MIRA INFORM REPORT

Report Date :

06.07.2012

IDENTIFICATION DETAILS

Name :	HETERO DRUGS LIMITED (w.e.f. 01.05.1996)
Formerly Known As :	HETERO DRUGS PRIVATE LIMITED
Registered Office :	7-2-A2, Hetero Corporate Industrial Estate, Sanath Nagar, Hyderabad – 500 018, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.04.1993
Com. Reg. No.:	01-015582
Capital Investment / Paid-up Capital :	Rs. 34.500 Millions
CIN No.: [Company Identification No.]	U24230AP1993PLC015582
TAN No.: [Tax Deduction & Collection Account No.]	MYDH00393B/ HYDH00393B
PAN No.: [Permanent Account No.]	AAACH5071K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Active Pharmaceutical Ingredients, Intermediate Chemicals and Finished Dosages.
No. of Employees :	5000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (67)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 26000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having good track. Financial position of the company appears to be sound. Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2011

Country Name	Previous Rating (30.09.2011)	Current Rating (31.12.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	7-2-A2, Hetero Corporate Industrial Estate, Sanath Nagar, Hyderabad – 500 018, Andhra Pradesh, India
Tel. No.:	91-40-23704923 / 24 / 25 / 26 / 27 / 28 / 23707171 / 7272 / 7744
Fax No.:	91-40-23714250 / 23704926
E-Mail :	ramanjaneyulu.k@heterodrugs.com contact@heterodrugs.com info@heterodrugs.com ramu@heterodrugs.com
Website :	http://www.heterodrugs.com
Area :	3000 Sq. ft
Location :	Owned

DIRECTORS

AS ON 29.09.2011

Name :

Dr. Bandi Partha Saradhi Reddy

Designation :

Chairman and Managing Director

Address :

Plot 389, Road No. 22/ B, Jubilee Hills Check Post, Madhapur Road, Hyderabad, Andhra Pradesh, India

Date of Birth/Age :

06.03.1954

Qualification :

M.Sc, Phd

Date of Appointment :

07.04.1993

DIN No.:

00015899

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993AP1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Director	12/03/1993	12/03/1993	-	Active	NO
2	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Managing director	01/04/2008	07/04/1993	-	Active	NO
3	U24110AP1989PLC009723	HETERO LABS LIMITED	Managing director	01/11/2011	05/12/1996	-	Active	NO
4	U72200AP1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/06/1997	12/06/1997	-	Active	NO
5	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
6	U24231AP1998PLC029961	SYMED LABS LIMITED	Director	31/03/2009	10/08/2000	-	Active	NO
7	U24239AP1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	18/04/2001	18/04/2001	-	Active	NO
8	U24239AP2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	16/12/2002	16/12/2002	21/04/2011	Active	NO
9	U24239AP2004PLC043684	HETERO BIOTECH LIMITED	Director	19/07/2004	19/07/2004	29/06/2011	Active	NO
10	U24239AP2004PTC044633	INVAGEN PHARMACEUTICALS PRIVATE LIMITED	Director	17/11/2004	17/11/2004	-	Active	NO
11	U24230AP2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29/11/2004	29/11/2004	30/08/2011	Active	NO
12	U24239AP2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16/06/2005	16/06/2005	01/12/2010	Active	NO
13	U70102AP2005PTC048210	HETSYM ESTATES AND REALTORS PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
14	U45200AP2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
15	U73100AP2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
16	U24239AP1996PLC025371	GENX PHARMA LIMITED	Director	26/09/2007	26/07/2007	-	Active	NO
17	U72900AP2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
18	U45400AP2007PTC055329	SAI SPURTHI LAND VENTURES PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
19	U01119AP2007PTC055326	SRI SANKARANATH AGRITECH PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
20	U45400AP2007PTC055324	SRI AYYAPPA LAND HOLDINGS PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
21	U45200AP2007PTC055523	SRI LORD VENKATESWARA LAND HOLDINGS PRIVATE LIMITED	Director	14/09/2007	14/09/2007	-	Active	NO
22	U01119AP2007PTC055650	RAJESWARI AGRO CHEMICALS PRIVATE LIMITED	Director	22/09/2007	22/09/2007	-	Active	NO
23	U72200AP2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
24	U74999AP2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25/10/2007	25/10/2007	-	Active	NO
25	U72200AP2008PTC057903	SRI SHIVA SHANKAR SOFT SERVICES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
26	U70102AP2008PTC057902	SHREE SHIVA SINDHU REAL ESTATES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
27	U01119AP2008PTC057982	LAKSHMI PRASANNA AGRI PRODUCTS PRIVATE LIMITED	Director	05/03/2008	05/03/2008	-	Active	NO
28	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	06/03/2008	06/03/2008	-	Active	NO
29	U24299AP2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06/03/2008	06/03/2008	29/06/2011	Active	NO
30	U24110AP2008PTC058116	SYMED CHEMICALS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
31	U73100AP2008PTC058109	HETSYM BIO CHEMICALS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
32	U70102AP2008PTC058106	SRI SHAKTI SWAROOPINI REALTORS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
33	U45209AP2008PTC059000	SREE SAI KHYATHI INFRA VENTURES PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
34	U45200AP2008PTC059007	SHREE SAI LOK AVENUES PRIVATE LIMITED	Director	06/05/2008	06/05/2008	-	Active	NO
35	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24/09/2009	01/10/2008	-	Active	NO
36	U24230AP1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PRIVATE LIMITED	Director	19/08/2010	12/11/2009	-	Active	NO
37	U40100AP2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
38	U24232AP2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
39	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. Srinivasa Reddy Male

