MIRA INFORM REPORT

Report Date :

13.01.2011

IDENTIFICATION DETAILS

Name :	LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC

Registered Office :	Level 3, 11/88 Mall Reina Regente Cnr Felipe St, Binondo, Manila, Ncr 1006, Philippines

Country :	Philippines

Financials (as on) :	31.12.2009

Date of Incorporation :	17.11.1994

Com. Reg. No.:	AS094-10462

Legal Form :	Private Company With Limited Liability

Line of Business :	Importing of General merchandise

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 :	USD 100,000
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Philippines

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

Company name & address

LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC

LEVEL 3, 11/88 MALL REINA REGENTE CNR FELIPE ST,

BINONDO, MANILA, NCR 1006, PHILIPPINES

TEL: 0063-2-2443934 FAX: 0063-2-2443930

EXECUTIVE SUMMARY

INCORPORATION DATE : NOV. 17, 1994

REGISTRATION NO. : AS094-10462

LEGAL FORM : PRIVATE COMPANY WITH LIMITED LIABILITY

CHIEF EXECUTIVE : MR. HERBERT ONG (PRESIDENT)

STAFF STRENGTH : 138

CAPITAL : PHP 27,500,000

BUSINESS LINE : IMPORTER

TURNOVER : PHP 199,262,384 (AS OF DECEMBER, 2009)

EQUITIES : PHP 87,262,553 (AS OF DECEMBER, 2009)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 100,000

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : STABLE

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : PHP 44.06200 = US$1

Adopted abbreviations

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

PHP –Philippines Pesos

Tel: [+63] 2-2443910

[+63] 2-2449206

[+63] 2-2447977

*Previous Name*

==============

Business Entity Name Effective Date

LARRY'S HOUSE OF CURTAIN INC 17 Nov, 1994

LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC n/a

*CAPITAL (Currency: PHP - Philippine Peso)

=================================

Authorized Capital: 35,000,000

Paid-up Capital: 25,625,500

The latest Paid-up Capital was increased to PHP 27,500,000.

Note: The company has increased its paid-up capital from PHP 25,625,500 to PHP 27,500,000, however these changes were not yet filed in the local registry but were only reflected in the financial statement of the Company.

*OFFICE & FACILITIES*

====================

Name: LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC - BINONDO, MANILA

Address: Level 3, 11/88 Mall Reina Regente cnr Felipe St, Binondo, Manila, NCR 1006

Country: Philippines

Status: Operational

*PREVIOUS CONTACT DETAIL*

==========================

Company Address : 980 C M Recto Ave, Binondo, Manila, NCR 1006

Date of Relocation : Feb, 2010

*WAREHOUSING FACILITIES*

=========================

Name : LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC - MAKATI, NCR

Type of Location : Commercial Bldg

Address : 5608 South Super Highway cnr Palanan St, Makati, NCR 1231

Country : Philippines

Ownership of Property : Rented / Leased

Status : Operational

*REPUTATION*

=============

Reference checking for the purpose of establishing the LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC's reputation within the respective industry failed to reveal any adverse information.

*AUDITORS*

===========

Ms. Lorna E. Zarate

SC is not known to host website of its own at present.

E-mail: larry'scurtain@surf.com

For the past two years there is no record of litigation.

*Major Shareholders*

===============

Total number of shareholders: 5

Total number of shares: 55,000

Shareholders Country Number Amount (PHP) %

Mr. Harry Ong Philippines 18,700 8,712,500 34.00

Mr. Herbert Ong Philippines 18,700 8,712,500 34.00

Mrs. Belen Ong-gosiaco Philippines 15,400 7,175,500 28.00

Mr. Henry Ong Philippines 1,100 512,500 2.00

Ms. Ruby Manly Philippines 1,100 512,500 2.00

Note: The changes in the amount of shares of each shareholder were also not yet filed in the local registry, hence no up-to-date shareholder's information could be provided.

