MIRA INFORM REPORT

Report Date :

08.10.2012

IDENTIFICATION DETAILS

Name :	FARAH IMPEX LTD
Registered Office :	5595 Finch Avenue East Unit 2 Scarborough ON M1B 2T9

Country :	Canada

Year of Establishment :	1993

Com. Reg. No.:	ON-0001047012

Legal Form :	Corporation

Line of Business :	Wholesales of Grocery Products Mainly, Rice, Pickles, Dry Fruits, Nuts

No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

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)

Canada

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

CANADA - ECONOMIC OVERVIEW

As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its great natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economiccrisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada''s major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector''s tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010 and 2011 and plans to balance the budget by 2015. In addition, the country''s petroleum sector is rapidly becoming an even larger economic driver with Alberta''s oil sands significantly boosting Canada''s proven oil reserves, ranking the country third in the world behind Saudi Arabia and Venezuela.

Source : CIA

Company Name & Contact Details

Verified

Company Name:

FARAH IMPEX LTD

Address:

5595 Finch Avenue East Unit 2

City:

Scarborough

State/province:

Zip/postal code:

M1B 2T9

Country:

Canada

Telephone:

+1 (416) 335 – 6113

Fax:

+1 (416) 439 – 1174 / 416 335 - 5376

Credit Observation

Current Credit Observation: Thers is no Immediate Risk in doing Business with this company

Analysis

· Very Well Established

· Positive Payment Trend

· Vendors Report Good Dealing With Subject

· Buying Volumes are Steady

· No Derogatory Items on Record

Company History / Operations

Capital Stock:

100% by Officers

Business Structure:

Corporation

How Listed:

Business Started:

Private Company

1993

Management Control:

1993

Line of Business:

Wholesales of Grocery Products Mainly, Rice, Pickles, Dry Fruits, Nuts

Territory:

Sales Terms:

Premises:

Branches:

Canada

Net 30

Rents Premises

Company Registration & Status
Date Registered:	October 6 1993
Legal form:	Corporation
Registration no:	ON-0001047012
Jurisdiction	ONTARIO
Registry status:	Active

Company Management/Officers


No of Employees:	10
Name & Title:	Siraj Cheena, President

Legal Findings

Suits:	None
Court Judgements:	None
NSF Reported:	None
Liens / Collection:	None
Security Filings:	NO PPSA Filings exist for leased equipment and assets. These secured creditors would take precedence in the unlikely event of asset liquidation.

Trade Payment Experience

Date Reported Sept 2012

High Credit : 5000

Now Owing : Zero

Terms : Net 30 Days

Past Due 1-30 days – Zero

Past Due 31-60 days – Zero

Past Due 61-90 days – Zero

Payments Made: As Agreed

Date Reported August 2012

High Credit : 7500

Now Owing : Zero

Terms : Net 30 Days

Past Due 1-30 days – Zero

Past Due 31-60 days – Zero

Past Due 61-90 days – Zero

Payments Made: As Agreed

Date Reported August 2012

High Credit : 5000

Now Owing : Zero

Terms : Net 30 Days

Past Due 1-30 days – Zero

Past Due 31-60 days – Zero

Past Due 61-90 days – Zero

Payments Made: As Agreed

Date Reported August 2012

High Credit : 2500

Now Owing : Zero

Terms : Net 30 Days

Past Due 1-30 days – Zero

Past Due 31-60 days – Zero

Past Due 61-90 days – Zero

Payments Made: As Agreed

Payment Behaviour:

Business Demonstrates Positive Payment Trend

Financial Information

FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:

Comments	Private Companies are not required to Publish Financial Statements

Notes & Comments

INVESTIGATIVE NOTES

Sources:

Public

Court

Payment Exchange Data Bases

Business Registries

References & Vendors.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

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.