MIRA INFORM REPORT

Report Date :

11.06.2013

IDENTIFICATION DETAILS

Name :	TTK HEALTHCARE LIMITED
Registered Office :	No.6, Cathedral Road, Chennai – 600086, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.05.1958
Com. Reg. No.:	18-003647
Capital Investment / Paid-up Capital :	Rs. 77.660 Millions
CIN No.: [Company Identification No.]	L24231TN1958PLC003647
TAN No.: [Tax Deduction & Collection Account No.]	CHET07410E
PAN No.: [Permanent Account No.]	AABCT3312J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in Pharmaceuticals, Consumer Products, Medical Devices, Foods and Publications Businesses.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (67)

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

Maximum Credit Limit :	USD 3500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exits
Comments :	Subject is a part of “TTK Group”. It is an established and reputed company having a fine track record. There appears a substantial increase in the sales turnover during 2012. Financially Company seems to be strong. Liquidity position appears to be good. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. The company can be considered normal for business dealings at usual trade terms 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based facilities: A+
Rating Explanation	Adequate degree of safety and low credit risk
Date	March 2013

Rating Agency Name	ICRA
Rating	Fund based facilities (Sub Limits): A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	March 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office / Administrative Office :	No.6, Cathedral Road, Chennai – 600086, Tamilnadu, India
Tel. No.:	91-44-28116106/ 08/ 09/ 10
Fax No.:	91-44-28114307
E-Mail :	info@ttkhealthcare.com skr@ttkhealthcare.com
Website :	http://www.ttkhealthcare.com
Factory 1 :	5, Old Trunk Road, Pallavaram, Chennai – 600043, Tamilnadu, India.
Factory 2 :	2-B, Hosakote Industrial Area, 8^th Kilometer, Hosakote Chintamani Road, Bangalore – 562114, Karnataka, India
Factory 3 :	Site No.A-28, KINFRA International Apparel Parks Limited, St. Xavier’s Collage P. O., Thumba, Trivandrum – 695586, Kerala, India
Factory 4 :	No.290, SIDCO Industrial Estate, Ambattur, Chennai - 600 098, Tamilnadu, India
Publications Divisions :	Plot No.13, 1^st Avenue, Mahindra Worls City, Natham Sub Post, Chengalpet Taluk, Kancheepuram – 603002, Tamilnadu, India
Depots :	Located at: v Ahmedabad v Bangalore v Bhiwandi v Chandigarh v Chennai v Cuttack v Dehradun v Ernakulam v Ghaziabad v Guwahati v Hubli v Hyderabad v Indore v Jaipur v Jammu v Kolkata v Lucknow v Madurai v Meerut v Mumbai v Nagpur v New Delhi v Panchkula v Patna v Pune v Raipur v Ranchi v Silguri v Thane v Vijaywada v Zirakpur

DIRECTORS

As on 31.03.2012

Name :	Mr. T T Jagannathan
Designation :	Executive Vice Chairman
Date of Birth:	60 Years
Qualification:	B.Com
Experience:	40 Years
Name :	Mr. T T Raghunathan
Designation :	Executive Vice Chairman
Name :	Mr. R K Tulshan
Designation :	Director
Name :	Dr K R Srimurthy
Designation :	Director
Name :	Mr. B N Bhagwat
Designation :	Director
Name :	Mr. J Srinivasan
Designation :	Director
Name :	Mr. R Srinivasan
Designation :	Director
Name :	Mr. K Vaidyanathan
Designation :	Director
Name :	Mr. K Shankaran
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S Kalyanaraman
Designation :	Company Secretary

MAJOR SHAREHOLDERS / 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
Individuals / Hindu Undivided Family	926835	11.93
Bodies Corporate	10080	0.13
Any Others (Specify)	4144085	53.36
Partnership Firms	4144085	53.36
Sub Total	5081000	65.43
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5081000	65.43
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	120506	1.55
Financial Institutions / Banks	716	0.01
Foreign Institutional Investors	220190	2.84
Sub Total	341412	4.40
(2) Non-Institutions
Bodies Corporate	154992	2.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1486421	19.14
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	659046	8.49
Any Others (Specify)	43112	0.56
Directors & their Relatives & Friends	467	0.01
Non Resident Indians	42645	0.55
Sub Total	2343571	30.18
Total Public shareholding (B)	2684983	34.57
Total (A)+(B)	7765983	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)	7765983	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Pharmaceuticals, Consumer Products, Medical Devices, Foods and Publications Businesses.

