MIRA INFORM REPORT

MIRA INFORM REPORT

INDEX OF CHARGES

3decades

Report No. :	503306
Report Date :	11.04.2018

IDENTIFICATION DETAILS

Name :	STRIDES SHASUN LIMITED

Formerly Known As :	STRIDES ARCOLAB LIMITED

Registered Office :	201, Devavrata, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra
Tel. No.:	91-22-27893199

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	28.06.1990

Com. Reg. No.:	11-057062

Capital Investment / Paid-up Capital :	INR 894.930 Million

CIN No.: [Company Identification No.]	L24230MH1990PLC057062

IEC No.: [Import-Export Code No.]	0390012441

TIN No.:	34580022648 27640002312

GSTIN : [Goods & Service Tax Registration No.]	27AADCS8104P1ZX

PAN No.: [Permanent Account No.]	AADCS8104P

Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

Line of Business :	Subject is engaged into the development and manufacture of pharmaceutical products (Registered Activity)

No. of Employees :	4690 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 92350000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

Comments :	Subject was incorporated in the year 1990 and it develops and manufactures a wide range of IP-led niche pharmaceutical products. For the financial year 2017, the company has reported dip in its revenue as compared to the previous year but has managed to maintain an average profit margin of 5.14% Rating takes into consideration on company’s sound financial profile characterized by good profit margins, healthy net worth base, comfortable liquidity position and strong debt coverage indicators. Rating further derives strength from company’s experienced management team and long operational track record in pharma business, its diversified product portfolio along with financial, technical and operational synergies with its national and international subsidiaries. However, rating strength is partially offset by large working capital intensive nature of operations, susceptibility of operating margin to volatility in raw material prices, and relatively high competition in the pharmaceutical industry. Payments seems to be regular and as per commitments. In view of the aforesaid, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term Bank facilities : A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	12.06.2017

Rating Agency Name	ICRA
Rating	Short term Bank facilities : A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	12.06.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 11.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

MANAGEMENT NON-COOPERATIVE (Tel No.:91-22-27893199)

LOCATIONS

Registered Office :	201, Devavrata Society, Sector 17, Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27893199/ 27895247/ 27892924
Fax No.:	91-22-27892942
E-Mail :	info@stridesshasun.com kannan.n@shridesarco.com nagaraj.r@stridesarco.com
Website :	http://www.stridesarco.com

Corporate Office :	Strides House, Bilekahalli, Bannerghatta Road, Bangalore – 560076, Karnataka, India
Tel. No.:	91- 80-67840000/ 738
Fax No.:	91- 80-67840700/800
E-Mail :	kannan.n@stridesarco.com strides@satyam.net.in info@stridesarco.com investors@stridesarco.com

Overseas Branch Office:	Dudley Lane, Dudley, Cramlington, Northumberland, England NE 237QG
Tel. No.:	44-191-2500471

FORMULATION R&D	R.S.No-32-34, PIMS Road, Near Pondicherry University, Landmark – Dr. Ambedkar Law College, Periyakalapet, Puducherry – 605014, Tamilnadu, India

R and D Centre :	165/2, 1st Main Road, Krishna Raju Layout, J.P Nagar 7th Phase, Bangalore 560076, Karnataka, India

API R&D	27, Vandaloor Kelambakkam Road, Keelakottaiyur Village, Melakottaiyur (PO), Chennai – 600127, Tamilnadu, India

Plant Locations:	(i) India Oral Dosage Facility: KRS Gardens, Suragajakkanahalli, Kasaba Hobli, Anekal Taluk, Bengaluru – 562106, India Oral Dosage Facility: 19/1,19/3, Chandapura, Sarjapura Hobli, Anekal taluk, Bengalore -560099, India Multi Product Facility: No.A1/B, SIPCOT Industrial Complex Kudikadu, Cuddalore – 607005, Tamilnadu, India API Facility: Mathur Road, Periyakalapet Puducherry – 605014, Tamilnadu, India Finished Dosage Facility: PIMS Road, Periyakalapet Puducherry – 605 014, Tamilnadu, India (ii) Europe Semi-Solids Facility 20095 Cusano MIL Via Stelvio, 66, Italy (iii) Africa Oral Dosage Facility: Gate No. 02, Ladipo Oluwole Street, Opposite Cocia Warehouse, Off Oba Akran Avenue, Ikeja Industrial Area, Lagos, Nigeria Oral Dosage Facility: No.3/11, Suba Industrial Area Khartoum, Sudan Oral Dosage Facility S/C B.P 2353 Douala AKWA Rue DUBOIS De Saligny Cameroon Packaging Facility No. 208, Gold Street, Unit 8, Prosperita Park, P. o. Box 3620 Namibia Packaging Facility Plot no. 1090, Selokwaneng Industrial Site, Gaborone, Botswana Semi-Solids Facility Club Road, Past Post Office, Plot No. 13777, P.O.Box 1748- 00902, Kikuyu Town, Kenya Oral Dosage Facility Bairro do Aeroporto, Avenida de Angola, No. 3016, C. P. No. 2991, Maputo, Mozambique

Global Offices :	Located at : Singapore 3 Tuas South Avenue 4, Singapore – 637610 Australia Level 18, 530 Collins Street, Melbourne, Vic 3000 Cambodia No.43-A, Street No.420, Sangkat Boeung Trabek Khan Chamkarmon, Phnom Penh, Cambodia Cameroon S/C B.P 2353 Douala AKWA Rue DUBOIS De Saligny Cameroon Philippines Unit 1010, Antel Global Corporate Centre, Julia Vargas Avenue, Ortigas Central Business District, Metro Manila Pasig City 1605 SRI LANKA No.104, 1/3, Pagoda Road, Pitakotte - 10100, Colombo, Sri Lanka Switzerland Rue Fritz-Cournvoisier 40 2300 La Chaux-De-Fonds Suisse, Switzerland United Kingdom Unit 4, Metro Centre, Tolpits Lane, Watford, Hertfordshire, WD18 9SS, UK United States of America 2 Tower Center Blvd., Suite: 1102 East Brunswick, NJ 08816 197, Rt 18 South, Suite 102, East Brunswick, NJ 08816

DIRECTORS

AS ON 31.03.2018

Name :	Mr. Sridhar Srinivasan
Designation :	Director
Address :	D-905, Ashok Towers, Dr. S S. Road, Parel, Mumbai-400012, Maharashtra, India
Date of Birth/Age :	09.05.1951
Date of Appointment :	27.02.2012
DIN No :	00004272

Name :	Mrs. Sangita Reddy
Designation :	Director
Address :	8-2-674/B212, Road No.13, Banjara Hills, Hyderabad - 500034, Telangana, India
Date of Birth/Age :	08.07.1962
Date of Appointment :	18.05.2017
DIN No :	00006285

Name :	Mr. Arun Kumar Pillai
Designation :	Director
Address :	E- 102, Adarsh Gardens, Jayanagar, 8th Block, Bangalore - 560082, Karnataka, India
Date of Birth/Age :	25.03.1961
Qualification :	B.Com., PGDBM
Date of Appointment :	24.05.2004
DIN No :	00084845

