MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	IND SWIFT LIMITED	Principal Name 1	Mr. Sanjeev Rai Mehta
Status	MODERATE	Principal Name 2	Mr. Navrattan Munjal
		Registration #	16-006897
Street Address	781 Industrial Area, Phase II, Chandigarh – 160002, Punjab, India
Established Date	06.06.1986	SIC Code	--
Telephone#	91-172-2638781/ 2638782/ 2638786	Business Style 1	Manufacturer
Fax #	91-172-2652242	Business Style 2	Exporter
Homepage	http://www.indswiftltd.com	Product Name 1	Pharmaceutical Ingredients
# of employees	Not Available	Product Name 2	-
Paid up capital	Rs. 234,357,000	Product Name 3	-
Shareholders	-	Banking	Punjab National Bank
Public Limited Corp.	Yes	Business Period	27 Years
IPO	Yes	International Ins.	-
Public Enterprise	Yes	Rating	Ca (18)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Essix Biosciences Limited
Note	-

2. Summary Financial Statement

Balance Sheet as of	30.06.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	7,115,051,000	Current Liabilities	5,064,481,000
Inventories	3,655,335,000	Long-term Liabilities	7,187,265,000
Fixed Assets	3,962,233,000	Other Liabilities	219,078,000
Deferred Assets	0,000	Total Liabilities	12,470,824,000
Invest& other Assets	948,996,000	Retained Earnings	2,946,434,000
		Net Worth	3,210,791,000
Total Assets	15,681,615,000	Total Liab. & Equity	15,681,615,000
Total Assets (Previous Year)	12,371,899,000
P/L Statement as of	30.06.2012		(Unit: Indian Rs.)
Sales	15,904,656,000	Net Profit	(210,152,000)
Sales(Previous yr)	8,764,715,000	Net Profit(Prev.yr)	434,517,000

MIRA INFORM REPORT

Report Date :

06.06.2013

IDENTIFICATION DETAILS

Name :	IND SWIFT LIMITED

Registered Office :	781 Industrial Area, Phase II, Chandigarh – 160002, Punjab

Country :	India

Financials (as on) :	30.06.2012

Date of Incorporation :	06.06.1986

Com. Reg. No.:	16-006897

Capital Investment / Paid-up Capital :	Rs. 234.357 Millions

CIN No.: [Company Identification No.]	L24230CH1986PLC006897

TAN No.: [Tax Deduction & Collection Account No.]	PTLI10314D

PAN No.: [Permanent Account No.]	AAACI6100L

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

Line of Business :	Manufacturer and Exporter of Active Pharmaceutical Ingredients.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having a moderate track record. These appear some loss during 2012 recorded by the company. The rating also take into consideration the delay in paying its debts due to tight liquidity position. However, trade relations are reported as fair. Business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	D = Cash credit
Rating Explanation	This rating are in default or expected to be default soon.
Date	August 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office / Corporate Office :	781 Industrial Area, Phase II, Chandigarh – 160002, Punjab, India
Tel. No.:	91-172-2638781/ 2638782/ 2638786
Fax No.:	91-172-2652242
E-Mail :	cs.indswift@gmail.com indswiftho@indswift.com info@indswift.com
Website :	http://www.indswiftltd.com

Marketing Office :	102-103, The Chambers, W.E. Highway, Service Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel No.:	91-22-42288300/ 42288399
Fax No.:	91-22-26184120

Factory 1 :	123, Industrial Area 1, Panchkula 134 109, Haryana, India

Factory 2 :	Plot. No. 23, Sector 2, (Unit I), Parwanoo, Himachal Pradesh, India

Factory 3 :	Plot No. 17 B, Sector 2, (Unit II) Parwanoo, Himachal Pradesh, India

Factory 4 :	Village Malku Majra, (Unit III and IV) Baddi, Himachal Pradesh, India

Factory 5 :	Global Business Unit Off NH-21, Village Jawaharpur, Tehsil Dera Bassi, Punjab, India

Factory 6:	Industrial Growth Centre, Sambha, Jammu, Jammu and Kashmir, India

DIRECTORS

As on 30.06.2012

Name :

