MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	ARYA-GROB- UND EINZELHANDELSGESELLSCHAFTMIT BESCHRÄNKTER HAFTUNG
Registered Office :	Kölner Str. 1 D 65760 Eschborn
Country :	Germany
Financials (as on) :	31.12.2010
Year of Establishment :	1982
Com. Reg. No.:	HRB 89865
Legal Form :	Private Limited Company
Line of Business :	Wholesale of food
No. of Employees :	7

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

Status :	Satisfactory
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^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Germany	A1	A1

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

GERMANY - ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.0% in 2011. GDP contracted 5.1% in 2009 but grew by 3.6% in 2010, and 2.7% in 2011. The recovery was attributable primarily to rebounding manufacturing orders and exports - increasingly outside the Euro Zone. Germany's central bank projects that GDP will grow 0.6% in 2012, a reflection of the worsening euro-zone financial crisis and the financial burden it places on Germany as well as falling demand for German exports. Domestic demand is therefore becoming a more significant driver of Germany's economic expansion. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's budget deficit to 3.3% in 2010, but slower spending and higher tax revenues reduce the deficit to 1.7% in 2011, below the EU's 3% limit. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its energy and 46% of its base-load electrical production.

Source : CIA

Company name and address

ARYA - Grob- und Einzelhandelsgesellschaftmit beschränkter Haftung

Company Status: active

Kölner Str. 1

D 65760 Eschborn

Telephone:06196/998380

Telefax: 06196/998366

Homepage: www.fullpowerbodyandco.de

E-mail: fullpower@fullpowerbodyandco.de

VAT no.

DE113826977

CONCLUSION

Business relations are permissible.

Registartion data

LEGAL FORM Private limited company

Date of foundation: 1982

Shareholders'

agreement: 05.05.1982

Registered on: 06.01.2011

Commercial Register: Local court 60313 Frankfurt

under: HRB 89865

Share capital

EUR 53,000.00

Shareholder

Vijay Kapur

Leibnizring 19

D 65830 Kriftel

born: 10.10.1950

Share: EUR 42,700.00

Shareholder:

Mallika Satia

Leibnizring 19

D 65830 Kriftel

born: 09.08.1984

Share: EUR 5,150.00

Shareholder:

Sonalika Kapur

Leibnizring 19

D 65830 Kriftel

born: 07.06.1988

Share: EUR 5,150.00

Manager:

Vijay Kapur

Leibnizring 19

D 65830 Kriftel

having sole power of representation

born: 10.10.1950

Profession: Businessman

Marital status: married

Proxy:

Sonalika Kapur

Leibnizring 19

D 65830 Kriftel

having sole power of representation

born: 07.06.1988

Marital status: unknown

FURTHER FUNCTIONS/PARTICIPATIONS OF VIJAY KAPUR (MANAGER)

General partner:

S.K. Lugani MS Magnos oHG

Harkortstr. 27

D 40880 Ratingen

Legal form: General Partnership

Registered

on: 02.11.2012

Reg. data: 40213 Düsseldorf, HRA 22204

Manager:

Fashion Power Textilhandel GmbH

Frankfurter Str. 26-28

D 65760 Eschborn

Legal form: Private limited company

Share capital: EUR 25,564.59

Registered

on: 14.09.1990

Reg. data: 60313 Frankfurt, HRB 32484

Manager:

Full Power GmbH

Leibnizring 19

D 65830 Kriftel

Legal form: Private limited company

dissolved

Share capital: EUR 51,129.19

Registered

on: 26.02.2001

Reg. data: 60313 Frankfurt, HRB 51740

COMPANY HISTORY

05.05.1982 - 23.03.1983 ARYA - Groß- und

Einzelhandelsgesellschaft mit

beschränkter Haftung

D 60311 Frankfurt

Private limited company

24.03.1983 - 15.07.1992 ARYA - Groß- und

Einzelhandelsgesellschaft mit

beschränkter Haftung

Frankfurter Str. 26-28

D 65760 Eschborn

Private limited company

16.07.1992 - 31.03.1997 ARYA - Groß- und

Einzelhandelsgesellschaft mit

beschränkter Haftung

Nordring 30

D 65719 Hofheim

Private limited company

01.04.1997 - 03.09.1997 ARYA - Groß- und

Einzelhandelsgesellschaft mit

beschränkter Haftung

West-Höchster Str. 78

D 65931 Frankfurt

Private limited company

21.01.1999 - 28.02.2003 ARYA - Groß- und

Einzelhandelsgesellschaft mit

beschränkter Haftung

Höchster Str. 78

D 65835 Liederbach

Private limited company

31.03.2003 - 06.01.2011 ARYA - Groß- und

Einzelhandelsgesellschaft mit

beschränkter Haftung

Hessenring 4d

D 64546 Mörfelden-Walldorf

Private limited company

BUSINESS ACTIVITIES

Main industrial sector

46389 Wholesale of food n.e.c.

4719 Other retail sale in non-specialized stores

47290 Other retail sale of food

FINANCIAL INFORMATION

Payment experience: within agreed terms

Negative information:We have no negative information at hand.

