MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Principal Name 1	Mr. Israel Makov
Status	Good	Principal Name 2	Mr. Dilip S. Shanghvi
		Registration #	04-019050
Street Address	Sun Pharma Advance Research Centre (SPARC), Tandalja, Akota Road, Vadodara – 390020, Gujarat, India
Established Date	01.03.1993	SIC Code	--
Telephone#	91-265-2340001 / 5515500	Business Style 1	Manufacturer
Fax #	91-265-2339103 / 2354897	Business Style 2	--
Homepage	http://www.sunpharma.com	Product Name 1	Tablets
# of employees	Not Available	Product Name 2	Capsules
Paid up capital	Rs.1035,600,000/-	Product Name 3	Bulk Drugs
Shareholders	Promoter and Promoter Group – 63.68% Public shareholding -36.32%	Banking	Bank of Baroda
Public Limited Corp.	YES	Business Period	20 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	Aa (75)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries	--	Alkaloida Chemical Company Zrt	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	32,745,900,000	Current Liabilities	4,647,600,000
Inventories	7,861,500,000	Long-term Liabilities	403,000,000
Fixed Assets	10,033,000,000	Other Liabilities	7,564,500,000
Deferred Assets	0,000	Total Liabilities	12,615,100,000
Invest& other Assets	43,060,800,000	Retained Earnings	80,050,500,000
		Net Worth	81,086,100,000
Total Assets	93,701,200,000	Total Liab. & Equity	93,701,200,000
Total Assets (Previous Year)	76,066,000,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Total Income	43,584,100,000	Net Profit	19,279,800,000
Total Income (Previous yr)	32,988,700,000	Net Profit(Prev.yr)	13,838,000,000

MIRA INFORM REPORT

Report Date :

29.05.2013

IDENTIFICATION DETAILS

Name :	SUN PHARMACEUTICAL INDUSTRIES LIMITED

Registered Office :	Sun Pharma Advance Research Centre (SPARC), Tandalja, Akota Road, Vadodara – 390020, Gujarat

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	01.03.1993

Com. Reg. No.:	04-019050

Capital Investment / Paid-up Capital :	Rs.1035.600 Millions

CIN No.: [Company Identification No.]	L24230GJ1993PLC019050

TAN No.: [Tax Deduction & Collection Account No.]	BRDS02426E

PAN No.: [Permanent Account No.]	AADCS3124K

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

Line of Business :	Manufacturers of Tablets, Capsules, Parenterals, Ointments, Bulk Drugs, Chemicals and Liquids.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 324000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed company having fine track record. Financials are strong and healthy. Liquidity position is good. Directors are reported to be experience and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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

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	CRISIL
Rating	AAA (Long Term Rating)
Rating Explanation	Highest degree of safety and lowest credit risk.
Date	January 10, 2013

Rating Agency Name	CRISIL
Rating	A1+ (Short Term Rating)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	January 10, 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/ Research Centre 1 :	Sun Pharma Advance Research Centre (SPARC), Tandalja, Akota Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2340001 / 5515500 / 600 / 700
Fax No.:	91-265-2339103 / 2354897/ 2332664
E-Mail :	corpcomm@sunpharma.com helpdesk@sunpharma.com secretarial@sunpharma.com ashok.bhuta@sunpharma.com
Website :	http://www.sunpharma.com

Corporate Office :	Acme Plaza, Andheri – Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28211822 / 1842 / 1917 / 1951 / 1953
Fax No.:	91-22-28212010
E-Mail :	corpcomm@sunpharma.com

Research Centre 2 :	· F.P 27, Part Survey No. 27, C. S. No. 1050, T. RS. Village, Tandalja, District Vadodara - 390 020, Gujarat, India · 17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai - 400059, Maharashtra, India · Chemistry and Discovery Reaserch Israel, 14 Hakitor Street, P.O. Box, 10347 Haifa Boy 26110, Israel


Factory 1 :	Plot No. 214, Plot No. 20, Government Industrial Area, Phase II, Piparia, Silvassa – 396230, Union Territory

Factory 2 :	Halol-Baroda Highway, Near Anand Kendra, Halol, District Panchmahal - 389350, Gujarat, India

