MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	ABBOTT INDIA LIMITED
Registered Office :	3-4, Corporate Park Sion Trombay Road, Mumbai – 400 071, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.08.1944
Com. Reg. No.:	11-007330
Capital Investment / Paid-up Capital :	Rs. 212.493 millions
CIN No.: [Company Identification No.]	l24239mh1944plc007330
TAN No.: [Tax Deduction & Collection Account No.]	MUMK08663E
PAN No.: [Permanent Account No.]	AAACB5170B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is engaged in the discovery, development, manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products.
No. of Employees :	2667 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (69)

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

Maximum Credit Limit :	USD 25874000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well – established company having good track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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

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 :	3-4, Corporate Park Sion - Trombay Road, Chembur, Mumbai – 400 071, Maharashtra, India
Tel. No.:	91-22-67978888
Fax No.:	91-22-67978920
E-Mail :	webmaster@abbot.co.in investor.relations@abbott.co.in
Website :	www.abbott.co.in
Factory :	L-18/19, Verna Industrial Area, Verna Salcette, Goa – 403 722, India
Tel. No.:	91-0832-6680232 / 3 / 2783412 Security Office :91-832- 6680229 R Barretto : 91-832-6680227 DPG/Depot : 91-832-6680228
Fax No.:	DPG/Depot :91-832-6680228 Factory : 91-832-2783405

DIRECTORS

As on 31.03.2012

Name :	Mr. Munir Shaikh
Designation :	Chairman
Date of Birth/Age :	25.11.1942
Qualification :	Masters Degree in English from St. Stephens College, Delhi.
Date of Appointment :	18.11.2006
Name :	Mr. Rehan Khan
Designation :	Managing Director
Date of Birth/Age :	14.06.1969
Qualification :	BS Degree from the University of Wisconsin - Madison, USA, a MS degree in Biomedical Sciences from Harvard Medical School, USA and MIT Sloan, USA and a MBA from Drexel University, USA.
Date of Appointment :	15.03.2012
Name :	Mr. Rajendra Shah
Designation :	Independent Director
Name :	Mr. Ashok Dayal
Designation :	Independent Director
Date of Birth/Age :	02.06.1937
Qualification :	B.A. (Hons) AIB (Part I) Fellow of the Indian Institute of Bankers. Fellow of the Royal Geographical Society (London).
Date of Appointment :	18.06.2003
Name :	Ms. Ranjan Kapur
Designation :	Independent Director
Date of Birth/Age :	25.11.1942
Qualification :	Masters Degree in English from St Stephens College, Delhi
Date of Appointment :	18.09.2006
Name :	Mr. Thomas Dee
Designation :	Non-Executive Director
Name :	Mr. Kaiyomarz Marfatia
Designation :	Whole-time Director
Name :	Mr. Bhasker Iyer,
Designation :	Non-Executive Director
Name :	Sachin Dharap
Designation :	Non-Executive Director

KEY EXECUTIVES

Name :	Mr. Krupa Anandpara
Designation :	Company Secretary
Audit Committee :
Name :	Mr. Ashok Dayal
Designation :	Chairman
Name :	Mr. Rajendra Shah
Designation :	Member
Name :	Mr. Ranjan Kapur
Designation :	Member
Name :	Mr. Munir Shaikh
Designation :	Member
Corporate Management :
Name :	Mr Rehan A. Khan
Designation :	Managing Director
Name :	Mr. Rajiv Sonalker
Designation :	Director-Finance
Name :	Mrs. Nagina Singh
Designation :	HR Director
Name :	Mr Vidyadhar Natu,
Designation :	Commercial Director
Name :	Mr Rajaram Sankaran
Designation :	Commercial Director
Name :	Mr. Ashok Nair
Designation :	Commercial Director
Name :	Mr. Kaiyomarz Marfatia
Designation :	Director - Legal and Secretarial
Name :	Dr. Rashmi Hegde
Designation :	Director-Medical
Name :	Mr. Nagesh Voleti
Designation :	Director-Quality
Name :	Mr. TR Prasad
Designation :	Associate Director-Operations
Name :	Mr. Sambit Sathapathy
Designation :	Director Commercial Operations
Name :	Mr. Sandeep Khandelwal
Designation :	Director Commercial Excellence

SHAREHOLDING PATTERN

As on 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	15934048	74.99
Sub Total	15934048	74.99
Total shareholding of Promoter and Promoter Group (A)	15934048	74.99
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1229369	5.79
Financial Institutions / Banks	6199	0.03
Insurance Companies	173686	0.82
Foreign Institutional Investors	1930	0.01
Sub Total	1411184	6.64
(2) Non-Institutions
Bodies Corporate	233999	1.10
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	3360788	15.82
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	234064	1.10
Any Others (Specify)	75219	0.35
Non Resident Indians	74548	0.35
Trusts	200	0.00
Overseas Corporate Bodies	471	0.00
Sub Total	3904070	18.37
Total Public shareholding (B)	5315254	25.01
Total (A)+(B)	21249302	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	21249302	0.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the discovery, development, manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital products.

