MIRA INFORM REPORT

Report Date :

07.10.2013

IDENTIFICATION DETAILS

Name :	SUN PHARMA LABORATORIES LIMITED (w.e.f. 01.10.2012) SUN PHARMA MEDICATION PRIVATE LIMITED AMALGAMATED WITH SUN PHARMA LABORATORIES LIMITED
Formerly Known As :	SUN RESINS AND POLYMERS LIMITED (w.e.f. 30.08.2012) SUN RESINS AND POLYMERS PRIVATE LIMITED
Registered Office :	Acme Plaza, Andheri-Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.01.1997
Com. Reg. No.:	11-240268
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U25200MH1997PLC240268
TAN No.: [Tax Deduction & Collection Account No.]	MUMS76383G
PAN No.: [Permanent Account No.]	AACCS6163P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 742000000
Status :	Yet to commenced commercial operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject has not yet commence it’s commercial operations as on management of the company has denied to disclose any information to us. However, as per the available financials the networth of the company appears to be good. Trade relationsa are reported to be improving. Business is active. Payment terms are unknown. In view of strong holding and experienced promoter’s the company can be considered for business dealings with some caution.

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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66969696)

LOCATIONS

Registered Office :	Acme Plaza, Andheri-Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	sailesh.desai@sunpharma.com jagdish.sanghavi@sunpharma.com
Plant :	EOU-I, Survey No. 259/15, Dadra - 396191 Dadra and Nagar Haveli, India

DIRECTORS

As on 27.05.2013

Name :

Mr. Dilip Shantilal Shanghvi

Designation :

Director

Address :

801, Abhay Building, 8^th Floor, NS 9^th Road, Nutan Laxmi Co-Op Soc. JVPD Scheme, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

01.10.1955

Date of Appointment :

08.11.2012

DIN No. :

00005588

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	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Managing director	01/04/2013	01/03/1993	-	Active	NO
2	U65910GJ1994PTC023689	SUN FASTFIN SERVICES PRIVATE LIMITED	Director	28/11/1994	28/11/1994	21/02/2011	Active	NO
3	U24219GJ1995PTC028519	SUN PETROCHEMICALS PRIVATE LIMITED	Director	21/12/1995	21/12/1995	-	Active	NO
4	U24119GJ1997PTC031528	SUN SPECIALITY CHEMICALS PRIVATE LIMITED	Director	17/01/1997	17/01/1997	10/03/2009	Active	NO
5	U25200MH1997PLC240268	SUN PHARMA LABORATORIES LIMITED	Director	08/11/2012	17/01/1997	-	Active	NO
6	U91990MH2004NPL146501	SHANTILAL SHANGHVI FOUNDATION	Director	24/05/2004	24/05/2004	-	Active	NO
7	L73100GJ2006PLC047837	SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED	Managing director	01/03/2012	01/03/2006	-	Active	NO
8	U40102MH2009PTC194161	ADITYA THERMAL ENERGY PRIVATE LIMITED	Director	17/07/2009	17/07/2009	-	Active	NO
9	U45200MH2008PTC211984	ALFA INFRAPROP PRIVATE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO
10	U74900MH2012PTC235231	SUN PHARMA MEDICATION PRIVATE LIMITED	Director	31/08/2012	31/08/2012	-	Amalgamated	NO
11	U74120MH2012PTC235214	SUN PHARMA DRUGS PRIVATE LIMITED	Director	31/08/2012	31/08/2012	-	Amalgamated	NO

Name :

Mr. Sudhir Vrundavandas Valia

Designation :

Director

Address :

801, Alaap Building, 8^th Floor, 173, Sir Balchandra Road, Dadar (East), Mumbai – 400014, Maharashtra, India

Date of Birth/Age :

26.07.1956

Date of Appointment :

08.11.2012

DIN No. :

