MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	BIO RAD LABORATORIES (INDIA) PRIVATE LIMITED
Registered Office :	Plot No. 1270, Lal Dora, Kapashera Village, Opposite Fun and Food, Delhi - 110037
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.04.1996
Com. Reg. No.:	55-078494
Capital Investment / Paid-up Capital :	Rs. 3.003 Millions
CIN No.: [Company Identification No.]	U32109DL1996PTC078494
IEC No.:	0596039981
TAN No.: [Tax Deduction & Collection Account No.]	DELB06225C
PAN No.: [Permanent Account No.]	AAACB3202A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Products related to Life Research and Clinical Diagnostics.
No. of Employees :	170 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

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 2500000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having a good track record. The financial position of the company is healthy. Trade relations are reported as fair. Business is active. Payment terms are regular and as per commitment. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 PARTED BY

Name :	Mr. Nrupad Shah
Designation :	Regional Sales Manager (West)
Contact No.:	91-8879009092
Date :	23.09.2013

LOCATIONS

Registered Office :	Plot No. 1270, Lal Dora, Kapashera Village, Opposite Fun and Food, Delhi – 110037, India
Tel. No. :	Not Available
Mobile No.:	91-8879009092 (Mr. Nrupad Shah)
Fax No. :	Not Available
E-Mail :	navneet_gupta@bio-rad.com sales.india@bio-rad.com pawan_jain@biorad.com
Website :	www.bio-rad.co.in
Area :	6000 sq.ft.
Location :	Leased
Branch Office :	Located at · Chennai · Mumbai · Lucknow · Kolkata · Bangalore · Hyderabad

DIRECTORS

As on 31.08.2012

Name :

Mr. Dhiren Mohan Wagle

Designation :

Director

Address :

35/121, Sliver Oak Appartments, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

23.08.1961

Date of Appointment :

18.04.2001

DIN No. :

00085441

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	U32109DL1996PTC078494	BIO RAD LABORATORIES (INDIA) PRIVATE LIMITED	Director	18/04/2001	18/04/2001	-	Active	NO
2	U33110MH2004PTC149848	DIAMED SCIENTIFIC TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2009	17/04/2009	-	Active	NO

Name :

Norman David Schwartz

Designation :

Director

Address :

3277, Surmont Dr, Lafayette, California 094549, US

Date of Birth/Age :

10.03.1950

Date of Appointment :

25.04.1996

DIN No. :

01719171

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	U32109DL1996PTC078494	BIO RAD LABORATORIES (INDIA) PRIVATE LIMITED	Director	25/04/1996	25/04/1996	-	Active	NO
2	U33110MH2004PTC149848	DIAMED SCIENTIFIC TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2009	17/04/2009	-	Active	NO

Name :

Sanford Saul Wadler

Designation :

Additional director

Address :

680, Canyon Crest Road, San Ramon, California 094583, US

Date of Birth/Age :

12.12.1946

Date of Appointment :

24.09.2012

DIN No. :

06397984

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	U32109DL1996PTC078494	BIO RAD LABORATORIES (INDIA) PRIVATE LIMITED	Director	24/09/2012	25/04/2012	-	Active	NO
2	U33110MH2004PTC149848	DIAMED SCIENTIFIC TECHNOLOGIES PRIVATE LIMITED	Director	24/09/2012	25/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nrupad Shah
Designation :	Regional Sales Manager (West)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.08.2012

Names of Shareholders	No. of Shares
Bio-Rad Laboratories Inc. USA	300000
Norman David Schwartz	200
Dhiren Mohan Wagle	100
Total	300300

As on 31.08.2012

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	99.90
Directors or relatives of Directors	0.10
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Products related to Life Research and Clinical Diagnostics.
Brand Names :	“BIO-RAD”
Terms :
Selling :	Credit (60 and 90 Days)
Purchasing :	Credit (90 Days)

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	170 (Approximately)
Bankers :	Hongkong Shanghai Banking Corporation, Institutional Plot No.68, Sector-44, Gurgaon – 122002, Haryana, India

Banking Relations :	--
Auditors :
Name :	V Sahai Tripathi and Company Chartered Accountants
Address :	8-E, Hansalaya, 15, Barakhamba Road, Connaught Place, New Delhi – 110001, India
Tel. No. :	91-11-23319596
Fax No. :	91-11-23702808
Website :	www.sahaitripathi.com
Holding Company :	Bio-Rad Laboratories Inc, USA
Subsidiary Company :	Bio-Rad Diamed India
Fellow Subsidiary :	· Bio-Rad Deeside · Bio-Rad France · Bio-Rad Pacific Limited, HK · Bio-Rad Singapore · Noviloire · Bio-Rad Australia · Bio-Rad Germany · Bio-Rad New Zealand
Companies under common control :	· Diamed AG · Diamed Instruments L