Products/Services :

Item Code No.	Product Description
30043110	Insulins
30039035	Antacid
29372300	Dydrogesterone I.P.

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tablets	Million	NA	1455.00	1605.45
Liquids	Kilo Litre	NA	4880.00	3732.15
Capsules	Million	NA	NA	45.25
Injectables	Thousand	NA	NA	7481.25

GENERAL INFORMATION

No. of Employees :	2667 (Approximately)
Bankers :	Standard Chartered Bank BNP Paribas HSBC HDFC Bank Limited

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Solicitors :	Wadia Ghandy and Company Crawford Bayley and Company
Ultimate Holding Company:	Abbott Laboratories, USA
Holding Company :	Abbott Capital India Limited, U.K.
Fellow Subsidiaries :	Abbott Logistics BV, Netherlands Abbott Laboratories Intl. Company, USA Abbott Healthcare Private Limited, India Abbott Truecare Pharma Private Limited, India Abbott Laboratories Limited, Thailand Abbott International LLC, USA Abbvie Italy, Italy Abbott Laboratories (Singapore) Pte Limited, Singapore Abbvie PTE Limited, Singapore Abbott Laboratories S.A., DAFZ (Dubai Airport Free Zone), Dubai Abbott Healthcare Products Limited, U.K. Abbvie Logistics BV, Netherlands Abbott Laboratories S.A., China India Abbott Laboratories S.A., USA Abbott SA NV, Belgium Abbott Laboratories Trading (Shanghai) Company. Limited, China Abbott Products Operations AG., Switzerland Abbott Products GmbH., Germany Abbvie Inc, USA Abbott Laboratories, Philippines Abbott Products SAS, France British Colloids Limited, U.K.

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
27500000	Equity Shares	Rs. 10/- each	Rs. 275.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21249302	Equity Shares	Rs. 10/- each	Rs. 212.493 Millions

1. Number of Shares allotted as fully paid up pursuant to contract(s) without payment being received In case during the period of five years immediately preceding the reporting date :

Particular	As on 31.03.2012	As on 31.03.2011
Number of Equity Shares allotted to shareholders of Solvay Pharma in 2011	-	7574062

2. Details of Equity shares of ` 10 each fully paid held by the Holding Company and subsidiaries of the ultimate Holding Company

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
10719097 (2011 : 10719097) Abbott Capital India Limited U.K., (Holding Company)	107.791	107.191
3744951 (2011 : 3744951) Abbott Healthcare Products Limited, U.K., (Subsidiary of the ultimate Holding Company)	37.450	37.450
1470000 (2011 : 1470000) British Colloids Limited, U.K., (Subsidiary of the ultimate Holding Company)	14.700	14.700

The ultimate Holding Company is Abbott Laboratories, USA

3. The Company has only one class of equity shares with voting rights having a par value of Rs. 10 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 at the ensuing Annual General Meeting.

In the event of liquidation of the Company, the shareholders 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.

4. Reconciliation of the number of shares

Equity Shares	Number of Shares
Shares outstanding at the beginning of the year	21249302
Shares issued during the year	-
Shares outstanding at the end of the year	21249302

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

Name of Shareholder	Number of Shares	% holding
Abbott Capital India Limited U.K.	10719097	50.45%
Abbott Healthcare Products Limited, U.K	3744951	17.62%
British Colloids Limited, U.K.	1470000	6.92%
Total	15934048	74.99%

6. Shares brought back during the period of five years immediately preceding date :

Equity Shares	Number of Shares
Year ended November 30, 2008	797500
Year ended November 30, 2007	807360

