MIRA INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	BHARAT BIOTECH INTERNATIONAL LIMITED

Registered Office :	Genome Valley, Turkapally, Shamirpet Mandal, Hyderabad - 500 078, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	15.02.1996

Com. Reg. No.:	01-023232

CIN No.: [Company Identification No.]	U24230AP1996PLC023232

TAN No.: [Tax Deduction & Collection Account No.]	HYDB00771B

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Manufacturer of Vaccines

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 5400000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having satisfactory track record. 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 – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

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

INFORMATION PARTED BY

Name :	Mr. Chandrashekhar
Designation :	Accounts Department
Date :	07.03.2011

LOCATIONS

Registered Office/Factory :	Genome Valley, Turkapally, Shamirpet Mandal, Hyderabad – 500 078, Andhra Pradesh, India
Tel. No.:	91-40-2348 0567
Fax No.:	91-40-2348 0560
E-Mail :	careers@bharatbiotech.com info@bharatbiotech.com srinivas@bharatbiotech.com
Website :	http://www.bharatbiotech.com
Area :	20 acres
Location :	Owned

DIRECTORS

As On 28.09.2010

Name :	Dr. Krishna Murthy Ella
Designation :	Chairman cum Managing Director
Address :	Genome Valley, Shamirpet Mandal, Turkapally, Hyderabad – 500 078, Andhra Pradesh, India
Date of Birth/Age :	10.07.1955
Date of Appointment :	01.11.1996
DIN No. :	00072071

Name :	Mrs. Suchitra Krishna Ella
Designation :	Joint Managing Director
Address :	G-1, Vamsi Sadan Plot No. 265/266, Phase – II, Kamalapuri Colony, Hyderabad – 500073, Andhra Pradesh, India
Date of Birth/Age :	15.07.1963
Date of Appointment :	25.10.1996
DIN No. :	00090616

Name :	Dr. S. Balasundar
Designation :	Director
Address :	2802, Saratoga Lane, Tuscaloosa, A.I. 35406, USA
Date of Birth/Age :	10.10.1952
Date of Appointment :	30.09.1998
Date of Cessation :	28.09.2010

Name :	Dr. P.R. Rajagopalan
Designation :	Director
Address :	25, Charing Cross Road, SC29407, USA
Date of Birth/Age :	12.10.1940
Date of Appointment :	30.09.1998

Name :	Mr. Subramanya Bharathi Krishnan
Designation :	Director
Address :	Flat No. JG1, Navartha, 286 Anna Street, Om Kottivakkam, Chennai – 600041, Tamilnadu, India
Date of Birth/Age :	10.12.1940
Date of Appointment :	29.09.2004
DIN No. :	00017343

Name :	Mr. Rajiv Sarman Shukla
Designation :	Nominee Director
Address :	B 1101, Prathamesh Residency, dababhai Roadl, Andheri, Mumbai-400058, Maharashtra, India
Date of Birth/Age :	21.12.1974
Date of Appointment :	05.05.2008
Date of Cessation :	20.01.2010
DIN No. :	02143904

Name :	Dr. Bhaskar Bathala
Designation :	Director
Address :	Seligman Animal House Hospitall, Veterinatian, 4712, W North Avel, Chicago-60639, Ilinois
Date of Birth/Age :	12.10.1945
Date of Appointment :	18.06.2008
DIN No. :	02215746

Name :	Mr. Kaikeya Sharan Jangbahadur
Designation :	Director
Address :	27, Vijaya Heritage Anil Surpath Uliyan Kadma, Jamshedpur, Jarkand-831005, Rajasthan, India
Date of Birth/Age :	05.05.1970
Date of Appointment :	16.06.2010
DIN No. :	02241459

Name :	Mr. Banerjee Jayanta Kumar
Designation :	Director
Address :	Chaitanya Towers, A Wing Flat No. 802, Prabhadevl Mumbai – 400025, Maharashtra ,India
Date of Birth/Age :	27.10.1966
Date of Appointment :	21.01.2010
Date of Cessation :	27.05.2010
DIN No. :	00151010

KEY EXECUTIVES

Name :	Mr. Rajani Kilari
Designation :	Company Secretary
Address :	Flat No. 113, Block – B, Datta Sai Commercial Complex, RTC, ‘X’ Roads
Date of Birth/Age :	07.08.1982
Date of Appointment :	01.04.2010
Pan No.:	AVDPK8436C

