MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	INTAS PHARMACEUTICALS LIMITED (w.e.f. 10.03.1995)

Formerly Known As :	INTAS LABORATORIES PRIVATE LIMITED

Registered Office :	2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	31.05.1985

Com. Reg. No.:	04-007866

Capital Investment / Paid-up Capital :	Rs.1144.363 Millions

CIN No.: [Company Identification No.]	U24231GJ1985PLC007866

TAN No.: [Tax Deduction & Collection Account No.]	AHMI00350A

PAN No.: [Permanent Account No.]	AAACI5120L

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	The company engaged in the development, manufacture, and marketing of pharmaceutical formulations.

No. of Employees :	8314 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 89200000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

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

NOTES:

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

ECGC Country Risk Classification List – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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	AA (Non-Convertible Debenture)
Rating Explanation	High degree of safety and very low credit risk.
Date	January 2014

Rating Agency Name	ICRA
Rating	A1+ (Commercial Paper)
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	January 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.

LOCATIONS

Registered Office/ Corporate Office :	2nd Floor, Chinubhai Center, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26576655/26579052/26578269/26623100
Fax No.:	91-79-26588862/26578862
E-Mail :	intas@ad1.vsnl.net.in manoj_nair@intaspharma.com info@intaspharma.com rutul_shukla@intaspharma.com kewal_chokshi@intaspharma.com finance@intaspharma.com jgvyas@intaspharma.com info@intaspharma.com
Website :	http://www.intaspharma.com
Area :	400 Sq. Ft
Location :	Owned

Factory 1 :	Plot No. 457/458 , Sarkhej - Bavla Highway, Village: Matoda, Taluka: Sanand, Ahmedabad – 382210, Gujarat, India
Tel. No.:	91-2717-551111/ 551298
Fax No.:	91-2717-551106

Factory 2 :	7/3, GIDC Estate, Behind Dena Bank, Vatva, Ahmedabad – 382445, Gujarat, India
Tel No :	91-79-25831279
Fax No :	91-79-25830207

Factory 3 :	85/87 Kailash Industrial Estate, Post Jyawa Taluka, Sanand, Ahmedabad, Gujarat, India
Tel. No.:	91-2717-284188

Factory 4 :	Valia, Near Bharuch, Ankaleshwar, Gujarat, India

DIRECTORS

AS ON 25.06.2013

Name :	Mr. Nimish Hasmukh Bhai Chudgar
Designation :	Managing Director
Address :	3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satellite, Ahmedabad-380015, Gujarat, India.
Date of Birth/Age :	19.08.1960
Qualification :	B Sc
Date of Appointment :	01.04.2011
DIN No.:	00212400

Name :	Mr. Urmish Hasmukh Chudgar
Designation :	Managing Director
Address :	16, Nishant Bungalows, Satellite, Ahmedabad-380015, Gujarat, India
Date of Birth/Age :	16.02.1959
Qualification :	MD in Oncology and Haemetoly
Date of Appointment :	01.09.2011
DIN No.:	00096080

Name :	Mr. Binish Hasmukh Chudgar
Designation :	Managing Director
Address :	12, Aristo Villa Opposite Gold Coin Complex, Satellite, Jodhpur Char Rasta, Ahmedabad-380015, Gujarat, India.
Date of Birth/Age :	01.12.1963
Qualification :	B Com MBA
Date of Appointment :	01.04.2011
DIN No.:	00119503

Name :	Mr. Hasmukh Chudgar
Designation :	Managing Director
Address :	3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satellite, Ahmedabad-380015, Gujarat, India.
Date of Birth/Age :	16.05.1933
Qualification :	B Pharm
Date of Appointment :	01.07.2009
DIN No.:	00172265

Name :	Mr. Nitin Ram Potdar
Designation :	Additional director
Address :	202, Phoenix House. Sayani Road. Opposite Ravindra Natya Mandir, Prabhadevi, Mumbai -400 025. Maharashtra, India
Date of Birth/Age :	21.02.1963
Date of Appointment :	12.08.2011
DIN No.:	00452644

Name :	Mr. John Goddard
Designation :	Director
Address :	38, Delvino Road London SW64AJ, United Kingdom
Date of Birth/Age :	19.07.1951
Date of Appointment :	12.08.2011
Din No:	03420601