Name :	Mr. Bharat Dhirajlal Shah
Designation :	Director
Address :	Flat No. 21, Hill Park Building No. 2, A G Bell Marg, Malabar Hill, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	18.02.1947
Date of Appointment :	25.07.2014
DIN No :	00136969

Name :	Mr. Deepak Calian Vaidya
Designation :	Director
Address :	Suraj, 249 / 251, Walkeshwar Road, Mumbai - 400006, Maharashtra, India
Date of Birth/Age :	09.01.1945
Date of Appointment :	16.01.1998
DIN No :	00337276

Name :	Mr. Homi Rustam Khusrokhan
Designation :	Director
Address :	302 Daisylea, Off Mt. Pleasant Road, Malabar Hill, Mumbai -400006 Maharashtra, India
Date of Birth/Age :	15.12.1943
Date of Appointment :	18.05.2017
DIN No :	00005085

Name :	Mr. Shashank Sinha
Designation :	Managing Director
Address :	310, The Magnolias, DLF Golf Links, DLF Phase-V Gurgaon 122009 Haryana India
Date of Birth/Age :	12.09.1964
Date of Appointment :	18.05.2017
DIN No :	02544431

Name :	Mr. Badree Komandur
Designation :	Wholetime Director
Address :	No. 235, 6b Cross, 3rd Main, Sundaramshetty Nagar Vijaya Bank Layout, Bilekahalli Bangalore 560076 Karnataka, India
Date of Appointment :	18.05.2017
DIN No :	07803242

KEY EXECUTIVES

Name :	Mrs. Manjula Ramamurthy
Designation :	Company Secretary
Address :	No.18, 3rd Cross, Doddamma Layout Hulimavu, B G Road Bengaluru 560076 Karnataka, India
Date of Appointment :	03.02.2017
PAN No:	AFGPR3164R

Name :	Mr. Badree Komandur
Designation :	Chief Executive Officer
Address :	No. 235, 6 B Cross, 3rd Main, Sundaramshetty Nagar, Vijaya Bank Layout, Bilekahalli, Bangalore – 560076, Karnataka, India
Date of Appointment :	03.02.2017
PAN No:	AFIPB5934R

MAJOR SHAREHOLDERS

As on 31.12. 2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares


(A) Promoter & Promoter Group	28068384	31.36
(B) Public	61430276	68.64
Grand Total	89498660	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of


A1) Indian		0.00
Individuals/Hindu undivided Family	68,50,146	7.65
ADITYA ARUN KUMAR	2,00,000	0.22
ARUN KUMAR PILLAI	8,70,797	0.97
CHAITANYA D	3,31,988	0.37
DEEPA ARUN KUMAR	2,01,000	0.22
DEEPAK ABHAYA KUMAR	312	0.00
DEVENDRA KUMAR S	1,41,272	0.16
GAYATRI NAIR	33,000	0.04
HEMALATHA PILLAI	48,000	0.05
JATIN V	59,283	0.07
JITESH D	3,64,125	0.41
K R LAKSHMI	1,30,365	0.15
K R RAVISHANKAR	12,55,593	1.40
LAKSHMI GOPALAKRISHNAN	50,000	0.06
LEELA V	2,75,358	0.31
MONISHA NITIN	5,93,750	0.66
NITIN KUMAR V	96,255	0.11
PADMAKUMAR KARUNAKARAN PILLAI	1,71,485	0.19
POOJA SRISRIMAL	93,750	0.10
PURUSHOTHAMAN PILLAI G	33,013	0.04
RAHUL NAIR	20,000	0.02
RAJESWARI AMMA	93,760	0.10
RAJITHA GOPALAKRISHNAN	45,000	0.05
RUPALI JATIN	6,32,812	0.71
SAJITHA PILLAI	80,000	0.09
SAJJAN D	2,29,400	0.26
SUCHI CHAITANYA SRISRIMAL	93,750	0.10
TARINI ARUN KUMAR	2,00,000	0.22
V. JATIN (HUF)	408	0.00
V. NITIN KUMAR (HUF)	500	0.00
VIMAL KUMAR S - HUF	1,15,158	0.13
VIMAL KUMAR S	2,15,012	0.24
VINEETHA MOHANAKUMAR PILLAI	1,75,000	0.20
Any Other (specify)	2,12,18,238	23.71
ABUSHA INVESTMENT & MANANGEMENT SERVICES LLP	17,81,221	1.99
AGNUS CAPITAL LLP	20,000	0.02
AGNUS HOLDINGS PVT LTD	1,20,816	0.13
AMBEMATA SECURITIES	4,81,660	0.54
CHAYADEEP PROPERTIES PRIVATE LTD	4,11,060	0.46
DEVENDRA ESTATES LLP	7,00,000	0.78
DEVENDRA ESTATES PRIVATE LIMITED	7,01,953	0.78
PRONOMZ VENTURES LLP	1,26,65,000	14.15
SEQUENT SCIENTIFIC LIMITED	33,12,500	3.70
SHASUN LEASING AND FINANCE (P) LIMITED	9,68,091	1.08
TRIUMPH VENTURE HOLDINGS LLP	35,937	0.04
KARUNA VENTURES PRIVATE LIMITED	20,000	0.02
Sub Total A1	2,80,68,384	31.36
A2) Foreign		0.00
A=A1+A2	2,80,68,384	31.36

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of


B1) Institutions		0.00
Mutual Funds/	1,63,03,521	18.22
DSP BLACKROCK BALANCED FUND	24,80,137	2.77
HDFC TRUSTEE COMPANY LTD - A/C HDFC MID-CAPOPPORTUNITIES FUND	14,88,216	1.66
KOTAK MIDCAP	11,50,357	1.29
SUNDARAM MUTUAL FUND A/C SUNDARAM SMILE FUND	11,53,977	1.29
UTI - UNIT SCHEME FOR CHARITABLE AND RELIGIOUS TRUSTS AND REGISTERED SOCIETIES	11,27,616	1.26
SBI MAGNUM MULTIPLIER FUND	65,71,140	7.34
Alternate Investment Funds	4,16,578	0.47
Foreign Venture Capital Investors	5,64,306	0.63
Foreign Portfolio Investors	2,83,13,896	31.64
KARST PEAK ASIA MASTER FUND	25,83,024	2.89
GOVERNMENT PENSION FUND GLOBAL	19,41,434	2.17
ROUTE ONE OFFSHORE MASTER FUND L.P.	19,12,864	2.14
ROUTE ONE FUND I, L.P.	17,39,030	1.94
DB INTERNATIONAL (ASIA) LTD	17,29,227	1.93
MORGAN STANLEY MAURITIUS COMPANY LIMITED	15,86,975	1.77
KARST PEAK VERMILION PARTNERS MASTER FUND	14,83,500	1.66
APAX GLOBAL ALPHA LIMITED	13,14,092	1.47
MSD INDIA FUND, LTD	9,00,432	1.01
Financial Institutions/ Banks	3,77,140	0.42
Insurance Companies	2,60,422	0.29
Any Other (specify)	21,000	0.02
Sub Total B1	4,62,56,863	51.68
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto Rs. 2 Lacs	77,01,992	8.61
Individual share capital in excess of Rs. 2 Lacs	12,34,678	1.38
NBFCs registered with RBI	6,134	0.01
Any Other (specify)	62,30,609	6.96
SATPAL KHATTAR	15,60,032	1.74
Sub Total B3	1,51,73,413	16.95
B=B1+B2+B3	6,14,30,276	68.64

