MIRA INFORM REPORT

Report Date :

29.06.2011

IDENTIFICATION DETAILS

Name :	ITALIAN FABRICS, INC.

Registered Office :	1901 Ave Of The Stars Ste 500, Los Angeles Ca 90067

Country :	United States

Date of Incorporation :	14.01.1998

Com. Reg. No.:	C2024893

Legal Form :	Corporation for Profit

Line of Business :	Sewing, Needlework, and Piece Goods Stores

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 :	10 000 USD
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)

United States

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

Bottom of Form

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Italian Fabric Inc
Address in the order:	630-S Los Angeles Street D-4 Los Angeles CA 90014
Comments on data supplied:	The provided address is the address of the store. The company is headquartered at the operative address below.
Legal Name:	ITALIAN FABRICS, INC.

Legal Address	1901 AVE OF THE STARS STE 500 LOS ANGELES CA 90067
Operative Address	561 MATEO ST LOS ANGELES CA 90013
Telephone:	(213) 892-1526	Registration Number :	C2024893
Fax:	N.A.	Legal Form:	Corporation for Profit
Email:	ital@sdcglobal.net	Registered in:	California
Website:	N.A.	Date Created:	1998
Manager:	Saeed Tarashandegan	Date Incorporated:	January 14, 1998
Staff:	5	Stock:	N.A.
		Value:	N.A.
Activity:	Sewing, Needlework, and Piece Goods Stores

BANKS

Name of the Bank

Wells Fargo Bank

BUSINESS

PRINCIPAL ACTIVITY
	The company imports different kinds of textiles.
Products/Services description:
	Lace in the piece, strips/motifs, mechanically made, other textile material, Woven cotton fabrics, nesoi, Woven fabrics of synthetic filament yarn, including monofilament, 67 decitex
Sales are:
	Wholesale
Clients:
	Textile retailers, clothing companies
Suppliers:
	SHAOXING COUNTY HONGJI TEXTILE CO L NO 55 DAHE VILLAGE SHAOXING CITY
Operations area:
	National, Local
The company imports from India, China, South Korea
The company does not export
Trade References:
	The person contacted refused to provide the names of their suppliers for us to check the trade references.
Competitors:
	Michaels Stores, Inc Jo-Ann Stores, Inc Hob-Lob, Ltd
The subject employs 5 employee(s)
PAYMENTS
	regular
LOCATION
Headquarters
	The company is headquartered and single located at the above operative address. The legal address is the one registered at the Secretary of State of California and is that of the registered agent.
Branches:
	The company has a store located at: 630-S Los Angeles Street D-4 Los Angeles CA 90014

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Management:
	Saeed Tarashandegan President

Financials - COMMERCIAL TRENDS AND FORECAST

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

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
USD	2010
Turnover	Less than 1 million
The cash flow is	normal

Legal Fillings

There are 3 UCC** files listed with the Secretary of State of California.

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 correct credit rate.

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

Final Opinion

The company has 13 years in the business.

It is a small sized American company, evolving in a stable sector.

Profitability is correct, indebtedness is controlled, cash is normal and payments are regular.

We did not find a specific adverse record against the subject.

A credit line may be considered for 10 000 USD.

SUMMARY

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

APPENDIX

Comments
	The receptionist confirmed us some information; for financial and commercial data, an email has been sent to ital@sdcglobal.net but an answer has not been received yet.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.05
UK Pound	1	Rs.71.92
Euro	1	Rs.64.37

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.