MIRA INFORM REPORT

Report No. :	323523
Report Date :	25.05.2015

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 Estates. Sanath Nagar Hyderabad – 500018. Telangana
Tel. No.:	91-40-23704923
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.04.1993
Com. Reg. No.:	36-015582
Capital Investment / Paid-up Capital :	Rs.34.500 Million
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 :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 23000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. For the financial year 2014, the company has reported decent operational performance and achieved topline growth of 11.75%. Profitability margins of the company stood at 7.60%. Rating also takes into account of promoter’s rich experience in pharmaceutical business supported by adequate net worth base and healthy financial risk profile of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of decent financial profile, the company can be considered goods 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 facilities = A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	03.12.2014
Rating Agency Name	CARE
Rating	Short term bank facilities = A2+
Rating Explanation	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 DECLINED

Management non – cooperative: 91-40-23704923

LOCATIONS

Registered Office :	7-2-A2, Hetero Corporate Industrial Estates, Sanath Nagar Hyderabad – 500018, Telangana, India
Tel. No.:	91-40-23704923/24/25/26/27/28 91-40-23707171/7272/7744
Fax No.:	91-91-40-23714250/23704926
E-Mail :	contact@heterodrugs.com sambhram.p@heterodrugs.com
Marketing Office:	607/608, 6^th Floor, Matharu Arcade, Subhash Road, Vileparle (East), Mumbai - 400057, Maharashtra, India
Tel. No.:	91-22-66910809
Fax No.:	91-22-26845709
Marketing Facilities:	Bonthapally Vizag Non SEZ Gandhinagar Viraz SEZ Jeedimetla Village Kalyanpur, Chekkan Road, Baddi - 173205, Himachal Pradesh, India
Overseas Office:	Russia China

DIRECTORS

As on 25.09.2014

Name :

Mr. Bandi Partha Saradhi Reddy

Designation :

Chairman and Managing Director

Address :

Plot No. 389, Road No, 22/B, Juubileehills Check Post, Madhapur Road, Hyderabad – 500033, Telangana, 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	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	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	U40107TG2008PTC058106	SRI SHAKTI SWAROOPINI INDUSTRY 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	U40107TG2008PTC059007	SREE SAI LOK INDUSTRY 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 :

Director

Address :

Plot No, 933 Vivekananda Nagar, Kukatpally, Hyderabad – 500072, Telangana, 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 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	U45200TG2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	18/09/2008	01/08/2008	29/09/2014	Active	NO
18	U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PVT LTD	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	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. 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	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. 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	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	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	U52520TG2006PLC049614	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 PVT LTD	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	Director	25/09/2014	13/02/2014	-	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	Date of cessation	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	HINDYS LAB PRIVATE LIMITED	Additional director	20/12/2014	20/12/2014	-	Active	NO
4	U24110TG2015PTC098451	HOPERS LAB PRIVATE LIMITED	Director	13/04/2015	13/04/2015	-	Active	NO
5	U24110TG2015PTC098450	HAZELO LAB PRIVATE LIMITED	Director	13/04/2015	13/04/2015	-	Active	NO

Name :

Mr. Ratnakara Reddy Kura

Designation :

Whole – Time Director

Address :

Villa No.148, Fortune Fields, 13^th Phase KPHB Colony, Hyderabad – 500072, Telangana, India

Date of Birth/Age :

03.08.1966

DIN No.:

03517625

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	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	Director	30/09/2014	20/06/2014	-	Active	NO
8	U24100TG2007PTC055636	HINDYS LAB PRIVATE LIMITED	Additional director	20/12/2014	20/12/2014	-	Active	NO
9	U24110TG2015PTC098451	HOPERS LAB PRIVATE LIMITED	Director	13/04/2015	13/04/2015	-	Active	NO
10	U24110TG2015PTC098450	HAZELO LAB PRIVATE LIMITED	Director	13/04/2015	13/04/2015	-	Active	NO

Name :

Mr. Vijaya Bhaskara Reddy Kesari

Designation :

Whole – Time Director

Address :

D-26, Flat No. 103, Sai Ram Madhuram, Madhuranagar, Hyderabad – 500038, Telangana, India

Date of Birth/Age :

01.12.01964

Date of Appointment :

