MIRA INFORM REPORT

Report No. :	507789
Report Date :	04.05.2018

IDENTIFICATION DETAILS

Name :	HETERO LABS LIMITED (w.e.f. 07.06.2001)
Formerly Known As :	HETERO LABS PRIVATE LIMITED (w.e.f. 30.05.1997) 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
Tel. No.:	91-40-23704923/23704924
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	10.03.1989
Com. Reg. No.:	36-009723
Capital Investment / Paid-up Capital :	INR 13.320 Million
CIN No.: [Company Identification No.]	U24110TG1989PLC009723
IEC No.: [Import-Export Code No.]	0997003006
TIN No.:	36060125969
PAN No.: [Permanent Account No.]	AAACH5506R
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	36AAACH5506R1Z8
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacture, Export and also act as commission agents and deal with all types of chemicals, Pharmaceuticals, drugs, and intermediates. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated in 1989 and it is the flagship company of the Hetero group. It is a pharmaceutical company primarily engaged in the manufacturing of APIs and finished dosages formulations (FDF). As per Registrar of Companies, the date of filling its financials is shown as 31.03.2017 but documents related the FY 2017 are not available from any other sources. As per available financial of March 2016, the company has reported growth of 54.69% in its revenue as compared to previous year’s revenue and has maintained good profit margin of 20.13% during the year under review. Rating takes into consideration the company’s long established track record of business operations marked by healthy financial risk profile along with strong debt coverage indicators and good liquidity position. Rating also takes into account the strong promoter group, experienced management team, strong product portfolio spread across multiple therapeutic segments, reputed clientele base and favourable outlook for the pharmaceutical industry. Further, the company has reported a healthy earnings per share of INR 10,428.38 against its face value of INR 10. However, rating strength is partially offset by concentrated product and customer profile, elongated operating cycle period and highly fragmented industry with regulatory risk inherent in the pharmaceutical industry and exposure to the group companies in the form of corporate guarantees. Payments seems to be regular and as per commitment. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term rating : AA-
Rating Explanation	High degree of safety and very low credit risk
Date	20.01.2017

Rating Agency Name	CARE
Rating	Short term rating : A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	20.01.2017

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 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 04.05.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED

Management non-cooperative (Tel No.: 91-40-23704923/23704924)

LOCATIONS

Registered Office/ Corporate Office/ Marketing Office 1 :	7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, Hyderabad – 500018, Telangana, India
Tel. No.:	91-40-23704923/23704924
Fax No.:	91-40-23704923/23714250
E-Mail :	contact@heterodrugs.com ekta.b@heterodrugs.com sambhram.p@heterodrugs.com
Website :	http://www.heterodrugs.com
Area :	3000 Sq. ft.
Location :	Owned
Marketing Office 2 :	607/608, 6th Floor, Matharu Arcade, Subhash Road, Vileparle (East), Mumbai- 400057, Maharashtra, India
Factory 1 :	Unit-1, Sy. No. 10, I.D.A., Gaddapotharam Village, Medak - 502319, Telangana, India
Factory 2 :	SY No. 126,150,151, Rajayyapeta, N. Narsapuram Village, Nakkapally Mandal, Visakhapatnam, Andhra Pradesh, India
Overseas Marketing Office :	Located at: United States of America Russia Europe China Thailand United Arab Emirates South Africa

DIRECTORS

As on 31.03.2017

Name :

Mr. Vamsikrishna Bandi

Designation :

Managing Director

Address :

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

Date of Birth/Age :

31.07.1983

Date of Appointment :

01.05.2011

DIN No.:

01014619

PAN No.:

AIPPB1881R

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	25/09/2014	-
U24230TG2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	29/11/2004	-
U40300TG2015PTC101063	HETERO WIND POWER (PENNAR) PRIVATE LIMITED	08/10/2015	-
U72200TG2018PTC122100	MAINLAND DIGITAL TECHNOLOGIES PRIVATE LIMITED	05/02/2018	-
U40100TG2010PLC071837	HETERO WIND POWER LIMITED	23/12/2010	-
U24299TG2008PLC058020	HETERO BIO CHEMICALS LIMITED	06/03/2008	-
U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	07/04/2011	-
U40102TG2007PLC055910	HETERO MED SOLUTIONS LIMITED	15/10/2007	-
U73100TG2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	05/01/2007	-
U52520TG2006PLC049614	HETERO HEALTHCARE LIMITED	25/09/2008	-
U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	12/11/2009	-
U24239TG1996PLC025371	GENX PHARMA LIMITED	26/09/2007	-
U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	15/09/2016	-
U24230TG1993PLC015582	HETERO DRUGS LIMITED	25/09/2008	-
U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PRIVATE LIMITED	19/08/2010	-
AAH-3055	ALLITA FINVEST AND ADVISORS LLP	02/09/2016	-
AAH-3150	ELIANA INVESTMENTS AND HOLDINGS LLP	03/09/2016	-
AAI-3450	SAKETHA DRUGS AND INTERMEDIATES LLP	20/01/2017	-
AAI-4116	SRI SAI KARUNA INDUSTRYS LLP	31/01/2017	-
AAK-3040	TIRTARUPA REALTORS LLP	11/08/2017	-

Name :

Mr. Attunuri Venkata Narasa Reddy

Designation :

Whole-time director

Address :

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

Date of Birth/Age :

21.12.1963

Date of Appointment :

11.03.1999

DIN No.:

00023432

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24230TG1993PLC015582	HETERO DRUGS LIMITED	28/01/1999	-
U24239TG2004PLC043684	HETERO BIOTECH LIMITED	19/07/2004	-
U24239TG2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	16/06/2005	-
U24239TG2004PTC044633	INVAGEN PHARMACEUTICALS PRIVATE LIMITED	17/11/2004	-

Name :

Mr. Mohan Reddy Chilukuri

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

02.01.1969

Date of Appointment :

01.04.2006

DIN No.:

00208921

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45200TG2006PLC049668	HETERO INFRASTRUCTURE SEZ LIMITED	28/09/2015	-
U24240TG2015PTC099918	DASAMI LAB PRIVATE LIMITED	24/07/2015	-
U70200TG2015PTC100652	VAIDHYANATHA INFRAVENTURES PRIVATE LIMITED	09/09/2015	-
U24304TG2016PTC111055	ACTERO PHARMA PRIVATE LIMITED	22/07/2016	-
U24290TG2016PLC111946	HETERO BIOPHARMA LIMITED	14/09/2016	-
U24304TG2017PLC115152	YATNAM LAB LIMITED	10/02/2017	-
U24304TG2017PLC116098	ABHIRU INDUSTRIES LIMITED	23/03/2017	-
U24303TG2017PLC117168	ANAIKA INDUSTRIES LIMITED	18/05/2017	-

Name :

Mr. Srinivas Reddy Male

Designation :

Director

Address :

8-2-293/82/NL/138, Road No.10C, Plot No.138/139, MP/MLA Colony, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

02.02.1973

Qualification :

MBA. Marketing

Date of Appointment :

29.09.2011

DIN No.:

00016085

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U29100TG2014PTC096797	AZISTA INDUSTRIES PRIVATE LIMITED	22/12/2016	-
U24230TG2004PTC044710	XIVA HEALLTH CARE PRIVATE LIMITED	29/11/2004	-
U74999TG2017PTC116795	INVAS MEDICAL DEVICES PRIVATE LIMITED	26/04/2017	-
U24230TG1984PTC004422	SVS DRUGS AND PHARMACEUTICALS PRIVATE LIMITED	01/08/2008	-
U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	07/04/2011	-
U85110TG1989PTC010293	HYDERABAD HOSPITALS PRIVATE LIMITED	29/09/2004	-
U73100TG2007PTC052262	HETERO LIFE SCIENCES PRIVATE LIMITED	05/01/2007	-
U52520TG2006PLC049614	HETERO HEALTHCARE LIMITED	03/07/2015	-
U72200TG1997PTC027306	HETERO MARBLES PRIVATE LIMITED	12/11/2009	-
U24239TG1996PLC025371	GENX PHARMA LIMITED	22/08/2016	-
U45200TG1995PTC021532	VIPASSANA CONSTRUCTIONS PRIVATE LIMITED	01/04/1997	-
U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	01/11/2001	-

Name :

Mr. Rathnakar Reddy Kura

Designation :

Director

Address :