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		212.493	212.493	136.752
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6256.098	5228.933	2917.071
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6468.591	5441.426	3053.823
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		12.527	0.000	1.894
TOTAL		6481.118	5441.426	3055.717
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1086.665	796.605	497.060
Capital work-in-progress		5.093	3.557	8.638
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	62.027	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2636.341	2548.976	1285.862
	Sundry Debtors	1410.333	1326.147	652.761
	Cash & Bank Balances	3245.145	2589.456	1885.141
	Other Current Assets	30.783	46.328	12.049
	Loans & Advances	656.748	601.776	192.809
Total Current Assets		7979.350	7112.683	4028.622
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1013.357	1208.963	577.533
	Other Current Liabilities	441.217	412.811	402.087
	Provisions	1135.416	911.672	498.983
Total Current Liabilities		2589.990	2533.446	1478.603
Net Current Assets		5389.360	4579.237	2550.019
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6481.118	5441.426	3055.717

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
			Income	16526.889	14902.106	9898.808
			Other Income	223.144	196.775	359.898
			TOTAL	16750.033	15098.881	10258.706
Less	EXPENSES
			Cost of Material Consumed	1671.248	1230.696
			Purchases of Stock-In-Trade	7957.884	8117.919
			(Increase) / Decrease in Inventories of Finished Goods, Work-in-progress and Stock-in-trade	87.355	(736.412)
			Employee Benefit Expenses	2061.042	1673.491
			Other Expenses	2731.408	2861.351
			TOTAL	14508.937	13147.045	9204.366
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			2241.096	1951.836	1054.340
Less	FINANCIAL EXPENSES			0.239	0.300	0.387
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION			2240.857	1951.536	1053.953
Less/ Add	DEPRECIATION/ AMORTISATION			194.870	149.953	112.503
	PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX			2045.987	1801.583	941.450
Less	EXCEPTIONAL ITEMS
			Provision for Anticipated Date Expired Goods	186.898	0.000	NA
			Write-back of Depreciation consequent to change in method	(290.840)	0.000	NA
	TOTAL EXCEPTIONAL ITEMS			(103.942)	0.000	NA
	PROFIT BEFORE TAX AND AFTER EXCEPTIONAL ITEMS			2149.929	1801.583	941.450
Less	TAX			702.924	597.653	332.098
	PROFIT AFTER TAX			1447.005	1203.930	609.352
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			3299.561	2634.469	2357.143
Less	APPROPRIATIONS
		Dividend (Proposed)		361.238	361.238	0.000
		Corporate Dividend Tax		58.602	57.207	0.000
		Transfer to Reserve		144.701	120.393	0.000
		For the period ended December 31, 2010		0.000	0.000	232.479
		For the year ended December 31, 2011		0.000	0.000	38.612
		Revenue Reserve		0.000	0.000	60.935
	BALANCE CARRIED TO THE B/S			4182.025	3299.561	2634.469
	EARNINGS IN FOREIGN CURRENCY
			Goods exported on FOB basis	120.078	58.771	74.272
			Reimbursement of Expenses/ Earnings from Affiliates	59.128	53.988	49.008
	TOTAL EARNINGS			179.206	112.759	123.280
	IMPORTS
			Capital Goods	13.075	11.341	16.077
			Stores & Spares	586.710	576.666	358.781
			Raw Materials and Packing Materials	1161.683	587.320	29.627
			Consumable stores	2.057	0.546	0.866
	TOTAL IMPORTS			1763.525	1175.873	405.351
	Earnings Per Share (Rs.)			68.10	56.66	44.56

QUARTERLY RESULTS

PARTICULARS	30.06.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)	31.12.2013 (Unaudited)
	1^st Quarter	2nd Quarter	3rd Quarter	4th Quarter
Net sales	4118.200	4168.800	4480.100	4196.800
Total Expenditure	3673.200	3617.600	3751.900	3737.700
Profit before interest, depreciation and tax (Excluding Other Income)	445.000	551.200	728.200	459.100
Other income	56.800	58.200	55.100	63.700
Operating Profit	501.800	609.400	783.300	252.800
Interest	0.100	0.000	0.000	0.001
Exceptional Items	0.000	0.000	0.000	0.000
Profit before depreciation and tax	501.700	609.400	783.300	522.700
Depreciation	39.500	48.500	47.700	52.300
Profit before tax	462.200	560.900	735.600	470.400
Tax	167.000	117.600	237.900	153.400
Profit after tax	295.200	383.300	497.700	317.000
Extraordinary items	0.000	0.000	0.000	0.000
Prior period expenses	0.000	0.000	0.000	0.000
Other adjustments	0.000	0.000	0.000	0.000
Net Profit	295.200	383.300	497.700	317.000

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.64	7.97	5.94
Net Profit Margin (PBT/Sales)	(%)	13.01	12.09	9.51
Return on Total Assets (PBT/Total Assets}	(%)	23.71	22.78	2.80
Return on Investment (ROI) (PBT/Networth)		0.33	0.33	0.31
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.08	2.81	2.72

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	No
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	No

COMPANY INFORMATION:

‘The Company is a public limited company domiciled in India and is listed and traded on the Bombay Stock Exchange and also traded on the National Stock Exchange. The Company is one of the leading multinational pharmaceutical companies in India and operates with an owned manufacturing facility in Goa and various independent contract/ third party manufacturers based across the country.

