MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	BIOLOGICAL E LIMITED
Registered Office :	18/1 and 3, Azamabad, Hyderabad - 500 020, Telangana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.12.1953
Com. Reg. No.:	01-001095
Capital Investment / Paid-up Capital :	Rs. 49.500 Millions
CIN No.: [Company Identification No.]	U01120TG1953PLC001095
TAN No.: [Tax Deduction & Collection Account No.]	HYDB00005F
PAN No.: [Permanent Account No.]	AAACB7873P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Manufacturer and Seller of Bulk Drugs and formulations.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 6700000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. The rating reflects strong market position of the company in the vaccine segment supported by improved scale of operations and decent profitability achieved from its operational activities during financial year 2013. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for normal 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities = A
Rating Explanation	Adequate degree of safety and low credit risk
Date	03.12.2013

Rating Agency Name	CARE
Rating	Short Term bank facilities non-fund based = A1
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	03.12.2013

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 31-03-2014.

INFORMATION DENIED

Management non cooperative (91-40-27617831)

LOCATIONS

Registered Office / Head Office:	18/1 and 3, Azamabad, Hyderabad - 500 020, Telangana, India
Tel. No.:	91-40-27617831 / 30214021 (3 Lines) / 27617835 / 27615134 / 27672306 91-40-27603742 / 30213999 [For International Customer]
Fax No.:	91-40-27615309 / 27675003 / 27616715 / 27630307
E-Mail :	info@biologicale.com balajims@hd2.vsnl.net.in dsc@biologicale.co.in intl@biologicale.co.in umakanta.b@biologicale.co.in origin@biologicale.co.in intl@bilolgicale.co.in
Website :	http://www.biologicale.com
Corporate Office :	Road No. 35, Jubilee Hills, Hyderabad - 500033, Telangana, India
Tel. No.:	91-40-71216000
Fax No.:	91-40-71216128 / 6030
E-Mail :	info@biologicale.co.in

DIRECTORS

As on 18.12.2013

Name :

Dr. Renuka Datla

Designation :

Executive Director

Address :

H. No. 2-2-12/3A, D. D. Colony, Adikmet, Hyderabad – 500007, Telangana, India

Date of Birth/Age :

19.05.1946

Qualification :

MD

Date of Appointment :

30.09.2009

DIN No.:

00322030

PAN No.:

AFAPR2059D

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	U65990MH1979PTC021527	V.R. INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	14/08/1979	14/08/1979	-	Active	NO
2	U63011TG1983PTC003893	V.R. TRANSPORT COMPANY PRIVATE LIMITED	Director	31/03/1983	31/03/1983	-	Active	NO
3	U24230TG1986PTC006397	TECHNOPHARMA PRIVATE LIMITED	Director	05/12/1987	05/12/1987	-	Active	NO
4	U24239TG1989PTC010050	BIOTECH PHARMA PRIVATE LIMITED	Director	28/05/1989	28/05/1989	-	Active	NO
5	U73100TG1985PLC005562	BE RESEARCH CENTRE	Director	30/04/1991	30/04/1991	-	Active	NO
6	U65993TG1987PTC008036	B.E. INVESTMENT AND FINANCE PRIVATE LIMITED	Director	30/04/1991	30/04/1991	-	Active	NO
7	U01134TG1983PTC004308	V.R.FARMS PRIVATE LIMITED	Director	29/08/1991	29/08/1991	-	Active	NO
8	U70102TG1986PTC006777	V.R.REAL ESTATES PRIVATE LIMITED.	Director	29/08/1991	29/08/1991	-	Active	NO
9	U45200TG1983PTC003894	V.R.CONSTRUCTION PRIVATE LIMITED	Director	29/08/1991	29/08/1991	-	Active	NO
10	U01120TG1953PLC001095	BIOLOGICAL E. LIMITED	Whole-time director	30/09/2009	29/08/1991	-	Active	NO
11	U24230TG1986PTC006392	EUREKA LABORATORIES PRIVATE LIMITED	Director	02/09/1991	02/09/1991	-	Active	NO
12	U24230TG1986PTC006399	HIGH-TECH MEDICALS PRIVATE LIMITED	Director	14/10/1991	14/10/1991	-	Active	NO
13	U24239AP1988PTC008307	BE PHARMA PVT LIMITED	Director	15/09/1992	15/09/1992	-	Strike off	NO
14	U21020TG1976PTC001643	D.A.P. CONTAINERS PRIVATE LIMITED	Director	20/10/1993	20/10/1993	-	Active	NO
15	U33100TG1979PTC002451	BE ANIMAL HEALTH PRIVATE LIMITED	Director	12/05/1997	12/05/1997	-	Active	NO
16	U24230TG1999PTC033023	BIONA HEALTH CARE PRIVATE LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO

Name :

Mr. Grandhi Venkata Rao

Designation :

Director

Address :

Flat No.401, Jhansi Residency, H.No.6-3-347/22/B, Dwarakapuri Colony, Punjagutta, Hyderabad – 500082, Telangana, India

Date of Birth/Age :

12.08.1938

Qualification :

FCA

Date of Appointment :

31.08.2009

DIN No.:

00113846

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	U65993TG1987PTC008036	B.E. INVESTMENT AND FINANCE PRIVATE LIMITED	Director	22/10/1997	22/10/1997	-	Active	NO
2	U24230TG1999PTC032680	BIOTECH MEDICALS PRIVATE LIMITED	Director	14/10/1999	14/10/1999	-	Active	NO
3	U01120TG1953PLC001095	BIOLOGICAL E. LIMITED	Director	31/08/2009	18/11/2000	-	Active	NO
4	L24110TG1990PLC011854	DIVI'S LABORATORIES LIMITED	Director	10/03/2001	10/03/2001	03/11/2012	Active	NO
5	U73100TG2000PTC035018	BIONA HERBAL RESEARCH CENTRE PRIVATE LIMITED	Director	03/09/2001	03/09/2001	-	Active	NO
6	U45200TG2008PTC059537	AURIS HOLDINGS AND INFRASTRUCTURE PRIVATE LIMITED	Director	05/06/2008	05/06/2008	-	Active	NO
7	U24232TG2007PTC056228	LEESA LIFESCIENCES PRIVATE LIMITED	Director	01/10/2009	01/10/2009	16/07/2011	Active	NO

Name :

Ms. Indra P. Raju

Designation :

Director

Address :

Plot No. 280/B, Road No. 25, Jubilee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

19.21.1971

Date of Appointment :

14.07.2014

DIN No.:

00482381

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	U65990MH1979PTC021527	V.R. INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	26/02/1991	26/02/1991	-	Active	NO
2	U24246TG1983PTC004218	LACTO-COSMETICS (AP) PRIVATE LIMITED	Director	02/08/1991	02/08/1991	-	Active	NO
3	U24246TG1983PTC004220	LACTO-COSMETICS (HYD) PRIVATE LIMITED	Director	05/08/1991	05/08/1991	-	Active	NO
4	U70102TG1986PTC006777	V.R.REAL ESTATES PRIVATE LIMITED.	Director	09/08/1991	09/08/1991	-	Active	NO
5	U45200TG1983PTC003894	V.R.CONSTRUCTION PRIVATE LIMITED	Director	12/08/1991	12/08/1991	-	Active	NO
6	U01134TG1983PTC004308	V.R.FARMS PRIVATE LIMITED	Director	19/08/1991	19/08/1991	-	Active	NO
7	U74950TG1983PTC003895	V R PACKING COMPANY PRIVATE LIMITED	Director	21/08/1991	21/08/1991	-	Active	NO
8	U26942TG1995PTC019852	COBRA CEMENTS PRIVATE LIMITED	Director	29/03/1995	29/03/1995	-	Active	NO
9	U21020TG1976PTC001643	D.A.P. CONTAINERS PRIVATE LIMITED	Director	30/12/1996	30/12/1996	-	Active	NO
10	U24230TG1999PTC033023	BIONA HEALTH CARE PRIVATE LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO
11	U24230TG1986PTC006397	TECHNOPHARMA PRIVATE LIMITED	Director	16/08/2006	16/08/2006	-	Active	NO
12	U01120TG1953PLC001095	BIOLOGICAL E. LIMITED	Whole-time director	14/07/2014	09/04/2013	-	Active	NO
13	U24230TG1999PTC032680	BIOTECH MEDICALS PRIVATE LIMITED	Additional director	12/04/2013	12/04/2013	-	Active	NO
14	U45200TG2008PTC059537	AURIS HOLDINGS AND INFRASTRUCTURE PRIVATE LIMITED	Additional director	12/04/2013	12/04/2013	-	Active	NO
15	U24239TG1989PTC010050	BIOTECH PHARMA PRIVATE LIMITED	Additional director	12/04/2013	12/04/2013	-	Active	NO
16	U85110TG2011PTC074817	ASIAN INSTITUTE OF NEPHROLOGY AND UROLOGY PRIVATE LIMITED	Director	28/09/2013	14/07/2013	-	Active	NO
17	U24233TG2014PTC092844	BE IMMUNOLOGY PRIVATE LIMITED	Director	07/02/2014	07/02/2014	-	Active	NO
18	U24100AP2014PTC094087	BE VAXCO PRIVATE LIMITED	Director	20/05/2014	20/05/2014	-	Active	NO

