MIRA INFORM REPORT

Report Date :

09.11.2012

IDENTIFICATION DETAILS

Name :	TECHNOPHAR EQUIPMENT AND SERVICE 2007 LTD
Registered Office :	452 Silver Creek Industrial Drive Tecumseh, Ontario N8N 4Y3
Country :	Canada
Year of Establishment :	1988
Legal Form :	Limited Company
Line of Business :	Industrial equipment manufacturing
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

B

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

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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Canada	A1	A1

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

CANADA - ECONOMIC OVERVIEW

As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its great natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economiccrisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada''s major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector''s tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010 and 2011 and plans to balance the budget by 2015. In addition, the country''s petroleum sector is rapidly becoming an even larger economic driver with Alberta''s oil sands significantly boosting Canada''s proven oil reserves, ranking the country third in the world behind Saudi Arabia and Venezuela

Source : CIA

GEOPOLITICS – CANADA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: 100.00 CAD = 100.868 USD Branch Situation: Stable

IDENTIFICATION
Legal Name:	TECHNOPHAR EQUIPMENT AND SERVICE 2007 LTD
Trade Name:	TES
Legal Address	452 Silver Creek Industrial Drive Tecumseh, Ontario N8N 4Y3 Canada
Operative Address	452 Silver Creek Industrial Drive Tecumseh, Ontario N8N 4Y3 Canada
Telephone:	+1 (519) 727-4114	ID :	NA
Fax:	+1 (519) 727-4333	Legal Form:	Limited Company
Email:	info@technophar.com	Registered in:	Canada
Website:	www.technophar.com	Date Created:	1988
Manager:	Victor Calin - Chief Operating Officer	Date Incorporated:	NA
Staff:	10	Stock:	NA
		Value:	NA
Activity:	Industrial equipment manufacturing

BANKS
Name of the Bank	Royal Bank of Canada
Comments	This information was not confirmed by the company.

BUSINESS
HISTORY
	The company was founded in 1988 and established in Ontario, Canada. As of May 23, 2007, Technophar Equipment and Service Limited is a subsidiary of Qualicaps, Inc.
PRINCIPAL ACTIVITY
	Technophar Equipment And Service Limited engages in the design, development, and manufacture of hard gelatin capsule machines and soft gelatin encapsulation machines for pharmaceuticals, nutritional, and cosmetics industries.
Products/Services description:
	It offers deck machines, lab machines, confectionery equipment, packaging equipment, precision components, pinbars, viscosity and temperature controls, sorting/inspection machines, tumble dryers, die rolls, capsule counting/weighing scales, medicine compounding equipment, capsule polishing pans, capsule drying and storage trays, change and spare parts, capsule presorters, sorting belts, melters, gelatin tanks, and auxiliary equipment. The company’s services include preliminary factory design, engineering specifications, final building inspection, supervision and technical assistance, and technical training.
Sales are:
	Wholesale
Clients:
	The company offers its products to pharmaceuticals, nutritional, and cosmetics industries. BANNER PHARMACAPS INC. 4125 PREMIER DRIVE, P.O. BOX 2210 HIGH POINT,NC 27261, US
Suppliers:
	The person interviewed refused to provide this information.
Operations area:
	National, International
The company exports to North America, South America, Europe, Africa, Middle East, and Asia
Trade References:
	We could not obtain suppliers information from North America or near regions for us to check trade references.
The subject employs 10 employee(s)
Comments on staff:
	This information was confirmed by the company.
PAYMENTS
	regular
LOCATION
Headquarters
	452 Silver Creek Industrial Drive R.R.#1 Tecumseh, ON N8N4Y3 Canada
The property is:
	Rented
Branches:
	The company does not have branches.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company and it operates as a subsidiary of Qualicaps, Inc. Qualicaps, Inc. 201 East John Carpenter Freeway, Suite 900 Irving, Texas 75062 Phone: 469-730-2989 Fax: 469-730-2990
Management:
	Victor Calin - Chief Operating Officer Paul Lukas - Vice President
Related Companies:
	Technophar S.R.L. - Cornu, Romania (Micron) DN 1 km 96+200 Cornu 107175 Romania Phone: (40) 372 449800 Fax : (40) 372 449811 Odorheiu-Secuiesc, Romania (Romcan) str. Beclean, Nr. 223 Odorheiu-Secuiesc 535600 Romania Phone: (40) 366 101211 Fax: (40) 366 101212 Sales Office, Latin America Av. Rivadavia 11244 Ciudad de Buenos Aires (1408) República Argentina

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted Ms. Joan (accounts payable assistant), who refused to provide us any financial data without knowing the name of the inquiring party.
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	1,900,000
The cash flow is	NORMAL

Currency	DATE
USD	2009
Turnover	1,700,000
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
	Technophar Equipment And Service Limited was founded in 1988 and established in Ontario, Canada. As of May 23, 2007, Technophar Equipment and Service Limited is a subsidiary of Qualicaps, Inc. It is a small size, privately-held company, which is engages in the design, development, and manufacture of hard gelatin capsule machines and soft gelatin encapsulation machines for pharmaceuticals, nutritional, and cosmetics industries. The company works nationally and internationally, exporting its product to North America, South America, Europe, Africa, Middle East and Asia. We did not find any detrimental information about the company.

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

APPENDIX
Person Interviewed
	Ms. Joan
Position
	Accounts payable assistant
Comments
	The person interviewed provided us with the following information. 1.Date the company was created. 2.Number of employees. 3.Headquarters and branch information. 4.Principal activity. 5.Management information. She refused to provide any other information without knowing the name of the inquiring party.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.87.00
Euro	1	Rs.69.47

INFORMATION DETAILS

Report Prepared by :

PDT

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