MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	PIRAMAL ENTERPRISES LIMITED (w.e.f. 31.07.2012)
Formerly Known As :	PIRAMAL HEALTHCARE LIMITED (w.e.f. 24.06.2008) NICHOLAS PIRAMAL INDIA LIMITED
Registered Office :	Peninsula Corporate Park, Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.04.1947
Com. Reg. No.:	11-005719
Capital Investment / Paid-up Capital :	Rs. 345.100 Millions
CIN No.: [Company Identification No.]	L24110MH1947PLC005719
TAN No.: [Tax Deduction & Collection Account No.]	MUMN07675D
PAN No.: [Permanent Account No.]	AAACN4538P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Subject is engaged in pharmaceutical business including its research and development.
No. of Employees :	2976 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

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 422000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The company has incurred loss from its operational activities during the financial year 2013. However, the rating takes into consideration company’s strong and experienced management team with track record of successfully scaling up businesses and decent general financial position 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits: “AA”
Rating Explanation	High degree of safety and very low credit risk.
Date	November, 2013

Rating Agency Name	ICRA
Rating	Short term non-fund based limits: “A1+”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	November, 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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-304666666)

LOCATIONS

Registered Office :	Peninsula Corporate Park, Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel No.:	91-22-30466666
Fax No.:	Not Available
Email :	sectdept@pel.co.in secretarial.department@piramal.com corporate.secretarial@piramal.com manohar.nagar@piramal.com
Website :	www.piramalhealthcare.com
Head Office :	100, Centrepoint, Dr. Ambedkar Road, Parel, Mumbai – 400012, Maharashtra, India
Tel. No.:	91-22-66636666/24134653/24102082
Fax No.:	91-22-24163787/24172861/24163787/24144687/24902363
E-Mail :	spiramal@giasbm01.vsnl.net.in spiramal@giasbm01.vsnl.net.in
Website :	http://www.nicholaspiramal.com
Administrative Office :	Morarjee Mills Compound, Administrative Building, Dr. Ambedkar Road, Parel, Mumbai - 400012, Maharashtra, India
Tel. No.:	91-22-66636666
Fax No.:	91-22-66636416
E-Mail :	vidula@bom3.vsnl.net.in
Website :	http://piramalhealthcare.com
Plant 1:	Plot No. 67-70, Sector II, Pithampur - 454775, Madhya Pradesh, India
Plant 2 :	Plot No. K-I, Additional MIDC, Mahad, District Raigad, Maharashtra, India
Plant 3:	Ennore Express Highway, Chennai - 600057, Tamilnadu, India
Plant 4:	N.H.9, Digwal Village, Kohir Mandal, Medak District - 502321, Andhra Pradesh, India
Plant 5:	C-301/1 T.T.C. Industrial Area, Pawne Mahape, Navi Mumbai - 400705, Maharashtra, India
Plant 6:	Plot No. 6505 /3, Sachin – 394230, Surat, Gujarat, India
Plant 7:	Plot No.19 - PHARMEZ, Village Matoda, Sarkhej bawala, NH 8A, Taluka Sanand, Ahmedabad - 382213, Gujarat, India
Plant 8:	Shirish Research Campus, Plot No – 18, PHARMEZ, Special Economic Zone, Taluka Sanand, Ahmedabad, Gujarat, India
Overseas Plant Location
Plant 1:	Piramal Healthcare UK Limited Morpeth, Northumberland, UK
Plant 2:	Piramal Healthcare UK Limited Grangemouth, Stirlingshire, UK
Plant 3:	Piramal Healthcare (Canada) Limited 110, Industrial Parkway North, Aurora, Ontario, L4G 3H4, Canada
Plant 4:	Piramal Healthcare (Canada) Limited 475, Boul, Armand-Frappier, Laval, Quebec, H7V 4B3, Canada
Plant 5:	Piramal Critical Care Inc. Bethlehem, PA 18017, 3950 Schelden Circle, Pennsylvania State, USA.
Plant 6:	Piramal Critical Care Inc. 50 Cobham Dr, Orchard Park, New York - 14127

DIRECTORS

As on 31.03.2013

Name :	Mr. Ajay G. Piramal
Designation :	Chairman
Qualification :	B. Sc, M.M.S., A.M.P.
Date of Appointment :	01.04.1997
Name :	Dr. (Mrs.) Swati A. Piramal
Designation :	Vice Chairperson
Qualification :	M.B.B.S, D.I.M., M.P.B. (Harvard)
Date of Appointment :	01.10.1994
Name :	Mr. Gautam Banerjee
Designation :	Director (w.e.f. April 1, 2013)
Name :	Mr. Amit Chandra
Designation :	Director
Name :	Mr. Keki Dadiseth
Designation :	Director
Name :	Mr. R.A. Mashelkar
Designation :	Director
Name :	Mr. Goverdhan Mehta
Designation :	Director
Name :	Mr. Siddharth Mehta
Designation :	Director (w.e.f. April 1, 2013)
Name :	Ms. Nandini Piramal
Designation :	Executive Director
Name :	Mr. S. Ramadorai
Designation :	Director
Name :	Mr. Deepak Satwalekar
Designation :	Director
Name :	Mr. Vijay Shah
Designation :	Executive Director and Chief Operating Officer
Name :	Mr. N. Vaghul
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2013

Category of Shareholder	Number of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	388753	0.23
Bodies Corporate	88617771	51.35
Any Others (Specify)	2355234	1.36
Any Other	2355234	1.36
Sub Total	91361758	52.94
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	91361758	52.94
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	153606	0.09
Financial Institutions / Banks	5110692	2.96
Central Government / State Government(s)	213	0.00
Insurance Companies	1571602	0.91
Foreign Institutional Investors	45921177	26.61
Sub Total	52757290	30.57
(2) Non-Institutions
Bodies Corporate	2491131	1.44
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	18391204	10.66
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2623889	1.52
Any Others (Specify)	4937828	2.86
Non Resident Indians	507597	0.29
Clearing Members	106834	0.06
Trusts	2512	0.00
Overseas Corporate Bodies	3946	0.00
Foreign Nationals	28	0.00
Foreign Corporate Bodies	4316911	2.50
Sub Total	28444052	16.48
Total Public shareholding (B)	81201342	47.06
Total (A)+(B)	172563100	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)	172563100	100.00

BUSINESS DETAILS

Line of Business :

The Subject is engaged in pharmaceutical business including its research and development.

Products :

Product Descriptions	Item Code No.
Phensedyl	30044030
Rch Kit A	30049099
Haemaccel	30049092

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Tablets	Mios	7975.0	6373.5
Capsules	Mios	270.0	180.7
Liquids	KLs	9801.4	7340.1
Powders, creams and ointments	MTs	--	32.9
Bulk drug and intermediates	MTs	2090.3	1430.7
Vitamin A in various forms and combinations	mmu	276.0	136.8

Notes:

1. Includes products processed by third parties.

2. Includes production for captive consumption of Bulk Drugs 98328 kgs (PY 91850 kgs) and Vitamins 110.27 mmu (PY 138.33 mmu)

3. Stocks are net of breakages and unsalable stock.

4. Opening stocks, production, purchases and closing stocks are net of physician samples.

5. Licensed Capacity is not indicated as Industrial Licensing for all Bulk Drugs, Intermediates and their Formulations stands abolished in terms of Press Note No.4 (1994 series) dated 25th October, 1994 issued by the Department of Industrial Development, Ministry of Industry Government of India.

6. Excludes free samples issued.

7. Variation in quantity/value is on account of change in product mix.

8. In terms of Press Note No. 4 (1994 series) dated October 25, 1994 issued by the Department of Industrial Development, Ministry of Industry, Government of India, and Notification No. S.O 137 (E) dated March 1, 1999 issued by the Department of Industrial Policy and Promotion, Ministry of Industry, Government of India, industrial licensing has been abolished in respect of Bulk Drugs and Formulations.

9. The Pharmaceuticals business comprises of Manufacturing and trading of bulk drugs and formulations.

10. Installed capacities of the formulation factories of the Company (except where continuous processes are involved) are on a triple shift basis are certified by the Management and have not been verified by the Auditors, this being a technical matter.

GENERAL INFORMATION

No. of Employees :

2976 (Approximately)

Bankers :

· Allahabad Bank

· Australia and New Zealand Banking Group Limited

· BNP Paribas

· Citibank N.A.