Name :	Mr. Hemant D. Sheth
Designation :	Director
Address :	201, Aangan, Plot No 40, T.V.Chidambaram Marg, Sion (East) Mumbai- 400022, Maharashtra, India
Date of Birth/Age :	29.11.1961
Date of Appointment :	12.08.2011
Din No:	01261486

Name :	Mr. Surender Tuteja
Designation :	Director
Address :	S- 307, IInd Floor, Panchsheel Park, New Delhi- 110017
Date of Birth/Age :	15.06.1945
Date of Appointment :	12.08.2011
Din No:	00594076

Name :	Mr. Tilokchand P.Ostwal
Designation :	Director
Address :	103, 104 Falcon’s Cres, G.D. Ambedkar Marg, Parel, Mumbai-400012
Date of Birth/Age :	20.10.1979
Date of Appointment :	12.08.2011
Din No:	00821268

Name :	Mr. Kaul D Sanjiv
Designation :	Nominee Director
Address :	22, Siris Rao, DLF Phase – 3, Gurgaon – 122002, India
Date of Birth/Age :	25.07.1957
Date of Appointment :	16.06.2012
Din No:	01550413

KEY EXECUTIVES

Name :	Mr. Manoj Narayanan Nair
Designation :	Company Secretary
Address :	Plot No. 648/1, Sector-4 C, Gandhinagar – 382006, Gujarat, India
Date of Birth/Age :	20.10.1979
Date of Appointment :	08.06.2007
PAN No.:	AEBPN7909Q

MAJOR SHAREHOLDERS

AS ON 26.03.2013

Names of Shareholders		No. of Shares
Nimish H Chudgar		6438707
Binish H Chudgar		6209147
Umish H Chudgar		113533
Kusumben H Chudgar		2367503
Bindiben B Chudgar		6906389
Parulben U Chudgar		6994369
Binaben N Chudgar		5444829
Hasmukh K Chudgar		3597487
Equatorial Private Limited, India		47432000
Mozart Limited, Mauritius		11621100
Intas Enterprise Private Limited, India		4106667
Chudgar U. Shall		4796967
Caravaggio, Mauritius		6898447
Cytas Research Limited, India		1509131

Total		114436276

Equity Share Break up (Percentage of Total Equity)

AS ON 26.03.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	16.18
Bodies corporate	43.36
Directors or relatives of Directors	37.46
Total	100.00

BUSINESS DETAILS

Line of Business :

The company engaged in the development, manufacture, and marketing of pharmaceutical formulations.

Products :

Product Description	ITC Code
Simvastatin	30049079
Docetaxel	30049044
Finasteride	30049049

GENERAL INFORMATION

No. of Employees :

8314 (Approximately)

Bankers :

Citi Bank N.A, Ground Floor, Kalapurnam, Near Muncipal Market, C.G. Road, Ahmedabad-380009, Gujrat , India
IndusInd Bank Limited, 2401, Gen Thimmayya Road, Contonment, Pune – 411001, Maharashtra, India
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380006, Gujrat, India
BNP Paribas, 20 Collyer Quay, Tung Centre, Singapore – 049319, Singapore

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Non-Convertible Debenture Others	350.000	700.000
Rupee term loans from banks	56.126	825.000
Foreign currency term loans from banks	182.906	261.197
Loans taken for fixed assets	0.097	0.000

SHORT TERM BORROWINGS
Rupee term loans from banks	734.125	1436.690
Foreign currency term loans from banks	2297.502	1418.128

Total	3620.756	4641.015


Banking Relations :	---

Financial Institution :	· IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Mumbai – 400001, Maharashtra, India

Name :	Apaji Amin and Company Chartered Accountants
Address :	304, Akansha Building, Opposite Vadilal House, Navrangpura, Ahmedabad - 380009, Gujarat, India
Tel. No.:	91-79-2303603
PAN No.:	AAFFA6140C

