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FINANCIAL                                          REPORT 2011




                                                                                                         TAJ GROUP
                                                                                                    PHARMACEUTICAL
                                                                                                    B U S I N E S S

    TAJ GROUP



                                                                        TA J P H A R M A C E U T I C A L S L I M I T E D
 PHARMACEUTICAL
 B U S I N E S S


Note: This site contains medical information that is intended for
doctors or medical practitioner only and is not meant to substitute
 or the advice provided by a medical professional. Always consult a
physician if you have health concerns. Use and access of this site is
subject to the terms and conditions as set out in our Privacy Policy
and Terms of Use.
© Copyright 2011 Taj Pharma Group (India),. All rights reserved.
Embarking the path to success !
                                                                                            TAJ GROUP
                                                                                         PHARMACEUTICAL
                                                                                         B U S I N E S S




Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
© Copyright 2011 Taj Pharma Group (India),. All rights reserved.
DISLAIMER



         THIS PRESENTATION IS NOT AN ADVERTISEMENT OF SECURITIES IN ANY
         JURISDICTION.

         NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES
         OF AMERICA, AUSTRALIA, CANADA OR JAPAN.


         This document includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be
         identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as” anticipate”,
         “target”, “expect”, “estimate”, “intend”, “expected”, “plan”, “goal” believe”, or other words of similar meaning. By their nature, forward-looking
         statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Company's control.
         As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements. Any
         forward-looking statements made by or on behalf of the Company speak only as at the date of this announcement. Save as required by any
         applicable laws or regulations, the Company undertakes no obligation publicly to release the results of any revisions to any forward-looking
         statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this
         document. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the
         "Securities Act"), and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or
         an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United
         States. This communication is being distributed only to and is directed only at (a) persons outside the United Kingdom, (b) persons who have
         professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services
         and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), and (c) high net worth companies, unincorporated associations and other
         bodies to whom it may otherwise lawfully be communicated in accordance with Article 49 of the Order (all such persons together being referred to as
         "relevant persons"). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such
         securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on
         this communication or any of its contents.




                  Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                  consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
   TAJ GROUP
PHARMACEUTICAL
                  © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
B U S I N E S S



                                                                                                                                                                                                          3
Taj has been consistently launching new products, which includes not
only first time launches but also line extensions of existing brands.
more...




          Welcome to the Taj Pharmaceuticals Limited
         India. We would like to give you an overview of
            Taj Pharmaceuticals Limited in India: our
           background, organization, products, core
                     belief and prospects.




                  Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a
                  physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
   TAJ GROUP      © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
PHARMACEUTICAL
B U S I N E S S




                                                                                                                                                                                                                 4
Environmental Stewardship

               A matter of course for Taj Pharmaceuticals

               Taj Pharmaceuticals has long been aware that only a financially successful company can be active in

               environmental and social areas and that financial success only results if it acts in an environmentally

               and socially responsible manner. In this context, we consider sustainable development to mean a

               long-term process designed to meet the needs of current and future generations.

               Safety and environmental protection are two important invariables amid changing values. Thus, the

               assurance of safety and environmental protection is not only required by law but constitutes an

               obligation and at the same time a key success factor in all our business dealings.




                    Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                    consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
   TAJ GROUP
PHARMACEUTICAL
                    © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
B U S I N E S S



                                                                                                                                                                                                            5
Taj Group “TAJ PHARMA GROUP” AND SUBSIDIARIES HOLDINGS

                  CONSOLIDATED INCOME STATEMENT
                  FOR THE YEAR ENDED MARCH 31, 2011
                  (in USD$ and in Millions)

                                                                                                                                                                     2011                                     2010

                  REVENUE                                                                                                                                          100 462                                  79 368
                  COST OF SALES                                                                                                                                    (40 384)                                (32 410)

                  GROSS PROFIT                                                                                                                                       60 078                                  46 958

                  SELLING, GENERAL AND ADMINISTRATIVE EXPENSES                                                                                                      (34 254)                               (25 013)
                  OTHER EXPENSES                                                                                                                                       (545)                                (1 813)

                  OPERATING INCOME                                                                                                                                   25 279                                  20 132

                  INTEREST EXPENSE                                                                                                                                    (2 136)                                 (1 476)
                  FOREIGN CURRENCY EXCHANGE LOSS                                                                                                                        (215)                                   (111)

                  PROFIT BEFORE INCOME TAX EXPENSE                                                                                                                    22 928                                 18 545
                  INCOME TAX EXPENSE                                                                                                                                  (4 571)                                (2 509)

                  NET INCOME                                                                                                                                         18 357                                  16 036




 Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the
 information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this
 website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this
 website or the information contained on the website or on links to or from this website.

