Annual report 2011 mulberry chemicals india

ANNUAL REPOR T 2011

Mulberry Chemicals is a company involved in manufacturing of speciality chemicals and API (active
pharmaceuticals ingredients). The company manufactures advanced chemicals and Intermediates for
API's. The company was formed as a result of acquisition of Mulberry, Florida from REVIB Group in
2009 by Taj Group. Mulberry Chem is registered with the US Drug Enforcement Administration (DEA)
as a narcotic raw material Manufacturer. It is also licensed by DEA to manufacture schedule 1 to 5
controlled substances. At its facility spread in Chattanooga, Tennessee, Mulberry Chem employs 60
people and manufactures a variety of active pharmaceutical ingredients (APIs) with a focus on
controlled substances. For the year ended June 2010, Mulberry Chem is estimated to have sales of $21
million. The plant has multipurpose manufacturing facilities to produce Intermediates catering to
various Chemical and Pharmaceutical Industries as well as many other end users. It has an excellent
effluent treatment facility as well as scrubbers to control air pollution. It has an R&D and QC facility to
ensure stage wise analysis and the R&D promotes process involvement and development of new
molecules. A constant effort by the qualified team in the production, QC and R&D ensures highest
quality and delivery schedules. MulBerry Chemicals Pvt. Ltd passion for value-added quality
manufacturing has been responsible for some of the most trusted names in additives—names
representing breakthrough technologies and competitive advantages for customers around the world.
Our passion for solutions is stronger than ever and we are focused on new markets and new
opportunities to help our customers succeed. Offering high quality chemicals like Phenyl Acetone, Di-n-
butyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinoline and Grignard reagents etc. In addition to
this we manufacture Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride and
Mephedrone Hydrochloride.

Note: The Old Mulberry Chemicals Logo is in legal legislation with Black Berry Group, So new logo has been introduced.

Copyright © 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. ®™* Trademark of The
Mulberry Chemicals India (“Mulberry Chemicals”) or an affiliated company of MBC. Chemicals and API’S Manufacturers in India Chemicals
and Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.
Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any
materials from the site is strictly forbidden without permission.

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.

Mulberry Chemicals is a company involved in manufacturing of speciality chemicals and API (active pharmaceuticals ingredients). The
company manufactures advanced chemicals and Intermediates for API's. The company was formed as a result of acquisition of Mulberry,
Florida from REVIB Group in 2009 by Taj Group. Mulberry Chem is registered with the US Drug Enforcement Administration (DEA) as a
narcotic raw material Manufacturer. It is also licensed by DEA to manufacture schedule 1 to 5 controlled substances. At its facility spread
in Chattanooga, Tennessee, Mulberry Chem employs 60 people and manufactures a variety of active pharmaceutical ingredients (APIs)
with a focus on controlled substances. For the year ended June 2010, Mulberry Chem is estimated to have sales of $21 million. The plant
has multipurpose manufacturing facilities to produce Intermediates catering to various Chemical and Pharmaceutical Industries as well
as many other end users. It has an excellent effluent treatment facility as well as scrubbers to control air pollution. It has an R&D and QC
facility to ensure stage wise analysis and the R&D promotes process involvement and development of new molecules. A constant effort by
the qualified team in the production, QC and R&D ensures highest quality and delivery schedules. MulBerry Chemicals Pvt. Ltd passion
for value-added quality manufacturing has been responsible for some of the most trusted names in additives—names representing
breakthrough technologies and competitive advantages for customers around the world. Our passion for solutions is stronger than ever
and we are focused on new markets and new opportunities to help our customers succeed. Offering high quality chemicals like Phenyl
Acetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinoline and Grignard reagents etc. In addition to this we manufacture
Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride and Mephedrone Hydrochloride.


Welcome to MULBERRY CHEMICALS INDIA


Manufacturing Facilities

Being one of the leading manufacturers of Chemicals and API's products in India, we are equipped with sophisticated
manufacturing facilities. An organization's capabilities and intent are strongly reflected in the product it manufactures. Our
dedication and loyalty for providing excellent quality products are our strength that strongly reflects in our products. We have
GMP Certified manufacturing facility, separate section for specialty chemicals & a dedicated plant for intermediates further
processing.
Our Manufacturing Facilities adheres to the following :
Clearly defined manufacturing processes, which are periodically reviewed and are capable of consistently manufacturing products
of specified quality.
All critical stages of the manufacturing procedure and changes to the same are validated.
Provision of qualified, trained personnel, adequate premises and space, equipment and services, correct material, approved
procedures and work instructions, suitable storage and transport.
Records are made and entries maintained at all critical stages of manufacturing to demonstrate adherence to procedures and
attain expected-quality and yield of product. Manufacturing records are retained in comprehensible formats so as to achieve traceability.
Availability of a system to recall any batch of a product from sale or supply.
Investigation of market complaints and in house non-conformances, corrective and preventive action.
Recording of deviations, incidents, changes and investigations of the same.