00005561

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	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Whole-time director	01/04/2009	31/01/1994	-	Active	NO
2	U24219GJ1995PTC028519	SUN PETROCHEMICALS PRIVATE LIMITED	Director	11/03/1999	11/03/1999	-	Active	NO
3	U67120MH1993PTC072685	LAKSHDEEP INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	11/10/2001	11/10/2001	-	Active	NO
4	U24100MH1990PTC058944	KARAD CHEMICALS AND ALLIED PRODUCTS PRIVATE LIMITED	Director	28/10/2002	28/10/2002	-	Active	NO
5	U69120MH1995PLC090219	SEJRAJ FINANCIAL SERVICES LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
6	U65990MH1996PLC099574	NISHA CAPITAL SERVICE LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
7	U67120MH1996PTC099627	MINAXI FISCAL SERVICES PRIVATE LIMITED	Director	20/08/2003	20/08/2003	-	Active	NO
8	U67120MH1995PLC086479	EKLAVYA SECURITIES LIMITED	Director	29/09/2003	29/09/2003	-	Active	NO
9	U91990MH2004NPL146501	SHANTILAL SHANGHVI FOUNDATION	Director	24/05/2004	24/05/2004	-	Active	NO
10	L73100GJ2006PLC047837	SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED	Director	01/03/2006	01/03/2006	-	Active	NO
11	U45201MH2008PLC180675	SURAKSHA REALTY LIMITED	Director	01/04/2008	01/04/2008	01/07/2013	Active	NO
12	U40102MH2009PTC194161	ADITYA THERMAL ENERGY PRIVATE LIMITED	Director	17/07/2009	17/07/2009	-	Active	NO
13	U45200MH2008PTC211984	ALFA INFRAPROP PRIVATE LIMITED	Director	26/03/2010	26/03/2010	-	Active	NO
14	U91990MH2005NPL151114	KRISHNA VRUNDAVAN PRATISHTHAN	Additional director	15/09/2011	15/09/2011	-	Active	NO
15	U74900MH2012PTC235231	SUN PHARMA MEDICATION PRIVATE LIMITED	Director	31/08/2012	31/08/2012	01/07/2013	Amalgamated	NO
16	U74120MH2012PTC235214	SUN PHARMA DRUGS PRIVATE LIMITED	Director	31/08/2012	31/08/2012	-	Amalgamated	NO
17	U25200MH1997PLC240268	SUN PHARMA LABORATORIES LIMITED	Director	08/11/2012	30/10/2012	-	Active	NO
18	U64200DL2012PTC231991	TELEWINGS COMMUNICATIONS SERVICES PRIVATE LIMITED	Director	12/12/2012	12/12/2012	-	Active	NO
19	U01403MH2013PTC244872	KOPTA ESTATE PRIVATE LIMITED	Director	27/06/2013	27/06/2013	-	Active	NO
20	AAA-0678	THIRDWAVE MULTITRADE LLP	Designated Partner	02/02/2010	02/02/2010	-	Active	NO
21	AAA-1576	SURAKSHA BUILDWELL LLP	Body corporate as Designated Partner	11/06/2010	11/06/2010	-	Active	NO
22	AAA-5235	SILVERSTREET DEVELOPERS LLP	Designated Partner	17/06/2011	17/06/2011	-	Active	NO
23	AAB-7607	VIJAY SURAKSHA REALTY LLP	Body corporate as Designated Partner	12/09/2013	12/09/2013	-	Active	NO

Name :

Mr. Sailesh Trambaklal Desai

Designation :

Director

Address :

A, 11^th Floor, Aditya Society, Samanth Ram Das Marg, Gulmohur Cross Road No.7, JVPD, Vile Parle (West), Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

15.07.1954

Date of Appointment :

08.11.2012

DIN No. :

