MIRA INFORM REPORT

Report Date :

19.07.2012

IDENTIFICATION DETAILS

Name :	IND DIAGNOSTIC INC
Registered Office :	1629 Fosters Way, DELTA, British Columbia V3M 6S7
Country :	Canada
Year of Establishment :	1995
Legal Form :	Privately Owned Company
Line of Business :	Measuring, Medical and Controlling Devices Manufacturing
No. of Employees :	120

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Canada	A1	A1

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:Medium

IDENTIFICATION
Legal Name:	IND Diagnostic Inc
Legal Address	1629 Fosters Way, DELTA, British Columbia V3M 6S7
Operative Address	1629 Fosters Way, DELTA, British Columbia V3M 6S7
Telephone:	(604) 522-1619	ESTABLISHMENT NUMBER :	234567049499
Fax:	(604) 522-6331	Legal Form:	Privately Owned Company
Email:	info@ind.ca	Registered in:	Canada
Website:	http://www.ind.ca	Date Created:	1995
Manager:	Shuli WANG, Vice President	Date Incorporated:	1995
Staff:	120	Stock:	N.A.
		Value:	N.A.
Activity:	Measuring, Medical and Controlling Devices Manufacturing

BANKS
Name of the Bank	Royal Bank of Canada
BUSINESS
HISTORY
	IND DIAGNOSTIC INC was created in 1995.
PRINCIPAL ACTIVITY
	IND Diagnostic Inc. engages in the research, development, and manufacture of advanced in-vitro diagnostic test systems in Canada.
Products/Services description:
	IND Diagnostic Inc, offers fertility test products comprising HCG pregnancy test, LH ovulation test, HCG and LH combination test, AND FSH menopause test; infectious disease test products; STD disease test products, including gonorrhea antigen test, anti-syphilis test, and chlamydia test; tumor market test products, including alpha fetoprotein test, prostate specific antigen test, carcinoma embryonic antigen, and fecal occult blood test; cardiac marker test products; drugs of abuse test products; alcohol saliva screening test products; and urinalysis reagent test and urine analyzer products.
Sales are:
	Wholesale
Clients:
	Companies related to the business where they develop.
Suppliers:
	Beijing Lijian Najia Technology Co. Room 8026 No 8 Dahan International Beijing China Ai De Diagnostic Co., Ltd. No 141 Zhuzhou Rd Qingdao Sd Chi Na IND DIAGNOSTIC INC 1629 FOSTERS WAY DELTA BRITISH COLUMBIA CANADA V3M
Operations area:
	National, Local
The company imports from Asia mainly
The company exports to U.S.A.
The subject employs 120 employees
PAYMENTS
	regular
LOCATION
Headquarters
	The company has the headquarters located at: 1629 Fosters Way, DELTA, British Columbia V3M 6S7
The property is:
	Owned
Comments on location:
	Corporate offices and manufacturing facilities are located in an ISO 13485 approved facility in British Columbia, Canada.
Branches:
	The company does not register any other location

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	IND DIAGNOSTIC INC is a private held company. Despite our long research we could not establish the name of the company's shareholders.
Management:
	Shuli WANG, Vice President Management Executive Government Relations Telephone: (604) 522-1619 Ext: 232 Fax: (604) 522-6331 Email: sales@ind.ca Suzanne Chong, Assistant Manager Export Sales & Marketing Telephone: (604) 522-1619 Ext: 237 Fax: (604) 522-6331 Email: schong@ind.ca Ada Tong, Manager of Purchasing Telephone: (604) 522-1619 Ext: 285 Email: sales@ind.ca
Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
The receptionist refused to communicated us with the financial department.
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		2011
Turnover		10,500,000
The cash flow is		Normal

Legal Fillings

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

Rating
Local credit bureau gave a Normal credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	IND DIAGNOSTIC INC has 17 years of experience in the measuring and medical market, this company operates from only one location with 120 employees, IND Diagnostic Inc. engages in the research, development, and manufacture of advanced in-vitro diagnostic test systems in Canada. The company is well known in the market where they develop.

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

APPENDIX
Position
	The receptionist
Comments
	She refused to transfer the call to the financial department.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.86.55
Euro	1	Rs.67.95

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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