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

Date of Birth/Age :

03.08.1966

Date of Appointment :

25.09.2014

DIN No.:

00211510

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24230TG1993PLC015582	HETERO DRUGS LIMITED	01/04/2014	-
U24239TG2002PLC040108	HETERO INTERNATIONAL LIMITED	30/09/2014	-
U24239TG2005PTC046555	EXPICOR PHARMA PRIVATE LIMITED	16/06/2005	-
U24239TG2005PTC047265	CLINSE LABS PRIVATE LIMITED	26/08/2005	-
U24239TG1990PLC012119	CIREX PHARMACEUTICALS LIMITED	01/04/2014	-
U24100TG2007PTC055636	HINDYS LAB PRIVATE LIMITED	10/09/2015	-
U24233TG2011PLC077561	HONOUR LAB LIMITED	21/11/2011	-
U24110TG2015PTC098450	HAZELO LAB PRIVATE LIMITED	13/04/2015	-
U24240TG2015PTC099918	DASAMI LAB PRIVATE LIMITED	24/07/2015	-
U24100TG2015PTC100444	HONCHO LAB PRIVATE LIMITED	25/08/2015	-
U24100TG2015PTC100439	HEXISA LAB PRIVATE LIMITED	25/08/2015	-
U72100TG2015PTC100593	AUDREE INFOTECH PRIVATE LIMITED	07/09/2015	-
U70100TG2016PTC111596	ARGUTE INFRAVENTURES PRIVATE LIMITED	23/08/2016	-
U24304TG2017PTC119337	CLIWIS LAB PRIVATE LIMITED	05/09/2017	-

Name :

Mr. Gopal Reddy Annareddy

Designation :

Director

Address :

8-2-293/82/JIII/511, Phase - III, Road No.86, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

20.12.1949

Date of Appointment :

30.12.2015

DIN No.:

07306495

Name :

Ms. Kalavathi Bandi

Designation :

Director

Address :

Plot No-389, Road No 22-B, Jubilee Hills, Hyderabad - 500033, Telangana, India

Date of Birth/Age :

05.11.1960

Date of Appointment :

01.04.2015

DIN No.:

00194597

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24239TG2016PTC110251	KSHEMAKARINI INDUSTRIES PRIVATE LIMITED	14/06/2016	-
U70109TG2016PTC103268	KUBERAKSHI LAND DEVELOPERS PRIVATE LIMITED	12/02/2016	-
U74110TG2016PTC103188	LABHAKARINI INDUSTRIES PRIVATE LIMITED	09/02/2016	-
U65922TG2015PTC101532	RENWEG OPPORTUNITYS PRIVATE LIMITED	05/11/2015	-
U24100TG2015PTC098476	PRAGNAYAA INDUSTRIES PRIVATE LIMITED	15/04/2015	-
U01119TG2007PTC055326	SRI SANKARANATH AGRITECH PRIVATE LIMITED	30/08/2007	-
U45400TG2007PTC055329	SAI SPURTHI LAND VENTURES PRIVATE LIMITED	30/08/2007	-
U45200TG2007PTC055523	SRI LORD VENKATESWARA LAND HOLDINGS PRIVATE LIMITED	14/09/2007	-
U45400TG2007PTC055324	SRI AYYAPPA LAND HOLDINGS PRIVATE LIMITED	30/08/2007	-
U01119TG2007PTC055650	RAJESWARI AGRO CHEMICALS PRIVATE LIMITED	22/09/2007	-
U40100TG2010PLC071837	HETERO WIND POWER LIMITED	08/12/2012	-
U45209TG2008PTC059000	SREE SAI KHYATHI INFRA VENTURES PRIVATE LIMITED	05/05/2008	-
U40107TG2008PTC059007	SREE SAI LOK INDUSTRY PRIVATE LIMITED	06/05/2008	-
U40107TG2008PTC058106	SRI SHAKTI SWAROOPINI INDUSTRY PRIVATE LIMITED	11/03/2008	-
U01119TG2008PTC057982	LAKSHMI PRASANNA AGRI PRODUCTS PRIVATE LIMITED	05/03/2008	-
U70102TG2008PTC057902	SHREE SHIVA SINDHU REAL ESTATES PRIVATE LIMITED	28/02/2008	-
U72200TG2008PTC057903	SRI SHIVA SHANKAR SOFT SERVICES PRIVATE LIMITED	28/02/2008	-
U52520TG2006PLC049614	HETERO HEALTHCARE LIMITED	19/12/2017	-
U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	06/12/2012	-
U24230TG1993PLC015582	HETERO DRUGS LIMITED	30/12/2015	-
AAH-1507	LABHAKARINI INDUSTRIES LLP	12/08/2016	-
AAH-8546	UZVARA INDUSTRIES LLP	22/11/2016	-
AAI-5373	VIZYON INDUSTRIES LLP	11/02/2017	-
AAI-8046	MIGNON REALTORS LLP	09/03/2017	-

