MIRA INFORM REPORT

Report Date :

06.01.2014

IDENTIFICATION DETAILS

Name :	ALEMBIC LIMITED (w.e.f. 31.05.1999)
Formerly Known As :	Alembic Chemical Works Company LIMITED
Registered Office :	Alembic Road, Vadodara – 390033, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.07.1907
Com. Reg. No.:	04-000033
Capital Investment / Paid-up Capital :	Rs. 267.040 Millions
CIN No.: [Company Identification No.]	L26100GJ1907PLC000033
TAN No.: [Tax Deduction & Collection Account No.]	BRDA00819A
PAN No.: [Permanent Account No.]	AABCA7950P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Bulk Drugs and also Real Estate Business.
No. of Employees :	4058 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 8200000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an old and established company having satisfactory track record. Company has performed well. Networth of the company appears to be strong. Trade relations are reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Fund Based facilities: BBB
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	March, 2013

Rating Agency Name	ICRA
Rating	Short Term Non Fund Based facilities: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	March, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Umesh
Designation :	Accounts Department
Contact No.:	91-265-2280550
Date :	03.01.2014

LOCATIONS

Registered/ Corporate Office/ Factory 1 :	Alembic Road, Vadodara – 390033, Gujarat, India
Tel. No.:	91-265-2284074/ 75/ 2280550/ 2280880/ 3053333
Fax No.:	91-265-2280331/ 2228293/ 2281229/ 2282506/ 2282934/ 2281508/ 2282506/ 2284728
E-Mail :	sanjay.bhatt@alembic.co.in alembic@alembic.co.in chirag.shukla@alembic.co.in info@alembic.co.in
Website :	http://www.alembic-india.com http://www.alembiclimited.com
Location :	Owned
Factory 2 :	Wind Mills at Village Ukharla/ Trambak, Tal-Ghogha, District Bhavnagar, Gujarat, India
Factory 3:	Panelav, Tal. Halol, District Panchmahal – 389350, Gujarat, India
Factory 4:	Plot No. 21, 22 , EPIP - Phase I Jhamajri, Baddi, Tehsil - Nalagarh District Solan, Himachal Pradesh, India
Factory 5:	Village Karakhadi, Taluka Padra District Vadodara, Gujarat, India
Alembic Research Centre :	Division of Alembic Limited, Alembic Campus, Vadodara – 390003, Gujarat, India
Tel No.:	91-265-3007989/ 3007874
Branch Office :	2nd  Floor, Prime Corporate Park, Behind ITC Grand Maratha Sheraton, Sahar Road,  Andheri  (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-30611698/ 30611682
Fax No.:	91-22-30611682