Designation :

Director

Address :

Plot No. 933, Vivekananda Nagar, Kukatpally, Hyderabad – 500 038, Andhra Pradesh, India

Date of Birth/Age :

02.02.1973

Date of Appointment :

29.09.2011

DIN No.:

00016085

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200AP1995PTC021532	VIPASSANA CONSTRUCTIONS PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
2	U24239AP1996PLC025371	GENX PHARMA LIMITED	Director	31/07/2008	28/10/1999	-	Active	NO
3	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Director	29/09/2011	01/04/2001	-	Active	NO
4	U65993AP1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Director	01/11/2001	01/11/2001	-	Active	NO
5	U24239AP1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	01/04/2002	01/04/2002	29/06/2011	Active	NO
6	U24239AP2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	16/12/2002	16/12/2002	29/06/2011	Active	NO
7	U24239AP2004PLC043684	HETERO BIOTECH LIMITED	Director	19/07/2004	19/07/2004	01/12/2010	Active	NO
8	U85110AP1989PTC010293	HYDERABAD HOSPITALS PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
9	U24230AP2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29/11/2004	29/11/2004	-	Active	NO
10	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24/03/2006	24/03/2006	-	Active	NO
11	U73100AP2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
12	U24231AP1998PLC029961	SYMED LABS LIMITED	Director	06/09/2007	11/07/2007	-	Active	NO
13	U72900AP2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10/08/2007	10/08/2007	29/06/2011	Active	NO
14	U72200AP2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
15	U74999AP2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25/10/2007	25/10/2007	08/03/2012	Active	NO
16	U24299AP2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06/03/2008	06/03/2008	21/04/2011	Active	NO
17	U45200AP2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	18/09/2008	01/08/2008	-	Active	NO
18	U24110AP1989PLC009723	HETERO LABS LIMITED	Director	25/09/2008	01/08/2008	-	Active	NO
19	U24230AP1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	Director	01/08/2008	01/08/2008	-	Active	NO
20	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	26/08/2010	12/11/2009	-	Active	NO
21	U72200AP1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
22	U21023AP2007PTC054088	CHEMI PACK (INDIA) PRIVATE LIMITED	Director	19/08/2010	19/11/2009	08/03/2012	Active	NO
23	U40100AP2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
24	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	07/04/2011	07/04/2011	-	Active	NO
25	U24232AP2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
26	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. Attunuri Venkatanarasa Reddy

Designation :

Director

Address :

8-3-678/61, Pragathi Nagar Colony, Yousufguda, Hyderabad – 500 045, Andhra Pradesh, India

Date of Birth/Age :

21.12.1963

Date of Appointment :

28.01.1999

DIN No.:

00023432

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Director	28/01/1999	28/01/1999	-	Active	NO
2	U24110AP1989PLC009723	HETERO LABS LIMITED	Whole-time director	01/04/2012	11/03/1999	-	Active	NO
3	U24239AP2004PLC043684	HETERO BIOTECH LIMITED	Director	19/07/2004	19/07/2004	-	Active	NO
4	U24239AP2004PTC044633	INVAGEN PHARMACEUTICALS PRIVATE LIMITED	Director	17/11/2004	17/11/2004	-	Active	NO
5	U24239AP2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16/06/2005	16/06/2005	-	Active	NO
6	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24/03/2006	24/03/2006	25/09/2008	Active	NO
7	U72900AP2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10/08/2007	10/08/2007	30/09/2010	Active	NO

