MIRA INFORM REPORT

Report Date :

30.11.2013

IDENTIFICATION DETAILS

Name :	GLENMARK GENERICS LIMITED (w.e.f. 29.11.2007)
Formerly Known As :	GLENMARK ORGANICS LIMITED
Registered Office :	B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012 (Profit and Loss A/c)
Date of Incorporation :	29.09.1994
Com. Reg. No.:	11-081597
Capital Investment / Paid-up Capital :	Rs.1499.550 Millions
CIN No.: [Company Identification No.]	U24110MH1994PLC081597
TAN No.: [Tax Deduction & Collection Account No.]	MUMG05256G
PAN No.: [Permanent Account No.]	AACCG9820D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Exporting and Marketing of Pharmaceutical Formulations and Active Pharmaceutical Ingredients.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 43000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of “GLENMARK PHARMACEUTICALS LIMITED”. It is a well-established and reputed company having a good track record. Latest Financial of 2013 is not available with us. As per of 2012, Financially company has performed well. The promoters seem to be well experience businessmen. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions. Note: Balance Sheet Statement for the current year is not available.

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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Short term rating : (CRISIL) A1+
Rating Explanation	Having very strong degree of safety regarding timely payment of financial obligation it carry 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.

INFORMATION PARTED BY

Name :	Mr. Anil
Designation :	Accounts Department
Contact No.:	91-22-40189930
Date :	08.05.2013

LOCATIONS

Registered Office :	B/2, Mahalaxmi Chambers 22, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-24964893/ 24901481/ 67589999/ 40189999/ 40189930
Fax No.:	91-22-24932648/ 24919652/ 67589986/ 40189986/ 40189988
E-Mail :	skshankar@glenmark-generics.com webmaster@glenmarkpharma.com corporate@mandmsprings.com pranavme@glenmark-generics.com
Website :	http://www.glenmark-generics.com
Location :	Owned
Corporate Office :	Glenmark House, HDO-Corporate Building, Wing A, B D Sawant Marg, Chakala, Off Western Express Highway, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-40189999/ 40189827
Fax No.:	91-22-40189988/ 40189804
Factory :	Located at: · Goa · Ankleshwar · Kurkumbh · Mohol

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Natvarlal Bhimbhai Desai

Designation :

Director

Address :

701, Kubelisque Conominm, Union Park, Pali Hill, Nargis Dutt Road, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

23.03.1927

Qualification :

Matric from Mumbai University

Date of Appointment :

30.06.2010

DIN No.:

00029023

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	Company/ LLP Status	Defaulting status
1	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	31/07/2003	31/07/2003	Active	NO
2	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director	30/06/2010	14/08/2009	Active	NO

Name :

Mr. Sridhar Anant Gorthi

Designation :

Director appointed in casual vacancy

Address :

1002, 10^th Floor, June Blossoms, Manuel Gonsalves Road, Bandra, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

31.07.1972

Qualification :

BA, LLB (Hons.)

Date of Appointment :

05.09.2008

DIN No.:

00035824

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	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	26/04/2005	26/04/2005	-	Active	NO
2	U67110MH2006PTC160126	INSITE INDIA ADVISORS PRIVATE LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
3	U51395MH2003PTC142173	MOBILE2WIN INDIA PRIVATE LIMITED	Additional director	23/06/2006	23/06/2006	26/10/2006	Active	NO
4	U40108KA2007PTC042089	BELGAUM WIND FARMS PRIVATE LIMITED	Director	14/03/2007	14/03/2007	18/12/2007	Active	NO
5	U67190MH2007PTC171254	BRV INDIA ADVISORS PRIVATE LIMITED	Director	01/06/2007	01/06/2007	26/08/2008	Strike off	NO
6	U93000MH2008PTC177636	SIGUE SUPPORT SERVICES PRIVATE LIMITED	Director	09/01/2008	09/01/2008	16/05/2008	Active	NO
7	U72200PN2008PTC132061	REALCOM TECHNOLOGY INDIA PRIVATE LIMITED	Director	19/05/2008	19/05/2008	22/01/2009	Active	NO
8	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director appointed in casual vacancy	05/09/2008	14/08/2008	-	Active	NO
9	U74300MH2008PTC186553	Aurous Communications and Events India Private Limited	Director	08/09/2008	08/09/2008	-	Active	NO
10	U74990MH2009PTC194653	PayPal Payments Private Limited	Director	05/08/2009	05/08/2009	-	Active	NO
11	L64204MH1959PLC011421	HATHWAY CABLE AND DATACOM LIMITED	Director	28/09/2010	10/09/2009	-	Active	NO
12	U74999MH2002PTC137280	SCOTTISH AND NEWCASTLE INDIA PRIVATE LIMITED	Director	11/08/2010	10/01/2010	-	Amalgamated	NO
13	U73100MH2010PTC199595	RPS Research India Private Limited	Director	03/02/2010	03/02/2010	15/11/2010	Active	NO
14	U72900MH2010PTC201437	Digital Insight India Products Private Limited	Director	30/03/2010	30/03/2010	12/10/2013	Active	NO
15	U72300MH2013PTC247425	Fandango Software Private Limited	Director	23/08/2013	23/08/2013	-	Active	NO

