MIRA INFORM REPORT

Report Date :

03.06.2011

IDENTIFICATION DETAILS

Name :	ACEREX SA

Registered Office :	Calle 17 A No. 68 D 33, Zona Industrial, Bogota DC,

Country :	Colombia

Financials (as on) :	31.12.2010

Date of Incorporation :	02.04.1986

Legal Form :	Sociedad Anonima

Line of Business :	Stainless Steel

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 130,000
Status :	Satisfactory
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Colombia

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

GEOPOLITICS - COLOMBIA

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic

Economic Risk: Low

Currency: 100 COP = 0.06 USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Acerex SA
Address in the order:	Calle 17, A No. 68 D-17 Bogota DC

Legal Name:	ACEREX SA
Legal Address	Calle 17 A No. 68 D 33, Zona Industrial, Bogota DC, Colombia

Telephone:	(57 1) 411-3099 / 405-1019 / 405-1018	NIT :	860530777-8
Fax:	(57 1) 405-1014	Legal Form:	Sociedad Anonima
Email:	info@acerex.com.co	Registered in:	Colombia
Website:	http://www.acerex.com.co	Date Created:	April 2, 1986
Manager:	Vergara Williams Jorge Eduardo, Legal Representative	Date Incorporated:	NA
Staff:	10	Stock:	NA
		Value:	NA
Activity:	Stainless steel

BANKS

Name of the Bank

BANCOLOMBIA

BUSINESS

HISTORY
	The company was established in April 2, 1986.
PRINCIPAL ACTIVITY
	The company is dedicated to the import, marketing and export of stainless steel in various presentations.
Sales are:
	Wholesale
Clients:
	Professionals of the industry.
Operations area:
	National, International
The company imports from Spain, Finland, Brazil, Mexico, Germany, Japan, France and Sweden.
Trade References:
	The person contacted refused to provide the names of their suppliers for us to check the trade references.
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered at: Calle 17 A No. 68 D 33, Zona Industrial, Bogota DC, Colombia

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):
	This is a private company. It is part of the group of companies led by METAZA S.A., also from Colombia.
Management:
	Vergara Williams Jorge Eduardo, Legal Representative Gisell Judith Ospino Choperena, Accountant Vergara Williams Jorge Eduardo, Director Reyes Marquez Gladys Del Carmen, Director Zuluaga Navarro Cesar Tulio, Director Jaime Alberto Zuluaga Navarro, Director Gallego Aristizabal Esneda, Deputy Director Carolina Reyesra Vergara, Deputy Director Maya Hoyos Martha Luz, Deputy Director Juan Camilo Vergara Reyes, Deputy Director
Related Companies:
	PANELCO S.A. ALUMARKET S.A. METALCENTER S.A. CENTRO LAMINAS S.A.

Financials - COMMERCIAL TRENDS AND FORECAST

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

We have contacted Alejandra who refused to provide us any financial data on grounds of confidentiality.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Currency	DATE
COP	2010
Turnover	11,816,347,000
Operating Income	223,012,000
Net Income	258,678,000
Current Assets	2,879,408,000
Fixed Assets	8,819,544,000
Net worth	5,713,762,000
Liabilities	3,466,047,000
The cash flow is	Normal

Comments on the financial data: Please find the full financial statements attached.

The main figures have been translated in the table above.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating

Local credit bureau gave a correct credit rate.

The company is in Good Standing.

This means that all local and federal taxes were paid on due date.

Final Opinion

This is a small sized company, with 10 employees and 25 years of experience.

It is part of the group of companies led by METAZA S.A.

Income is very good for its size. Payments are regular.

Profitability is correct and indebtedness controlled.

A credit line may be considered for USD 130,000

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Person Interviewed
	Alejandra
Position
	Accounting
Comments
	She agreed to verify some general information, such as provide us the number of employees for the company. She refused to verify any specific data on grounds of confidentiality.

