MIRA INFORM REPORT

Report Date :

04.03.2011

IDENTIFICATION DETAILS

Name :	HOUSE OF SPICES (INDIA) INC
Registered Office :	127-40 Willets Pt Blvd Flushing, New York, 11368-1506
Country :	United States
Date of Incorporation :	02.04.1974
Legal Form :	Corporation for Profit
Line of Business :	Food Products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 790,000
Status :	Satisfactory
Payment Behaviour :	Regular
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United States	A1	A1

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

GEOPOLITICS - UNITED STATES
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation:Stable

IDENTIFICATION
Legal Name:	HOUSE OF SPICES (INDIA) INC
Legal Address	127-40 WILLETS PT BLVD FLUSHING, NEW YORK, 11368-1506, USA
Telephone:	(718) 507-4900	ID :	340115
Fax:	(718) 507-4798	Legal Form:	Corporation for Profit
Email:	customerservice@hosindia.com	Registered in:	New York
Website:	http://www.hosindia.com	Date Created:	1974
Manager:	Gordhandas Soni, President	Date Incorporated:	April 2nd, 1974
Staff:	230	Stock:	500
		Value:	No par value
Activity:	Food products.

BANKS
Name of the Bank	WELLS FARGO BANK, N.A.
Location	300 TRI STATE INTL STE 400 LINCOLNSHIRE IL 60069- 4417

BUSINESS
HISTORY
	The company was created in 1974.
PRINCIPAL ACTIVITY
	Food products.
Products/Services description:
	The company distributes the following products: Ayurvedic Rice, Wheat, Beans, & Daals Drinks, Tea, & Coffee Coconut & Coconut Milk Pickles, Pastes, & Chutneys Sauces & Soups Spices Sweets & Ice Cream Flours Snacks, Ready to Eat, & Frozen Food Oil & Ghee Nuts, Jaggery, Gur, & Tamarind Instant Mix and Canned Food Healthy Food Food Colors and Essences Cereals Miscellaneous
Sales are:
	Wholesale
Brands:
	Laxmi
Operations area:
	International
The company imports from South Asia
The subject employs 230 employee(s)
PAYMENTS
	made on a 45 days basis - monitored over the last 12 months
LOCATION
Headquarters
	127-40 Willets Point Blvd Flushing NY 11368, USA
Surface area:
	500,000 square feet
Branches:
	4030 Blue Bonnet Drive, Stafford Texas 77477 13821 Struikman Road, Cerritos California 2411 United Lane, Elk Groove Village, 60007 7908 Fernham Lane, Forestville MD, 20747 25377 Huntwood Ave Hayward CA, 94544

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company. Despite our long searches, we could not identify the shareholders. The person interviewed refused to provide us the names of the shareholders on grounds of confidentiality.
Management:
	Gordhandas Soni, President.

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted the company, that refused to provide us any financial data without knowing the name of the inquiring party.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency	DATE
USD	2009
Turnover	35,700,000
Operating Income	1,100,000
Net Income	845,000
Net worth	3,000,000
Bank liabilities	560,000

Legal Fillings

There are several UCC** files listed with the Secretary of State of New York.

There are no legal filings listed with the District Court.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating
Local credit bureau gave a correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This is a medium sized American company. It empoloys 230 people and has been in business for 36 years. The company`s income remains pretty fair for its size and the business is evolving in a stable sector. A credit line may be considered for USD 790,000

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX
Person Interviewed
	Operator
Comments
	The person contacted refused to provide any kind of information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.96
UK Pound	1	Rs.73.37
Euro	1	Rs.62.33

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.