We are a highly acclaimed name amongst manufacturers and exporters of API's and intermediates for our demanding clients the world
across. To ensure the high standards of quality, we have adopted stringent quality control measures and constantly work upon
techniques to further improve the quality of our products. Our quality control professionals check quality at different stages of production
and supply that start right from the procurement of raw materials and goes to packaging and final delivery of products to our clients.

We use technically superior testing equipment for testing the quality of our products thereby ensuring the production of safe and
harmless pharmaceutical products and ingredients. Our production system and methods are strictly based on the principles and
practices, which are laid down in the Indian drugs and cosmetics act and the British and U.S. pharmacopoeia.

Our Quality Assurance (QA) ensures the following :

· and GLP are taken into account while designing and developing products.
GMP
· production and control operations are clearly specified and documented.
All
· personnel responsibilities are clearly defined.
Key
· arrangements for procurement and use of correct starting materials and packaging materials are made.
All
·Inprocess checks and validations are carried out in a defined manner.
· final product is manufactured, packed and checked as per defined procedures.
The
·Regulatory aspects as well as internal requirements for the final product are fulfilled, and the product is released for supply or
sale only after necessary certification by a qualified person.
·Storage, handling and distribution procedures for the final product are followed to ensure maintenance of quality throughout
shelf life.
·Self-inspection procedures are defined to regularly monitor the effectiveness of the Quality Assurance system.

Our products serve the pharmaceuticals, drugs and CD R manufacturing industries. Since 2009, we have been providing our clients with
the highest quality products at the most competitive prices. Our years of experience in our product range helps us to bring the finest
quality items to our customers in the fastest time frames. We undertake various contracts as well. A fifth of our products are
exported to many overseas regions like the USA, Turkey, Taiwan, Hong K ong, Malaysia, Singapore, Iran, Switzerland,
among other nations.

From time to time, we utilize the services of merchant exporters like Transpek Marketing, Baroda and Euresian, Mumbai, to export our
products. We are also members of Chemexcil, Thane, Belapur Industries Association and the Indian Merchants' Chamber. In view of the
increasing demands for our products, we have acquired two neighbouring plots for conducting our manufacturing activities and we have
already started working at one of the plots.


With an increasing emphasis being laid on the research and development of various
chemicals and Active Pharmaceuticals Ingredients, the chemical & API industry has seen
a rapid growth in recent times. Taking opportunity of these conditions, Mulberry
Chemicals Pvt. Ltd. was established 2 years ago with high class manuafacturing faclity
for API and specialty and chemicals. We are a reputed manufacturer of a wide range of
chemicals that includes Phenyl Acetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinoline
and Substituted Quinolines (Quinoline, 2 Methyl Quinoline, 6 Methyl Quinoline,
Isopropyl Quinoline, 2 Isobuytl Quinoline, 8 Amino Quinoline, other Substituted
Quinoline) Grignard Reagents like Methyl Magnesium Chloride/Bromide,
Isopropyl Magnesium Chloride/Bromide, Phenyl Magnesium Chloride/Bromide,
etc. and Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride, api
exporters, Hcl, Zonisamide, Methylphenidate, Atomoxetine, Remifentanil HCL,
Cinnarizine, Diphenhydramine Hydrochloride, Ketamine Hydrochloride,
wholesale, Lidocaine, Phenylephrine hydrochloride, Propofol, Lacidipine,
Selegiline Hydrochloride, Etafedrine Hydrochloride, Triprolidine Hcl,
Budesonide, Phentermine etc.

Our products serve the pharmaceuticals, drugs and CD R manufacturing industries.
Since 2009, we have been providing our clients with the highest quality products at
the most competitive prices. Our years of experience in our product range helps us to
bring the finest quality items to our customers in the fastest time frames. We undertake
various contracts as well. A fifth of our products are exported to many overseas
regions like the USA, Turkey, Taiwan, Hong Kong, Malaysia, Singapore, Iran,
Switzerland, among other nations.

From time to time, we utilize the services of merchant exporters like Transpek
Marketing, Baroda and Euresian, Mumbai, to export our products. We are also members
of Chemexcil, Thane, Belapur Industries Association and the Indian Merchants' Chamber.
In view of the increasing demands for our products, we have acquired two neighbouring
plots for conducting our manufacturing activities and we have already started working at
one of the plots.


