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PresentationMarch 2007

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Corporate Overview

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Corporate OverviewLeading provider of research-driven packaging solutions solely-focused on pharmaceutical industry

– Founded in 1994 and based in Pune, India with global presence

– Manufactures packaging materials to significantly enhance function, physical efficiency and safety of medicines …

• Leading producer in Asia (62% share of Indian barrier blister packaging market)

– … and provides world-class packaging research and clinical trial services

Operates state-of-the-art, award-winning manufacturing and research facilities in India, Singapore, UK and the US– DMF with US FDA facilities in India and Singapore

– "Pioneer Status" awarded by Singapore government

– FDA and DEA approved clinical services facility in the US

– MHRA approved facility in UK

Pioneering and patented packaging technology– Optimum packaging solutions devised in just 4 weeks using patented process (historically has taken pharmaceutical companies up to 2 years)

– Significant cost savings benefits for pharmaceutical companies

– Leading packaging solutions through R&D

Global client base with long-term contracts and 100% customer retention

IndiaSingaporeUSA

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US India

Singapore

Germany

Australia

China

Brazil

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Global FootprintINDIA

Films & foils productionClinical trial services facility – 1st in AsiaResearch facilities – DSIR approvedAward winning – OPPI “Best Vendor” consecutively

SINGAPOREFilms production & research centreClinical trial services facilityPioneer Status from Singapore Govt.

USA Clinical trial services facility14 acre FDA & DEA approved siteFilms & foils secondary production

UK Clinical trial services facilityMHRA approved site

UK

, UK

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Global Customers

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Pharmaceutical Value Chain

MarketFormulation Development

Clinical TrialsDiscoveryDrug Manufacturing

& Packaging

US$130bn US$250bn US$120bn

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Bilcare Connect

Pharmaceutical Value Chain (Cont’d)MarketFormulation

DevelopmentClinical Trials

DiscoveryDrug Manufacturing

& Packaging

Packaging MaterialsPoly filmsAluminium FoilsPaper Composites

Systems

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Packaging MaterialsPoly filmsAluminium FoilsPaper Composites

Systems

Clinical ServicesBatch ManufacturingPrimary PackagingLabelingDistribution & IVRS

Bilcare Connect

Pharmaceutical Value Chain (Cont’d)MarketFormulation

DevelopmentClinical Trials

DiscoveryDrug Manufacturing

& Packaging

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Research ServicesFormulationAnalyticalStability StudiesPackaging AuditPackaging Development

Bilcare Connect

Pharmaceutical Value Chain (Cont’d)

Packaging MaterialsPoly filmsAluminium FoilsPaper Composites

Systems

Clinical ServicesBatch ManufacturingPrimary PackagingLabelingDistribution & IVRS

MarketFormulation Development

Clinical TrialsDiscoveryDrug Manufacturing

& Packaging

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PharmaetcFood Cosmetics FMCG

Competitive Value Chain

Laminates

Foils

Coils

Ingots

Bauxite

Laminates

Coating

Films

Resin

Stationary Credit Card Food Pharmaetc

ALCAN Aluminium-focused EVC (INEOS) Polymer-focused

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Financials

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Financial Highlights

Financial Year ended 31-Mar-04 31-Mar-05 31-Mar-06USDM Audited Audited AuditedProfit and lossRevenues 24.8 37.3 54.8EBITDA 5.2 9.7 15.6EBITDA Margin 21% 26% 29%Profit Before Tax (PBT) 3.2 7.8 13.1PBT Margin 13% 21% 24%Profit After Tax 2.4 5.6 9.0

Balance SheetNetworth 10.3 25.9 35.1Total Debt 11.2 17.3 77.2 *Total Assets 26.7 51.2 122.3Current Ratio 1.1x 2.8x 5.97x

*Includes a USD50m Foreign Currency Convertible Bond

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Sales & Profitability

24.8

37.3

54.8

5.2

9.7

15.6

29%

21%26%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

FY'04 FY'05 FY'06

US

D m

illio

ns

0%

5%

10%

15%

20%

25%

30%

35%

Sales EBITDA EBITDA Margin

Sales CAGR of 30% during FY’04–FY’06

EBITDA CAGR of 44% during FY’04–FY’06

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Bilcare Approach

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Pharma Packaging Research Brand Challenges

Compliance – $150 Bn revenue loss + higher insurance cost

Counterfeit – $50 Bn + brand credibility

Communication – Accidental misuse

Convenience –– Senior citizen

– child protection

– Patient friendly

Cost –– Over-packed

– Shelf life loss

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Pharma Packaging Research Market Landscape

Market size - $3 Bn (2005) to $5 Bn (2010)

Challenges for Pharma are becoming complex– Global supply chain

– Pharma specific requirements

– Boardroom challenges – 5C’s (growth)

Vendors continue to remain commodity suppliers– Local and / or regional

– Product vertical with emphasis on backward integration

– Distribution through agents & distributors

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Pharma Packaging Research Bilcare Strategy

