERM BORROWINGS
Rupee Term Loans From Banks	2615.468 (A)	2320.135
Other Loans and Advances	58.505 (B)	32.339
SHORT TERM BORROWINGS
Working Capital Loans From Banks	1454.878	1379.937
TOTAL	4128.851	3732.411
NOTE: (A) Bank of Baroda 952.999 Millions Syndicate Bank 18.770 Millions Dena Bank 699.937 Millions Canara Bank -- Central Bank of India 400.000 Millions Corporation Bank 28.760 Millions Indian Overseas Bank 514.999 Millions (B) Corporation Bank 15.451 Millions State Bank of Mysore -- ICICI Bank 2.296 Millions HDFC Bank 0.016 Million Vijaya Bank 40.740 Millions

Banking Relations :	--
Financial Institution :	Department of Biotechnology, Block 2, CGO Complex, Lodhi Road, New Delhi-110003, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	‘Heritage’, 3^rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad – 380 014, Gujarat, India
Tel. No.:	91-79-27582542/ 27582543/ 266073100
Fax No.:	91-79-27582551
E-Mail :	cchokshi@wilnetonline.net
PAN No:	AABFD7919A
Joint Venture :	· Apollo Hospitals International Limited [U85110TN1997PLC039016] · Casil Bg Medical Devices Private Limited [U24230GJ2012PTC069227]
Subsidiaries :	· SOHL, UK · Cadila Pharmaceuticals (Ethiopia) Plc · CPL Biologicals Private Limited [U01403GJ2009PTC056409] · Kadera Yakuhin Limited · CPL Holdings Private Limited [U65993GJ2009PTC056511] · CPL Agro Products Private Limited [U01403GJ2009PTC056669] · Cadila East Africa Limited · CPL Inc · Casil Industries Limited [U24231GJ2000PLC038320] · Interpharma Industries Limited · Casil Health Products Limited [U51909GJ1995PLC027839]
Other Related Parties :	· CPL Infrastructure Private Limited [U67120GJ1995PTC025713] · IRM Enterprises Private Limited · Karnavati Engineering Limited [U29199GJ1981PLC004488]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000000	Equity Shares	Rs.10/- each	Rs.800.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	800.000	800.000
(b) Reserves & Surplus	1519.643	1427.297
(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)	2319.643	2227.297
(3) Non-current liabilities
(a) long-term borrowings	3562.681	3114.053
(b) Deferred tax liabilities (Net)	506.056	490.447
(c) Other long term liabilities	216.066	225.954
(d) long-term provisions	22.199	20.447
Total Non-current Liabilities (3)	4307.002	3850.901
(4) Current liabilities
(a) Short term borrowings	1454.878	1379.937
(b) Trade payables	1407.434	1022.431
(c) Other current liabilities	1386.490	1238.844
(d) Short-term provisions	82.385	34.384
Total Current Liabilities (4)	4331.187	3675.596
TOTAL	10957.832	9753.794
I. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3452.190	3399.715
(ii) Intangible Assets	20.862	16.004
(iii) Capital work-in-progress	467.041	444.523
(iv) Intangible assets under development	50.104	0.000
(b) Non-current Investments	1308.584	1197.025
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	995.731	740.789
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	6294.512	5798.056
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1535.482	1506.732
(c) Trade receivables	2299.033	1781.776
(d) Cash and cash equivalents	168.657	201.900
(e) Short-term loans and advances	543.030	348.512
(f) Other current assets	117.118	116.818
Total Current Assets	4663.320	3955.738
TOTAL	10957.832	9753.794

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		800.000
2] Share Application Money		0.000
3] Reserves & Surplus		1332.124
4] (Accumulated Losses)		0.000
NETWORTH		2132.124
LOAN FUNDS
1] Secured Loans		3754.357
2] Unsecured Loans		697.619
TOTAL BORROWING		4451.976
DEFERRED TAX LIABILITIES		462.131
TOTAL		7046.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3382.072
Capital work-in-progress		102.845
INVESTMENT		1138.500
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1148.883
	Sundry Debtors	1601.648
	Cash & Bank Balances	274.876
	Other Current Assets	0.000
	Loans & Advances	992.624
Total Current Assets		4018.031
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1050.234
	Other Current Liabilities	493.928
	Provisions	51.055
Total Current Liabilities		1595.217
Net Current Assets		2422.814
MISCELLANEOUS EXPENSES		0.000
TOTAL		7046.231

