MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name			PERONDA CERAMICAS SA

Registered Office :			Avin. Manuel Escobedo, 26 Onda, 12200

Country :			Spain

Financials (as on) :			31.12.2011

Year of Establishment :			1951

Com. Reg. No.:			A12003950

Legal Form :			Public Independent

Line of Business :			Manufacture of ceramic tiles and flags

No. of Employees :			299

RATING & COMMENTS

MIRA’s Rating :

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

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Spain

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

SPAIN - ECONOMIC OVERVIEW

spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain's economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain's large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government's efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

Source : CIA

Company name and address

Top of Form

Bottom of Form

Top of Form

Peronda Ceramicas Sa

Avin. Manuel Escobedo, 26


Onda, 12200
Spain


Tel:	+(34) 964776012

www.peronda.es

Employees:	299
Company Type:	Public Independent

Incorporation Date:	1951
Auditor:	Acr Auditors Group Slp

Financials in:	USD (mil)

Fiscal Year End:	01-Oct-2012
Reporting Currency:	Euro
Annual Sales:	74.4 ¹
Net Income:	3.4
Total Assets:	99.5

Business Description

Manufacture of ceramic tiles and flags

Industry

Industry	Construction - Supplies and Fixtures
ANZSIC 2006:	2029 - Other Ceramic Product Manufacturing
NACE 2002:	2630 - Manufacture of ceramic tiles and flags
NAICS 2002:	327122 - Ceramic Wall and Floor Tile Manufacturing
UK SIC 2003:	2630 - Manufacture of ceramic tiles and flags
UK SIC 2007:	2331 - Manufacture of ceramic tiles and flags
US SIC 1987:	3253 - Ceramic Wall and Floor Tile

Key Executives

Name	Title
Joaquin Peris Fornas	Member Of The Board, President
Vicente PiÃ±on Meneu	Financial Director
Garcia Carlos	Marketing Director
Manuel Gaya Obrero	Secretary, Member Of The Board
Vicente PiÃ±on	Director/General Manager

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7710053
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.77785

Corporate Overview

Location
Avin. Manuel Escobedo, 26
Onda, 12200
Spain

Tel:	+(34) 964776012

www.peronda.es

Sales EUR(mil):	57.4
Assets EUR(mil):	77.4
Employees:	299
Fiscal Year End:	01-Oct-2012


Industry:	Construction - Supplies and Fixtures

Incorporation Date:	1951
Company Type:	Public Independent
Quoted Status:	Not Quoted
Registered No.(ESP):	A12003950


Member Of The Board, President:	Joaquin Peris Fornas

Industry Codes

ANZSIC 2006 Codes:
2029	-	Other Ceramic Product Manufacturing

NACE 2002 Codes:
2630	-	Manufacture of ceramic tiles and flags

NAICS 2002 Codes:
327122	-	Ceramic Wall and Floor Tile Manufacturing

US SIC 1987:
3253	-	Ceramic Wall and Floor Tile

UK SIC 2003:
2630	-	Manufacture of ceramic tiles and flags

UK SIC 2007:
2331	-	Manufacture of ceramic tiles and flags

Business Description

Manufacture of ceramic tiles and flags

Financial Data

Financials in:	EUR(mil)

Revenue:	57.4
Net Income:	2.6
Assets:	77.4
Current Assets:	36.7
Fixed Assets:	40.7
Long Term Debt:	15.8
Total Liabilities:	77.4
Issued Capital:	2.3
Net Worth:	44.0

Date of Financial Data:	01-Oct-2012

1 Year Growth

7.1%

Key Corporate Relationships

Auditor:	Acr Auditors Group Slp
Bank:	Banco Santander Central Hispano, S.A., Banco Bilbao Vizcaya Argentaria, S.A., Commerzbank Aktiengesellschaft, S.E., Caja Ah. Valencia, Castellon Y Alicante, Bancaja

Auditor:	Acr Auditors Group Slp

Executives Report

Board of Directors

Name

Title

Function

Juan Emilio Garcia Peris

Vice Chairman, Vice Secretary, Member Of The Board

Vice-Chairman

Manuel Gaya Obrero

Secretary, Member Of The Board

Director/Board Member

Joaquin Peris Fornas

Member Of The Board, President

Director/Board Member

Executives

Name

Title

Function

Joaquin Peris Fornas

Member Of The Board, President

President

Vicente PiÃ±on

Director/General Manager

Division Head Executive

Manuel Gaya Obrero

Secretary, Member Of The Board

Administration Executive

Vicente PiÃ±on Meneu

Financial Director

Finance Executive

Garcia Carlos

Marketing Director

Marketing Executive

Olmos Angel

Technical Manager

Engineering/Technical Executive

Garcia Peris Ismael

Commercial Manager

Commercial Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047
Consolidated	No	No	No