Bottom of Form

BALANCE (in thousands)

31-12-96

31-12-97

31-12-98

31-12-99

31-12-00

31-12-01

31-12-02

31-12-03

31-12-04

31-12-05

31-12-06

31-12-07

31-12-08

31-12-09

31-12-10

1105 Caja

130

150

180

200

300

400

1110 Bancos

11.874

26.236

17.614

26.649

55.678

55.265

95.923

59.286

117.495

60.1

580.342

455.755

90.802

193.193

74.695

1120 Cuentas de Ahorro

658

759

921

964

3.534

3.62

1125 Fondos

2.332

251

268

287

305

320

341

370

391

400

11 SUBTOTAL DISPONIBLE

12.582

27.045

18.605

27.683

59.342

61.367

96.354

59.754

117.982

60.605

580.862

456.396

91.572

193.984

75.495

12 INVERSIONES CP

8.612

3.999

5.737

9.792

16.119

12.79

6.67

5.17

7.17

6.47

8.17

170

1305 Clientes

446.219

525.063

552.669

550.503

872.578

1.243.768

1.548.430

1.784.342

2.410.931

2.501.535

4.823.176

4.940.051

3.484.769

2.326.944

3.563.878

1325 Cuentas por Cobrar a Socios y Accionistas

39.226

6.255

11.23

41.368

9.253

20.374

1330 Anticipos y Avances

6.49

6.659

2.378

500

102.868

2.17

1.549

1335 Depositos

34.394

4.183

3.628

33.605

28.838

1.915

51.799

244

6.245

941.746

9.568

10.875

6.85

1345 Ingresos por Cobrar CP

1355 Antic Imptos y Contrib o Saldos a Favor

53.037

8.207

47.538

124.214

223.057

281.191

466.485

363.409

707.67

495.873

847.758

1.166.213

545.413

314.906

424.823

1365 Cuentas x Cobrar a Trabajadores (CP)

7.873

7.839

21.975

5.412

13.377

8.803

6.793

5.794

3.791

5.406

1.844

1.715

151.653

184.66

244.547

1380 Deudores Varios (CP)

4.376

4.409

7.014

4.765

9.956

6.476

6.223

6.606

3.7

294

4.567

31.376

49.618

5.766

2.433

1390 Deudas de Dificil Cobro (CP)

1.664

7.413

25.931

38.536

56.219

9.315

27.325

36.791

1399 Provisiones (CP)

250

2.696

11.439

24.668

43.306

960

32.928

90.439

157.9

237.945

328.181

422.485

235.923

147.127

13 SUBTOTAL DEUDORES CORTO PLAZO

586.593

560.727

637.541

744.221

1.203.042

1.570.319

2.042.776

2.212.347

3.042.556

2.890.622

6.381.646

5.923.610

3.811.138

2.627.602

4.116.953

1435 Mcias no Fabricadas x la Empresa

493.101

727.132

856.3

799.391

759

1.840.173

2.928.663

2.809.338

4.643.018

3.955.246

6.994.111

11.494.136

7.773.060

4.410.565

4.549.107

1465 Inventarios en Transito

2.064

144.755

412

122.564

1.139

14 SUBTOTAL INVENTARIOS

495.165

871.887

856.712

921.955

760.139

1.840.173

2.928.663

2.809.338

4.643.018

3.955.246

6.994.111

11.494.136

7.773.060

4.410.565

4.549.107

1705 Gastos Pagados x Anticipado CP

2.337

4.791

13.093

4.141

623

1.672

5.458

6.845

108.918

81.703

168.779

49.397

17.433

4.366

3.303

1710 Cargos Diferidos CP

5.918

1.727

1.939

1.237

18.65

93.741

74.993

56.245

74.516

17 SUBTOTAL DIFERIDO

8.255

6.518

15.032

5.378

623

1.672

24.108

6.845

108.918

81.703

168.779

143.138

92.426

60.611

77.819

0 TOTAL ACTIVO CORRIENTE

1.111.207

1.470.176

1.531.889

1.704.974

2.032.938

3.489.650

5.091.901

5.101.074

7.919.144

6.993.346

14.132.568

18.023.750

11.776.366

7.292.932

8.819.544

12 INVERSIONES LP

12.472

15 PROPIEDADES PLANTA Y EQUIPO NETO

182.306

230.549

166.122

163.547

172.597

206.002

259.185

234.268

260.188

166.636

168.189

992.795

275.586

376.438

513.619

1625 Derechos

1.516.000

1.558.000

1.411.000

1698 Amortizacion Acumulada

22.239

44.478

66.717

16 SUBTOTAL INTANGIBLES

1.493.761

1.513.522

1.344.283

1910 De Propiedades Planta y Equipo

