MIRA INFORM REPORT

Report Date :

02.10.2014

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 – 500018, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.04.1993
Com. Reg. No.:	015582
Capital Investment / Paid-up Capital :	Rs. 34.500 Millions
CIN No.: [Company Identification No.]	U24230TG1993PLC015582
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 Divulged

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 29070000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “A-”
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	04.04.2014

Rating Agency Name	CARE
Rating	Short term bank facilities: “A2”
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	04.04.2014

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 31-03-2014.

INFORMATION D BY

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-40-23704923)

LOCATIONS

Registered/ Marketing Office 1:	7-2-A2, Hetero Corporate Industrial Estate, Sanath Nagar, Hyderabad – 500018, Telangana, 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 sambhram.p@heterodrugs.com
Website :	ww.heterodrugs.com
Area :	3000 Sq. ft
Location :	Owned
Marketing Office 2 :	607/608, 6th Floor, Matharu Arcade, Subhash Road, Vileparle (East), Mumbai - 400057, Maharashtra, India
Tel. No.:	91-22-66910809
Fax No.:	91-22-26845709
Manufacturing Facilities:	Located At: · Bonthapally Vizag Non SEZ Gandhinagar Viraz SEZ Jeedimetla Village Kalyanpur, Chekkan Road, Baddi – 173205, Himachal Pradesh, India
Overseas Offices :	Located At: · Russia China

DIRECTORS

As on 05.09.2013

Name :

Dr. Bandi Partha Saradhi Reddy

Designation :

Chairman and Managing Director

Address :

Plot No. 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

Experience :

37 Years

Date of Appointment :

01.04.2013

PAN No.:

AAJPB7067K

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	U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Director	12/03/1993	12/03/1993	-	Active	NO
2	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Managing director	01/04/2013	07/04/1993	-	Active	NO
3	U24110TG1989PLC009723	HETERO LABS LIMITED	Managing director	01/11/2011	05/12/1996	-	Active	NO
4	U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/06/1997	12/06/1997	-	Active	NO
5	U24239TG1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	01/04/2000	01/04/2000	-	Active	NO
6	U24231TG1998PLC029961	SYMED LABS LIMITED	Director	31/03/2009	10/08/2000	-	Active	NO
7	U24239TG1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	18/04/2001	18/04/2001	-	Active	NO
8	U24239TG2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	16/12/2002	16/12/2002	21/04/2011	Active	NO
9	U24239TG2004PLC043684	HETERO BIOTECH LIMITED	Director	19/07/2004	19/07/2004	29/06/2011	Active	NO
10	U24239TG2004PTC044633	INVAGEN PHARMACEUTICALS PRIVATE LIMITED	Director	17/11/2004	17/11/2004	-	Active	NO
11	U24230TG2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29/11/2004	29/11/2004	30/08/2011	Active	NO
12	U24239TG2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16/06/2005	16/06/2005	01/12/2010	Strike off	NO
13	U70102TG2005PTC048210	HETSYM ESTATES AND REALTORS PRIVATE LIMITED	Director	29/11/2005	29/11/2005	-	Active	NO
14	U45200TG2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	31/03/2006	31/03/2006	-	Active	NO
15	U73100TG2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
16	U24239TG1996PLC025371	GENX PHARMA LIMITED	Director	26/09/2007	26/07/2007	-	Active	NO
17	U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
18	U45400TG2007PTC055329	SAI SPURTHI LAND VENTURES PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
19	U01119TG2007PTC055326	SRI SANKARANATH AGRITECH PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
20	U45400TG2007PTC055324	SRI AYYAPPA LAND HOLDINGS PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
21	U45200TG2007PTC055523	SRI LORD VENKATESWARA LAND HOLDINGS PRIVATE LIMITED	Director	14/09/2007	14/09/2007	-	Active	NO
22	U01119TG2007PTC055650	RAJESWARI AGRO CHEMICALS PRIVATE LIMITED	Director	22/09/2007	22/09/2007	-	Active	NO
23	U72200TG2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
24	U74999TG2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25/10/2007	25/10/2007	13/02/2014	Active	NO
25	U72200TG2008PTC057903	SRI SHIVA SHANKAR SOFT SERVICES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
26	U70102TG2008PTC057902	SHREE SHIVA SINDHU REAL ESTATES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
27	U01119TG2008PTC057982	LAKSHMI PRASANNA AGRI PRODUCTS PRIVATE LIMITED	Director	05/03/2008	05/03/2008	-	Active	NO
28	U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	06/03/2008	06/03/2008	-	Active	NO
29	U24299TG2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06/03/2008	06/03/2008	29/06/2011	Active	NO
30	U24110TG2008PTC058116	SYMED CHEMICALS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
31	U73100TG2008PTC058109	HETSYM BIO CHEMICALS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
32	U70102TG2008PTC058106	SRI SHAKTI SWAROOPINI REALTORS PRIVATE LIMITED	Director	11/03/2008	11/03/2008	-	Active	NO
33	U45209TG2008PTC059000	SREE SAI KHYATHI INFRA VENTURES PRIVATE LIMITED	Director	05/05/2008	05/05/2008	-	Active	NO
34	U45200TG2008PTC059007	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	U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	Director	19/08/2010	12/11/2009	-	Active	NO
37	U40100TG2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
38	U24232TG2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
39	U24233TG2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
40	U45400TG2012PLC083644	HONOUR INFRA ESTATES LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
41	U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	Additional director	13/02/2014	13/02/2014	-	Active	NO

Name :

Mr. Srinivasa Reddy Male

Designation :

Director

Address :

Plot No. 933, Vivekananda Nagar, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India

Date of Birth/Age :

02.02.1973

Qualification :

MBA. Marketing

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	U45200TG1995PTC021532	VIPASSANA CONSTRUCTIONS PRIVATE LIMITED	Director	01/04/1997	01/04/1997	-	Active	NO
2	U24239TG1996PLC025371	GENX PHARMA LIMITED	Director	31/07/2008	28/10/1999	-	Active	NO
3	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Director	29/09/2011	01/04/2001	-	Active	NO
4	U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Director	01/11/2001	01/11/2001	-	Active	NO
5	U24239TG1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	01/04/2002	01/04/2002	29/06/2011	Active	NO
6	U24239TG2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	16/12/2002	16/12/2002	29/06/2011	Active	NO
7	U24239TG2004PLC043684	HETERO BIOTECH LIMITED	Director	19/07/2004	19/07/2004	01/12/2010	Active	NO
8	U85110TG1989PTC010293	HYDERABAD HOSPITALS PRIVATE LIMITED	Director	29/09/2004	29/09/2004	-	Active	NO
9	U24230TG2004PTC044710	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	U73100TG2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
12	U24231TG1998PLC029961	SYMED LABS LIMITED	Director	06/09/2007	11/07/2007	-	Active	NO
13	U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10/08/2007	10/08/2007	29/06/2011	Active	NO
14	U72200TG2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
15	U74999TG2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25/10/2007	25/10/2007	08/03/2012	Active	NO
16	U24299TG2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06/03/2008	06/03/2008	21/04/2011	Active	NO
17	U45200TG2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	18/09/2008	01/08/2008	-	Active	NO
18	U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PRIVATE LIMITED	Director	01/08/2008	01/08/2008	-	Active	NO
19	U24110TG1989PLC009723	HETERO LABS LIMITED	Whole-time director	01/08/2013	01/08/2008	-	Active	NO
20	U24239TG1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	26/08/2010	12/11/2009	-	Active	NO
21	U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
22	U21023TG2007PTC054088	CHEMI PACK (INDIA) PRIVATE LIMITED	Director	19/08/2010	19/11/2009	08/03/2012	Active	NO
23	U40100TG2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
24	U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	07/04/2011	07/04/2011	-	Active	NO
25	U24232TG2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
26	U24233TG2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
27	U45400TG2012PLC083644	HONOUR INFRA ESTATES LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
28	U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	Additional director	13/02/2014	13/02/2014	-	Active	NO

