MIRA INFORM REPORT

Report Date :

22.10.2013

IDENTIFICATION DETAILS

Name :	BIONA VERTRIEBS- & HANDELSGES MBH & CO. KG
Registered Office :	Ludwig-Ganghofer-Str. 33 1/2 D 83471 Berchtesgaden
Country :	Germany
Financials (as on) :	30.09.2012
Date of Incorporation :	14.07.2004
Com. Reg. No.:	HRA 8488
Legal Form :	Ltd partnership with priv. ltd. company as general partner
Line of Business :	Agents involved in the sale of food, beverages and tobacco
No. of Employees :	2

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 :	Slow but Correct
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 and address

BIONA VERTRIEBS- & HANDELSGES MBH & CO. KG

Company Status: active

Ludwig-Ganghofer-Str. 33 1/2

D 83471 Berchtesgaden

Telephone:08650/984828

Telefax: 08650/984827

VAT no.: DE814108532

Tax ID number: 105/152/53209

LEGAL FORM Ltd partnership with priv. ltd. company as general partner

Date of foundation: 14.07.2004

Registered on: 02.08.2004

Register of

companies: Local court 83278 Traunstein

under: HRA 8488

Total cap. contribution: EUR 25,000.00

Limited partner:

Christian Winzer

A Salzburg

born: 30.07.1957

Share: EUR 25,000.00

General partner:

BIONA Vertriebs- & Handelsges. m.b.H.

Gewerbestr. 2

Salzburg FN 250656 a

A 5082 Grödig

Legal form: Other legal form

COMPANY HISTORY

02.08.2004 - 03.07.2013 BIONA Vertriebs- & Handelsges. mbH & Co. KG

Marktplatz 21

D 83487 Marktschellenberg

Ltd partnership with priv. ltd. company

as general partner

BUSINESS ACTIVITIES

Main industrial sector

4617 Agents involved in the sale of food, beverages and tobacco

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 Ludwig-Ganghofer-Str. 33 1/2

D 83471 Berchtesgaden

Land register documents were not available.

BANKERS

SPARKASSE BERCHTESGADENER LAND, BERCHTESGADEN

Sort. code: 71050000, BIC: BYLADEM1BGL

OBERBANK NDL DEUTSCHLAND, MÜNCHEN

Sort. code: 70120700, Account no.: 8041100804, BIC: OBKLDEMXXXX

FINANCIAL FIGURES

Ac/ts receivable: EUR 121,694.00

Liabilities: EUR 377,715.00

Employees: 2

BALANCE SHEETS

Balance sheet ratios 01.10.2011 - 30.09.2012

Equity ratio [%]: 52.91

Liquidity ratio: 10.00

Balance sheet ratios 01.10.2010 - 30.09.2011

Equity ratio [%]: 78.84

Liquidity ratio: 10.00

Balance sheet ratios 01.10.2009 - 30.09.2010

Equity ratio [%]: 66.06

Liquidity ratio: 10.00

Balance sheet ratios 01.10.2008 - 30.09.2009

Equity ratio [%]: 14.21

Liquidity ratio: 0.94

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: 01.10.2011 - 30.09.2012

ASSETS EUR 413,247.75

Fixed assets EUR 68,527.00

Tangible assets EUR 68,527.00

Other / unspecified tangible assets EUR 68,527.00

Current assets EUR 343,578.00

Accounts receivable EUR 121,693.98

Other debtors and assets EUR 121,693.98

Liquid means EUR 221,884.02

Remaining other assets EUR 1,142.75

Accruals (assets) EUR 1,142.75

LIABILITIES EUR 413,247.75

Shareholders' equity EUR 25,000.00

Capital EUR 25,000.00

Limited partner's capital / capital

of partially liable partner (LP) EUR 25,000.00

Provisions EUR 10,533.00

Liabilities EUR 377,714.75

Other liabilities EUR 377,714.75

Unspecified other liabilities EUR 377,714.75

Type of balance

sheet: Company balance sheet

Financial year: 01.10.2010 - 30.09.2011

ASSETS EUR 248,058.86

Fixed assets EUR 83,260.00

Tangible assets EUR 83,260.00

Other / unspecified tangible assets EUR 83,260.00

Current assets EUR 163,662.20

Stocks EUR 16,000.00

Accounts receivable EUR 108,813.80

Other debtors and assets EUR 108,813.80

Liquid means EUR 38,848.40

Remaining other assets EUR 1,136.66

Accruals (assets) EUR 1,136.66

LIABILITIES EUR 248,058.86

Shareholders' equity EUR 25,000.00

Capital EUR 25,000.00

Limited partner's capital / capital

of partially liable partner (LP) EUR 25,000.00

Provisions EUR 10,073.00

Liabilities EUR 212,985.86

Other liabilities EUR 212,985.86

Unspecified other liabilities EUR 212,985.86

There may have been some changes since our last research took place. Therefore, a freshly researched report will follow shortly.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.99.41
Euro	1	Rs.84.12

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%)

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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.