234.069

233.668

169.061

4.409

344.146

1.021.506

19 SUBTOTAL VALORIZACIONES

234.069

233.668

169.061

4.409

344.146

1.021.506

0 TOTAL ACTIVO NO CORRIENTE

182.306

230.549

166.122

163.547

406.666

439.67

505.325

467.936

429.249

171.045

172.598

997.204

1.773.756

2.234.106

2.879.408

0 TOTAL ACTIVO

1.293.513

1.700.725

1.698.011

1.868.521

2.439.604

3.929.320

5.597.226

5.569.010

8.348.393

7.164.391

14.305.166

19.020.954

13.550.122

9.527.038

11.698.952

82 Deudoras Fiscales

982.959

9 Cuentas de Orden Acreedores por Contra

337.808

223.527

63.167

265.905

585.946

982.959

21 OBLIGACIONES FINANCIERAS (CP)

375.567

612.443

572.845

302.496

282.8

1.359.059

637.701

2.509.206

1.034.908

3.849.135

8.557.875

4.740.820

1.677.355

3.064.096

22 PROVEEDORES

110.106

89.654

91.705

302.926

397.711

1.543.747

1.463.486

1.287.888

1.241.608

1.562.086

2.386.661

1.182.237

1.333.672

1.300.143

1.353.532

2335 Costos y Gastos x Pagar CP

6.443

2.852

4.738

2.028

87.537

39.266

48.464

250.909

608.568

145.748

2.203.051

2.299.596

926.077

719.768

733.202

2345 Acreedores Oficiales (CP)

1.083

2355 Deudas con Accionistas o Socios (CP)

15.094

2365 Retencion en la Fuente

459

1.236

1.049

1.411

12.081

3.522

26.003

31.231

41.983

47.058

167.463

83.136

34.89

30.549

82.316

2367 Impuesto a las Ventas Retenido

835

153

5.011

8.376

175

252

772

306

176

2368 Impuesto de Industria y Comercio Retenido

750

800

1.427

2.194

1.119

235

242

1.168

2370 Retenciones y Aportes de Nomina

2.079

2.687

2.119

4.63

3.917

3.881

5.105

5.477

4.475

8.263

9.155

9.976

11.32

11.738

8.271

2380 Acreedores Varios (CP)

214

30.152

34.998

26.629

20.629

42.012

3.112

6.393

16.393

6.174

23 SUBTOTAL CUENTAS POR PAGAR CORTO PLAZO

9.195

21.869

45.906

38.221

138.533

74.133

101.492

335.39

667.314

289.556

2.388.431

2.410.472

973.294

762.603

831.307

24 IMPUESTOS GRAVAMENES Y TASAS

2.964

38.374

12.132

64.747

154.985

18.718

227.878

288.293

556.419

458.324

946.452

823.773

238.209

134.8

123.047

25 OBLIGACIONES LABORALES CORTO PLAZO

9.78

13.201

7.368

19.163

29.097

11.271

14.732

14.032

18.276

17.511

19.686

21.707

26.872

28.571

31.268

2615 Para Obligaciones Fiscales

44.474

26 SUBTOTAL PASIVOS ESTIMADOS Y PROVISIONES

44.474

2805 Anticipos y Avances Recibidos (CP)

122

2.543

4.851

429

985

56.52

48.319

423

19.628

7.404

11.24

8.838

179.989

2810 Depositos Recibidos (CP)

640

28 SUBTOTAL OTROS PASIVOS CORTO PLAZO

122

2.543

5.491

1.069

733

640

1.625

57.16

48.959

423

19.628

7.404

11.24

8.838

179.989

0 TOTAL PASIVO CORRIENTE

552.208

778.084

735.447

728.622

801.059

1.931.309

3.168.272

2.620.464

5.041.782

3.362.808

9.609.993

13.003.468

7.324.107

3.912.310

5.583.239

21 OBLIGACIONES FINANCIERAS (LP)

59.323

64.349

580.713

401.951

0 TOTAL PASIVO NO CORRIENTE

59.323

64.349

580.713

401.951

0 TOTAL PASIVO

611.531

842.433

735.447

728.622

801.059

1.931.309

3.168.272

2.620.464

5.041.782

3.362.808

9.609.993

13.003.468

7.324.107

4.493.023

5.985.190

3105 Capital Suscrito y Pagado

480

510

581.7

1.881.700

31 SUBTOTAL CAPITAL SOCIAL

480

510

581.7

1.881.700

33 RESERVAS

12.532

71.683

161.731

142.729

357.151

357.152

657.152

793.688

2.293.688

34 REVALORIZACION DEL PATRIMONIO

107.378

216.561

348.845

440.887

537.324

641.632

756.008

889.52