 The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the
 Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking
 statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular,
 any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are
 forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and
 specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's
 product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for
 marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining
 financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's
 intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more
 fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and
 you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The
 Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-
 looking statements and assumes no obligation to update any forward-looking statements.


                   Note:-We are committed to helping you find the right answers to your questions and concerns. However, this Report is not intended to give investment advice, promote the use of Taj
                   Pharmaceuticals Ltd products or provide information on which to base medical treatment. If you have questions regarding any Taj Pharmaceuticals Ltd product or are experiencing a medical
   TAJ GROUP
PHARMACEUTICAL     emergency, please consult your health care provider. Active Pharmaceutical Ingredients manufacturer, exporter, drug ingredients, pharmaceuticals, India
B U S I N E S S



                                                                                                                                                                                                                                                            6
Taj Group “TAJ PHARMA GROUP” AND SUBSIDIARIES HOLDINGS

                  CONSOLIDATED BALANCE SHEET
                  AT MARCH 31, 2011
                  (in USD$ and in Millions)

                                                                                                                               2011                             2010

                  ASSETS

                  NON-CURRENT ASSETS:
                    Property, plant and equipment, net                                                                               27 204                         23 651
                    Intangible assets, net                                                                                           13 040                         11 889
                                                                                                                                     40 244                         35 540

                  CURRENT ASSETS:
                    Inventories, net                                                                                                 17 997                         13 644
                    Trade receivables, net                                                                                           58 073                         34 569
                    Accounts receivable from related parties                                                                          2 773                          3 737
                    Other receivables and prepaid expenses                                                                            5 933                          6 115
                    Cash                                                                                                               215                             314
                                                                                                                                     84 991                         58 379

                  TOTAL ASSETS                                                                                                     125 235                          93 919

                  EQUITY AND LIABILITIES

                  EQUITY:
                    Share capital                                                                                                      381                               1
                    Retained earnings                                                                                                86 941                         62 192
                                                                                                                                     87 322                         62 193

                  NON-CURRENT LIABILITIES:
                    Long-term borrowings                                                                                             10 585                         11 233
                    Deferred tax liability                                                                                            3 373                          1 797
                    Finance lease obligations, net of current maturitie
                                                                 s                                                                      143                             48
                                                                                                                                     14 101                         13 078

                  CURRENT LIABILITIES:
                    Trade payables                                                                                                    7 502                          6 599
                    Current portion of long term borrowings                                                                           8 085                          2 756
                    Other payables and accrued expenses                                                                               6 050                          6 964
                    Finance lease obligations, current maturities                                                                       255                            142
                    Accounts payable to related parties                                                                               1 920                          2 187
                                                                                                                                     23 812                         18 648

                  TOTAL EQUITY AND LIABILITIES                                                                                     125 235                          93 919




                  Note:-We are committed to helping you find the right answers to your questions and concerns. However, this Report is not intended to give investment advice, promote the use of Taj
                  Pharmaceuticals Ltd products or provide information on which to base medical treatment. If you have questions regarding any Taj Pharmaceuticals Ltd product or are experiencing a medical   7
   TAJ GROUP
PHARMACEUTICAL    emergency, please consult your health care provider. Active Pharmaceutical Ingredients manufacturer, exporter, drug ingredients, pharmaceuticals, India
B U S I N E S S
Taj Group “TAJ PHARMA GROUP” AND SUBSIDIARIES HOLDINGS

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED MARCH 31, 2011
(in USD$ and in Millions)

