MIRA INFORM REPORT

Report No. :	318506
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	SUN PHARMACEUTICAL INDUSTRIES LIMITED
Registered Office :	Sparc Tandalja, Vadodara – 390020, Gujarat
Contact No.:	91-265-6615500/ 600/ 700
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.03.1993
Com. Reg. No.:	04-019050
Capital Investment / Paid-up Capital :	Rs. 2071.200 Million
CIN No.: [Company Identification No.]	L24230GJ1993PLC019050
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing, Selling, Trading, Marketing and Exporting of various Pharmaceutical Products.
No. of Employees :	14000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 210000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Not Available
Comments :	Subject is a well-established and reputed company having fine track record. The company has incurred a heavy loss during F.Y.2014. However, general financial of the company is sound and healthy. Fundamentals of the company are strong. Share price are quoted high on stock exchange. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long-term rating = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	April 08, 2014

Rating Agency Name	CRISIL
Rating	Short-term rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	April 08, 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 PARTED BY

Name :	Mr. Dhrunal Trivedi
Designation :	Export Logistical Manager
Contact No.:	91-22-66969696
Date :	01.04.2015

LOCATIONS

Registered Office :	Sparc Tandalja, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-6615500/ 600/ 700
Fax No.:	91-265-2354897
E-Mail :	ashok.bhuta@sunpharma.com
Website :	http://www.sunpharma.com
Area :	10000 sq. ft.
Location :	Owned
Corporate Office 1:	Acme Plaza, Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-66969696 91-22-66969696
Fax No.:	91-22-28212010
Corporate Office 2:	Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (East), Mumbai 400063, Maharashtra, India
Tel. No.:	91-22-43244324
Fax No.:	91-22-43244343
Research Centre 2 :	F.P.27, Part Survey No. 27, C.S. No. 1050, TPS No. 24, Village Tandalja, District Vadodara - 390020, Gujarat, India
Research Centre 3 :	17-B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India
Research Centre 4 :	Chemistry and Discovery Research Israel, 14 Hakitor Street, P.O. Box 10347 Haifa Bay 2624761, Israel
Plants :	· Survey No. 214, Plot No. 20, Govt. Industrial Area, Phase II, Piparia. Silvassa - 396230, Union Territory of Dadra and Nagar Haveli, India · Halol-Baroda Highway, Near Anand Kendra, Halol, District Panchmahal - 389350, Gujarat, India · Plot No. 24/2 & 25, GIDC, Phase-IV, Panoli, Dist. Bharuch - 394116, Gujarat, India · A-7 & A-8, MIDC Ind. Area, Ahmednagar - 414111, Maharashtra, India · Plot No. 4708, GIDC. Ankleshwar - 393002, Gujarat, India · Sathammai Village, Karunkuzhi Post, Maduranthakam TK, Kanchipuram District - 603303, Tamilnadu, India · Plot No. 817/A, Karkhadi, Taluka Padra, District Vadodara - 391450, Gujarat, India · Survey No. 259/15, Dadra - 396191, Union Territory of Dadra and Nagar Haveli, India · Sun Pharma Laboratories Limited, Plot No.754, Nandok Block, Setipool, P.O. Ranipool, Sikkim – 737135, India · Sun Pharma Laboratories Limited, Plot No. 107/108, Namli Block, Setipool, P.O. Ranipool, Sikkim – 737135, India · Sun Pharma Laboratories Limited, 6-9 Export Promotion Industrial Park (EPIP), Kartholi, Bari Brahmana, Jammu - 181133, Jammu Kashmir, India · Sun Pharma Laboratories Limited, I.G.C. Phase-I, Samba 184121, Jammu Kashmir, India · Sun Pharmaceutical Industries Inc., 705, E. Mulberry Street, Bryan, Ohio – 43506, USA · Sun Pharmaceutical Industries Inc., 270 Prospect Plains Road, Cranbury, New Jersey – 08512, USA · Sun Pharmaceutical (Bangladesh) Limited, Chandana, Joydevpur, Gazipur, Bangladesh · Alkaloida Chemical Company Zrt, H-4440 Tiszavasvari , Kabay, Janos u.29, Hungary · TKS Farmaceutica, Rodovia GO-080, Km 02, Chacaras 01/02, Jardim Pompeia, Goiania/GO, Brazil CEP: 74690-170 · Sun Pharma de Mexico S.A. de C.V, Av. Rio Churubusco No. 658, Col. El Sifon, Del. Iztapalapa, C.P 09400 Mexico, Distrito Federal · Chattem Chemicals, Inc., 3708, St. Elmo Avenue, Chattanooga, TN 37409, USA · Taro Pharmaceuticals Inc., 130 East Drive, Brampton, Ontario L6T 1C1, Canada · Taro Pharmaceutical Industries Limited, 14 Hakitor Street, P.O. Box 10347 Haifa Bay 2624761, Israel · Dusa Pharmaceuticals Inc., 25, Upton Drive, Wilmington, Massachusetts, 01887, USA · URL Pharmaceuticals Inc., 1100 Orthodox Street, Philadelphia, PA 19124, USA · URL Pharmaceuticals Inc., 2500 Molitor Road, Aurora, IL 60502, USA

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Israel Makov
Designation :	Chairman
Name :	Mr. Dilip S. Shanghvi
Designation :	Managing Director
Date of Birth/Age :	58 Years
Qualification :	Graduate in commerce from the Kolkata University
Profile :	He had launched Sun Pharmaceutical Industries in 1982. He is the Managing Director of the Company and Chairman and Managing Director of Sun Pharma Advanced Research Company Limited. He has also been appointed as the Chairman and Director of Taro Pharmaceutical Industries Limited. He has extensive experience in the pharmaceutical industry. Under his leadership, Sun Pharmaceutical Industries Limited has recorded an all-round growth in business.
Name :	Mr. Sudhir V. Valia
Designation :	Whole-time Director
Date of Birth/Age :	58 Years
Qualification :	Chartered Accountant with more than three decades of experience in Finance and Taxation
Profile :	He is representing the Board since 31st January, 1994 and at present, he is Whole-time Director of the Company.
Name :	Mr. Sailesh T. Desai
Designation :	Whole-time Director
Date of Birth/Age :	60 Years
Qualification :	Science graduate from Kolkata University
Profile :	He is a successful entrepreneur with more than three decades of wide industrial experience including more than two decades in the pharmaceutical industry itself.
Name :	Mr. S. Mohanchand Dadha
Designation :	Director
Name :	Mr. Hasmukh S. Shah
Designation :	Director
Name :	Mr. Ashwin Dani
Designation :	Director
Name :	Mr. Keki M. Mistry
Designation :	Director
Name :	Ms. Rekha Sethi
Designation :	Director
Date of Appointment :	13.02.2014