Name :

Mr. Rajasekhara Reddy

Designation :

Director

Address :

Flat No B - 02, MCH No 8-2-416, Stone Valley Apartments, Road No 4, Banjara Hills, Hyderabad-500034, Telangana, India

15.08.1950

Date of Appointment :

12.06.2015

DIN No.:

02339668

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U85110KA2009PTC049257	VIKRAM HOSPITAL (BENGALURU) PRIVATE LIMITED	30/09/2013	-
U65923MH2009PTC197957	INDIA FACTORING AND FINANCE SOLUTIONS PRIVATE LIMITED	28/04/2012	-
U26941TG2008PTC057653	SHAASTA CEMENT CORPORATION INDIA PRIVATE LIMITED	30/09/2013	-
U45201TG1997PLC028680	GVPR ENGINEERS LIMITED	30/08/2014	-
L65990MH1977PLC019986	CENTRUM CAPITAL LIMITED	30/12/2013	-
U65191MH2013PLC239438	IL&FS INFRA ASSET MANAGEMENT LIMITED	08/01/2013	-
U65999AP2016PLC103663	ANDHRA PRADESH URBAN INFRASTRUCTURE ASSET MANAGEMENT LIMITED	18/12/2017	-
U74999MH2016PTC288989	ASWA CORPORATE CONSULTING PRIVATE LIMITED	27/12/2016	-

Name :

Dr. Bandi Partha Saradhi Reddy

Designation :

Director

Address :

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

Date of Birth/Age :

06.03.1954

Qualification :

PHD in Organic Chemistry

Date of Appointment :

01.11.2011

DIN No.:

00015899

PAN No.:

AAJPB7067K

Other directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U65922TG2015PTC101532	RENWEG OPPORTUNITYS PRIVATE LIMITED	05/11/2015	-
U70109TG2016PTC103268	KUBERAKSHI LAND DEVELOPERS PRIVATE LIMITED	12/02/2016	-
U24239TG2016PTC110251	KSHEMAKARINI INDUSTRIES PRIVATE LIMITED	14/06/2016	-
U24290TG2016PLC111946	HETERO BIOPHARMA LIMITED	14/09/2016	-
U52520TG2006PLC049614	HETERO HEALTHCARE LIMITED	24/09/2009	-
U24230TG1993PLC015582	HETERO DRUGS LIMITED	16/03/2017	-
U24100TG2014PLC092771	ASPIRO PHARMA LIMITED	25/09/2014	-
U40100TG2010PLC071837	HETERO WIND POWER LIMITED	23/12/2010	-
U65993TG1993PTC015489	BANDIS INVESTMENTS PRIVATE LIMITED	12/03/1993	-
U24110TG2008PTC058116	SYMED CHEMICALS PRIVATE LIMITED	11/03/2008	-
U72900TG2007PLC055111	HETERO INFORMATION TECHNOLOGIES LIMITED	10/08/2007	-
U24239TG1996PLC025371	GENX PHARMA LIMITED	26/09/2007	-
U74900TG2008PLC058017	SHRI BHRAMARAMBIKAS INDUSTRYS LIMITED	06/03/2008	-
U24231TG1998PLC029961	SYMED LABS LIMITED	31/03/2009	-
AAH-3055	ALLITA FINVEST AND ADVISORS LLP	02/09/2016	-
AAH-3150	ELIANA INVESTMENTS AND HOLDINGS LLP	03/09/2016	-
AAI-3450	SAKETHA DRUGS AND INTERMEDIATES LLP	20/01/2017	-
AAI-4116	SRI SAI KARUNA INDUSTRYS LLP	31/01/2017	-
AAI-8046	MIGNON REALTORS LLP	09/03/2017	-
AAK-3040	TIRTARUPA REALTORS LLP	11/08/2017	-