Brand management – Top 1,000 brands of top 200 global pharma– Facilitate exponential growth of customers brands

– Customer’s customer retention

– Therapeutic consolidation – from 5-15% to 35-40%

Strategic markets – Top 18 markets (90%)– US / Canada / Mexico / Brazil / Argentina

– Germany / Switzerland / France / UK

– India / Pakistan / Bangladesh / Turkey

– Japan / China / South Korea / Indonesia / Thailand

Effect– Bilcare emerging as the catalyst for pharma brand consolidation

– Long term contracts for Bilcare with strong margins

– Consistent high growth for Bilcare globally

– Leadership position by 2010

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Case Study: ShelCalBilcare was engaged by ShelCal (Calcium) to develop anti-counterfeiting solutions for

their pharmaceutical products

ShelCal – a market leading brand of calcium tablets based in India

– ShelCal’s market leadership was under threat due to counterfeiting

– Bilcare was engaged to devise a packaging solution to eliminate the counterfeiting

Bilcare Solution

– Drug sensitivity research completed in 4 weeks

– Changed packaging materials for anti-counterfeit

– Packaging designed for brand enhancement

End Result:

– Counterfeiting was essentially eliminated

– ShelCal experienced sales growth of over 30%

– As a result of Bilcare’s efforts, ShelCal’s distinct brand proposition was established

Bilcare’s innovative solution for ShelCal resulted in a multi year contract of over US$ 3.0 million along with packaging development contracts for all leading brands of the company

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Case Study: Cifran

Ranbaxy engaged Bilcare to develop packaging strategy for its leading brand Cifran to counter increasing adverse impact of pass offs and counterfeits

Cifran – a leading Antibiotic brand

– Cifran, the market leader was under threat due to increasing number of pass offs and counterfeit

– Issues of counterfeit were tried to be addressed using isolated solutions

– Brand was looking for a new marketing strategy

– Bilcare was engaged to create a new packaging solution to establish distinct identity as well as eliminate counterfeit

Bilcare Solution

– Packaging designed for brand enhancement based on a dip-stick market survey of various stake holders

– Use of novel packaging material for establishing distinct identity & eliminate counterfeit

End Result:

– Counterfeiting was essentially eliminated

– Brand anticipates quick establishment of its position and a distinct identity of its own with over 15% sales growth

Bilcare gains a multi year contract of over US$ 2.5 million

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Case Study: Anafortan

Khandelwal Labs engaged Bilcare to develop Brand rejuvenation strategy for Anafortan

Anafortan – a market leader in Non opioid analgesics

– Anafortan, a very old brand had its market leadership under threat due to multiple new brands

– Issues of counterfeit were tried to be addressed using isolated solutions like holograms

– Bilcare was engaged to convert packaging into an important marketing tool & also aid in elimination of counterfeit

Bilcare Solution

– Packaging designed for brand enhancement

– Changed packaging materials for eliminating anti-counterfeit

End Result:

– Counterfeiting was essentially eliminated

– Brand experienced sales growth of over 10%

– Anafortan brand established a distinct identity in the market

Bilcare’s bagged a multi year contract of US$ 1.0 million

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Global Clinical Research Management Clinical Research Challenges

Speed of trials – 1 week loss = $20 Mn for $1 Bn new drug

Accuracy of data– Retrial can delay launch by 1-2 years

Global reach– Patient population in US / Europe drying up

Reliability– IPR

– World-class QA Systems

Competent & Focused Outsourced Partner– Important & urgent projects, yet needs to be outsourced

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Global Clinical Research Management Market landscape

Customer in-house ($1 Bn) – waiting for outsourcing

Competition (current outsourced)– Fisher - $300 Mn out of $7 Bn (5% of the total)

– Aptuit - $150 Mn – also in API (conflict)

– Almac - $100 Mn – Europe & US specific

Biotech are virtual companies & require full service partner

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Global Clinical Research Management Bilcare Strategy

Biotech & small size full service contracts

Leverage India (for Asian trials & cost)

Stay focused

Global reach

Leverage IT technology

Effect –

High growth in volume & margin

First mover advantage in Asia

Leadership position by 2010

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Technology & Research

IPR– Transforming products & services company to an IPR company

– Research tagline symbolizes the drive

Technology acquisition– Unique technologies will be acquired in synergy with strategy plan

Application research– Many scientists are getting added to the team

Strategic alliances– Honeywell kind of alliances will strengthen Bilcare’s reach globally

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Opportunities

Acquisitions in both the verticals in future– Need to remain continuously aware

– New possibilities will get emerged because of Bilcare’s unique business model

Strategic business alliances– Products, markets & capabilities can be synergized

US getting into blisters from bottles– 85% of USA distribution is in bottles – big opportunity

Technology breakthroughs – commercialization– Patina has been successfully commercialized

– Few more are on the way

Packaging development outsourcing by big pharma– Big pharma are getting attracted to Bilcare capabilities

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Thank You