Subsidiaries :	· Astron Research Limited CIN No.: U24231GJ2001PLC039545 · Indus Biothrapeutics Limited CIN No.: U24230GJ2005PLC047111 · Intas Medi Devices Limited CIN No.: U33110GJ2010PLC061475 · Intas Pharma Limited CIN No.: U24231GJ2000PLC037582 · Andre Laboratories Limited CIN No: U24231GJ1973PLC040442 · Accord Farma Sade CV Mexico · Accord Farmaceutica Ltda., Brazil · Accord Health Care Inc., North Carolina, USA · Accord Healthcare Pty. Limited, South Africa · Accord Healthcare INC. Canada · Accord Healthcare Limited, UK · Accord Healthcare NZ Limited, New Zealand · Accord Healthcare SAC Peru · Farmabiot SA DE CV, Mexico · Intas Pharmaceuticals (Partnership Firm) · Accord Healthcare Limited, India · Accord Healthcare Inc. (US, New Jersey) · Celestial Biologicals Limited · Astron Research Limited, UK

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Astron Packaging Limited CIN No.: U21029GJ2001PLC039733 · Cytas Research Limited CIN No.: U73100GJ2003PLC042948 · Equatorial Private Limited CIN No.: U51909GJ1955PTC000577 · Intas Enterprise Private Limited CIN No.: U65910GJ1994PTC023392 · Lambda Therapeutic Research Inc., Canada · Lambda Therapeutic Research Limited CIN No.: U24236GJ1998PLC034883 · One Advertising and Communication Services limited CIN No.: U74300GJ2001PLC046472 · Unipath Specialty Laboratory Private Limited CIN No.: U85195GJ2009PLC057059

CAPITAL STRUCTURE

AS ON 26.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

168916752	Equity Shares	Rs.10/- each	Rs.1689.167Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

114436276	Equity Shares	Rs.10/- each	Rs.1144.363 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1144.363	1034.767	1038.767
(b) Reserves & Surplus	21152.338	12077.184	8284.738
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	22296.701	13111.951	9323.505

(3) Non-Current Liabilities
(a) long-term borrowings	1166.829	3075.547	3984.439
(b) Deferred tax liabilities (Net)	632.367	228.847	223.730
(c) Other long term liabilities	197.795	170.179	168.329
(d) long-term provisions	355.928	293.111	276.447
Total Non-current Liabilities (3)	2352.919	3767.684	4652.945

(4) Current Liabilities
(a) Short term borrowings	5539.665	5504.697	3943.203
(b) Trade payables	7311.506	4512.412	3379.867
(c) Other current liabilities	1317.971	1942.307	1101.378
(d) Short-term provisions	267.769	240.526	240.526
Total Current Liabilities (4)	14436.911	12199.942	8664.974

TOTAL	39086.531	29079.577	22641.424

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6645.833	2680.851	2080.799
(ii) Intangible Assets	1680.019	154.546	185.229
(iii) Capital work-in-progress	385.797	420.812	397.671
(iv) Intangible assets under development	3535.084	525.029	467.632
(b) Non-current Investments	0.000	8682.568	6505.105
(c) Deferred tax assets (net)	5256.685	0.000	0.000
(d) Long-term Loan and Advances	3391.504	3256.436	4150.408
(e) Other Non-current assets	59.893	51.337	27.013
Total Non-Current Assets	20954.815	15771.579	13813.857

(2) Current assets
(a) Current investments	44.112	0.000	0.000
(b) Inventories	6161.054	4646.117	3505.340
(c) Trade receivables	9875.314	6934.153	3924.506
(d) Cash and cash equivalents	243.381	189.309	175.127
(e) Short-term loans and advances	1807.855	1538.419	1222.594
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	18131.716	13307.998	8827.567

TOTAL	39086.531	29079.577	22641.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	33976.677	26222.167	19243.285
		Other Income	141.292	292.114	408.292
		TOTAL (A)	34117.969	26514.281	19651.577

Less	EXPENSES
		Cost of materials consumed	7760.982	5856.996	4210.364
		Purchases of stock-in-trade	8200.515	7500.920	5830.118
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	99.838	(905.566)	(720.133)
		Employee benefit expense	2979.090	1895.883	1457.596
		Other expenses	7430.319	6109.715	5106.990
		TOTAL (B)	26470.744	20457.948	15884.935

