MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	BHARAT BIOTECH INTERNATIONAL LIMITED
Registered Office :	Genome Valley, Turkapally, Shamirpet Mandal, Hyderabad - 500 078, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.02.1996
Com. Reg. No.:	01-23232
Capital Investment / Paid-up Capital :	Rs. 150.746 Millions
CIN No.: [Company Identification No.]	U24230AP1996PLC023232
TAN No.: [Tax Deduction & Collection Account No.]	HYDB00771B
PAN No.: [Permanent Account No.]	AABCB3822B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	The Company is a Multidimensional Biotechnology Company Specialising in Product-Oriented Research, Development and Manufacturing of Vaccines and Biotherapeutics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 7500000
Status :	Good
Payment Behaviour :	Regulars
Litigation :	Exist
Comments :	Subject is a well established and a reputed company having a fine track record. The financial position and the performance capability of the company is good. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	11.10.2012

Rating Agency Name	CRISIL
Rating	Short term rating : A2+
Rating Explanation	Strong degree safety and low credit risk.
Date	11.10.2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Factory :	Genome Valley, Turkapally, Shamirpet Mandal, Hyderabad - 500 078, Andhra Pradesh, India
Tel. No.:	91-40-2348 0567/ 27784084/ 23450576
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: 28.09.2012

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

Qualification :

Ph.D. from University of Wisconsin, Madison

Date of Appointment :

25.09.2012

DIN No.:

00072071

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230AP1996PLC023232	Bharat Biotech International Limited	Managing director	25/09/2012	01/11/1996	-	Active	NO
2	U01122KA1997PTC021815	Century Biologicals Private Limited	Director	14/02/1997	14/02/1997	-	Active	NO
3	U85110AP2002NPL039925	Ella Foundation	Director	15/11/2002	15/11/2002	-	Active	NO
4	U51219KA2005PLC035446	Innova Agri Bio Park Limited	Director	19/01/2005	19/01/2005	-	Active	NO
5	U24235KA2005PTC035491	Biovet Private Limited	Director	27/01/2005	27/01/2005	01/12/2012	Active	NO
6	U51909MH2004PTC150142	Mindtree Trading Company Private Limited	Director	21/09/2005	21/09/2005	01/12/2012	Active	NO
7	U73100AP2008PTC062147	Conress Labs (India) Private Limited	Director	11/12/2008	11/12/2008	-	Active	NO
8	U24239AP2005PTC048111	Rcc Laboratories India Private Limited	Director	21/06/2010	12/01/2009	10/11/2011	Active	NO
9	L24110AP1991PLC012471	Granules India Limited	Director	25/09/2009	04/06/2009	-	Active	NO
10	U15209OR2009PTC010902	Konark Knowledge Park Private Limited	Director	23/06/2009	23/06/2009	28/05/2013	Active	NO

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

Qualification :

B.A Economics from University of Madras, PG diploma in Patent Law from Nalsar, Hyderabad

Date of Appointment :

25.09.2012

DIN No.:

00090616

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230AP1996PLC023232	Bharat Biotech International Limited	Managing director	25/09/2012	25/10/1996	-	Active	NO
2	U01122KA1997PTC021815	Century Biologicals Private Limited	Director	14/02/1997	14/02/1997	-	Active	NO
3	U85110AP2002NPL039925	Ella Foundation	Director	15/11/2002	15/11/2002	-	Active	NO
4	U73100KA2003PTC032309	Clintrac International Private Limited	Director	25/07/2003	25/07/2003	-	Dormant	NO
5	U51219KA2005PLC035446	Innova Agri Bio Park Limited	Director	19/01/2005	19/01/2005	-	Active	NO
6	U73100KA2008PTC046540	Clinsoft Research And Imaging Private Limited	Director	23/05/2008	23/05/2008	-	Strike off	NO
7	U73100AP2008PTC062147	Conress Labs (India) Private Limited	Director	11/12/2008	11/12/2008	-	Active	NO
8	U24239AP2005PTC048111	Rcc Laboratories India Private Limited	Director	21/06/2010	12/01/2009	06/09/2011	Active	NO
9	U85100AP2012NPL080040	Hyderabad Bicycling Club	Additional director	02/06/2012	02/06/2012	-	Active	NO

Name :

Dr. Prathivadibhayankaram Ranganathac Rajagopalan

Designation :

Director

Address :

