MIRA INFORM REPORT

Report Date :

07.03.2012

IDENTIFICATION DETAILS

Correct Name :	DISTRIBUIDORA DEPORTIVA PUMA S.A.C.

Registered Office :	La Encalada 1420, Dpto.501, Urb. El Polo Hunt, Surco,, Lima,33

Country :	Peru

Date of Incorporation :	01.04.2005

Com. Reg. No.:	Entry 11765465 - R.P.C

Legal Form :	Closely-held Corporation

Line of Business :	Importation, commercialization and distribution of footwear for ladies, gentlemen and children; accessories and sport clothes

No. of Employees :	13

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 :	Slow but Correct
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^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Peru

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

IDENTIFICATION

CORRECT COMPANY NAME

DISTRIBUIDORA DEPORTIVA PUMA S.A.C.

TAXPAYER REGISTRATION

RUC 205105560394

MAIN ADDRESS

La Encalada 1420, Dpto.501, Urb. El Polo Hunt, Surco,

POSTAL CODE

Lima,33

PROVINCE / DEPARTAMENT

Lima

STATE / REGION

Lima

COUNTRY

PERU

TELEPHONE

(511) 6260507- 6260509

E-MAIL

clara.arevalo@puma.com

WEB

www.puma.com

COMMENTS

This report was erroneously ordered as DISTRIBUIDORA DEPORTIVA PUMAS SAC; notice the correct name is: DISTRIBUIDORA DEPORTIVA PUMA S.A.C.

Likewise, the correct address which is the head offices is as above written.

SUMMARY
Date of foundation	2005
Capital stock	S/.128,000.= Nuevos Soles
Annual revenues	US$ 7,288,027.68 (31DEC2009)
permanent employees	13
Chief Executive	SUNI MELGAR, WALTER ALEJANDRO
Disposition	Excellent.- Full information and updated figures.
Payments policy	Delays but within sector norms
Credit ()**	Risk is High. Secured credits and follow-up are recommended. Extended.

LEGAL BACKGROUNDS
LEGAL STATUS	Closely-held Corporation
DATE OF INCORPORATION	01APR2005
STARTING DATE	07/04/2005
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Ricardo Ortiz de Zevallos VIll
DURATION	Perpetual
REGISTRATION	Entry 11765465 - R.P.C.
INITIAL CAPITAL	S/.128,000.= Nuevos Soles
CURRENT PAID-IN CAPITAL	S/.128,000.= Nuevos Soles
LAST CAPITAL INCREASE	No increase reported
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	S/.1.= Nuevo Sol
CURRENT EXCHANGE RATE (US$)	S/.2.68 per USD.1.00

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*SUNI MELGAR, WALTER ALEJANDRO*	General Manager		05/12/05
FIGUEROA PAROT, VICTOR MANUEL	Representative		28/10/08

WHO IS WHO?

SUNI MELGAR, WALTER ALEJANDRO
NATIONALITY	Peruvian
ID	DNI 08190812

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
NOVUS PERU S.R.L.	Manager	20512117741	PERU
CSC COMPUTER SCIENCES PERU S.C.R.L.	Manager	20502197712	PERU


FIGUEROA PAROT, VICTOR MANUEL
ID	C.EXT. 000514635

BUSINESS HISTORY

The Company was founded by Puma Chile S.A.,duly represented by Pilar de las Nieves Rodriguez Aros, as shown in Power of Attorney registered in Entry 11751960 of the Registry of Power of Attorneys for companies organized abroad.

Subscribed shares: 127,872

Mario José Olivos Bambach, Chileano, Lawyer, married to Marisol Vial Larrain, he subscribes 128 shares.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
PUMA CHILE S.A.	CHILE	88.887.900-5	Related

BUSINESS

Main activity

Importation, commercialization and distribution of footwear for ladies, gentlemen and children; accessories and sport clothes.

Import

Yes

Country

Bangladesh, Bulgaria, Chile, China, El Salvador, Georgia, Germany, India, Indonesia,Malaysia,Pakistan,Philippines, Romania,Taiwan,Turkey,Ukraine, Vietnam

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	568,244.00
2011	9,107,679.00
2010	3,182,064.00
2009	2,772,883.00
2008	3,265,962.00

Export

Yes

COUNTRY

Chile

Annual exports in US$ (FOB)

YEAR	AMOUNT
2010	45,250.00
2009	9,093.00

% Credit SALES / Terms

100% at 30 days

% DOMESTIC PURCHASES

% FOREIGN PURCHASES

99%

SELLING TerritorY

Domestic market - 100%

EMPLOYEES

LOCATION

OTHER PREMISES

Headquarters and offices are located at the above address.   Premises are located at urban residential area.