                                                                     2011          2010

CASH FLOWS FROM OPERATING ACTIVITIES:
Profit before income tax                                               22 928        18 545
Adjustments for
   Depreciation and amortization                                        3 038         2 054
   Loss on disposal of property, plant and equipment                      217           206
   Change in allowance for trade receivables and advances to
     suppliers                                                          1 544         (500)
   Change in obsolescence allowance                                        97          226
   Foreign currency exchange loss on financing and investing
     activities                                                           215           111
   Impairment of other receivables                                        202             -
   Impairment of third party loan                                           -           946
   Interest expense                                                     2 136         1 476
   Gain on disposal of a related party investment                         (99)            -
       Operating profit before movements in working capital            30 278        23 064
Change in
   Inventories                                                          (3 091)      (3 924)
   Trade receivables                                                   (21 437)     (13 684)
   Accounts receivable from related parties                              1 274         (541)
   Other receivables and prepaid expenses                                  715         (637)
   Trade payables                                                          280        1 847
   Accounts payable from related parties                                 (457)          215
   Other payables and accruals                                          (1 892)       2 758
       Cash flow from operations                                         5 670        9 098

Income taxes paid                                                       (3 203)      (1 768)
Interest paid                                                           (1 790)      (4 013)
       Net cash generated from operating activities                        677        3 317

CASH FLOWS USED IN INVESTING ACTIVITIES:
  Purchase of property, plant, equipment                               (4 329)       (1 869)
  Proceeds from sale of investments                                        99             -
  Purchase of intangible assets                                          (481)       (1 088)
  Net cash used in investing activities                                (4 711)       (2 957)

CASH FLOWS FROM FINANCING ACTIVITIES:

   Proceeds from the issue of shares                                       380            -
   Proceeds from borrowings                                              7 613        4 284
Repayment of borrowings                                                 (2 766)      (8 078)
(Repayment of)/proceeds from borrowings (to)/ from related parties       (1 565)      5 043
   Net cash generated from financing activities                          3 662        1 249

EFFECT OF TRANSLATION TO PRESENTATION CURRENCY                              273      (1 336)
NET (DECREASE) INCREASE IN CASH AND
 CASH EQUIVALENTS                                                           (99)          273
CASH AND CASH EQUIVALENTS, beginning of year                                314            41

CASH AND CASH EQUIVALENTS, end of year                                      215           314


                                                                                                8
Taj Group “TAJ PHARMA GROUP” AND SUBSIDIARIES HOLDINGS

                   CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                   FOR THE YEAR ENDED MARCH 31, 2011
                   (in USD$ and in Millions)

                                                                                                                                                     Foreign
                                                                                                                                                    currency
                                                                                            Share                       Retained                   translation                      Total
                                                                         Note               capital                     earnings                     reserve                        equity

                   Balance at MARCH 31, 2009                                                                1                    45 555                         2 559                      48 115

                   Profit for the year                                                                       -                   16 036                                -                   16 036
                   Effect of translation to
                    presentation currency                                                                   -                         -                       (1 958)                      (1 958)
                   Balance at MARCH 31, 2010                                                                1                    61 591                          601                       62 193

                   Profit for the year                                                                       -                   18 357                                -                   18 357
                   Issue of additional shares of
                     OTSC “Taj Pharma”                                     15                            380                              -                            -                        380
                   Effect of translation to
                     presentation currency                                                                -                           -                         6 392                       6 392
                   Balance at MARCH 31, 2011                                                            381                      79 948                         6 993                      87 322




Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company
expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website
or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website
and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website.

The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical
facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances,
competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help
identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued
implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These
forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical
and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product
candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance
sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future
returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more
effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of
an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors
set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or
expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans,
intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions,
mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update
any forward-looking statements.




