MIRA INFORM REPORT

Report Date :

16.10.2013

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) :	31.03.2012
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 :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 20000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having fair track record. There appears a dip in the profitability of the company during the current year. However networth appears to be satisfactory. 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 commitment. The company can be considered normal for business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities (A-)
Rating Explanation	Adequate degree of safety. It carry low credit risk
Date	20.06.2013

Rating Agency Name	CARE
Rating	Short Term Bank Facilities : A2
Rating Explanation	Strong Degree of Safety. It carry low credit risk
Date	20.06.2013

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.

INFORMATION DECLINED

Management non co-operative [91-40-23704923]

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 ekta.b@heterodrugs.com contact@heterodrugs.com info@heterodrugs.com ramu@heterodrugs.com
Website :	http://www.heterodrugs.com
Area :	3000 Sq. ft
Location :	Owned
Manufacturing Facilities:	Located At: · Bonthapally · Vizag Non SEZ · Gandhinagar · Viraz SEZ · Jeedimetla · Village Kalyanpur, Chekkan Road, Baddi – 173205, India

DIRECTORS

AS ON: 06.09.2012

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 500033, Andhra Pradesh, India

Date of Birth/Age :

06.03.1954

Qualification :

M.Sc, Phd

Date of Appointment :

01.04.2008

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	Under Process of Striking off	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 PVT LTD	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
40	U45400AP2012PLC083644	HONOUR INFRA ESTATES LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

Name :

Mr. Srinivasa Reddy Male

Designation :

Director

Address :

Plot No. 933, Vivekananda Nagar, Kukatpally, Hyderabad – 500 072, 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 PRIVATE LIMITED	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
27	U45400AP2012PLC083644	HONOUR INFRA ESTATES LIMITED	Director	17/10/2012	17/10/2012	-	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	-	Under Process of Striking off	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. Bhaskar Reddy Chiluka

Designation :

Director

Address :

Plot No. 102, Flat No. 205, Saispurthi Apartments, Motinagar, Borabanda, Hyderabad – 500 018, Andhra Pradesh, India

Date of Birth/Age :

04.11.1957

Qualification :

M. Sc

Date of Appointment :

01.04.2012

DIN No.:

00208961

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	Date of cessation	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	Director	20/09/2012	23/04/2012	-	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 :

25.09.2008

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
24	U45400AP2012PLC083644	HONOUR INFRA ESTATES LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 06.09.2012

SHAREHOLDING DETAILS FILE ATTACHED

AS ON 06.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	34.23
Directors or relatives of directors	56.97
Other top fifty shareholders	8.80
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

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v State Bank of Mysore, Industrial Finance Branch, My Home Jupally, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India

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

v DBS Bank Limited, Salarpuria Windsor, No.3, Ulsoor Road, Bangalore - 560042, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Rupee term loans from banks (The Term Loans are secured by a Pari-passu first charge on all fixed assets of the company both present and future and second charge on current assets of the company)	478.063	1195.697
Foreign currency term loans from banks (The Term Loans are secured by a Pari-passu first charge on all fixed assets of the company both present and future and second charge on current assets of the company)	1391.622	482.436
Short Term Borrowings
Working capital loans from banks (Further guaranteed by collateral security of land and personal guarantee of a directors)	2948.093	3045.101
TOTAL	4817.778	4723.234

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
PAN.:	AADFM4830F
Associates :	Hetero Med Solutions Limited CIN No.: U72200AP2007PLC055910
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Hetero Labs Limited CIN No.: U24110AP1989PLC009723 · Cirex Pharmaceuticals Limited CIN No.: U24239AP1990PLC012119 · Genx Pharma Limited CIN No.: U24239AP1996PLC025371 · CLINSE LABS PRIVATE LIMITED CIN No.: U24239AP2005PTC047265 · Hetero Healthcare Limited CIN No.: U52520AP2006PLC049614 · Symed Labs Limited CIN No.: U24231AP1998PLC029961 · Hetero Infrastructure Sez Limited CIN No.: U45200AP2006PLC049668 · Chemi Pack (India) Private Limited CIN No.: U21023AP2007PTC054088 · Camber Pharmaceuticals Inc, United States · Hetero (Thailand) Limited, Thailand) · Hetero FZCO, United Arab Emirates · Hetero Singapore Pte Limited, Singapore · Invagen Pharmaceuticals Inc, United States · Hetmak FZCO, Mexico · Hetero USA Inc, United States · Hetero Europe S.L., Spain · Akar International FZC, United Arab Emirates · Pharmed Healthcare, Egypt · Hetlabs Mexico, Mexico · Arafarma Group, Spain · Hetero Information Technologies Limited CIN No.: U72900AP2007PLC055111 · Hetero International Limited CIN No.: U24239AP2002PLC040108 · Saketha Drugs and Intermediates Limited CIN No.: U24239AP1995PLC020625 · Hetero Bio Chemicals Limited CIN No.: U24299AP2008PLC058020