Factory 3 :	Plot No. 24/2 and 25, GIDC, Phase-IV, Panoli, District Bharuch - 394116, Gujarat, India

Factory 4 :	A-7 and A-8, MIDC Ind. Area, Ahmednagar - 414111, Maharashtra, India

Factory 5 :	Plot No. 4708, GIDC. Ankleshwar - 393 002, Gujarat, India

Factory 6 :	Sathammai Village, Karunkuzhi Post, Maduranthakam TK, District Kanchipuram - 603303, Tamilnadu, India

Factory 7 :	Plot No. 223, Span Industrial Complex, Dadra - 396191, Union Territory

Factory 8 :	Plot No. 817/A, Karkhadi, Taluka Padra, District Vadodara - 391450, Gujarat, India

Factory 9 :	Sun Pharma Drugs Private Limited Plot No. 754, Nandok Block, Setipool, P.O. Ranipool – 737135, Sikkim, India

Factory 10 :	Sun Pharma Medication Private Limited Survey No. 259/15, Dadra – 396191, Union Territory

Factory 11 :	Sun Pharma Medication Private Limited 6-9 Export Promotion Industrial Park (EPIP), Kartholi, Bari Brahmana, Jammu - 181133, Jammu and Kashmir, India

Factory 12 :	Sun Pharma Medication Private Limited I.G.C. Phase-I, Samba – 184121, Jammu and Kashmir, India

Factory 13 :	Sun Pharmaceutical Industries Inc. 705, E. Mulberry Street, Bryan, Ohio – 43506, USA

Factory 14 :	Sun Pharmaceutical Industries Inc. 270 Prospect Plains Road, Cranbury, New Jersey – 08512, USA

Factory 15 :	Caraco Pharmaceutical Laboratories Limited 1150 Elijah McCoy Drive, Detroit – 48202, Michigan, USA

Factory 16 :	Sun Pharmaceutical (Bangladesh) Limited Chandana, Joydevpur, Gazipur, Bangladesh

Factory 17 :	Alkaloida Chemical Company Zrt H-4440 Tiszavasvari , Kabay, Janos u.29, Hungary

Factory 18 :	TKS Farmaceutica Rodovia GO-080, Km 02, Chacaras 01/02, Jardim Pompeia, Goiania/GO, Brazil CEP: 74690-170

Factory 19 :	Sun Pharma de Mexico S.A. de C.V, Av. Rio Churubusco No. 658, Col. El Sifon, Del. Iztapalapa, C.P 09400 Mexico, Distrito Federal

Factory 20 :	Chattem Chemicals, Inc. 3708, St. Elmo Avenue, Chattanooga, TN 37409, USA

Factory 21 :	Taro Pharmaceuticals Inc. 130 East Drive, Brampton, Ontario L6T 1C1, Canada

Factory 22 :	Taro Pharmaceutical Industries Limited 14 Hakitor Street, P.O. Box 10347 Haifa Bay 26110, Israel

DIRECTORS

As on: 31.03.2012

Name :	Mr. Israel Makov
Designation :	Chairman

Name :	Mr. Dilip S. Shanghvi
Designation :	Managing Director
Qualification :	B. Com.
Date of Appointment :	01.04.1993

Name :	Mr. Sudhir V. Valia
Designation :	Whole Time Director
Qualification :	FCA
Date of Appointment :	01.04.1994

Name :	Mr. S. Kalyanasundaram
Designation :	Whole Time Director and Chief Executive Officer

