MIRA INFORM REPORT

Report Date :

07.03.2011

IDENTIFICATION DETAILS

Name :	IMPERIAL MOTOR S.A.

Registered Office :	San Martín No.2445 (2000), Rosario, Santa Fé Province

Country :	Argentina

Year of Establishment :	1997

Legal Form :	Limited Company

Line of Business :	import and wholesale of parts, automotive parts and accessories

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Argentina

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

Registered Name

IMPERIAL MOTOR S.A.

CUIT No.: 30-69535675-3

Summary

INCORPORATED IN 1997. BEGINNER OF ACTIVITIES. ACCOUNTING INFORMATION IS NOT PROVIDED TO THIRD PARTIES, EVEN LESS IF THEY DO NOT KNOWN THE ORIGEN AND THE REASONS OF THE REQUEST. FULFILLMENT: WITHOUT OBJECTIONS. FIT FOR CREDITS.

Operations

> PARTS, AUTOMOTIVE PARTS AND ACCESSORIES
> IMPORT
> WHOLESALE

Legal Structure

Legal Business: Limited Company
Incorporated: 1997
Registered R.P.C.: 29/10/1997
Duration: 99 year
End of fiscal yr: 30/11

Contact

Miss Andrea Corvino.

Administration and sales: San Martín No.2445 (2000), Rosario, Santa Fé Province, Argentina.

Phonefax: (54-0341) 482-1002/484-8222

E-mail: imperial@rcc.com.ar
E-mail: comext.imperial@rcc.com.ar
Website: www.imperialsa.com.ar

Industrial Plant: Angel Pini No.4750, Caseros, Buenos Aires Province, Argentina.

Branch of sales: Alte.Brown No.802, Bahía Blanca, Buenos Aires Province, Argentina.

Partners

General Assembly Ordinary at 29/03/2010:
----------------------------------------

President:       DANA WALTER LUIS
Vicepresident:     DANA LUIS MARIA
Director:       DANA DANTE LUIS
Director:       DANA ANA PAULA
Director:       DANA IGNACIO LUIS
Alternate Director: RAGAZZINI MARIA CECILIA
Alternate Director:     LAMANNA MARIA CAROLINA
Alternate Director:     ROJAS MARIELA INES
Alternate Director: SAINZ LUCIA
Alternate Director:     DANA LUIS RAMON

Use of signature: Presidente and Vicepresident.

Personal Information

DANA WALTER LUIS: DNI.No. 21.523.947
DANA LUIS MARIA: DNI.No. 22.172.484

History

For the purposes at the end of 1997 has been organized the business owner, to that end, it is located at the addresses listed in due course.

In practice is composed of members of one family, which hails from the plaza and logical consequence is well known in the media.

It is known that an integral part of any economic group or that their managers kept interfering in some other firms based in that or some other places.

Economic-Financial Position

Opportunity has made contact with Ms. Andrea Corvino (Head of Foreign Trade), who was imposed on the need for updated accounting information.

It stressed that without the written order Mr. subscriber our services it would not be possible to satisfy our requirement, thereby negating or exemplary figures provide some balance.

Because it had to resort to indirect negative results and was not found among them who is issued with certainty on this point, there is overlap in that important business and prestige in the market.

Assets

BUILDINGS:
---------
The fixed assets of the company, including the good deals with its administrative headquarters located in San Martín 2445 of Rosario City, good value realization.

Due to the reluctant attitude of those who attend our request, has not been possible to contact the appropriate documentation to verify that property is exempt from taxes.

The real estate it occupies in Caseros and Bahia Blanca, Buenos Aires Province, are taken on lease by sum and under conditions that are not known.

Commercial References Consulted

SHIJIAZHUANG RUIDATONG PIPE FITTING Co.
--------------------------------------
Firm that operates in the current account for about 11 years. Make purchases for about u$s. 200,000 per year payable in installments oscillating in 60/90 days.
Good concept and implementation.

DONIT TESNIT:
------------
Purchases by about u$s. 100,000 a year as at present payable in installments in the 30/60 day swing.

Evolution and Results

According to information available in our power, is able to demonstrate that for the purposes of dealing with the manufacturing of automotive seals as of 01/10/1972 Luis Ramón Dana and Pedro Oscar Ledesma settled in Corrientes 443 of Rosario City, forming the company implemented a simple fact.

Operating in the same plane came on imports until 1989, which produces the removal of the signing of Sr.Ledesma, children entering replacement of that Luis Ramon Dana.

By the end of that year, is organized as a continuation IMPERIAL MOSTOR SC signature. who in 1991 was named as a distributor of Válvulas Edival.

Putting aside any other considerations on the subject, notes that in 1997 was organized as a continuation of firm owner, who, for the normal development of their activities, is set to the addresses set forth.

For a better illustration of Mr. subscriber, notes that at present the titualar facing the manufacture and sale of automotive gaskets and seals, and fluid sealing items and thermal alislaciòn and distribution of parts of the engine.

It has to do with an important infrastructure and an organization in which managers participate together with the necessary staff.

Specific imports from China, Brazil, Slovenia and Finland and other countries, exporting some of their products to Chile, Brazil, Peru, Bolivia and Paraguay.

* 80 EMPLOYEES.

TYPICAL SUPPLIERS:
------------------
RICH KLINGER S.A. (Argentina)
CEM ARGENTINA S.A. (Argentina)
SHIJIAZHUANG RUIDATONG PIPE FITTING CO. (China)
DONIT TESNIT (Eslovenia)

FOREIGN TRADE:
-----------------
In the last twelve months in office, has completed U.$.S. 2.010.027 imports according to the following details:

CHINA .............................. u $ s. 1.114.151
BRAZIL ............................. u $ s. 578.097
SLOVENIA ........................... u $ s. 199.814
OTHER .............................. u $ s. 117.965

Payment Record and Credit Risk

BANCO PATAGONIA SUDAMERIS Branch Rosario
BANCO DE LA NACION ARGENTINA Branch Rosario
BANCO CREDICOOP COOP.LTDO. Branch Rosario

CREDIT RISK:
------------

BCO.PATAGONIA 11/2010 1 $ 1.149.300
BCO.CREDICOOP 11/2010 1 $ 884.400
NACION 11/2010 1 $ 463.800
-----------
TOTAL: $ 2.497.500
===========
Situation 1 = normal.

INSURANCE:
----------
LA SEGUNDA COOPERATIVA DE SEGUROS LTDA.

Concept

A commercial level is related to firms of this and other places, several of which assist it in its current credit needs, without objections until payment methods it supports.

* COMPLIANCE: NO OBJECTIONS.

Final Opinion

Although there are no negative that could affect its commercial concept, due to the lack of updated accounting information we understand that credit relation with this company must be with the request of additional guarantees.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.99
UK Pound	1	Rs.73.24
Euro	1	Rs.62.80

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

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.