· Credit Agricole Corporate and Investment Bank

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

· The Hongkong and Shanghai Banking Corporation Limited

· Yes Bank Limited

Facilities :

SECURED LOAN

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG TERM BORROWINGS

12.10% - Secured Redeemable Non Convertible Debentures

(Redeemable at par at the end of 5th year from the date of allotment - December 15, 2008)

0.000

1500.000

Term Loan From Banks

3500.000

0.000

SHORT-TERM BORROWINGS

Loans repayable on demand - from banks

1542.600

754.500

Total

5042.600

2254.500

Notes:

1. The Non-Convertible Debentures are secured on the movable properties of the Company (excluding current assets and intangible assets) and on the immovable properties of the Company situated at Mehsana, Mahad, Pithampur, Digwal and Bangalore.

2. The Term Loan of Axis Bank and Bank of Maharashtra is to be secured by mortgage and charge on the movable properties of the Company (excluding current assets and intangible assets) and on all the immovable properties, both present and future, of the Company. Of these, charge on the said movable properties and on the Mehsana immovable property has been created and charges on the remaining properties are in the process of being created.

3. Satisfaction of charges in respect of certain repaid loans are still awaited.

4. Terms of repayment and rate of interest for secured borrowings (other than debentures)

	As at March 31, 2013
	Terms of Repayment	Rate of Interest
Loan from Axis Bank	Repayable in 10 semi annual installments from July 2014	Interest to be paid monthly @ Bank Rate plus 0.6% p.a.
Loan from Bank of Maharashtra	Repayable in 10 semi annual installments from July 2014	Interest to be paid monthly @ Bank Rate plus 0.6% p.a.

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Solicitors:
Name :	Crawaford Bayely and Company
Controlling Companies :	· The Swastik Safe Deposits and Investments Limited The Ajay G. Piramal Foundation* Paramount Pharma Private Limited* (upto October 30, 2012) BMK Laboratories Private Limited (upto October 30, 2012) Cavaal Fininvest Private Limited* (upto October 30, 2012) PHL Holdings Private Limited (formerly Known as Piramal International Private Limited) Piramal Healthcare Limited – Senior Employee Option Scheme Piramal Enterprises Limited - Trustees of Piramal Enterprises Executive Trust Piramal Life Sciences Limited - Senior Employees Stock Option Trust
Subsidiary Companies/ step down Subsidiaries :	Located in India · PHL Fininvest Private Limited (PHL Fininvest) Piramal Pharmaceutical Development Services Private Limited (PPDSPL) Oxygen Bioresearch Private Limited PHL Capital Private Limited (PHL Capital) PHL Finance Private Limited (PHL Finance) PHL Infrastructure Finance Company Private Limited (PHL Infra) Indiareit Fund Advisors Private Limited Piramal Systems and Technologies Private Limited (Piramal Systems) Located Outside India · Piramal International Piramal Holdings (Suisse) SA (Piramal Holdings) Piramal Pharma Inc (Formerly known as NPIL Pharma Inc, USA) Piramal Healthcare Inc. Piramal Investment Holdings (Canada) Inc. Piramal Life Sciences (UK) Limited Piramal Healthcare UK Limited (Piramal Healthcare UK) Piramal Healthcare Pension Trustees Limited Piramal Healthcare (France) Limited (upto August 7, 2012) Piramal Healthcare (Canada) Limited (Piramal Healthcare, Canada) Oxygen Healthcare Limited, UK (Oxygen Healthcare) Piramal Critical Care Italia, SPA Piramal Critical Care Inc (PCCI) Minrad EU Indiareit Investment Management Company, Mauritius Piramal Technologies SA Piramal Imaging SA Piramal Imaging GmbH (formerly known as “Piramal Molecular Imaging Development GmbH”) Piramal Dutch Holdings N.V. (w.e.f October 17, 2012) Piramal Critical Care Deutschland GmbH (w.e.f April 16, 2012) Piramal Resources Inc. (w.e.f. May 22, 2012) DRI Holdco Inc (w.e.f. June 7, 2012) AMR/Arlington Medical Resources LLC (w.e.f. June 7, 2012) Arlington Medical International Inc (w.e.f. June 7, 2012) Biotrends Research Group LLC (w.e.f. June 7, 2012) Decision Resources Inc (w.e.f. June 7, 2012) Decision Resources LLC (w.e.f. June 7, 2012) (DRL) Decision Resources International Inc. (w.e.f. June 7, 2012) Decision Resources Group UK Limited (w.e.f. November 21, 2012) DR/ Decision Resources LLC (w.e.f. June 7, 2012) DR/MRG Holdings LLC (w.e.f. June 7, 2012) DRG UK Holdco Limited (w.e.f. November 21, 2012) Fingertip Formulary LLC (w.e.f. June 7, 2012) Healthleaders LLC (w.e.f. June 7, 2012) Manhattan Research LLC (w.e.f. June 7, 2012) Pharmastrat LLC (w.e.f. June 7, 2012) Millenium Research Group (w.e.f. June 7, 2012) Sigmatic Limited (w.e.f. December 03, 2012)
Other related parties where common control exists :	· Piramal Glass Limited (PGL) Piramal Life Sciences Limited (PLSL) Piramal Corporate Services Private Limited (formerly known as “Piramal Enterprises Limited”) (PCSPL) Piramal Estates Private Limited (formerly known as Piramal Realty Limited) (Piramal Estates) India Venture Advisors Private Limited (India Venture) Allergan India Private Limited (Allergan) Piramal Foundation for Educational Leadership (PFEL) Health Management and Research Institute (HMRI)
	·
Investing parties with whom the Company is a JV Partner:	Allergan Inc.

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.2/- each	Rs.500.000 Millions
3000000	Preference Shares	Rs.100/- each	Rs.300.000 Millions
24000000	Preference Shares	Rs.10/- each	Rs.240.000 Millions
105000000	Unclassified Shares	Rs.2/- each	Rs.210.000 Millions
	Total		Rs.1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
172563100	Equity Shares	Rs.2/- each	Rs.345.100 Millions

NOTE

1 Reconciliation of number of shares

Equity Shares

Particulars	No. of shares	Rs. In Millions
At the beginning of the year	172563100	345.100
Less: Shares bought back during the year	-	-
Add: Issued during the year	-	-
At the end of the year	172563100	345.100

2 Details of shareholders holding more than 5% shares in the Company

Particulars	No. of shares	% Holding
PHL Holdings Private Limited (formerly known as Piramal International Private Limited)	84092879	48.73%
Aberdeen Global Indian Equity Fund Mauritius Limited	12401000	7.19%
Paramount Pharma Private Limited	-	-
BMK Laboratories Private Limited	-	-
Cavaal Fininvest Private Limited	-	-

3 Aggregate number of shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding reporting financial year

particulars	Financial Year	No. of shares
i. Equity Shares allotted as fully paid-up pursuant to demerger of R&D NCE division of Piramal Life Sciences Limited (PLSL) into the Company	2011-12	5352585
ii. Equity shares bought back by the Company	2011-12	705529
iii. Equity shares bought back by the Company	2010-11	41097100