BUSINESS DETAILS

Line of Business :

Subject is engaged into the development and manufacture of pharmaceutical products (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
210	Pharmaceutical

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

4690 (Approximately)

Bankers :

Banker Name :	Axis Bank Limited
Branch :	Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden, Ellis Bridge, Ahmedabad – 380006, Gujarat, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

RBL Bank
Yes Bank Limited
Export-Import Bank of India
ICICI Bank Limited
State Bank of India
Barclays Bank
Union Bank of India
Deutsche Bank
HDFC Bank Limited
Citi Bank

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loan from banks	3979.840	5535.750
Term loan from others	3675.050	3021.640
Finance lease obligation	39.640	56.610
Short-term borrowings
Secured loans repayable on demand from banks:
Working capital loans	5489.890	5204.570
Short-term loans	234.530	229.180
Total	13418.950	14047.750

Notes:

Details of security and terms of repayment for the long-term borrowings:

[INR in Million]

Terms of repayment and security	31.03.2017	31.03.2016

Term loans from banks: Loan 1
Long-term loan	8.210	8.260
Current maturities of long-term loan	7.320	5.060
Security: Hypothecation of assets procured from the term loans. Rate of Interest: 9.2% p.a. to 12.48% p.a. Repayment varies between 36 to 38 monthly installments. The outstanding installments as at March 31, 2016 varies between 28 to 32 installments.
(ii) Term loans from banks: Loan 2
Long-term loan	-	889.540
Current maturities of long-term loan	891.300	849.110
Security: Charge on fixed assets of the Company, (other than land and building Situated at Navi Mumbai, Palghar and Hosur), ensuring 1.2 times security cover for the ECB outstanding. Rate of interest: six month LIBOR + 4.25% p.a. Repayment terms: 20 unequal quarterly installments commencing after 24 months from initial utilisation date. The outstanding term as at March 31, 2017 is 4 installments.
Rate of interest: six month LIBOR + 4.25% p.a. Repayment terms: 20 unequal quarterly installments commencing after 24 months from initial utilization date. The outstanding term as at March 31, 2015 is 12 installments
(iii) Term loans from banks: Loan 3
Long-term loan	1661.970	2914.730
Current maturities of long-term loan	300.000	-
Security: Charge on brands and IPs present and future, ensuring 1.25 times security cover. Rate of interest: Bank Base rate + 0.25% p.a. Repayment terms: 14 unequal quarterly installments commencing after 18 months from initial utilisation date. The outstanding term as at March 31, 2016 is 14 installments
(iv) Term loans from banks: Loan 4
Long-term loan	990.980	-
Current maturities of long-term loan		-
Security: Pari passu first charge on fixed assets in formulation unit and active pharmacutical ingredient unit located at Pondicherry; multi product unit located at Cuddalore; research center located at Vandalur; dispensary located at Pondicherry ; land located in Periya Kalapet village and pari passu second charge on the entire current assets of the Company. Rate of interest: LIBOR + 3% to 4.50% p.a. Repayment terms: 16 equal quarterly installments commencing after 15 months from initial utilisation date. The outstanding term as at March 31, 2017 varies between 10 installments.
(v) Term loans from banks: Loan 5
Long-term loan	101.450	179.760
Current maturities of long-term loan	81.090	132.500
Security: Pari passu first charge on fixed assets in formulation unit and active pharmacutical ingredient unit located at Pondicherry; multi product unit located at Cuddalore; research center located at Vandalur; dispensary located at Pondicherry ; land located in Periya Kalapet village and pari passu second charge on the entire current assets of the Company. Rate of interest: LIBOR + 3% to 4.50% p.a. Repayment terms: 16 equal quarterly installments commencing after 15 months from initial utilisation date. The outstanding term as at March 31, 2016 varies between 2 to 14 installments.
(v) Term loans from banks: Loan 6
Long-term loan	1217.230	1543.460
Current maturities of long-term loan	341.500	393.900
Security: Pari-passu first charge on the entire fixed assets of the Company, existing and future, on paripassu basis with other existing term lenders and second charge on current assets of the Company on pari passu basis with other term lenders Rate of interest: Bank base rate + 1.05% p.a. / 3 months LIBOR + 3.00% p.a. Repayment terms: 66 equal monthly installments commencing after 6 months from initial utilization date. The outstanding term as at March 31, 2017 is 54 installments.
Term loan from others: Loan 1
Long-term loan	826.730	-
Current maturities of long-term loan	150.000	-
Security: Charge on fixed assets of the Company including intangibles, (other than land and building situated at Navi Mumbai, Palghar, Hosur and Kumarpettai properties) and second charge on current assets of the Company Rate of interest: Bank base rate + 0.25% p.a. Repayment terms: 14 unequal quarterly installments commencing after 18 months from initial utilisation date. The outstanding term as at March 31, 2017 is 14 installments.
(vii) Long-term loans from others: Loan 2
Long-term loan	2848.230	3020.370
Current maturities of long-term loan	121.960	-
Security: Charge on fixed assets of the Company, (other than land and building situated at Navi Mumbai, Palghar and Hosur), charge will be shared with existing ECB & term lender, hypothecation of the pharma brands / IPs Rate of interest: three month LIBOR + 3.65% p.a. Repayment terms: 14 unequal half yearly installments commencing after 18 months from initial utilisation date. The outstanding term as at March 31, 2017 is 14 installments.
Long-term loans from others: Loan 3
Long-term loan	0.09	1.27
Current maturities of long-term loan	1.180	1.07
Security: Hypothecation of assets procured from the term loans. Rate of interest: 9.86% p.a. Repayment terms: Repayable in 60 monthly installments commencing from May 2013. The outstanding term as at March 31, 2017 is 13 installments.
(viii) Finance Lease obligation:
Long-term maturity of finance lease obligation	39.640	56.610
Current maturities of long-term loan	16.980	15.320
Rate of interest: 10.37% p.a. Repayment terms: Repayable in 20 quarterly installments commencing from July 2015. The outstanding term as at March 31, 2016 is 17 installments.
(ix) Unsecured loan:
Long-term loan	-	0.000
Current maturities of long-term loan	-	1.860
Rate of interest: 11.86% p.a. Repayment terms: Repayable in 16 quarterly installments and 4 installments are outstanding as at March 31, 2016

Aggregate of long-term borrowings guaranteed by some of the directors of the Company:

[INR in Million]

Particulars	31.03.2017	31.03.2016

Term loans from banks (secured and including current maturities of these loans)	NA	1738.650
Total	NA	1738.650

SHORT-TERM BORROWINGS

Details of security for the secured loans repayable on demand: Working capital loans from banks are secured by first pari passu charge over current assets of the Company and second pari passu charge on movable and immovable fixed assets of the Company (other than land and building situated at Navi Mumbai, Palghar and Hosur). Short-term loans are secured by pledge over current investments in mutual funds to the extent of INR 318.860 Million (As at March 31, 2016 INR 293.790 Million As at April 1, 2015: INR 243.600 Million).

