MIRA INFORM REPORT

Report No. :	314119
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	MABPHARM PRIVATE LIMITED (w.e.f. 13.01.2011)
Formerly Known As :	BIOMAB PHARMACEUTICALS (INDIA) PRIVATE LIMITED
Registered Office :	L-147/B, Verna Industrial Area, Verna- 403722, Goa
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	20.08.2008
Com. Reg. No.:	24-007374
Capital Investment / Paid-up Capital :	Rs. 681.944 Million
CIN No.: [Company Identification No.]	U24239GA2008PTC007374
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCB5418M
Legal Form :	Private Limited Liability Company
Line of Business :	Research, Development, Manufacturing and Marketing of mAb (monoclonal Antibodies)-bio similar products of monoclonal antibodies, biopharmaceuticals, biotherapeutics, biochemicals, biotechnological, biologics, bioinformatics sequencing, genetically modified organisms, phyto-pharmaceuticals, phyto-medicinal products, bio-similar products and pharmaceuticals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 2830000
Status :	Moderate
Payment Behavior :	Slow but correct
Litigation :	Clear
Comments :	Even though the company was incorporated during the year 2008 the company commenced its commercial operation from March 2014. It is having moderate track record. The company has achieved a modest turnover from its operation and incurred a loss. Net worth of the company is good. Trade relations are reported to be improving. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

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.

LOCATIONS

Registered Office :	L-147/B, Verna Industrial Area, Verna- 403722, Goa, India
Tel. No.:	91-832-2887403/2889678
Fax No.:	91-832-2887404
E-Mail :	mabpharm@yahoo.com sandeep.raktate@mabpharm.com

DIRECTORS

As on: 16.09.2014

Name :

Mr. Steven Bruce Lehrer

Designation :

Director

Address :

900, Nob Hill Road, Redwood City, California, 94061, , United States oof America

Date of Birth/Age :

23.09.1959

Date of Appointment :

16.09.2014

DIN No.:

01454044

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	U24100KA2007PTC049036	ADAMAS INDIA PHARMACEUTICALS PRIVATE LIMITED	DIRECTOR	04/05/2007	04/05/2007	25/07/2008	ACTIVE	NO
2	U73100KA2006PTC038256	STEMPEUTICS RESEARCH PRIVATE LIMITED	DIRECTOR	14/02/2014	14/02/2014	-	ACTIVE	NO
3	U24239GA2008PTC007374	MABPHARM PRIVATE LIMITED	DIRECTOR	16/09/2014	26/03/2014	-	ACTIVE	NO

Name :

Mr. Sandeep Radhakisan Raktate

Designation :

Whole-Time Director

Address :

V-20, Cd Scenic Acres HSG Project, Chandrawaddo, Fatorda, Salcete, Madgaon-403602, Goa, India

Date of Birth/Age :

01.06.1974

Date of Appointment :

16.09.2014

DIN No.:

03442482

Name :

Mr. Chandru Jaswant Chawla

Designation :

Director

Address :

14/74, Sunrise Bandra Reclamation,, Bandra West, Mumbai - 400050, Maharashtra, India

Date of Birth/Age :

24.02.1966

Date of Appointment :

16.09.2014

DIN No.:

06754064

Name :

Mr. Nitin Jajodia

Designation :

Additional Director

Address :

B-806, Rna Royale Park,, M G Road, Near Hindustan Naka, Kandivali (W), Mumbai, 400101, Maharashtra, India

Date of Appointment :

09.02.2015

DIN No.:

07087621

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 16.09.2014

Names of Shareholders	No. of Shares
Cipla Limited, India	68194380
Vaidyanathan Subramani JTLY with Cipla Limited, India	1
Vaziralli Samina JTLY with Cipla Limited, India	1
Garg Rajesh JTLY with Cipla Limited, India	1
Sanghvi A Mital JTLY. With Cipla Limited, India	1
Jain Dinesh with Cipla Limited, India	1
Radhakrishnan S JTLY with Cipla Limited, India	1
Total	68194386

Equity Share Break up (Percentage of Total Equity)

As on: 165.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Research, Development, Manufacturing and Marketing of mAb (monoclonal Antibodies)-bio similar products of monoclonal antibodies, biopharmaceuticals, biotherapeutics, biochemicals, biotechnological, biologics, bioinformatics sequencing, genetically modified organisms, phyto-pharmaceuticals, phyto-medicinal products, bio-similar products and pharmaceuticals.
Products :	Monoclonal antibodies Biopharmaceuticals Biotherapeutics Biochemical Biotechnological Biologics Bioinformatics sequencing Genetically modified organisms Phyto-pharmaceuticals Phyto-medicinal products Bio-similar products and pharmaceuticals.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Not Available

