MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	CIREX PHARMACEUTICALS LIMITED
Registered Office :	7-2-A2, Hetero Corporate, Industrial Estate, Santhnagar, Hyderabad 500018, Andhra Pradesh, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.1990
Com. Reg. No.:	01-012119
Capital Investment / Paid-up Capital :	RS.41.504 Millions
CIN No.: [Company Identification No.]	U24239AP1990PLC012119
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Bulk Drugs and Drug Intermediates
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. General financial position of the company is good. 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 (30.06.2011)	Current Rating (30.09.2011)
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, Sanathnagar, Hyderabad 500018, Andhra Pradesh, India
Tel. No.:	91-40-23704923 /24/25
Fax No.:	91-40-23804923/24/25
E-Mail :	contact_@heterodrugs.com ekta.b@heterodrugs.com ramanjaneyulu.k@heterodrugs.com
Website :	http://www.heterodrugs.com
Factory :	Gundla Manchnoor Village, Hatnoor Mandal, Medak, Andhra Pradesh, India
Tel No.:	91-8455-233583

DIRECTORS

As on 29.09.2011

Name :

Dr. B. Partha Saradhi Reddy

Designation :

Director

Address :

Plot No.389, Road No.22/B, Jubilee Hills Check Post, Hyderabad - 500 033, Andhra Pradesh, India

Date of Birth/Age :

06.03.1954

Date of Appointment :

01.04.2000

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	1/04/2008	7/04/1993	-	Active	NO
3	U24110AP1989PLC009723	HETERO LABS LIMITED	Managing director	1/11/2011	5/12/1996	-	Active	NO
4	U72200AP1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/06/1997	12/06/1997	-	Active	NO
5	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	1/04/2000	1/04/2000	-	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	1/12/2010	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	5/01/2007	5/01/2007	-	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	5/03/2008	5/03/2008	-	Active	NO
28	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	6/03/2008	6/03/2008	-	Active	NO
29	U24299AP2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	6/03/2008	6/03/2008	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	5/05/2008	5/05/2008	-	Active	NO
34	U45200AP2008PTC059007	SHREE SAI LOK AVENUES PRIVATE LIMITED	Director	6/05/2008	6/05/2008	-	Active	NO
35	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24/09/2009	1/10/2008	-	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	4/05/2011	4/05/2011	-	Active	NO
39	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. Srinivas Reddy

Designation :

Director

Address :

Plot No.933, Vevekanandanagar Colony, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

02.02.1973

Date of Appointment :

26.08.2010

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	1/04/1997	1/04/1997	-	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	1/04/2001	-	Active	NO
4	U65993AP1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Director	1/11/2001	1/11/2001	-	Active	NO
5	U24239AP1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	1/04/2002	1/04/2002	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	1/12/2010	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	5/01/2007	5/01/2007	-	Active	NO
12	U24231AP1998PLC029961	SYMED LABS LIMITED	Director	6/09/2007	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	8/03/2012	Active	NO
16	U24299AP2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	6/03/2008	6/03/2008	21/04/2011	Active	NO
17	U45200AP2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	18/09/2008	1/08/2008	-	Active	NO
18	U24110AP1989PLC009723	HETERO LABS LIMITED	Director	25/09/2008	1/08/2008	-	Active	NO
19	U24230AP1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PRIVATE LIMITED	Director	1/08/2008	1/08/2008	-	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	8/03/2012	Active	NO
23	U40100AP2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
24	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	7/04/2011	7/04/2011	-	Active	NO
25	U24232AP2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	4/05/2011	4/05/2011	-	Active	NO
26	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	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 :

29.09.2011

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	5/01/2007	5/01/2007	-	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	6/03/2008	6/03/2008	-	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	1/05/2011	10/04/2008	-	Active	NO
12	U24231AP1998PLC029961	SYMED LABS LIMITED	Whole-time director	1/04/2009	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 PRIVATE LIMITED	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	2/08/2010	-	Active	NO
20	U40100AP2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
21	U74900AP2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	7/04/2011	7/04/2011	-	Active	NO
22	U24232AP2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	4/05/2011	4/05/2011	-	Active	NO
23	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

Name :

Mr. P. Viswanadha Raju

Designation :