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	9180.544	7816.194	6478.223
		Other Income	115.540	84.339	250.545
		TOTAL (A)	9296.084	7900.533	6728.768
Less	EXPENSES
		Cost of materials consumed	3127.037	2935.607
		Purchases of stock-in-trade	650.190	530.257
		Employee benefit expense	1485.235	1199.865
		Other expenses	2580.769	2415.274	6056.171
		Exceptional items	404.260	253.960
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(14.338)	(278.820)
		TOTAL (B)	8233.153	7056.143	6056.171
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1062.931	844.390	672.597
Less	FINANCIAL EXPENSES (D)		609.876	444.627	424.465
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		453.055	399.763	248.132
Less/ Add	DEPRECIATION/ AMORTISATION (F)		255.268	242.856	221.698
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		197.787	156.907	26.434
Less	TAX (H)		55.932	61.734	8.705
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		141.855	95.173	17.729
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1272.946	1177.773	1160.044
	BALANCE CARRIED TO THE B/S		1414.801	1272.946	1177.773
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2927.473	NA	NA
		Royal Income	12.042	NA	NA
	TOTAL EARNINGS		2939.515	NA	NA
	IMPORTS
		Raw Materials		237.146	149.845
		Research material		4.674	3.306
		Stores and spares		16.410	4.335
		Capital goods		140.428	116.428
		Packing material		4.212	1.173
	TOTAL IMPORTS		336.261	402.870	275.087
	Earnings / (Loss) Per Share (Rs.)		1.77	1.19	0.22

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.53	1.20	0.26
Net Profit Margin (PBT/Sales)	(%)	2.15	2.00	0.41
Return on Total Assets (PBT/Total Assets}	(%)	2.17	1.93	0.35
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.01
Debt Equity Ratio (Total Debt/Networth)		2.16	2.02	2.09
Current Ratio (Current Asset/Current Liability)		1.08	1.03	2.52

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Current maturities of long-term debt	856.910	833.566	NA
Total	856.910	833.566	NA

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	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]	PAN of Proprietor/Partner/Director, if available	Yes
32]	Date of Birth 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

SPECIAL CIVIL APPLICATION No. 419 of 2013

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Status :PENDING

( Converted from : ST/17405/2012 )

CCIN No : 001021201300419

Next Listing Date:

17/07/2013

Coram

HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA

Not Before :

HONOURABLE MR.JUSTICE C.K.BUCH HONOURABLE MR.JUSTICE R.M.CHHAYA HONOURABLE MR.JUSTICE SHARAD D.DAVE

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S.NO.	Name of the Petitioner	Advocate On Record
1	RAPTAKOS BRETT AND COMPANY LIMITED	MR DAKSHESH MEHTA for: Petitioner(s)  1

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S.NO.	Name of the Respondant	Advocate On Record
1 2 3	INTELLECTUAL PROPERTY APPELLATE BOARD CADILA PHARMACEUTICALS LTD ASSISTANT REGISTRAR OF TRADE MARKS	NOTICE UNSERVED for :Respondent(s)  1 MR YJ TRIVEDI for :Respondent(s) 2 NOTICE SERVED for :Respondent(s)  3 MR HRIDAY BUCH for :Respondent(s) 3

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Presented On	: 29/12/2012	Registered On	: 15/01/2013
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 9 times
StageName	: NOTICE & ADJOURNED MATTERS

Office Objection
Filing Stage Filing Stage Filing Stage Filing Stage Filing Stage	WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ? WHETHER PROPER & FULL COURT FEE IS PAID ? WHETHER PAGING IS DONE ? WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ? WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?

Classification	SJ - NON-SERVICE - TRADE MARKS ACT, 1999
Act	TRADE UNIONS ACT, 1926

