MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	RANBAXY LABORATORIES LIMITED
Registered Office :	A-41, Industrial Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali – 160071, Punjab
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.06.1961
Com. Reg. No.:	16-003747
Capital Investment / Paid-up Capital :	Rs.2116.600 Millions
CIN No.: [Company Identification No.]	L24231PB1961PLC003747
TAN No.: [Tax Deduction & Collection Account No.]	PTLR10986D PTLR11862E
PAN No.: [Permanent Account No.]	AAACR0127N
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Trading of formulations, active pharmaceuticals ingredients (API) and intermediate, generics, drug discovery and consumer health care products and also engaged in rendering of financial services.
No. of Employees :	11784 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 43000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The company has reported consecutive losses from its operational activities owing to losses on forex and derivative contracts during FY14. However, the rating also takes into consideration Ranbaxy’s adequate business and liquidity profile characterised by its established position in the U.S. generics segment, its leading market presence in the Indian branded formulations market and a diversified presence among emerging markets. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealings at usual trade terms and conditions. NOTE: Sun Pharmaceutical Industries Limited announcement to acquire 100 per cent stake in Ranbaxy subject to obtaining regulatory approvals. The deal is valued at an enterprise value of USD4 billion on an all-stock transaction.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Short term debt programme = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	May, 2014

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 31-03-2014.

INFORMATION DENIED

Management Non Corporative (91-172-2271450)

LOCATIONS

Registered Office/ Factory 1 :	A-41, Industrial Area Phase VIII-A, Sahibzada Ajit Singh Nagar, Mohali – 160071, Punjab, India
Tel. No.:	91-172-2271450/ 5013655/ 6678666
Fax No.:	91-172-2226925/ 5013376
E-Mail :	vasant@rllind.globemail.in sushilp@ranbaxy.co.in sushil.patwari@ranbaxy.com malvinder.singh@ranbaxy.com corporate.communications@ranbaxy.com raghu.kochar@ranbaxy.com Krishnan.ramalingam@ranbaxy.com secretarial@ranbaxy.com
Website :	http://www.ranbaxy.com
Corporate Office :	Plot No.90, Sector 32, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-4135000
Fax No.:	91-124-4135001/ 4106490
E-Mail :	secretarial@ranbaxy.com ramesh.aduge@ranbaxy.com naresh.kumar@ranbaxy.com brijesh.kapil@ranbaxy.com ranbir.bakshi@ranbaxy.com
Research and Development Center :	Plot No.20, Sector - 18, Udyog Vihar Industrial Area, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124 2342001-10
Fax No.:	91-124-2343545
E-Mail :	udbhav.ganjoo@ranbaxy.com omprakash.sood@ranbaxy.com navneet.raghuvanshi@ranbaxy.com vinod.sharma@ranbaxy.com
Factory 2 :	Village Toansa, P.O. Railmajra, District Nawansahar – 144533, Punjab, India
Factory 3 :	Industrial Area 3, A.B. Road, Dewas – 450 001, Madhya Pradesh, India
Factory 4 :	Village and P.O. Ganguwala, Tehsil Paonta Sahib, District Sirmour – 173025, Himachal Pradesh, India
Factory 5 :	Village Batamandi, Tehsil Paonta Sahib, District Sirmour – 173025, Himachal Pradesh, India
Factory 6 :	Plot No.B-2, Madkaim Industrial Estate, Ponda, Goa, India
Factory 7 :	K-5, 6, 7, Ghirongi, Malanpur, District Bhind – 477116, Madhya Pradesh, India
Factory 8 :	Plot No.1341 and 1342, EPIP-1, Hill Top Industrial Area, Village-Bhatolikalan (Barotiwala), Baddi – 174103, Himachal Pradesh, India

DIRECTORS

AS ON 31.03.2014

Name :	Dr. Tsutomu Une
Designation :	Chairman
Name :	Mr. Akihiro Watanabe
Designation :	Director
Name :	Dr. Anthony H. Wild
Designation :	Director
Name :	Dr. Kazunori Hirokawa
Designation :	Director
Name :	Mr. Percy K. Shroff
Designation :	Director
Name :	Mr. Rajesh V. Shah
Designation :	Director
Name :	Mr. Takashi Shoda
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Arun Sawhney
Designation :	Chief Executive Officer
Name :	Mr. Sushil K. Patawari
Designation :	Company Secretary

SHAREHOLDING PATTERN

As on 30.09.2014

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	268711323	64.28
Sub Total	268711323	64.28
Total shareholding of Promoter and Promoter Group (A)	268711323	64.28
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5163961	1.24
Financial Institutions / Banks	289704	0.07
Insurance Companies	30187684	7.22
Foreign Institutional Investors	55472492	13.27
Sub Total	91113841	21.80
(2) Non-Institutions
Bodies Corporate	13846462	3.31
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	36713452	8.78
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3886408	0.93
Any Others (Specify)	3753747	0.90
Non Resident Indians	2063282	0.49
Trusts	529427	0.13
Directors & their Relatives & Friends	64417	0.02
Any Other	1096621	0.26
Sub Total	58200069	13.92
Total Public shareholding (B)	149313910	35.72
Total (A)+(B)	418025233	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	5988106	0.00
Sub Total	5988106	0.00
Total (A)+(B)+(C)	424013339	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of formulations, active pharmaceuticals ingredients (API) and intermediate, generics, drug discovery and consumer health care products and also engaged in rendering of financial services.

Products :

Products Description	Item Code No.
Cefaclor	294190
Cephalexin	294200
Amoxicillin	294110

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Not Available

No. of Employees :

11784 (Approximately)

Bankers :

· Credit Agricole CIB

· Royal Bank of Scotland NV

· Citibank NA

· Deutsche Bank AG

· Hong Kong and Shanghai Banking Corporation

· Punjab National Bank

· Standard Chartered Bank

Facilities :

SECURED LOANS	31.03.2014 (15 Months) Rs. In Millions	31.12.2012 (12 Months) Rs. In Millions
Long Term Borrowings
5000 redeemable non-convertible debentures of the face value of Rs.1000000 each	5000.000	5000.000
Short Term Borrowings
From Banks	574.240	0.000
Other Loans and advances from banks	4543.290	4441.800
Total	10117.530	9441.800

