MIRA INFORM REPORT

Report Date :

16.10.2012

IDENTIFICATION DETAILS

Name :	TRIAS CR S.R.O.
Registered Office :	Pistovy 848 537 01 Chrudim
Country :	Czech Republic
Financials (as on) :	31.12.2010
Date of Incorporation :	05.11.2003
Com. Reg. No.:	C/19189
Legal Form :	Private limited company
line of business :	Wholesale of Fruit And Vegetables
No. of Employees :	10

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)
Czech Republic	A2	A2

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

CZECH REPUBLIC - ECONOMIC OVERVIEW

The Czech Republic is a stable and prosperous market economy, which harmonized its laws and regulations with those of the EU prior to its EU accession in 2004. While the conservative, inward-looking Czech financial system has remained relatively healthy, the small, open, export-driven Czech economy remains sensitive to changes in the economic performance of its main export markets, especially Germany. When Western Europe and Germany fell into recession in late 2008, demand for Czech goods plunged, leading to double digit drops in industrial production and exports. As a result, real GDP fell 4.7% in 2009, with most of the decline occurring during the first quarter. Real GDP, however, has slowly recovered with positive quarter-on-quarter growth starting in the second half of 2009 and continuing throughout 2011. The auto industry remains the largest single industry, and, together with its upstream suppliers, accounts for nearly 24% of Czech manufacturing. The Czech Republic produced more than a million cars for the first time in 2010, over 80% of which were exported. Foreign and domestic businesses alike voice concerns about corruption especially in public procurement. Other long term challenges include dealing with a rapidly aging population, funding an unsustainable pension and health care system, and diversifying away from manufacturing and toward a more high-tech, services-based, knowledge economy.

Source : CIA

Company identification

TRIAS CR S.R.O.	Telephone	00420/ 469 620 679
Pistovy 848	telefax	00420/ 469 623 192
537 01 Chrudim	e-mail	info@triascr.cz
Czech Republic	Web	http://triascr.cz

Registration:	Krajsky soud Hradec Kralove
Statistical Nr.	25999257
Tax Nr.	CZ25999257
Registration Nr.	C/19189
Status	active

Economic situation

Business connection	Business connections appear permissible
Terms of payment	mostly within agreed terms, but partly also delayed
Credit Limit	2,040,000
	79,070

Basic information

Legal form Private limited company

Founded 05/11/2003 as Private limited company

Registration 05/11/2003, Krajsky soud Hradec Kralove, C/19189 Statistical Nr.: 25999257 Tax Nr.: CZ25999257

Registered names

Valid from Trade name(s) Valid until

05/11/2003 TRIAS CR s.r.o.

Owners and Capital

Crefo Nr.	Name / Address / Status	From	Share
Shareholders
9210255610	Ing. Jitka Lhotkova (birth date 15/03/1961) Vankova 1334, 537 01 Chrudim Czech Republic Phone Nr.: 00420/ 602 345 580 E-mail: j.lhotkova@triascr.cz		100,000 CZK
9210118026	Jaroslav Preisler (birth date 28/01/1958) T.G.Masaryka 111, 538 21 Slatinany Czech Republic		100,000 CZK
Total capital			200,000 CZK

Registered capital

Date Currency Value

05/11/2003 CZK 200,000

Management

Crefo Nr.		Name / Address / Status	Since	Power of attorney
Management
9210118026		Executive Manager Jaroslav Preisler(birth date 28/01/1958) T.G.Masaryka 111, 538 21 Slatinany Czech Republic		sole power of attorney
9210255610	Executive Manager				sole power of attorney
	Ing. Jitka Lhotkova(birth date 15/03/1961)
	Vankova 1334, 537 01 Chrudim Czech Republic
	Phone Nr.: 00420/ 602 345 580
	E-mail: j.lhotkova@triascr.cz

Company addresses

Valid from	Address	Valid until
04/10/2011	Pfstovy 848, 537 01 Chrudim, Czech Republic telephone: 00420/469 620 679 e-mail: info@triascr.cz Web: http://triascr.cz
05/11/2003	Resselovo n^meesti 4, 537 01 Chrudim I, Czech Republic telefax: 00420/469 623 192	04/10/2011

Business activities

Main activity	Nace
Wholesale of fruit and vegetables	46.31
Additional activities	Nace
Wholesale of coffee, tea, cocoa and spices	46.37

Import and wholesale of dry fruits and fruit including scattering \ material for bakeries and confectioneries.

