MIRA INFORM REPORT

Report Date :

01.12.2008

IDENTIFICATION DETAILS

Name :	CIS BIO INTERNATIONAL
Registered Office :	Rte Nationale 306 91192 Gif Sur Yvette Cedex
Country :	France
Financials (as on) :	31.12.2007
Date of Incorporation :	December 1987
Com. Reg. No.:	RCS Evry B   312261894
Legal Form :	Simplified joint stock company
Line of Business :	Pharmaceuticals Company

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	(€) 2,000,000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Summary

COMPANY DETAILS
Company Number	31226189400033
Name	CIS BIO INTERNATIONAL
Telephone	01 69 85 74 78
Legal form	Simplified joint stock company
RCS Registration	RCS Evry B   312261894
Share Capital	37,000,000
Incorporation Date	12/1987
Address	RTE NATIONALE 306
Postcode	91192 GIF SUR YVETTE CEDEX
Nationality	France

CREDIT INFORMATION SUMMARY
Company Status	Economically active
Today's Credit Limit (€)	2,000,000

JUDGEMENTS SUMMARY

No judgements against this company.

DIRECTORS SUMMARY
Directorships	2

ACCOUNTS SUMMARY (LAST 3 YEARS)
Accounts Date	31/12/2007	30/06/2007	31/12/2006
Turnover	56,542,232	54,882,685	108,607,274
Networth	41,520,202	39,629,596	38,083,879
Number of Employees	500 to 999 employees	-	-

Company Information

COMPANY DETAILS
Company Name	CIS BIO INTERNATIONAL
Company Number	31226189400033
Activity (APE)	Fabrication de préparations pharmaceutiques
Activity (APRM)
Currency	EURO (€)
Share capital	37,000,000
Registration Court	Evry (78)
Legal form	Simplified joint stock company
Court Registry Number	87 B 01749
EU VAT Number	FR46312261894
Incorporation Date	12/1987
Formation Date	01/1978
Deregistration Date
Last account Date	31/12/2007
Nationality	France

ESTABLISHMENT DETAILS
Postal Address	RTE NATIONALE 306, 91192 GIF SUR YVETTE CEDEX,BP 32 SACLAY
Trading Address	RTE NATIONALE 306, 91192 GIF SUR YVETTE CEDEX,BP 32 SACLAY
Telephone	01 69 85 74 78
Fax
Type	Head office
Status	Economically active
Formation Date	01/1978
Reason for formation	Formation
Closure Date
Reason for closure
Reactivation Date
Production Role
Activity Nature	-
Activity Location	Other
Location Service
Seasonality

OTHER ESTABLISHMENTS

Branches

7 branch entities in this company

Company number	31226189400033	Company name	CIS BIO INTERNATIONAL
Type	Head office	Activity (ape)	Fabrication de préparations pharmaceutiques
Post Code	91400	City	SACLAY

Company number	31226189400058	Company name	CIS BIO INTERNATIONAL
Type	Secondary establishment	Activity (ape)	Fabrication de préparations pharmaceutiques
Post Code	35000	City	RENNES

Company number	31226189400090	Company name	CIS BIO INTERNATIONAL
Type	Secondary establishment	Activity (ape)	Fabrication de préparations pharmaceutiques
Post Code	33600	City	PESSAC

Company number	31226189400074	Company name	CIS BIO INTERNATIONAL
Type	Secondary establishment	Activity (ape)	Fabrication de préparations pharmaceutiques
Post Code	54500	City	VANDOEUVRE LES NANCY

Company number	31226189400082	Company name	CIS BIO INTERNATIONAL
Type	Secondary establishment	Activity (ape)	Fabrication de préparations pharmaceutiques
Post Code	30000	City	NIMES

Company number	31226189400041	Company name	CIS BIO INTERNATIONAL
Type	Secondary establishment	Activity (ape)	Fabrication de préparations pharmaceutiques
Post Code	30200	City	CHUSCLAN

