MIRA INFORM REPORT

Report No. :	310053
Report Date :	27.02.2015

IDENTIFICATION DETAILS

Name :	VIRIDIS BIOPHARMA PRIVATE LIMITED

Registered Office :	6/10, Jogani Industrial Complex, V N Purav Marg, Chunabhatti, Mumbai – 400022, Maharashtra

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	06.06.2000

Com. Reg. No.:	11-127016

Capital Investment / Paid-up Capital :	Rs. 50.834 Million

CIN No.: [Company Identification No.]	U24230MH2000PTC127016

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCV0917D

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Ayurvedic Medicines / Pharmaceuticals.

No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 484000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. The rating reflects company sound financial risk profile marked by healthy networth and decent profit margin of the company. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	CRISIL
Rating	Long term rating = BBB
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	26.06.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A3+
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	26.06.2014

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 (GENERAL DETAILS)

Name :	Mr. Uday Kapadia
Designation :	System Manager
Contact No.:	91-22-24055602
Date :	26.02.2015

LOCATIONS

Registered Office :	6/10, Jogani Industrial Complex, V N Purav Marg, Chunabhatti, Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24055602 / 24055607-9 / 22652288 / 24055601-06 / 25243020
Fax No.:	91-22-24055952 / 22623986
E-Mail :	vbppladm@hotmail.com info@viridisbiopharma.com viridis@vsnl.com hs@hsconsulting.in hasmukh@vsnl.com
Website :	http://www.viridisbiopharma.com

Correspondence Office:	6/312, Jogani Industrial Complex, V N Purav Marg, Chunabhatti, Mumbai – 400022, Maharashtra, India

Factory :	Located At: Bhiwandi

DIRECTORS

AS ON 30.09.2014

Name :

Harshad Chhotalal Vora

Designation :

Director

Address :

903, Pleasant Palace, 16, Narayan Dabholkar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

10.07.1945

Date of Appointment :

06.06.2000

DIN No.:

00061122

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	U29128MH1965PTC013224	SHAVO NORGREN (INDIA) PRIVATE LIMITED	Managing director	02/09/2010	03/10/1969	-	Active	NO
2	U51900MH1982PTC027148	ALABAMA TRADING CO PVT LTD	Director	20/05/1982	20/05/1982	14/01/2015	Active	NO
3	U34300MH1947GAP005941	MALABAR HILL CLUB LIMITED	Director	13/10/1989	13/10/1989	-	Active	NO
4	U24230MH2000PTC127016	VIRIDIS BIOPHARMA PRIVATE LIMITED	Director	06/06/2000	06/06/2000	-	Active	NO
5	U24230MH2004PTC145390	SYNERGIA LIFE SCIENCES PRIVATE LIMITED	Director	29/03/2004	29/03/2004	-	Active	NO

Name :

Ashit Harshad Vora

Designation :

Managing Director

Address :

903, Pleasant Palace, 16, Narayan Dabholkar Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

06.04.1973

Date of Appointment :

06.06.2000

DIN No.:

00061159

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	U51900MH1982PTC027148	ALABAMA TRADING CO PVT LTD	Director	20/05/1982	20/05/1982	14/01/2015	Active	NO
2	U24230MH2000PTC127016	VIRIDIS BIOPHARMA PRIVATE LIMITED	Managing director	06/06/2000	06/06/2000	-	Active	NO
3	U29128MH1965PTC013224	SHAVO NORGREN (INDIA) PRIVATE LIMITED	Whole-time director	01/11/2011	01/01/2001	-	Active	NO
4	U24230MH2004PTC145390	SYNERGIA LIFE SCIENCES PRIVATE LIMITED	Director	21/04/2004	21/04/2004	-	Active	NO
5	U24239MH2006PTC165368	GENEREX PHARMASSIST PRIVATE LIMITED	Director	21/09/2010	11/04/2007	-	Active	NO
6	U74120MH2011PTC219706	NEURO SANARE HEALTHCARE PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO
7	U24100GJ2013PTC073250	RIATA ORGANICS PRIVATE LIMITED	Director	30/12/2013	14/02/2013	-	Active	NO

Name :

Vishal Harshad Vora

Designation :

Director

Address :

903, Pleasant Palace, 16, Narayan Dabholkar Road, Mumbai - 400 006, Maharashtra, India

Date of Birth/Age :

09.08.1977

Date of Appointment :

01.02.2011

DIN No.:

00061305

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	U51900MH1982PTC027148	ALABAMA TRADING CO PVT LTD	Director	02/12/1998	02/12/1998	14/01/2015	Active	NO
2	U27109DL1976PLC008258	ADVANCED AIRTECH (INDIA) LIMITED	Director	26/03/2002	26/03/2002	-	Active	NO
3	U24110MH1975PLC018681	STANDARD PNEUMATICS LIMITED	Director	27/03/2002	27/03/2002	-	Active	NO
4	U24230MH2004PTC145390	SYNERGIA LIFE SCIENCES PRIVATE LIMITED	Director	21/04/2004	21/04/2004	-	Active	NO
5	U29128MH1965PTC013224	SHAVO NORGREN (INDIA) PRIVATE LIMITED	Whole-time director	01/11/2011	28/03/2005	-	Active	NO
6	U29120MH1982PTC028307	TECHNITRON SYSTEMS AND CONTROLS PVT LTD	Director	27/03/2007	27/03/2007	-	Active	NO
7	U24230MH2000PTC127016	VIRIDIS BIOPHARMA PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	NO
8	U24100GJ2013PTC073250	RIATA ORGANICS PRIVATE LIMITED	Director	30/12/2013	14/02/2013	-	Active	NO

Name :

Dilip Sukhlal Mehta

Designation :

Director

Address :

8, Pavlova 10, Little Gibbs Road, Malbar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

10.11.1940

Date of Appointment :

06.06.2000

DIN No.:

00117785

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	U74140MH1988PTC048784	SANJIVANI BUSINESS CONSULTANTS PVT LTD	Director	09/09/1988	09/09/1988	-	Active	NO
2	U24230MH2000PTC127016	VIRIDIS BIOPHARMA PRIVATE LIMITED	Director	06/06/2000	06/06/2000	-	Active	NO
3	U24230MH2004PTC145390	SYNERGIA LIFE SCIENCES PRIVATE LIMITED	Director	29/03/2004	29/03/2004	-	Active	NO
4	U24239MH2006PTC165368	GENEREX PHARMASSIST PRIVATE LIMITED	Director	21/09/2010	06/11/2006	-	Active	NO
5	U24231TN2005PTC057504	NUTRA SPECIALITIES PRIVATE LIMITED	Director	30/09/2008	17/11/2007	31/03/2011	Active	NO
6	U24100GJ2013PTC073250	RIATA ORGANICS PRIVATE LIMITED	Director	03/01/2013	03/01/2013	-	Active	NO

Name :

Anirudh Dilip Mehta

Designation :

Managing Director

Address :

8, Pavlova 10, Little Gibbs Road, Malbar Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

27.05.1974

Date of Appointment :

06.06.2000

DIN No.:

00117924

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	U24230MH2000PTC127016	VIRIDIS BIOPHARMA PRIVATE LIMITED	Managing director	06/06/2000	06/06/2000	-	Active	NO
2	U24230MH2004PTC145390	SYNERGIA LIFE SCIENCES PRIVATE LIMITED	Director	21/04/2004	21/04/2004	-	Active	NO
3	U24239MH2006PTC165368	GENEREX PHARMASSIST PRIVATE LIMITED	Director	21/09/2010	11/04/2007	-	Active	NO
4	U74120MH2011PTC219706	NEURO SANARE HEALTHCARE PRIVATE LIMITED	Director	12/07/2011	12/07/2011	-	Active	NO
5	U24100GJ2013PTC073250	RIATA ORGANICS PRIVATE LIMITED	Director	30/12/2013	14/02/2013	-	Active	NO

Name :

Tejal Anirudh Mehta

Designation :

Director

Address :

8, Pavlova 10^thLittle Gibbs Road, Malaba Hill, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

09.02.1977

Date of Appointment :

01.02.2011

DIN No.:

00125958

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	U74140MH1988PTC048784	SANJIVANI BUSINESS CONSULTANTS PVT LTD	Director	01/07/2002	01/07/2002	-	Active	NO
2	U24230MH2000PTC127016	VIRIDIS BIOPHARMA PRIVATE LIMITED	Director	01/02/2011	01/02/2011	-	Active	N

Name :

Anselm De Souza De Souza

Designation :

Director

Address :

A-13, Michael Apartments, P. K. Road, Mulund (West), Mumbai-400080, Maharashtra, India

Date of Birth/Age :

19.05.1960

Date of Appointment :

06.06.2000

DIN No.:

00560765

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	U24230MH2000PTC127016	VIRIDIS BIOPHARMA PRIVATE LIMITED	Director	06/06/2000	06/06/2000	-	Active	NO
2	U24230MH2004PTC145390	SYNERGIA LIFE SCIENCES PRIVATE LIMITED	Managing director	21/04/2004	21/04/2004	-	Active	NO
3	U24231TN1992PTC023444	NATURE REMEDIES PRIVATE LIMITED	Director	06/09/2004	06/09/2004	31/01/2011	Under liquidation	NO
4	U24294TN1982PTC009401	TEX BIOSCIENCES PRIVATE LIMITED	Director	06/09/2006	06/09/2006	31/01/2011	Active	NO
5	U24100GJ2013PTC073250	RIATA ORGANICS PRIVATE LIMITED	Director	30/12/2013	14/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Uday Kapadia
Designation :	System Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Ayurvedic Medicines / Pharmaceuticals.