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7647.225	6056.333	3766.642

Less	FINANCIAL EXPENSES (D)		588.992	774.974	419.577

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7058.233	5281.359	3347.065

Less	DEPRECIATION/ AMORTISATION (F)		754.570	302.275	269.346

	PROFIT BEFORE TAX (E-F) (G)		6303.663	4979.084	3077.719

Less	TAX (H)		833.708	550.117	262.480

	PROFIT AFTER TAX (G-H) (I)		5469.955	4428.967	2815.239

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5630.035	2791.595	1966.876

	ARISE ON SCHEME OF MERGER		665.429	0.000	0.000

	APPROPRIATIONS
		Proposed Equity Dividend	228.873	206.953	206.953
		Divided on Preference Shares	0.000	0.000	0.000
		Corporate Dividend Tax	38.897	33.573	33.573
		General Reserve	600.000	1000.000	1000.000
		Transfer to Capital Redemption Reserve	0.000	0.000	400.000
		Transfer to Debenture Redemption Reserve	0.000	350.000	350.000

	BALANCE CARRIED TO THE B/S		10897.649	5630.035	2791.594

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	13599.709	9808.451	5536.198
	TOTAL EARNINGS		13599.709	9808.451	5536.198


	Earnings Per Share (Rs.)		48.41	42.80	27.20

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	16.03	16.70	14.33

Net Profit Margin (PBT/Sales)	(%)	18.55	18.98	15.99

Return on Total Assets (PBT/Total Assets}	(%)	21.08	25.60	20.15

Return on Investment (ROI) (PBT/Networth)		0.28	0.38	0.33

Debt Equity Ratio (Total Debt /Networth)		0.30	0.65	0.85

Current Ratio (Current Asset/Current Liability)		1.26	1.09	1.02

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1038.767	1034.767	1144.363
Reserves & Surplus	8284.738	12077.184	21152.338
Net worth	9323.505	13111.951	22296.701

long-term borrowings	3984.439	3075.547	1166.829
Short term borrowings	3943.203	5504.697	5539.665
Total borrowings	7927.642	8580.244	6706.494
Debt/Equity ratio	0.850	0.654	0.301

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)
Revenue from operations	19,243.285	26,222.167	33,976.677
		36.267	29.572

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	19,243.285	26,222.167	33,976.677
Profit/(Loss) After Tax	2,815.239	4,428.967	5,469.955
	14.63%	16.89%	16.10%

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	Yes
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 GUJARAT

FIRST APPEAL No. 1995 of 2012

Status : PENDING

( Converted from : FAST/561/2012 )

CCIN No : 001012201201995

Last Listing Date:

04/07/2012

Coram

HONOURABLE MR.JUSTICE ANANT S. DAVE

S.NO.	Name of the Petitioner	Advocate On Record
1	PRASHANT KESHAVLAL MAKWANA	MR SANDIP C SHAH for: Appellant(s) 1

S.NO.	Name of the Respondant	Advocate On Record
1 2 3	JETHABHAI KAMABHAI JADAV INTAS PHARMACEUTICALS LIMITED NATIONAL INSURANCE COMPANY LIMITED THROUGH MANAGER	MR YOGEN N PANDYA for :Defendant(s) 2 MR MEHULSHARAD SHAH for :Defendant(s) 3


Presented On	: 22/02/2012	Registered On	: 02/07/2012
Bench Category	: SINGLE BENCH	District	: AHMEDABAD
Case Originated From	: THROUGH ADVOCATE	Listed	: 2 times
Stage Name	: FOR FINAL HEARING

