MIRA INFORM REPORT

Report Date :

05.07.2011

IDENTIFICATION DETAILS

Name :	VIRIDIS BIOPHARMA PRIVATE LIMITED
Registered Office :	6/10, Jogani Industrial Complex, V N Purav Marg, Chunabhatti, Mumbai - 400 022, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.06.2000
Com. Reg. No.:	11-127016
Capital Investment / Paid-up Capital :	Rs.45.585 millions
CIN No.: [Company Identification No.]	U24230MH2000PTC127016
Legal Form :	Private limited liability company
Line of Business :	Manufacturers of Ayurvedic Medicines / Pharmaceuticals
No. of Employees :	30 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 390000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to low. However, trade relations are fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

LOCATIONS

Registered Office :	6/10, Jogani Industrial Complex, V N Purav Marg, Chunabhatti, Mumbai - 400 022, Maharashtra, India
Tel. No.:	91-22-22652288 / 24055601-06 / 25243020 / 24055607-09
Fax No.:	91-22-22623986 / 24055952
E-Mail :	vbppladm@hotmail.com hs@hsconsulting.in viridis@vsnl.com hasmukh@vsnl.com info@viridisbiopharma.com
Website :	http://www.viridisbiopharma.com
Location :	Leased

DIRECTORS

As on 17.09.2010

Name :	Mr. Vishal Harshad Vora
Designation :	Director
Address :	903, Pleasant Palace, 16, Narayan Dabholkar Road, Mumbai - 400 006, Maharashtra, India
Date of Birth/Age :	09.08.1977
Date of Appointment :	01.02.2011
DIN No. :	00061305
Name :	Ms. Tejal Anirudh Mehta
Designation :	Director
Address :	8, Pavlova 10^thLittle Gibbs Road, Malaba Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	09.02.1977
Date of Appointment :	01.02.2011
DIN No. :	00125958
Name :	Mr. Dilip Sukhlal Mehta
Designation :	Director
Address :	8, Pavlova 10, Little Gibbs Road, Malbar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	10.11.1940
Date of Appointment :	06.06.2000
Name :	Mr. Harshad Chhotalal Vora
Designation :	Director
Address :	903, Pleasant Palace, 16, Narayan Dabholkar Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	10.07.1945
Date of Appointment :	06.06.2000
Other Directorships :	· Shavo Norgren India Private Limited · Centraline Lubrotech Engineers Private Limited · Shavo Technologies Private Limited · Technitron Systems Private Limited · Alabama Trading Company Private Limited
Name :	Mr. Ashit Harshad Vora
Designation :	Managing Director
Address :	903, Pleasant Palace, 16, Narayan Dabholkar Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	06.04.1973
Date of Appointment :	06.06.2000
DIN No. :	00061159
Name :	Mr. Anirudh Dilip Mehta
Designation :	Managing Director
Address :	8, Pavlova 10, Little Gibbs Road, Malbar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	27.05.1974
Date of Appointment :	06.06.2000
DIN No. :	00117924
Name :	Mr. Anselm Julius De Souza
Designation :	Director
Address :	A-13, Michael Apartments, P. K. Road, Mulund (West), Mumbai-400080, Maharashtra, India
Date of Birth/Age :	19.05.1960
Date of Appointment :	06.06.2000
Other Directorship :	Textan Chemicals Limited

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.09.2010

Names of Shareholders	No. of Shares
Dilip Sukhlal Mehta	908500
Purnima Dilip Mehta	10000
Anirudh Dilip Mehta	896600
Tejal Anirudh Mehta	21900
Avani Harshad Vora	251000
Vishal Harshad Vora	212000
Harshad Vora	252750
Ashit Harshad Vora	212000
Alabama Trading Company Private Limited	549250
Radha Vishal Vora	60000
Anaya Ashit Vora	60000
Ayaan Ashit Vora	60000
Aneesha Vishal Vora	60000
Akshay Vishal Vora	60000
Anmol Ashit Vora	60000
Anselm De Souza	648350
Darshan Mehta	236194
Total	4558544

List of the Shares Allotment as on 20.09.2010

Names of Allottees	No. of Shares
Shobha V Chedda	92186
Shobha V Chedda	92186
Total	184372

List of the Shares Allotment as on 18.09.2010

Names of Allottees	No. of Shares
Arun Khanderia and Rekha Khanderia	26244
Rekha Khanderia and Arun Khanderia	26244
Bharat Khanderia and Jayshree Khanderia	20412
Jayshree Khanderia and Bharat Khanderia	17496
Raj Khanderia and Sarika Khanderia	20412
Sarika Khanderia and Raj Khanderia	17496
Dhawal Khanderia	11664
Arun Khanderia (HUF)	17496
Arun Bharat (HUF)	17496
Bharat Khanderia (HUF)	17496
Raj Khanderia (HUF)	11664
M/s Khanderia Bros. Investment Private Limited	18662
M/s Karb Project Consultants Private Limited	18662
M/s K R Project Implementors Private Limited	20994
Vijay Kantilal Sheth and Malini V Sheth	87480
Malini V Sheth and Vijay Kantilal Sheth	87480
Rishabh V Sheth and Vijay Kantilal Sheth	87480
Total	524878