Name :

Mr. Attunuri Venkatanarasa Reddy

Designation :

Director

Address :

H. No. 8-3-678/61, Pragathi Nagar Colony, Yousufguda, Hyderabad – 500018, 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	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Director	28/01/1999	28/01/1999	-	Active	NO
2	U24110TG1989PLC009723	HETERO LABS LIMITED	Whole-time director	01/04/2012	11/03/1999	-	Active	NO
3	U24239TG2004PLC043684	HETERO BIOTECH LIMITED	Director	19/07/2004	19/07/2004	-	Active	NO
4	U24239TG2004PTC044633	INVAGEN PHARMACEUTICALS PRIVATE LIMITED	Director	17/11/2004	17/11/2004	-	Active	NO
5	U24239TG2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16/06/2005	16/06/2005	-	Strike off	NO
6	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	24/03/2006	24/03/2006	25/09/2008	Active	NO
7	U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10/08/2007	10/08/2007	30/09/2010	Active	NO

Name :

Mr. Bhaskar Reddy Chiluka

Designation :

Director

Address :

Saispurthi Apartments, Flat No. 205, Plot No. 102, Motinagar, Borabanda, Hyderabad – 500018, 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	U24230TG1993PLC015582	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, Nizampet Road, Nizampet, Hyderabad – 500000, Andhra Pradesh, India

Date of Birth/Age :

01.01.1969

Qualification :

B.Sc

Experience :

14 Years

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	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Whole-time director	01/04/2012	18/11/1999	Active	NO
2	U24233TG2011PLC077561	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

Qualification :

Msc chemical engineering

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	U24230TG2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	Director	29/11/2004	29/11/2004	-	Active	NO
2	U73100TG2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	Director	05/01/2007	05/01/2007	-	Active	NO
3	U24239TG1996PLC025371	GENX PHARMA LIMITED	Director	26/09/2007	26/07/2007	-	Active	NO
4	U72200TG2007PLC055910	HETERO MED SOLUTIONS LIMITED	Director	15/10/2007	15/10/2007	-	Active	NO
5	U74999TG2007PLC056072	SRI SAI ASHIRWAAD LOGISTICS LIMITED	Director	25/10/2007	25/10/2007	-	Active	NO
6	U24299TG2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	06/03/2008	06/03/2008	-	Active	NO
7	U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	Additional director	10/04/2008	10/04/2008	-	Active	NO
8	U24231TG1998PLC029961	SYMED LABS LIMITED	Director	01/04/2012	10/04/2008	-	Active	NO
9	U24239TG1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	29/09/2011	10/04/2008	-	Active	NO
10	U52520AP2006PLC049614	HETERO HEALTHCARE LIMITED	Director	25/09/2008	10/04/2008	-	Active	NO
11	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Director	25/09/2008	10/04/2008	-	Active	NO
12	U24110TG1989PLC009723	HETERO LABS LIMITED	Whole-time director	01/05/2011	10/04/2008	-	Active	NO
13	U24239TG1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	19/08/2010	12/11/2009	29/06/2011	Active	NO
14	U24239TG2004PLC043684	HETERO BIOTECH LIMITED	Director	19/08/2010	12/11/2009	29/06/2011	Active	NO
15	U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	30/09/2010	12/11/2009	21/04/2011	Active	NO
16	U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PRIVATE LIMITED	Director	19/08/2010	12/11/2009	-	Active	NO
17	U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
18	U21023TG2007PTC054088	CHEMI PACK (INDIA) PRIVATE LIMITED	Director	19/08/2010	19/11/2009	06/02/2014	Active	NO
19	U45200TG2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	23/09/2010	02/08/2010	-	Active	NO
20	U40100TG2010PLC071837	HETERO WIND POWER LIMITED	Director	23/12/2010	23/12/2010	-	Active	NO
21	U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	Director	07/04/2011	07/04/2011	-	Active	NO
22	U24232TG2011PLC074274	SRI SAI KARUNA INDUSTRYS LIMITED	Director	04/05/2011	04/05/2011	-	Active	NO
23	U24233TG2011PLC077561	HONOUR LAB LIMITED	Director	21/11/2011	21/11/2011	-	Active	NO
24	U45400TG2012PLC083644	HONOUR INFRA ESTATES LIMITED	Director	17/10/2012	17/10/2012	-	Active	NO
25	U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	Additional director	13/02/2014	13/02/2014	-	Active	NO

