MIRA INFORM REPORT

Report Date :

06.09.2007

IDENTIFICATION DETAILS

Name :	HETERO SINGAPORE PTE. LTD.

Registered Office :	^{190 Middle Road, #14-06}^{, Fortune Centre, Singapore – 188979}

Country :	Singapore

Date of Incorporation :	^29/05/2002

Com. Reg. No.:	^200204587C

Legal Form :	^{Pte Ltd}

Line of Business :	Pharmaceutical Products

RATING & COMMENTS

MIRA’s Rating :

RATING	STATUS	PROPOSED CREDIT LINE
NR	In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

Status :

Undetermined

Subject Company

HETERO SINGAPORE PTE. LTD.

Line Of Business

PHARMACEUTICAL PRODUCTS

Parent Company

Financial Elements

Sales : -

Networth : -

Paid-Up Capital : S$292,436

Net result : -

Net Margin(%) : -

Return on Equity(%) : -

Leverage Ratio : -

COMPANY IDENTIFICATION

^{Subject Company: HETERO
SINGAPORE
PTE. LTD.}

^{Former Name: -}

^{Business Address: 190
MIDDLE ROAD}

^#14-06

^{FORTUNE CENTRE}

^{Town: SINGAPORE}

^{Postcode: 188979}

^{County: -}

^{Country: Singapore}

^{Telephone: 6338
8027}

^{Fax: Not Listed}

^{ROC Number: 200204587C}

^Reg.^Town^{:
-}

SUMMARY

^{All amounts in this report are in: SGD unless otherwise stated}

^{Legal Form: Pte
Ltd}

^{Date Inc.: 29/05/2002}

^{Previous Legal Form: -}

^{Summary year: -}

^{Sales: -}

^{Net Worth: -}

^{Capital: -}

^{Paid-Up Capital: 292,436}

^{Employees: Not
available}

^{Net result: -}

^{Share value: -}

^{Auditor: SHANKER
IYER & CO}

REFERENCES

^{Litigation: No}

^{Company status: TRADING}

^{Started: 29/05/2002}

PRINCIPAL(S)

^{SISHTLA RAMAKRISHNAN S2685438E Director}

DIRECTOR(S)

^{CHENG LIAN SIANG S1519832Z Company Secretary}

^{Appointed on: 02/09/2002}

^{Street: 7
SIN MING WALK}

^#20-17

^{THE GARDENS AT BISHAN}

^{Town: SINGAPORE}

^{Postcode: 575577}

^{Country: Singapore}

^{SISHTLA RAMAKRISHNAN S2685438E Director}

^{Appointed on: 29/05/2002}

^{Street: 53 TAMPINES AVENUE
1}

^#14-04

^{THE TROPICA}

^{Town: SINGAPORE}

^{Postcode: 529772}

^{Country: Singapore}

^{SISTLA PRABHAVATHI S2687282J Director}

^{Appointed on: 29/05/2002}

^{Street: 53 TAMPINES AVENUE
1}

^#14-04

^{THE TROPICA}

^{Town: SINGAPORE}

^{Postcode: 529772}

^{Country: Singapore}

^{SRINIVAS REDDY MALE Z1249759 Director}

^{Appointed on: 02/09/2002}

^{Street: PLOT
NO. 933 VIVEKANAND}

^{NAGAR, KUKAT PALLY
R.R.}

^{DIST HYDERABAD ANDHRA}

^{Town: PRADESH IND}

^{Postcode: -}

^{Country: India}

ACTIVITY(IES)

^{IMPORTERS And EXPORTERS Code:11760}

^{BASED ON ACRA'S RECORD AS AT
03/09/2007}

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS)}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

No Banker Information In Our Database

SHAREHOLDERS(S)

^{SISHTLA RAMAKRISHNAN 138,735
Private Person}

^{Street: 53 TAMPINES AVENUE
1}

^#14-04

^{THE TROPICA}

^{Town: SINGAPORE}

^{Postcode: 529772}

^{Country: Singapore}

^{SISTLA PRABHAVATHI 1 Private Person}

^{Street: 53 TAMPINES AVENUE
1}

^#14-04

^{THE TROPICA}

^{Town: SINGAPORE}

^{Postcode: 529772}

^{Country: Singapore}

^{HETERO DRUGS LIMITED 76,850 Company}

^{Street: H.
NO 8-3-166/7/1 HETERO HOUSE}

^ERRAGADDA

^{Town: HYDERABAD}

^{Postcode: 500018}

^{Country: India}

^{HETERO LABS LIMITED 76,850 Company}

^{Street: H
NO 8-3-166/1&2 CHALLA ESTATE}

^ERRAGADDA

^{Town: HYDERBAD}

^{Postcode: 500018}

^{Country: India}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality: AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : UNKNOWN}

^{Trend : UNKNOWN}

^{Financial Situation: UNKNOWN}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL COMMENTS

^{NO FINANCIAL STATEMENTS ARE AVAILABLE AT THE
TIME OFTHIS REPORT. IN REPLACEMENT, ADVERSE CHECK IS CONDUCTED ON ITS LOCAL
DIRECTORS.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE
ON} ^{29/05/2002
AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER THE} ^{PRESENT
NAMESTYLE OF "HETERO SINGAPORE
PTE. LTD.".}