KEY EXECUTIVES

Name :	Mr. Sunil R. Ajmera
Designation :	Company Secretary
Name :	Mr. Uday V. Baldota
Designation :	Chief Financial Officer
Name :	Mr. Dhrunal Trivedi
Designation :	Export Logistical Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2014

(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	302192200	12.56
Bodies Corporate	1013024000	42.10
Any Others (Specify)	1280200	0.05
Trusts	1280200	0.05
Sub Total	1316496400	54.71
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1316496400	54.71
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	28274791	1.18
Financial Institutions / Banks	53667321	2.23
Central Government / State Government(s)	1945763	0.08
Insurance Companies	40448219	1.68
Foreign Institutional Investors	452764676	18.82
Any Others (Specify)	32846	0.00
Foreign Bank	32846	0.00
Sub Total	577133616	23.99
(2) Non-Institutions
Bodies Corporate	64546340	2.68
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	108364713	4.50
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	31011743	1.29
Any Others (Specify)	308567862	12.82
Non Resident Indians	4198032	0.17
Clearing Members	921846	0.04
Trusts	2524989	0.10
Directors & their Relatives & Friends	3817386	0.16
Foreign Port Folio Investor Corporate	79927985	3.32
Overseas Corporate Bodies	59440	0.00
Foreign Nationals	13842	0.00
Foreign Corporate Bodies	217104342	9.02
Sub Total	512490658	21.30
Total Public shareholding (B)	1089624274	45.29
Total (A)+(B)	2406120674	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2406120674	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing, Selling, Trading, Marketing and Exporting of various Pharmaceutical Products.
Brand Names :	· Pantocid · Gemer · Susten · Levipil · Pantocid-D · Aztor · Glucored Group · Istamet · Rozavel · Montek-LC
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

No. of Employees :

14000 (Approximately)

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

· Bank of Baroda

· Bank of Nova Scotia

· Citibank N.A.

· ICICI Bank Limited

· Kotak Mahindra Bank Limited

· Standard Chartered Bank

· State Bank of India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loan from Department of Biotechnology [Secured by hypothecation of assets and goods pertaining to the project] [Repayable in 10(Previous Year 10) half-yearly installments of Rs. 4.600 Million each commencing from 31.03.2017, Last installment is due on 30.09.2021].	46.400	46.400
SHORT TERM BORROWINGS
Loans repayable on demand Cash Credit facility from Banks [Secured by hypothecation of Inventories and Trade receivables]	41.700	384.900
Total	88.100	431.300

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
Subsidiaries :	· 3 Skyline LLC · Aditya Acquisition Company Limited · Aditya Pharma Private Limited · Alkaloida Chemical Company Zrt. · Alkaloida Sweden AB · AR Scientific Inc · Caraco Pharma Inc · Caraco Pharmaceutical Laboratories Limited · Caraco Pharmaceuticals Private Limited · Chattem Chemicals lnc · Dungan Mutual Associates, LLC · Dusa Pharmaceuticals lnc · Dusa Pharmaceuticals New York lnc · Faststone Mercantile Company Private Limited · Green Eco Development Centre Limited · Khyati Realty ME Limited · Morley and Company lnc · Mutual Pharmaceutical Company, lnc. · Neetnav Real Estate Private Limited · ** Nogad Holdings · One Commerce Drive LLC · OOO "Sun Pharmaceutical Industries" Limited · Orta Limited · Realstone Multitrade Private Limited · Sirius Laboratories lnc · Skisen Labs Private Limited · Softdeal Trading Company Private Limited · SPIL De Mexico S.A. DE C.V. · Sun Clobal Canada Pty. Limited · Sun Global Development FZE · Sun Laboratories FZE · Sun Pharma De Mexico 5.A. DE C.V. · Sun Pharma De Venezuela, CA. · Sun Pharma Global (FZE) · Sun Pharma Global lnc · Sun Pharma Healthcare FZE · * Sun Pharma Medication Private Limited (SPDPL) · * Sun Pharma Drugs Private Limited (SPMPL) · Sun Pharma Japan Limited · Sun Pharma Laboratories Limited · Sun Pharma MEAJLT · Sun Rharma Philippines Inc · ** Sun Pharma Switzerland · Sun Pharmaceutical Industries (Europe) B.V · Sun Pharmaceutical (Bangladesh) Limited · Sun Pharmaceutical Industries (Australia) Pty. Limited · Sun Pharmaceutical Peru S.A.C. · Sun Pharmaceutical Spain, S.L.U · Sun Pharmaceutical UK Limited · Sun Pharmaceuticals (SA) (Pty) Limited · Sun Pharmaceuticals France · Sun Pharmaceuticals Germany GmbH · Sun Pharmaceuticals Italia S.R.L. · ** Silverstreet Developers LLP · Sun Pharmaceuticals Korea Limited · Sun Universal Limited · Taro Development Corporation · Taro Hungary Intellectual Property Licensing LLC. · Taro International Limited · Taro Pharmaceutical India Private Limited · Taro Pharmaceutical Industries Limited · Taro Pharmaceutical Laboratories INC · Taro Pharmaceuticals Canada, Limited · Taro Pharmaceuticals Europe B.V. · Taro Pharmaceuticals lnc. · Taro Pharmaceuticals Ireland Limited · Taro Pharmaceuticals North America, lnc · Taro Pharmaceuticals U.S.A., lnc · Taro Pharmaceuticals UK Limited · Tarochem Limited · TKS Farmaceutica Limiteda · United Research Laboratories, Limited · Universal Enterprises Private Limited (w.e.f.31^st August, 2012) · URL Pharma Inc · URL PharmPro, LLC · ZAO Sun Pharma Industries Limited [Liquidated during the year]
Controlled Entity :	· * Sun Pharmaceutical Industries · * Sun Pharma Sikkim · Sun Pharma Drugs · Universal Enterprise Private Limited [upto 31.08.2012]
Enterprise under significant influence of Key Management Personnel or their relatives :	· Sun Petrochemicals Private Limited · Navjivan Rasayan (Gujarat) Private Limited · Sun Pharma Advanced Research Company Limited

NOTE:

** Controlled entities converted into private limited companies under Part IX of the Companies Act, 1956 w.e.f. 31.08.2012, Amalgamated in to Sun Pharma Laboratories Limited w.e.f. 01.09.2012.

