MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	BIO-CAPS INDIA LIMITED
Registered Office :	Dankuni Express Way, Post – Dankuni Cole Complex, Kolkata - 712310, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.03.2003
Com. Reg. No.:	21-95890
Capital Investment / Paid-up Capital :	Rs. 34.012 Millions
CIN No.: [Company Identification No.]	U24239WB2003PLC095890
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Empty Hard Gelatin Capsules.
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appear huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade term 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.

LOCATIONS

Registered Office :	Dankuni Express Way, Post – Dankuni Cole Complex, Kolkata - 712310, West Bengal, India
Tel. No.:	91-33-22487028/ 26594499/ 11890094
Fax No.:	91-33-22890094/ 26598055
E-Mail :	biocaps@vsnl.net info@biocapsindia.com taraknath_dey@rediffmail.com ravica44@yahoo.com
Website :	www.biocaps.in
Factory :	Durgapur Express Way, Mollarbar, Dankuni, Hooghly - 712205, West Bengal, India
New Delhi Office :	L-83A, Malviya Nagar, New Delhi - 110017, India
Tel No.:	91-11-26673590
Fax No.:	91-11-26682460/ 2158

DIRECTORS

As on 20.09.2013

Name :

Mr. Ajit Agarwal

Designation :

Director

Address :

7/1 B, Rainey park, E3 Shivam Apartments, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

04.10.1974

Date of Appointment :

06.03.2003

DIN No.:

00333853

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	U45309WB2000PTC092225	NETWORK INFRASTRUCTURE PRIVATE LIMITED	Director	02/08/2000	02/08/2000	05/07/2010	Active	NO
2	U24239WB2003PLC095890	BIO-CAPS INDIA LIMITED	Director	06/03/2003	06/03/2003	-	Active	NO
3	U45201WB2003PTC096495	VAISHNO ENCLAVES PRIVATE LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO
4	U24239WB2004PTC099487	V3 BIOTECHNOLOGIES PRIVATE LIMITED	Director	18/08/2004	18/08/2004	20/02/2012	Active	NO
5	U19201WB2005PLC101090	TRANSTEL INFRASTRUCTURE LIMITED	Director	11/01/2005	11/01/2005	07/07/2007	Active	NO
6	U70101WB2005PTC101889	M L A ENCLAVES PRIVATE LIMITED	Director	25/02/2005	25/02/2005	31/01/2007	Active	NO
7	U45201WB2003PTC097039	MANJU ESTATES PRIVATE LIMITED	Director	15/06/2005	15/06/2005	-	Active	NO
8	U51397WB2005PLC106724	V3 INTERNATIONAL LIMITED	Director	16/12/2005	16/12/2005	07/07/2007	Active	NO
9	U74930WB2005PTC102041	CLEANTECH MANAGEMENT SERVICES PRIVATE LIMITED	Director	02/02/2006	02/02/2006	07/07/2007	Active	NO
10	U45201WB2002PTC094795	AXIS INFRASTRUCTURE PRIVATE LIMITED	Director	27/12/2006	27/12/2006	31/01/2007	Active	NO
11	U70100WB2010PTC154472	NIPL INFRA PROJECTS PRIVATE LIMITED	Director	18/02/2011	18/02/2011	20/08/2012	Active	NO

Name :

Mr. Rajendra Kumar Sonthalia

Designation :

Director

Address :

FE-83 Sector III, Salt Lake City, Kolkata – 700091, West Bengal, India

Date of Birth/Age :

02.01.1953

Date of Appointment :

06.03.2003

DIN No.:

00454395

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	U24239WB2003PLC095890	BIO-CAPS INDIA LIMITED	Director	06/03/2003	06/03/2003	-	Active	NO
2	U45201WB2003PTC096495	VAISHNO ENCLAVES PRIVATE LIMITED	Director	30/06/2003	30/06/2003	-	Active	NO
3	U24239WB2004PTC099487	V3 BIOTECHNOLOGIES PRIVATE LIMITED	Director	18/08/2004	18/08/2004	20/02/2012	Active	NO
4	U24121WB1997PTC085622	VAIBHAV LAXMI CHEMICALS PRIVATE LIMITED	Director	25/06/2007	25/06/2007	-	Active	NO
5	U70101WB1994PTC062263	SHREE SHIROMANI PROJECT PRIVATE LIMITED	Director	15/02/2011	15/02/2011	-	Active	NO

Name :

Mr. Tarashankar Bhattacharya

Designation :

Additional Director

Address :

Kalipur, Milani, Garalgacha, District- Hooghly, Kolkata – 712708, West Bengal, India

Date of Birth/Age :

02.02.1969

Date of Appointment :

18.04.2009

DIN No.:

01617079

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	U45201WB2003PTC097039	MANJU ESTATES PRIVATE LIMITED	Director	04/07/2007	04/07/2007	-	Active	NO
2	U19201WB2005PLC101090	TRANSTEL INFRASTRUCTURE LIMITED	Director	04/07/2007	04/07/2007	30/05/2008	Active	NO
3	U24239WB2003PLC095890	BIO-CAPS INDIA LIMITED	Additional director	18/04/2009	18/04/2009	-	Active	NO
4	U45309WB2000PTC092225	NETWORK INFRASTRUCTURE PRIVATE LIMITED	Director	11/07/2011	19/01/2010	21/08/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED.

