MIRA INFORM REPORT

Report No. :	343380
Report Date :	01.10.2015

IDENTIFICATION DETAILS

Name :	TTK HEALTHCARE LIMITED
Registered Office :	No.6, Cathedral Road, Chennai – 600086, Tamilnadu
Tel. No.:	91-44-28116106/ 08/ 09/ 10
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	21.05.1958
Com. Reg. No.:	18-003647
Capital Investment / Paid-up Capital :	Rs. 77.660 Million
CIN No.: [Company Identification No.]	L24231TN1958PLC003647
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHET07410E
PAN No.: [Permanent Account No.]	AABCT3312J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in Pharmaceuticals, Consumer Products, Medical Devices and Foods Businesses.
No. of Employees :	1809 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 3380000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is part of the reputed TT Krishnamachari Group, a multi-product conglomerate, incorporated in the year 1958. It is having fine track record. For the FY 15, the company has recorded increase in its sales turnover and profit margin, when compared to previous year. It has fine operational activity marked by satisfactory profit margin of 3.35%. It has adequate networth position. The rating takes into account the steady operational and financial performance of the company during the recent past, characterized by consistent volume and revenue growth across majority of the product categories, stable margins and healthy capital structure. The rating continue to derive comfort from the established presence of the company with strong brand position in key product segment. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitment. In the view of long track record, the company can be considered for 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	ICRA
Rating	Fund Based Facilities = “A+”
Rating Explanation	Adequate degree of safety and low credit risk
Date	09.04.2015

Rating Agency Name	ICRA
Rating	Non-Fund Based Facilities = “A1”
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	09.04.2015

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 31-03-2015.

INFORMATION DENIED

Management Non-Cooperative (91-44-28116108/09/10)

LOCATIONS

Registered/ Head/ Administrative Office :	No.6, Cathedral Road, Chennai – 600086, Tamilnadu, India
Tel. No.:	91-44-28116106/ 08/ 09/ 10
Fax No.:	91-44-28114307
E-Mail :	info@ttkhealthcare.com skr@ttkhealthcare.com
Website :	http://www.ttkhealthcare.com
Factory 1 :	No.5, Old Trunk Road, Pallavaram, Chennai – 600 043, Tamilnadu, India.
Factory 2 :	No.2-B, Hosakote Industrial Area, 8^th Kilometer, Hosakote Chintamani Road, Bangalore – 562 114, Karnataka, India
Factory 3 :	Site No.A-28, KINFRA International Apparel Parks Limited, St. Xavier’s Collage P.O., Thumba, Trivandrum – 695 586, Kerala, India
Factory 4 :	No.290, SIDCO Industrial Estate, Ambattur, Chennai – 600 098, Tamilnadu, India
Factory 5 :	No.3, Thiruneermalai Main Road, Chromepet, Chennai – 600 044, Tamilnadu, India
Publications Divisions :	Plot No.13, 1^st Avenue, Mahindra World City, Natham Sub Post, Chengalpet Taluk, Kanchipuram – 603 002, Tamilnadu, India
Depots :	Located at: Ahmedabad Bangalore Bhiwandi Chandigarh Chennai Cuttack Dehradun Ernakulam Ghaziabad Guwahati Hubli Hyderabad Indore Jaipur Jammu Kolkata Lucknow Madurai Meerut Mumbai Nagpur New Delhi Panchkula Patna Pune Raipur Ranchi Siliguri Vijayawada Zirakpur

DIRECTORS

As on 31.03.2015

Name :	Mr. T.T. Jagannathan
Designation :	Chairman
Name :	Mr. T.T. Raghunathan
Designation :	Executive Vice Chairman
Date of Birth/ Age:	61 Years
Qualification:	B. Com.
Experience :	41 Years
Date of Appointment :	01.11.2001
Name :	Mr. R.K. Tulshan
Designation :	Director
Name :	Dr. K.R. Srimurthy
Designation :	Director
Name :	Mr. B.N. Bhagwat
Designation :	Director
Name :	Mr. K. Shankaran
Designation :	Director
Name :	Dr. (Mrs.) Vandana R Walveka
Designation :	Director
Name :	Mr. Girish Rao
Designation :	Director
Name :	Mr. S Balasubramanian
Designation :	Director
Name :	Mr. S Kalyanaraman
Designation :	Director and Secretary

