1. Summary Information

		Country	India
Company Name	HLL LIFECARE LIMITED	Principal Name 1	Mr. Ayyappan Madhavan Nair
Status	Good	Principal Name 2	Mr. Rakesh Prasad Khandelwal
		Registration #	09-002621
Street Address	HLL Bhavan, Mahilamandiram Road, Pooja Ppura, Thiruvananthapuram - 695012, Kerala, India
Established Date	01.03.1966	SIC Code	--
Telephone#	91-471-2355713	Business Style 1	Manufacturer
Fax #	91-471-2358890	Business Style 2	Marketer
Homepage	www.lifecarehll.com	Product Name 1	Contraceptive Products
# of employees	2000 (Approximately)	Product Name 2	Hospital Products
Paid up capital	Rs.1,935,350,000/-	Product Name 3	Pharma Products
Shareholders	Government [Central and State] – 100%	Banking	State Bank of India
Public Limited Corp.	No	Business Period	48 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	A (62)
Related Company
Relation	Country	Company Name	CEO
Associate	India	Hindustan Latex Family Planning Promotion Trust	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	10,435,843,000	Current Liabilities	3,510,690,000
Inventories	1,049,267,000	Long-term Liabilities	2,872,587,000
Fixed Assets	1,746,362,000	Other Liabilities	5,374,132,000
Deferred Assets	0,000	Total Liabilities	11,757,409,000
Invest& other Assets	2,308,097,000	Retained Earnings	1,846,810,000
		Net Worth	3,782,160,000
Total Assets	15,539,569,000	Total Liab. & Equity	15,539,569,000
Total Assets (Previous Year)	10,040,239,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	8,329,411,000	Net Profit	300,747,000
Sales(Previous yr)	6,085,572,000	Net Profit(Prev.yr)	205,405,000

MIRA INFORM REPORT

Report Date :

20.02.2013

IDENTIFICATION DETAILS

Name :	HLL LIFECARE LIMITED (w.e.f. 01.01.2009)
Formerly Known As :	HINDUSTAN LATEX LIMITED
Registered Office :	HLL Bhavan, Mahilamandiram Road, Pooja Ppura, Thiruvananthapuram - 695012, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.03.1966
Com. Reg. No.:	09-002621
Capital Investment / Paid-up Capital :	Rs. 1935.350 Millions
CIN No.: [Company Identification No.]	U25193KL1966GOI002621
PAN No.: [Permanent Account No.]	AAACH5598K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Marketer of contraceptive products around the globe. Subject also provides a variety of hospital products, pharma products and healthcare delivery services.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 15100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects strong financial risk profile supported by strong liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term: Term Loans = “A”
Rating Explanation	Adequate degree of safety and low credit risk.
Date	February, 2013

Rating Agency Name	ICRA
Rating	Short Term Non-Fund Based = “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	February, 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. Shreekumar
Designation :	Company Secretary
Contact No.:	91-471-2355713
Date :	18.02.2014

LOCATIONS

Registered Office :	HLL Bhavan, Mahilamandiram Road, Pooja Ppura, Thiruvananthapuram - 695012, Kerala, India
Tel. No.:	91-471-2355713
Fax No.:	91-471-2358890
E-Mail :	p_sreekumar@lifecarehll.com enquiry@lifecarehll.com
Website :	www.lifecarehll.com
Corporate Head Office :	Mahilamandiram Road, Poojappura, Thiruvananthapuram - 695012, Kerala, India
Tel. No.:	91-471 2354949
Fax No.:	91-471 2354949
E-Mail :	info@lifecarehll.com
Factory 1 :	Peroorkada, Thiruvananthapuram - 695005, Kerala, India
Tel. No.:	91-471-2437270 / 2433602
Fax No.:	91-471-2432409 / 2435013
E-Mail :	pft@lifecarehll.com
Factory 2 :	Kanagala , Belgaum – 591225, Karnataka , India
Tel. No.:	91-8333-279244 / 279207
Fax No.:	91-8333-279245 / 279206
E-Mail :	unitchiefkfb@lifecarehll.com
Factory 3 :	Plot No.16-A/1, Cochin Special Economic Zone, Kakkanad, Cochin - 682037 Kerala, India
Tel. No.:	91-484-2413332 / 241
Fax No.:	91-484-2413293
E-Mail :	csezunit@lifecarehll.com
Factory 4 :	Pidched road, Survey No. 1005 A, Medak, Gajewal - 502278, Andhra Pradesh, India
E-Mail :	enquiry@lifecarehll.com
Factory 5 :	Akkulam, Thiruvananthapura, Kerala, India
Tel. No.:	91-471-2441384 / 2442641
Fax No.:	91-471-2441383
E-Mail :	unitchiefaft@lifecarehll.com
Factory 6 :	Plot No. 71, Sector 7, IMT, Manesar, Gurgaon – 122051, Haryana, India
Tel. No.:	91-124-4030949
Fax No.:	91-124-4030949
E-Mail :	hllmfg@lifecarehll.com
Factory 6 :	11/12C,Sector E, Sanwer Road,Industrial Area, Indore - 452015, Madhaya Pradesh, India
Tel. No.:	91-731-2723016 / 2723017
Fax No.:	91-731-2723016 / 2723017
E-Mail :	hllindore@lifecarehll.com enquiry@lifecarehll.com

