1. Summary Information

		Country	India
Company Name	POLY MEDICURE LIMITED	Principal Name 1	Mr. Devendra Raj Mehta
Status	Good	Principal Name 2	Mr. Sohan Raj Mohnot
		Registration #	066923
Street Address	First Floor, 12, Sant Nagar, East of Kailash, New Delhi - 110 065, India
Established Date	30.03.1995	SIC Code	--
Telephone#	91-11-26481889/ 26481893/ 26481899/ 26481838 91-11-33550700/ 47687000	Business Style 1	Manufacturer
Fax #	91-91-11-26481894/ 26481839	Business Style 2	--
Homepage	www.polymedicure.com	Product Name 1	Medical Devices and Components
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 110,125,000	Product Name 3	--
Shareholders	Promoter and Promoter Group Shareholding 48.70 % Public Shareholding 51.30 %	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	13 Years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	Ba (55)
Related Company
Relation	Country	Company Name	CEO
Associates Company	Egypt	Ultra For Medical Products (UMIC)	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	582,011,000	Current Liabilities	416,231,000
Inventories	279,166,000	Long-term Liabilities	341,856,000
Fixed Assets	815,246,000	Other Liabilities	110,604,000
Deferred Assets	--	Total Liabilities	868,691,000
Invest& other Assets	121,226,000	Retained Earnings	818,833,000
		Net Worth	928,958,000
Total Assets	1797,649,000	Total Liab. & Equity	1797,649,000
Total Assets (Previous Year)	1519,557,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	2089,186,000	Net Profit	192,596,000
Sales(Previous yr)	1696,675,000	Net Profit(Prev.yr)	216,902,000

MIRA INFORM REPORT

`

Report Date :

08.03.2013

IDENTIFICATION DETAILS

Name :	POLY MEDICURE LIMITED
Registered Office :	First Floor, 12, Sant Nagar, East of Kailash, New Delhi - 110 065.
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.03.1995
Com. Reg. No.:	55-066923
Capital Investment / Paid-up Capital :	Rs. 110.125 millions
CIN No.: [Company Identification No.]	L74899DL1995PLC066923 (Old) L40300DL1995PLC066923 (New)
TAN No.: [Tax Deduction & Collection Account No.]	RTKP01741F
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Manufacturer of Disposable Healthcare Products
No. of Employees :	1210 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 3000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having a good track record. Financial position of the company appears to be healthy. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A (Long Term Rating)
Rating Explanation	Adequate degree of safety and low credit risk
Date	July 06, 2012

Rating Agency Name	CRISIL
Rating	A1 (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	July 06, 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 :	First Floor, 12, Sant Nagar, East of Kailash, New Delhi - 110 065, India
Tel. No.:	91-11-26481889/ 26481893/ 26481899/ 26481838/ 33550700/ 47687000
Fax No.:	91-11-26481894/ 26481839
E-Mail :	polymed@vsnl.com investorcare@polymedicure.com Cs@polymedicure.com
Website :	www.polymedicure.com
Marketing Office :	Plot No.105, Sector-59, HSIDC Industrial Area, Faridabad, Haryana, India.
Tel. No.:	91-129-2307000 to 08
Fax No.:	91-129-2307007 / 2309102
E-Mail :	marketing@polymedicure.com info@polymedicure.com
South East Office:	# 07-304, The Plaza 7500 A Beach Road, Singapore- 199591.
Tel. No.:	91-65-62965300
Fax No.:	91-65-62977030
Factory 1 :	Unit I – Plot No. 104-105, Sector 59, HSIDC Industrial Estate, Ballabhgarh, Faridabad, Haryana, India.
Tel. No.:	91-129-2307000/01/ 08, 4287000, 3355070
Fax No.:	91-129-2307007/2309401/ 02
E-Mail :	plant@polymedicure.com
Factory 2 :	Unit II – Plot No. 115, Sector 59, HSIDC Industrial Estate, Ballabhgarh, Faridabad, Haryana, India.
Tel. No.:	91-129-2307000/ 4287000
Fax No.:	91-129-2307007/ 21309401
E-Mail :	info@plymedicure.com plant@polymedicure.com
Factory 3:	Unit-lll – Plot No. 113, Sector 59, HUDA Industrial Estate, Ballabhgarh, Faridabad, Haryana, India
Factory 4 :	Unit-III – Plot No. 116, Sector 59, HSIDC Industrial Estate, Ballabhgarh, Faridabad, Haryana, India.
Factory 5 :	Unit IV – Plot No. 17, Sector 3, Industrial Estate IIE, Hardwar, Uttaranchal, India
Tel. No.:	91-1334-232734

