MIRA INFORM REPORT

Report Date :

12.01.2011

IDENTIFICATION DETAILS

Name :	TIANJIN TIANYAO PHARMACEUTICALS (ASIA) PTE. LTD
Registered Office :	20 Maxwell Road #04-01c Maxwell House Singapore 069113
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	22.05.2008
Com. Reg. No.:	200810089E
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	S$13,000
Status :	Moderate
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Singapore	A1	A1

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

Executive Summary

Company Name	:	TIANJIN TIANYAO PHARMACEUTICALS (ASIA) PTE. LTD.
Registration No	:	200810089E
Date of Registration	:	22/05/2008
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	20 MAXWELL ROAD #04-01C MAXWELL HOUSE SINGAPORE 069113
Date of Change of Address	:	31/07/2009
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) IMPORT AND EXPORT OF ACTIVE PHARMACEUTICAL INGREDIENTS
Issued Ordinary Capital*	:	$100,000.00 U.S. DOLLAR ,NO. OF SHARE : 100,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$100,000.00 U.S. DOLLAR
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	MJMA PAC
Bankers / Financiers	:	NA
Turnover	:	U.S. DOLLAR 36,991,463.00 (FY2009)
Net Worth	:	U.S. DOLLAR 190,728.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 500
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Rating & Recommendation

Recommended Credit Line

:

S$13,000

SHAREHOLDER DETAILS

NAME	:	TIANJIN PHARMACEUTICALS (HONG KONG) CO., LTD
SHAREHOLDER ID	:	T08UF1349B
NATIONALITY	:	NA
ADDRESS	:	RM 712, HING WAI CENTRE, 7 TIN WAN PRAYA ROAD ABERDEEN, HONG KONG 750047
NO. OF ORD SHARES	:	100,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	U.S. DOLLAR

OFFICER DETAILS

NAME	:	LU YAN CHANG
ADDRESS	:	ROOM 908, NO.109 BA WEI ROAD, TIANJIN, CHINA.
POSITION	:	DIRECTOR
DATE OF APPT	:	08/07/2008
NATIONALITY	:	CHINESE
I/C PASSPORT	:	120102196504150938
NAME	:	TIAN JING WEN
ADDRESS	:	20 MAXWELL ROAD #04-01C MAXWELL HOUSE SINGAPORE 069113
POSITION	:	DIRECTOR
DATE OF APPT	:	08/07/2008
NATIONALITY	:	CHINESE
I/C PASSPORT	:	G0156929K
NAME	:	LI JING
ADDRESS	:	1-20, BLOCK 2, RI HUAN LI, HONGQI ROAD NANKAI DISTRICT, TIANJIN, CHINA
POSITION	:	DIRECTOR
DATE OF APPT	:	19/12/2008
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P0060546
NAME	:	YANG FENG HONG
ADDRESS	:	NO. 109 BAWEI ROAD, HEDONG DISTRICT TIANJIN, CHINA
POSITION	:	DIRECTOR
DATE OF APPT	:	21/02/2010
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P00703306
NAME	:	FENG XIANG LI
ADDRESS	:	NO. 109, BAWEI ROAD, HEDONG DISTRICT TIANJIN, CHINA
POSITION	:	DIRECTOR
DATE OF APPT	:	21/02/2010
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P00962035
NAME	:	LOH LI PING
ADDRESS	:	57 JALAN SETIA MACPHERSON GARDEN ESTATE SINGAPORE 368475
POSITION	:	SECRETARY
DATE OF APPT	:	08/07/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7625605E

KEY PERSONNEL PROFILE

Name:	LU YAN CHANG
NRIC Number:	120102196504150938
Available Address:	ROOM 908, NO.109 BA WEI ROAD, TIANJIN, CHINA.

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	TIANJIN TIANYAO PHARMACEUTICALS (ASIA) PTE. LTD.	DIRECTOR	08/07/2008	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	26/04/2010
Date of Last AR	:	21/05/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	DEC 2008
Currency	U.S. DOLLAR	SINGAPORE DOLLAR
Profit and Loss Key Figures
Turnover	36,991,463	1,104,252
Profit/(Loss) Before Tax	89,067	12,761
Profit After Tax attributable to Shareholders	81,862	12,604
Balance Sheet Key Figures
Total Assets	6,790,178	1,099,053
Current Assets	6,780,732	1,087,282
Non Current Assets	9,446	11,771
Total Liabilities	6,599,450	944,284
Current Liabilities	6,599,450	944,284
Non Current Liabilities	0	0
Shareholders' Funds	190,728	154,768
Share Capital	100,000	142,164
Total Reserves	90,728	12,604

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008
Growth %
Year-on-Year Growth	NA	NA
Profitability
Profit Margin (%)	0.22	1.14
Return on Equity (%)	42.92	8.14
Return on Assets (%)	1.21	1.15
Leverage
Total Debt/Equity (Times)	34.60	6.10
Current Debt/Equity (Times)	34.60	6.10
Long Term Debt To Equity (Times)	NA	NA
Total Asset To Total Equity (Times)	35.60	7.10
Asset Management
Total Assets Turnover (Times)	5.45	1.00
Fixed Assets Turnover (Times)	3,916.10	93.81
Liquidity
Current Ratio (Times)	1.03	1.15

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.22 per cent in FY09. The company is now able to book in U.S. DOLLAR 0.00 of profit for every U.S. DOLLAR of sales.

Liquidity

Current ratio stood at 1.03 times in FY09. This means that the company has U.S. DOLLAR 1.03 of current assets for every U.S. DOLLAR of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched at 34.60 times in FY09. This means that the company requires additional external financing of U.S. DOLLAR 34.60 for every U.S. DOLLAR injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 42.92 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 1.21 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 5.45 times in FY09. This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

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

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%)

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