Mr. Sanjeev Rai Mehta

Designation :

Whole Time Director

Address :

R/O House No. 333, Sector 6, Panchkula, Haryana, India

Date of Birth/Age :

01.08.1956

Date of Appointment :

24.12.2012

DIN No.:

00005668

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	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Director	01/04/2010	24/09/1993	-	Active	NO
2	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	01/04/2008	04/01/1995	-	Active	NO
3	U51390CH2005PTC028763	SRM PORTFOLIOS PRIVATE LIMITED	Director	04/08/2005	04/08/2005	-	Active	NO
4	L24230CH1986PLC006897	IND SWIFT LIMITED	Whole-time director	24/12/2012	30/11/2006	-	Active	NO
5	U22110CH2003PLC026260	MANSA PRINT AND PUBLISHERS LIMITED	Director	18/09/2010	22/03/2010	-	Active	NO
6	U22122CH2002PLC025331	3M ADVERTISERS AND PUBLISHERS LIMITED	Director	30/09/2011	01/10/2010	-	Active	NO

Name :

Mr. Navrattan Munjal

Designation :

Director

Address :

R/O House No. 382, Sector 6, Panchkula, Haryana, India

Date of Birth/Age :

09.02.1952

Date of Appointment :

11.12.2006

DIN No.:

00015096

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	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Managing director	01/04/2010	24/09/1993	-	Active	NO
2	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Managing director	23/03/2010	04/01/1995	-	Active	NO
3	U51390CH2005PTC028652	N R M PORTFOLIOS PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
4	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
5	U24239AP2004NPL043058	PHARMACEUTICALS EXPORT PROMOTION COUNCIL OF INDIA	Director	12/11/2007	12/11/2007	-	Active	NO
6	U85190CH2005PTC028704	CONSUMMATE PHARMACEUTICALS PRIVATE LIMITED	Director	10/03/2010	10/03/2010	-	Active	NO
7	U00000PB2004NPL026873	NIMBUA GREENFIELD (PUNJAB) LIMITED	Director	25/09/2010	26/06/2010	-	Active	NO
8	L15122MH1983PLC029364	VELOX INDUSTRIES LIMITED	Director	30/09/2011	17/08/2011	29/09/2012	Active	NO
9	U90002CH2012PTC034085	MOHALI GREEN ENVIRONMENT PRIVATE LIMITED	Director	18/09/2012	18/09/2012	-	Active	NO

Name :

Mr. Gopal Munjal

Designation :

Managing Director

Address :

R/O House No. 1085, Sector 7, Panchkula, Haryana, India

Date of Birth/Age :

01.08.1958

Date of Appointment :

24.12.2012

DIN No.:

00005196

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	L24230CH1986PLC006897	IND SWIFT LIMITED	Managing director	24/12/2012	11/12/1986	-	Active	NO
2	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Director	24/09/1993	24/09/1993	-	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	04/01/1995	04/01/1995	-	Active	NO
4	U22122CH2002PLC025331	3M ADVERTISERS AND PUBLISHERS LIMITED	Director	09/08/2002	09/08/2002	-	Active	NO
5	U22110CH2003PLC026260	MANSA PRINT AND PUBLISHERS LIMITED	Director	05/08/2003	05/08/2003	-	Active	NO
6	U51909CH2005PTC028741	GM PORTFOLIOS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO
7	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	31/12/2012	20/12/2007	-	Active	NO

Name :

Mr. Vikrant Rai Mehta

Designation :

Whole Time Director

Address :

R/O House No. 1044, Sector 4, Panchkula, Haryana, India

Date of Birth/Age :

22.10.1958

Date of Appointment :

24.12.2012

DIN No.:

00010756

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	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Director	24/09/1993	24/09/1993	-	Active	NO
2	L24230CH1986PLC006897	IND SWIFT LIMITED	Whole-time director	24/12/2012	30/09/1993	-	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	04/01/1995	04/01/1995	-	Active	NO
4	U74899HR2003PLC035217	TAGMA AGROTECH LIMITED	Director	20/10/2003	20/10/2003	28/09/2012	Active	NO
5	U51909CH2005PTC028742	VRM PORTFOLIOS PRIVATE LIMITED	Director	29/07/2005	29/07/2005	-	Active	NO