The Company sells its products through independent distributors primarily within India.

MANAGEMENT DISCUSSION AND ANALYSIS:

The Indian Pharmaceutical industry is highly fragmented. It is estimated to have about 24,000 players, of which only around 330 players are in the organised sector. Of these, the Top 10 companies make up for more than 40% of the market.

According to IMS, Indian Pharmaceutical industry grew by 11% YoY in 2012. The industry has been growing at a CAGR of more than 15% over the last five years. It is the third largest industry in the world in terms of volumes and accounts for around 10% of the world's production; however, in terms of value, the Indian Pharmaceuticals industry accounts for a mere 1.4%. Out of the total industry volumes, branded generics dominate, making up for approximately 80% of the total retail market. Factors like sedentary lifestyle due to rapid urbanisation are leading to a remarkable increase in lifestyle related ailments like diabetes, heart disease and stroke. This has also resulted in enhanced medical infrastructure, rise in prevalence of treatment of chronic diseases and greater health insurance coverage.

The pharmaceutical market will continue to increase in value at double-digit rates for the next 5 years. Population growth, epidemiological trends, rising incomes and improvements in the availability and accessibility of basic healthcare provision will all act as drivers of demand for medicines. New drug launches will also boost market value, but price will remain a modest contributor to growth - largely as a result of intense competition for market shares.

A further gradual shift in demand from acute to chronic disease treatments will also be witnessed. While acute therapies continue to account for the majority of sales, their share has been declining from 86% in 2000 to 70% in 2012 and will continue to do so. This will be driven largely by epidemiological trends, which have seen conditions such as cardiovascular disease, cancer and diabetes diagnosed with increasing frequency. The ability of more patients to pay for repeat prescriptions of chronic therapies will also play a role.

The ratio between retail and hospital sales will also alter, with hospital market growth outstripping rates of increase in the retail pharmacy sector. Hospital sales will continue to grow rapidly, driven by a combination of an expansion of both public and private hospital infrastructure and more widespread health insurance coverage.

Per IMS Prognosis Report, estimated at 4.2% of GDP total healthcare expenditure remains low and out-of-pocket expenditure remains high at 50%. While it is unlikely to meet targets laid down in the 11th and 12th Five Year Plans, the Government's contribution to national healthcare spending will continue to rise from the current 33%. Alongside further growth in patient incomes, this will help drive increases in overall expenditure.

A substantial proportion of Government funds will be ploughed into the improvement and expansion of the public health infrastructure. Access to basic healthcare will improve as a result, but private clinics and hospitals will continue to play major role.

BRAND ACHIEVEMENTS:

The Company has achieved consistent success in the branded generics business with 10 brands in the Top 300 brands in the Indian Pharmaceutical market. Further, one of its products, Vertin – which is used for the treatment of vertigo, tinnitus and hearing loss, has jumped 13 ranks from 112 in January, 2012 to 99th rank in November, 2012 to enter the League of top 100 brands in the Indian Pharmaceutical markets. Thyronorm entered the top 15 brands of Indian Pharmaceutical market and Zolfresh is now counted among the top 250 brands.

OUTLOOK:

As per a report from McKinsey, the Indian Healthcare industry is expected to grow to a size of Rs. 3025000 Millions with a potential to grow to Rs. 302500 Millions by 2020. The report states that such an increase in the industry size would be on the back of factors like increase in population, increased affordability of drugs and improved accessibility of drugs through growing medical infrastructure. This will be facilitated by increasing healthcare spend by the government (as a percentage of GDP) which has been growing annually at 18% since 2005-06.

The report also emphasises that this growth will be driven through the chronic therapeutic segments due to additional market creation by players, increased acceptance of biologics and preventive medicines. Market participants will shape the therapeutic segment especially for chronic therapies such as cardiovascular and neuropsychiatry.

Further, according to the findings of the report, the customer healthcare segment has a potential to grow over 14% annually provided the market participants make the large OTC (Over the Counter) brands easily available to consumers.

