MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Correct Name :	SEMCO EQUIPAMENTOS INDUSTRIAIS LTDA.
Registered Office :	Rua Dom Aguirre,438 Ala 3 - Vila Sofia , Zip Code 04671-245 - São Paulo/Sp
Country :	Brazil
Date of Incorporation :	28.01.1983
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of mixing and cooling equipments

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Brazil	a2	a2

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

Company name

SEMCO EQUIPAMENTOS INDUSTRIAIS LTDA.

company ADDRESSES

MAIN ADDRESS:	RUA DOM AGUIRRE,438 ALA 3 - VILA SOFIA
ZIP CODE/CITY:	04671-245 - SÃO PAULO/SP
PHONE:	11 3576-2000
FAX:	11 5522-9952
E-MAIL:	iraides.duarte@semco.com.br
WEB SITE:	www.semcoprocessos.com.br

BRANCHES:

NOT AVAILABLE.

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF MIXING AND COOLING EQUIPMENTS.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	28/01/1983
REGISTER DATE:	28/01/1983
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	52.225.836/0001-98
STATE REGISTER:	110.977.267.112
SHARE CAPITAL:	R$ 3.000.000,00

BOARD OF DIRECTORS:
JOSE ALIGNANI NETO	GENERAL DIRECTOR
JOSE VIOLI FIHO	FINANCIAL DIRECTOR

AUTHORIZED USE OF SIGNATURE

THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
SEMCO INVESTIMENTOS E PARTICIPAÇÕES LTDA	99,9%
RICARDO FRANK SEMLER	0,1%

AFFILIATES / SUBSIDIARIES:

SEMPO EQUIPAMENTOS DE REFRIGERAÇÃO LTDA

SEMCOVENTURES LTDA

SEMCO GERENCIAMENTO DE SERVIÇOS INTEGRADOS LTDA

SEMCO AMAZONIA ADM DE FUNDOS CARTEIRAS DE INVESTIMENTOS LTDA

SEMCO COMERCIAL E SERVIÇOS LTDA

S AMBIENTAL LTDA

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON JANUARY 28, 1983 AS SEMCO LITTLEFORD DAY INDLS LTDA. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON MAY 31, 1996 IT ADOPTED THE ABOVE MENTIONED NAME.

IN SEPTEMBER 2008 THE COMPANY AWARDED THE NBR ISO 9001:2000 CERTIFICATION ISSUED BY BSI BRASIL

FURTHER DETAILS ARE SO FAR NOT KNOWN.

REMARKS:

--------

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MS. IRAIDES, FINANCIAL DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED.

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES USUALLY INVESTIGATED.

PUBLIC RECORDS INFORMATION:

NO DETRIMENTAL FILES WERE FOUND.

FINANCIAL INFORMATION

DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY DECLINED TO PROVIDE ANY KIND OF FINANCIAL INFORMATION.

OUTSIDE SOURCES CONTACTED SHOWED NO FINANCIAL DATA ABOUT THIS COMPANY.

EXCHANGE RATE:
US$ 1,00 = R$ 1,67	- OFFICIAL RATE ON 23/02/2011

COMMENTS ON THE FINANCIAL INFORMATION:

IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT THE SUBJECT'S CURRENT FINANCIAL STANDING.

REAL ESTATE:

NOT AVAILABLE

VEHICLES:

NOT AVAILABLE

MACHINES:

NOT AVAILABLE

INSURANCE

NOT AVAILABLE.

BANKING REFERENCES

NOT AVAILABLE.

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NOT RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

ACTIVITIES COMMENTS

MANUFACTURE OF MIXING EQUIPMENTS FOR THE FOOD, BEVERAGES, COSMETICS, PHARMACEUTICAL, WOOD AND FURNITURE, METALLURGY, MINING, PULP & PAPER, PETROCHEMICAL, PLASTICS, CHEMICAL, IRON & STEEL WORKS, SUGAR & ALCOHOL, PAINTS AND VARNISHES, AND WASTE TREATMENT INDUSTRIES. ALSO COOLING EQUIPMENTS FOR THE FOOD AND BEVERAGE, AIR CONDITIONING, ENERGY, INDUSTRIAL PROCESSES, BUSINESS AND INDUSTRIAL COOLING.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE.

STAFF:

THE COMPANY HAS: 150 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1983. SO FAR IT HAS A CLEAR TRADE HISTORY AND NORMAL PAYMENT BEHAVIOUR.

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

NOT AVAILABLE.

PAYMENT HISTORY:

24 SUPPLIERS REPORTED PAYMENTS:

AMOUNT OF INVOICES PAID: 112

TOTAL OF PROMPT PAYMENTS: 88%

TOTAL OF DELAYED PAYMENTS: 12%

HIGHEST INVOICE: R$ 60.056,00

HIGHEST CREDIT: R$ 224.200,00

FINAL OPINION

BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR NORMAL BUSINESS COMMITMENTS. CREDIT FACILITIES HOWEVER SHOULD BE GRANTED ON FULLY SECURED TERMS ONLY DUE TO THE ABSENCE OF FINANCIAL DATA.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.25
Euro	1	Rs.62.68

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.