MIRA INFORM REPORT

Report Date :

12.02.2014

IDENTIFICATION DETAILS

Name :	SUN PHARMA LABORATORIES LIMITED
Registered Office :	Acme Plaza, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.01.1997
Com. Reg. No.:	11-240268
Capital Investment / Paid-up Capital :	Rs. 400.500 Millions
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 :	Manufacturing of Pharmaceutical Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 735000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Company has incurred loss from its operation in 2013. However, networth of the company appears to be strong. Liquidity position seems to be decent. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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 worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 :	Acme Plaza, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No. :	91-22-66969696
Fax No. :	Not Available
E-Mail :	sailesh.desai@sunpharma.com jagdish.sanghavi@sunpharma.com
Factory:	Plot No. 754, Nandok Block, Setipool, Gangtok – 737135, Sikkim, India

DIRECTORS

As on 28.09.2013

Name :

Mr. Dilip Shantilal Shanghvi

Designation :

Director

Address :

8^th Floor, Abhay Building, NS 9th Road, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

01.10.1955

Date of Appointment :

08.11.2012

PAN No.:

AMPPS4862F

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	01/04/2013	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
24	AAB-8221	AUTUS INVESTMENT FUND AIF LLP	Body corporate as Designated Partner	17/10/2013	17/10/2013	-	Active	NO

Name :

Mr. Sailesh Trambaklal Desai

Designation :

Director

Address :

A, 11^th Floor, Aditya Society, Samarth 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

Name :

Subhagmal Mohanchand Dadha

Designation :

Director

Address :

New No. 250/ Old No 268, Lloyds Road, Royapettah, Chennai - 600014, Tamilnadu, India

Date of Birth/Age :

23.10.1936

Date of Appointment :

09.08.2013

DIN No. :

00087414

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	U51397TN1946PTC005759	WARDEX PHARMACEUTICALS PRIVATE LIMITED	Director	29/08/1989	29/08/1989	-	Active	NO
2	L24230GJ1993PLC019050	SUN PHARMACEUTICAL INDUSTRIES LIMITED	Director	29/05/1997	29/05/1997	-	Active	NO
3	U24231TN1935PTC003302	DADHA PHARMA PRIVATE LIMITED	Whole-time director	30/11/2000	30/11/2000	-	Active	NO
4	U51397TN2004PTC053372	PLANET PHARMA WAREHOUSE PRIVATE LIMITED	Director	31/05/2004	31/05/2004	04/08/2009	Active	NO
5	U72200TN2004PTC053940	SANTEC SOLUTIONS PRIVATE LIMITED	Director	11/08/2004	11/08/2004	01/06/2007	Strike off	NO
6	U24239KL2007PLC020428	KERALA CHEMISTS AND DISTRIBUTORS ALLIANCE LIMITED	Director	01/03/2007	01/03/2007	02/03/2012	Active	NO
7	L73100GJ2006PLC047837	SUN PHARMA ADVANCED RESEARCH COMPANY LIMITED	Director	05/09/2007	04/06/2007	-	Active	NO
8	U51505TN2010PLC077105	RX DISTRIBUTION INDIA LIMITED	Director	24/08/2010	24/08/2010	-	Active	NO
9	U80210TN2011PTC080101	ABHAYA EDUCATION PRIVATE LIMITED	Director	28/09/2012	25/05/2011	-	Active	NO
10	U74900MH2012PTC235231	SUN PHARMA MEDICATION PRIVATE LIMITED	Additional director	26/06/2013	26/06/2013	-	Amalgamated	NO
11	U25200MH1997PLC240268	SUN PHARMA LABORATORIES LIMITED	Director	09/08/2013	09/08/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhay A. Gandhi
Designation :	Manager
Address :	E-402, Anmol Towers, Off. S.V. Road, Opp. Patel Petrol Pump, Goregaon – (West), Mumbai – 400062, Maharashtra, India
Date of Birth/Age :	25.05.1964
Date of Appointment :	01.08.2013
PAN No.:	AAXPG9162A
Name :	Divya Ligory Mascarenhas
Designation :	Secretary
Address :	304, Mukund Park, Sheetal Nagar, Mira Road (East), Thane – 401107, Maharashtra, India
Date of Birth/Age :	15.10.1990
Date of Appointment :	01.08.2013
PAN No.:	AZRPM3799C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2013

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

Note:

* holding shares for and on behalf of Sun Pharmaceutical Industries Limited (SPIL), as nominee of SPIL, jointly with SPIL To comply with the requirement of a public company to have a minimum of seven shareholders.

Names of Preference Shareholder	No. of Shares
Sun Pharmaceutical Industries Limited, India	4000000
Total	4000000

As on 28.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pharmaceutical Products.