Name :

Mr. Vamsikrishna Bandi

Designation :

Director

Address :

Plot No. 389, Road No. 22/B, Jubilee Hills Check-Post, Madhapur Road, Hyderabad-500033, Andhra Pradesh, India

Date of Birth/Age :

31.07.1983

Date of Appointment :

10.04.2008

DIN No.:

01014619

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230AP2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29/11/2004	29/11/2004	-	Active	NO
2	U73100AP2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
3	U24239AP1996PLC025371	GENX PHARMA LIMITED	Director	26/09/2007	26/07/2007	-	Active	NO
4	U72200AP2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
5	U74999AP2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25/10/2007	25/10/2007	-	Active	NO
6	U24299AP2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06/03/2008	06/03/2008	-	Active	NO
7	U65993AP1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Additional director	10/04/2008	10/04/2008	-	Active	NO
8	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	29/09/2011	10/04/2008	-	Active	NO
9	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	25/09/2008	10/04/2008	-	Active	NO
10	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Director	25/09/2008	10/04/2008	-	Active	NO
11	U24110AP1989PLC009723	HETERO LABS LIMITED	Whole-time director	01/05/2011	10/04/2008	-	Active	NO
12	U24231AP1998PLC029961	SYMED LABS LIMITED	Whole-time director	01/04/2009	10/04/2008	-	Active	NO
13	U24239AP1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	19/08/2010	12/11/2009	29/06/2011	Active	NO
14	U24239AP2004PLC043684	HETERO BIOTECH LIMITED	Director	19/08/2010	12/11/2009	29/06/2011	Active	NO
15	U72900AP2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	30/09/2010	12/11/2009	21/04/2011	Active	NO
16	U24230AP1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	Director	19/08/2010	12/11/2009	-	Active	NO
17	U72200AP1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
18	U21023AP2007PTC054088	CHEMI PACK (INDIA) PRIVATE LIMITED	Director	19/08/2010	19/11/2009	-	Active	NO
19	U45200AP2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	23/09/2010	02/08/2010	-	Active	NO
20	U40100AP2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
21	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	07/04/2011	07/04/2011	-	Active	NO
22	U24232AP2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
23	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. Bhimavarapu Nagi Reddy

Designation :

Whole-time director

Address :

G 1, Sairanga Apartments, Madhura Nagar, Yousufguda, Hyderabad – 500 038, Andhra Pradesh, India

Date of Birth/Age :

10.06.1962

Qualification :

M. Sc

Date of Appointment :

23.04.1993

DIN No.:

00022414

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Whole-time director	01/04/2008	23/04/1993	-	Active	NO
2	U24231AP1998PLC029961	SYMED LABS LIMITED	Director	02/02/2000	02/02/2000	06/09/2008	Active	NO
3	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24/03/2006	24/03/2006	24/09/2009	Active	NO
4	U45200AP2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	31/03/2006	31/03/2006	23/09/2010	Active	NO

Name :

Mr. Bhaskar Reddy Chiluka

Designation :

Director

Address :

Plot No. 102, Flat No. 205, Saispurthi Apartments, Motinagar, Borabanda, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

04.11.1957

Qualification :

M. Sc

Date of Appointment :

01.04.2012

DIN No.:

00208961

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Whole-time director	01/04/2012	18/11/1999	Active	NO

Name :

Mr. Sambi Reddy Jonnala

Designation :

Whole-time director

Address :

Plot No. 55, Green Avenue, Nizam Pet Road, Nizampet, Hyderabad – 500 000, Andhra Pradesh, India

Date of Birth/Age :

01.01.1969

Qualification :

M. Sc

Date of Appointment :

01.04.2012

DIN No.:

00211459

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24230AP1993PLC015582	HETERO DRUGS LIMITED	Whole-time director	01/04/2012	18/11/1999	Active	NO
2	U24233AP2011PLC077561	HONOUR LAB LIMITED	Additional director	23/04/2012	23/04/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Shares
B Partha Saradhi Reddy	500000
B Partha Saradhi Reddy HUF	175000
B Kalvathi	514000
Bandis Investments Private Limited, India	848500
B Vamsikrishna	150000
B. Somakanthamma	5000
B Srinivas Reddy	5000
B Krishna Sindhuri	426000
Master M. Karthkeya Reddy	7000
P. Venkata Reddy	5000
Mrs. P. Sasi Kumari	5000
B Nagi Reddy	95000
B Nagi Reddy	90000
B Padmavathi	86000
B Dinesh Reddy	35000
M Pera Reddy	28500
M Madhavi	17000
M Pera Reddy	12500

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	24.59
Directors or relatives of directors	74.90
Other top fifty shareholders	0.51
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredients, Intermediate Chemicals and Finished Dosages.