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares	% of Holding
B. Partha Saradhi Reddy	282860	21.24
B. Kalavathi	160740	12.06
B. Vamsi Krishna	398000	29.88
B. Srinivasula Reddy	200	0.02
B. Soma Kantham	200	0.02
B. Anvida	46000	3.45
B. Partha Saradhi Reddy Managing Trustee (Of Krishna Sindhuri Private Trust)	444000	33.33
Total	1332000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture, Export and also act as commission agents and deal with all types of chemicals, Pharmaceuticals, drugs, and intermediates. (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
30049099	Efavirenz600+Lamivudine 300+Tenofovir300

Brand Names :

Not Available

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

Not Divulged

Bankers :

Banker Name :	Andhra Bank
Branch :	Specialized Corporate Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad-500082, Telangana, India
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Facilities :

Secured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Long-term Borrowings
Rupee term loans from banks	1414.823	2181.326
Foreign currency term loans from banks	291.522	834.424
Short-term borrowings
Working capital loans from banks	13914.203	14084.094
Total	15620.548	17099.844

Auditors :
Name :	M. V. Narayana Reddy and Company Chartered Accountants
Address :	Flat No:504, Vijayasree Apartments, Behind Chermas, Ameerpet, Hyderabad - 500073, Telangana, India
Income-tax PAN of auditor or auditor's firm :	AADFM4830F
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries (As on 2017):	Hetero Wind Power Limited CIN No.: U40100TG2010PLC071837 Hetero Med Solutions Limited CIN No.: U40102TG2007PLC055910 Aspiro Pharma Limited CIN No.: U24100TG2014PLC092771 Wallet Pharma Private Limited CIN No.: U24100TG2015PTC102108 Annora Pharma Private Limited CIN No.: U24100TG2015PTC101939 Evaric Pharma Private Limited CIN No.: U24100TG2015PTC102128 Hetero Wind power (Anantha) Private Limited CIN No.: U40300TG2015PTC106061 Hetero Wind power (Pennar) Private Limited CIN No.: U40300TG2015PTC106063 Hetero Wind power (Rayala) Private Limited CIN No.: U40300TG2015PTC106064 Hetero Biotech Limited CIN No.: U52520TG2006PLC049614 Amarox Pharma Private Limited CIN No.: U24239TG2016PTC111056 Actero Pharma Private Limited CIN No.: U24304TG2016PTC111055 Hetero Biopharma Limited CIN No.: U24290TG2016PLC111946 Yatnam Lab Limited CIN No.: U24304TG2017PLC115152 Abhiru Industries Limited CIN No.: U24304TG2017PLC116098 Janina Marine Properties Private Limited CIN No.: U45201KA2006PTC038368 Jitvan Land Limited CIN No.: U70102KA2008PLC047199 Hetero FZCO Hetero Thailand Limited Hetero Singapore PTE Limited Hetlabs Mexico S.A. DE C.V Camber Pharmaceuticals Inc. Camber Consumer Care Inc. Akar Columbia SAS Hetero Australia PTY LIMITED Hetero Labs Nigeria Limited Hetero Kenya Limited DMN Invest LLC Hetero Malta Limited Makiz Pharma LLC Excellan Peru SAC Hetero Phillipines Inc. Camber Pharmaceuticals S.A.DE.C.V. Camber Brazil Evaric Pharmaceuticals Inc.
Associates (As on 2017):	Sri Sai Ashirwaad Logistics Limited CIN No.: U74999TG2007PLC056072 Hetero Infrastructure SEZ Limited CIN No.: U45200TG2006PLC049668 Hetero USA Inc Hetero Europe SL Dailog Pharma Secura Pharma Germany Hetero Labs Russia LLC
Joint Venture (As on 2017):	Furen Hetero Onco Therapeutics Limited Pharmed Healthcare Mint Pharmaceuticals INC Nexgen Pharma FZ Ascent Pharma USA Novaxa Pharmaceuticals AG Hetero Labs Saudi Limited
Associates (As on 31.03.2016) :	Hetero Med Solutions Limited Hetero (Thailand) Limited Hetero USA Inc. Hetero Europe SL Arapharma Group S A Sri Sai Ashirwaad Logistics Limited Excellan Peru SAC Federal Sports
Fellow Subsidiary companies (As on 31.03.2016) :	Camber Pharmaceuticals Inc. Hetlabs Mexico
Subsidiary companies (As on 31.03.2016) :	Hetero FZCO Hetero Singapore Pte. Limited Hetero Wind Power Limited Aspiro Pharma Limited Hetero Labs Nigeria Limited Akar Colombia SAS Hetero Australia Pty Limited Makiz Pharma Annora Pharma Private Limited
Joint venture (As on 31.03.2016) :	Pharmed Healthcare Furen Hetero Onco Therapeutics Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives (As on 31.03.2016) :	Cirex Pharmaceuticals Limited Clinse Labs Private Limited Clinse Labs Private Limited Genx Pharma Limited Hetero Drugs Limited Symed Labs Limited Hetero Healthcare Limited H Etero Infrastructure Sez Limited Chemi Pack (India) Private Limited Invagen Pharmaceuticals Inc. Hetmak FZCO Akar International FZC Mint Pharmaceuticals Inc. Honour Lab Limited Bandis Investments Private Limited Hazelo Lab Private Limited Hindys Lab Private Limited Dasami Lab Private Limited Ascent Pharmaceuticals Limited