DIRECTORS

As on 06.09.2013

Name :

Mr. Ayyappan Madhavan Nair

Designation :

Managing director

Address :

Sreeprasadam, Thamarakulam Lane, Sasthamangalam, Thiruvananthapuram -695010, Kerala, India

Date of Birth/Age :

22.05.1956

Qualification :

Btech, MBA

Date of Appointment :

01.08.2008

PAN No.:

ABGPN2668C

Voter ID No.:

FVM1101617

DIN No.:

00117374

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	U25193KL1966GOI002621	HLL LIFECARE LIMITED	Managing director	01/08/2008	20/12/2005	-	Active	NO
2	U01119KL1976SGC002799	REHABILITATION PLANTATIONS LIMITED	Director	22/09/2006	22/09/2006	-	Active	NO
3	U85110KL2008PTC021819	LIFESPRING HOSPITALS PRIVATE LIMITED	Director	18/02/2008	07/02/2008	-	Active	NO
4	U24290KL2012GOI030732	HLL BIOTECH LIMITED	Director	12/03/2012	12/03/2012	-	Active	NO

Name :

Mr. Rakesh Prasad Khandelwal

Designation :

Whole-time director

Address :

E-504, Isptika Appartment, Plot No.27, Sector 4, Dwaraka, New Delhi, India

Date of Birth/Age :

03.05.1958

Qualification :

MBA,AICWA,A CS,LLB

Date of Appointment :

12.05.2009

PAN No.:

AEFPK4315K

DIN No.:

00388355

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	U24211DL1954GOI002377	HINDUSTAN INSECTICIDES LTD	Director	11/07/2005	11/07/2005	11/05/2009	Active	NO
2	U25193KL1966GOI002621	HLL LIFECARE LIMITED	Whole-time director	12/05/2009	12/05/2009	-	Active	NO
3	U24290KL2012GOI030732	HLL BIOTECH LIMITED	Director	28/03/2012	28/03/2012	-	Active	NO

Name :

Mr. Santhana Krishnan

Designation :

Whole time Director

Address :

TC 12/759 (19), Flat No. 4-B, Cloud 9, Apartments, Law College Road, Kunnukuzhi, Thiruvananthapuram - 695035, Kerala, India

Date of Birth/Age :

13.05.1956

Date of Appointment :

12.02.2013

DIN No.:

06507938

Name :

Mr. Sanjiv Kapoor

Designation :

Director

Address :

13/397, Civil Lines, Kanpur, Uttar Pradesh, India

Date of Birth/Age :

04.10.1953

Date of Appointment :

03.12.2010

DIN No.:

00004005

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	L45200MH1999PLC118949	MAHINDRA LIFESPACE DEVELOPERS LIMITED	Director	31/10/2003	31/10/2003	-	Active	NO
2	U65991MH1995PTC155207	SAHARA ASSET MANAGEMENT COMPANY PRIVATE LIMITED	Director	25/02/2004	25/02/2004	26/04/2007	Active	NO
3	U92490TN1997PLC037551	MAHINDRA WORLD CITY DEVELOPERS LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
4	U65999UP2000PLC025635	SAHARA INDIA LIFE INSURANCE COMPANY LIMITED	Director	10/07/2007	24/03/2007	27/06/2008	Active	NO
5	U67120UP1979PLC004876	U.P. STOCK EXCHANGE LIMITED	Director	22/11/2008	22/11/2008	23/09/2013	Active	NO
6	L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	Director	27/07/2010	28/07/2009	-	Active	NO
7	U45200MH2006PLC160730	AAMBY VALLEY LIMITED	Additional director	25/06/2010	25/06/2010	07/10/2010	Active	NO
8	L65921MH1994PLC173469	CAPRI GLOBAL CAPITAL LIMITED	Director	08/09/2010	10/07/2010	02/12/2010	Active	NO
9	U85110MH1997PLC109186	SAHARA INDIA MEDICAL INSTITUTE LIMITED	Director	20/09/2010	14/07/2010	-	Active	NO
10	U25193KL1966GOI002621	HLL LIFECARE LIMITED	Director	03/12/2010	03/12/2010	-	Active	NO
11	U67200MH1972GOI016133	GENERAL INSURANCE CORPORATION OF INDIA	Director	26/09/2011	26/09/2011	-	Active	NO
12	U24290KL2012GOI030732	HLL BIOTECH LIMITED	Nominee director	04/12/2012	04/12/2012	-	Active	NO

Name :

Aarti Vij

Designation :

Director

Address :

House No.31, Friends Colony, New Delhi - 110065, India

Date of Birth/Age :

16.11.1963

Date of Appointment :

03.12.2010

DIN No.:

03413556

Name :

Mr. Sanjay Kumar Srivastava

Designation :

Nominee Director

Address :

d-1/37, Satyamarg Chanakya Puri, New Delhi - 110021, India

Date of Birth/Age :

20.04.1957

Date of Appointment :

27.02.2013

DIN No. :

01658754

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
1	U63023DL2007PLC165676	CENTRAL RAILSIDE WAREHOUSE COMPANY LIMITED	Nominee director	01/08/2007	01/08/2007	05/08/2008	Active
2	U35201MH1990GOI223738	KONKAN RAILWAY CORPORATION LIMITED	Director	10/08/2009	10/08/2009	28/01/2013	Active
3	U01133GA1997SGC002323	GOA FOREST DEVELOPMENT CORPORATION LIMITED	Director	01/10/2010	01/10/2010	-	Active
4	U85191DL2008SGC178367	GEOSPATIAL DELHI LIMITED	Nominee director	09/01/2014	03/09/2012	-	Active
5	U74899DL1995GOI068150	DELHI METRO RAIL CORPORATION LIMITED	Nominee director	21/01/2014	05/09/2012	-	Active
6	U74140DL1983GOI015459	HOSPITAL SERVICES CONSULTANCY CORPORATION (INDIA) LIMITED	Director	27/02/2013	27/02/2013	-	Active
7	U25193KL1966GOI002621	HLL LIFECARE LIMITED	Nominee director	27/02/2013	27/02/2013	-	Active
8	U24290KL2012GOI030732	HLL BIOTECH LIMITED	Nominee director	05/03/2013	05/03/2013	-	Active
9	U60232DL2006PLC148406	DELHI INTEGRATED MULTI MODAL TRANSIT SYSTEM LIMITED.	Nominee director	09/01/2014	09/01/2014	-	Active
10	L24232DL1988PLC030958	INDRAPRASTHA MEDICAL CORPORATION LIMITED	Additional director	28/01/2014	28/01/2014	-	Active

Name :

Mr. Simhambhatla Kameswara Rao

Designation :

Nominee Director

Address :

D-11/83, Pandara Road, New Delhi - 110001, India

Date of Birth/Age :

10.07.1956

Date of Appointment :

12.09.2012

DIN No.:

06426779

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	U25193KL1966GOI002621	HLL LIFECARE LIMITED	Nominee director	12/09/2012	12/09/2012	Active	NO
2	U74140DL1983GOI015459	HOSPITAL SERVICES CONSULTANCY CORPORATION (INDIA) LIMITED	Director	21/09/2012	21/09/2012	Active	NO

Name :

Mr. Mohandas Karunakaran Nair

Designation :

Director

Address :

TC-4/1804, Ushasandhya, T.T.C. Junction, Thiruvananthapuram - 695003, Kerala, India

