MIRA INFORM REPORT

Report Date :

24.11.2014

IDENTIFICATION DETAILS

Name :	SEMEX CANADA INC.
Registered Office :	130 Stone Road West, Guelph, Ontario N1G 3N2
Country :	Canada
Date of Incorporation :	12.12.1996
Legal Form :	Corporation – Profit
Line of Business :	· Engaged in Research and Development in the Physical, Engineering and Life Sciences Subject delivers high quality bovine genetic solutions for its partners who believe in balanced breeding
No of Employees :	50 (approximately 1,800 worldwide)

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Canada	A1	A1

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

CANADA - ECONOMIC OVERVIEW

As a high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and high living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US, its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian merchandise exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its abundant natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada's major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector's tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010-13 and plans to balance the budget by 2015. In addition, the country's petroleum sector is rapidly expanding, because Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada now ranks third in the world in proved oil reserves behind Saudi Arabia and Venezuela.

Source : CIA

Note:

The corporate name is SEMEX CANADA INC.

Company name & address

Company name: SEMEX CANADA INC.

Head Office Address: 130 Stone Road West, Guelph, Ontario N1G 3N2 - Canada

Telephone: +1 519-821-5060

Fax: +1 519-821-7225

e-mail:  info@semex.com

Website: www.semex.com

Company summary

Corporate ID#: ON-001213770

State: Ontario

Judicial form: Corporation – Profit

Date incorporated: 12-12-1996

Name of manager: Paul LARMER

ACTIVITIES & OPERATIONS

Business:

· Research and Development in the Physical, Engineering and Life Sciences

The Company delivers high quality bovine genetic solutions for its partners who believe in balanced breeding.

The business is present in 80 countries.

Suppliers include:

SHANGHAI DIANYUN IMP AND EXP CO LTD
NO 626 LUO CHUAN DONG ROAD SHANGHAI CHINA

SEMEX SHANGHAI CO LTD

114 ROOM 516 YUNCHUAN ROAD BAO SHAN DISTRICT SHANGHAI 201906 CHINA

Staff: 50 (approx. 1,800 worldwide)

Operations & branches:

At the headquarters, we find a large factory, warehouse and office, owned.

SHAREHOLDERS & MANAGERS

Shareholders:

WESTGEN

6681 Glover Road
Langley, British Columbia V2Y 1M1 - Canada

EASTGEN

5653 Hwy 6 N., R.R. #5

Guelph, Ontario N1H 6J2 – Canada

CENTRE D’INSEMINATION ARTIFICIELLE DU QUEBEC

3450 Sicotte, Saint-Hyacinthe, Quebec J2S 2M2, Canada

Management:

Paul LARMER is the CEO

Graduate from Harvard Business School in 2012

Present here since June 2007.

Vince BOSQUET, CFO

Robert McRAE, Vice President of Global Operations

Subsidiaries and Partnership:

None

FINANCIALS

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

On a direct call, a financial assistant controlled the present report but deferred any financials.

We sent a fax but no answer received.

Outside sources (bank) gave estimate sales for year 2013 in the range of CAD 9,000,000+ (same as 2012).

The business is profitable.

Banks: Royal Bank of Canada

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary: None

COMPANY CREDIT HISTORY

Trade references:

Date reported: May 2014

High credit: CAD 25,000

Now owing: 0

Past due: 0

Last purchase: April 2014

Line of business: Office supply

Paying status: On terms

Date reported: May 2014

High credit: CAD 80,000+

Now owing: 0

Past due: 0

Last purchase: April 2014

Line of business: Payroll

Paying status: As agreed

Date reported: May 2014

High credit: CAD 600

Now owing: 0

Past due: 0

Last purchase: April 2014

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, domestic payments were made on terms.

Other comments:

The Company maintains its business.

The bank confirmed an account on 5 figures medium.

The Company is in good standing.

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

The risk is low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	KAR
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%)

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.