MIRA INFORM REPORT

Report Date :

20.04.2011

IDENTIFICATION DETAILS

Name :	MORADEL S.R.L. REPRESENTACIONES
Registered Office :	José Pardo 138 Interior 1101, Miraflores, Lima
Country :	Peru
Financials (as on) :	31.12.2010
Date of Incorporation :	12.05.1983
Com. Reg. No.:	Entry 70004766.
Legal Form :	Limited Liability Company
Line of Business :	Representations, sales of industrial inputs for converters and manufacturers of flexible wraps

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

Maximum Credit Limit :	US$50,000.Dollars
Status :	Satisfactory
Payment Behaviour :	Regular
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Peru	A2	A2

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

IDENTIFICATION

CORRECT COMPANY NAME	:	MORADEL S.R.L. REPRESENTACIONES
TRADE NAME	:	N/A"
TAXPAYER REGISTRATION	:	RUC 20123851456
MAIN ADDRESS	:	José Pardo 138 Interior 1101, Miraflores
CITY	:	Lima
DEPARTMENT/STATE	:	Lima
COUNTRY	:	PERU
TELEPHONE	:	3726888
FAX	:	N/A
WEB SITE	:	N/A

COMMENTS .-

The company sets its registered office at the address shown above on report.

The address sent in your order: La Floresta 696 - 301 Urb. Chacarilla del Estanque, Santiago de Surco, Lima 33 is the private home of Mr. Oscar Alejandro Morante Newton (Director).

SUMMARY

FOUNDATION : 1983

LAST CAPITAL : S/.14,384.= Nuevos Soles.

SALES : 74,832.00

EMPLOYEES : 2

PAYMENTS : Usually to terms/good

CHIEF EXECUTIVE : MORANTE NEWTON, OSCAR ALEJANDRO

DISPOSITION : TOTAL (Full information and figures).

LEGAL BACKGROUNDS

LEGAL ESTATUS	:	Limited Liability Company
DATE OF INCORPORATION	:	12MAY1983
START OF OPERATIONS	:	15/10/1983
REGISTERED IN	:	Callao.
NOTARY OFFICE	:	Luis Vargas Hormes
DURATION	:	Indefinite.
REGISTRATION	:	Entry 70004766.
INITIAL CAPITAL	:	S/.1,000,000.= Soles Oro (old currency)
CURRENT PAID-IN CAPITAL	:	S/.14,384.= Nuevos Soles.
LAST CAPITAL INCREASE	:	N/A
SHAREHOLDERS' EQUITY	:	N/A
TYPE OF SHARES	:	Interest
LISTED AT STOCK EXCHANGE	:	N/A
SHARE VALUE	:	S/.1.= Nuevo Sol.
CURRENT EXCHANGE RATE	:	S/.2.80 Nuevos Soles per 1.00 USADollar
MEMBERSHIP	:	N/A

DIRECTORS / EXECUTIVES / SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	OWNERSHIP %
MORANTE NEWTON, OSCAR ALEJANDRO	Director General Manager	63.68%
MORANTE COELLO, ALBERTO	Director	16.98%
MORANTE COELLO, GONZALO	Director	15.08%
MORANTE COELLO, SERGIO	Director	4.26%

WHO IS WHO?

MORANTE NEWTON, OSCAR ALEJANDRO

NATIONALITY : Peruvian

BORN : 20MAY1936

DOC OF IDENT. : DNI 08191076

TAX ID : 10081910761

HOME ADDRESS : La Floresta 696 - 301 Urb. Chacarilla, Santiago de Surco, Lima

REFERENCIAS .-

RISK INFORMATION CENTER

According to the last report issued by the "Superintendencia de Banca y Seguros" (Banking and Insurance Superintendence) (SBS), on 28.02.2011, he was recorded with a debt amounting to S/.4,613= Nuevos Soles, as follows:

Credit Card Debt S/.4,599.=

Interest earned S/. 15.=

Total Debt S/.4,613.=

Guarantees S/. 0.=

SBS RATING: 100% NORMAL (Prompt in his payments)

The structure of his debt by entity as follows:

Banco Interbank S/. 566.=

BBVA Banco Continental S.A.A. S/.1,072.=

Citibank del Perú S/.2,976.=

Credit Cards

BBVA Banco Continental Line of S/.45, 000 .= (used 2.38%)

Citibank del Peru Line of S/.2, 976 and U.S.$ 7.650 .= .= (used 14.02%)

Banco Interbank Line of S/.13, 800 .= (used 3.99%)

Associated as per our database to :

Company	Position	Tax. Reg.	Country
ALUPACK S.A.C.	Proxy	20536961713	PERU
OCEANICA AGENTES AFIANZADOS DE ADUANA S.A.		20282598168	PERU

MORANTE COELLO, ALBERTO

NATIONALITY : Peruvian

BORN : 16JAN1967

DOC OF IDENT. : DNI 09297468

MORANTE COELLO, GONZALO

NATIONALITY : Peruvian

BORN : 08AUG1968

DOC OF IDENT. : DNI 09302133

TAX ID : 10093021334

PROFESSION : Engineer

CIVIL STATUS : Married to Allende Busse, Erika

Associated as per our database to :

Company	Position	Tax. Reg.	Country
CENTEX INSTRUMENTACION Y EQUIPOS S.A.C.	General Manager	20508691301	PERU
G&A PROYECTOS S.A.C.	General Manager	20510206267	PERU
MOBE PROYECTOS S.A.C.	General Manager	20512241752	PERU
WALSH PERU S.A. INGENIEROS Y CIENTIFICOS CONSULTORES	General Manager	20260047567	PERU
ALUPACK S.A.C.	General Manager	20536961713	PERU

MORANTE COELLO, SERGIO

NATIONALITY : Peruvian

BORN : 10NOV1971

DOC OF IDENT. : DNI 09540991

HiSTORY

Company established in 1983, has represented international companies in Peru as Hempel paints of Ecuador, a subsidiary of Hempel Marine Paints of Denmark.

It is an agent of Hydro Aluminium Rolled Products from Germany since 1995.

In the initial formation shareholding consisted of: Julio Francisco Delgado Alvarado with 500 shares, Oscar Morante Newton with 400 shares and Oscar Alejandro Morante Coello with 100 shares.

By Deed dated 09/01/2003 and Amendment Deed dated 03/03/2003, both drawn before Lima Notary Public, Dr. Maria Soledad Pérez y Tello approved the transfer of 513 shares, transferred by Mr. Oscar Morante Coello to Mr. Sergio Morante Coello, accordingly, capital stock is registered as above indicated.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	AX. REG.	RELATION
ALUPACK S.A.C.	PERU	20536961713	Related

BUSINESS

MAIN ACTIVITY .-

Representations, sales of industrial inputs for converters and manufacturers of flexible wraps.

IMPORT : Yes

From Germany

Annual Imports in US$ (CIF) :

Year Monto

2010 19,578.00

2009 14,854.00

2006 2,733.00

EXPORT : No

% CASH SALES/METHOD	:	N/A
% CREDIT SALES/TERMS	:	100%
% FOREIGN SALES (COUNTRIES)	:	N/A
% DOMESTIC PURCHASES	:	N/A
% FOREIGN PURCHASES	:	N/A
SELLING TERRITORY	:	National market
EMPLOYEES	:	2

LOCATION .-

Premises	:	Rented
Monthly Amount	:	US$250.=
Time Occupied	:	2003
Area	:	N/A
Floors	:	N/A

Remarks and other Premises .-

Registered office / administrative office / trade office:

José Pardo 138 Interior 1101, Miraflores, Lima, 18 Tel: (511) 3726888

The related firm ALUPACK S.A.C. has its tax domicile in same address.

FINANCIAL INFORMATION

Interviewee(s)	:	Mr. Oscar Morante Newton
Position(s)	:	General Manager
Cooperation	:	TOTAL (Full information and figures).
Information Provided	:	The interviewed person kindly assisted us with general information about the company and key balance sheet figures at 31/12/2010 and 31/12/2009, year-end, figures expressed in in Nuevos Soles. Further notes that the sales trend for the current financial year 2011, is to close with an increase of around 30% It should be mentioned we also investigated in third-party sources and official whereby gathered additional information contained in the report. MORADEL S.R.L. REPRESENTACIONES, is a Peruvian company, family owned, established in 1983, performing in local sales representation of industrial inputs for the manufacture of flexible packaging and the like. It is considered a small firm in the industry. Maintains business relationships with credit suppliers for several years who report that it pays them well, within the specified terms of agreement and without any delays in payments. Risk information center records no financial constraints.