Name :	Mr. Sailesh T. Desai
Designation :	Whole Time Director

Name :	Mr. S. Mohanchand Dadha
Designation :	Director

Name :	Mr. Hasmukh S. Shah
Designation :	Director

Name :	Mr. Ashwin Dani
Designation :	Director

Name :	Mr. Keki M. Mistry
Designation :	Additional Director

KEY EXECUTIVES

Name :	Mr. Sunil R. Ajmera
Designation :	Company Secretary
E mail :	secretarial@sunpharma.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	152326100	14.71
Bodies Corporate	506512000	48.91
Any Others (Specify)	640100	0.06
Trusts	640100	0.06
Sub Total	659478200	63.68
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	659478200	63.68
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	13632085	1.32
Financial Institutions / Banks	21323553	2.06
Central Government / State Government(s)	203909	0.02
Foreign Institutional Investors	234100940	22.61
Qualified Foreign Investor	18107	0.00
Sub Total	269278594	26.00
(2) Non-Institutions
Bodies Corporate	50697515	4.90
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	37121156	3.58
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	16529780	1.60
Any Others (Specify)	2476710	0.24
Non Resident Indians	773184	0.07
Clearing Members	322777	0.03
Trusts	734299	0.07
Foreign Corporate Bodies	646450	0.06
Sub Total	106825161	10.32
Total Public shareholding (B)	376103755	36.32
Total (A)+(B)	1035581955	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)	1035581955	0.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Tablets, Capsules, Parenterals, Ointments, Bulk Drugs, Chemicals and Liquids.

Products :

ITC Code	Product Description
30049038	Pantaprazole Sodium
30033900	Losartan Potassium
30049065	Metformin Hydrochloride
29420090	Pentoxifyline

PRODUCTION STATUS (As on 31.03.2011)

Particulars

Installed Capacity

Actual Production

Tablets/ Capsules/ Parenterals / Ointments

7157.4

No. in Millions

1187.7

No. in Millions

Bulk Drugs/ Chemicals

2085.7

[In Kilo Litres]

2252.5

[In ’00 Kgs]

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda
Bank of Nova Scotia
Citibank N.A.
ICICI Bank Limited
Kotak Mahindra Bank Limited
Standard Chartered Bank
State Bank of India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012
Loans Repayable on Demand
Cash Credit Facility from Banks (Secured by hypothecation of Inventories and Trade Receivables)	403.000

Total	403.000

Secured Loan	As on 31.03.2011
Short Term Loan and Banks
(Secured by hypothecation of inventories and book debts.)	505.300

Total	505.300


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants,
Address :	Mumbai, Maharashtra, India

Subsidiaries :	Alkaloida Chemical Company Zrt Caraco Pharmaceutical Laboratories Limited Chattem Chemical Inc Green Eco Development Centre Limited OOO "Sun Pharmaceutical Industries Limited TKS Farmaceutica Ltda Sun Pharma De Mexico S.A. DE C.V. Sun Pharma De Venezuela, CA Sun Pharma Global Inc Sun Pharmaceutical (Bangladesh) Limited Sun Pharmaceutical Industries (Europe) B.V. Sun Pharmaceutical Industries Inc Sun Pharmaceutical Spain, S.L. Sun Pharmaceuticals France Sun Pharmaceuticals Germany GmbH Sun Pharma Global (FZE) Sun Pharmaceuticals Italia S.R.L. Sun Pharmaceuticals UK Limited Taro Pharmaceutical Industries Limited Sun Pharmaceutical Industries (Australia) Pty. Limited Aditya Acquisition Company Limited Sun Pharmaceuticals (SA) (Pty) Limited Sun Global Canada Pty Limited Sun Pharmaceutical Peru S.A.C. Taro Development Corporation ZAO Sun Pharma Industries Limited SPIL De Mexico S.A. DE C.V. Caraco Pharma Inc 3 Sky Line LLC One Commerce Drive LLC Taro Healthcare Limited Taro Hungary Intellectual Property Licensing LLC Taro Industries Limited Taro International Limited - Israel Taro Laboratories Limited Taro Manufacturing Limited Taro Pharmaceutical INC Taro Pharmaceutical India Private Limited Taro Pharmaceutical Laboratories INC Taro Pharmaceutical U.S.A., INC Taro Pharmaceuticals Europe B.V Taro Pharmaceuticals Ireland Limited Taro Pharmaceuticals North America INC Taro Pharmaceuticals UK Limited Taro Research Institute Limited Tarochem Limited Morley and Company Inc Sun Laboratories FZE Taro Pharmaceuticals Canada Limited Sun Laboratories Inc Taro International Limited - UK Sun Global Development FZE Sun Pharmaceuticals Korea Limited Sun Pharma Philipinnes Inc Caraco Pharmaceuticals Private Limited Sun Pharma MEA JLT Sun Pharma Healthcare FZE Sun Pharma Japan Limited Sun Resins and Polymers Private Limited