Economic data

Turnover and Employees

Date	Turnover	Employees
2005	160,707,000
2006	156,240,000
2007	230,962,000
2008	304,936,000
2009	208,795,000
2010	205,764,000	10

Import / Export

	Import	Export
Percentage	Unknown	Unknown
Countries	Argentina, China, India, Vietnam, Philippines,	European Union
	USA

Properties

None

Supplementary data

Remarks

All the sources of negative data accessible to public (insolvency registers, databases of debtors of health insurance institutions, commercial bulletin, collection database of Creditreform and others) are currently monitored.

Banks

Code	Bank name / Address	Account Nr.
0100	Komercm banka, a.s.

Main indices

Payment experience and credit opinion

Terms of payment	mostly within agreed terms, but partly also delayed
Business connection	Business connections appear permissible
Credit Limit	2,040,000
	79,070

Business development

Company development	Positive company development
Order situation	Retrograde order situation

Events

No negative events registered.

Balances Auditor

Crefo Nr.	Name / Address / Status	Since	Power of attorney
Auditor
9211061565	Ing. Libor Dvomcek Statistical Nr.: 45677221 Vinohrady 672, Zlin, 760 01, Czech Republic telephone: 00420/603 443 884 e-mail: dvoracek.libor@tiscali.cz

Balance

Name	Ref.	31/12/2010 1000 CZK balance	31/12/2009 1000 CZK balance	31/12/2008 1000 CZK balance	31/12/2007 1000 CZK balance
TOTAL ASSETS	r1	56,416	61,732	58,142	54,077
Receivables for subscriptions	r2	0	0		0
Fixed assets	r3	839	1,187	690	147
Intangible fixed assets	r4	0
Incorporation expenses	r5
Research and development	r6
Software	r7
Valuable rights	r8
Goodwill	r9
Other intangible fixed assets	r10
Intangible fixed assets under construction	r11
Advance payments for intangible fixed assets	r12
Tangible fixed assets	r13	839	1,187	690	147
Lands	r14	0	0		0
Constructions	r15	0	0		0
Equipment	r16	676	1,067	640	147
Perennial corps	r17
Breeding and draught animals	r18
Other tangible fixed assets	r19
Tangible fixed assets under construction	r20	163	120	50
Advance payments for tangible fixed assets	r21
Adjustment to acquired assets	r22
Long-term financial assets	r23	0	0
Shares in controlled and managed organizations	r24
Shares in accounting units with substantial influence	r25
Other securities and shares	r26
Loans to controlled and managed organizations and to accounting unit with substantial influence	r27
Other financial investments	r28

Name	Ref.	31/12/2010 1000 CZK balance	31/12/2009 1000 CZK balance	31/12/2008 1000 CZK balance	31/12/2007 1000 CZK balance
Financial investments acquired	r29
Advance payments for long-term financial assets	r30
Current assets	r31	55,577	60,545	57,452	53,930
Inventory	r32	22,369	36,827	25,708	29,692
Materials	r33				0
Work in progress and semi-products	r34				0
Finished products	r35				0
Animals	r36				0
Merchandise	r37	22,124	36,575	24,968	29,415
Advance payments for inventory	r38	245	252	740	277
Trade receivables
Long-term receivables	r39	0	0
Trade receivables	r40
Receivables from controlled and managed organizations	r41
Receivables from accounting units with substantial influence	r42
Receivables from partners, cooperative members and association members	r43
Long-term deposits given	r44
Estimated receivable	r45
Other receivables	r46
Deferred tax receivable	r47
Short-term receivables	r48	25,618	21,437	23,522	24,199
Trade receivables	r49	25,076	21,281	22,640	22,777
Receivables from controlled and managed organizations	r50				0
Receivables from accounting units with substantial influence	r51				0
Receivables from partners, cooperative members and association members	r52				0
Receivables from social security and health insurance	r53				0
Due from state - tax receivable	r54	542	156	882	1,422
Short-term deposits given	r55				0
Estimated receivable	r56				0
Other receivables	r57				0
Short-term financial assets	r58	7,590	2,281	8,222	39
Cash	r59	132	64	394	39
Bank accounts	r60	7,458	2,217	7,828	0
Short-term securities and ownership interests	r61				0
Short-term financial assets acquired	r62				0
Accruals	r63	0	0		0