                   Note:-We are committed to helping you find the right answers to your questions and concerns. However, this Report is not intended to give investment advice, promote the use of Taj
                   Pharmaceuticals Ltd products or provide information on which to base medical treatment. If you have questions regarding any Taj Pharmaceuticals Ltd product or are experiencing a medical              9
    TAJ GROUP
 PHARMACEUTICAL    emergency, please consult your health care provider. Active Pharmaceutical Ingredients manufacturer, exporter, drug ingredients, pharmaceuticals, India
 B U S I N E S S
About Taj Pharmaceutical Limited
       Taj Pharmaceuticals Limited is a pharmaceutical company founded and based in India. The company manufacturers
       pharmaceutical formulations and API for India and other countries of world. The company was established in 1995 as an
       enterprise and in 2004 became a public limited company. As per Mumbai pharmaxil and Chemixil association the company
       manufacturers and exports to countries like Albania, Argentina, Austria, Chile and Iraq. In 1995 pharmaceuticals wing only has a
       schedule M certification for pharmaceuticals products manufacturing in India. Taj Pharmaceuticals established its manufacturing
       unit in Gujarat because of government policies in 1999 with WHO / GMP licence. The company in 2003 revived all the old
       manufacturing units and approached the FDA Gujarat for 4000 new pharmaceuticals drug permissions for the first time in
       India.

       According to the Indian Trade Mark the company owns about 450 brands and 4600 generic manufacturing permissions in
       India. According to the export data analysis the company was the largest exporter of generic medicines to the Europe and Middle
       East countries.
       www.tajpharma.com

       The company medicines are present in France, Georgia, Egypt and CIF countries.

                                                                                                                                                                                    Taj Pharmaceuticals Limited
                                                                                                                                                                                    Working For Healthier World   INDIA




Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you
have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
© Copyright 2011 Taj Pharma Group (India),. All rights reserved.




                           Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always
                           consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use.
                           © Copyright 2011 Taj Pharma Group (India),. All rights reserved.


      TAJ GROUP
PHARMACEUTICAL
B U S I N E S S



  Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was
  added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to
  accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information
  on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability
  for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or
  from this website.

  The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All
  statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of
  operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are
  forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-
  looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial
  results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3
  clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based
  on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical
  industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and
  other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial
  quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing;
  introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing
  to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective
  products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the
  Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government
  regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and
  Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations
  disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could
  differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking
  statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The
  Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update any forward-looking statements.




                                                                                                                                                                                                                          10
TAJ GROUP
                                                                PHARMACEUTICAL
                                                                B U S I N E S S



                                        TAJ PHARMA GROUP

                             Taj Pharmaceuticals Limited



                                                      “Working for healthier India”
                   Regd. Off.: 434, Laxmi Plaza, Laxmi Ind. Estate, New Link Road, Andheri (W), Mumbai - 400 053.
                           Tel.: 91-22-2637 4592/93, 30601000 Mob.: 09930407744 Fax : 91-22-26341274




                                                       E-mail : tajgroup@tajpharma.com/ tajpharma@rediffmail.com




The contents and design of this website, including Authority logos, are the property of the Taj Pharmaceuticals Limited India, and are protected under
copyright law and international treaty.

All rights reserved. Except under the conditions described in the Copyright Act 1968 and subsequent amendments, no part of this website may be reproduced
or communicated by any process without prior permission in writing from


                  Copyright © 2004-2011 Taj Pharmaceuticals Limited. All rights reserved. Legal Notice
                  The products discussed herein may have different product labeling in different countries. The product information
   TAJ GROUP
                  provided in this site is intended only for the residents of India.
PHARMACEUTICAL
B U S I N E S S


                                                                                                                                                         11

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Financial report 2011 taj pharmaceuticals group