24.09.2014

03517625

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	U24299TG2008PLC058020	HETERO BIO CHEMICALS LIMITED	Director	28/09/2011	21/04/2011	-	Active	NO
2	U24239TG2002PLC040108	HETERO INTERNATIONAL LIMITED	Director	28/09/2011	21/04/2011	-	Active	NO
3	U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	Director	28/09/2011	21/04/2011	-	Active	NO
4	U24239TG1995PLC020625	SAKETHA DRUGS AND INTERMEDIATES LIMITED	Director	15/09/2011	29/06/2011	-	Active	NO
5	U24239TG2004PLC043684	HETERO BIOTECH LIMITED	Director	15/09/2011	29/06/2011	-	Active	NO
6	U45200TG2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	Director	24/09/2012	05/01/2012	-	Active	NO
7	U24230TG1993PLC015582	HETERO DRUGS LIMITED	Whole-time director	25/09/2014	02/06/2014	-	Active	NO
8	U24239TG2005PTC047265	CLINSE LABS PRIVATE LIMITED	Director	18/09/2014	22/07/2014	-	Active	NO
9	U24100TG2007PTC055636	HINDYS LAB PRIVATE LIMITED	Additional director	20/12/2014	20/12/2014	-	Active	NO
10	U24110TG2015PTC098451	HOPERS LAB PRIVATE LIMITED	Director	13/04/2015	13/04/2015	-	Active	NO
11	U24110TG2015PTC098450	HAZELO LAB PRIVATE LIMITED

KEY EXECUTIVES

Name :	Mr. Jagadish K
Designation :	Senior Executive, HR

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 25.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 25.09.2014

Category	Percentage
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.	Product Description
3006	Pharmaceuticals

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• DBS Bank Limited, Salarpuria Windsor, No.3, Ulsoor Road, Bangalore – 560042, Karnataka, India
• State Bank Of India, Sanathnagar Branch, Industrial Estate, Sanathnagar, Hyderabad – 500018, Telangana, India
• Bank of India Limited, Khairatabad Branch, A.C. Guards, Lakidakapool, Hyderabad – 500004, Telangana, India
• IDBI Bank Limited, Basheerbagh Branch, Hyderabad, Telangana, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan	681.422	1074.811
Short-term borrowings
Working Capital Loan from Bank	3088.042	2925.103
Total	3769.464	3999.914

Auditors :
Name :	M V Narayana Reddy and Company Chartered Accountants
Address :	# 504, Vijayasree Apartments, Behind Cherma s , Ameerpet, Hyderabad - 500 073, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	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:	Hetero Labs Limited, India Cin No.: U24110TG1989PLC009723 Cirex Pharmaceuticals Limited, India Cin No.: U24239TG1990PLC012119 Genx Pharmalimited, India CIN No.: U24239TG1996PLC025371 Clinse Labs Private Limited, India Cin No.: U24239TG2005PTC047265 Hetero Healthcare Limited, India Cin No.: U52520TG2006PLC049614 Symed Labs Limited, India Cin no.: U24231TG1998PLC029961 Hetero Infrastructure Sez Limited, India CIN No.: U45200TG2006PLC049668 Chemi Pack (India) Private Limited, India Cin no.:U21023TG2007PTC054088 Camb E R Pharmaceuticals Inc, United States Hetero(Thailand) Ltd, Thailand Hetero Fzco, United Arabemirates Hetero Singapore Pteltd Limited, Singapore Invagenpharmaceuticals Inc, United States Hetmark Fzco, Mexico Hetero Usa Inc, United States Hetero Europe Sl, Spain Akar International Fzc, United Arab Emiratespharmed Healthcare, Egypt, India Hetlabs Mexico, Mexico, India Arafarma Group, Spain, India Hetero Wind Power Limited, India Cin No.: U40100TG2010PLC071837 Hetero Information Technologies Limited, India Cin No.: U72900TG2007PLC055111 Hetero International Limited, India Cin No.: U24239TG2002PLC040108 Hetero Bio Chemicals Limited, India Cin No.: U24299TG2008PLC058020 Honour Lab Limited, India Cin No.: U24233TG2011PLC077561 Saketha Drugs And Intermediates Limited, India Cin No.: U24239TG1995PLC020625 Hetero Life Sciences Private Limited, India Cin No.: U73100TG2007PTC052262 Hetero Biotech Limited, India Cin No.: U24239TG2004PLC043684 Bandis Investments Private Limited, India Cin No.: U65993TG1993PTC015489
Associate	Hetero Med Solutions Limited, India Cin No.: U40102TG2007PLC055910

CAPITAL STRUCTURE

As on 25.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,450,000	Equity Shares	Rs.10/- each	Rs. 34.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	34.500	34.500	34.500
(b) Reserves & Surplus	8171.098	7232.336	6756.166
(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)	8205.598	7266.836	6790.666
(3) Non-Current Liabilities
(a) long-term borrowings	739.228	1132.618	1970.627
(b) Deferred tax liabilities (Net)	919.274	846.046	603.132
(c) Other long term liabilities	82.500	82.500	82.500
(d) long-term provisions	40.781	31.950	29.184
Total Non-current Liabilities (3)	1781.783	2093.114	2685.443
(4) Current Liabilities
(a) Short term borrowings	3642.893	3211.334	3520.311
(b) Trade payables	1309.366	1812.186	701.215
(c) Other current liabilities	1273.406	1702.107	1245.543
(d) Short-term provisions	38.995	42.894	19.125
Total Current Liabilities (4)	6264.660	6768.521	5486.194
TOTAL	16252.041	16128.471	14962.303
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5755.138	5673.040	5233.335
(ii) Intangible Assets	206.870	228.714	250.203
(iii) Capital work-in-progress	1027.097	804.828	809.970
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	837.476	788.856	316.857
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	495.173	601.223	1030.277
(e) Other Non-current assets
Total Non-Current Assets	8321.754	8096.661	7640.642
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3405.300	3206.210	2223.286
(c) Trade receivables	3485.049	4027.558	4413.776
(d) Cash and cash equivalents	201.368	72.429	85.721
(e) Short-term loans and advances	232.425	162.282	165.913
(f) Other current assets	606.145	563.331	432.965
Total Current Assets	7930.287	8031.810	7321.661
TOTAL	16252.041	16128.471	14962.303

