MIRA INFORM REPORT

Report Date :

25.02.2013

IDENTIFICATION DETAILS

Name :	BARBOSA & CARDOSO-INDUSTRIA DE MALHAS LDA
Registered Office :	Rua do Comércio, 116 Manhente 4750-553-Manhente BCL Barcelos Braga
Country :	Portugal
Financials (as on) :	31.12.2011
Date of Incorporation :	15.01.2004
Legal Form :	Private Limited Company
Line of Business :	Weaving, manufacture, sale, import and export of knitted fabrics
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Portugal	A2	A2

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

PORTUGAL - ECONOMIC OVERVIEW

Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the past two decades, successive governments have privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country qualified for the Economic and Monetary Union (EMU) in 1998 and began circulating the euro on 1 January 2002 along with 11 other EU members. The economy had grown by more than the EU average for much of the 1990s, but fell back in 2001-08, and contracted 2.5% in 2009, before growing 1.3% in 2010. But GDP fell again in 2011, as the government implemented austerity measures, including a 5% public salary cut, a 2% increase in the value-added tax, and an extraordinary tax on yearend bonuses to comply with conditions of an EU-IMF financial rescue package agreed to in May 2011. GDP per capita stands at roughly two-thirds of the EU-27 average. A rigid labor market has been an obstacle to greater productivity and growth. Portugal also has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a destination for foreign direct investment. Portugal's low competitiveness, low growth prospects, and high levels of public debt have made it vulnerable to bond market turbulence. The government reduced the budget deficit from 10.1% of GDP in 2009 to 4.5% in 2011, an achievement made possible only by the extraordinary revenues obtained from the one-time transfer of bank pension funds to the social security system. Investors, however, continue to express concern about the government's ability to achieve future budget deficit targets and obtain foreign financing to cover its sovereign debt obligations when the EU-IMF financing program expires in 2013. Without the option for stimulus measures, the government is focusing instead on boosting exports and implementing labor market and other structural reforms to try to raise GDP growth and increase Portugal's competitiveness - which, over time, may help mitigate investor concerns.

Source : CIA

Identification

Name	BARBOSA & CARDOSO-INDUSTRIA DE MALHAS LDA
V.A.T. Number / NIF	506824420
Address	Rua do Comércio, 116
Locality	Manhente
Postal Code	4750-553-MANHENTE BCL
Municipality	BARCELOS
District	BRAGA
Telephone	253844158
Fax	253844158
E-Mail	barbosa_cardoso@net.novis.pt
C.A.E.(Rev 3)	13910- Manufacture of knitted fabrics

Summary

Legal Form	Private Limited Company
Constitution	15-01-2004
V.A.T. Number / NIF	506824420
Capital	200.000,00
Sales in : 31-12-2011	3.307.679,85
Shareholders Funds in: 31-12-2011	379.836,95
Payments	Good
Actual Condition	In activity

Financial Highlights

	31-12-2009	31-12-2010	31-12-2011
Net Sales	3.631.827,92	3.973.776,47	3.307.679,85
Net Income For the Year	54.512,80	56.832,51	27.409,06
Shareholders Funds	128.595,38	185.427,89	379.836,95
Stocks	352.320,00	1.022.600,75	263.223,50
LIABILITY	891.595,47	3.301.189,89	991.903,69
ASSETS	1.020.190,85	3.486.617,78	1.371.740,64

Business Concept

Consulted sources say that the subject has been respecting its payments and commercial commitments, so credit connections with this company are recommended.