Products :

Item Code No.	Product Description
30059090	Hydro Chemical Product

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

Russia

Imports :

Products :

Machinery

Countries :

USA

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS : NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Jay Ambe – Mumbai
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

Customers :

Wholesalers, Retailers and Manufacturers

Reference :	Aristo Pharma Limited
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 :

35 (Approximately)

Bankers :

Bank Name	Bank of India ICICI Bank HDFC Bank Limited Bank of Baroda State Bank of India
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	9.285	14.187

Total	9.285	14.187


Banking Relations :

Auditors :
Name :	HSMP and Associates LLP Chartered Accountants
Address :	409 - 410 , Dalamal Chambers, New Marine Lines, Mumbai – 400020, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFH8510K

Memberships :	--

Collaborators :	--

Subsidiary Company:	Synergia Life Sciences Private Limited [U24230MH2004PTC145390]

Associates Enterprise :	Riata Organics Private Limited [U24100GJ2013PTC073250] Eburon Organic International II LLC NU Science Trading, LLC

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Bela Instruments Generex Pharmassist Private Limited [U24239MH2006PTC165368] Shavo Norgren (India) Private Limited [U29128MH1965PTC013224]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6,000,000	Equity Shares	Rs.10/- each	Rs.60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5,083,422	Equity Shares	Rs.10/- each	Rs.50.834 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	50.834	50.834	50.834
(b) Reserves & Surplus	118.268	98.226	81.982
(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)	169.102	149.060	132.816

(3) Non-Current Liabilities
(a) long-term borrowings	71.986	41.302	10.106
(b) Deferred tax liabilities (Net)	7.772	7.084	6.068
(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)	79.758	48.386	16.174

(4) Current Liabilities
(a) Short term borrowings	9.285	14.187	9.900
(b) Trade payables	13.445	8.363	8.025
(c) Other current liabilities	2.143	2.277	1.569
(d) Short-term provisions	2.549	0.014	5.502
Total Current Liabilities (4)	27.422	24.841	24.996

TOTAL	276.282	222.287	173.986

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	77.024	64.155	51.180
(ii) Intangible Assets	14.607	15.016	13.466
(iii) Capital work-in-progress	13.147	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	54.820	54.820	47.705
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	59.114	39.008	4.927
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	218.712	172.999	117.278

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.910	7.611	10.865
(c) Trade receivables	33.433	25.237	23.588
(d) Cash and cash equivalents	7.507	9.061	11.627
(e) Short-term loans and advances	2.411	2.897	8.447
(f) Other current assets	1.309	4.482	2.181
Total Current Assets	57.570	49.288	56.708

TOTAL	276.282	222.287	173.986

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	142.505	127.660	88.684
	Other Income	10.271	8.488
	TOTAL	152.776	136.148	88.684

Less	EXPENSES
	TOTAL	112.845	104.312	62.481

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	39.931	31.836	26.203

Less/ Add	DEPRECIATION/ AMORTISATION	5.624	5.138	4.313

	PROFIT/ (LOSS) BEFORE TAX	34.307	26.698	21.890

Less	TAX	6.619	5.357	5.846

	PROFIT/ (LOSS) AFTER TAX	27.688	21.341	16.044

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	31.208	14.964	7.774

	APPROPRIATIONS
	Transfer to General Reserve	2.769	0.000	0.802
	Interim Dividend	5.083	5.083	7.625
	Dividend	2.542	0.000	0.000
	Tax on Dividend	0.021	0.013	0.426

	Balance Carried to the B/S	48.481	31.208	14.964

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	8.030	2.984	4.856
	TOTAL EARNINGS	8.030	2.984	4.856