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Chirayu R. Amin
Designation :	Chairman
Address :	F-10/192, Race Course Circle, Vadodara – 390 007, Gujarat, India
Qualification :	B. Sc., MBA
Date of Appointment :	01.05.1983
Name :	Mrs. Malika C. Amin
Designation :	Director
Address :	F-10/192, Race Course Circle, Vadodara – 390 007, Gujarat, India
Date of Birth/Age :	58 Years
Qualification :	M.A.
Experience :	28 Years
Date of Appointment :	02.07.1988
Name :	Mr. Udit Amin
Designation :	Director and President - Real Estate Business (w.e.f. 24-04-2013)
Name :	Dr. Babubhai R. Patel
Designation :	Director (Upto 13-08-2012)
Address :	Opposite Brahman Sabha Hall, Pradap Road, Vadodara – 390 001, Gujarat, India
Qualification :	M.A., MRCP EDIN.
Name :	Mr. Milin Mehta
Designation :	Director
Date of Appointment:	30.03.2010
Name :	Mr. Ramanlal M. Kapadia
Designation :	Director
Address :	49/50, Marti Mandir Society, Iskon Temple Road, Vadodara – 390 007, Gujarat, India
Qualification :	M. Com. LLB., DTP, FICWA, FCS, AIMA.DM
Name :	Mr. C. P. Buch
Designation :	Director (w.e.f. 14-08-2012)
Name :	Mr. Ashok Tulankar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Umesh
Designation :	Accounts Department
Name :	Mr. Chirag K. Shukla
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	13402430	10.04
Bodies Corporate	72021572	53.94
Sub Total	85424002	63.98
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	85424002	63.98
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	473100	0.35
Foreign Institutional Investors	11249034	8.43
Any Others (Specify)	3600	0.00
Overseas Corporate Bodies	750	0.00
Any Other	2850	0.00
Sub Total	11725734	8.78
(2) Non-Institutions
Bodies Corporate	6080865	4.55
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	22637369	16.95
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	6834626	5.12
Any Others (Specify)	813318	0.61
Clearing Members	275790	0.21
Non Resident Indians	527998	0.40
Trusts	9530	0.01
Sub Total	36366178	27.24
Total Public shareholding (B)	48091912	36.02
Total (A)+(B)	133515914	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	133515914	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a %
1	Shreno Limited	18368780	13.76
2	Whitefield Chemtech Private Limited	18285230	13.70
3	Sierra Investments Limited	16792070	12.58
4	Nirayu Private Limited	16899137	12.66
5	Chirayu R Amin	3273015	2.45
6	Malika C Amin	2912310	2.18
7	Yera Ramanbhai Amin	1080915	0.81
8	Chirayu R Amin	1073250	0.80
9	Pranav C Amin	1009800	0.76
10	Udit C Amin	1006980	0.75
11	Vidyanidhi Trust	809550	0.61
12	Ninochaka A Kothari	632900	0.47
13	Shaunak C Amin	614940	0.46
14	Shaunak C Amin	392040	0.29
15	Sierra Investments Limited	375600	0.28
16	Shreya Rupendra Mukharji	339860	0.25
17	Arogyavardhini Society	280950	0.21
18	Chirayu R Amin	205200	0.15
19	Anup N Kothari	190000	0.14
20	Jyoti S Patel	163800	0.12
21	Jyoti S Patel	162000	0.12
22	Jyoti S Patel	162000	0.12
23	Utkarsh Vidyakendra	146250	0.11
24	Malika C Amin	80820	0.06
25	Ujjwal Vidyalaya	62250	0.05
26	Naintara Shaunak Amin	30000	0.02
27	Samira Pranav Amin	30000	0.02
28	Ranvir P Amin	30000	0.02
29	Malika C Amin	12600	0.01
30	Viramya Packlight Limited	900	0.00
31	Paushak Limited	855	0.00
	Total	85424002	63.98

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as %
1	Lotus Global Investment Limited	6007770	4.50
2	Elara India Opportunities Fund	5225873	3.91
3	Finquest Securities Private Limited	3174233	2.38
4	Minal B Patel	1578500	1.18
	Total	15986376	11.97

BUSINESS DETAILS

Line of Business :	Manufacturer of Bulk Drugs and also Real Estate Business.
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

4058 (Approximately)

Bankers :

v Bank of Baroda

v Axis Bank Limited

v HDFC Bank Limited

v Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
From Banks Working Capital facilities [Secured against first hypothecation on Stocks and Book Debts ranking pari passu - @ varying Coupon repayable on demand]	250.902	403.277
Total	250.902	403.277

Banking Relations :	--
Auditors :
Name :	K. S. Aiyar and Company Chartered Accountants
Address :	Laxmi Estate No. F-07/08, Shakti Mills Lane, Off Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Associate Companies :	v Alembic Pharmaceuticals Limited v Paushak Limited v Sierra Healthcare Limited v Alembic Export Limited v Nirayu Private Limited v Quick Flight Limited v Whitefield Chemtech Private Limited v Shreno Limited v Sierra Investments Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs. 2/- each	Rs. 300.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
138464270	Equity Shares	Rs. 2/- each	Rs. 276.929 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
133515914	Equity Shares	Rs. 2/- each	Rs. 267.031 Millions
9365	Add: Forfeited Equity Shares	Rs. 2/- each	Rs. 0.009 Million
	Total		Rs. 267.040 Millions

Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars	31.03.2013
	Numbers	Rs. in Millions
At the beginning of the period	133515914	267.031
Issued during the period	--	--
Outstanding at the end of the period	133515914	267.031

The rights, preferences and restrictions including restrictions on the distribution of dividends and the repayment of capital

The company is having only one class of shares i.e. Equity carrying a nominal value of Rs. 2/- per share

Every holder of the equity share of the Company is entitled to one vote per share held

In the event of liquidation of the Company, the equity shareholders will be entitled to receive remaining assets of the Company after the distribution / repayment of all creditors. The distribution to the equity shareholders will be in proportion of the number of shares held by each shareholder

The Company declares and pays dividend on the equity shares in Indian Rupees. Dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting

During the year ended 31st March, 2013 an amount of ` 0.20 of dividend per equity share was proposed for the equity shareholders (P.Y. NIL)

Shares in the company held by each shareholder holding more than 5 percent shares specifying the number of shares held

Name of Shareholders	31.03.2013
	Numbers	% held
Shreno Limited	18368780	13.76%
Whitefield Chemtech Private Limited	18285230	13.70%
Sierra Investments Limited	16792070	12.58%
Nirayu Private Limited	16599313	12.43%

Aggregate number of equity shares bought back during last 5 years : 4938991 equity shares

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	267.040	267.040	267.040
(b) Reserves & Surplus	1791.315	1704.645	1826.620
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2058.355	1971.685	2093.660
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	301.818	302.852	7.574
(d) long-term provisions	9.272	9.825	13.460
Total Non-current Liabilities (3)	311.090	312.677	21.034
(4) Current Liabilities
(a) Short term borrowings	250.902	1033.277	679.954
(b) Trade payables	479.528	256.802	479.428
(c) Other current liabilities	209.307	287.054	67.914
(d) Short-term provisions	130.647	62.487	61.403
Total Current Liabilities (4)	1070.384	1639.620	1288.699
TOTAL	3439.829	3914.982	3403.393
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1853.794	1949.504	2020.763
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	30.116	4.257	0.994
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	234.285	234.285	162.376
(c) Deferred tax assets (net)	27.338	19.797	5.624
(d) Long-term Loan and Advances	4.136	7.099	19.551
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2149.669	2214.942	2209.308
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	973.386	942.482	622.640
(c) Trade receivables	182.922	160.411	471.478
(d) Cash and cash equivalents	12.688	31.428	30.271
(e) Short-term loans and advances	121.164	565.719	69.696
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1290.160	1700.040	1194.085
TOTAL	3439.829	3914.982	3403.393

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	1792.155	1207.812	2019.303
		Other Income	103.188	64.468	26.233
		TOTAL	1895.343	1272.280	2045.536
Less	EXPENSES
		Cost of materials consumed	408.817	777.404	1267.985
		Cost of Construction	459.218	0.000	7.008
		Changes in inventories of Finished Goods and Work in process	145.023	(244.495)	36.855
		Employee Benefit Expenses	244.732	255.088	296.842
		Other expenses	377.583	434.336	380.578
		TOTAL	1635.373	1222.333	1989.268
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		259.970	49.947	56.268
Less	FINANCIAL EXPENSES		51.435	52.039	23.988
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		208.535	(2.092)	32.280
Less/ Add	DEPRECIATION/ AMORTISATION		98.442	109.320	100.677
Less	EXCEPTIONAL ITEMS - VOLUNTARY RETIREMENT SCHEME		0.000	24.763	42.232
	PROFIT/ (LOSS) BEFORE TAX		110.093	(136.175)	(110.629)
Less	TAX		(4.841)	(14.199)	18.390
	PROFIT/ (LOSS) AFTER TAX		114.934	(121.976)	(129.019)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	79.293	85.789	212.406
	IMPORTS
		Raw Materials	13.611	59.466	123.713
		Stores & Spares	2.888	6.270	3.188
		Capital Goods	0.000	0.000	0.194
	TOTAL IMPORTS		16.499	65.736	127.095
	Earnings/ (Loss) Per Share (Rs.)		0.86	(0.91)	(0.97)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.06	(9.59)	(6.31)
Net Profit Margin (PBT/Sales)	(%)	6.14	(11.27)	(5.48)
Return on Total Assets (PBT/Total Assets}	(%)	3.50	(3.72)	(3.42)
Return on Investment (ROI) (PBT/Networth)		0.05	(0.07)	(0.05)
Debt Equity Ratio (Total Debt/Networth)		0.12	0.52	0.32
Current Ratio (Current Asset/Current Liability)		1.21	1.04	0.93