Name :

Mr. Julio Francis Ribeiro

Designation :

Director appointed in casual vacancy

Address :

5^th Floor, Room No.51, Sagar Tarang Building, 15-A, K A G Khan Road, Mumbai – 400030, Maharashtra, India

Date of Birth/Age :

05.05.1929

Qualification :

B Com, LLB

Date of Appointment :

05.09.2008

DIN No.:

00047630

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	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Director	26/08/1999	26/08/1999	-	Active	NO
2	U99999MH1939PLC002994	V V F LIMITED	Director	23/01/2001	23/01/2001	-	Active	NO
3	U65191TN1994PLC079235	FULLERTON INDIA CREDIT COMPANY LIMITED	Director	29/09/2007	19/10/2006	24/11/2010	Active	NO
4	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director appointed in casual vacancy	05/09/2008	14/08/2008	-	Active	NO

Name :

Mr. Glenn Mario Saldanha

Designation :

Director

Address :

1101 to 1102, 111^th Floor, Lasolita Rustomjee Building, Off Turner Road 28^th, 25^th Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.11.1969

Qualification :

B. Pharm, MBA

Date of Appointment :

05.09.2008

PAN No.:

AMWPS4972P

DIN No.:

00050607

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	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Managing director	16/05/2012	12/10/1998	-	Active	NO
2	U51900MH1996PLC102125	GLENMARK ACCESS LIMITED	Director	28/09/2001	28/09/2001	-	Active	NO
3	U24230MH1999PLC121475	GM PHARMA LIMITED	Director	26/09/2002	26/09/2002	-	Amalgamated	NO
4	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director	05/09/2008	18/12/2007	-	Active	NO
5	L92411MH2003PLC140134	TALWALKARS BETTER VALUE FITNESS LIMITED	Director	23/09/2010	09/10/2009	22/11/2011	Active	NO

Name :

Mr. Rajesh Vasudeo Desai

Designation :

Director

Address :

102-D Wing, Shrinath Bhuvan, Nicolas Wadi, Yashwant Tawde Path, Dahisar (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

14.07.1958

Qualification :

B. Sc, C.A.

Date of Appointment :

30.06.2010

PAN No.:

ACOPD2684H

DIN No.:

00050838

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	Company/ LLP Status	Defaulting status
1	L24299MH1977PLC019982	GLENMARK PHARMACEUTICALS LIMITED	Whole-time director	03/08/2012	16/05/2002	Active	NO
2	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Director	30/06/2010	21/01/2008	Active	NO

Name :

Mr. Devendra Raj Mehta

Designation :

Director

Address :

B – 5, Mahavir Udyan Marg, Bajaj Nagar, Jaipur – 302 015, Rajasthan, India

Date of Birth/Age :

25.06.1937

Qualification :

B.A., LLB

Date of Appointment :

30.06.2010

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	SMARTVALUE VENTURES 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	U34101HR1985PLC032462	MM AUTO INDUSTRIES LIMITED	Director	30/09/2013	09/04/2010	-	Active	NO
12	U32201HP1988PLC008020	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	SAKET CITY HOSPITALS 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. Jalaj Sharma

Designation :

Whole Time Director

Address :

Flat 125 and 126, West End, D Wing, Raheja Vihar, Chandivali Farm Road, Andheri (East), Mumbai – 400072, Maharashtra, India

Date of Birth/Age :

24.09.1963

Qualification :

PGDBM (Finance)

Date of Appointment :

01.04.2012

PAN No.:

AEKPS3848E

DIN No.:

02626340

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	Company/ LLP Status	Defaulting status
1	U24110MH1994PLC081597	GLENMARK GENERICS LIMITED	Whole-time director	01/04/2012	01/04/2009	Active	NO

KEY EXECUTIVES

Name :	Mr. Rudalf Joseph Corriea
Designation :	Secretary
Address :	Nale, Kondebhat, Tal Vasai, District Thane, Nalasopara (West), Mumbai – 401 203, Thane, India
Date of Birth/Age :	04.06.1985
Date of Appointment :	01.05.2013
PAN No.:	APUPC3095G

MAJOR SHAREHOLDERS

AS ON 27.09.2013

NOTE: SHAREHOLDING AND DETAILS FILE ATTACHED.