Chemicals (Specialty)
MulBerry Chemicals Pvt. Ltd is a trusted manufacturer and exporter of the following range of chemicals: Click on products for
full details
Mulberry chemic als is involved in manufacturing of specialty chemicals like Phenyl Acetone, Di-n-butyl Ether, 1, 4 Dioxine,
Quinoline and Substituted Quinoline and Grignard reagents etc. (Detailed List)

Specialty Chemicals List
·Para Methoxy Phenyl Acetone
·Phenyl Acetone (1 Phenyl 2-Propanone)
·Di-n-butyl Ether
·6-Chloro-2-hexanone (Solaris OB-190)
· 4 Dioxine
1,
·Quinoline and Substituted Quinoline
·QUINALDINE [CAS No. : 91-63-4]
·Grignard Reagents

Active Pharmaceuticals Ingredients

We hold expertise in offering a spec ial range of active pharmaceutical ingredients, whic h are widely used in the manufacturing
of various pharmaceutical drugs and pesticides. These active pharmaceutic al ingredients are valued amidst our c lients for their
reliable quality and precise composition. All our products are c hecked on inflexible quality control measures and are available in
appropriate pack ing. more. (Detailed List)

Active Pharma Ingredients CAS No. Therapeutic Areas DMF

1. Bupivacaine Hydrochloride 14252-80-3 Anaesth etic Und er Process
Histamine H1-
2. Cinnarizine 298-57-7 receptor Availab le
antagon is t
Histamine H1-
3. Diphenhydramine Hydrochloride 147-24-0 receptor DMF/Available
antagon is t
*** Plant
4. * *Mephedrone Hydrochloride 1189805-46-6 -
Feeder
5. Lidocaine 137-58-6 Anaesth etic DMF/Available

6. Phenylephrine hydrochloride 61-76-7 UNDER P ROCESS -
7. Propofol 2078-54-8 UNDER P ROCESS -
ANTI
8. Lacidipine 103890-78-4
HYPERTENSIVE -
Antidep res sant, TIP (U NDER
9. Selegiline Hydrochloride 14611-52-0
Antiparkin sonian PROCESS)
10. Etafedrine Hydrochloride 5591-29-7 Bron chod ilator DMF/Available

Cold &
11. Triprolid in e Hcl 6138-79-0 DMF/Available
Cough
Glucocorticosteroid
UNDER
12. Bu desonide 51333-22-3 /
PROCESS
Anti Asth matic
TIP (U NDER
13. Phen termine 1197-21-3 Anti-obesity
PROCESS)
Anticonvulsant
14. Zonisamide 68291-97-4
(U NDER PROCESS)
N.A

* Validation batches completed DMF under compilation
* * Controlled Substance, Any schedule non-narcotic substance under the Controlled

Mulberry Chemicals is a company involved in manufacturing of speciality chemicals and API (active
pharmaceuticals ingredients). The company manufactures advanced chemicals and Intermediates
for API's. The plant has multipurpose manufacturing facilities to produce Intermediates catering to
various Chemical and Pharmaceutical Industries as well as many other end users. It has an excellent
effluent treatment facility as well as scrubbers to control air pollution. It has an R&D and QC facility
to ensure stage wise analysis and the R&D promotes process involvement and development of new
molecules. A constant effort by the qualified team in the production, QC and R&D ensures highest
quality and delivery schedules.

We specialise our products since 2 years, MulBerry Chemicals Pvt. Ltd passion for value-added
quality manufacturing has been responsible for some of the most trusted names in additives—
names representing breakthrough technologies and competitive advantages for customers around
the world. Our passion for solutions is stronger than ever and we are focused on new markets and
new opportunities to help our customers succeed. Offering high quality chemicals like Phenyl
Acetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinoline and Grignard reagents
etc. In addition to this we manufacture Active Pharmaceutical Ingredients such as Bupivacaine
Hydrochloride, api exporters, Hcl, Zonisamide, Methylphenidate, Atomoxetine, Remifentanil HCL,
Cinnarizine, Diphenhydramine Hydrochloride, Ketamine Hydrochloride, wholesale, Lidocaine,
Phenylephrine hydrochloride, Propofol, Lacidipine, Selegiline Hydrochloride, Etafedrine
Hydrochloride, Triprolidine Hcl, Budesonide, Phentermine etc.

Eventually MulBerry Chemicals Pvt. Ltd. has developed into a professionally managed company,
manufacturing a number of high quality chemicals and Active Pharmaceuticals Ingredients. These
products were well accepted in India and also in markets across the world

Today, MulBerry Chemicals Pvt. Ltd has regular clients in USA, Europe , the Middle East and in
Singapore/Malaysia.

