MIRA INFORM REPORT

Report Date :

13.10.2012

IDENTIFICATION DETAILS

Name :	ADVANCED IMPEX INTERNATIONAL TRADING

Registered Office :	536 Prudencio Street, Brgy. 443, Sampaloc, Manila

Country :	Philippines

Date of Incorporation :	06.07.2010

Com. Reg. No.:	01112593

Legal Form :	Sole Proprietorship

Line of Business :	Importer of fresh fruits

No. of Employees :	Not Available

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

(31.03.2012)

Current Rating

(30.06.2012)

Philippines

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

Philippines - ECONOMIC OVERVIEW

Philippine GDP grew 7.6% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending, before cooling to 3.7% in 2011. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration (January 2001 - June 2010). Despite this growth, however, poverty worsened during her presidency. The AQUINO administration is working to reduce the government deficit from 3.9% of GDP, when it took office, to 2% of GDP by 2013. The government has had little difficulty issuing debt, both locally and internationally, to finance the deficits. The AQUINO Administration reduced public debt to below 50% of GDP and obtained several ratings upgrades on sovereign debt so that the Philippines is now close to investment grade. However, the lack of government spending, especially on infrastructure, was one of several factors which slowed GDP growth in the second half of 2011, leading the government to announce a stimulus effort and increased public spending on infrastructure in 2012. AQUINO's first budget emphasized education, health, conditional cash transfers for the poor, and other social spending programs, relying mostly on the private sector to finance important infrastructure projects. Weak tax collection, exacerbated by new tax breaks and incentives, has limited the government's ability to address major challenges. The AQUINO administration has vowed to focus on improving tax collection efficiency, rather than imposing new taxes, as a part of its good governance platform. The economy still faces several long-term challenges, including reliance on energy imports and foreign demand for overseas Filipino workers.

Source : CIA

Company Details

Company Name:	ADVANCED IMPEX INTERNATIONAL TRADING
Supplied Name:	ADVANCED IMPEX INTERNATIONAL TRADING
Trading Address:	536 Prudencio Street, Brgy. 443, Sampaloc, Manila, Philippines
Supplied Address:	456 Prudencio St, Sampaloc Manila-Philipines
Telephone Number:	+63 2 738-8026

Note:

Subject’s complete and exact address is shown as above.

Please take note that the correct address of subject is at ‘536 Prudencio Street, Brgy. 443, Sampaloc, Manila, Philippines’ and not ‘456 Prudencio Street, Sampaloc, Manila, Philippines’ as given.

Credit Summary

Credit Opinion:

Co-operation is not declined.

In view of big amount of transaction, securities are recommended.

Company Identification Details

Registered Number:	01112593
Legal Form:	Sole Proprietorship
Date Incorporated:	2010-7-6
Registered Capital:	N/A
Listed at Stock Exchange:	No
Staff:	N/A

Note:

Information on capital and staff is not available from the subject or other source.

Amounts in Philippine Peso unless otherwise specified.

History

Company Background

Sole Proprietorship

Verification with the local registry revealed the following correct registration details as of (October 12, 2012).

Regulatory Agency	Date Registered	Registration No.	Term
Department of Trade and Industry	2010-7-6	01112593	5 years

Shareholders

Stockholders:

Name:	ALFONSO, MARIA GUIA LIBUNAO
% of Shares:	100%

Management Information

Management:

1
Name:	ALFONSO, MARIA GUIA LIBUNAO
Position:	Registered Owner
2
Name:	Ms. Christine Serrano
Position:	Office Staff

Operation

Activities

Importer of fresh fruits.

Financial Information

No financial statements are available. Single proprietorships are not required to file their financial statements with the Philippine Securities and Exchange Commission, which is our main source of information. Likewise, none was provided by source citing confidentiality.

Bankers

No dealings based on credit exposure report with one million and above dealings under the names “ADVANCED IMPEX INTERNATIONAL TRADING / ALFONSO, MARIA GUIA LIBUNAO” as of June 30, 2012.

Public

No negative (court cases, credit cards cancelled and delinquent accounts) found under the names “ADVANCED IMPEX INTERNATIONAL TRADING / ALFONSO, MARIA GUIA LIBUNAO” in available database as of October 12, 2012.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.70
UK Pound	1	Rs.84.51
Euro	1	Rs.68.16

INFORMATION DETAILS

Report Prepared by :

MNL

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.