CAPITAL STRUCTURE

AS ON 06.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3450000	Equity Shares	Rs.10/- each	Rs.34.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	34.500	34.500
(b) Reserves & Surplus	6756.166	6531.523
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	6790.666	6566.023
(3) Non-Current Liabilities
(a) long-term borrowings	1971.550	1780.527
(b) Deferred tax liabilities (Net)	603.132	473.180
(c) Other long term liabilities	82.500	50.000
(d) long-term provisions	29.184	27.443
Total Non-current Liabilities (3)	2686.366	2331.150
(4) Current Liabilities
(a) Short term borrowings	3137.853	3353.989
(b) Trade payables	1083.673	680.918
(c) Other current liabilities	1258.607	1318.898
(d) Short-term provisions	94.546	54.400
Total Current Liabilities (4)	5574.679	5408.205
TOTAL	15051.711	14305.378
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5226.453	3873.305
(ii) Intangible Assets	257.085	242.116
(iii) Capital work-in-progress	809.970	1561.787
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	519.035	455.514
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	828.098	842.423
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7640.641	6975.145
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	2223.286	2378.192
(c) Trade receivables	4413.776	3948.685
(d) Cash and cash equivalents	85.721	384.213
(e) Short-term loans and advances	165.914	119.630
(f) Other current assets	522.373	499.513
Total Current Assets	7411.070	7330.233
TOTAL	15051.711	14305.378

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		34.500
2] Share Application Money		0.000
3] Reserves & Surplus		5294.773
4] (Accumulated Losses)		0.000
NETWORTH		5329.273
LOAN FUNDS
1] Secured Loans		4416.387
2] Unsecured Loans		1549.813
TOTAL BORROWING		5966.200
DEFERRED TAX LIABILITIES		640.242
TOTAL		11935.715
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5000.744
Capital work-in-progress		897.646
INVESTMENT		427.474
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3020.422
	Sundry Debtors	4734.947
	Cash & Bank Balances	180.843
	Other Current Assets	338.387
	Loans & Advances	1321.285
Total Current Assets		9595.884
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3333.489
	Other Current Liabilities	349.442
	Provisions	303.102
Total Current Liabilities		3986.033
Net Current Assets		5609.851
MISCELLANEOUS EXPENSES		0.000
TOTAL		11935.715

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	12914.491	17155.644
		Other Income	207.321	311.087
		TOTAL (A)	13121.812	17466.731
Less	EXPENSES
		Cost of materials consumed	5249.421	11481.147
		Purchases of stock-in-trade	3664.493	419.256
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	134.832	(168.805)
		Employee benefit expense	549.062	697.351
		Other expenses	2277.038	2736.886
		TOTAL (B)	11874.846	15165.835
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1246.966	2300.896
Less	FINANCIAL EXPENSES (D)		497.478	378.764
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		749.488	1922.132
Less/ Add	DEPRECIATION/ AMORTISATION		305.103	476.056
	PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX		444.385	1446.076
Less/ Add	EXTRAORDINARY ITEMS BEFORE TAX		0.000	50.343
	PROFIT BEFORE TAX		444.385	1496.419
Less	TAX		219.742	259.669
	PROFIT AFTER TAX		224.643	1236.750
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.413	6.663
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	1233.000
	BALANCE CARRIED TO THE B/S		235.056	10.413
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	8354.154	11045.187
	TOTAL EARNINGS		8354.154	11045.187
	IMPORTS
		Raw Materials	1706.396	2045.826
		Capital Goods	179.667	62.725
		Others	14.183	37.535
	TOTAL IMPORTS		1900.246	2146.086
	Earnings Per Share (Rs.)		65.11	358.48