Controlled Entity :	Sun Pharma Exports Sun Pharmaceutical Industries Sun Pharma Sikkim Sun Pharma Drugs Universal Enterprise Private Limited

Enterprise under significant Influence of Key Management Personnel or their relative :	Sun Petrochemicals Private Limited Navjivan Rasayan (Gujarat) Private Limited Sun Pharma Advanced Research Company Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

1500000000	Equity Shares	Rs.1/- each	Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1035581955	Equity Shares	Rs.10/- each	Rs.1035.600 Millions

Rights, Preferences and Restrictions attached to Equity Shares

The Company has only one class of shares referred to as equity shares having a par value of _ 1 per share. 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. 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.

Equity Shares held by each shareholder holding more than 5 percent Equity Shares in the Company are as follows:

	As at 31st March, 2012
Name of Shareholders	No. of Shares held	% of Holding
Dilip Shantilal Shanghvi	115570240	11.2
Viditi Investments Private Limited	100692660	9.7
Tejaskiran Pharmachem Inds. Private Limited	97671880	9.4
Family Investment Private Limited	91463720	8.8
Quality Investment Private Limited	91434320	8.8

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		1035.600	1035.600	1035.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		80050.500	65769.700	56144.200
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81086.100	66805.300	57179.800
LOAN FUNDS
1] Secured Loans		403.000	505.300	294.900
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		403.000	505.300	294.900
DEFERRED TAX LIABILITIES		1423.400	1285.100	1153.300

TOTAL		82912.500	68595.700	58628.000

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		10033.000	7943.900	7405.200
Capital work-in-progress		2488.700	2280.600	921.500

INVESTMENT		40572.100	36014.200	39516.900
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7861.500	6182.600	5701.400
	Sundry Debtors	8373.200	5426.200	5532.900
	Cash & Bank Balances	13277.100	12509.000	1872.700
	Other Current Assets	568.400	183.700	73.900
	Loans & Advances	10527.200	5525.800	3661.300
Total Current Assets		40607.400	29827.300	16842.200
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4001.900	33.000	1482.500
	Other Current Liabilities	645.700	3106.300	1150.500
	Provisions	6141.100	4331.000	3424.800
Total Current Liabilities		10788.700	7470.300	6057.800
Net Current Assets		29818.700	22357.000	10784.400

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		82912.500	68595.700	58628.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	40155.600	19331.200	18461.300
		Other Operating Income	--	11715.800	6776.600
		Other Income	3428.500	1941.700	1229.300
		TOTAL	43584.100	32988.700	26467.200

Less	EXPENSES
		Cost of Goods Sold	--	8969.300	8152.900
		Cost of Materials Consumed	9406.400	--	--
		Purchases of Stock-in-Trade	1874.800	--	--
		Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	(706.600)	--	--
		Employee Benefits Expense	3165.600	--	--
		Other Expenses	8829.200	--	--
		Indirect Taxes	--	0.000	382.800
		Personnel Cost	--	2140.600	1747.100
		Operating Expenses	--	5340.400	4720.400
		Research and Development Expenditure	--	1355.900	1277.700
		TOTAL	22569.400	17806.200	16280.900

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21014.700	15182.500	10186.300

Less	DEPRECIATION/ AMORTISATION		757.200	642.300	694.700

	PROFIT BEFORE TAX		20257.500	14540.200	9491.600

Less	TAX		977.700	702.200	505.100

	PROFIT AFTER TAX		19279.800	13838.000	8986.500

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23517.000	18891.500	16225.900

Less	APPROPRIATIONS
		Proposed Dividend on Equity Share		3624.500	2847.900
		Corporate Dividend Tax		588.000	473.000
		Proposed Dividend and Dividend distribution tax written back		0.000	0.000
		Transfer to General Reserve		5000.000	3000.000
	BALANCE CARRIED TO THE B/S		NA	23517.000	18891.500

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	14628.200	9005.600	8389.500
	TOTAL EARNINGS		14628.200	9005.600	8389.500

