MIRA INFORM REPORT

Report Date :

18.08.2012

IDENTIFICATION DETAILS

Name :	HETERO LABS LIMITED (W.e.f. 30.05.1997)
Formerly Known As :	PHARMASIA LABORATORIES PRIVATE LIMITED
Registered Office :	7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, Hyderabad – 500018, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.03.1989
Com. Reg. No.:	01-009723
Capital Investment / Paid-up Capital :	Rs. 13.320 Millions
CIN No.: [Company Identification No.]	U24110AP1989PLC009723
TAN No.: [Tax Deduction & Collection Account No.]	HYDP00777A
PAN No.: [Permanent Account No.]	AAACH5506R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Pentoprazole Sodium.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (74)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 32370000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A+ (Long Term)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	April 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Corporate Office :	7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, Hyderabad- 500 018, Andhra Pradesh, India
Tel. No.:	91-40-23704923/ 24/ 25/ 26 / 23707171 / 7272 / 7744
Fax No.:	91-40-23704926/ 23714250
E-Mail :	contact@heterodrugs.com ramu@heterodrugs.com vasucs@heterodrugs.com
Website :	http://www.heterodrugs.com
Area :	3000 Sq. ft
Location :	Owned
Factory 1 :	Survey No 10, IDA, Gaddapotharam, Khazapally Village, Jinnaram Mandal, Medak District, Andhra Pradesh, India
Tel. No.:	91-8459-277100
Factory 2 :	Kazipally Village, Medak District, Andhra Pradesh, India
Regional Office:	‘Hetero Drugs Limited’ 607/608, 6^th Floor, Matharu Arcade, Subhash Road, Ville Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-56910809
Branch Office :	Plot No. 2, N Narsapuram Village, Nakkapally Mandal, District Visakhapatnam, Hyderabad-531081, Andhra Pradesh, India

DIRECTORS

AS ON 02.09.2010

Name :	Dr. Bandi Partha Saradhi Reddy
Designation :	Director
Address :	Plot No. 389, Road No. 22/B, Jublihills Chequepost, Madhapoor Road, Hyderabad – 500038, Andhra Pradesh, India
Date of Birth/Age :	06.03.1954
Date of Appointment :	05.12.1996
DIN No.:	00015899

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65993AP1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Director	12-03-93	12-03-93	-	Active	NO
2	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Managing director	01-04-08	07-04-93	-	Active	NO
3	U24110AP1989PLC009723	HETERO LABS LIMITED	Director	05-12-96	05-12-96	-	Active	NO
4	U72200AP1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12-06-97	12-06-97	-	Active	NO
5	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	01-04-00	01-04-00	-	Active	NO
6	U24231AP1998PLC029961	SYMED LABS LIMITED	Director	31-03-09	10-08-00	-	Active	NO
7	U24239AP1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	18-04-01	18-04-01	-	Active	NO
8	U24239AP2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	16-12-02	16-12-02	21-04-11	Active	NO
9	U24239AP2004PLC043684	HETERO BIOTECH LIMITED	Director	19-07-04	19-07-04	29-06-11	Active	NO
10	U24239AP2004PTC044633	INVAGEN PHARMACEUTICALS PRIVATE LIMITED	Director	17-11-04	17-11-04	-	Active	NO
11	U24230AP2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29-11-04	29-11-04	30-08-11	Active	NO
12	U24239AP2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16-06-05	16-06-05	01-12-10	Active	NO
13	U70102AP2005PTC048210	HETSYM ESTATES AND REALTORS PRIVATE LIMITED	Director	29-11-05	29-11-05	-	Active	NO
14	U45200AP2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	31-03-06	31-03-06	-	Active	NO
15	U73100AP2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
16	U24239AP1996PLC025371	GENX PHARMA LIMITED	Director	26-09-07	26-07-07	-	Active	NO
17	U72900AP2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10-08-07	10-08-07	-	Active	NO
18	U45400AP2007PTC055329	SAI SPURTHI LAND VENTURES PRIVATE LIMITED	Director	30-08-07	30-08-07	-	Active	NO
19	U01119AP2007PTC055326	SRI SANKARANATH AGRITECH PRIVATE LIMITED	Director	30-08-07	30-08-07	-	Active	NO
20	U45400AP2007PTC055324	SRI AYYAPPA LAND HOLDINGS PRIVATE LIMITED	Director	30-08-07	30-08-07	-	Active	NO
21	U45200AP2007PTC055523	SRI LORD VENKATESWARA LAND HOLDINGS PRIVATE LIMITED	Director	14-09-07	14-09-07	-	Active	NO
22	U01119AP2007PTC055650	RAJESWARI AGRO CHEMICALS PRIVATE LIMITED	Director	22-09-07	22-09-07	-	Active	NO
23	U72200AP2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15-10-07	15-10-07	-	Active	NO
24	U74999AP2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25-10-07	25-10-07	-	Active	NO
25	U72200AP2008PTC057903	SRI SHIVA SHANKAR SOFT SERVICES PRIVATE LIMITED	Director	28-02-08	28-02-08	-	Active	NO
26	U70102AP2008PTC057902	SHREE SHIVA SINDHU REAL ESTATES PRIVATE LIMITED	Director	28-02-08	28-02-08	-	Active	NO
27	U01119AP2008PTC057982	LAKSHMI PRASANNA AGRI PRODUCTS PRIVATE LIMITED	Director	05-03-08	05-03-08	-	Active	NO
28	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	06-03-08	06-03-08	-	Active	NO
29	U24299AP2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06-03-08	06-03-08	29-06-11	Active	NO
30	U24110AP2008PTC058116	SYMED CHEMICALS PRIVATE LIMITED	Director	11-03-08	11-03-08	-	Active	NO
31	U73100AP2008PTC058109	HETSYM BIO CHEMICALS PRIVATE LIMITED	Director	11-03-08	11-03-08	-	Active	NO
32	U70102AP2008PTC058106	SRI SHAKTI SWAROOPINI REALTORS PRIVATE LIMITED	Director	11-03-08	11-03-08	-	Active	NO
33	U45209AP2008PTC059000	SREE SAI KHYATHI INFRA VENTURES PRIVATE LIMITED	Director	05-05-08	05-05-08	-	Active	NO
34	U45200AP2008PTC059007	SHREE SAI LOK AVENUES PRIVATE LIMITED	Director	06-05-08	06-05-08	-	Active	NO
35	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24-09-09	01-10-08	-	Active	NO
36	U24230AP1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PRIVATE LIMITED	Director	19-08-10	12-11-09	-	Active	NO
37	U40100AP2010PLC071837	HETERO WIND POWER LIMITED	Director	23-12-10	23-12-10	-	Active	NO
38	U24232AP2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04-05-11	04-05-11	-	Active	NO
39	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21-11-11	21-11-11	-	Active	NO