Products :

Item Code No. (ITC Code)	Product Description
30049039	Pantocid - Pantoprazole
30049099	Gemer – Metformin and Glimepiride
30043919	Susten - Pregesterone
30049099	Aztor - Atorvastatin
30049099	Glucored - Glibenclamide Metformin

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	3, Diwani Mahal, N S Road, No.1, J V D Scheme, Mumbai - 400049
Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Holding Company :	Sun Pharmaceutical Industries Limited, India CIN No.: L24230GJ1993PLC019050
Subsidiary Company :	Universal Enterprises Limited CIN No.: L51491WB1984PLC038118
Fellow Subsidiary Company:	· Caraco Pharmaceuticals Private Limited CIN No.: U24100MH2012FTC225970 Sun Pharma Global (FZE) Alkaloida Chemical Company Zrt. Faststone Mercantile Company Private Limited CIN No.: U51900MH2006PTC159266 Realstone Multitrade Private Limited CIN No.: U51900MH2006PTC158889 Softdeal Trading Company Private Limited CIN No.: U51900MH2006PTC159237 Skisen Labs Private Limited CIN No.: U73100MH2005PTC150606 Neetnav Real Estate Private Limited CIN No.: U45200MH2010PTC201611
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Sun Pharma Advanced Research Company Limited CIN No.: L73100GJ2006PLC047837

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions
4,000,000	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
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million
4,000,000	Preference Shares	Rs.100/- each	Rs. 400.000 Millions
	Total		Rs. 400.500 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs.10/- each	Rs. 500.000 Millions
4,000,000	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
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.100	0.100
(b) Reserves & Surplus	183467.300	185655.300	1.010
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	400.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	183867.800	185655.400	1.110
(3) Non-Current Liabilities
(a) long-term borrowings	115.700	115.700	0.000
(b) Deferred tax liabilities (Net)	191.400	0.000	0.000
(c) Other long term liabilities	79.400	0.000	0.000
(d) long-term provisions	669.200	0.000	0.000
Total Non-current Liabilities (3)	1055.700	115.700	0.000
(4) Current Liabilities
(a) Short term borrowings	149.200	0.000	0.000
(b) Trade payables	836.500	0.100	0.000
(c) Other current liabilities	2983.600	0.000	0.016
(d) Short-term provisions	499.700	0.000	0.001
Total Current Liabilities (4)	4469.000	0.100	0.017
TOTAL	189392.500	185771.200	1.127
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2301.000	38.100	0.000
(ii) Intangible Assets	167637.200	182877.000	0.000
(iii) Capital work-in-progress	2009.900	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	128.200	115.700	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	693.800	14.100	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	172770.100	183044.900	0.000
(2) Current assets
(a) Current investments	3260.000	1.100	0.000
(b) Inventories	3624.700	1460.900	0.000
(c) Trade receivables	6044.100	1238.400	0.000
(d) Cash and cash equivalents	27.800	0.000	0.127
(e) Short-term loans and advances	3640.800	25.900	1.000
(f) Other current assets	25.000	0.000	0.000
Total Current Assets	16622.400	2726.300	1.127
TOTAL	189392.500	185771.200	1.127

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	26848.700	0.000	0.907
		Other Income	732.400	0.000	0.000
		TOTAL (A)	27581.100	0.000	0.907
Less	EXPENSES
		Cost of materials consumed	5415.200	0.000	0.000
		Purchases of stock-in-trade	1578.400	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	181.800	0.000	0.000
		Employee benefit expense	1915.900	0.000	0.000
		Other expenses	4501.700	0.100	0.107
		TOTAL (B)	13593.000	0.100	0.107
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13988.100	(0.100)	(0.800)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13988.100	(0.100)	(0.800)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15344.200	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(1356.100)	(0.100)	(0.800)
Less	TAX (H)		831.900	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2188.000)	(0.100)	(0.800)
	Earnings / (Loss) Per Share (Rs.)		(49297.70)	(4.30)	60.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(7.93)	0.00	(88.20)
Net Profit Margin (PBT/Sales)	(%)	(5.05)	0.00	(88.20)
Return on Total Assets (PBT/Total Assets}	(%)	(0.79)	0.00	(0.71)
Return on Investment (ROI) (PBT/Networth)		(0.001)	0.00	(0.72)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.72	27263.00	66.29

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	Yes
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

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Loans repayable on demand from other	115.700	115.700
SHORT TERM BORROWINGS
Loans repayable on demand from banks	149.200	0.000
Total	264.900	115.700

CHANGE OF ADDRESS

The registered office of the company has been shifted from 402, 4^th Floor, R. K. Centre, Fatah Gunj, Main Road, Vadodara – 390002, Gujarat, India to the present w.e.f. 24.01.2013.

SCHEME OF AMALGAMATION OF SUN PHARMA DRUGS PRIVATE LIMITEDAND SUN PHARMA MEDICATION PRIVATE LIMITED WITH THE COMPANY:

Your Company had entered into Scheme of Amalgamationwith Sun Pharma Drugs Private Limited (SPDPL) and Sun Pharma Medication Private Limited (SPMPL) both being the wholly owned subsidiary companies of the Parent,Sun Pharmaceutical Industries Limited The said Scheme has been sanctioned by the Hon'ble High Court of Bombay at its hearing held on 26^th July,2013 pursuant to Sections 391-394 of the Companies Act, 1956 with Appointed date as the close of business hours on 1stSeptember, 2012. On completion of the necessary formalities, the Amalgamation has been effective on 7^th August,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 assets, liabilities and reserves of SPMPL and SPDPL as at September 01, 2012 have been taken over at their book values subject to adjustments made for the differences in the accounting policies, if any, between the companies.

FIXED ASSETS

v Tangible Assets

Land

Buildings

Plant and Equipment

Furniture and Fixtures

Vehicles

Motor 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 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.62.44
UK Pound	1	Rs.102.48
Euro	1	Rs.85.28

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		46

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.