MIRA INFORM REPORT

Report Date :

21.07.2011

IDENTIFICATION DETAILS

Name :	AIT FOODS AS

Registered Office :	Kanonhallveien 20 G, 0585 Oslo

Country :	Norway

Financials (as on) :	2009

Date of Incorporation :	01.01.2008

Com. Reg. No.:	893340122

Legal Form :	Limited Liability Company

Line of Business :	Wholesale Trade, Except of Motor Vehicles and Motorcycles

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 :	69.000 NOK

Status :	Moderate

Payment Behaviour :	Unknown

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, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Norway

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

Bottom of Form

REGISTERED NAME & COMPANY SUMMARY

Company Summary

Business Name	AIT FOODS AS
Country	NORWAY
Company Registration Number	893340122
Main Activity	WHOLESALE TRADE, EXCEPT OF MOTOR VEHICLES AND MOTORCYCLES
Activity Code	4600000
Company Status	Active
Latest Turnover Figure	3.450.000 NOK
Latest Shareholder Equity Figure	1.243.000 NOK
Credit Limit	69.000 NOK

Company Information

Basic Information
Business Name	AIT FOODS AS
Registered Company Name	AIT FOODS AS
Company Registration Number	893340122
Country	NORWAY
Date of Company Registration	11/12/2008
Date of Starting Operations	01/01/2008
Legal Form	Limited liability company
Company Status	Active
Currency of this Report	NOK
Principal Activity Description	WHOLESALE TRADE, EXCEPT OF MOTOR VEHICLES AND MOTORCYCLES
Contact Address	KANONHALLVEIEN 20 G, 0585 OSLO
Contact Telephone Number	22631001

CREDIT RECOMENDATION

Current Credit Limit: 69.000 NOK

DIRECTORS/MANAGEMENT

Directors/Managers

Current Directors
Name	Date of Birth	Position
KAUR DALJIT	07/08/1951	Deputy
AHUJA NARESH KUMAR	26/04/1960	Owner
DEOL SANDEEP SINGH	16/02/1986	Owner
DEOL SANDEEP SINGH	16/02/1986	Chairman of the board of directors

NEGATIVE INFORMATION

Negative Information

Payment Remarks
Date	19/04/2011
Type	NEW JUDICIAL ORDER
Source	LINDORFF AS
Status	UNSETTLED
Case Number	18795930
Amount	6107
Settlement Date
Name of Creditor	OFFICER ØKERN AS
Type of Payment Remark	FORCED
Date	18/08/2010
Type	DEBT COLLECTION CASE
Source	AKTIV KAPITAL ASA
Status	UNSETTLED
Case Number	30488222
Amount	15133
Settlement Date
Name of Creditor	NORDIC SHIPPING AGENCIES AS
Type of Payment Remark	FORCED
Date	08/06/2010
Type	DEBT COLLECTION CASE
Source	CONECTO AS
Status	UNSETTLED
Case Number	904010
Amount	3725
Settlement Date
Name of Creditor	COCA-COLA DRIKKER AS
Type of Payment Remark	FORCED
Bankruptcy Prediction
Score		8.25
Explanation		Green zone

SHARE & SHARE CAPITAL INFORMATION

Share Capital Structure

Issued Share Capital

100.000 NOK

Shareholders
Name	Share Percent
No Shareholders for this company.

PAYMENT INFORMATION

Payment Remarks
Date	19/04/2011
Type	NEW JUDICIAL ORDER
Source	LINDORFF AS
Status	UNSETTLED
Case Number	18795930
Amount	6107
Settlement Date
Name of Creditor	OFFICER ØKERN AS
Type of Payment Remark	FORCED
Date	18/08/2010
Type	DEBT COLLECTION CASE
Source	AKTIV KAPITAL ASA
Status	UNSETTLED
Case Number	30488222
Amount	15133
Settlement Date
Name of Creditor	NORDIC SHIPPING AGENCIES AS
Type of Payment Remark	FORCED
Date	08/06/2010
Type	DEBT COLLECTION CASE
Source	CONECTO AS
Status	UNSETTLED
Case Number	904010
Amount	3725
Settlement Date
Name of Creditor	COCA-COLA DRIKKER AS
Type of Payment Remark	FORCED

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

No group structure for this company.

