MIRA INFORM REPORT

Report Date :

25.02.2011

IDENTIFICATION DETAILS

Name :	TEXTIL J. SERRANO LTDA
Registered Office :	Rua Campo Verde 61, 9º Andar, Sala 1 - Jardim Europa
Country :	Brazil
Date of Incorporation :	29.12.1977
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of Textiles

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 :	Usually Correct
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

TEXTIL J. SERRANO LTDA

company ADDRESSES

MAIN ADDRESS:	RUA CAMPO VERDE 61, 9º ANDAR, SALA 1 - JARDIM EUROPA
ZIP CODE/CITY:	01456-010 SÃO PAULO/SP
PHONE:	11 4158-8100
FAX:	11 4158-8114
E-MAIL:	brandolin@textiljserrano.com.br
WEB SITE:	www.textiljserrano.com.br

BRANCHES:
ADDRESS:	RODOVIA RAPOSO TAVARES, S/Nº, KM 43/44 - PORTÃO VERMELHO
ZIP CODE/CITY:	06730-000 VARGEM GRANDE PAULISTA/SP
PHONE:	11 4158-8100
FAX:	11 4158-8114
CNPJ:	49.870.173/0002-30
STATE REGISTER:	720.000.768.112

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF TEXTILES

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	29/12/1977
REGISTER DATE:	29/12/1977
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	49.870.173/0001-50
STATE REGISTER:	102.839.081.110
SHARE CAPITAL:	R$ 94.000.000,00
LAST REGISTER OF CAPITAL:	22/10/2009
BOARD OF DIRECTORS:
JOSÉ SERRANO NETO	DIRECTOR
FERNANDO VIEITAS SERRANO	DIRECTOR
CARLOS VIEITAS SERRANO	DIRECTOR

AUTHORIZED USE OF SIGNATURE

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

SHAREHOLDERS / PARTNERS:
HELVECIA HOLDING PARTICIPAÇÕES LTDA	R$ 93.993.044,00
FERNANDO VIEITAS SERRANO	R$ 2.294,00
JOSÉ SERRANO NETO	R$ 2.284,00
CARLOS VIEITAS SERRANO	R$ 2.284,00
GERALDO DE ANGELO	R$ 94,00

AFFILIATES / SUBSIDIARIES:

NOT AVAILABLE

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON DECEMBER 29, 1977 TO BE ENGAGED IN THE SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

THE COMPANY OPERATES WITH THE TRADE NAME TÊXTIL J. SERRANO.

PARTNERS:

HELVECIA HOLDING PARTICIPAÇÕES LTDA, WITH OFFICE ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA – SÃO PAULO/SP. HEREIN REPRESENTED BY ITS LEGAL REPRESENTATIVE MR. CARLOS VIEITAS SERRANO, AS BELOW MENTIONED;

FERNANDO VIEITAS SERRANO, BRAZILIAN, HOLDER OF DOCUMENTS, CPF 269.631.208-70, RESIDENTIAL ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA – SÃO PAULO/SP;

JOSÉ SERRANO NETO BRAZILIAN, HOLDER OF DOCUMENTS, CPF 179.530.448-03, RESIDENTIAL ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA – SÃO PAULO/SP;

CARLOS VIEITAS SERRANO, BRAZILIAN, HOLDER OF DOCUMENTS, CPF 258.054.028-82, RESIDENTIAL ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA – SÃO PAULO/SP;

GERALDO DE ANGELO BRAZILIAN, HOLDER OF DOCUMENTS, CPF 071.747.808-49, RESIDENTIAL ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA – SÃO PAULO/SP.

FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN.

RESEARCHERS REMARKS:

********************

WHEN THE SUBJECT WAS INVESTIGATED MR. MARCELO (ACCOUNTING DEPARTMENT) WAS INTERVIEWED AND HE STATED THAT THE SUBJECT HAS NO INTEREST IN PROVIDING THE REQUESTED INFORMATION.

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:

LAWSUITS:
	DATE:	COURT OF LAW:

1

FEDERAL LAWSUIT

15/08/07

VARA DE VARGEM GRANDE PAULISTA/SP

FINANCIAL INFORMATION

THE SUBJECT IS A LIMITED LIABILITY COMPANY AND IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. WHEN THE SUBJECT WAS INVESTIGATED THE INTERVIEWED SOURCE DECLINED TO PROVIDE ANY KIND OF INFORMATION.

OUR INVESTIGATION THROUGH THE OUTSIDE SOURCES SHOWED NO FINANCIAL DATA ABOUT THE SUBJECT.

EXCHANGE RATE:
US$ 1,00 = R$ 1,66	- OFFICIAL RATE ON 22/02/2011

COMMENTS ON THE FINANCIAL INFORMATION:

IN THE ABSENCE OF FINANCIAL DATA NO COMMENTS CAN BE PROVIDED ABOUT THE SUBJECT 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 NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

ACTIVITIES COMMENTS

MANUFACTURE OF CARPETS, CURTAINS AND BED LINEN.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE

EXPORTS TO:

NOT AVAILABLE

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE

STAFF:

THE COMPANY HAS: 819 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY. IT IS FAMILY OWNED AND IS MANAGED BY THE FOUNDERS FAMILY, WHO ARE PEOPLE WITH A CLEAR TRADE AND PERSONAL HISTORY.

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.

MOST OF THE SUPPLIERS WHICH PROVIDED INFORMATION REPORTED PROMPT PAYMENTS, THUS THE SUBJECT HAS A GOOD PAYMENT RECORD.

THE LAWSUIT REPORTED IS NOT RELATED WITH TRADE DEBT. IT IS RELATED TO TAX DEBT THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUIT DOES NOT AFFECT THE COMPANY’S TRADE REPUTATION.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

NOT AVAILABLE

PAYMENT HISTORY:

13 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 171.625,00

AMOUNT OF INVOICES PAID: 94

TOTAL OF PROMPT PAYMENTS: 99,7%

TOTAL OF DELAYED PAYMENTS: 0,3%

HIGHEST INVOICE: R$ 1.623,00

HIGHEST CREDIT: R$ 131.868,00

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

---------------------------	SUPPLIERS:	INVOICES:	TOTAL AMOUNT:
DUE WITHIN 30 DAYS	2	21	R$ 160.685,68

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.73.54
Euro	1	Rs.62.39

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 Company	----

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.