MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	SERVICE TRADING S.A. DE C.V.
Registered Office :	Mario Pani No.200, Col. Santa Fé, 05109 Cuajimalpa de Morelos
Country :	Mexico
Date of Incorporation :	09.10.1992
Legal Form :	Stock Company of Variable Capital
Line of Business :	Engaged in import and trading of goods.
No. of Employees :	Not Available

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 :	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 – September 30, 2011

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Mexico	A2	A2

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

IDENTIFICATION

CORRECT COMPANY NAME

SERVICE TRADING S.A. DE C.V.

TRADE NAME

SERVICE TRADING

TAXPAYER REGISTRATION

RFC STR-921014-AR0

MAIN ADDRESS

Mario Pani No.200, Col. Santa Fé

POSTAL CODE

05109

PROVINCE / DEPARTAMENT

Cuajimalpa de Morelos

STATE / REGION

México D.F.

COUNTRY

MEXICO

TELEPHONE

(5255) 52683000

E-MAIL

vmsanchezv@liverpool.com.mx

WEB

www.liverpool.com.mx

COMMENTS

This report was ordered with the address on N1 # 200, Col. Santa Fe, Delegación Cuajimalpa de Morelos, México D.F. It should be noticed that subject's correct address is given in the identification section.
 
Additional E-mail: eynestrillas@liverpool.com.mx

SUMMARY
Date of foundation	1992
Capital stock	Ps$350,000,000.= Pesos
permanent employees	It does not have own staff.
Chief Executive	GUIJOSA HIDALGO, ENRIQUE
Disposition	Refused to give information (politely).
Payments policy	Usually to terms/good
Credit (**)	Risk is Moderate. Within Average. Lightly Fair Situation.

LEGAL BACKGROUNDS
LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	09OCT1992
PLACE OF REGISTRY	Mexico DF
NOTARY OFFICE	No.55; Juan Manuel G. de Queve
DURATION	99 years
REGISTRATION	Not.Act No.54175; Page No.170678 (19/02/1993)
INITIAL CAPITAL	Ps$350,000,000.= Pesos
CURRENT PAID-IN CAPITAL	Ps$350,000,000.= Pesos
LAST CAPITAL INCREASE	No increases reported.
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	Ps$1,000.= Pesos
CURRENT EXCHANGE RATE (US$)	Ps$13.14 per USD 1.00

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
GUIJOSA HIDALGO, ENRIQUE	Adm. & Finance Director
SALGADO MARTINEZ, JORGE ANTONIO	Legal Representative
YNESTRILLAS ZARATE, JOSE ERNESTO	Legal Representative
DE ABIEGA PONS, SANTIAGO	Legal Representative
SANCHEZ VELASQUEZ, VICTOR MAURICIO	Treasury Chief
OPERADORA LIVERPOOL S.A. DE C.V.	Parent Co.	99.99%
INMOBILIARIA FLOREAL S.A. DE C.V.	Shareholder / Member	0.1%

WHO IS WHO?

SANCHEZ VELASQUEZ, VICTOR MAURICIO

OPERADORA LIVERPOOL S.A. DE C.V.

BUSINESS BACKGROUND

Mexican company which controls (100%) the firm EL PUERTO DE LIVERPOOL S.A.B. DE C.V. It is a holding of the companies operating department stores of the Group.

INMOBILIARIA FLOREAL S.A. DE C.V.

BUSINESS BACKGROUND

Mexican company.

BUSINESS HISTORY

Service Trading S.A. de C.V. is a 100% Mexican company that was incorporated on 09/10/1992 in Mexico City, and since its incorporation, its legal status has not been changed.
 
Subject is a subsidiary company of Operadora Liverpool S.A.B. de C.V., "Opelisa" (Mexico), which in turn is a subsidiary company of El Puerto de Liverpool S.A.B. de C.V. "Pulisa" (Mexico), corporate purpose of which is to hold shares and to rent personal properties and real properties. It quotes its shares in the Bolsa de Valores S.A. de C.V. (stock exchange) from 21/01/1992 under the trade symbol: Liverpool.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	RELATION %
BODEGAS LIVERPOOL S.A. DE C.V.	MEXICO		Group Company
INMOBILIARIA FLOREAL S.A. DE C.V.	MEXICO		Shareholder / Member
OPERADORA LIVERPOOL S.A. DE C.V.	MEXICO		Parent Co.

BUSINESS

Main activity

Subject is engaged in import and trading of goods.
 
Brands: Third-party brands

Import

Yes

Country

Countries in Europe, Asia, Latin America, and United States; by direct credit

Export

No

% Credit SALES / Terms

100% (60-day terms)

% FOREIGN PURCHASES

100%

SELLING TerritorY

100% (Domestic market)

EMPLOYEES

It does not have own staff.