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

SPECIAL CIVIL APPLICATION No. 16520 of 2013

Status: PENDING ( Converted from : C/ST/16638/2013 ) CCIN No: 001021201316520

Next Listing Date: 09/01/2014

Coram

· HONOURABLE MR.JUSTICE N.V.ANJARIA

Not Before :

· HONOURABLE MR.JUSTICE KSHITIJ R.VYAS · HONOURABLE MR.JUSTICE N.G.NANDI · HONOURABLE MR.JUSTICE P.B.MAJMUDAR · HONOURABLE MR.JUSTICE Y.B.BHATT

S.NO.

Name of the Petitioner

Advocate On Record

1

MAHA GUJARAT INDUSTRIAL EMPLOYEES UNION

MR TR MISHRA for: Petitioner(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1
10

11
2
3

4
5
6
7
8
9

ALEMBIC LIMITED

REGIONAL PROVIDENT FUND COMMISSIONER
REGIONAL DIRECTOR

PARMAR SERVICES

GILBERT ENGINEERING COMPANY
MADHUKAR B SINDE

JAGDISHBHAI VERMA

SAI CORPORATION

DHARMESHBHAI PUROHIT

STATE OF GUJARAT

DEPUTY COMMISSIONER OF LABOUR
more

NANAVATI ASSOCIATES for :Respondent(s) 1
MR NK MAJMUDAR for :Respondent(s) 10
NOTICE SERVED for :Respondent(s) 9

Presented On : 25/10/2013 Registered On : 25/10/2013

Bench Category : -- District : VADODARA

Case Originated From: THROUGH ADVOCATE Listed : 3 times

Stage Name : NOTICE & ADJOURNED MATTERS

Classification	SJ - LABOUR - CONTRACT LABOUR (REGULATION AND ABOLITION) ATCT, 1970
Act	CONTRACT LABOUR (REGULATION AND ABOLITION) ACT, 1970

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

25/10/2013

VAKALATNAMA

MR TR MISHRA ADVOCATE
for PETITIONER(s) 1

5

MR TR MISHRA(483) for P:1

2

25/10/2013

MEMO OF APPEAL/PETITION/SUIT

MR TR MISHRA ADVOCATE
for PETITIONER(s) 1

100

MR TR MISHRA(483), for P:1

3

28/11/2013

VAKALATNAMA

MR NK MAJMUDAR ADVOCATE
for RESPONDENT(s) 10

5

MR NK MAJMUDAR(430) for R:10

4

16/12/2013

VAKALATNAMA

NANAVATI ASSOCIATES ADVOCATE
for RESPONDENT(s) 1

5

NANAVATI ASSOCIATES(1375) for R:1

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	11/11/2013	19	1-	FOR REGULAR ADMISSION	FIXED NOTICE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
2	28/11/2013	19	51	NOTICE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
3	20/12/2013	19	72	NOTICE & ADJOURNED MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE N.V.ANJARIA
4	09/01/2014	19	72	NOTICE & ADJOURNED MATTERS		· HONOURABLE MR.JUSTICE N.V.ANJARIA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	SPECIAL CIVIL APPLICATION/16520/2013	· HONOURABLE MR.JUSTICE N.V.ANJARIA	11/11/2013	N	ORDER	-	Y	Download

CURRENT MATURITIES OF LONG TERM DEBT: NOT AVAILABLE

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10004303	30/06/2011 *	500,000,000.00	BANK OF BARODA & OTHER BANKS	FIRST FLOOR, BANK OF BARODA BUILDING, R. C. DUTT ROAD, VADODARA - 390007, GUJARAT, INDIA	B16858458

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Others from related parties
Inter Corporate Deposits Repayable on Demand @ coupon of 11%	0.000	630.000
Total	0.000	630.000

OPERATIONS

The Company's Gross Revenues including export incentives were Rs. 1900.100 Millions for the year ended 31st March, 2013 as compared to Rs. 1312.000 Millions for the previous year.