Charges	77.5	69.7	69.0
Stock Reduction	-	1.6	10.4
Supplies	32.2	29.2	21.3
Goods Consumption	5.3	5.1	2.6
Consumption of Raw Materials	25.9	22.7	17.6
Miscellaneous External Expenditures	1.0	1.4	1.1
Staff Costs	16.7	13.8	13.8
Wages and Salaries	13.1	10.8	10.8
Social Security Costs	3.6	3.0	3.1
Depreciation	5.6	6.1	7.8
Allowance for Trade Operations	0.4	0.0	-
Variation of Other Trade Provisions	0.4	0.0	-
Other Operating Charges	18.6	15.9	12.8
External Services	18.3	15.6	12.5
Taxes	0.3	0.3	0.3
Operating Benefits	7.5	4.6	3.0
Financials and Similar Charges	2.6	2.4	2.5
Due to Other Liabilities	2.5	2.4	2.5
Losses from Financial Investments	0.1	-	-
Exchange Losses	0.2	-	0.3
Profit From Ordinary Activities	4.8	2.6	0.3
Losses From Assets and Securities Portfolio	0.1	-	-
Extraordinary Expenses	-	0.1	-
Extraordinary Profit	0.0	0.1	0.0
Profit Before Taxes	4.9	2.7	0.3
Corporation Tax	1.2	0.6	0.1
Financial Year Result (Profit)	3.7	2.1	0.2
Income	81.2	71.7	69.2
Net Total Sales	79.8	70.9	68.9
Sales	79.9	71.1	70.0
Rendering of Services	1.3	1.0	0.1
Sales Refunds	-1.4	-1.2	-1.2
Increase in Stocks	0.8	-	-
Miscellaneous Operating Income	0.3	0.2	0.2
Auxiliary Income From Current Management	0.1	0.1	0.1
Grants	0.2	0.2	0.1
Income From Other Securities and Receivables	0.0	0.0	0.0
From Non-Group Companies	0.0	0.0	0.0
Income From Miscellaneous Interests	0.1	0.1	0.1
From Group Companies	0.1	0.1	0.0
Miscellaneous Interests	0.0	0.0	0.1
Gains from Exchange Rate	-	0.3	-
Negative Financial Results	2.6	2.0	2.7
Profit on Disposal of Assets	-	0.0	0.0
Capital Grants Transferred to Profit and Loss	0.0	0.2	-
Extraordinary Income	0.1	-	0.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986
Consolidated	No	No	No

Software	-	0.0	0.0
Total Intangible Fixed Assets	-	0.0	0.0
Land and Construction	29.4	31.0	33.9
Technical Installations and Machinery	11.6	13.2	17.6
Other Installations, Tools, and Furniture	0.5	0.6	0.8
Tangible Fixed Assets Under Construction	0.2	0.4	0.7
Other Tangible Assets	0.5	0.6	0.8
Total Tangible Fixed Assets	42.2	45.8	53.7
Investments in Group Companies	4.1	4.3	4.6
Receivables from Group Companies	3.4	2.3	-
Investments in Associated Companies	3.2	3.4	3.6
Long-Term Securities Portfolio	-0.1	0.0	0.0
Long-Term Guarantees and Deposits	0.0	0.6	0.0
Financial Investments	10.7	10.6	8.2
Total Fixed Assets	52.9	56.4	62.0
Goods for Resale	1.6	1.5	1.7
Raw Materials and Other Consumables	0.3	0.3	0.3
Goods in Process	0.0	0.0	0.0
Finished Products	12.9	12.5	15.1
Payments on Account	-	0.1	-
Total Stocks	14.8	14.4	17.1
Trade Debtors	26.0	22.9	23.0
Receivables, Group Companies	0.2	0.1	0.2
Receivables, Associated Companies	0.3	0.2	0.4
Other Debtors	0.0	0.0	0.0
Staff	0.0	-	-
Public Bodies	0.8	0.5	1.1
Total Debtors	27.2	23.7	24.7
Receivables from Group Companies	0.0	0.1	1.3
Short-Term Securities Portfolio	0.1	0.0	0.0
Short-Term Guarantees and Deposits	1.5	0.0	3.9
Total Short-Term Investments	1.6	0.1	5.3
Cash	4.0	5.8	6.9
Prepayments and Accrued Income	-	0.1	-
Total Current Assets	47.6	44.1	54.0
Total Assets	100.5	100.5	116.0
Legal Reserve	0.6	0.6	0.6
Miscellaneous Reserves	50.1	49.9	54.1
Capital Adjustment to Euros	0.0	0.0	0.0
Total Reserves	50.7	50.5	54.8
Profit or Loss for the Financial Year	3.4	2.1	0.2
Total Equity	57.1	55.6	58.3
Capital Grants	0.4	0.4	0.5
Total Deferred Income	0.4	0.4	0.5
Loans and Other Liabilities	18.7	20.8	28.5
Long-Term Liabilities from Capital Leases	-	-	0.6
Total Amounts Owed to Credit Institutions	18.7	20.8	29.1
Other Creditors	-	0.2	-
Long-Term Payables to Public Bodies	1.8	1.0	1.0
Total Other Creditors	1.8	1.1	1.0
Total Long Term Liabilities	20.5	22.0	30.1
Loans and Other Liabilities	14.1	15.9	20.1
Short-Term Liabilities from Capital Leases	-	0.6	0.9
Total Amounts Owed to Credit Institutions	14.1	16.5	21.0
Amounts Owed to Group Companies	0.4	0.3	0.4
Amounts Owed to Associated Companies	1.0	0.9	1.1
Total Short-Term Amounts Owed to Group and Associa	1.4	1.2	1.5
Amounts Owed for Purchases of Goods or Services	4.4	2.9	3.0
Total Trade Creditors	4.4	2.9	3.0
Public Bodies	0.6	0.1	0.4
Miscellaneous Debts	0.7	0.2	0.3
Wages and Salaries Payable	1.3	1.0	1.0
Total Other Creditors	2.6	1.3	1.8
Total Short Term Creditors	22.5	21.9	27.2
Short Term Provisions for Liabilities and Charges	-	0.6	-
Total Liabilities and Equity	100.5	100.5	116.0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

