MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	SOGEVAL
Registered Office :	200, Avenue De Mayenne, Zi Des Touches, Rue Berthelot, Laval, 53000
Country :	France
Financials (as on) :	31.12.2010
Date of Incorporation :	15.01.1972
Com. Reg. No.:	712005107
Legal Form :	Private Subsidiary
Line of Business :	Production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments
No. of Employees :	207

RATING & COMMENTS

MIRA’s Rating :

Ba

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

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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
France	a2	a2

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

Company name & address

Sogeval

200, Avenue De Mayenne

Zi Des Touches, Rue Berthelot

Laval, 53000

France

Tel: +33 02 43 49 51 51

Fax: +33 02 43 53 97 00

Web: www.sogeval.com

synthesis

Employees: 207

Company Type: Private Subsidiary

Corporate Family: 56 Companies

Ultimate Parent: SOFIPROTEOL

Incorporation Date: 15-Jan-1972

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 68.6

Total Assets: 51.7

Business Description

Sogeval is primarily engaged in production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments; and processing of blood. This class also includes: manufacture of chemically pure sugars; and processing of glands and manufacture of extracts of glands, etc.

Industry

Industry Biotechnology and Drugs

ANZSIC 2006: 1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002: 2441 - Manufacture of basic pharmaceutical products

NAICS 2002: 32541 - Pharmaceutical and Medicine Manufacturing

UK SIC 2003: 2441 - Manufacture of basic pharmaceutical products

US SIC 1987: 2834 - Pharmaceutical Preparations

Key Executives

Name	Title
Jose Daoudal	President
Herve Bourge	Director
Alain Facelina	EDP manager
Pierre Beauclair	Directeur
Jean-Pascal Barrier	Commercial director

Registered No.(FRA): 712005107

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location

200, Avenue De Mayenne

Zi Des Touches, Rue Berthelot

Laval, 53000

France

Tel: +33 02 43 49 51 51

Fax: +33 02 43 53 97 00

Web: www.sogeval.com

Sales EUR(mil): 51.8

Assets EUR(mil): 38.5

Employees: 207

Fiscal Year End: 31-Dec-2010

Industry: Biotechnology and Drugs

Incorporation Date: 15-Jan-1972

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(FRA): 712005107

President: Jose Daoudal

Contents

Industry Codes

Business Description

Financial Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002 Codes:

2441 - Manufacture of basic pharmaceutical products

NAICS 2002 Codes:

32541 - Pharmaceutical and Medicine Manufacturing

US SIC 1987:

2834 - Pharmaceutical Preparations

UK SIC 2003:

2441 - Manufacture of basic pharmaceutical products

Business Description

Sogeval is primarily engaged in production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments; and processing of blood. This class also includes: manufacture of chemically pure sugars; and processing of glands and manufacture of extracts of glands, etc.

More Business Descriptions

Pharmaceutical and Medicine Manufacturing

Financial Data

Financials in:	EUR(mil)
Revenue:	51.8
Assets:	38.5
Current Assets:	25.8
Total Liabilities:	38.5
Issued Capital:	10.0
Net Worth:	18.1
Date of Financial Data:	31-Dec-2010

1 Year Growth

11.0%

NA

Subsidiaries

Company	Percentage Owned	Country
Sogeval Laboratories, Inc.		United States of America

Key Corporate Relationships

Bank:	Bnp Paribas

Corporate Family	Corporate Structure News:
	S O F I P R O T E O L Sogeval
Sogeval Total Corporate Family Members: 56

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
S O F I P R O T E O L	Parent	Paris	France	Miscellaneous Financial Services	3.4	39
Soprol Societe Participation Oleagineu	Subsidiary	Paris	France	Miscellaneous Financial Services	0.1	2,100
Soc Agro Industrielle De Patrimoine	Subsidiary	Paris	France	Biotechnology and Drugs	2,215.3	749
Lesieur	Subsidiary	Asnieres Sur Seine	France	Food Processing	920.7	611
Lesieur Generale Condimentaire	Subsidiary	Asnieres Sur Seine	France	Food Processing	97.5	106
Expur SA	Subsidiary	Bucharest	Romania	Food Processing		572
Lmt Oleagineux	Subsidiary	Paris	France	Food Processing	24.1	74
Diester Industrie	Subsidiary	Paris	France	Chemical Manufacturing	2,479.0	60
Diester Industrie International Ou En Abrege Dii	Subsidiary	Paris	France	Chemical Manufacturing	260.0	150
Novaol SRL	Subsidiary	Milano	Italy	Oil and Gas Operations	498.4	57
Novance SAS	Subsidiary	Compiegne	France	Biotechnology and Drugs	67.7	125
Hoso	Subsidiary	Paris	France	Food Processing	263.6
Diol Production	Subsidiary	Venette	France	Personal and Household Products	15.0
Diester Industrie Atlantique	Subsidiary	Paris	France	Retail (Specialty)	9.6
Oleon SA/NV	Subsidiary	Ertvelde	Belgium	Personal and Household Products	512.1	380
Farmor	Subsidiary	St Agathon	France	Food Processing	46.5	178
Eggteam	Subsidiary	Neuvy En Sullias	France	Fish and Livestock	96.8	149
Societe Le Plenier Boscher	Subsidiary	Mur De Bretagne	France	Food Processing	75.0	149
Les Volailles De Keranna	Subsidiary	Guiscriff	France	Food Processing		600
Oleon GmbH	Subsidiary	Emmerich Am Rhein, Nordrhein-Westfalen	Germany	Chemical Manufacturing	23.6	108
Sopral	Subsidiary	Bruz	France	Food Processing	30.8	84
Cybelia	Subsidiary	St Gerand	France	Computer Services	13.2	84
Michel Robichon Sas	Subsidiary	Pontivy	France	Food Processing	32.4	74
Soc Interolea Assist & Develop	Subsidiary	Paris	France	Computer Services	22.2	74
France Ponte	Subsidiary	St Germain Les Arpajon	France	Food Processing		74
Porcgros	Subsidiary	Rungis	France	Food Processing	35.2	34
France Genes	Subsidiary	Neulliac	France	Fish and Livestock	14.6	34
Agro Evolution	Subsidiary	St Symphorien	France	Biotechnology and Drugs	2.8	14
Terrial	Subsidiary	Bruz	France	Chemical Manufacturing	10.4	7
Val Produits	Subsidiary	Branges	France	Fish and Livestock	2.7	4
Ovoteam	Subsidiary	Naizin	France	Food Processing	114.3
Etablissements Le Cam	Subsidiary	Naizin	France	Food Processing	57.9	113
Epi Bretagne Oeufs Sas	Subsidiary	Plaintel	France	Food Processing	35.1	100
3 Vallees	Subsidiary	Ambrieres Les Vallees	France	Food Processing	40.6	74
Domaine Des Acacias	Subsidiary	Sougy	France	Fish and Livestock	2.9
Glon Sanders	Subsidiary	St Gerand	France	Miscellaneous Financial Services	0.4
Sanders Bretagne	Subsidiary	St Gerand	France	Food Processing	555.8	285
Trade Alliance	Subsidiary	Servon Sur Vilaine	France	Crops	10.7	1
Sanders Participations	Subsidiary	St Gerand	France	Food Processing	0.3
Etablissement Abera	Subsidiary	St Brice En Cogles	France	Food Processing	200.1	345
Sogeval	Subsidiary	Laval	France	Biotechnology and Drugs	68.6	207
Sanders Grand Est	Subsidiary	Einville Au Jard	France	Food Processing	68.4	149
Sanders	Subsidiary	Aze	France	Food Processing	67.3	34
Bailet (Maison)	Subsidiary	Nice	France	Food Processing	6.6	14
Sanders Distribution	Subsidiary	Bruz	France	Crops	31.0	13
Sunfeed	Subsidiary	St Gerand	France	Crops	15.4	1
Sanders Aliments	Subsidiary	St Gerand	France	Food Processing	0.1
Sanders Ouest	Subsidiary	Etrelles	France	Food Processing	250.0	374
Sanders Nord	Subsidiary	St Nicolas	France	Food Processing	96.5	149
Sanders Centre Auvergne	Subsidiary	Aigueperse	France	Food Processing	61.2	149
Agri Volcans	Subsidiary	Tauves	France	Crops	8.8	14
Sanders Aurore	Subsidiary	Champforgeuil	France	Food Processing	62.5	74
Sanders Adour	Subsidiary	Lons	France	Food Processing	75.4	34
Sanders Perigord	Subsidiary	Boulazac	France	Food Processing	32.6	34
Sanders Thouars	Subsidiary	Thouars	France	Business Services	0.2
Soc Progal S A	Subsidiary	Neuvy En Sullias	France	Food Processing

Executive report

Board of Directors

Name	Title	Function
Jose Daoudal	President	Chairman

Executives

Name	Title	Function
Jose Daoudal	President	President
Herve Bourge	Director	Administration Executive
Chantal Pancaldi	Director	Administration Executive
Stephen Payan	General manager	Administration Executive
Alain Facelina	EDP manager	Information Executive
Jean-Pascal Barrier	Commercial director	Commercial Executive
Pierre Beauclair	Directeur	Manufacturing Executive
Pierre Bertoux	Directeur	Manufacturing Executive
François Biet	Directeur	Manufacturing Executive
Lionel Jacquot	Directeur	Manufacturing Executive

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Total income	71.5	66.7	63.9
Net sales	68.6	65.0	64.0
Change in stock	-	0.2	-
Unfinished work in progress	1.4	0.9	-
Own work capitalised	-	0.4	0.1
Subsidies for operating costs	0.0	0.0	0.0
Supplementary operating income	1.4	0.3	0.2
Other operating income	0.1	0.1	0.3
Other external charges	17.9	15.7	16.2
Cost of goods sold	31.0	26.3	26.8
Taxes and social security costs	3.1	2.6	2.3
Social charges	4.6	4.5	4.1
Total payroll costs	10.7	10.2	9.4
Cost of stock depreciation and amortisation	0.4	0.6	0.6
Fixed asset depreciation and amortisation	1.5	1.4	1.2
Other operating costs	0.1	0.1	0.2
Total operating costs	67.0	61.5	60.7
Net operating income	4.5	5.2	3.2
Joint venture results	-	-	0.0
Total financial income	2.6	0.3	0.4
Interest payable on loans	6.2	1.2	1.1
Other expenses	0.2	0.6	0.4
Total expenses	6.4	1.8	1.5
Profit before tax	0.7	3.7	2.1
Extraordinary income	0.5	6.4	1.0
Extraordinary expenses	1.0	7.2	1.2
Profit distributed to employees	-	0.5	0.4
Net profit	1.1	2.5	2.1

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Issued capital	13.4	14.3	2.2
Share premium account	-	-	0.8
Legal reserves	4.6	4.4	3.6
Total reserves	5.1	4.2	3.9
Profits for the year	1.1	2.5	2.0
Profit brought forward from previous year(s)	-	-	1.8
Total stockholders equity	24.3	25.4	14.2
Provisions and allowances	0.7	0.8	0.2
Trade creditors	10.8	8.4	10.0
Bank loans and overdrafts	5.1	1.8	2.6
Other loans	0.1	0.2	0.2
Other liabilities	5.6	22.6	6.4
Debts on fixed assets	0.2	1.4	1.8
Income stated in advance	0.4	0.0	0.8
Taxation and social security	4.4	5.9	3.6
Total current liabilities	23.4	39.5	23.5
Total debts	26.6	40.4	25.4
Regularisation account	0.1	0.0	0.0
Total liabilities (including net worth)	51.7	66.6	39.9
Patents	0.5	0.8	0.8
Goodwill	0.3	0.3	0.3
Other intangibles	0.1	0.1	0.1
Land	0.3	0.3	0.3
Buildings	3.7	3.5	3.7
Other fixed assets	10.1	11.0	8.1
Long-term investments	0.0	0.0	0.0
Other financial assets	2.0	0.0	0.0
Total non-current assets	17.0	16.0	13.2
Prepayments	-	0.0	-
Net stocks and work in progress	13.8	11.2	10.1
Trade debtors	15.7	20.2	12.1
Discounted bills not yet due	0.8	1.2	1.2
Other receivables	4.0	10.8	4.0
Prepaid expenses	0.6	0.2	0.2
Cash and liquid assets	0.4	8.1	0.2
Total current assets	34.6	50.4	26.6
Prepaid expenses and deferred costs	0.2	0.2	0.1
Total assets	51.7	66.6	39.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	1.50	1.30	1.10
Quick ratio	0.90	1.00	0.70
Total liabilities to net worth	1.15%	1.68%	1.96%
Net worth to total assets	0.45%	0.36%	0.33%
Collection period	72.20	96.90	65.90
Stock turnover rate	5.00	6.00	6.00
Asset turnover	1.35%	1.01%	1.53%
Profit margin	0.01%	0.06%	0.03%
Return on assets	0.01%	0.06%	0.05%
Shareholders' return	0.03%	0.16%	0.16%
Sales per employee	1,642.19	1,665.05	1,559.51
Profit per employee	17.12	95.23	52.20
Average wage per employee	255.28	260.34	228.68
Net worth	24.3	25.4	14.2
Number of employees	207	184	184

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

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	----

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

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