KEY EXECUTIVES

Name :	Mr. S. Kalyanaraman
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	926835	11.93
Bodies Corporate	10080	0.13
Any Others (Specify)	4144085	53.36
Others	4144085	53.36
Sub Total	5081000	65.43
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5081000	65.43
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	330075	4.25
Financial Institutions / Banks	6219	0.08
Foreign Institutional Investors	403560	5.20
Sub Total	739854	9.53
(2) Non-Institutions
Bodies Corporate	132640	1.71
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1131339	14.57
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	641696	8.26
Qualified Foreign Investor	11932	0.15
Any Others (Specify)	27522	0.35
Non Resident Indians	27522	0.35
Sub Total	1945129	25.05
Total Public shareholding (B)	2684983	34.57
Total (A)+(B)	7765983	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	7765983	0.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Pharmaceuticals, Consumer Products, Medical Devices and Foods Businesses.

Products :

Item Code	Product Description
30049099	Pharmaceutical Products
30049011	Gripe water
33072000	Deodorants
19059040	Pappad

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	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 :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

1809 (Approximately)

Bankers :

• Bank of Baroda
• Corporation Bank
• Axis Bank Limited

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term loans:
From banks (Secured by the first charge on the Plant and Machinery of the Foods Factory at Jaipur)	150.000	150.000
Long term maturities of finance lease obligations (secured by ownership of the vehicles / equipments)	9.836	8.660
SHORT TERM BORROWING
Loans repayable on demand
from banks (Hypothecation of stocks and book debts)	223.012	132.401
Total	382.848	291.061

Banking Relations :	--
Statutory Auditors :
Name 1 :	Aiyar and Company Chartered Accountants
Address :	New No.2 (Old No.184), Rangarajapuram Main Road (1^st Floor), Kodambakkam, Chennai – 600 024, Tamilnadu, India
Name 2 :	S. Viswanathan Chartered Accountants
Address :	New No.17 (Old No.8A), Bishop Wallers Avenue (West), Mylapore, Chennai – 600 004, Tamilnadu, India
Memberships :	--
Collaborators :	--
Associates/ Others:	T.T. Krishnamachari and Company Pharma Research and Analytical Laboratories TTK Prestige Limited TTK Protective Devices Limited (formerly TTK-LIG Limited) Packwell Packaging Products Limited

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7765983	Equity Shares	Rs.10/- each	Rs.77.660 million

Particulars	31.03.2015
par value per share:	10/-
Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period
Equity shares:
(i) No. of shares outstanding at the beginning of the period	7765983
(ii) No. of shares issued during the period	--
(iii) No. of shares bought back / forfeited during the period	--
(iv) No. of shares outstanding at the end of the period	7765983
The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital	The Company presently has only one class of Equity Shares. Each Shareholder is entitled to one vote per share and also to dividend as proposed and approved by the Directors and Members respectively.
Shares in respect of each class in the Company held by its Holding Company or its ultimate Holding Company including shares held by or by Subsidiaries or associates of the Holding Company or the ultimate Holding Company in aggregate	--
Shares in the Company held by each shareholder holding more than 5 percent shares specifying the number of shares held
T.T. Jagannathan (9.40%)	730048
T.T. Krishnamachari and Company represented by its Partners (53.36%)	4144085
shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestment, including the terms and amounts	--
For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:
· Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash.	--
· Aggregate number and class of shares allotted as fully paid up by way of bonus shares.	--
· Aggregate number and class of shares bought back:	321514
Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in descending order starting from the farthest such date.	--
Calls unpaid	--
Forfeited shares (amount originally paid up)	--

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	77.660	77.660	77.660
(b) Reserves & Surplus	1105.045	991.604	904.563
(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)	1182.705	1069.264	982.223
(3) Non-Current Liabilities
(a) long-term borrowings	159.836	158.660	5.776
(b) Deferred tax liabilities (Net)	22.259	29.464	26.495
(c) Other long term liabilities	96.564	84.181	80.290
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	278.659	272.305	112.561
(4) Current Liabilities
(a) Short term borrowings	223.012	132.401	215.540
(b) Trade payables	300.689	299.455	285.631
(c) Other current liabilities	724.733	589.527	461.053
(d) Short-term provisions	42.166	36.448	36.448
Total Current Liabilities (4)	1290.600	1057.831	998.672
TOTAL	2751.964	2399.400	2093.456
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	515.776	533.562	430.759
(ii) Intangible Assets	2.986	3.131	3.622
(iii) Capital work-in-progress	456.959	19.657	3.089
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	115.245	214.317	112.321
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1090.966	770.667	549.791
(2) Current assets
(a) Current investments	1.337	1.337	7.681
(b) Inventories	373.774	339.509	270.966
(c) Trade receivables	444.126	382.991	351.049
(d) Cash and cash equivalents	772.999	840.586	837.638
(e) Short-term loans and advances	68.762	64.310	76.331
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1660.998	1628.733	1543.665
TOTAL	2751.964	2399.400	2093.456