Name :	Mr. Dheeraj Satyanarayan Bohra
Designation :	Company Secretary
Address :	Puma Geeta Nivas. H.NPro. 3-3-1/B. Opposite Sai Baba Temple, Near Rural Police Station, Bhainsa – 504103, Andhra Pradesh, India
Date of Birth/Age :	16.03.1982
Date of Appointment :	02.06.2009
Date of Cessation :	01.04.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 28.09.2010

Names of Shareholders (Equity Shares)	No. of Shares
Suchitra Ella	716200
Krishna Ella	3977560
V. Sunder	100
T. Srinivas	100
Mahalakshmi	100
T. Janaki	100
Swarnalath Inderjith	52575
S. Balasunder	405092
Muralidhar Reddy	54075
Dhavalur Inderjith	54014
Satguru Management Consultants Private Limited – India	13448
P.R. Rajagopalan	354539
Bio-tech Consortia Inc. – Bahamas	3312547
Venkat Ganupuru	89700
Sudha Sarada	175000
N.P. Nageswara Rao	3500
Nageswari	3500
Bhamini	3500
B R Jayalakshmi	3500
G. Amrutha	2330
D K Manjula	3500
Ramanjaneya	3500
International Finance Corporation – USA	500
Kalavathi	36000
Richard P Novick	4500
N. Sarojini Devi	90000
Krishna M Ella	200000
Mindtree Trading Company Private Limited – India	2000000
India Advantage Fund – I (The Western India trustee and executor) – India	500
Total	11559980

Names of Shareholders (Preference Shares)	No. of Shares
International Finance Corporation	1757317
India Advantage Fund – I	1757317
Total	3514634

As On 28.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	37.75
Bodies corporate	17.42
Directors or relatives of Directors	43.11
Other top fifty shareholders	1.72
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Vaccines

Products :

Product Description

Item Code No. (ITC Code)

Valccines and Medicines

300220

3002009.21

Vaccines and Bio Pharmaceuticals

Exports :

Products :

Vaccines

Countries :

Hongkong
Pakistan

Imports :

Products :

Raw materials

Countries :

Singapore
China

Terms :

Selling :

L/C, Cash, Credit

Purchasing :

L/C, Cash, Credit

PRODUCTION STATUS

As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Hepatitis – B Vaccine	NCG p.a	100000000	100000000	--
Antibodies	(mili GVM) p.a.	4000	4000	--
HIVI and II Diagnostic Kits	Nos. p.a.	750000	750000	--
Typhoid Vaccine	Doses p.a.	30000000	30000000	--
Streptokinase	Doses p.a.	3000000	3000000	--
E GF bulk protein	Kg	10	10	--
Rabies Vaccine	Doses p.a.	6000000	6000000	--
Oral poties vaccines		700000000	700000000
Vaccines	--	--	--	184769322
Others	--	--	--	1983740

GENERAL INFORMATION

Customers:

End Users

No. of Employees :

500 (approximately) [40- In Office + 460 – In Factory]

Bankers :

State Bank of India, Branch Abids, Hyderabad – 500001, Andhra Pradesh, India
Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cufee Parade, Mumbai – 400005, Maharashtra, India
Industrial Development Bank of India
ICICI Bank Limited

Facilities :

Cash Credit: Rs. 500.000 Millions (State Bank of India)

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From banks
Term loans
- Technology Development Board (secured by first charge on the whole of the movable properties purchased specifically for the project including its movable plant and machinery, machinery spares, tools and accessories both present and future, whether installed or not in the Company’s factory)	73.277	97.500
- Industrial Development Bank of India (secured by first charge on immovable and movable assets of the Company both, present and future)	0.000	29.150
Cash credit from State Bank of India (secured on second charge on the fixed assets and first charge on current assets	87.611	0.000
Hire purchase obligations	2.547	4.929
Total	163.435	131.579

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
- From Council for Scientific Industrial Research (availed under Nimetli project)	63.782	63.782
- from ICICI Bank Limited	49.750	14.250
- From D S T	63.000	72.000
- From Department of Biotechnology (through BCIL)	63.896	46.709
Sales tax deferrement	48.771	42.398
Total	289.199	239.139