4 Rights, preferences and restrictions attached to shares

Equity Shares

The Company has one class of equity shares having a par value of Rs. 2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	345.100	345.100	335.800
(b) Reserves & Surplus	105214.000	111062.700	116649.300
(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)	105559.100	111407.800	116985.100
(3) Non-Current Liabilities
(a) long-term borrowings	7333.300	2166.700	2392.000
(b) Deferred tax liabilities (Net)	0.000	1005.300	923.300
(c) Other long term liabilities	763.100	1328.400	1889.800
(d) long-term provisions	198.500	199.700	155.100
Total Non-current Liabilities (3)	8294.900	4700.100	5360.200
(4) Current Liabilities
(a) Short term borrowings	37292.600	9754.500	470.700
(b) Trade payables	3316.300	3126.100	2761.300
(c) Other current liabilities	5326.300	4856.000	3473.400
(d) Short-term provisions	3634.800	3599.500	2404.400
Total Current Liabilities (4)	49570.000	21336.100	9109.800
TOTAL	163424.000	137444.000	131455.100
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6541.700	6319.000	5331.600
(ii) Intangible Assets	1191.300	1285.200	1331.300
(iii) Capital work-in-progress	454.400	230.300	292.500
(iv) Intangible assets under development	1204.900	1434.800	5.900
(b) Non-current Investments	88212.800	67636.000	4825.300
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4323.000	1170.300	598.500
(e) Other Non-current assets	21737.100	41255.800	57854.600
Total Non-Current Assets	123665.200	119331.400	70239.700
(2) Current assets
(a) Current investments	8018.200	3466.900	11007.200
(b) Inventories	2617.100	2667.100	2302.000
(c) Trade receivables	2430.300	2424.800	2090.900
(d) Cash and cash equivalents	242.400	132.400	17540.300
(e) Short-term loans and advances	14106.700	8579.600	9169.300
(f) Other current assets	12344.100	841.800	19105.700
Total Current Assets	39758.800	18112.600	61215.400
TOTAL	163424.000	137444.000	131455.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	14031.900	11534.800	8144.400
		Other Income	3760.100	5344.300	4722.900
		TOTAL (A)	17792.000	16879.100	12867.300
Less	EXPENSES
		Cost of raw and packing materials consumed	6333.300	5389.500	3545.200
		Purchases of stock-in-trade	792.600	809.600	807.800
		Changes in inventories of finished goods, work-in progress and stock-in-trade	(20.400)	(125.100)	(377.600)
		Employee benefits expense	1594.900	1517.500	1449.200
		Other Expenses	6592.500	5312.500	3986.600
		Exceptional Items	0.000	0.000	(162099.000)
		TOTAL (B)	15292.900	12904.000	(152687.800)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2499.100	3975.100	165555.100
Less	FINANCIAL EXPENSES (D)		4199.700	1999.000	800.600
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1700.600)	1976.100	164754.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		778.200	763.900	589.900
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2478.800)	1212.200	164164.600
Less	TAX (H)		(163.200)	(95.000)	35195.500
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2315.600)	1307.200	128969.100
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		51974.000	57683.000	4606.000
	APPROPRIATIONS
		Proposed dividend
		– Equity Shares	3020.000	3020.000	2007.000
		- Dividend Distribution Tax thereon	513.000	490.000	326.000
		Transfer to General Reserve	0.000	131.000	73986.000
		Transfer from Debenture Redemption Reserve	0.000	0.000	500.000
		Transfer to Debenture Redemption Reserve	0.000	75.000	75.000
		P&L Debit balance of Demerged R&D NCE Unit	0.000	3300.000	0.000
	BALANCE CARRIED TO THE B/S		46126.000	51974.000	57682.000
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7987.100	6515.300	4286.300
		Interest on Loans	772.100	334.300	284.400
		Other Earnings	131.500	196.100	63.200
	TOTAL EARNINGS		8890.700	7045.700	4633.900
	IMPORTS
		Raw Materials	3116.400	2285.000	1823.600
		Capital Goods	277.900	287.400	76.500
		Traded Goods / reagents	271.400	278.900	221.500
	TOTAL IMPORTS		3665.700	2851.300	2121.600
	Earnings Per Share (Rs.)		(13.40)	7.70	572.80

QUARTERLY RESULTS

Particular	30.06.2013	30.09.2013	31.12.2013	31.03.2014
Type	1^st Quarter	2nd Quarter	3rd Quarter	4^th Quarter
Net Sales	4556.400	5424.800	5518.400	5447.100
Total Expenditure	3990.200	4388.900	4517.500	4894.800
PBIDT (Excl OI)	566.200	1035.900	1000.900	552.300
Other Income	1146.100	680.100	142.600	(116.100)
Operating Profit	1712.300	1716.000	1143.500	436.200
Interest	2561.700	1533.600	1772.100	2258.400
Exceptional Items	0.000	180.000	0.000	0.000
PBDT	(849.400)	362.400	(628.600)	(1822.200)
Depreciation	188.100	189.600	192.800	191.700
Profit Before Tax	(1037.500)	172.800	(821.400)	(2013.900)
Tax	0.000	0.000	0.000	0.000
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(1037.500)	172.800	(821.400)	(2013.900)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(1037.500)	172.800	(821.400)	(2013.900)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(13.01)	7.74	1002.30
Net Profit Margin (PBT/Sales)	(%)	(17.67)	10.51	2015.67
Return on Total Assets (PBT/Total Assets}	(%)	(3.37)	1.78	129.95
Return on Investment (ROI) (PBT/Networth)		(0.02)	0.01	1.40
Debt Equity Ratio (Total Debt/Networth)		0.42	0.11	0.02
Current Ratio (Current Asset/Current Liability)		0.80	0.85	6.72

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	335.800	345.100	345.100
Reserves & Surplus	116649.300	111062.700	105214.000
Net worth	116985.100	111407.800	105559.100
long-term borrowings	2392.000	2166.700	7333.300
Short term borrowings	470.700	9754.500	37292.600
Total borrowings	2862.700	11921.200	44625.900
Debt/Equity ratio	0.024	0.107	0.423

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	8144.400	11534.800	14031.900
		41.629	21.648

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	8144.400	11534.800	14031.900
Profit	128969.100	1307.200	(2315.600)
	1583.53%	11.33%	(16.50%)

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	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	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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10418435	11/12/2013 *	3,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R.K. KAMANI MARG, MUMBAI - 400001, MAHARASHTRA, INDIA	B93656551
2	90218157	27/06/2012 *	5,000,000,000.00	ALLAHABAD BANK	INDUSTRIAL FINANCE BRANCH,ALLAHABAD BANK BUILDING, SECOND FLOOR, 37, MUMBAI SAMACHAR MARG, FORT, MUMBAI - 400023, MAHARASHTRA, INDIA	B44005106
3	90218094	06/06/1997	6,500,000.00	DRESDNER BANK AG	HOECHST HOUSE; 1ST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	-
4	90217538	22/09/1993 *	30,000,000.00	UNIT TRUST OF INDIA	13, SIR VITHALDAS THACKERSEY MARG, MUMBAI - 400020, MAHARASHTRA - 400020, INDIA	-
5	90218748	07/12/1982	2,000,000.00	CANARA BANK	CHEMBUR MAIN BRANCH, MUMBAI - 400071, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOAN

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
9.66% - Unsecured Redeemable Non Convertible Debentures (Redeemable at par at the end of 5th year from the date of allotment - February 26, 2013)	3500.000	0.000
Term Loan From Banks	333.300	666.700
SHORT-TERM BORROWINGS
Commercial Papers	33500.000	9000.000
Loans repayable on demand - from banks	2250.000	0.000
Total	39583.300	9666.700

Note:

Terms of repayment and rate of interest for secured borrowings (other than debentures)

	As at March 31, 2013
	Terms of Repayment	Rate of Interest
Loan from Central Bank of India	Repayable in 12 equal Quarterly installments from June 2012	Interest to be paid monthly @ Bank Prime Lending Rate minus 2% p.a upto February 8, 2013. Interest to be paid monthly @ Bank Rate (floating) plus 1% p.a from February 9, 2013.

GENERAL INFORMATION

The Company is engaged in pharmaceutical business including its research and development. The Company has diversified into Financial Services and Information Management business through its subsidaries. The Company has manufacturing plants in India and sells in Domestic as well as International markets through various distribution channels. The Company is a public limited company and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2013:

ACQUISITION OF DECISION RESOURCES GROUP (US) AND ABACUS INTERNATIONAL (UK)

Decision Resources Group (DRG), a US based provider of high quality, web-enabled research, predictive analytics via proprietary databases and consulting services to the global healthcare industry, was acquired in June 2012 for a consideration of approximately US$ 635 million (~Rs. 34000.000 Millions). It is one of the fastest growing companies with a CAGR of 20% for the last five years. It has 48 of the top 50 global pharmaceutical companies as its customers. The Company has retained 94% of its customers of 2012. DRG reported revenue of Rs. 6500.000 Millions in FY2013 since its acquisition. Abacus International, UK was acquired in December 2012 to help expand in the European markets.

ACQUISITION OF BAYER’S MOLECULAR IMAGING DEVELOPMENT PORTFOLIO

Piramal Enterprises Limited (‘PEL’), through its newly established subsidiary – Piramal Imaging SA, acquired the molecular imaging research and development portfolio, including rights to Florbetaben, of Bayer Pharma AG in April 2012. Florbetaben, a PET tracer for the detection of beta-Amyloid plaque deposition in the brain, is the pathological hallmark of disease in probable Alzheimer’s disease patients. The molecule has been accepted for review by the European Medicines Agency (EMA) and the US Food and Drug Administration (USFDA) in March 2013.

EXPANSION OF FINANCIAL SERVICES BUSINESS

PEL has started lending to the education sector and has explored new geographies like Bhopal, Coimbatore and NCR this year. The loan book for the Real Estate and Education Sector has increased to Rs. 15910.000 Millions as on March 31, 2013 from Rs. 3510.000 Millions as on March 31, 2012. PEL invested Rs. 4250.000 Millions in Optionally Convertible Debentures of Navayuga Road Projects Private Limited in March 2013. INDIAREIT, which manages funds for investments in real estate sector has Rs. 42570.000 Millions under management as on March 31, 2013. INDIAREIT raised Rs. 4000.000 Millions for Mumbai Redevelopment Fund during FY2013 and is currently raising a new domestic fund with targeted fund size of Rs. 7500.000 Millions along with green shoe option of Rs. 2500.000 Millions.