FINANCIAL INFORMATION

Financial Information

Profit and Loss
Financial Year	2009	2008
Number of Weeks	52	52
Currency	NOK	NOK
Revenue	3.450.000	-
Operating Costs	-1.724.000	-
Operating Profit	1.726.000	-
Wages & Salaries	-410.000	-
Depreciation	-	-
Financial Income	-	-
Financial Expenses	-	-
Profit before Tax	1.726.000	-
Tax	-483.000	-
Profit after Tax	1.726.000	-
Other Appropriations	-	-
Retained Profit	1.243.000	-

Balance Sheet
Financial Year	2009	2008
Number of Weeks	52	52
Currency	NOK	NOK
Land & Buildings	0	0
Plant & Machinery	0	0
Other Tangible Assets	0	0
Total Tangible Assets	0	0
Goodwill	0	0
Other Intangible Assets	0	0
Total Intangible Assets	0	0
Investments	0	0
Loans To Group	0	0
Other Loans	0	0
Miscellaneous Fixed Assets	0	0
Total Other Fixed Assets	0	0
TOTAL FIXED ASSETS	0	0
Total Inventories	0	0
Trade Receivables	1.665.000	0
Group Receivables	0	0
Miscellaneous Receivables	22.000	0
Total Receivables	1.686.000	0
Cash	107.000	100.000
Other Current Assets	0	0
TOTAL CURRENT ASSETS	1.794.000	100.000
TOTAL ASSETS	1.794.000	100.000
Trade Payables	-420.000	0
Bank Liabilities	0	0
Other Loans Or Finance	0	0
Group Payables	0	0
Miscellaneous Liabilities	971.000	0
TOTAL CURRENT LIABILITIES	551.000	0
Bank Liabilities Due After 1 Year	0	0
Other Loans Or Finance Due After 1 Year	0	0
Group Payables Due After 1 Year	0	0
Miscellaneous Liabilities Due After 1 Year	0	0
TOTAL LONG TERM LIABILITIES	0	0
TOTAL LIABILITIES	551.000	0
Called Up Share Capital	0	100.000
Share Premium	0	0
Revenue Reserves	1.243.000	0
TOTAL SHAREHOLDERS EQUITY	1.243.000	100.000

Other Financials
Working Capital	1.243.000	100.000
Net Worth	1.243.000	100.000

Ratios
Pre-Tax Profit Margin	50.03 %
Return On Capital Employed	96.21 %
Return On Total Assets Employed	96.21 %
Return On Net Assets Employed	138.86 %
Sales/Net Working Capital	2.78
Stock Turnover Ratio
Debtor Days	176.15
Creditor Days	-44.43
Current Ratio	3.30	0.00
Liquidity Ratio/Acid Test	3.26
Current Debt Ratio	0.44	0.00
Gearing
Equity In Percentage
Total Debt Ratio	0.40	0.0

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Activities
Activity Code	Activity Description
4600000	WHOLESALE TRADE, EXCEPT OF MOTOR VEHICLES AND MOTORCYCLES
4630000	Wholesale of food, beverages and tobacco
4639000	Non-specialised wholesale of food, beverages and tobacco

Contact Information

Main Address
Address	Country	Telephone
KANONHALLVEIEN 20 G, 0585 OSLO	NORWAY	22631001

Other Address
Address	Country
Address unknown	NORWAY

Email Addresses

post@deol.no

Web Pages

No information for this company.

Other Information

Employee Information
Year	Number of Employees
2011	4
2010	4

Bankers

No banker information for this company.

Advisors
Auditor Name	GOGSTAD REVISJON

Additional Information

Other Information
Company Purpose	ENGROSHANDEL MED BREDT UTVALG AV NÆRINGS- OG NYTELSESMIDLER.
Comment

Other Financial Information

No information for this company.

Auditors Report
Date of Financials	31/12/2009
Auditors Comment	WEAKNESSES/LACK OF DOCUMENTATION AND INTERNAL CONTROL
Auditors Comment 2	AS IT IS, THE YEAR’S ACCOUNTS SHOULD NOT BE DEFINED AS THE COMPANY’S YEAR’S ACCOUNTS
Auditors Comment 3
Auditors Comment 4

Event History
Event Date	Event Description
13/12/2008	RATING CALCULATED
30/07/2009	RATING CALCULATED
30/12/2009	RATING CALCULATED
05/09/2010	AUDITOR CHANGED
06/10/2010	MEMBER OF THE BOARD CHANGED
06/12/2010	CREDITOR WARNING – DISSOLUTION
23/02/2011	CHANGE IN OWNER
07/04/2011	CHANGE IN OWNER
07/04/2011	RATING CALCULATED
20/04/2011	CHANGE IN REMARK

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.46
UK Pound	1	Rs.71.67
Euro	1	Rs.62.94

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.