1. Summary Information

		Country	INDIA
Company Name	PARENTERAL DRUGS (INDIA) LIMITED	Principal Name 1	Mr. Manoharlal Gupta
Status	Moderate	Principal Name 2	Mr. Vinod Kumar Gupta
		Registration #	11-126481
Street Address	340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra
Established Date	13.12.1983	SIC Code	--
Telephone#	91-22-66943547	Business Style 1	Manufacturer
Fax #	91-22-26333763	Business Style 2	Exporter
Homepage	http://www.pdindia.com	Product Name 1	Pharmaceutical Products
# of employees	3000 (Approximately)	Product Name 2	--
Paid up capital	Rs.377,409,000/-	Product Name 3	--
Shareholders	Promoter and Promoter Group – 73.28% Public Shareholding – 26.72%	Banking	State Bank Of India
Public Limited Corp.	YES	Business Period	31 Years
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	B (31)
Related Company
Relation	Country	Company Name	CEO
Subsidiaries	--	Parenteral Biotech Limited	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2013		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,280,998,000	Current Liabilities	402,175,000
Inventories	362,667,000	Long-term Liabilities	3,559,015,000
Fixed Assets	3,284,114,000	Other Liabilities	277,552,000
Deferred Assets	0,000	Total Liabilities	4,238,742,000
Invest& other Assets	1,396,407,000	Retained Earnings	1,708,035,000
		Net Worth	2,085,444,000
Total Assets	6,324,186,000	Total Liab. & Equity	6,324,186,000
Total Assets (Previous Year)	6,457,902,000
P/L Statement as of	31.03.2013		(Unit: Indian Rs.)
Sales	1,872,155,000	Net Profit	(851,953,000)
Sales(Previous yr)	2,225,608,000	Net Profit(Prev.yr)	(478,160,000)

MIRA INFORM REPORT

Report Date :

14.05.2014

IDENTIFICATION DETAILS

Name :	PARENTERAL DRUGS (INDIA) LIMITED
Registered Office :	340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	13.12.1983
Com. Reg. No.:	11-126481
Capital Investment / Paid-up Capital :	Rs.377.409 millions
CIN No.: [Company Identification No.]	L99999MH1983PLC126481
TAN No.: [Tax Deduction & Collection Account No.]	MUMP19676G
PAN No.: [Permanent Account No.]	AAACP2820L
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Pharmaceutical Products like Intravenous Transfusions, Tablets Capsules and Water for Injections.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 8350000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having a moderate track. The company has incurred a loss form its operation during 2013. However, trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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	CARE
Rating	Long Term Bank Facilities: B +
Rating Explanation	Have high risk of default.
Date	04.09.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	04.09.2013

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. Amar
Designation :	Senior Executive Corporate and Export
Contact No.:	91-731-6652007
Date :	13.05.2014

LOCATIONS

Registered Office :	340, Laxmi Plaza, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India
Tel. No.:	91-22-66943547/ 26304940/ 42762888 / 6652007
Fax No.:	91-22-26333763
E-Mail :	pdpl@pdindia.com amaragal@pdindia.com
Website :	http://www.pdindia.com
Location :	Owned
Corporate Office and Investors Grievances Centre :	Shree Ganesh Chambers, A.B. Road , Navlakha Crossing, Indore – 452 001 Madhya Pradesh, India
Tel. No.:	91-731-4092000/ 2401108
Fax No.:	91-731-2401052/ 2401307
Plants (Manufacturing Location) :	· Village Asrawad, Post Dudhia, Nemawar Road, Indore – 452 016, Madhya Pradesh, India Tel No.: 91-731-3917834 · Village Sura, Post Suranussi, Jalandhar – 144 027, Punjab, India · Village Bhud, Tehsil Nalagarh, District Solan – 173 205, Himachal Pradesh, India
Overseas Factory 1 :	Old Moka Road, Bell Village, P. O. Box 770, Republic of Mauritius
Overseas Factory 2 :	ARNA Industrial Estate, Kapchagai, Republic of Kazakhstan
Overseas Factory 3 :	Located at: · Nairobi