* Incorporated / Acquired during the year

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	Re. 1/- each	Rs. 3000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2071163910	Equity Shares	Re. 1/- each	Rs. 2071.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2071.200	1035.600	1035.600
(b) Reserves & Surplus	72007.600	76853.200	77745.600
(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)	74078.800	77888.800	78781.200
(3) Non-Current Liabilities
(a) Long-term borrowings	46.400	46.400	0.000
(b) Deferred tax liabilities (Net)	1928.400	1654.100	1339.100
(c) Other long term liabilities	13.800	10.100	20.300
(d) long-term provisions	25241.900	1314.900	986.200
Total Non-current Liabilities (3)	27230.500	3025.500	2345.600
(4) Current Liabilities
(a) Short term borrowings	24043.700	384.900	403.000
(b) Trade payables	3800.600	3625.100	4001.900
(c) Other current liabilities	2336.100	1451.500	625.400
(d) Short-term provisions	6880.300	6089.100	5154.900
Total Current Liabilities (4)	37060.700	11550.600	10185.200
TOTAL	138370.000	92464.900	91312.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12575.600	11347.600	9759.300
(ii) Intangible Assets	96.100	10.300	13.700
(iii) Capital work-in-progress	4804.600	3480.400	2488.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	61557.300	33764.900	35928.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7614.900	4910.900	3385.400
(e) Other Non-current assets	1.100	78.300	28.300
Total Non-Current Assets	86649.600	53592.400	51603.400
(2) Current assets
(a) Current investments	8600.000	9410.500	8449.800
(b) Inventories	9183.800	8687.600	6400.700
(c) Trade receivables	4527.500	7375.300	7134.800
(d) Cash and cash equivalents	1414.800	4311.200	13277.100
(e) Short-term loans and advances	3093.200	8495.000	3906.100
(f) Other current assets	24901.100	592.900	540.100
Total Current Assets	51720.400	38872.500	39708.600
TOTAL	138370.000	92464.900	91312.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	28287.900	24321.400	40155.600
		Other Income	1593.800	2361.700	3428.500
		TOTAL	29881.700	26683.100	43584.100
Less	EXPENSES
		Cost of Materials Consumed	8946.200	7057.900	9517.100
		Purchases of Stock-in-Trade	1850.400	2009.600	1874.800
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(145.300)	(105.300)	(817.300)
		Employees benefits expense	2796.300	2348.700	3165.600
		Other expenses	14669.600	7883.700	8829.200
		Exception Item	28756.000	0.000	2999.200
		TOTAL	56873.200	19194.600	25568.600
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(26991.500)	7488.500	18015.500
Less/ Add	DEPRECIATION/ AMORTISATION		1019.400	858.200	757.200
	PROFIT/ (LOSS) BEFORE TAX		(28010.900)	6630.300	17258.300
Less	TAX		274.300	1464.800	283.400
	PROFIT/ (LOSS) AFTER TAX		(28285.200)	5165.500	16974.900
	EARNINGS IN FOREIGN CURRENCY
		Exports (FOB basis)	22713.300	19238.000	14628.200
		Interest	0.000	4.100	0.000
		Royalty	50.300	3.300	3.000
		Others	404.400	369.800	14.700
	TOTAL EARNINGS		23168.000	19615.200	14645.900
	Earnings/ (Loss) Per Share (Rs.)		(13.70)	2.50	16.40

QUARTERLY RESULTS

Particulars (Rs.In Million)	30.06.2014	30.09.2014	31.12.2014
UnAudited	Unaudited	Unaudited	Unaudited
Net Sales	(5755.800)	(5974.500)	5650.300
Total Expenditure	(5456.700)	(8489.600)	6124.300
PBIDT (Excl OI)	299.100	(2515.100)	(474.000)
Other Income	842.100	0.000	0.000
Operating Profit	1141.200	(2515.100)	(474.000)
Interest	80.900	(40.200)	(0.800)
Exceptional Items	0.000	0.000	0.000
PBDT	1060.300	(2555.300)	(474.800)
Depreciation	463.900	(675.700)	(408.600)
Profit Before Tax	596.400	(3231.000)	(883.400)
Tax	120.800	(54.800)	(27.600)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	475.600	(3176.200)	(911.000)
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	475.600	(3176.200)	(911.000)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(99.99)	21.24	42.27
Return on Total Assets (PBT/Total Assets}	(%)	(38.90)	12.01	32.63
Return on Investment (ROI) (PBT/Networth)		(0.38)	0.09	0.22
Debt Equity Ratio (Total Debt/Networth)		0.33	0.01	0.01
Current Ratio (Current Asset/Current Liability)		1.40	3.37	3.90

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1035.600	1035.600	2071.200
Reserves & Surplus	77745.600	76853.200	72007.600
Net worth	78781.200	77888.800	74078.800
Long-term borrowings	0.000	46.400	46.400
Short term borrowings	403.000	384.900	24043.700
Total borrowings	403.000	431.300	24090.100
Debt/Equity ratio	0.005	0.006	0.325

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	40155.600	24321.400	28287.900
		-39.432	16.309

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	40155.600	24321.400	28287.900
Profit/ (Loss)	16974.900	5165.500	(28285.200)
	42.27%	21.24%	(99.99%)