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower-B, DLF Cyber City, Phase – II, Gurgaon – 122002, Haryana, India
Holding company (also being the ultimate holding company)	Daiichi Sankyo Company Limited, Japan
Associate company :	· Zenotech Laboratories Limited, India · Daiichi Sankyo (Thailand) Limited, Thailand [formerly known as Ranbaxy Unichem Co. Limited, Thailand, (an associate w.e.f. 1 October 2013)] $
Subsidiaries including step down subsidiaries :	· Vidyut Investments Limited, India · Ranbaxy Signature LLC, USA · Be-Tabs Investments (Proprietary) Limited, South Africa · S.C. Terapia Distributie S.R.L., Romania (Merged with S.C. Terapia S.A., Romania w.e.f. 7 February 2012) · Office Pharmaceutique Industriel et Hospitalier SARL, France · Ranbaxy Holdings (UK) Limited., United Kingdom (‘U.K.’) · Ranbaxy Do Brazil Ltda., Brazil (Liquidated on 7 November 2012) · Ranbaxy Pharma AB, Sweden (Liquidated on 2 January 2014) · Ranbaxy GmbH, Germany (from 9 November 2012) · Ranbaxy Laboratories Inc., USA · Ranbaxy (Thailand) Co., Limited (from 20 February 2013)
Fellow subsidiaries :	· Daiichi Sankyo India Pharma Private Limited, India · Daiichi Sankyo Development Limited, U.K. · Daiichi Sankyo Propharma Co., Limited., Japan · Daiichi Sankyo Espha Co. Limited., Japan · Daiichi Sankyo, Inc., USA · Daiichi Sankyo Venezuela S.A., Venezuela · Daiichi Sankyo Chemical Pharma Co., Limited., Japan · Ranbaxy Mexico S.A.de C.V., Mexico · Daiichi Sankyo Europe GmbH, Germany
Subsidiaries including step down subsidiaries / partnership firms :	· Ranbaxy Drugs and Chemicals Company, India (Company with unlimited liability) # · Solus Pharmaceuticals Limited, India # · Ranbaxy SEZ Limited, India # · Rexcel Pharmaceuticals Limited, India # · Ranbaxy Life Sciences Research Limited, India # · Gufic Pharma Limited, India · Ranbaxy Drugs Limited, India · Solrex Pharmaceuticals Company, India (a Partnership firm) · Ranbaxy (Hong Kong) Limited, Hong Kong @ · Ranbaxy Inc., USA · Ranbaxy USA, Inc., USA · Ranbaxy Egypt (L.L.C.), Egypt · Ranbaxy Farmaceutica Ltda., Brazil · Ranbaxy PRP (Peru) SAC, Peru · Ranbaxy Australia Proprietary Limited., Australia · Daiichi Sankyo (Thailand) Limited, Thailand [formerly known as Ranbaxy Unichem Co. Limited., Thailand · (subsidiary upto 30 September 2013)] $ · Ranbaxy Italia S.p.A, Italy · Ranbaxy Malaysia Sdn. Bhd., Malaysia · Ranbaxy Poland S.P. Zoo, Poland · Ranbaxy Nigeria Limited, Nigeria · Ranbaxy Europe Limited, U.K. · Ranbaxy (UK) Limited, U.K. · Basics GmbH, Germany · ZAO Ranbaxy, Russia · S.C. Terapia S.A., Romania · Ranbaxy Pharmaceuticals, Inc., USA · Ohm Laboratories, Inc., USA · Ranbaxy Ireland Limited, Ireland · Ranbaxy South Africa Proprietary Limited, South Africa · Laboratorios Ranbaxy S.L., Spain · Ranbaxy Pharmacie Generiques SAS, France · Ranbaxy Pharmaceuticals Canada Inc., Canada · Sonke Pharmaceuticals (Proprietary) Limited, South Africa · Ranbaxy Portugal - Com E Desenvolv DeProd Farmaceuticos Unipessoal Lda, Portugal · Ranbaxy Belgium N.V., Belgium · Be-Tabs Pharmaceuticals (Proprietary) Limited, South Africa · Rexcel Egypt (L.L.C.), Egypt · Ranbaxy Morocco LLC, Morocco · Ranbaxy Pharmaceuticals Ukraine LLC, Ukraine (from 13 June 2012) · Ranbaxy (Netherlands) B.V., The Netherlands # Refer to note 14 for details on merger of these subsidiaries with RDL @ Refer to note 18 for details of liquidation of the entity during the current period $ Refer to note 14 for details on business integration with Daiichi Sankyo (Thailand) Limited.

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
598000000	Equity Shares	Rs.5/- each	Rs.2990.000 Millions
100000	Cumulative Preference Shares	Rs.100/- each	Rs.10.000 Millions
	Total		Rs.3000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
423779063	Equity Shares	Rs.5/- each	Rs.2118.900 Millions
459602	Equity Shares	Rs.5/- each	Rs.2.300 Millions
	Total		Rs.2116.600 Millions

a. Rights, preferences and restrictions attached to shares

As per the Memorandum of Association, the Company’s authorised share capital consists of equity shares and preference shares.

All equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on show of hand or through proxy shall be in proportion to his share of the paid-up equity capital of the Company. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

Preference shares shall be entitled for such rate of dividend as may be decided by the Directors of the Company at the time of issue of such shares and shall rank in priority to the equity shares including arrears, if any, in the event of the winding up of the Company, but shall not be entitled to any further participation in the profits or surplus assets of the Company. Preference shares are entitled to one vote per share at meetings of the Company only in respect of resolutions directly affecting their rights. However, a cumulative preference shareholder acquires voting rights on par with an equity shareholder if the dividend on preference shares has remained unpaid for a period of not less than two years.

b. Reconciliation of equity shares outstanding at the commencement and at the end of the period

Equity Shares	Number of Shares	Rs. In Millions
At the commencement of the period	422913803	2114.570
Add: Shares issued on exercise of employee stock options by the Company/ ESOP Trust	405658	2.030
Add: Shares issued to the Trust under Employees Stock Option Plan 2011 - (‘ESOP 2011’)	--	--
At the end of the period	423319461	2116.600

c. Equity shares held by holding/ ultimate holding company

Equity Shares	Number of Shares	Rs. In Millions
Daiichi Sankyo Company Limited, Japan (Daiichi Sankyo), the holding company, also being the ultimate holding company	268711323	1343.560

d. Particulars of shareholders holding more than 5% shares of issued, subscribed and paid-up capital of equity shares

Name of Shareholder	Number of Shares	% holding
Daiichi Sankyo	268711323	63.41
Life Insurance Corporation of India, India	25494745	6.02

e. Equity shares reserved for issue under employee stock options:

Number of stock options against which equity shares to be issued by the Company upon vesting and exercise of those stock options by the option holders as per the relevant scheme.

f. During the current period, the Company has issued 600,000 (previous year 440,000) equity shares of Rs. 5 (previous year Rs. 5) each issued for cash at par to the ESOP Trust, set up to administer the ESOP - 2011. Out of the total equity shares issued to the ESOP Trust, 666,636 (previous year 238,762) equity shares have been allotted by the ESOP Trust to the respective employees upon exercise of stock options from time to time under ESOP - 2011. As at 31 March 2014, 459,602 (previous year 526,238) equity shares are pending to be allotted to the employees upon exercise of stock options

