PRE & POST MERGER ANALYSIS OF

MATRIX LABORATORIES LTD

&
VORIN LABORATORIES LTD
 MATRIX LABORATORIES LIMITED

1. MATRIX LABORATORIES LIMITED was incorporated as a private limited

company on November 29, 1984.

2. It is the manufacture of bulk drugs.

3. The company commenced its commercial production in October, 1989 with an

installed capacity of 72 TPA and has increased its capacity to 252 TPA in Sept, 1993.

4. It was producing Ibuprofen, Sulphamethoxazole (SMX), Norfloxacin, Pefloxacin

and other form of drugs.

5. This is the flagship company of the Herren Group, founded by Mr. Sarat Gopal.

6. It was received approval from US Food and Drug Administrations for fluconazole.
 VORIN LABORATORIES LIMITED
1. VORIN LABORATORIES LIMITED was originally incorporated as a Private Limited
Company on 21st August, 1987.

2. It is the manufacturer of bulk drugs called Ibuprofen.

3. It was converted into a Public Limited Company on 22nd April,1992.

4. The Registered Office of the Company is at Srikrishnadevarayanagar, Yellareddyguda,

Hyderabad.

5. The installed capacity of the Company is 120 MTs of Ibuprofen per annum.

6. The existing facilities were also used partially to manufacture Norfloxacin from
March, 1992 and Ciprofloxacin during 1992-93.
 SCHEME OF MERGER

A brief summary of scheme of merger has been presented as follows.

Effective Date of Merger 21st September 2002

Year of Merger 2002-03

Industry Acquiring company: Pharmaceuticals

Acquired company: Pharmaceuticals

Type of Merger Concentric Mergers

Business Group Herren Group and Ranbaxy Group

Exchange Ratio 2:13

The MLL will issue two equity shares of MLL of Rupees 10 each for every 13 equity shares
held in VLL.

No. of shares issued 22,50,000 equity shares at Rupees1500 per share aggregating to Rupees 3375 Mn.