MIRA INFORM REPORT

Report No. :	319498
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	HETERO LABS LIMITED (W.e.f. 30.05.1997)
Formerly Known As:	PHARMASIA LABORATORIES PRIVATE LIMITED (w.e.f. 30.12.1992) PERMILA DRUGS PRIVATE LIMITED
Registered Office :	7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, Hyderabad – 500018, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.03.1989
Com. Reg. No.:	01-009723
Capital Investment / Paid-up Capital :	Rs. 13.320 Millions
CIN No.: [Company Identification No.]	U24110TG1989PLC009723
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Active Pharmaceutical Ingredients (APIs) and Finished Dosages
No. of Employees :	Not Divulged (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 43000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well – established company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facility = A +
Rating Explanation	Adequate degree of safety and low credit risk.
Date	03.12.2014
Rating Agency Name	CARE
Rating	Short Term Bank Facility = A1
Rating Explanation	Very Strong degree of safety and low credit risk.
Date	03.12.2014

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 DENIED BY

Name :	Mr. Vijay Kumar
Designation :	Accountant Department
Contact No.:	91-40-23704924
Date :	14.02.2014

LOCATIONS

Registered Office :	7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, Hyderabad – 500018, Telangana
Tel. No.:	91-40-23704924
Fax No.:	91-40-23704924
E-Mail :	contact@heterodrugs.com ramu@heterodrugs.com vasucs@heterodrugs.com sambhram.p@heterodrugs.com
Website :	http://www.heterodrugs.com
Area :	3000 Sq. ft.
Location :	Owned
Regional Office :	‘Hetero Drugs Limited’ 607/608, 6th Floor, Matharu Arcade, Subhash Road, Ville Parle (East), Mumbai – 400 057, Maharashtra, India
Tel. No.:	91-22-56910809
Fax No.:	91-22-26845709
Marketing Office: :	Located at: USA Russia Europe China Thailand UAE Egypt South Africa

DIRECTORS

As on 31.03.2014

Name :

Dr. Bandi Partha Saradhi Reddy

Designation :

Managing Director

Address :

Plot No. 389, Road No. 22/B, Jublihills Chequepost, Madhapoor Road, Hyderabad – 500038, Andhra Pradesh, India

Date of Birth/Age :

06.03.1954

Qualification :

Ph.d in organic chemistry

Date of Appointment :

01.11.2011

DIN No.:

00015899

PAN No.:

AAJPB7067K

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	U45400TG2007PTC055324	SRI AYYAPPA LAND HOLDINGS 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	U45400TG2007PTC055329	SAI SPURTHI LAND VENTURES 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	U40102TG2007PLC055910	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	U70102TG2008PTC057902	SHREE SHIVA SINDHU REAL ESTATES PRIVATE LIMITED	Director	28/02/2008	28/02/2008	-	Active	NO
26	U72200TG2008PTC057903	SRI SHIVA SHANKAR SOFT SERVICES 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	U70102TG2008PTC058106	SRI SHAKTI SWAROOPINI REALTORS 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	U24110TG2008PTC058116	SYMED CHEMICALS 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	U52520TG2006PLC049614	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	Director	25/09/2014	13/02/2014	-	Active	NO

Name :

Mr. Srinivas Reddy Male

Designation :

Whole-time Director

Address :

Plot No.933, Vivrkanandnagar, Kukatpally, Hyderabad- 500 072, Andhra Pradesh, India

Date of Birth/Age :

02.02.1973

Qualification :

MBA. Marketing

Date of Appointment :

01.08.2013

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 PVT. LTD.	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	U52520TG2006PLC049614	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	26/09/2014	Active	NO
13	U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	10/08/2007	10/08/2007	29/06/2011	Active	NO
14	U40102TG2007PLC055910	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	U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	Director	01/08/2008	01/08/2008	-	Active	NO
18	U24110TG1989PLC009723	HETERO LABS LIMITED	Whole-time director	01/08/2013	01/08/2008	-	Active	NO
19	U45200TG2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	18/09/2008	01/08/2008	29/09/2014	Active	NO
20	U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
21	U24239TG1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	26/08/2010	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	11/09/2014	Active	NO
28	U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	Additional director	13/02/2014	13/02/2014	25/09/2014	Active	NO
29	U24233TG2014PTC096797	AZISTA PHARMACEUTICALS PRIVATE LIMITED	Director	11/12/2014	11/12/2014	-	Active	NO

Name :

Mr. Vamsikrishna Bandi

Designation :

Whole-time 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 :

01.05.2011

DIN No.:

01014619

PAN No.:

AIPPB1881R

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	U40102TG2007PLC055910	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	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Director	25/09/2008	10/04/2008	-	Active	NO
9	U52520TG2006PLC049614	HETERO HEALTHCARE LIMITED	Director	25/09/2008	10/04/2008	-	Active	NO
10	U24239TG1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	29/09/2011	10/04/2008	-	Active	NO
11	U24110TG1989PLC009723	HETERO LABS LIMITED	Whole-time director	01/05/2011	10/04/2008	-	Active	NO
12	U24231TG1998PLC029961	SYMED LABS LIMITED	Director	01/04/2012	10/04/2008	-	Active	NO
13	U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
14	U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	Director	19/08/2010	12/11/2009	-	Active	NO
15	U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	30/09/2010	12/11/2009	21/04/2011	Active	NO
16	U24239TG2004PLC043684	HETERO BIOTECH LIMITED	Director	19/08/2010	12/11/2009	29/06/2011	Active	NO
17	U24239TG1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	19/08/2010	12/11/2009	29/06/2011	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	Director	25/09/2014	13/02/2014	-	Active	NO

Name :

Mr. Attunuri Venkata Narasa Reddy

Designation :

Whole Time Director

Address :

H. No. 8-3-678/61, Pragathi Nagar Colony, Yosufguda, Hyderabad – 500018, Andhra Pradesh, India

Date of Birth/Age :

21.12.1963

Date of Appointment :

11.03.1999

DIN No.:

00023432

Other Directorship :

S.No.	CIN/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	02/06/2014	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	U52520TG2006PLC049614	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. Mohan Reddy Chilukuri

Designation :

Whole Time Director

Address :

Plot No.54, Green Avenue, Nizampet Road, Nizampet, Hyderabad – 500000, Andhra Pradesh, India

Date of Birth/Age :

02.01.1969

Date of Appointment :

01.04.2012

DIN No.:

00208921

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	U24110TG1989PLC009723	HETERO LABS LIMITED	Whole-time director	01/04/2012	18/11/1999	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay Kumar
Designation :	Accountant Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Names of Shareholders	No. of Shares	%age
B. Partha Saradhi Reddy	282860	21.24
B. Kalavathi	160740	12.07
M. Krishna Sindhuri	150000	11.26
B. Vamsi Krishna	398000	29.88
M. Srinivas Reddy	200	0.02
B. Srinivasula Reddy	200	0.02
B. Soma Kantham	200	0.02
M. Krishna Karthikeya Reddy	146900	11.03
B. Anvida	46000	3.45
M. Krishna Sahithi	146900	11.03
Total	1332000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Active Pharmaceutical Ingredients (APIs) and Finished Dosages.

Products :

Product Description	Item Code No. (ITC Code)
Bulk Drugs and Drug Intermediates	294110
Pharmaceuticals Formulation	300410

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

Banker Name	Bank Of India
Branch Address	Hyderabad Large Corporate Branch, 10-1-1199/2, 1^st Floor, P.T.I. Building, A.C.Guards, Masab Tank, Hyderabad – 500004, Andhra Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee From Loans From Bank	2015.957	1452.051
Foreign Currency Term Loans From Bank	1515.567	2107.542
SHORT TERM BORROWING
Working Capitals Loan From Bank	9394.383	8065.918
Total	12925.907	11625.511

Auditors :
Name :	M. V. Narayana Reddy and Company Chartered Accountants
Address :	D. No. 8-3-941, Flat No. 504, Vijayasree Apartments, Opposite Kamma Sangham, Ameerpet, Hyderabad – 500073 Andhra Pradesh, India
Tel. No.:	91-40-23743975 / 23744448
PAN No.:	AADFM4830F
Memberships :	Not Available
Collaborators :	Not Available
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Cirex Pharmaceuticals Limited Clinse Labs Private Limited Genx Pharma Limited Hetero Drugs Limited Hetero Healthcare Limited Symed Labs Limited Chemi Pack (India) Private Limited Hetero Med Solutions Limited Camber Pharmaceuticals Inc Invagen Pharmaceuticals Inc Hetmak Fzco Akar International Fzc Mint Pharmaceuticals IncHonour Lab Limited
Subsidiary company	Hetero Fzco Hetero Wind Power Limited
Joint venture	Pharmed Healthcare
Fellow Subsidiary company	HETLABS MEXICO
Associate :	Hetero Infrastructure Sez Limited Hetero (Thailand) Limited Hetero Singapore Pte Limited Hetero Usa Inc Hetero Europe SL Arapharma Group S A

