MIRA INFORM REPORT

Report Date :

17.01.2013

IDENTIFICATION DETAILS

Name :	INDUSTRIAS DEL CUERO BONANZA XXI LTDA.

Registered Office :	Constitución 370 (Zona Norte) La Paz

Country :	Bolivia

Date of Incorporation :	1990

Legal Form :	Limited Liability Company

Line of Business :	Leather tannery : Raw and wet leather. Mineral and vegetable tanning process.

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)

Bolivia

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

BOLIVIA - ECONOMIC OVERVIEW

Bolivia is one of the poorest and least developed countries in Latin America. Following a disastrous economic crisis during the early 1980s, reforms spurred private investment, stimulated economic growth, and cut poverty rates in the 1990s. The period 2003-05 was characterized by political instability, racial tensions, and violent protests against plans - subsequently abandoned - to export Bolivia's newly discovered natural gas reserves to large Northern Hemisphere markets. In 2005, the government passed a controversial hydrocarbons law that imposed significantly higher royalties and required foreign firms then operating under risk-sharing contracts to surrender all production to the state energy company in exchange for a predetermined service fee. The global recession slowed growth, but Bolivia recorded the highest growth rate in South America during 2009. During 2010-11 increases in world commodity prices resulted in large trade surpluses. However, a lack of foreign investment in the key sectors of mining and hydrocarbons and higher food prices pose challenges for the Bolivian economy.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME	INDUSTRIAS DEL CUERO BONANZA XXI LTDA.
TAXPAYER REGISTRATION	NIT 1002669028
MAIN ADDRESS	Constitución 370 (Zona Norte)
PROVINCE / DEPARTAMENT	La Paz
COUNTRY	BOLIVIA
TELEPHONE	(5912) 2831803 - 2880011
E-MAIL	jua.velasquez@bonanza.com.bo
WEB	www.bonanza.com

SUMMARY

Date of foundation	1990
permanent employees	No specified
Chief Executive	TORRICO ROJAS, FERNANDO JAVIER
Disposition	Poor.- Only general information without figures.
Payments policy	Without rating (No payment experience traced)
Credit (**)	Indeterminate, Information is insufficient. With no Experience.

LEGAL BACKGROUNDS

LEGAL STATUS	Limited Liability Company
DATE OF INCORPORATION	1990
PLACE OF REGISTRY	La Paz
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Bs.6.87 per 1.00 USADollar

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
TORRICO ROJAS, FERNANDO JAVIER	General Manager
VELASQUEZ, JUAN CARLOS	Financial Manager
QUISPE, CINTHIA	Accountant
AGUIRRE RUIZ, RAMIRO ANGEL	Administrative Manager
GUTIERREZ ALIAGA, XIMENA	Industrial Manager

WHO IS WHO?

TORRICO ROJAS, FERNANDO JAVIER

NATIONALITY

Bolivian

D.O.B.

24OCT1945

CI 214365

CIVIL STATUS

Married to Maria Luisa Terrazas

DOMICILE

, Murillo ,La Paz

PROFESSION

Economist

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
COMPANEX BOLIVIA S.A.	General Manager	1020649021	BOLIVIA
COMPANEX PERU S.A.		20320124779	PERU

AGUIRRE RUIZ, RAMIRO ANGEL

NATIONALITY

Bolivian

D.O.B.

19JUL1948

CI 394506

CIVIL STATUS

Married to Vivian Jacqueline Quiroga

DOMICILE

, Murillo ,La Paz

PROFESSION

Lawyer

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
COMPANEX BOLIVIA S.A.	Manager	1020649021	BOLIVIA
COMPANEX PERU S.A.		20320124779	PERU

BUSINESS HISTORY

The subject belongs to the COPAMEX group.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
COMPANEX BOLIVIA S.A.	BOLIVIA	1020649021	Related
COMPANEX PERU S.A.	PERU	20320124779	Related
SUPAR COSMOS AGENCIA DE ADUANA	BOLIVIA		Related
TRANS CPX LTDA	BOLIVIA		Related

BUSINESS

Main activity

Leather tannery : Raw and wet leather. Mineral and vegetable tanning process.

Import

Yes

Country

Brazil, Italy, Peru

Export

Yes

COUNTRY

Mexico, Brazil, Italy, China

EMPLOYEES

No specified

LOCATION

OTHER PREMISES

INDUSTRIAL PLANT:

Urbanizacion 25 de Diciembre

Calle Charaña Nº 1

El Alto, Bolivia

The address given by the client belongs to the related company : COMPANEX BOLIVIA SA

FINANCIAL INFORMATION

Interviewee(s)

JUAN CARLOS VELASQUES

Position(s)

Administrative Manager

Disposition

Poor.- Only general information without figures.

Information provided

The person interviewed provided operational data and declined financial figures on grounds of confidentiality.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

NN: UNDETERMINED

Subject's Financial Position is considered UNDETERMINED, since there are no financial figures allowing a financial analysis of the results in its last fiscal year.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
BISA SEGUROS Y REASEGUROS SA
COMPAÑÍA DE SEGUROS Y REASEGUROS FORTALE

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier	Country	Comment
SUPARACOSMOS AGENCIA DE ADUANA	BOLIVIA

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.54
UK Pound	1	Rs.87.69
Euro	1	Rs.72.85

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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