BALANCE SHEET

BALANCE SHEET DATE	31DEC2010	31DEC2009
PERIOD	12 months	12 months
EXCHANGE RATE PER US$	2.80	2.88
CURRENCY	Nuevos Soles	Nuevos Soles
ASSETS
TOTAL CURRENT	91,000.00	56,802.00
TOTAL ASSETS	91,000.00	56,802.00
LIABILITIES
TOTAL CURRENT	48,159.00	21,416.00
SHAREHOLDERS' EQUITY
TOTAL EQUITY	42,841.00	35,386.00
TOTAL LIABILITIES	91,000.00	56,802.00
SALES	74,832.00	95,261.00
PROFIT(LOSS)	11,362.00	2,196.00

RATIO

LIQUIDITY RATIO	1.89	(Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO	88.96	(Shareholders's equity/Current Liabilities %)
PROFITABILITY MARGIN	15.18	(Profits/Sales %)
WORKING CAPITAL	42,841.00	(Current Assets - Current Liabilities)

FINANCIAL SITUATION : SATISFACTORY

According to its latest financial statements submitted, we estimate the financial situation of the investigated companyas Satisfactory , because it shows an adequate above-average liquidity ratio. Its working capital is positive and allows for an orderly payment performance. Debt/equity ratio is acceptable. The economic results have been satisfactory.

INSURANCE .-

The subject does not hold insurance contracts with insurance companies.

PAYMENTS RECORD

TRADE REFERENCES .-

Supplier	Country	Tel.	Line of Credit	Monthly Average	Terms(days)	Perfomance?	Time	Products/Services
MEGAPACK S.A.C.	PERU	511 7075000	Open	US$ 20,000.=	invoice 30 days	Prompt	1996	Packaging films
JAIME RAMIREZ MC CUBIN S.R.L.	PERU	511 4631200	Open	US$ 10,000.=	invoice 30 days	Prompt	2006	Customs service, procedures
ENVASES Y ENVOLTURAS S.A.	PERU	511 2015660	Open	US$ 15,000.=	invoice 30 days	Prompt	2003	Packagings and wraps

NOTE: Other Suppliers did not provide information or could not be consulted.

Supplier	Country	Tel.
HYDRO ROLLED PRODUCTS	GERMANY	N/A
HYDRO ALUMINIUM R.P.	PERU	511 5105423

COMMENTS .-

References were requested from the firm Peruplast SA (Tel.511 3192200) which does not have record of subject as a client.

CREDIT RISK CENTRAL .-

Consolidated Delinquency System:

No delinquent accounts, written-down portfolio, credit closed due to poor management or similar situations were traced.

Bulletin of Protested Documents:

No protested drafts, promissory notes, warrants or any other financial restriction were reported.

Sunat's Negative Report:

Taxpayer does not have any tax debt under Coercive Collection. No records of tax omissions have been reported in Risk Information Centers.

Social Security Debt with AFP (Pension fund Administrator)

No negative information has been reported.

LAWSUITS .-

There are not reports of any delinquency, restraints, lawsuits, summons, bankruptcy, auctions, disabled accounts, etc. against this company.

BANKING INFORMATION

BANKERS .-

Bank	Contact	Telephone	Account #	DC (S/.)	FC (US$)
SCOTIABANK DEL PERU S.A.A.	Christian Gamarra	511 2116000	N/A	N/A	N/A

The subject deals with the aforementioned bank that refused information on client's accounts in compliance with the Bank Secrecy Act.

GENERAL INFORMATION

REPUTATION .-

NOTHING AGAINST COMPANY

CREDIT OPINION

Consulted Credit Amount : Maximum

We would suggest extending this company a maximum credit amount of US$50,000.= Dollars.

NOTE: The Opinion given is confidential referential and with out liability

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.68
UK Pound	1	Rs.72.56
Euro	1	Rs.63.53

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

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.