LOCAL AGENCY FURTHER INFORMATION

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

Note: Registered office of the company has been shifted from Sparc Tandalja, Vadodara – 390020, Gujarat, India to the present address but the same has not been updated in the government registry.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10351563	31/03/2012	178,140,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8th FLOOR, BLOCK NO.2,, CGO COMPLEX, LODHI ROAD  ,NEW DELHI, Delhi-110003, INDIA	B38042354
2	90095637	27/04/2000 *	7,500,000.00	NVFC FINANCE PRIVATE LTD	1843; 6TH CROSS 20TH MAIN, J.P. NAGAR; II PHASE,  BANGLORE, Karnataka - 560078, INDIA	-
3	90095112	05/08/2004 *	15,000,000.00	RISK CAPITAL AND TECHNOLOGY FINANCE CORPORATION LTD	E-216; 3RD FLOOR, EAST KAILASH, NEW DELHI, Delhi - 110065, INDIA	-
4	90095083	09/07/2005 *	32,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COLABA, MUMBAI, Maharashtra - 400005,  INDIA	-
5	90098599	07/05/1997	60,000,000.00	ICICI BANKING CORPORATION LTD.	LAND MARK, RACE COURSE CIRCLE, BARODA, Gujarat -  390015, INDIA	-
6	90098478	21/09/1996	75,000,000.00	ANZ GRINDLAYS BANK LTD.	90; M. G. ROAD, MUMBAI, Maharashtra - 400001, INDIA	-
7	90094937	28/11/1997 *	92,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COLABA, MUMBAI, Maharashtra - 400005,  INDIA	-
8	90098193	26/08/2013 *	1,260,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, BANDRA (EAST),MUMBAI, Maharashtra - 400051, INDIA	B84811918
9	90101587	03/10/2001 *	252,500,000.00	BANK OF BARODA	ALKAPURI BRANCH; OPP. PETROL PUMP, LAKAPURI, BARO  DA, Gujarat - 338159, INDIA	-
10	90102599	08/05/1998 *	252,500,000.00	BANK OPF BARODA	ALKAPURI BRANCH, ALKAPURI, Gujarat, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Term Loan from Bank	24002.000	0.000
Total	24002.000	0.000

FINANCE

CRISIL continued to reaffirm its highest rating of "AAA/ Stable" and"A1+", for the Company's Banking Facilities throughout the year enabling the Company to avail facilities from banks at attractive rates. The Company does not offer any Fixed Deposit Scheme.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

GLOBAL PHARMACEUTICAL INDUSTRY

The market size of the global pharmaceutical industry is estimated to reach US$ 1.2 trillion by 2017 growing at a Compound Annual Growth Rate (CAGR) of 3-6% and the emerging markets are likely to be the key growth drivers. Several factors like economic growth, demographic changes, transition in community health and policy responses and focus on healthcare funding are expected to lead to double-digit growth in the pharmerging markets.

On the other hand, economic and healthcare austerity measures and the savings realized from the growing availability of generic drugs, following their patent expiry, may see developed markets record low single-digit growth.

GLOBAL PHARMA INDUSTRY – GROWTH DRIVERS

Increase in life expectancy and ageing population: Life expectancy is expected to reach 73.7 years by 2017 from an estimated 72.6 years in 2012, bringing more than 10% of the total global population to over the age of 65 years.

Moreover, the global population aged 60 or above has almost tripled over the period 1950-2000 and is expected to reach nearly two billion by 2050 – prompting the need for more medical care, a key demand driver for the pharmaceuticals industry.

Rising income of households: It is forecasted that the number of high-income households (annual earnings of over US$ 25,000) will rise by about 10%, taking the count to over 500 million by 2017 - almost over 50% of such growth will come from Asia. Rising income will make expensive medicines affordable, providing a thrust to growth of the pharmaceuticals industry.

Growing incidence of chronic diseases: At present, chronic diseases, including heart disease, cancer, stroke, diabetes and respiratory illnesses top the global health agenda, accounting for over 63% of all deaths worldwide. Sedentary lifestyles, diet changes and rising obesity levels are likely causes. Healthcare demand for these diseases will contribute to the industry's growth.

Improved healthcare access reforms: With more than one billion people lacking access to a health care system across the world, different countries are introducing healthcare reforms, including increases in government funding and broader insurance coverage. For example, the US extended health insurance to more than 30 million uninsured citizens under the Patient Protection and Affordable Care Act (PPACA or ACA), making medicines affordable and driving the growth potential and industry outlook.

OUTLOOK

Developed markets: Patent expiries, impact of the global economic crisis and the increasing specialist nature of new drugs may cause a slide in the share of the developed countries (US, Europe, Japan) in total pharmaceutical spending to 53% in 2017 from 61% in2012.

Spending on generics is estimated to rise from 16% of the total spending in 2012 to 21%of the overall developed market spend in 2017, reaching a market value of US$ 136-143billion by 2017.

USA: The US was the largest pharmaceutical market globally, with a market size of US$ 328 billion in 2012 and it is estimated to grow at a compound annual growth rate (CAGR) of 1-4% during the year 2013-2017 to reach US$ 350-380 billion by 2017. But, USA's contribution to the global spending pie is expected to decrease from 34% in 2012 to31% by 2017. Overall growth will continue to be impacted by patent expiries and low cost generics.

ANDA Approvals

The rate of ANDA approvals at the US FDA has remained stagnant over the past five years, intact, it even declined in 2013, despite a slight improvement in 2010-2012. The USFDA, is in the process of implementing the 'Generic Drug User Fee Amendments of 2012(GDUFA)' programme, which is designed to speed access to safe and effective generic drugs.

Patent Expiries

After hitting a peak in 2012, patent expiries in the US have normalised to more moderate levels. Drugs going off-patent contribute to incremental growth of the US generic market. While patent expiries are lessening, the low share of Indian generic players in the US implies potential for future growth.

EU5*: The EU5 pharmaceutical market size was around US$ 149 billion in 2012, butEU5's contribution to the global spending pie is likely to come down from 15% in 2012 to13% in 2017. Loss of patent protection, government's austerity measures due to the economic crisis and restricted use of innovative launches impacted the overall growth in these markets in the last five years. Pharmaceutical spending growth in the EU5 is expected to be 0-3% for the period 2013-2017, in comparison to 2.4%during 2008-2012. The market size is estimated to reach US$ 140-170 billion in 2017.