Name :

Mr. Himanshu Jain

Designation :

Director

Address :

R/O House No. 1133, Sector 21-B, Chandigarh, India

Date of Birth/Age :

17.08.1982

Date of Appointment :

30.04.2010

DIN No.:

00014533

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	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Whole-time director	23/03/2010	04/01/1995	-	Active	NO
2	U22122CH2002PLC025331	3M ADVERTISERS AND PUBLISHERS LIMITED	Director	19/06/2003	19/06/2003	-	Active	NO
3	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	30/04/2010	31/07/2003	-	Active	NO
4	U51900CH2005PTC028597	A.K.J. PORTFOLIOS PRIVATE LIMITED	Director	28/06/2005	28/06/2005	-	Active	NO
5	U45200CH2005PLC028005	FORTUNE (INDIA) CONSTRUCTIONS LIMITED	Director	04/02/2006	04/02/2006	-	Active	NO
6	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Additional director	27/08/2008	27/08/2008	-	Active	NO
7	U24230CH2005PTC028469	DASHMESH MEDICARE PRIVATE LIMITED	Director	29/06/2010	24/06/2010	-	Active	NO

Name :

Mr. Rishav Mehta

Designation :

Director

Address :

R/O House No. 322, Sector 6, Panchkula, Haryana, India

Date of Birth/Age :

06.01.1991

Date of Appointment :

23.03.2010

DIN No.:

03028663

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	L24230CH1986PLC006897	IND SWIFT LIMITED	Additional director	23/03/2010	23/03/2010	-	Active	NO
2	U51390CH2005PTC028653	V K M PORTFOLIOS PRIVATE LIMITED	Director	23/03/2010	23/03/2010	-	Active	NO
3	U74999CH1993PLC033428	ESSIX BIOSCIENCES LIMITED	Director	16/08/2010	23/03/2010	-	Active	NO
4	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Whole-time director	23/03/2010	23/03/2010	-	Active	NO

Name :

Mr. Kotakkatteri Maruvote Sreedharan Nambiar

Designation :

Director

Address :

R/O.House N0.5956, Modern Housing Complex, Manimajra – 160101, Chandigarh, India

Date of Birth/Age :

03.01.1943

Date of Appointment :

28.06.2002

DIN No.:

00010670

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	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	30/10/2001	30/10/2001	-	Active	NO
2	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	28/06/2002	28/06/2002	-	Active	NO

Name :

Dr. Ramneek Singh Bedi

Designation :

Director

Address :

R/O House No. 181, Sector 21-B, Chandigarh, India

Date of Birth/Age :

23.10.1958

Date of Appointment :

28.06.2002

DIN No.:

00010701

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	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	28/06/2002	28/06/2002	-	Active	NO
2	U22110CH2003PLC026260	MANSA PRINT AND PUBLISHERS LIMITED	Director	30/09/2008	01/10/2007	02/11/2011	Active	NO

Name :

Dr. Harmander Pal Singh Chawla

Designation :

Director

Address :

R/O House No. 1022, Sector 44-B, Chandigarh, India

Date of Birth/Age :

14.04.1940

Date of Appointment :

11.12.2006

DIN No.:

00015627

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	U23200MH1993PLC075373	UNIMARK REMEDIES LIMITED	Director	04/03/2005	04/03/2005	-	Active	NO
2	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	11/12/2006	11/12/2006	-	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Additional director	24/03/2009	24/03/2009	-	Active	NO

Name :

Dr. Surya Kant Mathur

Designation :

Director

Address :

R/O House No. 1512, Sector 44-B, Chandigarh, India

Date of Birth/Age :

14.09.1957

Date of Appointment :

31.07.2003

DIN No.:

00011939

Name :

Mr. Prakash Sharma

Designation :

Additional Director

Address :

700, M.P. Block, Asiad Village Complex, New Delhi -110049, India

Date of Birth/Age :

21.11.1955

Date of Appointment :

24.12.2012

DIN No.:

00475413

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	U51909PB1992PLC012274	BHANDARI EXPORT INDUSTRIES LTD	Nominee director	30/06/2004	30/06/2004	25/06/2007	Active	NO
2	L51909DL1997PLC088667	STL GLOBAL LIMITED	Nominee director	31/07/2009	31/07/2009	20/02/2013	Active	NO
3	L24232CH1995PLC015553	IND SWIFT LABORATORIES LIMITED	Director	18/09/2012	31/08/2009	07/11/2012	Active	NO
4	L24230CH1986PLC006897	IND SWIFT LIMITED	Director	24/12/2012	08/02/2012	-	Active	NO
5	AAB-2051	THRIVING BUSINESS SOLUTION LLP	Designated Partner	06/11/2012	06/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Amit Tarafder
Designation :	Vice President (Finance)

Name :	Mr. Raman Kumar Sood
Designation :	Company Secretary
Address :	R/O House No. 149/1, Sector 46-A, Chandigarh, India
Date of Birth/Age :	27.09.1964
Date of Appointment :	01.12.2006
PAN No.:	AFTPS7028G

Name :	P. K. Goklaney and Company
Designation :	Advocates
Address :	38, Sector 16-A, Chandigarh, Punjab, India

SHAREHOLDING PATTERN

As on 31.03.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	8888400	19.25
Bodies Corporate	13215721	28.62
Any Others (Specify)	22104121	47.87
Societies
Sub Total	22104121	47.87
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4500	0.01
Financial Institutions / Banks	6379	0.01
Insurance Companies	996900	2.16
Foreign Institutional Investors	704209	1.52
Sub Total	1711988	3.71
(2) Non-Institutions
Bodies Corporate	11616936	25.16
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 millions	9003415	19.50
Individual shareholders holding nominal share capital in excess of Rs.0.100 millions	1422994	3.08
Any Others (Specify)	318916	0.69
Non Resident Indians	318916	0.69
Sub Total	22362261	48.43
Total Public shareholding (B)	24074249	52.13
Total (A)+(B)	46178370	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
Total (A)+(B)+(C)	46178370	0

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Active Pharmaceutical Ingredients.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production

Injections, Eye/ Ear Drops	Liters	195024.87
Tablets	Nos./ Lacs	18086.36
Capsules	Nos./ Lacs	4792.08
Liquids/ dry Syrup	Liters	3006910.61
Onitments	Kgs	448423.43

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Punjab National Bank, Sector 28, Chandigarh, Punjab, India
State Bank of India, Industrial Estate Branch, Industrial Area-I, Chandigarh, Punjab, India
Canara Bank, SCO 311-314, Sector 35-B, Chandigarh, Punjab, India
State Bank of Patiala, (Commercial Branch), SCO 103-107, Sector 8-C, Chandigarh, Punjab, India
IDBI Bank , Bank Square, Sector 17, Chandigarh, Punjab, India

Facilities :

Secured Loans :	As on 30.06.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
From Bank	2177.693	876.464
From Financial institution	127.811	287.220
Vehicle	14.786	6.621
Bank Borrowings for working Capital are Secured by a Pari-Passu, first charge by way of hypothecation of the company’s current assets, namely, Stocks of Raw Materials, Semi Finished, Finished Goods, Stores and Spares not relating to Plant and Machinery (Consumable Stores and Spares), Bills Receivable and Book Debts and all other movables of the Company both present and future excluding such movables as may be permitted by the said Banks from time to time. The said facility is further secured by way of pari passu second charge on the company’s immovable and movable properties (other than current assets) and personal guarantees of Directors.	3554.146	2944.573
Total	5874.436	4114.878

Note:

Term Loans from Banks and Financial Institutions are secured by way of Equitable Mortgage of Immovable Properties Hypothecation of Plant and Machinery, Vehicles, and second charge on Equipments, Utilities, Other Fixed Assets, Current Assets and personal guarantee of Directors.

