MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	INDUSTRIAS GRANITOP C.A.
Registered Office :	Final Calle El Oficio, Galpon S/N, Zona Industrial Los Naranjos, Guarenas, Miranda
Country :	Venezuela
Date of Incorporation :	October 1997
Legal Form :	Stock Company
Line of Business :	Import, marketing and installation of marble, granite and stone
No. of Employees :	Not Available

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$15,000
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Venezuela	b2	b2

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

IDENTIFICATION

CORRECT COMPANY NAME

INDUSTRIAS GRANITOP C.A.

TAXPAYER REGISTRATION

RIF J-304863500

MAIN ADDRESS

Final Calle El Oficio, Galpon S/N, Zona Industrial Los Naranjos,

PROVINCE / DEPARTAMENT

Guarenas

STATE / REGION

Miranda

COUNTRY

VENEZUELA

TELEPHONE

(58211) 3627413 - 3623839 - 3618181

E-MAIL

granitop3@yahoo.com , granitop5@yahoo.com.ve

SUMMARY
Date of foundation	1997
permanent employees	Unknown
Chief Executive	COHEN, AARON
Disposition	Poor.- Only general information without figures.
Payments policy	Usually to terms/good

CREDIT OPINION

MAXIMUM CREDIT

US$15,000.=

(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS
LEGAL STATUS	Stock Company
DATE OF INCORPORATION	10/1997
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Bs.F.4.29 per 1.00 USADollar
COMMENTS	We were unable to learn legal establishment, the amount of share capital, more personal data of company executives neither the identity of its shareholders.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
COHEN, AARON	General Manager
COHEN, SARA	Commercial Manager
CALDERON, ALEJANDRO	Production Manager
DIAZ, DARWIN	Administrator

WHO IS WHO?
COHEN, AARON
NATIONALITY	Venezuelan
SEX	Male
COHEN, SARA
NATIONALITY	Venezuelan
SEX	Female
DIAZ, DARWIN
NATIONALITY	Venezuelan
SEX	Male

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	RELATION %
MADERERA MADETOP 417 C.A.	VENEZUELA		Related

BUSINESS
Main activity	Import, marketing and installation of marble, granite and stone. Large pieces of veins combined, special edges, exotic textures, rosettes and listels. Comprehensive project development for kitchen countertops, stairs, flooring, bathroom coatings, walls and more. They have the widest range of granite and marble stones. Advisory services.
Import	Yes
Export	No
% CASH SALES / METHOD	30%
% Credit SALES / Terms	70% terms: 15,30 days
% DOMESTIC PURCHASES	10%
% FOREIGN PURCHASES	90%
SELLING TerritorY	100% National market
EMPLOYEES	Unknown

LOCATION

AREA 5,000 sqm.

OTHER PREMISES At the above listed address the Administrative Offices, Warehouses, Cutting and Processing Plant can be found. Property located in an industrial sector.

FINANCIAL INFORMATION

Interviewee(s)

Mr. Darwin Diaz.

Position(s)

Administrator.

Disposition

Poor.- Only general information without figures.

Information provided

Because the interviewed person stated he was very busy with overloaded work agenda has agreed to provide only partial information regarding the company during the interview. However, he said he would forward our request to higher authorities in the company for approval. If we have positive results immediately we will issue a supplemental report. Otherwise, please consider this report as definitive. 
 
For our part, we have supplemented this report with some data obtained from reliable third-party sources, but balance sheets were not available or referential figures for opinion.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
SEGUROS CARACAS DE LIBERTY MUTUAL	Comprehensive	Yearly	No specified

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: SIMAS CONSULTORES C.A.	Tel.: 58212 4289658	Country: VENEZUELA
Goods/Services? : Advisory service and industrial safety
Highest credit? : US$ 600.=	Outstanding debt? : 0.=
Client since? : +2 yrs.	Terms? : 15 days	Performance? : Prompt
Supplier: DHL VENEZUELA	Tel.: 212 6206000	Country: VENEZUELA
Goods/Services? : Courier service
Highest credit? : US$ 1,000.=	Outstanding debt? : 0.=
Client since? : 2008	Terms? : 30 days	Performance? : Prompt
Supplier: DOMINICAN STONE & TILES (DST) SRL	Tel.: 809 5086438	Country: DOMINICAN REP.
Goods/Services? : Building materials
Highest credit? : US$ 18,000.=	Outstanding debt? : 0.=
Client since? : 2 yrs.	Terms? : 30 days	Performance? : Prompt

Note : Other suppliers did not provide information or could not be consulted

Supplier	Telephone	Country	Comment
ACTISALUD C.A.	58212 9111683	VENEZUELA
SAVINO DEL BENE NAK LTD. STI		TURKEY

LAWSUITS

No legal recordings found.

BANKING INFORMATION

Bank

INDUSTRIAL DE VENEZUELA

OCCIDENTAL DE DESCUENTO

The subject is a customer of those banks, which when consulted told us that in compliance with current legal regulations, can not provide data on their customer movements out of respect to banki

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

CREDIT OPINION
Comnsulted Credit Amount :	MAXIMUM CREDIT
Suggested Credit :	US$15,000.=
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

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.