MIRA INFORM REPORT

Report Date :

13.01.2014

IDENTIFICATION DETAILS

Name :	GENETIX BIOTECH ASIA PRIVATE LIMITED
Registered Office :	C – 88, Lower Ground Floor, Kirti Nagar, New Delhi – 110015
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.10.2001
Com. Reg. No.:	55-112768
Capital Investment / Paid-up Capital :	Rs.9.683 Millions
CIN No.: [Company Identification No.]	U24239DL2001PTC112768
TAN No.: [Tax Deduction & Collection Account No.]	DELG05481A
Legal Form :	Private Limited Liability Company
Line of Business :	Retailers and Suppliers of Pharmaceuticals, Health Care, Herbal, Diagnostic Products, Animal Care Products, Finished Pharmaceutical Products, Perfume, Herb, Skincare, Medical Devices, Bio Pharmaceuticals, etc.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Profitability of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. 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 – 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 DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	Ms. Deepti
Designation :	Accounts Executive
Contact No.:	91-11-45027000
Date :	09.01.2014

LOCATIONS

Registered Office :	C – 88, Lower Ground Floor, Kirti Nagar, New Delhi – 110 015, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@genetixbiotech.com rajiv_gawri@rediffmail.com genetix@genetixbiotech.com
Website :	http://www.genetixbiotech.com
Location :	Owned
Corporate Office :	71/1, Shivaji Marg, New Delhi-110 015, India.
Tel. No.:	91-11-45027000/ 41427031
Fax No.:	91-11-25419631

DIRECTORS

(AS ON 30.09.2013)

Name :	Mr. Arun Prakash
Designation :	Director
Address :	C – 88, Lower Ground Floor, Kirti Nagar, New Delhi – 110 015, India
Date of Birth/Age :	09.03.1962
Date of Appointment :	10.10.2001
DIN No.:	00287125
Name :	Mr. Raminder Prakash
Designation :	Director
Address :	C – 88, Lower Ground Floor, Kirti Nagar, New Delhi – 110 015, India
Date of Birth/Age :	18.05.1973
Date of Appointment :	10.10.2001
DIN No.:	00287173
Name :	Mr. Kailash Prakash
Designation :	Director
Address :	C – 88, Lower Ground Floor, Kirti Nagar, New Delhi – 110 015, India
Date of Birth/Age :	13.12.1933
Date of Appointment :	10.10.2001
DIN No.:	00287201

KEY EXECUTIVES

Name :	Ms. Deepti
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2013)

Names of Shareholders	No. of Shares
Arun Prakash	857811
Raminder Prakash	87940
Kailash Prakash	22500
Dr. Anand	10
Geeta Sharma	10
Raman Chandhok	10
Sulochna Sabharwal	10
Sunil Chandok	10
Uma Walia	10
Total	968311

(AS ON 30.09.2013)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Retailers and Suppliers of Pharmaceuticals, Health Care, Herbal, Diagnostic Products, Animal Care Products, Finished Pharmaceutical Products, Perfume, Herb, Skincare, Medical Devices, Bio Pharmaceuticals, etc.
Products :	Molecular Biology Nucleic Acid Analysis PCR and RT-PCR Real-Time PCR Cell Biology Genomics Proteomics Cloning Restriction Enzymes Electrophoresis Plant Tissue Culture Antibodies Antibiotics Softwares Bio Separation and Filteration Chromatography Filtration Dialysis Cell Line Management Instrumentation Diagnostics Clinical Diagnostics Genetic Analysis GeneGlobe Web Portal Instrumentation Thermal Cyclers Capillary Electrophoresis System Quantitative PCR Systems Robotic Stations For Isolation and Purification of Nucleic Acids Microarray Scanners MicroArray Hybridization Systems Electrophoresis Geldoc Systems Lab Equipment Chemicals and Reagents DNA and RNA Preperation PCR Reagents and Kits Protein Extraction and Purification Lab Essentials Buffers and Detergents Histology Detection and Labeling Microbiological Media(Food and water testing) Plasticwares Cell Culture Cryogenics Immuno Assays
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

15 (Approximately)

Bankers :

· Bank of India

Kirti Nagar, New Delhi – 110 015, India

· Standard Chartered Bank

· HDFC Bank Limited

Facilities :