Japan: Japan's pharmaceutical market contributed around 12% of the global pie in2012. In 2010, the Japanese government embarked on healthcare reforms, with the objective of increasing the penetration of generic drugs in the country.

The market size is projected to reach US$ 90-120 billion by 2017. Spending growth will be in the range of 2-5% with gradual increases, but partly impacted by the expected gradual increase in generic volumes due to the government's biennial price cuts. Premium pricing is expected to sustain only for drugs delivering substantial innovation over existing therapies or for drugs which target complex/unmet medical needs.

Pharmerging markets**: While the emerging markets are likely to be the main growth drivers of the global pharmaceutical industry over 2012-17, the pharmerging markets are to be the main contributors to this growth. The size of the pharmerging markets is expected to reach US$ 370-400 billion by 2017 from US$ 224 billion in 2012, growing at a rate of CAGR of 10-13%. China, Brazil, and India will be the key contributing countries, driven by factors like rising income levels, healthcare reforms and increased access to medicines.

The pharmerging markets are forecasted to contribute around 31% to the total market share of the industry by 2017, driven by economic growth, coupled with changes in public health policy responses and demography. Spending on generics in these markets is estimated to rise from 58% in 2012 to 63% of the overall pharmerging market spend in 2017, reaching a market value of US$ 233-252 billion by 2017.

ACTIVE PHARMACEUTICAL INGREDIENTS (API)

The global API market size stood at US$ 113 billion in 2012 as against US$ 91 billion in 2008. It is expected to grow further at a CAGR of around 8% during 2012-2017, owing to patent expiries, increase in outsourcing and demand for potent and biogeneric APIs.

With stiff competition in the global API market, a significant proportion of API production is outsourced to China and India - two of the largest API markets in the world.

INDIAN PHARMACEUTICAL SECTOR

The Indian pharmaceutical market is estimated to reach US$ 22-32 billion by 2017compared to US$ 14 billion in 2012, establishing India as the 11th largest market by 2017,compared to its 13th position in 2012.

Crisp facts

· Ranked thirteenth in terms of value in the global pharmaceutical industry in2012

· Fourth largest among the pharmerging markets in terms of market size in 2012

· Projected to grow at a CAGR of 11-14% during 2013-2017

· One of the key exporters to the US and other markets -the highest number of USFDA approved manufacturing facilities outside USA.

· Indian pharmaceutical companies received over 150 ANDA approvals from US FDA during 2013, accounting for approximately 38% of the total approvals.

The Indian pharmaceutical industry received foreign direct investments (FDI) worth around US$ 11.95 billion during April, 2000 to September, 2013

EXPORTS

The pharmaceutical exports from India during 2012-13 stood at US$ 14.6 billion, witnessing an increase of US$ 1.4 billion from 2011-12. Indian pharmaceutical sector exports are likely to reach US$ 25 billion by 2016.

DEMAND DRIVERS

Rising spend on healthcare: Total annual healthcare spending is expected to more than double to US$ 201.4 billion, growing at an average annual rate of 15.8% during2012-2017. Healthcare spending is estimated to be around 0.5% of GDP in 2013.

Growing health insurance coverage: The Indian government plans to bring 80% of India's population under health insurance cover under its Health Insurance Vision 2020. This will lead to higher volumes for the pharmaceuticals industry.

Growing incidence of chronic diseases: Chronic therapies have grown at a faster pace than that of traditional acute therapies over the past four years. Their contribution in the Indian pharmaceutical market escalated from 27% in 2010 to 30% in 2013. Lifestyle changes, rapid urbanisation and increasing affluence are factors which are expected to drive it further.

Rapid urbanisation: An increase in urban population from 31% to 40% or more by 2030 will see better accessibility, with which will come with rapid urbanisation and the growth of the pharmaceutical industry.

INDUSTRY CONCERNS REGULATORY CHALLENGES

The Indian pharmaceutical market has its own set of regulatory challenges in the form of:

· Government-mandated price controls

· Delay in new product approvals

· Delay in clinical trial approvals

· Uncertainties over FDI policy

· These concerns act as a deterrent to the growth of the industry.

MANUFACTURING QUALITY

India is attracting greater scrutiny from the US FDA in relation to cGMP compliance, owing to the fact that it is the largest drugs supplier to the US. Indian companies will have to conform to standards at par with the global benchmarks. This will involve continuous improvement in systems and processes and training of the workforce to ensure compliance to such standards.

SUN PHARMA - RANBAXY MERGER

A LANDMARK TRANSACTION

At Sun Pharma, they have taken a significant initiative to enhance shareholder value for the future. They are in the process of acquiring Ranbaxy Laboratories Limited, India's leading company in sales, in one of India's largest MandA transactions. The deal, anall-stock transaction valued at US$ 4 billion, is expected to be completed by December2014. Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each Ranbaxy share.

ENHANCING STAKEHOLDER VALUE

The combination has the potential to generate significant value for shareholders:

The new entity will emerge as the world's fifth largest specialty generic pharmaceutical company with a diverse, highly complementary portfolio of specialty and generics (with minimal overlap) targeting chronic and acute treatments globally. The entity's global presence across 55 markets will be supported by over 40 manufacturing facilities and capabilities across multiple dosage forms, including specialty branded products and complex generics.

In the US, the merged entity will become No.1 in the generic dermatology market and No. 3 in the branded dermatology market with products to treat Actinic Keratosis, Anti-Fungal, Acne and steroids for other treatments. Post-merger, the overall pro-forma US revenues of the Company will be about US$ 2.2 billion, with strong capabilities in developing complex products through a broad portfolio of 184 ANDAs pending US FDA approval, including high-value FTF (First-to-file) opportunities.

In India, the merger will lead to Sun Pharma becoming the largest pharmaceutical company with over 9% market share, enhancing value share across product offering sand market territories. It will be ranked No.1 by prescriptions across 13different classes of specialist doctors in India. Besides, the Ranbaxy acquisition will give it a competitive edge in acute care, hospitals and OTC businesses with robust brands. It will have 31 brands among India's top 300 brands and a greater distribution reach. The merger will also create a foundation for the OTC business in India. Pro-forma revenues of the merged entity in India will be about US$ 1.1 billion.