00005443

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	U65910GJ1994PTC023689	SUN FASTFIN SERVICES PRIVATE LIMITED	Director	11/03/1999	11/03/1999	21/02/2011	Active	NO
2	U24119GJ1997PTC031528	SUN SPECIALITY CHEMICALS PRIVATE LIMITED	Director	11/03/1999	11/03/1999	10/03/2009	Active	NO
3	U25200MH1997PLC240268	SUN PHARMA LABORATORIES LIMITED	Director	08/11/2012	11/03/1999	-	Active	NO
4	U24230GJ1997PLC031523	UNIMED TECHNOLOGIES LIMITED.	Director	22/03/1999	22/03/1999	28/03/2009	Active	NO
5	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Whole-time director	01/04/2009	25/03/1999	-	Active	NO
6	U74999GJ2001PLC039465	PRATHAM PREMISES OWNERS MAINTENANCE CO LIMITED	Director	05/12/2002	05/12/2002	-	Active	NO
7	U91990MH2004NPL146501	SHANTILAL SHANGHVI FOUNDATION	Director	24/05/2004	24/05/2004	-	Active	NO
8	U24230MH1996PLC101370	M J PHARMACEUTICALS LIMITED	Director	31/03/2005	31/03/2005	-	Active	NO
9	L73100GJ2006PLC047837	SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED	Director	01/03/2006	01/03/2006	04/06/2007	Active	NO
10	L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	Director	09/08/2007	03/01/2007	21/03/2009	Active	NO
11	U74900MH2012PTC235231	SUN PHARMA MEDICATION PRIVATE LIMITED	Director	31/08/2012	31/08/2012	-	Amalgamated	NO
12	U74120MH2012PTC235214	SUN PHARMA DRUGS PRIVATE LIMITED	Director	31/08/2012	31/08/2012	-	Amalgamated	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.05.2013

Names of Equity Shareholders	No. of Shares
Sun Pharmaceutical Industries Limited, India	49994
Dilip Shantilal Shanghvi	1
Sudhir Vrundavandas Valia	1
Sailesh Trambaklal Desai	1
Sunil R. Ajmera	1
Ashok I. Bhuta	1
Dinesh R. Desai	1
Total	50000

Allottees as on 10.08.2013

Names of Allottees	No. of Shares
Sun Pharmaceutical Industries Limited, India	4000000
	4000000

As on 27.05.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Products.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Valia and Timbadia Chartered Accountants
Address :	117, Bora Bazar Street, Trinity Chambers, 3^rd Floor, R No 31/32, Fort, Mumbai – 400001, Maharashtra, India
Tel. No. :	91-22-24095981/ 24096420
Fax No. :	91-22-22641937
E-Mail :	valtim@bom5.vsnl.net.in
PAN No. :	AAAFV2769H
Holding Company :	Sun Pharmaceutical Industries Limited CIN No.: L24230GJ1993PLC019050

CAPITAL STRUCTURE

After 27.05.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions
4000000	Preference Shares	Rs.100/- each	Rs. 400.000 Millions
	Total		Rs. 900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million
4000000	Preference Shares	Rs. 100/- each	Rs. 400.000 Millions
	Total		Rs. 400.500 Millions

As on 27.05.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions
4000000	Preference Shares	Rs.100/- each	Rs. 400.000 Millions
	Total		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million
100	Preference Shares	Rs.100/- each	Rs. 0.010 Million
	Total		Rs. 0.510 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000	Equity Shares	Rs.10/- each	Rs. 0.090 Million
100	Preference Shares	Rs.100/- each	Rs. 0.010 Million
	Total		Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	185655.257	1.010
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	185655.357	1.110
(3) Non-Current Liabilities
(a) long-term borrowings	115.665	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	115.665	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	0.075	0.016
(d) Short-term provisions	0.000	0.001
Total Current Liabilities (4)	0.075	0.017
TOTAL	185771.097	1.127
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	38.082	0.000
(ii) Intangible Assets	182877.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	115.650	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	14.145	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	183044.877	0.000
(2) Current assets
(a) Current investments	1.130	0.000
(b) Inventories	1460.858	0.000
(c) Trade receivables	1238.353	0.000
(d) Cash and cash equivalents	0.031	0.127
(e) Short-term loans and advances	25.848	1.000
(f) Other current assets	0.000	0.000
Total Current Assets	2726.220	1.127
TOTAL	185771.097	1.127

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.468
4] (Accumulated Losses)		0.000
NETWORTH		0.568
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.568
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.807
	Cash & Bank Balances	0.053
	Other Current Assets	0.000
	Loans & Advances	0.000
Total Current Assets		0.860
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	0.020
	Provisions	0.272
Total Current Liabilities		0.292
Net Current Assets		0.568
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.568