All the amounts are express in Euros, otherwise you will be advised

Management Bodies

JOAO DO NASCIMENTO MENDES MIRANDA	Managing-Partner
JOSE MIGUEL DA COSTA MARTINS	Managing-Partner

Legal Structure

Registed on the Register Record Office of Barcelos with the Register Number 506824420 previous number 5491 in 15-01-2004

Constitution celebrated in 15-01-2004 published on Diário da República number 69 of 22-03-2004

To oblige the company it is necessary 2 signature

Changes to Society

In 17-11-2011 on Portal MJ of 18-11-2011 increase of capital Clique para ver detalhes

para 200.000 euros

In 14-07-2008 on Portal MJ of 16-07-2008 head office change

In 22-11-2005 on Portal MJ of 24-03-2006 manager change

In 14-11-2005 on Portal MJ of 24-03-2006 manager change

Capital

The Capital is 200.000,00

with the following distribution

JOAO DO NASCIMENTO MENDES MIRANDA	5.000,00	25%
TERESA DA SILVA BARBOSA	5.000,00	25%
JOSE ANTONIO MENDES MIRANDA	5.000,00	25%
JOSE MIGUEL DA COSTA MARTINS	50.000,00	25%

Biographies

Name	JOAO DO NASCIMENTO MENDES MIRANDA
Funtion	Managing-Partner
Address	Rua Fonte da Assubida, nº 265
Locality	Assento
Birth Date	25-12-1967
Civil State	Married
Consort	Teresa da Silva Barbosa
Professional Connections	The subject has connections with the following company (ies)
	TERESA BARBOSA CONFECCOES LDA as Managing-Partner with a participation of 2.000,00 , in a capital of 6.000,00 .
Name	TERESA DA SILVA BARBOSA
Funtion	Partner
Address	Rua Fonte da Assubida, nº 265
Locality	Roriz
Birth Date	17-11-1969
Civil State	Married
Consort	João do Nascimento Mendes Miranda
Professional Connections	The subject has connections with the following company (ies)
	TERESA BARBOSA CONFECCOES LDA as Managing-Partner with a participation of 2.000,00 , in a capital of 6.000,00 .
Name	JOSE ANTONIO MENDES MIRANDA
Funtion	Partner
Address	Rua da Leiroinha de Cima, nº 176
Locality	Roriz
Civil State	Married
Consort	Cristina Lopes Torres
Professional Connections	The subject has connections with the following company (ies)
	TERESA BARBOSA CONFECCOES LDA as Managing-Partner with a participation of 2.000,00 , in a capital of 6.000,00 .
Name	JOSE MIGUEL DA COSTA MARTINS
Funtion	Managing-Partner
Address	Rua das Amoras, 49-A, r/c, direito - Apartamento 82
Locality	Barcelos
Birth Date	31-01-1977
Civil State	Unmarried

Activities

Line of Business	Percentage
Weaving, manufacture, sale, import and export of knitted fabrics	100%

Type of Clients	Private Companies
Sales Conditions	Cash/credit

Banks and Financial Institutions

BANCO ESPIRITO SANTO, SA

Barcelos

Incidents

There are no of incidents on our database

Head Office and Installations

Had head office Lugar do Corujo - Vila Boa, Barcelos, 4750, BARCELOS

Head office and installations Rua do Comércio, 116, Manhente, 4750-553, MANHENTE BCL, Tel:253844158, Fax:253844158

Financial Demonstration SNC

Balance Sheet SNC
CoinEURO	Date31-12-2011

Closing Date

31-12-2011

31-12-2010

31-12-2009

Variação (%)