Name :	Mr. Male Srinivas Reddy
Designation :	Director
Address :	Plot No.933, Vivrkanandnagar, Kukatpally, Hyderabad- 500 072, Andhra Pradesh, India
Date of Birth/Age :	02.02.1973
Date of Appointment :	01.08.2008
DIN No.:	00016085

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45200AP1995PTC021532	VIPASSANA CONSTRUCTIONS PRIVATE LIMITED	Director	01-04-97	01-04-97	-	Active	NO
2	U24239AP1996PLC025371	GENX PHARMA LIMITED	Director	31-07-08	28-10-99	-	Active	NO
3	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Director	29-09-11	01-04-01	-	Active	NO
4	U65993AP1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Director	01-11-01	01-11-01	-	Active	NO
5	U24239AP1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	01-04-02	01-04-02	29-06-11	Active	NO
6	U24239AP2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	16-12-02	16-12-02	29-06-11	Active	NO
7	U24239AP2004PLC043684	HETERO BIOTECH LIMITED	Director	19-07-04	19-07-04	01-12-10	Active	NO
8	U85110AP1989PTC010293	HYDERABAD HOSPITALS PRIVATE LIMITED	Director	29-09-04	29-09-04	-	Active	NO
9	U24230AP2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29-11-04	29-11-04	-	Active	NO
10	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24-03-06	24-03-06	-	Active	NO
11	U73100AP2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
12	U24231AP1998PLC029961	SYMED LABS LIMITED	Director	06-09-07	11-07-07	-	Active	NO
13	U72900AP2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10-08-07	10-08-07	29-06-11	Active	NO
14	U72200AP2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15-10-07	15-10-07	-	Active	NO
15	U74999AP2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25-10-07	25-10-07	-	Active	NO
16	U24299AP2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06-03-08	06-03-08	21-04-11	Active	NO
17	U45200AP2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	18-09-08	01-08-08	-	Active	NO
18	U24110AP1989PLC009723	HETERO LABS LIMITED	Director	25-09-08	01-08-08	-	Active	NO
19	U24230AP1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	Director	01-08-08	01-08-08	-	Active	NO
20	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	26-08-10	12-11-09	-	Active	NO
21	U72200AP1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12-11-09	12-11-09	-	Active	NO
22	U21023AP2007PTC054088	CHEMI PACK (INDIA) PRIVATE LIMITED	Director	19-08-10	19-11-09	-	Active	NO
23	U40100AP2010PLC071837	HETERO WIND POWER LIMITED	Director	23-12-10	23-12-10	-	Active	NO
24	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	07-04-11	07-04-11	-	Active	NO
25	U24232AP2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04-05-11	04-05-11	-	Active	NO
26	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21-11-11	21-11-11	-	Active	NO

