MIRA INFORM REPORT

Report Date :

26.07.2013

IDENTIFICATION DETAILS

Name :	BIOPLUS LIFE SCIENCES PRIVATE LIMITED
Registered Office :	S. No. 10 – 1A, Hoodi Village, Krishnarajapuram, Hobli, Bangalore - 560048, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	19.03.2004
Com. Reg. No.:	08-033578
Capital Investment / Paid-up Capital :	Rs. 355.715 millions
CIN No.: [Company Identification No.]	U24232KA2004PTC033578
PAN No.: [Permanent Account No.]	AACCB3621R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Health Care Products.
No. of Employees :	133 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 5170000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is an established company having a satisfactory track record. There appears dip in sales and NPAT during 2012. However, general financial position is good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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	ICRA
Rating	Fund based faclilities: “A2”
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation.
Date	July, 2012

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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Kundra
Designation :	Office Executive
Contact No.:	91-80-28410158
Date :	24.07.2013

LOCATIONS

Registered Office :	S. No. 10 – 1A, Hoodi Village, Krishnarajapuram, Hobli, Bangalore - 560048, 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, Karnataka, 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 - 635109, Tamilnadu, India
Tel. No.:	91- 4344-309692
E-Mail :	solo@biopluslifesciences.com
Branch Office :	No. 3, "Devi Krupa", 7^th Main, Ill Phase, Ayappa Nagar, K.R Puram, Bangalore – 560036, Karntaka, India

DIRECTORS

As on 24.09.2012

Name :

Mr. Ajay Lal

Designation :

Nominee director

Address :

Villa No. 120, Laburnim, Sushant Lok I, Gurgoan – 122001, Haryana, India

Date of Birth/Age :

08.08.1961

Date of Appointment :

06.06.2008

DIN No.:

00030388

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	U74999AP1992PLC014388	GVK INDUSTRIES LIMITED	Director	23/10/2003	23/10/2003	26/07/2008	Active	NO
2	L65190MH2003PLC143249	YES BANK LIMITED	Nominee director	10/03/2004	10/03/2004	02/02/2007	Active	NO
3	U74140DL2005PTC142936	AIF CAPITAL (INDIA) PRIVATE LIMITED	Director	25/11/2005	25/11/2005	-	Active	NO
4	L74899DL1995PLC070609	BHARTI AIRTEL LIMITED	Director	21/08/2006	23/01/2006	-	Active	NO
5	L74999AP2005PLC059013	GVK POWER AND INFRASTRUCTURE LIMITED	Director	22/05/2006	22/05/2006	21/08/2008	Active	NO
6	U27104GJ2003PLC043070	GPT STEEL INDUSTRIES LIMITED	Director	24/07/2006	24/07/2006	30/04/2008	Active	NO
7	U65191KL1920PLC000175	THE CATHOLIC SYRIAN BANK LTD	Director	15/09/2010	13/09/2007	-	Active	NO
8	U24232KA2004PTC033578	BIOPLUS LIFE SCIENCES PRIVATE LIMITED	Nominee director	06/06/2008	06/06/2008	-	Active	NO
9	U24236MH1987PLC044813	FAMY CARE LIMITED	Director	13/04/2010	13/04/2010	-	Active	NO

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

Qualification :

MBA (Finance and International Business / CPA)

Experience :

22 Years

Date of Appointment :

12.05.2008

DIN No.:

02244616

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	U24232KA2004PTC033578	BIOPLUS LIFE SCIENCES PRIVATE LIMITED	Director	23/09/2009	12/05/2008	-	Active	NO
2	U73100KA2008PTC047944	MYRNA RESEARCH LABORATORIES PRIVATE LIMITED	Additional director	14/01/2012	14/01/2012	-	Strike off	NO

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

Qualification :

B.E.

Experience :

25 Years

Date of Appointment :

12.05.2008

DIN No.:

02244640

KEY EXECUTIVES

Name :	Mr. Kundra
Designation :	Office Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

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

Names of Preference Shareholders	No. of Shares
AIF Capital III Life Science Limited, Mauritius	321429
TOTAL	321429

As on 24.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	12.00
Directors or relatives of Directors	88.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Health Care Products.

Products :

Item Code No. (ITC Code)	Product Description
30045090	Pharmaceuticals and Neutraceuticals
30045090	Pharmaceuticals and Neutraceuticals in the form of Tablets, Capsules and Powders

PRODUCTION STATUS (AS ON 31.03.2012)

Particulars	Unit	Actual Production
Tablets	Nos	359,478,181.33
Capsules	Nos	1,505,844.00
Powders	kgs	2,518.33
Oil	kgs	20.00

GENERAL INFORMATION

No. of Employees :

133 (Approximately)

Bankers :

· HDFC Bank Limited

Canara Bank

State Bank of India

ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long term borrowings
Indian rupee loan from bank	3.036	0.000
Short term borrowings
Foreign currency working capital loan from bank	88.979	102.927
Indian rupee working capital loan from bank	19.086	34.065
Total	111.101	136.992

Note:

Indian rupee loan from bank of Rs. 4.540 millions at interest of 10.50% p.a. is repayable in 36 monthly installment of Rs.146,280 each alongwith interest from the date of loan, viz., March 15, 2012. The loan is secured by hypothecation of vehicles acquired out of such loan.

Working capital loan from bank represents export packing credit and export bill discounting. These are secured by first charge by way of hypothecation of stocks and book debts and second charge over fixed assets and the interest rate is as determinable from time to time. The loan is obtained to augment working capital requirements.