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
132000	Equity Shares	Rs.10/- each	Rs.13.320 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.320	13.320	13.320
(b) Reserves & Surplus	15193.981	11449.970	9651.664
(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)	15207.301	11463.290	9664.984
(3) Non-Current Liabilities
(a) long-term borrowings	3531.524	3559.593	2768.186
(b) Deferred tax liabilities (Net)	1199.897	1071.107	735.668
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	95.243	74.408	49.947
Total Non-current Liabilities (3)	4826.664	4705.108	3553.801
(4) Current Liabilities
(a) Short term borrowings	10090.177	9435.509	7778.435
(b) Trade payables	4753.913	4808.864	3973.460
(c) Other current liabilities	3085.584	2563.013	1740.905
(d) Short-term provisions	126.594	110.383	78.292
Total Current Liabilities (4)	18056.268	16917.769	13571.092
TOTAL	38090.233	33086.167	26789.877
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10448.326	9919.285	7789.060
(ii) Intangible Assets	68.965	17.902	21.693
(iii) Capital work-in-progress	2845.841	1477.437	2373.585
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1004.939	888.107	391.607
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	922.041	1100.254	1019.898
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	15290.112	13402.985	11595.843
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8998.963	9310.699	7382.000
(c) Trade receivables	11916.555	9287.242	6686.970
(d) Cash and cash equivalents	321.995	189.818	230.974
(e) Short-term loans and advances	638.051	57.225	68.188
(f) Other current assets	924.557	838.198	825.902
Total Current Assets	22800.121	19683.182	15194.034
TOTAL	38090.233	33086.167	26789.877

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
	Income		37301.511	27605.375	20381.480
	Other Income		752.562	291.542	47.902
		TOTAL	38054.073	27896.917	20429.382
Less	EXPENSES
	Cost of Materials Consumed		22096.168	14987.593	13605.379
	Purchases of Stock-in-Trade		116.785	457.716	344.046
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade		(262.222)	746.356	(1905.333)
	Employees benefits expense		1975.151	1466.736	980.549
	Other expenses		6886.758	5541.959	3786.144
		TOTAL	30812.640	23200.360	16810.785
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7241.433	4696.557	3618.597
Less	FINANCIAL EXPENSES		1683.453	1465.230	870.778
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5557.980	3231.327	2747.819
Less/ Add	DEPRECIATION/ AMORTISATION		585.846	524.330	398.001
	PROFIT BEFORE TAX		4972.134	2706.997	2349.818
Less	TAX		1198.262	878.713	749.832
	PROFIT AFTER TAX		3773.872	1828.284	1599.986
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		193.990	105.660	66.630
Less	APPROPRIATIONS
		Transfer to General Reserve	3330.000	1710.000	1530.000
		Dividend	29.860	29.980	30.960
		Tax on Dividend	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		3773.872	1828.284	1599.986
	Earnings Per Share (Rs.)		2833.24	1372.61	1201.19

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	10.12	6.62	7.85
Operating Profit Margin (PBDIT / Sales)	(%)	19.41	17.01	17.75
Return on Total Assets (PBT/Total Assets}	(%)	14.52	8.81	9.78
Return on Investment (ROI) (PBT/Networth)		0.33	0.24	0.24
Debt Equity Ratio (Total Debt /Networth)		0.90	1.13	1.09
Current Ratio (Current Asset/Current Liability)		1.26	1.16	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.320	13.320	13.320
Reserves & Surplus	9651.664	11449.970	15193.981
Net worth	9664.984	11463.290	15207.301
long-term borrowings	2768.186	3559.593	3531.524
Short term borrowings	7778.435	9435.509	10090.177
Total borrowings	10546.621	12995.102	13621.701
Debt/Equity ratio	1.091	1.134	0.896

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	20381.480	27605.375	37301.511
		35.443	35.124

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	20381.480	27605.375	37301.511
Profit	1599.986	1828.284	3773.872
	7.85%	6.62%	10.12%

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	Yes
10]	Designation of contact person	Yes
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	No
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

LITIGATION DETAILS

ITTA 356 / 2014		ITTASR 2161 / 2014			Case Status : Pending
PETTIONER	THE COMMISIONER OF INCOME TAX (CENTRAL)		RESPONDENT	VS HETERO LABS LIMITED
Pet’s Adv:-	PRASAD (SC FOR INCOME TAX)		Resp. Adv.:	HARI
SUBJECT :	U/Sec. 143 Assessment		DISTRICT	HYDERABAD
FILLING DATE :	31.05.2014		POSTING STAGE :	FOR ADMISSION AND HEARING
REG. DATE	06.06.2014		LISTING DATE	12.06.2014
STATUS	ADMIT		HON’BLE JUDGE (S)	SANJAY KUMAR

NOTE : Registered office of the company has been shifted from H .NO. 8-3-166/1 AND 2 Challa Estates, First Floor, Erragadda, Hyderabad – 500018, Andhra Pradesh, India to the present address (w.e.f 31.07.2009)

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans Repayable On Demand From Bank	695.794	1369.591
Total	695.794	1369.591

REVIEW OF PERFORMANCE :

The Company's APIs business increased to Rs 9638.810 Million. During the fiscal, compared to Rs9357.540 Million. During 2012-13 registering a growth of 3.01%. API Segment Exports increased to Rs.5148.11 Million. As compared to Rs.4306.21 Million. In the previous year registering an export growth of 20%.