Name Nationality Job Description

Ms. Ruby Manly Filipino Treasurer

Mr. Harry Ong Filipino Manager

Mr. Henry Ong Filipino Vice President

Mrs. Belen Ong-gosiaco Filipino Company Secretary

*COMPANY DIRECTORS*

====================

Name : Ms. Ruby Manly

Name : Mr. Harry Ong

Name : Mr. Henry Ong

Name : Mrs. Belen Ong-gosiaco

Name : Mr. Herbert Ong

Nationality : Filipino

Name : Ms. Carmen Co

Nationality : Filipino

*CORE BUSINESS DESCRIPTION*

===========================

Core Business

------------------

The primary business focus of LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC is:

·Importing - General merchandise

An integral part of the core business includes:

·Distribution

Supplementary Business

------------------------------

In addition to the core business, LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC also is engaged in the following areas of business:

Trading

·General trading

*Primary Products*

==============

Activity Products / Materials / Services Description

Importing, Trading Carpet

Importing, Trading Curtain materials

Importing, Trading Curtains

Importing, Trading Upholstery materials

Importing, Trading Venetian blind

*PAYMENT TERMS*

=================

Selling

---------

Type Terms

Local Cash on delivery (COD)

Credit - Unsecured 30~60 days

Purchasing

-------------

Type Terms

Local Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import Letter of Credit (At-sight)

*DOMESTIC SUPPLIERS*

=====================

GRAND ORIENT MILLS CORP

LUZON FOUNDRY INC

WALL CROWN DESIGN CENTER

*DOMESTIC CUSTOMERS*

======================

MANILA GALLERIA SUITES

MANILA HOTEL CORP

MANILA PENINSULA HOTEL INC

SHANGRI-LA PLAZA CORP

*DOMESTIC SALES & PURCHASES*

=============================

Annual Sales Analysis Percentage

--------------------------- --------------

Domestic Sales 100%

Annual Purchases Analysis Percentage

--------------------------- --------------

Local Purchases 20%

Imports 80%

The export figures generated by the Subject Business Entity (SBE) do not equate to percentage of the annual turnover because most of the products manufactured are sold to local businesses which then export using their own corporate names.

*LOCAL BRANCHES & MANAGEMENT*

=================================

Branch : LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC - GREENHILLS PO, SAN JUAN

Branch Address : 225 Wilson St, Greenhills PO, San Juan, NCR 1502

Branch Tel : 63-2-3965471

Branch Fax : 63-2-3965472

Branch : LARRY'S CURTAIN & UPHOLSTERY SUPPLY INC - PALANAN, MAKATI

Branch Address : 5608 South Superhighway Cnr Fahrenheit St, Palanan, Makati, NCR 1235

Branch Tel : 63-2-8338780

Branch Fax : 63-2-8339090

*IMPORT AGENCY LISTING*

=========================

Supplier : CHYSU TAE ENTERPRISE CO LTD

Country of Origin : Taiwan

Product Description : Jacquard fabrics

Brand : Chysu

Year : 2000

Supplier : PRIMETEX CORP OF DAEZA

Country of Origin : South Korea

Product Description : Curtains

Brand : Primetex

Year : 2000

PAYMENT RATING : 3 OBTAINED SCORES : 60

Rating Key	Implication	Implications
1	Scores 85–100	Excellent
2	Scores 75 – 84	Above Average
3	Scores 50 – 74	Average
4	Scores 35 – 49	Fair
5	Scores 15 – 34	Below Average
6	Scores 01 – 14	Poor
NR	No Data	No Data

The rating indicates the payment pattern of SC based upon our Payment Database, comments from suppliers of SC, information from banks (if available), as well as industrial sources.

Dealings on open terms may be possible for MODERATE amounts depending on individual judgement experience.

*BANK DETAILS*

================

Bank Name : BANK OF THE PHILIPPINE ISLANDS, THE

Branch : Ayala-Paseo De Roxas, Makati

Branch Address : Ayala-Paseo De RoxasMakati

SWIFT Code : BOPIPHMM

Bank Name : EQUITABLE PCI BANK INC

Branch : Salcedo Village, Makati

Branch Address : Salcedo VillageMakati

SWIFT Code : PCIBPHMM

Balance Sheet

Currency: PHP

Denomination: 1

Financial Year Ending: December

Financial Highlights As of 2008 As of 2009

------------------------- ------------- ----------------

ASSETS

Cash and cash equivalents 30,971,835 67,037,133

Subscription receivable 1,874,500 1,874,500

Total Current Assets 32,846,335 68,911,633

Property and equipment 6,748,905 6,706,146

Other assets 35,104,336 28,826,710

Total Non-current Assets 41,853,241 35,532,856

Total Assets 74,699,576 104,444,489

Trade and other payables 6,283,731 17,181,936

Total Current Liabilities 6,283,731 17,181,936

Share capital 27,500,000 27,500,000

Retained earnings 31,814,346 40,915,845

Net income for the year 9,101,499 18,846,708

Total Equity 68,415,845 87,262,553

Total Liabilities and Equity 74,699,576 104,444,489

Income Statement

Currency: PHP

Denomination: 1

Financial Year Ending: December

Financial Highlights As of 2008 As of 2009

------------------------- ------------- ----------------

Income 135,897,779 199,262,384

Cost of Sales (103,400,657) (151,355,977)