Products :

Item Code	Product Description
300390.27	Gripe Water
330720.00	Deodorants
300450.03	Calcium Supplement

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity *	Installed Capacity **	Actual Production
Liquid Products	Lakhs	1.110	1.200	--
	Lakhs	--	375.000	0.997
Tablets	Lakhs	337.750	600.000	--
	Lakhs	--	3,400.000	--
Injectables	Lakhs	19.860	50.000	--
	Lakhs	--	100.000	57.414
Capsules	Lakhs	605.900	25.000	--
	Lakhs	--	600.000	106.133
Food Products	M.T.	10,000.000	5,800.000+	2,331.660
Granules	M.T.	--	135.000	--
	M.T.	--	--	--
Ointments	M.T.	--	15.000	--
Basic Chemicals /Drugs	M.T.	330.788	3.800	--
	M.T.	--	47.244	--
Heart Valves	Nos.	20000	20000 +	10,571
Hernia Repair Mesh	Nos.	500000	500000	5,064
Orthopaedic Implants	Set of 3s	500	500	285

* Licenced Capacity: (A) Capacity Fixed (B) Capacity not Fixed

** Installed Capacity is based on 250 days’ single shift working as certified by the Directors

+ Three Shift Basis

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Baroda
• Corporation Bank
• Axis Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Long term maturities of finance lease obligations (secured by ownership of the vehicles)	4.739	6.204
Total	4.739	6.204
Short-term borrowings
Loans repayable on demand	0.000	0.000
from banks (Hypothecation of stocks and book debts)	175.451	124.083
Total	180.190	130.287

Banking Relations :	--
Auditors :
Name :	v Chart Aiyar and Company Chartered Accountants New No. 2, (Old No. 184), Rangarajapuram Main Road (1^st Floor), Kodambakkam, Chennai – 600024, Tamilnadu, India. v S Viswanathan Chartered Accountants New No. 17 (Old No 8A), Bishop Wallers Avenue (West), Mylapore, Chennai – 600 004, Tamilnadu, India.ered Accountants
Related Parties/ Firms:	T T Krishnamachari and Company Pharma Research and Analytical Laboratories TTK Prestige Limited TTK-LIG Limited Packwell Packaging Products Limited SSL-TTK Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7765983	Equity Shares	Rs.10/- each	Rs. 77.660 Millions

NOTE:

Particulars	31.03.2012
par value per share:	10/-
A reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period
Equity shares:
No. of shares outstanding at the beginning of the period	7765983
No. of shares outstanding at the end of the period	7765983
Shares in the Company held by each shareholder holding more than 5 percent shares specifying the number of shares held
Mr T T Jagannathan (9.40%)	730048
M/s T T Krishnamachari & Co. represented by its Partners (53.36%)	4144085
Aggregate number and class of shares bought back:
2008-09 - Equity Shares of Rs.10/- each	22917
2009-10 - Equity Shares of Rs.10/- each	321514

