MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	MILLIPORE (INDIA) PRIVATE LIMITED
Registered Office :	Shiv Saganr Estate A, 7^th Floor, Dr. Annie Besent Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	03.09.1986
Com. Reg. No.:	08-007759
Capital Investment / Paid-up Capital :	Rs.15.000 millions
CIN No.: [Company Identification No.]	U33100KA1986PTC007759
TAN No.: [Tax Deduction & Collection Account No.]	BLRM05813D
PAN No.: [Permanent Account No.]	AACCM1226B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing bio-products and also rendering services in area of bio-products and software developments.

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Shiv Saganr Estate A, 7^th Floor, Dr. Annie Besent Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	millipore@vsnl.com hegde9820098555@gmail.com
Website :	http://www.millipore.com
Regional office :	Located At: Ahmedabad Bangalore Hyderabad Kolkata Mumbai New Delhi
Bioscience Division :	520 – 522, MIDAS Sahar Plaza Complex, M V Road, Andheri (East), Mumbai – 400059, India
Tel. No.:	91-22-30886612-18
Fax No.:	91-22-30886619
E-Mail :	mumbai_ro@milliporeindia.com

DIRECTORS

AS ON 30.09.2010

Name :

Mr. TZE Fai Yau

Designation :

Director

Address :

House 10, Street 17, Hong Lok Yuen, Taipo, Hong Kong, China

Date of Birth/Age :

03.09.1958

Date of Appointment :

10.06.2008

Din No.:

02243299

Name :

Mr. David Winfield Remick

Designation :

Director

Address :

12, Michael Drive, York, Maine USA – 03909

Date of Birth/Age :

22.03.1968

Date of Appointment :

20.11.2009

Din No.:

01665823

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC069456	ALERE MEDICAL PRIVATE LIMITED	Additional director	31-08-07	31-08-07	09-02-10	Active	NO
2	U33112DL1999PTC100359	INVERNESS MEDICAL SHIMLA PRIVATE LIMITED	Additional director	31-08-07	31-08-07	09-02-10	Active	NO
3	U33100MH1986PTC221693	MILLIPORE (INDIA) PRIVATE LIMITED	Director	30-09-10	20-11-09	08-10-10	Active	NO

Name :

Mr. Anthony Laurence Mattacchione

Designation :

Director

Address :

26, Haridng Road, Needham – 02492, Ma USA

Date of Birth/Age :

17.11.1962

Date of Appointment :

09.08.2010

Din No.:

03207666

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Millipore Asia Limited, USA	600000
Millipore Mauritius Limited, Mauritius	900000
TOTAL	1500000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing bio-products and also rendering services in area of bio-products and software developments.

Products :

ITEM CODE NO.	PRODUCT DESCRIPTION
8421	Filtering and Purifying Machinery and Apparatus

GENERAL INFORMATION

Bankers :	State Bank of India, Peenya Industrial Estate Branch, B – 96, II Cross, I Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Lodha Excellus, 1^st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi – 400025, Mumbai, India
Tel No.:	91-80-66276000
Fax No.:	91-80-66276011
Pan No.:	AAIFB4734C
Holding Company :	Millipore Mauritius Limited, Mauritius
Ultimate Holding Company :	E Merck OHG, Germany
Subsidiary Company :	Millipore SAS France Millipore China Limited Australia Pty. Limited Millipore Ind E. Comm Limited Millipore Singapore Pty Limited Millipore Corporation

CAPITAL STRUCTURE

AS ON 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2250000	Equity Shares	Rs. 10 each	Rs.22.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs. 10 each	Rs.15.000 millions

NOTE :

• Of the above 900000 shares (Previous Year Nil) are held by Millipore Mauritius Limited, Mauritius (The Ultimate Holding Company is E Merck OHG, Germany)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010 (9 months)	31.03.2010 (12 months)	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		938.733	727.515	510.768
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		953.733	742.515	525.768
LOAN FUNDS
1] Secured Loans		0.000	0.000	21.060
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	21.060
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		953.733	742.515	546.828
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		115.459	110.674	126.757
Capital work-in-progress		0.000	0.000	0.872
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		28.473	29.222	20.016
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	210.999	171.016	200.203
	Sundry Debtors	359.342	363.938	424.194
	Cash & Bank Balances	444.812	235.134	31.883
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	168.085	74.810	60.848
Total Current Assets		1183.238	844.898	717.128
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.729	122.454	173.382
	Other Current Liabilities	202.362	37.857	53.323
	Provisions	163.346	81.968	91.240
Total Current Liabilities		373.437	242.279	317.945
Net Current Assets		809.801	602.619	399.183
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		953.733	742.515	546.828

