MIRA INFORM REPORT

Report No. :	307027
Report Date :	14.02.2015

IDENTIFICATION DETAILS

Name :	BLUEFISH PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Global Technology and Development Cent, Bearys Global Research Triangle, Unit No. B-3, 3rd Floor, Tower B, Einstein Building, Sy No. 63/3B, Gorvigere Village, Bidarahalli Hobli, Whitefield Ashram Road, Bangalore - 560 067, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.09.2006
Com. Reg. No.:	08-049950
Capital Investment / Paid-up Capital :	Rs. 29.000 Millions
CIN No.: [Company Identification No.]	U02423KA2006PTC049950
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Pharmaceutical
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is 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 condition.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 PARTED BY

Name :	Mr. Uma
Designation :	Account Department
Contact No.:	91-9880007446
Date :	14.02.2015

LOCATIONS

Registered Office :	Global Technology and Development Centre, Bearys Global Research Triangle, Unit No. B-3, 3rd Floor, Tower B, Einstein Building, Sy No. 63/3B, Gorvigere Village, Bidarahalli Hobli, Whitefield Ashram Road, Bangalore - 560067, Karnataka, India
Tel. No.:	91-80-41653505/67200500/67081500
Fax No.:	91-80-41653500/67200600
E-Mail :	uma@bluefishpharma.com ashwani@bluefishpharma.com
Website :	http://www.bluefishpharma.com
Corporate Office :	Bluefish Pharmaceuticals AB Torsgatan 11, SE-11123 Stockholm Sweden

DIRECTORS

As on: 30.09.2014

Name :	Mr. Karlsson Alexius Tiger Karl
Designation :	Director
Address :	Brannkyrkagatan 3811822 Stockholm, sweden
Date of Birth/Age :	16.08.1974
Date of Appointment :	28.09.2006
DIN No.:	00762777
Name :	Mr. T N Umamaheshwari
Designation :	Director
Address :	C mylar Pujari, Gopal Reddy Layout Dodda Banasawadi, Bangalore – 560043, Karnataka, India
Date of Birth/Age :	14.10.1974
Date of Appointment :	07.09.2012
DIN No.:	05295915
Name :	Mr. Ahmad Mubeen Khan
Designation :	Director
Address :	H 2/0, 1 Pancdeed, STY Sector 29, Vashi, Navi Mumbai – 400703, Maharashtra, India
Date of Birth/Age :	08.01.1965
Date of Appointment :	30.09.2013
DIN No.:	06549832

KEY EXECUTIVE

Name :	Mr. Uma
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

LIST OF ALLOTTEES:

As on: 31.12.2014

Names of Shareholders	No. of Shares
Bluefish Pharmaceuticals AB	304520

As on: 30.09.2014

Names of Shareholders	No. of Shares
Bluefish Pharmaceuticals AB	2899900
T N Umamaheshwari	100
Total	2900000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Pharmaceutical
Products :	Pharmaceutical
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :
Product:	Raw Material
Country:	South East Asia
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

• TNT India Private Limited
• Services Private Limited
• Ganesh Enterprises
• Focus Logistics
• Impel Export
• SMS Pharmaceuticals Limited
• Pacific Office Solutions
• Norwich Clinical Services Private Limited
• Nice Prints
• Net magic Solutions Private Limited
• Microsoft Regional Sales Corporation

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

• ICICI Bank Limited, Kumara Park Branch, Bangalore, India
• Citi Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions	31.03.2013 (Rs. in Millions)
Long-term Borrowings
From Bank ICIC Bank –Car Loan-Fortune	1.791	0.000
Short-term borrowings
From Bank ICIC Bank –Car Loan-Fortune	0.409	0.000
Total	2.200	0.000

Auditors :
Name :	B P ao and Company Chartered Accountants
Address :	No.106, 7th A Main Road, 3rd Block, Jayanagar, Bangalore- 560011, Karnataka, India
Tel. No.:	91-80-22450200/26542201
Fax No.:	91-80-41211301
E-Mail :	bprcjnr@airtelmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB0643G
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Bluefish Pharmaceuticals AB Sweden

CAPITAL STRUCTURE

After on 30.09.2014

Authorized Capital: Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital: Rs. 32.045 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,900,000	Equity Shares	Rs.10/- each	Rs. 29.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	29.000	21.984	21.984
(b) Reserves & Surplus	83.730	15.366	11.182
(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)	112.730	37.350	33.166
(3) Non-Current Liabilities
(a) Long-term borrowings	1.791	0.000	0.000
(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)	1.791	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.409	0.000	0.000
(b) Trade payables	2.211	0.399	0.191
(c) Other current liabilities	2.900	1.811	1.297
(d) Short-term provisions	4.445	3.812	3.607
Total Current Liabilities (4)	9.965	6.022	5.095
TOTAL	124.486	43.372	38.261
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.824	8.651	11.676
(ii) Intangible Assets	0.835	1.376	1.414
(iii) Capital work-in-progress	48.222	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)	1.879	1.480	0.728
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	16.748	3.562	5.063
Total Non-Current Assets	76.508	15.069	18.881
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	10.717	9.751	7.262
(d) Cash and cash equivalents	26.303	14.326	8.070
(e) Short-term loans and advances	5.658	0.000	0.000
(f) Other current assets	5.300	4.226	4.048
Total Current Assets	47.978	28.303	19.380
TOTAL	124.486	43.372	38.261

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	113.832	87.505	85.774
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX		5.220	4.184	4.101
	EARNINGS IN FOREIGN CURRENCY		113.832	87.505	85.774
	Earnings/ (Loss) Per Share (Rs.)		2.31	1.90	1.86

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.59	4.78	4.78
Debt Equity Ratio (Total Debt /Networth)		0.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		4.81	4.70	3.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	21.984	21.984	29.000
Reserves & Surplus	11.182	15.366	83.730
Net worth	33.166	37.350	112.730
long-term borrowings	0.000	0.000	1.791
Short term borrowings	0.000	0.000	0.409
Total borrowings	0.000	0.000	2.200
Debt/Equity ratio	0.000	0.000	0.020

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	85.774	87.505	113.832
		2.018	30.086

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from Operations	85.774	87.505	113.832
Profit	4.101	4.184	5.220
	4.78%	4.78%	4.59%

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	Yes
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
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: NO INDEX OF CHARGES

FIXED ASSETS:

• Office Equipment
• Electrical Fitting
• Furniture ad Fitting
• Computer
• Vehicle
• Software

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.62.14
UK Pound	1	Rs.95.78
Euro	1	Rs.71.05

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KRN
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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		45

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.