Pursuant to change in accounting policy (Refer to note 2 k), as at 31 March 2014, the Company has shown share capital net of 459,602 equity shares amounting to Rs. 2.30 held by the ESOP Trust. The Company has not restated the comparative figures. The movement of shares held by the ESOP trust is as follows:-

Equity Shares	Number of Shares	Rs. In Millions
At the commencement of the period	526238	2.63
Add: Shares allotted to the ESOP Trust	600000	3.00
Less: Shares issued on exercise of employee stock options by the ESOP Trust	666636	3.33
At the end of the period	459602	2.30

g. During the five years immediately preceding the current period and previous year, neither any bonus shares or shares issued for consideration other than cash that have been issued nor any shares that have been bought back.

h. Issued, subscribed and paid-up share capital includes 6,294,081 (previous year 8,963,108) Global Depository Shares (GDSs) representing 6,294,081 (previous year 8,963,108) equity shares of Rs. 5 (previous year Rs. 5) each constituting 1.49% (previous year 2.12%) of the issued, subscribed and paid-up share capital of the Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2116.600	2114.570	2110.000
(b) Reserves & Surplus	8848.270	17095.100	17131.640
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	5.030	11.100	6.660
Total Shareholders’ Funds (1) + (2)	10969.900	19220.770	19248.300
(3) Non-Current Liabilities
(a) long-term borrowings	24721.880	19568.100	9524.110
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	3719.440	10363.480	15977.190
(d) long-term provisions	1314.540	2739.040	2297.910
Total Non-current Liabilities (3)	29755.860	32670.620	27799.210
(4) Current Liabilities
(a) Short term borrowings	35188.770	28067.950	29310.020
(b) Trade payables	9751.860	8588.110	9856.370
(c) Other current liabilities	43495.900	13320.780	30004.520
(d) Short-term provisions	1888.080	27831.110	26990.830
Total Current Liabilities (4)	90324.610	77807.950	96161.740
TOTAL	131050.370	129699.340	143209.250
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	19460.460	19308.430	17882.550
(ii) Intangible Assets	660.880	626.850	787.420
(iii) Capital work-in-progress	1791.800	1465.370	2004.930
(iv) Intangible assets under development	44.530	130.590	86.310
(b) Non-current Investments	40789.890	31281.370	34081.470
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	10779.890	10107.120	9412.340
(e) Other Non-current assets	1741.140	215.700	0.860
Total Non-Current Assets	75268.590	63135.430	64255.880
(2) Current assets
(a) Current investments	18.950	30.320	26.460
(b) Inventories	16951.440	17318.390	16552.310
(c) Trade receivables	12374.650	14358.880	36828.190
(d) Cash and cash equivalents	7905.720	28347.730	19379.530
(e) Short-term loans and advances	12732.860	5041.480	3399.750
(f) Other current assets	5798.160	1467.110	2767.130
Total Current Assets	55781.780	66563.910	78953.370
TOTAL	131050.370	129699.340	143209.250

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
	SALES
		Revenue from operations	68649.370	63035.440	77990.570
		Other Income	7848.200	2571.630	2226.550
		TOTAL (A)	76497.570	65607.070	80217.120
Less	EXPENSES
		Cost of materials consumed	20653.280	15286.610	17849.130
		Purchases of stock-in-trade	9826.430	8090.010	6367.310
		Change in inventories of finished goods, work-in-progress and stock-in-trade	(1751.220)	(492.450)	(1357.220)
		Employee benefits expense	12747.280	10195.890	8607.110
		Other expenses	30418.440	25526.160	35783.820
		Exceptional items:
		Profit on sale of intellectual property rights	(4327.690)	0.000	0.000
		Settlement provision reversal	(1458.050)	0.000	26480.000
		Provision in respect of non-current investment in a subsidiary	3050.960	1030.000	0.000
		Provision for other-than-temporary diminution in value of noncurrent investment in an associate	713.110	0.000	0.000
		Inventory provision/ write off and other costs	3557.920
		Loss on foreign currency option derivatives, net (other than on loans)	3279.160	412.050	11242.850
		Product recall expenses	0.000	2370.200	0.000
		TOTAL (B)	76709.620	62418.470	104973.000
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(212.050)	3188.600	(24755.880)
Less	FINANCIAL EXPENSES (D)		5470.480	2969.820	2989.990
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(5682.530)	218.780	(27745.870)
Less	DEPRECIATION/ AMORTISATION (F)		2801.720	1861.610	2740.830
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(8484.250)	(1642.830)	(30486.700)
Less	TAX (H)		305.700	(19.440)	33.790
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(8789.950)	(1623.390)	(30520.490)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(25312.700)	(23689.310)	6828.680
Less	APPROPRIATIONS
		Proposed dividend	--	--	0.650
		Tax on proposed dividend	--	--	(3.150)
	BALANCE CARRIED TO THE B/S		(34102.650)	(25312.700)	(23689.310)
	EARNINGS IN FOREIGN CURRENCY
		Exports on F.O.B. basis (excluding sales made to customers located in Nepal)	36621.780	37856.870	54114.790
		Royalty, milestone, technical know-how and product development	503.390	538.170	613.160
		Interest	177.990	104.540	131.180
		Dividend	6121.320	10.040	11.830
		Others (freight/ insurance recoveries and other operating revenues)	1728.700	1006.100	944.200
		Profit on sale of intellectual property rights	4327.690	0.000	0.000
		Settlement provision reversal	1458.050	0.000	0.000
	TOTAL EARNINGS		50938.920	39515.720	55815.160
	IMPORTS
		Raw Materials (including packing materials)	8567.040	7179.750	7592.690
		Components, stores and spare parts	123.400	145.750	134.290
		Capital Goods	457.250	472.490	560.780
	TOTAL IMPORTS		9147.690	7797.990	8287.760
	Earnings/ (Loss) Per Share (Rs.)		(20.79)	(3.85)	(72.42)

QUARTERLY RESULTS

(Rs. In Millions)

Particulars	30.06.2014 (Unaudited)
	1^st Quarter
Net sales	21786.300
Total Expenditure	13212.800
PBIDT (Excluding Other Income)	8573.500
Other income	257.600
Operating Profit	8831.100
Interest	728.800
Exceptional Items	197.700
PBDT	8300.100
Depreciation	656.500
Profit Before Tax	7643.600
Tax	92.400
Profit after tax	7551.200

KEY RATIOS

PARTICULARS		31.03.2014 (15 Months)	31.12.2012 (12 Months)	31.12.2011 (12 Months)
PAT / Total Income	(%)	(11.49)	(2.47)	(38.05)
Net Profit Margin (PBT/Sales)	(%)	(12.36)	(2.61)	(39.09)
Return on Total Assets (PBT/Total Assets}	(%)	(9.59)	(1.70)	(28.48)
Return on Investment (ROI) (PBT/Networth)		(0.77)	(0.09)	(1.58)
Debt Equity Ratio (Total Debt /Networth)		5.46	2.48	2.02
Current Ratio (Current Asset/Current Liability)		0.62	0.86	0.82