Classification

· SJ - FIRST APPEAL - MOTOR VEHICLE ACT, 1988 - COMPENSATION - UNDER SECTION - 166 - INJURY

Act

· MOTOR VEHICLES ACT-1988

Lower Court Details

S. No.

Lower Court Case Detail

Lower Court Name

Judge Name

Judgment date

MACP/1299/1998

DISTRICT COURT, AHMEDABAD RURAL

K.K.DHOLAKIA-JT DIST. JUDGE AND ADDL. SESSIONS JUDGE

21/09/2011

Office Details

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

22/02/2012

VAKALATNAMA

MR SANDIP C SHAH ADVOCATE
for PETITIONER(s) 1

MR SANDIP C SHAH:1

22/02/2012

CERTIFIED COPY

MR SANDIP C SHAH ADVOCATE
for PETITIONER(s) 1

MR SANDIP C SHAH:1

13/03/2012

MEMO OF APPEAL/PETITION/SUIT

MR SANDIP C SHAH ADVOCATE
for PETITIONER(s) 1

8950

MR SANDIP C SHAH:1

11/06/2012

VAKALATNAMA

MR MEHULSHARAD SHAH ADVOCATE
for RESPONDENT(s) 3

MR MEHUL SHARAD SHAH:3

25/06/2012

VAKALATNAMA

MR YOGEN N PANDYA ADVOCATE
for RESPONDENT(s) 2

MR YOGEN N PANDYA:2

15/08/2012

VAKALATNAMA

MR MEHULSHARAD SHAH ADVOCATE
for RESPONDENT(s) 3

MR MEHUL SHARAD SHAH:3

15/08/2012

VAKALATNAMA

MR SANDIP C SHAH ADVOCATE
for PETITIONER(s) 1

MR SANDIP C SHAH:1

15/08/2012

VAKALATNAMA

MR YOGEN N PANDYA ADVOCATE
for RESPONDENT(s) 2

MR YOGEN N PANDYA:2

Applications

S. No.

Case Detail

Status Name

Disposal Date

Action/Coram

CIVIL APPLICATION/3183/2012

DISPOSED

25/06/2012

RULE ABSOLUTE/ALLOWED @ F.H

· HONOURABLE MR.JUSTICE ANANT S. DAVE

Court Proceedings

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

04/07/2012

FOR FINAL HEARING

RULE/ADMIT

· HONOURABLE MR.JUSTICE ANANT S. DAVE

Available Orders

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

FIRST APPEAL/1995/2012

· HONOURABLE MR.JUSTICE ANANT S. DAVE

04/07/2012

ORDER

INDEX OF CHARGE:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10443209	14/06/2013	900,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg,, Ballard Estate, MUMBAI, Maharashtra - 400001, India	B80823800
2	10373035	14/02/2014 *	181,120,000.00	BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL	A-254, 3rd Floor, Veera Tower, Bhisham Pitamah M Arg, Defence Colony, New Delhi - 110024, India	B97953426
3	10349325	27/03/2012	250,000,000.00	INDUSIND BANK LTD.	2401 Gen Thimmayya Road, Contonment, Pune, Maharashtra - 411001, India	B37464724
4	10256338	24/02/2014 *	500,000,000.00	CITI BANK N.A.	301, 3rd Floor, Rembrant Building, Opp. Associate Petrol Pump, C.G. Road,, Ahmedabad - 380006, Gujarat, India	B98651003
5	10237974	31/03/2011 *	500,000,000.00	Citi Bank N.A.	301, 3rd Floor, Rembrant Building,, Opp. Associate Petrol Pump, C.G. Road, Ahmedabad - - 380006, Gujarat, India	B12685574
6	10242942	31/03/2011 *	500,000,000.00	CITIBANK N. A.	301, 3rd Floor, Rembrant Building,, Opp. Associate Petrol Pump, C.G. Road, Ahmedabad - - 380006, Gujarat, India	B12696878
7	10216795	25/03/2010	1,050,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India	A84363340
8	10187006	16/06/2010 *	1,050,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India	A88556238
9	10175453	31/03/2011 *	500,000,000.00	Citi Bank N.A.	301, 3rd Floor, Rembrant Building,, Opp. Associate Petrol Pump, C.G. Road, Ahmedabad - 380006, Gujarat, India	B12775250
10	10175025	21/01/2010 *	400,000,000.00	IDBI Bank Limited	IDBI Complex, Near Lal Bunglow, Off C G Road, Ahmedabad - 380006, Gujarat, India	A77607406

* Date of modification charge

UNSECURED LOANS:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Incorporate deposits	0.000	1259.350
Loans and advances from related parties	455.999	0.000
Other loans and advances	121.700	30.000

SHORT TERM BORROWINGS
Rupee term loans from banks	315.961	538.810
Foreign currency term loans from banks	2192.078	2111.069

Total	3085.738	3939.229

REVIEW OF OPERATIONS

During the year, the company has achieved sales of Rs. 34132.813 millions as compared to Rs. 26344.877 millions in the previous year representing a growth of 30%. The EBIDTA was Rs. 7647.224 millions increased from Rs. 6056.336 millions in the previous year representing a growth of 26%. The PBT was Rs. 6303.663 millions increased from Rs. 49,79.086 millions in the previous year representing a growth of 27%. The Net profit was Rs. 5469.955 millions increased from Rs. 4428.969 millions in the previous year representing a growth of 23%. The Earning per Share was Rs. 48.41 as compared to Rs. 42.80.

