MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	STAHL USA

Registered Office :	2711 Centerville Road Suite 400 Wilmington New Castle DE 19808

Country :	United States

Date of Incorporation :	28.11.2001

Legal Form :	Corporation for Profit

Line of Business :	Adhesives & Sealants Manufacturing

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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:	Stahl USA
Address in the order:	13 Corwin Street, Peabody, Massachusetts 01960
Legal Name:	Stahl USA
Legal Address	2711 Centerville Road Suite 400 Wilmington New Castle DE 19808 (registered agent)
Operative Address	13 Corwin Street, Peabody, Massachusetts 01960
Mailing Address	PO Box 3039 Peabody, MA 01961-3039 USA
Telephone:	+1 (978) 531-0371	ID :	3461588
Fax:	+1 (978) 532-9062	Legal Form:	Corporation for Profit
Email:	-	Registered in:	Delaware
Website:	www.stahl.com	Date Created:	2001
Manager:	Huub Nanbeijerens, President	Date Incorporated:	November 28th, 2001
Staff:	100	Stock:	N/A
		Value:	N/A
Activity:	Adhesives & Sealants Manufacturing

BANKS

Name of the Bank	Western National Bank
Name of the Bank	J P Morgan Chase
Name of the Bank	The Bank Of New York
Name of the Bank	Security State Bank

BUSINESS

HISTORY
	This company was created in the year 2001.
PRINCIPAL ACTIVITY
	The subject is categorized under Adhesives and Sealants.
Products/Services description:
	Colours and Tanning Products Leather Finish Shoe Finish
Sales are:
	Wholesale
Brands:
	Leather Division Picassian Permuthane
Clients:
	Various industries
Suppliers:
	Leather Division Picassian Permuthane
The company imports from Worldwide
The company export to Canada, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered at 13 Corwin Street, Peabody, Massachusetts 01960.
Comments on location:
	The company is incorporated in Delaware for tax purposes, however it is headquartered in Massachusetts.
Branches:
	There were no branches found for this company.

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):
	This is a privately held company. Despite our long searches it has not been possible to identify the shareholders.
Management:
	Huub Nanbeijerens, President Ellen Joyce, Chief Financial Officer; Director; Secretary; Treas-contrl Alvaro Vaqueiro, Director; Vice President

Financials - COMMERCIAL TRENDS AND FORECAST

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

We have contacted the company, however the first time our agent called, they picked up the phone and dropped the call automatically. We tried calling back again but we got no answer.

Legal Fillings

There are 408 UCC** files listed with the Secretary of State of Delaware.

There are no legal filings listed with the District Court.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** 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 Low credit rate.

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

Final Opinion

This company has been in business for 10 years. It has a staff of 100 employees, which makes it a medium sized company.

There were no legal filings found against the company or its legal representatives.

We tried several times to contact the company, but we were unable to speak with a representative.

There was no financial information found for this company.

We suggest working with GUARANTEES

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public Records	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	N.A.

APPENDIX

Comments
	We've tried to contact the company, however the first time our agent called, they picked up the phone and dropped the call automatically. We tried calling back again but we got no answer.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.