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.37
Bodies corporate	98.49
Other	0.14
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Exporting and Marketing of Pharmaceutical Formulations and Active Pharmaceutical Ingredients.
Products :	· Injectibles · Ointments and Creams · Solids and Powders · Tablets and Capsules · Bulk Drugs
Exports :
Products :	Finished Goods
Countries :	· USA · European Countries · South America
Terms :
Selling :	Credit
Purchasing :	Credit

Notes:

1. The products of the Company are exempt from licensing procedures.

2. Installed capacity, being a technical matter, has not been verified by the auditors. However, the management has certified the same.

3. Actual production includes goods manufactured at third party manufacturing facilities on loan licence basis and at leased facilities, however same is not considered for the installed capacity disclosure.

GENERAL INFORMATION

Customer :

Wholesalers and Retailers

No. of Employees :

3000 (Approximately)

Bankers :

· Axis Bank Limited, Axis House, 2^nd Floor, E-Wing, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India [Tel No.: 91-22-43252525]

· Axis Bank Limited, 6^th Floor, Maker Tower “F”, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Secured Loan	31.03.2011	31.03.2010
	[Rs. In Millions]
Rupee term loans banks secured	269.630	1927.736
Total	269.630	1927.736

Banking Relations :	--
Auditors :
Name :	R.G.N. Price and Company Chartered Accountants
Address :	204, Parikh Building, N.G. Acharya Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25281531/ 67993443/ 25280291
Fax No.:	91-22-25280291
E-Mail :	rgn_price@vsnl.net rgn_price@mtnl.net.in
PAN No:	AAAFR0651G
Holding Company (As on 31.03.2011) :	Glenmark Pharmaceuticals Limited [L24299MH1977PLC019982]
Wholly Owned Subsidiary Companies (As on 31.03.2011) :	· Glenmark Generics (Europe) Limited, U.K. · Glenmark Generics Finance SA , Switzerland
Indirect Subsidiaries (As on 31.03.2011) :	· Glenmark Generics Inc, USA · Glenmark Generics S. A., Argentina · Glenmark Generics Holding S.A., Switzerland · Glenmark Generics B. V., Netherlands · Glenmark Arzneimittel GmbH, Germany
Associate / Fellow Subsidiary Companies (As on 31.03.2011) :	· Glenmark Exports Limited, India · Glenmark Dominicana SRL, Dominican Republic · Glenmark Impex L.L.C., Russia · Glenmark Philippines Inc., Philippines · Glenmark Farmaceutica Limited, Brazil · Glenmark Pharmaceuticals Europe Limited, UK · Glenmark Pharmaceuticals (Nigeria) Limited, Nigeria · Glenmark Pharmaceuticals (Malaysia) Sdn.Bhd., Malaysia · Glenmark Pharmaceuticals (Thailand) Company Limited, Thailand. · Glenmark Pharmaceuticals S.A., Switzerland · Glenmark Pharmaceuticals South Africa (Pty) Limited, South Africa · Glenmark South Africa (Pty) Limited, South Africa · Glenmark Pharmaceuticals (Australia) Pty. Limited, Australia · Glenmark Holding S.A., Switzerland · Glenmark Pharmaceuticals s.r.o, Czech Republic · Glenmark Pharmaceuticals S.R.L, Romania · Glenmark Pharmaceuticals Eood., Bulgaria. · Glenmark Pharmaceuticals Mexico s.a. de c.v., Mexico · Glenmark Pharmaceuticals Peru SAC., Peru · Glenmark Pharmaceuticals SP. z.o.o, Poland · Glenmark Distributors SP z.o.o, Poland · Glenmark Uruguay S.A., Uruguay · Glenmark Therapeutics Inc., USA · Glenmark Pharmaceuticals Egypt S. A. E., Egypt · Glenmark Pharmaceuticals FZE., United Arab Emirates · Glenmark Pharmaceuticals Venezuela C.A., Venezuala · Glenmark Pharmaceuticals Colombia Ltda., Colombia · Glenmark Pharmaceuticals SK S.R.O, Slovak Republic