25, Charing Cross Road, SC29407, USA

Date of Birth/Age :

12.10.1940

Date of Appointment :

30.09.1998

DIN No.:

03272757

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

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U65993DL1988PLC030284	Ifci Venture Capital Funds Limited	Director	16/10/1998	16/10/1998	02/07/2007	Active	NO
2	U24230AP1996PLC023232	Bharat Biotech International Limited	Director	29/09/2004	29/09/2004	-	Active	NO
3	U85110AP1998PTC030229	Ravindranath Ge Medical Associates Private Limited	Director	27/09/2006	30/12/2005	-	Active	NO
4	U74900AP2008PTC060473	University Of Hyderabad Knowledge And Innovation Park Private Limited	Director	18/08/2008	18/08/2008	-	Active	YES

Name :

Dr. Krishna Mohan Vadrevu

Designation :

Whole-time Director

Address :

304, A Block, Gayatri Grandeur, Plot 18/19 Vikrampuri, Secunderabad – 500099, Andhra Pradesh, India

Date of Birth/Age :

17.02.1951

Date of Appointment :

28.12.2011

DIN No.:

05222871

KEY EXECUTIVES

Name :	Mrs. Anita Singh
Designation :	Company Secretary
Address :	D-1, Maheshwari Towers, Road No.1, Near Pension Office Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India
Date of Birth/Age :	30.10.1984
Date of Appointment :	01.03.2012
PAN No.:	CXKPS9988L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	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
P.R. Rajagopalan	354539
Bio-tech Consortia Inc. – Bahamas	3312547
Venkat Ganupuru	89700
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
Sudhasarda Vadlamudi	175000
R. Balakrishnan Raji	13448
India Advantage Fund – I (IDBI Trusteeship Services Limited)	500
Total	11559980

Names of Shareholders (Preference Shares)	No. of Shares
India Advantage Fund – I (IDBI Trusteeship Services Limited)	1562004
International Finance Corporation	1757317
Krishna M Ella	195313
Total	3514634

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Venture capital	0.01
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	37.75
Bodies corporate	17.42
Directors or relatives of directors	42.33
Others	2.49
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is a Multidimensional Biotechnology Company Specialising in Product-Oriented Research, Development and Manufacturing of Vaccines and Biotherapeutics.

Products :

Product Description	Item Code No. (ITC Code)
3006	Pharmaceutical

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cufee Parade, Mumbai – 400005, Maharashtra, India

· Industrial Development Bank of India, IDBI Tower, WTC Complex, Cufee Parade, Mumbai – 400005, Maharashtra, India

· Citibank N.A, 1st Floor, Queens Plaza, Sardar Patel Road, Hyderabad - 500003, Andhra Pradesh, India

· The Hong Kong And Shanghai Banking Corporation Limited, 6-3-1107 and 1108, Rajbhavan Road, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
.Term loans from banks	422.159	438.000
Term loans from others	4.200	29.839
Rupee term loans from banks	203.693	270.260
Loans repayable on demand	450.317	0.000
Total	1080.369	738.099

Banking Relations :	--
Auditors :
Name :	B S R R and Company Chartered Accountants
Address :	Reliance Humsafar IV Floor, Road No 11 Banjara Hills, Hyderabad- 500034, Andhra Pradesh, India
PAN No.:	AAKFB1884H
Entities under common control with whom transactions have taken place during the year	· Ella Foundation (Formerly known as Bharat Biotech Foundation), India CIN No. U85110AP2002NPL039925 · Century Biologicals Private Limited, India CIN No. U01122KA1997PTC021815

CAPITAL STRUCTURE

As on: 28.09.2012

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	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	150.746	150.746
(b) Reserves & Surplus	1730.513	1450.757
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1881.259	1601.503
(3) Non-Current Liabilities
(a) long-term borrowings	641.778	682.042
(b) Deferred tax liabilities (Net)	137.806	112.418
(c) Other long term liabilities	17.738	14.801
(d) long-term provisions	5.980	5.496
Total Non-current Liabilities (3)	803.302	814.757
(4) Current Liabilities
(a) Short term borrowings	654.010	270.260
(b) Trade payables	728.725	890.750
(c) Other current liabilities	391.880	223.768
(d) Short-term provisions	41.041	6.895
Total Current Liabilities (4)	1815.656	1391.673
TOTAL	4500.217	3807.933
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1382.612	748.316
(ii) Intangible Assets	71.836	115.518
(iii) Capital work-in-progress	52.197	518.228
(iv) Intangible assets under development	404.317	313.165
(b) Non-current Investments	0.473	0.473
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	98.225	92.302
(e) Other Non-current assets	2.552	2.552
Total Non-Current Assets	2012.212	1790.554
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1409.114	952.882
(c) Trade receivables	639.081	482.253
(d) Cash and cash equivalents	388.330	440.426
(e) Short-term loans and advances	48.321	140.021
(f) Other current assets	3.159	1.797
Total Current Assets	2488.005	2017.379
TOTAL	4500.217	3807.933

