1. ANNUAL REPOR T 2011Mulberry Chemicals is a company involved in manufacturing of speciality chemicals and API (activepharmaceuticals ingredients). The company manufactures advanced chemicals and Intermediates forAPIs. The company was formed as a result of acquisition of Mulberry, Florida from REVIB Group in2009 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 5controlled substances. At its facility spread in Chattanooga, Tennessee, Mulberry Chem employs 60people and manufactures a variety of active pharmaceutical ingredients (APIs) with a focus oncontrolled substances. For the year ended June 2010, Mulberry Chem is estimated to have sales of $21million. The plant has multipurpose manufacturing facilities to produce Intermediates catering tovarious Chemical and Pharmaceutical Industries as well as many other end users. It has an excellenteffluent treatment facility as well as scrubbers to control air pollution. It has an R&D and QC facility toensure stage wise analysis and the R&D promotes process involvement and development of newmolecules. A constant effort by the qualified team in the production, QC and R&D ensures highestquality and delivery schedules. MulBerry Chemicals Pvt. Ltd passion for value-added qualitymanufacturing has been responsible for some of the most trusted names in additivesnamesrepresenting 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 newopportunities 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 tothis we manufacture Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride andMephedrone 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 TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission.

2. 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 Companys 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 APIs. 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 additivesnames 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.Copyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 3. Welcome to MULBERRY CHEMICALS INDIACopyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 4. Manufacturing FacilitiesBeing one of the leading manufacturers of Chemicals and APIs products in India, we are equipped with sophisticatedmanufacturing facilities. An organizations capabilities and intent are strongly reflected in the product it manufactures. Ourdedication and loyalty for providing excellent quality products are our strength that strongly reflects in our products. We haveGMP Certified manufacturing facility, separate section for specialty chemicals & a dedicated plant for intermediates furtherprocessing.Our Manufacturing Facilities adheres to the following : Clearly defined manufacturing processes, which are periodically reviewed and are capable of consistently manufacturing productsof 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, approvedprocedures and work instructions, suitable storage and transport.Records are made and entries maintained at all critical stages of manufacturing to demonstrate adherence to procedures andattain 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 APIs and intermediates for our demanding clients the worldacross. To ensure the high standards of quality, we have adopted stringent quality control measures and constantly work upontechniques to further improve the quality of our products. Our quality control professionals check quality at different stages of productionand 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 andharmless pharmaceutical products and ingredients. Our production system and methods are strictly based on the principles andpractices, 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 withthe highest quality products at the most competitive prices. Our years of experience in our product range helps us to bring the finestquality items to our customers in the fastest time frames. We undertake various contracts as well.A fifth of our products areexported 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 ourproducts. We are also members of Chemexcil, Thane, Belapur Industries Association and the Indian Merchants Chamber. In view of theincreasing demands for our products, we have acquired two neighbouring plots for conducting our manufacturing activities and we havealready started working at one of the plots.Copyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 5. With an increasing emphasis being laid on the research and development of variouschemicals and Active Pharmaceuticals Ingredients, the chemical & API industry has seena rapid growth in recent times. Taking opportunity of these conditions, MulberryChemicals Pvt. Ltd. was established 2 years ago with high class manuafacturing faclityfor API and specialty and chemicals. We are a reputed manufacturer of a wide range ofchemicals that includes Phenyl Acetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinolineand Substituted Quinolines (Quinoline, 2 Methyl Quinoline, 6 Methyl Quinoline,Isopropyl Quinoline, 2 Isobuytl Quinoline, 8 Amino Quinoline, other SubstitutedQuinoline) Grignard Reagents like Methyl Magnesium Chloride/Bromide,Isopropyl Magnesium Chloride/Bromide, Phenyl Magnesium Chloride/Bromide,etc. and Active Pharmaceutical Ingredients such as Bupivacaine Hydrochloride, apiexporters, 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 atthe most competitive prices. Our years of experience in our product range helps us tobring the finest quality items to our customers in the fastest time frames. We undertakevarious contracts as well. A fifth of our products are exported to many overseasregions 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 TranspekMarketing, Baroda and Euresian, Mumbai, to export our products. We are also membersof Chemexcil, Thane, Belapur Industries Association and the Indian Merchants Chamber.In view of the increasing demands for our products, we have acquired two neighbouringplots for conducting our manufacturing activities and we have already started working atone of the plots.Copyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 6. Chemicals (Specialty)MulBerry Chemicals Pvt. Ltd is a trusted manufacturer and exporter of the following range of chemicals: Click on products forfull detailsMulberry 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 Dioxine1, 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 manufacturingof various pharmaceutical drugs and pesticides. These active pharmaceutic al ingredients are valued amidst our c lients for theirreliable quality and precise