The profit before Interest, Depreciation, Nonrecurring Income and expenses and Taxes was Rs. 260.000 Millions for the year under review as compared to Rs. 50.000 Millions for the previous year.

During the year interest and financial cost was Rs. 51.400 Millions as compare to Rs. 52.000 Millions in previous year. The Company has registered a net profit of Rs. 114.900 Millions as compared to a net loss of 122.000 Millions for the previous year ended 31st March, 2012.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY PERSPECTIVE VIS-A-VIS COMPANY

The Company operates primarily in the manufacture of Bulk Drugs and Real Estate.

FINANCE

The gross revenue of the Company was Rs. 1900.100 Millions for the year as compared to Rs. 1312.000 Millions for the previous year ended on 31st March, 2012. The Company registered a net profit of Rs. 114.900 Millions compared to net loss of Rs. 122.000 Millions for the previous year ended on 31st March, 2012.

OUTLOOK

The Company's Bulk Drugs Business is still facing problems, though in the last quarter ended March, 2013, there was some improvement in operations. The Company is actively pursuing cost reduction programs on its API products in order to improve its competitiveness and profitability. The maiden Real Estate Residential Project of the Company - 'Samsara' is progressing well and the Company has also recognized revenues and profits from the project. However, along with the entire industry, the division is facing slow-down in demand.

UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER, 2013

(RS. IN MILLIONS)

		STANDALONE
		Quarter Ended		Six Months Ended
	Particulars	30.09.2013	30.06.2013	30.09.2013
	PART- I	(Unaudited)	(Unaudited)	(Unaudited)
1	(a) Net Sales / Income from Operations
	Domestic	439.400	345.600	785.000
	Exports	19.600	31.000	50.600
	Total	459.000	376.600	835.600
	Less : Excise Duty	28.500	18.600	47.100
	Net Sales / Income from Operations	430.500	358.000	788.500
	(b) Other Operating Income	21.400	19.100	40.500
	Total Income from Operations	451.900	377.100	829.000
2	Expenses
	(a) Decrease/(increase) in stock in trade and work in progress	(11.900)	(2.700)	(14.600)
	(b) Cost of Construction	103.100	85.900	189.000
	(c) Consumption of Raw Materials & Packing Materials	76.900	77.600	154.500
	(d) Employees' Cost	74.000	50.300	124.300
	(e) Excise Duty	10.000	3.400	13.400
	(f) Other Expenditure	99.700	57.900	157.600
	Total Expenses	351.800	272.400	624.200
3	Profit from Operations before Other Income, Interest, Depreciation & Exceptional Items	100.100	104.700	204.800
4	Dividend Income	145.600	0.000	145.600
5	Other Income	0.300	1.600	1.900
6	Profit/(Loss) from Ordinary Activities before Interest, Depreciation, & Exceptional Items	246.000	106.300	352.300
7	Depreciation	19.900	19.900	39.800
8	Interest (Net)	4.900	9.700	14.600
9	Net Profit / (Loss) from Ordinary Activities before Tax	221.200	76.700	297.900
	Tax Expense
	Less : Provision for Current Tax	13.800	15.800	29.600
10	Less /Add : Provision for Deferred Tax Liability/(Assets)	14.300	0.400	14.700
11	Net Profit / (Loss) from Ordinary Activities after Tax	193.100	60.500	253.600
12	Paid up Equity Share Capital ( Face value of share Rs. 2/- )	267.000	267.000	267.000
13	Reserves excluding Revaluation Reserve	^--	--	--
14	Basic and Diluted EPS (Not Annualised)	0.72	0.23	0.95
	PART- II
A	Particulars of Shareholding
1	Public Shareholding
	- Number of Shares	48091912	48254752	48091912
	- Percentage of Shareholding	36.02	36.14	36.02
2	Promoters and Promoter Group Shareholding - Fully Non - Encumbered
	- Number of Shares	85424002	85261162	85424002
	- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	100.000	100.00	100.00
	- Percentage of Shares (as a % of the total share capital of the Company)	63.98	63.86	63.98

