MIRA INFORM REPORT

Report No. :	307967
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	HONOUR LAB LIMITED
Registered Office :	H. No. 8-3-166/7/1, Hetero House, Erragadda, Hyderabad – 500018, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	21 .11.2011
Com. Reg. No.:	01-077561
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U24233TG2011PLC077561
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, Exporter and Importer in all Kinds of Bulk Drugs, Drug Intermediates, Formulations and Other Pharmaceutical and Medical Preparations.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 330000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any source. As per available financial of 2013, financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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 – 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

NOT AVAILABLE

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 DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-40-23710405)

LOCATIONS

Registered Office :	H. No. 8-3-166/7/1, Hetero House, Erragadda, Hyderabad – 500018, Telangana, India
Tel. No. :	91-40-23710405
Fax No. :	91-40-23700405
E-Mail :	sambhram.p@heterodrugs.com ekta.b@heterodrugs.com
Factory 1 :	Bonthapally Sy. No. 200, 201, 202 and 203, Bonthapally Village, Jinnaram Mandal, Medak – 502313, Andhra Pradesh, India
Factory 2:	Nakkapally Plot No. 4, Hetero Infrastructure SEZ Limited, Nakkapally Mandal, Visakhapatnam, Andhra Pradesh, India

DIRECTORS

As on 20.06.2013

Name :

Bandi Partha Saradhi Reddy

Designation :

Director

Address :

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

Date of Birth/Age :

06.03.1954

Date of Appointment :

21.11.2011

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	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 :

Srinivasa Reddy Male

Designation :

Director

Address :

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

Date of Birth/Age :

02.02.1973

Date of Appointment :

21.11.2011

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 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 :

Vamsikrishna Bandi

Designation :

Director

Address :

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

Date of Birth/Age :

31.07.1983

Date of Appointment :

21.11.2011

DIN No. :

01014619

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	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 :

Sambi Reddy Jonnala

Designation :

Director

Address :

Plot No.55, Green Avenue, Nizampet Road, Nizampet, Hyderabad - 500000, Andhra Pradesh, India

Date of Birth/Age :

01.01.1969

Date of Appointment :

20.09.2012

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
3	U24100TG2007PTC055636	HIND LIFE SCIENCES PRIVATE LIMITED	Additional director	20-12-2014	20-12-2014	Active	NO

Name :

Ratnakara Reddy Kura

Designation :

Director

Address :

Villa No 148, Fortune Fields, 13^th Phase, KPHB Colony, Hyderabad - 500072, Andhra Pradesh, India

Date of Birth/Age :

03.08.1966

Date of Appointment :

21.11.2011

DIN No. :

00211510

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239TG1990PLC012119	CIREX PHARMACEUTICALS LIMITED	Director	01-04-2014	01-11-2001	Active	NO
2	U24239TG2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	Director	16-06-2005	16-06-2005	Strike off	NO
3	U24239TG2005PTC047265	CLINSE LABS PRIVATE LIMITED	Director	26-08-2005	26-08-2005	Active	NO
4	U24233TG2011PLC077561	HONOUR LAB LIMITED	Director	21-11-2011	21-11-2011	Active	NO
5	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Whole-time director	25-09-2014	28-11-2013	Active	NO
6	U24110TG1989PLC009723	HETERO LABS LIMITED	Director	25-09-2014	02-06-2014	Active	NO
7	U24239TG2002PLC040108	HETERO INTERNATIONAL LIMITED	Additional director	20-06-2014	20-06-2014	Active	NO
8	U24100TG2007PTC055636	HIND LIFE SCIENCES PRIVATE LIMITED	Additional director	20-12-2014	20-12-2014	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.06.2013

Names of Shareholders	No. of Shares
Bandi Partha Saradhi Reddy	4869360
Srinivasa Reddy Male	9360
Vamsikrishna Bandi	99360
B. Kalavathi	9360
M. Krishna Sindhuri	9360
B. Anvidha	3060
Ratnakara Reddy Kura	140
Total	5000000

As on 20.06.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer in all Kinds of Bulk Drugs, Drug Intermediates, Formulations and Other Pharmaceutical and Medical Preparations.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

· Hetero Drugs Limited

Chemipack India Private Limited

Saboori Pharma Private Limited

S.B. Fine Chemicals

A.P. Fine Chem Private Limited

Cirex Pharmaceuticals Limited

Symed Labs Limited

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

· Hetero Labs Limited

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

· Bank of India, Ground Floor, P.T.I. Building, A.C. Guards, Masab Tank, Hyderabad - 500004, Andhra Pradesh, India