As on 17.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Ayurvedic Medicines / Pharmaceuticals

Products :

Ayurvedic Medicines and Pharmaceuticals

Product Description	ITC Code
API/ACI/Pharmaceuticals	3005 90 90

GENERAL INFORMATION

Suppliers :

· AKZO Nobel Functional Chemicals Private Limited

· Care Unipac Private Limited

· Foamex International

· K. K Enterprises

· Nature Remedies (Private) Limited

· Tex Bio Science (Private) Limited

Customers :

· Adarsh Pharma

· Adeshwar Meditex

· Aditya Medisales Corporation

· Anand Medical and Generals

· Apna Agencies

· ]arihant Pharma

· Care Pharma

· Care Unipack Private Limited

· Cheryls Cosmetics

· Dawn Enterprises

· Dr. Bharat Jain

· Dr. Gandurde

· Dr. Harendrabhai Rangnekar

· Drug House Sanchati Hospital

· Encube Ethicals Private Limited

· Fair Trade

· Fairdeal Agencies

No. of Employees :

30 Approximately

Bankers :

· Bank of Baroda

Chunabhatti Branch, N S Mankikar Marg, Chunabhatti, Mumbai – 400 022, Maharashtra, India

· ICICI Bank

· Bank of Baroda

· State Bank of India

· HDFC Bank Limited

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Cash Credit from Bank (Secured against Hypothecation of stock in trade and book debts, Personal Guarantee and Collateral Securities by way of Shares & Fixed Deposit of Directors)	12.437	10.893
Term Loan from Bank (The above loan is Secured by charge by way of hypothecation on Machinery, Collateral Security in form of Equitable mortgage of Land and Factory Building and personal Guarantee and Corporate Guarantee of company under same management)	0.000	0.343
Vehicle Loan from Bank The above loan is secured by way of Hypothecation of Vehicle	0.440	0.524
Total	12.877	11.760

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Directors	12.615	10.562
From Shareholders	9.276	9.276
From Other	1.000	0.000
Total	22.891	19.838

Banking Relations :	--
Auditors :
Name :	Hasmukh Shah and Company Chartered Accountant
Address :	409-410, Dalamal Chamber, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel No. :	91-22-43436565
Fax No. :	91-22-43436566
E-Mail :	hs@hsconsulting.in
PAN No.:	AACPS5704P
Associates :	· Akzo Nobel · VDF FutureCeuticals, Inc. · Unipex Innovations · Bergstrom Nutrition · American Biotech Labs (ABL) · NST LLC, USA · Medikor Labs LLC, USA · Synergia Life Sciences Private Limited · Generex Pharmasist
Subsidiaries :	Synergia Life Sciences Private Limited CIN : U24230MH2004PTC145390

CAPITAL STRUCTURE

After as on 17.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- Each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5267794	Equity Shares	Rs.10/- Each	Rs.52.678 millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- Each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4558544	Equity Shares	Rs.10/- Each	Rs.45.585 millions

(3890115 Equity Shares were issued as Bonus Shares by way of capitalization of General Reserves of Rs.38.901 millions.)

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		45.585	43.224	3.850
2] Share Application Money		20.970	18.214	3.946
3] Reserves & Surplus		30.982	9.003	41.162
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		97.537	70.441	48.958
LOAN FUNDS
1] Secured Loans		12.877	11.760	12.978
2] Unsecured Loans		22.891	19.838	13.136
TOTAL BORROWING		35.768	31.598	26.114
DEFERRED TAX LIABILITIES		3.371	2.484	1.366
TOTAL		136.676	104.523	76.438
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.887	50.344	48.633
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.437	15.495	15.593
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.254	9.017	11.214
	Sundry Debtors	10.415	9.004	5.166
	Cash & Bank Balances	8.978	4.808	0.378
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	62.088	35.358	14.714
Total Current Assets		88.735	58.187	31.472
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.404	6.779	7.712
	Other Current Liabilities	0.000	12.500	10.105
	Provisions	2.979	0.224	1.460
Total Current Liabilities		13.383	19.503	19.277
Net Current Assets		75.352	38.684	12.195
MISCELLANEOUS EXPENSES		0.000	0.000	0.017
TOTAL		136.676	104.523	76.438

