MIRA INFORM REPORT

Report Date :

11.12.2008

IDENTIFICATION DETAILS

Name :	INDIA TRADING S.R.L.
Registered Office :	Via Raffaello Sanzio, 8 20016 – Pero (MI)
Country :	Italy
Financials (as on) :	31.12.2007
Date of Incorporation :	12.10.2000
Com. Reg. No.:	MI-2000-283627
Legal Form :	Limited Liability Company
Line of Business :	Retail of Groceries. Wholesale of Foodstuff, Beverages and Similar.

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

Maximum Credit Limit :	Eur 9.000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

name & address

India Trading S.r.l.

Via

Raffaello Sanzio,

8

20016

- Pero

(MI)

-IT-

SUMMARY

Fiscal Code	:	13248320155
Legal Form	:	Limited liability company
Start of Activities	:	18/04/2001
Patrimonial Consistence	:	65.000 Eur
Turnover Range	:	1.000.000/1.250.000 Eur
Number of Employees	:	from 1 to 5

CREDIT ANALYSIS

CREDIT OPINION	:	9.000 - Eur
Score	:	Risk medium
Creditworthness Rate	:	Scanty
		Modest financial and economic aspect - Limited credit is suggested.

ACTIVITY

Wholesale of foodstuff, beverages and similar.

Retail of groceries.

LEGAL DATA

Legal Form : Limited liability company

Fiscal Code : 13248320155

Foreign Trade Reg. no. : MI339487 since 17/03/2004

Foreign Trade Reg. no. : 339487 of Milano since 17/03/2004

Chamber of Commerce no. : 1633251 of Milano since 12/12/2000

Firms' Register : MI-2000-283627 since 12/12/2000

V.A.T. Code : 13248320155

Establishment Date	: 12/10/2000
Start of Activities	: 18/04/2001
Legal Duration Date	: 31/12/2050
Nominal Capital	: 50.000	Eur
Subscribed Capital	: 50.000	Eur
Paid up Capital	: 50.000	Eur

MEMBERS

Mahesh

Kumar

Born in Sahnetal

on 15/08/1964

- Fiscal Code : MHSKMR64M15Z222O

Residence :

Via

Castaldi Panfilo

, 32

- 20124

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/10/2000

No Protests registered.

Cleary

Charles Adam

Born in Beckenham

on 07/11/1962

- Fiscal Code : CLRCRL62S07Z114W

Residence :

Via

Ascanio Sforza

, 57

- 20100

Milano

(MI)

- IT -

Position	Since	Shares Amount	% Ownership
Director	12/10/2000
Board Chairman	12/10/2000

No Protests registered.

COMPANIES CONNECTED TO MEMBERS *

*checkings have been performed on a national scale.

*In this module are listed the companies in which members hold or held positions.

CLEARY

CHARLES ADAM

Company Style	Legal Seat	Fiscal Code	Position	Position Status	Firm Status
RANGOLI RISTORANTE S.R.L.	Padova (PD) - IT -	03312300969	Director	Active	Registered
RANGOLI RISTORANTE S.R.L.	Padova (PD) - IT -	03312300969	Board Chairman	Active	Registered
SPORTS BAR S.R.L.	Garbagnate Milanese (MI) - IT -	13247520151	Board Chairman	Dismiss	Registered

The indication "REGISTERED" as Firm Status could refere to Firms in Liquidation, Active, Inactive, etc.

For more information, in this case, we advise to request further investigations.

CAPITAL SHAREHOLDERS

Style / Name	Seat / Address	Fiscal Code	Owned Shares	% of Ownership
Meera Beers Uk Limited			4.666 .Eur	9,33
Mahesh Kumar	Milano - IT -	MHSKMR64M15Z222O	4.666 .Eur	9,33
Cleary Charles Adam	Milano - IT -	CLRCRL62S07Z114W	40.667 .Eur	81,33

DIRECT PARTICIPATIONS

The Company under review has no participations in other Companies.