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	INR 10/- each	INR 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1332000	Equity Shares	INR 10/- each	INR 13.320 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.320	13.320	13.320
(b) Reserves and Surplus	34056.083	20208.196	15193.981
(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)	34069.403	20221.516	15207.301
(3) Non-Current Liabilities
(a) long-term borrowings	1706.345	3015.750	3531.525
(b) Deferred tax liabilities (Net)	1910.922	1733.286	1199.897
(c) Other long-term liabilities	0.000	0.000	0.000
(d) long-term provisions	305.752	135.792	95.243
Total Non-current Liabilities (3)	3923.019	4884.828	4826.665
(4) Current Liabilities
(a) Short-term borrowings	19002.754	15904.987	10090.177
(b) Trade payables	7032.608	6580.815	4753.913
(c) Other current liabilities	5414.754	4645.047	3085.584
(d) Short-term provisions	257.129	318.077	126.594
Total Current Liabilities (4)	31707.245	27448.926	18056.268
TOTAL	69699.667	52555.270	38090.234
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18940.618	15059.153	10448.326
(ii) Intangible Assets	170.587	104.506	68.965
(iii) Tangible assets capital work-in-progress	1410.625	2626.890	2845.841
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3175.690	1339.397	1004.940
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	1190.123	1942.606	922.041
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24887.643	21072.552	15290.113
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	16050.114	16262.390	8998.963
(c) Trade receivables	25841.064	12873.413	11916.555
(d) Cash and bank balances	628.934	661.362	321.995
(e) Short-term loans and advances	893.036	393.720	638.051
(f) Other current assets	1398.876	1291.833	924.557
Total Current Assets	44812.024	31482.718	22800.121
TOTAL	69699.667	52555.270	38090.234

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Revenue from operations	69006.980	44608.277	37301.511
	Other Income	1800.179	894.193	752.562
	TOTAL	70807.159	45502.470	38054.073
Less	EXPENSES
	Cost of Materials Consumed	31574.193	26702.356	22096.168
	Purchases of Stock-in-Trade	2418.313	761.365	116.785
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	441.909	(2980.864)	(262.222)
	Employee benefit expense	7430.569	3254.977	1975.151
	CSR expenditure	59.404	26.166	0.000
	Other expenses	8073.200	8304.438	6886.758
	TOTAL	49997.588	36068.438	30812.640
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	20809.571	9434.032	7241.433
Less	FINANCIAL EXPENSES	1526.642	1495.286	1683.453
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	19282.929	7938.746	5557.980
Less/ Add	DEPRECIATION/ AMORTISATION	1260.988	896.116	585.846
	PROFIT/ (LOSS) BEFORE TAX	18021.941	7042.630	4972.134
Less	TAX	4131.336	1997.994	1198.262
	PROFIT/ (LOSS) AFTER TAX	13890.605	5044.636	3773.872
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	44869.785	29628.622	25165.847
	Other Earning	0.000	0.000	0.000
	TOTAL EARNINGS	44869.785	29628.622	25165.847
	IMPORTS
	Raw Materials	13961.014	14345.787	10772.059
	Components and spare parts	807.756	300.905	65.784
	Capital Goods	924.691	620.779	497.924
	TOTAL IMPORTS	15693.461	15267.472	11335.767
	Earnings / (Loss) Per Share (INR)	10428.38	3787.00	2833.24

