MIRA INFORM REPORT

Report Date :

24.08.2011

IDENTIFICATION DETAILS

Name :	TECHNOPHAR EQUIPMENT AND SERVICE (2007) LTD

Registered Office :	452 Silver Creek Industrial Drive, Tecumseh, Ontario, N8N 4Y3

Country :	Canada

Year of Establishment :	1984

Legal Form :	Limited Company

Line of Business :	Industrial Equipment Manufacturing

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 20,000

Status :	Small Company

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Canada

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

GEOPOLITICS - CANADA

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Technophar Equipment and Service Ltd
Address in the order:	456 Silver Creek Road, Maidstone, Ontario

Legal Name:	Technophar Equipment And Service (2007) Ltd

Legal Address	452 Silver Creek Industrial Drive Tecumseh, Ontario N8N 4Y3 Canada

Telephone:	+1 (519) 727-4114	ID :	NA
Fax:	+1 (519) 727-4333	Legal Form:	Limited Company
Email:	NA	Registered in:	Canada
Website:	www.technophar.com	Date Created:	1984
Manager:	David Kirby, Director	Date Incorporated:	NA
Staff:	10	Stock:	NA
		Value:	NA
Activity:	Industrial equipment manufacturing

BANKS

Name of the Bank

Royal Bank of Canada

BUSINESS

HISTORY
	The company was created in 1984
PRINCIPAL ACTIVITY
	Industrial equipment manufacturing
Products/Services description:
	It engages in the design, development, and manufacture of hard gelatin capsule machines and soft gelatin encapsulation machines for pharmaceuticals, nutritional, and cosmetics industries. It offers deck machines, lab machines, confectionery equipment, packaging equipment, precision components, pinbars, viscosity and temperature controls, sorting/inspection machines, tumble dryers, die rolls, capsule counting/weighing scales, medicine compounding equipment, capsule polishing pans, capsule drying and storage trays, change and spare parts, capsule presorters, sorting belts, melters, gelatin tanks, and auxiliary equipment. The company’s services include preliminary factory design, engineering specifications, final building inspection, supervision and technical assistance, and technical training.
Sales are:
	Wholesale
Clients:
	Professionals of the industry
Operations area:
	National, International
The company export to North America, South America, Europe, Africa, Middle East, and Asia
The subject employs 10 employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered at the address listed above.
Branches:
	It has no branches.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company. We were unable to confirm the company's shareholder with the staff.
Management:
	David Kirby, Director Allan Broom, Board Member, Herbert L. Hugill, Board Member.
Related Companies:
	Technophar S.R.L. - Cornu, Romania (Micron) DN 1 km 96+200 Cornu 107175 Romania Phone: (40) 372 449800 Fax : (40) 372 449811 Odorheiu-Secuiesc, Romania (Romcan) str. Beclean, Nr. 223 Odorheiu-Secuiesc 535600 Romania Phone: (40) 366 101211 Fax: (40) 366 101212

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the operator of the company, who refused to provide us any financial data owithout knowing the name of the inquiring party.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Currency	DATE
USD	2009
Turnover	1,700,000
The cash flow is	Normal

Comments on the financial data: The financial figures for the year 2010 are believed to be in the same range than those for 2009.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating

Local credit bureau gave a Correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a small sized Canadian business with 10 employees.

It has 27 years of experience in the market.

There were no legal filings found against the company or its legal representatives.

It has international presence.

It is important to remember that the subject is a limited company.

No action could consequently prosper against the owners' personal assets.

A credit line may be considered for USD 20,000.-

summARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	NORMAL

APPENDIX

Position
	Operator
Comments
	The person contacted refused to provide us any information on grounds of confidentiality.

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.69
UK Pound	1	Rs.75.29
Euro	1	Rs.65.77

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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