DIRECTORS

As on 31.03.2012

Name :

Mr. Devendra Raj Mehta

Designation :

Chairman

Date of Appointment:

17.05.2010

DIN No.:

01067895

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	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	17/05/2010	26/05/2005	-	Active	NO
2	U67100MH2006PTC158601	OSETA INVESTMENTS TRUSTEE COMPANY PVT LTD	Director	16/01/2006	16/01/2006	22/01/2009	Active	NO
3	L74899DL1995PLC066827	SPICE COMMUNICATIONS LIMITED	Director	15/06/2007	23/03/2007	23/10/2008	Amalgamated	NO
4	L29120MH1986PLC042028	JAIN IRRIGATION SYSTEMS LIMITED	Director appointed in casual vacancy	26/12/2007	26/12/2007	-	Active	NO
5	U93090UP2007PTC033308	SPICE INVESTMENTS & FINANCE ADVISORS PRIVATE LIMITED	Additional director	06/01/2013	18/08/2008	-	Active	NO
6	L45200GJ1986PLC008717	JMC PROJECTS (INDIA) LIMITED	Director	28/07/2009	11/12/2008	-	Active	NO
7	U72900DL2008PTC178018	SPICE INNOVATIVE TECHNOLOGIES PRIVATE LIMITED	Additional director	12/03/2009	12/03/2009	17/08/2009	Active	NO
8	U01122RJ2009PLC028415	ATUL RAJASTHAN DATE PALMS LIMITED	Additional director	10/06/2009	10/06/2009	-	Active	NO
9	U24110MH1994PLC081597	Glenmark Generics Limited	Director	30/06/2010	14/08/2009	-	Active	NO
10	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	25/09/2009	14/08/2009	-	Active	NO
11	U34101HR1994PLC032462	M AND M AUTO INDUSTRIES LTD	Director	09/04/2010	09/04/2010	11/10/2010	Active	NO
12	U45202HP1988PLC008020	SPICE RETAIL LIMITED	Director	05/08/2010	05/08/2010	02/07/2012	Active	NO
13	U80900DL2007PTC163495	EXTRAMARKS EDUCATION PRIVATE LIMITED	Director	30/09/2010	30/09/2010	01/08/2011	Active	NO
14	L72900UP1986PLC008448	S Mobility Limited	Director	28/09/2011	04/11/2010	22/10/2012	Active	NO
15	U85110DL1991PTC042646	G.M. MODI HOSPITALS CORPORATION PRIVATE LIMITED	Director	22/07/2011	22/07/2011	-	Active	NO
16	U73200MH2007NPL169807	GANDHI RESEARCH FOUNDATION	Director appointed in casual vacancy	07/10/2011	07/10/2011	-	Active	NO
17	L36911RJ1990PLC005651	GOENKA DIAMOND AND JEWELS LIMITED	Director	27/09/2012	30/05/2012	-	Active	NO
18	U65100DL2013PLC248013	M N M ASSETS RECONSTRUCTION COMPANY LIMITED	Director	07/02/2013	07/02/2013	-	Active	NO

Name :

Mr. Sohan Raj Mohnot

Designation :

Independent Director

Date of Birth/Age :

15.03.1929

Qualification :

Ph. D., C.M.C., F.I.M.C.I., F.I.S.T.D.