B	INVESTOR COMPLAINTS (Nos.)	Quarter ended on 30.09.2013
	Pending at the beginning of the quarter		NIL
	Received during the quarter		2
	Disposed of during the quarter		2
	Remaining unresolved at the end of the quarter		NIL

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Particulars		30.09.2013
A. EQUITY AND LIABILITIES
1. Shareholders’ Funds
a] Share Capital		267.000
b] Reserves and Surplus		2044.800
Sub-total – Shareholders’ funds		2311.800
2. Non-current Liabilities
a] Long term Borrowings		0.000
b] Deferred Tax Liabilities		0.000
c] Other current liabilities		340.200
d] Long term provisions		9.500
Sub-total - Non-current Liabilities		349.700
3. Current Liabilities
a] Short term Borrowings		385.200
b] Trade Payables		459.700
c] Other Current Liabilities		219.800
d] Short Term Provision		105.800
Sub-total - Current Liabilities		1170.500
TOTAL - EQUITY AND LIABILITIES		3832.000
B ASSETS
1. Non-current assets
a] Fixed assets		1839.600
b] Non-current investment		214.200
c] Deferred Tax Assets		12.600
d] long Term loans and Advances		3.100
Sub-total – Non- current assets		2069.500
2. CURRENT ASSETS
	Current Investments	0.000
	Inventories	990.700
	Trade Receivables	347.800
	Cash & Bank Balances	13.400
	Short Term loans and advances	410.600
	Other Current Assets	0.000
Sub-total – Current Assets		1762.500
TOTAL - ASSETS		3832.000

SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Particulars	Quarter Ended		Six Months Ended
	30.09.2013	30.06.2013	30.09.2013
1. Segment Revenue
a. API	277.900	235.000	512.900
b. Real Estate Business	173.900	142.200	316.100
Total income from operations (net)	451.800	377.200	829.000
2. Segment Results
Profit/ (loss) before tax and interest
a. API	20.900	32.600	53.500
b. Real Estate Business	54.700	44.100	98.800
c. Dividend Income	145.600	0.000	145.600
Total Profit Before Tax	221.200	76.700	297.900
3. Capital Employed
(Segment Assets – Segment Liabilities)
a. API	1412.900	1250.500	1412.900
b. Real Estate Business	711.200	646.500	711.200
Total	2124.100	1897.000	2124.100

NOTES:

1. The above results, duly audited by Statutory Auditors, were recommended by the Audit Committee and were approved by Board of Directors.

2. The Company on 01.10.2013 allotted 133515914 bonus shares of Rs. 2/- each in the ratio of one bonus equity share for every one equity share held. The basic and diluted earnings per share have been calculated for the quarter and period ending 30.09.2013 and the quarter ended 30.06.2013 considering enhanced capital.

3. The previous quarter's/ year's figures have been regrouped/ rearranged wherever necessary to make it comparable with the current quarter / year.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
i. Wage revision and reinstatement of employees and other demands	Unascertained	Unascertained
ii. Letter of credit, Guarantees and counter guarantees	75.296	55.444
iii. Liabilities Disputed in appeals
- Excise duty	41.250	42.605
- Sales Tax	24.221	24.221
iv. Claims against the company not acknowledged as debt	0.000	0.000
v. Income tax	74.069	71.123
vi. Non fulfilment of export obligation against advance licence	9.103	10.828
Total	223.939	204.221

FIXED ASSETS:

v Free Hold Land

v Buildings

v Employees Quarters

v Plant and Equipments

v Furniture and Fixture

v Vehicles

v Office Equipments

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. 62.41
UK Pound	1	Rs. 102.54
Euro	1	Rs. 85.20

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.