  • 1. FINANCIAL REPORT 2011 TAJ GROUP PHARMACEUTICAL B U S I N E S S TAJ GROUP TA J P H A R M A C E U T I C A L S L I M I T E D PHARMACEUTICAL B U S I N E S S Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute or the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
  • 2. Embarking the path to success ! TAJ GROUP PHARMACEUTICAL B U S I N E S S Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved.
  • 3. DISLAIMER THIS PRESENTATION IS NOT AN ADVERTISEMENT OF SECURITIES IN ANY JURISDICTION. NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN. This document includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the fact that they do not only relate to historical or current events. Forward-looking statements often use words such as” anticipate”, “target”, “expect”, “estimate”, “intend”, “expected”, “plan”, “goal” believe”, or other words of similar meaning. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, a number of which are beyond Company's control. As a result, actual future results may differ materially from the plans, goals and expectations set out in these forward-looking statements. Any forward-looking statements made by or on behalf of the Company speak only as at the date of this announcement. Save as required by any applicable laws or regulations, the Company undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this document that may occur due to any change in its expectations or to reflect events or circumstances after the date of this document. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to US persons unless the securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. No public offering of the securities will be made in the United States. This communication is being distributed only to and is directed only at (a) persons outside the United Kingdom, (b) persons who have professional experience in matters relating to investments, i.e., investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), and (c) high net worth companies, unincorporated associations and other bodies to whom it may otherwise lawfully be communicated in accordance with Article 49 of the Order (all such persons together being referred to as "relevant persons"). The securities are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. TAJ GROUP PHARMACEUTICAL © Copyright 2011 Taj Pharma Group (India),. All rights reserved. B U S I N E S S 3
  • 4. Taj has been consistently launching new products, which includes not only first time launches but also line extensions of existing brands. more... Welcome to the Taj Pharmaceuticals Limited India. We would like to give you an overview of Taj Pharmaceuticals Limited in India: our background, organization, products, core belief and prospects. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. TAJ GROUP © Copyright 2011 Taj Pharma Group (India),. All rights reserved. PHARMACEUTICAL B U S I N E S S 4
  • 5. Environmental Stewardship A matter of course for Taj Pharmaceuticals Taj Pharmaceuticals has long been aware that only a financially successful company can be active in environmental and social areas and that financial success only results if it acts in an environmentally and socially responsible manner. In this context, we consider sustainable development to mean a long-term process designed to meet the needs of current and future generations. Safety and environmental protection are two important invariables amid changing values. Thus, the assurance of safety and environmental protection is not only required by law but constitutes an obligation and at the same time a key success factor in all our business dealings. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. TAJ GROUP PHARMACEUTICAL © Copyright 2011 Taj Pharma Group (India),. All rights reserved. B U S I N E S S 5
  • 6. Taj Group “TAJ PHARMA GROUP” AND SUBSIDIARIES HOLDINGS CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED MARCH 31, 2011 (in USD$ and in Millions) 2011 2010 REVENUE 100 462 79 368 COST OF SALES (40 384) (32 410) GROSS PROFIT 60 078 46 958 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (34 254) (25 013) OTHER EXPENSES (545) (1 813) OPERATING INCOME 25 279 20 132 INTEREST EXPENSE (2 136) (1 476) FOREIGN CURRENCY EXCHANGE LOSS (215) (111) PROFIT BEFORE INCOME TAX EXPENSE 22 928 18 545 INCOME TAX EXPENSE (4 571) (2 509) NET INCOME 18 357 16 036 Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward- looking statements and assumes no obligation to update any forward-looking statements. Note:-We are committed to helping you find the right answers to your questions and concerns. However, this Report is not intended to give investment advice, promote the use of Taj Pharmaceuticals Ltd products or provide information on which to base medical treatment. If you have questions regarding any Taj Pharmaceuticals Ltd product or are experiencing a medical TAJ GROUP PHARMACEUTICAL emergency, please consult your health care provider. Active Pharmaceutical Ingredients manufacturer, exporter, drug ingredients, pharmaceuticals, India B U S I N E S S 6