KEY EXECUTIVES

Name :	Chittajallu Gopalakrishna
Designation :	Secretary
Date of Appointment :	07.08.2008
PAN No.:	AARPC8990L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 05.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	34.23
Directors or relatives of Directors	56.97
Others	8.80
Total	100.00

BUSINESS DETAILS

Line of Business :

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

Products :

Item Code No. (ITC Code)	Product Description
30065000	Pharmaceuticals

· Bulk Drugs

· Losartan Potassium

· Omeprazole

· Formulations

· Bicalutomide

· Simvastatin

· Tegaderoid Maleate

· Quetiapine Fumerate

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

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

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (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)	62.500	478.063
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)	972.606	1391.622
SHORT TERM BORROWINGS
Working capital loans from banks (The Working Capital Loans from Andhra Bank, State Bank of Hyderabad and Bank of India are secured against hypothecation of Finished Stocks, Raw Materials, Work-in-process and book debts and second charge on fixed assets of the company)	3211.334	3330.551
Total	4246.440	5200.236

Banking Relations :	---
Auditors :
Name :	M V Narayana Reddy and Company Chartered Accountants
Address :	No. 504, Vijayasree Apartments, Behind Chermas , Ameerpet, Hyderabad – 500073, Andhra Pradesh, India
PAN No.:	AADFM4830F
Name :	A. V. N. S. Nageswara Rao Cost Accountant
Subsidiary Companies :	Saketha Drugs and Intermediates Limited CIN No.: U24239AP1995PLC020625 Hetero Biotech Limited CIN No.: U24239AP2004PLC043684
Joint Venture :	Pharmed Healthcare Company SAE
Associates:	· Hetero Med Solutions Limited CIN No.: U72200AP2007PLC055910 · Hetero Healthcare Limited CIN No.: U52520AP2006PLC049614 · Hetero Bio Chemicals Limited CIN No.: U24299AP2008PLC058020 · Sri Sai Ashirwaad Logistics Limited CIN No.: U74999AP2007PLC056072 · Hetero Information Technologies Limited CIN No.: U72900AP2007PLC055111 · Hetero Wind Power Limited CIN No.: U40100AP2010PLC071837 · Hetero Europe SL Arafarma Group INC. Spain
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 · Bandis Investments Private Limited CIN No.: U65993AP1993PTC015489 · 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 · Hetero Life Sciences Private Limited CIN No.: U73100AP2007PTC052262 · Hetero Information Technologies Limited CIN No.: U72900AP2007PLC055111 · Hetero International Limited CIN No.: U24239AP2002PLC040108 · Honour Lab Limited CIN No.: U24233AP2011PLC077561 · Camber Pharmaceuticals INC Hetero (Thailand) Limited Hetero FZCO Hetero Singapore Pte Limited Invagen Pharmaceuticals Inc Hetmark FZCO Hetero USA Inc Hetero Europe SL Akar International FZC Pharmed Healthcare Hetlabs Mexico Arafarma Group Hetero Wind Power Limited
Other Related Party :	Hetero Bio Chemicals Limited U24299AP2008PLC058020