LOCATION

OTHER PREMISES

Subject's administrative offices and tax residency are located on the above-mentioned address These facilities are comprised of three buildings of 3 floors each and located next to the Mexico-Toluca Highway and with Av. Vasco de Quiroga, in a corporate area in Mexico City. Subject was formerly located on Mariano Escobedo No. 425, Piso Galería, Col. Chapultepec Morales, C.P. 11570, Mexico DF. Subject does not have any other premises.

Comments

Subject's only customer is its subsidiary company Distribuidora Liverpool S.A. de C.V. "Dilisa".
 
According to the Customs, on 03/04/2007, subject was registered in the General List of Importers (Version 1735) under Page No. 289840.
 
According to the Customs, on 27/07/2007, subject was registered in the List of Importers for the Sectors 55: Alcoholic Beverages; 87: Wines; 88: Toys; and 91: Textiles.
 
According to the Customs, on 16/11/2007, subject was registered in the List of Importers for Specific Sectors 41: Dairy Products; 46: Office Devices; 47: Electric Shavers; 53: Office and School Supplies; 68: Accessories for Dressmaking, Suitcase and Footwear Industries and Others; 85: Tools; 86: Locking, Pad Locks; 90: Electronics; and 96: Footwear.

FINANCIAL INFORMATION

Interviewee(s)

Victor Mauricio Sanchez Velazquez

Position(s)

Treasury Chief

Disposition

Refused to give information (politely).

Information provided

We interviewed Mr. Victor Mauricio Sanchez Velazquez (Treasury Chief), who refused to provide any information as confidential information.
 
Therefore, this report was developed with information that was collected from various external sources because subject's main executives refused to provide any information under confidentiality policies.
 
In consulted sources, it was found the Consolidated Annual Balance Sheets as of 31/12/2011 and 31/12/2010 of El Puerto de Liverpool S.A.B. de C.V. and Subsidiaries, which are included as references.

Comments

CONSOLIDATED ANNUAL BALANCE SHEET AS OF 31/12/2011 OF EL PUERTO DE LIVERPOOL S.A.B. DE C.V. AND SUBSIDIARIES
 Expressed in Pesos
 
CURRENT ASSETS : 30,690,019,000.00
NON CURRENT ASSETS : 42,333,040,000.00
TOTAL ASSETS : 73,023,059,000.00
 
CURRENT LIABILITIES : 16,599,863,000.00
NON CURRENT LIABILITIES: 13,155,793,000.00
SHAREHOLDERS' EQUITY : 43,267,403,000.00
TOTAL LIAB./S.EQUITY : 73,023,059,000.00
 
NET INCOME : 11,240,828,000.00
NET PROFIT : 846,714,000.00
 
 
CONSOLIDATED ANNUAL BALANCE SHEET AS OF 31/12/2010 OF EL PUERTO DE LIVERPOOL S.A.B. DE C.V. AND SUBSIDIARIES
 Expressed in Pesos
 
ASSETS
 TOTAL CURRENT : 35,218,813,000.00
 FIXED : 28,469,868,000.00
 OTHERS : 4,588,889,000.00
 TOTAL ASSETS : 68,277,570,000.00
LIABILITIES
 TOTAL CURRENT : 17,368,970,000.00
 LONG TERM  : 8,921,456,000.00
 OTHERS : 4,168,069,000.00
 TOTAL S.EQUITY : 37,819,075,000.00
 TOTAL LIAB./S.EQUITY : 68,277,570,000.00
 
SALES : 52,262,352,000.00
PROFIT (LOSS) : 5,154,686,000.00

SALES

US$ 0.00 ()

Property of company comments

Due to the nature of its activities, subject does not have fixed assets of its own.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
Royal & SunAlliance Seguros (México) S.A

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier	Country	Comment
BABY TOPS	U.S.A.
DONNA ICARAN	U.S.A.
NAUTICA	U.S.A.
LCI HOLDINGS INC.	U.S.A.
CLUB PANDA	COLOMBIA
KINTET SU WORLD EXPRESS (BENELUX) B.V.	NETHERLANDS
BANIKA FASHIONS LTDA.	BANGLADESH
SHANGAI EASY-USE TOOLS ENTERPRISE CO. LTD.	CHINA
CRITERION MANUFACTURING LTD.	NEW ZEALAND
ASTEX GARMENTS LTD.	BANGLADESH

BANKING INFORMATION

Bank

SANTANDER SERFIN S.A.

BANCO NACIONAL DE MEXICO S.A.

BBVA BANCOMER S.A.

Subject is a client of the above-mentioned banking entities, which did not provide any information on subject's banking movements under bank secrecy.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.36

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%)

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.