Products :

ITC Code	Product Descriptions
29420090	LISINOPRIL

· Bulk Drugs

· Losartan Potassium

· Omeprazole

· Formulations

· Bicalutomide

· Simvastatin

· Tegaderoid Maleate

· Quetiapine Fumerate

PRODUCTION STATUS AS ON (31.03.2010)

CLASS OF GOODS, CAPACITY AND PRODUCTION

A. Class of goods manufactures :	31.03.2010
Licensed Capacity
(i) Bulk Drugs	NA
(ii) Formulations	NA
Installed Capacity
(i) Bulk Drugs (TPA)	1500.00
(ii) Formulations (Milln, Units)	3000.00
Actual Production
(i) Bulk Drugs (TPA)	688.44
(ii) Formulations (Milln, Units)	1946.81

Note :

(i) The installed capacity is calculated based on product mix and same is certified by the Management

(ii) Actual Production of Bulk Drugs Includes 282.22 Tonnes for Captive consumption

GENERAL INFORMATION

No. of Employees :

5000 (Approximately)

Bankers :

v State Bank of Mysore, Industrial Finance Branch, My Home Jupally, Ameerpet, Hyderabad, Andhra Pradesh, India

v Andhra Bank, Bashreebagh Branch, Hyderabad, Andhra Pradesh, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	1733.280	2085.539
Foreign currency loans banks secured	1386.287	0.000
Working capital loans banks secured	2409.728	2330.848
Total	5529.295	4416.387
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	107.806	112.806
Foreign currency loans banks unsecured	308.888	1392.419
Other debt unsecured	44.588	44.588
Total	461.282	1549.813

Banking Relations :	--
Auditors :
Name :	M V Narayana Reddy and Company Chartered Accountants
Address :	504, Vijayasree Apartments, Behind Chermas, Ameerpet, Hyderabad – 500073, Andhra Pradesh, India
Tel. No.:	91-40-23744448 / 23743975
Income-tax PAN of auditor or auditor's firm :	AADFM4830F
Associate :	· Hetero Labs Limited · CIN No.: U24110AP1989PLC009723 · Cirex Pharmaceuticals Limited · CIN No.: U24239AP1990PLC012119 · Genx Pharma Limited · CIN No.: U24239AP1996PLC025371 · Hetero Healthcare Limited · CIN No.: U52520AP2006PLC049614 · Symed Labs Limited · CIN No.: U24231AP1998PLC029961 · Hetero Infrastructure Sez Limited · CIN No.: U45200AP2006PLC049668 · Hetero Med Solutions Limited · CIN No.: U72200AP2007PLC055910 · Chemi Pack (India) Private Limited · CIN No.: U21023AP2007PTC054088 · Arafarma Group. S.A · Camber Pharmaceuticals Inc · Hetero FZCO · Hetero Singapore Pte · Hetero (Thailand) Limited · Invagen Pharmaceuticals Inc · Akar International FZCO · Hetmak FZCO · Sri Sai Ashirwaad Logistics Limited · CIN No.: U74999AP2007PLC056072 · Hetero Med Solutions Limited · CIN No.: U72200AP2007PLC055910 · Hetero Inform · CIN No.: U72900AP2007PLC055111 · Hetero Bio Chemicals Limited · CIN No.: U24299AP2008PLC058020 · Hetero Wind Power Limited · CIN No.: U40100AP2010PLC071837 · Arafarma Group S.A · Hetero USA Inc · Hetero USA (Delaware) · Hetero Europe S.L.
Subsidiaries :	· Saketha Drugs and Intermediates Limited · CIN No.: U24239AP1995PLC020625 · Hetero Biotech Limited · CIN No.: U24239AP2004PLC043684 · Expicor Pharma Private Limited · CIN No.: U24239AP2005PTC046555
Joint Venture :	Pharmed Healthcare Company