Date of Birth/Age :

18.02.1952

Date of Appointment :

07.01.2013

DIN No.:

06493283

KEY EXECUTIVES

Name :	Mr. Shreekumar
Designation :	Company Secretary
Name :	Mr. P Sreekumar
Designation :	Secretary
Address :	Jasmine, E-12 Sastri Nagar, Karamana PO, Thiruvananthapuram - 695002, Kerala, India
Date of Birth/Age :	30.05.1959
Date of Appointment :	31.05.2012
PAN No.:	ABFPN3963P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 06.09.2013

Names of Shareholders	No. of Shares
The President of India	1935344
Keshav Desiraju IAS	1
S.K. Srivastava	1
Simhambhatla Kameswara Rao	1
M. Ayyappan	1
K.K. Suresh Kumar	1
R.P. Khandelwal	1
Total	1935350

As on 06.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Government [Central and State]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Marketer of contraceptive products around the globe. Subject also provides a variety of hospital products, pharma products and healthcare delivery services.

Products :

Item Code No. (ITC Code)	Product Description
40141010	Male Contraceptive Condoms
30066020	Female Intra Utrain Device
30066010	Oral Contraceptivepills

Exports :

Products :

· Hilrab

· Hivac-B

· Hidox

· Hincryl, etc.

Countries :

· Brazil

· South Africa

· Dubai

Imports :

Products :

Raw Material

Countries :

· Brazil

· South Africa

· Dubai

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and Others (Doctor)

No. of Employees :

2000 (Approximately)

Bankers :

State Bank of India, Commercial Branch, Thycaud, Thiruvananthapuram - 695014, Kerala, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks (First charge over the fixed assets of the company excluding land and building, Equitable mortgage over the land at Noida and equitable mortgage as collateral over the land with building at Poojappura.)	326.549	184.751
SHORT TERM BORROWINGS
Working capital loans from banks (Hypothecation of the entire current assets of the company, collateral)	2346.038	1326.989
Total	2672.587	1511.740

Banking Relations :	--
Auditors :
Name :	Ananthan and Sundaram Chartered Accountants
Address :	Sivakarthi, 123, Sankar Nagar, Neeramankara, Kaimanam P.O, Thiruvananthapuram, Kerala, India
Income-tax PAN of auditor or auditor's firm :	AAEFA3563E
Joint venture:	Life Spring Hospitals Private Limited, India CIN No.: U85110KL2008PTC021819
Associate:	Hindustan Latex Family Planning Promotion Trust, India
Subsidiary company:	HLL Biotech Limited, India CIN No.: U24290KL2012GOI030732

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.1000/- each	Rs. 3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1935350	Equity Shares	Rs.1000/- each	Rs. 1935.350 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1935.350
(b) Reserves & Surplus	1846.810
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	3782.160
(3) Non-Current Liabilities
(a) long-term borrowings	526.549
(b) Deferred tax liabilities (Net)	96.884
(c) Other long term liabilities	0.000
(d) long-term provisions	5046.687
Total Non-current Liabilities (3)	5670.120
(4) Current Liabilities
(a) Short term borrowings	2346.038
(b) Trade payables	927.692
(c) Other current liabilities	2582.998
(d) Short-term provisions	230.561
Total Current Liabilities (4)	6087.289
TOTAL	15539.569
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1672.351
(ii) Intangible Assets	74.011
(iii) Capital work-in-progress	449.455
(iv) Intangible assets under development	0.000
(b) Non-current Investments	1858.642
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	5099.787
Total Non-Current Assets	9154.246
(2) Current assets
(a) Current investments	0.000
(b) Inventories	1049.267
(c) Trade receivables	4148.183
(d) Cash and cash equivalents	117.288
(e) Short-term loans and advances	855.055
(f) Other current assets	215.530
Total Current Assets	6385.323
TOTAL	15539.569