Banking Relations :	---

Auditors :
Name :	Vijayaraghavan and Associates Chartered Accountants
Address :	Plot No.15, Hindi Nagar, Panjagutta, Hyderabad – 500 034, Andhra Pradesh, India
Pan No.:	AAGFK7495M

Associates/Subsidiaries :	Biovet Private Limited Address: Bangalore, Karnataka, India Line of Business: Manufacturer of Vaccines

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 millions
4000000	1% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs.40.000 millions
	Total		Rs.160.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

11559980	Equity Shares	Rs. 10/- each	Rs. 115.600 Millions
3514634	1% Cumulative Redeemable Preference Shares	Rs. 10/- each	Rs. 35.146 Millions
	Total		Rs. 150.746 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		150.746	150.746	150.746
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1207.609	967.581	683.404
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1358.355	1118.327	834.150
LOAN FUNDS
1] Secured Loans		163.435	131.579	342.626
2] Unsecured Loans		289.199	239.139	245.538
TOTAL BORROWING		452.634	370.718	588.164
DEFERRED TAX LIABILITIES		76.456	63.233	69.028

TOTAL		1887.445	1552.278	1491.342

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		855.509	843.950	287.402
Capital work-in-progress		191.055	148.719	441.065

INVESTMENT		0.473	0.473	21.073
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	492.179	232.898	108.031
	Sundry Debtors	303.239	271.673	241.622
	Cash & Bank Balances	55.049	248.162	14.779
	Other Current Assets	30.370	23.237	13.294
	Loans & Advances	54.818	21.328	91.798
Total Current Assets		935.655	797.298	469.524
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.538	149.960	40.261
	Other Current Liabilities	64.166	87.874	24.317
	Provisions	115.788	101.561	15.037
Total Current Liabilities		230.492	339.395	79.615
Net Current Assets		705.163	457.903	389.909

MISCELLANEOUS		135.245	101.233	351.893

TOTAL		1887.445	1552.279	1491.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1464.234	2331.783	834.438
		Other Income	34.104	27.401	53.457
		TOTAL (A)	1498.338	2359.184	887.895

Less	EXPENSES
		Consumption Materials	461.909	1263.316	396.849
		Staff cost	85.439	73.767	67.314
		Expenses	394.340	491.061	230.566
		TOTAL (B)	941.688	1828.144	694.729

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		556.650	531.04	193.166

Less	FINANCIAL EXPENSES (D)		35.865	47.971	19.227

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		520.785	483.069	173.939

Less/ Add	DEPRECIATION/ AMORTISATION (F)		140.290	91.615	38.094

	PROFIT BEFORE TAX (E-F) (G)		380.495	391.454	135.845

Less	TAX (I)		140.057	106.865	20.074

	PROFIT AFTER TAX (G-I) (J)		240.438	284.589	115.771

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		615.102	330.924

Less	APPROPRIATIONS
		Transfer to General Reserve	--	--
		Preference Dividend	0.351	0.351
		Tax on Dividend	0.060	0.060	NA
	BALANCE CARRIED TO THE B/S		855.129	615.102

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	134.651	114.312
	TOTAL EARNINGS		134.651	114.312

	IMPORTS
		Raw Materials	321.587	1150.472
		Stores & Spares	24.634	71.642
		Capital Goods	2.121	2.409
	TOTAL IMPORTS		348.342	2446.637	102.491

	Earnings Per Share (Rs.)
	Basic		20.76	24.58	9.98
	Diluted		15.95	18.88	7.68

Expected Sales (2010-2011) : Rs. 2500.000 Millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	16.05	12.06	13.04

Net Profit Margin (PBT/Sales)	(%)	25.99	16.79	16.28

Return on Total Assets (PBT/Total Assets}	(%)	21.24	23.85	17.95

Return on Investment (ROI) (PBT/Networth)		0.28	0.35	0.16

Debt Equity Ratio (Total Liability/Networth)		0.50	0.64	0.80

Current Ratio (Current Asset/Current Liability)		4.06	2.35	5.90

LOCAL AGENCY FURTHER INFORMATION

The Details of Sundry Creditors:

Rs. In Millions

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Due to small scale industrial undertakings	--	--	--
Others	50.538	149.960	40.261
Total	50.538	149.960	40.261

REVIEW OF OPERATIONS:

Financial Performance

During the year, the Company recorded revenue of Rs.1498.338 millions as against Rs 2359.184 millions of the previous financial year. The profit before tax for the same period stood at Rs 380.495 millions as compared with Rs. 391.454 millions 2008-09. The net profit of the company after previous year tax adjustments stead at Rs. 240.438 millions as compared to Rs. 284.589 millions in 2008-09. The difference in revenues is on account of government contracts and received during last week of march and revenues were recognized during financial year 201 0-2011.