Administrative Office: Av. Camino Real 456 - 1201, C.C. Camino Real, San Isidro, Lima (Lima 27).

Warehouse: Carretera Panamericana Sur, Mza. B Lote. 5 (Ciudadela Ceticos) Tacna - Tacna.

The Company has established its domicile in Lima, being able to open branches in every part of the country or abroad.

Comments

BUSINESS PURPOSE:

a) Importation, exportation, commercialization and distribution and sale of all kinds of goods, particularly sports of all kinds, footwear, items of clothing, camping equipment, tennis, sports and any other implements or accessories required to practice sports.

b) Importation of raw materials, components and byproducts

c) Importation of all kinds of machinery, tools, parts and spares

d) Manufacture, processing, completion and industrialization either on their own or on behalf of third-party of any kind of sports items

e) Representation of Peruvian or foreign companies that operate in a similar line of business

FINANCIAL INFORMATION

Interviewee(s)

Clara Arévalo

Position(s)

Accountant

Disposition

Excellent.- Full information and updated figures.

Information provided

Ms. Arevalo said she had to evaluate first our request and agreed to respond within few days, so in case of favorable answer, additional information will be sent, if not consider this report definitive.

In the meantime, we have prepared this report based on the information collected from outside sources and public sources where no balance sheets or estimated accounting were available.

SALES

US$ 7,288,027.68 (31DEC2009)

FINANCIAL SITUATION

UNDETERMINED

Financial situation is considered to be indeterminate since no accounting elements were available to assess this Company current results. We only knew that during 2009 sales totaled US$7,2 Million Dollars.

Although references given by the supplier reveal unlimited credits and prompt payments, specialized sources reported two NSF checks in 2010, which still are outstanding.

On the other hand, the Superintendency of Bank and Insurance did not report bank financing over the past months. The latest ones was March 2011, rated 100% Normal.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
EL PACIFICO CIA.DE SEGUROS Y REASEGUROS	All risk	Annually	No specified

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: CONFECCIONES DEL VALLE S.A. DE C.V.	Tel.: 503 23192200	Country: PERU
Goods/Services? : Manufacture of sport clothes
Highest credit? : Unlimited	Outstanding debt? : 0.=
Client since? : 5 years	Terms? : 30 days	Performance? : Prompt

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

Supplier	Country	Comment
ALFONSO SEBASTIANI AG. DE ADUANA	PERU	They have not responded

RISK INFORMATION CENTER

DELINQUENCY (INVOICES, RECEIPTS, CHECKS)

Creditor

Date of default

Amount S/.

Amount US$

Payment Date

DELINQUENCY (PROTESTED DRAFTS, PROMISSORY NOTES)

Drawer	Document	Amount S/.	Amount US$	Protested date	Payment date
INTER COMPANY SPORT	Check	0.00	37,000.00	21/09/2010
INTER COMPANY SPORT	Check	0.00	63,846.00	06/05/2010

CREDIT HISTORY

Found out two NSF checks in 2010 for the sum of US$100,846.= Dollars; subsequently, no similar cases have been reported.

Apart from that,  no NSF checks, cancelled accounts or lawsuits have been reported. Found neither compulsory collection debts, nor payment failures against the State.

BANKING INFORMATION

Bank

CREDITO

The Company deals with the above bank which refused to give any information about its client's account.

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/03/2011

Bank	Debt Rating	Current Debt
		S/.	US$
CREDITO	NORMAL	151.00	26.00
Total		151.00	26.00

CONSOLIDATED DEBT (ALL BANKS) ENTITIES NUMBER : 2 31/03/2011

		Domestic Currency	Foreign Currency
OVERDRAFTS IN CUR. ACCT.	:	151.00	26.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	151.00	26.00
		=========================	=========================


Comments : After that, the Superintendency of Bank and Insurance has not reported bank financing.

RATING DESCRIPTION ACCORDING TO THE SBS (Caption)
Normal	Good Finantial Situation, Prompt payments, Consistent information. Increasing Trend, Creditworthy.
Potential Problem	Satisfactory Finantial Situation but cash flow can be weak. Irregular payments. Irregular Trend.
Deficient	Fair Finantial Situation, cash problems, profits shortage, delayed and overdue payments.
Doubtful	Heavy Finantial Situation, liquidity shotage, notorious delayed payments, Judicial Collection, Bad Management.
Loss	Bad Finantial Situation, Insufficient funds, declared bankruptcy, debt default.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.03
UK Pound	1	Rs.79.32
Euro	1	Rs.66.02

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.