MIRA INFORM REPORT

Report Date :

09.08.2011

IDENTIFICATION DETAILS

Name :	BIOPLUS LIFE SCIENCES PRIVATE LIMITED
Registered Office :	S. No. 10 – 1A, Hoodi Village, Krishnarajapuram, Hobli, Bangalore 560 048, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	19.03.2004
Com. Reg. No.:	08-33578
Capital Investment / Paid-up Capital :	Rs.355.715 Millions
CIN No.: [Company Identification No.]	U24232KA2004PTC033578
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pharmaceuticals, Medical, Herbal and Cosmetic Products.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 8350000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established and reputed company having fine track. Financial position of the company appears to be sound. Trade relation are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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.

LOCATIONS

Registered Office :	S. No. 10 – 1A, Hoodi Village, Krishnarajapuram, Hobli, Bangalore 560 048, Karnataka, India
Tel. No.:	91-80-30910870 / 41267560
Fax No.:	91-80-22841023
E-Mail :	info@biopluslifesciences.com vasanth@bioplus.in noshir@bioplus.in co.law@bioplus.in
Corporate Office :	Bioplus Garden, Whitefield Road, Bangalore – 560048, India
Tel. No.:	91-80-28410233
Fax No.:	91-80-28410177
E-Mail :	info@bioplus.in
Factory :	Plot No.59,63,66A and 67A, Momapalli village, Phase II, SIPCOT, Krishnagiri Road, Hosur 635 109,Tamil Nadu, India
Tel. No.:	91- 4344 309692
E-Mail :	solo@biopluslifesciences.com

DIRECTORS

As on 24.09.2010

Name :	Krishan. Kumar. Aurora
Designation :	Director
Address :	Villa Harmony, Palm Meadowas Lane, R. G. Halli, Bahgalore – 560066, Karnataka, India
Date of Birth/Age :	01.07.1936
Date of Appointment :	12.05.2008
DIN No.:	00767845
Name :	Mr. Sundeep Aurora
Designation :	Director
Address :	Adarsh 411, 17^th Main, 4^th Bloc, Kormangala, Bangalore – 560034, Karnataka, India
Date of Birth/Age :	28.10.1963
Date of Appointment :	12.05.2008
DIN No.:	02244640
Name :	Mr. Suneet Aurora
Designation :	Director
Address :	Shara No.1, Jakkasandra Block, 7^th Cross, 8^th Main, Kormangala, Bangalore – 560034, Karnataka, India
Date of Birth/Age :	25.11.1972
Date of Appointment :	12.05.2008
DIN No.:	02244628
Name :	Mr. Barry Clare
Designation :	Director
Address :	56, Queen Anne Street, London
Date of Birth/Age :	25.06.1953
Date of Appointment :	30.06.2008
DIN No.:	02442602
Name :	Mr. Ajay Lal
Designation :	Nominee Director
Address :	Villa No. 120, Laburnim, Sushant Lok I, Gurgaon – 122001, Haryana, India
Date of Birth/Age :	08.08.1961
Date of Appointment :	06.06.2008
DIN No.:	00030388
Name :	Mr. Rajeev Kalra
Designation :	Alternate Director
Address :	Flat No. 36, 6^th Floor, Anand Niwas, A Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	25.12.1968
Date of Appointment :	06.06.2008
DIN No.:	00833789
Name :	Mr. Sunjeev Aurora
Designation :	Alternate Director
Address :	Ichiban, Palm Meadows Lane, R. G. Halli, Bangalore – 560066, Karnataka, India
Date of Birth/Age :	19.11.1966
Date of Appointment :	12.05.2008
DIN No.:	02244616

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
K. K. Aurora	150000
Sundeep Aurora	1140000
Suneet Aurora	1140000
Sunjeev Aurora	570000
AIF Capital III Science Limited, Mauritius	428571
Total	3428571

Names of Shareholders(Preference Shares)	No. of Shares
AIF Capital III Science Limited, Mauritius	321429
Total	321429

As on 24.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	12.00
Directors or relatives of directors	88.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pharmaceuticals, Medical, Herbal and Cosmetic Products.