CAPITAL STRUCTURE

As on 31.03.2013

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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	34.500	34.500	34.500
(b) Reserves & Surplus	7232.337	6756.166	6531.523
(c) Money received against Share Warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7266.837	6790.666	6566.023
(3) Non-Current Liabilities
(a) long-term Borrowings	1132.618	1970.627	1780.527
(b) Deferred Tax Liabilities (Net)	846.046	603.133	473.180
(c) Other Long Term Liabilities	82.500	82.500	50.000
(d) long-term Provisions	31.950	29.184	27.443
Total Non-current Liabilities (3)	2093.114	2685.444	2331.150
(4) Current Liabilities
(a) Short Term Borrowings	3211.334	3520.311	3353.989
(b) Trade Payables	1812.186	701.215	680.918
(c) Other Current Liabilities	1702.107	1245.543	1318.898
(d) Short-term Provisions	42.894	19.124	54.400
Total Current Liabilities (4)	6768.521	5486.193	5408.205
TOTAL	16128.472	14962.303	14305.378
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	5673.040	5233.335	3873.305
(ii) Intangible Assets	228.714	250.203	242.116
(iii) Capital Work-in-Progress	804.828	809.970	1561.787
(iv) Intangible assets under Development	0.000	0.000	0.000
(b) Non-current Investments	788.857	316.857	455.514
(c) Deferred Tax Assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	601.223	1030.277	842.423
(e) Other Non-current Assets	0.000	0.000	0.000
Total Non-Current Assets	8096.662	7640.642	6975.145
(2) Current assets
(a) Current Investments	0.000	0.000	0.000
(b) Inventories	3206.210	2223.286	2378.192
(c) Trade Receivables	4027.558	4413.776	3948.685
(d) Cash and Cash Equivalents	72.429	85.721	384.213
(e) Short-term Loans and Advances	162.282	165.913	119.630
(f) Other Current Assets	563.331	432.965	499.513
Total Current Assets	8031.810	7321.661	7330.233
TOTAL	16128.472	14962.303	14305.378

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	10894.865	12932.378	17155.644
		Other Income	138.400	166.405	311.087
		TOTAL	11033.265	13098.783	17466.731
Less	EXPENSES
		Cost of Materials Consumed	5688.423	5249.421	11481.147
		Purchases of Stock-in-Trade	959.378	3664.493	419.256
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(377.889)	134.832	(168.805)
		Employees benefits expense	583.797	549.062	697.351
		Other expenses	2343.035	2183.039	2736.886
		TOTAL	9196.744	11780.847	15165.835
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1836.521	1317.936	2300.896
Less	FINANCIAL EXPENSES		574.005	568.448	378.764
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		1262.516	749.488	1922.132
Less/ Add	DEPRECIATION/ AMORTISATION		355.974	305.103	476.056
	PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX		1262.516	749.488	1446.076
Less/ Add	EXTRAORDINARY ITEMS BEFORE TAX		0.000	0.000	50.343
	PROFIT/ (LOSS) BEFORE TAX		906.542	444.385	1496.419
Less	TAX		424.317	219.742	259.669
	PROFIT/ (LOSS) AFTER TAX		482.225	224.643	1236.750
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		235.055	10.412	6.662
Less	APPROPRIATIONS
		Transfer to General Reserve	702.000	0.000	1233.000
		Dividend	5.175	0.000	0.000
		Dividend Tax	0.879	0.000	0.000
	BALANCE CARRIED TO THE B/S		9.226	235.055	10.412
	EARNINGS IN FOREIGN CURRENCY		6893.050	8354.150	11045.187
	IMPORTS
		Raw Material	2203.860	1706.400	2045.826
		Capital Goods	141.520	179.670	62.725
		Others	1.470	14.180	37.535
	TOTAL IMPORTS		2346.850	1900.250	2146.086
	Earnings / (Loss) Per Share (Rs.)		139.78	65.11	358.48

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.37	1.71	7.08
Net Profit Margin (PBT/Sales)	(%)	8.32	3.44	8.72
Return on Total Assets (PBT/Total Assets}	(%)	6.24	3.21	12.18
Return on Investment (ROI) (PBT/Networth)		0.12	0.07	0.23
Debt Equity Ratio (Total Debt/Networth)		0.60	0.81	0.78
Current Ratio (Current Asset/Current Liability)		1.19	1.33	1.36

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	34.500	34.500	34.500
Reserves & Surplus	6531.523	6756.166	7232.337
Net worth	6566.023	6790.666	7266.837
long-term borrowings	1780.527	1970.627	1132.618
Short term borrowings	3353.989	3520.311	3211.334
Total borrowings	5134.516	5490.938	4343.952
Debt/Equity ratio	0.782	0.809	0.598