Financial Institutions:	Axis Trustee Services Limited, Axis House, Bombay Dyeing Millscompound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharahstra, India IDBI Trusteeship Services Limited, Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400001, Maharahstra, India

Internal Auditors :
Name :	Grant Thornton International Chartered Accountants
Address :	Wings, 1^st Floor, 16/1, Cambridge Road, Halasuru, Bangalore - 560008, Karnataka, India

Statutory Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011

Incoming Auditor:
Name :	BSR and Company LLP Chartered Accountants
Address :	Maruti Info - Tech Centre 11-12/1 Inner Ring Road, Koramangla, Bengaluru - 560 071

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Aponia Laboratories Inc, United States of America Stelis Biopharma Private Limited, India Regional Bio Equivalence Centre S.C., Ethiopia

Subsidiaries :	Alliance Pharmacy Pty Limited, Australia Altima Innovations Inc., United States of America Arrow Pharma (Private) Limited, Sri Lanka Arrow Pharma Life Inc., Philippines Arrow Pharma Pte Limited, Singapore Arrow Pharma Pty Limited, Australia Arrow Pharmaceuticals Pty Limited, Australia Arrow Remedies Private Limited, India Beltapharm S.p.A, Italy Chemsynth Laboratories Private Limited, India Fagris Medica Private Limited, India Generic Partners (Canada) Inc, Canada (effective August 1, 2016) Generic Partners (International) Pte Limited, Singapore Generic Partners (M) Sdn. Bhd, Malaysia (effective August 1, 2016) Generic Partners (NZ) Limited. New Zealand (effective August 1, 2016) Generic Partners (South Africa) (Pty) Limited, South Africa (effective August 1, 2016) Generic Partners Holding Co Pty Limited, Australia (effective August 1, 2016) Generic Partners Pty Limited, Australia (effective August 1, 2016) Generic Partners UK Limited, UK (effective August 1, 2016) Pharmacy Alliance Group Holding Pty Limited, Australia Pharmacy Alliance Investments Pty Limited, Australia Pharmacy Alliance Pty Limited, Australia Shasun Pharma Solutions Inc, United States of America Shasun USA Inc, United States of America Smarterpharm Pty Limited, Australia (effective January 23, 2017) Solara Active Pharma Sciences Limited, India (formerly SSL Pharma Sciences Limited) (effective February 23, 2017) Stabilis Pharma Inc, United States of America Stelis Biopharma (Malaysia) Sdn Bhd, Malaysia Strides Africa Limited, BVI Strides Arcolab (Australia) Pty Limited, Australia Strides Arcolab International Limited, UK Strides CIS Limited, Cyprus Strides Consumer Private Limited, India Strides Emerging Markets Private Limited, India Strides Healthcare Private Limited, India Strides Pharma (Cyprus) Limited, Cyprus Strides Pharma Asia Pte Limited, Singapore Strides Pharma Global (UK) Limited, UK (formerly, Strides Pharma (UK) Limited) NA Strides Pharma Global Pte Limited, Singapore Strides Pharma International Limited, Cyprus Strides Pharma Limited, Cyprus Strides Pharma (SA) Pty Limited, South Africa Strides Pharma UK Limited, UK (formerly, Strides Shasun (UK) Limited) Strides Specialties (Holdings) Limited, Mauritius SVADS Holdings SA, Switzerland Universal Corporation Limited, Kenya

Joint Ventures:	Akorn Strides LLC, United States of America Shasun NBI LLC, United States of America Oraderm Pharmaceuticals Pty Limited, Australia Strides Shasun Sa De Cv, Mexico (effective August 23, 2016)

CAPITAL STRUCTURE

After 15.09.2017

Authorised Capital : INR 1767.500 Million

Issued, Subscribed & Paid-up Capital : INR 895.500 Million

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

176750000	Equity Shares	INR 10/- each	INR 1767.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

89423006	Equity Shares	INR 10/- each	INR 894.230 Million

Reconciliation of the number of shares and amount outstanding

PARTICULARS	31.03.2017
	No. of shares	(INR In Million)
Equity share of INR10/- each
Balance at the begaining of the year	89345978	893.460
-Issued pursuant to employee stock option plans	77.028	0.77
-Issued pursuant to the scheme of amalgamation	-	-
-Issued pursuant to the qualified institutional placement	-	-
balance at the end of the year	89423006	894.230

Detail of the rights, preferences and restrictions attaching to each class of shares outstanding equity shares of INR 10/- each:

The Company has only one class of equity shares, having a par value of INR 10/-. The holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the board of directors is subject to approval by the shareholders at the ensuing annual general meeting. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive any of the remaining assets of the Company, after distribution to all other parties concerned. The distribution will be in proportion to number of equity shares held by the shareholders.

iii. Details of equity shares held by each shareholder holding more than 5% of shares:

PARTICULARS	31.03.2017
	No. of shares	%
Pronomz Ventures LLP	12665000	14.16
DB International (Asia) Limited	--	--
SBI Magnum Multiplier Fund	5818481	6.51

Details of equity shares of INR 10/- each reserved for issuance:

PARTICULARS	31.03.2017
	No. of shares
Towards Employee stock options under the various Strides stock options plans	3193097
Total	3193097

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	894.230	893.460	596.160
(b) Reserves & Surplus	31431.040	30682.800	14413.120
(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)	32325.270	31576.260	15009.280

(3) Non-Current Liabilities
(a) long-term borrowings	7694.530	8614.000	1642.450
(b) Deferred tax liabilities (Net)	0.000	0.000	145.860
(c) Other long term liabilities	451.030	298.280	258.500
(d) long-term provisions	179.230	101.440	54.790
Total Non-current Liabilities (3)	8324.790	9013.720	2101.600

(4) Current Liabilities
(a) Short term borrowings	6474.420	5433.750	1626.600
(b) Trade payables	4705.640	4971.670	1886.250
(c) Other current liabilities	2833.090	1956.850	1033.870
(d) Short-term provisions	149.170	86.500	231.210
Total Current Liabilities (4)	14162.320	12448.770	4777.930

TOTAL	54812.380	53038.750	21888.810

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8378.660	7044.740	3303.020
(ii) Intangible Assets	2858.98	2791.050	641.990
(iii) Capital work-in-progress	996.250	1264.240	210.750
(iv) Intangible assets under development	581.220	536.640	180.240
(b) Non-current Investments	13892.540	13079.440	4071.690
(c) Deferred tax assets (net)	1235.480	1146.620	746.530
(d) Long-term Loan and Advances	350.850	182.080	42.690
(e) Other Non-current assets	579.290	537.720	155.880
Total Non-Current Assets	28873.270	26582.530	9352.790

