MIRA INFORM REPORT

Report Date :

06.06.2012

IDENTIFICATION DETAILS

Name :	DISEÑO TEXTIL S.A.
Registered Office :	Calle C y 17, Antiguo Fotokina, Calle de las Textileras, Zona Libre de Colón
Country :	Panama
Date of Incorporation :	12.04.1995
Legal Form :	Joint-Stock Company
Line of Business :	Import and re-export of textiles
No. of Employees :	37

RATING & COMMENTS

MIRA’s Rating :

B

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Panama	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

DISEÑO TEXTIL S.A.

TRADE NAME

DISEÑO TEXTIL

TAXPAYER REGISTRATION

RUC 4570002301067

MAIN ADDRESS

Calle C y 17, Antiguo Fotokina, Calle de las Textileras, Zona Libre de Colón,

PROVINCE / DEPARTAMENT

Colón / Colón

COUNTRY

PANAMA

TELEPHONE

(507) 4471233 - 2360349 -2361139

E-MAIL

vhidrie@hotmail.com; ditexi8@hotmail.com

COMMENTS

Note that the order was forwarded without address or telephone number.
 
Also, POBox referred in the request was wrong, the correct one is:
P.O.Box 32-0096 Zona Libre.
 
The Subject has no web site.

SUMMARY
Date of foundation	1995
Capital stock	US$10,000,000.= Dollars
permanent employees	37
Chief Executive	HIDRIE, MURAD
Disposition	Poor.- Only general information without figures.
Payments policy	Usually to terms/good
Credit (**)	Risk is Moderate. Within Average. Lightly Fair Situation.

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	12APR1995
PLACE OF REGISTRY	Panama
NOTARY OFFICE	No.11, Lic.Jesús L. Rosas
DURATION	Perpetual
REGISTRATION	Microjacket 301067, Reel 45700, Frame 02 (04/1995)
CURRENT PAID-IN CAPITAL	US$10,000,000.= Dollars
CLASS OF SHARES	10,000 common shares made out to bearer
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	US$1,000.= Dollars
CURRENT EXCHANGE RATE (US$)	B/.1.= per US$1.= Dollar
COMMENTS	Company was established by Public Deed No.3290 of 12/04/1995. The legal representative of the company shall be the President and in his temporary absence the Vice President with all the powers granted.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
HIDRIE, MURAD	President	33%
HIDRIE AZRAK, ESIDORO	Vice President/Treasurer	33%
HIDRIE, VICTOR	Secretary	34%

WHO IS WHO?
HIDRIE, MURAD
NATIONALITY	Israeli citizen
FATHER'S NAME	Victor Hidrie
BACKGROUND INFORMATION	He is Mr. Victor Hidrie' son.
HIDRIE AZRAK, ESIDORO
NATIONALITY	Panamanian
HIDRIE, VICTOR
NATIONALITY	Panamanian

BUSINESS HISTORY

This is a Private Corporation established by Public Deed No.3290 before the Eleventh Notary's Office in the city of Panama. It is registered in the Public Registry of Panama under the indicated.
 
Signed the articles of incorporation of this company:
- Ricardo Olarte.
- Vitro Hidrie.
 
To this date, there is no data in the records of the investigated company indicating a merger or takeover.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
BRIGHTSTAR MANAGEMENT CORPORACION	PANAMA	426292288648	Related
COMPUTER CONNECTION S.A.	PANAMA	6342959354966	Related
DISTRIBUIDORA SHARON S.A.	PANAMA	53396112327663	Related
HIDRIE Y CIA. S.A.	PANAMA	74182092	Related
STUDIO 54 ZONA LIBRE S.A.	PANAMA	16565109157106	Related
TRIUNFO IMPORT AND EXPORT S.A.	PANAMA	1723435162430	Related
XENON COMERCIAL INC.	PANAMA	4624176302972	Related

BUSINESS

Main activity

Import and re-export of textiles.

Import

Yes

Country

Asia and China.

Export

Yes

COUNTRY

Central American countries

SELLING TerritorY

Domestic and international market

EMPLOYEES

37

LOCATION
PREMISES	Rented
AREA	800 m2
OTHER PREMISES	Subject's legal address and administrative offices are located at Calle 2da La Locería, Edificio Jordache, Local No 3, Panama. Tel.507 2361139, Fax. 507 4471130. Rented premises. No other address is listed to this company.

FINANCIAL INFORMATION
Interviewee(s)	Third-party sources
Disposition	Poor.- Only general information without figures.
Information provided	This report in its entirety has been developed with data gathered through research in various reliable external sources and in our own files, because the executives of this company refused to co-operate with our request arguing company policy prohibits it. Despite our efforts we were unable to secure balance sheets or referential financial figures through others for assessment.
SALES	US$ 0.00 ()
FINANCIAL SITUATION	NN: UNDETERMINED Subject's Financial Position is considered UNDETERMINED, since there is no financial figures allowing a financial analysis of the results in its last fiscal year. Absence or little credit experience does not show its credit worthiness either. In general, information about solvency of the shareholders, operations management and financial results is very weak. Reluctance of company officers to give information under confidentiality, prevents us from finding other sources.
Insurance Comments	Information related to insurances was not found.

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: DHL	Tel.: 507 2713400	Country: PANAMA
Goods/Services? : Courier service
Highest credit? : US$ 1,000.=
Client since? : 2004	Terms? : 30 days	Performance? : Prompt

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

Supplier	Country	Comment
CONTABLE S.A.	PANAMA	Did not answer our request.
IMPORTADORA EL TRIUNFO S.A.	PANAMA	No contact could be made with supplier.

CREDIT HISTORY

The subject has not been located more trade credit experience ; however, we must emphasize that no adverse record or payment default has been found against its name either.

BANKING INFORMATION

Bank

PRIMER BANCO DEL ISTMO

HSBC BANK

The subject is a customer of those banks, which when consulted told us that in compliance with current legal regulations, can not provide data on their customer movements out of respect to banking secrecy.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.56
UK Pound	1	Rs.85.52
Euro	1	Rs.69.50

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.