DIRECTORS

As on 31.03.2013

Name :	Mr. Manoharlal Gupta
Designation :	Chairman
Name :	Mr. Vinod Kumar Gupta
Designation :	Managing Director
Name :	Mr. Govind Das Garg
Designation :	Whole Time Director
Name :	Mr. Anil Mittal
Designation :	Whole Time Director and Chief Executive
Name :	Mr. Satish Chandra Consul
Designation :	Independent Director
Name :	Mr. Dharam Pal Khanna
Designation :	Independent Director
Name :	Mr. Dilip Kumar Panchaity
Designation :	Independent Director
Name :	Mr. Dilip Kumar Sinha
Designation :	Independent Director

KEY EXECUTIVES

Name :	Ms. Yogesh Khakre
Designation :	Company Secretary and Compliance Officer
Name :	Mr. Amar
Designation :	Senior Executive Corporate and Export

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	21849243	73.28
Sub Total	21849243	73.28
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	21849243	73.28
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	7998	0.03
Financial Institutions / Banks	1332	0.00
Sub Total	9330	0.03
(2) Non-Institutions
Bodies Corporate	3031556	10.17
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	1708338	5.73
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	3101126	10.40
Any Others (Specify)	116707	0.39
Clearing Members	46648	0.16
Non Resident Indians	62794	0.21
Trusts	2200	0.01
Directors & their Relatives & Friends	5065	0.02
Sub Total	7957727	26.69
Total Public shareholding (B)	7967057	26.72
Total (A)+(B)	29816300	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	29816300	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceutical Products like Intravenous Transfusions, Tablets Capsules and Water for Injections.

Products :

ITC Code No.	Product Description
30033900	Intravenous Transfusions
30049099	Tablets Capsules
30049076	Water for Injections

Exports :

Products :

Finished Goods

Countries :

· Iraq

· Kenya

· Mauritius

· Sri Lanka

· Nepal

· Kazakhstan

· Chaina

· Sudan

· Vietnam

Imports :

Products :

Raaw Material

Countries :

· Korea

· Europe

· Gulf Countries

Terms :

Selling :

Cash and Advance Payment

Purchasing :

Cash and Advance Payment

PRODUCTION STATUS (AS ON 31.03.2011)

(Units in Lacs)

Particulars	Licensed Capacity (p.a.)	Installed Capacity (p.a.)	Actual Production
I.V. Section
Large Volume	2700.00	2700.00	1876.81*
Tablet Section
Tablets and Capsules	14250.00	14250.00	3536.44**
Opthalmics Section
Ampoules	4500.00	4500.00	2618.82
Injections	1080.00	1080.00	284.97**

* It includes 103.84 lacs bottle manufactured on job work.

** Tablets includes Trading Purchase for 534.07 lacs nos. and Injections includes Trading Purchase for 64.47 lacs nos.

GENERAL INFORMATION

Customers :

Wholesaler and Retailers

No. of Employees :

3000 (Approximately)

Bankers :

· State Bank of India

· Punjab National Bank

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
From Banks
1. Term Loans/FITL/WCTL	2412.897	985.322
Term Loans-Current	0.000	144.162
2. Corporate Loans	579.800	243.309
Corporate Loans-Current	0.000	36.517
3. Vehicle Loan	0.000	0.485
Vehicle Loan-Current	0.621	0.976
SHORT TERM BORROWINGS
From Banks
1. Working Capital Loans repayable on demand	502.568	1209.665
Total	3495.886	2620.436

Notes:

Long Term Borrowings

A. Nature of security is as under:-

i. Term Loans of Rs. 2412.896 Millions ( Rs. 1129.483 Millions) are secured by first pari passu charge on entire fixed assets of the Company and second pari passu charge on entire current assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortgage of office property belong to Parenteral Medicines Limited situated at Andheri (W) Mumbai and mortgage of house property belongs to Shri Manoharlal Gupta and Shri Vinod Kumar Gupta and first exclusive charge by way of pledge of fixed deposit and first pari passu charge by way of pledge of total 1,38,76,441 nos of equity shares of M/s. Parenteral Drugs (India) Limited held in the name of Rajratan Exports Private Limited (33,93,332), MVG Mercantile Private Limited (57,73,497), PDPL Holdings Private Limited (32,17,120), PDPL Securities Private Limited (6,11,506), Mahaganpati Investments Private Limited (8,50,000) and Parenteral Commercial Services Private Limited (30,986) and personal guarantee of four Directors, Smt. Alpana Gupta, HUF of Shri Manoharlal Gupta, Shri Vinod Gupta and Shri G.D. Garg, and Corporate Guarantee of Diamond Crystal Private Limited, Parenteral Medicines Limited, Rajratan Exports Private Limited, MVG Mercantile Private Limited, PDPL Holdings Private Limited, PDPL Securities Private Limited, Mahaganpati Investment Private Limited, and Parenteral Commercial Services Private Limited. Term Loans are bearing interest @ 11% to 15.25% p.a.