STRUCTURE AND COMPANY ACTIVITY

In order to carry out its activities the firm uses the following locations:

-

Legal and operative seat

in :

Via

Raffaello Sanzio

, 8

- 20016 -

Pero

(MI)

- IT -

PHONE

: 02/33913126

FAX	: 02/33915163

Employees

: 2

Fittings and Equipment

for a value of 180.000

Eur

Stocks

for a value of 270.000

Eur

The firm has a direct commercial organization

Sales are on a local scale.

Import comes generally from the following nations:

- Cina

- India

PAYMENTS ANALYSIS

The average term of debts to suppliers is high compared with that of the sector.

PAYMENTS SCORE : - No insolvency

CREDIT REVOLVING

During last Year, the subject of inquiry has not been monitored by our company.

PROTESTS

Protests checking on the subject firm has given a negative result.

LEGAL PROCEDURES

None reported, standing to the last received edition of the Official Publications.

BANKERS

Bank Name	Agency Name	Address	ZIP Code	City	ABI Code	CAB Code
BANCA REGIONALE EUROPEA	Agenzia di Milano

IMMOVABLES *

*No specific (mortgage/cadastrial registrations) inspections have been requested.

None reported in the name of the Firm.

FINANCIAL AND ECONOMICAL ANALYSIS

The company is active since 2001

Under an economic point of view, profits were registered during the last years with a r.o.e. of 8,49% in 2007

The return on Investment in the last financial year was positive (5,19%)

Net worth does not allow a regular management, short-term debts volume is considerably high, with an high indebtedness volume on the whole (9,55)

Neverthless available funds are good.

FINANCIAL DATA

Complete balance-sheet for the year as at

31/12/2007

(in Eur

x 1 )

Item Type	Amount	Source
Sales	1.242.618	filed balance sheet
Profit (Loss) for the period	4.847	filed balance sheet

Complete balance-sheet for the year as at

31/12/2006

(in Eur

x 1 )

Item Type	Amount	Source
Sales	1.050.985	filed balance sheet
Profit (Loss) for the period	1.440	filed balance sheet

Complete balance-sheet for the year as at

31/12/2005

(in Eur

x 1 )

Item Type	Amount	Source
Sales	1.017.193	filed balance sheet
Profit (Loss) for the period	-28.802	filed balance sheet

Complete balance-sheet for the year as at

31/12/2004

(in Eur

x 1 )

Item Type	Amount	Source
Sales	1.162.214	filed balance sheet
Profit (Loss) for the period	4.566	filed balance sheet

Complete balance-sheet for the year as at

31/12/2003

(in Eur

x 1 )

Item Type	Amount	Source
Sales	975.767	filed balance sheet
Profit (Loss) for the period	-115.312	filed balance sheet

BALANCE SHEETS

From our constant monitoring of the Public Administration, actually, no more recent balance sheets result to be filed.