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	77.660	77.660
(b) Reserves & Surplus	799.374	679.688
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	4.739	6.204
(b) Deferred tax liabilities (Net)	23.313	21.121
(c) Other long term liabilities	75.488	67.170
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	175.451	124.083
(b) Trade payables	358.128	316.080
(c) Other current liabilities	373.394	362.172
(d) Short-term provisions	239.708	274.677
TOTAL	2127.255	1928.855
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	329.082	323.324
(ii) Intangible Assets	4.416	2.823
(iii) Capital work-in-progress	59.357	47.754
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	60.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	10.954	13.250
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	67.681	8.360
(b) Inventories	326.847	268.290
(c) Trade receivables	373.568	324.831
(d) Cash and cash equivalents	619.029	608.076
(e) Short-term loans and advances	336.321	272.147
(f) Other current assets	0.000	0.000
TOTAL	2127.255	1928.855

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		77.660
2] Share Application Money		0.000
3] Reserves & Surplus		569.074
4] (Accumulated Losses)		0.000
NETWORTH		646.734
LOAN FUNDS
1] Secured Loans		62.780
2] Unsecured Loans		80.015
TOTAL BORROWING		142.795
DEFERRED TAX LIABILITIES		0.000
TOTAL		789.529
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		240.011
Capital work-in-progress		63.198
INVESTMENT		81.537
DEFERREX TAX ASSETS		(19.896)
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	228.258
	Sundry Debtors	224.951
	Cash & Bank Balances	493.382
	Other Current Assets	0.000
	Loans & Advances	212.745
Total Current Assets		1159.336
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	537.390
	Provisions	197.268
Total Current Liabilities		734.658
Net Current Assets		424.678
MISCELLANEOUS EXPENSES		0.000
TOTAL		789.529

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3537.419	3109.204	2521.993
		Other Income	47.043	44.066	37.690
		TOTAL (A)	3584.462	3153.270	2559.683
Less	EXPENSES
		Cost of materials consumed	131.766	114.285
		Purchases of Stock-in-trade	1790.802	1547.902
		Changes in inventories of Finished Goods, Work-in-progress and Stock-in-trade	(60.681)	(36.511)
		Employee benefits expense	435.622	368.198
		Other expenses	1002.296	900.142
		TOTAL (B)	3299.805	2894.016	2386.480
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		284.657	259.254
Less	FINANCIAL EXPENSES (D)		25.597	18.097
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		259.060	241.157	173.203
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.577	19.713	18.180
	PROFIT BEFORE TAX (E-F) (G)		235.483	221.444	155.023
Less	TAX (H)		79.192	74.225	63.749
	PROFIT AFTER TAX (G-H) (I)		156.291	147.219	91.274
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		268.369	172.253	122.779
Less	APPROPRIATIONS
		Proposed Dividend	31.064	31.064	27.181
		Provision for tax on Dividend	5.039	5.039	4.619
		Amount transferred to General Reserve	16.000	15.000	10.000
	BALANCE CARRIED TO THE B/S		372.557	268.369	172.253
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	25.806	21.318	16.617
	IMPORTS
		Raw Materials	30.559	18.586	14.192
		Stores & Spares	0.020	0.000	0.000
		Capital Goods	1.528	13.741	39.451
		Others	32.107	32.327	53.643
	TOTAL IMPORTS
	Earnings Per Share (Rs.)		20.13	18.96	11.68

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	1085.200	956.300	922.300	859.100
Total Expenditure	1013.200	894.900	885.900	827.600
PBIDT (Excl OI)	72.100	61.400	36.500	31.600
Other Income	11.900	12.800	22.800	19.900
Operating Profit	84.000	74.200	59.200	51.400
Interest	5.700	7.200	6.400	6.200
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	78.300	67.100	52.900	45.200
Depreciation	6.000	6.800	7.100	7.300
Profit Before Tax	72.400	60.300	45.700	37.900
Tax	23.800	19.900	15.100	15.400
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	48.600	40.400	30.600	22.500
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	48.600	40.400	30.600	22.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.36	4.67	6.07
Net Profit Margin (PBT/Sales)	(%)	6.66	7.12	6.15
Return on Total Assets (PBT/Total Assets}	(%)	0.11	0.12	13.37
Return on Investment (ROI) (PBT/Networth)		0.27	0.29	0.24
Debt Equity Ratio (Total Debt /Networth)		0.21	0.17	0.22
Current Ratio (Current Asset/Current Liability)		1.50	1.38	1.59