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Associates Chartered Accountants
Address :	Flat No 101, Golden Residency, ‘A’ Wing, 79/8, Outer Ring Road, Bellandur Bangalore – 560103, Karnataka, India
PAN No. :	AABFS3421N
Subsidiary Company :	· Abba Pharma Limited Bioplus Healthcare Private Limited CIN No.: U24232KA2005PTC036131 MyRna Research Laboratories Private Limited CIN No.: U73100KA2008PTC047944 VB Medicare Private Limited CIN No.: U24239AP2004PTC042696
Enterprises which are owned, or have significantinfluence of or are partners with Key management personnel and their relatives :	· Pharmed Limited CIN No.: U24230MH1946PLC005121 Pharmed Medicare Private Limited CIN No.: U85110KA1990PTC010868

CAPITAL STRUCTURE

As on 31.03.2012

Authorized 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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	355.715	355.715
(b) Reserves & Surplus	937.880	1795.184
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1293.595	2150.899
(3) Non-Current Liabilities
(a) long-term borrowings	3.036	0.000
(b) Deferred tax liabilities (Net)	5.200	5.500
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.191	2.140
Total Non-current Liabilities (3)	10.427	7.640
(4) Current Liabilities
(a) Short term borrowings	108.065	136.992
(b) Trade payables	52.050	33.390
(c) Other current liabilities	10.596	7.183
(d) Short-term provisions	4.253	2.379
Total Current Liabilities (4)	174.964	179.944
TOTAL	1478.986	2338.483
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	82.538	81.403
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	730.207	730.307
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	82.510	915.256
(e) Other Non-current assets	0.761	0.708
Total Non-Current Assets	896.016	1727.674
(2) Current assets
(a) Current investments	342.746	398.220
(b) Inventories	83.224	48.559
(c) Trade receivables	128.930	142.605
(d) Cash and cash equivalents	5.624	10.488
(e) Short-term loans and advances	22.446	10.937
(f) Other current assets	0.000	0.000
Total Current Assets	582.970	610.809
TOTAL	1478.986	2338.483

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		355.715
2] Share Application Money		0.000
3] Reserves & Surplus		1732.877
4] (Accumulated Losses)		0.000
NETWORTH		2088.592
LOAN FUNDS
1] Secured Loans		115.275
2] Unsecured Loans		0.000
TOTAL BORROWING		115.275
DEFERRED TAX LIABILITIES		4.210
TOTAL		2208.077
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.319
Capital work-in-progress		0.083
INVESTMENT		581.286
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	61.252
	Sundry Debtors	115.015
	Cash & Bank Balances	3.737
	Other Current Assets	0.018
	Loans & Advances	1404.402
Total Current Assets		1584.424
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.836
	Current Liabilities	1.887
	Provisions	4.312
Total Current Liabilities		47.035
Net Current Assets		1537.389
MISCELLANEOUS EXPENSES		0.000
TOTAL		2208.077

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	519.464	545.517	639.156
		Other Income	30.804	22.915	71.165
		TOTAL (A)	550.268	568.432	710.321
Less	EXPENSES
		TOTAL (B)	474.539	489.309	586.390
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		75.729	79.123	123.931
Less	FINANCIAL EXPENSES (D)		7.651	6.896	12.092
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		68.078	72.227	136.023
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.643	8.330	7.813
	PROFIT BEFORE TAX (E-F) (G)		59.435	63.897	128.210
Less	TAX (H)		13.700	1.590	3.415
	PROFIT AFTER TAX (G-H) (I)		45.735	62.307	124.795
Less	EXCEPTIONAL ITEMS		903.084	0.000	0.000
	POFIT/ LOSS FOR THE YEAR		(857.349)	62.307	124.795
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		878.455	816.148	691.353
	BALANCE CARRIED TO THE B/S		1781.539	878.455	816.148
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		543.700	638.941
		Other Earnings		0.000	6.171
	TOTAL EARNINGS		519.200	543.700	645.112
	IMPORTS
		Raw Materials and consumable	NA	64..473	102.145
	TOTAL IMPORTS		NA	64..473	102.145
	Earnings Per Share (Rs.)
	Basic		(250.00)	18.00	36.00
	Diluted		(92.00)	7.00	13.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.31	10.96	17.56
Net Profit Margin (PBT/Sales)	(%)	11.44	11.71	20.06
Return on Total Assets (PBT/Total Assets}	(%)	7.94	3.97	7.66
Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.06
Debt Equity Ratio (Total Debt/Networth)		0.09	0.06	0.06
Current Ratio (Current Asset/Current Liability)		3.33	3.39	33.69

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80033583	24/10/2011	206,000,000.00	Canara Bank	Overseas Branch, III Floor, Ramanashree Arcade, No.18, M G Road, Bangalore, Karnataka - 560001, India	B25207507

LITIGATION DETAILS

High Court of Karnataka

High Court of Karnataka - Principal Bench at Bangalore

ITA 75/2012

CASE PENDING

Petitioner/Appnt. Name	The Commissioner of Income Tax
Respondent/Defnt. Name	Bioplus Life Sciences Private Limited
Petnr./Appnt. Advocate	K V Aravind
Respnt./Defnt. Advocate
Date Filed	16.04.2012
District	Bangalore City

Stage	Hearing Last Posted for Orders
Last Action Taken	Admit/Rule Last Date of Action 28.06.2012 Next hearing date 22/08/2012
Before Hon'ble Judge/s	Registrar (Judicial)

CORPORATE INFORMATION

Subject is a company incorporated at Bangalore on March 19, 2004. The Company is an export oriented unit and is engaged in manufacturing of health care products.

FIXED ASSETS

· Plant and Equipment

Other plant and Equipment

Furniture and Fixtures

Motor Vehicles

Office Equipment

Computer Equipments

Leasehold Improvements

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.94
UK Pound	1	Rs.90.48
Euro	1	Rs.77.81

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		46

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

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.