ii. Corporate Loans of Rs. 579.800 Millions (Rs. 279.826 Millions) are secured by first pari passu charge on entire fixed assets of the Company and second pari passu charge on entire current assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortgage of office property belong to Parenteral Medicines Limited situated at Andheri (W) Mumbai and mortgage of house property belongs to Shri Manoharlal Gupta and Shri Vinod Kumar Gupta and first exclusive charge by way of pledge of fixed deposit and first pari passu charge by way of pledge of total 1,38,76,441 nos of equity shares of M/s. Parenteral Drugs (India) Limited held in the name of Rajratan Exports Private Limited (33,93,332), MVG Mercantile Private Limited (57,73,497), PDPL Holdings Private Limited (32,17,120), PDPL Securities Private Limited (6,11,506), Mahaganpati Investments Private Limited (8,50,000) and Parenteral Commercial Services Private Limited (30,986) and personal guarantee of four Directors, Smt. Alpana Gupta, HUF of Shri Manoharlal Gupta, Shri Vinod Gupta and Shri G.D. Garg, and Corporate Guarantee of Diamond Crystal Private Limited, Parenteral Medicines Limited, Rajratan Exports Private Limited, MVG Mercantile Private Limited, PDPL Holdings Private Limited, PDPL Securities Private Limited, Mahaganpati Investment Private Limited, and Parenteral Commercial Services Private Limited. Corporate Loans are bearing interest @ 14.20% to 14.75% p.a.

iii. Vehicle Loan of Rs. 0.621 Million (Rs.1.462 Millions) are secured by hypothecation of buses and @ 13.50% p.a. interest payable

thereon.

B. FITL/TL/WCTL includes Rs.0.436 million as interest due.

Corporate Loan includes Rs.NIL as interest due.

Vehicle Loan includes amount of Rs.0.030 million unmatured interest.

C. Repayment schedule of Term loans Corporate loans FITL and WCTL is as under:-	Amount (Rs. in millions)
Payable from 2014-15 to 2015-16	500.000
Payable from 2016-17 to 2017-18	760.000
Payable from 2018-19 to 2019-20	960.000
Payable from 2020-21 to 2021-2022	1140.000
Repayment schedule of Vehicle Loan is as under:-
Fully Payable in 2013-14

D. About CDR Package

During the year Company has approched the lender banks for restructuring of its loans with CDR mechanism. The final st package as approved by CDR EG has been finally implemented on 1 January, 2013.

Short Term Borrowings

Terms of Loan are as under:

Working Capital Loans of Rs. 502.568 Millions ( Rs.1209.665 Millions) bearing interest rate @ 16.45% to 16.50% p.a. are secured by first pari passu charge on entire current assets of the Company and second pari passu charge on entire fixed assets of the Company and first pari passu charge by way of equitable mortage of property belonging to Diamond Crystal Private Limited situated at Nemawar Road, Indore and equitable mortgage of office property belong to Parenteral Medicines Limited situated at Andheri (W) Mumbai and mortgage of house property belongs to Shri Manoharlal Gupta and Shri Vinod Kumar Gupta and first exclusive charge by way of pledge of fixed deposit and first pari passu charge by way of pledge of total 1,38,76,441 nos of equity shares of M/s. Parenteral Drugs (India) Limited held in the name of Rajratan Exports Private Limited (33,93,332), MVG Mercantile Private Limited (57,73,497), PDPL Holdings Private Limited (32,17,120), PDPL Securities Private Limited (6,11,506), Mahaganpati Investments Private Limited (8,50,000) and Parenteral Commercial Services Private Limited (30,986) and personal guarantee of four Directors, Smt. Alpana Gupta, HUF of Shri Manoharlal Gupta, Shri Vinod Gupta and Shri G.D. Garg, and Corporate Guarantee of Diamond Crystal Private Limited, Parenteral Medicines Limited, Rajratan Exports Private Limited, MVG Mercantile Private Limited, PDPL Holdings Private Limited, PDPL Securities Private Limited, Mahaganpati Investments Private Limited, and Parenteral Commercial Services Private Limited.

Banking Relations :	--
Auditors :
Name :	T.N. Unni and Company Chartered Accountants
Address :	402, Alankar Point, Geeta Bhawan Square, Indore – 452 001, Madhya Pradesh, India
Subsidiaries :	· Parenteral Biotech Limited · Abhay Drugs Limited · Parenteral Impex Limited · Anjaney Pharmaceuticals Limited · Parentech Healthcare Limited · Parenteral Surgical Limited · Punjab Formulations Limited · Goa Formulations Limited · Mascareignes Pharmaceuticals Manufacturing Company Limited · Parenteral Drugs Kazakhstan
Enterprises Controlled by Key Management Personnel / Relatives of Key Management Personnel :	· Parenteral Medicines Limited · Anitas Exports Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital : Rs.500.000 millions

Issued, Subscribed & Paid-up Capital : Rs.403.542 millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
36500000	Equity Shares	Rs.10/- each	Rs.365.000 millions
3500000	Redeemable, Non Cumulative, Non convertible Preference Shares	Rs.10/- each	Rs.35.000 million
2962102	0% Optionally convertible, redeemable Preference Shares	Rs.10/- each	Rs.29.621 millions
7037898	Redeemable Preference Shares	Rs.10/- each	Rs.70.379 millions
	Total		Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25866831	Equity Shares	Rs.10/- each	Rs.258.668 millions
3500000	Redeemable, Non Cumulative, Non Convertible Preference Shares	Rs.10/- each	Rs.35.000 millions
2962102	0% Optionally Convertible Redeemable Preference Shares	Rs.10/- each	Rs.29.621 millions
5211000	0% Redeemable Preference Shares	Rs.10/- each	Rs.52.110 millions
1826898	0% Redeemable Preference Shares Rs. 1.10 Prtly paid up	Rs.10/- each	Rs.2.010 millions
	Total		Rs.377.409 millions

Particulars	Number of Shares
a. Name of Shareholders hold more than 5% of Shares
Equity Shares:-
Rajratan Exports Private Limited	6666665
PDPL Holding Private Limited	3217120
Mahaganpati Investments Private Limited	1600000
MVG Mercantile Private Limited	5773497
Redeemable preference shares:-
PDPL Holding Private Limited	3500000
Mahaganpati Investments Private Limited	5211000
Mahaganpati Investments Private Limited (Partly paid)	1826898
0% Optionally convertible, redeemable preference shares:-
MVG Mercantile Private Limited	2962102
b. Detail of Shares allotted in last five years in each class other than value received in cash
Equity Shares
- Shares issued pursuant to scheme of amalgamation sanctioned by High court	4330123
- Bonus Shares Issued by capitalisation of general reserve	12066708
0% Optionally convertible, redeemable preference shares
Shares issued pursuant to scheme of amalgamation sanctioned by High court	2962102
c. 2962102 0% optionally convertible, redeemable preference shares are convertible in equity shares or redeemed upto 1 November, 2013. If converted, each preference share shall be replaced by one equity share of the Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Sahre Capital	377.409
(b) Reserves & Surplus	1,708.035
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	2,085.444
(3) Non-Current Liabilities
(a) long-term borrowings	3,056.447
(b) Deferred tax liabilities (Net)	237.751
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	3,294.198
(4) Current Liabilities
(a) Short term borrowings	502.568
(b) Trade payables	392.726
(c) Other current liabilities	9.449
(d) Short-term provisions	39.801
Total Current Liabilities (4)	944.544
TOTAL	6,324.186
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3,284.114
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	1,396.407
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	239.739
(e) Other Non-current assets	0.064
Total Non-Current Assets	4,920.324
(2) Current assets
(a) Current investments	0.000
(b) Inventories	362.667
(c) Trade receivables	776.297
(d) Cash and cash equivalents	53.093
(e) Short-term loans and advances	189.824
(f) Other current assets	21.981
Total Current Assets	1,403.862
TOTAL	6,324.186