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,450,000	Equity Shares	Rs. 10/- each	Rs. 34.500 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		34.500	34.500	34.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6531.523	5294.773	4126.908
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6566.023	5329.273	4161.408
LOAN FUNDS
1] Secured Loans		5529.295	4416.387	4544.151
2] Unsecured Loans		461.282	1549.813	162.394
TOTAL BORROWING		5990.577	5966.200	4706.545
DEFERRED TAX LIABILITIES		473.179	640.242	513.084
TOTAL		13029.779	11935.715	9381.037
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4115.421	5000.744	4044.248
Capital work-in-progress		1561.786	897.646	652.069
INVESTMENT		455.514	427.474	465.009
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2378.192	3020.422	2244.206
	Sundry Debtors	3948.685	4734.947	3652.960
	Cash & Bank Balances	434.214	180.843	10.945
	Other Current Assets	132.838	338.387	0.000
	Loans & Advances	1126.967	1321.285	1308.259
Total Current Assets		8020.896	9595.884	7216.370
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	844.861	3333.489	2795.794
	Other Current Liabilities	229.620	349.442	0.000
	Provisions	49.357	303.102	201.005
Total Current Liabilities		1123.838	3986.033	2996.799
Net Current Assets		6897.058	5609.851	4219.571
MISCELLANEOUS EXPENSES		0.000	0.000	0.140
TOTAL		13029.779	11935.715	9381.037

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	16840.608	15033.169	11670.554
		Other Income	626.123	304.627	374.501
		TOTAL (A)	17466.731	15337.796	12045.055
Less	EXPENSES
		Consumption materials changes inventories	11731.599	10565.566
		Manufacturing service costs	938.839	759.018
		Employee related expenses	799.769	639.741
		Administrative selling other expenses	1274.196	765.974
		Research development expenditure	403.996	310.914
		TOTAL (B)	15148.399	13041.213	10188.856
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2318.332	2296.583	1856.199
Less	FINANCIAL EXPENSES (D)		396.201	468.780	490.268
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1922.131	1827.803	1365.931
Less/ Add	DEPRECIATION/ AMORTISATION (F)		476.054	259.680	196.832
	PROFIT BEFORE TAX (E-F) (G)		1446.077	1568.123	1169.099
Less	TAX (H)		209.327	393.017	338.630
	PROFIT AFTER TAX (G-H) (I)		1236.750	1175.106	830.469
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.663	8.798	7.457
Less	APPROPRIATIONS
		Transfer to General Reserve	1233.000	1170.000	821.863
		Dividend	0.000	6.210	6.210
		Tax on Dividend	0.000	1.031	1.055
	BALANCE CARRIED TO THE B/S		10.413	6.663	8.798
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	11382.830	7288.551	7065.507
	TOTAL EARNINGS		11382.830	7288.551	7065.507
	IMPORTS
		Raw Materials	2168.316	2133.270	2747.767
		Capital Goods	62.725	101.048	85.314
		Others	37.535	36.893	14.609
	TOTAL IMPORTS		2268.576	2271.211	2847.690
	Earnings Per Share (Rs.)		358.48	340.61	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.08	7.66	6.89
Net Profit Margin (PBT/Sales)	(%)	8.59	10.43	10.02
Return on Total Assets (PBT/Total Assets}	(%)	1191	10.74	10.38
Return on Investment (ROI) (PBT/Networth)		0.22	0.29	0.28
Debt Equity Ratio (Total Liability/Networth)		1.08	1.87	1.85
Current Ratio (Current Asset/Current Liability)		7.14	2.41	2.41

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. Constructions 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	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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

NOTE: The registered address of the company has been shifted from Hetero House, 8-3-166/7/1, D. Erragadda, Andhra Pradesh, India to the present w.e.f. 31.07.2009