	IMPORTS
		Raw Materials	2895.200	2976.500	3003.900
		Packaging Material	669.000	NA	242.600
		Capital Goods	907.800	NA	242.000
		Stores and Spares	347.100	1.800	26.400
	TOTAL IMPORTS		4819.100	2978.300	3514.900

	Earnings Per Share (Rs.)		18.60	13.40	43.40

QUARTERLY RESULTS

PARTICULARS	30.06.2012 1^st Quarter	30.09.2012 2^nd Quarter	31.12.2012 3^rd Quarter	31.03.2013 4^th Quarter
Net Sales	10052.100	10353.400	8767.100	7810.700
Total Expenditure	6692.600	7086.800	7828.000	7130.500
PBIDT (Excl OI)	3359.500	3266.600	939.100	680.200
Other Income	0.000	1145.900	336.500	570.600
Operating Profit	3359.500	4412.500	1275.600	1250.800
Interest	1.100	2.000	1.200	1.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	3358.400	4410.500	1274.400	1249.800
Depreciation	211.200	217.800	229.500	204.800
Profit Before Tax	3147.200	4192.700	1044.900	1045.000
Tax	220.900	486.500	302.700	454.700
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	2926.300	3706.200	742.200	590.300
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	2926.300	3706.200	742.200	590.300

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	44.24	41.94	33.95

Net Profit Margin (PBT/Sales)	(%)	50.45	75.21	51.41

Return on Total Assets (PBT/Total Assets}	(%)	40.00	38.49	39.14

Return on Investment (ROI) (PBT/Networth)		0.24	0.21	0.17

Debt Equity Ratio (Total Debt/Networth)		0.00	0.01	0.01

Current Ratio (Current Asset/Current Liability)		3.76	1.05	2.78

LOCAL AGENCY FURTHER INFORMATION

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

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2012	31.03.2011
Claims against the Company not acknowledged as debts	23.600	15.300
Guarantees Given by the bankers on behalf of the Company	226.900	160.100
Corporate Guarantees	157.500	72.900
Letters of Credit for Imports	243.300	166.700
Liabilities Disputed - Appeals filed with respect to :
Income Tax on account of Disallowances / Additions	2134.400	290.200
Sales Tax on account of Rebate / Classification	22.900	25.600
Excise Duty on account of Valuation / Cenvat Credit	319.400	318.400
ESIC Contribution on account of applicability	0.200	0.200
Drug Price Equalisation Account [DPEA] on account of demand towards unintended benefit, including interest there on, enjoyed by the Company	14.000	14.000
Demand by JDGFT import duty with respect to import alleged to be in excess of entitlement as per the Advanced Licence Scheme	12.000	11.500

FIXED ASSETS

Tangible Assets

Freehold Land
Leasehold Land
Buildings
Buildings – Leased
Plant and Equipment
Vehicles
Office Equipment
Furniture and Fixtures

Intangible Assets

Trademarks
Designs

AS PER WEBSITE DETAILS

PRESS RELEASES

SUN PHARMA SHARES RISE ON US ACQUISITION

Shares in Sun Pharmaceutical Industries, India's most valued drugmaker, rose as much as 2.5 percent after its unit agreed to buy the generic drugs business of US-based URL Pharma from Japan's Takeda Pharmaceutical Company

This is Sun Pharma's second acquisition in the United States within two months after it decided to buy skin treatment firm Dusa Pharmaceuticals Inc for USD 230 million.

Also Read: Panacea gets Rs.1880.000 Millions order from govt. for polio vaccines

Sun Pharma did not disclose the deal value and said late on Monday the deal was subject to regulatory approvals.

Upon completion of the deal, Sun Pharma's US subsidiary Caraco Pharmaceutical Laboratories will own and manage URL Pharma's generic assets other than Colchicine, a drug used to treat swelling and pain in certain conditions.

Takeda had acquired URL Pharma for an upfront payment of $800 million in June last year with a provision for possible additional payments based on future performance.

Valued USD 13.72 billion, shares in Sun Pharmaceutical Industries were up 2.3 percent at 738 rupees by 0610 GMT in a Mumbai market that was up 0.1 percent.

