MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	BARRY CALLEBAUT (SUZHOU) CHOCOLATE CO., LTD.
Registered Office :	No. 138, Fangzhong Street, Suzhou Industrial Park, Jiangsu Province, 215024 Pr China
Country :	China
Date of Incorporation :	27.10.2006
Com. Reg. No.:	320594400017606
Legal Form :	Wholly Foreign-Owned Enterprise
Line of Business :	manufacturing and selling chocolate
No. of Employees :	200

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
China	A2	A2

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

Company name & address

Barry Callebaut (Suzhou) Chocolate Co., Ltd.

No. 138, fangzhong street, suzhou industrial park,

jiangsu PROVINCE, 215024 PR CHINA

TEL: 86 (0) 512-62890008 FAX: 86 (0) 512-62890006

EXECUTIVE SUMMARY

INCORPORATION DATE : oct. 27, 2006

REGISTRATION NO. : 320594400017606

REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED enterprise

CHIEF EXECUTIVE : MR. MAURIZIO DECIO (CHAIRMAN)

STAFF STRENGTH : 200

REGISTERED CAPITAL : USD 27,000,000

BUSINESS LINE : MANUFACTURING

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : AVERAGE

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : well-known

EXCHANGE RATE : CNY 6.29 = 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: SC’s correct name 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 Oct. 27, 2006.

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 manufacturing chocolate and related products; selling its products and providing related after-sale services; wholesale, import and export of goods with same kinds and related business. Normal operating projects: researching and developing chocolate and related products.

SC is mainly engaged in manufacturing and selling chocolate.

Mr. Maurizio Decio is legal representative and chairman of SC at present.

SC is known to have approx. 200 employees at present.

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

http://www.barry-callebaut.com The website belongs to Barry Callebaut AG, and it includes the information on SC and its related companies. The design is professional and the content is well organized. At present it is in Chinese, English and other versions.

Email: info_china@barry-callebaut.com

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

MAIN SHAREHOLDERS:

Name % of Shareholding

Barry Callebaut Asia Pacific (Singapore) Pte. Ltd. 100

Add: 26 Senoko South Road, Singapore 758091

Phone: +65 6755 18 77

Fax: +65 6755 83 22

E-mail: info_singapore@barry-callebaut.com

Legal representative and Chairman:

Mr. Maurizio Decio, Italian, Passport # 502874, born in 1961, he obtained a master’s degree in Food Science from the University of Milan in Italy. He is currently responsible for the overall management of SC.

Working Experience(s):

From 1988-1995 He held various management functions with Unilever in Italy and the Netherlands;

From 1996-1998 Maurizio Decio served as Technical Director responsible for Production, Development, Maintenance, Quality Assurance and Purchasing for Perfetti Confectionery in Shanghai;

At present Working in SC as legal representative and chairman;

Also working in Barry Callebaut AG as vice president Asia.

General Manager:

Mr. Michael W. Roberts, Passport # 761110132. He is currently responsible for the daily management of SC.

Working Experience(s):

At present Working in SC as general manager.

Directors:

Viktor Waldemar

Lu Liqiang

Supervisor:

Paul J. Halliwell

SC is mainly engaged in manufacturing and selling chocolate.

SC’s products mainly include: dark chocolates, milk chocolates, white chocolates, chocolate powders, and so on.

SC sources its materials 80% from domestic market, and 20% from overseas market. SC sells 30% of its products in domestic market, and 70% to overseas market, mainly Australia, India and Japan.

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.

Note: SC’s management declined to release its customer and supplier details.

SC is known to have a branch at present: (website sources)

Barry Callebaut (Suzhou) Chocolate Co., Ltd. Shanghai Office

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.

SC’s management declined to release its bank details.

SC’s financial reports were not found during our checks with the local Administration for Industry and Commerce.

SC’s management declined to release any financial information.

SC is considered medium-sized in its line with a development history of 6 years.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

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.