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	4829.266	4161.796	3822.983
	Other Income	65.678	61.235	67.386
	TOTAL (A)	4894.944	4223.031	3890.369
Less	EXPENSES
	Cost of Materials Consumed	313.864	255.758	203.077
	Purchases of Stock-in-Trade	1906.303	1745.072	1638.394
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(25.689)	(56.266)	54.447
	Employees benefits expense	722.844	606.551	529.504
	Other expenses	1616.455	1413.638	1196.095
	TOTAL (B)	4533.777	3964.753	3621.517
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	361.167	258.278	268.852
Less	FINANCIAL EXPENSES (D)	36.423	29.879	25.438
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	324.744	228.399	243.414
Less/ Add	DEPRECIATION/ AMORTISATION (F)	61.398	31.743	27.197
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	263.346	196.656	216.217
Less	TAX (H)	101.794	72.769	74.183
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	161.552	123.887	142.034
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	538.292	463.748	372.557
Less	APPROPRIATIONS
	Proposed Dividend	34.947	31.064	31.064
	Provision for tax on Dividend	7.114	5.279	5.279
	Amount transferred to General Reserve	20.000	13.000	14.500
	Total (M)	62.061	49.343	50.843
	Balance Carried to the B/S (J+K+L-M)	637.783	538.292	463.748
	EARNINGS IN FOREIGN CURRENCY	33.162	32.905	47.228
	IMPORTS
	Raw Materials	20.184	47.486	37.296
	Capital Goods	92.127	10.534	9.989
	Spares	0.130	0.294	0.045
	TOTAL IMPORTS	112.441	58.314	47.330
	Earnings / (Loss) Per Share (Rs.)	20.8	15.95	18.29

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	30.000	20.000	0.000
Cash generated from operations	519.495	165.673	323.543

QUARTERLY RESULTS

PARTICULARS	1^st Quarter (June 2015)
Audited / Unaudited
Net Sales	1386.610
Total Expenditure	1300.490
PBIDT (Excl OI)	86.120
Other Income	13.420
Operating Profit	99.540
Interest	7.550
Exceptional Items	NA
PBDT	91.990
Depreciation	15.610
Profit Before Tax	76.380
Tax	29.260
Provisions and contingencies	NA
Profit After Tax	47.120
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	47.120

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	3.35	2.98	3.72
Operating Profit Margin (PBIDT/Sales)	(%)	7.48	6.21	7.03
Return on Total Assets (PBT/Total Assets}	(%)	11.47	8.26	10.34
Return on Investment (ROI) (PBT/Networth)		0.22	0.18	0.22
Debt Equity Ratio (Total Debt /Networth)		0.35	0.29	0.23
Current Ratio (Current Asset/Current Liability)		1.29	1.54	1.55

STOCK PRICES

Face Value	Rs.10/-
Market Value	Rs.955.25/-

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	77.660	77.660	77.660
Reserves & Surplus	904.563	991.604	1105.045
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	982.223	1069.264	1182.705
long-term borrowings	5.776	158.660	159.836
Short term borrowings	215.540	132.401	223.012
Current maturities of long-term debts	0.000	20.000	30.000
Total borrowings	221.316	311.061	412.848
Debt/Equity ratio	0.225	0.291	0.349

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	3822.983	4161.796	4829.266
		8.863	16.038

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	3822.983	4161.796	4829.266
Profit	142.034	123.887	161.552
	3.72%	2.98%	3.35%

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	No
5	Buyer visit details	--
6	Contact numbers	No
7	Name of the person contacted	No
8	Designation of contact person	No
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	No
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

ANALYSIS OF PERFORMANCE

Revenue from Operations registered a growth of about 16% as against the previous year's figure of about 9%, with a Profit before tax of Rs.263.300 Million. The previous year's Profit before tax was Rs.196.700 Million, after considering one-time / non-recurring expenses amounting to Rs.48.500 Million.