PRL

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.

MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	TEXTIL J. SERRANO LTDA

Registered Office :	Rua Campo Verde,61 9º Andar, Sala 1 - Jardim Europa 01456-010 - SÃO PAULO/SP

Country :	Brazil

Date of Incorporation :	29.12.1977

Legal Form :	Limited Liability Company

Line of Business :	Manufacture of Textiles

No. of Employees :	819

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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

(31.03.2011)

Current Rating

(30.06.2012)

Brazil

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

BRAZIL - ECONOMIC OVERVIEW

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% for 2011 as a whole, though forecasts for 2012 growth are somewhat higher. Despite slower growth in 2011, Brazil overtook the United Kingdom as the world's seventh largest economy in terms of GDP. Urban unemployment is at the historic low of 4.7% (December 2011), and Brazil's traditionally high level of income equality has declined for each of the last 12 years. Brazil's high interest rates make it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchanges markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint.

Source : CIA

Company name

TEXTIL J. SERRANO LTDA

ADDRESSES

MAIN ADDRESS:	RUA CAMPO VERDE,61 9º ANDAR, SALA 1 - JARDIM EUROPA
ZIP CODE/CITY:	01456-010 - SÃO PAULO/SP

PHONE:	11 4158-8100
E-MAIL:	recepcao@textiljserrano.com.br
WEB SITE:	www.textiljserrano.com.br

BRANCHES:

ADDRESS:	RODOVIA RAPOSO TAVARES, S/Nº, KM 43/44,0 - PORTÃO VERMELHO
ZIP CODE/CITY:	06730-000 VARGEM GRANDE PAULISTA/SP
PHONE:	11 4158-8100
FAX:	11 4158-8114
CNPJ:	49.870.173/0002-30
STATE REGISTER:	720.000.768.112

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF TEXTILES

LEGAL FORM:	LIMITED LIABILITY COMPANY

INCORPORATION DATE:	29/12/1977
REGISTER DATE:	29/12/1977
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	49.870.173/0001-50
STATE REGISTER:	102.839.081.110

SHARE CAPITAL:	R$ 125.718.216,00

BOARD OF DIRECTORS:

JOSÉ SERRANO NETO	DIRECTOR
FERNANDO VIEITAS SERRANO	DIRECTOR
CARLOS VIEITAS SERRANO	DIRECTOR

AUTHORIZED USE OF SIGNATURE

THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:

HELVECIA HOLDING PARTICIPAÇÕES LTDA	R$ 125.708.913,00
FERNANDO VIEITAS SERRANO	R$ 3.068,00
JOSÉ SERRANO NETO	R$ 3.055,00
CARLOS VIEITAS SERRANO	R$ 3.055,00
GERALDO DE ANGELO	R$ 125,00