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	1443.132	1524.054	1517.542
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	9891.562	4952.820	4702.075

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	136.68	105.33	116.60
Account Receivables Turnover (Income / Sundry Debtors)	2.67	3.47	3.13
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	75.51	87.46	78.12
Inventory Turnover (Operating Income / Inventories)	1.30	0.58	0.80
Asset Turnover (Operating Income / Net Fixed Assets)	1.01	0.53	0.54

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.50	0.61	0.61
Debt Equity Ratio (Total Liability / Networth)	0.65	1.01	1.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.93	1.36	1.19
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.60	0.88	0.88
Interest Coverage Ratio (PBIT / Financial Charges)	13.63	6.31	4.30

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	20.13	11.31	10.12
Return on Total Assets ((PAT / Total Assets) * 100)	%	19.93	9.60	9.91
Return on Investment (ROI) ((PAT / Networth) * 100)	%	40.77	24.95	24.82

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.41	1.15	1.26
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.91	0.55	0.76
G-Score Ratio Financial (Networth / Total Assets)	0.49	0.38	0.40
G-Score Ratio Debt (Debts / Equity Capital)	1663.08	1534.89	1136.58
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.41	1.15	1.26

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	13.320	13.320	13.320
Reserves & Surplus	15193.981	20208.196	34056.083
Net worth	15207.301	20221.516	34069.403
long-term borrowings	3531.525	3015.750	1706.345
Short term borrowings	10090.177	15904.987	19002.754
Current maturities of long-term debts	1517.542	1524.054	1443.132
Total borrowings	15139.244	20444.791	22152.231
Debt/Equity ratio	0.996	1.011	0.650

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	37301.511	44608.277	69006.980
		19.588	54.695

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	37301.511	44608.277	69006.980
Profit	3773.872	5044.636	13890.605
	10.12%	11.31%	20.13%

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.320	13.320
(b) Reserves and Surplus	37959.288	20469.829
(c) Money received against share warrants	0.000	0.000
(3) Share Application money pending allotment	0.000	0.000
(4) Minority interest	1319.311	543.326
Total Shareholders’ Funds	39291.919	21026.475
(5) Non-Current Liabilities
(a) long-term borrowings	6635.033	6722.901
(b) Deferred tax liabilities (Net)	2068.734	1597.746
(c) Other long-term liabilities	0.000	0.000
(d) long-term provisions	311.875	67.399
Total Non-current Liabilities	9015.642	8388.046
(6) Current Liabilities
(a) Short-term borrowings	20518.501	18131.160
(b) Trade payables	9931.080	10720.759
(c) Other current liabilities	10662.431	8961.057
(d) Short-term provisions	297.446	351.322
Total Current Liabilities	41409.458	38164.298
TOTAL	89717.019	67578.819
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25821.174	19335.289
(ii) Intangible Assets	1771.079	1178.629
(iii) Tangible assets capital work-in-progress	2125.892	4687.660
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	676.145	441.942
(c) Deferred tax assets (net)	1044.637	155.381
(d) Long-term loans and advances	1880.050	1363.383
(e) Other Non-current assets	2443.551	0.000
Total Non-Current Assets	35762.528	27162.284
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	18475.767	18505.789
(c) Trade receivables	25711.470	17218.436
(d) Cash and bank balances	6622.765	2663.453
(e) Short-term loans and advances	1494.203	548.468
(f) Other current assets	1650.286	1480.389
Total Current Assets	53954.491	40416.535
TOTAL	89717.019	67578.819