Whole time Director

Address :

House No. 5601, Srila Builders, Hydernagar, Kukatpally, Hyderabad – 500 072, Andhra Pradesh, India

Date of Birth/Age :

24.07.1955

Date of Appointment :

05.02.1999

DIN No.:

00282369

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	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Whole-time director	1/04/2009	5/02/1999	8/03/2012	Active	NO
2	U24230AP1995PTC020995	VAYA JAYANTHI DRUGS PRIVATE LIMITED	Director	1/04/2012	1/04/2012	-	Active	NO

Name :

Mr. K. Ratnakara Reddy

Designation :

Whole time Director

Address :

Villa No. 148, Fortnune Fields, 13^th Phase, KPHB Colony, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

03.08.1966

Date of Appointment :

01.11.2001

DIN No.:

00211510

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	U24239AP1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Whole-time director	1/04/2012	1/11/2001	-	Active	NO
2	U24239AP2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16/06/2005	16/06/2005	-	Active	NO
3	U24239AP2005PTC047265	CLINSE LABS PRIVATE LIMITED	Director	26/08/2005	26/08/2005	-	Active	NO
4	U24233AP2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
B. Partha Saradhi Reddy	89037
B Kalavathi	41500
B. Vamshi Krishna	109787
B Anvida	20751
M Krishna Sindhuri	43512
Baby Krishna Sahithi	43513
Master M K Karthikeya Reddy	43513
K. Ratnakara Reddy	12447
M Pera Reddy	4250
M Madhavi	500
P Viswaanadha Raju	6225
Total	415035

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	98.86
Other top fifty shareholders	1.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Bulk Drugs and Drug Intermediates

Products :

Product Description	ITC Code
Bulk Drugs and Drug Intermediates	294110

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Bulk Drugs and Intermediates	Qty (Kgs)	125000	76109

Note:

Installed capacity are calculated based on product mix and are as certified by the management an not verified by the auditors, being technical matter

GENERAL INFORMATION

No. of Employees :

150 (Approximately)

Bankers :

· State Bank of Hyderabad, Industrial Estate, Sanathnagar Branch, Sanathnagr, Hyderabad – 500 018, Andhra Pradesh, India

· Lord Krishna Bank Limited, 29, P and T Colony, Karkhana Road, Secundrabad, Andhra Pradesh, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	28.331	44.442
Working capital loans banks secured	207.704	227.718
Total	236.035	272.160
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans others unsecured	120.000	91.300
Total	120.000	91.300

Banking Relations :	--
Auditors :
Name :	M. V. Narayana Reddy and Company Chartered Accountants
Address :	504, Vijayasree Apartments, Behind Chermas Ameerpet, Hyderabad – 500 038, Andhra Pradesh, India
PAN.:	AADFM4830F
Related Party :	· Hetero Drugs Limited, India (CIN: U24230AP1993PLC015582) · Hetero Labs Limited, India (CIN: U24110AP1989PLC009723) · Symed Labs Limited, India (CIN: U24231AP1998PLC029961) · Hetero Signapore Pte, Singapore

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
415035	Equity Shares	Rs.100/- each	Rs.41.504 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		41.504	7.002	7.113
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		325.654	272.452	248.439
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		367.158	279.454	255.552
LOAN FUNDS
1] Secured Loans		236.035	272.160	201.789
2] Unsecured Loans		120.000	91.300	91.300
TOTAL BORROWING		356.035	363.460	293.089
DEFERRED TAX LIABILITIES		43.670	41.536	38.569
TOTAL		766.863	684.450	587.210
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		312.722	294.262	291.741
Capital work-in-progress		3.982	2.103	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	206.534	347.964	173.064
	Sundry Debtors	362.044	102.348	186.216
	Cash & Bank Balances	29.766	23.103	19.085
	Other Current Assets	1.950	2.176	0.000
	Loans & Advances	51.778	56.806	32.077
Total Current Assets		652.072	532.397	410.442
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	173.023	133.738	68.828
	Other Current Liabilities	22.848	9.721	33.694
	Provisions	6.142	0.953	12.551
Total Current Liabilities		202.013	144.412	115.073
Net Current Assets		450.059	387.985	295.369
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		766.863	684.450	587.210