ASSET
Non-current assets
Tangible fixed assets	199.120,00	138.519,14	140.039,26	43,75
Investment properties	113.339,27	119.411,02	125.482,76	(5,08)
Total	312.459,27	257.930,16	265.522,02	21,14
Current assets
Inventories	263.223,50	1.022.600,75	352.320,00	(74,26)
Costumers	630.194,53	1.781.890,26	371.325,14	(64,63)
State and other public entities	33.242,50	51.481,96		(35,43)
Other accounts receivable	15.066,66	7.962,28	23.262,86	89,23
Deferrals	10.271,00	3.245,44	4.925,10	216,47
Financial assets held for trading		750,00
Other financial assets	1.250,00
Cashier and bank deposits	106.033,18	360.756,93	2.835,73	(70,61)
Total	1.059.281,37	3.228.687,62	754.668,83	(67,19)
TOTAL ASSET	1.371.740,64	3.486.617,78	1.020.190,85	(60,66)
SHAREHOLDERS FUNDS AND LIABILITIES
SHAREHOLDERS FUNDS
Capital	187.000,00	20.000,00	20.000,00	835,00
Legal reserves	4.000,00	4.000,00	4.000,00
Other reserves	153.562,49	96.729,98	42.217,18	58,75
Net retained	7.865,40	7.865,40	7.865,40
Total	352.427,89	128.595,38	74.082,58	174,06
Net income for the period	27.409,06	56.832,51	54.512,80	(51,77)
TOTAL OF SHAREHOLDERS FUNDS	379.836,95	185.427,89	128.595,38	104,84
LIABILITY
Non-current liiabilities
Financing obtained	252.801,60	238.608,68	183.334,68	5,95
Total	252.801,60	238.608,68	183.334,68	5,95
Current liabilities
Suppliers	652.667,16	2.331.578,42	447.570,41	(72,01)
State and other public entities	18.482,31	15.691,15	52.603,95	17,79
Financing obtained	28.500,00	610.000,85	155.571,05	(95,33)
Other payable accounts	39.452,62	105.310,79	52.515,38	(62,54)
Total	739.102,09	3.062.581,21	708.260,79	(75,87)
TOTAL LIABILITIES	991.903,69	3.301.189,89	891.595,47	(69,95)
TOTAL SHAREHOLDERS FUNDS AND LIABILITIES	1.371.740,64	3.486.617,78	1.020.190,85	(60,66)
INCOME STATEMENT
INCOME AND EXPENSES
Sales and services	3.307.679,85	3.973.776,47	3.631.827,92	(16,76)
Variation in production inventories	(166.498,30)	60.244,70	172.050,60	(376,37)
Cost of goods sold and materials consumed	2.401.992,98	2.877.405,16	2.821.363,77	(16,52)
Suppliers and external services	429.122,47	787.643,52	643.689,25	(45,52)
Personnel costs	202.558,66	196.702,78	166.611,49	2,98
Other income and gains	84.005,78	22.191,75	12.657,98	278,55
Other expenses and losses	14.405,68	12.348,84	3.395,46	16,66
Result before depreciation, financing costs and taxes	177.107,54	182.112,62	181.476,53	(2,75)
Expenses/reversals of depreciation and amortization	95.708,29	90.689,53	89.428,97	5,53
Operating result (before financing costs and taxes)	81.399,25	91.423,09	92.047,56	(10,96)
Interest and similar income obtained		15,80	4,31
interest and similar expenses incurred	28.135,19	17.256,38	18.119,07	63,04
Net before taxes	53.264,06	74.182,51	73.932,80	(28,20)
Income tax of the period	25.855,00	17.350,00	19.420,00	49,02
Net profit for the period	27.409,06	56.832,51	54.512,80	(51,77)

RATIOS SNC

Closing Date

31-12-2011

31-12-2010

31-12-2009

TURNOVER RATIOS
Shareholder's Funds Profitability	0,072	0,306	0,424
Assets Profitability	0,059	0,026	0,09
Sales Net Profitability	0,008	0,014	0,015
EFFICIENCY RATIOS
Medium Term Receivable	69,541	163,67	37,318
Asset Rotation	2,411	1,14	3,56
PRODUCTIVITY RATIOS
Productivity	4,471	5,574	4,864
SHORT TERM RATIOS
General Liquidity	1,433	1,054	1,066
Reduced Liquidity	1,077	0,72	0,568
Immediate Liquidity	0,143	0,118	0,004
MEDIUM LONG TERM RATIOS
Financial Autonomy	0,277	0,053	0,126
Solvability	0,383	0,056	0,144
Borrowed Capital Structure	0,745	0,928	0,794
General Debt	0,741	4,576	2,635
Medium Long Term Debt	0,666	1,287	1,426
Debt Structure	0,745	0,928	0,794
Capital Structure	1,503	0,777	0,701
Operational and Financial Risk
Operational Leverage Level	11,126	11,992	8,805
Financial Leverage Level	1,528	1,232	1,245
Combined Leverage Level	17,001	14,774	10,962

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.43
UK Pound	1	Rs.83.20
Euro	1	Rs.71.91

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.