MIRA INFORM REPORT

Report Date :

11.01.2013

IDENTIFICATION DETAILS

Name :	PAUL REINHART AG

Registered Office :	Technikumstrasse 82, P.O. Box 2259, 8401 Winterthur

Country :	Switzerland

Date of Incorporation :	24.12.1953

Com. Reg. No.:	020.3.921.310-9 / 144961

Legal Form :	Company limited by shares

Line of Business :	Cotton Merchant

No. of Employees :	65

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 :	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)

Switzerland

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

Switzerland - ECONOMIC OVERVIEW

Switzerland is a peaceful, prosperous, and modern market economy with low unemployment, a highly skilled labor force, and a per capita GDP among the highest in the world. Switzerland's economy benefits from a highly developed service sector, led by financial services, and a manufacturing industry that specializes in high-technology, knowledge-based production. Its economic and political stability, transparent legal system, exceptional infrastructure, efficient capital markets, and low corporate tax rates also make Switzerland one of the world's most competitive economies. The Swiss have brought their economic practices largely into conformity with the EU's, to enhance their international competitiveness, but some trade protectionism remains, particularly for its small agricultural sector. The fate of the Swiss economy is tightly linked to that of its neighbors in the euro zone, which purchases half of all Swiss exports. The global financial crisis of 2008 and resulting economic downturn in 2009 stalled export demand and put Switzerland in a recession. The Swiss National Bank (SNB) during this period effectively implemented a zero-interest rate policy to boost the economy as well as prevent appreciation of the franc, and Switzerland's economy recovered in 2010 with 2.7% growth. The sovereign debt crises currently unfolding in neighboring euro-zone countries pose a significant risk to Switzerland's financial stability and are driving up demand for the Swiss franc by investors seeking a safehaven currency. The independent SNB has upheld its zero-interest rate policy and conducted major market interventions to prevent further appreciation of the Swiss franc, but parliamentarians have urged it to do more to weaken the currency. The franc's strength has made Swiss exports less competitive and weakened the country's growth outlook; GDP growth fell to 2.1% in 2011. Switzerland has also come under increasing pressure from individual neighboring countries, the EU, the US, and international institutions to reform its banking secrecy laws. Consequently, the government agreed to conform to OECD regulations on administrative assistance in tax matters, including tax evasion. The government has renegotiated its double taxation agreements with numerous countries, including the US, to incorporate the OECD standard, and in 2011 it reached deals with Germany and the UK to resolve outstanding issues, particularly the possibility of imposing taxes on bank deposits held by foreigners. These steps will have a lasting impact on Switzerland's long history of bank secrecy.

Source : CIA

Company name

Paul Reinhart AG

Operating address

Technikumstrasse 82

P.O. Box 2259

8401 Winterthur

Switzerland/CH

Telephone: 052 2648181

Fax: 052 2120055

Web site: http://www.reinhart.com

E-mail: mail@reinhart.ch

VAT-No.: CHE102607231

Profile

Established: 1788

Line of Business: Consumer goods wholesale

Industry Division: Wholesale trade

Industry-code (NACE): 4676 Wholesale of other intermediate products

Import/Export: Import, Export

Export sales: 97.0%

Banks: unknown

Organisation level: Ultimate Parent

Operational Figures

Coverage: Company

Figures: approximately

Employees: 65

Activity

The Company is a worldwide cotton merchant since 1788.

Real Estate

Information on property ownership was not available.

Company Register

Company No: 020.3.921.310-9 / 144961

Legal form: Company limited by shares

Registration: 24.12.1953

Legal status: active

Responsible Register: Handelsregister des Kantons Zürich

History: Date of Statutes: 28.03.1968

Date of Statutes: 20.03.2012

Date of Statutes: 28.05.1993

Date of Statutes: 26.06.1991

Entry Deleted Name

active Paul Reinhart AG

26.03.2012 Paul Reinhart Ltd (Name translated)

26.03.2012 Paul Reinhart SA (Name translated)

Entry Deleted Legal domicile

active Winterthur, Switzerland

Entry Deleted Address

active Technikumstrasse 82, 8400 Winterthur/ZH, Switzerland/CH

Entry Deleted Capital

10.07.1991 Share Capital CHF 1'000'000, paidup CHF 1'000'000

Entry Deleted Capital Structure

10.07.1991 10'000 Registered shares of CHF 100.--

Entry Deleted Activity (original Language)

26.03.2012 Zweck der Gesellschaft ist der Handel mit Agrarrohstoffen und -produkten, insbesondere mit Baumwolle, in eigenem oder fremdem Namen sowie für eigene oder fremde Rechnung und die Vermittlung von Handelsgeschäften aller Art. Die Gesellschaft kann sich im Bereiche ihres Zweckes an anderen Unternehmungen beteiligen, Liegenschaften erwerben und verkaufen und alle Geschäfte durchführen, die direkt oder indirekt damit im Zusammenhang stehen.