^{AS AT 03/09/2007, THE COMPANY HAS AN ISSUED
AND PAID-UP CAPITAL OF} ^{292,436 SHARES, OF A VALUE OF S$292,436.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND
CORPORATE REGULATORY} ^{AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS)}

^{FROM THE RESEARCH DONE, SUBJECT IS LISTED ON
THE LOCAL DIRECTORIES} ^{UNDER PHARMACEUTICAL PRODUCTS-WHOLESALE & MANUFACTURERS.}

^{ACCORDING TO THE TELE-INTERVIEW CONDUCTED ON
05/09/2007, THE} ^{FOLLOWING
INFORMATION WAS GATHERED:}

^{SUBJECT'S PERSONNEL CONFIRMED THE BUSINESS
ADDRESS AND CONTACT} ^{NUMBERS OF THE COMPANY, BUT DECLINED TO PROVIDE MORE INFORMATION,} ^{HENCE NO OTHER TRADE INFORMATION WAS MADE AVAILABLE VIA THE} ^{TELE-INTERVIEW.}

^{REGISTERED AND BUSINESS ADDRESS:}

^{190 MIDDLE ROAD}

^#14-06

^{FORTUNE CENTRE}

^SINGAPORE¹⁸⁸⁹⁷⁹

^{DATE OF CHANGE OF ADDRESS: 04/06/2007}

^{YOUR PROVIDED ADDRESS:}

^{19 LOYANG WAY}

^#02-03

^SINGAPORE⁵⁰⁸⁷²⁴

^{--PREVIOUS PREMISE, AS CONFIRMED VIA THE
TELE-INTERVIEW}

^WEBSITE:

^NIL

^EMAIL:

^{ramakrishna@hetero.com.sg (AS PROVIDED BY
SBJECT'S PERSONNEL)}

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THIS REPORT ARE:}

^{1) SISHTLA RAMAKRISHNAN, A SINGAPORE
PERMANENT RESIDENT}

^{- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN
OUR DATABASE:}

^{ATC PHARMA PTE. LTD.}

^{2) SISTLA PRABHAVATHI, A SINGAPORE
PERMANENT RESIDENT}

^{- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN
OUR DATABASE.}

^{3) SRINIVAS REDDY MALE, AN INDIAN}

^{- BASED IN INDIA.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME: SISHTLA RAMAKRISHNAN}

^{ADVERSE REPORT AGAINST DIRECTOR: NOT
AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$14,400}

^{CO-OWNER (S): SISTLA PRABHAVATHI}

^{DIRECTOR'S NAME: SISTLA PRABHAVATHI}

^{ADVERSE REPORT AGAINST DIRECTOR: NOT
AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: OWNS 1}

^{ANNUAL VALUE: S$14,400}

^{CO-OWNER (S): SISHTLA RAMAKRISHNAN}

^{*ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT
THE PROPERTY CAN FETCH IFIT WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN
THE SAME MANNER} ^{REGARDLESS
OF WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR} ^VACANT.

SINGAPORE’S COUNTRY RATING 2007

^{INVESTMENT GRADE}

^{IN SINGAPORE, THE POLITICAL SITUATION
REMAINS STABLE.}

^SINGAPORE^{BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM} ^{FACILITATING DEBT COLLECTION AND TO A
HIGH DEGREE OF FINANCIAL TRANSPARENCY.}

^{EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY
IN SURPLUS, CONTRIBUTED TO THE} ^{DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO
REPATRIATION OF} ^{PROFITS FROM SINGAPORE INVESTMENTS. THE
FINANCIAL AND TOURISM SECTORS HAVE ALSO} ^{CONTRIBUTED TO THE LARGE
CURRENT ACCOUNT SURPLUS.}

^SINGAPORE^{CONTINUES TO KEENLY WELCOME FOREIGN
INVESTMENT AND OFFERS A VERY OPEN} ^{AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN
IMPLEMENTING} ^{AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED
PARTICULARLY ON THE CHEMICALS AND} ^{PHARMACEUTICAL SECTORS.}

^{THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT
TO DEVELOP PRIORITY SECTORS} ^{(ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE
THE GROWTH OF} ^{HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN} ^{INVESTORS
INTERESTED IN ASIA.}

^{CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES)
ARE HOWEVER ONLY PARTIALLY} ^{OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP,
BUT THE} ^{PROGRESS IS SLOW.} ^{AFTER HIGH GROWTH IN 2006,
BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD} ^{CONSUMPTION, A
SLOWDOWN IS EXPECTED IN 2007.}

^ASSETS

^{" MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING}

^COMPANY.

^{" HIGH QUALITY COMPETITIVENESS IN ASIA}

^{" EXCELLENT BUSINESS CLIMATE}

^{" POLITICAL STABILITY.}

^WEAKNESSES

^{" SKILLED MANPOWER HAS BEEN LACKING IN
THE SECTORS TARGETED FOR DEVELOPMENT.}

^{" AN AGEING POPULATION COULD,
ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.}

^{" GROWING INEQUALITY AND THE EMERGENCE
OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST}

^{SKILLED COULD GENERATE
SOCIAL TENSIONS.}

^{" BEING THE WORLD'S MOST OPEN ECONOMY,
IT HAS BEEN VULNERABLE TO WORLD ECONOMIC}

^DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions