MIRA INFORM REPORT

Report Date :

10.01.2013

IDENTIFICATION DETAILS

Name :	SWEETWELL COSTA RICA LIMITADA

Registered Office :	Santa Ana, 100 metros Norte, 450 metros Oeste del Puente sobre el Río Virilla, Ofibodega 49

Country :	Costa Rica

Financials (as on) :	30.09.2012

Date of Incorporation :	2010

Com. Reg. No.:	Volume 2010, Entry 89315

Legal Form :	Limited Liability Partnership

Line of Business :	Production, distribution and commercialization of sweeteners and products without sugar (sugar substitutes).

No. of Employees :	24

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

(31.03.2012)

Current Rating

(30.06.2012)

Costa Rica

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

COSTA RICA - ECONOMIC OVERVIEW

Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted 1.3% in 2009 but resumed growth at about 4% per year in 2010-11. While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. High value added goods and services, including microchips, have further bolstered exports. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity makes it a key destination for ecotourism. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the incentives offered in the free-trade zones; and Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. However, many business impediments remain such as high levels of bureaucracy, legal uncertainty due to overlapping and at times conflicting responsibilities between agencies, difficulty of enforcing contracts, and weak investor protection. Poverty has remained around 15-20% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Unlike the rest of Central America, Costa Rica is not highly dependent on remittances as they only represent about 2% of GDP. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000-500,000 Nicaraguans in Costa Rica legally and illegally are an important source of mostly unskilled labor but also place heavy demands on the social welfare system. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force on 1 January 2009 after significant delays within the Costa Rican legislature. CAFTA-DR has increased foreign direct investment in key sectors of the economy, including the insurance and telecommunications sectors recently opened to private investors. President CHINCHILLA was not able to gain legislative approval for fiscal reform, her top priority. She has indicated she will continue to pursue fiscal reform in 2012. President CHINCHILLA and the PLN were successful in passing a tax on corporations to fund an increase for security services.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME	SWEETWELL COSTA RICA LIMITADA
TAXPAYER REGISTRATION	CJ 3102604099
MAIN ADDRESS	Santa Ana, 100 metros Norte, 450 metros Oeste del Puente sobre el Río Virilla, Ofibodega 49
PROVINCE / DEPARTAMENT	San José
STATE / REGION	San José
COUNTRY	COSTA RICA
TELEPHONE	(506) 88428950
E-MAIL	info@sweetwell.net
WEB	www.sweetwell.net
COMMENTS	In Costa Rica all the addresses are informal. They are based on variable reference points, that is to say, there is not a formal or official scheme about the address of a place, in the city or in the field. In some cities of the country, there are names of streets and avenues but they are not often very used by people or few understand this scheme.

SUMMARY

Date of foundation	2010
Capital stock	C/.10,000.= Colones
Shareholders' equity	746,050,000.00 Colones (30SEP2012)
Annual revenues	US$ 757,689.74 Colones (30SEP2012)
Profits (loss)	26,276,503.00 Colones (30SEP2012)
permanent employees	24
Chief Executive	MATEO PERALTA, CARLOS
Disposition	Satisfactory.- Important data and some figures.
Payments policy	Usually to terms/good

LEGAL BACKGROUNDS

LEGAL STATUS	Limited Liability Partnership
DATE OF INCORPORATION	2010
STARTING DATE	02/05/2011
PLACE OF REGISTRY	San José
DURATION	Perpetual
REGISTRATION	Volume 2010, Entry 89315
INITIAL CAPITAL	C/.10,000.= Colones
CURRENT PAID-IN CAPITAL	C/.10,000.= Colones
LAST CAPITAL INCREASE	No increase reported
SHAREHOLDERS EQUITY	746,050,000.00 Colones (30SEP2012)
CLASS OF SHARES	Interests
CURRENT EXCHANGE RATE (US$)	C/.501.36 per USD.1.00

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
MATEO PERALTA, CARLOS	General Manager	100%
ORTIZ, JEIMMY	Administrative Manager
RODRIGUEZ, DAVID	Production Manager
GONZALEZ, CAROLINA	Nutrition Manager

WHO IS WHO?

MATEO PERALTA, CARLOS

NATIONALITY

Costa Rican

D.O.B.

1964

PROFESSION

Civil Engineer

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
FINCA LA ARGENTINA S.A.	Vice President	3101001983	COSTA RICA

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
CORPORACION PIPASA LTDA.	Development Director	COSTA RICA	2011

BUSINESS

SIC Classification
2 0 - FOOD AND KINDRED PRODUCTS. SOLIDS AND LIQUIDS. (Manuf. Meat products, dairy products, poultry, canned fruits and vegetables, beverages, beer.)

Main activity

Production, distribution and commercialization of sweeteners and products without sugar (sugar substitutes).

Trademarks: SWEETWELLL.

Import

Yes

Country

China, Germany, Holland, France

Export

Yes

COUNTRY

India and soon, Peru, Belgium, Greece, Mexico.

% CASH SALES / METHOD

40%

% Credit SALES / Terms

60% at 30 and 45 days

% Ventas exterior (Paises)

30%

SELLING TerritorY

Domestic market - 70%

EMPLOYEES

LOCATION

PREMISES

Rented

OTHER PREMISES

Headquarters and production plant operate at the above address.

Legal Address: Santa Ana Pozos, Residencial Villarreal Cara "R"- 1.- San José

FINANCIAL INFORMATION

Interviewee(s)

Jeimmy Ortiz

Position(s)

Administrative Manager

Disposition

Satisfactory.- Important data and some figures.

Information provided

Ms. Ortiz kindly supplied general information including main figures of the Balance Sheet for the FY as of 30/09/2012 (12 months), expressed in Colones.

Additional information was obtained from official.

BALANCE SHEET
Balance sheet date	30SEP2012
Type of balance sheet	Annual
Period	12 months
Currency	Colones
Exchange rate per US$	501.21
A S S E T S
Current Assetsd	295,588,000.00
Fixed	697,056,000.00
Total Assets	992,644,000.00
L I A B I L I T I E S
Current liabilities	246,594,000.00
Long term	0.00
TOTAL LIABILITIES	246,594,000.00
S H A R E H O L D E R S' E Q U I T Y
Total shareholders equity	746,050,000.00
Total Liab. / Sh. equity	992,644,000.00
Sales	379,761,673.00
Profit (Loss)	26,276,503.00

R A T I O
Liquidity ratio	1.20	Current assets / Current liabilities
Debt-to-equity ratio	302.54 %	(Shareholders' equity / Current liabilities %)
Profitability margin	6.92 %	(Profits / Sales %)
Working capital	48,994,000.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

A-: SATISFACTORY

Taking into account the last Financial Statement submitted and/or other factors analyzed, we believe that financial Situation of the Company is SATISFACTORY due to the following considerations:

- Liquidity Ratio is slightly acceptable

- Working capital shows a slightly satisfactory margin

- Shareholders' equity covers moderately its liabilities

- Economic results are moderate

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
INSTITUTO NACIONAL DE SEGUROS	Various risks

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: GOZAKA S.A.	Tel.: 506 25422421	Country: COSTA RICA
Goods/Services? : Stickers and security seal
Highest credit? : DC 1,000,000.=		Current
Client since? : 2011	Terms? : 30 days	Performance? : Prompt

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country	Comment
LITOGRAFIA MORAVIA S.A.	COSTA RICA
ESPYCO S.A.	COSTA RICA

GENERAL INFORMATION
REPUTATION
NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.96
UK Pound	1	Rs.88.23
Euro	1	Rs.71.92

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.