Date of Appointment :

22.09.1997

DIN No.:

00006889

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	U74899DL1973PTC006686	INDUSTRIAL TECHNO ECONOMIC SERVICES PVT LTD	Managing director	28/06/1973	28/06/1973	-	Active	NO
2	U51395RJ1984PLC002879	ALLIED ELECTRONICS AND MAGNETICS LTD	Director	20/02/1985	20/02/1985	-	Active	NO
3	U27310DL1975PLC008008	UNIVERSAL CYLINDERS LIMITED	Director	24/03/1989	24/03/1989	-	Active	NO
4	U22219DL1981PLC012808	INTERNATIONAL PRINT-O-PAC LIMITED	Director	27/03/1990	27/03/1990	-	Active	NO
5	U74899DL1995PTC073970	SOFTWARE DIOXIDE PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Active	NO
6	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
7	U74899DL1993PLC056293	QAI (INDIA) LIMITED	Director	31/10/2001	31/10/2001	-	Active	NO

Name :

Mr. Jugal Kishore Baid

Designation :

Director

Date of Appointment:

10.05.1995

DIN No.:

00077347

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	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	10/05/1995	10/05/1995	-	Active	NO
2	U13112RJ1996PLC011668	POLYCURE MARTECH LTD	Director	01/11/1997	01/11/1997	-	Active	NO

Name :

Mr. Yashwant Singh Choudhary

Designation :

Independent Director

Date of Appointment:

17.02.1997

DIN No.:

00006906

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	U64203HP1994PLC014541	EXICOM TELE-SYSTEMS LIMITED	Managing director	10/05/1994	10/05/1994	01/08/2008	Active	NO
2	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	17/02/1997	17/02/1997	-	Active	NO
3	U93090TN1960PLC004355	HTL LIMITED	Director	01/10/2004	01/10/2004	29/09/2009	Active	NO
4	L64200HP1987PLC007466	HIMACHAL FUTURISTIC COMMUNICATIONS LIMITED	Additional director	31/01/2009	31/01/2009	30/05/2009	Active	NO
5	U65921HP1995PTC017088	MONETA FINANCE PRIVATE LIMITED	Additional director	16/02/2009	16/02/2009	-	Active	NO

Name :

Mr. Prakash Chand Surana

Designation :

Independent Director

Date of Birth/Age :

09.02.1947

Qualification :

Chartered Accountant

Date of Appointment :

22.09.1997

DIN No.:

00361485

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	U65920DL1995PLC071071	S AND A FINMAN LIMITED.	Director	24/07/1995	24/07/1995	20/02/2013	Active	NO
2	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Director	22/09/1997	22/09/1997	-	Active	NO
3	U51399DL2000PTC103748	MEHAK ENTERPRISES PRIVATE LIMITED	Director	01/04/2002	01/04/2002	20/02/2013	Active	NO
4	U74999DL2002PTC116274	TECHNOMEDIA SOLUTIONS PRIVATE LIMITED	Director	29/04/2003	29/04/2003	-	Active	NO
5	U45201DL2004PTC128943	K S INFOWAYS PRIVATE LIMITED	Director	15/11/2004	15/11/2004	20/02/2013	Active	NO
6	U72200DL2005PTC133045	MODERN IT SOLUTIONS PRIVATE LIMITED	Director	11/12/2006	11/12/2006	-	Dormant	NO

Name :

Mr. Shailendra Raj Mehta

Designation :

Additional Director

Date of Birth/Age :

09.07.1959

Qualification :

B.A. M.A. From Delhi University, M. Phill from Balliol College Oxfords, Ph.D. in Economics from Harvard.