The Company has continued its focus on research and development enabling it to come out with new product launches to provide improved solutions for patients. The Company intends to continue revamping its new product launch processes to ensure higher number of successful new launches per year and also by brining in new products first to the market in the competitive market scenario.

In order to enhance its reach the Company also lays immense focus on increasing its distribution points and adopting stringent levels of service level arrangements.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

Sales:

Sales during the year grew over 11.6% to Rs. 161.309 Millions Inspite of a difficult business environment. The company achieved double digit growth across most of its therapeutic segments except Gastroenterology. Metabolic Business Unit registered 27% growth, Heptral, continued the momentum in 2012 with a stronger performance with sales exceeding Rs. 2.100 Millions. Gastroenterology, post a slow down in the first half, was able to regain some of the lost momentum in the second half of the year.

UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHA AND NINE MONTHS ENDED 31^ST MARCH 2013

(Rs. In Millions)

Particulars	Quarter Ended ( Unaudited)		Nine Month Ended ( Unaudited)
	31.03.2013	31.12.2012	31.12.2012
1. Income form operations
a) Net sales/ Income from operation (net of excise duty)	4065.200	4375.200	16130.900
b) Other operating income	31.600	104.900	396.000
Total income from Operations(net)	4196.800	4480.100	16556.900
2. Expenditure
a) Cost of material consumed	699.400	790.300	1671.200
b) Purchases of stock in trade	2120.500	2348.300	7957.900
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(430.300)	(440.600)	87.400
d) Employees benefit expenses	574.000	469.700	2061.000
e) Depreciation and amortization expenses	52.300	47.700	194.900
f) Other expenses	774.100	584.200	2731.400
Total expenses	3790.000	3799.600	14703.800
3. Profit from operations before other income and financial costs	406.800	680.500	1823.100
4. Other income	63.700	55.100	223.100
5. Profit from ordinary activities before finance costs and Exceptional Items	470.500	735.600	2046.200
6. Finance costs	0.100	-	0.200
7. Profit from Ordinary Activities after Finance Costs but before Exceptional Items (5-6)	470.400	735.600	2046.000
8. Exceptional Items
1. Provision for Anticipated Date Expired Goods	-	-	(186.900)
2. Write back of Depreciation	-	-	290.800
Total Exceptional Items	-	-	103.900
9. Profit from Ordinary Activities before Tax	470.400	735.600	2149.900
10. Tax expenses	153.400	237.900	702.900
11. Net profit from ordinary Activities After Tax	317.000	497.700	1447.000
12. Paid up equity share capital (Face value of Rs. 10/- per share)	212.500	212.500	212.500
13. Reserves excluding revaluation reserves			6256.100
14. Basic and diluted Earning per share for the period	149.200	234.200	681.000
PART-II
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	5315254	5315254	5315254
- Percentage of shareholding	25.01%	25.01%	25.01%
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-	-	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-	-	-
Percentage of shares (as a % of total share capital of the company)	-	-	-
b) Non Encumbered
Number of shares	15934049	15934049	15934049
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00%	100.00%	100.00%
Percentage of shares (as a % of total share capital of the company)	74.99%	74.99%	74.99%
B. Investor Complaints
Pending at the beginning of the quarter	-
Receiving during the quarter	3
Disposed of during the quarter	3
Remaining unreserved at the end of the quarter	-

Note:

1. The results for the quarter ended March 31, 2013 have been reviewed by the Audit Committee, approved by the Board of Directors and subjected to a 'Limited Review' by the statutory auditors of the Company, in compliance with Clause 41 of the Listing Agreement with the Bombay Stock Exchange Limited.
2. The Company operates in one reportable business segment i.e. "Pharmaceuticals" and one reportable geographical segment i.e. "Within India".
3. The members of the Company at their Annual General Meeting held on April 25, 2013, approved a dividend of Rs. 17.00 per share (nominal value Rs. 10/- per equity share) fir the year ended December 31, 2012, Amounting to Rs. 422.600 Millions (including Corporate Dividend Tax of 61.400 Millions).
4. Figures for the periods / year have been regrouped/ rearranged wherever considered necessary.

FIXED ASSETS:

• Leasehold Land
• Leasehold Improvements
• Buildings
• Plant and Equipment
• Office Equipment
• Furniture and Fixtures
• Vehicles
• Software
• Trademarks

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. 57.78
UK Pound	1	Rs. 89.71
Euro	1	Rs. 76.23

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	No
--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		69

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.