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	2110.000	2114.570	2116.600
Reserves & Surplus	17131.640	17095.100	8848.270
Share Application money pending allotment	6.660	11.100	5.030
Net worth	19248.300	19220.770	10969.900
long-term borrowings	9524.110	19568.100	24721.880
Short term borrowings	29310.020	28067.950	35188.770
Total borrowings	38834.130	47636.050	59910.650
Debt/Equity ratio	2.018	2.478	5.461

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	77,990.570	63,035.440	68,649.370
		(19.176)	8.906

NET PROFIT MARGIN

Net Profit Margin	31.12.2011 (12 Months)	31.12.2012 (12 Months)	31.03.2014 (15 Months)
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	77,990.570	63,035.440	68,649.370
Profit	(30,520.490)	(1,623.390)	(8,789.950)
	(39.13%)	(2.58%)	(12.80%)

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

LITIGATION DETAILS:

High Court of Punjab and Haryana Chandigarh
Case Details For Case CR-5803-1999
Diary Number	0		District			Other-Districts
Category	30.1-CIVIL REVISION (I.O. AND OTHERS)		Main Case Detail			--
Party Detail	M/S SYNROMATIC PRIVATE LIMITED V/S M/S RANBAXY LABORATORIES LIMITED
Advocate Name	PRITAM SAINI		List Type			ORDINARY
Status	ALLOWED on 09-FEB-2000 by HON’BLE MR. JUSTICE V.M. JAIN
Miscellaneous Applications
CM-17520-CII-1999				IN CR-5803-1999
Case Listing Details
No Listing Data Available
Judgment Details For Case: CR-5803-1999 Party Detail: M/S SYNROMATIC PRIVATE LIMITED V/S M/S RANBAXY LABORATORIES LIMITED
Order Date		Order Type			Bench		Judgment Link
No Judgment/Order Found.
Designed and Developed by National Informatics Centre Contents Published and Managed by Punjab and Haryana High Court, Chandigarh. Disclaimer

UNSECURED LOAN:

Particulars	31.03.2014 (15 Months) Rs. In Millions	31.12.2012 (12 Months) Rs. In Millions
Long Term Borrowings
External commercial borrowings	17210.880	12046.100
Other	2500.000	2500.000
From other party	11.000	22.000
Short Term Borrowings
From Banks	1022.700	0.000
Other loans advances from banks	21298.540	20626.150
Commercial Paper	7750.000	3000.000
Total	49793.120	38194.250

CHANGE IN FINANCIAL YEAR

The Board of Directors of the Company approved change in the financial year of the Company from January-December to April-March effective April 1, 2014. In view of this, the current financial year is for a period of 15 months i.e. January 1, 2013 to March 31, 2014.

OPERATIONS

The Company continued to be among the top pharmaceutical companies from India with consolidated global sales of Rs.130403.240 million for the period of fifteen months ended March 31, 2014. Profit before exceptional items, tax, share in loss of associates (net) and minority interest stood at Rs.1225.750 million. However, the Company incurred a loss of Rs.10852.520 million primarily due to provision for diminution in the value of investments, impairment of goodwill, stock provision/write off due to inclusion of Mohali and Toansa plants to certain terms of the Consent Decree by the US FDA and loss on foreign currency option derivatives.

During the period, in terms of the settlement with the US DOJ, the Group paid the settlement amount of US$ 515.40 million (including interest expense and other related cost) towards resolution of civil and criminal allegations. During the period, US FDA issued import alerts for the Company’s plants at Mohali and Toansa and advised that both these plants will be subject to certain terms of the Consent Decree earlier entered into by the Company. The Company proactively, temporarily stopped API supplies from Toansa and Dewas facilities to the rest of the world pending further internal review. This voluntary decision was taken as a precautionary measure and out of abundant caution to better allow the Company to assess and review the processes and controls at these sites.

In March 2014, US DOJ, United States Attorney’s Office for the District of New Jersey has issued an administrative subpoena seeking information primarily related to the Company’s API manufacturing facility at Toansa. The Company is fully cooperating with this information request.

The Company is continuing its focus for improving margins through innovative product development, better product mix, emphasis on branded products and control on cost. Significant measures have been taken for simplification of processes and structures which will result in improvement in productivity and efficiency across the organisation.

SCHEME OF ARRANGEMENT BETWEEN THE COMPANY AND SUN PHARMACEUTICAL INDUSTRIES LIMITED

The Board of Directors at its meeting held on April 6, 2014 approved the Scheme of Arrangement for merger of the Company with Sun Pharmaceutical Industries Ltd. (SPIL) with an Appointed Date of April 1, 2014 at a Share Exchange Ratio of 4 Equity Shares of SPIL of Re.1 each fully paid-up for every 5 Equity Shares of the Company of Rs.5 each fully paid-up subject to requisite regulatory approvals in India and overseas as well as the approval of shareholders, creditors and the Courts in India. The transaction will be beneficial to all the stakeholders of the Company. Post-merger, the combined entity is expected to have a leadership position in the Indian Pharmaceutical Market with about 9.2% market share and No.1 Indian Pharma Company in the USA market, with more than $2 billion in sales. The combined entity will have operations in 65 countries and 47 manufacturing facilities across the globe.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

GLOBAL INDUSTRY STRUCTURE AND DEVELOPMENTS

The global expenditure on medicines is expected to exceed US$ 1 trillion for the first time in 2014 and reach almost US$ 1.2 trillion in 2017, up from US$ 956 billion in 2011. The market is forecasted to grow at a compounded annual growth rate (CAGR) of 3-6% over 2013-17. Of this increase, over 70% is expected to come from Pharmerging1 markets, which are expected to grow at 12-15%, while the rest of the growth is expected from the Developed3 markets, which could grow at 1-4% per annum. Sales in the largest pharmaceutical market, i.e., the United States of America (USA), is expected to be US$ 350-380 billion by 2017, with growth in the range of 1-4% per annum. Sales in Japan, the second largest pharmaceutical market is expected to be in the range of US$ 105-110 billion by 2017, reflecting a CAGR of 2-5% during the period 2013-17. The top 5 European markets are expected to grow at a CAGR of 0-3% for the period 2013-17, as compared to 2% CAGR for 2008-12, to achieve sales in the range of US$ 145-160 billion. Pharmerging market sales, with their higher rate of growth, are expected to match or slightly exceed those in the USA pharmaceutical market by 2017, in value terms.