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Office Details

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S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	29/12/2012	VAKALATNAMA	MR DAKSHESH MEHTA ADVOCATE for PETITIONER(s)  1	5	MR DAKSHESH MEHTA:1
2	29/12/2012	MEMO OF APPEAL/PETITION/SUIT	MR DAKSHESH MEHTA ADVOCATE for PETITIONER(s)  1	50	MR DAKSHESH MEHTA:1
3	15/01/2013	VAKALATNAMA	MR YJ TRIVEDI ADVOCATE for RESPONDENT(s) 2	4	MR YJ TRIVEDI:2
4	15/01/2013	VAKALATNAMA	MR DAKSHESH MEHTA ADVOCATE for PETITIONER(s)  1	-	MR DAKSHESH MEHTA:1
5	15/01/2013	DOCUMENT	NOTICE SERVED for RESPONDENT(s) 3	-	NOTICE SERVED:3
6	15/01/2013	DOCUMENT	NOTICE UNSERVED  for RESPONDENT(s) 1	-	NOTICE UNSERVED:1
7	14/02/2013	MEMO OF APPEAL/PETITION/SUIT	MR DAKSHESH MEHTA ADVOCATE for PETITIONER(s)  1	50	MR DAKSHESH MEHTA:1
8	04/04/2013	VAKALATNAMA	MR YJ TRIVEDI ADVOCATE for RESPONDENT(s) 2	5	MR YJ TRIVEDI:2
9	13/06/2013	APPEARANCE NOTE	MR HRIDAY BUCH ADVOCATE for RESPONDENT(s) 3	0	MR HRIDAY BUCH(2372), for R:3
10	14/06/2013	AFFIDAVIT IN REPLY	MR YJ TRIVEDI ADVOCATE for RESPONDENT(s) 2	0	MR YJ TRIVEDI(948) for R:2
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	15/01/2013	1	-	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	ADDITIONAL REGISTRAR ( JUDICIAL)
2	17/01/2013	1	43	OFFICE OBJECTION (FILING STAGE)	NEXT DATE	HONOURABLE MR.JUSTICE Z.K.SAIYED
3	01/03/2013	1	3	OFFICE OBJECTION REMOVED	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA
4	08/03/2013	1	6	BOARD NO. I (NOTICE & ADJOURNED MATTERS)	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA
5	22/03/2013	1	36	FOR REGULAR ADMISSION	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA
6	05/04/2013	1	21	BOARD NO. I (NOTICE & ADJOURNED MATTERS)	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA
7	26/04/2013	1	74	BOARD NO. I (NOTICE & ADJOURNED MATTERS)	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA
8	14/06/2013	1	55	NOTICE &ADJOURNED MATTERS	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA
9	05/07/2013	1	92	NOTICE & ADJOURNED MATTERS	NEXT DATE	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA
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Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	SPECIAL CIVIL APPLICATION/419/2013	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA	08/03/2013	N	N	View	Download
2	SPECIAL CIVIL APPLICATION/419/2013	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA	22/03/2013	N	N	View	Download
3	SPECIAL CIVIL APPLICATION/419/2013	HONOURABLE THE CHIEF JUSTICE MR. BHASKAR BHATTACHARYA HONOURABLE MR.JUSTICE J.B.PARDIWALA	14/06/2013	N	N	View	Download

REVIEW OF OPERATIONS:

During the year, the net sales increased to Rs.9180.540 Millions from Rs. 7816.190 Millions of previous year, registering a growth of about 17%. Profit before tax (PBT) improved to Rs. 197.790 Millions and Profit after tax (PAT) to Rs. 141.860 Millions in the current year as against PBT of Rs. 156.910 Millions and PAT of Rs. 95.170 Millions of the previous year.

The Company decided to expand its geographical reach the world over, both in API and Formulations. As a result, this year the Company has export sales of Rs.2927.470 Millions as against Rs.2108.070 Millions in the previous year, registering a substantial growth of about 39%.

The Company is committed to introduce new products / molecules with its R and D efforts in the coming years and achieve substantial growth in sales as well as profitability.

UNSECURED LOAN

Particular	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
LONG TERM BORROWINGS
Public Deposits	7.242	3.818
Loans and Advances From Related Parties	562.023	410.191
Other Loans and Advances	319.443 (B)	347.570
TOTAL	888.708	761.579
NOTE: (B) From Others [ Deptt. of Science and Technology]* * Loan under Pharmaceutical Research and Development Programme.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U24231GJ1991PLC015132
Name of the company	CADILA PHARMACEUTICALS LIMITED
Address of the registered office or of the principal place of business in India of the company	Cadila Corporate Campus, Sarkhej - Dholka Road, Ahmedabad – 382210, Gujarat, India E-mail: secretarial@cadilapharma.co.in
Type of charge	· Book Debts · Movable Property [not being pledge] · Floating Charge
Particular of charge holder	Bank of Baroda , Corporate Financial Services Branch, 1^st Floor, BOB Towers, Opposite Law Garden, Ellis Bridge, Ahmedabad-380009, Gujarat, India Email: corahm@bankofindia.com
Nature of description of the instrument creating or modifying the charge	Agreement of Supplemental Hypothecation of Plant and Machineries and Currents Assets dated 17.10.2012 for the Fresh Term Loan-V of Rs. 500.000 Millions granted by Bank of Baroda, CFS Branch, Ahmedabad.
Date of instrument Creating the charge	17.10.2012
Amount secured by the charge	Rs.500.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @2% above Base Rate i.e. 12.50% p.a. (Floating) at present payable with monthly rests. Terms of Repayment As per sanction letter. Margin @16.71% Extent and Operation of the charge First pari passu charge on Plant and Machineries of the Company to be shared with term lenders and Second pari passu charge on the Current Assets of the Company to be shared with term lenders.
Short particulars of the property charged	All movable Plant and Machineries of the company more particularly. All current assets of the company more particularly.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipments

· Vehicles

· Live Stock

PRESS RELEASE:

CADILA PHARMACEUTICALS SECURES WELLCOME TRUST AWARD

WELLCOME TRUST SUPPORTS CADILA PHARMACEUTICALS’ PREVENTIVE APPROACH TOWARDS COMBAT CARDIO VASCULAR DISEASES

Ahmedabad, 29 November, 2010 – Ahmedabad based Pharma major Cadila Pharmaceuticals Limited has received a prestigious Wellcome Trust Award under the new R and D for Affordable Healthcare in India initiative to support a phase III clinical trial of PolycapTM, a combination pill to reduce the risk of Cardiovascular diseases.

Cardio Vascular Diseases (CVD), predominantly heart disease and stroke, account for around 30% of all deaths around the world. The PolycapTM offers a primary prevention strategy to individuals who are at high risk for these illnesses.

PolycapTM comprises three blood pressure reducing agents, including a diuretic and a beta blocker, together with a cholesterol-lowering statin. All of the agents have been chosen based on the evidence of their reducing cardiovascular risk and generic drug status.

The combination pill has already been tested in over 2000 volunteers across 50 centers in India as part of The Indian PolycapTM Study (TIPS) published in the Lancet in 2009. Results from that phase II trial found that use of the drug reduces the risk of coronary heart disease by 62% and stroke by 48%.

Speaking of the award, Mr. Indravadan Modi, Chairman of Cadila Pharmaceuticals said, “We are delighted that our innovative product has gained recognition by the UK’s leading biomedical foundation, the Wellcome Trust. This award endorses our efforts in providing research-based revolutionary products in the cardio care segment.”

The Wellcome Trust award will support the study of at least 5,000 individuals with no previous history of heart attack or stroke. The placebo-controlled trial will recruit men over the age of 55 and women over 60 that have been identified as being at increased risk of CVD through a questionnaire based on family history and lifestyle factors. The investigators will assess whether taking PolycapTM for a period of five years can cut the risk of CVD, by monitoring the incidence of death due to heart attack, non-fatal heart attack, and non-fatal stroke.

Dr Nick Dunster, Senior Business Analyst at the Wellcome Trust commented: “Cadila Pharmaceuticals has already reported positive results from previous clinical trials and we look forward to seeing how PolycapTM performs in this larger phase III trial. CVD is a global problem, so a drug that can cut the risk for susceptible individuals has the potential to make a huge impact on human health the world over, not just in India.”

ABOUTCADILA PHARMACEUTICALS LIMITED.

Cadila Pharmaceuticals Limited is one of the largest privately held pharmaceutical companies in India, headquartered at Ahmedabad, in the State of Gujarat. Over the last five decades, it has been developing and manufacturing pharmaceutical products and selling and distributing these in India and in over 50 countries around the world. It is an integrated healthcare solutions provider with a pharmaceutical product basket in therapeutic areas that include cardiovascular, gastrointestinal, analgesics, haematinics, anti-infectives and antibiotics, respiratory agents, antidiabetics and immunologicals. The state-of-the-art Research and Development (R&D) facility at Cadila Pharmaceuticals is manned by more than three hundred and fifty scientists. The company also participates in Public-Private partnerships for developing preventive and curative pharmaceutical and diagnostic products. Over the last decade, Cadila Pharmaceuticals has focused on novel approaches to cancer management and is the first Indian company to get multiple investigational new drug applications (INDs) cleared by USFDA. The company has manufacturing facilities conforming to the most stringent international norms at Dholka, Ankleshwar, Kadi and Hirapur in Gujarat; Samba in Jammu and Kashmir and Addis Ababa in Ethiopia. Cadila Pharmaceuticals has recently emerged on the World map with the development of Polycap - a novel and world’s first drug combination for prevention of Cardiovascular Heart Disease.

CPL Biologicals is a newly formed company evolved from a joint venture by Cadila Pharmaceuticals Limited and Novavax, Inc. CPL Biologicals will be developing and manufacturing vaccines, biological therapeutics and diagnostics in India using technology contributed from Novavax and Cadila Pharmaceuticals. In addition, CPL Biologicals will establish manufacturing facilities in India and develop, produce and sell products such as seasonal influenza vaccine and potentially other novel vaccines against dengue fever and chikungunya fever based on Novavax’s virus-like-particle (VLP) vaccine technology.

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.60.05
UK Pound	1	Rs.90.71
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		55

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.