MIRA INFORM REPORT

Report Date :

21.04.2012

IDENTIFICATION DETAILS

Name :	TRUPER HERRAMIENTAS S.A. DE C.V.

Registered Office :	Miguel de Cervantes Saavedra 67 Col. Granada, Delg. Miguel Hidalgo 11520 Distrito Federal

Country :	Mexico

Date of Incorporation :	21.08.1962

Legal Form :	Stock Company of Variable Capital

Line of Business :	Manufacture of hand tools such as screwdrivers, knives, hammers, valves, saws, sprayers, sledgehammers, wheelbarrows, pickaxes, chisels, stamped tools,

No. of Employees :	3,500

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 :	US$4,000,000
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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Mexico

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

IDENTIFICATION

CORRECT COMPANY NAME

TRUPER HERRAMIENTAS S.A. DE C.V.

TRADE NAME

TRUPER HERRAMIENTAS

TAXPAYER REGISTRATION

RFC THE-791105-HP2

MAIN ADDRESS

Miguel de Cervantes Saavedra 67 Col. Granada, Delg. Miguel Hidalgo

POSTAL CODE

11520

PROVINCE / DEPARTAMENT

México DF

STATE / REGION

Distrito Federal

COUNTRY

MEXICO

TELEPHONE

(5255) 53876600

E-MAIL

ajusidman@truper.com

WEB

www.truper.com

COMMENTS

Other email:  mflores@truper.com

Ordered address:  No.31-A, Colonia Modelo, Naucalpan, Estado de México belongs to a branch; We clarify that the headquarter of this company is located in the address shown in the heading of report.

SUMMARY
Date of foundation	1962
Capital stock	Not specified.
permanent employees	3,500
Chief Executive	JUSIDMAN RUBINSTEIN, ARIE
Disposition	Refused to give information (politely).
Payments policy	Usually to terms/good
Credit ()**	Risk is Moderate. Within Average. Satisfactory.

CREDIT OPINION
Requested credit	TOP CREDIT?
*Suggested credit ()**	US$4,000,000.=
(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	21AUG1962
PLACE OF REGISTRY	Mexico F.D.
NOTARY OFFICE	Pedro El Paso Carrera
DURATION	99 years
REGISTRATION	Not. Act 283, Book 3, Page 387, Volume 386
CURRENT PAID-IN CAPITAL	Not specified.
CLASS OF SHARES	Registered shares
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$13.22 per US$1.00
MEMBERSHIP	National Chamber of Electrical Manufactures - CANAME

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
JUSIDMAN GORIN, DANIEL	President
*JUSIDMAN RUBINSTEIN, ARIE*	General Director
PEREDO BARRENECHEA, FERNANDO	Sales Manager
FLORES, MIGUEL	Accounting Manager		11/2002
JUSIDMAN GORIN, OLGA	Shareholder
TRUPER S.A. DE C.V.	Parent Co.	100%

WHO IS WHO?

JUSIDMAN GORIN, DANIEL

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
CONSUL MAQUILLA S.A.			PANAMA

JUSIDMAN RUBINSTEIN, ARIE

NATIONALITY

Mexican

D.O.B.

12/08/1966

CIVIL STATUS

Married

FATHER'S NAME

Daniel Jusidman Gorin

MOTHER'S NAME

Arnette Rubinstein Goldman

BACKGROUND INFORMATION

Parents: Daniel Jusidman and Arnette Rubinstein Goldman.

His children are Boris and Mila Jusidman.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
TRUPER TRADING S.A. DE C.V.	General Director	TTR-980211-G82	MEXICO
TRUPER S.A. DE C.V.	Director	TRU-791122-7L6	MEXICO
ASESORIA FERRETERA S.A. DE C.V.			MEXICO

PEREDO BARRENECHEA, FERNANDO

NATIONALITY

Mexican

BACKGROUND INFORMATION

Education: Pursued studies at the University of North America.

BUSINESS HISTORY

The Subject was formed in 1962 with the original name of HERRAMIENTAS NACIONALES S.A.

On 24/12/1979 changed its name to HERRAMIENTAS TRUPER S.A. DE C.V.

The companies PRODUCTOS ELECTRICOS ELMEX SA and SERVICIOS CORPORATIVOS ERNA S.A. DE C.V. were absorbed by Subject on 16/03/1992:

Subsequently, on 05/07/1999 adopted the current name style: TRUPER HERRAMIENTAS S.A. DE C.V.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
ASESORIA FERRETERA S.A. DE C.V.	MEXICO		Related
TRUPER S.A. DE C.V.	MEXICO	TRU-791122-7L6	Parent Co.
TRUPER SERVICIOS S.A. DE C.V.	MEXICO		Related
TRUPER TRADING S.A. DE C.V.	MEXICO	TTR-980211-G82	Related

BUSINESS

Main activity

Manufacture of hand tools such as screwdrivers, knives, hammers, valves, saws, sprayers, sledgehammers, wheelbarrows, pickaxes, chisels, stamped tools, among other making an approximate total of 5,000 items.