The Basic earnings per share at the Company for the year 2009-10 is Rs 20.76. per share and the Diluted earnings per share stood at Rs 15.95 per share as compared to Rs24.50 per share and Rs.18.88 per share respectively in 2008-09.

NEW PRODUCT LAUNCHES:

During the year company has launched COMVAC5 the First Indigenously Developed Single Shot Pentavalentt Combination Vaccine.

Bharat’s following products are currently in the various stage of development and clinical trials:

o Rotavirus Vaccine

o Lysostaphin

o JE Vaccine

o H1N1 Vaccine

o Chicken Gunya Vaccine

o Anti Infectives

DOMESTIC MARKET STRATEGY:

Your comapnies marketing strengths would further expand with the new introductions such as Japanese encephtaltis, rotavirus and malarial vaccines in creating brands.

To strengthen its meeting operations and developing a focused approach to the doctors segment, the company has 2 divisions, each handling separate areas of business:

Marketing vaccines for the most dreadful disease in the country.
Marketing novel bio-therapeutic molecules for unmet medical needs.

INTERNATIONAL OPERATIONS:

During the year the company has expanded its operations to many more countries including neighboring countries like Pakistan, Bangladesh, Nepal and African Countries. A special focused team consists of 4 members are appointed to expand International operations.

Bankers Charges Report as per Registry

Name of the company	BHARAT BIOTECH INTERNATIONAL LIMITED
Presented By	Jointly by the Banker and the company
1) Date and description of instrument creating the change	1. Agreement of loan for overall limit dated 30^th November 1998 C-1 2. Agreement of hypothecation of goods and assets dated 30^th November 1998 C-2 3. Agreement of pledge of goods and assets Dated 30^th November 1998 C-3 4. Letter regarding the grant of individual limits within the overall limit Dated 12^th November 1998 C-5
2) Amount secured by the charge/amount owing on the securities of charge	1. Cash Credit (Hypothecation) – Rs. 9.500 Millions 2. Cash Credit (EPC) – Rs. 3.500 Millions with sub-limit of Rs. 2.500 Millions of non credit foreign usance bills discounting (FNCUBD) 3. Inland bill discounting – Rs. 4.500 Millions 4. Letter of Credit – Rs. 1.500 Millions 5.Bank Guarantee – Rs. 4.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	1. A Mortgage in form satisfactory to the bank of all the borrower’s immovable properties both present and future. 2. A First charge by way of hypothecation and / or pledge of the borrower’s entire goods, movables and other assets present and future including documents of title to goods and other assets such as book-debts, outstanding monies, assistance and/ or cash incentives under the cash incentive scheme or any other scheme, claims including claims by way of refund of customs/ excise duties under the duty draw back credit scheme or any other scheme, bills, invoices, documents, contracts, insurance, policies, guarantees, engagements, securities, investments and rights uncalled capital and all machinery present and future of such from satisfactory to the Bank.
4) Gist of the terms and conditions and extent and operation of the charge.	1. Cash Credit (Hypothecation) of stocks : Equitable mortgage of 10 acres of agricultural land at Mysore value at Rs. 2.500 Millions in the name of Mrs. Suchitra Ella and second charge over the fixed assets of the company with IDBI and TDB. Margin @ 25% on the stocks of raw materials, finished goods, stores, spares and book debts, Interest @ 15.55% p.a. with quarterly rests. 2. Cash Credit (Export Packing Credit ) : Hypothecation of stocks meant for export, Export, Equitable mortgage of 10 acres of agricultural land at Mysore value at Rs. 2.500 Millions in the name of Mrs. Suchitra Ella and second chare over the fixed assets of the company with IDBI and TDB. Margin @ 25% on the stocks of raw materials, finished goods, stores, spares and book debts. Interest @ 12% p.a. with quarterly rests upto 180 days and 14% p.a. after 180 days upto 270 days. 3. FNCUBD: Charge on documentary export bills discounted, Equitable mortgage of 10 acres of agricultural land at Mysore valued at Rs. 2.500 Millions in the name of Mrs. Suchitra Ella and second charge over the fixed assets of the company with IDBI and TDB. Interest @ 11% p.a with quarterly resets upto 90 Days and 13% p.a. beyond 90 days upto six months. 4. Inland Bill Discounting: Charge on inland bills discounted, Equitable mortgage of 10 acres of agricultural lant at Mysore Value at Rs. 2.500 Millions in the name of Mrs. Suchitra Ella and second charge over the fixed assets of the company with IDBI and TDB. Margin @ 25%. Interest @ 15.55% p.a. with quarterly rests. 5. Letters of Credit – Goods covered under L/Cl, Hypothecation charge on the current assets of the company, Margin @ 25% 6. Bank Guarantee – Extension of hypothecation charge on current assets of the company, Equitable mortgage of 10 acres of agricultural land at Mysore valued at Rs. 2.500 Millions in the name of Mrs. Suchitra Ella and Second charge over the fixed assets of the company with IDBI and TDB. Margin @ 25%
5) Name and Address and description of the person entitled to the charge.	State Bank of India, Overseas Branch, 5-9-300, Abids, Hyderabad – 500 001, Andhra Pradesh, India
6) Date and brief description of instrument modifying the charge	1. Declaration and Undertaking 2. Entry No. 1130 Both dated 26.11.2005
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	No change in the existing limits. In addition to the existing securities, a second charge by way of joint mortgage has been created by way of declaration and undertaking in respect of the following immovable properties of the company. - All those pieces and parcels of land admeasuring 10.00 acres in Sy. # 230, 231 and 235 at Turkapally Village, Shameerpet mandal, Ranga Reddy district. - All those piece and parcels of land admeasuring AC 0.25 guntas in Sy # 228 (part) at Turkapally village Shameerpet mandal, Ranga Reddy District Together with all buildings and structures thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth.

