MIRA INFORM REPORT

Report Date :

26.04.2011

IDENTIFICATION DETAILS

Name :	BRAVO FABRICS INTERNATIONAL LLC

Registered Office :	80 State Street,Albany, New York, 12207-2543

Country :	United States

Date of Incorporation :	14.05.2003

Legal Form :	Limited Liability Company

Line of Business :	Supplier of drapery fabric

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	1,500,000 USD
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)

United States

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation:Stable

IDENTIFICATION

Ordered as:	Bravo Fabrics International LLC
Address in the order:	15 East, 26th Street, 2nd Floor, New York 10010
Legal Name:	BRAVO FABRICS INTERNATIONAL LLC
Legal Address	80 STATE STREET,ALBANY, NEW YORK, 12207-2543, USA
Operative Address	15 East 26th Street, 2nd Floor, New York -10010, USA
Telephone:	+1 (212) 798-51 07	Document Number :	2906070
Fax:	+1 (212) 798-51 07	Legal Form:	Limited Liability Company
Email:	ahalpern@swavelle.com	Registered in:	New York
Website:	www.swavellehospitality.com	Date Created:	2003
Manager:	RICHARD HANFLING, president	Date Incorporated:	May 14th, 2003
Staff:	165 employees	Stock:	NA
		Value:	NA
Activity:	Supplier of drapery fabric.

BANKS

Name of the Bank

BANK OF AMERICA

BUSINESS

PRINCIPAL ACTIVITY
	BRAVO FABRICS INTERNATIONAL LLC is working as a Textile and Fabric designer. Bravo Fabric designs in rich colors available in stripes, plaids, and beautiful florals.
Products/Services description:
	The company designs a full range of textile
Sales are:
	Wholesale, Retail
Clients:
	Retailers and general public
Operations area:
	National, Local
The company imports from Sri Lanka, South Africa, China among others
The company does not export
Trade References:
	Despite our searches we were not able to find any company's trade references
The subject employs 165 employee(s)
PAYMENTS
	made on a 60 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered in: 15 East 26th Street, 2nd Floor, New York, 10010, USA
The property is:
	Leased

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company and it is a subsidiary of SWAVELLE/MILL CREEK FABRICS, INC. 15 E 26TH ST STE 1601 New York, New York 10010USA Phone: Tel: +1 (212) 532-86 70
Management:
	RICHARD HANFLING, President JEFFREY THOMASES, CEO

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted JEFFREY THOMASES, The company's CEO who provided us with the following data:

He was also able to inform us that the company is profitable in 2010

Currency	DATE
USD	2010
Turnover	67,100,000
The cash flow is	Normal

Currency	DATE
USD	2009
Turnover	66,000,000
The cash flow is	Correct

Legal Fillings

There are 7 UCCS files listed with the Secretary of State of new York.

There are no legal filings listed with the District Court.

For information:

The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a good credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a medium company size with several years in the business.

Looking at the company's financials, we can see that the turnover has increased.

Moreover the profitability is correct and the length of payment remains regular.

At this time, we believe that the company can bear a credit line in the range of 1,500,000 USD

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Position
	CEO
Comments
	He verified and provided us with information data

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.45
UK Pound	1	Rs.73.35
Euro	1	Rs.64.78

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.