(2) Current assets
(a) Current investments	12795.380	11390.990	5995.170
(b) Inventories	4095.300	3792.340	1554.040
(c) Trade receivables	5406.850	6923.990	2560.140
(d) Cash and cash equivalents	949.190	943.440	742.950
(e) Short-term loans and advances	86.460	459.930	425.160
(f) Other current assets	2605.930	2945.530	1258.560
Total Current Assets	25939.110	26456.220	12536.020

TOTAL	54812.380	53038.750	21888.810

PROFIT & LOSS ACCOUNT [STANDALONE]

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	21097.980	22216.290	9294.180
	Other Income	1761.370	1088.850	1001.760
	TOTAL	22859.350	23305.140	10295.940

Less	EXPENSES
	Cost of Materials Consumed	8556.760	11889.250	4732.840
	Purchases of Stock-in-Trade	1505.030	896.420	498.310
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(166.750)	35.160	(68.800)
	Employees benefits expense	3973.140	2741.620	1201.970
		784.580	267.980	(5186.140)
	Other expenses	4411.560	3955.240	1590.660
	TOTAL	19064.320	19785.670	2768.840

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3795.030	3519.470	7527.100

Less	FINANCIAL EXPENSES	1147.410	1026.220	344.230

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2647.620	2493.250	7182.870

Less	DEPRECIATION/ AMORTISATION	1266.300	1026.860	492.540

	PROFIT/ (LOSS) BEFORE TAX	1381.320	1466.390	6690.330

Less	TAX	295.950	164.390	1367.140

	PROFIT/ (LOSS) AFTER TAX	1085.370	1302.000	5323.190

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	3276.900	329.610	1085.820

	Depreciation on transition to Schedule II of the Companies Act, 2013 on tangible fixed assets with nil remaining useful life (Net of deferred tax)	0.000	1905.460	(28.790)

	APPROPRIATIONS
	Transfer to general reserve	0.000	0.000	560.720
	Interim Dividend	0.000	67.220	6254.390
	Proposed Dividend	0.000	0.000	178.850
	final Dividend	357.450	178.880	0.000
	Tax on Dividend	74.800	14.070	460.440
	Balance Carried to the B/S	3930.020	3276.900	329.610

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	15192.340	7204.290
	TOTAL EARNINGS	NA	15192.340	7204.290

	IMPORTS
	Raw Materials	NA	4065.160	2460.830
	Components and Stores parts	NA	379.630	269.380
	Capital Goods	NA	119.820	78.290
	TOTAL IMPORTS	NA	4564.610	2808.500

	Earnings / (Loss) Per Share (INR)
	Basic	13.740	15.980	89.360
	Diluted	13.710	15.880	89.990

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	1894.350	1383.500	782.510
Cash generated from operations	4485.460	1324.400	2564.810
Net cash flows from (used in) operating activity	4117.370	830.810	2073.870

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
Unaudited
Net Sales	5370.900	5884.800	2978.600
Total Expenditure	5215.200	5483.200	3003.000
PBIDT (Excl OI)	155.700	401.600	(24.400)
Other Income	441.200	391.000	583.300
Operating Profit	596.900	792.600	558.900
Interest	369.100	358.400	222.000
Exceptional Items	192.300	-57.200	79.700
PBDT	420.100	377.000	416.600
Depreciation	336.200	347.600	213.600
Profit Before Tax	83.900	29.400	203.000
Tax	(5.600)	(96.200)	(174.800)
Provisions and contingencies	NA	NA	NA
Profit After Tax	89.500	125.600	377.800
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	89.500	125.600	1042.300

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	93.54	113.76	100.54

Account Receivables Turnover (Income / Sundry Debtors)	3.90	3.21	3.63

Average Payment Days (Sundry Creditors / Purchases * 365 Days)	170.70	141.93	131.61

Inventory Turnover (Operating Income / Inventories)	0.93	0.93	4.84

Asset Turnover (Operating Income / Net Fixed Assets)	0.30	0.30	1.74

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.43	0.42	0.33

Debt Equity Ratio (Total Liability / Networth)	0.50	0.49	0.27

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.44	0.39	0.32

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.40	0.37	0.29

Interest Coverage Ratio (PBIT / Financial Charges)	3.31	3.43	21.87

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	5.14	5.86	57.27

Return on Total Assets ((PAT / Total Assets) * 100)	%	1.98	2.45	24.32

Return on Investment (ROI) ((PAT / Networth) * 100)	%	3.36	4.12	35.47

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.83	2.13	2.62

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.54	1.82	2.30

G-Score Ratio Financial (Networth / Total Assets)	0.59	0.60	0.69

G-Score Ratio Debt (Debts / Equity Capital)	17.96	17.27	6.80

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.83	2.13	2.62

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 650.25/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	596.160	893.460	894.230
Reserves & Surplus	14413.120	30682.800	31431.040
Net worth	15009.280	31576.260	32325.270

long-term borrowings	1642.450	8614.000	7694.530
Short term borrowings	1626.600	5433.750	6474.420
Current maturities of long-term debts	782.510	1383.500	1894.350
Total borrowings	4051.560	15431.250	16063.300
Debt/Equity ratio	0.270	0.489	0.497

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	9294.180	22216.290	21097.980
		139.034	(5.034)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	9294.180	22216.290	21097.980
Profit	5323.190	1302.000	1085.370
	57.27%	5.86%	5.14%

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	894.230	893.460
(b) Reserves & Surplus	26210.220	25685.220
Non Controlling Interest	1639.900	502.110
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	28744.350	27080.790

(3) Non-Current Liabilities
(a) long-term borrowings	16377.090	26270.010
(b) Deferred tax liabilities (Net)	789.020	455.800
(c) Other long term liabilities	4608.470	1688.150
(d) long-term provisions	246.840	144.530
Total Non-current Liabilities (3)	22021.420	28558.490

(4) Current Liabilities
(a) Short term borrowings	13939.560	7004.750
(b) Trade payables	7456.610	7753.960
(c) Other current liabilities	8822.320	4011.860
(d) Short-term provisions	183.440	149.280
Total Current Liabilities (4)	30401.930	18919.850

TOTAL	81167.700	74559.130

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9783.000	9561.170
(ii) Intangible Assets	19348.44	17225.580
(iii) Capital work-in-progress	2045.000	2787.350
(iv) Intangible assets under development	5756.790	5361.400
(b) Non-current Investments	3156.620	1271.930
(c) Deferred tax assets (net)	1743.280	1857.150
(d) Long-term Loan and Advances	350.850	115.470
(e) Other Non-current assets	818.610	1230.140
Total Non-Current Assets	43002.590	39410.190

(2) Current assets
(a) Current investments	12795.390	12137.550
(b) Inventories	7379.940	6131.370
(c) Trade receivables	9970.520	10329.720
(d) Cash and cash equivalents	3294.760	3115.880
(e) Short-term loans and advances	85.980	128.070
(f) Other current assets	4638.520	3306.350
Total Current Assets	38165.110	35148.940