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	17155.644	12932.378	10894.865
		(24.617)	(15.755)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	17155.644	12932.378	10894.865
Profit	1236.750	224.643	482.225
	7.21%	1.74%	4.43%

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	-----
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred payment Indian sources	39.705	43.136
Other loans and advances, others	57.807	57.806
SHORT TERM BORROWINGS
Loans repayable on demand from banks	0.000	189.760
Total	97.512	290.702

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10494719	19/03/2014	846,400,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA	C04545695
2	10370050	26/07/2012	1,000,000,000.00	DBS BANK LIMITED	SALARPURIA WINDSOR, NO.3, ULSOOR ROAD,, BANGALORE,  KARNATAKA - 560042, INDIA	B45507464
3	10282575	30/03/2011	500,000,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGAR, HYDERABAD, ANDHRA PRADESH - 500018, INDIA	B11476413
4	10260000	29/10/2010	500,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, SOMAJIGUDA, HYDERABAD,  ANDHRA PRADESH - 500082, INDIA	B01524891
5	10138631	02/07/2010 *	3,540,000,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGAR, HYDERABAD, ANDHRA PRADESH - 500018, INDIA	A90299124
6	10132756	18/10/2008	750,000,000.00	BANK OF INDIA LIMITED	KHAIRATABAD BRANCH, A.C.GUARDS, LAKIDAKAPOOL, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	A52295425
7	10113818	28/06/2008	500,000,000.00	STATE BANK OF INDIA	MCLAU, H.NO.3/6/281/A/1,FIRST FLOOOR, HYDERGUDA MAIN ROAD, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	A42265470
8	10084168	02/01/2008	2,537,500,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGAR, HYDERABAD, ANDHRA PRADESH - 500018, INDIA	A30807895
9	10101561	01/06/2012 *	4,550,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, MY HOME JUPALLY,, AMEERPET, HYDERABAD, ANDHRA PRADESH - 500016, INDIA	B40484941
10	90124520	14/09/2006 *	810,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	MAHAVIR HOUSE, BASHEERBAGH, HYDERABAD, ANDHRA PRADESH - 500029, INDIA	-
11	90124461	29/06/2004	30,000,000.00	BANK OF INDIA	PTI BUILDING ; KHAIRATABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
12	90124432	03/02/2004	20,000,000.00	BANK OF INDIA	PTI BUILDING ; KHAIRATABAD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
13	90260033	12/08/2003	20,000,000.00	STATE BANK OF INDIA	PTI BUILDINGS, KHARITABAD, HYDERABAD, ANDHRA PRADESH, INDIA	-
14	90260027	28/06/2003	10,000,000.00	STATE BANK OF MYSORE	IFB BRANCH, AMEERPET, HYDERABAD, ANDHRA PRADESH,  INDIA	-
15	90260021	16/05/2003	16,500,000.00	IDBI BANK LIMITED	MAHAVEER HOUSE, BASHEER BAGH, HYDERABAD, ANDHRA PRADESH, INDIA	-
16	90260017	05/04/2003	110,000,000.00	IDBI BANK	BASHEERBAGH BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
17	90259998	11/11/2002	20,000,000.00	BANK OF INDIA	PTI BUILDINGS, KHARITABD BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
18	90259975	03/04/2002	20,000,000.00	STATE BANK OF MYSORE	IFB AMEERPET, HYDERABAD, ANDHRA PRADESH, INDIA	-
19	90124302	11/03/2003 *	20,000,000.00	STATE BANK OF MUSORE	INDUSTRIAL FINANCE BRANCH; AMEERPET, HYDERABAD, ANDHRA PRADESH, INDIA	-
20	90259965	12/02/2002	20,000,000.00	STATE BANK OF MYSORE	IFB AMEERPET, HYDERABAD, ANDHRA PRADESH, INDIA	-
21	90124296	11/03/2003 *	30,000,000.00	STATE BANK OF MUSORE	INDUSTRIAL FINANCE BRANCH; AMEERPET, HYDERABAD, ANDHRA PRADESH, INDIA	-
22	90259961	12/01/2002	30,000,000.00	STATE BANK OF MYSORE	IFB AMEERPET, HYDERABAD, ANDHRA PRADESH, INDIA	-
23	90121548	01/08/2001	60,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER; CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA	-
24	90121524	30/04/2001	25,000,000.00	BANK OF INDIA	KHIKRATABAD BRANCH, PTI BUILDING, HYDERABAD, ANDHRA PRADESH, INDIA	-
25	90124244	31/03/2001	20,000,000.00	STATE BANK OF INDIA	BALANAGAR BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
26	90123976	29/02/2012 *	6,171,000,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGAR, HYDERABAD, ANDHRA PRADESH - 500018, INDIA	B34867614
27	90259790	08/12/2004 *	46,050,000.00	IDBI BANK	BASHEERBAGH BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
28	90123894	24/12/1996	27,000,000.00	IDBI BANK LTD.	MAHAVEER HOUSE ; BASHEERBAGH SQUARE, HYDERABAD, ANDHRA PRADESH, INDIA	-
29	90120893	11/10/1995 *	31,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER ; CUFFE PARADE ; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
30	90122460	01/02/1997 *	110,000,000.00	STATE BANK OF HYDERABAD	SANATH NAGAR BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
31	90120758	21/08/1996 *	31,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	IDBI TOWER ; CUFFE PARADE ; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA	-
32	90120722	19/07/1995 *	75,300,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
33	90122363	26/08/1995 *	75,300,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
34	90259614	17/03/2001 *	46,050,000.00	ANDHRA BANK	SCF BRANCH, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, INDIA	-
35	90123679	03/11/2000 *	71,050,000.00	STATE BANK OF HYDERABAD	SANATH NAGAR BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-