Name	Ref.	31/12/2010 1000 CZK balance	31/12/2009 1000 CZK balance	31/12/2008 1000 CZK balance	31/12/2007 1000 CZK balance
Deferred expenses	r64				0
Complex deferred costs	r65				0
Deferred income	r66				0
TOTAL LIABILITIES	r67	56,416	61,732	58,142	54,077
Equity	r68	40,926	38,400	34,440	26,040
Registered capital	r69	200	200	200	200
Registered capital	r70	200	200	200	200
Company's own shares and ownership interests (-)	r71				0
Changes of registered capital ( +/-)	r72				0
Capital funds	r73	0	0		0
Share premium	r74				0
Other capital funds	r75				0
Differences from revaluation of assets and liabilities ( +/- )	r76				0
Differences from revaluation in transformation (+/- )	r77				0
Diferences from tranformation of companies ( +/- )
Reserve funds, statutory reserve account for cooperatives, and other retained earnings	r78	60	60	50	40
Legal reserve fund / indivisible fund	r79	60	60	50	40
Statutory and other funds	r80				0
Profit / loss - previous years	r81	38,140	34,184	25,707	19,616
Retained earnings from previous years	r82	38,140	34,184	25,707	19,616
Accumulated losses from previous years	r83				0
Profit / loss - current year (+/-)	r84	2,526	3,956	8,483	6,184
Liabilities	r85	15,490	23,332	23,702	28,037
Reserves	r86	0	0		0
Reserves under special statutory regulations	r87				0
Reserves for pension and similar payables	r88				0
Income tax reserves	r89				0
Other reserves	r90				0
Long-term payables	r91	0	4,079	8,240	11,122
Trade payables	r92				10,561
Payables to controlled and managed organizations	r93		2,433	6,828	0
Payables to accounting units with substantial influence	r94
Payables from partners, cooperative members and association members	r95		1,646	1,412	561
Long-term advances received	r96				0
Issues bonds	r97				0
Long-term notes payables	r98				0

Name	Ref.	31/12/2010 1000 CZK balance	31/12/2009 1000 CZK balance	31/12/2008 1000 CZK balance	31/12/2007 1000 CZK balance
Estimated payables	r99
Other payables	r100
Deferred tax liability	r101
Short-term payables	r102	10,719	15,031	10,864	15,845
Trade payables	r103	10,370	9,775	7,005	15,639
Payables to controlled and managed organizations	r104				0
Payables to accounting units with substantial influence	r105			3,630	0
Payables from partners, cooperative members and association members	r106		3,884	129	0
Payroll	r107	111	165	76	118
Payables to social securities and health insurance	r108	59	91	24	68
Due from state - tax liabilities and subsidies	r109	406	1,116		20
Short-term deposits received	r110	-227			0
Issues bonds	r111				0
Estimated payables	r112				0
Other payables	r113				0
Bank loans and financial accommodations	r114	4,771	4,222	4,598	1,070
Long-term bank loans	r115	0	0		0
Short-term bank loans	r116	4,771	4,222	4,598	1,070
Short-term accommodations	r117	0	0		0
Accruals	r118	0	0		0
Accrued expenses	r119				0
Deferred revenues	r120				0
Profit and loss accounts
Name	Ref.	31/12/2010 1000 CZK profit/loss account	31/12/2009 1000 CZK profit/loss account	31/12/2008 1000 CZK profit/loss account	31/12/2007 1000 CZK profit/loss account
Turnover	a1	205,764	208,795	304,936	230,962
Revenues from sold goods	a2	205,690	208,780	304,936	230,962
Expenses on sold goods	a3	181,275	184,392	277,972	202,437
Sale margin	a4	24,415	24,388	26,964	28,525
Production	a5	74	15		0
Revenues from own products and services	a6	74	15		0
Change in inventory of own products	a7				0
Capitalization	a8				0