Name :	Mr. Vamsi Krishna Bandi
Designation :	Director
Address :	Plot No.389, Road No.22/B, Jubilee Hills, Check-Post, Hyderabad-500 033, Andhra Pradesh, India
Date of Birth/Age :	31.07.1983
Date of Appointment :	10.04.2008
DIN No.:	01014619

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230AP2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29-11-04	29-11-04	-	Active	NO
2	U73100AP2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05-01-07	05-01-07	-	Active	NO
3	U24239AP1996PLC025371	GENX PHARMA LIMITED	Director	26-09-07	26-07-07	-	Active	NO
4	U72200AP2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15-10-07	15-10-07	-	Active	NO
5	U74999AP2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25-10-07	25-10-07	-	Active	NO
6	U24299AP2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06-03-08	06-03-08	-	Active	NO
7	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	29-09-11	10-04-08	-	Active	NO
8	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	25-09-08	10-04-08	-	Active	NO
9	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Director	25-09-08	10-04-08	-	Active	NO
10	U24231AP1998PLC029961	SYMED LABS LIMITED	Whole-time director	01-04-09	10-04-08	-	Active	NO
11	U65993AP1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Additional director	10-04-08	10-04-08	-	Active	NO
12	U24110AP1989PLC009723	HETERO LABS LIMITED	Whole-time director	01-05-11	10-04-08	-	Active	NO
13	U24239AP1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	19-08-10	12-11-09	29-06-11	Active	NO
14	U24239AP2004PLC043684	HETERO BIOTECH LIMITED	Director	19-08-10	12-11-09	29-06-11	Active	NO
15	U72900AP2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	30-09-10	12-11-09	21-04-11	Active	NO
16	U24230AP1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	Director	19-08-10	12-11-09	-	Active	NO
17	U72200AP1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12-11-09	12-11-09	-	Active	NO
18	U21023AP2007PTC054088	CHEMI PACK (INDIA) PRIVATE LIMITED	Director	19-08-10	19-11-09	-	Active	NO
19	U45200AP2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	23-09-10	02-08-10	-	Active	NO
20	U40100AP2010PLC071837	HETERO WIND POWER LIMITED	Director	23-12-10	23-12-10	-	Active	NO
21	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	07-04-11	07-04-11	-	Active	NO
22	U24232AP2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04-05-11	04-05-11	-	Active	NO
23	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21-11-11	21-11-11	-	Active	NO

Name :	Mr. Attunri Venkata Narasa Reddy
Designation :	Whole Time Director
Address :	H. No. 8-3-678/61, Pragathi Nagar colony, Yosufguda, Hyderabad – 500018, Andhra Pradesh, India
Date of Birth/Age :	21.12.1963
Date of Appointment :	11.03.1999
DIN No.:	00023432

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Director	28-01-99	28-01-99	-	Active	NO
2	U24110AP1989PLC009723	HETERO LABS LIMITED	Whole-time director	01-04-09	11-03-99	-	Active	NO
3	U24239AP2004PLC043684	HETERO BIOTECH LIMITED	Director	19-07-04	19-07-04	-	Active	NO
4	U24239AP2004PTC044633	INVAGEN PHARMACEUTICALS PRIVATE LIMITED	Director	17-11-04	17-11-04	-	Active	NO
5	U24239AP2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16-06-05	16-06-05	-	Active	NO
6	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24-03-06	24-03-06	25-09-08	Active	NO
7	U72900AP2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10-08-07	10-08-07	30-09-10	Active	NO

Name :	Mr. Chilukuri Mohan Reddy
Designation :	Whole Time Director
Address :	Plot No.54, Green Avenue, Nizampet Road, Nizampet, Hyderabad – 500000, Andhra Pradesh, India
Date of Birth/Age :	02.01.1969
Date of Appointment :	18.11.1999
DIN No.:	00208921

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 02.09.2010

Names of Shareholders	No. of Shares
B. Partha Saradhi Reddy	429760
B. Kalavathi	353640
M. Krishna Sinduri	150000
B. Vamsi Krishna	398000
M. Srinivas Reddy	200
B. Srinivas Reddy	200
B. Soma Kantham	200
Total	1332000

AS ON 02.09.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Pentoprazole Sodium.