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		323.289	323.289
2] Share Application Money Pending Allotment		282.267	132.267
3] Reserves & Surplus		2281.855	2916.711
4] (Accumulated Losses)		0.000	0.000
NETWORTH		2887.411	3372.267
LOAN FUNDS
1] Secured Loans		2620.436	2390.075
2] Unsecured Loans		84.404	125.412
TOTAL BORROWING		2704.840	2515.487
DEFERRED TAX LIABILITIES		202.797	0.000
TOTAL		5795.048	5887.754
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3382.517	3158.882
Capital work-in-progress		0.428	0.000
INVESTMENT		1396.407	1396.407
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	536.388	690.065
	Sundry Debtors	681.527	781.388
	Cash & Bank Balances	73.209	46.469
	Other Current Assets	21.565	0.000
	Loans & Advances	365.861	424.877
Total Current Assets		1678.550	1942.799
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	614.255	478.636
	Other Current Liabilities	12.419	127.701
	Provisions	36.180	4.061
Total Current Liabilities		662.854	610.398
Net Current Assets		1015.696	1332.401
MISCELLANEOUS EXPENSES		0.000	0.064
TOTAL		5795.048	5887.754

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	1872.155	2225.608	3807.134
		Other Income	1.374	2.765	5.185
		TOTAL (A)	1873.529	2228.373	3812.319
				(Due to adverse market condition)
Less	EXPENSES
		Cost of materials consumed	992.816	905.385	--
		Purchase of Stock-in-Trade	9.004	164.307	--
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	172.037	73.962	(37.471)
		Employee Benefit Expense	173.649	198.785	166.045
		Other Expenses	747.394	797.607	--
		Material Consumed	--	--	2212.428
		Manufacturing Expenses	--	--	292.924
		Administrative Expenses	--	--	208.296
		Selling and Distribution Expenses	--	--	518.367
		TOTAL (B)	2094.900	2140.046	3360.589
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(221.371)	88.327	451.730
Less	FINANCIAL EXPENSES (D)		422.244	391.901	225.087
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(643.615)	(303.574)	226.643
Less/ Add	DEPRECIATION/ AMORTISATION (F)		173.384	128.442	109.354
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(816.999)	(432.016)	117.289
Less	TAX (H)		34.954	46.144	30.139
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(851.953)	(478.160)	87.150
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		103.411	581.571	494.421
Less	APPROPRIATIONS
		Transfer to General Reserve	--	--	--
		Proposed Dividend	--	--	--
		Tax on Distributed	--	--	--
	BALANCE CARRIED TO THE B/S		(748.542)	103.411	581.571
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	125.338	90.200	142.920
	TOTAL EARNINGS		125.338	90.200	142.920
	IMPORTS
		Raw Materials	103.476	162.951	229.416
		Capital Goods	4.566	0.000	15.976
	TOTAL IMPORTS		108.042	162.951	245.392
	Earnings/ (Loss) Per Share (Rs.)		(32.94)	(18.49)	3.37

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(45.47)	(21.46)	2.28
Net Profit Margin (PBT/Sales)	(%)	(43.64)	(19.41)	3.08
Return on Total Assets (PBT/Total Assets}	(%)	(16.58)	(8.54)	2.30
Return on Investment (ROI) (PBT/Networth)		(0.39)	(0.15)	0.03
Debt Equity Ratio (Total Debt/Networth)		1.71	0.94	0.75
Current Ratio (Current Asset/Current Liability)		1.49	2.53	3.18

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	3807.134	2225.608	1872.155
		(41.541)	(15.881)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Sales	3807.134	2225.608	1872.155
Profit After Tax	87.15	(478.160)	(851.953)
	2.29%	(21.48%)	(45.51%)

LOCAL AGENCY FURTHER INFORMATION

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	No
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%	Yes
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)	Yes
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	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

