MIRA INFORM REPORT

Report Date :

05.01.2011

IDENTIFICATION DETAILS

Name :	M M INTERNATIONAL

Registered Office :	Ambolomadinika Toamasina

Country :	Madagascar

Date of Incorporation :	01.06.2005

Com. Reg. No.:	Not Available

Legal Form :	Limited Liability Company, Limited by shares

Line of Business :	Import and export of general merchandise

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 50,000
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Madagascar

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

Company summary

COMPANY REPORTED:	M M INTERNATIONAL
Principal Address:	Ambolomadinika Toamasina, Madagascar
Telephone:	+261-2412336
Fax:	+261-2412336
Email:	None
Internet:	None
Established:	01/6/2005
Registration:	Madagascar
Legal Form:	Limited Liability Company, Limited by shares
Stock Listing:	Not Listed
Workforce:	2009
	30
Office & Factories
Head offices	Ambolomadinika Toamasina, Madagascar
Branches	None

Company Profile:
Nominal Capital	MGA. 100,000,000
Shareholders
Name	Position	Amount	Ratio
Madan Pal	Manager

Total			100.00%

Credit Opinion

Our proposed credit amount of USD 50,000 is recommendable

Affiliated Companies

None

Management/ Directors

President/ CEO (1)

Name Madan Pal

Remarks Top Decision Maker

Þ Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.

Business Activities

Import and export of general merchandise

Terms of payment

Buying terms 30% in cash, 70% on credit

Selling terms 80% in cash, 20% on credit

Suppliers Various Companies

Customers Firms and organizations

Recent Sales MGA. 2500,000,000 (2009 Estimated)

Exports None

Export Ratio 0.0%

Import Ratio 40.0%

Domestic Market Share 10.0%

Business Premises 2000 Sft

Type of occupation Leased

Location The subject is located close to a major road network

Premises used as Offices

Banking relationship

Main Banks Access Bank

Credit Check of Subject, President & CEO

(as of report date)

Payment Morale: In the documents at our disposal nothing adverse has been shown so far.

CREDIT RATING: Financial situation is average.

COMMENTS

Maximum credit we recommend is USD 50,000 outstanding at any one time.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.84
UK Pound	1	Rs.69.32
Euro	1	Rs.59.79

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.