MIRA INFORM REPORT

Report Date :

15.11.2013

IDENTIFICATION DETAILS

Name :	IDA PACIFIC
Registered Office :	Teoma Road (Next to Erakor Haos), Port Vila
Country :	Vanuatu
Date of Incorporation :	17.05.2011
Legal Form :	Partnership - General
Line of Business :	Trader of General Merchandise
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Undetermined
Payment Behaviour :	Unknown
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Vanuatu	C1	C1

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

VANUATU - ECONOMIC OVERVIEW

This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for about two-thirds of the population. Fishing, offshore financial services, and tourism, with nearly 197,000 visitors in 2008, are other mainstays of the economy. Mineral deposits are negligible; the country has no known petroleum deposits. A small light industry sector caters to the local market. Tax revenues come mainly from import duties. Economic development is hindered by dependence on relatively few commodity exports, vulnerability to natural disasters, and long distances from main markets and between constituent islands. In response to foreign concerns, the government has promised to tighten regulation of its offshore financial center. In mid-2002, the government stepped up efforts to boost tourism through improved air connections, resort development, and cruise ship facilities. Agriculture, especially livestock farming, is a second target for growth. Australia and New Zealand are the main suppliers of tourists and foreign aid

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Details
Organization Name	:	IDA PACIFIC
Address	:	Teoma Road (Next to Erakor Haos), Port Vila
Country	:	Vanuatu
Primary Business Activity	:	Trader
Key Industry	:	General Merchandise

Operating Status:

Investigation cannot confirm operational status of Subject Business Entity.

Investigations confirm the legal registration of the IDA PACIFIC, but as a result of not being able to identify:

any operational offices

any point of contact

nor speak to any representative of the firm

it has not been possible to conduct the normal due diligence process and assessment of credit worthiness.

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Ricardo Armand Bow	Ni-Vanuatu	Partner	-
2	Ms. Michelle Bow Breinburg	Ni-Vanuatu	Partner	-

Management Details - 1

Personal Unique Identifier	:	MI03559117
Name	:	Mr. Ricardo Armand Bow

Management Details - 2

Personal Unique Identifier	:	MI03559111
Name	:	Ms. Michelle Bow Breinburg

COMPANY DIRECTORS

Not applicable - According to the corporate statutory laws for this type of Legal Form - Category (Partnership - General) in Vanuatu, there is no requirement for Directors.

NEGATIVE INFORMATION

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

Capital

:

n/a^(2)

SHAREHOLDERS

Total number of shareholders	:	n/a
Total number of shares	:	n/a

No.	Shareholders	Country	Shares
			Number	Amount	%
1	Mr. Ricardo Armand Bow	Vanuatu	n/a	n/a	n/a
2	Ms. Michelle Bow Breinburg	Vanuatu	n/a	n/a	n/a
Total			n/a	n/a	n/a

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

FINANCIAL STATEMENT - DETAILED

Based on the corporate laws of Vanuatu, legal entities which are Partnership - General are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Key Facts
Registered Legal Address	:	Teoma Road (Next to Erakor Haos), Port Vila
Operational Address	:	Teoma Road (Next to Erakor Haos), Port Vila
Issuing Authority	:	Vanuatu Financial Services Commission - National
License Number	:	037024
License Status	:	License exists - But no trace of any Operational office.
Legal Form - Category	:	Partnership - General
Legal Form	:	Not Applicable
Legal Form - Abbreviation	:	Not Applicable
Operational Status of Business	:	It was NOT possible to confirm the operational status.^(1)
Date of Registration	:	17 May, 2011

Report Details

Country	:	Vanuatu
Business Entity Name	:	IDA PACIFIC
Primary Business Activity	:	Trader
Primary Industry	:	General Merchandise
Office Contact Details
Operating Address	:	Teoma Road (Next to Erakor Haos), Port Vila
Postal Details
P.O. Box	:	3260

Primary Products

Products / Materials / Services Description	Activity
General merchandise	Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Manufactured articles, nspf	3999	Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Miscellaneous manufactured articles	9600	Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of IDA PACIFIC is Trading - General products.

Key product include :

General merchandise

NOTES & COMMENTS

Note

:

^(1) Due to the lack of SBE's operational status, and circumstances involved, the information as listed below is only historical / on-file data and as such it has not been possible to verify against any current sources. ^(2) Not applicable. According to the corporate statutory laws for this type of Legal Form - Category(Partnership - General) in Vanuatu, there is no requirement for Authorized Capital.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.102.18
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

NIS

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.