Maturity Profile of Term Loans/Vehicle Loan :

Rs. In Millions

Period	Term Loans	Vehicle Loans
1-2 year	623.848	8.851
2-3 year	638.116	5.747
3-4 year	384.897	0.188
4 year and above	658.643	-


Banking Relations :	--

Auditors :
Name :	J. K. Jain and Associates Chartered Accountants
Address :	S.C.O. 1132-33, Sector 22-B, Chandigarh 1-60022, Punjab, India

Associates :	Essix Biosciences Limited Ind Swift Laboratories Limited Mansa Print and Publishers Limited Fortune India Construction Limited Dashmesh Medicare Private Limited 3m Advertising And Publishers Limited Swift Fundamental Research and Education Society

CAPITAL STRUCTURE

As on 30.06.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

75000000	Equity Share	Rs. 2/- each	Rs. 150.000 Millions
2500000	Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 250.000 Millions

	Total		Rs. 400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

46178370	Equity Share	Rs. 2/- each	Rs. 92.357 Millions
1420000	Cumulative Redeemable Preference Shares	Rs. 100/- each	Rs. 142.000 Millions

	Total		Rs. 234.357 Millions

ii) Reconciliation of Equity and Preference Shares as on 30.06.12

Equity Shares	Number of Shares	Rs. In Millions
	Equity Shares	Preference Shares
Opening Balance	42178370	1420000
Add: Shares issued	4000000	Nil
Closing Balance	46178370	1420000

Note:

The Company had issued 8000000 Share Warrants of Rs.10/-each on 11.02.2011. Out of these, 1000000 warrants have been converted in 1000000 Equity Shares on 26.03.2011 and 4000000 Warrants have been converted into 4000000 Equity Shares issued @ Rs.40/-per share (including Premium Rs.38/-per share). The remaining 3000000 share warrants are due for conversion into equity shares by 11.08.2012.

iii) Details of equity shares held by shareholders holding more than 5% shares:

Name of Shareholder	Number of Shares	% holding
Essix Biosciences Limited	9064721	19.63%

Note:

The Preference Shares shall rank for dividends in priority to equity Shares for time being. These shares shall be entitled to rank in priority to equity shares as regards repayment of Capital and arrears of dividend declared, but shall not be entitled to any further participation in profit or assets of the Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.06.2012 (15 Months)	31.03.2011 (12 Months)	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		234.357	226.357	74.357
2] Advance against Share Capital		0.000	0.000	242.000
3] Zero Coupon Convertible Warrants		30.000	70.000	25.000
4] Share Application Money		0.000	0.000	0.000
5] Reserves & Surplus		2946.434	3001.729	2456.737
NETWORTH		3210.791	3298.086	2798.094
LOAN FUNDS
1] Secured Loans		5874.436	4114.878	4209.301
2] Unsecured Loans		1312.829	975.343	980.200
TOTAL BORROWING		7187.265	5090.221	5189.501
DEFERRED TAX LIABILITIES		212.960	241.314	226.593

TOTAL		10611.016	8629.621	8214.188

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		3962.233	2049.489	2112.627
Capital work-in-progress		493.248	1236.015	915.705

INVESTMENT		455.748	455.748	340.999
DEFERRED TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3655.335	4717.450	3689.727
	Sundry Debtors	4502.748	2316.240	1947.703
	Cash & Bank Balances	455.986	367.807	524.019
	Other Current Assets	952.969	518.429	0.000
	Loans & Advances	1203.348	710.721	569.399
Total Current Assets		10770.386	8630.647	6730.848
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3344.260	2079.749	1737.924
	Other Current Liabilities	1720.221	1551.712	226.200
	Provisions	6.118	110.817	82.527
Total Current Liabilities		5070.599	3742.278	2046.651
Net Current Assets		5699.787	4888.369	4684.197

MISCELLANEOUS EXPENSES		0.000	0.000	160.660

TOTAL		10611.016	8629.621	8214.188

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.06.2012 (15 Months)	31.03.2011 (12 Months)	31.03.2010
	SALES
		Revenue from Operation	15904.656	8764.715	6826.769
		Other Income	293.228	205.733	67.566
		TOTAL (A)	16197.884	8970.448	6894.335

