MIRA INFORM REPORT

Report Date :

27.09.2012

IDENTIFICATION DETAILS

Name :	SYSCO GUEST SUPPLY, LLC
Registered Office :	309A, Kennedy Drive, Sayreville, NJ 08872
Country :	United States
Year of Establishment :	1979
Legal Form :	LLC
Line of Business :	Design and manufacture of personal care amenities for the lodging industry
No. of Employees :	1,001

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)
United States	A1	A1

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

UNITED STATES - ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $48,100. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices increased another 50% between 2006 and 2008. In 2008, soaring oil prices threatened inflation and caused a deterioration in the US merchandise trade deficit, which peaked at $840 billion. In 2009, with the global recession deepening, oil prices dropped 40% and the US trade deficit shrank, as US domestic demand declined, but in 2011 the trade deficit ramped back up to $803 billion, as oil prices climbed once more. The global economic downturn, the sub-prime mortgage crisis, investment bank failures, falling home prices, and tight credit pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP; total government revenues from taxes and other sources are lower, as a percentage of GDP, than that of most other developed countries. The wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the US budget deficit and public debt - through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform bill that will extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. Long-term problems include inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, sizable current account and budget deficits - including significant budget shortages for state governments - energy shortages, and stagnation of wages for lower-income families.

Source : CIA

COMPANY NAME AND ADDRESS

Company name: SYSCO GUEST SUPPLY, LLC

Address: 309A, Kennedy Drive, Sayreville, NJ 08872 – USA

Headquarters: 4301 US Highway One, Monmouth Junction, NJ 08852 - USA

Telephone: +1 609-514-9696

Fax: +1 609-514-2692

Website: www.guestsupply.com

Corporate ID#: 0600250834

State: New Jersey

Judicial form: LLC

Date incorporated: 09-30-2005

Date founded: 1979

Stock Value: A LLC has no stock.

Name of manager: Clifford W. STANLEY

ACTIVITIES & OPERATIONS

IST

Business:

Sysco Guest Supply, LLC engages in the design and manufacture of personal care amenities for the lodging industry in the United States.

The company offers personal care products; can liners, carts, cleaning equipment, hand soaps and dispensers, housekeeping chemicals, laundry chemicals, and signage products, as well as furniture, fixtures, and lighting products; cups lids and glassware, and paper products; and appliances, coffee makers and condiments, and kitchenware, as well as room accessories.

It also distributes textiles, such as curtains, pillows, and shower curtains. In addition, the company offers breakfast buffet table services.

It provides its products through distribution centers.

The company was founded in 1979 and is based in Monmouth Junction, New Jersey.

It has a major distribution center located in Sayreville, New Jersey and 14 other distribution centers in the U.S. through sister companies.

As of March 15, 2001, Sysco Guest Supply, LLC operates as a subsidiary of Sysco Corp.

EIN: 22-2320453

Staff: 1,001

Operations & branches:

At the headquarters, we find the corporate office, on lease.

SHAREHOLDERS & MANAGERS

Shareholders:

SYSCO CORP.

1390 Enclave Parkway

Houston, TX 77077-2099

United States

Phone: 281-584-1390

Fax: 281-584-1737

Sysco Corporation, through its subsidiaries, engages in the marketing and distribution of a range of food and related products primarily to the foodservice or food-away-from-home industry.

The company distributes a line of frozen foods, such as meats, fully prepared entrees, fruits, vegetables, and desserts; a line of canned and dry foods; fresh meats; dairy products; beverage products; imported specialties; and fresh produce. It also supplies various non-food items, including paper products, such as disposable napkins, plates, and cups; tableware comprising china and silverware; cookware consisting of pots, pans, and utensils; restaurant and kitchen equipment and supplies; and cleaning supplies.

In addition, it distributes personal care guest amenities, equipment, housekeeping supplies, room accessories, and textiles to the lodging industry. The company offers its products to the restaurants, hospitals, schools, hotels, industrial caterers, lodging establishments, and other foodservice customers through distribution facilities.