Balance sheet year: 2010

REAL ESTATE

Type of ownership: Tenant

Address Kölner Str. 1

D 65760 Eschborn

Land register documents were not available.

BANKERS

COMMERZBANK VORMALS DRESDNER BANK, HOFHEIM AM TAUNUS

Sort. code: 50080000, BIC: DRESDEFFXXX

FRANKFURTER VOLKSBANK, FRANKFURT AM MAIN

Sort. code: 50190000, BIC: FFVBDEFFXXX

FINANCIAL FIGURES

Turnover: 2010 EUR 2,300,000.00

2011 EUR 2,300,000.00

Profit: 2010 EUR 56,251.00

further business figures:

Ac/ts receivable: EUR 503,723.00

Liabilities: EUR 91,157.00

Employees: 7

The aforementioned business figures may partly be estimated information based on average values in the line of business.

BALANCE SHEETS

Balance sheet ratios 01.01.2010 - 31.12.2010

Equity ratio [%]: 82.50

Liquidity ratio: 10.00

Return on total capital [%]: 3.00

Balance sheet ratios 01.01.2009 - 31.12.2009

Equity ratio [%]: 68.52

Liquidity ratio: 10.00

Return on total capital [%]: -20.81

Balance sheet ratios 01.01.2008 - 31.12.2008

Equity ratio [%]: 79.85

Liquidity ratio: 10.00

Return on total capital [%]: -8.81

Balance sheet ratios 01.01.2007 - 31.12.2007

Equity ratio [%]: 83.41

Liquidity ratio: 10.00

Return on total capital [%]: 1.05

Equity ratio

The equity ratio indicates the portion of the equity as compared

to the total capital. The higher the equity ratio, the better the

economic stability (solvency) and thus the financial autonomy of

a company.

Liquidity ratio

The liquidity ratio shows the proportion between adjusted

receivables and net liabilities. The higher the ratio, the lower

the company's financial dependancy from external creditors.

Return on total capital

The return on total capital shows the efficiency and return on

the total capital employed in the company. The higher the return

on total capital, the more economically does the company work

with the invested capital.

Type of balance

sheet: Company balance sheet

Financial year: 01.01.2010 - 31.12.2010

ASSETS EUR 1,875,406.24

Fixed assets EUR 29,761.23

Tangible assets EUR 29,761.23

Other / unspecified tangible assets EUR 29,761.23

Current assets EUR 1,844,950.01

Stocks EUR 72,360.00

Finished goods / work in progress EUR 72,360.00

Accounts receivable EUR 503,723.22

Other debtors and assets EUR 503,723.22

Liquid means EUR 1,268,866.79

Remaining other assets EUR 695.00

Accruals (assets) EUR 695.00

LIABILITIES EUR 1,875,406.24

Shareholders' equity EUR 1,547,299.51

Capital EUR 53,000.00

Subscribed capital (share capital) EUR 53,000.00

Reserves EUR 24,274.41

Capital reserves EUR 24,274.41

Balance sheet profit/loss (+/-) EUR 1,470,025.10

Profit / loss brought forward EUR 1,413,774.28

Annual surplus / annual deficit EUR 56,250.82

Provisions EUR 236,950.00

Liabilities EUR 91,156.73

Other liabilities EUR 91,156.73

Unspecified other liabilities EUR 91,156.73

Type of balance

sheet: Company balance sheet

Financial year: 01.01.2009 - 31.12.2009

ASSETS EUR 2,138,466.21

Fixed assets EUR 39,473.27

Tangible assets EUR 39,473.27

Other / unspecified tangible assets EUR 39,473.27

Current assets EUR 2,096,781.94

Stocks EUR 82,530.00

Accounts receivable EUR 527,453.15

Other debtors and assets EUR 527,453.15

Liquid means EUR 1,486,798.79

Remaining other assets EUR 2,211.00

Accruals (assets) EUR 2,211.00

LIABILITIES EUR 2,138,466.21

Shareholders' equity EUR 1,465,274.28

Capital EUR 51,500.00

Subscribed capital (share capital) EUR 51,500.00

Balance sheet profit/loss (+/-) EUR 1,413,774.28

Profit / loss brought forward EUR 1,858,768.33

Annual surplus / annual deficit EUR -444,994.05

Provisions EUR 323,614.00

Liabilities EUR 349,577.93

Other liabilities EUR 349,577.93

Unspecified other liabilities EUR 349,577.93

thereof liabilities from tax /

financial authorities EUR 775.15

thereof liabilities from social

security EUR 347.47

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

PRL

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.