With Sun Pharma's proven complex product capabilities and Ranbaxy's strong global footprint, it will have a strong product pipeline and established presence in key high-growth pharmerging economies like Russia, Romania, South Africa, Brazil and Malaysia. Along with this the merged entity will have the combined pro-forma revenues of about US$0.9 billion in emerging markets. In some of these markets, the combined entity will have sales exceeding US$ 100 million each. The enhanced footprint across multiple markets will offer opportunities for cross-selling and better brand building.

On a pro-forma basis, the merged company's revenues are estimated at US$ 4.2 billion for calendar year CY 2013. The overall business will be much more balanced with 47% of sales contributed by the US, 22% of it coming from India and around 31% coming from the rest of the world and other businesses.

Pro-forma EBITDA will be US$ 1.2 billion for the twelvemonth period ended 31^st December, 2013.

Transaction value implies a revenue multiple of 2.2x, based on 12 months ended 31st December, 2013.

Post-deal closure, the merged entity targets to generate synergy benefits, of about US$ 250 million by the third year - driven by a combination of revenue, procurement, supply chain and other cost synergies.

After deal closure, Daiichi Sankyo will become the second largest shareholder in SunPharma (owning approximately 9% stake in Sun Pharma) and will have the right to nominate one Director to Sun Pharma's Board of Directors. It has agreed to indemnify Sun Pharma and Ranbaxy for, among other things, certain costs and expenses that may arise from the recent subpoena, which Ranbaxy has received from the United States Attorney for the Toansa facility.

Daiichi Sankyo (which holds approximately 63.4% of the outstanding shares of Ranbaxy)and the Promoters of Sun Pharma (who hold approximately 63.7% of the outstanding shares)have irrevocably agreed to vote in favour of the transaction. Both the Ranbaxy and the SunPharma Boards have recommended approval of the transaction to their respective shareholders.

The transaction closure will be subject to the usual closing conditions, including approval by the following authorities: the Government of India; the High Courts of Gujarat,

Punjab and Haryana; anti-competition authorities in India and a few other markets; the National Stock Exchange of India; The Bombay Stock Exchange and expiration of the waiting period under the Hart-Scott-Rodino Anti-trust Improvement Act in the United States.

CREDIBLE TRACK RECORD OF SUCCESSFUL TURNAROUNDS

One of the major challenges for Sun Pharma in this acquisition will be to improve Ranbaxy's overall growth and profitability.

Sun Pharma has a robust track record of turning around its acquisitions into success stories by enabling business and operational strategies and building supply chain efficiencies, and Ranbaxy is likely to be a major challenge. Sun Pharma's ability to juggle different businesses and multiple cultures is likely to help in this transformation.

The Company leverages complementary functional strengths to achieve top line growth andgains through both revenue enhancement and cost efficiencies -translating into highermargins, greater market share and more operating profits.

There were eight successful acquisitions in the period 1996-07 till 2000-01. Sharp increases in net sales and EBITDA across its acquisitions like Taro, DUSA and URL marked the last decade. The Company acquired Taro in 2010 and was able to enhance the EBITDA from US$ 105 million to US$ 400 million within three years by focusing on top line growth and becoming more efficient. The payback from Sun Pharma's URL acquisition has been much faster than expected.

SUN PHARMACEUTICAL INDUSTRIES LIMITED (SUN PHARMA)

Sun Pharmaceutical Industries Limited is currently the fifth largest global specialty pharmaceutical company manufacturing and marketing a variety of pharmaceutical formulations as branded generics, as well as generics in the US, India and several other global markets.

In India, the Company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopaedics and ophthalmology. It has expertise in product development, process chemistry and manufacture of complex dosage forms and APIs.

Major business segments

· US Generics

· Indian Branded Generics

· International Branded Generics (Rest of the world, except the US)

· Active Pharmaceutical Ingredients (API)

STRATEGY AND APPROACH

Sun Pharma's strategy and business approach is underpinned by the following:

· Create sustainable revenue and cash flow stream:

Ensuring sustainable growth in revenues and cash flows is one of the key objectives. The Company achieves this by targeting complex/differentiated products in key markets; focusing on fast-growing chronic therapies and timely product launches

· Balance profitability and future investments:

Achieving a pragmatic balance between current profitability and future investments through its unwavering focus on developing complex products coupled with a strong track record of acquiring and turning around underperforming businesses.

· Cost leadership: Rationalising cost through vertical integration, optimisation of operational expenses and strengthening back-end and supply chain linkages

OPERATIONAL PERFORMANCE, FY14

· Strong performance: Consolidated revenues for FY14 grew 42% over FY13 to Rs162 billion, while EBITDA grew by 45% to Rs 71 billion. The constant currency revenue growth guidance for FY14 was upgraded twice during the year from 18-20% to 29%. The strong performance was mainly driven by:

· A significant escalation in US revenues, which grew 59% and contributed about60% to overall revenues - was led by increased contribution from complex generics, strong profitability at Taro, favourable pricing for certain products and contribution from the180-day exclusivity for generic Prandin. The Ranbaxy acquisition will further strengthen Sun Pharma's positioning in the US branded market as well as enhance its overall product portfolio in the US.

· The India formulations business recorded 25% growth, despite the implementation of the new pricing policy and related trade channel disruptions. The Ranbaxy acquisitionis likely to further strengthen Sun Pharma's pan-India presence, as it will enable the merged entity to be ranked no.1 by prescriptions with 13 different classes of specialist doctors and facilitating its entry into India's OTC business with a few strong brands.

· Their Rest of World (RoW) business recorded 25% growth over FY13, led by a strengthening presence in key markets. The Ranbaxy acquisition is likely to significantly enhance Sun Pharma's presence in these markets and enable its entry into new markets.

· Ramp-up in specialty revenues: The Company continues to build its specialty revenues in the US, aided by a ramp-up in sales of generic Doxil and DUSA revenues - being the only company in the US market, with a US FDA approved version of generic Doxil. It also benefited from the supply constraints faced by the innovator.