The Company's formulation business increased to Rs. 28166.52 Million. During the fiscal, compared to Rs. 18712.25 Million. During 2012-13.

Formulation revenues were higher by 50.19% over the previous year on account of increase in formulation operations. Formulation Segment Exports increased to Rs20792.28 Million. As compared to Rs.13432.06 Million. In the previous year registering an export growth of 35.4%

FINANCE

The Company incurred finance cost of Rs.1812.390 Million during the year which is 24% higher than the previous year on account of increase in volume of operations and costs as well as higher cost of borrowings together with depreciation of rupee against major currencies.

The Company has repaid term loans of Rs.1146.100 Million during the year and availed fresh term loans of Rs.1261.100 Million to part finance capital expenditure during the year. The total term loans of the Company stood at Rs.5049.070 Million as on March 31, 2014.

OUTLOOK

Hetero during the past 4 years has developed assets for growth. People, products, Infrastructure and improved relationship with some of the big pharma Companies across the globe are the key drivers for growth of the Company. The Company is perceived as preferred and reliable supplier by its customers.

The order flow remains encouraging and is being met with improved manufacturing efficiencies of pharmaceutical formulations, intermediates and Active Pharmaceuticals ingredients through process improvement and development.

Hetero is working to improve manufacturing process, optimize costs, reduce waste and operational expenditure, increase cash flow, rationalize manpower, protect margins, report positive earnings and risk the business.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10478286	21/01/2014	2,126,200,000.00	BANK OF INDIA	Hyderabad Large Corporate Branch,10-1-1199/2,, 1s  t Floor,P.T.I.Building, A.C.Guards, Masab Tank,, H  yderabad, Andhra Pradesh - 500004, INDIA	B96678909
2	10467942	19/12/2013	1,200,000,000.00	EXPORT-IMPORT BANK OF INDIA	Centre One Building, Floor 21,, World Trade Centr  e Complex, Cuffe Parade,, Mumbai, Maharashtra - 40  0005, INDIA	B92651371
3	10461509	28/10/2013	1,257,000,000.00	DBS Bank Limited	Salarpuria Windsor, No.3, Ulsoor Road, Bengaluru,  Karnataka - 560042, INDIA	B90049834
4	10421516	26/12/2013 *	4,186,400,000.00	State Bank of India	Industrial Finance Branch,, Rajbhavan Road, Somaj  iguda, Hyderabad, Andhra Pradesh - 500082, INDIA	B94525177
5	10308989	14/09/2011	250,000,000.00	STATE BANK OF MYSORE	INDUSTRIAL FINANCE BRANCH, MY HOME JUPALLY, AMEER  PET, HYDERABAD, Andhra Pradesh - 500038, INDIA	B22035851
6	10283954	28/09/2013 *	9,315,000,000.00	ANDHRA BANK	Specialized Corporate Finance Branch, 6-3-648,3rd  Floor,Padmaja Land Mark, Somajiguda, Hyderabad, A  ndhra Pradesh - 500082, INDIA	B87173050
7	10283970	26/03/2011	500,000,000.00	ANDHRA BANK	Specialised Corporate Finance Branch, 3rd Floor,  Padmaja Land Mark, Hyderabad, Andhra Pradesh - 500  082, INDIA	B12030003
8	10273568	29/12/2011 *	1,000,000,000.00	EXPORT-IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTR  E, CUFFE PARADE, MUMBAI, Maharashtra - 400005, IND  IA	B28834844
9	10257057	07/12/2010	500,000,000.00	ANDHRA BANK	SPECIALISED CORPORATE FINANCE BRANCH, 3rd FLOOR,  PADMAJA LAND MARK, SOMAJIGUDA, HYDERABAD, Andhra P  radesh - 500082, INDIA	B01508654
10	10257800	16/11/2010	500,000,000.00	STATE BANK OF HYDERBAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGA  R, HYDERABAD, Andhra Pradesh - 500018, INDIA	B00572214

FIXED ASSETS

• Land and Site Development
• Factory Building
• Electrical Equipment
• R and D Equipment
• ETP Machinery
• Furniture and Fixture
• Office Equipments
• Vehicles
• Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.48

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	RNK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		64

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.