MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Correct Name :	CURTIPEL - CURTIEMBRE Y PALETERIA S.A.
Registered Office :	Loayza Edificio Mariscal de Ayacucho Piso 4to., Of. 402, La Paz
Country :	Bolivia
Date of Incorporation :	June 2010
Legal Form :	Joint-Stock Company
Line of Business :	Subject is engaged in the tannery of ovine and camelid skins.
No. of Employees :	41 (6 administratives, 35 workers)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Regular
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 – September 30, 2011

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Bolivia	B1	B1

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

IDENTIFICATION

CORRECT COMPANY NAME

CURTIPEL - CURTIEMBRE Y PALETERIA S.A.

TAXPAYER REGISTRATION

NIT 173960024

MAIN ADDRESS

Loayza Edificio Mariscal de Ayacucho Piso 4to., Of. 402

PROVINCE / DEPARTAMENT

La Paz

STATE / REGION

La Paz

COUNTRY

BOLIVIA

TELEPHONE

(5912) 2201447

E-MAIL

info@curtipel.com

COMMENTS

Subject's registered office is located in the above-mentioned address.
 
Requested with address: Calle Colón 330 Edificio Colon Piso 11, Oficina 1105, Zona Central, La Paz. That address does not belong to it anymore. 
 
Tannery plant: Av. 6 de Marzo Zona Rosa Pampa 48 Senkata, Bolivia (it used to be the plant of EXIM CUERO BOLIVIANA LTDA.)

SUMMARY
Date of foundation	2010
Capital stock	Bs.1,000,000.= Bolivianos.
Annual revenues	US$ 723,589.00 (31MAR2012)
permanent employees	41 (6 administratives, 35 workers)
Chief Executive	NATANZON WILOGA, NORBERTO
Disposition	Moderate.- Only some data and some figures.
Payments policy	Without rating (No payment experience traced)
Credit (**)	Risk is Moderate. Within Average. Satisfactory.

LEGAL BACKGROUNDS

LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	06/2010
PLACE OF REGISTRY	La Paz.
DURATION	Perpetual
CURRENT PAID-IN CAPITAL	Bs.1,000,000.= Bolivianos.
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Bs.6.91 per 1 USD
COMMENTS	Subject ended Fiscal Year on March 31. Subject is related to the firm EXIM CUER BOLIVIANA LTDA. a Bolivian company incorporated in 1992 and it was engaged in the tannery and export of ovine and camelid skins. This company has not been operating since 2001. The plant and facilities are ocuppied by Subject.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
NATANZON WILOGA, NORBERTO	General Manager	60%
NATANZON WILOGA, SYLVIA	Shareholder	30%
WILOGA, CIRLA	Shareholder	10%

WHO IS WHO?

NATANZON WILOGA, NORBERTO

NATIONALITY

Uruguayan

D.O.B.

1970

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
EXIM CUER BOLIVIANA LTDA		4970284	BOLIVIA

NATANZON WILOGA, SYLVIA

NATIONALITY

Uruguayan

WILOGA, CIRLA

NATIONALITY

Polish

BUSINESS

SIC Classification
3 1 - LEATHER AND LEATHER PRODUCTS (Leather tanning and finishing, leather footwear, leather gloves and mittens, luggage, Leather goods.)

Main activity

Subject is engaged in the tannery of ovine and camelid skins.

Import

Yes

Country

Argentina, Uruguay.

Export

Yes

COUNTRY

China, India, Spain

SELLING TerritorY

Domestic market

EMPLOYEES

41 (6 administratives, 35 workers)

LOCATION
PREMISES	Rented
OTHER PREMISES	Main address belongs to its registered and administrative offices. Tannery plant: Av. 6 de Marzo Zona Rosa Pampa 48 Senkata, Bolivia. It is Subject's own property with an area of 5,000 m2. Located in an industrial zone (it used to be the plant of EXIM CUERO BOLIVIANA LTDA.)

FINANCIAL INFORMATION

Interviewee(s)

Sr. Carlos Butron

Position(s)

Administration Department Responsible

Disposition

Moderate.- Only some data and some figures.

Information provided

Mr. Carlos Button who duly authorized provided general information of the company except for the accounting statements under secrecy policies. However, it is referred as of March 31, 2012, the total sales of Fiscal Year amounted to Ps$5,000,000.= Pesos.
 
Information in this report was obtained through third sources and official. 

SALES

US$ 723,589.00 (31MAR2012)

FINANCIAL SITUATION

UNDETERMINED
Financial Situation of the Company is considered as Undetermined due to it does not have financial elements that allow an analysis of its results.
 

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
La Boliviana Cia. Cruz	Several risks

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier	Country	Comment
INTECOM LTDA.	BOLIVIA	It was not available
QUIMICA INDUSTRIAL LTDA.	BOLIVIA	It was not available
CORIMEX LTDA.	BOLIVIA	It was not available
PELITAL S.A.	ARGENTINA
CHEMICAL S.A.	URUGUAY

BANKING INFORMATION

Bank

ECONOMICO

Subject's financial transactions are carried out through the above mentioned banks which did not provide any references under current legislation and bank secrecy principle.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

PDT

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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