AFFILIATES / SUBSIDIARIES:
A SCAN THROUGH OUTSIDE SOURCES SHOWED THE SUBJECT AND/OR PARTNERS HAS/HAVE THE FOLLOWING UNCONFIRMED HOLDINGS:
ZEGRIS HOLDING E PARTICIPACOES LTDA.
COMERCIAL PAULISTA DE TAPECARIAS LTDA.
SERRANO EMPREENDIMENTOS E PARTICIPACOES LTDA - ME
HELVECIA HOLDING E PARTICIPACOES LTDA.
GRAN FLORIDIAN EMPREENDIMENTOS E PARTICIPACOES LTDA.
ASSOCIACAO GRAN FLORIDIAN
CSO PROCESSAMENTO DE DADOS LTDA - ME

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON DECEMBER 29, 1977 TO BE ENGAGED IN THE SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

TRADE NAME: TÊXTIL J. SERRANO.

PARTNERS:

HELVECIA HOLDING PARTICIPAÇÕES LTDA, WITH OFFICE ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA - SÃO PAULO/SP. HEREIN REPRESENTED BY ITS LEGAL REPRESENTATIVE MR. CARLOS VIEITAS SERRANO, AS BELOW MENTIONED;

FERNANDO VIEITAS SERRANO, BRAZILIAN, HOLDER OF DOCUMENTS, CPF 269.631.208-70, RESIDENTIAL ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA - SÃO PAULO/SP;

JOSÉ SERRANO NETO BRAZILIAN, HOLDER OF DOCUMENTS, CPF 179.530.448-03, RESIDENTIAL ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA - SÃO PAULO/SP;

CARLOS VIEITAS SERRANO, BRAZILIAN, HOLDER OF DOCUMENTS, CPF 258.054.028-82, RESIDENTIAL ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA - SÃO PAULO/SP;

GERALDO DE ANGELO BRAZILIAN, HOLDER OF DOCUMENTS, CPF 071.747.808-49, RESIDENTIAL ADDRESS AT RUA CAMPO VERDE 61,9º ANDAR, JARDIM EUROPA - SÃO PAULO/SP.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

REMARKS:

--------

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MRS. VIVIANE RECEPTION, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED.

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES USUALLY INVESTIGATED.

PUBLIC INFORMATION:

LAWSUITS:
	DATE:	COURT OF LAW:

FEDERAL LAWSUIT

08/06/11

VARA DE VARGEM GRANDE PAULISTA/SP

FINANCIAL INFORMATION

DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY DECLINED TO PROVIDE ANY KIND OF FINANCIAL INFORMATION.

OUTSIDE SOURCES CONTACTED SHOWED NO FINANCIAL DATA ABOUT THIS COMPANY.

EXCHANGE RATE:

US$ 1,00 = R$ 2,06

- OFFICIAL RATE ON 20/12/2012

COMMENTS ON THE FINANCIAL INFORMATION:

IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT THE SUBJECT'S CURRENT FINANCIAL STANDING.

REAL ESTATE:

NOT AVAILABLE

VEHICLES:

NOT AVAILABLE

MACHINES:

NOT AVAILABLE

INSURANCE

NOT AVAILABLE

BANKING REFERENCES


NOT AVAILABLE

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

ACTIVITIES COMMENTS

MANUFACTURE OF CARPETS, CURTAINS AND BED LINEN.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE

EXPORTS TO:

NOT AVAILABLE

MAIN CLIENTS:

DOMESTIC CLIENTS:
NOT AVAILABLE

STAFF:

THE COMPANY HAS: 819 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY. IT IS FAMILY OWNED AND IS MANAGED BY THE FOUNDERS FAMILY, WHO ARE PEOPLE WITH A CLEAR TRADE AND PERSONAL HISTORY.

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

THE LAWSUIT REPORTED IS NOT RELATED WITH TRADE DEBT. IT IS RELATED TO TAX DEBT THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUIT DOES NOT AFFECT THE COMPANY'S TRADE REPUTATION.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:
NOT AVAILABLE

PAYMENT HISTORY:

06 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 464.400,00

AMOUNT OF INVOICES PAID: 36

TOTAL OF PROMPT PAYMENTS: 100%

HIGHEST INVOICE: R$ 86,00

HIGHEST CREDIT: R$ 86,00

FINAL OPINION

BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR NORMAL BUSINESS COMMITMENTS. CREDIT FACILITIES HOWEVER SHOULD BE GRANTED ON FULLY SECURED TERMS ONLY DUE TO THE ABSENCE OF FINANCIAL DATA.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

PRL

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	--

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)