Corporate identity number of the company

U24230AP1996PLC023232

Name of the company

BHARAT BIOTECH INTERNATIONAL LIMITED

Address of the registered office or of the principal place of business in India of the company

Genome Valley,Turkapally, Shamirpet Mandal, Hyderabad, Andhra Pradesh, India

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property

Floating Charge

Particular of charge holder

Name :	Export-Import Bank of India
Address :	Centre One Building, Floor 21, World Trade Centre, Cufee Parade, Mumbai – 400005, Maharashtra, India
Email :	eximhro@eximbankindia.in

Nature of instrument creating charge

Unattested Deed of Hypothecation dated 30.07.2009 executed by Bharat Biotech International Limited (' the Borrower ') in favour of Export-Import Bank of India (Exim Bank) as security over its entire moveable fixed assets (excluding assets exclusively charged in favour of other lenders) and current assets for the Loan of Rs. 500.000 millions ('the Loan') granted by Exim Bank to the Borrower.

Date of instrument Creating the charge

30.07.2010

Amount secured by the charge

Rs. 500.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - 9.75 % per annum payable by the Borrower with monthly rests on the 20^th day of each month in each year and further subject to reset of Interest Rate as per provisions of Loan Agreement dated 29.07.2010.

Terms of Repayment - Unless the Borrower prepays the Loan as per provisions of Loan Agreement, the Loan shall be repaid by the Borrower in 12 (Twelve) substantially equal quarterly instalments, commencing after two years from the date of first disbursement, or such other date closer to that date as may be advised by Exim Bank at the time of making the first disbursement.

Margin - 20%

Extent and Operation of the charge - A first charge by way of hypothecation in favour of Exim Bank over the Borrower's entire moveable fixed assets, both present and future excluding assets exclusively charged in favour of other lenders and a second charge by way of hypothecation in favour of Exim Bank over the Borrower's entire current assets, both present and future.

Particulars of the property charged

The particulars of the entire current assets and moveable fixed assets of the Borrower are more particularly described in Schedule III to the Deed of Hypothecation dated 30.07.2010 attached hereto.

