MIRA INFORM REPORT

Report Date :

18.10.2013

IDENTIFICATION DETAILS

Name :	BOLASCO IMPORT GMBH
Registered Office :	Heidenkampsweg 73, D 20097 Hamburg
Country :	Germany
Financials (as on) :	31.03.2012
Date of Incorporation :	05.05.1976
Com. Reg. No.:	HRB 18486
Legal Form :	Private Limited Company
Line of Business :	· Wholesaler of fruit and vegetables Wholesaler of food
No. of Employees :	75

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Germany	A1	A1

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

GermanY ECONOMIC OVERVIEW

The German economy - the fifth largest economy in the world in PPP terms and Europe's largest - is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force. Like its Western European neighbors, Germany faces significant demographic challenges to sustained long-term growth. Low fertility rates and declining net immigration are increasing pressure on the country's social welfare system and necessitate structural reforms. Reforms launched by the government of Chancellor Gerhard SCHROEDER (1998-2005), deemed necessary to address chronically high unemployment and low average growth, contributed to strong growth in 2006 and 2007 and falling unemployment. These advances, as well as a government subsidized, reduced working hour scheme, help explain the relatively modest increase in unemployment during the 2008-09 recession - the deepest since World War II - and its decrease to 6.5% in 2012. GDP contracted 5.1% in 2009 but grew by 4.2% in 2010, and 3.0% in 2011, before dipping to 0.7% in 2012 - a reflection of low investment spending due to crisis-induced uncertainty and the decreased demand for German exports from recession-stricken periphery countries. Stimulus and stabilization efforts initiated in 2008 and 2009 and tax cuts introduced in Chancellor Angela MERKEL's second term increased Germany's total budget deficit - including federal, state, and municipal - to 4.1% in 2010, but slower spending and higher tax revenues reduced the deficit to 0.8% in 2011. In 2012 Germany reached a budget surplus of 0.1%. A constitutional amendment approved in 2009 limits the federal government to structural deficits of no more than 0.35% of GDP per annum as of 2016 though the target was already reached in 2012. By 2014, the federal government wants to balance its budget. Following the March 2011 Fukushima nuclear disaster, Chancellor Angela Merkel announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022. Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its electricity generating capacity and 46% of its base-load electricity production

Source : CIA

Company name & address

BOLASCO Import GmbH

Heidenkampsweg 73

D 20097 Hamburg

Telephone: 040/3330160

Telefax: 040/33301665

Homepage: www.bolasco.de

E-mail: office@bolasco.de

VAT no

DE811214377

Company Status

active

synthesis

LEGAL FORM Private limited company

Date of foundation: 1976

Shareholders'

agreement: 25.03.1976

Registered on: 05.05.1976

Commercial Register: Local court 20355 Hamburg

under: HRB 18486

Share capital: EUR 25,564.59

Shareholder

Horn & Samsche GmbH

Heidenkampsweg 73

D 20097 Hamburg

Legal form: Private limited company

Share capital: EUR 25,564.59

Share: EUR 25,564.59

Registered on: 03.10.1983

Reg. data: 20355 Hamburg, HRB 31515

Manager

Michael Rund

Schusterberg 10

D 21385 Oldendorf

having sole power of representation

born: 06.09.1965

Profession: Businessman

Marital status: married

Manager:

Dirk Wilhelm Jacob Schmidt-Engelbertz

Eckerkamp 136

D 22391 Hamburg

born: 30.04.1970

Profession: Businessman

Manager:

Hans-Ulrich Bösch

D 20099 Hamburg

having sole power of representation

born: 15.06.1951

Marital status: unknown

Proxy

Henning Brandt

D 20099 Hamburg

authorized to jointly represent the company

born: 22.08.1967

Further functions/participations of Michael Rund (Manager)

Limited partner:

Bösch Boden Spies GmbH & Co. KG

Heidenkampsweg 73

D 20097 Hamburg

Legal form: Ltd partnership with priv. ltd.

