MIRA INFORM REPORT

Report No. :	336380
Report Date :	11.08.2015

IDENTIFICATION DETAILS

Name :	SUN PHARMACEUTICAL INDUSTRIES LIMITED
Registered Office :	Sparc Tandalja, Vadodara – 390020, Gujarat
Tel. No.:	91-22-43244324
Country :	India
Financials (as on) :	31.03.2015
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
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 203600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Not Available
Comments :	Subject is a well-established and reputed company incorporated during 1993 having a good track record. The company is continuously incurred losses from its two years of operational activities. However, general financial of the company is sound. Fundamentals of the company are strong and healthy. Share price are quoted high on stock exchange. (Face value Rs. 1 with Share price Rs. 841). Directors are reported to be experienced and knowledgeable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of long track record and extensive experience of its promoters the company can be considered good for normal business dealings at usual trade terms and conditions.,

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long-term Bank Facilities = AAA
Rating Explanation	Highest degree of safety and Carry lowest credit risk.
Date	30.03.2015

Rating Agency Name	CARE
Rating	Short-term Bank Facilities = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	30.03.2015

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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Rajesh Bhat
Designation :	Finance Department
Contact No.:	91-22-43244324
Date :	28.07.2015

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/ 42244156
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 :	Sun Pharma Advanced Research Centre (SPARC), Akota Road, Akota, Vadodara – 390 020, Gujarat, India
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 and 25, GIDC, Phase-IV, Panoli, Dist. Bharuch - 394116, Gujarat, India · A-7 and 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 · Caraco Pharmaceutical Laboratories Ltd.,** 1150 Elijah McCoy Drive, Detroit –48202, Michigan, USA. · 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
Date of Birth/Age :	75 Years
Qualification :	Mr. Israel Makov holds a B.Sc. in Agriculture and M. Sc in Economics from the Hebrew University, Jerusalem.
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
Date of Birth/Age :	77 Years
Name :	Mr. Hasmukh S. Shah
Designation :	Director
Date of Birth/Age :	79 Years
Qualification :	Mr. Hasmukh Shah is a B.A. Economics (Hons) and M.A. with Sociology with first rank in the University.
Name :	Mr. Ashwin Dani
Designation :	Director
Date of Birth/Age :	71 Years
Qualification :	Mr. Ashwin Dani is a B.Sc. (Hons) from the Institute of Science, University of Mumbai and B.Sc. (Tech.) (Pigments and Varnishes) from U.D.C.T. University of Mumbai. He also holds a Master Degree in Polymer Science from University of Akron, Ohio, USA and Diploma in Colour Science from Rensellaer Polytechnic, Troy, New York.
Name :	Mr. Keki M. Mistry
Designation :	Director
Date of Birth/Age :	59 Years
Name :	Ms. Rekha Sethi
Designation :	Director
Date of Birth/Age :	50 Years
Date of Appointment :	13.02.2014

KEY EXECUTIVES

Name :	Mr. Rajesh Bhat
Designation :	Finance Department
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 30.06.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(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	61633630	2.56
Financial Institutions / Banks	73880627	3.07
Insurance Companies	50900944	2.12
Foreign Institutional Investors	571797298	23.76
Any Others (Specify)	25422	0.00
Others	25422	0.00
Sub Total	758237921	31.51
(2) Non-Institutions
Bodies Corporate	64734018	2.69
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	119133711	4.95
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	30784129	1.28
Any Others (Specify)	117037169	4.86
Non Resident Indians	4993375	0.21
Clearing Members	3448917	0.14
Trusts	3224978	0.13
Overseas Corporate Bodies	59440	0.00
Others	1829730	0.08
Others	3794306	0.16
Others	99668641	4.14
Others	17782	0.00
Sub Total	331689027	13.78
Total Public shareholding (B)	1089926948	45.29
Total (A)+(B)	2406423348	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	2406423348	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 :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

14000 (Approximately)

Bankers :

· Bank of Nova Scotia

· Citibank N.A.