Name :

Ms. Mahima Datla

Designation :

Managing Director

Address :

Plot No. 302, Road No. 25, Jubilee hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

16.07.1977

Date of Appointment :

14.07.2014

DIN No.:

00965039

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	U24230TG1999PTC031761	B E IMMUNO SCIENCES PRIVATE LIMITED	Director	24/05/1999	24/05/1999	-	Active	NO
2	U73100TG2000PTC035018	BIONA HERBAL RESEARCH CENTRE PRIVATE LIMITED	Director	31/07/2000	31/07/2000	-	Active	NO
3	U73100TG1985PLC005562	BE RESEARCH CENTRE	Director	01/03/2006	01/03/2006	-	Active	NO
4	U24230TG1999PTC033023	BIONA HEALTH CARE PRIVATE LIMITED	Director	28/06/2007	28/06/2007	-	Active	NO
5	U24230TG1999PTC032680	BIOTECH MEDICALS PRIVATE LIMITED	Director	30/09/2011	30/09/2011	-	Active	NO
6	U24297TG2012PTC079725	BE VACCINES PRIVATE LIMITED	Director	13/03/2012	13/03/2012	-	Active	NO
7	U01120TG1953PLC001095	BIOLOGICAL E. LIMITED	Managing director	14/07/2014	10/04/2013	-	Active	NO
8	U24233TG2014PTC092844	BE IMMUNOLOGY PRIVATE LIMITED	Director	07/02/2014	07/02/2014	-	Active	NO
9	U24100AP2014PTC094087	BE VAXCO PRIVATE LIMITED	Director	20/05/2014	20/05/2014	-	Active	NO

Name :

Ms. Purnima Mantena

Designation :

Director

Address :

Plot No. 350, road No. 23, Jubilee Hills, Hyderabad – 500033, Telangana, India

Date of Birth/Age :

09.08.1970

Date of Appointment :

18.12.2013

DIN No.:

00965007

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	U24246TG1983PTC004220	LACTO-COSMETICS (HYD) PRIVATE LIMITED	Director	31/08/1988	31/08/1988	-	Active	NO
2	U24246TG1983PTC004218	LACTO-COSMETICS (AP) PRIVATE LIMITED	Director	23/09/1988	23/09/1988	-	Active	NO
3	U21020TG1976PTC001643	D.A.P. CONTAINERS PRIVATE LIMITED	Director	16/01/1989	16/01/1989	-	Active	NO
4	U74950TG1983PTC003895	V R PACKING COMPANY PRIVATE LIMITED	Whole-time director	16/01/1989	16/01/1989	-	Active	NO
5	U01134TG1983PTC004308	V.R.FARMS PRIVATE LIMITED	Director	17/01/1989	17/01/1989	-	Active	NO
6	U63011TG1983PTC003893	V.R. TRANSPORT CO PRIVATE LIMITED	Director	18/01/1989	18/01/1989	-	Active	NO
7	U45200TG1983PTC003894	V.R.CONSTRUCTION PRIVATE LIMITED	Director	19/01/1989	19/01/1989	-	Active	NO
8	U70102TG1986PTC006777	V.R.REAL ESTATES PRIVATE LIMITED.	Director	20/01/1989	20/01/1989	-	Active	NO
9	U24230TG1986PTC006397	TECHNOPHARMA PRIVATE LIMITED	Director	21/01/1989	21/01/1989	-	Active	NO
10	U24239TG1989PTC010050	BIOTECH PHARMA PRIVATE LIMITED	Director	23/06/1989	23/06/1989	-	Active	NO
11	U65990MH1979PTC021527	V.R. INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	26/02/1991	26/02/1991	-	Active	NO
12	U24230TG1999PTC033023	BIONA HEALTH CARE PRIVATE LIMITED	Director	10/12/1999	10/12/1999	-	Active	NO
13	U72200TG2000PTC033825	VASISHTA TECHNOLOGIES PRIVATE LIMITED	Director	14/06/2000	14/06/2000	-	Active	NO
14	U24230TG1986PTC006399	HIGH-TECH MEDICALS PRIVATE LIMITED	Director	01/08/2000	01/08/2000	-	Active	NO
15	U73100TG1985PLC005562	BE RESEARCH CENTRE	Director	02/08/2010	02/08/2010	-	Active	NO
16	U01120TG1953PLC001095	BIOLOGICAL E. LIMITED	Director	18/12/2013	10/04/2013	-	Active	NO
17	U24297TG2012PTC079725	BE VACCINES PRIVATE LIMITED	Additional director	12/04/2013	12/04/2013	-	Active	NO
18	U73100TG2000PTC035018	BIONA HERBAL RESEARCH CENTRE PRIVATE LIMITED	Additional director	12/04/2013	12/04/2013	-	Active	NO
19	U45200TG2008PTC059537	AURIS HOLDINGS ANDINFRASTRUCTURE PRIVATE LIMITED	Additional director	12/04/2013	12/04/2013	-	Active	NO
20	U24230TG1999PTC031761	B E IMMUNO SCIENCES PRIVATE LIMITED	Additional director	12/04/2013	12/04/2013	-	Active	NO
21	U65993TG1987PTC008036	B.E. INVESTMENT AND FINANCE PRIVATE LIMITED	Additional director	01/08/2013	01/08/2013	-	Active	NO
22	U24233TG2014PTC092844	BE IMMUNOLOGY PRIVATE LIMITED	Director	07/02/2014	07/02/2014	-	Active	NO
23	U24100AP2014PTC094087	BE VAXCO PRIVATE LIMITED	Director	20/05/2014	20/05/2014	-	Active	NO

MAJOR SHAREHOLDERS

As on 18.12.2013

Names of Shareholders	No. of Shares
Mahima Datla	413293
Mahima Datla and Dr. Renuka Datla	14172
Poornima Mantena	5505
Indira P. Raju	5506
Vijay Kumar Datla, Trustee (Purnima and Indu Trust)	1999
Vijay Kumar Datla, Trustee (Mahima Trust)	1685
Poornima, Indira amd Mahima	187
Vijay Kumar Datla and Dr.(Mrs.) Renuka Datla	5813
(Mrs.) Renuka Datla And Ms Mahima Datla	26995
V.R. Investments and Finance Private Limited	18425
Purnedu Gupta and Ms. Krishna Gupta	250
Narender Dev Mantena	11
Sridhar P. Raju	11
(Mrs) Renuka Datla	1148
Total	495000

As on 18.12.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	3.72
Directors or relatives of Directors	96.23
Other top fifty shareholders	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Manufacturer and Seller of Bulk Drugs and formulations.

Products :

PRODUCT DESCRIPTION	ITC NO.
Pharma	3001
Vaccines	3002
Heparine Group	30019091
TT	30022013

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Andhra Bank, Sultn Bazar branch, Hyderabad, Andhra Pradesh, India

· State Bank Of Indi, Commercial Branch, S.P. Road, Secundrabd, Andhra Pradesh, India

· Axis Bank Limited, 6-3-879/B, Greenlands Road, Begumpet, Hyderabad – 500016, Andhra Pradesh, India

· Bank of India, PTI Building, A.C. Guards, Khairtabad, Hyderabad – 500004, Andhra Pradesh, India

· Bank of Baroda, Abids Circle, Secundrabad, Andhra Pradesh, India

· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri Baroda – 390015, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term Loan	803.370	1351.397
SHORT TERM BORROWING
Working capital loans from banks	180.501	455.262
Total	984.871	1806.659