company as general partner

Total cap. EUR 40,000.00

contribution:

Share: EUR 9,600.00

Registered

on: 23.01.1987

Reg. data: 20355 Hamburg, HRA 81805

Shareholder:

TUCAN TECTRONIC GmbH

Heidenkampsweg 73

D 20097 Hamburg

Post Box:

10 07 49, D 20005 Hamburg

Legal form: Private limited company

Share capital: EUR 179,600.00

Share: EUR 29,700.00

Registered

on: 28.09.2000

Reg. data: 20355 Hamburg, HRB 77215

Manager:

Horn & Samsche GmbH

Heidenkampsweg 73

D 20097 Hamburg

Legal form: Private limited company

Share capital: EUR 25,564.59

Registered

on: 03.10.1983

Reg. data: 20355 Hamburg, HRB 31515

Manager:

TUCAN TECTRONIC GmbH

Heidenkampsweg 73

D 20097 Hamburg

Post Box:

10 07 49, D 20005 Hamburg

Legal form: Private limited company

Share capital: EUR 179,600.00

Registered

on: 28.09.2000

Reg. data: 20355 Hamburg, HRB 77215

Further functions/participations of Dirk Wilhelm Jacob Schmidt-Engelbertz (Manager)

Limited partner:

Bösch Boden Spies GmbH & Co. KG

Heidenkampsweg 73

D 20097 Hamburg

Legal form: Ltd partnership with priv. ltd.

company as general partner

Total cap. EUR 40,000.00

contribution:

Share: EUR 15,200.00

Registered

on: 23.01.1987

Reg. data: 20355 Hamburg, HRA 81805

Shareholder:

TUCAN TECTRONIC GmbH

Heidenkampsweg 73

D 20097 Hamburg

Post Box:

10 07 49, D 20005 Hamburg

Legal form: Private limited company

Share capital: EUR 179,600.00

Share: EUR 52,650.00

Registered

on: 28.09.2000

Reg. data: 20355 Hamburg, HRB 77215

Manager:

Horn & Samsche GmbH

Heidenkampsweg 73

D 20097 Hamburg

Legal form: Private limited company

Share capital: EUR 25,564.59

Registered

on: 03.10.1983

Reg. data: 20355 Hamburg, HRB 31515

Manager:

TUCAN TECTRONIC GmbH

Heidenkampsweg 73

D 20097 Hamburg

Post Box:

10 07 49, D 20005 Hamburg

Legal form: Private limited company

Share capital: EUR 179,600.00

Registered

on: 28.09.2000

Reg. data: 20355 Hamburg, HRB 77215

COMPANY HISTORY

25.03.1976 - 13.06.1994 BOLASCO Importagentur GmbH

Lippeltstr. 1

D 20097 Hamburg

Private limited company

13.06.1994 - 09.02.2005 BOLASCO Import-Markenvertrieb GmbH

Lippeltstr. 1

D 20097 Hamburg

Private limited company

09.02.2005 - 10.08.2007 BOLASCO Import GmbH

Lippeltstr. 1

D 20097 Hamburg

Private limited company

BUSINESS ACTIVITIES

Main industrial sector

46310 Wholesale of fruit and vegetables

46389 Wholesale of food n.e.c.

FINANCIAL INFORMATION

Payment experience: within periods customary in this trade

Negative information: We have no negative information at hand.

Balance sheet year: 2011/2012

REAL ESTATE

Type of ownership: Tenant

Address Heidenkampsweg 73

D 20097 Hamburg

Land register documents were not available.

BANKERS

Principal bank

COMMERZBANK, HAMBURG

Sort. code: 20040000, BIC: COBADEHHXXX

FINANCIAL FIGURES

Turnover: 2010/2011 *EUR 5,066,500.00

2011/2012 *EUR 23,437,500.00

further business figures:

Equipment: *EUR 750,000.00

Ac/ts receivable: EUR 7,997,413.00

Liabilities: EUR 8,650,537.00

Employees: 75

The business figures marked with an asterisk are estimates based on average values in the line of business.