PRODUCTION STATUS (As on 30.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tablets	Nos	NA	700000000	594636497
Capsules	Nos	NA	420000000	26990233
Powders	Kgs	NA	780000	3475

GENERAL INFORMATION

No. of Employees:

Not Available

Bankers :

• Canara Bank, Overseas Branch, No. 28, M G Road, Bangalore 560001, Karnataka, India
• State Bank of Mysore, Cunningham Road, Bangalore 560052, Karnataka, India

Facilities :

Secured Loans :	31.03.2010	31.03.2009
From banks: Term Loan:
Vehicle Loan	0.180	0.841
Others:
Export Packing Credit	40.181	30.360
Export Bill Discounting	74.914	110.872
Total	115.275	142.073

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Association Chartered Accountants
Address :	12^th and 13^th Floor, “Ub City” Canberra Block, 24, Vittal Mallya Road, Banglore – 56001, Karnataka, India
Tel No.:	91-80-40275000
Fax No.:	91-80-22306000
PAN No.:	AABFS3421N
Associates/Subsidiaries :	Name of the Company: Bioplus Healthcare Private Limited CIN No.: U24232KA2005PTC036131 Name of the Company: MyRna Research Laboratories Private Limited CIN No.: U73100KA2008PTC047944 Name of the Company: Fairbrook Group limited British Virgin Islands Name of the Company: VB Medicare Private Limited CIN No.: U24239AP2004PTC042696 Name of the Company: Blue Bio Pharmaceuticals Limited Ireland Name of the Company: Natures Only Inc USA Name of the Company: ABBA Pharma Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
4200000	Equity shares	Rs. 10/- each	Rs.42.000 Millions
321500	Preference Shares	Rs.1000/- each	Rs.321.500 Millions
Total			Rs.363.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3428571	Equity shares	Rs.10/- each	Rs.34.286 Millions
321429	Preference Shares	Rs.1000/- each	Rs.321.429 Millions
Total			Rs.355.715 Millions

Note:

• Of the above 2990000 Equity Shares are allotted by way of bonus shares by capitalization of General Reserve
• Convertible at par at the end of eight years from the date of allotment viz.. 06.06.2008 or earlier at the option of the shareholder

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		355.715	355.715	30.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1732.877	1608.082	497.995
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2088.592	1963.797	527.995
LOAN FUNDS
1] Secured Loans		115.275	142.073	164.625
2] Unsecured Loans		0.000	0.000	45.384
TOTAL BORROWING		115.275	142.073	210.009
DEFERRED TAX LIABILITIES		4.210	3.420	0.000
TOTAL		2208.077	2109.290	738.004
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.319	80.100	76.329
Capital work-in-progress		0.083	1.241	2.349
INVESTMENT		581.286	873.548	80.099
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.252	72.527	52.756
	Sundry Debtors	115.015	132.532	153.159
	Cash & Bank Balances	3.737	2.619	3.647
	Other Current Assets	0.018	0.210	0.179
	Loans & Advances	1404.402	1008.459	425.656
Total Current Assets		1584.424	1216.347	635.397
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.836	48.611	49.536
	Current Liabilities	1.887	3.395	4.129
	Provisions	4.312	9.940	2.505
Total Current Liabilities		47.035	61.946	56.170
Net Current Assets		1537.389	1154.401	579.227
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2208.077	2109.290	738.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	639.156	605.808	620.464
		Other Income	NA	44.242	14.033
		TOTAL (A)	NA	650.050	634.497
Less	EXPENSES
		Office Expenses	NA
		Administrative Expenses	NA
		Advertising Expenses	NA
		TOTAL (B)	NA	449.947	405.589
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	200.103	228.908
Less	FINANCIAL EXPENSES (D)		NA	8.487	9.953
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	191.616	218.955
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	6.438	4.166
	PROFIT BEFORE TAX (E-F) (G)		128.210	185.178	214.789
Less	TAX (I)		3.415	(8.180)	25.042
	PROFIT AFTER TAX (G-I) (J)		124.795	193.358	189.747
	IMPORTS
	Raw Materials and consumable		102.145	143.617	116.190
	TOTAL IMPORTS		102.145	143.617	116.19
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	638.941	601.254	616.713
		Other Earnings	6.171	10.021	0.000
	TOTAL EARNINGS		645.112	611.275	616.713
	Earnings Per Share (Rs.)		36.00	58.00	63.00
	Diluted		13.00	24.00	63.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	29.75	29.91
Net Profit Margin (PBT/Sales)	(%)	20.06	30.57	34.62
Return on Total Assets (PBT/Total Assets}	(%)	7.66	14.28	30.18
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	0.41
Debt Equity Ratio (Total Liability/Networth)		0.08	0.10	0.50
Current Ratio (Current Asset/Current Liability)		33.69	19.64	11.31