Banking Relations :	---
Financial Institutions :	· IFCI Limited, 8^th Floor, Taramandal Complex, Saifabad, Hyderabad - 500004, Andhra Pradesh, India · The Industrial Credit and Investment Corporation of India, 163 BAckbay Reclamation, Chirag Ali Line, Hyderabad, Andhra Pradesh, India
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	Flat No. 403 and 404, Golden Green Apartments, Irrum Manzil Colony, Hyderabad – 500082, Andhra Pradesh, India
PAN No.:	AADFB8032G
Subsidiary Companies :	· Biotech Medicals Private Limited
Companies in which Key Management Personnel are interested :	· D A P Containers Private Limited · V.R. Packing Company Private Limited · V R Farms Private Limited · V R Transport Company Private Limited · V.R. Investments and Finance Private Limited · V.R. Constructions Private Limited · V.R. Real Estate Private Limited · Vasistha Technologies Private Limited · Biona Health Care Private Limited · Biona Herbal Research Centre Private Limited · Hitech Medicals Private Limited · BE Animal Health Private Limited · BE Chemicals Private Limited · BE Pharma Private Limited · Biotech Pharma Private Limited · BE Immuno Sciences Private Limited · Eureka Laboratories Private Limited · Techno Pharma Private Limited · Auris Holdings and Infrastructure Private Limited

CAPITAL STRUCTURE

As on 18.12.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
495000	Equity Shares	Rs. 100/- each	Rs. 49.500 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	49.500	49.500	49.500
(b) Reserves & Surplus	1618.043	660.896	803.442
(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)	1667.543	710.396	852.942
(3) Non-Current Liabilities
(a) long-term borrowings	832.033	1427.345	1739.777
(b) Deferred tax liabilities (Net)	344.405	97.625	211.234
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	21.453	17.511	18.573
Total Non-current Liabilities (3)	1197.891	1542.481	1969.584
(4) Current Liabilities
(a) Short term borrowings	312.737	696.897	822.953
(b) Trade payables	213.031	182.446	303.806
(c) Other current liabilities	1938.482	1354.469	530.725
(d) Short-term provisions	11.582	6.162	11.506
Total Current Liabilities (4)	2475.832	2239.974	1668.990
TOTAL	5341.266	4492.851	4491.516
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2948.196	2940.563	3052.651
(ii) Intangible Assets	15.966	35.209	28.215
(iii) Capital work-in-progress	7.276	0.299	2.307
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	27.596	27.165	15.739
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.186	1.186	0.506
(e) Other Non-current assets	6.627	0.000	0.000
Total Non-Current Assets	3006.847	3004.422	3099.418
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	818.082	740.973	595.369
(c) Trade receivables	275.741	252.502	246.544
(d) Cash and cash equivalents	921.186	342.097	406.139
(e) Short-term loans and advances	296.262	146.884	137.979
(f) Other current assets	23.148	5.973	6.067
Total Current Assets	2334.419	1488.429	1392.098
TOTAL	5341.266	4492.851	4491.516

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	4743.093	2196.814	2430.393
		Other Income	18.687	157.426	19.986
		TOTAL (A)	4761.780	2354.240	2450.379
Less	EXPENSES
		Cost of Materials Consumed	852.574	714.106	615.811
		Purchases of Stock-in-Trade	72.226	51.745	67.544
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(39.529)	(142.769)	(85.375)
		Employees benefits expense	659.937	494.759	395.246
		Other expenses	1464.450	999.330	747.547
		Exceptional item before tax	15.962	(83.963)	0.000
		TOTAL (B)	3025.620	2033.208	1740.773
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1736.160	321.032	709.606
Less	FINANCIAL EXPENSES (D)		254.017	391.931	388.956
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1482.143	(70.899)	320.650
Less/ Add	DEPRECIATION/ AMORTISATION (F)		187.159	180.230	147.503
	PROFIT BEFORE TAX (E-F) (G)		1294.984	(251.129)	173.147
Less	TAX (H)		326.255	(111.337)	98.349
	PROFIT AFTER TAX (G-H) (I)		968.729	(139.792)	74.798
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		187.918	333.463	277.701
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	7.530
		Dividend	0.000	4.950	9.900
		Tax on Dividend	0.000	0.803	1.606
			0.00	5.753	19.036
	BALANCE CARRIED TO THE B/S		156.647	187.918	333.463
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2299.657	360.042	995.600
	TOTAL EARNINGS		2299.657	360.042	995.600
	IMPORTS
		Raw Materials	275.366	290.437	0.000
		Capital Goods	46.296	21.026	0.000
	TOTAL IMPORTS		321.662	311.463	0.000
	Earnings Per Share (Rs.)		1957.00	282.00	151.11