BALANCE SHEETS

Balance sheet ratios 01.04.2011 - 31.03.2012

Equity ratio [%]: 8.31

Liquidity ratio: 1.01

Balance sheet ratios 01.04.2010 - 31.03.2011

Equity ratio [%]: 19.71

Liquidity ratio: 1.46

Balance sheet ratios 01.04.2009 - 31.03.2010

Equity ratio [%]: 17.49

Liquidity ratio: 1.25

Balance sheet ratios 01.04.2008 - 31.03.2009

Equity ratio [%]: 17.20

Liquidity ratio: 1.31

Equity ratio

The equity ratio indicates the portion of the equity as compared

to the total capital. The higher the equity ratio, the better the

economic stability (solvency) and thus the financial autonomy of

a company.

Liquidity ratio

The liquidity ratio shows the proportion between adjusted

receivables and net liabilities. The higher the ratio, the lower

the company's financial dependancy from external creditors.

Type of balance

sheet: Company balance sheet

Financial year: 01.04.2011 - 31.03.2012

ASSETS EUR 11,180,481.68

Fixed assets EUR 819.39

Intangible assets EUR 142.00

Other / unspecified intangible assetsEUR 142.00

Tangible assets EUR 677.39

Other / unspecified tangible assets EUR 677.39

Current assets EUR 10,931,374.03

Stocks EUR 2,187,997.01

Accounts receivable EUR 7,997,412.86

Other debtors and assets EUR 7,997,412.86

Liquid means EUR 745,964.16

Remaining other assets EUR 248,288.26

Accruals (assets) EUR 248,288.26

LIABILITIES EUR 11,180,481.68

Shareholders' equity EUR 923,337.59

Capital EUR 25,564.60

Subscribed capital (share capital) EUR 25,564.60

Reserves EUR 897,772.99

Retained earnings / revenue reserves EUR 897,772.99

Provisions EUR 1,529,835.34

Liabilities EUR 8,650,537.07

Other liabilities EUR 8,650,537.07

Unspecified other liabilities EUR 8,650,537.07

thereof liabilities from tax /

financial authorities EUR 199,144.33

thereof liabilities from social

security EUR 0.00

Other liabilities EUR 76,771.68

Deferrals (liabilities) EUR 76,771.68

Type of balance

sheet: Company balance sheet

Financial year: 01.04.2010 - 31.03.2011

ASSETS EUR 4,835,525.68

Fixed assets EUR 47,459.00

Intangible assets EUR 999.00

Other / unspecified intangible assetsEUR 999.00

Financial assets EUR 46,460.00

Other / unspecified financial assets EUR 46,460.00

Current assets EUR 4,658,692.15

Stocks EUR 781,556.65

Accounts receivable EUR 3,773,800.05

Other debtors and assets EUR 3,773,800.05

Liquid means EUR 103,335.45

Remaining other assets EUR 129,374.53

Accruals (assets) EUR 129,374.53

LIABILITIES EUR 4,835,525.68

Shareholders' equity EUR 923,337.59

Capital EUR 25,564.60

Subscribed capital (share capital) EUR 25,564.60

Reserves EUR 897,772.99

Retained earnings / revenue reserves EUR 897,772.99

Provisions EUR 1,187,905.09

Liabilities EUR 2,724,283.00

Other liabilities EUR 2,724,283.00

Unspecified other liabilities EUR 2,724,283.00

thereof liabilities from tax /

financial authorities EUR 824.83

thereof liabilities from social

security EUR 0.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.58
UK Pound	1	Rs.98.51
Euro	1	Rs.83.49

INFORMATION DETAILS

Report Prepared by :

MNL

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.