CAPITAL STRUCTURE

AFTER 27.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
151074353	Equity Shares	Rs.10/- each	Rs.1510.744 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000000	Equity Shares	Rs.10/- each	Rs. 2000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
149955048	Equity Shares	Rs.10/- each	Rs. 1499.550 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1499.550	1496.030
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		9390.224	8963.095
4] (Accumulated Losses)		0.000	0.000
NETWORTH		10889.774	10459.125
LOAN FUNDS
1] Secured Loans		269.630	1927.736
2] Unsecured Loans		8002.932	3127.788
TOTAL BORROWING		8272.562	5055.524
DEFERRED TAX LIABILITIES		582.960	589.655
TOTAL		19745.296	16104.304
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3854.862	3952.815
Capital work-in-progress		1866.584	2895.725
INVESTMENT		1061.550	1061.550
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2489.695	2162.322
	Sundry Debtors	3892.883	3822.551
	Cash & Bank Balances	189.847	129.071
	Other Current Assets	0.000	0.000
	Loans & Advances	10595.314	4975.939
Total Current Assets		17167.739	11089.883
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1627.441	1565.575
	Other Current Liabilities	2557.125	1315.114
	Provisions	20.873	14.980
Total Current Liabilities		4205.439	2895.669
Net Current Assets		12962.300	8194.214
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		19745.296	16104.304

Note: Balance Sheet for the year 2012 is not available only Profit & Loss A/c is available.

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	12825.010	11045.200	8261.754
		Other Income	722.060	297.350	271.392
		TOTAL	13547.070	11342.550	8533.146
Less	EXPENSES
		Cost of materials consumed	6319.270	5108.150
		Purchases of stock-in-trade	37.370	36.300
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	83.730	(149.820)
		Employee benefit expense	934.710	605.230
		Other expenses	2731.170	2217.200
		TOTAL	10106.250	7817.060	5705.211
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3440.820	3525.490	2827.935
Less	FINANCIAL EXPENSES		470.170	438.900	851.376
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		2970.650	3086.590	1976.559
Less/ Add	DEPRECIATION/ AMORTISATION		387.820	326.380	268.388
	EXCEPTIONAL ITEMS		0.000	(2339.780)	0.000
	PROFIT BEFORE TAX		2582.830	420.430	1708.171
Less	TAX		399.500	(6.690)	219.093
	PROFIT AFTER TAX		2183.330	427.120	1489.078
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2954.315	2527.195	1038.117
	BALANCE CARRIED TO THE B/S		5137.645	2954.315	2527.195
	EARNINGS IN FOREIGN CURRENCY
		Export of goods calculated on FOB basis	10863.200	9150.834	6649.046
		Interest Income	181.700	243.846	69.445
		Others	0.000	5.577	9.154
	TOTAL EARNINGS		11044.900	9400.257	6727.645
	IMPORTS
		Capital Goods	NA	63.883	58.254
		Raw Materials and Packing Materials	NA	1051.161	869.068
	TOTAL IMPORTS		NA	1115.044	927.322
	Earnings Per Share (Rs.)
	- Basic		14.55	2.85	12.49
	- Diluted		14.43	2.82	12.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.12	3.77	17.45
Net Profit Margin (PBT/Sales)	(%)	20.14	3.81	20.68
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.00	11.36
Return on Investment (ROI) (PBT/Networth)		NA	0.04	0.16
Debt Equity Ratio (Total Debt/Networth)		NA	0.76	0.48
Current Ratio (Current Asset/Current Liability)		NA	4.08	3.83

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	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

STAMP NO: CALST/7288/2013 FILING DATE: 05.03.2013

STAMP NO: LPAST/7282/2013 MAIN MATTER

PETITIONER: MAHARASHTRA STATE ELECTRICITY DIST RESPONDENT: GLENMARK GENERICS LIMITED AND ORS

PETN.ADV: M. V. KINI AND COMPANY

DISTRICT: MUMBAI

BENCH: DIVISION

STATUS: PRE-ADMISSION

LAST DATE: 12.03.2013 STAGE:

LAST CORAM: REGISTRAR [JUDICIAL]

ACT: ELECTRICITY SUPPLIES ACT, 1948

UNSECURED LOAN

Unsecured Loan	31.03.2011	31.03.2010
	[Rs. In Millions]
Rupee term loans banks unsecured	3299.587	3127.463
Rupee term loans others unsecured	4702.750	0.000
Fixed deposits unsecured	0.595	0.325
Total	8002.932	3127.788