During the year, the Other Income stood at Rs.65.678 Million as against the previous year's figure of Rs.61.235 Million and this was due to increase in interest earned on Fixed Deposits.

Goods Consumption as a percentage of Revenue from Operations for the year works out to 45.44% as against the previous year's figure of 46.72%. The reduction is due to higher proportion of Own Branded Goods vis-à-vis Traded Goods in the product mix.

The employee benefits expense was higher due to regular annual increments / revision in packages and addition of manpower, particularly at the field level.

The reduction in Power and Fuel expenses was mainly on account of the commissioning of Briquette based Boiler at Foods Division resulting in lower consumption of diesel.

The increase in rates and taxes was on account of expenses incurred for registration of the products of the Company in various overseas countries and also purchase of additional user licenses for Oracle ERP.

The increase in Advertisement & Sales Promotion expenses is on account of enhanced advertisements / higher sales promotional expenses incurred on various product categories and incentives to field staff.

The loss on obsolescence of assets Rs.4.546 Million mainly represents the unusable dies relating to Foods Division.

The higher depreciation is due to adoption of Schedule II to the Companies Act, 2013.

The addition to Fixed Assets mainly represents the - (i) stamp duty and registration charges paid for the Leasehold land acquired at Jaipur for the Foods Project (Rs.2.110 Million); (ii) capital expenditure incurred for the capacity enhancement, automation of material handling and factory renovation projects undertaken at Hosakote factory of Foods Division (Rs.30.093 Million); (iii) expenses incurred for the purchase of plant and machinery - for Ortho Division (Rs.6.816 Million) and for Pharma Division (Rs.1.205 Million); (iv) expenses incurred for the procurement of moulds mainly for CPD (Rs.1.351 Million); (v) purchase of vehicles (Rs.8.193 Million); and (vi) computer and software’s (Rs.3.907 Million). Capital work-in-progress of Rs.4,57.000 Million mainly represents the assets acquired for the Foods Project at Jaipur and this would be capitalized upon commissioning of the plant.

The increase in Inventories is in line with the enhanced level of operations during the year and the plan for the current year.

The reduction in Cash and Bank balances was on account of utilization of monies from Fixed Deposits for meeting the capital expenditure relating to Foods Project at Jaipur. The increase in Trade Receivables is in line with the growth in sales and there were no major overdue outstanding.

The decrease in Loans and Advances mainly represents adjustment of capital advances given to various Contractors for the Foods Project at Jaipur upon completion of supply of materials / provision of services. The increase in Other Current Liabilities mainly represents the creditors relating to procurement of capital goods for Jaipur Project of Foods Division. The increase in Trade Payables is in line with the operations and there were no major overdue payments to any creditors.

REVIEW OF PERFORMANCE

During the year the revenue from operations amounted to Rs.4829.300 Million as against the previous year figure of Rs.4161.800 Million, a growth of 16%.

Details of products included in each of the segments are as below:

• Pharmaceuticals include products for both Human and Veterinary use. It also includes OTC Brands like Woodward's Gripewater distributed by the Consumer Products Division.
• Medical Devices include Artificial Heart Valves, Orthopaedic Implants, etc.
• Consumer Products consists of marketing and distribution of EVA Range of Cosmetics, Good Home Range of Scrubbers, Air Freshners, etc. (Own Brands) and also trading of Branded Condoms.
• Foods comprise of manufacturing and marketing of Food Products.
• "Others" comprise of Printing and Publishing of Maps and Atlases.

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENTS

During the year 2014-15, the GDP growth was estimated at around 7.4% as against the previous year's growth of 6.9%, which is a positive development.

Factors like steep decline in oil prices, increase in forex reserves, lower rate of inflation and various initiatives by the new Government aimed at reforms augur well for a positive overall macroeconomic scenario. Further, clear thrust on investments in infrastructural projects such as power, roads and ports is likely to provide the much needed impetus to the manufacturing sector.

The Indian Pharma Market currently valued at around Rs.83,000.000 Million (MAT – Dec. 2014) has posted a smart recovery with a growth of 10.2% as against the previous year's growth of 6% despite the impact of the introduction of ceiling prices for the National List of Essential Medicines (NLEM).