Date of Appointment :

28.05.2012

Name :

Mr. Himanshu Baid

Designation :

Managing Director

Date of Birth/Age :

44 Years

Qualification :

Electronics Engineer

Date of Appointment:

01.08.2011

DIN No.:

00014008

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	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Managing director	01/08/2011	30/03/1995	-	Active	NO
2	U13112RJ1996PLC011668	POLYCURE MARTECH LTD	Director	01/03/1998	01/03/1998	-	Active	NO
3	U25206RJ1999PTC015985	JAI POLYPAN PRIVATE LIMITED	Director	11/11/1999	11/11/1999	-	Active	NO
4	U64203HP1994PLC014541	EXICOM TELE-SYSTEMS LIMITED	Director	07/09/2009	11/11/2008	-	Active	NO
5	U74899DL1951GAP001947	PHD CHAMBER OF COMMERCE AND INDUSTRY	Director	31/12/2012	31/12/2012	-	Active	NO

Name :

Mr. Rishi Baid

Designation :

Executive Director

Date of Birth/Age :

40 Years

Qualification :

BSME, MSME

Date of Appointment

01.08.2011

DIN No.:

00048585

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	L40300DL1995PLC066923	POLY MEDICURE LIMITED	Whole-time director	01/08/2011	30/03/1995	-	Active	NO
2	U25206RJ1999PTC015985	JAI POLYPAN PRIVATE LIMITED	Director	11/11/1999	11/11/1999	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vishal Baid
Designation :	President (Corporate Business)
Name :	Mr. Deepak gupta
Designation :	Senior Vice President (OPEX, HR and Admin)
Name :	Mr. V. K. Khera
Designation :	Vice President (Operations)
Name :	J. K. Oswal
Designation :	Vice President (Finance)
Name :	Mr. Hemant Bhalla
Designation :	A V P (Sales and Marketing)
Name :	H. V. Suresh
Designation :	Senior General Manager (Research and Development)
Name :	Sonia Singh
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2012

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4472176	40.61
Bodies Corporate	862143	7.83
Sub Total	5334319	48.44
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	28400	0.26
Sub Total	28400	0.26
Total shareholding of Promoter and Promoter Group (A)	5362719	48.70
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	3785443	34.37
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	677732	6.15
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	104197	9.46
Any Others (Specify)	144659	1.31
NRIs/OCBs	83949	0.76
Clearing Members	60710	0.55
Sub Total	5649781	51.30
Total Public shareholding (B)	5649781	51.30
Total (A)+(B)	11012500	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-
Total (A)+(B)+(C)	11012500	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Disposable Healthcare Products

Products :

Product Descriptions	ITC Code
IV Cannula	090183930
Bloog Bag	090189032
Catheters	090183910

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Medical Devices and Components	Lacs Nos.	3640	155558395
Scrap	Kts	--	498070

GENERAL INFORMATION

No. of Employees :

1210 (Approximately)

Bankers :

• State Bank of India
• City Bank N.A

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Term Loans from Banks
Rupee Loan	55.961	10.381
Foreign currency Loan	111.289	107.416
Others – Vehicle Loan from Banks	3.658	4.383
Deferred Payment Liabilities	12.416	0.000
Cash / Export Credit Loan
From Banks	153.876	163.364
Buyers Credit	4.656	0.000
Total	341.856	285.544

NOTES:

Details of security:

a Term Loans from State Bank of India are secured by way of first charge over entire fixed assets both present and future including equitable mortgage of factory land and buildings and are further secured by way of extension of charge on entire current assets of the company both present and future and are guaranteed by Managing Director & Executive Director of the company.

b Vehicle Loans are secured by hypothecation/lien of the respective vehicles.

c Deferred payment liabilities relates to capital assets acquired from overseas suppliers under letter of credit.