The global pharmaceutical industry for patented products continues to remain fragmented and fiercely competitive as it faces increased genericisation. The generics industry, on the other hand, has the opportunity to capitalise on the products going off-patent in the coming years. In its attempt to cope with these challenges, the industry has witnessed consolidation; this may happen across the global market, especially in the generics space. The larger markets2 of the USA, Germany, France, Italy, the UK, Spain, Japan and China are expected to have a share of 67% of the world pharmaceuticals market in 2017 and to contribute 59% of the global growth in the 5 year period to 2017.

The Pharmerging markets are expected to grow at a significantly higher rate than the rest of the world and are expected to account for over 30% of the global pharmaceutical spending by 2017.

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.09.2014

(Rs. In Millions)

Particulars	Quarter Ended (Unaudited)		Half Year Ended (Unaudited)
	30.09.2014	30.06.2014	30.09.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	1272.687	21169.800	3389.667
b) Other operating income	46.225	616.450	97.642
Total income from Operations(net)	1318.912	21786.250	3487.309
2.Expenditure
a) Cost of material consumed	335.938	2807.330	616.671
b) Purchases of stock in trade	227.006	1842.680	411.274
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	101.169	1027.390	203.908
d) Employees benefit expenses	279.668	2547.380	534.406
e) Depreciation and amortization expenses	60.152	656.450	125.797
f) Other expenditure	478.536	4273.180	895.626
g) Foreign exchange loss/(Gain)	52.264	24.440	54.708
Total expenses	1534.733	13178.850	2842.390
3. Profit from operations before other income and financial costs	(215.821)	8607.400	644.949
4. Other income	20.019	257.640	45.783
5. Profit from ordinary activities before finance costs	(195.802)	8865.040	690.702
6. Finance costs	136.823	1419.140	278.737
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	(332.625)	7445.900	411.965
8. Exceptional item	(35.632)	197.700	(15.862)
9. Profit from ordinary activities before tax Expense:	(368.257)	7643.600	396.103
10.Tax expenses	--	92.370	9.237
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	(368.257)	7551.230	386.866
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	(368.257)	7551.230	386.866
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	211.949	2117.750	211.949
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year
16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):
(a) Basic and diluted	(8.69)	17.83	9.13
ii) Earnings per share (after extraordinary items)
(a) Basic and diluted	(8.69)	17.80	9.11
Debt Service Coverage Ratio			0.40
Interest Service Coverage Ratio			2.42
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	149313910	144852564	149313910
- Percentage of shareholding	35.22	34.18	35.22
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--	--
Percentage of shares (as a % of total share capital of the company)	--	--	--
b) Non Encumbered
Number of shares	268711323	268711323	268711323
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	63.37	63.40	63.51
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	6
Disposed of during the quarter	6
Remaining unreserved at the end of the quarter	Nil

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014

Rs. In Millions

SOURCES OF FUNDS	30.09.2014 (Unaudited)
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	211.939
(b) Reserves & Surplus	1272.799
Sub-total Shareholders’	1484.738
(2)Share application money pending allotment	11.789
(2) Non-Current Liabilities
(a) long-term borrowings	1970.382
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	104.547
(d) long-term provisions	128.878
Sub-total of Non-Current liabilities	2203.807
(3) Current liabilities
(a) Short term borrowings	3742.231
(b) Trade payables	859.442
(c) Other current liabilities	4697.970
(d) Short-term provisions	205.406
Sub-total of Current liabilities	9505.049
TOTAL	13205.393
II. ASSETS
(1) Non-current assets
(a) Fixed Assets	2113.510
(b) Non-Current investments	4078.989
(c) Deferred tax assets (net)	0.000
(d) Long term loans and advances	1082.808
(e) Other non-current assets	118.018
Sub-total of Non-Current Assets	7393.325
(2) Current assets
(a) Current investments	4.305
(b) Inventories	1402.533
(c) Trade receivables	2404.863
(d) Cash and cash equivalents	281.577
(e) Short-term loans and advances	1223.043
(f) Other current assets	495.747
Sub-total of Current Assets	5812.068
TOTAL	13205.393

NOTES:

1. Sales outside India also include sales relating to First-To-File (FTF) products in the United States of America ("USA") in certain periods. Further, pursuant to the accounting policy followed by the Company, sales outside India for certain periods presented include transfer pricing adjustments with its subsidiaries for materials already supplied to them (including supplied in earlier periods), determined on the basis of significant judgment and estimates.

2.

(a) The Company had, on 16th September 2013, received an ‘import alert’ from the Food and Drug Administration of the USA ('US FDA') on its manufacturing facility located in Mohali. Further, on 23rd January 2014, the US FDA also prohibited the Company from manufacturing and distributing active pharmaceutical ingredients (’APIs') from its Toansa manufacturing facility and finished drug products containing APIs manufactured at this facility into the US regulated market. Consequentially, both the above facilities are subject to certain terms of the Consent Decree of permanent injunction entered into by the Company in January 2012 (‘Consent Decree’).

Considering the above matters, provisions/ write-off (primarily relating to inventories, trade commitments, sales return etc.), amounting to Rs. 695.14 and Rs. 3,557.92 had been recognised in the financial results for the quarter and six months ended 30th September 2013 and fifteen months ended 31st March 2014 respectively, based on the best information and estimates available with the management.

(b) The Department of Justice of the USA (’US DOJ'), United States Attorney’s Office for the District of New Jersey had issued an administrative subpoena dated 13th March 2014 to the Company seeking information primarily related to the Company’s API Toansa manufacturing facility in India for which a Form 483 containing findings of the US FDA was issued in January 2014. The Company is fully cooperating with this information request and is in dialogue with the US DOJ for submission of the requisite information.

3. During the fifteen months ended 31st March 2014, the Company had negotiated and settled with the US DOJ for resolution of civil and criminal allegations on 13th May 2013 as per the decree of the court of Maryland. The Company had recorded a provision of Rs. 26,480 (USD 500 million) in the year ended 31st December 2011, to cover all civil and criminal liabilities. The settlement of this liability (along with related interest and other cost) in compliance with the terms of settlement is subject to regulatory/ statutory provisions. The above mentioned decrial amount of liability (along with related interest and other cost) had been paid by the Company's US subsidiaries including Ranbaxy Pharmaceuticals Inc. ('RPI'), USA, a limited risk distributor. Under the said agreement of distribution, RPI had invoked indemnity for itself and inter alia its affiliates. The settlement amount had, accordingly, been apportioned between the Company and its US subsidiaries. The resultant accounting adjustment for reversal of earlier provision to the extent of apportionment to the US subsidiaries amounting to Rs. 1,458.05 (USD 26.1 million) had been disclosed as an exceptional item in the financial results for the fifteen months ended 31 March 2014.

4. The research and development expenses are classified under respective heads of total expenses according to the nature of expense.