1.046.979

1.194.202

1.367.181

197.012

112.578

56.29

36 RESULTADOS DEL EJERCICIO

81.212

90.048

-58.012

85.294

214.423

255.56

316.566

386.079

511.294

440.7

1.065.474

1.350.457

292.965

-1.075.448

258.678

3705 UTILIDADES ACUMULADAS

1.790.220

3.140.675

3.033.639

258.19

37 RESULTADOS DE EJERCICIOS ANTERIORES

860

-58.013

255.56

572.127

412.126

923.42

882.721

1.790.220

3.140.675

3.033.639

258.19

38 SUPERAVIT POR VALORIZACIONES

234.069

233.668

169.06

4.409

344.146

1.021.506

0 TOTAL PATRIMONIO

681.982

858.292

962.564

1.139.899

1.638.545

1.998.011

2.428.954

2.948.546

3.306.611

3.801.583

4.695.173

6.017.486

6.226.015

5.034.015

5.713.762

0 TOTAL PASIVO Y PATRIMONIO

1.293.513

1.700.725

1.698.011

1.868.521

2.439.604

3.929.320

5.597.226

5.569.010

8.348.393

7.164.391

14.305.166

19.020.954

13.550.122

9.527.038

11.698.952

RESUTALDO (in thousands)

31-12-96

31-12-97

31-12-98

31-12-99

31-12-00

31-12-01

31-12-02

31-12-03

31-12-04

31-12-05

31-12-06

31-12-07

31-12-08

31-12-09

31-12-10

41 Ingresos Operacionales

2.207.615

2.015.324

2.707.649

3.202.552

6.220.284

6.026.419

6.209.680

7.098.770

10.155.991

10.519.145

19.936.609

21.455.356

14.521.309

9.288.719

11.816.347

61 MENOS: Costos De Ventas y De Prestacion De Servicios

1.717.887

1.482.830

2.106.198

2.478.166

4.874.956

4.670.477

4.494.806

5.228.943

7.184.152

8.317.828

12.558.647

15.369.229

11.868.608

8.402.567

9.819.938

UTILIDAD BRUTA

489.728

532.494

601.451

724.386

1.345.328

1.355.942

1.714.874

1.869.827

2.971.839

2.201.317

7.377.962

6.086.127

2.652.701

886.152

1.996.409

51 MENOS: Gastos Operacionales De Administración

196.873

228.222

280.728

296.413

536.789

476.476

535.084

726.641

1.472.834

972.094

1.858.280

1.774.299

1.168.681

1.244.758

1.282.823

52 MENOS: Gastos Operacionales De Ventas

87.561

71.659

85.646

95.761

161.541

285.548

244.761

431.994

493.195

325.139

3.461.707

2.268.424

534.291

410.435

490.574

UTILIDAD OPERACIONAL

205.294

232.613

235.077

332.212

646.998

593.918

935.029

711.192

1.005.810

904.084

2.057.975

2.043.404

949.729

-769.041

223.012

42 MAS: Ingresos No Operacionales

21.694

69.661

42.756

35.212

32.225

57.643

174.74

202.572

193.548

295.711

108.468

865.671

493.926

460.632

421.535

53 MENOS: Gastos No Operacionales

91.334

177.128

354.874

151.726

253.077

151.609

494.014

344.4

349.389

524.265

338.32

1.018.932

1.042.044

658.416

297.999

UTILIDAD ANTES DE IMPUESTOS Y AJUSTE POR INFLACION

135.654

125.146

-77.041

215.698

426.146

499.952

615.755

569.364

849.969

675.53

1.828.123

1.890.143

401.611

-966.825

346.548

47 Ajustes Por Inflacion

-8.962

14.194

34.373

-76.322

-82.074

-90.58

-96.105

45.032

53.765

112.391

16.436

54 MENOS: Impuestos De Renta y Complementarios

45.48

49.292

15.344

54.082

129.649

153.812

203.084

228.317

392.44

347.221

779.085

539.686

108.646

108.623

87.87

59 GANANCIAS Y PERDIDAS

81.212

90.048

-58.012

85.294

214.423

255.56

316.566

386.079

511.294

440.7

1.065.474

1.350.457

292.965

-1.075.448

258.678

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.73.46
Euro	1	Rs.64.58

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.

GEOPOLITICS - COLOMBIA

IDENTIFICATION

BANKS

BUSINESS

Shareholders - Manager - Related Companies

Financials - COMMERCIAL TRENDS AND FORECAST

Rating

SUMMARY

APPENDIX

Unit