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay
Lodging No:-	SJL/449/2010	Failing Date:-	04.12.2010		Reg. No.:-	SJ/449/2010	Reg. Date:-	04.12.2010
Lodging No:-	SSL/2216/2010		Reg.No.:-		SS/2280/2010
Petitioner:-	EMPIRE INDUSTRIES LIMITED		Respondent:-		PERENTERAL DRUGS (INDIA) LIMITED
Petn.Adv:-	TEJPAL AND COMPANY (0)
District:-	MUMBAI
Bench:-	SINGLE			Category:-	SUMMONSES FOR JUDGEMENT
Status:-	Transffred		Stage:-		TRANSFFERED TO THE CITY CIVIL COURT
Last Date:-	01.10.2012
Act:-	Code of Civil Procedure 1908

UNSECURED LOANS

Particulars	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
1. Security Deposit from Suppliers and Customers	59.149	79.397
2. Loans and Advances From Related Parties	3.980	5.007
Total	63.129	84.404

PERFORMANCE REVIEW

The consolidated turnover for the year was Rs.3276.700 Millions as compared to Rs.3329.500 Millions in the previous year. The turnover on standalone basis stood Rs.1873.500 Millions as against Rs.2228.400 Millions in the previous year.

On consolidated basis, the Company recorded a loss before interest and depreciation of Rs.137.700 Millions during the year as against profit of Rs.143.500 Millions in the previous year and recorded a loss before tax of Rs.926.200 Millions during the year as against the loss of Rs.485.200 Millions during the previous year.

On standalone basis, the Company recorded a loss before interest and depreciation of Rs.221.300 Millions during the year as against profit before interest and depreciation Rs.88.300 Millions in the previous year and recorded a loss before tax of Rs.816.900 Millions during the year as against a loss of Rs.432.000 Millions during the previous year. The loss is on account of short realization on sales, as the Company had to compromise on its realization by extending extra heavy discounts to the customers to sustain in the severe adverse liquidity crisis conditions.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT :

rd th The Indian Pharmaceutical Industry (IPI) is globally the 3 largest in terms of volume and 13 largest in terms of value.

The total market size of Rs. 1,233 billion includes domestic consumption market of Rs.600 billion (contributing 48.6%) and the exports market being Rs.633 billion (contributing 51.4%). Growth in the domestic pharma market will be driven by increase in the penetration of medical facilities, increase in the prevalence of chronic diseases, rising per capita income and increase in the health insurance coverage.

Growth in the exports of pharmaceutical products from India will be driven by patent expiries of the major branded

drugs across the world, particularly in the US market. In the long term, growth in the exports market will be sustained by emerging markets like Russia, Brazil, S. Africa etc. along with the enhanced focus on the niche and complex product segments such as injectables, inhalers, ophthalmics, ermatology and oral contraceptives. These are high risk – high return product segments. These offer comparatively huge entry barrier; as their clinical trials, approvals and manufacturing process are comparatively more complex and time consuming. Hence very limited numbers of players have entered these segments resulting in limited competition.

OPPORTUNITIES:

Strategies are as often driven by challenges as they are by opportunities. The strategic blueprint, we drafted a year ago, as the roadmap for their future growth was well-aligned to their ability to capitalize on the opportunities that prevailed at the time. Certain unforeseen developments during the year, however, made us rethink their strategies to realign their priorities to the changing business environment. While our goals remained intact, we decide to remap our journey to the same.

MAJOR CHALLENGES FACING LARGE PHARMACEUTICAL COMPANIES:

Rising customer expectations:

The commercial environment is getting harsher, as healthcare payers impose new cost constraints on healthcare providers and scrutinize the value medicines offer much more carefully. They want new therapies that are clinically and economically better than the existing alternatives, together with hard, real-world outcomes data to back any claims about a medicine's superiority.

OUTLOOK :

Global pharmaceutical sales are expected to rise at a lower rate of 4.5%-5.5% this year to top $820 billion. It is estimated that Japan, the world's second-largest market, will see higher growth, between 4%-5% to $84-$88 billion. The “pharmerging” markets - China, Brazil, India, South Korea, Mexico, Turkey and Russia - are expected to grow at a combined rate of 14%-15%, producing overall sales of $105-$115 billion. Along with the pharmaceutical industry's growing focus on these high-growth markets, they are bene?ting from increased government spending on healthcare and broader public and private healthcare funding, which is driving greater access to and demand for innovative medicines.