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		150.746
2] Share Application Money		0.000
3] Reserves & Surplus		1207.609
4] (Accumulated Losses)		0.000
NETWORTH		1358.355
LOAN FUNDS
1] Secured Loans		163.435
2] Unsecured Loans		289.199
TOTAL BORROWING		452.634
DEFERRED TAX LIABILITIES		76.456
TOTAL		1887.445
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		855.509
Capital work-in-progress		191.055
INVESTMENT		0.473
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	492.179
	Sundry Debtors	303.239
	Cash & Bank Balances	55.049
	Other Current Assets	30.370
	Loans & Advances	54.818
Total Current Assets		935.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	50.538
	Other Current Liabilities	64.166
	Provisions	115.788
Total Current Liabilities		230.492
Net Current Assets		705.163
MISCELLANEOUS		135.245
TOTAL		1887.445

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operation	2778.003	2249.835	1447.785
		Other Income	25.481	28.755	41.636
		TOTAL (A)	2803.484	2278.590	1489.421
Less	EXPENSES
		Cost of material consumed	1838.867	1121.292
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(371.621)	53.457
		Employee benefit expenses	132.860	105.394
		Other expenses	643.994	445.231
		TOTAL (B)	2244.100	1725.374	932.769
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		559.384	553.216	556.652
Less	FINANCIAL EXPENSES (D)		57.501	40.176	35.866
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		501.883	513.040	520.786
Less/ Add	DEPRECIATION/ AMORTISATION (F)		158.761	147.285	140.290
	PROFIT BEFORE TAX (E-F) (G)		343.122	365.755	380.496
Less	TAX (H)		62.958	120.198	140.058
	PROFIT AFTER TAX (G-H) (I)		280.164	245.557	240.438
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1100.278	855.129	615.102
Less	APPROPRIATIONS
		Dividend	NA	0.408	0.351
		Tax on Dividend	NA		0.060
	BALANCE CARRIED TO THE B/S		NA	1100.278	855.129
	EARNINGS IN FOREIGN CURRENCY		292.821	158.875	134.651
	IMPORTS
		Raw Materials	--	--	321.587
		Stores & Spares	--	--	24.634
		Capital Goods	--	--	2.121
	TOTAL IMPORTS		NA	NA	348.342
	Earnings Per Share (Rs.)		24.20	21.21	20.76

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	9.99	10.78	16.14
Net Profit Margin (PBT/Sales)	(%)	12.35	16.26	26.28
Return on Total Assets (PBT/Total Assets}	(%)	8.49	12.29	21.24
Return on Investment (ROI) (PBT/Networth)		0.18	0.22	0.29
Debt Equity Ratio (Total Debt/Networth)		0.69	0.60	0.33
Current Ratio (Current Asset/Current Liability)		1.38	1.45	4.06

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
Term loans from banks	148.715	164.163
Deferred payment liabilities	66.704	50.040
Total	215.419	214.203

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration 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 - 500 078, Andhra Pradesh Email-id - srinivas@bharatbiotech.com
This form is for	Creation of charge
Type of charge	Book debts Floating charge Others (Stocks)
Particular of charge holder	Citibank N.A, 1st Floor, Queens Plaza, Sardar Patel Road, Hyderabad - 500003, Andhra Pradesh, India Email-id - prashanth3.kumar@citi.com
Nature of instrument creating charge	Goods Security Agreement. NOC to Cede charge in favour of Citibank.
Date of instrument Creating the charge	28.03.2013
Amount secured by the charge	Rs. 250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 11.50% per annum. Terms of Repayment Repayable on demand, annually renewable. Margin Borrower shall at all times during the continuance of the security maintain a sufficient amount to provide the margin of security as may from time to time advised by the bank. Extent and Operation of the charge First pari-passu charge by hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets both present and future in favour of Citibank N.A for the repayment of all monies in respect of the credit facility, including outstanding balance and also all interest, costs, charges and expenses.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of all the borrowers movable assets (including stocks and book debts) forming part of its current assets both present and future