The growth was driven by (i) growth in volume of existing brands (4.6%); (ii) new introductions (2.9%); and (iii) price revisions (2.7%). Chronic Segment grew at 13.1% vis-à-vis the growth of 9% in Acute Segment. While the anti-infective segment has almost remained flat, the other therapeutic segments like anti-diabetic, cardiology, urology and derma reported healthy growth.

SEGMENTWISE PERFORMANCE:

The Company is engaged in Pharmaceuticals, Consumer Products, Medical Devices and Foods Businesses. A look at the performance of individual Business Segments:

Pharmaceutical Business:

The Ethical Pharma Business of the Company deals in Pharmaceutical Formulations both Herbal and Allopathic, in various therapeutic segments. Pharmaceuticals also include Woodward's Gripewater. Since this product is distributed through the Consumer Products Division of the Company, it is covered under the head Consumer Products Business.

Ethical Products Division (EPD) And Ventura Division

During the year EPD and Ventura Division reported a sales turnover of around Rs.1420.000 Million with a healthy growth, significantly higher than the market growth. The flagship brands have shown healthy growth. New launches are also taken up well by the doctors, indicating a promising business opportunity. In the previous year, the Company started implementing the various recommendations of M/s Bain and Company and the Company plans to further intensify the implementation of these initiatives in the current year also.

Ethical Products Division (EPD) And Ventura Division

During the year under review, EPD and Ventura Division reported a sales turnover of around Rs.142 crores with a healthy growth, significantly higher than the market growth. The flagship brands have shown healthy growth. New launches are also taken up well by the doctors, indicating a promising business opportunity.

In the previous year, your Company started implementing the various recommendations of M/s Bain and Company and the Company plans to further intensify the implementation of these initiatives in the current year also.

Animal Welfare Division (AWD)

During the year under review, the Animal Welfare Division reported a sales turnover of around Rs.380.000 Million.

All the three sub-divisions viz., Bovianim (Cattle), Gallus (Poultry) and Companim (Pet Animals) reported healthy growth and this was possible due to appreciable growth in their flagship brands. Expanded coverage, focused campaigns with special attention on dairy segment in Bovianim Division, corporate customers in Gallus Division and improved coverage in Companim Division and manpower expansion contributed to the good performance in the financial year. AWD has set its sight on significant growth in the current financial year as well by leveraging the expanded network, initiating high intensity campaigns, enhanced focus on low yielding territories, product basket expansion, farmer / dairy focused approach and operational distinctiveness.

Consumer Products Business:

The Division reported a sales turnover of around Rs.2240.000 Million. The overall performance has been satisfactory in what is otherwise considered a sluggish business environment in the FMCG segment. WGW continued to grow, though at a slower pace. It was basically weighed down by lack of growth in the Northern markets. Deodorants as a category had a very difficult year with deodorants showing 5% volume decline year-on-year. Despite this, EVA continued to maintain its leadership position. The Company has seen many new initiatives and relaunches - Mini Deo, in a new formulation and an attractive marketing mix and Lip Balm were relaunched. EVA exotic, a premium range of Deo's were also relaunched. The Company also launched Body Lotions during the year. These initiatives helped EVA to report a decent growth. Good Home, the home care range, performed satisfactorily. The Condom market had a very challenging year with the category declining by around 2% and with price control fully in place. Inspite of this, 'Skore' managed a marginal growth and achieved a market share in excess of 10%, thus becoming the third largest brand in the market.

Medical Devices Business:

Heart Valve Division

The Company's Heart Valve Division reported a sales turnover of around Rs.130.000 Million during the year under review. There has been a marginal increase in volumes compared to the previous year. The performance of this Division continues to be impacted due to stiff competition from imported valves through price cuts, etc. Efforts are made to increase the volumes. Subject to regulatory approval, the Vascular Graft and the Improved Heart Valve would enter the clinical trial phase during the financial year 2015-16.

Ortho Division

During the year, Ortho Division reported a sales turnover of around Rs.65.000 Million. The surgeons using BP Knee implants expressed satisfaction over its performance, resulting in steady increase in the number of surgeries in the domestic market. Leading Orthopaedic Surgeons in Italy have endorsed your Company's knee implants. Efforts are underway to expand into Europe. Efforts are also made to strengthen the product basket with the addition of new products both for domestic and overseas market.