  • 7. Taj Group “TAJ PHARMA GROUP” AND SUBSIDIARIES HOLDINGS CONSOLIDATED BALANCE SHEET AT MARCH 31, 2011 (in USD$ and in Millions) 2011 2010 ASSETS NON-CURRENT ASSETS: Property, plant and equipment, net 27 204 23 651 Intangible assets, net 13 040 11 889 40 244 35 540 CURRENT ASSETS: Inventories, net 17 997 13 644 Trade receivables, net 58 073 34 569 Accounts receivable from related parties 2 773 3 737 Other receivables and prepaid expenses 5 933 6 115 Cash 215 314 84 991 58 379 TOTAL ASSETS 125 235 93 919 EQUITY AND LIABILITIES EQUITY: Share capital 381 1 Retained earnings 86 941 62 192 87 322 62 193 NON-CURRENT LIABILITIES: Long-term borrowings 10 585 11 233 Deferred tax liability 3 373 1 797 Finance lease obligations, net of current maturitie s 143 48 14 101 13 078 CURRENT LIABILITIES: Trade payables 7 502 6 599 Current portion of long term borrowings 8 085 2 756 Other payables and accrued expenses 6 050 6 964 Finance lease obligations, current maturities 255 142 Accounts payable to related parties 1 920 2 187 23 812 18 648 TOTAL EQUITY AND LIABILITIES 125 235 93 919 Note:-We are committed to helping you find the right answers to your questions and concerns. However, this Report is not intended to give investment advice, promote the use of Taj Pharmaceuticals Ltd products or provide information on which to base medical treatment. If you have questions regarding any Taj Pharmaceuticals Ltd product or are experiencing a medical 7 TAJ GROUP PHARMACEUTICAL emergency, please consult your health care provider. Active Pharmaceutical Ingredients manufacturer, exporter, drug ingredients, pharmaceuticals, India B U S I N E S S
  • 8. Taj Group “TAJ PHARMA GROUP” AND SUBSIDIARIES HOLDINGS CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2011 (in USD$ and in Millions) 2011 2010 CASH FLOWS FROM OPERATING ACTIVITIES: Profit before income tax 22 928 18 545 Adjustments for Depreciation and amortization 3 038 2 054 Loss on disposal of property, plant and equipment 217 206 Change in allowance for trade receivables and advances to suppliers 1 544 (500) Change in obsolescence allowance 97 226 Foreign currency exchange loss on financing and investing activities 215 111 Impairment of other receivables 202 - Impairment of third party loan - 946 Interest expense 2 136 1 476 Gain on disposal of a related party investment (99) - Operating profit before movements in working capital 30 278 23 064 Change in Inventories (3 091) (3 924) Trade receivables (21 437) (13 684) Accounts receivable from related parties 1 274 (541) Other receivables and prepaid expenses 715 (637) Trade payables 280 1 847 Accounts payable from related parties (457) 215 Other payables and accruals (1 892) 2 758 Cash flow from operations 5 670 9 098 Income taxes paid (3 203) (1 768) Interest paid (1 790) (4 013) Net cash generated from operating activities 677 3 317 CASH FLOWS USED IN INVESTING ACTIVITIES: Purchase of property, plant, equipment (4 329) (1 869) Proceeds from sale of investments 99 - Purchase of intangible assets (481) (1 088) Net cash used in investing activities (4 711) (2 957) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from the issue of shares 380 - Proceeds from borrowings 7 613 4 284 Repayment of borrowings (2 766) (8 078) (Repayment of)/proceeds from borrowings (to)/ from related parties (1 565) 5 043 Net cash generated from financing activities 3 662 1 249 EFFECT OF TRANSLATION TO PRESENTATION CURRENCY 273 (1 336) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (99) 273 CASH AND CASH EQUIVALENTS, beginning of year 314 41 CASH AND CASH EQUIVALENTS, end of year 215 314 8
  • 9. Taj Group “TAJ PHARMA GROUP” AND SUBSIDIARIES HOLDINGS CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2011 (in USD$ and in Millions) Foreign currency Share Retained translation Total Note capital earnings reserve equity Balance at MARCH 31, 2009 1 45 555 2 559 48 115 Profit for the year - 16 036 - 16 036 Effect of translation to presentation currency - - (1 958) (1 958) Balance at MARCH 31, 2010 1 61 591 601 62 193 Profit for the year - 18 357 - 18 357 Issue of additional shares of OTSC “Taj Pharma” 15 380 - - 380 Effect of translation to presentation currency - - 6 392 6 392 Balance at MARCH 31, 2011 381 79 948 6 993 87 322 Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update any forward-looking statements. Note:-We are committed to helping you find the right answers to your questions and concerns. However, this Report is not intended to give investment advice, promote the use of Taj Pharmaceuticals Ltd products or provide information on which to base medical treatment. If you have questions regarding any Taj Pharmaceuticals Ltd product or are experiencing a medical 9 TAJ GROUP PHARMACEUTICAL emergency, please consult your health care provider. Active Pharmaceutical Ingredients manufacturer, exporter, drug ingredients, pharmaceuticals, India B U S I N E S S
