MIRA INFORM REPORT

Report Date :

12.12.2012

IDENTIFICATION DETAILS

Name :	COMERCIAL VENEINDIA C.A.

Registered Office :	Principal de El Cementerio, Mercado Municipal La Hormiga, Zona B, Puesto 027, El Cementerio, Caracas, Distrito Capital

Country :	Venezuela

Date of Incorporation :	20.03.2002

Legal Form :	Joint-Stock Company

Line of Business :	Buying and selling, commercialization, distribution, wholesale and retail of every kind of items of clothing such as dress, casual, sport clothes, lingerie, uniforms, underwear, backpacks, leather accessories, bags, bijouterie, jewelry, watches, among other.

No. of Employees :	3 Employees

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Venezuela

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

VENEZUELA - ECONOMIC OVERVIEW

Venezuela remains highly dependent on oil revenues, which account for roughly 95% of export earnings, about 40% of federal budget revenues, and around 12% of GDP. Fueled by high oil prices, record government spending helped to boost GDP growth by 4.2% in 2011, after a sharp drop in oil prices caused an economic contraction in 2009-10. Government spending, minimum wage hikes, and improved access to domestic credit created an increase in consumption which combined with supply problems to cause higher inflation - roughly 28% in 2011. President Hugo CHAVEZ's efforts to increase the government's control of the economy by nationalizing firms in the agribusiness, financial, construction, oil, and steel sectors have hurt the private investment environment, reduced productive capacity, and slowed non-petroleum exports. In the first half of 2010 Venezuela faced the prospect of lengthy nationwide blackouts when its main hydroelectric power plant - which provides more than 35% of the country's electricity - nearly shut down. In May 2010, CHAVEZ closed the unofficial foreign exchange market - the "parallel market" - in an effort to stem inflation and slow the currency's depreciation. In June 2010, the government created the "Transaction System for Foreign Currency Denominated Securities" to replace the "parallel" market. In December 2010, CHAVEZ eliminated the dual exchange rate system and unified the exchange rate at 4.3 bolivars per dollar. In January 2011, CHAVEZ announced the second devaluation of the bolivar within twelve months. In December 2010, the National Assembly passed a package of five organic laws designed to complete the transformation of the Venezuelan economy in line with CHAVEZ's vision of 21st century socialism. In 2011, Venezuela continued to wrestle with a housing crisis, higher inflation, an electricity crisis, and rolling food and goods shortages - all of which were fallout from the government's unorthodox economic policies. The budget deficit reached around 5.2% of GDP in 2011, and public debt as a percent of GDP climbed steeply, despite record oil prices.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME

COMERCIAL VENEINDIA C.A.

TAXPAYER REGISTRATION

RIF J313244406

MAIN ADDRESS

Principal de El Cementerio, Mercado Municipal La Hormiga, Zona B, Puesto 027, El Cementerio

PROVINCE / DEPARTAMENT

Caracas

STATE / REGION

Distrito Capital

COUNTRY

VENEZUELA

TELEPHONE

(58212) 6328462 - 6313555

E-MAIL

comercialveneindia@hotmail.com

COMMENTS

The telephone number in your order is a cell phone that is out of service.

SUMMARY

Date of foundation	2002
Capital stock	Bs.F.200,000.= Bolívares Fuertes
permanent employees	3
Chief Executive	ZAMBRANO PONCE, TOMAS ANTONIO
Disposition	Report totally prepared by outside sources.
Payments policy	Without rating (No payment experience traced)
Credit ()**	Risk is Moderate. Within Average. Lightly Fair Situation.

LEGAL BACKGROUNDS

LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	20MAR2002
PLACE OF REGISTRY	Caracas, Reg. of Companies VII
DURATION	50 years
REGISTRATION	Nº 61, Volume 258-A, File 16.370
INITIAL CAPITAL	Bs.10,000,000 Bolívares
CURRENT PAID-IN CAPITAL	Bs.F.200,000.= Bolívares Fuertes
LAST CAPITAL INCREASE	07/07/2008 (Nº 26, Volume 893-A)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	BsF. 1.00 Bolívar Fuerte
CURRENT EXCHANGE RATE (US$)	BsF.4.30 per USD.1.00
COMMENTS	Latest capital increase through contribution of merchandise. In 2008, currency conversion came into effect in Venezuela, under which, three zeros are deleted from the old Bolívar (Bs.).

DIRECTORS - EXECUTIVES - SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
ZAMBRANO PONCE, TOMAS ANTONIO	President	90%
ZAMBRANO GARCIA, HOLGER ARNALDO	Vice President	10%

WHO IS WHO?


ZAMBRANO PONCE, TOMAS ANTONIO
NATIONALITY	Venezuelan
D.O.B.	1952
ID	CI 27314881
BACKGROUND INFORMATION	Born in Ecuador, naturalized Venezuelan.


ZAMBRANO GARCIA, HOLGER ARNALDO
NATIONALITY	Venezuelan
D.O.B.	1975
ID	CI 22756202
BACKGROUND INFORMATION	Born in Ecuador, naturalized Venezuelan.

BUSINESS HISTORY

Charter Members: The current shareholders.

No changes have been made as for its shareholders structure.

BUSINESS


Main activity	Business Purpose: Buying and selling, commercialization, distribution, wholesale and retail of every kind of items of clothing such as dress, casual, sport clothes, lingerie, uniforms, underwear, backpacks, leather accessories, bags, bijouterie, jewelry, watches, among other. According to what we observed, the 90% of the items of clothes are from Hindu origin or similar, specially for ladies. Direct sales.
SELLING TerritorY	Local market
EMPLOYEES	3

LOCATION

AREA

20 m2

OTHER PREMISES

Commercial stand.

This is a semi-informal stand inside a populous market where there are lots of narrow corridors, plenty of similar stands, they are small and other cover 25 m2. Facilities are located at populous commercial area, called Sector El Cementerio.

There are several markets along the main avenue; semi-boulevard,  There is also a road for vehicles. Populous area, Level E. The market is situated at the end of the main avenue, 50 meters of the entrance to the Cementerio General del Sur (cemetery).

FINANCIAL INFORMATION


Interviewee(s)	Tomas Zambrano
Position(s)	President
Disposition	Report totally prepared by outside sources.
Information provided	We could talk to Tomas Zambrano, President, who did not understand very well what the purpose of our investigation was. He said he brings clothes from India but nobody told him about our investigation. Consequently, we have prepared this report based on data collected from third-party sources where no balance sheets or estimated accounting figures were available. The Company is not listed in CADIVI.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	UNDETERMINED Financial situation is indeterminate. Neither balance sheets nor trade references were found to assess this business results at present.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

CREDIT HISTORY

As the interviewee did not provide information, we could not get the names of the suppliers and banks it usually deals with. We consulted possible suppliers and banks but results were not favorable, condition which prevents from determining its payment record.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.31
UK Pound	1	Rs.87.36
Euro	1	Rs.70.36

INFORMATION DETAILS

Report Prepared by :

NLM

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.