OPERATIONS REVIEW:

Total Operating Income on a standalone basis for the year grew by 15% to Rs. 16200.000 Millions against Rs. 14082.000 Millions in FY2012. EBIDTA on a standalone basis was lower at Rs. 2499.000 Millions against Rs. 3975.000 Millions in FY2012 due to increase in R and D expenses and lower foreign exchange gain. Loss for the year was at Rs. 2316.000 Millions as against profit after tax of Rs. 1307.000 Millions in FY2012. This is on account of an increase of 110.1% in interest cost due to increase in loans taken to fund the DRG acquisition and to fund the lending operations of the NBFC business. Earnings per share were Rs. (13.4) for the year.

MERGER OF PHL HOLDINGS PRIVATE LIMITED INTO PEL

The Scheme of Amalgamation and Arrangement between PHL Holdings Private Limited and Piramal Enterprises Limited and their respective shareholders and creditors (“Scheme”), which was approved by the shareholders on March 13, 2013, is awaiting approval of the Hon’ble High Court of Judicature at Bombay. The Appointed Date of the Scheme is January 1, 2013. The Scheme inter alia provides for merger of PHL Holdings Private Limited into PEL and thereby cancellation of shares held by PHL Holdings Private Limited in PEL and consequent reissue of equivalent number of shares of PEL to the shareholders of PHL Holdings Private Limited.

MANAGEMENT DISCUSSION AND ANALYSIS

FY2013 KEY HIGHLIGHTS:

ACQUISITION OF DECISION RESOURCES GROUP, INC. (US) AND ABACUS INTERNATIONAL (UK)

Piramal Enterprises Limited (PEL) completed acquisition of Decision Resources Group (DRG), a US based provider of high quality, web-enabled research, predictive analytics via proprietary databases and consulting services to the global healthcare industry, for a consideration of approximately US$ 635 million (~ Rs. 3,400 Millions) in June 2012. With 20% revenue CAGR for the last five years, it is one of the fastest growing companies in the US$ 5.7 billion global healthcare information industry. It has 48 of the top 50 global pharmaceutical companies as its customers. The overall customer retention rate is 94%. The company, now a subsidiary of PEL, generated revenues of Rs. 6496.000 Millions in FY2013. In December 2012, DRG acquired Abacus International, a UK based pioneer in evidence-based global market access solutions for many of the world’s leading healthcare companies.

ACQUISITION OF BAYER’S MOLECULAR IMAGING DEVELOPMENT PORTFOLIO

PEL acquired worldwide rights to the molecular imaging research and development portfolio of Bayer Pharma AG through its newly created subsidiary – Piramal Imaging SA in April 2012. The portfolio includes rights to Florbetaben amongst a pipeline of other molecules. Florbetaben is a PET tracer for the detection of beta-Amyloid plaque deposition in the brain, which is the pathological hallmark of disease in probable Alzheimer’s disease patients. Phase III trial showed that PET imaging with Florbetaben reliably detects beta-Amyloid in the brain during life with great accuracy and thus shows value as a potential tool to aid in the diagnosis and assessment of Alzheimer’s disease. The molecule has been accepted for review by the US Food and Drug Administration (FDA) in March 2013 and by the European Medicines Agency (EMA) in January 2013.

EXPANSION OF FINANCIAL SERVICES BUSINESS

During this year, PEL started lending to the education sector and has explored new geographies like Bhopal, Coimbatore and NCR. The loan book to Real Estate and Education Sectors has increased to Rs. 15910.000 Millions as on March 31, 2013 from Rs.3510.000 Millions as on March 31, 2012. PEL has also made two structured investments aggregating to Rs. 9250.000 Millions. The first investment of Rs. 4250.000 Millions was made in March 2013 through Optionally Convertible Debentures in Navayuga Road Projects Private Limited (NRPL), the road subsidiary of the Rs. 30000.000 Millions Navayuga Engineering Company (NECL). Another investment of Rs. 5000.000 Millions was made in April 2013 through Optionally Convertible Debentures in Green Infra Limited., one of the largest clean energy Independent Power Producers (IPPs) in the country funded by IDFC Private Equity.

INDIAREIT, which manages funds for investments in real estate sector, has Rs. 42570.000 Millions under management as on March 31, 2013. INDIAREIT raised Rs. 4000.000 Millions for Mumbai Redevelopment Fund during FY2013 and is currently raising a new domestic fund with targeted fund size of Rs. 7500.000 Millions along with green shoe option of Rs. 2500.000 Millions.

BUSINESS PERFORMANCE

PHARMACEUTICALS BUSINESSES

PHARMA SOLUTIONS

The market for Global Outsourcing is expected to grow to US$ 45 Bn by 2015 at a compounded annual growth rate of 12% per year. The global outsourcing trend is likely to continue, driven by the rising healthcare costs in developed countries and reducing profitability of pharmaceutical companies due to patent expiry of various blockbuster drugs. Long term prospects for the industry are backed by cost pressures for innovative companies and increasing genericisation. Established relationships and trust with innovators, quality infrastructure, good regulatory track record and low production and R and D costs should place PEL in a good position to take advantage of this trend.

In the context of this market outlook, PEL’s revenues from Pharma Solutions business grew by 14.7% to Rs. 15533.000 Millions in FY2013 as compared with Rs. 13545.000 Millions in FY2012. The revenues from both Indian assets and assets outside India grew by 14.7% to Rs. 9185.000 Millions against Rs. 8008.000 Millions in FY2012 and to Rs. 6348.000 Millions against Rs. 5537.000 Millions in FY2012, respectively.

Increase in demand for existing products was seen during the year. Order booking for the late phase commercial business increased in FY2013 as compared with FY2012. Long term commercial contracts were signed at Morpeth in FY2013. Their relationship with PEL’s key partner, Pfizer, at Morpeth, continued to grow. The year saw a strong pipeline of enquiries, especially for the ADCs business at Grangemouth. In October 2012, PEL entered into a strategic alliance with Fujifilm Diosynth Biotechnologies, whereby the two parties intend to offer seamless contract development and manufacture of ADCs, a growing niche in the development of biopharmaceuticals.

CRITICAL CARE

Revenue from Critical Care business was Rs. 6161.000 Millions as compared with Rs. 4126.00 Millions in FY2012, registering a growth of 49.3%. The high growth rate is on account of gaining greater share of the Sevoflurane market in the US and some other emerging mark0ets. PEL’s market share in terms of volume for Sevoflurane in US has increased from 25% in March 2012 to 30% in March 2013. Major Group Purchasing Organization (GPO) contracts have been renewed for next two years in the US. PEL has more than 50% market share in some of the emerging markets. There has been a meaningful increase in market share in countries such as Turkey and Indonesia. Several tenders were won this year in emerging markets including Mexico, Peru, Kazakhstan and South Africa. Sevoflurane was also launched in the European markets this year. The product will be marketed by direct field force in some countries while association with marketing partners will continue in most of the other countries. Isoflurane sales volumes were also higher as compared with last year.

OTC AND OPHTHALMOLOGY

Sales from OTC and Ophthalmology business grew by 23.3% to Rs. 2712.000 Millions in FY2013 as compared with Rs. 2200.000 Millions in FY2012. The OTC sales force and distribution network now covers 400,000 retailers in 485 ‘one-lakh+ towns’ in India. New products and brands were launched through FY2013 – Lacto Calamine Reneu, Lacto Calamine Sun Screen, Polycrol+, extensions of Jungle Magic brand of perfumes and Jungle Magic Mosquito Bandtiz. ‘Lacto Face wash’ was awarded the ‘Star 2012’ for excellence in packaging by Indian Institute of Packaging.We launched several new OTC products and brands in FY13,viz. Lacto Calamine Reneu, Lacto Calamine Sun Screen, Polycrol+, extensions of Jungle Magic brand of perfumes and Jungle Magic Mosquito Bandtiz.

Allergan India Limited (AIL) is a 51:49 Joint Venture for Ophthalmic products between Allergan Inc., USA and PEL. Total revenues of AIL were Rs. 2054.000 Millions (FY2012 Total Revenue: Rs. 1686.000 Millions). The Operating Profit for FY2013 was Rs. 456.000 Millions as compared with Rs. 403.000 Millions in FY2012. Profit after Tax for FY2013 was Rs. 292.000 Millions as compared with Rs. 256.000 Millions for FY2012.

LIFE SCIENCES

PEL is working on discovering and optimizing compounds to meet important unmet medical needs in the target markets of cancer, diabetes and inflammation. Spend on R and D expenses for FY2013 was Rs. 2867.000 Millions vis-à-vis Rs. 2331.000 Millions in FY2012.