· ICICI Bank Limited

· Kotak Mahindra Bank Limited

· Standard Chartered Bank

· State Bank of India

· Bank of Baroda

Facilities :

SECURED LOANS	31.03.2014 (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
SHORT TERM BORROWINGS
Loans repayable on demand Cash Credit facility from Banks [Secured by hypothecation of Inventories and Trade receivables]	41.700
Total	88.100

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
Cost Auditors :	Kailash Sankhlecha and Associates Cost Accountants
Address :	Vadodara, Gujarat, India
Subsidiaries : (As On 31.03.2014)	· 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 : (As On 31.03.2014)	· * 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 : (As On 31.03.2014)	· 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

AFTER 27.09.2014

Authorised Capital : Rs. 6000.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 2406.423 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000,000	Equity Shares	Re. 1/- each	Rs. 3000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,071,163,910	Equity Shares	Re. 1/- each	Rs. 2071.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2071.200	2071.200	1035.600
(b) Reserves & Surplus	68719.500	72007.600	76853.200
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	483.800	0.000	0.000
Total Shareholders’ Funds (1) + (2)	71274.500	74078.800	77888.800
(3) Non-Current Liabilities
(a) Long-term borrowings	11703.200	46.400	46.400
(b) Deferred tax liabilities (Net)	0.000	1928.400	1654.100
(c) Other long term liabilities	143.700	13.800	10.100
(d) long-term provisions	24225.100	25241.900	1314.900
Total Non-current Liabilities (3)	36072.000	27230.500	3025.500
(4) Current Liabilities
(a) Short term borrowings	42528.100	24043.700	384.900
(b) Trade payables	14849.700	3800.600	3625.100
(c) Other current liabilities	32475.500	2336.100	1451.500
(d) Short-term provisions	11977.700	6880.300	6089.100
Total Current Liabilities (4)	101831.000	37060.700	11550.600
TOTAL	209177.500	138370.000	92464.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	42758.600	12575.600	11347.600
(ii) Intangible Assets	0.000	96.100	10.300
(iii) Capital work-in-progress	0.000	4804.600	3480.400
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	93666.200	61557.300	33764.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	18952.300	7614.900	4910.900
(e) Other Non-current assets	419.500	1.100	78.300
Total Non-Current Assets	155796.600	86649.600	53592.400
(2) Current assets
(a) Current investments	939.300	8600.000	9410.500
(b) Inventories	21892.500	9183.800	8687.600
(c) Trade receivables	18028.200	4527.500	7375.300
(d) Cash and cash equivalents	3042.700	1414.800	4311.200
(e) Short-term loans and advances	6966.900	3093.200	8495.000
(f) Other current assets	2511.300	24901.100	592.900
Total Current Assets	53380.900	51720.400	38872.500
TOTAL	209177.500	138370.000	92464.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	77309.300	28287.900	24321.400
		Other Income	3924.700	1593.800	2361.700
		TOTAL (A)	81234.000	29881.700	26683.100
Less	EXPENSES
		Cost of Materials Consumed	22611.100	8946.200	7057.900
		Purchases of Stock-in-Trade	9342.200	1850.400	2009.600
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	3181.000	(145.300)	(105.300)
		Employees benefits expense	14866.900	2796.300	2348.700
		Other expenses	34689.500	14669.600	7883.700
		Exception Item	0.000	28756.000	0.000
		TOTAL (B)	84690.700	56873.200	19194.600
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(3456.700)	(26991.500)	7488.500
Less	FINANCIAL EXPENSES (D)		5512.500	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(8969.200)	(26991.500)	7488.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6606.800	1019.400	858.200
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(15576.000)	(28010.9000)	6630.300
Less	TAX (H)		(848.400)	274.300	1464.800
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(14727.600)	(28285.200)	5165.500
	EARNINGS IN FOREIGN CURRENCY
		Exports (FOB basis)	NA	22713.300	19238.000
		Interest	NA	0.000	4.100
		Royalty	NA	50.300	3.300
		Others	NA	404.400	369.800
	TOTAL EARNINGS		NA	23168.000	19615.200
	Earnings Per Share (Rs.)		6.12	(13.70)	2.50

