MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	INDIA TRADING SRL
Registered Office :	Via Raffaello Sanzio 8, Pero, 20016
Country :	Italy
Financials (as on) :	31.12.2011
Date of Incorporation :	12.10.2000
Com. Reg. No.:	13248320155
Legal Form :	Private Subsidiary Company
Line of Business :	Subject engaged in credit reporting and collection agency activities
No. of Employees :	04 employees

RATING & COMMENTS

MIRA’s Rating :

B

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

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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Italy	A2	A2

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

ITALY - ECONOMIC OVERVIEW

Italy has a diversified industrial economy, which is divided into a developed industrial north, dominated by private companies, and a less-developed, welfare-dependent, agricultural south, with high unemployment. The Italian economy is driven in large part by the manufacture of high-quality consumer goods produced by small and medium-sized enterprises, many of them family owned. Italy also has a sizable underground economy, which by some estimates accounts for as much as 17% of GDP. These activities are most common within the agriculture, construction, and service sectors. Italy is the third-largest economy in the euro-zone, but exceptionally high public debt burdens and structural impediments to growth have rendered it vulnerable to scrutiny by financial markets. Public debt has increased steadily since 2007, reaching 120% of GDP in 2011, and borrowing costs on sovereign government debt have risen to record levels. During the second half of 2011 the government passed a series of three austerity packages to balance its budget by 2013 and decrease its public debt burden. These measures included a hike in the value-added tax, pension reforms, and cuts to public administration. The government also faces pressure from investors and European partners to address Italy's long-standing structural impediments to growth, such as an inflexible labor market and widespread tax evasion. The international financial crisis worsened conditions in Italy''s labor market, with unemployment rising from 6.2% in 2007 to 8.4% in 2011, but in the longer-term Italy''s low fertility rate and quota-driven immigration policies will increasingly strain its economy. The euro-zone crisis along with Italian austerity measures have reduced exports and domestic demand, slowing Italy''s recovery. Italy''s GDP is still 5% below its 2007 pre-crisis level.

Source : CIA

Company name & address

India Trading SRL

Via Raffaello Sanzio 8

Pero, 20016

Italy

Tel: +39 0233 913126

Fax: +39 0233 915163

Synthesis

Employees: 4

Company Type: Private Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: Meera Beers U.K. Ltd

Incorporation Date: 12-Oct-2000

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 3.2

Total Assets: 1.7

Business Description

India Trading SRL is primarily engaged in credit reporting and collection agency activities; speciality design activities; activities of exhibition and fair organisers; activities of conference organisers; and other business activities not elsewhere classified.

Industry

Industry Business Services

ANZSIC 2006: 6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified

NACE 2002: 7487 - Other business activities not elsewhere classified

NAICS 2002: 5619 - Other Support Services

UK SIC 2003: 7487 - Other business activities not elsewhere classified

UK SIC 2007: 8299 - Other business support service activities n.e.c.

US SIC 1987: 7389 - Business Services, Not Elsewhere Classified

Key Executives

Name	Title
Charles Adam Cleary	President
Jean - Claude Patric Cramley	Member of the board
Rajiv Kumar	Member of the board
Kumar Mahesh	Member of the board
Fabiola Raffa	Member of the board

News

Title	Date
Harassment in LPG muddle Times of India (756 Words)	22-Nov-2012
Six to watch: TV's most famous chairs Guardian Web (694 Words)	2-Jun-2012
DJ Thailand Sugar Premiums May Drop More On Ample Crush, India Exports -Traders OsterDowJones (306 Words)	25-Jan-2012

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

Via Raffaello Sanzio 8

Pero, 20016

Italy

Tel: +39 0233 913126

Fax: +39 0233 915163

Sales EUR(mil): 2.3

Assets EUR(mil): 1.3

Employees: 4

Fiscal Year End: 31-Dec-2011

Industry: Business Services

Incorporation Date: 12-Oct-2000

Company Type : Private Subsidiary

Quoted Status: Not Quoted

Registered No.(ITA): 13248320155

President: Charles Adam Cleary

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

6999 - Other Professional, Scientific and Technical Services Not Elsewhere Classified

360 - Grocery, Liquor and Tobacco Product Wholesaling

NACE 2002 Codes:

7487 - Other business activities not elsewhere classified

5138 - Wholesale of other food including fish, crustaceans and molluscs

NAICS 2002 Codes:

5619 - Other Support Services

424460 - Fish and Seafood Merchant Wholesalers

US SIC 1987:

7389 - Business Services, Not Elsewhere Classified

514 - Groceries and Related Products

UK SIC 2003:

7487 - Other business activities not elsewhere classified

5138 - Wholesale of other food including fish, crustaceans and molluscs

UK SIC 2007:

8299 - Other business support service activities n.e.c.

