MIRA INFORM REPORT

Report Date :

07.01.2014

IDENTIFICATION DETAILS

Name :	QUANTIMMUNE SOLUTIONS PRIVATE LIMITED
Registered Office :	A-31, MIDC, TTC Industrial Area, Khairane, Thane-Belapur Road, Navi Mumbai – 400709, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	03.08.2012
Com. Reg. No.:	11-234115
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U74900MH2012PTC234115
TAN No.: [Tax Deduction & Collection Account No.]	PNEQ00251G
Legal Form :	Private Limited Liability Company
Line of Business :	To carry the business of conducting bioanalysis and immunogenicity testing of biological drugs, vaccines, biomarkers, and conjugates of biomolecules with small molecules, providing GLP compliant laboratory services and provide technical and scientific support for clinical testing of biologics including Immunology, BiochemisQ and Clinical Pharmacology.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated during 03/08/2012. It has commence its commercial operation from March 2013. Madam, Smita, assistant to found of company has provided the information to us. Further as per available financial of 2013, there appears huge per operating expenses incurred by the company which has eroded the net worth of the company. Business is active. Payment terms are unknown. The company can be considered for business dealing on safe and secured 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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 (PARTIAL DETAILS)

Name :	Smita
Designation :	Assistant Manager
Contact No.:	91-22-27780560
Date :	06.01.2014

LOCATIONS

Registered Office :	A-31, MIDC, TTC Industrial Area, Khairane, Thane-Belapur Road, Navi Mumbai – 400709, Maharashtra, India
Tel. No. :	91-22-27780560/ 27780718/ 19/ 22
Fax No. :	91-22-27780720
E-Mail :	devendracs@gmail.com smita.subramani@quantimmune.com business@accutestindia.com info@ladhasinghal.com
Website :	www.quantimmune.com
Operation site:	A-77, Khairane MIDC, Koper Khairane, Navi Mumbai - 400709, Maharashtra, India
Tel. No. :	91-22-27780718/ 19/ 22
Fax No. :	91-22-27780720
E-Mail :	info@quantimmune.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Satish Vitthal Sawant

Designation :

Director

Address :

D - 102, Runwal Centre, Gowandi , Station Road, Deonar , Mumbai - 400088, Maharashtra, India

Date of Birth/Age :

26.10.1958

Date of Appointment :

03.08.2012

DIN No. :

01670269

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	U24239MH2001PTC131153	ACCUTEST RESEARCH LABORATORIES INDIA PRIVATE LIMITED	Director	08/03/2001	08/03/2001	-	Active	NO
2	U24239MH2006PTC162896	SEQUEL PHARMACEUTICALS (INDIA) PRIVATE LIMITED	Director	28/06/2006	28/06/2006	06/04/2010	Active	NO
3	U74990MH2009PTC193720	FAIRMOUNT HEALTHCARE PRIVATE LIMITED	Director	01/07/2009	01/07/2009	-	Active	NO
4	U74900MH2012PTC234115	QUANTIMMUNE SOLUTIONS PRIVATE LIMITED	Director	03/08/2012	03/08/2012	-	Active	NO

Name :

Akshaya Prasad

Designation :

Additional Director

Address :

Flat No.191/192, 19^th Floor, Kalpataru horizon, s.k. Ahire Marg, Worli, Mumbai - 400018, Maharashtra, India

Date of Birth/Age :

12.01.1977

Date of Appointment :

30.09.2013

DIN No. :

02028253

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	U45201WB2001PTC109652	SECOND VIVEKANANDA BRIDGE TOLLWAY COMPANY PRIVATE LIMITED	Director	04/07/2008	04/07/2008	27/02/2009	Active	NO
2	U74140MH2006FTC166128	GREATER PACIFIC CAPITAL INDIA PRIVATE LIMITED	Managing director	01/01/2011	26/09/2009	-	Active	NO
3	U24239MH2001PTC131153	ACCUTEST RESEARCH LABORATORIES INDIA PRIVATE LIMITED	Nominee director	23/09/2010	23/09/2010	-	Active	NO
4	U52109DL1986PTC026416	TDI INTERNATIONAL INDIA PRIVATE LIMITED	Director	27/09/2011	20/10/2010	-	Active	NO
5	U51909DL2000PTC108262	BHADRA INTERNATIONAL (INDIA) PRIVATE LIMITED	Director	27/09/2011	22/10/2010	-	Active	NO
6	U72200GJ2001PTC039445	AZURE KNOWLEDGE CORPORATION PRIVATE LIMITED	Nominee director	29/09/2012	15/11/2011	-	Active	NO
7	U74900MH2012PTC234115	QUANTIMMUNE SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	26/06/2013	-	Active	NO

Name :

Mr. Pramodkumar Ravindranath Dubey

Designation :

Additional director

Address :

C-305, Krishna Vasant Sagar, Thakur Village, Kandivali East, Mumbai - 400101, Maharashtra, India

Date of Birth/Age :

20.03.1975

Date of Appointment :

30.09.2013

DIN No. :