SANCTION OF SCHEME OF MERGER

The Company had explored and evaluated various opportunities for growth and expansion available for the Company. Looking at the synergies of operations and the benefits that would accrue to the Company it was decided to merge Intas Biopharmaceuticals Limited (IBPL), Celestial Biologicals Limited (CBL), Astron Research Limited (ARL) and Intas Pharma Limited (IPL SEZ) with the company and accordingly the company approached Honble High Court of Gujarat.

The Honble High Court of Gujarat has sanctioned the scheme of merger ("Scheme") in the nature of Amalgamation of IBPL, CBL, ARL and IPL SEZ with the Company effective from appointed day i.e.1-04-2012.

The assets and liabilities of ARL, CBL, IPL SEZ, IBPL and its operating results have been incorporated in the Company's books with effect from April 1, 2012 (Appointed Date).

In terms of the said scheme their Company has issued and allotted 4,061,131 Equity Shares to the shareholders of IBPL in the ratio of four Equity Shares of their Company for every three equity shares of IBPL. Since CBL and IPL SEZ were WOS, no shares were required to be allotted pursuant to the sanctioned scheme.

From the effective date of the Composite Scheme of Arrangement, the authorised capital of IBPL, CBL, IPL SEZ and ARL has been merged with the authorised share capital of their Company.

FIXED ASSETS:

· Land

· Building

· Plant and machinery

· Furniture and Fixture

· Office equipment

· Vehicle

· Computers

· Technical Knowhow

· GCSF, EPO-License and Commercial Rights

Overview

Intas is a leading, vertically integrated global pharmaceutical formulation development, manufacturing and marketing company headquartered in India.

Intas' success and incessant growth lies in clinical execution of successful and strategic moves made in the areas of manufacturing, R & D, Biotechnology and global operations over three decades. As of 31st of March 2013, Intas has grown to be a ~$650 million* organization with a revenue growth over 30% CAGR over the last 5 years and a profit growth of ~50% CAGR over the same period. Intas is now ranked as the 12th largest pharmaceutical company in the domestic market (as per IMS Health India, Secondary Stockist Audit (SSA), April, 2014 MAT).

In the domestic market, Intas is the 5th largest corporate in Indian Chronic Pharma Market with a market share of 4.85%. It also has presence in cardiovascular system (CVS), diabetology, gynecology, infertility, respiratory care, gastroenterology, pain management as well as other therapeutic segments.

Besides rapidly growing domestic prominence, Intas is also present in more than 70 countries worldwide with robust sales, marketing and distribution infrastructure in markets like North America, Europe, Central & Latin America, Africa, Australia, New Zealand, Asia - Pacific as well as CIS and MENA countries.

Intas' global strategy includes alliances with leading Global Pharma Companies for development and distribution of products as well as direct product distribution.

Intas has made a substantial commitment to its Biologics Business Unit in terms of creating R&D, manufacturing and marketing capabilities for its biotech portfolio. As on date, Intas commercialized 11 biologic products and continues its R&D efforts in chronic disease areas such as Oncology (Cancer), Rheumatology, Auto-Immune, Nephrology, Ophthalmology and Plasma derived product based therapies.

Continual R & D initiatives have strengthened niche and complex product offerings in India and International markets. Commercialized in India, three pharmaceutical formulations are based on the novel lipid based drug delivery system with studies ongoing to extend these products to International markets.

Intas has made strategic investments in ten manufacturing facilities, globally. Between them, these facilities have received approvals from various prominent international regulatory bodies, including U.S. Food and Drug Administration (FDA).

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.60.84
UK Pound	1	Rs.98.73
Euro	1	Rs.78.64

INFORMATION DETAILS

Information Gathered by :	HNA

Analysis Done by :	KAR

Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		68

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.