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	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	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	No
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

LITIGATION DETAILS

CHENNAI COURT
CASE STATUS INFORMATION SYSTEM

Case Status:	Pending
Status Of:	Tax Xases
Case No.:	1469
Year :	2007
Petitioner :	Commissioner of Income Tax
Respondent :	M/s TTK Healthcare Limited
Pet's Advocate :	M/s. Pushya Sitaeaman
Res's Advocate :
Category :	No Category Mentioned
	Last Listed on: No Date Mentioned
Case Updated on :	21 November, 2007

REVIEW OF PERFORMANCE

During the year, Revenue from Operations amounted to Rs.3537.400 Millions as against the previous year’s figure of Rs.3109.500 Millions, a growth of about 14%.

Revenue from Operations:

During the year, Revenue from Operations amounted to Rs.3537.400 Millions as against the previous year’s figure of Rs.3109.500 Millions, a growth of about 14%.

Other Income:

Other Income for the year stands at Rs.47.000 Millions as against the previous year’s figure of Rs.44.100 Millions. The increase is mainly on account of higher Interest Income on Fixed Deposits (Rs.12.878 Millions).Further, the Other Income of the previous year included gain on sale of Investments (Rs.9.265 Millions).

FINANCE

During the year, the total Secured and Unsecured borrowings from Banks stood at Rs.175.500 Millions as against the previous year’s figure of Rs.124.100 Millions. The increase is mainly on account of Working Capital borrowings availed to take care of the increased level of operations.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC AND BUSINESS ENVIRONMENT:

During the year 2011-12, the GDP growth was low at 6.9% as against the previous year’s figure of 8.4%. During the year, the inflationary trend was continued to be felt and the interest rates hardened. The rupee also depreciated sharply which had its own impact across all sections of the economy, especially on the import-dependent sectors. Indian Pharma Industry grew by 15% during the year 2011, which was driven by (i) growth in volume of existing brands (8%); (ii) new introductions (4.4%); and (iii) price revisions (2.6%). Anti-diabetic and Cardiac Segments continue to report healthy growth. It is also observed that the proportion of Chronic Therapy Segment in the overall market is moving up with a higher growth, as compared to the Acute Therapy Segment.

SEGMENTWISE PERFORMANCE:

The Company is engaged in Pharmaceuticals, Consumer Products, Medical Devices, Foods and Publications Businesses.

A look at the performance of individual Business Segments:

Pharmaceutical Business:

The Ethical Pharma Business of The Company deals in Pharmaceutical Formulations both Herbal and Allopathic, in various therapeutic segments. Pharmaceuticals also include Woodward’s Gripewater. Since this product is distributed through the Consumer Products Division of The Company, it is covered under the head Consumer Products Business.

Ethical Products Division (EPD) and Ventura Division

The Pharma business as a whole has reported a healthy growth and the performance has been encouraging. The growth was mainly driven by the sales from new launches and also good performance from some of the older brands. The performance of the Anti-infertility range is noteworthy. The performance of few of the older brands in EPD has not been satisfactory. Manpower attrition continues to be an area of concern.

Few more new products have been lined up for launch and the field strength is also being increased in both the Divisions for improving the coverage.

The Company is also planning to foray into other Therapeutic Segments to grow the business further.

Animal Welfare Division (AWD)

The performance of Animal Welfare Division has been satisfactory.In addition to the contribution from the new products launched during the year, the older brands like Ossomin, Orcal-P and Tefroli have also reported healthy growth. The growth strategy for the Pharma Business during 2012-13 would be (i) Productivity improvement, (ii) Geographical expansion, (iii) Enhanced focus on both existing and recently launched brands and (iv) Launch of new products in relevant therapeutic segments.