5. The amount represents foreign exchange gain/ (loss), net, on foreign currency option derivatives taken during previous years (other than on option derivatives relating to loans) which are accounted in accordance with Accounting Standard 30, "Financial Instruments: Recognition and Measurement".

6. Due to issuance of debentures in the year ended 31st December 2012, certain required ratios have been presented. The ratios have been computed as below:

- Debt service coverage ratio = Earnings before Interest and Tax/ (Interest expense for the period t- Principal Repayment for all the loan funds during the period)

- Interest service coverage ratio = Earnings before Interest and Tax / Interest expense for the period.
- Earning before Interest and Tax = Earnings from ordinary activity before lax (serial no. 9) f Finance cost (serial no. 6)

7. On exercise of Employees Stock Options, 559,561 equity shares have been allotted on 11st October 2014. The total number of Employees Stock Options outstanding as at 30th September 2014 were 4,163,481 out of which 3,064,057 have vested.

8. Other income for the fifteen months ended 31 March 2014 include dividend received from Ranbaxy (Netherlands) B.V., The Netherlands, a subsidiary of the Company, amounting to Rs. 6,113.97.

9. During the fifteen months ended 31st March 2014, the Company had transferred all significant risks and rewards of ownership of the Intellectual Property of its branded generic product ‘Ketanov’ (including technology/ know-how, brand, marketing, authorisations, dossiers etc.) to its subsidiary in Romania. The sales consideration of Rs. 4,327.69 was determined by the management on the basis of a valuation report by an expert, using the best estimate. Pursuant to this transaction, the Company had recognised a gain of Rs. 4,327.69 which was disclosed as an exceptional item in the financial results for the fifteen months ended 31st March 2014.

10. The Company's business activity falls within a single primary business segment viz. 'Pharmaceutical'.

11. Finance costs include exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.

12. In accordance with an opinion of the Expert Advisory Committee ('EAC') of The Institute of Chartered Accountants of India, the shares issued to an Employee Stock Option Plan ('ESOP') trust but yet to be allotted to employees are required to be shown as a deduction from the share capital. Accordingly, as at 30 September 2014, 30th June 2014 and 31st March 2014, the paid-up equity share capital has been disclosed after deduction of Rs. 0.58, Rs. 1.28 and Rs. 2.30 in respect of 115,308, 255,818 and 459,602 such equity shares respectively, with a corresponding adjustment to the loan receivable from the ESOP trust. To conform to this presentation, the paid-up share capital as at 30th September 2013 has also been disclosed after deduction of Rs. 0.44 in respect of 87,471 such equity shares.

13. With regard to the Scheme of Arrangement ('Scheme') providing inter-alia reduction of capital and merger of the Company with M/s. Sun Pharmaceutical Industries Limited ('SPIL') with effect from the appointed date of 01st April 2014, the National Stock Exchange of India Limited CNSE') and the Bombay Stock Exchange Limited ('BSE') have, based on the observations of the Securities and Exchange Board of India ('SEBI') with regard to the Scheme, conveyed their 'No Objection' in July 2014. Subsequently, pursuant to the orders of the Hon’ble High Court of Punjab & Haryana, Court convened meeting of Equity Shareholders was held on 19th September 2014 where Equity Shareholders of the Company had approved the said Scheme with requisite majority. The Company is in the process of obtaining necessary approvals from the concerned authorities in this regard.

14. Pursuant to Companies Act, 2013 (’the Act') being effective from 01st April 2014, the Company has revised depreciation rate on certain fixed assets as per the useful life specified in Part ‘C’ of Schedule II of the Act or as per the management’s estimate based on an internal evaluation. As a result of this change, the depreciation charge for the quarter and six months ended 30th September 2014 is higher by Rs. 129.22 and 319.05 respectively. In respect of assets whose useful life is already exhausted as on 01st April 2014, depreciation of Rs. 179.39 (net of deferred tax impact of Rs. 92.37) has been adjusted in Reserves and Surplus in accordance with the requirements of Schedule II of the Act.

15. In view of the relevant provisions of the Act, the Company, during the quarter and six months ended 30th September 2014, has not accrued any remuneration for its CEO and Managing Director, except for certain perquisites and amortization of deferred employees stock options compensation aggregating to Rs 1.22 and Rs 3.02 for the respective periods. The Company has filed an application with the Central Government to obtain the necessary approvals required under the provisions of the Act.

16. During the fifteen months ended 31st March 2014, the Company had changed its financial year from January-December to April-March effective 01st April 2014. In view of this, the previous financial year was for a period of 15 months i.e. 01st January 2013 to 31st March 2014. Accordingly in these results, quarter and six months ended 30 September 2013 are disclosed as corresponding quarter and corresponding six months of the previous period. The figures for the corresponding six months are the balancing figures between unaudited published figures in respect of the nine months ended 30th September 2013 and unaudited published figures for the quarter ended 31st March 2013.

17. On 15th October 2014, the Company has notified the Bank of New York Mellon ("The Bank") to terminate the Deposit Agreements dated 07th July 1994 [under which, the Rule 144A Global Depositary Shares ('GDS')/ Regulation S Global Depositary Shares have been issued] and underlying Global Depositary Receipts ('GDR') program. The Bank has issued notice of termination of GDR Program to the GDS holders and accordingly, the Bank will complete the process of termination of GDR program as per the terms of such notice of termination.

18. Figures pertaining to previous periods have been reclassified to conform to current period’s classification.

19. The above results were reviewed by the Audit Committee at their meeting held on 27th October 2014 and approved by the Board of Directors at their meeting held on 28th October 2014 and have undergone a "Limited Review" by the Statutory Auditors of the Company. The review report of the Statutory Auditors is being filed with the NSE and the BSE and is also available on the Company’s website at www.ranbaxy.com

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10406999	18/02/2013	5,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA	B68476811
2	80052154	30/12/2005	728,500,000.00	CITI BANK N.A.	JEEVAN VIHAR BUILDING PARLIAMENT STREET, NEW DELHI - 110001, INDIA	-
3	90172173	24/10/2003	3,000,000,000.00	STATE BANK OF INDIA	JEEVAN VYAPAR BHAVAN, 11 TH & 12TH FLOOR 1 TOLSTOY MARG, NEW DELHI- 110001, INDIA	-
4	90169791	09/04/2003	364,000,000.00	CREDIT LYONNAIS	6TH FLOOR 15 KASTURBA MARG, NEW DELHI, DELHI - 110001, INDIA	-
5	90169771	17/02/2003	301,700,000.00	DEUTCHE BANK	BRANCH OFFICE15-17 TOLSTOY, HOUSE TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA	-
6	90169680	03/07/2002	484,000,000.00	STANDARD CHARTERED BANK	PARLIAMENT STREET, NEW DELHI, DELHI, INDIA	-
7	80052153	24/10/2001	484,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD	ECE HOUSE K G MARG, NEW DELHI, DELHI - 110001, INDIA	-
8	90169551	12/03/2003 *	728,500,000.00	ABN AMRO BNAK N V	DLF CENTRE, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA	-
9	90169517	30/03/2001	2,122,500,000.00	PUNJAB NATIONAL BAN K	7 BHIKAJI CAMA PLACE AFRICA, AVENUE, NEW DELHI, DELHI - 110066, INDIA	-

