MIRA INFORM REPORT

Report No. :	511313
Report Date :	29.05.2018

IDENTIFICATION DETAILS

Name :	RESPONSE BIOMEDICAL CORP.
Registered Office :	1781 - 75th Avenue West Vancouver, BC V6P 6P2
Country :	Canada
Financials (as on) :	31.03.2016
Year of Establishment :	1980
Legal Form :	Corporation
Line of Business :	Subject is engaged in the research, development, commercialization, and distribution of diagnostic technologies for the medical central-lab testing, point of care (POC) testing, and on-site environmental testing markets.
No. of Employees :	56

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Canada	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

CANADA - ECONOMIC OVERVIEW

Canada resembles the US in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. Canada has a large oil and natural gas sector with the majority of crude oil production derived from oil sands in the western provinces, especially Alberta. Canada now ranks third in the world in proved oil reserves behind Venezuela and Saudi Arabia and is the world’s sixth-largest oil producer.

The 1989 Canada-US Free Trade Agreement and the 1994 North American Free Trade Agreement (which includes Mexico) dramatically increased trade and economic integration between the US and Canada. Canada and the US enjoy the world’s most comprehensive and highly balanced bilateral trade and investment relationship, with merchandise trade of $544 billion in 2016, services trade of over $80 billion, and two-way investment stocks of nearly $700 billion. Over three-fourths of Canada’s exports are destined for the US each year. Canada is the largest foreign supplier of energy to the US, including oil, natural gas, and electric power, and a top source of US uranium imports.

Given its abundant natural resources, highly skilled labor force, and modern capital stock, Canada enjoyed solid economic growth from 1993 through 2007. The global economic crisis of 2007-08 moved the Canadian economy into sharp recession by late 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization. Since the fall in world oil prices in 2014, Canada has achieved modest economic growth.