Banking Relations :	--
Auditors :
Name :	Doogar and Associates, New Delhi Chartered Accountants
Subsidiaries Companies :	US Safety Syringes Company LLC, USA Poly Medicure (Laiyang) Company Limited, China
Associate Companies :	Ultra For Medical Products (UMIC), Egypt
Enterprises Over Which Key Management Personnel and Their Relatives Exercise Significant Influence	Vitromed Healthcare Jai Polypan Private Limited Stilocraft Polycure Martech Limited Jaichand Lal Hulasi Devi Baid Charitable Trust

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11012500	Equity Shares	Rs.10/- each	Rs. 110.125 Millions

Reconciliation of the shares outstanding at the beginning and at the end of the reporting year :

Particulars	No. of Shares	Amount
At the beginning of the year	11012500	Rs. 110.125 Millions
Add: Issued during the year	-	-
Less: Bought back during the year	-	-
Outstanding at the end of year	11012500	Rs. 110.125 Millions

Terms/rights attached to equity shares :

The company has only one class of equity shares having a par value of Rs. 10/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year ended 31st March 2012, the amount of per share dividend recognised as distribution to equity share holders is Rs. 3 (31st March 2011 Rs. 3)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of shareholders' holding more than 5% shares in the company :

Particulars	No. of Shares	% Of Holding
M/s Allegeny Finlease private Limited	1571686	14.27%
Sh. Rishi Baid	1228256	11.15%
M/s BS Trade Invest Private Limited	1198080	10.88%
Sh. Himanshu Baid	1009328	9.17%
M/s Vision Millenium Exports Pvt. Ltd.	588131	5.34%

The aforesaid disclosure is based upon percentages computed separately for class of shares outstanding, as at the balance sheet date. As per of the company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

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		110.125	110.125	110.125
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		818.833	667.650	488.284
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		928.958	777.775	598.409
LOAN FUNDS
1] Secured Loans		341.856	285.544	328.659
2] Unsecured Loans		0.000	2.237	0.000
TOTAL BORROWING		341.856	287.781	328.659
DEFERRED TAX LIABILITIES		53.694	31.693	43.335
TOTAL		1324.508	1097.249	970.403
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		815.246	647.189	581.391
Capital work-in-progress		52.087	77.894	41.188
INVESTMENT		69.139	69.139	69.138
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	279.166	241.219	211.992
	Sundry Debtors	323.042	262.294	223.115
	Cash & Bank Balances	5.290	5.083	10.742
	Other Current Assets	76.758	47.845	10.929
	Loans & Advances	176.921	168.894	104.527
Total Current Assets		861.177	725.335	561.305
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	189.761	152.785	203.475
	Other Current Liabilities	226.470	214.009	35.600
	Provisions	56.910	55.514	43.544
Total Current Liabilities		473.141	422.308	282.619
Net Current Assets		388.036	303.027	278.686
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1324.508	1097.249	970.403

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2089.186	1696.675	1360.046
		Other Income	6.195	3.931	5.290
		TOTAL	2095.381	1700.606	1365.336
Less	EXPENSES
		Cost of Raw Materials Including Packing Materials Consumed	660.147	601.524
		Purchases Of Stock-in-Trade	68.960	17.477
		Changes In Inventories Of Finished Goods, Work-in-Progress and Stock-in-Trade	(11.502)	9.861
		Employee Benefit Expenses	329.356	266.571
		Research and Development Expenses	25.835	7.038
		Other Expenses	564.857	431.515
		TOTAL	1637.653	1333.986	1070.934
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		457.728	366.620	294.402
Less	FINANCIAL EXPENSES		69.336	41.453	41.295
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		388.392	325.167	253.107
Less/ Add	DEPRECIATION/ AMORTISATION		99.552	85.879	70.699
	PROFIT BEFORE TAX (E-F)		288.840	239.288	182.408
Less	TAX		96.244	22.386	18.115
	PROFIT AFTER TAX (G-I)		192.596	216.902	164.293
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		227.137	148.760	66.364
Less	APPROPRIATIONS
		Transfer to General Reserve	100.000	100.000	50.000
		Dividend	5.360	5.487	27.531
		Tax on Dividend	33.038	33.038	4.679
	BALANCE CARRIED TO THE B/S		281.335	227.137	148.447
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports During the Year	1188.475	984.062	774.002
		Others (Freight, Insurance, Commission, Interest, fees etc. recovered)	43.181	24.501	22.701
		Dividend / Governing Council share from Associates	0.230	1.025	1.376
	TOTAL EARNINGS		1231.886	1009.588	798.079
	IMPORTS
		Raw Materials	343.359	320.599	287.080
		Stores & Spares	62.489	25.359	17.265
		Capital Goods	94.662	78.010	71.542
		Traded Goods	63.825	14.391	0.000
	TOTAL IMPORTS		564.335	438.359	375.887
	Earnings Per Share (Rs.)		17.49	19.70	14.92