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	20.34	(5.94)	3.05
Net Profit Margin (PBT/Sales)	(%)	27.30	(11.43)	7.12
Return on Total Assets (PBT/Total Assets}	(%)	24.40	(5.62)	3.87
Return on Investment (ROI) (PBT/Networth)		0.78	(0.35)	0.20
Debt Equity Ratio (Total Debt /Networth)		0.69	2.99	3.00
Current Ratio (Current Asset/Current Liability)		0.94	0.66	0.83

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	49.500	49.500	49.500
Reserves & Surplus	803.442	660.896	1618.043
Net worth	852.942	710.396	1667.543
long-term borrowings	1739.777	1427.345	832.033
Short term borrowings	822.953	696.897	312.737
Total borrowings	2562.730	2124.242	1144.770
Debt/Equity ratio	3.005	2.990	0.687

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2430.393	2196.814	4743.093
		(9.611)	115.908

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2430.393	2196.814	4743.093
Profit	74.798	(139.792)	968.729
	3.08%	(6.36)%	20.42%

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	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	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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

ITTA 195 / 2011	ITTASR 858 / 2008				CASE IS:PENDING
PETITIONER		RESPONDENT
THE COMMISSIONER OF INCOME TAX-I, HYDERABAD	VS	BIOLOGICAL E LTD.,
PET.ADV. : PRASAD (SC FOR INCOME TAX)		RESP.ADV. :
SUBJECT: U/Sec. 143 Assessment		DISTRICT:  HYDERABAD
HON'BLE JUDGE(S):	V.V.S.RAO		RAMESH RANGANATHAN
FILING DATE:  24-03-2008	POSTING STAGE :  FOR FURTHER PROCEEDINGS			FILING DATE:  24-03-2008
REG. DATE    :   26-05-2011	LISTING DATE :  27-07-2011			REG. DATE    :   26-05-2011

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWING
Term loans from Banks	28.663	75.948
SHORT TERM BORROWING
Loans repayable on demand	132.236	241.635
Total	160.899	317.583

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90260988	15/04/1993 *	20,000,000.00	UNIT TRUST OF INDIA	NEW MARINE LINES, MUMBAI, Maharashtra, INDIA	-
2	90260976	18/01/1993	1,400,000.00	THE VYSYA BANK LIMITED	CHKDAPALLY DEDERBAD, HYDERABAD, Andhra Pradesh, INDIA	-
3	90260831	11/06/1990	600,000.00	UNIT TRUST OF INDIA	13; SHRI VITHALDAS THAKREY MARG, NEW MARINE LINES, MUMBAI, Maharashtra, INDIA	-
4	90263216	24/08/1973	60,000.00	UTTAR PRADESH FINANCIAL CORP.	CIVIL LINES, KANPUR, Uttar Pradesh, INDIA	-
5	90260447	11/08/1971	375,000.00	UTTAR PRADESH FINANCIAL CORPORATION	7/154 SWARUP NAGAR, KANPUR, Uttar Pradesh, INDIA	-

* Date of charge modification

BUSINESS REVIEW & PERFORMANCE

Sales (Net of Excise Duty collected) and Other Income for the Financial Year ended 31st March, 2013 was Rs. 4761.780 Millions as against Rs. 2354.240 Millions for the Financial Year ended 31st March, 2012.

The Operational Profit for the Financial Year 2012-13 was Rs. 1309.391 Millions as against Loss of Rs. 335.092 Millions for the Financial Year ended 31st March, 2012 and the Net Profit after tax and after prior period adjustments was Rs. 1215.052 Millions as against Net Loss of Rs. 139.792 Millions for the previous year.

More than 100% increase in Turnover and Profits for the said Financial Year is owing to successful commercialization of Pentavalent Vaccine, through supplies to UNICEF contributing to an additional turnover of Rs, 2450.000Millions.

FIXED ASSETS

• Land
• Building
• Plant and Machinery
• Water Works
• Electrical Installations and Air Conditioner
• Date Processing Machines
• Office Equipment
• Furniture and Fixture and Canteen Assets
• Vehicles
• Trade Marks

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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.44

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		54

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.