Foods Business:

During the year, the Foods Division achieved a sales turnover of around Rs.570.000 Million. The performance of this Division has been satisfactory, with a healthy growth. But for some unanticipated delays, the Jaipur facility is now almost ready and would commence trial production by the end of the first quarter of 2015-16. Commercial production is likely to commence during the second quarter. There has been good progress in setting up a robust sales and distribution network for handling the enhanced production. The R&D plant is also expected to be installed by the end of 2015-16. With the entry of new players, this segment is likely to see considerable competition in the coming months. The Company would, therefore, clearly focus its efforts on differentiation through innovative products and marketing initiatives.

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 30^TH JUNE 2015

(Rs. In Million)

S. No.	Particulars	3 months ended
		30.06.2015
		Unaudited
1.	Income from Operations
	Net Sales / Income from Operations (Net of Excise Duty)	1386.464
	Other Operating Income	0.149
	Total income from Operations (Net)	1386.613
2.	Expenses
	Cost of materials consumed	77.874
	Purchases of Stock-in-trade	514.486
	Changes in Inventories of finished goods, work-in-progress and stock-in-trade	30.881
	Employee benefits expense	199.988
	Depreciation and amortization expense	15.606
	Marketing Expenses	259.045
	Other expenses	218.229
	Total Expenses	1316.109
3.	Profit/ (Loss) from Operations before Other Income, Finance Costs and Exceptional Items (1-2)	70.504
4.	Other Income	13.420
5.	Profit / (Loss) from Ordinary Activities before Finance Costs and Exceptional Items (3±4)	83.924
6.	Finance Costs	7.552
7.	Profit / (Loss) from Ordinary Activities after Finance Costs but before Exceptional Items (5±6)	76.372
8.	Exceptional Items	0.00
9.	Profit / (Loss) from Ordinary Activities before Tax (7±8)	76.372
10.	Tax Expense	29.256
11.	Net Profit / (Loss) from Ordinary Activities after Tax (9±10)	47.116
12	Extraordinary Items (Net of Tax Expenses)	0.00
13.	Net Profit / (Loss) for the period (11 ±12)	47.116
14.	Share of Profit / (Loss) of Associates	NA
15.	Minority Interest	NA
16.	Net Profit / (Loss) after taxes, minority interest and share of profit / (loss) of associates (13±14±15)	47.116
17.	Paid-up Equity Share Capital (Face Value Rs.10 per share)	776.60
18.	Reserve excluding Revaluation Reserves as per Balance Sheet of previous accounting year	--
19.	Earnings per share
	Basic	6.07
	Diluted	6.07
A	PARTICULARS OF SHAREHOLDING
1.	Public Shareholding
	- Number of Shares	2684983
	- Percentage of Shareholding	34.57%
2.	Promoters and Promoter Group Shareholding
	Pledged / Encumbered
	- Number of Shares	--
	- Percentage of Shares (as a % of the total shareholding of Promoter and Promoter Group)	--
	- Percentage of Shares (as a % of the total Share Capital of the Company)	--
	Non-encumbered
	- Number of Shares	5081000
	- Percentage of Shares (as a % of the total shareholding of Promoter and Promoter Group)	100.00%
	- Percentage of Shares (as a % of the total Share Capital of the Company)	65.43%

	Particulars	3 months ended (30.06.2015)
B	INVESTOR COMPLAINTS
	Pending at the beginning of the Quarter	Nil
	Received during the Quarter	Nil
	Disposed of during the Quarter	N.A.
	Remaining uresolved at the end of the Quarter	Nil

Note:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at its Meeting held on August 07, 2015, at Chennai.

2. The Statutory Auditors have carried out a Limited Review of the Results for the three months ended 30th June, 2015.

3. The previous year's figures have been regrouped and reclassified, wherever necessary to conform to the current year's presentation.