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		155.350	155.350
2] Share Application Money		280.000	0.000
3] Reserves & Surplus		1591.259	1404.250
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2026.609	1559.600
LOAN FUNDS
1] Secured Loans		1511.740	1576.146
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		1511.740	1576.146
DEFERRED TAX LIABILITIES		35.376	35.137
TOTAL		3573.725	3170.883
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1319.021	1167.458
Capital work-in-progress		306.241	158.117
INVESTMENT		78.542	78.542
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	743.483	573.931
	Sundry Debtors	2442.182	2269.923
	Cash & Bank Balances	142.370	509.295
	Other Current Assets	4363.726	3158.284
	Loans & Advances	644.674	436.505
Total Current Assets		8336.435	6947.938
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	791.055	829.467
	Other Current Liabilities	1319.519	1146.300
	Provisions	4355.940	3205.405
Total Current Liabilities		6466.514	5181.172
Net Current Assets		1869.921	1766.766
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		3573.725	3170.883

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	8329.411	6085.572	5331.062
		Other Income	70.634	103.730	80.923
		TOTAL (A)	8400.045	6189.302	5411.985
Less	EXPENSES
		Cost of materials consumed	1903.676	1395.058	1378.357
		Purchases of stock-in-trade	1836.552	866.304	809.273
		Employee benefit expense	1237.393	1085.140	987.629
		Other expenses	2972.491	2395.082	1764.640
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(276.918)	(93.650)	0.786
		TOTAL (B)	7673.194	5647.934	4940.685
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		726.851	541.368	471.300
Less	FINANCIAL EXPENSES (D)		140.268	77.583	52.437
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		586.583	463.785	418.863
Less/ Add	DEPRECIATION/ AMORTISATION (F)		208.496	158.147	145.133
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		378.087	305.638	273.730
Less	TAX (H)		77.340	100.233	90.592
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		300.747	205.405	183.138
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	1179.936	405.446	512.622
		FOB value of traded goods exported	10.730	90.538	0.000
	TOTAL EARNINGS		1190.666	495.984	512.622
	Earnings / (Loss) Per Share (Rs.)		155.40	1332.21	1186.67

Expected Sales (2013-2014) : Rs. 9000.000 Millions

The above information has been parted by Mr. Shreekumar (Company Secretary).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.58	3.32	3.38
Net Profit Margin (PBT/Sales)	(%)	4.54	5.02	5.13
Return on Total Assets (PBT/Total Assets}	(%)	2.86	3.17	3.37
Return on Investment (ROI) (PBT/Networth)		0.10	0.15	0.18
Debt Equity Ratio (Total Debt/Networth)		0.76	0.75	1.01
Current Ratio (Current Asset/Current Liability)		1.05	1.29	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5331.062	6085.572	8329.411
		14.153	36.871

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5331.062	6085.572	8329.411
Profit	183.138	205.405	300.747
	3.44%	3.38%	3.61%

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10413756	27/02/2013	328,841,768.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, THYCAUD, THIRUVANANTHAPURAM - 695014, KERALA, INDIA	B71434054
2	10038670	10/02/2007	100,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, SREE GANESH KRIPA, HOTEL JAS, ROAD, THYCAUD, THIRUVANANTHAPURAM - 695014, KERALA, INDIA	A11218724
3	90016152	05/02/2013 *	4,135,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, THYCAUD, THIRUVANANTHAPURAM - 695014, KERALA, INDIA	B71434740

CHANGE OF ADDRESS

The registered office of the company has been shifted from Latex Bhavan Mahilamandiram Road, Poojappura Trivandrum-695012, Kerala, India to the present address w.e.f. 21.12.2009

FINANCIAL PERFORMANCE

Despite an increasingly challenging economic environment, the Company continued to deliver strong results and drive robust growth. The Company's performance during the year under review has improved in terms of production, sales quantity as well as turnover and profitability.

The Company closed fiscal 2012-13 with a strong 37% growth in revenue from operations which touched Rs.8329.400 Millions. Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) at Rs.726.900 Millions was higher by 34% over last year (Rs.541.400 Millions in 2011-12). Profit after Tax (PAT) for the year at Rs.300.700 Millions was higher by 46% over last year (Rs.205.400 Millions in 2011-12).

Considering the value of transactions handled by the Procurement and Consultancy Business Group and Infrastructure Development Business Group, the total business handled by the Company during 2012-13 is Rs.13760.000 Millions compared to Rs.11120.000 Millions in the previous year.