As on 20.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	79.36
Directors or relatives of Directors	8.21
Other top fifty shareholders	12.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Empty Hard Gelatin Capsules.

GENERAL INFORMATION

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

· UCO Bank, Flagship Corporate Centre (IFB), MC Leod House, 3, Netaji Subha Road, Kolkata - 700001, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loan From UCO Bank	170.059	170.059
Cash Credit From UCO Bank	30.459	30.459
HDFC Car Loan	0.326	1.048
UCO Bank No-Lien A/C	(12.000)	(7.000)
Total	188.844	194.566

Banking Relations :	--
Auditors :
Name :	Biyala and Associates Chartered Accountants
Address :	48/1 Rose Maruy Lane, 4^th Floor, Flat No.404, Howrah – 711101, West Bengal, India
Tel. No.:	91-33-22130051/ 1113
Mobile No.:	91-9830237694
E-Mail :	ravica44@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AHCPB3215F

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
353000	Equity Shares	Rs.100/- each	Rs. 35.300 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340123	Equity Shares	Rs.100/- each	Rs. 34.012 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	34.012	34.012	34.012
(b) Reserves & Surplus	(104.515)	(97.513)	(94.373)
(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)	(70.503)	(63.501)	(60.361)
(3) Non-Current Liabilities
(a) long-term borrowings	188.844	194.566	202.053
(b) Deferred tax liabilities (Net)	7.438	7.438	7.438
(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)	196.282	202.004	209.491
(4) Current Liabilities
(a) Short term borrowings	0.000	4.970	4.970
(b) Trade payables	1.192	3.536	19.011
(c) Other current liabilities	21.076	20.567	2.647
(d) Short-term provisions	0.599	0.389	0.120
Total Current Liabilities (4)	22.867	29.462	26.748
TOTAL	148.646	167.965	175.878
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	85.226	98.516	92.771
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	85.226	98.516	92.771
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.604	9.365	8.770
(c) Trade receivables	35.195	40.427	36.596
(d) Cash and cash equivalents	3.701	3.369	2.448
(e) Short-term loans and advances	11.920	16.288	35.293
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	63.420	69.449	83.107
TOTAL	148.646	167.965	175.878

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	86.733	83.827	64.917
		Other Income	1.444	0.867	7.581
		TOTAL (A)	88.177	84.694	72.498
Less	EXPENSES
		Cost of Materials Consumed	67.236	56.669	50.915
		Employee Benefit Expenses	10.451	8.693	9.446
		Other Administrative Expenses	7.745	9.801	5.561
		Changes in Inventories	(3.240)	(0.595)	(2.090)
		TOTAL (B)	82.192	74.568	63.832
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.985	10.126	8.666
Less	FINANCIAL EXPENSES (D)		0.073	0.252	0.230
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.912	9.874	8.436
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.853	13.014	14.333
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(6.941)	(3.140)	(5.897)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(6.941)	(3.140)	(5.897)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(163.537)	(160.397)	(154.500)
Less	EARLIER YEAR EXPENSES		0.061	0.000	0.000
	BALANCE CARRIED TO THE B/S		(170.539)	(163.537)	(160.397)
	Earnings / (Loss) Per Share (Rs.)		(20.41)	(9.23)	(17.34)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(7.87)	(3.71)	(8.13)
Net Profit Margin (PBT/Sales)	(%)	(8.00)	(3.75)	(9.08)
Return on Total Assets (PBT/Total Assets}	(%)	(4.67)	(1.87)	(3.35)
Return on Investment (ROI) (PBT/Networth)		0.10	0.05	0.10
Debt Equity Ratio (Total Debt/Networth)		(2.68)	(3.14)	(3.43)
Current Ratio (Current Asset/Current Liability)		2.77	2.36	3.11

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 / No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	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	90256687	17/06/2005	18,100,000.00	UCO BANK	INDUSTRIAL FINANCE BRANCH, 3; N.S. ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	-
2	90256259	15/02/2007 *	195,697,000.00	UCO BANK	FLAGSHIP CORPORATE CENTRE (IFB), MC LEOD HOUSE, 3, NETAJI SUBHA ROAD, KOLKATA - 700001, WEST BENGAL, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Unsecured Loan	0.000	4.970
Total	0.000	4.970

BUSINESS OPERATION :

During the year the company suffered loss of Rs. 6.941 Millions as compared from previous year loss of Rs. 3.140 Millions. The company is already registered in BIFR. However, the director expects a much better result in the ensuing year.

FIXED ASSETS

v Tangiable Assets

Land

Factory Building

Furniture and Fixture

Fire Extinguisher

Office Equipment

Electrical Fittings

Computer and Accessories

Motor Car

Motor Bike

Mobile Phones

Plant and Machinery-D.M Plant

Printing Machine

Straping Machine

Collod Mill

Laboratory Equipment

Workshop Equipment

Cleaning Machine Accessories

Air Conditioner

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.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	1
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.