Less	EXPENSES
		Cost of Materials Consumed	12125.734	7847.929	5197.156
		Manufacturing Expenses	0.000	0.000	171.601
		Administrative Expenses	0.000	0.000	212.160
		Selling and Distribution Expenses	0.000	0.000	298.439
		Research and Development Exp.	0.000	0.000	7.314
		Loss on Sale of Assets	0.000	0.000	0.000
		Misc. Expenditure W/off.	0.000	0.000	73.027
		Changes in inventories of Finished Goods Work-in-Progress	1447.639	(1109.257)	0.000
		Employee Benefits Expenses	394.808	264.690	0.000
		Other Expenses	1026.046	647.450	0.000
		TOTAL (B)	14994.227	7650.812	5959.697

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1203.657	1319.636	934.637

Less	FINANCIAL EXPENSES (D)		1209.670	716.410	429.920

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.013	603.226	504.717

Less/ Add	DEPRECIATION/ AMORTISATION (F)		232.493	155.139	121.498

	PROFIT/LOSS BEFORE TAX (E-F) (G)		(238.506)	448.087	383.219

Less	TAX (H)		(28.354)	13.570	16.069

	PROFIT/LOSS AFTER TAX (G-H) (I)		(210.152)	434.517	367.150

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1514.609	1248.324	1048.572

Less	APPROPRIATIONS
		Proposed Dividend on Equity Shares	0.000	15.612	14.871
		Proposed Dividend on Preference Shares	0.000	0.023	0.000
		Tax on Dividend	0.000	2.597	2.527
		Dividend Profit Trfd. to General Reserve	0.000	150.000	150.000
	BALANCE CARRIED TO THE B/S		1304.457	1514.609	1248.324

	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	1986.686	698.411	306.362
		Technology Transfer Fees	70.550	122.263	72.507
		Other Income	5.876	1.366	16.594
	TOTAL EARNINGS		2063.112	822.040	395.463

	IMPORTS
		Raw Materials	1050.399	393.026	243.297
		Packing Materials/ Consumables	4.705	12.298	5.037
		Equipment	64.366	1.181	36.550
	TOTAL IMPORTS		1119.47	406.505	284.884

	Earnings Per Share (Rs.)
	Basis		(4.84)	11.13	9.88
	Diluted		(4.27)	10.87	9.70

KEY RATIOS

PARTICULARS		30.06.2012 (15 Months)	31.03.2011 (12 Months)	31.03.2010
PAT / Total Income	(%)	(1.30)	4.84	5.32

Net Profit Margin (PBT/Sales)	(%)	(1.50)	5.11	5.61

Return on Total Assets (PBT/Total Assets}	(%)	(1.62)	4.20	4.33

Return on Investment (ROI) (PBT/Networth)		(0.07)	0.14	0.14

Debt Equity Ratio (Total Debt /Networth)		2.24	1.54	1.85

Current Ratio (Current Asset/Current Liability)		2.12	2.30	3.29

LOCAL AGENCY FURTHER INFORMATION

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

UNSECURED LOAN:

Particulars	As on 30.06.2012 Rs. in Millions	As on 31.03.2011 Rs. in Millions
Fixed Deposit from Public	996.383	620.927
Long Term Maturities of Finance Lease Obligation	2.591	5.461
From Bank	146.516	0.000
From Financial Institution	113.515	0.000
From Other	53.824	330.955
Total	1312.829	957.343

Note:

Minimum Lease payments outstanding as on 30th June 2012 in respect of assets taken on Finance Lease are as follows:

Due

30.06.2012

Total Minimum Lease Payments Outstanding as on 30th June 2012

31.03.2011

Total Minimum Lease Payments Outstanding as on 30th June 20131

Within One Year

2.591

1.986

Later than one year but less than five Years

0.000

3.475

OUTLOOK

The company is well positioned in the emerging business scenario with a clear objective to enhance market share in the domestic and select international markets.

OVERVIEW

The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956 and Generally Accepted Accounting Principles (GAAP) in India. The management accepts responsibility for the integrity and objectivity of these financial statements as well as for various estimates and judgments used therein. These estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the statements reflect, in a true and fair manner, the state of affairs and profits for the year. This report may also contain certain statements that the company believes are or may be considered to be ‘forward looking statements’ which are subject to certain risks and uncertainties.