Gross Income 32,497,121 47,906,407

Administrative Expenses (18,494,815) (20,982,539)

Income Before Income Tax 14,002,306 26,923,869

Income Tax (4,900,807) (8,077,161)

Net Income 9,101,499 18,846,708

*Financial Ratio*

=============

Financial Highlights As of 2008 As of 2009

------------------------- ------------- ----------------

Growth %

Year-on-Year Growth - 46.63

Profitability

Profit Margin (%) 6.70 9.46

Return on Equity (%) 13.30 21.60

Return on Assets (%) 12.18 18.04

Leverage

Total Debt Equity (Times) 0.09 0.20

Current Debt Equity (Times) 0.09 0.20

Total Asset To Total Equity 1.09 1.20

Asset Management

Total Assets Turnover (Times) 1.82 1.91

Fixed Assets Turnover (Times) 3.25 5.61

Liquidity

Current Ratio 5.23 4.01

*FINANCIALS SUMMARY (Currency: U.S. $'s)

====================================

Year Sales Assets Net Income

1996 $987,769 $1,404,962 $17,769

1997 $1,395,222 $1,982,852 $25,185

1998 $1,366,531 $2,208,063 $16,219

1999 $1,305,772 $2,097,574 $24,636

2000 $1,244,461 $2,079,904 $25,061

2002 $1,252,087 $1,819,410 $12,017

2003 $1,463,182 $1,630,770 $65,216

2004 $1,364,615 $1,421,700 $80,092

2005 $1,604,272 $1,319,054 $98,151

2008 $2,896,990 $1,592,402 $194,020

2009 (*) $4,203,848 $2,203,470 $397,610

Note: (*)

Financials listed are the most recent available for this company.

SC is considered large-sized in its line with a development history of more than 16 years. Taking into consideration of SC’s general performance, a credit line up to USD 100,000 appears to be within SC’s capacities.

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Importing, Trading 2211 Broad woven fabrics, cotton

Importing, Trading 2273 Carpets and rugs

Service 5714 Curtain & Upholstery Stores

Trading, Importing 2391 Curtains and draperies

Trading, Importing 2262 Finish Man Fiber/Silk Fabric

Service 5231 Paint/Glass/Wallpaper Stores

Trading, Importing 2299 Textile goods,

Trading, Importing 2591 Venetian blinds and parts, iron, steel or aluminum; window shade fixture, etc, and hardware, base metal

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Importing, Trading 7616995040 Alum Venetian blinds and parts thereof

Trading, Importing 4818900000 Bed sheets and similar household or hospital articles of paper pulp,

paper, cellulose wadding or webs of cellulose fibers

Importing, Trading 6301 Blankets and traveling rugs

Trading, Importing 3925301000 Blinds (including Venetian blinds) of plastic

Trading, Importing 5700 Carpets & other textile floor coverings

Importing, Trading 5701 Carpets & other textile floor coverings, knotted

Importing, Trading 5703 Carpets & other textile floor coverings, tufted

Importing, Trading 5200 Cotton, inc. yarns & woven fabrics thereof

Trading, Importing 3924901010 Curtains & drapes, of plastic

Trading, Importing 6303 Curtains & interior blinds; curtain & bed valances

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Activity Ranking Products / Materials / Services Description

Importing, Trading Secondary Bed sheets

Importing, Trading Secondary Blinds

Importing, Trading Secondary Cotton chintz

Importing, Trading Secondary Curtain rods

Importing, Trading Secondary Draperies

Importing, Trading Secondary Glass curtains

Importing, Trading Secondary Jacquard fabrics

Importing, Trading Secondary Jacquard moire

Importing, Trading Secondary Lace materials

Importing, Trading Secondary Laces

Importing, Trading Secondary Quilts

Importing, Trading Secondary Rugs

Importing, Trading Secondary Scotchgard

Importing, Trading Secondary Textiles

Importing, Trading Secondary Thai silk

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Country / Region Trading Activity

Asia / Pacific Importing

Europe Importing

North America Importing

France Importing

Germany Importing

Italy Importing

South Korea Importing

Spain Importing

Taiwan Importing

USA Importing

United Kingdom Importing

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.16
UK Pound	1	Rs.70.64
Euro	1	Rs.58.68

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
----	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.