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	(22562.900)	2752.400
Net Cash Flow from used in Operating Activities	NA	(24050.600)	1064.800

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(19.05)	(99.99)	21.24
Operating Profit Margin (PBDIT/Sales)	(%)	(4.47)	(95.42)	30.79
Return on Total Assets (PBT/Total Assets}	(%)	(13.48)	(38.90)	12.01
Return on Investment (ROI) (PBT/Networth)		(0.22)	(0.38)	0.09
Debt Equity Ratio (Total Liability/Networth)		0.76	0.33	0.01
Current Ratio (Current Asset/Current Liability)		0.52	1.40	3.37

STOCK PRICES

Face Value	Re.1.00/-
Market Value	Rs. 841.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	1035.600	2071.200	2071.200
Reserves & Surplus	76853.200	72007.600	68719.500
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	483.800
Net worth	77888.800	74078.800	71274.500
Long-term borrowings	46.400	46.400	11703.200
Short term borrowings	384.900	24043.700	42528.100
Total borrowings	431.300	24090.100	54231.300
Debt/Equity ratio	0.006	0.325	0.761

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	24321.400	28287.900	77309.300
		16.309	173.295

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	24321.400	28287.900	77309.300
Profit	5165.500	(28285.200)	(14727.600)
	21.24%	(99.99)%	(19.05)%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10406999	18/02/2013	5,000,000,000.00	AXIS TRUSTEE SERVICES LIMITED	AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,  , PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B68476811
2	10351563	31/03/2012	178,140,000.00	DEPARTMENT OF BIOTECHNOLOGY	6-8TH FLOOR, BLOCK NO.2, CGO COMPLEX, LODHI ROAD  , NEW DELHI - 110003, INDIA	B38042354
3	80052154	30/12/2005	728,500,000.00	CITI BANK N.A.	JEEVAN VIHAR BUILDING PARLIAMENT STREET, NEW, DELHI - 110001, INDIA	-
4	90172173	24/10/2003	3,000,000,000.00	STATE BANK OF INDIA	JEEVAN VYAPAR BHAVAN, 11 TH AND 12TH FLOOR 1 TOLSTOY MARG, NEW DELHI - 110001, INDIA	-
5	90169791	09/04/2003	364,000,000.00	CREDIT LYONNAIS	6TH FLOOR 15 KASTURBA MARG, NEW DELHI - 110001, INDIA	-
6	90169771	17/02/2003	301,700,000.00	DEUTCHE BANK	BRANCH OFFICE15-17 TOLSTOY, HOUSE TOLSTOY MARG,  NEW DELHI - 110001, INDIA	-
7	90169680	03/07/2002	484,000,000.00	STANDARD CHARTERED BANK	PARLIAMENT STREET, NEW DELHI, INDIA	-
8	80052153	24/10/2001	484,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	ECE HOUSE K G MARG, NEW DELHI, DELHI - 110001, INDIA	-
9	90169551	12/03/2003 *	728,500,000.00	ABN AMRO BNAK N V	DLF CENTRE, PARLIAMENT STREET, NEW DELHI -  110001, INDIA	-
10	90169517	30/03/2001	2,122,500,000.00	PUNJAB NATIONAL BANK	7 BHIKAJI CAMA PLACE AFRICA, AVENUE, NEW DELHI, DELHI - 110066, INDIA	-
11	90095637	27/04/2000 *	7,500,000.00	NVFC FINANCE PRIVATE LIMITED	1843; 6TH CROSS 20TH MAIN, J.P. NAGAR; II PHASE,  BANGLORE, KARNATAKA - 560078, INDIA	-
12	90095112	05/08/2004 *	15,000,000.00	RISK CAPITAL AND TECHNOLOGY FINANCE CORPORATION LIMITED	E-216; 3RD FLOOR, EAST KAILASH, NEW DELHI - 110065, INDIA	-
13	90095083	09/07/2005 *	32,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COLABA, MUMBAI - 400005,MAHARASHTRA INDIA	-
14	90098599	07/05/1997	60,000,000.00	ICICI BANKING CORPORATION LIMITED	LAND MARK, RACE COURSE CIRCLE, BARODA -  390015, GUJARAT, INDIA	-
15	90098478	21/09/1996	75,000,000.00	ANZ GRINDLAYS BANK LIMITED	90; M. G. ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA	-
16	90094937	28/11/1997 *	92,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER, COLABA, MUMBAI - 400005,MAHARASHTRA, INDIA	-
17	90098193	26/08/2013 *	1,260,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWERS, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI 400051,MAHARASHTRA, INDIA	B84811918
18	90101587	03/10/2001 *	252,500,000.00	BANK OF BARODA	ALKAPURI BRANCH; OPP. PETROL PUMP, LAKAPURI, BARODA - 338159, GUJARAT, INDIA	-
19	90102599	08/05/1998 *	252,500,000.00	BANK OPF BARODA	ALKAPURI BRANCH, ALKAPURI, GUJARAT, INDIA	-
20	90098184	28/06/1995	178,000,000.00	BANK OF BARODA	ALKAPURI BRANCH, R. C. DUTT ROAD, BARODA, GUJARAT  , INDIA	-
21	90098061	28/01/1995	178,000,000.00	BANK OF BARODA	ALKAPURI BRANCH, R. C. DUTT ROAD, BARODA, GUJARAT  , INDIA	-
22	90097782	25/10/1993	20,000,000.00	THE S.C.I.C.I. LIMITED	141; MAKER TOWER 'F', CUFFE PARADE, BOMBAY - 400005, MAHARASHTRA, INDIA	-
23	90101445	11/10/1993 *	13,600,000.00	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	CHUNIOBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	-
24	90097770	20/10/1995 *	47,000,000.00	THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED	163, BACKBAY RECLAMATION, BOMBAY - 4  00020, MAHARASHTRA, INDIA	-
25	90097707	06/04/1993 *	87,831,000.00	BANK OF BARODA	INDUSTRIAL ESTATE BRANCH, VAPI, GUJARAT, INDIA	-