Products :

Production Description	ITC Code No
Bulk Drugs and Drug Intermediates	294110
Pharmaceuticals Formulation	300410

GENERAL INFORMATION

No. of Employees :

20 (Approximately)

Bankers :

· Export-Import Bank of India, Centre One Building, 21 floor, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India  

· Andhra Bank, Specialised Corporate Finance Branch, Padmaja land Mark, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

· Bank of India, PTI Building, Khairatabad Branch, Hyderabad, Andhra Pradesh, India

· State Bank of Hyderabad, Sanath Nagar Branch, Industrial Estate, Sanathnagar, Hyderabad – 500018, Andhra Pradesh, India

· Bank of Bahrain and Kuwait BBC, 6-3-550, Somajiguda Hyderabad – 500082, Andhra Pradesh, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans secured
Rupee term loans banks secured	1359.707	324.775
Foreign currency loans secured
Foreign currency loans banks secured	850.532	0.000
Working capital loans secured
Working capital loans banks secured	4561.883	3091.241
Total	6772.122	3416.016
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	0.556	502.760
Foreign currency loans unsecured
Foreign currency loans banks unsecured	929.556	143.953
Total	930.112	646.713

Banking Relations :	--
Auditors :
Name :	M. V. Narayana Reddy and Company Chartered Accountants
Address :	D. No. 8-3-941, Flat No. 504, Vijayasree Apartments, Opposite Kamma Sangham, Ameerpet, Hyderabad – 500073 Andhra Pradesh, India
Tel No.:	91-40-23743975 / 23744448
Pan No.:	AADFM4830F
Associates :	· Hetero Drugs Limited · Cirex Pharmaceuticals Limited · Genx Pharma Limited · Hetero Health care Limited · Symed Labs Limited · Chemi Pack (India) Private Limited · Hetero Med Solutions Limited · Invagen Pharmaceuticals Inc. · Hetero Singapore Pte Limited · Hetero Infrastructure SEZ Limited · Hetero (Thailand) Limited · Clinse Labs Private Limited · Akar International · Pharmed Healthcare Company SAE · Hetmak FZCO · Hetero USA Inc · Hetero Wind Power Limited
Subsidiaries :	· Hetero FZCO

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1332000	Equity Shares	Rs.10/- each	Rs.13.320 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		13.320	13.320	13.320
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8079.636	6241.891	3366.727
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8092.956	6255.211	3380.047
LOAN FUNDS
1] Secured Loans		6772.122	3416.016	3057.769
2] Unsecured Loans		930.112	646.713	0.000
TOTAL BORROWING		7702.234	4062.729	3057.769
DEFERRED TAX LIABILITIES		465.685	298.840	182.757
TOTAL		16260.875	10616.780	6620.573
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5022.172	3060.538	3061.503
Capital work-in-progress		3333.011	2047.930	0.000
INVESTMENT		372.062	442.380	372.518
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6346.062	2981.043	1457.089
	Sundry Debtors	2989.745	3439.909	1855.413
	Cash & Bank Balances	206.154	156.050	46.895
	Other Current Assets	257.056	23.888	0.000
	Loans & Advances	1424.024	926.488	864.855
Total Current Assets		11223.041	7527.378	4224.252
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3140.596	2038.464	722.534
	Other Current Liabilities	442.895	401.280	233.308
	Provisions	105.920	21.702	81.858
Total Current Liabilities		3689.411	2461.446	1037.700
Net Current Assets		7533.630	5065.932	3186.552
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16260.875	10616.780	6620.573

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	15253.977	13349.954	6585.757
		Other Income	247.813	148.466	180.671
		TOTAL (A)	15501.790	13498.420	6766.428
Less	EXPENSES
		Raw Material Consumed	10529.660	7371.706	4413.468
		Manufacturing Expenses	908.567	678.309	405.911
		Payments and Benefits to employee	504.695	360.455	260.723
		Administrative and Selling Expenses	481.002	814.120	243.909
		Research and Development Expenditure	72.374	59.836	0.000
		TOTAL (B)	12496.298	9284.426	5324.011
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3005.492	4213.994	1442.417
Less	FINANCIAL EXPENSES (D)		364.896	261.132	252.414
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2640.596	3952.862	1190.003
Less/ Add	DEPRECIATION/ AMORTISATION (F)		193.657	127.834	92.561
	PROFIT BEFORE TAX (E-F) (G)		2446.939	3825.028	1097.442
Less	TAX (H)		581.233	934.333	259.094
	PROFIT AFTER TAX (G-H) (I)		1865.706	2890.695	838.348
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31.891	36.727	20.067
Less	APPROPRIATIONS
		Transfer to General Reserve	1800.000	2880.000	810.000
		Dividend and Tax	30.962	15.531	11.688
	BALANCE CARRIED TO THE B/S		66.635	31.891	36.727
	EXPORT VALUE		2510.578	5079.964	1556.248
	IMPORTS
		Raw Materials	4619.259	3669.017	1382.318
		Capital Goods	0.000	371.765	122.431
	TOTAL IMPORTS		4619.259	4040.782	1504.749
	Earnings Per Share (Rs.)		1400.68	2170.00	629.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	12.04	21.42	12.39
Net Profit Margin (PBT/Sales)	(%)	16.04	28.65	16.66
Return on Total Assets (PBT/Total Assets}	(%)	15.06	36.13	15.06
Return on Investment (ROI) (PBT/Networth)		0.30	0.61	0.32
Debt Equity Ratio (Total Liability/Networth)		1.47	1.09	0.16
Current Ratio (Current Asset/Current Liability)		3.04	3.06	4.07