SUN PHARMA ARM TO BUY TAKEDA'S US-BASED GENERICS SUBSIDIARY

Drug major Sun Pharmaceutical Industries today said its arm Caraco Pharma will buy Japanese drug maker Takeda Pharmaceuticals' US-based generics subsidiary URL Pharma.

Caraco Pharmaceutical Laboratories has entered into a definitive agreement with Takeda Pharmaceuticals US Inc, a wholly-owned subsidiary of Takeda Pharmaceutical Co to buy the URL Pharma Inc's generic business, Sun Pharmaceutical Industries said in a statement.

It, however, remained silent on the financial details of the deal. "Upon completion of the purchase, the non-Colcrys (colchicine, USP) generic assets of URL Pharma will be owned and managed by Caraco," it added.

The deal is subject to satisfaction of customary closing conditions, including applicable regulatory approvals, Sun Pharma said. URL Pharma is a former privately-held Philadelphia-based pharmaceutical company acquired by Takeda America Holdings, Inc in June, 2012.

Shares of Sun Pharmaceutical Industries today closed at Rs 720 apiece on the BSE, up 0.47 per cent from their previous close.

INDIA APPROVES POLICY TO CAP PRICES OF 348 MEDICINES

India approved a new drug pricing policy designed to increase the number of drugs deemed essential that are subject to price caps, two ministers told reporters.

The move will curtail prices of costly brands sold by domestic and international drugmakers in a market that already has rock-bottom medicine prices, meaning analysts and industry officials are sceptical about the benefits of the policy.

The prices of 348 drugs deemed essential will now be regulated, compared with 74 previously.

Valued nearly Rs.13000.000 Millions, India's domestic drug market is the fourth-largest in the world by volume. US -based Abbott Laboratories has the largest market share followed by India's Cipla and Sun Pharmaceutical Industries .

The new policy is expected to cover up to 30 percent of the total drugs sold in the country, according to industry reports.

"Generics in India are available at the cheapest prices in the whole world. So by doing this, the government is not going to achieve much more," said Ameet Hariani, managing partner at Hariani and Company a Mumbai-based law firm that advises key drugmakers and large companies.

Price regulation makes sense in case of drugs where there is a monopoly or a duopoly, he said.

Under the new policy, the ceiling price of a particular drug would be calculated by taking the arithmetic mean of the prices of all the brands that have more than 1 percent market share, a central minister told Reuters.

TARO POSTPONES SHAREHOLDERS MEET ON SUN PHARMA MERGER

Israeli firm Taro Pharmaceutical Industries Limited today said it has postponed a meeting of shareholders to consider the company's proposed merger with Sun Pharma.

The extraordinary general meeting of shareholders and the class meeting of holders of ordinary shares, originally scheduled for December 6, 2012, to consider the proposed merger of Taro with a subsidiary of Sun Pharmaceutical Industries has been postponed, the company said in a statement. It did not cite any reason for it.

"Taro will set a new record date for the rescheduled meetings and will mail a supplemental notice together with proxy materials to its shareholders," it added. In August this year, Taro's board had agreed to sell the remaining stake of the company to Sun Pharmaceutical and its affiliates for an enhanced price of USD 39.50 per share.

The merger agreement provides that all shareholders of Taro other than Sun Pharma and its affiliates would receive a cash payment of USD 39.50 per share upon the closure of the merger deal. On completion of the merger, Taro would become a privately held company, wholly owned by affiliates of Sun Pharma and its shares would not be traded on the New York Stock Exchange.

In July, Taro's board had rejected the Sun Pharma's October 18, 2011 offer to purchase all the outstanding shares of the Israeli firm that would have entailed an outgo of USD 367.5 million (over Rs. 18100.000 Millions). This was after the special committee of Taro's board said the offer price was inadequate.

The raised buy-out offer by Sun Pharma is over 61 per cent from it's earlier offer of USD 24.50 a share. Sun Pharma, which currently has 66.5 per cent stake in Taro, has proposed acquiring the 15 million outstanding shares of the Israeli firm. Shares of Sun Pharma were trading at Rs 675 on the BSE in afternoon trade, down 2.07 per cent from its previous close.

LOOKING FOR LARGER ACQUISITIONS IN KEY MARKETS: SUN PHARMA

A day after it announced the USD 230-million deal to buy a US-based company, Sun Pharmaceutical Industries on Friday said it was looking forward to larger acquisitions as a part of its expansion plans.

"We continue to look for opportunities to expand our business in all the key geographies and markets we are focused on. We are looking at acquiring businesses hopefully larger then DUSA going forward," Sun Pharma managing director Dilip Shanghvi said .

As part of its expansion plans the company had on Thursday inked a pact to acquire US-based DUSA Pharmaceuticals for around USD 230 million (around Rs.12500.00 Millions). DUSA Pharmaceuticals is a dermatology company focused on developing and marketing its Levulan photodynamic therapy platform.

The company also said it is revising its revenue growth guidance upwards to 30-32 per cent for the fiscal year ending March 2013. The company had earlier said that sales would grow 18-20 percent in FY13.The Sun Pharma scrip was trading at Rs 703.60 on the BSE, up 1.07 percent from its previous close.

SUN PHARMA HIT; US CANCER DRUG SUPPLY CONTACT MAY END

Shares in Sun Pharmaceutical Industries fall 1.6 percent on worries the drug maker will soon see an end to its temporary arrangement to supply a cancer drug in the United States.

Janssen Biotech, a unit of Johnson and Johnson's , said on Monday it would resume supplies of 20 mg dosages of Doxil, which treats ovarian and other cancers. The US healthcare firm had suspended supplies following the manufacturing disruption from a third party supplier.

Sun Pharma had been supplying an alternative version of Doxil called Lipodox in the United States under a temporary arrangement with the Food and Drug Administration.

Brokerage Edelweiss estimates Sun's US sales of Lipodox had reached around USD 110-120 million, with 90-95 percent EBITDA margins, during the temporary period.

"Though this opportunity was short term and the resumption was anticipated by end 2012, the timing of the same was uncertain. Nevertheless, this ends a lucrative short term opportunity for Sun," Edelweiss said in a email to clients.

Sun Pharma declined to comment.

SUN PHARMA GETS BOARD NOD TO RAISE UP TO RS. 80000.000 MILLIONS

Drug firm Sun Pharmaceutical Industries today said its board of directors has approved the proposal to raise up to Rs. 80000.000 Millions.

The board has approved raising of funds worth up to Rs. 80000.000 Millions through domestic or international offerings, Sun Pharmaceuticals said in a filing to the BSE.

According to the company, the proposal would be put for shareholders' approval during the annual general meeting scheduled on November 8.

The funds would be raised at an appropriate time "through domestic/international offerings including to Indian or foreign institutional investors/foreign mutual funds/overseas corporate bodies/foreigners/other foreign parties/Indian financial institutions/alternative investment funds/qualified institutional buyers/companies/individuals..."it said.

Shares of Sun Pharmaceutical Industries today closed at Rs 697.60 per scrip on BSE, up 0.72 per cent from its previous close.

SUN PHARMA GETS US FDA NOD FOR ANTI-ALLERGIC DRUG

Sun Pharmaceutical Industries has received US Food and Drugs Administration (FDA) approval for abbreviated new drug application (ANDA) approval for Cetrizine Hydrochloride and Pseudoephedrine Hydrochloride in 5 mg tablet and 120 mg oral strength.

Sun Pharma's drug is an over-the-counter drug and is a generic version of Zyrtec, marketed by Mcneil and is an anti-allergic, according to data available on the US FDA website.

Sun Pharma shares were trading up 0.7% at Rs 698 on NSE in late afternoon trade on Wednesday.

NEW DRUG PRICE POLICY: WHICH PHARMA COS WILL FEEL THE HEAT?

Brokerage house HSBC has released a note on the new drug price control order (DPCO) and its impact on the Indian pharma companies. The broking firm believes Glaxo Smithkline, Cadila Healthcare, Cipla and Ranbaxy are most likely to be impacted while Sun Pharma and Lupin are least likely to be impacted.

Glaxo SmithKline Pharma , Cadila Healthcare , Cipla and Ranbaxy are likely to be negatively impacted from the new drug price control order (DPCO) says broking firm HSBC. The new drug price control order (DPCO) has been released and is based on revised NLEM (national list of essential medicines) of 348 drugs that will be subject to ceiling price. However, the broking firm believes Sun Pharma and Lupin are least vulnerable to price declines due to their lower exposures to NLEM.

Impact of policy on Indian pharma cos

"Pricing control impact will be largely felt in multi-nationals especially Glaxo Smithkline Pharma whose key brands such as Augmentin will see significant downward price revision. Among coverage companies we see material impact to Cadila (Target Price Rs 850), Cipla (Target Price Rs 450) and Ranbaxy (Target Price Rs 520). Given small share of India, Dr Reddy’s (Target Price Rs 2380) despite high exposure to NLEM may remain less impacted. Sun Pharma (Target Price Rs 953) and Lupin (Target Price Rs 860) look least vulnerable to price declines given low exposure to NLEM. We believe new price controls will keep stock valuations under check until clear earnings impact is visible," said the HSBC note to clients.

SUN PHARMA ANNOUNCES TENTATIVE USFDA APPROVALS FOR GENERIC JANUVIA® AND GENERIC GLUMETZA®

Mumbai, April 13, 2013: Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE:

SUNPHARMA, BSE: 524715) announced that the US FDA has granted its subsidiary, two tentative approvals for its Abbreviated New Drug Applications (ANDA) for generic version of Januvia®, Sitagliptin Tablets and generic version of Glumetza®, Metformin HCl Extended-release tablets.

Sitagliptin tablets, 25 mg, 50 mg and 100 mg are therapeutic equivalents of Merck Sharp and Dohme Corporation’s Januvia® tablets. Sitagliptin tablets have annual sales of approximately USD2.7 billion in the US. Sitagliptin tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus.

Metformin HCl Extended-release tablets, 500 mg and 1000 mg are therapeutic equivalents of Santarus Inc.’s Glumetza® tablets. Metformin HCl Extended-release tablets have annual sales of approximately USD140 million in the US. Metformin HCl Extended-release tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus.

About Sun Pharmaceutical Industries Limited

Established in 1983, listed since 1994 and headquartered in India, Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopedics and ophthalmology. The company has strong skills in product development, process chemistry, and manufacturing of complex API, as well as dosage forms.

SUN PHARMA: COURTS OK TRANSFER OF DOMESTIC FORMULATION BIZ

The High Courts of Gujarat and Mumbai have approved Sun Pharmaceutical Industries' plan to transfer its Domestic Formulation business to Sun Pharma Laboratories.

Sun Pharmaceutical Industries ' shares gained over 1.5 percent on Monday after the pharma major said the High Courts of Mumbai and Gujarat have given the go ahead to spin-off its domestic formulation business.

"The Honorable High Court of Gujarat at Ahmedabad and Honorable High Court of Mumbai, at their respective hearing held both on May 03, approved the scheme of arrangement between Sun Pharmaceutical Industries Limited(SPIL) and Sun Pharma Laboratories Limited (SPLL) in the nature of spin-off and transfer of Domestic Formulation business/undertaking of SPIL to SPLL with effect from the appointed date of March 31, 2012," it said in a notice to stock exchanges.

The High Court orders will be filed with the Registrar of Companies shortly and the spin off process will get completed, the company added.

At 13:40hrs, Sun Pharma shares were 1.6 percent at Rs 981.25 on NSE.

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.55.74
UK Pound	1	Rs.85.17
Euro	1	Rs.72.03

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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		75

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

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

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

RATING EXPLANATIONS

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

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

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

MIRA INFORM REPORT

7861.500

6182.600

5701.400

8373.200

5426.200

5532.900

13277.100

12509.000

1872.700

568.400

183.700

73.900

10527.200

5525.800

3661.300

40607.400

29827.300

16842.200

4001.900

33.000

1482.500

645.700

3106.300

1150.500

6141.100

4331.000

3424.800

10788.700

7470.300

6057.800

29818.700

22357.000

10784.400

33.95

51.41

39.14

0.17

0.01

2.78

Unit