CONTINGENT LIABILITIES (AS ON 31.03.2013)

i) Claim against the company not acknowledged as debt

-Certain show-causes notices are pending to be adjudicated by the Central excise department.

The challenged demand under the notices is Rs.23.021 millions.

-one demand under Entry Tax Act for Rs.16.554 millions for which the Company has filed an appeal with DC (Appeal).

-three Income Tax demand of Rs.10.049 millions was raised by Assessing Officer, which is not admitted and rectification is pending.

-- One demand under DPCO Act for Rs. 1.931 Millions (Nil) for which the Company has filed writ petion in the

High Court of Delhi and demand is stayed by the H'ble High Court.

-Gratuity fund contribution towards past service liability to the tune of Rs.21.637 millions (as current investment are considered to meet gratuity liability)

ii) Bank Guarantees: Rs.27.215 millions

iii) Other contingent liabilities

-Two group companies have offered collateral securities (1) by mortgage of one company immovable properties &

(2) by pledge of shares in favour of the Company against credit facilities and corporate loan. Amount involved was uncertain.

-Corporate Guarantee given to three subsidiary companies to the tune of Rs.1035.400 millions

-- Sacrifice of lenders under approved CDR scheme of Rs. 28.124 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computer and Software

STATEMENT OF STANDALONE UNAUDITED FINNNCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013

Sr. No.	Particular	Three Months Ended		Nine Months Ended
		31.12.2013	30.09.2013	31.12.2013
		Unaudited	Unaudited	Unaudited
1.	Net Sales/Income from Operations	429.561	528.305	1460.278
	Other Operating Income	1.289	1.255	2.573
	Total Income From Operations (Net)	430.850	529.560	1462.851
2.	Expenditure
	Cost of materials consumed	230.825	298.938	827.993
	Purchase of stock in trade	0.000	0.000	0.00
	Changes in inventories of finished goods, work in progress and stock in trade	13.224	(25.436)	(57.210)
	Employee benefits expenses	42.522	46.431	129.037
	Depreciation and amortization expenses	43.889	43.616	131.476
	Other expenses	157.650	170.803	505.646
	Total Expenses	488.110	534.352	1536.941
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	(57.259)	(4.792)	(74.090)
4.	Other Income	0.000	0.000	0.000
5.	Profit Before Interest and Exceptional Items (3+4)	(57.259)	(4.792)	(74.090)
6.	Interest/Finance Cost	140.761	132.619	402.616
7.	Profit After Interest but before Exceptional Items (5-6)	(198.020)	(137.411)	(476.705)
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	(198.020)	(137.411)	(476.705)
10.	Tax Expense
	a) Current tax	--	--	--
	b) Deferred tax	--	--	--
	Total	--	--	--
11.	Net Profit from Ordinary Activities after Tax (9-10)	(198.020)	(137.411)	(476.705)
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	(198.020)	(137.411)	(476.705)
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	298.163	258.668	298.163
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	(6.81)	(5.47)	(16.58)
	b) Basic and diluted EPS after extraordinary items	(6.81)	(5.47)	(16.58)
17.	Public Shareholding
	-Number of Shares	7967057	7967057	7967057
	- Percentage of Shareholding	26.72%	26.72%	26.72%
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	15076441	15076441	15076441
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	69.00%	84.23%	69.00%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	50.56%	58.28%	50.56%
	b) Non Encumbered
	- Number of Shares	6772802	2823333	6772802
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	31 00%	15.77%	31 00%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	22.72%	10.92%	22.72%

Investor complaints	Three Months Ended 31.12.2013
Pending at the beginning of the quarter	0
Received during the quarter	2
Disposed of during the quarter	2
Unresolved at the end of the quarter	0

NOTES :

1 The above results were reviewed by statutory auditors and audit committee of the company and approved by Board of Directors in their meetlng held on 14th February 2014.

2 The Company is engaged in the Pharmaceuticals business only and therefore, there is only one reportable segment in accordance with the Accounting Standard on Segment Accounting (AS-17).

3 The previous yearlperiod have been regroupedlrearranged wherever found necessary.

4 The standalone financial results of the company are available on the website of the company i.e. www.pdindia.com and on the website.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset 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.54.03
UK Pound	1	Rs.82.43
Euro	1	Rs.70.49

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

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.