· Taro: Taro reported good performance despite increasing competition. ForFY14, Taro's top line grew by 13% to US$ 759 million, while EBITDA grew by 29% to US$ 447million. EBITDA margins have expanded by 730 bps to 59% for the year. Taro's net profit for FY14 improved by 35% to US$ 360 million. The good performance was catalysed mainly by favourable sale prices throughout the year, which also witnessed a gradual increase in competition for some of Taro's products. The competition for some of Taro's products may intensify in future.

· 9 DUSA business scaling up: Sun Pharma had acquired DUSA in the US in December2012, giving it access to a branded patented product. DUSA revenues have gradually started scaling up, led by increasing penetration with dermatologists and gradual price increases.

· Sun-intrexon joint venture: As part of its efforts to establish a long-term specialty portfolio, Sun Pharma has entered into a joint venture with Intrexon Corporation (USA) to develop controllable gene-based therapies to treat ocular diseases that cause partial or total blindness in Million of people worldwide. Initial targets are dryage-related macular degeneration (AMD), glaucoma and retinitis pigmentosa. The joint venture will leverage Sun Pharma's global capabilities and experience in developing and manufacturing specialty pharmaceuticals for niche therapy areas.

· Ramp-up in URL: FY14 was the first full year of consolidation of the US-based URL acquisition. Favourable product pricing enabled significant ramp-up in URL's revenues with the relaunch of some of the discontinued products from URL's portfolio. The February 2013 acquisition broadens Sun Pharma's US product portfolio, besides giving access to two US FDA approved facilities.

· Generic Prandin exclusivity in the US: Sun Pharma's US business benefited from the one-time upside of 180-day exclusivity on generic Prandin, which expired in January 2014. By virtue of its successful patent challenge, it enjoyed the First-to-File (FTF) status and was the only generic player in the US market for 180 days in FY14. Post exclusivity, other generic players have also launched their versions of the product.

· Generic Gleevec settlement: In May 2014, one of Sun Pharma's subsidiaries executed a settlement agreement with Novartis Pharmaceuticals Corporation, stipulating adismissal of the lawsuits filed in the US against the Company regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Gleevec, Imatinib Mesylate tablets. Indicated for the treatment of chronic myeloid leukemia and having annual sales of about US$ 2 billion in the US market, a generic version of these Gleevec tablets is to be launched by Sun Pharma's subsidiary in February, 2016, under the terms of the settlement.

· US FDA Approvals: Received a total of 26 Abbreviated New Drug Applications (ANDA) approvals from the US FDA, including approvals for Repaglinide, Testosterone Cypionate Injections, Topotecan HCl Injection, Duloxetine HCl capsules, Temozolomide capsules, and a few controlled substances.

· Strengthening senior management team: Sun Pharma consistently nurtures internal talent and is in the process of expanding the pool of capable people to drive growth. In FY14, the Company reinforced its senior management team by attracting national and global talent for its key functions.

· Strengthening the Board of Directors: In February 2014, Sun Pharma strengthened its Board of Directors by appointing Ms. Rekha Sethi as an additional Independent Director. Ms. Sethi is the Director General of the All India Management Association (AIMA), India's apex body for management. She is associated with the following organizations: Indo-Netherlands Joint Working Group on Corporate Governance and Corporate Social Responsibility, under the Ministry of Corporate Affairs, Government of India Advisory Board of the Switzerland-based St Gallen Foundation think tank, Leaders of Tomorrow - Knowledge Pool. She had also worked with the Confederation of Indian Industry (CII) for over 17 years before joining AIMA.

· Settling the generic Protonix patent litigation in the US: The Company has settled the patent litigation in the US regarding generic Protonix with Wyeth and Atlanta Pharma AG and paid US$ 550 million to Pfizer as part of the settlement. Sun Pharma can continue to sell its generic Protonix in the US.

· Karkhadi facility: In May 2014, the Company received a warning letter from the US FDA for its cephalosporin facility located at Karkhadi, Gujarat, India. This letter was a follow-up to the import alert issued by the US FDA for this facility in March, 2014, identifying some practises at the facility, which are non-compliant with current Good Manufacturing Practice (cGMP) regulations. The Company remains fully committed to compliance and has already initiated several corrective steps to address the US FDA's observations. It is committed to working cooperatively and expeditiously with the USFDA to resolve matters indicated in its letter. However, the USFDA might withhold approval of pending new drug applications from the facility until resolution of the issue. However, the contribution of this facility to Sun Pharma's consolidated revenues is negligible.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014

(RS. IN MILLION)

PARTICULARS	Quarter ended		Half Year ended
	30.09.2014 Unaudited	30.06.2014 Unaudited	30.09.2014 Unaudited
Income from Operations
Net Sales / Income from Operations (Net of Excise Duty)	5727.800	5590.100	11317.900
Other Operating Income	246.700	165.700	412.400
Income from Operations [Net]	5974.500	5755.800	11730.300
Expenses
Cost of materials consumed	2315.500	2388.400	4703.900
Purchases of stock-in-trade	416.900	313.600	730.500
Changes in inventories of finished goods, work-in-progress and stock-in-trade	78.600	(451.400)	(372.800)
Employee benefits expense	934.300	876.800	1811.100
Depreciation and amortisation expense	675.700	463.900	1139.600
Other expenses	4175.200	2329.300	6504.500
Total Expenses	8596.200	5920.600	14516.800
Profit / (Loss) from Operations before Other Income, Finance Costs and Exceptional Item	(2621.700)	(164.800)	(2786.500)
Other income	(569.100)	842.100	273.000
Profit / (Loss) before Finance Costs and Exceptional Item	(3190.800)	677.300	(2513.500)
Finance costs	40.200	80.900	121.100
Profit / (Loss) after Finance Costs but before Exceptional Item	(3231.000)	596.400	(2634.600)
Exceptional item	--	--	--
Profit / (Loss) after Exceptional Item but before tax	(3231.000)	596.400	(2634.600)
Tax expense	(54.800)	120.800	66.000
Net Profit / (Loss) for the period / year	(3176.200)	475.600	(2700.600)
Paid-up Equity Share Capital
Equity Shares - Face Value Re. 1 each	2071.200	2071.200	2071.200
Reserves excluding Revaluation Reserve	--	--	--
Earnings Per Share of Re. 1 each - in ` (Basic and Diluted)	(1.53)	0.23	(1.30)
Research and Development Expenses incurred (included above)	1317.900	835.600	2153.500
PUBLIC SHAREHOLDING
Number of Equity Shares of Re. 1 each	752817510	752817510	752817510
Percentage of Shareholding	36.35	36.35	36.35
PROMOTERS AND PROMOTER GROUP SHAREHOLDING
a) Pledged / Encumbered
Number of Equity Shares of Re. 1 each	7405000	4370000	7405000
Percentage of Equity Shares (as a % of the total shareholding of promoter and promoter group)	0.56	0.33	0.56
Percentage of Equity Shares (as a % of the total share capital of the Company)	0.36	0.21	0.56
b) Non-encumbered
Number of Equity Shares of Re. 1 each	1310941400	1313976400	1310941400
Percentage of Equity Shares (as a % of the total shareholding of promoter and promoter group)	99.44	99.67	99.44
Percentage of Equity Shares (as a % of the total share capital of the Company)	63.29	63.44	63.29