10.07.1991 26.03.2012 Handel mit Rohbaumwolle in eigenem oder fremdem Namen sowie für eigene oder fremde Rechnung und Vermittlung von Handelsgeschäften aller Art; kann sich im Bereiche ihres Zweckes an anderen Unternehmungen beteiligen sowie Liegenschaften erwerben und verkaufen.

Entry Deleted Remarks (original Language)

active Publishing authority: SHAB.

14.10.2008 Merger: Übernahme der Aktiven und Passiven der Cobatra AG, in Winterthur (CH-020.3.905.615-1), gemäss Fusionsvertrag vom 25.09.2008 und Bilanz per 30.06.2008. Aktiven von CHF 164'216.00 und Passiven (Fremdkapital) von CHF 946.00 gehen auf die übernehmende Gesellschaft über. Da die übernehmende Gesellschaft sämtliche Aktien der übertragenden Gesellschaft hält, findet weder eine Kapitalerhöhung noch eine Aktienzuteilung statt.

14.10.2008 Merger: Übernahme der Aktiven und Passiven der Afcodi AG, in Winterthur (CH-020.3.900.398-4), gemäss Fusionsvertrag vom 25.09.2008 und Bilanz per 30.06.2008. Aktiven von CHF 98'491.00 und Passiven (Fremdkapital) von CHF 147.00 gehen auf die übernehmende Gesellschaft über. Da die übernehmende Gesellschaft sämtliche Aktien der übertragenden Gesellschaft hält, findet weder eine Kapitalerhöhung noch eine Aktienzuteilung statt.

22.06.1993 Shares: Die Übertragbarkeit der Namenaktien ist nach Massgabe der Statuten beschränkt.

22.06.1993 Reports: Die Mitteilungen der Gesellschaft an die Aktionäre erfolgen durch Brief.

Official Administration

Title Name

President Jürg Reinhart, Origin: Winterthur, Switzerland, Residential address: Winterthur/ZH, Switzerland, joint signature of two

Executive Director Prof. Dr. Ernst A. Brugger, Origin: Gossau ZH, Switzerland, Residential address: 8753 Mollis, Switzerland, joint signature of two

Executive Director Matthias Reinhart, Origin: Winterthur, Switzerland, Residential address: 8700 Küsnacht ZH, Switzerland, joint signature of two

Management

Title Name

Member of the management Jürg Reinhart, Origin: Winterthur, Switzerland, Residential address: Winterthur/ZH, Switzerland, joint signature of two

Member of the management Rolf Stahel, Origin: Elgg, Switzerland, Residential address: 8404 Winterthur, Switzerland, joint signature of two

Member of the management Ezio Vitali, Origin: Winterthur, Switzerland, Residential address: 8400 Winterthur, Switzerland, joint signature of two

Member of the direction Ulrich Curt Arbenz, Origin: Winterthur, Andelfingen, Switzerland, Switzerland, Residential address: 8000 Zürich, Switzerland, joint signature of two

Member of the direction Daniele Ballestrin, Origin: Winterthur, Switzerland, Residential address: 8400 Winterthur, Switzerland, joint signature of two

Member of the direction Marco Bänninger, Origin: Rickenbach ZH, Switzerland, Residential address: 8352 Winterthur, Switzerland, joint signature of two, Registered since: 13.04.2011

Member of the direction Petra Bockhahn, Origin: Germany, Residential address: Büsingen, Germany, joint signature of two

Member of the direction Stefan Brändli, Origin: Wald ZH, Switzerland, Residential address: 8400 Winterthur, Switzerland, joint signature of two

Member of the direction Raymond Neuschwander, Origin: Bärschwil, Switzerland, Residential address: 8303 Bassersdorf, Switzerland, joint signature of two

Member of the direction André Paratte, Origin: Winterthur, Switzerland, Residential address: Winterthur/ZH, Switzerland, joint signature of two, Registered since: 26.03.2012

Member of the direction Zeki Sahin, Origin: Winterthur, Switzerland, Residential address: 8542 Wiesendangen, Switzerland, joint signature of two

Member of the direction Jürg Stahel, Origin: Elgg, Switzerland, Residential address: 8542 Wiesendangen, Switzerland, joint signature of two

Member of the direction Daniel Suter, Origin: Gränichen, Switzerland, Residential address: 8311 Brütten, Switzerland, joint signature of two, Registered since: 13.04.2011

Member of the direction Danny Van Namen, Origin: Belgium, Residential address: 8400 Winterthur, Switzerland, joint signature of two

External Positions

Title Name

Auditor PricewaterhouseCoopers AG, Residential address: Winterthur, Switzerland

Executive board

Title Name

Chief Executive Officer Rolf Stahel

Owner/-s

Owner: The company is in family ownership.

Class: 50-99%

Name: Jürg Reinhart

City/Country: Winterthur, Switzerland/CH

Investments

Class: 100%

Name: Laferlins Ltda.

City/Country: Recife, Brazil/BR