  • 10. About Taj Pharmaceutical Limited Taj Pharmaceuticals Limited is a pharmaceutical company founded and based in India. The company manufacturers pharmaceutical formulations and API for India and other countries of world. The company was established in 1995 as an enterprise and in 2004 became a public limited company. As per Mumbai pharmaxil and Chemixil association the company manufacturers and exports to countries like Albania, Argentina, Austria, Chile and Iraq. In 1995 pharmaceuticals wing only has a schedule M certification for pharmaceuticals products manufacturing in India. Taj Pharmaceuticals established its manufacturing unit in Gujarat because of government policies in 1999 with WHO / GMP licence. The company in 2003 revived all the old manufacturing units and approached the FDA Gujarat for 4000 new pharmaceuticals drug permissions for the first time in India. According to the Indian Trade Mark the company owns about 450 brands and 4600 generic manufacturing permissions in India. According to the export data analysis the company was the largest exporter of generic medicines to the Europe and Middle East countries. www.tajpharma.com The company medicines are present in France, Georgia, Egypt and CIF countries. Taj Pharmaceuticals Limited Working For Healthier World INDIA Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved. Note: This site contains medical information that is intended for doctors or medical practitioner only and is not meant to substitute for the advice provided by a medical professional. Always consult a physician if you have health concerns. Use and access of this site is subject to the terms and conditions as set out in our Privacy Policy and Terms of Use. © Copyright 2011 Taj Pharma Group (India),. All rights reserved. TAJ GROUP PHARMACEUTICAL B U S I N E S S Taj Pharmaceuticals Limited (the "Company") believes that the information included in the Investor Relations section of this website was correct at the time it was added to the website. However, the Company expressly disclaims any duty to update the information on the website and makes no representation or warranty as to accuracy and completeness of the contents of this Investors Relations section of the website or any other section of the website. Access to and use of the information on this website is at the user's own risk. The Company assumes no responsibility for any errors or omissions in the content of this website and disclaims any liability for damages of any kind (whether direct, consequential or punitive) arising out of the use of this website or the information contained on the website or on links to or from this website. The Investor Relations section of this website contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts, included on this website regarding the Company's strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions help identify forward- looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Company's financial results and outlook, the continued implementation of the Company's strategic plan, the development of the Company's pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company's business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the delay or failure in developing Puricase (pegloticase) and other product candidates; difficulties of expanding the Company's product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptance sufficient to justify development and commercialization costs if our products are approved for marketing; introduction of generic competition for API; fluctuations in buying patterns of wholesalers; potential future returns of API or other products; the Company continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company's products; risks of maintaining protection for the Company's intellectual property; risks of an adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factors set forth more fully in certain reports filed with the Securities and Exchange Commission, to which investors are referred for further information. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company's forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company's forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not have a policy of updating or revising forward-looking statements and assumes no obligation to update any forward-looking statements. 10
  • 11. TAJ GROUP PHARMACEUTICAL B U S I N E S S TAJ PHARMA GROUP Taj Pharmaceuticals Limited “Working for healthier India” Regd. Off.: 434, Laxmi Plaza, Laxmi Ind. Estate, New Link Road, Andheri (W), Mumbai - 400 053. Tel.: 91-22-2637 4592/93, 30601000 Mob.: 09930407744 Fax : 91-22-26341274 E-mail : tajgroup@tajpharma.com/ tajpharma@rediffmail.com The contents and design of this website, including Authority logos, are the property of the Taj Pharmaceuticals Limited India, and are protected under copyright law and international treaty. All rights reserved. Except under the conditions described in the Copyright Act 1968 and subsequent amendments, no part of this website may be reproduced or communicated by any process without prior permission in writing from Copyright © 2004-2011 Taj Pharmaceuticals Limited. All rights reserved. Legal Notice The products discussed herein may have different product labeling in different countries. The product information TAJ GROUP provided in this site is intended only for the residents of India. PHARMACEUTICAL B U S I N E S S 11