FIXED ASSETS:

Freehold land
Office equipment
Electrical installations
Buildings
Plant and machinery
Data processing equipments
Furniture and fittings
R and D Equipment
Motor vehicles
Patents
Product development expenditure

Trade References:

Aptitude Laras

WEBSITE DETAILS:

Corporate Profile:

Subject (BBIL/Bharat Biotech), Hyderabad, India, is a multidimensional biotechnology company specialising in product-oriented research, development and manufacturing of vaccines and biotherapeutics. Bharat Biotech, established in the year 1996 by Dr. Krishna M. Ella and Mrs. Suchitra K. Ella as the Founder Directors, is engaged in developing next-generation vaccines and bio-therapeutics through innovative and collaborative research.

BBIL's state-of-the-art manufacturing plant is the largest of its kind in Asia-Pacific. The first bio-pharma facility in the country to be audited and approved by Korean Food and Drugs Administration (KFDA), it sprawls over a picturesque campus at Genome Valley, Hyderabad. Built with an investment of over INR 1000 million, the facility's Manufacturing, Control Procedures and Protocols, conform to the stringent standards laid down by internationally recognized institutions such as USFDA, UKMCA and WHO.

Bharat Biotech has set new benchmarks in Innovation and Quality that epitomizes the tremendous progress of Indian biotechnology in the global arena.

AWARDS AND ACCOLADES

BBIL's genuine and concentrated efforts have borne fruit in myriad ways. In recognition of its pioneering efforts, the Company has been the first to receive three collaborative research grants from the Department of Science and Technology, Government of India and has received a number of awards including

1. The National Award for ‘Best Biotechnology Company' by the All India Biotech Association (1998-99)

2. The National Award for ‘Best R and D Efforts in Industry' by the Department of Scientific and Industrial Research (DSIR), Government of India (1999)

3. Technology for Advancement of Science: Biotechnology Efforts by Dept. of Biotechnology, Ministry of S and T, Govt. of India (2000)

4. Best R and D Effort' by the All India Manufacturer's Association (AIMA) - (2004, HIMAX Technology)

5. The Award for ‘Best Technological Development in R and D by an Industrial Scientific Organization' from FAPCCI (1999-2000)

6. Biotech Product and Process Development and Commercialization Award 2005, Department of Biotechnology, Ministry of Science and Technology, Govt. of India (2005, INDIKINASE)

7. National Award 2006 for Successful Commercialization of Indigenous Technology by Technology Development Board, Ministry of Science and Technology, Govt. of India (2006, REGEN-D)

8. Innovation for India Awards 2006 for product/process innovation by Innovation for India-Marico Foundation and Businessworld (2006)

FOUNDER'S PROFILE

Dr. KRISHNA M. ELLA

Chairman and Managing Director of Subject

Dr. Krishna M. Ella pursued his early education in India and acquired his Postgraduate Degree in Agricultural Sciences with Distinction and Gold Medals. After working with Sandoz (India) Limited and Bayer, he moved to the US for Higher Studies on a Rotary Foundation Scholarship.

Dr. Ella was awarded his Doctorate from the University of Wisconsin-Madison in Molecular Biology. He received the National Research Service Award from the National Institute of Health, Bethesda, Maryland and became a part of the Research faculty at the Medical University of South Carolina- Charleston.

As a scientist par international standard, well versed in the Plant/Human/Yeast systems, Dr. Ella has more than 30 scientific publications to his credit in peer reviewed academic journals. His expertise in Gene Expression Systems has been well acclaimed and demonstrated, internationally.

He is a member of various high level Commissions viz., X Five Year Plan – Biotechnology, Government of India, Co-chair, Human Resources and Innovation, National Biotech Policy, GoI (2004-05), Co-chair, High Technology Cooperation Groups (HTCG) – Indo-US Governments, National Task Force – Industrial Biotechnology, GoI and member of Confederation of Indian Industry's National Council on IPR. Chairman of Federation of Indian Chambers of Commerce and Industry (FICCI) – Biotech Committee, he is also the Advisor for many State Governments on Biotechnology.

Dr. Ella is the first recipient of the Best Entrepreneur of the Year, 2003. He founded and established Subjectin 1996 along with his wife Suchitra Ella. The Company today, is on the forefront of Indian Biotechnology engaged in R AND D, manufacturing and marketing of vaccines and biotherapeutics.