Auditors :
Name :	Deshpande Jain and Associates Chartered Accountants
Address :	208, Nizmar Centre, Dr. Atmaram Borkar Road, Panaji - 403001, Goa, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAHFD0047R
Memberships :	Not Available
Collaborators :	Not Available
Holding company	Mabpharm (Singapore) Private Limited, Singapore
Fellow Subsidiary company:	Biomab Pharmaceuticals (China) Private Limited, China
Associate:	Cipla Limited

CAPITAL STRUCTURE

After on 16.09.2014

Authorized Capital: Rs. 1000.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 1000.000 Million

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
90,000,000	Equity Shares	Rs.10/- each	Rs. 900.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
68,194,386	Equity Shares	Rs.10/- each	Rs. 681.944 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	681.944	681.944	511.458
(b) Reserves & Surplus	307.937	344.870	(2.069)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	416.400
Total Shareholders’ Funds (1) + (2)	989.881	1026.814	925.789
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	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	0.653	1.048	0.802
Total Non-current Liabilities (3)	0.653	1.048	0.802
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	90.109	45.944	16.341
(c) Other current liabilities	103.020	42.913	10.877
(d) Short-term provisions	1.385	0.779	0.694
Total Current Liabilities (4)	194.514	89.636	27.912
TOTAL	1185.048	1117.498	954.503
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1109.743	24.622	26.171
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1.031	608.932	502.909
(iv) Intangible assets under development	0.000	421.442	301.281
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	12.889	0.999	0.917
(d) Long-term Loan and Advances	7.440	7.382	69.859
(e) Other Non-current assets	46.194	43.448	40.872
Total Non-Current Assets	1177.297	1106.825	942.009
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	6.800	7.919	4.012
(c) Trade receivables	0.076	0.000	0.000
(d) Cash and cash equivalents	0.250	2.389	8.242
(e) Short-term loans and advances	0.625	0.365	0.240
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	7.751	10.673	12.494
TOTAL	1185.048	1117.498	954.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Total Income	6.390	NA	NA
Less	EXPENSES
		TOTAL	35.427	NA	NA
	PROFIT (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(29.037)	NA	NA
Less/ Add	DEPRECIATION/ AMORTISATION		19.786	NA	NA
	PROFIT (LOSS) BEFORE TAX		(48.823)	NA	NA
Less	TAX		(11.890)	NA	NA
	PROFIT (LOSS) AFTER TAX		(36.933)	NA	NA
	Earnings Per Share (Rs.)		(0.54)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(4.17)	NA	NA
Return on Investment (ROI) (PBT/Networth)		(0.05)	NA	NA
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.04	0.12	0.45

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	511.458	681.944	681.944
Reserves & Surplus	(2.069)	344.870	307.937
Share Application money pending allotment	416.400	0.000	0.000
Net worth	925.789	1026.814	989.881
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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 one years	Yes
12]	Profitability for last one 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	--
23]	Banking Details	No
24]	Banking facility details	No
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

OPERATIONS:

The Company has shifted its registered office to the State of Goa, a certificate to this effect is received from Registrar of Companies. Company has commenced its commercial operations on a small scale by way of contractual manufacturing for other pharma companies. Other brief highlights are

a) Readiness of R and D, project initiated and executed as part of Contract Research Organization (CRO).

b) CMO (Contract Manufacturing Organization) activity initiated by executing first commercial order of M/s. Bilcare Limited which produced Rs. 0.140 Million injection thereby generating revenue of Rs. 2.700 Million.

c) Single use bioreactor concept implemented in API block. Training provided to all API staff for new technology.

d) Development work of new molecules like GLA / Enaxoparin initiated.

e) Commercial license for Enoxaparin injection and Eptifibatide injection received.

f) Company is focusing on raising its revenues through CRO/CMO for which it has identified potential customers such as M/s. Biocon Limited and M/s. Stempeutics Research Private Limited for CMO and M/s. Cipla Limited for CRO operation.

Note: Registered Office of the company has been shifted from “2, Gunbow Street, Fort, Mumbai-400001, Maharashtra, India to the present address w.e.f. 01.11.2013.

INDEX OF CAHREGS: NO INDEX OF CHARGES

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Guarantees	34.849
Total	34.849

FIXED ASSETS:

• Building
• Residential building
• Factory building
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computers

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.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	2
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.