NBFC OPERATIONS

During the year, PEL expanded its NBFC operations and started lending to the education sector along with the Real Estate Sector. The lending operations are currently focused in Mumbai, Pune, Bengaluru, Chennai, Bhopal, Coimbatore and NCR. A highly experienced and knowledgeable team, well defined systems and processes and robust credit approval and monitoring policies are in place. As of March 31, 2013, the total loan book for real estate and education sector stood at Rs. 15910.000 Millions as compared with Rs. 3510.000 Millions as on March 31, 2012. PEL also invested Rs. 4250.000 Millions in Optionally Convertible Debentures of Navayuga Road Projects Private Limited (NRPL) in March 2013. Similarly, another investment of Rs. 5000.000 Millions was made in Optionally Convertible Debentures of Green Infra Limited in April 2013. PEL is exploring opportunities either in yield assets (e.g. toll roads) or as mezzanine financing for a portfolio of cash generating and under execution projects.

BOARD OF DIRECTORS

Mr. N. Vaghul

Mr. N. Vaghul is a B. Com. (Hons.) from the University of Madras. He joined the State Bank of India in 1957 as a

Probationary Officer. He became a Director in the National Institute of Bank Management, Mumbai in 1976, before assuming charge as Executive Director in Central Bank of India in 1978. He became Chairman of Bank of India in 1981 and had the distinction of being the youngest ever Chairman in a Public Sector Bank. He joined ICICI Bank Limited as Chairman and CEO in 1985 and continued to head the group till April 2009. During his tenure in ICICI, he created several new institutions laying the foundation for the development of Universal Banking model (which he pioneered). He was also instrumental in setting up ICICI Securities, an Investment Banking company. He also pioneered the concept of Credit Rating in India by setting up CRISIL. He was the founder Chairman of CRISIL for close to ten years and helped in evolving the best practices of credit rating in the country.

He was the Chairman of “Pratham”, a leading NGO. He is associated with several foundations dedicated to the cause of primary education. He is also deeply committed to the cause of science and technology and was responsible for setting up the first Science and Technology Park in the country known as ICICI Knowledge Park. He is associated with the Institute of Technology in Jaipur. He has also been the Chairman of IFMR, a Business School with an array of research centers engaged in a variety of economic and social research.

Mr. Vaghul is the recipient of numerous awards and honours. He was chosen as the Business Man of the Year by ‘Business India’ in 1992. He received the Lifetime Achievement Award from Economic Times in 2006 and also the “Ernst and Young Entrepreneur of the Year Award Program” in 2009. He also received an award for his contribution to Corporate Governance from the Institute of Company Secretaries in 2007. He was awarded ‘Padma Bhushan’ by the Government of India in 2009. He was awarded Life Time Achievement Award by Bombay Management Association in March 2013.

Mr. Deepak Satwalekar

Mr. Deepak Satwalekar received a B. Tech. in Mechanical Engineering from IIT, Bombay, and a M.B.A. from The American University, Washington D.C.

He retired as the Managing Director and Chief Executive Officer (MD and CEO) of HDFC Standard Life Insurance Company Limited. in November 2008. Before taking on the responsibility of setting up and running the new Insurance company in the year 2000, he was the Managing Director of HDFC, the country’s largest mortgage lender. He has consulted for the World Bank, the Asian Development Bank and other bilateral and multilateral agencies in several countries.

Besides being a recipient of the “Distinguished Alumnus Award” from IIT, Bombay, he is on the Advisory Council of the IIT, Bombay. He has been a member of/chaired several industry, Reserve Bank of India and government expert groups. Inter alia, he has been/is a member of the Technical Advisory Committee of the RBI, the Committee for Policyholder Protection/Intermediaries, etc. of the Insurance Regulatory and Development Authority, Committee for Restructuring the NPS set up by the PFRDA. He also serves as an independent director on the boards of some large companies in India.

He serves on the India Advisory Board of a large European Bank and is currently active on the Board of Trustees of Isha Vidhya Gyan Prakash Foundation and Teach to Lead, which are engaged in the field of primary education for the low income and socially disadvantaged members of society in rural and urban India respectively. In the field of higher education, he is on the board of the Indian Institute for Human Settlements. He is on the Board of Trustees of the Infosys Science Foundation. He is an advisor to Private Equity and Venture Capital firms as also on the Board of Society for Innovation and Entrepreneurship, an early funding vehicle set up at IIT, Bombay. He is also advising a company which is establishing a network of BPO centers in rural areas across the country.

Dr. R.A. Mashelkar

Dr. R.A. Mashelkar is a B.E., Ph.D (Chemical Engineering) from the Institute of Chemical Technology, Mumbai. He is a National Research Professor and presently the President of Global Research Alliance, a network of publicly funded R and D institutes from Asia-Pacific, Europe and USA with over 60,000 scientists.

Dr. Mashelkar is only the third Indian engineer to have been elected (1998) as Fellow of Royal Society (FRS), London in the twentieth century. He was elected Foreign Associate of National Academy of Science (USA) in 2005, Associate Foreign Member, American Academy of Arts and Sciences (2011), Foreign Fellow of US National Academy of Engineering (2003), Fellow of Royal Academy of Engineering, U.K. (1996), Foreign Fellow of Australian Technological Science and Engineering Academy (2008) and Fellow of World Academy of Art and Science, USA (2000).

Thirty universities have honoured him with honorary doctorates, which include Universities of London, Salford, Pretoria, Wisconsin and Delhi.

The President of India honoured Dr. Mashelkar with Padmashree (1991) and with the Padmabhushan (2000), which are two of the highest civilian honours, in recognition of his contribution to nation building.

As Chairman of the Standing Committee on Information Technology of the World Intellectual Property Organization (WIPO), a member of the International Intellectual Property Rights Commission of the UK Government and as Vice Chairman of the Commission in Intellectual Property Rights, Innovation and Public Health (CIPIH) set up by World Health Organization (WHO), he brought new perspectives on the issue of IPR and the developing world concerns. He was a member of the Scientific Advisory Council to the Prime Minister and also of the Scientific Advisory Committee to the Cabinet set up by successive governments. He has chaired twelve high powered committees set up to look into diverse issues of higher education, national auto fuel policy, overhauling the Indian drug regulatory system, dealing with the menace of spurious drugs and reforming Indian agriculture research system, amongst others. Dr. Mashelkar has won over 50 awards and medals, which include S.S. Bhatnagar Prize (1982), Pandit Jawaharlal Nehru Technology Award (1991), G.D. Birla Scientific Research Award (1993), Material Scientist of Year Award (2000), IMC Juran Quality Medal (2002), HRD Excellence Award (2002), Lal Bahadur Shastri National Award for Excellence in Public Administration and Management Sciences (2002), World Federation of Engineering Organizations (WFEO) Medal of Engineering Excellence by WFEO, Paris (2003), Lifetime Achievement Award by Indian Science Congress (2004), the Science medal by the Academy of Science for the Developing World (2005) and Ashutosh Mookherjee Memorial Award by Indian Science Congress (2005).

Prof. Goverdhan Mehta

Prof. Goverdhan Mehta is a FRS, Ph.D., (D.Sc. h.c), National Research Professor and Bhartia-Jubilant Chair at the University of Hyderabad. He is an internationally acclaimed researcher in organic chemistry with wide ranging research interests. He has held faculty position at the Indian Institute of Technology, Kanpur and is a former Vice Chancellor of the University of Hyderabad. He was the Director of the Indian Institute of Science, a premier institution of the country and was a CSIR Bhatnagar Fellow at I. I. Sc, Bangalore. He has made many notable contributions in the area of organic synthesis. He has been exceptionally prolific in his scientific contributions, publishing more than 450 original research papers in international Journals of high repute and presented over 200 lectures in different parts of the world. He is on the Editorial Boards of many leading international journals in Chemical Sciences/Organic Chemistry and mentored over a hundred doctoral and post-doctoral students/scientists. He has also contributed to science education, science policy and planning and RandD efforts in India and abroad in many ways.

Professor Mehta has over fifty awards and honors to his credit, notable among these being the Humboldt Research Prize of Germany, Medals from the Third World Academy of Sciences, Trieste and Science Academies in India. He has been conferred ‘Chevalier de la Legion d’Honneur’ and Officier dans I’ordre Palmes Academiques by the President of France and Padma Shri by the President of India. He is a Fellow of Royal Society (FRS), Third World Academy of Sciences and other Science Academies. He has been President of the Indian National Science Academy (INSA) and of the Paris based International Council for Science (ICSU) as well as co-Chair of the Inter Academy Council.

Mr. Siddharth Mehta

Mr. Siddharth Mehta has an undergraduate degree from the London School of Economics and MBA from the University of Chicago. He is a director and the former President and Chief Executive Officer of TransUnion. He was also the Chief Executive Officer of HSBC Finance Corporation and HSBC North America Holdings, Inc. Prior to HSBC, he served as a Senior Vice President at the Boston Consulting Group in Los Angeles and as co-leader of the Boston Consulting Group’s Financial Services Practice where he developed retail, insurance and investment strategies for a variety of financial service clients. He also serves on the board of directors of TransUnion LLC, DataCard Group, The Chicago Public Education Fund, The Field Museum and the Myelin Repair Foundation. He has executive level experience and extensive knowledge of the banking industry and financial markets.