Source : CIA

STATUTORY INFORMATION
Legal Name:	Response Biomedical Corp.
Trade Names:	Response Biomedical Corp.
ID:	BC121519920
Date Created:	1980
Date Incorporated:	11/29/2016
Legal Address:	1781 - 75th Avenue West Vancouver, BC V6P 6P2 Canada
Operative Address:	1781 - 75th Avenue West Vancouver, BC V6P 6P2 Canada
Telephone:	604-456-6010
Fax:	604-456-6066
Legal Form:	CORPORATION
Email:	ir@responsebio.com
Registered in:	CANADA
Website:	www.responsebio.com
Contact:	Dr. Barbara R. Kinnaird Steen Ph.D. - Chief Executive Officer and Director
Staff:	56
Activity:	SIC Code 5047, Medical, Dental, and Hospital Equipment and Supplies NAICS code 423450 - Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers
Banks:	Silicon Valley Bank Bank of Canada
History:	The company was founded in 1980 and is headquartered in Vancouver, Canada. The company was listed in the Stock Exchange until 2016, when it was purchased by 1077801 B.C. Ltd.
Parent Company:	The company operates as a subsidiary of: 1077801 B.C. Ltd. British Columbia Canada
Key Developments:	Response Biomedical Corp. Announces Executive Resignations Dec 2 16 Response Biomedical Corp. announced that in connection with the consummation of the arrangement, all of the directors of the company except Dr. Jonathan Wang and Dr. Barbara Kinnaird resigned from their positions as directors of the company. Response Biomedical Files Form 15 Dec 2 16 Response Biomedical Corp. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock without par value under the Securities Exchange Act of 1934, as amended. Response Biomedical Expects To Be Delisted From TSX On Or About December 2, 2016 Nov 29 16 Response Biomedical Corp. announced that the previously announced acquisition of all the issued and outstanding common shares of Response by 1077801 B.C. Ltd. by way of a plan of arrangement (the "Arrangement") has been completed. Pursuant to the Arrangement, Response shareholders will receive, subject to the terms and conditions of the Arrangement, $1.12 per Response Share (except in the case of certain shareholders who have agreed to roll over their Response Shares and will instead receive shares of 1077801 B.C. Ltd.) and Response will become a wholly-owned subsidiary of 1077801 B.C. Ltd. The Arrangement was approved by the Supreme Court of British Columbia in its final order dated September 19, 2016. The Arrangement remains subject to final approval by the Toronto Stock Exchange (the "TSX"). The delisting of the Response Shares from the TSX is expected to occur at the close of business on or about December 2, 2016.
PRINCIPAL ACTIVITY
	Response Biomedical Corp. engages in the research, development, commercialization, and distribution of diagnostic technologies for the medical central-lab testing, point of care (POC) testing, and on-site environmental testing markets.
Products/Services description:	The POC and on-site diagnostic tests are non-laboratory based tests performed using portable hand-held devices, compact desktop analyzers, single-use test cartridges, and/or dipsticks. It provides RAMP system, which is a portable fluorescence immunoassay-based diagnostic technology that combines the performance of a clinical lab with the convenience of a dipstick test. The company’s RAMP tests are used in the early detection of heart attack, congestive heart failure, influenza A+B, the respiratory syncytial virus, and environmental detection of West Nile Virus; and biodefense applications, including the rapid on-site detection of anthrax, smallpox, ricin, and botulinum toxin.
Brands:	RESPONSE BIOMEDICAL
Sales are:	Wholesale
Clients:	Kabla Comercial Sa De Cv Labcare De Colombia Limitada Annar Diagnostica Import S A S
Suppliers:	NA
Operations area:	National and International
The company exports to	MEXICO COLOMBIA
The subject employs	56 Employees
Payments:	No Complaints
LOCATION
Headquarters :	1781 - 75th Avenue West Vancouver, BC V6P 6P2 Canada
Comments on Address:	-
Branches:	No other branches were found.
Related Companies:	REGIONAL OFFICE – CHINA Response Biomedical Corp. Room G, 6th Fl., Huamin Empire Plaza, No. 726, Yan An West Road, Shanghai, China 200050
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company operates as a subsidiary of: 1077801 B.C. Ltd. British Columbia Canada
Management:	Dr. Barbara R. Kinnaird Steen Ph.D. - Chief Executive Officer and Director Ms. Megan Eastwood BSc(Hons) - Director of Operations Ms. Angela Carter - Director of Customer and Business Development Mr. Anastasios Tsonis CPA, CA - Director of Finance Mr. Wang Zheng - General Manager of Asia Pacific
FINANCIAL INFORMATION
	The company does not make its financial statements public. The following information has been provided by private sources:
In thousands of Canadian dollars
Three Months Ended March 31, 2016
Sales	2,204
Gross profit	1,027
Total operating expenses	1,819
Three Months Ended June 30, 2016
Sales	1,321
Gross profit	522
Total operating expenses	1,439
Six Months Ended June 30, 2016
Sales	3,525
Gross profit	1,549
Total operating expenses	3,258
Three Months Ended September 30, 2016
Sales	1,584
Gross profit	661
Total operating expenses	1,251
Nine Months Ended September 30, 2016
Sales	5,110
Gross profit	2,212
Total operating expenses	4,508
LEGAL FILINGS
PATENTS	Method and apparatus of quantitative assays Patent number: 7056473 Abstract: A sample testing apparatus (100) for use in measuring an analyte in a sample (105) is disclosed. The apparatus includes a sample well (104) for receiving the sample. A solid analyte binding agent (160) is disposed in the sample well. The apparatus further includes a mixing device (156) for mixing the sample with the solid analyte binding agent and a valve (129). The valve is configurable between a closed position for impeding flow of the sample from the sample well and an open position for releasing the sample from the sample well. The apparatus additionally includes a membrane (118) for receiving the sample once released from the sample well, the membrane having a capture reagent (164) adapted to interact with at least one of the analyte, the analyte binding agent, or a complex thereof, to aid in determining the amount of the analyte in the sample. Type: Grant Filed: April 29, 2004 Date of Patent: June 6, 2006 Assignee: Response Biomedical Corp. Inventors: Paul C. Harris, Brian G. Richards, Jonathan G. Tippett Compensation for non-specific signals in quantitative immunoassays Patent number: 6509196 Abstract: Methods for quantitatively measuring the amount of an analyte of interest in a fluid sample are disclosed. The methods involve providing a membrane having an application point, a detection zone, and a contact region, where the contact region is between the application point and the detection zone, and has test particles and internal control particles imbedded within it; contacting the application point with the fluid sample; maintaining the membrane under conditions sufficient to allow fluid to transport analyte by capillary action to the contact region, where the analyte binds to the test particles; further maintaining the membrane under conditions sufficient to allow fluid to transport analyte-bound test particles and internal control particles to the detection zone, where they interact with a detection reagent; and detecting the amount of test particles and the amount of internal control particles in the detection zone. Type: Grant Filed: January 4, 2000 Date of Patent: January 21, 2003 Assignee: Response Biomedical Corp. Inventors: Donald Elliott Brooks, Paul C. Harris, Andrew D. Olal, Zongcen Charles Xie, Brian G. Richards
GOVERNMENT CONTRACTS	Government Contractor: RESPONSE BIOMEDICAL CORP Name & Address: 8081 LOUGHEED HIGHWAY BURNABY, CA Number of Defense Contracts Awarded : 1 Dollar Amount of Defense Contracts Awarded:$5,000
CASES	Response Biomedical Corp. (Re), 2017 BCSECCOM 35 (CanLII) — 2017-02-02 British Columbia Securities Commission — Colombie-Britannique reporting issuer — regulator — fewer — beneficially owned — jurisdictions
TRADEMARKS	LEUCOTEC medical diagnostic test kits consisting essentially of test tubes and slides, for estimating granuloctye levels in whole… Owned by: Response Biomedical Corp. Serial Number: 74250365 LEUCOMETER diagnostic test kits for estimating granulocyte levels in whole blood Owned by: Response Biomedical Corp. Serial Number: 74287429 GRANSCAN diagnostic test kits comprising medical diagnostic reagents, a container for mixing blood samples and reagents, and a reflectometer… Owned by: Response Biomedical Corp. Serial Number: 74722220
RENEWAL HISTORY	No records found.
OFAC Sanctions List Search	The company is not listed in the OFAC list.
SUMMARY
	Founded in 1980, Response Biomedical Corp is an organization in the Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers Industry headquartered in Vancouver, Canada. The company has 56 regular employees and generates an estimated $11.1 million USD in annual revenue. It operates nationally and internationally, mainly exporting to Mexico and Colombia. It is ACTIVE in business with medium credit risk.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
COMMENTS	He confirmed the name of the company, the address of the headquarters and location, the date of creation of the company, the number of employees and the name of the Chief Executive Officer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.44
UK Pound	1	INR 89.88
Euro	1	INR 79.00
CAD	1	INR 52.17

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	DNS

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.