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	3 Month Ended ( Unaudited)
	30.06.2015
a. Information about Primary Business Segments
1. Segment Revenue
Pharmaceuticals	762.691
Medical Device	57.747
Consumer Products	428.248
Food	134.233
Others	3.545
Total	1386.464
Less : Inter Segment Revenue	0.000
Net Sales	1386.464
2. Segment Result
Pharmaceuticals	68.498
Medical Device	8.116
Consumer Products	1.445
Food	19.610
Others	1.336
Total	99.005
Less : Fiancé Cost	7.552
Less : Unallocable Expenses	15.081
Total Profit (+)/Loss (-) from ordinary activities before tax and Exceptional Items	76.372
Less : Exceptional Item	0.00
Total Profit (+)/Loss (-) from ordinary activities before tax and Extraordinary Items	76.372
Extraordinary Item	0.000
3. Capital Employed (Segment Assets-Segment Liabilities)
Pharmaceuticals	80.458
Medical Device	125.672
Consumer Products	(33.596)
Food	811.426
Others	(3.397)
Total	980.563
b. Information about Secondary Business Segments
Unallocable Corporate Assets Unallocable Corporate Liabilities	713.372
Total	1693.935

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10539884	19/12/2014	200,000,000.00	Commonwealth Bank of Australia	Level 2, Hoechst House, Nariman Point, Mumbai, Maharashtra - 400021, INDIA	C38790267
2	80042390	08/04/2013 *	272,500,000.00	CORPORATION BANK	NO.49, ARMENIAN STREET, CHENNAI, Tamil Nadu - 600 001, INDIA	B74123902
3	90373791	23/07/1997	7,500,000.00	INDIAN OVERSEAS BANK	VEER NARIMAN ROAD, FORT, MUMBAI, Maharashtra, INDIA	-

*Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Guarantees against letters of credit opened	0.000	3.025
Other Guarantees	17.805	14.202
Disputed Taxes/Claims, not acknowledged as debts	176.633	154.774

FIXED ASSETS

Tangible Assets

Freehold Assets:

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Computers

Assets under lease:

· Leasehold Land

· Leasehold Building

· Vehicles

Intangible Assets

· Computer Software’s

· Brand/ Trade Mark

WEB SITE DETAILS

PRESS RELEASES

TTK HEALTHCARE TO MERGE TTK PROTECTIVE DEVICES

TTK Healthcare Ltd (TTKHC), the pharmaceutical arm of TTK Group, is planning to merge TTK Protective DevicesLtd (TTKPD), the unlisted contraceptive manufacturing firm and TSL Techno Services Ltd (TSL), into itself.

The company has today issued a notice of postal ballot seeking approval from the Share holders for a scheme of amalgamation between TTKPD, which was formerly known as TTK-LIG Ltd, and its wholly owned subsidiary TSL, and TTKHC. As per the terms of the Scheme, all the assets, rights, liabilities and obligations of TTKPD and TSL will become the assets, rights, liabilities and obligations of TTKHC.

It may be noted that the the condom manufacturing subsidiary of TTK was earlier a joint venture under the name TTK-LIG, manufacturing various brands including Durex and Kohinoor. Following a litigation between the partners, TTK Group and Reckitt Benckiser, the latter has taken over the production and sales of these brands while TTK Group has launched its own condom brand - Skore, under TTKPD.

Explaining the rationale behind the merger, the company said that TTKHC has close to six decade experience in manufacturing, sourcing, marketing and distribution of pharmaceutical products as well as consumer products. It has nationwide presence and the capability to tap global markets.

TTKPD is owner of the state-of-the-art condom manufacturing facilities in Pallavaram and Virudunagar, in Tamil Nadu and in Puducherry and it has its own condom technology consisting of product development, process development, manufacturing processes, condom making machinery, among others. TSL is into providing consultancy services.

"Hence it is considered that it will be beneficial to all stakeholders if TTKPD/TSL become part of TTKHC. This can be achieved by merging TTKPD/TSL into TTKHC," said the notice.

Commenting on the business, mangement synergies on the merger, the company also said that the shareholders, post-merger, will have interest in a company which will have a larger business base besides asset and resource base. The interest of the creditors of either of the companies is better protected, it said.

As per the scheme, nine fully paid equity shares of Rs 10 each of TTKHC for every two fully paid up equity shares of Rs 10 each held by the shareholders in TTKPD. No allotment shall be made to the shareholders of TSL, since it is a wholly owned subsidiary of TTKPD. With the Scheme becoming effective, both TTKPD and TSL shall be dissolved without being wound up, it added. The Madras High Court has issued an order giving nod to conduct the postal ballot and e-voting.

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.65.74
UK Pound	1	Rs.99.53
Euro	1	Rs.73.79

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	AMR
Report Prepared by :	ART

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	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		64

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.