MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	BIOATLANTIS LIMITED
Formerly Known As :	BIOATLANTIC LIMITED
Registered Office :	Kerry Technology Park, Tralee Co Kerry 672822
Country :	Ireland
Financials (as on) :	31.12.2012
Date of Incorporation :	05.11.2003
Com. Reg. No.:	IE377737
Legal Form :	Private limited with Share Capital
Line of Business :	Subject is engaged in the research, development and manufacture of a range of nutraceutical products for the plant, animal and human market.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

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)
Ireland	B1	B1

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

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Summary – Company Information

Company Name	BIOATLANTIS LIMITED	Company Number	IE377737
Registered Address	KERRY TECHNOLOGY PARK TRALEE CO KERRY 672822
Website Address	-
Telephone Number
TPS	No
Incorporation Date	05/11/2003	Company Status	Active - Accounts Filed
Previous Name	BIOATLANTIC LIMITED	Type	Private limited with Share Capital
Date of Change	-	Filing Date of Accounts	-
		Share Capital	€702,744
SIC03	24421	Currency	EUR
SIC03 Description	MANUFACTURE OF MEDICAMENTS
SIC07	21200
SIC07 Description	MANUFACTURE OF PHARMACEUTICAL PREPARATIONS
Principal Activity	The research, development and manufacture of a range of nutraceutical products for the plant, animal and human market.

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	7

Current Directors

Name	SANDRA O'SULLIVAN	Date of Birth	16/10/1964
Officers Title		Nationality
Present Appointments	4	Function	Director
Appointment Date	07/11/2003
Address	BAYLANDS, BALLYARD, TRALEE, CO. KERRY.
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	GER GOOLD	Date of Birth	13/02/1979
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	08/02/2013
Address	KILNAGURTEEN, MACROOM, CO. CORK
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	JOHN O'SULLIVAN	Date of Birth	23/02/1962
Officers Title		Nationality
Present Appointments	6	Function	Director
Appointment Date	07/11/2003
Address	BAYLANDS, BALLYARD, TRALEE, CO. KERRY.
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	NIALL OLDEN	Date of Birth	05/07/1966
Officers Title		Nationality
Present Appointments	18	Function	Director
Appointment Date	30/06/2011
Address	ANNESGROVE, BISHOPSTOWN AVENUE, CORK
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	JOHN O'SULLIVAN	Date of Birth	23/02/1962
Officers Title		Nationality
Present Appointments	6	Function	Company Secretary
Appointment Date	07/11/2003
Address	BAYLANDS, BALLYARD, TRALEE, CO. KERRY.

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Writ Details

Mortgage Summary

Outstanding	2
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
ENTERPRISE IRELAND	EUR	200,000	CUMULATIVE REDEEMABLE PREFERENCE	1	28.46
JOHN T. O'SULLIVAN	EUR	182,500	FLOATING RATE CUMULATIVE REDEEMABLE PREFERENCE	1	25.97
EDWARD O'NEILL	EUR	100,000	ORDINARY A	1	14.23
MICHAEL GALLAGHER	EUR	37,400	ORDINARY A	1	5.32
DIARMUID O'SULLIVAN	EUR	31,750	FLOATING RATE CUMULATIVE REDEEMABLE PREFERENCE	1	4.52
EDWARD O'NEILL	EUR	31,750	FLOATING RATE CUMULATIVE REDEEMABLE PREFERENCE	1	4.52
DAMIEN GRIFFIN	EUR	31,750	FLOATING RATE CUMULATIVE REDEEMABLE PREFERENCE	1	4.52
JOHN T. O'SULLIVAN	EUR	31,306	ORDINARY A	1	4.45
MR PATRICK O'CONNOR	EUR	25,000	ORDINARY A	1	3.56
DIARMUID O'SULLIVAN	EUR	25,000	ORDINARY A	1	3.56
JOHN T. O'SULLIVAN	EUR	6,000	ORDINARY	1	0.85
DIARMUID O'SULLIVAN	EUR	226	ORDINARY	1	0.03
BANK OF IRELAND KERNEL CAPITAL PARTNERS PRIVATE EQUITY FUND	EUR	62	A PREFERENCE REDEEMABLE CONVERTIBLE	1	0.01

PAYMENT INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/12/2012	-	-	€1,192,390	-
31/12/2011	-	-	€685,997	-
31/12/2010	-	-	€203,949	-

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	29
Company DBT	UK Average DBT

