MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	F. & A. PHARMA-HANDELS-GMBH
Registered Office :	Bonhoefferring 41, D 46286 Dorsten
Country :	Germany
Financials (as on) :	31.12.2012
Date of Incorporation :	19.05.2005
Com. Reg. No.:	HRB 8334
Legal Form :	Private limited company
Line of Business :	· Agents involved in the sale of pharmaceutical goods, medical and orthopedic goods, laborary supplies, medical and dental supplies, dental instruments · Wholesale of pharmaceutical goods
No. of Employees :	2

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 :	Slow but correct
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 6.5% in 2012. GDP contracted 5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a reflection of low investment spending due to crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's total budget deficit - including federal, state, and municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. 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 though the target was already reached in 2012. By 2014, the federal government wants to balance its budget. 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 electricity generating capacity and 46% of its base-load electricity production.

Source : CIA

COMPANY NAME & ADDRESS

F. & A. PHARMA-HANDELS-GMBH

Company Status: active

Bonhoefferring 41

D 46286 Dorsten

Telephone:02369/9261947

Telefax: 02369/9261950

Homepage: www.fa-pharma.com

E-mail: info@fa-pharma.com

VAT no.

DE814450701

REGISTRATION DATA

LEGAL FORM Private limited company

Date of foundation: 19.05.2005

Shareholders'

agreement: 19.05.2005

Registered on: 18.10.2005

Commercial Register: Local court 45879 Gelsenkirchen

under: HRB 8334

Share capital

EUR 25,000.00

Shareholder

Dirk Friedrich

Bonhoefferring 41

D 46286 Dorsten

born: 11.10.1976

Share: EUR 25,000.00

Manager:

Dirk Friedrich

Bonhoefferring 41

D 46286 Dorsten

having sole power of representation

born: 11.10.1976

Profession: Fully qualified merchant

COMPANY HISTORY

18.10.2005 - 18.10.2009 F. & A. PHARMA-Handels-GmbH

Hochstr. 60

D 45894 Gelsenkirchen

Private limited company

18.10.2009 - 13.07.2011 F. & A. PHARMA-Handels-GmbH

Am Sägewerk 67

D 46286 Dorsten

Private limited company

BUSINESS ACTIVITIES

Main industrial sector

46184 Agents involved in the sale of pharmaceutical goods,

medical and orthopedic goods, laborary supplies, medical and

dental supplies, dental instruments

46461 Wholesale of pharmaceutical goods

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information: We have no negative information at hand.

Balance sheet year: 2012

REAL ESTATE

Type of ownership: Tenant

Address Bonhoefferring 41

D 46286 Dorsten

Land register documents were not available.

BANKERS

VOLKSBANK RUHR MITTE, GELSENKIRCHEN

Sort. code: 42260001, BIC: GENODEM1GBU

FINANCIAL FIGURES

Commission income: 2011 EUR 1,150,000.00

2012 EUR 1,300,000.00

Expected turnover: EUR 1,500,000.00

further business figures:

Ac/ts receivable: EUR 731,586.00

Liabilities: EUR 752,221.00

Employees: 2

BALANCE SHEETS

Balance sheet ratios 01.01.2012 - 31.12.2012

Equity ratio [%]: 10.21

Liquidity ratio: 1.12

Return on total capital [%]: 2.48

Balance sheet ratios 01.01.2011 - 31.12.2011

Equity ratio [%]: 9.79

Liquidity ratio: 1.11

Return on total capital [%]: 6.62

Balance sheet ratios 01.01.2010 - 31.12.2010

Equity ratio [%]: 30.38

Liquidity ratio: 1.44

Return on total capital [%]: -7.88

Balance sheet ratios 01.01.2009 - 31.12.2009

Equity ratio [%]: 23.47

Liquidity ratio: 1.25

Return on total capital [%]: -19.43

Equity ratio

The equity ratio indicates the portion of the equity as compared

to the total capital. The higher the equity ratio, the better the

economic stability (solvency) and thus the financial autonomy of

a company.

Liquidity ratio

The liquidity ratio shows the proportion between adjusted

receivables and net liabilities. The higher the ratio, the lower

the company's financial dependancy from external creditors.

Return on total capital

The return on total capital shows the efficiency and return on

the total capital employed in the company. The higher the return

on total capital, the more economically does the company work

with the invested capital.

Type of balance

sheet: Company balance sheet

Financial year: 01.01.2012 - 31.12.2012

ASSETS EUR 757,129.39

Fixed assets EUR 1,013.00

Intangible assets EUR 3.00

Other / unspecified intangible assetsEUR 3.00

Tangible assets EUR 1,010.00

Other / unspecified tangible assets EUR 1,010.00

Current assets EUR 755,019.29

Accounts receivable EUR 731,586.32

Other debtors and assets EUR 731,586.32

Liquid means EUR 23,432.97

Remaining other assets EUR 1,097.10

Accruals (assets) EUR 1,097.10

LIABILITIES EUR 757,129.39

Shareholders' equity EUR 1,708.09

Capital EUR 25,000.00

Subscribed capital (share capital) EUR 25,000.00

Balance sheet profit/loss (+/-) EUR -23,291.91

Balance sheet profit / loss EUR -23,291.91

Provisions EUR 3,200.00

Liabilities EUR 752,221.30

Other liabilities EUR 752,221.30

Unspecified other liabilities EUR 752,221.30

Type of balance

sheet: Company balance sheet

Financial year: 01.01.2011 - 31.12.2011

ASSETS EUR 607,049.55

Fixed assets EUR 1,887.00

Intangible assets EUR 3.00

Other / unspecified intangible assetsEUR 3.00

Tangible assets EUR 1,884.00

Other / unspecified tangible assets EUR 1,884.00

Current assets EUR 586,443.86

Accounts receivable EUR 547,849.13

Other debtors and assets EUR 547,849.13

Liquid means EUR 38,594.73

Remaining other assets EUR 18,718.69

Accruals (assets) EUR 1,657.32

Deficit not covered by shareholders'

equity EUR 17,061.37

LIABILITIES EUR 607,049.55

Shareholders' equity EUR 0.00

Capital EUR 25,000.00

Subscribed capital (share capital) EUR 25,000.00

Balance sheet profit/loss (+/-) EUR -42,061.37

Balance sheet profit / loss EUR -42,061.37

Other shareholders' equity (+/-) EUR 17,061.37

Deficit not covered by shareholders'

equity EUR 17,061.37

Provisions EUR 2,100.00

Liabilities EUR 604,949.55

Other liabilities EUR 604,949.55

Unspecified other liabilities EUR 604,949.55

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.29
UK Pound	1	Rs.101.36
Euro	1	Rs.84.59

INFORMATION DETAILS

Report Prepared by :

NLM

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.