Mr. Mehta does not hold any directorship in any public limited companies or subsidiaries of public limited companies in

India.

Mr. Gautam Banerjee

Mr. Gautam Banerjee is a graduate from the University of Warwick, England and is a member of the Institute of Chartered Accountants in England and Wales and also a member of the Institute of Certified Public Accountants, Singapore. Mr. Banerjee is currently a Senior Advisor with Blackstone Group, Singapore. Mr. Banerjee has been associated with Pricewaterhouse Coopers (“PwC”), one of the Big 4 Auditing Firms worldwide, from 1982 to 2012, holding various positions in PwC during his long association. He was Chairman of PwC Singapore and the COO for PwC’s Eastern Cluster and a member of PwC Global Firm’s Strategy Council from October 2008 to December 2012. He was also the Interim Chairman of PwC India from December 2009 to December 2010.

Mr. Banerjee has been a member of various statutory boards / committees of the Government of Singapore and also a member of several Industry Associations in Singapore. Presently, he is a member of the Economic Development Board of Singapore and Vice Chairman of the Singapore Business Federation. He is also an Independent Director of Singapore Airlines Limited, The Government of Singapore Investment Company Limited. and the Straits Trading Company Limited. Mr. Banerjee has extensive knowledge and skills in the realm of finance, accounting and management. He was a nominated Member of Parliament in Singapore from 2007 to 2009.

Mr. Banerjee does not hold any directorship in any public limited companies or subsidiaries of public limited companies in India.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	31.03.2013	31.03.2012
1 Claims against the Company not acknowledged as debt:
Demand dated June 5, 1984 the Government has asked for payment to the credit of the Drugs Prices Equalisation Account, the difference between the common sale price and the retention price on production of Vitamin ‘A’ Palmitate (Oily Form) from January 28, 1981 to March 31, 1985 not accepted by the Company. The Company has been legally advised that the demand is untenable.	6.100	6.100
2 Guarantees issued to Government authorities and limited companies including guarantees issued on behalf of subsidiaries and performance guarantees.	36441.400	10893.600
3 Others
i. Appeals filed in respect of disputed demands:
Income Tax
- where the Company is in appeal	3597.700	4207.100
- where the Department is in appeal	1384.300	1710.800
Sales Tax	123.600	143.700
Central / State Excise	116.900	110.500
Labour Matters	3.300	2.900
Stamp Duty	40.500	40.500
Legal Cases	70.700	70.700
ii. Bills Discounted	539.400	240.000
iii. Unexpired Letters of Credit	77.500	132.100

Note: Future cash outflows in respect of 1 and 3(i) above are determinable only on receipt of judgments/decisions pending with various forums/authorities.

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2014

(Rs. In Millions)

Particulars	3 months ended	Preceding 3 months ended	Year to date figures for current period ended
	31/03/2014	31/12/2013	31/03/2014
	(Unaudited)	(Unaudited)	(Audited)
Income from Operations
Net Sales / Income from Operations (Net of excise duty)	4777.800	4791.100	18134.700
Other Operating Income	669.300	727.300	2796.100
Total Income from Operations (Net)	5447.100	5518.400	20930.800
Expenses
Cost of Materials Consumed	1945.100	1848.500	7006.700
Purchase of Stock-in-Trade	196.100	223.900	849.700
Changes in Inventories of Finished Goods, work-in-progress and stock-in-trade	(144.400)	(59.200)	(377.100)
Employee Benefits Expenses	496.200	577.500	2135.000
Depreciation and amortisation Expense	191.700	192.800	762.200
Research and Development Expenses	528.500	494.500	2401.200
Other Expenses	1873.300	1432.300	5775.900
Total Expenses	5086.500	4710.300	18553.600
Profit/ (Loss) from Operations before Other Income, Finance Costs and Exceptional Items	360.600	808.100	2377.200
Other Income	(116.100)	142.600	1868.600
Profit/ (Loss) from ordinary activities before Finance Costs and Exceptional Items	244.500	950.700	4245.800
Finance Costs	2258.400	1772.100	8125.800
Profit/ (Loss) from ordinary activities after Finance Costs but before exceptional items	(2013.900)	(821.400)	(3880.000)
Exceptional Items	--	--	180.000
Profit/ (Loss) from ordinary activities before Tax	(2013.900)	(821.400)	(3700.000)
Tax Expense (Including Deferred Tax)	--	--	--
Net Profit/ (Loss) from ordinary activities after tax	(2013.900)	(821.400)	(3700.000)
Extraordinary items (net of tax expense)	--	--	--
Net Profit/ (Loss) for the period	(2013.900)	(821.400)	(3700.000)
Paid up Equity Share Capital (Face Value of Rs.2/- Each)	345.100	345.100	345.100
Reserves (excluding Revaluation Reserves)			90925.700
Paid-up Debt Capital			3500.000
Debenture Redemption Reserve			300.000
Earnings Per Share (EPS)
a) Basic and diluted EPS before extraordinary items for the period (Rs.)	(11.60)	(4.80)	(21.40)
b) Basic and diluted EPS after extraordinary items for the period (Rs.)	(11.60)	(4.80)	(21.40)
Debt Service Coverage Ratio (Refer Footnote No.1)			0.90
Interest Service Coverage Ratio (Refer Footnote No.2)			0.40
Note: 1. Debt Service Coverage Ratio – Earnings before interest and Tax/ (Interest Expense + Principal Repayment) 2. Interest Service Coverage Ratio – Earnings before interest and Tax / Interest Expense
A. PARTICULARS OF SHAREHOLDING
1.Public shareholding
- Number of shares	81201342	81198825	81201342
- Percentage of shareholding	47.06%	47.05%	47.06%
2. Promoters and promoter group shareholding
a) Pledged/Encumbered
- Number of shares	--	--	--
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--	--	--
- Percentage of shares (as a % of the total share capital of the Company)	--	--	--
b. Non-encumbered
- Number of shares	91361758	91364275	91361758
- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00%	100.00%	100.00%
- Percentage of shares (as a % of the total share capital of the Company)	52.94%	52.95%	52.94%

Particulars	3 months ended 31/03/2014
B INVESTOR COMPLAINTS (Nos.)
Pending at the beginning of the quarter	2
Received during the quarter	3
Disposed of during the quarter	4
Remaining unresolved at the end of the quarter	1

NOTE

1. The standalone financial results, for the quarter and nine months ended March 31, 2014, have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 05, 2014.

2. Statement of Assets and Liabilities:

(Rs. In Millions)

Particular	Current year end (31.03.2014)
	(Audited)
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital	345.100
Reserves and surplus	90925.700
Sub-total - Shareholders' funds	91270.800
Non-current liabilities
Long-term borrowings	6533.400
Deferred Tax Liabilities (Net)	--
Other long-term liabilities	234.200
Long Term Provisions	529.400
Sub-total - Non-current liabilities	7297.000
Current liabilities
Short-term borrowings	51597.800
Trade payables	3838.200
Other current liabilities	4439.600
Short-term provision	10719.500
Sub-total - Current liabilities	70595.100
TOTAL - EQUITY AND LIABILITIES
ASSETS
Non-current assets
Fixed assets	9425.500
Non-current investments	114848.700
Long-term loans and advances	5778.100
Other Non-current assets	1572.400
Sub-total - Non-current assets Current assets	131624.700
Current assets
Current Investments	1012.900
Inventories	3004.900
Trade receivables	2562.700
Cash and cash equivalents	318.500
Short-term loans and advances	22777.200
Other current assets	7862.000
Sub-total - Current assets	37538.200
TOTAL - ASSETS	169162.900

3. In accordance with Accounting Standard-17 "Segment Reporting', segment Information has been given in the consolidated financial results of Piramal Enterprises Limited and therefore, no separate disclosure on segment information is given in these result.

4. A Dividend of Rs.52.50 per equity share (2625% of the face value of Rs.21- each) has been recommended by the Board of Directors which is subject to approval of the Shareholders.

5. Other Income includes the effect of Foreign Exchange Gain / (Loss) - (net) incurred during the respective quarter / year.

6. Subsequent to the year-end:

a) the Company has divested its entire equity stake, comprising of 45,425,328 shares, in Vodafone India Limited to Prime Metals Limited, an indirect subsidiary of Vodafone Group Plc., for a total consideration of Rs. 8,900 Crores;

b) The Company has acquired an effective 20 % equity stake in Shriram Capital Limited, a financial services company, for an aggregate consideration of Rs. 2,014 Crores; and

c) The Company has agreed to acquire 9.99 % of the post-diluted equity share capital of Shriram City Union Finance Limited, by way of subscription to fresh shares pursuant to a preferential allotment, for an aggregate consideration of Rs. 790 Crores.