	PARTICULARS		31.03.2010
	SALES
		Income	15033.169
		Other Income	304.627
		TOTAL (A)	15337.796
Less	EXPENSES
		Consumption materials changes inventories	10565.566
		Manufacturing service costs	759.018
		Employee related expenses	639.741
		Administrative selling other expenses	765.974
		Research development expenditure	310.914
		TOTAL (B)	13041.213
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2296.583
Less	FINANCIAL EXPENSES (D)		468.780
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1827.803
Less/ Add	DEPRECIATION/ AMORTISATION (F)		259.680
	PROFIT BEFORE TAX (E-F) (G)		1568.123
Less	TAX (H)		393.017
	PROFIT AFTER TAX (G-H) (I)		1175.106
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.798
Less	APPROPRIATIONS
		Transfer to General Reserve	1170.000
		Dividend	6.210
		Tax on Dividend	1.031
	BALANCE CARRIED TO THE B/S		6.663
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	7288.551
	TOTAL EARNINGS		7288.551
	IMPORTS
		Raw Materials	2133.270
		Capital Goods	101.048
		Others	36.893
	TOTAL IMPORTS		2271.211
	Earnings Per Share (Rs.)		340.61

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.71	7.08	7.66
Net Profit Margin (PBT/Sales)	(%)	3.44	8.72	10.43
Return on Total Assets (PBT/Total Assets}	(%)	3.24	12.18	10.74
Return on Investment (ROI) (PBT/Networth)		0.06	0.23	0.29
Debt Equity Ratio (Total Debt /Networth)		0.75	0.78	1.12
Current Ratio (Current Asset/Current Liability)		3.23	3.83	2.41

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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 involved in	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10370050	26/07/2012	1,000,000,000.00	DBS BANK LIMITED	SALARPURIA WINDSOR, NO.3, ULSOOR ROAD, BANGALORE - 560042, KARNATAKA, INDIA	B45507464
2	10282575	30/03/2011	500,000,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGA R, HYDERABAD-500018, ANDHRA PRADESH, INDIA	B11476413
3	10260000	29/10/2010	500,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD- 500082, ANDHRA PRADESH, INDIA	B01524891
4	10138631	02/07/2010 *	3,540,000,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGA R, HYDERABAD-500018, ANDHRA PRADESH, INDIA	A90299124
5	10132756	18/10/2008	750,000,000.00	BANK OF INDIA LIMITED	KHAIRATABAD BRANCH, A.C.GUARDS, LAKIDAKAPOOL, HYD ERABAD - 500004, ANDHRA PRADESH, INDIA	A52295425
6	10113818	28/06/2008	500,000,000.00	STATE BANK OF INDIA	MCLAU, H.NO.3/6/281/A/1,FIRST FLOOR, HYDERGUDA MAIN ROAD, HYDERABAD - 500029, ANDHRA PRADESH, INDIA	A42265470
7	10092198	20/02/2008	300,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, MY HOME JUPALLY,SECON D FLOOR, AMEERPET, HYDERABAD - 500038, ANDHRA PRADESH, INDIA	A34288480
8	10084168	02/01/2008	2,537,500,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGA R, HYDERABAD - 500018, ANDHRA PRADESH, INDIA	A30807895
9	10101561	01/06/2012 *	4,550,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, MY HOME JUPALLY, AMEE RPET, HYDERABAD- 500016, ANDHRA PRADESH, INDIA	B40484941
10	10034330	12/01/2007	300,000,000.00	STATE BANK OF INDORE	4-1-971/974,TRIVENI COMPLEX, ABIDS ROAD, HYDERABAD - 500036, ANDHRA PRADESH, INDIA	A09920547
* Date of charge modification

CASE STATUS INFORMATION SYSTEMS

CEA 66 / 2006 CEASR 1162 / 2006 CASE IS:PENDING

PETITIONER	RESPONDENT
COMMISSIONER OF CUSTOMS AND CENTRAL EXCISE	VS HETERO DRUGS LIMITED
PET.ADV. : PONNAM ASHOK GOUD(ASST SOL GEN)	RESP.ADV. : VIJAY
SUBJECT: PENALTY	DISTRICT:  HYDERABAD
FILING DATE:  20-04-2006	POSTING STAGE :  FOR ADMISSION
REG. DATE    :   29-04-2006	LISTING DATE :  06-07-2006

STATUS   :  ---------

HON'BLE JUDGE(S): J.CHELAMESWAR     D.APPA RAO

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.