PRESS RELEASES:

Clot-Busting Drug THR-100 (Staphylokinase)

Enters Phase III Clinical Trials in India

Thrombolytic Agent for Treatment of Myocardial Infarction

Being Developed for Emerging Markets by Bharat Biotech

Hyderabad, India – 04.02.2011 –Bharat Biotech (www.bharatbiotech.com) today announced it has initiated a Phase III trial in India with THR-100 in patients suffering an acute myocardial infarction (AMI or heart attack). Bharat Biotech is a leading innovator and manufacturer of vaccines and biologics with focus on emerging markets. The trial is expected to recruit approximately 120 patients.

Bharat Biotech entered into a license agreement with ThromboGenics for the manufacture, clinical development and commercialization of THR-100 with the objective of potentially commercializing THR-100 as a replacement for established thrombolytics, such as streptokinase and urokinase, in developing markets in December 2006. THR-100, a novel variant of Recombinant Staphylokinase, is a thrombolytic agent developed by ThromboGenics for the treatment of AMI and other vascular diseases, based on its ability to dissolve blood clots.

Bharat Biotech anticipates that the Phase III trial with THR-100 will be completed in the second half of 2011. The results of this Phase III trial will pave the way for this novel thrombolytic to be filed for marketing approval by Bharat Biotech with Indian regulatory authorities.

About ThromboGenics

ThromboGenics is a biopharmaceutical company focused on the discovery and development of innovative medicines for the treatment of eye disease, vascular disease and cancer. The Company’s lead product ocriplasmin (microplasmin) has completed two Phase III clinical trials for the pharmacological treatment of symptomatic vitreomacular adhesion (sVMA). Ocriplasmin is also being evaluated in Phase II clinical development for additional vitreoretinal conditions. In addition, ThromboGenics is developing novel antibody therapeutics in collaboration with BioInvent International; these include TB-402 (anti-Factor VIII), a long acting anti-coagulant in Phase II, and TB-403 (anti-PlGF) in Phase Ib/II for cancer in partnership with Roche.

ThromboGenics is headquartered in Leuven, Belgium. The Company is listed on NYSE Euronext Brussels under the symbol THR. More information is available at www.thrombogenics.com.

About Bharat Biotech

Bharat Biotech International Limited, Hyderabad, India, is a multidimensional biotechnology company specializing in innovation for emerging markets, manufacture of vaccines and biotherapeutics. Bharat Biotech, established in 1996, is engaged in developing next-generation vaccines and biotherapeutics through innovative and collaborative research.

Bharat Biotech is one of the first bio-pharma facilities in India to be audited and approved by Korean Food and Drugs Administration (KFDA). Bharat Biotech is also a WHO prequalified manufacturer of Hepatitis-B vaccines for supply to UNICEF and global procurement agencies. Bharat Biotech is one of the largest manufacturer of anti-rabies vaccines in India. INDIRAB® is a market leader in India and several countries globally. Bharat Biotech also manufactures vaccines for typhoid, polio, and pentavalent combination vaccines. Bharat Biotech is a market leader in wound healing segment with its REGEN-D, epidermal growth factor for diabetic foot ulcers, burns and wound healing. www.bharatbiotech.com

Cautionary note regarding forward-looking statements

This press release may contain forward-looking statements, including, without limitation, statements containing the words “believes,” “anticipates,” “expects,” “intends,” “plans,” “seeks,” “estimates,” “may,” “will,” “could,” and “continues,” as well as similar expressions. Such forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition, performance or achievements of ThromboGenics, or industry results, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this press release. ThromboGenics expressly disclaims any obligation to update any such forward-looking statements in this press release, unless required by law or regulation. www.thrombogenics.com.

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.61.05
UK Pound	1	Rs.90.89
Euro	1	Rs.78.28

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		51

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.

MIRA INFORM REPORT

492.179

232.898

303.239

271.673

55.049

248.162

30.370

23.237

54.818

21.328

935.655

797.298

64.166

87.874

115.788

101.561

230.492

339.395

705.163

457.903

16.05

12.06

25.99

16.79

21.24

23.85

0.28

0.35

0.50

0.64

4.06

2.35

Unit