DIVERSIFICATION /EXPANSION

Healthcare services

During the year, the Company signed a Memorandum of Understanding with the Government of Odisha for setting up Lifecare Centres and Hindlabs MRI Scan Centres in specified Government Medical College Hospitals. According to the MOU, the Company will set up Hindlabs MRI Scan centre with 1.5 Tesla MRI machine at two medical college hospitals i.e. VSS Medical College, Burla and MKCG Medical College, Berhampur with investment of Rs.570.000 Millions each; and establish Lifecare Centre in three medical college hospitals viz. VSS Medical College-Burla, MKCG Medical College, Berhampur and SCB Medical College, Cuttack. Apart from this, the MOU provides for establishing Capital Hospital Bhubaneswar and SCB Medical College Cuttack as Central Labs with more than 600 test menu, and with additional facilities like digital X-ray, 3D-USG, Uroglowmetry, PFT EGG, ECG, OPG, TMT, Echocardiography, Mammography, Dental X-ray. HLL will also establish diagnostic services in 32 districts of Odisha in partnership with Government of Odisha to deliver reliable, affordable and quality diagnostic services to the underprivileged in the interior districts of the state.

Lifecare Centre

The Company, in collaboration with Kerala State Health and Family Welfare Department, opened the State’s first exclusive specialty medical devices store under the trade name Lifecare Centre [LCC]. Lifecare Centres are comprehensive medical retail outlets offer surgic al implants, surgical consumables, essential life saving drugs, ophthalmic medicines and ophthalmic accessories such as lenses and frames. HLL opened its first Lifecare Centre at Thiruvananthapuram Medical College Hospital in Kerala in partnership with Government of Kerala in October 2011. The centre provides Surgical Implants, Consumables, and Life saving drugs at discount rates which comes up to 40 % of the market price. The Lifecare centre at the Regional Institute of Ophthalmology in Thiruvananthapuram, Kerala supplies ophthalmic products, including spectacles, lenses and frames at discount rates ranging from 10 to 60 percent. During current year, HLL started Lifecare Centres at General Hospital, Pathanamthitta and District Hospital Vadakara in Kerala and Shri Ramachandra Bhanj Medical College, Cuttack in Odisha. HLL will soon open Lifecare Centres at Medical College Hospitals in Burla and Berhampur, Odisha.

Generic Drug Stores

Popularizing Generic Medicines, its distribution and usage is now a focus area for Government of India. Generic drugs are relatively low-priced as compared with branded drugs and therefore can be a blessing to the poorer masses in meeting their healthcare needs. The Company has opened its first Generic drug stores at AIIMS, Jhajjar, Haryana and is aiming to replicate such outlets across the country. Some of the State Governments viz; Orissa, Andhra Pradesh have tied up with the Company to set up Generic Drug Stores in Government Medical Colleges and Hospitals in respective States.

Construction of office building at Mumbai

The Company is constructing an office building measuring 2466 sq. mt. of floor area at Kharghar, Mumbai at an estimated cost of Rs.111.000 Millions

Facility to manufacture Natural Rubber based Female Condoms

The Company installed plant and machinery necessary for manufacture of Natural Rubber based Female Condoms at its Peroorkada factory in Thiruvananthapuram in May 2013 and commercial production commenced in July 2013. The installed capacity of the plant is 25 Mn Pieces per year.

New facility for manufacturing Male Condoms

The Company has acquired a Condom manufacturing facility situated at Irapuram near Perumbavoor in Ernakulam district of Kerala. The Condom manufacturing facility is situated within the precincts of Rubber Park and in a leasehold plot of land admeasuring 3.06 acres. Rubber Park was set up by Rubber Park India (Private) Limited, which is a Joint Venture Company of Government of India and Government of Kerala with the objective of powering the progress of Rubber based industries in India. This new facility named Irapuram Factory Cochin (IFC) is expected to start commercial production by December 2013. IFC would be developed into a moulding hub with a capacity of 300 M.Pcs per annum to support manufacture of Male Condoms by 2014.

New products

During year 2012-13, the Company launched EMILY a hormone releasing intra uterine system primarily used for effective management of Dysfunctional Uterine Bleeding (DUB). EMILY was developed in-house by HLL Corporate R and D division in association with Sree Chitra Tirunal Institute for Medical Sciences and Technology, Trivandrum. EMILY is first of indigenous Intra Uterine hormonal system (IUS) substantiates HLL’s motto of providing quality health care at affordable cost.