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	41.560	28.990
		Other Income	NA	1.712	11.335
		TOTAL (A)	38.303	43.272	40.325
Less	EXPENSES
		Material Consumed		2.416	4.230
		Cost of Trading goods		9.319	9.377
		Direct and Operating Expenses		2.320	1.264
		Employees Remuneration		2.194	2.184
		Administrative and Selling Expenses	NA	10.193	11.692
		Director Remuneration		2.550	2.550
		Preliminary Expenses written off		0.017	0.016
		Increase / (Decrease) in Stock		0.523	(3.250)
		TOTAL (B)	NA	29.532	28.063
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	13.740	12.262
Less	INTEREST AND FINANCIAL CHARGES (D)		NA	1.378	1.914
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	12.362	10.348
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.827	2.669	1.990
	PROFIT BEFORE TAX (E-F) (G)		2.662	9.693	8.358
Less	TAX (H)		2.004	3.210	2.492
	PROFIT AFTER TAX (G-H) (I)		0.658	6.483	5.866
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.744	41.162	35.296
	Utilised for issue of Bonus Shares		0.000	(38.901)	0.000
Less	APPROPRIATIONS
		Proposed Dividend	2.187	0.000	0.000
		Tax on Proposed Dividend	0.372	0.000	0.000
		Transferred to Reserve	0.070	0.000	0.000
	BALANCE CARRIED TO THE B/S		6.773	8.744	41.162
	EARNINGS IN FOREIGN CURRENCY		9.969	22.469	10.789
	IMPORTS		9.935	7.165	7.904
	Earnings Per Share (Rs.)		0.14	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.72	14.98	14.55
Net Profit Margin (PBT/Sales)	(%)	NA	23.32	28.83
Return on Total Assets (PBT/Total Assets}	(%)	1.87	8.93	10.43
Return on Investment (ROI) (PBT/Networth)		0.03	0.14	0.17
Debt Equity Ratio (Total Liability/Networth)		0.50	0.73	0.93
Current Ratio (Current Asset/Current Liability)		6.63	2.98	1.63

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS

The Company has delivered profitable set of financials from successful implementation and commercialization of

research projects. The Sales revenues for the year were Rs.38.303 millions. Operating Profits were Rs.5.488 millions and Profit after tax is Rs.0.658 millions.

REVIEW OF OPERATIONS

The company continues to march ahead strongly to build on a strong foundation of intellectual knowledge. They have witnessed steady performance this year as the various operations consolidate and expand. The company

continues to expand and grow in the marketing and distribution of various active pharmaceutical and neutraceutical ingredients.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10081337
Corporate identity number of the company	U24230MH2000PTC127016
Name of the company	VIRIDIS BIOPHARMA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	6/10, Jogani Industrial Complex, V N Purav Marg, Chunabhatti, Mumbai - 400 022, Maharashtra, India
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Bank of Baroda Chunabhatti Branch, N S Mankikar Marg, Chunabhatti, Mumbai – 400 022, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplemental composite agreement of hypothecation of goods, book-debts, moveable machinery and vehicles
Date of instrument Creating the charge	30.08.2010
Amount secured by the charge	Rs.20.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of interest On cash credit limit at the rate of 3.5% over base rate of the bank or such rate(s) as the bank may specify from time to time. Terms of repayment On Demand Margin 25% on the stocks 40% on the book-debts Extent and operation of the charge The charge is modified to secure repayment of credit facilities aggregating to Rs.20.000 millions together with interest, compound interest, interest tax, additional/further interest, penal interest, commission, liquidated damages, commitment charges, premium on pre-payment or on redemption, costs, charges and expenses.
Short particulars of the property charged	· Stocks of raw materials, stock in process, finished goods, consumable spares and packing materials, all the book debts in respect of supplies made to various govt. Departments or limited . . · companies etc. As evidenced by supply bills, receipted challans, receipited invoices deposited with the bank from time to time and all the moveable machinery of the borrower, including all stores .. · And spare parts, both present and future, belonging to the borrower and all the vehicle
Particulars of the present modification	By the present modification the charge is modified upto Rs.20.000 millions, to cover following credit facilities: 1) cash credit (hypn stock and book-debts) : Rs.15.000 millions 2) PC/FBP/UFBP: Rs.5.000 millions

FIXED ASSETS

· Land

· Building

· Gala Premises

· Furniture and Fittings

· Computer

· Office Equipments

· Plant and Machinery

· Leasehold Improvements

· Vehicle

· R and D Pending Allocation

WEB DETAILS

Profile

Subject is a fast-rising company delivering a range of clinically proven products to enable people to live better and more active lives. The core strength lies in the integration of therapeutics from diverse systems of medicine, using both, classical and innovative technologies. In fact, innovation is apparent in the every endeavor - in the products they develop and in the way they do business.

Through the strategic association with biopharma and pharma companies of international repute, they are well positioned to identify and commercialize products with therapeutic efficacy and growth potential in the Indian subcontinent. They are the techno marketeers for Pharmaceuticals, Neutraceuticals, Cosmaceuticals and medical devices.

The techno marketing skills based focused marketing has provided them with opportunities to represent and market in India the products like Ferrazone, FruiteX-B , ....

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.44.46
UK Pound	1	Rs.71.53
Euro	1	Rs.64.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--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
TOTAL		28

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.