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) PAN of Proprietor/Partner/Director, if available	No
32) Date of Birth of Proprietor/Partner/Director, if available	Yes
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	Yes

NOTE:

The Registered office of the company has been shifted from Hetero House, 8-3-166/7/1, Erragadda, Hyderabad-500018, Andhra Pradesh, India to the present address w.e.f. 15.06.2006.

REVIEW OF PERFORMANCE:

During the year, the Company's net turnover crossed the Rs 15000.000 Millions mark for the first time in the company's history. Total revenue for the fiscal year 2010-11 is Rs 15501.790 Millions thereby registering a growth of 15% over the previous year. The company’s exports stood at Rs 2520.229 Millions (Previous year Rs 4866.600 Millions).

The company has earned a net profit of Rs 1865.710 Millions after providing for Taxes of Rs 581.232 Millions during the year, as against a net profit of Rs 2890.695 Millions in the previous year after providing for Taxes of Rs 934.333 Millions. The key Contributor to the improved performance in 2009-10 is on account sales of Oseltamivir Phosphate which had higher margin of profit.

The company's formulations business increased to Rs 3938.798 Millions during the fiscal, compared to Rs 3267.544 Millions during 2009-10. Formulations revenues were higher by 20.54% over the previous year

The company's Bulk drug business increased to Rs 11467.808 Millions during the fiscal, compared to Rs 10185.468 Millions during 2009-10. Bulk Drug revenues were higher by 12.59% over the previous year

FORM 8

Corporate identity number of the company	U24110AP1989PLC009723
Name of the company	HETERO LABS LIMITED
Address of the registered office or of the principal place of business in India of the company	Hetero House, H. No. 8-3-166 / 7 / 1, Erragadda, Hyderabad - 500 018, Andhra Pradesh, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge Others
Particular of charge holder	Andhra Bank, Specialised Corporate Finance Branch, Padmaja land Mark, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India
Nature of instrument creating charge	Joint deed of Hypothecation dated 18th January, 2012 Working Capital Consortium Agreement dated 18th January, 2012
Date of instrument Creating the charge	18.01.2012
Amount secured by the charge	Rs. 13201.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest OCC - Base Rate + 2.25% = 13.00% p.a. Andhra Bank OCC - Base Rate + 2.75% = 13.25% p.a. Bank of India OCC - Base Rate + 2.50% = 13.25% p.a. State Bank of Hyderabad Terms of repayment On Demand Margin As agreed on each limit individually Extent and operation of the charge Pari Passu First Charge on all Current Assets of the Company
Short particulars of the property charged (Including location of the property)	Book debts and All movable properties laid at companies various units located in Khajipally, Nakkapally and Baddi
Charge identification number of the charge to be modified	10089092
Date of instrument modifying the charge	16.12.2010
Particulars of the present modification	Enhanced Limits of Consortium Bankers Rs 13201.900 Millions Rs in Millions AB B.O.I S.B.H TOTAL Funded 3564.000 1487.500 990.000 6041.500 Non-Funded 4406.400 1530.000 1224.000 7160.400 ----------- --------- ---------- ------------ 7970.400 3017.500 2214.000 13201.900

CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2011):

(Rs. In Millions)

Particulars	2010-11	2009-10
a) Bank Guarantees	41.041	41.131
b) Letters of Credit	1746.681	2091.383
Corporate Guarantees	5.000	3.000

FIXED ASSETS:

v Land and Site Development

v Factory Building

v Electrical Equipment

v R and D Equipment

v ETP Machinery

v Furniture and Fixture

v Office Equipments

v Vehicles

v Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		74

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%)

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	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
-	NB	New Business	-

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.