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	12028.502	10894.865	12932.378
	Other Income	183.218	138.400	166.405
	TOTAL	12211.720	11033.265	13098.783
Less	EXPENSES
	Cost of Materials Consumed	6084.221	5688.423	5249.421
	Purchases of Stock-in-Trade	1032.224	959.378	3664.493
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(504.533)	(377.889)	134.831
	Employees benefits expense	806.019	583.797	549.062
	Other expenses	2690.789	2343.035	2183.039
	TOTAL	10108.720	9196.744	11780.846
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2103.000	1836.521	1317.937
Less	FINANCIAL EXPENSES	432.755	574.005	568.449
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1670.245	1262.516	749.488
Less/ Add	DEPRECIATION/ AMORTISATION	373.538	355.974	305.103
	PROFIT/ (LOSS) BEFORE TAX	1296.707	906.542	444.385
Less	TAX (H)	351.891	424.317	219.742
	PROFIT/ (LOSS) AFTER TAX	944.816	482.225	224.643
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	9.228	235.063	10.420
Add	Earlier year excess proposed dividend and dividend distribution tax	0.000	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	963.000	702.000	0.000
	Dividend	5.180	5.180	0.000
	Tax on Dividend	0.880	0.880	0.000
	Total (M)	969.060	708.060	0.000
	Balance Carried to the B/S (J+K+L-M)	(15.016)	9.228	235.063
	Earnings / (Loss) Per Share (Rs.)	273.86	139.77	65.11

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	494.941	494.941	878.622
Cash generated from operations	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	7.85	4.43	1.74
Operating Profit Margin (PBIDT/Sales)	(%)	17.48	16.86	10.19
Return on Total Assets (PBT/Total Assets}	(%)	9.01	6.24	3.21
Return on Investment (ROI) (PBT/Networth)		0.16	0.12	0.07
Debt Equity Ratio (Total Debt /Networth)		0.59	0.67	0.94
Current Ratio (Current Asset/Current Liability)		1.27	1.19	1.33

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	34.500	34.500	34.500
Reserves & Surplus	6756.166	7232.336	8171.098
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6790.666	7266.836	8205.598
long-term borrowings	1970.627	1132.618	739.228
Short term borrowings	3520.311	3211.334	3642.893
Current Maturities Of Long-Term Debts	878.622	494.941	494.941
Total borrowings	6369.560	4838.893	4877.062
Debt/Equity ratio	0.938	0.666	0.594

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	12932.378	10894.865	12028.502
		(15.755)	10.405

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	12932.378	10894.865	12028.502
Profit	224.643	482.225	944.816
	1.74%	4.43%	7.85%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Review of performance and future outlook

During the year your company achieved revenues of Rs.12421.660 Million. (Previous Year Rs. 11114.900 Million.). Exports for 2013-14 stood at Rs.7622.420 Million. (Previous year Rs. 6903.330 Million.). 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 under review climbed to Rs.1296.700 Million. from Rs.906.530 Million. in the previous year, and recorded a growth of 43%. Profitability for the year improved due to reduction in raw material consumption, improved production process, continued strict cost control and operational excellence. Profit after tax increased from Rs.482.220 Million. to Rs.944.800 Million. Your 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 our customers across the globe. Your 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 our 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 PradeshIn respect of investments made in M/s. Janani Infrastructure Limited and M/s. 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.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loan	57.806	57.806
Short-term borrowings
Loan repayable on demand	554.851	286.231
Total	612.657	344.037

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, Somaj  iguda, 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, SANATHNAGA  R, 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, SANATHNAGA  R, 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, HYD  ERABAD, 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 M  ain Road, HYDERABAD, Andhra Pradesh - 500029, INDI  A	A42265470
8	10084168	02/01/2008	2,537,500,000.00	STATE BANK OF HYDERABAD	SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGA  R, 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,, AMEE  RPET, 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 Pra  desh - 500029, INDIA

FIXED ASSETS

• Land
• Buildings
• Residential building
• Office building
• Factory building
• Plant and equipment
• Emission reduction equipment
• Other plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

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 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.63.57
UK Pound	1	Rs.99.66
Euro	1	Rs.70.92

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	KAR
Report Prepared by :	RKI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
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	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		62

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.