FIXED ASSETS:

Tangible assets

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

Intangible assets

· Product development

· Patent rights, trade marks, designs and Licenses

· Computer software

· Non-compete fee

PRESS RELEASE:

SUN PHARMA TO ACQUIRE RANBAXY IN A US$4BILLION LANDMARK TRANSACTION

· To create world’s 5th largest specialty generic pharma company

· No. 1 pharma company in India with leadership position in 13 specialty segments

· No. 1 Indian pharma company in the US

· US$ 250 million of revenue and operating synergies by 3rd year post close

· Daiichi Sankyo to become the second largest shareholder in Sun Pharma

Mumbai and Gurgaon, India: Sun Pharmaceutical Industries Ltd.(Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) and Ranbaxy Laboratories Ltd (Reuters: RANB.BO, Bloomberg: RBXY IN,NSE: RANBAXY, BSE: 500359) today announced that they have entered into definitive agreements pursuant to which Sun Pharma will acquire 100% of Ranbaxy in an all-stock transaction. Under these agreements, Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each share of Ranbaxy. This exchange ratio represents an implied value of `457 for each Ranbaxy share, a premium of 18% to Ranbaxy’s 30-day volume-weighted average share price and a premium of 24.3% to Ranbaxy’s 60-day volume-weighted average share price, in each case, as of the close of business on April 4, 2014.

The combination of Sun Pharma and Ranbaxy creates the fifth-largest specialty generics company in the world and the largest pharmaceutical company in India. The combined entity will have operations in 65 countries, 47 manufacturing facilities across 5 continents, and a significant platform of specialty and generic products marketed globally, including 629 ANDAs. On a pro forma basis, the combined entity’s revenues are estimated at US$ 4.2 billion with EBITDA of US$ 1.2billion for the twelve month period ended December 31, 2013.The transaction value implies a revenue multiple of 2.2 based on12 months ended December 31, 2013.

RANBAXY Q1 FY 2015 (APR’14-JUN’14) SALES RS.23.7 BN

Growth registered in Base business profitability

Gurgaon, India: The Board of Directors of Ranbaxy Laboratories Limited (RLL, NSE: RANBAXY, BSE: 500359), at its meeting held today, took on record the unaudited results for the Quarter ended June 30, 2014 (“Apr-Jun 2014”) under Indian GAAP.

Key Financial Highlights

Financial Performance for the quarter ended June 30, 2014 (Apr-Jun 2014)

· Consolidated Sales were Rs.23.7 Bn [Apr-June 2013: Sales Rs.25.8 Bn].

· Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) was Rs.2.4 Bn.

Commenting on the business results for the Quarter, Arun Sawhney, CEO & Managing Director, Ranbaxy, said, “We continue to work towards growing our base business with focus on emerging markets, while at the same time, restoring the business on growth trajectory in our traditional markets such as USA and Europe.”

Key Highlights/ Developments

Business and Financial

· On June 26, 2014, the Company received approval from the U.S. Food and Drug Administration (US FDA) to manufacture and market Valsartan 40 mg, 80 mg, 160 mg, and 320 mg tablets on an exclusive basis. Valsartan is indicated for the treatment of high blood pressure and heart failure. Total annual market sales for Diovan® were $2.19 billion (IMS – MAT: April 2014).

· The India business recorded 12% growth as against the Indian Pharma Market (IPM) growth of 10%. The Company expects to continue the momentum in the months ahead. Base business EBITDA for the quarter ending June 2014 continued to grow over the corresponding period.

· Ranbaxy maintained its strong market share in Absorica™, isotretenoin NDA in the USA. As of June 27, 2014 market share was ~20%.

Regulatory, Research & Development and Manufacturing

· A joint inspection by multiple European Agencies including UK, Ireland, Germany, Switzerland and TGA Australia was successfully completed at the Toansa API facility during March 2014 with no critical observations. The inspection team concluded that there was no evidence that the products manufactured at the Toansa API facility have any product quality or patient safety issues. As a consequence on June 5, 2014, the EU authorities reinstated the EU GMP certificate for the Toansa facility.

· The Company has received communications from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) conveying their No Objection based on the observations of the Securities and Exchange Board of India (SEBI) in regard to the Scheme of Arrangement for merger of the Company with Sun Pharmaceutical Industries Ltd.

· The Company has filed a petition with the Honourable High Court of Punjab & Haryana to convene meetings of shareholders etc.

Global Sales

· Consolidated sales for the Quarter were Rs.23.7 Bn as compared to Rs.25.8 Bn during the corresponding quarter.

· Branded and OTC category contributed Rs.13.7 Bn accounting for 58% of total sales during the Quarter. Generics and others category recorded Rs.10 Bn of sales for the Company during the Quarter.

· North America: Sales for the Quarter were Rs.7.6 Bn.

· In the USA, sales for the Quarter were Rs.7.0 Bn primarily driven by AbsoricaTM with a market share of 20% (IMS June’14).

· India: In the domestic market, sales for the Quarter were Rs.6.1 Bn, a growth of 12% over the corresponding period.

· OTC business (Consumer Healthcare) contributed Rs.0.9 Bn

· East Europe & CIS: The region recorded sales of Rs.3.4 Bn. Despite the challenges in the Ukrainian belt, Ranbaxy continues to work effectively.

· West Europe: Sales for the Quarter were Rs.2.4 Bn, a growth of 10% over the corresponding quarter. Growth was led by all round performance in UK, Germany and Spain.

· Africa and Middle East: Sales for the Quarter were Rs.2.0 Bn.

· Asia Pacific and LATAM (including Sri Lanka): Sales for the Quarter were Rs.1.6 Bn.

· In LATAM sales for the Quarter were Rs.0.4 Bn

· API business and others contributed sales of Rs.0.5 Bn. Business was impacted by the voluntary suspension of shipments from its Toansa and Dewas facilities.

RANBAXY MAY SUFFER LOSS OF $250 MN ON APPROVAL WOES: EXPORT

The US health regulator USFDA on Thursday revoked the tentative approvals granted to Indian pharma major Ranbaxy for its generic anti-viral drug and stomach and esophagus problems treatment tablets.

Surajit Pal, pharma analyst, Prabhudas Lilladher says the company (alongwith its merged entity Sun Pharma) will see a loss of USD 250 million on the back of this news.

However, Pal rules out a very deep impacted correction as he only sees a 2-3 percent correction on the stock.