Trademarks:  "TRUPER", "PRETUL", "ULTRA", "PAPAGAYO"

Import

Yes

Country

UK Virgin Islands, India, Taiwan, China

Export

Yes

COUNTRY

America, Europe, Asia and Australia; direct credit at 30 days

% Credit SALES / Terms

100% (30, 60 days)

% Ventas exterior (Paises)

40%

% DOMESTIC PURCHASES

15%

% FOREIGN PURCHASES

85%

SELLING TerritorY

60% (National market)

EMPLOYEES

3,500

LOCATION

PREMISES

Rented

OTHER PREMISES

Headquarters operate at the above address

PLANT:  Parque Industrial Jilotepec 1-A, Jilotepec/Estado de México C.P.54240, Production plant of 8 buildings in 300.000 M2

ACCOUNTING OFFICE and SALES OUTLET:  Av. San Isidro 110, Colonia Industrial San Antonio, Delg. Azcapotzalco, México D.F., Tel:5255 53476001

BRANCHES:

- Calle D No 31-A, Colonia Modelo Echegaray, Neucalpan, Estado de Mexico.

- Calzada Azcapotzalco La Villa No. 668-H, Colonia Industrial Vallejo, Delegación

  Azcapotzalco, México D.F./Estado de México CP 02300

- Libramiento Benito Juárez No. 5599, Pte. Bodega No. 4, Ejido Las Flores,

  Culiacán/Sinaloa CP 80296

- Calle Esmeril No. 1985 Col. Alamo Industrial, Guadalajara/ Jalisco CP 44490.

- Blvd. José López Portillo No. 333 Norte Bodega 108, Col. Valle del Canadá,  Gral.

  Escobedo/Nuevo León CP 66059.

- Blvd. Gasoducto, Bodega No. 15 Anexo, Parque Industrial Puebla 2000,

  Puebla/Puebla CP 72226

- Av. Framboyanes Lote 10 y 11 Esq. Av. de las Torres, Cd. Industrial Bruno

  Pagliai, Tejería/Veracruz CP 91697.

- Blvd. Insurgentes 6101 entre Blvd. Manuel Clouthier y Paseo Guaycurra

  Fraccionamiento Guaycura, Delegación Cerro Colorado, Tijuana Baja.

- Calle Canelas 491, Parque Industrial Lagunero 2da. Etapa, Durango

- Av. Del Bosque 1243, Fraccionamiento Industrial El Bosque II, Jalisco.

Comments

The Company has no payroll.  The related company  - TRUPER SERVICIOS S.A. DE C.V. provides personnel services. There are about 3,500 people in the company, out of which around 2,000 workers operate in the plant.

FINANCIAL INFORMATION

Interviewee(s)

Third-party sources

Position(s)

Sales Manager

Disposition

Refused to give information (politely).

Information provided

This report has been developed entirely through external sources, because Ms. Marlene Rivadeneira (Assistant Accounting Manager) indicated that the only person authorized to provide the information requested was Mr. Miguel Flores, who despite our insistence we could not reach. On the other hand said that for safety reasons due to delicuencial wave sweeping the country, it is not company policy to give information to third-parties.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

UNDETERMINED

The financial position of the company is considered UNDETERMINED because of not having financial figures to enable a financial analysis of the results in its last financial year.

The Subject is the world's leading manufacturer of sledgehammers, pickaxes and axes; The 2nd. global manufacturer of blades and long handle tools and 3rd. global manufacturer of wheelbarrows.

Property of company comments

They include:

- Office furniture and fixtures

- Computers

- Vehicles

- Laboratories

- Machinery and equipment

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
AXA SEGUROS S.A. DE C.V.	All risk

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: ALTOS HORNOS DE MEXICO SA DE CV	Tel.: 5255 52559903	Country: MEXICO
Goods/Services? : Steelsheet
Highest credit? : Ps$ 50,000,000.=
Client since? : 1994	Terms? : 45	Performance? : Prompt
Supplier: ADVENTECH LOGISTICA S.A. DE C.V.	Tel.: 52-55 27897414	Country: MEXICO
Goods/Services? : Equipment for bar code
Highest credit? : US$ 50,000.=
Client since? : 2004	Terms? : 30	Performance? : Prompt

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country	Comment
DHL MEXICANA	MEXICO	They did not give information
TRÉBOL LOGISTICA S.A. DE C.V.	MEXICO
Best Overseas Trading Co., Ltd.	BRITISH VIRGIN ISLANDS
Raymond Limited	INDIA
Leading Interests International Corp	TAIWAN
OCEANROAD GLOBAL SERVICES LIMITED	CHINA

LAWSUITS

As of report date we have not found any litigation, suit, or judgement filed against this company.

BANKING INFORMATION

Bank

NACIONAL DE MÉXICO S.A.

BBVA BANCOMER S.A.

HSBC MÉXICO S.A.

Under the Bank Secrecy Act, the aforesaid entities declined to give information about their client.

CREDIT OPINION
Comnsulted Credit Amount :	TOP CREDIT?
Suggested Credit :	US$4,000,000.=
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.00
UK Pound	1	Rs.83.54
Euro	1	Rs.68.40

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.