MIRA INFORM REPORT

Report Date :

07.01.2012

IDENTIFICATION DETAILS

Name :	all pharma (shanghai) trading cO., lTD.

Registered Office :	Room 1401, No. 319, Xianxia Road, Changning District, Shanghai 200051 Pr

Country :	China

Financials (as on) :	31.12.2010

Date of Incorporation :	16.02.2007

Com. Reg. No.:	310000400503537

Legal Form :	Wholly Foreign-Owned Enterprise

Line of Business :	Selling fine chemicals, pharmaceutical raw materials & intermediates.

No. of Employees :	10

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 80,000
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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

China

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

Company name and address

all pharma (shanghai) trading cO., lTD.

ROOM 1401, NO. 319, XIANXIA ROAD, CHANGNING DISTRICT,

SHANGHAI 200051 PR CHINA

TEL: 86 (0) 21-52080981-17 FAX: 86 (0) 21- 52080381

EXECUTIVE SUMMARY

INCORPORATION DATE : FEB. 16, 2007

REGISTRATION NO. : 310000400503537

REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED ENTERPRISE

CHIEF EXECUTIVE : MR. NARAYANAN GOVINDARAJAN (CHAIRMAN)

STAFF STRENGTH : 10

REGISTERED CAPITAL : CNY 5,000,000

BUSINESS LINE : TRADING

TURNOVER : CNY 66,100,000 (AS OF DEC. 31, 2010)

EQUITIES : CNY 6,690,000 (AS OF DEC. 31, 2010)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 80,000

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : FAIRLY STABLE

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.3131 = USD 1

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

CNY - China Yuan Renminbi

Note: SC’s operating address should be the heading one, while the given one (Economic & Technology Development Zone, Datong, Shanxi Province China) belongs to SC’s related factory, but the detail is not available.

SC is also known as Aurobindo (Shanghai) Trading Corp. Ltd.

SC was registered as a wholly foreign-owned enterprise at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license) on Feb. 16, 2007.

Company Status: Wholly foreign-owned enterprise

This form of business in PR China is defined as a legal person. It is a limited co. established within the territories of PR China with capital provided totally by the foreign investors. More than one foreign investor may jointly invest in a wholly foreign-owned enterprise. The investing party/parties solely exercise management, reap profit and bear risks and liabilities by themselves. This form of companies usually have a limited duration is extendible upon approval of Examination and Approval Authorities.

SC’s registered business scope includes wholesale, commission agent, import & export of fine chemicals, pharmaceutical raw materials & intermediates, machinery equipment and instruments, providing related support service, business consulting, warehousing and after-sale service.

SC is mainly engaged in selling fine chemicals, pharmaceutical raw materials & intermediates.

Mr. Narayanan Govindarajan is legal representative and chairman of SC at present.

SC is known to have approx. 10 employees at present.

SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Shanghai. SC’s employee refused to release the detailed information of the premise.

http://www.aurobindo.com The website belongs to Aurobindo Pharma, and it includes the introduction about SC and its related companies. The design is professional and the content is well organized. At present it is in both English and Japanese versions.

Email: arvind@aurobindo.com

No significant events or changes were found during our checks with local AIC.

MAIN SHAREHOLDERS:

Name % of Shareholding

Aurobindo Pharma Ltd. (India) 100

Plot # 2, Maitri Vihar, Ameerpet, Hyderabad - 500 038, Andhra Pradesh, India.

Phone: +91 (40) 6672 5000

Fax: +91 (40) 2374 1080 /

+91 (40) 2374 6833

Email: info@aurobindo.com

Website: http://www.aurobindo.com

l Legal Representative and Chairman:

Mr. Narayanan Govindarajan, Indian, he is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as legal representative and chairman.

SC is mainly engaged in selling fine chemicals, pharmaceutical raw materials & intermediates.

SC’s products mainly include: fine chemicals, pharmaceutical raw materials & intermediates, etc.

SC sources its materials 100% from domestic market. SC sells 100% of its products to overseas market.