Company number	31226189400066	Company name	CIS BIO INTERNATIONAL
Type	Secondary establishment	Activity (ape)	Fabrication de préparations pharmaceutiques
Post Code	95200	City	SARCELLES

Regionality

Mono-activity status

Legal unit of which all establishments have the same main activity

WORKFORCES
Workforce at address	250 to 499 employees
Company workforce	500 to 999 employees

Accounts & Ratios

PROFIT & LOSS
Account Date	31/12/2007	%	30/06/2007	%	31/12/2006
Account period (month)	06	-	06	-	12
Account Type	Normal Account	-	Normal Account	-	Normal Account
Currency	Euro	-	Euro	-	Euro
Turnover	56,542,232	3.0%	54,882,685	-49.5%	108,607,274
Exports	0	-100.0%	24,390,988	-51.6%	50,399,515
Operating Charges	57,472,673	2.5%	56,068,133	-51.3%	115,017,967
Operating Profit	2,101,258	-25.7%	2,826,860	500.2%	471,008
Financial Income	1,725,234	-3.5%	1,787,354	-35.4%	2,765,421
Financial Charges	1,561,876	-42.6%	2,719,026	-46.0%	5,031,734
Pre-Tax Profit	818,643	733.7%	98,195	102.4%	-4,065,081
Extraordinary Income	21,384,315	605.2%	3,032,505	46,360.9%	6,527
Extraordinary Charges	21,075,077	989.2%	1,934,982	-97.5%	78,290,410
Net Profit	1,890,606	22.3%	1,545,717	101.9%	-81,496,714

BALANCE SHEET
Account Date	31/12/2007	%	30/06/2007	%	31/12/2006
Assets
- Tangible assets	7,387,344	2.8%	7,189,418	4.0%	6,911,953
Intangible assets	11,192,736	-0.5%	11,246,301	161.4%	4,302,704
Financial assets	17,867,428	-50.8%	36,322,655	153.3%	14,341,459
Total fixed assets	36,447,508	-33.4%	54,758,375	114.3%	25,556,116
Stocks	14,604,192	-2.9%	15,044,942	-5.6%	15,942,661
Receivables	51,782,669	29.4%	40,004,335	21.8%	32,835,737
- Trade Receivables	35,730,773	6.4%	33,566,315	20.9%	27,762,444
- Misc. Receivables	16,051,896	-	6,438,020	-	5,073,293
Cash	69,855,186	-13.3%	80,616,461	-16.0%	95,958,883
Misc. Current Assets	1,523,940	-	983,396	-	481,720
Total Current Assets	137,765,987	0.8%	136,649,134	-5.9%	145,219,001
Liabilities
Trade Accounts Payable	21,864,532	12.5%	19,434,264	3.9%	18,697,721
Bank Loans and Liabilities	964,758	-95.2%	20,138,940	1,854.3%	1,030,504
Sundry Loan and Liabilities	2,189,348	-	2,153,492	-	3,037,476
Advanced Payments Received	106,892	0.0%	106,892	23.4%	86,619
Tax and Social Liabilities	9,790,028	0.4%	9,748,912	1.3%	9,626,089
Miscellaneous Liabilities	47,696,561	-	50,727,025	-	50,701,844
Provisions for Risks & Charges	50,020,582	1.5%	49,296,550	-0.2%	49,410,692
Other Capital Resources	0	-	0	-	0
Share Capital	37,000,000	0.0%	37,000,000	-76.1%	154,500,000
Revaluation Reserve	0	-	0	-	0
Other Reserves	4,520,202	-	2,629,596	-	-116,416,121
Total Shareholders Funds	41,520,202	4.8%	39,629,596	4.1%	38,083,879
Total Assets	174,392,894	-8.9%	191,478,284	12.1%	170,876,617
Net Worth	30,327,466	-	28,383,295	-	33,781,175