State Bank of Hyderabad, Sanath Nagar, Hyderabad – 500018, Andhra Pradesh, India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	M.V. Narayana Reddy and Company Chartered Accountants
Address :	Flat No. 504, Vijayasree Apartments, Behind Chermas, Ameerpet, Hyderabad – 500038, Andhra Pradesh, India
Tel. No. :	91-40-23743975/ 23744448
Income-tax PAN of auditor or auditor's firm :	AADFM4830S
Name :	P. Krishna Reddy and Company Cost Accountants
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	· Hetero Labs Limited Hetero Drugs Limited Cirex Pharmaceuticals Limited Seemed Labs Limited Saboori Pharma Private Limited S.B. Fine Chemicals A.P. Fine Chem Private Limited Hereto Infrastructure SEZ Limited

CAPITAL STRUCTURE

As on 20.06.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
7,000,000	Equity Shares	Rs.10/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.500
(b) Reserves & Surplus	77.290	(0.163)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	37.800	0.900
Total Shareholders’ Funds (1) + (2)	115.590	1.237
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	2.147	(0.073)
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.976	0.000
Total Non-current Liabilities (3)	3.123	(0.073)
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	183.099	0.000
(c) Other current liabilities	57.391	0.246
(d) Short-term provisions	24.604	0.000
Total Current Liabilities (4)	265.094	0.246
TOTAL	383.807	1.410
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100.891	0.000
(ii) Intangible Assets	0.222	0.000
(iii) Capital work-in-progress	54.671	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.447	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	7.781	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	164.012	0.000
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	80.565	0.000
(c) Trade receivables	58.433	0.000
(d) Cash and cash equivalents	5.438	1.410
(e) Short-term loans and advances	22.493	0.000
(f) Other current assets	52.866	0.000
Total Current Assets	219.795	1.410
TOTAL	383.807	1.410

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	570.153	0.000
		Other Income	0.109	0.000
		TOTAL	570.262	0.000
Less	EXPENSES
		Cost of Raw Material Consumed	410.706	0.000
		Changes in Inventories of Work in Progress, Finished Goods and Stock-in-Trade	(38.664)	0.000
		Employee Benefits Expense	15.981	0.000
		Other Expenses	64.088	0.236
		TOTAL	452.111	0.236
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		118.151	(0.236)
Less/ Add	DEPRECIATION/ AMORTISATION		2.511	0.000
	PROFIT/ (LOSS) BEFORE TAX		115.640	(0.236)
Less	TAX		38.187	(0.073)
	PROFIT/ (LOSS) AFTER TAX		77.453	(0.163)
	IMPORTS
		Capital Goods	3.573	0.000
	TOTAL IMPORTS		3.573	0.000
	Earnings / (Loss) Per Share (Rs.)
	Basic		1549.06	(9.05)
	Diluted		21.59	(3.42)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	13.58	0.00
Return on Total Assets (PBT/Total Assets}	(%)	35.18	(16.74)
Return on Investment (ROI) (PBT/Networth)		1.00	(0.19)
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.83	5.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.500	0.500
Reserves & Surplus	(0.163)	77.290
Money received against share warrants	0.900	37.800
Net worth	1.237	115.590
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	570.153

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	0.000	570.153
Profit	(0.163)	77.453
		13.58%

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	No
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 two years	Yes
12]	Profitability for last two 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	Yes
18]	Major customers	Yes
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	No
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10461641	28/09/2013	1,000,000,000.00	BANK OF INDIA	GROUND FLOOR, P.T.I. BUILDING, A.C.GUARDS, MASAB TANK, HYDERABAD, ANDHRA PRADESH - 500004, INDIA	B90112574

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Guarantees	1.000	0.000

REVIEW OF PERFORMANCE

During the year, the company has commenced its commercial operations from 23rd May, 2012 and achieved Revenue of Rs. 584.357 Millions and earned profit after tax of Rs. 77.453 Millions. The directors are confident of achieving of better results in the ensuing years.

FUTURE OUTLOOK

With the growing demand of Bulk Drugs all over, the management team as a part of growth strategy, is in the process of acquiring 2 Bulk Drug manufacturing non-operating units from Korea (India) limited situated at Kurkumbh, Baramati, Pune District, Maharashtra. The company has already entered into an MOU with Kores (India) Limited.

FIXED ASSETS

Tangible Assets

· Land

Building

Plant and Machinery

Computers

Electrical Equipment

Furnitures and Fixtures

Lab Equipment

Intangible Assets

· Computer Software

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.