06419433

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	U74900MH2012PTC234115	QUANTIMMUNE SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	07/11/2012	-	Active	NO

Name :

Mr. Surendra Jagannath Chavan

Designation :

Additional Director

Address :

Shree Shivshakti Housing Society, Bungalow No. 13, Building No. 1, Near Santoshi Mata Mandir Road, Kurur Gaon, Malad (East), Mumbai - 400097, Maharashtra, India

Date of Birth/Age :

24.03.1967

Date of Appointment :

30.09.2013

DIN No. :

06456621

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	U74900MH2012PTC234115	QUANTIMMUNE SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	26/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Smita
Designation :	Assistant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Accutest Research Laboratories (India) Private Limited, India	89999
Surendra Jagannath Chavan	10000
Satish Sawant	1
Total	100000

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	90.00
Directors or relatives of Directors	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Research and Development of CRO Biology.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

The Shamrao Vithal Co-Operative Bank Limited, Vashi Branch, Unit No 3, Ground Floor, Commercial Co-Operative Premises Society Limited, Vashi, Navi Mumbai - 400703, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
Term loans
Indian rupee loan from banks	6.827
Foreign currency loan from banks	14.628
Total	21.455

NOTE

i. Indian rupee loan from bank carries interest @ 13.50°/o per annum. The loan is repayable in monthly installments. The repayment will begin after the moratorium period of 24 months. The loans are secured by hypothecation of laboratory equipments, imported plant and machinery , computers, furniture and fixtures. The loans are also secured by corporate guarantee of holding company - Accutest Research Laboratories (India) Private Limited.

ii. Foreign currency loan carries interest @ 1.75%. The loan is repayable after 3 years from the date of its origination. The loans are secured by hypothecation of laboratory equipments, imported plant and machinery , computers, furniture and fixtures. The loans are also secured by corporate guarantee of holding company - Accutest Research Laboratories (India) Private Limited.

Banking Relations :	--
Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	14^th Floor, The Ruby Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No. :	91-22-61920000
Fax No. :	91-22-61921000
Income-tax PAN of auditor or auditor's firm :	ABSFS4151K
Holding Company:	Accutest Research Laboratories (India) Private Limited (ARUPL)
Holding of Holding Company:	GPC Mauritius XI LC, Mauritius
Ultimate Holding Company:	Greater Pacific Capital Limited, Cayman Islands

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.000
(b) Reserves & Surplus	(4.798)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	(3.798)
(3) Non-Current Liabilities
(a) long-term borrowings	21.455
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	20.704
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	42.159
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	1.968
(c) Other current liabilities	10.847
(d) Short-term provisions	0.000
Total Current Liabilities (4)	12.815
TOTAL	51.176
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	25.966
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.001
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	18.392
(e) Other Non-current assets	0.200
Total Non-Current Assets	44.559
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.000
(c) Trade receivables	0.000
(d) Cash and cash equivalents	0.202
(e) Short-term loans and advances	6.415
(f) Other current assets	0.000
Total Current Assets	6.617
TOTAL	51.176

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	0.000
		Other Income	0.034
		TOTAL	0.034
Less	EXPENSES
		Employee benefit expense	0.020
		Other Expenses	4.812
		TOTAL	4.832
	PROFIT/ (LOSS) BEFORE TAX		(4.798)
Less	TAX		0.000
	PROFIT/ (LOSS) AFTER TAX		(4.798)
	IMPORTS
		Capital Goods (including capital work in progress)	1.094
	TOTAL IMPORTS		1.094
	Earnings / (Loss) Per Share (Rs.)		(209.73)

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	(14111.76)
Net Profit Margin (PBT/Sales)	(%)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(19.03)
Return on Investment (ROI) (PBT/Networth)		1.26
Debt Equity Ratio (Total Debt/Networth)		(5.65)
Current Ratio (Current Asset/Current Liability)		0.52

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	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	-----
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	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10403628	07/02/2013	71,654,000.00	THE SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED	VASHI BRANCH, UNIT NO 3, GROUND FLOOR, COMMERCIAL CO-OP PREMISES SOCIETY LIMITED, VASHI, NAVI MUMBAI, NAVI MUMBAI - 400703, MAHARASHTRA, INDIA	B68394287

CORPORATE INFORMATION

Subject is incorporated to carry the business of conducting bioanalysis and immunogenicity testing of biological drugs, vaccines, biomarkers, and conjugates of biomolecules with small molecules, providing GLP compliant laboratory services and provide technical and scientific support for clinical testing of biologics including Immunology, BiochemisQ and Clinical Pharmacology.

OPERATIONS

During the year, company was under process of setting-up the laboratory, hence no income has been earned. A small amount of income of Rs. 0.034 Million was earned from other sources.

FUTURE OUTLOOK

The bio-similar industry is growing at very aggressive speed as lot of patents are expiring or near expiry leading to huge demand for bio-similar molecules. Hence, company seeing a good growth opportunity towards Research and Development in this segment.

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.62.33
UK Pound	1	Rs.101.99
Euro	1	Rs.84.62

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		12

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.