“This is merely a cashflow hit for Ranbaxy . Had it not happened, it could’ve aided the company in repaying its loans, but it won’t matter much,” he adds. Furthermore, Pal expects Teva, Mylan, Sandoz and Dr Reddy’s Laboratories to benefit from this loss.

Below is the verbatim transcript of Surajit Pal’s interview with CNBC-TV18's Latha Venkatesh and Sonia Shenoy.

Latha: What does this combined loss of approvals for both Nexium and for Valcyte mean for Ranbaxy’s P&L?

A: Overall you can expect around USD 230-250 million in bottom line and in earnings per share (EPS) level it could be roughly around Rs 32.3 of one time EPS.

Latha: How much was the EPS hurt?

A: Rs 32.3 one time EPS. Two things we have to consider, one thing for sure is that Valcyte is gone. So the regulator mention is that error in charging over compliance. The point they said is that overall compliance it is not the data integrity issue which means that they are indicating Mohali plant, not Paonta. So the new application was basically from Mohali when they started producing Lipitor. That time the new application had happened. What means is that Mohali plant issue of compliance is also currently in question. That is one point to ponder.

Second point is that why this scenario has been triggered. I believe so far my knowledge goes and whatever my understanding in the company is that the third party is APF which was sent to the regulator in Nexium and Valcyte. That surplus product is substandard and I believe that that guy is already under observation. So most likely it could be IPCA, I am not very sure, whose third party API was sent to the regulator.

Third point is that the current scenario in Nexium is that the 30 months is over and they don’t have tentative approval. Technically if you don’t have tentative approval within 30 months being a first filer means that you don’t get sole exclusivity or your First to File (FTF) is actually null and void. So being a regulator they are not bound to clarify their point, number one.

Number two is that if similar scenario happened in Tricor. When Teva clearly say it to their shareholders that since 30 months is over and we don’t have any tentative approval it means that in effectivity we don’t have any sole exclusivity in the drug. Similar scenario would happen over year, that is my call, but at this point of time Ranbaxy maintains they have the exclusivity, there is nothing that has been mentioned.

Sonia: Which are the companies that could benefit from Ranbaxy’s forfeiture?

A: There are six guys, Teva, Mylan, Sandoz, Dr. Reddy’s, Lupin, Hetero. But the question is that only these four guys Teva, Sandoz, Dr. Reddy’s and Mylan has out of court settlement with Astra, whereas Lupin and Hetero has not had any out of court settlement. So even if they get approval they might not be launching at risk whereas the other four guys will be free without any risk they can second launch. So most likely these four guys will be launching as and when they receive the approval.

Sonia: What could the combined impact be on Sun and on Ranbaxy on the P&L as a whole?

A: That is what I said. In bottom line USD 250 million combined for both. Sonia: What about the stock itself. Ranbaxy what do you with it now? A: Basically for Ranbaxy it is a cash flow impact. If I remove these onetime scenarios concerned. So that would have been easy for them to repay their loan of which is roughly around USD 800 million currently but otherwise first Sun Pharma who is sitting with roughly USD 2 billion of cash USD 200 million might be hardly any matter to them or given the kind of market cap of USD 30-31 billion both the companies put together that is not great. So I don’t expect more than 2-3 percent correction.

Latha: So Sun already would be a buy for you at current levels, it is standing at Rs 842.

A: Yes, not buy actually because Sun with the kind of huge valuations they have accumulate would be the right thing.

STOCK EXCHANGE STATEMENT

Nov 05, 2014

Gurgaon (Haryana), India, Ranbaxy Laboratories Limited (Ranbaxy) has received communication from the US FDA wherein FDA has determined that Ranbaxy’s ANDAs of concern did not have any data integrity issues. However, FDA has rescinded the previously granted tentative approvals for Ranbaxy’s ANDAs for esomeprazole magnesium delayed-release capsules, 20 mg and 40 mg and for valganciclovir hydrochloride tablets USP, 450 mg. FDA has said that its original decisions granting tentative approvals were in error because of the compliance status of the facilities referenced in the ANDAs at the time the tentative approvals were granted. As a consequence, in FDA’s view, Ranbaxy has forfeited its eligibility for 180-day exclusivity for its ANDA for valganciclovir hydrochloride tablets USP, 450 mg.

Ranbaxy is disappointed with this development and is actively evaluating all available options to preserve its rights.

RANBAXY RECEIVES APPROVAL FROM US FDA TO MARKET FENOFIBRATE CAPSULES USP, 43 MG AND 130MG

Nov 05, 2014

Princeton, NJ, Ranbaxy Laboratories Limited (RLL) announced today that the Company has received approval from the U.S. Food and Drug Administration to manufacture and market Fenofibrate Capsules USP, 43 mg and 130 mg. The Office of Generic Drugs, U.S. Food and Drug Administration, has determined the Ranbaxy formulations to be bioequivalent and have the same therapeutic effect as that of the reference listed drug Antara® Capsules, 43 and 130 mg, respectively, of Lupin Atlantis (Lupin). Total annual market sales for Fenofibrate Capsules USP, 43 mg and 130 mg were $56 million (IMS- MAT: September 2014). Fenofibrate Capsules are indicated for Primary Hypercholesterolemia and Mixed

Dyslipidemia. In addition, it is indicated for Severe Hypertriglyceridemia. “We are pleased to receive approval for these two strengths of Fenofibrate Capsules, which represents a welcome addition to our generic portfolio of products and offer an alternative in strengths and dosage forms for this molecule to patients and healthcare professionals. The product will be manufactured at Ohm Laboratories, in our U.S. facility located in New Brunswick, New Jersey and launched immediately thereafter,” according to Dan Schober, Vice President, Trade Sales.

Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, is a wholly owned subsidiary of Ranbaxy Laboratories Limited (RLL), India’s largest pharmaceutical company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.

Ranbaxy Laboratories Limited (RLL) is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. Ranbaxy’s continued focus on R&D has resulted in several approvals, in developed and emerging markets many of which incorporate proprietary Novel Drug Delivery Systems (NDDS) and technologies, developed at its own labs. The company has further strengthened its focus on generics research and is increasingly working on more complex and specialty areas. Ranbaxy serves its customers in over 150 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 43 countries and manufacturing operations in 8 countries. Ranbaxy is a member of the Daiichi Sankyo Group. Through strategic in-licensing opportunities and its hybrid business model with Daiichi Sankyo, a leading global pharma innovator headquartered in Tokyo, Japan, Ranbaxy is introducing many innovator products in markets around the world, where it has a strong presence. This is in line with the company’s commitment to increase penetration and improve access to medicines, across the globe.

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.61.81
UK Pound	1	Rs.96.77
Euro	1	Rs.77.09

INFORMATION DETAILS

Information Gathered by :	JML
Analysis Done by :	KRN
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.