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010 (9 months)	31.03.2010 (12 months)	31.03.2009
	SALES
		Income	1183.766	1521.000	1368.000
		Other Income	22.348
		TOTAL (A)	1206.114	1521.000	1368.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	888.185	1074.375	940.528
		Advertising Expenses
		TOTAL (B)	888.185	1074.375	940.528
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		317.929	446.625	427.472
Less	FINANCIAL EXPENSES (D)		Nil	0.679	7.479
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		317.927	445.946	419.993
Less/ Add	DEPRECIATION/ AMORTISATION (F)		12.608	18.076	19.626
	PROFIT BEFORE TAX (E-F) (G)		305.319	427.870	400.367
Less	TAX (H)		94.100	125.368	136.202
	PROFIT AFTER TAX (G-H) (I)		211.219	302.502	264.165
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		539.969	358.222	280.057
Less	APPROPRIATIONS
		Transfer to General Reserve	Nil	35.000	30.000
		Dividend	Nil	85.755	112.500
		Tax on Dividend	Nil	0.000	43.500
	BALANCE CARRIED TO THE B/S		751.188	539.969	358.222
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	326.545	356.349	254.053
		Commission Earnings	183.623	65.451	100.391
	TOTAL EARNINGS		510.168	421.800	354.444
	IMPORTS
		Raw Materials	225.510	200.844	202.078
		Stores & Spares	215.397	236.195	199.281
		Capital Goods	4.979	1.190	1.891
	TOTAL IMPORTS		445.886	438.229	403.25
	Earnings Per Share (Rs.)		1408.12	211.00	194.00

KEY RATIOS

PARTICULARS		31.12.2010 (9 months)	31.03.2010 (12 months)	31.03.2009
PAT / Total Income	(%)	17.51	19.88	19.31
Net Profit Margin (PBT/Sales)	(%)	25.79	--	--
Return on Total Assets (PBT/Total Assets}	(%)	23.50	44.77	47.44
Return on Investment (ROI) (PBT/Networth)		0.32	0.57	0.76
Debt Equity Ratio (Total Liability/Networth)		0.39	0.32	0.64
Current Ratio (Current Asset/Current Liability)		3.16	3.48	2.25

LOCAL AGENCY FURTHER INFORMATION

BUSINESS OPERATION AND OUTLOOK

The company has earned net income of Rs. 1183.766 millions from sales and services and other income of Rs. 22.348 aggregating Rs. 1206.115 millions for the financial period.

Further the company’s profit before taxation is Rs. 305.318 millions and profit after taxation is Rs. 211.218 millions these figures represent financial performance for nine month period.

FUTURE PROSPECTS

The company is expected to sustain the growth in the coming years in line with the growth of industries like Pharma, Food and Beverage, Biotech etc. The company endeavours to maximize its strong and satisfied customer base to maintain its impeccable track record of quality and efficiency to the customers, utmost satisfactory levels and achieving greater profitability during the years to come.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90194100
Corporate identity number of the company	U85110KA1986NIL007759
Name of the company	MILLIPORE INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 50-A, 2^nd Phase, Ring Road, Peenya, Bangalore – 560058, Karnataka, India
Type of charge	Immovable Property Others
Particular of charge holder	State Bank of India, Peenya Industrial Estate Branch, B – 96, II Cross, I Stage, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement Of Hypothecation Of Goods And Assets For Increase In The Overall Limit (C.2-A) Letter Regarding The Grant Of Individual Limits Within The Overall Limit (C-5) Memorandum Of Deposit For Created By The Way Of Mortgage By Deposit Of Title Deeds (C.10) (All The Documents Relate To The Same Modification)
Date of instrument Creating the charge	31.07.2007
Amount secured by the charge	Rs.98.800 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest EPC/FBD : Interest @ 2.90% below SBAR effective rate 9.35% p.a. upto 180 days PFC/EBR : 1.00% basis points above LIBOR upto 180 days Terms of Repayment Repayable on demand Margin Stocks, Book debts : 25% LG/BG : 10% Extent and Operation of the charge Charge extends on all the assets throughout the period of sanctioned limits by way of first charge.
Short particulars of the property charged	Hypothecation of the whole of the present and future Stocks of Raw Materials, Semi Finished Goods, Finished Goods, Receivables, Machineries, etc belonging to the company. Extn of EM on company’s immovable properties situated at No. 50 A, II Phase, Peenya Industrial Estate, Bangalore - 560 058.
Date of latest modification prior to the present modification	17.01.2006
Particulars of the present modification	Total limits enhanced from Rs. 90.800 Millions to Rs. 98.800 Millions. All other terms, conditions and existing securities to continue.

FIXED ASSETS

• Land – Freehold
• Building
• Plant and Machinery
• Office Equipments
• Furniture and Fixtures
• Vehicles
• Technical Know How

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 records 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. 52.10
UK Pound	1	Rs. 81.30
Euro	1	Rs. 70.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
TOTAL		53

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.