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012
Net Sales	577.800	623.600	629.900
Total Expenditure	488.700	535.200	465.500
PBIDT (Excluding Other Income)	89.100	88.400	164.400
Other Income	01.100	01.000	01.300
Operating Profit	90.200	89.400	165.700
Interest	19.800	14.600	18.800
PBDT	70.300	74.900	146.900
Depreciation	28.100	29.100	31.000
Profit Before Tax	42.200	45.800	115.900
Tax	11.800	10.900	33.400
Profit After Tax	30.500	34.800	82.500
Net Profit	30.500	34.800	82.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.19	12.75	12.03
Net Profit Margin (PBT/Sales)	(%)	13.78	14.07	13.36
Return on Total Assets (PBT/Total Assets}	(%)	33.54	32.99	32.50
Return on Investment (ROI) (PBT/Networth)		0.31	0.31	0.31
Debt Equity Ratio (Total Debt/Networth)		0.37	0.37	0.55
Current Ratio (Current Asset/Current Liability)		1.82	1.72	1.99

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	Yes
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

FINANCIAL PERFORMANCE

During the year under report, total income increased to Rs. 2095.381 millions from Rs. 1700.606 millions in the previous year, registering a growth of 23.21%. EBIDTA amounted to Rs. 457.728 millions as against Rs. 366.620 millions in the preceding year which translates into an expansion of 24.85%. Profit Before Tax (PBT) stood at Rs. 288.840 millions up by 20.71% from Rs. 239.288 millions in the previous year. However, the profit after tax declined to Rs. 192.596 millions from Rs. 216.902 millions due to higher tax outgo which was due to non availability of tax relief u/s 10B of Income Tax Act 1961.

In the financial year 2010-11, the Company enjoyed favourable tax regime under Section 10B of the Income Tax Act, 1961, the said deduction was available only upto the financial year 2010-11 (assessment year 2011-12), which affects the net profitability of the Company for the year. Despite the higher tax outgo, the Company’s results are very reassuring. Fortunately, the global downturn has not affected the progress of the Company. This manifests the inherent strength, resilience and sustainability for the Company’s business.

EXPANSION PROGRAMME

In view of the growing demand for the Company’s products, the Company is in the process of expanding its installed capacity by approx. 20% in the current financial year, at a capital cost of Rs. 420.000 millions. A sum of` Rs. 250.000 millions is proposed to be raised by way of debt and the balance will be met from internal accruals.

DEVELOPMENT OF NEW PRODUCT

The Company is following suitable programmes for Research and Development and has dedicated technical staff and facilities for the development of new products, improvement of existing ones, improved manufacturing practices and for this purpose, the Company has spent a sum of Rs. 28.738 millions in the year . As results of the management strategies, expansion programme, cost cutting and enhanced efficiencies, the Company hopes to achieve reasonably sustained performance and profitability.

SUBSIDIARIES / JOINT VENTURES

Briefly, the subsidiary companies performed as follows:

Poly Medicure (Laiyang) Company Limited, China - The Company achieved a turnover of Rs. 81.207 millions as on

31st March, 2012 against Rs. 32.838 millions in the previous year ended on 31st March, 2011.

US Safety Syringes Company, LLC, USA – The Company is not carrying on any business activities at present. The Company has one Joint Venture in Egypt, viz.,

Ultra for Medical Products, Egypt - The Joint Venture is performing well and has achieved sales of Rs. 283.436 millions during the year 2011 against Rs. 257.946 millions in the previous year ended on 31st December 2010.