TOTAL	81167.700	74559.130

ABRIDGED PROFIT AND LOSS ACCOUNT [CONSOLIDATED]

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	34834.220	28621.870
	Other Income	1685.790	920.990
	TOTAL	36520.010	29542.860

Less	EXPENSES
	Cost of Materials Consumed	10311.440	13403.310
	Purchases of Stock-in-Trade	6601.090	2720.460
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1550.410)	(1100.900)
	Employees benefits expense	5881.210	3576.950
	Exceptional Item	1002.080	460.520
	Other expenses	7162.830	5882.250
	TOTAL	29408.240	24942.590

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	7111.770	4600.270

Less	FINANCIAL EXPENSES	2269.330	1681.730

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	4842.440	2918.540

Less	DEPRECIATION/ AMORTISATION	1871.510	1312.540

	PROFIT/ (LOSS) BEFORE TAX	2970.930	1606.000

Less	TAX	470.000	424.540

	PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS	2500.930	1181.460
	DISCONTINUED OPERATIONS:

Less	PROFIT / (LOSS) FROM DISCONTINUED OPERATIONS	184.950	244.310

	gain/ (loss) on disposal of assets / settlement of liabilities attributable	2185.410	102.670
	to the discontinued operations (net)

Less	TAX EXPENSE OF DISCONTINUED OPERATIONS	41.920	89.850

	PROFIT / (LOSS) AFTER TAX FROM DISCONTINUED OPERATIONS	1958.540	(231.490)

	PROFIT/ (LOSS) FOR THE YEAR	4459.470	949.970

	Earnings / (Loss) Per Share (INR)
	Basic	44.73	13.14
	Diluted	46.64	13.06

LEGAL CASE (1)

Case Details

	Bench:-Bombay

Presentation Date:-				26/04/2015

Lodging No.:-	SSL/458/2016	Filing Date:-	26/04/2016	Reg. No.:-	COMS/22/2016	Reg. Date:-	12/07/2016

Petitioner:-

STEMADE BIOTECH PRIVATE LIMITED

Respondent:-

STRIDES SHASUN LIMITED (Formerly STRIDES ARCOLAB LIMITED)

Petn.Adv.:-

VERTICES PARTNERS (I16770)

Resp.Adv.:-

DSK LEGAL (I1590)

District:-

MUMBAI

	Bench:-	SINGLE
	Status:-	Pre-Admission	Category:-	SUBSCRIPTION AND INVESTMENT AGREEMENTS PERTAINING TO THE SERVICES INDUSTRY INCLUDING OUTSOURCING SER

Act :-

Code of Civil Procedure 1908

LEGAL CASE (2)

Case Details

	Bench:-Bombay

Presentation Date:-				07/09/2016

Lodging No.:-	SJL/74/2016	Filing Date:-	07/09/2016	Reg. No.:-	SJ/74/2016	Reg. Date:-	07/09/2016

Main Matter

Lodging No.:-

SSL/458/2016

Reg No.:-

COMS/22/2016

Petitioner:-

STEMADE BIOTECH PRIVATE LIMITED

Respondent:-

STRIDES SHASUN LIMITED (Formerly STRIDES ARCOLAB LIMITED)

Petn.Adv.:-

VERTICES PARTNERS (0)

District:-

MUMBAI

	Bench:-	SINGLE
	Status:-	Pre-Admission	Category:-	SUMMONS FOR JUDGEMENT IN COMMERCIAL DIVISION MATTERS

Act :-

Code of Civil Procedure 1908

LEGAL CASE (3)

CASE DETAILS

	BENCH:-BOMBAY

Petitioner:-

PR COMMISSIONER OF INCOME AX 15

Respondent:-

STRIDES ARCOLAB LIMITED

Petn.Adv.:-

SURESH KUMAR (I2100)

Resp.Adv.:-

0 (0)

District:-

MUMBAI

	Bench:-	DIVISION
	Status:-	Pre-Admission	Category:-	TAX APPEALS

Last Date:-

08/08/2016

Stage:-

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY and SR. MASTER

Act :-

Income Tax Act, 1961

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	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	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	Yes
33]	Market information	--
34]	Payments terms	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

GENERAL INFORMATION

The company subsidiaries (together referred to as the ‘Group’) are into the development and manufacture of pharmaceutical products. The Group is headquartered in Bangalore, India and operates across many countries spreading across developed and Emerging markets. Strides is listed on the BSE Limited and the National Stock Exchange of India Limited. The consolidated financial statements were approved by the Board of Directors and authorised for issue on May 18, 2017.

BUSINESS OVERVIEW

During the year, The Company registered 23% growth in headline revenues on the back of a strong Performance in the regulated markets. EBITDA margin expanded +600 bps growing from 17% in Q1 to 23% in Q4, registering sequential growth quarter on quarter.

Performance in the regulated markets was especially gratifying in the face of headwinds being faced by the industry, especially in the US. The Company is largely unaffected by these factors and infact has increased market share of its key products. In Australia, good progress has been achieved in consolidating our market position as one of the top 3 players, with expanding distribution base and a fuller product portfolio.

The Company is executing its Strides 2.0 strategy, transforming itself into a focused B2C player with a diversified portfolio. Over the past couple of years, The Company has gained scale and size as an Integrated, diversified and customer facing Company with a wider international footprint.

During the year, important strategic decisions were taken to execute this strategy. The Company exited non-strategic business, viz., the CRAMS business and the Africa Generics business. It also stepped away from management control of the biotech business and announced a decision to spin off the commodity API business. This has helped The Company sharpen its focus on building a B2C model under pinned by the highest level of quality compliance, source security of vertical integration, a differentiated R&D pipeline and front end presence in all key markets.

PERFORMANCE OF THE COMPANY DURING THE YEAR ACROSS VARIOUS MARKETS:

Regulated Markets - Driven by North America and Australia

Revenues stood at INR 17762 Million, registering 56% growth over the last year.
The business contributed to 51% of the Group revenue for the period ended March 31, 2017.
North America delivered steady performance in FY'17 with sequential improvement in market Share for key products including Dutasteride, Ergocalciferol, Methoxsalen.
Pharmaceutical Benefit Scheme (PBS) impact, slower compliance and delay in backward Integration impacted the performance during the year.

6 new product approvals received from US FDA in FY’17 which included tentative approval for Efavirenz Tablet, two FTF approval for Roflumilast tablets and Fingolimod Capsules, approvals for Metronidazole Tablet, Ranitidine tablet and Polyethylene Glycol 3350, Powder for Solution (OTC).
Portfolio rationalisation and increased captive consumption for the formulations helped deliver superior margins for the API business during the year.
Scaled up filings for high entry barrier markets like Japan and Korea.

PHARMA R&D

The R&D set up gained momentum with 9 filings in FY’ 17.
Significant scale up in R&D investments during FY’17 to build the future product pipeline.
R&D spend for FY’ 17 at INR 1361.000 Million against INR 757.000 Million in FY’ 16, up 80 % YoY.
32 ANDA filings pending approval from USFDA.