* Date of charge modification

UNSECURED LOANS

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

NATURE OF INDUSTRY (AS ON 31.03.2014)

The Company is engaged into development, manufacture, sale, trading, marketing and export of various pharmaceutical products.

MERGER OF RANBAXY (AS ON 31.03.2014)

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 M&A transactions. The deal, an all-stock transaction valued at US$ 4 billion, is expected to be completed by December 2014. Ranbaxy shareholders will receive 0.8 share of Sun Pharma for each Ranbaxy’s share. Further details on the merger, are provided in the Management Discussion and Analysis report which forms part of this Report.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Million)
A Claims against the Company not acknowledged as debts	24.000
B Guarantees Guarantees Given by the bankers on behalf of the Company	374.200
Corporate Guarantees	86.000
C Others
Letters of Credit for Imports	2103.200
Liabilities Disputed - Appeals filed with respect to :
Income Tax on account of Disallowances / Additions	4927.800
Sales Tax on account of Rebate / Classification	48.500
Excise Duty on account of Valuation / Cenvat Credit	93.600
ESIC Contribution on account of applicability	0.200
Drug Price Equalisation Account [DPEA] on account of demand towards unintended benefit, including interest thereon, enjoyed by the Company	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

FIXED ASSETS:

TANGIBLE ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Equipment

· Vehicles

· Office Equipment

· Furniture and Fixtures

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.63.76
UK Pound	1	Rs. 98.76
Euro	1	Rs. 69.88

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ARC

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
--PROFITABILIRY	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.