As of June 30, 2012, it operated 185 distribution facilities in the United States, Canada, and Ireland.

Sysco Corporation was founded in 1969 and is headquartered in Houston, Texas.

The Company is listed with the NYSE under symbol SYY.

Management:

Clifford W. STANLEY is the Manager.

He is Director with the parent Company since 1989.

R. Eugene BIBER, Vice President of Operations

He has been Vice President - Operations of Guest Supply Inc. since 1997.

Prior to joining Guest Supply Inc., Mr. Biber was Senior Vice President at Dep Corporation from 1988 to 1995.

Prior to 1988, Mr. Biber worked for Richardson-Vicks and Procter & Gamble, where he was Director of Manufacturing and Distribution for a hair-care division.

Paul T. XENIS, CFO

Subsidiaries

And partnership:

Sysco Guest Supply Canada Inc.
570 Matheson Blvd. East, Unit 5
Mississauga, Ontario, Canada L4Z 4G3

Sysco Guest Supply Europe Ltd.
4 Venus House, Calleva Park
Aldermaston, Berkshire, UK RG7 8DA

Guest Supply Asia, Ltd.
9/F Hip Shing Hong Centre,
55 Des Voeux Road Central, Hong Kong

Shenzhen Guest Supply Co. Ltd.
1002, 10/F Shenhua Commercial Bldg,
2018 Jiabin Road, Luohu, Shenzhen, China

FINANCIALS

In United States, privately held corporations are not required to publish any financials.

On a direct call, a financial assistant controlled the present report and confirmed that all financials are consolidated into the parent company which reported sales for fiscal year ending 60-30-2012 up to USD 42,380,839,000= and a net profit of USD 1,121,585,000=

(10K on attachment)

Banks: Wells Fargo Bank

JPMorgan Chase

...

LEGAL FILINGS

Legal filings & complaints:

The Company is creditor in 2 bankruptcies:

State: Texas

Case number: 11-43891

Grecian Hotels, LLC
Case type: bk Chapter: 11 Asset: Yes Vol: v

Chief Judge: Brenda T. Rhoades
Date filed: 12/30/2011

Date of last filing: 09/21/2012

State: Mississippi

11-11410-DWH

MS Lodging LLC
Case type: bk Chapter: 11 Asset: Yes Vol: v

Judge: David W. Houston III
Date filed: 03/28/2011

Date of last filing: 09/11/2012

Plan confirmed: 06/15/2012

Secured debts summary (UCC):

File number: 24594394

Date filed: 02-15-2008

Secured Party: Hewlett Packard Financial Services Company

420 Mountain Avenue, Murray Hill, NJ 07974

COMPANY CREDIT HISTORY

Trade references:

Date reported: August 2012

High credit: USD 45,000

Now owing: 0

Past due: 0

Last purchase: July 2012

Line of business: Office supply

Paying status: On terms

Date reported: August 2012

High credit: USD 1,500,000+

Now owing: 0

Past due: 0

Last purchase: July 2012

Line of business: Payroll

Paying status: As agreed

Date reported: August 2012

High credit: USD 18,000

Now owing: 0

Past due: 0

Last purchase: July 2012

Line of business: Telecommunications

Paying status: On terms

Domestic credit history appears as follow:

Monthly Payment Trends - Recent Activity

Date	Balance	Current	Up to 30 DBT	31-60 DBT	61-90 DBT	>90 DBT
04/12	$4,046,600	88%	7%	2%	2%	1%
05/12	$4,254,000	90%	8%	1%	1%	0%
06/12	$4,137,600	93%	4%	1%	1%	1%
07/12	$2,694,400	90%	7%	2%	0%	1%
08/12	$3,086,300	90%	7%	2%	0%	1%
09/12	$3,690,700	89%	9%	2%	0%	0%

National Credit Bureaus gave a correct credit rating.

According to our credit analysts, during the last 6 months, payments of imports are currently made with an average of 2 to 5 days beyond terms.

The Company maintains a strong business.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

The risk remains low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.58
UK Pound	1	Rs.86.60
Euro	1	Rs.68.94

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.