MANUFACTURING INFRASTRUCTURE

Four manufacturing facilities - the formulation facilities in Bengaluru and Puducherry, the API facility at Cuddalore and Puducherry, were inspected by the USFDA over the last twelve months and all the facilities were cleared without any observations.

Singapore formulation facility for regulated markets is expected to go on stream in H2 FY'18.

UNSECURED LOAN

PARTICULARS	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans repayable on demand from banks and others	750.00	0.000
Total	750.00	0.000

Presentation Date:-

Lodging No.:-

ITXAL/901/2016

Filing Date:-

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G58163015	100129445	IDFC BANK LIMITED	27/09/2017	-	-	3100000000.0	KRM TOWER, 7TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET,CHENNAITA600031IN
2	G28560845	100064133	AXIS BANK LIMITED	16/11/2016	-	-	7850000.0	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGU380006IN
3	G81162208	100049778	IDBI TRUSTEESHIP SERVICES LIMITED	26/08/2016	23/03/2018	-	3899000000.0	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMA400001IN
4	G75013649	100062848	AXIS TRUSTEE SERVICES LIMITED	19/07/2016	10/01/2018	-	13400000000.0	AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN
5	C77022374	10615874	HDFC BANK LIMITED	03/12/2015	-	-	1896000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
6	Y10415041	90292114	M/S.INTEGRATED FINANCE COMP. LTD.	30/05/1992	-	-	21500000.0	;VAIRAMS'; 112; THYAGARAYA ROADT. NAGARMADRASGJ600017IN
7	G82517657	10600163	HDFC BANK LIMITED	07/08/2015	-	15/03/2018	14000000.0	HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL (WEST)MUMBAIMH400013IN
8	G82004326	10615870	AXIS TRUSTEE SERVICES LIMITED	24/11/2015	30/11/2017	08/03/2018	3316000000.0	AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMA400025IN
9	G77969350	10483838	AXIS BANK LIMITED	17/03/2014	28/11/2017	17/02/2018	3100000000.0	AXIS HOUSE 2E, WADIA INTERNATIONAL CENTRE,PANDURANG BUDHKAR MARG, WORLIMUMBAIMH400025IN
10	G71099493	100039141	CITI BANK N.A.	11/07/2016	-	13/12/2017	1020000000.0	UB CITY, 3RD FLOOR, CANBERRA BLOCK24, VITTAL MALLYABANGALOREKA560001IN

CONTINGENT LIABILITIES:

INR in million)

PARTICULARS	31.03.2017	31.03.2016
Corporate Guarantees (The Company has given corporate guarantees to financial institutions and other parties, including on behalf of its subsidiaries in the ordinary course of business)	52009.200	52205.970
Claims against the Company not acknowledged as debt
Disputed tax liabilities arising from assessment proceedings relating to earlier years from the income tax authorities. The outflow, if any, on account of disputed taxes is dependent on completion of assessments/ disposal of appeals and adjustments for payment made under protest.	1368.18	1368.18
Disputed excise, custom, service tax and sales tax liabilities arising from assessment proceedings relating to prior years. The outflow, if any, on account of disputed liabilities is dependent on completion of assessments/ disposal of appeals and adjustments for payment made under protest.	577.86	129.04

UNAUDITAED FINANCIAL RESULT FOR THE QUATERENDED ON JUNE 30, 2017

PARTICULARS	Quarter ended 31.12.2017	Quarter ended 30.09.2017	Quarter ended 30.06.2017
	(Unaudited)	(Unaudited)	(Unaudited)
Income from Operations
Net Sales/income from operations	2978.600	3623.800	10263.800
Other Income	583.300	382.900	1393.600
Total Income from operations (net)	3561.900	4006.700	11657.400
Expenses
Cost of materials consumed	1503.200	1994.800	5669.500
Purchases of stock-in trade	2.1000	229.500	341.500
Changes in inventories of finished goods. work-in-progress and stock in trade	238.500	(21.000)	294.100
Employee benefits expense	590.500	658.900	1835.900
Finance Costs	222.000	227.800	705.300
Depreciation and Amortization Expenses	213.600	199.200	604.400
Other Expenses	668.700	672.600	2016.400
Total expenses	3438.600	3961.800	11467.100
Profit/ (Loss) before exceptional Items and Tax	123.300	44.900	190.300
Exceptional items	79.700	(41.111)	224.300
Profit/ (Loss) before tax	203.000	3.800	414.600
Tax expenses
Current Tax	206.800	(1.700)	206.800
Deferred tax	(381.600)	(103.500)	(449.400)
Total Tax expenses	(174.800)	(105.200)	(242.600)
Profit/ (Loss) after taxes from continuing operations	377.800	109.000	657.200
Discontinue Operation
Profit/loss from discontinue operation before tax	(490.400)	26.000	(588.600)
Liabilities attributes	1507.400	0.000	1507.400
Net Profit / (Loss) before taxes form discontinue operation	1017.000	26.000	918.800
Tax expenses of discontinue operation	352.500	9.100	318.600
Net Profit / (Loss) after taxes form discontinue operation	664.500	16.900	600.200
Profit for the period	1042.300	125.900	1257.400
Other Comprehensive Income
(i) Items that will not be reclassified to profit and loss	(13.100)	-	(13.100)
(ii) Income tax relating to item that will not be reclassified to profit or loss	4.500	-	4.500
(i) Items that will be reclassified to profit and loss	36.800	(198.800)	(194.000)
(ii) Income tax relating to item that will be reclassified to profit or loss	(12.800)	68.800	67.100
Total Other Comprehensive Income	15.400	(130.000)	(135.500)
Total Comprehensive Income for the period (Net of Tax)	1057.700	(4.100)	1121.900

Equity per share (Face Value of INR 10/- per share)
(a) Basic	4.22	1.22	7.35
(b) Diluted	4.22	1.22	7.34
Equity per share (Face Value of INR 10/- per share)
(a) Basic	7.42	0.19	6.71
(b) Diluted	7.42	0.19	6.71
Equity per share (Face Value of INR 10/- per share)
(a) Basic	11.65	1.41	14.05
(b) Diluted	11.63	1.41	14.05

NOTES :

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 9, 2018. The statutory auditors have carried out limited review of the above results for the quarter and nine months ended December 31, 2017 and have issued unmodified opinion.

2. During the nine months ended December 31, 2017, Strides Lifesciences Limited, Nigeria and Arrow Life Sciences (Malaysia) Sdn Bhd, Malaysia, were incorporated as wholly owned subsidiaries of the Company's subsidiaries.

3. The Company had entered into definitive agreement with Perrigo Group for acquisition of Perrigo API India Private Limited in the previous year. On April 6, 2017, the Company has completed the acquisition of 100% equity interest in Perrigo API India Private Limited. Subsequently, Perrigo API (India) Private Limited has been renamed to Strides Chemicals Private Limited.