PERFORMANCE REVIEW

To reflect on the consolidated financial statements of merged entities in view of proposed merger of Dashmesh Medicare Private Limited and Essix Bio-Sciences Limited. with Company, the financial year of the company was extended to end on 30th June 2012 instead of 31st March 2012. As a result, the current reporting period is for 15 months i.e. from 1st April 2011 to 30th June 2012. The Registrar of Companies, Punjab and Chandigarh vide its letter dated 11^th September 2012 has approved the extension of time for holding the Annual General Meeting. However, the merger proposal suffered a huge setback due to devastating fire at the manufacturing facilities of Dashmesh Medicare Private Limited.

During the 1st Quarter of the financial year 2012-13 ended on 30th September 2012, the Income from operations was Rs. 1635.600 Millions compared to Rs. 2431.600 Millions during the same period last year. The net loss during the quarter was Rs. 273.300 Millions as compared to net profit of Rs. 111.800 Millions during the same period last year.

UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHA AND NINE MONTHS ENDED 31^st DECEMBER 2012

(Rs. In Millions)

Particulars	Quarter Ended	Quarter Ended	Nine Month Ended
	31.12.2012	30.09.2012	31.12.2012
Income form operations	980.154	1635.614	2615.768
Total Income from operation	980.154	1635.614	2615.768
Expenditure
a) Cost of material consumed	710.391	1101.621	1812.012
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(60.656)	80.902	20.246
d) Employees Benefit Expenses	138.878	145.906	284.784
e) Depreciation/Amortisation	72.749	70.434	143.183
e) Other expenditure	302.769	231.050	533.819
Total expenses	1164.131	1629.913	2794.044
Profit from operations	(183.977)	5.701	(178.276)
Other Income	35.377	22.330	57.707
Profit before Finance Cost	(148.600)	28.031	(120.569)
Finance Cost	301.139	301.329	602.468
Profit Before Tax	(449.739)	(273.298)	(723.037)
Provision for tax	0.000	0.000	0.000
Mat Credit Entitlement	0.000	0.000	0.000
Provision for defferred Tax	0.000	0.000	0.000
Net Profit	(449.739)	(273.298	(723.037)
Paid up Equity share capital Rs. 2/- each	92.357	92.357	92.357
Reserves excluding revaluation reserves
Earning Per Share Rs.
Basic	(9.74)	(5.92)	(15.66)
Diluted	(9.74)	(5.92)	(15.66)
PART-II
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	23790064	23790064	23790064
- Percentage of shareholding	51.52	51.52	51.52
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil	Nil	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil	Nil	Nil
Percentage of shares (as a % of total share capital of the company)	Nil	Nil	Nil

b) Non Encumbered
Number of shares	22388306	22388306	22388306
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100	100	100

Percentage of shares (as a % of total share capital of the company)	48.48	48.48	48.48

B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	2
Disposed of during the quarter	2
Remaining unreserved at the end of the quarter	0

Notes:-

1. The company has also diversified into Dairy segment in addition to the Pharmaceuticals. As the revenue from the dairy segment is less than 10% of total income of the company, hence separate segment reporting has not been given.

2. Previous year figures have been re-grouped/ Re- arranged where ever necessary.

3. As the Financial Year 2011-12 of the company consists of period of 15 months from 1-4-2011 to 30-6-2012, hence the half yearly figures of current period are not comparable with corresponding period of previous year.

4. The above results have been taken into record by the Audit Committee and Board of Directors of the company in their respective meetings held on 13th Feb. 2013

FIXED ASSETS:

Land
Leasehold Land
Building
Plant and Equipment
Furniture and Fixture
Vehicle
Office Equipment
Patent and trade Mark
Software

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. 56.42
UK Pound	1	Rs. 86.54
Euro	1	Rs. 73.86

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

3655.335

4717.450

4502.748

2316.240

455.986

367.807

952.969

518.429

1203.348

710.721

10770.386

8630.647

3344.260

2079.749

1720.221

1551.712

6.118

110.817

5070.599

3742.278

5699.787

4888.369

(1.30)

4.84

(1.50)

5.11

(1.62)

4.20

(0.07)

0.14

2.24

2.12

2.30

Unit