Secured Loans	31.03.2013	31.03.2012
	(Rs. In Millions)
Long Term Borrowings
Vehicles Loan from Banks	0.329	0.942
Short Term Borrowings
Working Capital Loans from Banks
HDFC Bank Limited – Cash Credit	196.359	0.000
Bank of India Cash Credit	0.000	165.999
Bank of India Overdraft	23.253	19.079
HDFC Bank Limited – Buyers Credit	10.069	0.000
Total	230.010	186.020

Banking Relations :	--
Auditors :
Name :	Rajiv K. Gawri and Company Chartered Accountants
Address :	207, IInd Floor, Lisa Tower, Azadpur Complex, Delhi – 110033, India
Tel No.:	91-11-27676081/ 27673409
PAN No.:	AAHPG4747M

CAPITAL STRUCTURE

(AS ON 30.09.2013)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
968311	Equity Shares	Rs.10/- each	Rs.9.683 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.683	9.683	9.683
(b) Reserves & Surplus	271.557	245.309	220.950
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1)+(2)	281.240	254.992	230.633
(3) Non-Current Liabilities
(a) long-term borrowings	0.329	0.942	0.451
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.329	0.942	0.451
(4) Current Liabilities
(a) Short term borrowings	231.928	185.725	135.586
(b) Trade payables	221.346	165.556	149.590
(c) Other current liabilities	24.490	18.440	23.204
(d) Short-term provisions	13.280	12.322	25.030
Total Current Liabilities (4)	491.044	382.043	333.410
TOTAL	772.613	637.977	564.494
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18.472	19.435	19.067
(ii) Intangible Assets	2.163	3.391	5.164
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	25.418	27.239	27.634
(e) Other Non-current assets	17.685	14.676	17.756
Total Non-Current Assets	63.738	64.741	69.621
(2) Current assets
(a) Current investments	6.250	6.950	30.899
(b) Inventories	327.330	230.345	152.309
(c) Trade receivables	239.781	181.753	209.961
(d) Cash and cash equivalents	71.332	40.489	54.677
(e) Short-term loans and advances	57.305	110.523	45.127
(f) Other current assets	6.877	3.176	1.900
Total Current Assets	708.875	573.236	494.873
TOTAL	772.613	637.977	564.494

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	975.419	737.225	835.305
		Other Income	10.693	11.265	28.601
		TOTAL (A)	986.112	748.490	863.906
Less	EXPENSES
		Purchases of Stock in Trade	826.191	590.001	615.556
		Changes in Inventory of Stock in Trade	(96.986)	(78.035)	(0.695)
		Employee Benefits Expenses	62.480	71.333	62.717
		Other Expenses	120.260	98.391	77.056
		TOTAL (B)	911.945	681.690	754.634
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		74.167	66.800	109.272
Less	FINANCIAL EXPENSES (D)		29.183	23.648	18.404
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.984	43.152	90.868
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.228	6.475	7.905
	PROFIT BEFORE TAX (E-F) (G)		43.756	36.677	82.963
Less	TAX (H)		17.509	12.318	25.024
	PROFIT AFTER TAX (G-H) (I)		26.247	24.359	57.939
	Earnings Per Share (Rs.)		27.11	25.16	59.83

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.66	3.25	6.71
Net Profit Margin (PBT/Sales)	(%)	4.49	4.98	9.93
Return on Total Assets (PBT/Total Assets}	(%)	5.66	5.75	12.91
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.36
Debt Equity Ratio (Total Debt/Networth)		0.83	0.73	0.59
Current Ratio (Current Asset/Current Liability)		1.44	1.50	1.48

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	No
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	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

UNSECURED LOANS

Particulars	31.03.2013	31.03.2012
	(Rs. In Millions)
Short Term Borrowings
From Related Parties	0.647	0.647
From Others	1.600	0.000
Total	2.247	0.647

OPERATING RESULTS

During the year the company earned a profit after taxes of Rs.26.247 Millions.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10410158	19/01/2013	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B70209697

FIXED ASSETS:

· Access Systems

· Air Conditioner

· Aquaguard

· Attendance Systems

· Batteries

· Camera

· Car

· Cellular Phone

· Coffee Machine

· Computer

· Cooler

· Deep Freezer

· Electric Fittings

· Fan

· Fax Machine

· Fire

· Control System

· Furniture and Fixture

· Gas Stove

· Generator

· Inverter

· Laboratory Equipment

· Motor Cycle and Scooter

· Music Systems

· Office Equipment

· Over Head Projector

· Printer

· Refrigerator

· Scanner

· Security Systems

· Strapping Machine

· Table Tennis

· Telephone

· Television

· UPS Systems

· Water Cooler

· Weighing Machine

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.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.