CASE STATUS INFORMATION SYSTEM

PETITIONER	RESPONDENT
INDIAN IMMUNOLOGICALS LIMITED	VS M/S BHARAT BIOTECH INTERNATIONAL LIMITED
PET. ADV. : RAMESH BABU VISHWANATH AND NASARAIAH GOLLA	RESP. ADV: SRINIVAS DAMMALAPATI
SUBJECT : ORDER 43	DISTRICT : HYDERABAD

FILING DATE: 20.02.2009	POSTING STAGE : INTERLOCUTORY
REG. DATE : 17.04.2010	LISTING DATE : 13.04.2010	STATUS : NOTICES
HON’BLEJUDGE(S):	K. C. BHANU

FINANCIAL PERFORMANCE

During the year, the Company recorded turnover of Rs 2770.000 millions as against Rs 2230.000 millions of the previous financial year.

The Basic earnings per share of the Company for the year 2011-12 is Rs 24.20 per share and the Diluted.

OVERVIEW OF THE COMPANY

Bharat Biotech International Limited (BBIL/Bharat Biotech), Hyderabad, India, is a multidimensional biotechnology company specializing in product-oriented research, development and manufacturing of vaccines and biotherapeutics.

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 100 Crore, 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.

The Company’s core competency is in development of Vaccines and Bio Pharmaceuticals and would strategically strive to build up capacities to enhance the Company’s product profile both in domestic and global markets.

The future growth strategy of the Company is well laid out with a combination of high volume WHO prequalified vaccines and innovative novel vaccines catering to the needs of the developing world.

Going forward the company intends to further strengthen its clinical research activities through a series of investments and also safety and efficacy clinical trials for its innovative vaccines and therapeutics. The company intends to invest significant portion of profits for Research and Development and Clinical and Research.

The Company has been a front-runner in practicing good corporate governance, adopting global standards. The Company is consciously following a diverse employment practice while encouraging diversity in work place in terms of qualification, gender, skills and abilities. The employment opportunities are extended to non-metro and rural areas too thus contributing to balanced regional development.

Press Release

ROTAVIRUS VACCINE DEVELOPED IN INDIA DEMONSTRATES STRONG EFFICACY

New Delhi, India—The Government of India's Department of Biotechnology (DBT) and Bharat Biotech announced positive results from a Phase III clinical trial of a rotavirus vaccine developed and manufactured in India. Data from the trial, presented today at the International Symposium on Rotavirus Vaccines for India—The Evidence and the Promise, showed ROTA VAC® to have an excellent safety and efficacy profile.

The clinical study demonstrates for the first time that the India-developed rotavirus vaccine ROTA VAC® is efficacious in preventing severe rotavirus diarrhoea in low-resource settings in India. ROTA VAC® significantly reduced severe rotavirus diarrhoea by more than half—56 percent during the first year of life, with protection continuing into the second year of life. Moreover, the vaccine also showed impact against severe diarrhoea of any cause.

"This is an important scientific breakthrough against rotavirus infections, the most severe and lethal cause of childhood diarrhoea, responsible for approximately 100,000 deaths of small children in India each year," said DBT Secretary Dr K. Vijay Raghavan. "The clinical results indicate that the vaccine, if licensed, could save the lives of thousands of children each year in India."

The vaccine was developed through a unique social innovation partnership that brought together the experience and expertise of Indian and international researchers as well as the public and private sectors. The vaccine originated from an attenuated (weakened) strain of rotavirus that was isolated from an Indian child at the All India Institute of Medical Sciences in New Delhi in 1985-86. Since then, partners have included DBT, Bharat Biotech, the US National Institutes of Health (NIH), the US Centers for Disease Control and Prevention (CDC), Stanford University School of Medicine, and the nongovernmental organization, PATH. Dr M.K. Bhan, who recently completed his service as DBT Secretary, was tireless in fostering the social innovation partnership and ensuring the highest standards for the vaccine.