Consumer Products Business:

During the year, the performance of this Division as a whole has been satisfactory. Woodward’s Gripe Water continues to report healthy growth. The performance of EVA Range has been quite encouraging and the Deodorant continues to be No.1 in the Women’s Deo category. The performance of the Good Home Range has been satisfactory. The sales performance of Condoms has also been satisfactory.

With enhanced investment both in brands and distribution infra-structure, the Division is confident of maintaining the performance during 2012-13, as well.

Medical Devices Business:

Heart Valve Division

The performance has been severely impacted due to lower off takes under the Government-sponsored Welfare Programmes. Efforts are being made to retain the volumes and to grow the business. The developmental initiatives relating to the Improved Heart Valves, Vascular Graft, Coronary Stent and Stent for Aneurysm Repair are progressing satisfactorily.

The registration process relating to the import and sale of Bio-Prosthetic Valve is in an advanced stage and the approval is likely to be received shortly.

As regards CE marking, The Company is in the process of complying with the various requirements stipulated by the Certifying Agency and the certification is expected after completion of this process.

Ortho Division

During the year, around 670 implantations have been done and the response from the Orthopaedic surgeons has been encouraging.

In August 2011, Dr Frederick Buechel and Dr Michael Pappas from the Collaborators M/s B P Trust, USA visited India and presented papers / conducted live surgeries for the benefit of the Surgeons across the country. Their visit gave a fillip to the marketing / promotional initiatives of The Company and enhanced the credibility of the products. The Company has also initiated steps for developing the overseas markets which were permitted by the Collaborators.

Publications Business:

During the year, the Publications Division reported healthy growth which has been driven by the sales from Atlases and customized carto jobs. The response to the revamped titles has been encouraging and efforts are made to complete the revamping of the rest of the titles, in a phased manner.

Foods Business:

During the year, the technical issues / teething problems relating to the Pellet (Pappad) Manufacturing line imported from M/s FEN, Italy were fully resolved and the line has been stabilized. The output from this line is satisfactory. The Fen Make Pellet (Pappad) Manufacturing line acquired from M/s McFills Enterprises Pvt. Ltd., Ahmedabad has been installed and is currently undergoing trial runs. The line is expected to be commissioned during the First Quarter of the current year. The refurbishment process relating to the Pavan Make Pellet (Pappad) Manufacturing lines stand almost completed, but for the replacement of few imported parts which have already been ordered. The Company already started reaping the benefits of the refurbishment process in terms of reduction in break-downs and improvement both in quality and output.

Steps have also been initiated for strengthening the distribution network across the country, to ensure wider coverage. Efforts are also being made to develop and grow the export market. Foods Division is also planning to implement the Food Safety Management System during the current financial year.

In view of the above, the outlook for 2012-13 appears promising.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST DECEMBER, 2012

(Rs. In Millions)