composition. All our products are c hecked on inflexible quality control measures and are available inappropriate pack ing. more. (Detailed List) Active Pharma Ingredients CAS No.Therapeutic AreasDMF1. Bupivacaine Hydrochloride 14252-80-3 Anaesth eticUnd er ProcessHistamine H1-2. Cinnarizine 298-57-7 receptorAvailab leantagon is tHistamine H1-3. Diphenhydramine Hydrochloride 147-24-0 receptorDMF/Availableantagon is t*** Plant4. * *Mephedrone Hydrochloride1189805-46-6 -Feeder5. Lidocaine 137-58-6 Anaesth eticDMF/Available6. Phenylephrine hydrochloride 61-76-7UNDER P ROCESS -7. Propofol 2078-54-8 UNDER P ROCESS -ANTI8. Lacidipine103890-78-4HYPERTENSIVE -Antidep res sant, TIP (U NDER9. Selegiline Hydrochloride14611-52-0Antiparkin sonian PROCESS)10. Etafedrine Hydrochloride5591-29-7 Bron chod ilatorDMF/AvailableCold &11. Triprolid in e Hcl6138-79-0 DMF/AvailableCoughGlucocorticosteroidUNDER12. Bu desonide51333-22-3 /PROCESSAnti Asth maticTIP (U NDER13. Phen termine1197-21-3 Anti-obesityPROCESS)Anticonvulsant14. Zonisamide 68291-97-4(U NDER PROCESS) N.A* Validation batches completed DMF under compilation* * Controlled Substance, Any schedule non-narcotic substance under the ControlledCopyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 7. Mulberry Chemicals is a company involved in manufacturing of speciality chemicals and API (activepharmaceuticals ingredients). The company manufactures advanced chemicals and Intermediatesfor APIs. The plant has multipurpose manufacturing facilities to produce Intermediates catering tovarious Chemical and Pharmaceutical Industries as well as many other end users. It has an excellenteffluent treatment facility as well as scrubbers to control air pollution. It has an R&D and QC facilityto ensure stage wise analysis and the R&D promotes process involvement and development of newmolecules. A constant effort by the qualified team in the production, QC and R&D ensures highestquality and delivery schedules.We specialise our products since 2 years, MulBerry Chemicals Pvt. Ltd passion for value-addedquality manufacturing has been responsible for some of the most trusted names in additivesnames representing breakthrough technologies and competitive advantages for customers aroundthe world. Our passion for solutions is stronger than ever and we are focused on new markets andnew opportunities to help our customers succeed. Offering high quality chemicals like PhenylAcetone, Di-n-butyl Ether, 1, 4 Dioxine, Quinoline and Substituted Quinoline and Grignard reagentsetc. In addition to this we manufacture Active Pharmaceutical Ingredients such as BupivacaineHydrochloride, api exporters, Hcl, Zonisamide, Methylphenidate, Atomoxetine, Remifentanil HCL,Cinnarizine, Diphenhydramine Hydrochloride, Ketamine Hydrochloride, wholesale, Lidocaine,Phenylephrine hydrochloride, Propofol, Lacidipine, Selegiline Hydrochloride, EtafedrineHydrochloride, 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. Theseproducts were well accepted in India and also in markets across the worldToday, MulBerry Chemicals Pvt. Ltd has regular clients in USA, Europe , the Middle East and inSingapore/Malaysia.MulBerry Chemicals Pvt. Ltd assures all its overseas clients for the quality and timely delivery ofgoods produced and supplied.STRICT ADHERENCE TO QUALITY CONSISTENCY, REGULAR CHECKING OF FINISHED GOODS ANDCOMPLIANCE WITH THE BUYERS SCHEDULE HAS ENSURED THE CONTINUING CLIENTELE THATMulBerry Chemicals Pvt. Ltd. ENJOYS IN THE GLOBAL MARKET.Located within 2 hrs from the heart of the commercial capital of India - MUMBAI, MulBerryChemicals Pvt. Ltd. is in a position to procure raw material easily and supply quality finished productsat the most economical price and with the shortest lead time.*** Reproduction of any materials from the site is strictly forbidden without permission.Copyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 8. FIN ANCIAL REPOR T 2011COMBINED AND CONSOLIDATED INCOME STATEMENTFOR THE YEAR ENDED MARCH 31, 2011(in USD and in Millions)2011NET SALES 57 859COST OF SALES(27 353)GROSS PROFIT32 225SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (19 529)OTHER OPERATING INCOME, NET657NON-RECURRING OPERATING EXPENSES (35)OPERATING INCOME13 318NON-OPERATING EXPENSES:Interest expense (1 880)Foreign currency exchange loss(38)INCOME BEFORE INCOME TAX EXPENSE11 400Income tax expense (1 289)NET INCOME10 111Mulberry 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, theCompany 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 ofthe website or any other section of the website. Access to and use of the information on this website is at the users own risk. The Company assumes no responsibility for any errors or omissions in the content ofthis 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 thiswebsite.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 historicalfacts, included on this website regarding the Companys 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 helpidentify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Companys financial results and outlook, the continuedimplementation of the Companys strategic plan, the development of the Companys pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. Theseforward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Companys business and the biopharmaceuticaland 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 productcandidates; difficulties of expanding the Companys product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptancesufficient 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 futurereturns 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 moreeffective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Companys products; risks of maintaining protection for the Companys intellectual property; risks ofan adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factorsset 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 orexpectations disclosed in its forward-looking statements, and you should not place undue reliance on the Companys 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 Companys 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 updateCopyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 9. COMBINED AND CONSOLIDATED BALANCE SHEETAT MARCH 31, 2011(in USD and in Millions)ASSETS20112010NON-CURRENT ASSETS:Property, plant & equipment, net25 138 23 025Intangible assets, net11 537 11 226Total non-current assets36 675 34 251CURRENT ASSETS:Inventories9 9469 170ccounts receivable 20 385 