The randomized, double-blind, placebo-controlled Phase III clinical trial enrolled 6,799 infants in India (aged six to seven weeks at the time of enrolment) at three sites—the Centre for Health Research and Development, Society for Applied Studies (SAS) in New Delhi; Shirdi Sai Baba Rural Hospital, KEM Hospital Research Centre in Vadu, Pune; and Christian Medical College (CMC) in Vellore. The Clinical Operations Management Unit headed by Dr Nita Bhandari at SAS oversaw the day-to-day coordination and logistical complexities of this multi-site study and played a pivotal role in the conduct of this trial. The Principal Investigators were Dr Temsunaro Rongsen-Chandola at SAS, Dr Ashish Bavdekar at KEM, and Dr Gagandeep Kang at CMC.

The Data Safety Monitoring Board (DSMB), an independent group of experts established to protect the participating infants' rights and needs during the Phase III trial, determined that the trial met the highest standards for ethics and patient care and complied with international standards for good clinical practices.

Bharat Biotech previously announced a price of US$ 1.00/dose (or approximately INR 54/dose) for ROTA VAC® and will soon file for registration of the vaccine in India. If licensed by the Drugs Controller General of India (DCGI), the vaccine will be a more affordable alternative to the rotavirus vaccines already on the market.

"With its low price and strong efficacy, ROTA VAC® has the potential to significantly reduce the incidence of severe diarrhoea due to rotavirus among children in India," said Dr M.K. Bhan, Advisor to the Indian Academy of Pediatrics and former DBT Secretary.

The vaccine efficacy compares favourably with the efficacy of the currently licensed rotavirus vaccines in low-resource countries. The study results showed clear evidence of protection across different rotavirus strains and continued efficacy in the second year of life.

Infants enrolled in the study received ROTAVAC and the Universal Immunization Programme (UIP) vaccines, including oral polio vaccine (OPV). When the immune responses to OPV were tested, the result showed that infants receiving OPV at the same time as ROTA VAC® generated comparable immune responses to all three polio serotypes as the infants receiving OPV without ROTA VAC®; this result supports the concurrent administration of OPV and ROTA VAC®.

"Vaccines work to save and protect children from diseases like rotavirus for a lifetime," said Bill Gates, Co-Chair of the Bill and Melinda Gates Foundation. "This public-private partnership is an exemplary model of how to develop affordable technologies that save lives."

The vaccine development partnership was supported by DBT, the Bill and Melinda Gates Foundation, the Research Council of Norway, and the UK Department for International Development. Bharat Biotech invested important technical, manufacturing, and financial resources towards vaccine development. ROTAVAC is an oral vaccine and is administered to infants in a three-dose course at the ages of 6, 10, and 14 weeks. It is given alongside routine immunizations in the UIP vaccines recommended at these ages.

"ROTAVAC represents the successful research and development of a novel vaccine from the developing world with global standards," said Dr Krishna M. Ella, Chairman and Managing Director of Bharat Biotech. "ROTAVAC® is a testament of their strong vision and commitment to develop affordable health care solutions for infectious diseases—they are proud, yet humbled by their contribution to this social innovation project and global public health priority. They are thankful to all the partners in the Rotavirus Vaccine Development Project—DBT, the Indian Council of Medical Research, PATH, the Bill and Melinda Gates Foundation, NIH , CDC, and Stanford University—for their valuable support in this unique international public-private partnership."

Prior to conducting the study, the investigators received approvals from the DCGI, the Institutional Review Board for DBT, and the ethics review committees of each study site. The study partners also consulted with the State Governments of Delhi, Maharashtra, and Tamil Nadu, as well as the Ministry of Health and Family Welfare. In addition, the study was approved by the Western Institutional Review Board in the United States and met the highest international clinical trial standards. The DSMB strictly monitored the trial throughout for adherence to these standards and protocols. The trial design included a strong safety net to identify and treat illnesses, especially gastroenteritis, among study infants as early as possible. All of the infants enrolled in the trial received high-quality medical and emergency care during the trial period.

The support laboratory was the Translational Health Science and Technology Institute with Dr Sudhanshu Vrati as the lead. Quintiles was responsible for several aspects of the trial including medical monitoring, data management, site monitoring, pharmacovigilance, and biostatistics. Good Clinical Practice compliance of the clinical trials was audited by ANTHA Clinical Quality Assurance.

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

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. 59.64
UK Pound	1	Rs. 90.13
Euro	1	Rs. 77.99

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.