X0202 4 2004-11-24 0 0000887708 CARACO PHARMACEUTICAL LABORATORIES LTD CPD 0001197089 SUN PHARMACEUTICAL INDUSTRIES LTD SPARC, TANDALJA VADODARA, GUJARAT K7 309 020 INDIA 0 0 1 0 0001197088 SUN PHARMA GLOBAL INC 0 0 1 0 0001249644 SHANGHVI DILIP S 1 1 1 0 Chairman of the Board Common Stock 8382666 D Common Stock 8486014 I See Footnote Series B. Preferred Stock 0 2004-11-24 4 J 0 544000 A 2007-11-24 Common Stock 544000 3808000 I See Footnote Series B. Preferred Stock 0 2004-12-06 4 J 0 544000 A 2007-12-06 Common Stock 544000 4352000 I See Footnote Series B. Preferred Stock 0 2005-01-25 4 J 0 544000 A 2008-01-25 Common Stock 544000 4896000 I See Footnote Series B. Preferred Stock 0 2005-03-05 4 J 0 544000 A 2008-03-05 Common Stock 544000 5444000 I See Footnote Series B. Preferred Stock 0 2005-03-22 4 J 0 544000 A 2008-03-22 Common Stock 544000 5984000 I See Footnote Series B. Preferred Stock 0 2005-05-02 4 J 0 544000 A 2008-05-02 Common Stock 544000 6528000 I See Footnote Series B. Preferred Stock 0 2005-07-11 4 J 0 544000 A 2008-07-11 Common Stock 544000 7072000 I See Footnote Series B. Preferred Stock 0 2005-07-14 4 J 0 544000 A 2008-07-14 Common Stock 544000 7616000 I See Footnote Series B. Preferred Stock 0 2005-08-25 4 J 0 544000 A 2008-08-25 Common Stock 544000 8160000 I See Footnote Series B. Preferred Stock 0 2005-10-27 4 J 0 544000 A 2008-10-27 Common Stock 544000 8704000 I See Footnote Series B. Preferred Stock 0 2005-12-31 4 J 0 544000 A 2008-12-31 Common Stock 544000 9248000 I See Footnote Series B. Preferred Stock 0 2006-01-12 4 J 0 544000 A 2009-01-12 Common Stock 544000 9792000 I See Footnote On January 25, 2005, Sun Pharmaceutical Industries Limited ("Sun") transferred 5,131,317 shares of Common Stock to its wholly-owned subsidiary, Sun Pharma Global, Inc. ("Sun Global"). These shares are owned directly by Sun. Dilip S. Shanghvi is the controlling shareholder of Sun. These shares are owned directly by Sun Global, which is a wholly-owned subsidiary of Sun. Dilip S. Shanghvi is the controlling shareholder of Sun. The Series B preferred shares are convertible into common stock after three years (or immediately upon a change in control) on a one-to-one basis. Sun Global earns 544,000 shares of Series B Preferred Stock for each technology transfer to Caraco of a generic drug by Sun Global when such drug passes its bioequivalency studies. In the event of the dissolution of Caraco, such shares have a preference equal to the value attributed to them on the dates on which they were earned as follows: 11-24-04 ($5.50 per share); 12-06-04 ($5.93 per share); 1-25-05 ($6.65 per share); 3-05-05 ($6.32 per share); 3-22-05 ($5.78 per share); 5-2-05 ($5.96 per share); 7-11-08 ($6.37 per share); 7-14-05 ($6.61 per share); 8-25-05 ($6.63 per share); 10-27-05 ($6.38 per share); 12-31-05 ($6.74 per share); and 1-12-06 ($7.38 per share). The shares of Series B Preferred Stock remain outstanding until such time as they are converted into Common Stock. /s/ Sudhir V. Valia, Director 2006-01-23 /s/ Sudhir V. Valia, Director 2006-01-23 /s/ Dilip S. Shanghi 2006-01-23