7. The figures for the last quarter are balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year.

8. Previous quarter / year's figures have been regrouped / reclassified wherever necessary to correspond with the current quarter / year's classification / disclosure.

FIXED ASSETS

v Tangible Assets

Land Leasehold

Land Freehold

Building

Plant and Equipment

Furniture and Fixtures

Vehicles/Ships/Helicopter

Office Equipment

v Intangible Assets

Brands and Trademarks

Copyrights, Know-how and Intellectual Property Rights

Computer Software

PRESS RELEASE

DR. RAMAN SINGH, CHIEF MINISTER OF CHHATTISGARH AND HMRI (PIRAMAL FOUNDATION) INAUGURATES 104 HEALTH INFORMATION HELPLINE IN RAIPUR

HMRI, an initiative under Piramal Foundation, has served over 66 million callers till date

Raipur Health Helpline can handle 2,500 calls per day

Employs the use of Piramal HMRI’s innovative algorithm and disease summary software

Raipur, Chattisgarh, September 23, 2013: Piramal Foundation’s primary healthcare initiative, Health Management and Research Institute (HMRI) and Dr. Raman Singh, the Chief Minister of Chhattisgarh inaugurated the 104 Health Information Helpline. The ceremony witnessed the presence of Shri. Amar Agarwal - Health Minister, Shri Ramesh Bias, MP – Raipur, Shri Brij Mohan Agarwal - Minister of Education, Smt Kiranmayee Nayak –Raipur Mayor, Shri M.K Raut (IAS) - Prl.Secretary – Health, Shri Pratap Singh (IFS) - Commissioner HM and FW, Dr. K.P.Singh – DHS.

The 30 seater Health Information Helpline would operate on 24 x7, throughout the year. The call centre is located in Raipur and can handle a call volume of 2,500 calls a day.

The call center is equipped with well trained paramedics, counselors, doctors, specialists and uses HMRI’s algorithm and disease summary. The paramedics aid in providing basic medical advice whereas the doctors provide expert advice at the call centre. Advice is also provided for long-term illness conditions such as diabetes, heart issues, cancer, common ailments and chronic and acute medical issues.

The team also shares much needed information during local epidemics and health scares, rehab counseling (alcohol, drugs, smoking) and psychological counseling (anxiety, depression, suicidal tendencies, chronic diseases like cancer etc.). Experts address issues related to family planning, stigmatized diseases (HIV, AIDS, and leprosy), birth disorders like cleft lip and club foot among the new born, childcare, pregnancy and safe birth

practices as well as sickle cell anemia.

In the future, the Raipur health helpline can be connected further to telemedicine node that would access and be connected to medical colleges and district hospitals.

Other services offered by the Piramal Foundation led HMRI initiative are 104 health helplines in Assam, Rajasthan, Maharasthra and Karnataka in partnership with the respective state Governments and has served over 66 million callers till date. Recently, HMRI has won the bid for the helpline in the state of Jharkhand. HMRI is poised for a growth with ambitious footprint plans across States.

PIRAMAL ENTERPRISES LIMITED RECEIVES IND APPROVAL FOR P7435, ITS NOVEL DGAT1 INHIBITOR FOR TREATMENT OF LIPID DISORDERS AND DIABETES

P7435 Investigational New Drug (IND) dossier receives USFDA regulatory approval

Extended Phase I trial in the US to be initiated shortly

P7435 has shown a significant reduction in triglycerides, blood glucose and insulin levels in preclinical studies

Mumbai, August 6, 2013: Piramal Enterprises Limited “PEL” (NSE: PEL, BSE: 500302) announced today that it has received approval from the US FDA for its Investigational New Drug (IND) P7435. This is a novel, potent and highly selective, oral diacylglycerol acyltransferase 1 (DGAT1) inhibitor.

P7435 has been developed by the NCE Research Division of PEL for the management of metabolic disorders such as lipid abnormalities and diabetes. It is well-established that increased lipid levels’ (including triglycerides) is one of the major risk factors for cardiovascular disease (CVD). It has been reported by the World Health Organisation, that CVD, is the number one cause of deaths globally, representing approximately 30% of all deaths. Currently, there is a significant medical need for effective and safe drugs for the management of lipid abnormalities and metabolic disorders.

P7435 has demonstrated its lipid lowering potential in various preclinical studies by showing significant reduction in triglyceride levels, glucose and insulin levels, and decrease in food intake and body weight gain - factors which are associated with lipid abnormalities and metabolic disorders.

PEL has established the safety and tolerability of P7435 in a Phase I trial recently completed in India. This extension trial in the US will further evaluate the safety and efficacy of P7435 in a larger population.

Dr. Swati Piramal, Vice Chairperson, Piramal Enterprises Limited said, “The NCE Research division of PEL continues its ambitious diabetes/metabolic disorders programme to discover and develop NCEs to fight against diseases like diabetes and lipid disorders. With P7435 we are looking at addressing a serious need for effective and well-tolerated drugs that treat lipid disorders, which are commonly associated with diabetes and CVDs. Expansion of this trial will allow testing this NCE in a wider population, which is critical to the development of this drug and will provide therapeutic solutions not just to India but also to the rest of the world.”

PIRAMAL ENTERPRISES LIMITED (PEL) AND TATA MEMORIAL CENTRE (TMC) FORGE ALLIANCE TO ADVANCE UNDERSTANDING OF CANCER BIOLOGY AND DEVELOP TOOLS FOR PERSONALIZED MEDICINE

Focus on understanding disease biology and predicting response to treatment

in preclinical models

Address critical need of personalized medicine in cancer care

Understand mechanism of drug action

April 1, 2013; Mumbai: Piramal Enterprises Limited (PEL) and Tata Memorial Centre (TMC) today announced that they will collaborate to enable the development of valuable tools to better understand disease biology and predict responses to various treatments for cancer patients.

The new alliance between the two organizations will focus on the development of preclinical cancer models to enhance the understanding of disease biology, treatment response/resistance and biomarkers as they relate to diagnosis, prognosis and response to drugs. These models will be based on tumor tissues from cancer patients and are predicted to have better translational relevance than the currently used human cancer cell line models. Scientists at TMC and PEL hope to gain a better understanding of the mechanisms through which various drugs work on different cancers. This research could lead to new therapies and predict the medicine best suited to treat an individual cancer patient.

"Our collaboration with Piramal Enterprises addresses a critical need in cancer care, which is widely accessible and cost effective personalized medicine for cancer patients," said Dr Rajendra Badwe, M.D., Director of Tata Memorial Centre.

Dr Swati Piramal, Vice Chairperson of Piramal Enterprises Ltd. commenting on the development said, "We are excited to begin this collaboration with Tata Memorial Centre, which is India’s leading centre associated with cancer treatment. We hope that the insights we gain from this alliance will ultimately lead to new treatment options for cancer patients."

The New Chemical Entity (NCE) Research division of Piramal Enterprises focuses on the discovery and development of innovative medicines to improve the lives of patients suffering from cancer, diabetes, metabolic disorders and inflammatory conditions. It has a state-of-the-art Research Centre in Mumbai and comprehensive capabilities spanning target identification all the way through clinical development.

PIRAMAL ENTERPRISES: UPDATES ON SCHEME OF AMALGAMATION AND ARRANGEMENT

July 03, 2013

Piramal Enterprises has informed that the Order of the Court sanctioning the scheme of Amalgamation and Arrangement between PHL Holdings and Piramal Enterprises and their respective shareholders and creditors has been filed with the Registrar of Companies on July 02, 2013 and accordingly, the Scheme has become effective.

With reference to the earlier announcement dated May 16, 2013, about the Hon'ble Bombay High Court sanctioning the scheme of Amalgamation and Arrangement between PHL Holdings Private Limited and Piramal Enterprises Limited and their respective shareholders and creditors (“the Scheme”) Piramal Enterprises Limited has informed BSE that the Order of the Court sanctioning the Scheme has been filed with the Registrar of Companies on July 02, 2013 and accordingly, the Scheme has become effective. The Appointed Date of the Scheme is January 1, 2013.In terms of the Scheme, 84092879 Equity Shares of the Company held by the Transferor i.e. PHL Holdings Private Limited (PHPL) stands cancelled and equivalent number of equity shares credited as fully paid up are to be issued and allotted by the Company to the equity shareholder of PHPL in lieu thereof. The Company is in the process of submitting necessary applications to the Stock Exchanges for seeking approval for listing of the 84092879 Equity Shares to be issued and allotted to the equity shareholders of PHPL.