MulBerry Chemicals Pvt. Ltd assures all its overseas clients for the quality and timely delivery of
goods produced and supplied.

STRICT ADHERENCE TO QUALITY CONSISTENCY, REGULAR CHECKING OF FINISHED GOODS AND
COMPLIANCE WITH THE BUYER'S SCHEDULE HAS ENSURED THE CONTINUING CLIENTELE THAT
MulBerry Chemicals Pvt. Ltd. ENJOYS IN THE GLOBAL MARKET.

Located within 2 hrs from the heart of the commercial capital of India - MUMBAI, MulBerry
Chemicals Pvt. Ltd. is in a position to procure raw material easily and supply quality finished products
at the most economical price and with the shortest lead time.

*** Reproduction of any materials from the site is strictly forbidden without permission.


FIN ANCIAL REPOR T 2011

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

2011

NET SALES 57 859

COST OF SALES (27 353)

GROSS PROFIT 32 225

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (19 529)
OTHER OPERATING INCOME, NET 657
NON-RECURRING OPERATING EXPENSES (35)

OPERATING INCOME 13 318

NON-OPERATING EXPENSES:

Interest expense (1 880)
Foreign currency exchange loss (38)

INCOME BEFORE INCOME TAX EXPENSE 11 400

Income tax expense (1 289)

NET INCOME 10 111

Mulberry Chemicals Pvt. Ltd. India (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


COMBINED AND CONSOLIDATED BALANCE SHEET
AT MARCH 31, 2011

ASSETS 2011 2010

NON-CURRENT ASSETS:
Property, plant & equipment, net 25 138 23 025
Intangible assets, net 11 537 11 226
Total non-current assets 36 675 34 251
CURRENT ASSETS:
Inventories 9 946 9 170
Аccounts receivable 20 385 15 562
Receivables from related parties 9 675 2 168
Other receivables and prepaid expenses 5 478 4 533
Cash 41 130
Total current assets 45 525 31 563

TOTAL ASSETS 82 200 65 814

LIABILITIES AND SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY:
Share capital 1 1
Retained earnings 48 114 35 444
Total shareholders' equity 48 115 35 445

MINORITY INTERESTS IN EQUITY OF SUBSIDIARIES - 207

LONG-TERM LIABILITIES:
Long-term borrowings 7 208 1 470
Deferred taxation 2 684 2 080
Long-term portion of finance leases payable 52 49
Total long-term liabilities 9 944 3 599

CURRENT LIABILITIES:
Short-term borrowings and current portion of long-term borrowings 11 238 14 706
Accounts payable 4 752 2 221
Payables to related parties 3 678 7 310
Other payables and accrued expenses 4 206 2 188
Current portion of finance leases payable 267 138
Total current liabilities 24 141 26 563

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 82 200 65 814

Mulberry Chemicals Pvt. Ltd. (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.

Responsibility pertained to Third Party¡¯s patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any 6

COMBINED AND CONSOLIDATED STATEMENT OF CASH FLOWS

2011
OPERATING ACTIVITIES:
Income before income tax expense 11 400

Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation and amortization 3 063
Loss on disposal of property, plant and equipment 57
Provision for doubtful receivables 571
Foreign currency exchange loss on financing and investing activities 38
Interest expense 1 880
Operating cash flow before working capital changes 17 009

Increase in inventories (776)
Increase in accounts receivable (5 394)
Increase in receivables from related parties (539)
Increase in other receivables and prepaids (945)
Increase in accounts payable 2 703
Decrease in payables to related parties (178)
Increase in other payables and accruals 2 736
Cash flows from operations 14 616

Income taxes paid (950)
Interest paid (2 521)
Net cash inflow from operating activities 11 145

INVESTING ACTIVITIES:

Purchase of property, plant and equipment (3 444)
Purchase of intangible assets (456)
Purchase of equity interest in subsidiaries (222)

Net cash outflow from investing activities (4 122)

FINANCING ACTIVITIES:

Proceeds from borrowings, net 1 275
Repayment of borrowings to related parties, net (10 426)

Net cash outflow from financing activities (9 151)

Effect of currency translation on cash flows 2 039

NET DECREASE IN CASH (89)

CASH, beginning of period 130

CASH, end of period 41


COMBINED AND CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

Total
Retained Shareholders’
Share capital Earnings Equity

Balance at January 1, 2010 1 35 444 35 445

Net income - 10 111 10 111
Currency translation - 2 559 2 559

Balance at December 31, 2011 1 48 114 48 115

Mulberry Chemicals Pvt. Ltd. (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.


Located in Mumbai
India


Annual report 2011 mulberry chemicals india

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Annual report 2011 mulberry chemicals india