MIRA INFORM REPORT

Report Date :

12.01.2011

IDENTIFICATION DETAILS

Correct Name :	V.T IMPEX (SHANDONG) LIMITED

Registered Office :	Rm 3-1032, Bldg. 14, Shuicheng Huafu, No. 56, Xinfang Street, Xinghua West Road, Dongchangfu District, Liaocheng, Shandong Province, 252000 Pr

Country :	China

Financials (as on) :	31.12.2009

Date of Incorporation :	05.09.2005

Com. Reg. No.:	370000400002790

Legal Form :	Wholly Foreign-Owned Enterprise

Line of Business :	Selling Agricultural and Sideline Products

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 15,000

Status :	Small Company

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, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

China

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

Company name & address

V.T IMPEX (SHANDONG) LIMITED

RM 3-1032, BLDG. 14, SHUICHENG HUAFU, NO. 56, XINFANG STREET,

XINgHUA WEST ROAD, dongchangfu district,

LIAOCHENG, SHANDONG PROVINCE, 252000 PR CHINA

56 14 3-1032

TEL: 86 (0) 635-5055966 FAX: N/A

EXECUTIVE SUMMARY

INCORPORATION DATE : SEPTEMBER 5, 2005

REGISTRATION NO. : 370000400002790

REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED enterprise

CHIEF EXECUTIVE : MR. li qiang (CHAIRMAN)

STAFF STRENGTH : 11

REGISTERED CAPITAL : usd 300,000

BUSINESS LINE : TRADING

TURNOVER : CNY 14,920,000 (AS OF DEC. 31, 2009)

EQUITIES : CNY 2,100,000 (AS OF DEC. 31, 2009)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 15,000

MARKET CONDITION : average

FINANCIAL CONDITION : FAIRly stable

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.62 = USD 1

Adopted abbreviations

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

CNY - China Yuan Renminbi

Note: the – 1-302, #23 West of Dongchang Water Palace, Liaocheng was SC’s former address, while SC’s correct address should be the heading one.

SC was registered as a wholly foreign-owned enterprise at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license) on Sep. 5, 2005.

Company Status: Wholly foreign-owned enterprise

This form of business in PR China is defined as a legal person. It is a limited co. established within the territories of PR China with capital provided totally by the foreign investors. More than one foreign investor may jointly invest in a wholly foreign-owned enterprise. The investing party/parties solely exercise management, reap profit and bear risks and liabilities by themselves. This form of companies usually have a limited duration is extendible upon approval of Examination and Approval Authorities.

SC’s registered business scope includes international economic information consulting services, import and export business (excluding import distribution business).

SC is mainly engaged in selling agricultural and sideline products.

Mr. Li Qiang is chairman and general manager of SC at present.

SC is known to have approx. 11 employees at present.

SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Liaocheng. The detailed information of the premise is unspecified.

http://www.vtil.cn/ The design is professional and the content is well organized. At present it is only in English version.

E-mail: lucyl@vtil.net sundaylin@sohu.com

No significant events or changes were found during our checks with the local Administration for Industry and Commerce.

MAIN SHAREHOLDERS:

Name % of Shareholding

V.T. IMPEX LTD (India) 100

V.T. Impex Ltd is an Indian multinational company engaged in export and import of spices, agro products, minerals and general commodities.

Add: #12, SBI Officers Colony, 2nd Street, Arumbakkam, Chennai - 600 106. India

Phone: +91 (44) 23633920 / 21 / 29

Fax: + 91 (44) 23633919

Email: info@vtil.net

Website: www.vtil.net

l Chairman & General Manager:

Mr. Li Qiang is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as chairman and general manager.

SC is mainly engaged in selling agricultural and sideline products.

SC’s products mainly include spices & fruits, chili powder, minced garlic, and so on.

SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 40% of its products in domestic market, and 60% to overseas market.

The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.

SC is not known to have any subsidiary at present.

Overall payment appraisal :

( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience : SC did not provide any name of trade/service suppliers and we have no other sources to conduct the enquiry at present.

Delinquent payment record : None in our database.

Debt collection record :No overdue amount owed by SC was placed to us for collection within the last 6 years.

At local AIC, the bank information of SC is not available.

Financial Information

Unit: CNY’000

	as of Dec. 31, 2008	as of Dec. 31, 2009
Total liabilities	230	1,390
Shareholders equities	1,390	2,100
Total Assets	1,620	3,490

Turnover	6,410	14,920
Profit before tax	-90	700
Net profit	-90	700

Note: SC’s detail financial reports were not found at local AIC.

Important Ratios

=============

	as of Dec. 31, 2008	as of Dec. 31, 2009
*Liabilities to assets	0.14	0.40
*Net profit margin (%)	-1.40	4.69
*Return on total assets (%)	-5.56	20.06
*Turnover/Total assets	3.96	4.28

PROFITABILITY: AVERAGE

· The turnover of SC appears average in its line, and it increased in 2009.

· SC’s net profit margin is fair in 2008 but average in 2009.

· SC’s return on total assets is fair in 2008 but fairly good in 2009.

· SC’s turnover is in a fairly good level, comparing with the size of its total assets.

LEVERAGE: AVERAGE

· The debt ratio of SC is low.

· The risk for SC to go bankrupt is average.

Overall financial condition of the SC: Fairly stable.

SC is considered small-sized in its line with fairly stable financial conditions. A credit line up to USD 15,000 appears to be within SC’s capacities.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

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	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.