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1050.364	918.997	748.735
		Other Income	1.385	5.504	6.884
		TOTAL (A)	1051.749	924.501	755.619
Less	EXPENSES
		Consumption material changes inventories	757.451	676.189
		Manufacturing service costs	51.514	64.508
		Employee related expenses	52.410	49.596
		Administrative selling other expenses	51.537	35.983
		Research development charges	4.254	5.082
		TOTAL (B)	917.166	831.358	609.148
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		134.583	93.143	146.471
Less	FINANCIAL EXPENSES (D)		35.003	36.908	43.427
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		99.580	56.235	103.044
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.923	18.048	16.907
	PROFIT BEFORE TAX (E-F) (G)		79.657	38.187	86.137
Less	TAX (I)		26.455	14.285	31.655
	PROFIT AFTER TAX (G-I) (J)		53.202	23.902	54.482
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.241	4.539	4.057
Less	APPROPRIATIONS
		Transfer to General Reserve	54.000	25.200	54.000
	BALANCE CARRIED TO THE B/S		2.443	3.241	4.539
	EARNINGS IN FOREIGN CURRENCY
	FOB Value		23.841	5.852	6.522
	TOTAL EARNINGS		23.841	5.852	6.522
	IMPORTS
	Raw Materials		183.030	268.003	135.407
	Capital Goods		0.000	2.796	1.289
	TOTAL IMPORTS		183.030	270.799	136.696
	Earnings Per Share (Rs.)		128.19	341.00	778.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.06	2.59	7.21
Net Profit Margin (PBT/Sales)	(%)	7.58	4.16	11.50
Return on Total Assets (PBT/Total Assets}	(%)	12.22	7.17	20.99
Return on Investment (ROI) (PBT/Networth)		0.22	0.14	0.34
Debt Equity Ratio (Total Liability/Networth)		1.52	1.82	1.60
Current Ratio (Current Asset/Current Liability)		3.23	3.69	3.57

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	No
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 (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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:

Registered office of the company has been shifted from 8-3-166/7/1, Hetero House, Erragadda, Hyderabad – 500 018, Andhra Pradesh, India to the present address w.e.f. 31.07.2009

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24239AP1990PLC012119
Name of the company	CIREX PHARMACEUTICALS 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 Email: ramanjaneyulu.k@heterodrugs.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10163194
Type of charge	Immovable property Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of Hyderabad, Industrial Estate, Sanathnagar Branch, Sanathnagr, Hyderabad – 500 018, Andhra Pradesh, India Email: sanathnagar@sbhyd.co.in
Nature of instrument creating charge	Supplemental agreement of loan for increase in overall limit dated 26th December, 2011 Supplemental agreement of hypothecation of goods and assets for overall limit dated 26th December, 2011 Letter regarding grant of individual limits dated 26th December, 2011 Memorandum of Deposite of title deeds dated 26th December, 2011
Date of instrument Creating the charge	26.12.2011
Amount secured by the charge	Rs.580.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Fund based Working Capital limits @3.5% above Base Rate i.e. 14.00% p.a. Terms of Repayment On Demand Margin 25% on R.M (Imported and Domestic), SIP, F.G 40% on Receivables from Group Companies (Cover- 90 days) - 25% on Receivables from other Companies (Cover 120 days) 10% on P.C 5% on L.C and B.G Extent and Operation of the charge First Charge on all present and future current assets of the company Extension of First pari passu Charge on all fixed assets of the company, both present and future Equitable Mortgage of Companies factory land and building
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge on all current assets of the company, both present and future Extension of first charge on all fixed assets of the company, both present and future Equitable mortgage of Company's factory land building at Gundlamachnoor Village, Hatnoor Mandal, Medak District
Date of instrument modifying the charge	17.02.2011
Particulars of the present modification	Rs in Millions Particulars Existing Proposed C.C 220.000 310.000 L.C 190.000 260.000 B.G 40.000 10.000 ---------- ----------- TOTAL 450.000 580.000 ====== ======

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electrical Equipments

· Lab Equipments

· Furniture

· Office Equipments

· Computers

· Vehicles

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.56.91
UK Pound	1	Rs.71.24
Euro	1	Rs.88.90

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--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		50

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.