REVIEW OF PERFORMANCE AND FUTURE OUTLOOK

During the year the company achieved revenues of Rs. 13121.812 Millions (Previous Year Rs. 17466.731 Millions). Also, the company’s exports for 2011-12 stood at Rs. 8243.991 Millions (Previous year Rs. 11185.574 Millions). Drug Master Files for several products have been filed in various countries like USA, Canada and in Europe which may contribute for future growth of the company.

To be in line with the changing regulations across the world the company has taken several steps in terms of improving infrastructure systems and establishing compliance to the regulations in various countries. The company has made significant efforts in marketing its products in all the countries where the laws are very stringent.

Hetero has strong in house process chemistry capabilities to manufacture variety of products. With number of products, State-of-the-Art technology and dedicated human resources they intend to continue our operational efficiency in the areas of Quality, Productivity, Marketing and Inventory Management. The company is well positioned to further improve its performance in 2011 - 12 and is driving ahead to achieve strong global presence

NEW PROJECTS:

During the year, the company has incurred capital expenditure of Rs. 972.019 Millions towards creation of facilities at Jadcherla SEZ and Visakhapatnam SEZ (for Bulk Drugs) and also for various fixed assets at the existing manufacturing facilities

UNSECURED LOAN

Particular	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Deferred payment liabilities	44.058	44.588
Other loans and advances	57.807	57.806
Short Term Borrowings
Loans repayable on demand	189.760	308.888
TOTAL	291.625	411.282

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

NEWS:

MAGISTERIAL PROBE ORDERED INTO HETERO BLAST

JANUARY 7, 2013

VISAKHAPATNAM: Chief minister N Kiran Kumar Reddy ordered a magisterial inquiry on Sunday into the explosion that killed two persons and injured four others at the manufacturing facility of Hetero Drugs at M Narasapuram, Nakkapalli, located about 90 kms from here. Announcing that a safety audit of all industries would be initiated to ensure that safety norms are complied with, he directed the district collector to take stern action if any of the industries were found to be flouting norms.

Reddy issued the magisterial inquiry after visiting two of the injured, Paparao and Venkata Rao, who had suffered more than 85 per cent burns according to doctors at Care Hospital. Consoling families of the injured, he assured them of complete support from the government. Later, he visited the Hetero Drugs manufacturing facility at Nakkapalli to take stock of the situation on his way to Gollaprolu in East Godavari to inaugurate the Indira Jala Prabha programme.

Joint collector Praveen Kumar announced that the factory would be asked to pay a compensation of Rs 10 lakh each to the family of the deceased and provide for the medical expenses of the injured employees of Hetero Drugs.

Meanwhile, villagers expressed their anger against the lack of safety measures taken up by Hetero Drugs at their unit. They blocked the convoy of minister of ports and infrastructure Ganta Srinivasa Rao at Nakkapalli resulting in a traffic jam for more than half an hour. At the same time, environmental activists contended that Hetero had flouted CRZ violations and was releasing effluents into the Bay of Bengal and also polluting the ground water.

The crowd relented after Ganta Srinivasa Rao assured a compensation of Rs 20 lakh for the kin of deceased and a job for one of the family members. He promised to ensure that the four injured would be provided with adequate compensation.

The chief minister was accompanied by Union rural development minister Jairam Ramesh, home minister Sabita Indra Reddy, Ganta Srinivasa Rao, tribal affairs minister Balaraju and MLA Dharmana Prasad Rao to the hospital.

Meanwhile, the condition of two severely injured who suffered more than 85 per cent burns continues to be critical. Doctors said the vitals of the duo are normal, but are in a critical state. They were shifted from the private hospital in the wee hours of Sunday morning to Care Hospital.

Two others M Naveen and Ch Devullu are said to have suffered 15 per cent and 5 per cent burns respectively. Doctors said Devullu is facing respiratory problems and is expected to recover within five to six days. However, Naveen might take more than a month to heal completely.

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 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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.