15 562Receivables from related parties 9 6752 168Other receivables and prepaid expenses 5 4784 533Cash41130Total current assets45 525 31 563TOTAL ASSETS82 200 65 814LIABILITIES AND SHAREHOLDERS EQUITYSHAREHOLDERS EQUITY:Share capital11Retained earnings 48 114 35 444 Total shareholders equity 48 115 35 445MINORITY INTERESTS IN EQUITY OF SUBSIDIARIES - 207LONG-TERM LIABILITIES:Long-term borrowings7 2081 470Deferred taxation 2 6842 080Long-term portion of finance leases payable52 49 Total long-term liabilities9 9443 599CURRENT LIABILITIES:Short-term borrowings and current portion of long-term borrowings 11 238 14 706Accounts payable 4 7522 221Payables to related parties3 6787 310Other payables and accrued expenses4 2062 188Current portion of finance leases payable267138 Total current liabilities24 141 26 563TOTAL LIABILITIES AND SHAREHOLDERS EQUITY82 200 65 814Mulberry 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 theinformation 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 thiswebsite is at the users 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 thiswebsite 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 theCompanys 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-lookingstatements. 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 Companys financial results and outlook, the continued implementation of the Companys strategic plan, the development of the Companys pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) areforward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Companys business and the biopharmaceutical andspecialty 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 Companysproduct 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 formarketing; 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 obtainingfinancing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Companys products; risks of maintaining protection for the Companysintellectual 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 morefully 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, andyou should not place undue reliance on the Companys 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. TheCompanys 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.Copyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of any6materials from the site is strictly forbidden without permission. 10. COMBINED AND CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED MARCH 31, 2011(in USD and in Millions) 2011OPERATING ACTIVITIES:Income before income tax expense11 400Adjustments to reconcile net income to net cashused in operating activities:Depreciation and amortization3 063Loss on disposal of property, plant and equipment 57Provision for doubtful receivables 571Foreign currency exchange loss on financing and investing activities38Interest expense 1 880Operating cash flow before working capital changes17 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 payable2 703 Decrease in payables to related parties(178) Increase in other payables and accruals 2 736Cash flows from operations14 616Income taxes paid (950)Interest paid (2 521) Net cash inflow from operating activities11 145INVESTING 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, net1 275Repayment of borrowings to related parties, net(10 426)Net cash outflow from financing activities(9 151)Effect of currency translation on cash flows2 039NET DECREASE IN CASH (89)CASH, beginning of period130CASH, end of period 41Copyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 11. COMBINED AND CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEAR ENDED MARCH 31, 2011 (in USD and in Millions)Total Retained ShareholdersShare capitalEarningsEquity Balance at January 1, 2010 1 35 444 35 445 Net income-10 111 10 111 Currency translation- 2 5592 559 Balance at December 31, 2011 1 48 114 48 115Mulberry 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 Companyexpressly 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 websiteor any other section of the website. Access to and use of the information on this website is at the users own risk. The Company assumes no responsibility for any errors or omissions in the content of this websiteand 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 historicalfacts, included on this website regarding the Companys 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 helpidentify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, any statements regarding the Companys financial results and outlook, the continuedimplementation of the Companys strategic plan, the development of the Companys pipeline, the commencement of Phase 3 clinical trials for Puricase (pegloticase) are forward-looking statements. Theseforward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Companys business and the biopharmaceuticaland 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 productcandidates; difficulties of expanding the Companys product portfolio through in-licensing or acquisition; not being able to manufacture commercial quantities of our products; not gaining market acceptancesufficient 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 futurereturns 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 moreeffective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Companys products; risks of maintaining protection for the Companys intellectual property; risks ofan adverse determination in any future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries and other factorsset 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 orexpectations disclosed in its forward-looking statements, and you should not place undue reliance on the Companys 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 Companys 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 updateany forward-looking statements.Copyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission. 12. Located in Mumbai IndiaCopyright 2009 2012. Mulberry Chemicals (Pvt.) Limited (India) All Rights Reserved. API Manufacturers In India. * Trademark of TheMulberry Chemicals India (Mulberry Chemicals) or an affiliated company of MBC. Chemicals and APIS Manufacturers in India Chemicalsand Active Pharmaceuticals Ingredients). All transactions are being carried out in conformity with Patent Laws applicable in the user country.Responsibility pertained to Third Partys patent rights in a specific country lies exclusively with the buyer. Note: Reproduction of anymaterials from the site is strictly forbidden without permission.