MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	MIDAS PHARMA GMBH
Registered Office :	Rheinstr. 49, D 55218 Ingelheim
Country :	Germany
Date of Incorporation :	15.03.1988
Com. Reg. No.:	HRB 22154
Legal Form :	Private Limited Company
Line of Business :	Wholesale of chemical products
No. of Employees :	28 employees

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Germany	A1	A1

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

germany - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name

MIDAS Pharma GmbH

Company address

Rheinstr. 49

D 55218 Ingelheim

Telephone: 06132/990-0

Telefax: 06132/990-40

Homepage: www.midas-pharma.com

E-mail: info@midas-pharma.com

VAT no

DE148264856

CONCLUSION

Business relations are permissible.

Synthesis

LEGAL FORM Private limited company

Date of foundation: 1988

Shareholders'

agreement: 25.02.1988

Registered on: 15.03.1988

Commercial Register: Local court 55116 Mainz

under: HRB 22154

Share capital: EUR 54,000.00

Shareholder

K. H. Schleicher

Vermögensverwaltungsgesellschaft mbH

Rheinstr. 49

D 55218 Ingelheim

Legal form: Private limited company

Share capital: EUR 25,000.00

Share: EUR 54,000.00

Registered on: 25.05.2001

Reg. data: 55116 Mainz, HRB 23169

Manager

Dirk Weidenbach

Oberer Zwerchweg 12

D 55218 Ingelheim

authorized to jointly represent the company

born: 25.09.1963

Manager:

Dr. Marcus Stumpf

D 55268 Nieder-Olm

authorized to jointly represent the company

born: 12.05.1969

Manager:

Dr. Oliver Weyand

D 65033 Wiesbaden

authorized to jointly represent the company

born: 04.10.1971

Proxy

Michael Suess

D 55437 Ockenheim

authorized to jointly represent the company

born: 01.06.1961

Proxy:

Ulrich Baußmann

Virchowstr. 42

D 75015 Bretten

authorized to jointly represent the company

born: 22.01.1967

Profession: graduate engineer

Marital status: single

Proxy:

Silvia Böhler

D 55218 Ingelheim

authorized to jointly represent the company

born: 04.01.1965

Proxy:

Ellen Engel

D 63589 Linsengericht

authorized to jointly represent the company

born: 06.03.1961

née: Breckheimer

Marital status: unknown

Proxy:

Dr. Peter Markus

D 51067 Köln

authorized to jointly represent the company

born: 10.04.1964

Proxy:

Stefan Schröder

D 55218 Ingelheim

authorized to jointly represent the company

born: 20.04.1965

Proxy:

Stefan Kaulen

D 55270 Essenheim

authorized to jointly represent the company

born: 22.01.1961

RESIGNED ACTING PERSONS AND SHAREHOLDERS

09.04.1997 - 12.04.2010 Manager

Karl Heinz Schleicher

D 55435 Gau-Algesheim

BUSINESS ACTIVITIES

Sectors

46750 Wholesale of chemical products

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information :We have no negative information at hand.

REAL ESTATE

Type of ownership: Tenant

Address Rheinstr. 49

D 55218 Ingelheim

Real Estate of: Dr. Oliver Weyand

Type of ownership: unknown

Address

D 65033 Wiesbaden

Land register documents were not available.

BANKERS

DEUTSCHE BANK, MAINZ A RHEIN

Sort. code: 55070040, BIC: DEUTDE5MXXX

SPARKASSE RHEIN-NAHE, GAU-ALGESHEIM

Sort. code: 56050180, BIC: MALADE51KRE

MAINZER VOLKSBANK ZW GAU-ALGESHEIM, GAU-ALGESHEIM

Sort. code: 55190000, BIC: MVBMDE55XXX

FINANCIAL FIGURES

Financial year: 01.01. - 31.12.

Turnover: 2010 EUR 65,400,000.00

Share capital: EUR 54,000.00

Equipment: EUR 250,000.00

Ac/ts receivable: EUR 3,500,000.00

Liabilities: EUR 300,000.00

Total numbers of vehicles: 12

Employees: 28

The aforementioned business figures may partly be estimated information based on average values in the line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

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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