PIRAMAL ENTERPRISES LIMITED RECEIVES IND APPROVAL FROM THE US FDA FOR ITS GPR40 AGONIST P11187; AN ANTI-DIABETIC MOLECULE

· P11187 Investigational New Drug (IND) dossier receives US FDA regulatory approval

· Piramal's first US FDA approved Diabetes Phase I clinical trial; trials in the US to be initiated shortly

· P11187's anti-diabetic action is in a glucose-dependent manner, thus decreasing the potential risks of hypoglycemia

Mumbai, May 14, 2013: Piramal Enterprises Limited "PEL" (NSE: PEL, BSE: 500302) announced today that it has received approval from the US FDA for its Investigational New Drug (IND) P11187. This approval will enable PEL to initiate a Phase I clinical trial of P11187 in healthy volunteers in the US.

P11187 is an orally active, small molecule New Chemical Entity (NCE), discovered and developed by the NCE Research Division of PEL. P11187 selectively acts on GPR40; a potential therapeutic target for Type 2 Diabetes Mellitus (T2DM). T2DM is an emerging worldwide health crisis with an incidence rate of 300 million by 2025 as predicted by the WHO and accounts for about 90% of the diabetic population.

P11187 will be tested for safety and its glucose-lowering properties for the first time in humans; both properties having been well-established in our preclinical studies. Currently, the T2DM treatment space has limitations in terms of efficacy and adverse side-effect profiles. The advantage of P11187; as a GPR40 agonist, is the stimulation of insulin secretion in a glucose-dependent manner, thus reducing the potential risk of excess insulin production.

Dr. Swati Piramal, Vice Chairperson, Piramal Enterprises Limited said, "The NCE Research division of PEL is dedicated to finding new cures for metabolic disorders. It focuses upon nurturing innovation and break-through thinking to impact the lives of millions of people. P11187's IND approval by the US FDA; recognizes our untiring efforts to identify candidates that would translate into more efficacious drugs for the effective management of diabetes."

About NCE Research

The NCE Research Division of Piramal Enterprises Limited focuses on the discovery and development of innovative small molecule medicines to improve the lives of patients suffering from cancer, metabolic disorders and inflammatory conditions. The key elements of our strategy include capitalizing on Piramal's strengths, in particular the India advantage, and leveraging external partnerships to achieve high levels of RandD productivity. Piramal's state-of-the-art Research Centre in Mumbai has comprehensive capabilities spanning target identification all the way through clinical development. Our robust pipeline, including 9 compounds in clinical development, bears testimony to our innovative and rigorous drug discovery process.

Piramal Enterprises Limited

Piramal Enterprises is one of India's largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors. Piramal Enterprises had consolidated revenues of over $ 650 million in FY2013. In the pharmaceutical space, PEL is one of leading custom manufacturing player globally, has presence in the global critical care segment with a portfolio of inhalation and injectable anesthetics and its OTC business is ranked no. 7 in India. PEL is also engaged in drug discovery and research and has strong pipeline of development products. In the financial services space, PEL has a real estate focused PE fund - Indiareit and a NBFC that is focused on lending to real estate and education sector. PEL's information management business, Decision Resources Group is a leading provider of information based services to the healthcare industry.

PIRAMAL ENTERPRISES ANNOUNCES Q1FY2014 RESULTS

Total Operating Income for Q1FY2014 up by 29.8% to Rs. 9702.000 Millions, Operating Profit was higher at Rs. 1461.000 Millions while net loss was Rs. 1467.000 Millions

Mumbai, July 25, 2013: Piramal Enterprises Limited (formerly Piramal Healthcare Limited) ('PEL', NSE: PEL, BSE: 500302) today announced results for Q1FY2014.

For the quarter ended June 30, 2013, the Total Operating Income grew by 29.8% to Rs. 9702.000 Millions against Rs. 7472.000 Millions in Q1FY2013. Operating Profit (OPBITDA) for the quarter was Rs. 1461.000 Millions as compared with Rs. 785.000 Millions during the same period last year. Net loss for the quarter was Rs. 1467.000 Millions as compared with a net profit of Rs. 41.000 Millions during Q1FY2013. Interest Expenses for Q1FY2014 are higher by 279.9% at Rs. 3325.000 Millions as against Rs. 875.000 Millions in Q1FY2013 as the company raised funds to invest in its NBFC operations and in shares of Shriram Transport Finance Company. The interest expenses for the quarter include one-time financing charges of Rs. 1628.000 Millions. Excluding these one-time financing charges, the PAT would have been a profit of Rs. 161.000 Millions instead of a loss of Rs. 1467.000 Millions.

During the quarter, PEL invested Rs.5000.000 Millions in Green Infra Limited through Optionally Convertible Debentures. The Company also acquired a minority stake of ~10% in Shriram Transport Finance Company Limited for Rs. 16340.000 Millions in May 2013.

FY2013 results also include the financial results of Decision Resources Group that was acquired in June 2012, Piramal Imaging operations in Germany acquired from Bayer in April 2012 and Abacus International acquired in December 2012.

THE CENTERS FOR MEDICARE AND MEDICAID SERVICES (CMS) DRAFT DECISION COULD LIMIT PATIENT ACCESS TO NEW TECHNOLOGY THAT MAY HELP IN DIAGNOSING DEMENTIA

Piramal Imaging Urges Public Participation During the CMS Public Comment Period on the use of Beta-Amyloid Imaging in Dementia

Berlin/Boston/Mumbai, July 25, 2013 - On Wednesday, July 3, 2013, the Centers for Medicare and Medicaid Services (CMS) released its proposed decision memorandum regarding the use of beta-amyloid imaging in dementia and neurodegenerative disease.1

Piramal Imaging is concerned about CMS' proposal, which appears to take an overly cautious approach to expanding Medicare coverage for positron emission tomography (PET) tracers to include beta-amyloid imaging agents. Limiting Medicare coverage only to patients enrolled in CMS-approved clinical trials imposes restrictions that reduce patient access to long-awaited diagnostic tools.

"We are concerned that the CMS draft coverage decision is too restrictive and, if finalized in its current form, will place an undue burden on physicians, patients and caregivers by delaying the definitive diagnosis of certain types of dementia and neurodegenerative disease, including Alzheimer's," said Dr. Ludger Dinkelborg, Director of the Board, Piramal Imaging SA.

In Piramal Imaging's view, the CMS decision needs to be reviewed for the following reasons:

The draft decision does not reference the Appropriate Use Criteria (AUC) that was developed by the Society for Nuclear Medicine and Molecular Imaging (SNMMI) and the Alzheimer's Association. The taskforce was comprised of a cross-section of experts including radiologists, nuclear medicine specialists and neurologists.2

It lacks clear guidance on clinical trial designs that should be practical and provide CMS with the requested evidence in a reasonable timeframe.

There is general disagreement with the relevance of autopsy as an appropriate endpoint to demonstrate clinical utility in the intended population.

The use of new beta-amyloid imaging agents should help to reduce uncertainties in the diagnosis of Alzheimer's disease and related dementias, which is of importance for patients and their caregivers. Piramal Imaging is hopeful that CMS will moderate its position when it renders its final decision by finding less restrictive ways to gather the information it seeks regarding health outcomes.

CMS is accepting public comments on its proposed decision from all stakeholder groups and is accepting public comments now through August 2, 2013. Comments can be posted at:

"We urge anyone concerned with Alzheimer's disease—patients, caregivers, healthcare professionals, patient advocacy groups and the general public—to share opinions on the value of beta-amyloid PET imaging during the initial 30-day public comment period," said Dr. Dinkelborg. "Every letter will have an impact on CMS' final decision in September."

About the value of beta-amyloid PET imaging

Today, Alzheimer's disease is usually diagnosed after a person with a cognitive impairment undergoes an extensive clinical examination which typically includes family and medical history, physical and neurological examinations, laboratory tests, and imaging procedures such as computed tomography (CT) and magnetic resonance imaging (MRI) scans. Still, a definitive diagnosis of Alzheimer's disease can only be made after death where an autopsy can reveal the presence of beta-amyloid plaques and neurofibrillary tangles in the brain. However, post-mortem studies looking for accumulations of beta-amyloid in the brain have shown that 10 to 30 percent of diagnoses based on clinical examinations are incorrect.

Beta-amyloid PET imaging holds the promise to detect beta-amyloid plaques in live patients. Because beta-amyloid progresses in the brain for as long as a decade before classic signs and symptoms Alzheimer's disease become clear to diagnosticians, early detection of the pathophysiology in symptomatic patients is crucial to a more accurate assessment of the patient's condition, which may lead to a targeted and accurate therapeutic approach for those affected.

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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	PLA
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		60

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.