Steady

Improving Worsening

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group structure

No group structure

FINANCIAL INFORMATION

Financials

Profit & Loss

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	-	-	-	-	€110,857	-27.7%	€153,285	1.5%	€150,983
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	€1,098,228	-1%	€1,109,782	8.7%	€1,020,742	-3.4%	€1,056,933	-9%	€1,161,638
Intangible Assets	€469,497	44.2%	€325,522	35.9%	€239,601	23.6%	€193,863	43.3%	€135,310
Total Fixed Assets	€1,567,725	9.2%	€1,435,304	13.9%	€1,260,343	0.8%	€1,250,796	-3.6%	€1,296,948
Stock	€638,735	61.4%	€395,683	68.1%	€235,325	22.2%	€192,597	7.3%	€179,469
Trade Debtors	€366,143	-3.3%	€378,571	33.5%	€283,533	25.4%	€226,026	103.2%	€111,237
Cash	€875,504	43.5%	€610,007	17.3%	€519,833	999.9%	€557	-98%	€27,876
Other Debtors	€117,076	64.5%	€71,187	60.9%	€44,231	-17.1%	€53,340	132.2%	€22,973
Miscellaneous Current Assets	0	-	0	-100%	€13,854	251.6%	€3,940	999.9%	€3
Total Current Assets	€1,997,458	37.2%	€1,455,448	32.7%	€1,096,776	130.2%	€476,460	39.5%	€341,558
Trade Creditors	€750,869	33%	€564,557	275.7%	€150,283	-33.3%	€225,276	28.9%	€174,810
Bank Loans & Overdrafts	0	-	0	-100%	€60,220	-42.6%	€104,936	47.8%	€70,991
Other Short Term Finance	0	-	0	-100%	€220,187	16.5%	€188,965	100.5%	€94,270
Miscellaneous Current Liabilities	€38,236	-2.5%	€39,209	-44.7%	€70,960	-16.4%	€84,907	65.1%	€51,416
Total Current Liabilities	€789,105	30.7%	€603,766	20.4%	€501,650	-17%	€604,084	54.3%	€391,487
Bank Loans & Overdrafts and LTL	€1,583,688	-1.1%	€1,600,989	-6.5%	€1,711,740	105.5%	€832,894	-2.8%	€856,612
Other Long Term Finance	0	-	0	-100%	€863,818	304.6%	€213,508	-10.9%	€239,547
Total Long Term Liabilities	€1,583,688	-1.1%	€1,600,989	-3.1%	€1,651,520	126.9%	€727,958	-7.3%	€785,621

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	€702,744	-	€702,744	-	€702,744	0%	€702,682	-	€702,682
P & L Account Reserve	€387,434	425.7%	-€118,959	80.2%	-€601,007	19.2%	-€744,139	-6.5%	-€698,979
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	€102,212	-	€102,212	-	€102,212	-76.6%	€436,671	-4.6%	€457,695
Shareholder Funds	€1,192,390	73.8%	€685,997	236.4%	€203,949	-48.4%	€395,214	-14.3%	€461,398

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	€722,893	100.5%	€360,475	999.9%	-€35,652	-117.7%	€201,351	-38.3%	€326,088
Working Capital	€1,208,353	41.9%	€851,682	43.1%	€595,126	566.3%	-€127,624	-155.6%	-€49,929
Total Assets	€3,565,183	23.3%	€2,890,752	22.6%	€2,357,119	36.5%	€1,727,256	5.4%	€1,638,506
Total Liabilities	€2,372,793	7.6%	€2,204,755	2.4%	€2,153,170	61.6%	€1,332,042	13.2%	€1,177,108
Net Assets	€1,192,390	73.8%	€685,997	236.4%	€203,949	-48.4%	€395,214	-14.3%	€461,398

Cash Flow

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€2,776,078	21.4%	€2,286,986	23.3%	€1,855,469	65.2%	€1,123,172	-9.9%	€1,247,019
Number of Employees	-	-	-	-	-	-	-	-	-
Auditors	BDO
Auditor Comments	The audit report contains no adverse comments
Bankers	BANK OF IRELAND
Bank Branch Code	90-58-38

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	-	-	-	-	-
Current ratio	2.53	2.41	2.19	0.79	0.87
Sales/Net Working Capital	-	-	-	-	-
Gearing %	132.80	233.40	839.30	210.70	185.70
Equity in %	38.50	26.70	9.60	25.80	30.70
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	1.72	1.75	1.71	0.46	0.41
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	0.66	0.88	2.45	1.52	0.84
Total Debt Ratio	1.98	3.21	10.55	3.37	2.55
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.

There is insufficient data to indicate a change in this companies percentage of sales.

Net Worth increased by 100.5% during the latest trading period.

A 23.3% growth in Total Assets occurred during the latest trading period.

There is insufficient data to indicate a change in this companies pre-tax profit.

The company saw an increase in their Cash Balance of 43.5% during the latest trading period.

The audit report contains no adverse comments.

The company has undergone recent changes in its directorships.

The company is not part of a group.

The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

The company was established over 9 years ago.

Event History

Status History

No Status History found

Event History

Date	Description
13/04/2013	New Accounts Filed
13/04/2013	New Accounts Filed
12/04/2013	Annual Returns
08/02/2013	New Board Member (GER GOOLD) appointed
17/11/2012	New Accounts Filed
17/11/2012	New Accounts Filed
16/11/2012	Annual Returns
30/06/2011	GAVIN BOURKE has left the board
30/06/2011	New Board Member (NIALL OLDEN) appointed
02/04/2011	New Accounts Filed
02/04/2011	New Accounts Filed
31/03/2011	Annual Returns
24/02/2011	MICHAEL GALLAGHER has left the board
31/08/2010	JOHN MARTIN O'DONOGHUE has left the board
31/08/2010	New Board Member (GAVIN BOURKE) appointed

Previous Company Names

Date	Previous Name
N/A	BIOATLANTIC LIMITED

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Report Prepared by :

NNA

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	----

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%)

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.