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24230AP1993PLC015582
Name of the company	HETERO DRUGS LIMITED
Address of the registered office or of the principal place of business in India of the company	7-2-A2, Hetero Corporate, Industrial Estate,, Sanathnagar, Hyderabad – 500018, Andhra Pradesh, India
This form is for	Modification of charge
Charge identification number of the modified	10101561
Type of charge	Immovable property Any interest in immovable property Book Debts Movable Property Others (All Fixed Assets and Current Assets)
Particular of charge holder	State Bank of Mysore, Industrial Finance Branch, My Home Jupally, Ameerpet, Hyderabad, Andhra Pradesh, India
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry dated 1st June, 2012
Date of instrument Creating the charge	01.06.2012
Amount secured by the charge	Rs. 4,550.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed between the Bankers and Company on Loan to Loan basis Terms of Repayment As Agreed between the Banks and Company on Loan to loan basis Margin As stated in the respective Banks Sanction Letters Extent and Operation of the charge 1. Pari Passu First Charge to all Term Loan Bankers against all fixed Assets situated at various Units across the Country. 2. Pari Passu Second Charge to all Working Capital Lenders against all Fixed Assets situated at various Units across the Country. Others Nil
Short particulars of the property charged	All Fixed Assets situated at Various Units across the Country and all current Assets including book debts of the Company
Date of latest modification prior to the present modification	10.02.2012
Particulars of the present modification	(Rs. in Millions) Pari Passu Pari Passu Second Charge First Charge on T.L on W.C Limits SBM 600.000 1026.000 SBH 1300.000 3606.000 BOI 750.000 855.000 SBI 1000.000 684.000 DBS 900.000 0.000 -------------------------------------- Total 4550.000 6171.000

FIXED ASSETS

· Land

· Factory Building

· Staff Quarter Building

· Plant and Machinery

· Trade Mark

· Technical Know how

· Effluent Treatment Plant

· Electrical Equipments

· Furniture and Fixtures

· Lab Equipments

· R and D Equipments

· R and D Building

· Office Equipments

· Computers

· Vehicles

· Office Buildings

· Vehicles

· Office Buildings

WEB DETAILS

PROFILE

Subject is a research based global pharmaceutical company focused on development, manufacturing and marketing of Active Pharmaceutical Ingredients (APIs), Intermediate Chemicals and Finished Dosages. Ever since its establishment in 1993, Subject showed a tradition of excellence and deep sense of commitment in developing cost effective processes to offer wide range of affordable drugs.

Subject is building on the strengths of vertical integration in discovery research, process chemistry, API manufacturing, formulation development and commercialization. Subject is a international supplier with a rich portfolio of over 200 products from wide range of therapeutic categories both in active pharmaceutical ingredients and finished dosages.

Subject’s manufacturing facilities are cGMP compliant meeting global standards in terms of infrastructure and systems. Majority of them are approved by the various regulatory authorities of USFDA, WHO-Geneva, Australian TGA, Spanish agency of medicines and health care products, ANVISA-Brazil, IDA-Netherlands etc.,

With full-fledged marketing capabilities, the company has been able to market its products in over 138 countries across the globe

NEWS AND EVENTS:

April'2010

Hetero launches one of the India’s largest finished dosage manufacturing facility in Special Economic Zone (SEZ) at Jadcherla.

Hetero launches its new formulations facility (SEZ) at Jadcherla, Andhra Pradesh, India. Strategically located just 60 kms from Hyderabad International airport, off NH 7, the project situated in the state's first green industrial park.

The total unit area is 75 acres and with two manufacturing facilities. This facility offers a huge production capacity of 18 billion tablets and capsules per annum. It has a dedicated Oncology facility with a production capacity of 200 million tablets & capsules, 15 million liquid injectable vials and 15 million lyophilised Injectables.

This World-class facility is meeting the cGMP and regulatory requirements, with integrated quality management system in place. All quality control Instruments are 21-CFR compliant. Walk in type stability chambers with global requirements for stability study and Integrated building management system from Honey well -USA , Lyophilizer VIRTIS -USA, Liquid Filling machine from BOSCH – Germany, makes this manufacturing facility at par with the best in the world.

April'2010

Hetero receives tentative approval for Tenofovir disoproxil fumarate tablets from USFDA

Hetero is pleased to announce that it has received the tentatively approval for Tenofovir disoproxil fumarate from the US Food & Drug Administration (USFDA).

Tenofovir tablets 300 mg is generic equivalent to Viread tablets 300 mg of Gilead Sciences. Tenofovir belongs to a class of antiretroviral drugs known as nucleotide analogue reverse transcriptase inhibitors (nRTIs), which block reverse transcriptase, an enzyme crucial to viral production in HIV-infected people. Tenofovir is indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection in adults.

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] Records 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. 55.03
UK Pound	1	Rs. 85.93
Euro	1	Rs. 68.97

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		67

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

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.