REVIEW OF PERFORMANCE AND FUTURE OUTLOOK

The dip in revenues is mainly due to reduced trading turnover during the year. 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.

Profit before tax for the year climbed to Rs. 906.53 Mn. from Rs. 444.38 Mn. in the previous year, an increase of 104%. Profitability for the year improved thanks to continued strict cost control and operational excellence. Profit after tax increased from Rs. 224.64 Mn. to Rs. 482.22 Mn.

As in earlier years, the Company added to its product lines and filed DMFs globally. Up gradation of facilities is being executed and operational efficiencies receive continuous attention by the senior level Management.

Hetero's product portfolio includes mix of APIs across major therapeutic categories and has world class API manufacturing facilities capable in handling complex and hazardous reactions. Combination of a dedicated team and world class production techniques guarantee delivery of products to their customers across the globe. The Company stands for Quality and the production of API has traditionally been one of the core competencies and with its rich experience in more than two decades of manufacturing always strives to provide best of technical support to all their customers

The Power Purchase Agreement (PPA) entered into with Hetero Wind Power Limited for supply of electricity on long term basis will help the company to overcome substantially the power deficit scenario in the state of Andhra Pradesh

In respect of investments made in Janani Infrastructure Limited and Jagati Publications Private Limited, the Central Bureau of Investigation and Directorate of Enforcement has filed case against the Company together with other investors. The Company in consultation with legal experts opines that the case is unsustainable. Further, it will not have any impact on current or future operations of the Company.

NEW PROJECTS:

During the year, the company has incurred capital expenditure of Rs. 808.26 Mn. towards creation of facilities at Jadcherla SEZ and Visakhapatnam SEZ (for Bulk Drugs) and also for various fixed assets at the existing manufacturing facilities.

FIXED ASSETS

Tangible Assets

· Land

Buildings

Plant and Equipment

Emission reduction Equipment

Furniture and Fixtures

Vehicles

Motor Vehicles

Office Equipment

Computer Equipments

Other Equipments

Intangible Assets

· Brands and Trade Marks

Computer Software

Copyrights, Patents and Other Operating Rights

Other Intellectual Property Rights

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 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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	NTH

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--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.