RATIOS
Account Date	31/12/2007	%	30/06/2007	%	31/12/2006
Structure
Protection	23.81%		20.70%		22.29%
Net Gearing	1.81%		11.64%		2.38%
Repayment Power	78.47%		70.80%		163.36%
Capital Requirement	184.00 day		119.00 day		215.00 day
Working Capital Requirement	-37.00 day		-79.00 day		-99.00 day
Net Cash	221.00 day		198.00 day		315.00 day
Performance
Return on Invested Capital	7.00%		4.00%		6.00%
Return on Equity	4.55%		3.90%		-213.99%
Gross Profit	43.08% Turnover		45.87% Turnover		45.12% Turnover
Growth v's Year Ago Qtr	1,659,547€		-53,724,589€		331,115€
Inventory Returns	-8.00 day		-5.00 day		2.00 day
Receivables Days	127.00 day		123.00 day		106.00 day
Payable Days	126.00 day		119.00 day		112.00 day
SIG
Profit	36.07% Turnover		59.53% Turnover		40.50% Turnover
Gross Profit	43.08% Turnover		45.87% Turnover		45.12% Turnover
Wage and Salary distribution / Gross Profit	80.68% Turnover		80.81% Turnover		85.08% Turnover
Gross Operating Surplus	5.02% Turnover		4.89% Turnover		1.80% Turnover
Pre-tax Income	4.01% Turnover		3.45% Turnover		-1.65% Turnover
Net Profit/Loss	5.90%		6.09%		-72.95%

Judgements

Collective Procedures

Courts

There are no Judgements filed against this company.

Rncs

There are no Judgements filed against this company.

Bodacc

There are no Judgements filed against this company.

Preferentials Rights

No social security and tax office preferential right to date.

Group Structure

ULTIMATE PARENT
Ultimate Parent Company	SCHERING
Companies in Group	5
Company Name	Country	Share	Latest Annual Accounts
SCHERING	476180948	-	31/12/2006
-CIS BIO INTERNATIONAL	312261894	99.99 %	31/12/2007
CIS DIAGNOSTIKI	Greece	100 %	N/A
MÉDISYSTEM	318545209	100 %	31/12/2003
BIO CIS	Austria	57 %	N/A

Event history

STATUS HISTORY
Date	Description
04/01/2008	Economically active

Recent Publications in Gazettes

No status Gazette Publications for this company.

COMPANY EVENTS HISTORY
Date	Description
31/12/2007	New accounts available
17/08/2007	Continuation of business despite loss of equity
17/08/2007	Capital reduction
17/08/2007	Audit or Management Report
17/08/2007	Appointment/resignation of company officers
17/08/2007	New legal form – no new category
17/08/2007	Private document
17/08/2007	Updated articles of association
17/08/2007	Minutes of general meeting of shareholders
01/07/2007	Other modification of Establishment (error correction)
01/07/2007	Update of Company Legal Form
30/06/2007	New accounts available
06/04/2007	Minutes of general meeting of shareholders
06/04/2007	Appointment/resignation of company officers
06/04/2007	Private document
31/12/2006	New accounts available
29/09/2006	Appointment/resignation of company officers
29/09/2006	Private document
29/09/2006	Minutes of general meeting of shareholders
08/08/2006	Minutes of general meeting of shareholders

ESTABLISHMENT EVENTS HISTORY
Date	Description
18/01/2008	Update Rating
08/12/2007	Update Limit
01/07/2007	Modification of Head office

Directors

Director
Name	M GARONNAT DIDIER	Manager position	Directeur général
Date of birth	07/04/1956	Place of birth	ANNONAY
Type of manager	Individual	Name at birth of manager
Director
Name	M RECULEAU BERNARD	Manager position	Président
Date of birth	10/16/1950	Place of birth
Type of manager	Individual	Name at birth of manager

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.52
UK Pound	1	Rs.75.08
Euro	1	Rs.63.72

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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