MIRA INFORM REPORT

Report Date :

02.11.2007

IDENTIFICATION DETAILS

Name :	ASCUS INTERNATIONAL (S) PTE LTD

Registered Office :	^{39 Cheviot Hill Frankel Estate}

Country :	Singapore

Date of Incorporation :	15.02.2007

Com. Reg. No.:	200702780Z

Legal Form :	Pte Ltd

Line of Business :	Wholesale Of Medicinal And Pharmaceutical

RATING & COMMENTS

MIRA’s Rating :

RATING	STATUS	PROPOSED CREDIT LINE
NR	In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

Status :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Subject Company : ASCUS INTERNATIONAL (S) PTE. LTD.

Line Of Business : WHOLESALE OF MEDICINAL AND PHARMACEUTICAL

Parent Company : SATYAN PHARMACEUTICALS PVT. LTD.

(PERCENTAGE OF SHAREHOLDING: 99.90%)

Financial Elements

Sales : N.A.

Networth : N.A.

Paid-Up Capital : S$698,859

Net result : N.A.

Net Margin(%) : N.A.

Return on Equity(%) : N.A.

Leverage Ratio : N.A.

COMPANY IDENTIFICATION

^{Subject Company :}^{ASCUS INTERNATIONAL (S) PTE. LTD.}

^{Former Name :}^-

^{Business
Address :}^{39 CHEVIOT HILL}

^{FRANKEL ESTATE}

^{Town :
SINGAPORE}

^{Postcode :}⁴⁵⁹⁶⁴¹

^{County : -}

^{Country : Singapore}

^{Telephone :}^{Not Listed}

^{Fax :}^{Not Listed}

^{ROC
Number :}^200702780Z

^{Reg.
Town : -}

SUMMARY

^{All amounts in this report are in: SGD}

^{Legal Form :}^{Pte Ltd}

^{Date Inc. :}^15/02/2007

^{Previous Legal Form :}^-

^{Summary
year :}^-

^{Sales :}^-

^{Networth :}^-

^{Capital :}^-

^{Paid-Up Capital :}^698,859

^{Employees :}^-

^{Net result :}^-

^{Share
value :
-}

^{Auditor :}^NIL

^{Litigation :
No}

^{Company
status :
TRADING}

^{Started :}^15/02/2007

PRINCIPAL(S)

^{NG CHENG TIANG S2568779E Managing Director}

DIRECTOR(S)

^{NG CHENG TIANG
S2568779E Director}

^{Appointed on : 15/02/2007}

^{Street : 39 CHEVIOT HILL}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode :
459641}

^{Country :
Singapore}

^{NG CHENG TIANG
S2568779E Managing Director}

^{Appointed on : 15/02/2007}

^{Street : 39 CHEVIOT HILL}

^{FRANKEL ESTATE}

^{Town : SINGAPORE}

^{Postcode :
459641}

^{Country :
Singapore}

^{YASHAWANT VENILAL SANGHAVI
F8520045 Director}

^{Appointed on : 19/03/2007}

^{Street : 301 ANAND NAVYUG SOC, 3RD FLOOR}

^{N.S. ROAD NO. 5}

^{JVPD VILE PARLE (W)}

^{Town : MUMBAI}

^{Postcode :
400056}

^{Country :
India}

^{YASHAWANT VENILAL SANGHAVI
F8520045 Manager}

^{Appointed on : 15/02/2007}

^{Street : 301 ANAND NAVYUG SOC, 3RD FLOOR}

^{N.S. ROAD NO. 5}

^{JVPD VILE PARLE (W)}

^{Town : MUMBAI}

^{Postcode :
400056}

^{Country :
India}

^{HU LYE CHYE
S1529823E Company Secretary}

^{Appointed on : 19/03/2007}

^{Street : 10 ANSON ROAD}

^#21-02

^{INTERNATIONAL PLAZA}

^{Town : SINGAPORE}

^{Postcode :
079903}

^{Country :
Singapore}

^{GOH ANN CHUAN RAYMOND S1621960F Director}

^{Appointed on :
21/04/2007}

^{Street : 10A JALAN KECHOT}

^{Town : SINGAPORE}

^{Postcode : 419187}

^{Country : Singapore}

ACTIVITY(IES)

^{PHARMACEUTICAL
PRODUCTS - WHSLE And MFRS
Code:16400}

^{CHEMICALS Code:3970}

^{BASED ON ACRA'S RECORD}

^{1) WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS (WESTERN)}

^{2) WHOLESALE OF BASIC INDUSTRIAL CHEMICALS EXCEPT FERTILIZERS}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{NG CHENG TIANG
10 Private Person}