Balance Sheet as at 31/12/2007 - Months 12 - Currency Eur - Amounts x 1

Balance Sheet as at 31/12/2006 - Months 12 - Currency Eur - Amounts x 1

Years		2007	2006
	BALANCE SHEET ACCOUNTS
.
ASSETS
CREDITS TO SHAREHOLDERS
FIXED ASSETS ( NET )		48.897	55.270
. Intangible assets
. Tangible fixed assets		16.182	22.555
. . Land and buildings
. . Plants, Equipm.and Machinery
. Long-term Investments		32.715	32.715
. . Financial loans		32.715	32.715
. . Own shares
CURRENT ASSETS		629.943	600.486
. Stock		273.181	248.363
. Credits		311.123	324.512
. . Credits to clients		311.123	324.512
. . Other credits
. Short-term financial assets		16.000	16.000
. Liquid assets		29.639	11.611
ACCRUED INCOME-DEFERR. ASSETS		2.552	5.782
TOTAL ASSETS		681.392	661.538
.
LIABILITIES
NET WORTH		57.050	52.206
. Company's capital		50.000	50.000
. Reserves		835	766
. Reserves company's own shares
. Retained profits (losses)		1.368
. Profit (loss)		4.847	1.440
PROVISION FOR RISKS AND LOSSES
SEVERANCE INDEMNITY FUND		4.945	3.468
DEBTS		619.397	605.864
. Financial M/L terms
. . Financial M/L term banks
. . Financial M/L bonds
. . Other financial M/L debts
. Financial short-term debts
. . Financial short-term banks
. . Financial short-term bonds
. . Other financial short-term debts
. M/L term debts to suppliers
. Short-term debts to suppliers
. Sundry M/L debts
. Sundry short-term debts
ACCRUED EXPENSE
TOTAL LIABILITIES		681.392	661.538
.
	PROFIT AND LOSS ACCOUNTS
OUTPUT VALUE		1.259.198	1.079.268
. Revenues from sales/services		1.242.618	1.050.985
. Change of stock (products)		15.482	11.800
OPERATING EXPENSES		1.223.777	1.039.227
. Purchasing expenses		900.632	773.639
. Change of stock (raw material)
. Expenses from services		204.377	126.576
. Expenses from leasing		32.916	48.035
. General expenses/sundry charges		17.438	30.564
. Staff expenses		60.986	52.829
. Depreciation/Devaluation costs		7.428	7.584
FINANCIAL REVENUES (CHARGES)		-16.996	-22.070
. Financial charges		-16.997	-22.077
. Financial revenues		1	7
FINANCIAL ASSETS CORRECTION
EXTRAORDINARY FINANCIAL REVENUES (CHARGES)		3	-2.487
PROFIT (LOSS) FOR THE PERIOD		18.428	15.484
TAX		13.581	14.044
CORRECT./ALLOCAT. FISCAL RULE
NET PROFIT (LOSS)		4.847	1.440

RATIOS	Item	O.V.	O.V.	as at 31/12/2007	as at 31/12/2006	Sector Average
Fixed assets ratio	Units	=> 1	l	2,18	3,53	1,60
Net Short-term indebtedness	Units	- 1	l	9,55	8,70	5,70
Current ratio	Units	=> 1	l	1,09	1,28	1,08
Acid Test Ratio-Liquidity Ratio	Units'	=> 1	l	0,62	0,75	0,88
Return on Sales	%		l	0,98	0,85	1,49
Average stock waiting period	dd		l	79,12	85,06	25,19
Credits to clients average term	dd		l	90,10	111,13	83,16
Debts to suppliers average term	dd		l	160,00	170,00	99,54
Net financial revenues/ charges incidence	%		l	- 1,36	- 2,09	- 0,53
Labour cost incidence	%		l	4,90	5,02	5,76

O.V. = Optimal Value. When not present refer to the sector's.

A coloured item indicates the opinion of the rate during the last financial year

(green=good; orange=not optimal; red=insufficient; n.c.=not computable)

CREDIT OPINION

On the basis of the above mentioned, and the sales volume obtained, we deem that the maximum exposure for short and medium term transactions ( 90 - 120 days ) could be of:

9.000 .Eur.

MARKET / TERRITORY DATA

Population living in the province	:	3.839.216
Population living in the region	:	9.393.092
Number of families in the region	:	3.858.736

Monthly family expences average in the region (in Eur.) :

- per food products	:	460
- per non food products	:	2.090
- per energy consume	:	114

SECTOR DATA

The values are calculated on a base of 4.774 significant companies.

The companies cash their credits on an average of 83 dd.

The average duration of suppliers debts is about 99 dd.

The sector's profitability is on an average of 1,49%.

The labour cost affects the turnover in the measure of 5,76%.

Goods are held in stock in a range of 25 dd.

The difference between the sales volume and the resources used to realize it is about 2,09.

The employees costs represent the 5,74% of the production costs.

STATISTICAL DETRIMENTAL DATA

Statistically the trade activity passes through serious crises.

The area is statistically considered lowly risky.

In the region 50.886 protested subjects are found; in the province they count to 24.765.

The insolvency index for the region is 0,55, while for the province it is 0,66.

Total Bankrupt companies in the province : 22.523.

Total Bankrupt companies in the region : 39.612.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.71
UK Pound	1	Rs.72.85
Euro	1	Rs.64.70

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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