LOCAL AGENCY FURTHER INFORMATION

Nature of Operation:

Bioplus Life Science Private Limited (“the Company”) is a company incorporated at Bangalore on 13.03.2004. The Company is a 100% export oriented unit is engaged in manufacturing of health care products.

FORM 8

This Form is for	Modification of charge
Charge identification number of the modified	80033583
Corporation identity number or foreign company registrations number of the company	U24232KA2004PTC033578
Name of the company	BIOPLUS LIFE SCIENCES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S. No. 10 – 1A, Hoodi Village, Krishnarajapuram, Hobli, Bangalore 560 048, Karnataka, India
Type of Charges	Book Debts Movable Property (not being pledge)
Particular of the charge holder	Canara Bank, Overseas Branch, No. 28, M G Road, Bangalore 560 001, Karnataka, India tr_jairam@vsnl.net
Nature or description of the instrument creating charge	Supplemental Common Hypothecation Agreement
Date of the instrument creating charge	23.06.2007
Amount Secure by the charge	Rs.156.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per Bank Existing Guidelines Terms of Repayment: As per Bank norms Margin: 25% Extent and Operation of the Charge: The charge shall operate to the extent of Rs.156.000 millions plus interest, commission, costs, charges and other expenses thereon. Others: Limit of Ts. 156.000 millions comprises PC/FDB/FBE limit enhanced from Rs.117.500 to Rs.150.000 millions (with a sub limit of PC-Rs.29.000 millions) FLCDP limit Rs.1.000 millions, BG-Rs.5.000 millions continued at the existing level.
Short particulars of the property charged	Hypothecation by way of first charge on stocks of raw materials finished goods, goods meant for export, book debts and plant and machinery, furniture and fixtures and other fixed assets stored / installed at S. No. 10-1A, Hoodi Village, K R Puram Hobli, Bangalore 560 048 or any other place.
Particulars of present modification	By the above amount secured by charge stands enhanced from Rs.123.500 millions to Rs.156.000 millions (All other terms and conditions remains unchanged)

Name of the company	BIOPLUS LIFE SCIENCES PRIVATE LIMITED
Presented By	BIOPLUS LIFE SCIENCES PRIVATE LIMITED AND CANARA BANK, OSB, M G ROAD, BANGALORE
1) Date and description of instrument creating the change	29.11.2005 Common Hypothecation Agreement
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 123.500 millions (LC Rs. 1.000 Millions , Guarantee Rs. 5.000 millions, PC Rs. 29.000 millions FDB/FBE Rs. 88.500 millions)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation by way of first charge on stocks of raw materials, finished goods, goods meant for export, book debts and plant and machinery acquired by the company out of own recourses at Hoody and Hosur units.
4) Gist of the terms and conditions and extent and operation of the charge.	a) Rate of Interest: PC/FDB/FBE - @ 7.5% p. a. b) Margin: 25%
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Overseas Branch, No 28, M G Road, Bangalore 560 001, Karnataka, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Fixed Assets:

• Plant and Machinery
• Leasehold Improvements
• Computers
• Furniture and Fitting
• Vehicles

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 records 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	Indian Rupees
US Dollar	1	Rs. 44.96
UK Pound	1	Rs. 73.94
Euro	1	Rs. 64.56

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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.