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.040	0.907	0.808
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.040	0.907	0.808
Less	EXPENSES
		Other Expenses	0.079	0.107
		TOTAL (B)	0.079	0.107	0.016 (Including Financial Expensesand Depreciation)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.039)	0.800
Less	FINANCIAL EXPENSES (D)		0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.039)	0.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.039)	0.800	0.792
Less	TAX (H)		0.000	0.259	0.272
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.039)	0.541	0.520
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.009	0.468	(0.052)
	BALANCE CARRIED TO THE B/S		0.970	1.009	0.468
	Earnings / (Loss) Per Share (Rs.)		(4.00)	60.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(97.50)	59.65	64.36
Net Profit Margin (PBT/Sales)	(%)	(97.50)	88.20	98.02
Return on Total Assets (PBT/Total Assets}	(%)	0.00	70.98	92.09
Return on Investment (ROI) (PBT/Networth)		0.00	0.72	1.39
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		36349.60	66.29	2.95

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	No
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Intercorporate borrowings	115.665	0.000
Total	115.665	0.000

OPERATIONS:

During the year, the Company has earned by way of dividend on mutual fund investments.

SCHEME OF ARRANGEMENT WITH SUN PHARMACEUTICAL INDUSTRIES LIMITED AND MEMBERS AND PENDING SCHEME OF MERGER OF SUN PHARMA DRUGS PRIVATE LIMITED AND SUN PHARMA MEDICATION PRIVATE LIMITED WITH THE COMPNAY:

The Company had entered into Scheme of Arrangement with Sun Pharmaceutical Industries Limited and Members for Spin off and Transfer of the Domestic Formulation Undertaking of Sun Pharmaceutical Industries Limited to the Company. The said Scheme has been sanctioned by the Hon'ble High Court of Gujarat and Hon'ble High Court of Bombay at their respective hearings held on 3rd May, 2013 pursuant to Sections 391-394 of the Companies Act, 1956 with Appointed date as the close of business hours on 31st March, 2012. On completion of the necessary formalities, the Demerger has been effective on 27th May, 2013 and the impact of the Scheme has been incorporated in the Audited Accounts for year under review. On giving effect of the Scheme, all the specified assets, movable, tangible and intangible assets pertaining to the Domestic Formulation Undertaking ofSun Pharmaceutical Industries Ltd., stands transferred to and /or vested in the Company as a going concern with effect from the appointed date i.e. March 31, 2012. The Scheme has been given effect to during the year and accordingly the transferred assets have been recorded in the books of the Company at their fair value of Rs.185654 Million with corresponding credit to Capital Reserve Account as provided under the Scheme of Arrangement.

The Company has filed with the Hon'ble High Court of Bombay the Scheme of Amalgamation of Sun Pharma Drugs Private Limited and Sun Pharma Medication Private Limited both being the wholly owned subsidiary companies of the Parent, Sun Pharmaceutical Industries Ltd with the Company, Sun Pharma Laboratories Limited and their respective members and creditors under sections 391 and 394 of the Companies Act, 1956 with effect from 1st September,2012 which is pending with the Hon'ble High Court of Bombay pending completion of necessary formalities.

CHANGE OF NAME :

On becoming thewholly owned subsidiary of Sun Pharmaceutical Industries Limited, the Company was converted into a Public Limited Company in terms of the resolution passed at the Extra Ordinary General Meeting of the Company held on March 30, 2012, and accordingly the name of the Company was changed from Sun Resins and Polymers Private Limited' to Sun Resins and Polymers Limited' pursuant to the Fresh Certificate of Incorporation Consequent upon Change of Name on Conversion to Public Limited Company dated August 30, 2012 issued by the Registrar of Companies, Gujarat.

Further, in pursuance of the resolution passed at the Extra Ordinary General Meeting of the Company held on September 24, 2012, the name of the Company was further changed from Sun Resins and Polymers Limited' to Sun Pharma Laboratories Limited' with effect from October 1, 2012.

CHANGE OF REGISTERED OFFICE OF THE COMPANY:

The Registered Office of the Company has been shifted from 402, 4^th Floor, R. K. Centre, Fateh Gunj Main Road, Baroda, Gujarat 390 002' to Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai 400059' with effect from February 12, 2013.

FIXED ASSETS

v Tangible Assets

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipments

v Intangible Assets

· Brands and Trade Marks

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 Declration :

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.61.41
UK Pound	1	Rs.99.29
Euro	1	Rs.83.68

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.