The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include Check, L/C, T/T and Credit of 30-60 days.

Note: SC refused to release its major clients and suppliers.

According to the above website:

Milpharm Limited

Ares Block,Odyssey Business Park,

South Ruislip, west end Road,

Middlesex, HA4 6QD,

United Kingdom.

Tel: +44 20 88458811

Contact Person: V. Muralidharan

E-mail: vmurali@aurobindo.com

Aurobindo Pharma Pty Ltd

53 Philip Engelbrecht Avenue,

Woodhill Office Park, Buiding No.1,

Meyersdal Ext. 12, 1448, Johannesburg,

South Africa.

Tel: +27 11 867 9100

Contact Person: Avinash Ramcharan

E-mail: avi@aurobindo.co.za

Aurobindo Pharma (Australia) (Pty) Ltd

Unit 3/277 - 284 Lane Cove Road

North Ryde, New South Wales 2113

Australia

Tel: +61 2 9805 6000

Fax no: +61 2 9887 1191

Contact Person: Mr Avinash Ramcharan

E-mail: avi@aurobindo.co.za / avi@aurobindo.com

Etc.

Overall payment appraisal:

( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience: SC did not provide any name of trade/service suppliers and we have no other sources to conduct the enquiry at present.

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by SC was placed to us for collection within the last 6 years.

SC declined to release its banking details.

Balance Sheet

Unit: CNY’000

	As of Dec. 31, 2010
Cash & bank	940
Inventory	0
Bills receivable	0
Accounts receivable	8,950
Other Accounts receivable	4,810
Advances to suppliers	3,720
To be apportioned expense	0
Other current assets	40
	------------------
Current assets	18,460
Fixed assets net value	290
Long-term investment	0
Long-term deferred expense	40
Intangible and other assets	0
	------------------
Total assets	18,790
	=============
Short loans	4,060
Accounts payable	2,960
Advance from customers	3,420
Other Accounts payable	1,300
Notes payable	0
Accrued payroll	250
Taxes payable	90
Withdraw the expenses in advance	0
Other current liabilities	20
	------------------
Current liabilities	12,100
Long term liabilities	0
Other liabilities	0
	------------------
Total liabilities	12,100
Equities	6,690
	------------------
Total liabilities & equities	18,790
	=============

Income Statement

Unit: CNY’000

	As of Dec. 31, 2010
Turnover	66,100
Cost of goods sold	60,820
Profit from other business	2,070
Sales expense	760
Management expense	3,430
Finance expense	630
Profit before tax	2,440
Less: profit tax	610
Profits	1,830

Important Ratios

=============

	As of Dec. 31, 2010
*Current ratio	1.53
*Quick ratio	1.53
*Liabilities to assets	0.64
*Net profit margin (%)	2.77
*Return on total assets (%)	9.74
*Inventory /Turnover ×365	/
*Accounts receivable/Turnover ×365	49 days
*Turnover/Total assets	3.52
* Cost of goods sold/Turnover	0.92

PROFITABILITY: AVERAGE

l The turnover of SC appears average in its line.

l SC’s net profit margin remains in an average level.

l SC’s return on total assets remains in a fairly good level.

l SC’s cost of goods sold is fairly high, comparing with its turnover.

LIQUIDITY: AVERAGE

l The current ratio of SC is maintained in a normal level.

l SC’s quick ratio is maintained in a normal level.

l SC has no inventory in 2010.

l The accounts receivable of SC appears fairly large.

l SC’s short-term loan appears average in 2010.

l SC’s turnover is in a fairly good level, comparing with the size of its total assets.

LEVERAGE: AVERAGE

l The debt ratio of SC is average.

l The risk for SC to go bankrupt is average.

Overall financial condition of the SC: Fairly stable.

SC is considered small-sized in its line with fairly stable financial conditions. A credit line up to USD 80,000 appears to be within SC’s capacities.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.78
UK Pound	1	Rs.81.79
Euro	1	Rs.67.46

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.