AWARDS AND RECOGNITION(S)

In view of standards of excellence achieved and assiduously pursued by the Company, the awards and recognitions in various fields have been conferred upon the Company. The Shareholders will be happy to know that the Company has received Outstanding Exports award in recognition of commendable contribution to Pharmaceuticals Exports from India for the year 2010 - 11 by Pharmaceuticals Export Promotion Council.

MANAGEMENT DISCUSSION & ANALYSIS

AN OVERVIEW : HEALTHCARE

INDUSTRY PROSPECTS

The Healthcare Industry in India has experienced remarkable growth of over 12% per year during the last 4 years, driven by a number of factors such as increase in the average life expectancy, average income levels and arising awareness for health insurance among consumers. The Government has developed an all inclusive Policy on Healthcare which aims at achieving a remarkable growth for the industry leading to large number of interesting opportunities such as developing new infrastructure and providing novel medical equipment solutions. The sector holds enormous potential awaiting to be unleashed to its ever increasing potential. The current National Health Policy aims at increasing the contribution from healthcare to touch more than 2% of the GDP by the end of the current Five Year Plan, a substantial increase from the present contribution of 0.9%. The Government initiatives like National Rural Health Mission (NRHM), National Urban Health Mission (NUHM) and Rashtriya Swasthya Bima Yojana (RSBY) are working towards better healthcare for the poor. In India, out of pocket spending on healthcare is one of the highest, constituting almost 94% of the total spend. With more and more globalization, the Medical Device Industry is globally experiencing a robust growth of 8% annually. Emerging economies like China, Brazil and India are experiencing double digit growth in Healthcare expenditure. Currently the global medical device market is over USD 200 billion. According to a Report by Pricewaterhouse Coopers, an estimated 189 million people in the country will be of more than 60 years of age by 2025, needing higher healthcare expenditure. A combined study by an Industry body and Ernst & Young suggest that India will need as many as Rs. 1.75 million additional beds by the end of 2025. Further an investment of US$ 86 billion is required to achieve targets of 1 doctor, 2 beds and 2 to 3 nurses per 1000 population by 2025. The rural Healthcare Sector is also witnessing considerable growth, with the sector adding around 15,000 health sub‐centres and employing 28,000 nurses and midwives during the last five years, as per rural health survey of the Ministry of Health. As per the Report, the primary health centres in the country have reached 20,107, growing by 84% percent.

OUTLOOK FOR THE YEAR 2012-2013

With the growth and allocation of funds in Indian Health Care Sector, the Company’s prospects look very promising. The focus on quality, delivery and with larger basket of products, the company’s products are accepted in more than 80 countries in South and Central America, Europe, Asia, South Africa, Australia, Middle East. Unchanging thrust for growth through innovation has made this Company one of largest producers of Infusion Therapy Products in India. Improving productivity by waste control technology and upgradation and focus on Human Resource is helping the company to increase sustainability. The Company is further enhancing its product range in Infusion Therapy segment and plans to introduce 8 to 10 new products in this segment. The company is focusing on innovation, safety and quality through its sustained R and D programme.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

PARTICULARS	31.03.2012 (Rs. In Millions)
Show Cause notices from excise department	2.852
Compensation for enhanced cost of Land contested in Punjab and Haryana High Court (Amount paid Rs. 0.233 millions, Previous year Rs. 0.233 millions)	0.934
Liabilities against legal suits filed	0.721
Income tax matters under appeal	0.710

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Deferred Payment Liabilities	0.000	2.237
Total	0.000	2.237

FIXED ASSETS:

Tangible Assets:

• Freehold Land
• Leasehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles

Intangible Assets:

• Software
• Patent and Trade

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official 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.54.65
UK Pound	1	Rs.82.65
Euro	1	Rs.71.20

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

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

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

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

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

RATING EXPLANATIONS

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

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

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