Investor Complaints [Nos.]	30.09.2014
Pending at the beginning of the quarter	-
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	-

NOTES

1) Statement of Assets and Liabilities

SR. NO.	PARTICULARS	30.09.2014 Unaudited
A	EQUITY AND LIABILITIES
i	Shareholders' Funds
	(a) Share Capital	2071.200
	(b) Reserves and Surplus	69307.000
	Total	71378.200
ii	Non-current Liabilities
	(a) Long-term Borrowings	77.300
	(b) Deferred Tax Liabilities (Net)	1984.500
	(c) Other Long-term Liabilities	20.700
	(d) Long-term Provisions	25166.700
	Total	27249.200
iii	Current Liabilities
	(a) Short-term Borrowings	358.700
	(b) Trade Payables	5651.800
	(c) Other Current Liabilities	9633.000
	(d) Short-term Provisions	4054.900
	Total	19698.400
	TOTAL - EQUITY AND LIABILITIES	118325.800
B	ASSETS
i	Non-current Assets
	(a) Fixed Assets	21327.700
	(b) Non-Current Investments	60940.000
	(c) Long-term Loans and Advances	8951.400
	(d) Other Non-current Assets	0.000
	Total	91219.100
ii	Current Assets
	(a) Current Investments	1240.200
	(b) Inventories	10974.000
	(c) Trade Receivables	8574.500
	(d) Cash and Cash Equivalents	1072.200
	(e) Short-term Loans and Advances	4165.900
	(f) Other Current Assets	1079.900
	Total	27106.700
	TOTAL - ASSETS	118325.800

2) The above financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 13, 2014 and have been subjected to a Limited Review by the Statutory Auditors of the Company.

3) The Company has only one reportable business segment namely 'Pharmaceuticals'.

4) Pursuant to the scheme of arrangement in the nature of demerger, the specified undertaking of Sun Pharma Global FZE, a wholly owned subsidiary, has been transferred into the Company w.e.f May 1, 2013, without any consideration, on a going concern basis consisting of all the assets and liabilities pertaining to the said undertaking. The scheme of arrangement has been approved by shareholders of both the companies and is also approved by the Hon’ble High Court of Gujarat. Accordingly, the financial statements for the year ended March 31, 2014, earlier approved by the Board of Directors at their meeting held on May 29, 2014, have been revised and approved by them at their meeting held on August 12, 2014 and the effect of the Scheme was given in the financial results for the year ended March 31, 2014 only on an annual basis. However, the financial results for the quarter and half year ended September 30, 2013 have not been restated in these results.

5) The Company has adopted the useful lives of fixed assets as indicated in Part C of Schedule II of the Companies Act, 2013 and amendment thereto vide notification dated August 29, 2014 issued by Ministry of Corporate Affairs. Consequently, the depreciation charge for the quarter ended September 30, 2014 is higher by Rs.371.400 Million (including Rs.220.000 Million in respect of the quarter ended June 30, 2014) and the depreciation charge for the half year ended September 30, 2014 is higher by Rs.562.300 Million.

6) Other Income is net of impact of MTM loss on forward foreign exchange contracts and loss on foreign currency translations (other than those included in purchases and sales).

7) The Board of Directors of the Company at their meeting held on April 6, 2014 approved the proposed scheme of arrangement u/s 391 to 394 of the Companies Act, 1956 for amalgamation of Ranbaxy Laboratories Ltd into the Company with effect from April 1, 2014, the appointed date ("the Proposed Scheme"). The National Stock Exchange Limited and BSE Limited have conveyed their 'No Objection' in July 2014. The said Scheme has also been approved by the shareholders of the Company at the Court convened meeting held on August 22, 2014. Pending approval of the Proposed Scheme by the Hon'ble High Court of Gujarat and other statutory compliances, no effect of the Proposed Scheme has been given in these financial results.

8) Figures for the previous periods / year have been regrouped wherever considered necessary, other than as referred in Note 4 above.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
A Claims against the Company not acknowledged as debts	24.000	34.600
B Guarantees Guarantees Given by the bankers on behalf of the Company	374.200	227.400
Corporate Guarantees	86.000	149.200
C Others
Letters of Credit for Imports	2103.200	463.200
Liabilities Disputed - Appeals filed with respect to :
Income Tax on account of Disallowances / Additions	4927.800	2771.200
Sales Tax on account of Rebate / Classification	48.500	48.400
Excise Duty on account of Valuation / Cenvat Credit	93.600	322.200
ESIC Contribution on account of applicability	0.200	0.200
Drug Price Equalisation Account [DPEA] on account of demand towards unintended benefit, including interest thereon, enjoyed by the Company	14.000	14.000
Demand by JDGFT import duty with respect to import alleged to be in excess of entitlement as per the Advanced Licence Scheme	14.600	13.900

FIXED ASSETS:

TANGIBLE ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Machinery

· Vehicles

· Office Equipment

· Furniture and Fixture

INTANGIBLE ASSETS

· Trademarks, Designs and Other Intangible Assets

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.92
UK Pound	1	Rs. 93.57
Euro	1	Rs. 67.34

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.