Name	Ref.	31/12/2010 1000 CZK profit/loss account	31/12/2009 1000 CZK profit/loss account	31/12/2008 1000 CZK profit/loss account	31/12/2007 1000 CZK profit/loss account
Production consumption	a9	14,828	15,485	12,034	17,114
Consumption of material and energy	a10	1,000	685	434	480
Services	a11	13,828	14,800	11,600	16,634
Added value	a12	9,661	8,918	14,930	11,411
Personnel expenses	a13	2,544	3,256	3,328	2,671
Wages and salaries	a14	1,908	2,439	2,470	1,962
Renumeration of board members	a15				0
Social security expenses and health insurance	a16	578	750	801	655
Other social expenses	a17	58	67	57	54
Taxes and fees	a18	19	14	18	13
Depreciations of intangible and tangible assets	a19	585	438	281	253
Revenues from disposals of fixed assets and materials	a20	0	0		0
Revenues from disposals of fixed assets	a21				0
Revenues from disposals of materials	a22				0
Net book value of disposed fixed assets and materials	a23	0	0		0
Net book value of sold fixed assets	a24				0
Net book value of sold material	a25				0
Change in operating reserves and adjustments and complex deferred costs ( + / -)	a26	-54	-124	88	123
Other operating revenues	a27	-96	48	709	28
Other operating expenses	a28	1,895	1,226	494	180
Transfer of operating revenues	a29				0
Transfer of operating expenses	a30				0
Operating profit / loss	a31	4,576	4,156	11,430	8,199
Revenues from sales of securities and ownership interests	a32				0
Sold securities and ownership interests	a33				0
Revenues from long-term financial assets	a34				0
Revenues from shares in controlled and managed organizations and in accounting units with substantial influence	a35				0
Revenues from others securities and ownership interests	a36				0
Revenues from other long-term financial assets	a37				0
Revenues from short-term financial assets	a38				0
Expenses associated with financial assets	a39				0
Revenues from revaluation of securities and derivatives	a40				0
Cost of revaluation of securities and derivatives	a41				0
Change in financial reserves and adjustments ( + /-)	a42				0

Name	Ref.	31/12/2010 1000 CZK profit/loss account	31/12/2009 1000 CZK profit/loss account	31/12/2008 1000 CZK profit/loss account	31/12/2007 1000 CZK profit/loss account
Interest revenues	a43	23	59	12	86
Interest expenses	a44	378	451	433	110
Other financial revenues	a45	1,074	4,640	3,024	1,472
Other financial expenses	a46	2,001	3,359	3,250	1,503
Transfer of financial revenues	a47				0
Transfer of financial expenses	a48				0
Profit / loss from financial operations (transactions )	a49	-1,282	889	-647	-55
Income tax on ordinary income	a50	768	1,089	2,300	1,960
Due tax	a51	768	1,089	2,300	1,960
Tax deferred	a52				0
Operating profit / loss ordinary activity	a53	2,526	3,956	8,483	6,184
Extraordinary revenues	a54				0
Extraordinary expenses	a55				0
Income tax on extraordinary income	a56				0
Due tax	a57				0
Tax deferred	a58				0
Operating profit / loss extraordinary activity	a59	0	0		0
Transfer profit (loss ) to partners (+/-)	a60				0
Profit / loss of current accounting period (+/-)	a61	2,526	3,956	8,483	6,184
Profit / loss before tax (+/-)	a62	3,294	5,045	10,783	8,144
Operating cash flow
Investment cash flow
Financial cash flow
Receivables after due date total		10,497	10,497	9,647	15,543
Receivables more than 360 days after due date
Receivables more than 180 days after due date		68	412	871	324
Receivables more than 90 days after due date
Receivables more than 60 days after due date
Receivables more than 30 days after due date
Receivables less than 30 days after due date
Liabilities after due date total		5,251	3,882	2,133	5,551
Liabilities more than 360 days after due date
Liabilities more than 180 days after due date		0	0	0	0
Liabilities more than 90 days after due date
Liabilities more than 60 days after due date
Liabilities more than 30 days after due date
Liabilities less than 30 days after due date

Financial Ratios

Name	Ref.	31/12/2010	31/12/2009	31/12/2008	31/12/2007
Return on total assets ROA (in %)	1	5.84	8.17	18.55	15.06
Return on equity ROE (in %)	2	8.05	13.14	31.31	31.28
Return on sales ROS (in %)	3	1.60	2.42	3.54	3.53
Turnover of receivables (in days)	4	44.48	37.20	27.10	36.00
Turnover of liabilities (in days)	5	18.40	17.09	8.38	24.72
Turnover of inventories (days)	6	39.68	64.38	30.77	46.92
Net working capital (in ths. CZK)	7	40087.00	41292.00	41990.00	37015.00
Ratio of accounts payable to accounts receivable (in %)	8	239.00	112.18
Ratio of profit/loss to tangible assets (in%)	9	0.41	0.57	0.23	0.06
Current ratio	10	3.59	3.14	3.72	3.19
Quick ratio	11	2.14	1.23	2.05	1.43
Cash ratio	12	0.49	0.12	0.53	0.00
Debt ratio I (in %)	13	27.46	37.80	40.77	51.85
Debt ratio II (in %)	14	27.46	37.80	40.77	51.85

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.12
UK Pound	1	Rs.85.14
Euro	1	Rs.68.60

INFORMATION DETAILS

Report Prepared by :

SDA

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.