4. Strides Pharma Global Pfe Limited, Singapore, a subsidiary of the Group, entered into an agreement with Vivimed Labs Limited, India to invest in Vivimed Global Generics Pte Limited, Singapore. Pursuant to the investment by Strides Pharma Global Pte Limited, Singapore on May 18, 2017, Vivimed Global Generics Pte Limited, Singapore became a subsidiary of the Group. Further, the Company also entered into a joint venture agreement with Vivimed Labs Limited, India pursuant to which the Company made investment in Vivimed Life Sciences Private Limited, India on May 18, 2017.

5. Arrow pharmaceuticals Pty Limited, Australia, a subsidiary of the Group entered into a definitive agreement effective on August 31, 2017 to acquire Amneal Pharmaceutical Pty limited, Australia. The Company has completed the acquisition of 100% stake in Amneal Pharmaceutical Pty limited, Australia. Consequent to the same, Amneal Pharmaceuticals Pty Limited and Amneal Pharma Australia Pty Limited became part of the Group.

6. During the current quarter, Strides Pharma Asia Pte Limited, a wholly owned subsidiary of the Company, has entered into definitive agreements with Trinity Pharma Proprietary Limited, South Africa ('Trinity') for acquisition of controlling stake in Trinity. The transaction has been closed subsequent to December 31,2017.

7. During the current quarter. Strides Shasun Limited entered into a Share Purchase Agreement ('SPA') with Bafna Pharmaceuticals Limited ('Bafna') and Bafna Promoters to acquire the remaining 26% equity interest in Strides Healthcare Private Limited, India, thereby making it a wholly owned subsidiary of the Company.

8. Discontinued operations:

(a) During the current quarter, the Company entered into a Business Transfer Agreement (BTA') and Share Purchase Agreement ('SPA') with Eris Lifesciences Limited ('Ens') for sale of India brands division and for sale of 100% equity interest in Strides Healthcare Private Limited ('SHPL'), collectively referred to as 'India branded generics business', for an aggregate consideration of INR 41,00.000 Million and INR 9,00.000 Million respectively, exclusive of working capital adjustment. The resulting gain on disposal of the above business and the results of the business of India branded generics business are included in the details of discontinued operations for the respective periods as set out in Note 8 (c) below.

b) On March 20, 2017, the Board of Directors of the Company approved a Composite Scheme of Arrangement to be entered into between the Company, Sequent Scientific United (Sequent), and Solara Active Pharma Sciences Limited, India (Solara) and their respective shareholders' and creditors (the Scheme) under sections 230-232 of the Companies Act, 2013 for demerger of the Company's Commodity API business and Human API Business of Sequent into Solara with effect from the appointed date of October 1, 2017.

During the current quarter, the equity shareholders of the Company at the National Company Law Tribunal (NCLT) convened meeting of the equity shareholders held on December 27, 2017 approved the Scheme. The Company has filed a petition with NCLT for their approval of the Scheme on January 19, 2018. The petion was admitted by NCLT on February 2, 2018 and has fixed March 9, 2018 as the date of hearing of the petition.

Post shareholders’ approval, the Company has classified the Commodity API business as discontinued operations. Accordingly, the results of the said business are included in the discontinued operations for the respective period as set out in Note 8(c) below.

(c) Results of discontinued operations:

PARTICULARS	Quarter ended 31.12.2017	Quarter ended 30.09.2017	Quarter ended 30.06.2017
	(Unaudited)	(Unaudited)	(Unaudited)
Total Income from Operations	2104.900	2646.800	6814.800
Total Expenses	2598.900	2604.800	7397.500
Profit/ (Loss) before exceptional items and tax	(494.000)	42.000	(582.700)
Exceptional item	3.600	(16.000)	(5.900)
Profit before tax	(490.400)	26.000	(588.600)
Gain/ loss on disposal	1507.400		1507.400
Tax expenses	352.500	9.100	318.600
Gain/ (loss) from discontinued operation	664.500	16.900	600.200

9. On December 4, 2013, the Company and its wholly owned subsidiary, Strides Pharma Asia Pte Limited ("the Singapore Subsidiary"), completed the sale of investments in Agila Specialties Private Limited and Agila Specialties Global Pte Limited (together, "Agila") to Mylan Laboratories Limited and Mylan Institutional Inc. (together, "Mylan") pursuant to separate agreements, each dated as of February 27, 2013 (the "SPAs"). Pursuant to the SPAs, the Strides Group established escrow arrangements to fund certain potential indemnification liabilities, including specified employee, tax and regulatory remediation costs from such consideration. These escrow arrangements included a US$ 100 million 'General Claims Escrow' account and a US$ 100 million 'Regulatory Escrow' account. Pursuant to the SPAs, the Company has also provided a corporate guarantee to Mylan for US$ 200 million (valid up to December 4, 2020) on behalf of Singapore Subsidiary which can be used for discharging financial obligations, if any, of the Singapore Subsidiary to Mylan.

Under the terms of the SPAs, claims against the Company / the Singapore subsidiary (as the case may be) can only be made under specific provisions contained in the SPAs which include the procedures and timelines for submission of notifications of claims and actual claims and commencing arbitration proceedings. The Company had received a consolidated notification of claims from Mylan under the terms of the SPAs. These claims were related to third party claims, tax claims, claims against the regulatory escrows and general claims. In the previous years, a significant portion of these claims were settled out of the Regulatory Escrow deposit. Further, the Company and Mylan also agreed on full and final settlement of warranty and indemnity claims to be adjusted against the 'General Claims Escrow'.

Considering the terms of the SPAs, the nature of the pending claims that are in arbitration currently and the balance available in the General Claims Escrow account, the Company believes that any further outflow of resources is not probable.

10. During the nine months period ended December 31, 2017, 50,000 equity shares under the Strides Arcolab ESOP 2011 Scheme, 20,000 equity shares under the Strides Shasun ESOP 2016 Scheme and 5,654 equity shares under Strides Shasun ESOP 2015 Scheme were allotted by the Company, on exercising equal number of options.

11. Exceptional Item gain/ (loss) (net):

PARTICULARS	Quarter ended 31.12.2017	Quarter ended 30.09.2017	Quarter ended 30.06.2017
	(Unaudited)	(Unaudited)	(Unaudited)
Exchange gain on restatement and settlement of long term foreign currency loans and intra group loans	65.400	(34.500)	47.700
Business combination and restricting expenses	(15.700)	(6.500)	(34.400)
Write down of inventory and asset	-	(9.600)	(9.600)
Impairment of investment	-	-	-
Dividend income from subsidiaries	-	-	203.800
Fair valuation of derivative instruments	30.000	9.500	16.800
Gain/ loss on sale of long term investment	-	-	-
others	-	-	-

12. Previous period figures have been regrouped to conform with the classification adopted in these financial results.

FIXED ASSETS

Freehold Land
Leasehold Land
Building
Plant and Equipment
Furniture and Fixture
Vehicles
Office Equipment

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 records 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	INR
US Dollar	1	INR 64.94
UK Pound	1	INR 91.75
Euro	1	INR 79.90

INFORMATION DETAILS

Information Gathered by :	SVD

Analysis Done by :	PYK

Report Prepared by :	TRUP

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.