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300300	Equity Shares	Rs.10/- each	Rs. 3.003 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	3.003	3.003
(b) Reserves & Surplus	630.696	550.711
(c) Money received against share warrants	0.000	0.00
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	633.699	553.714
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	6.939	6.739
(d) long-term provisions	9.706	7.907
Total Non-current Liabilities (3)	16.645	14.646
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	184.237	368.681
(c) Other current liabilities	121.925	50.655
(d) Short-term provisions	15.453	10.292
Total Current Liabilities (4)	321.615	429.628
TOTAL	971.959	997.988
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	175.916	151.001
(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	3.026	11.750
(c) Deferred tax assets (net)	47.793	23.468
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	50.239	48.169
Total Non-Current Assets	276.974	234.388
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	301.029	298.034
(c) Trade receivables	291.611	353.422
(d) Cash and cash equivalents	83.007	94.596
(e) Short-term loans and advances	18.128	15.712
(f) Other current assets	1.210	1.836
Total Current Assets	694.985	763.600
TOTAL	971.959	997.988

SOURCES OF FUNDS		31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.003
2] Share Application Money		0.000
3] Reserves & Surplus		506.574
4] (Accumulated Losses)		0.000
NETWORTH		509.577
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL
		509.577
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		135.559
Capital work-in-progress		0.000
INVESTMENT		11.750
DEFERRED TAX ASSETS		19.416
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	256.204
	Sundry Debtors	378.487
	Cash & Bank Balances	102.284
	Other Current Assets	0.000
	Loans & Advances	341.163
Total Current Assets		1078.138
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	314.061
	Other Current Liabilities	41.811
	Provisions	379.414
Total Current Liabilities		735.286
Net Current Assets		342.852
MISCELLANEOUS EXPENSES		0.000
TOTAL		509.577

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.12.2010
	SALES
		Income	1457.765	1397.278	1225.637
		Other Income	3.726	3.813	75.088
		TOTAL (A)	1461.491	1401.091	1300.725
Less	EXPENSES
		Purchase of Stock in Trade	739.838	831.456
		Employee benefits expenses	137.508	126.413
		Other Expenses	354.308	285.820
		(Increase)/Decrease in Inventories of stock in trade	(2.995)	(161.851)
		TOTAL (B)	1228.659	1081.838	1003.048
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		232.832	319.253	297.677
Less	FINANCIAL EXPENSES (D)		8.820	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		224.012	319.253	297.677
Less/ Add	DEPRECIATION/ AMORTISATION (F)		98.080	58.119	49.405
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		125.932	261.134	248.272
Less	TAX (H)		45.947	84.644	118.563
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		79.985	176.490	129.709
	EARNINGS IN FOREIGN CURRENCY
		Commission Income	56.214	45.160	50.532
		Export Sales (FOB)	6.828	4.127	3.510
	TOTAL EARNINGS		63.042	49.287	54.042
	IMPORTS
		Finished Goods	NA	NA	570.956
		Capital Goods	NA	NA	86.130
	TOTAL IMPORTS		NA	NA	657.086
	Earnings / (Loss) Per Share (Rs.)		266.35	587.71	431.93

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.12.2010
PAT / Total Income	(%)	5.47	12.60	9.97
Net Profit Margin (PBT/Sales)	(%)	8.64	18.69	20.26
Return on Total Assets (PBT/Total Assets}	(%)	13.00	27.12	20.46
Return on Investment (ROI) (PBT/Networth)		0.20	0.47	0.49
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.16	1.78	1.47

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	Yes
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	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
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	No

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

NOTE

The registered office of the company has been shifted from New Delhi – 110024, India to the present address w.e.f. 01.09.2006

CONTINGENT LIABILITIES:

(Rs. in millions)

PARTICULARS	31.03.2012	31.03.2011
Demand of Income Tax against the company not acknowledged as debts – Disallowance of Depreciation and other expenses under Income Tax Act, 1961.	33.734	33.734

FIXED ASSETS

· Furniture and Fixtures

· Office Equipment

· Computers

· Reagent Rental 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 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.62.66
UK Pound	1	Rs.100.46
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		58

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.