4638 - Wholesale of other food, including fish, crustaceans and molluscs

Business Description

India Trading SRL is primarily engaged in credit reporting and collection agency activities; speciality design activities; activities of exhibition and fair organisers; activities of conference organisers; and other business activities not elsewhere classified.

Financial Data

Financials in:	EUR(mil)
Revenue:	2.3
Assets:	1.3
Current Assets:	1.2
Total Liabilities:	1.3
Net Worth:	0.1
Date of Financial Data:	31-Dec-2011

1 Year Growth

37.8%

NA

Key Corporate Relationships

Bank:	Banca Sella Ag, Ubi Banca Popolare di Bergamo Ag

Corporate Family	Corporate Structure News:
	Meera Beers U.K. Ltd India Trading SRL
India Trading SRL Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Meera Beers U.K. Ltd	Parent	Windsor	United Kingdom	Personal Services
India Trading SRL	Subsidiary	Pero, Milano	Italy	Business Services	3.2	4

Executive report

Board of Directors

Name	Title	Function
Jean - Claude Patric Cramley	Member of the board	Director/Board Member
Rajiv Kumar	Member of the board	Director/Board Member
Kumar Mahesh	Member of the board	Director/Board Member
Fabiola Raffa	Member of the board	Director/Board Member

Executives

Name	Title	Function
Charles Adam Cleary	President	President

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No
Total income	3.2	2.2	2.3
Net sales	3.2	2.2	2.2
Other operating income	0.0	0.0	0.0
Raw materials and consumables employed	2.3	1.6	1.6
Other expenses	0.6	0.4	0.5
Total payroll costs	0.2	0.1	0.1
Fixed asset depreciation and amortisation	0.0	0.0	0.0
Other operating costs	0.1	0.0	0.0
Net operating income	0.1	0.1	0.1
Total financial income	0.0	0.0	0.0
Total expenses	0.1	0.0	0.0
Profit before tax	0.0	0.0	0.1
Extraordinary result	-	0.0	0.0
Profit after extraordinary items and before tax	0.0	0.0	0.1
Total taxation	0.0	0.0	0.0
Net profit	0.0	0.0	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Total stockholders equity	0.1	0.1	0.1
Provision for pensions	0.0	0.0	0.0
Other long-term liabilities	0.4	0.2	0.2
Other current liabilities	1.2	1.1	0.8
Total current liabilities	1.2	1.1	0.8
Total liabilities (including net worth)	1.7	1.5	1.1
Intangibles	0.0	0.0	0.0
Total tangible fixed assets	0.0	0.0	0.0
Total financial assets	0.0	0.0	0.0
Receivables due after 1 year	0.0	0.0	0.0
Total non-current assets	0.1	0.1	0.1
Net stocks and work in progress	0.6	0.6	0.5
Trade debtors	0.8	0.7	0.6
Other receivables	0.0	0.0	-
Cash and liquid assets	0.1	0.0	0.0
Marketable securities	0.0	0.0	0.0
Accruals	0.0	0.0	0.0
Total current assets	1.6	1.3	1.1
Total assets	1.7	1.5	1.1

Annual Ratios

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No
Current ratio	1.30	1.20	1.30
Quick ratio	0.80	0.70	0.70
Current liabilities to net worth	0.10%	0.09%	0.07%
Sales per employee	-	0.55	0.53
Average wage per employee	-	0.03	0.03
Net worth	0.1	0.1	0.1

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.95
UK Pound	1	Rs.88.42
Euro	1	Rs.71.71

INFORMATION DETAILS

Report Prepared by :

MNL

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.