The Company launched HICARE LIMO limb immobilizer for treating patients suffering from trauma caused by fractures. The low cost disposable and eco-friendly limb immobilization device has been developed by Biotech Consortium (India) Limited, New Delhi [BCIL], a company promoted by Department of Biotechnology, Ministry of Science and Technology at the All India Institute of Medical Sciences (AIIMS) in New Delhi.

The Company has tied-up with Nanjing Shuangwei Biotechnology Company for sourcing of leukocyte filters for manufacture of Leukocyte Reduction Blood Bag systems in Donato brand. Leukocyte reduction is essential for controlling post-transfusion reaction, which is very important for immuno-compromised patients like those undergoing organ transplant, paediatric heart surgery and those suffering from thalassemia who need frequent blood transfusion"

BUSINESS RESTRUCTURING

The Vision 2020 plan recommend restructuring of the organization into various Business Groups and adoption of a Matrix Organisation structure for the Company. Based on the Vision 2020 plan, the business of HLL Lifecare Limited is organized under Six Business groups namely (i) Condoms and FMCG (ii) Hospital Products, (iii) Pharma and other contraceptives, Vaccines and Sanitary Napkins, (iv) Procurement and Consultancy, (v) Infrastructure Developmet and (vi) Healthcare Services. The Group Heads of these newly formed Groups are primarily responsible for implementing Corporate Plan Vision 2020.

AWARDS

The Company was conferred the coveted Performance Excellence Award 2012 instituted by Indian Institute of Industrial Engineering (IIIE), in the Gold Category.

The Company has won the prestigious Indira Gandhi National Award (second prize) from Government of India for the outstanding performance made by the Company in Official Language implementation consecutively for the 7th time.

The company also received awards from Town Official Language Implementation Committee (TOLIC) for implementation of OL Policy.

The Hindi magazine Samanvaya bagged the first prize for best magazine instituted by TOLIC, Thiruvananthapuram

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS OUTLOOK

The Indian healthcare industry is growing rapidly, and expected to touch close to $240 billion by 2020. Recognizing the healthcare sector’s importance, the Government has allocated Rs.291650.000 Millionsto the Ministry of Health and Family Welfare, including Rs.209990.000 Millions to the National Health Mission. Education in health remains a priority, and the Government allocated Rs.19750.000 Millions to institutions such as All India Institute of Medical Sciences (AIIMS) under Pradhan Mantri Swasthya Suraksha Yojana (PMSSY), aimed at strengthening the tertiary sector, envisages setting up of new AIIMS-like institutions and upgradation of existing Government Medical College Institutions.

Additionally, the Government plans to bring into the mainstream practitioners of Ayurveda, Unani, Siddha and Homeopathy (AYUSH), and has allocated Rs.10690.000 Millions for this.

Economic growth and rapid urbanization have resulted in shifting demographics, increased ability to afford quality healthcare, changes in morbidity pattern with growing degenerative and lifestyle diseases, and greater penetration of health insurance. As the Company is primarily operating in the sphere of public healthcare delivery, the proposed plan outlay by the Government is expected to increase the business prospects of Company and the Company is gearing itself to drive benefits of emerging trends and opportunities.

NEW FACILITIES/ EXPANSION

Capacity Augmentation of Surgical Suture manufacturing facility

During the year, the Company has augmented the production capacity of Surgical Suture manufacturing facility at Akkulam Factory, Thiruvananthapuram [AFT] to 6.25L dozen per annum from the existing level of 1.25L dozen

Augmentation of Sanitary Napkin manufacturing facility

The Company contemplates to augment capacity for production of Sanitary Napkins at Kanagala, Belgaum by adding one more Sanitary napkin machine, including construction of a warehouse near the existing plant.

LNG Storage and Re-gasification facility

The Company is setting up a LNG Storage and Re-gasification facility at it Condom manufacturing at Peroorkada in Thiruvananthapuram as usage of LNG as an alternative for furnace oil has various advantages. The Company has signed an MOU with Petronet LNG Limited To implement the project.

New Condom manufacturing plant at Kochi

The Company plans to acquired a Condom manufacturing facility at Irapuram, Kochi having annual installed capacity 300 M.Pcs involving estimated investment of Rs.283.000 Millions.

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

· Computer Software

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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Information Gathered by :	PRT
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--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	NO
--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		62

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.