MIRA INFORM REPORT

Report Date :

21.01.2011

IDENTIFICATION DETAILS

Name :	PROCTER & GAMBLE INTERAMERICAS LLC (Argentine Branch).

Registered Office :	Av.Leandro N.Alem 1110, Piso 13º, Buenos Aires City

Country :	Argentina

Date of Incorporation :	18.05.1953

Com. Reg. No.:	296133

Legal Form :	--

Line of Business :	--

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Inactive

Payment Behaviour :	--

Litigation :	--

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)

Argentina

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

Registered Name

PROCTER & GAMBLE INTERAMERICAS LLC (Argentine Branch).

CUIT: 30-53839114-6

Summary

CONFIRM OUR PREVIOUS REPORT - THIS COMPANY IS INACTIVE SINCE SEPTEMBER 2004 IN WHICH WERE TO CONTINUE ITS BUSINESS BY PROCTER & GAMBLE ARGENTINA SC.

Legal Structure

Business type:      Trading Company
Incorporated:         30/12/1952
Registered:         18/05/1953
Register #:          296133
Duration:          18/05/2052
End of fiscal year:       June 30th

Contact

Current Legal Address: Av.Leandro N.Alem 1110, Piso 13º, Buenos Aires City, Argentina.

Phone: (54-011) 4323-0600/4348-0125

Partners

Legal Representative: ALEJANDRO PAULO LORUSSO
(by public document dated 14/08/2007)

History

These businesses were started by RICHARDSON VICKS INTERAMERICAS INC. (Argentine Branch) by mid-1953.

This company operated without changes until 1974, date in which it was decided to stopped its productive and commercial activities, without being dissolved.

During 1990 and once it changed its original name to PROCTER & GAMBLE INTERAMERICAS LLC. (Argentine Branch), it started acquiring several important local companies, such as:

> ALEJANDRO LLAURO E HIJOS S.A.

> CIA.QUIMICA S.A. (members of the group Bunge y Born)

> SUFARGEN S.A.

Fits to highlight that on 17/08/2004, the Administrator of PROCTER & GAMBLE ARGENTINA S.C. accepted the offer of PROCTER & GAMBLE INTERAMERICAS LLC, ARGENTINE BRANCH. This consisted in sale and transfer of certain net assets, including the permanent investments in ALEJANDRO LLAURO E HIJOS S.A.I.C. and COMPAÑIA QUIMICA S.A., which was carried out on 01/09/2004, except the plant for the manufacture of pets' foods (IAMS Division) and the property in Pilar Plant, which were transferred in 10/12/2004.

Since by direct means it has not been possible to obtain information, it has been necessary to consult indirect sources of consultation, where we reaffirm that the above said is correct, because the company gave its businesses in September/2004 to PROCTER & GAMBLE ARGENTINA S.C.

Fits to highlight that the company changed its legal address to Av.Leandro N. Alem 1110, piso 13º, Buenos Aires City. All this was registered in the General Inspection of Jusitce on 31/7/2007.

It is known that the company transfered its activities but we don't know if it is dissolved and if it it continues operating with other activities or it is liquidated.

Final Opinion

Reiterated that the company is inactive, we recommend that any credit operation is done with PROCTER & GAMBLE ARGENTINA S.C.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.58
UK Pound	1	Rs.72.73
Euro	1	Rs.61.45

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%)

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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.