	IMPORTS
	Raw Materials	10.599	9.408	6.635
	TOTAL IMPORTS	10.599	9.408	6.635

	Earnings / (Loss) Per Share (Rs.)	5.45	4.20	3.16

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	19.43	16.72	18.09

Operating Profit Margin (PBIDT/Sales)	(%)	28.02	24.94	29.55

Return on Total Assets (PBT/Total Assets}	(%)	16.47	15.94	17.33

Return on Investment (ROI) (PBT/Networth)		0.20	0.18	0.16

Debt Equity Ratio (Total Debt /Networth)		0.48	0.37	0.15

Current Ratio (Current Asset/Current Liability)		2.10	1.98	2.27

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	50.834	50.834	50.834
Reserves & Surplus	81.982	98.226	118.268
Share Application money pending allotment	0.000	0.000	0.000
Net worth	132.816	149.060	169.102

long-term borrowings	10.106	41.302	71.986
Short term borrowings	9.900	14.187	9.285
Total borrowings	20.006	55.489	81.271
Debt/Equity ratio	0.151	0.372	0.481

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	88.684	127.660	142.505
		43.949	11.629

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	88.684	127.660	142.505
Profit	16.044	21.341	27.688
	18.09%	16.72%	19.43%

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	Yes
19]	Payments terms	Yes
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	Yes

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Intercorporate borrowings	71.986	41.302

Total	71.986	41.302

FINANCIAL HIGHLIGHTS

The directors are delighted to inform that the Company has delivered profitable set of financials from successful implementation and commercialization of research projects. Their Sales revenues for the year were Rs.142.505 Million. Other Non-Operating revenue was Rs. 10.271 Million and Profit after tax is Rs. 27.688 Million.

REVIEW OF OPERATIONS

The company continues to march ahead strongly to build on a strong foundation of intellectual knowledge. They have witnessed steady performance this year as their various operations consolidate and expand. The company continues to expand and grow in the marketing and distribution of various active pharmaceutical and neutraceutical ingredients.

GLOBAL MARKETING EFFORT

Viridis had continued participation in Vita Foods May 2014 at Geneva and participate in Vita Foods, September 2014 at Hong Kong as part of their global marketing effort. This is a leading trade fair considered the mecca for nutraceutical ingredient suppliers. Viridis continues awareness of its high quality ingredients (Vitamin K2-7 as the flag ship product) globally.

There is an ongoing effort to globalize and market through distributors all over the world.

NEW PRODUCTS/PROJECTS

The company has established a balance of both near term and long term projects in order to maintain its combination of current cash generation and protégé upside potential within its portfolio of projects

Probiotics : Development already completed, and commercialized

High Temp Enzymes : This project has been completed but company has decided not to commercialize at this time

Synthetic K2-7 process : This process is near completion.

Tacrolimus : This project is under advanced development and should be at pilot scale by end of the year

HIGHLIGHTS

VIRIDIS WADA FACTORY –

AMERICAN BIOTECH LABS (ABL)

They have commenced manufacturing ASAP solution and downstream products such as Silgel and Silderm based on Viridis patented hydrogel technology. They will also take further their relationship with ABL and become a supplier to them for silgel range of products.

TOPICAL THROMBO MODULATOR

The Company has Initiated development work on a unique Topical thrombo modulator. These are long term R and D projects which have global Implications.

WOUND CLEANSER

Novel enzymatic wound cleanser formulation for wound debridement and cleansing This has been their Fourth year of full production. The factory is now fully operational and sales performance has been very solid.

FUTURE OUTLOOK

The company is on a very sound footing with steady growth opportunities. As Synergia prospects for additional project opportunities, it will seek to maintain a balance between low risk, near term opportunities of modest size and higher risk, longer term projects with much greater upside potential.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10535046	14/11/2014	53,600,000.00	BANK OF BARODA	N. S. MANIKIKAR MARG,, CHUNABHATII BRANCH,, MUMBAI, MAHARASHTRA - 400022, INDIA	C36043586
2	10070815	30/08/2010 *	20,000,000.00	BANK OF BARODA	CHUNABHATTI BRANCH, N S MANKIKAR MARG, CHUNABHATT I, MUMBAI, MAHARASHTRA - 400022, INDIA	A96470448
3	10081337	30/08/2010 *	20,000,000.00	BANK OF BARODA	CHUNABHATTI BRANCH, N S MANKIKAR MARG, CHUNABHATT I, MUMBAI, MAHARASHTRA - 400022, INDIA	A96469846
4	10031080	17/11/2006	26,000,000.00	BANK OF BARODA	CHUNABHATTI BRANCH,, CHUNABHATTI,, MUMBAI, MAHARA SHTRA - 400022, INDIA	A08433963

* Date of charge modification

FIXED ASSETS

· Land

· Building

· Gala Premises

· Furniture and Fittings

· Computer

· Office Equipments

· Plant and Machinery

· Leasehold Improvements

· Vehicle

· R and D Pending Allocation

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 records 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.96.24
Euro	1	Rs.70.39

INFORMATION DETAILS

Information Gathered by :	DPA

Analysis Done by :	DIV

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.

MIRA INFORM REPORT

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