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10141439	20/10/2009 *	1,500,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, IST FLOOR, M.M.O. BUILDING, M.G.ROAD, FORT, MUMBAI – 400 023, MAHARASHTRA, INDIA	A72105059
2	10114486	19/12/2008 *	1,700,000,000.00	BANK OF INDIA	MAHALAXMI BRANCH, 8A-BHULABHAI DESAI ROAD, MUMBAI – 400 026, MAHARASHTRA, INDIA	A54985908

* Date of charge modification

Fixed Assets:

Tangible Assets

· Leasehold Land

· Factory Buildings

· Other Buildings and Premises

· Plant and Machinery

· Furniture and Fixtures

· Equipments

· Vehicles

Intangible Assets

· Computer Software

· Product Knowhow

· Goodwill

WEBSITE DETAILS:

PRESS RELEASES:

GLENMARK GENERICS ANNOUNCES THE SETTLEMENT OF PARAGRAPH IV LITIGATION WITH JANSSEN PHARMACEUTICALS, INC.

Under the terms of the agreement, Glenmark will launch a generic version of ORTHO TRI-CYCLEN® LO tablets as early as December 31, 2015

Glenmark Generics Inc., USA (GGI), the United States subsidiary of Glenmark Generics Limited (GGL), today announced the settlement of litigation pending between Glenmark and Janssen Pharmaceuticals, Inc. (Janssen) over patent actions concerning Norgestimate and Ethinyl Estradiol Tablets USP, 0.18/0.025 mg, 0.215/ 0.025 mg and 0.25/0.025 mg tablets, the generic version of Janssen ORTHO TRI-CYCLEN® LO tablets.
Under the terms of the Settlement Agreements, Glenmark will be able to market and distribute its Norgestimate and Ethinyl Estradiol Tablets USP, 0.18/0.025 mg, 0.215/ 0.025 mg and 0.25/0.025 mg tablets under a royalty bearing license from Janssen on December 31, 2015, or earlier under certain circumstances.
Janssen currently markets its product as ORTHO TRI-CYCLEN® LO in the United States, indicated for the prevention of pregnancy in women who elect to use oral contraceptives as a method of contraception. Total U.S. sales as reported by IMS Health for the 12 month period ending June 2012 were approximately USD 397 million.
About Glenmark Generics Limited

Glenmark Generics Limited (GGL) is a subsidiary of Glenmark Pharmaceuticals Limited (Glenmark) and aims to be a global integrated Generic and API leader. GGL has an established presence in North America and developing an EU presence It primarily sells its FDF products in the United States ("US") and the European Union ("EU"), as well as its oncology FDF products in South America. The Company supplies APIs to customers in approximately 63 countries, including the US, various countries in the EU, South America and India.

ATOVAQUONE PROGUANIL (MALARONE®) PATENT REVOKED AND GLENMARK LAUNCHES FIRST UK GENERIC

MUMBAI, February 7, 2013

Glenmark Generics (Europe) Limited (GGEL) announces the first generic launch of Atovaquone Proguanil in the UK following the revocation of the Malarone patent in the High court in the UK.

Judgement has today been handed down in the case of Glenmark Generics (Europe) Limited and Generics [UK] Limited t/a Mylan v The Wellcome Foundation and Glaxo Group Limited.

The case involved the revocation of Glaxo's patent for its anti-malarial product Malarone. Following proceedings in the High Court, Mr. Justice Arnold revoked Glaxo's patent on the basis that it was obvious.

Atovaquone Proguanil is indicated for the prophylaxis and treatment of acute, uncomplicated p.falciparum malaria particularly where there is likely to be resistance. Based on IMS Health sales data for the 12 month period ending Sept 2012, Atovaquone Proguanil garnered sales of Euro 20.69 million in the UK.

Glenmark Generics (Europe) Limited is part of Glenmark Generics Limited. The European arm is headquartered in the UK and operates through its own entities and distribution partners in the UK, Germany, the Netherlands, Denmark, Sweden and Ireland. Glenmark Generics (Europe) Limited has an exciting portfolio of more than 300 Marketing authorisations approved in Europe. In addition to these internal filings, GGEL continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio.

About Glenmark Generics Limited

Glenmark Generics Limited (GGL) is a subsidiary of Glenmark Pharmaceuticals Limited (Glenmark) and aims to be a global integrated Generic and API leader. GGL has an established presence in North America and developing an EU presence It primarily sells its FDF products in the United States ("US") and the European Union ("EU"), as well as its oncology FDF products in South America. The Company supplies APIs to customers in approximately 63 countries, including the US, various countries in the EU, South America and India.

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.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		61

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.