					3 months ended	Previous 3	Current period ended
S. No.		Particulars				months ended		Previous Year ended
					(31.12.2012)	(30.09.2012)	(31.12.2012)	(31.12.2011)
					Unaudited	Unaudited	Unaudited	Unaudited
1.	Income from Operations
	(a)		Net Sales / Income from Operations (Net of Excise Duty)		921.814	954.271	2960.967	2655.528
	(b)		Other Operating Income		.513	2.040	2.898	1.142
	Total income from Operations (Net)				922.327	956.311	2963.865	2656.670
2.				Expenses
	(a)			Cost of materials consumed	60.355	48.756	148.256	90.468
	(b)			Purchases of Stock-in-trade	390.324	397.234	1299.777	1315.422
	(c)			Changes in Inventories of finished goods, work-in-progress and stock-in-trade	6.737	35.675	64.022	4.071
	(d)			Employee benefits expense	135.380	128.100	386.816	317.079
	(e)			Depreciation and amortisation expense	7.131	6.786	19.882	17.551
	(f)			Marketing Expenses	136.406	128.788	428.506	346.691
	(q)			Other expenses	156.669	156.363	466.578	399.130
	Total Expenses				893.002	901.702	2813.837	2490.412
3.	Profit/ (Loss) from Operations before Other
	Income, Finance Costs and Exceptional				29.325	54.609	150.028	166.258
	Items (1-2)
4.	Other Income				22.762	12.838	47.503	31.785
5.	Profit / (Loss) from Ordinary Activities
	before Finance Costs and Exceptional Items				52.087	67.447	197.531	198.043
	(3±4)
6.	Finance Costs				6.363	7.188	19.199	17.117
7.	Profit / (Loss) from Ordinary Activities after
	Finance Costs but before Exceptional Items				45.724	60.259	178.332	180.926
	(5±6)
8.	Exceptional Items				0.000	0.000	0.000	0.000
9.	Profit / (Loss) from Ordinary Activities before Tax (7±8)				45.724	60.259	178.332	180.926
10.	Tax Expense				15.108	19.865	58.756	61.787
11.	Net Profit / (Loss) from Ordinary Activities after Tax (9±10)				30.616	40.394	119.576	119.139
12	Extraordinary Items (Net of Tax Expenses)				0.000	0.000	0.000	0.000
13.	Net Profit / (Loss) for the period (11 ±12)				30.616	40.394	119.576	119.139
14.	Share of Profit / (Loss) of Associates				N.A.	N.A.	N.A.	N.A.
15.	Minority Interest				N.A.	N.A.	N.A.	N.A.
16.	Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates (13±14±15)				30.616	40.394	119.576	119.139
17.	Paid-up Equity Share Capital (Face Value Rs.10 per share)				776.60	776.60	776.60	776.60
18.	Reserve excluding Revaluation Reserves as per Balance Sheet of previous accounting year

A	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	-	Number of Shares		2684983	2684983	2684983	2684983
	-	Percentage of Shareholding		34.57%	34.57%	34.57%	34.57%
2.	Promoters and Promoter Group Shareholding
	(a)		Pledged / Encumbered
	-		Number of Shares	-	-	-	-
			Percentage of Shares (as a % of the total shareholding of Promoter and Promoter Group)	-	-	-	-
	-		Percentage of Shares (as a % of the total Share Capital of the Company)	-	-	-	-
	(b)		Non-encumbered
	-		Number of Shares	5081000	5081000	5081000	5081000
			Percentage of Shares (as a % of the total shareholding of Promoter and Promoter Group)	100.00%	100.00%	100.00%	100.00%
	-		Percentage of Shares (as a % of the total Share Capital of the Company)	65.43%	65.43%	65.43%	65.43%
	Particulars						3 months ended (31/12/2012)
B	INVESTOR COMPLAINTS
	Pending at the beginning of the Quarter						Nil
	Received during the Quarter						3
	Disposed of during the Quarter						3

NOTE:

• The above results were taken on record by the Board of Directors of the Company at their Meeting held on 1st February, 2013 at Chennai
• The cessation of the distribution arrangement for Kohinoor / Durex condoms and Dr Scholl Range of products impacted the sales / profitability of the Quarter.
• Other Income (S.No.4) for the Quarter includes one-time profit on Sale of Investments amounting to Rs.9.762 Millions.
• The prior periods'/year's figures have been regrouped and reclassified, wherever necessary to conform to the current periods'/year's presentation, in conformity with Revised Schedule VI.

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Guarantees against letters of credit opened	13.471	.5.977
Other Guarantees	18.320	12.625
Disputed Taxes/Claims, not acknowledged as debts	15.0558	180.328

FIXED ASSETS

• Land
• Buildings
• Plant and Machinery
• Electrical Installation
• Fire Fighting Equipments
• Air-conditioners
• Lift
• Patterns, Dies and Templates
• Lab Equipments
• Furniture and Fittings
• Vehicles
• Bicycles
• Office Equipments
• Computers

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.76.24

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		67

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

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

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

RATING EXPLANATIONS

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

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

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