MIRA INFORM REPORT

Report Date :

16.08.2007

IDENTIFICATION DETAILS

Name :	INFICOL S.A.

Registered Office :	Eusebio Ayala esq. Centenario 796, Asuncion, Republic of Paraguay

Country :	Paraguay

Date of Incorporation :	2002

Legal Form :	Public Limited Company

Line of Business :	Engaged in the manufacture and commercialization of mattresses and PVC tanks for water.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Registered Name

INFICOL S.A.

RUC: INFA018250R

Summary

INCORPORATED IN 2002. BEGINNER OF ACTIVITIES. IT DOESN'T SUPPLY FINANCIAL INFORMATION. THE COMPANY HAS A MEDIUM LEVEL OF IMPORTANCE. IT DOESN'T REGISTER NEGATIVE. FULFILLMENT: IN DUE TIME. FIT FOR MODERATED CREDITS WITH THE ADOPTION OF APPROPRIATE GUARANTEES.

Operations

MATTRESSES
PVC TANKS FOR WATER
MANUFACTURE
COMMERCIALIZATION

Legal Structure

Business type: Public Limited Company
Incorporated:     2002
Registered:      2002
Duration:        Unlimited
End of fiscal year: December 31st

Contact

Angel Chamorro (Administrative Employee)

Legal address, Administration and Sales: Eusebio Ayala esq. Centenario 796, Asuncion, Republic of Paraguay.

Phone: 595-21 223462
Fax: 595-21 203101
E-mail: inficol@telesurf.com.py

Partners

President: ESTELA MARY SANTA CRUZ AYALA
Vice-president: LETICIA ROCIO VILLAGRA

Social signature use: In the charge of the President and Vice-president.

Personal Information

ESTELA MARY SANTA CRUZ AYALA
Paraguayan, married, born in 1967.

LETICIA ROCIO VILLAGRA
Paraguayan, married, born in 1977.

History

These commercial activities were directly started by this company in 2002.

It isn't known if the company's members perform other activities.

Economic-Financial Position

Contact has been taken with Mr Angel Chamorro (Administrative Manager), who explained that due to regulations of its directors, financial information is not supplied.

According to our investigations with third parties, the company operates with a medium level of importance and doesn't register negative elements.

Assets

The company doesn't register properties to its name and the ones located in the previously exposed addresses are leased.

Evolution and Results

The company is engaged in the manufacture and commercialization of mattresses and PVC tanks for water.

It has an acceptable operating structure, where it employs 35 people.

It carries out imports (raw materials and inputs) from Argentina, USA, Korea and Pakistan.

Up to now it doesn't register setbacks on its operations. Its sales are mainly carried out in the local market.

SUPPLIERS:
----------
PETROQUIMICA RIO IIIº S.A.(ARGENTINA)
BASF ARGENTINA S.A. (ARGENTINA)

Payment Record and Credit Risk

BANK:
-----
BANCO CONTINENTAL Principal Office

INSURANCE:
----------
CHACO CIA. DE SEGUROS S.A.
Insurance policies for general risks.

Concept

Up to now it doesn't register negative records.

According to our consultations, it complies in due time the commitments taken.

* WITHOUT OBJECTIONS

Final Opinion

We consider feasible its credit treatment by amounts of moderated importance with the adoption of appropriate guarantees.

* FIT FOR MODERATED CREDITS WITH THE ADOPTION OF APPROPRIATE GUARANTEES

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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