^{Street : 39 CHEVIOT HILL}

^{FRANKEL ESTATE}

^{Town
SINGAPORE}

^{Postcode : 459641}

^{Countr : Singapore}

^{YASHAWANT VENILAL SANGHAVI 80
Private Person}

^{Street : 301
ANAND NAVYUG SOC, 3RD FLOOR}

^{N.S. ROAD NO. 5}

^{JVPD VILE PARLE (W)}

^{Town : MUMBAI}

^{Postcode : 400056}

^{Country : India}

^{GOH ANN CHUAN RAYMOND 10 Private Person}

^{Street : 10A
JALAN KECHOT}

^{Town :
SINGAPORE}

^{Postcode : 419187}

^{Country : Singapore}

^{SATYAN PHARMACEUTICALS PVT. LTD. 698,759
Company}

^{Street :
2-ABC, ACME PLAZA, 2ND FLOOR}

^{ABOVE INDUSIND BANK}

^{ANDHERI-KURIA ROAD}

^{Town : MUMBAI}

^{Postcode : 400059}

^{Country : India}

HOLDING COMPANY

^{SATYAN PHARMACEUTICALS PVT. LTD.
UF47906D % :
99.90}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality :
UNKNOWN}

^{Liquidity : UNKNOWN}

^{Payments : UNKNOWN}

^{Trend :
UNKNOWN}

^{Financial Situation : UNKNOWN}

FINANCIAL COMMENTS

^{NEWLY-SET
UP COMPANY}

^{SUBJECT BEING NEWLY INCORPORATED AND HAS YET TO FILE IN ITS FIRST SET}

^{OF ACCOUNTS. A NEWLY INCORPORATED COMPANY HAS UP TO 18 MONTHS FROM THE}

^{DATE OF INCORPORATION TO FILE IN ITS FIRST SET OF ACCOUNTS.}

^{THERE ARE NO FINANCIAL STATEMENTS AVAILABLE AT THE TIME OF THIS}

^{REPORT. IN REPLACEMENT, ADVERSE CHECK IS CONDUCTED ON ITS LOCAL}

^DIRECTORS,

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON}

^{15/02/2007
AS A LIMITED PRIVATE COMPANY AND IS TRADING UNDER ITS}

^{PRESENT NAMESTYLE AS "ASCUS INTERNATIONAL (S) PTE. LTD.".}

^{THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF}

^{698,859 SHARES, OF A VALUE OF S$698,859.}

^{PRINCIPAL
ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY}

^{AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) WHOLESALE OF MEDICINAL AND PHARMACEUTICAL PRODUCTS (WESTERN)}

^{2) WHOLESALE OF BASIC INDUSTRIAL CHEMICALS EXCEPT FERTILIZERS}

^{AS THE SUBJECT'S CONTACT NUMBER AND OTHER INFORMATION IS NOT LISTED ON}

^{THE LOCAL DIRECTORIES AND INTERNET, NO OTHER INFORMATION IS AVAILABLE}

^{REGISTERED ADDRESS:}

^{39 CHEVIOT HILL}

^{FRANKEL ESTATE}

^{SINGAPORE 459641}

^{-
RENTED PREMISE}

^{-
PREMISE OWNED BY: LUCY LEE}

^{YOUR PROVIDED ADDRESS:}

^{10A JALAN KECHOT}

^{SINGAPORE 419187}

^{-
UNABLE TO VERIFY}

^{-
REGISTERED ADDRESS FOR THE DIRECTOR: GOH ANN CHUAN RAYMOND}

^WEBSITE:

^EMAIL:

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THIS REPORT ARE:}

^{1) YASHAWANT VENILAL, SANGHAVI, AN INDIAN}

^{- BASED IN INDIA}

^{2) GOH ANN CHUAN RAYMOND, A SINGAPOREAN}

^{-
HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

^{3) NG CHENG TIANG, A SINGAPOREAN}

^{-
HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.}

ADVERSE ON DIRECTORS

^{DIRECTOR'S NAME : GOH ANN CHUAN RAYMOND}

^{ADVERSE
REPORT AGAINST DIRECTOR :
NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP :
NIL}

^{ANNUAL VALUE :
N.A.}

^{CO-OWNER (S) :
N.A.}

^{DIRECTOR'S NAME : NG CHENG TIANG}

^{ADVERSE REPORT AGAINST DIRECTOR :
NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP :
NIL}

^{ANNUAL VALUE :
N.A.}

^{CO-OWNER (S) :
N.A.}

^{* ANNUAL VALUE IS THE ESTIMATED
ANNUAL RENT THE PROPERTY CAN}

^{FETCH IF IT WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE}

^{SAME MANNER REGARDLESS OF WHETHER THE PROPERTY IS LET-OUT, OWNER-}

^{OCCUPIED OR VACANT.}

Singapore’s Country Rating 2007

Rating: A1

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
HIGH QUALITY COMPETITIVENESS IN ASIA
EXCELLENT BUSINESS CLIMATE
POLITICAL STABILITY.

WEAKNESSES

SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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