MIRA INFORM REPORT

Report Date :

09.06.2012

IDENTIFICATION DETAILS

Name :	YINO BIOPHARMA (CHONGQING) CO., LTD.
Registered Office :	No. 16 Clothing Tower Avenue, Huixing Street, Yubei District, Chongqing City, 401120 Pr
Country :	China
Date of Incorporation :	24.11.2009
Com. Reg. No.:	500112000070379
Legal Form :	Limited Liability Company
Line of Business :	Subject will be mainly engaged in processing and selling heparin sodium
No. of Employees :	05

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence operations
Payment Behaviour :	---
Litigation :	---

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)
China	A2	A2

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

Company name & address

YINO BIOPHARMA (CHONGQING) CO., LTD.

NO. 16 CLOTHING TOWER AVENUE, HUIXING STREET, YUBEI DISTRICT, CHONGQING CITY, 401120 PR CHINA

TEL: 86 (0) 23-67635126/67635120 FAX: 86 (0) 23-67635112

EXECUTIVE SUMMARY

INCORPORATION DATE : NOV. 24, 2009

REGISTRATION NO. : 500112000070379 

REGISTERED LEGAL FORM : LIMITED LIABILITY COMPANY

CHIEF EXECUTIVE : MR. YIN HUAIJUN (CHAIRMAN)

STAFF STRENGTH : 5

REGISTERED CAPITAL : cny 30,000,000

BUSINESS LINE : PROCESSING

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : NOT YET DETERMINED

MARKET CONDITION : FAIR

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.32= 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 Ren Min Bi

SC was registered as a limited liability company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Nov. 24, 2009.

Company Status: Limited Liability Company

This form of business in PR China is defined as a legal person. No more than fifty shareholders contribute its registered capital jointly. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to extent of its total assets. The characteristics of this form of co. are as follows:

Upon the establishment of the co., an investment certificate is issued to the each of shareholders.

The board of directors is comprised of three to thirteen members.

The minimum registered capital for a co. is CNY 30,000.

Shareholders may take their capital contributions in cash or by means of tangible assets or intangible assets such as industrial property and non-patented technology.

Cash contributed by all shareholders must account for at least 30% of the registered capital.

Existing shareholders have pre-exemption right to purchase shares of the co. offered for sale by the other shareholders and to subscribe for the newly increased registered capital of the co.

SC’s registered business scope includes purchasing, processing and selling agricultural products; selling and processing biochemical products, chemical products (excluding dangerous chemicals), metal materials and products (excluding precious metal); import and export of goods (with permit if needed)

According to SC’s chairman Mr. Yin, SC is in the stage of preparation now and hasn’t started its normal operation yet. It will be mainly engaged in processing and selling heparin sodium.

Mr. Yin Huaijun is the legal representative, chairman and general manager of SC at present.

SC is known to have approx. 5 employees at present, and SC will recruit staff after normal operation.

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

SC’s factory is located in Area B, Konggang Industrial Park, Chongqing, and is under construction now. The total premise is about 6,810 square meters.

SC is not known to host website of its own at present.

According to SC’s chairman Mr. Yin, SC is in the stage of preparation now and hasn’t started its normal operation yet. It is expected to operate at the end of 2013.

Mr. Yin disclosed that they founded Chongqing Imperial Bio-chem. Co., Ltd. in 2002, which is a trade company and mainly engaged in exporting heparin sodium, and they later founded SC in order to achieve their own processing.

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

MAIN SHAREHOLDERS:

Name % of Shareholding

Chen Suling 1.67

Yin Huaijun 98.33

Legal representative, Chairman and General manager:

Mr. Yin Huaijun is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as legal representative, chairman and general manager;

Also working in Chongqing Imperial Bio-chem. Co., Ltd. as legal representative and chairman

Supervisor:

……………

Chen Suling

According to SC’s chairman Mr. Yin, SC is in the stage of preparation now and hasn’t started its normal operation yet. It will be mainly engaged in processing and selling heparin sodium.

SC’s factory is under construction now.

Chongqing Imperial Bio-chem. Co., Ltd.

Website: http://www.canimperial.com/

E-mail: richard08072002@yahoo.com ; imperial@onlin.cq.cn

Add: 19-7 CITIC Bank Building, 5 Yanghe Sancun, Jiangbei District, Chongqing, 400020, China

Tel: (0086.23)67635126, 67635612, 67635120

Fax: (0086.23)67635112

Overall payment appraisal:

( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) 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: N/A

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’s management declined to release its banking information.

Established in Nov. of 2009, SC is in the stage of preparation now and hasn’t started its normal operation yet, so its financial reports are not available at present.

Established in Nov. of 2009, SC is in the stage of preparation now and hasn’t started its normal operation yet.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

INFORMATION DETAILS

Report Prepared by :

MNL

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.