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2016	31.03.2015
	SALES
	Revenue from operations	85749.309	58663.717
	Other Income	3140.542	368.964
	TOTAL	88889.851	59032.681
Less	EXPENSES
	Cost of Materials Consumed	32534.190	27432.636
	Purchases of Stock-in-Trade	11973.793	11368.749
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	844.479	(3769.686)
	Employee benefit expense	6485.639	4034.846
	CSR expenditure	62.092	26.166
	Other expenses	11593.127	9424.557
	Extraordinary items	(1048.600)	0.000
	TOTAL	62444.720	48517.268
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	26445.131	10515.413
Less	FINANCIAL EXPENSES	2028.057	1931.619
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	24417.074	8583.794
Less/ Add	DEPRECIATION/ AMORTISATION	1800.959	1400.047
	PROFIT/ (LOSS) BEFORE TAX	22616.115	7183.747
Less	TAX	4445.720	1952.068
	PROFIT/ (LOSS) AFTER TAX	18170.395	5231.679
Add /less	MINORITY INTEREST	(772.397)	(22.093)
Add /less	SHARE OF PROFIT (LOSS) OF ASSOCIATES	129.925	55.304
	PROFIT/ (LOSS) FOR PERIOD	17527.923	5264.890
	Earnings / (Loss) Per Share (INR)	10428.38	3787.00

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	Yes
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	Yes
18]	Major suppliers	No
19]	Major customers	No
20]	Banking Details	Yes
21]	Banking facility details	Yes
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	No
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

UNSECURED LOAN

PARTICULARS	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Short-term borrowings
Loans repayable on demand from banks	0.000	1820.893
Working capital loans from banks	5088.551	0.000
Total	5088.551	1820.893

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	G07097272	100037232	EXPORT-IMPORT BANK OF INDIA	10/06/2016	-	767452500.0	CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI MAHARASHTRA 400005 INDIA
2	B96678909	10478286	BANK OF INDIA	21/01/2014	-	2126200000.0	HYDERABAD LARGE CORPORATE BRANCH,10-1-1199/2,1ST FLOOR, P.T.I. BUILDING, A. C. GUARDS, MASAB TANK, HYDERABAD TELANGANA 500004 INDIA
3	B92651371	10467942	EXPORT-IMPORT BANK OF INDIA	19/12/2013	-	1200000000.0	CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI MAHARASHTRA 400005 INDIA
4	B90049834	10461509	DBS Bank Limited	28/10/2013	-	1257000000.0	SALARPURIA WINDSOR, NO.3, ULSOOR ROAD BENGALURU KARNATAKA 560042 INDIA
5	B94525177	10421516	State Bank of India	27/03/2013	26/12/2013	4186400000.0	INDUSTRIAL FINANCE BRANCH, RAJBHAVAN ROAD, SOMAJIGUDA HYDERABAD TELANGANA 500082 INDIA
6	B12030003	10283970	ANDHRA BANK	26/03/2011	-	500000000.0	SPECIALISED CORPORATE FINANCE BRANCH, 3RD FLOOR PADMAJA LAND MARK HYDERABAD TELANGANA 500082 INDIA
7	G41866740	10283954	ANDHRA BANK	26/03/2011	20/03/2017	16425000000.0	SPECIALIZED CORPORATE FINANCE BRANCH RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD TELANGANA 500082 INDIA
8	B01508654	10257057	ANDHRA BANK	07/12/2010	-	500000000.0	SPECIALISED CORPORATE FINANCE BRANCH, 3RD FLOOR PADMAJA LAND MARK HYDERABAD TELANGANA 500082 INDIA
9	B00572214	10257800	STATE BANK OF HYDERBAD	16/11/2010	-	500000000.0	SANATHNAGAR BRANCH INDUSTRIAL ESTATE, SANATHNAGAR HYDERABAD TELANGANA 500018 INDIA
10	A95186813	10242113	ANDHRA BANK	20/08/2010	-	864000000.0	SPECIALISED CORPORATE FINANCE BRANCH, 3RD FLOOR PADMAJA LAND MARK HYDERABAD TELANGANA 500082 INDIA

FIXED ASSETS

• Land
• Building
• Furniture and Fixture
• Computer
• Plant and equipment
• Vehicles
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 64.87
UK Pound	1	INR 90.49
Euro	1	INR 79.91

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	VIK
Report Prepared by :	JYTK

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.