MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	INDUSTRIAS ALIMENTARIAS CAMBAY S.A.

Registered Office :	Cambay 2816 12100 Montevideo

Country :	Uruguay

Date of Incorporation :	2008

Legal Form :	Joint-Stock Company

Line of Business :	Preparation of ingredients for the food industry, whey, skimmed-milk powder and whole milk.

No. of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

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)

Uruguay

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

URUGUAY - ECONOMIC OVERVIEW

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.5% in 2010 and 6% in 2011.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME

INDUSTRIAS ALIMENTARIAS CAMBAY S.A.

TAXPAYER REGISTRATION

RUT 216251150010

MAIN ADDRESS

Cambay 2816

POSTAL CODE

12100

DEPT/PROV/REGION/STATE

Montevideo

COUNTRY

URUGUAY

TELEPHONE

(598)

E-MAIL

derosa@cambay.com.uy; pgarcia@cambay.com.uy

WEB

www.cambay.com.uy (under construction)

COMMENTS

This report SUPERSEDES our report previously issued. Please find trade references.

SUMMARY
Date of foundation	2008
permanent employees	50
Chief Executive	MAILHOS, JULIO
Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	Usually to terms/good
Credit ()**	Indeterminate, Information is insufficient. With no Experience.

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	2008
PLACE OF REGISTRY	Montevideo
CURRENT EXCHANGE RATE (US$)	Ps$.19.11 per 1.00 USADollar

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*MAILHOS, JULIO*	President
EROSA, DANIEL	Administrative Manager
GARCIA, PABLO	Marketing Manager
FELISATTI, CARLOS	Director

WHO IS WHO?
EROSA, DANIEL
TITLE	Administrative Manager
NATIONALITY	Uruguayan

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	RELATION %
FELISATTI S.A.	URUGUAY		Related

BUSINESS

Main activity

Preparation of ingredients for the food industry, whey, skimmed-milk powder and whole milk.

Import

Yes

Country

China, India

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	558,334.95
2011	1,021,035.59

Export

Yes

COUNTRY

Cuba, Guatemala, Brasil, Ecuador

Annual exports in US$ (FOB)

YEAR	AMOUNT
2013	18,009.60
2012	390,404.00
2011	265,493.00

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% terms: 60 days

EMPLOYEES

LOCATION

OTHER PREMISES

The investigated company shares tax domicile with the related company.

FINANCIAL INFORMATION
Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Interviewee(s)	Pablo Garcia
Position(s)	Marketing Manager
Information provided	The interviewed person Don Pablo Garcia (Marketing Manager) gave us very kindly trade data to produce Company profile, but he declined to provide any financial figures for lack of authorization.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	NN: UNDETERMINED The financial situation of the company is estimated: Undetermined not having financial statements that allow an accurate analysis of their results. On the other hand, we should note Trade references are Positive which indicates stability in their operations.
Insurance Comments
NA

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: CALCAR S.A.	Tel.: 598 45422188	Country: URUGUAY
Goods/Services? : Cheese whey, dry matter
Highest credit? : US$ 35,000.=		Current
Client since? : 2011	Terms? : 30-60-90 days	Performance? : Prompt
Comments : Outstanding balance US$5,771; good client
Supplier: CARLOS M. MUNIZ MORRISON	Tel.: 598 29157001	Country: URUGUAY
Goods/Services? : Customs service
Highest credit? : US$ 3,000.=		Current
Client since? : 2009	Terms? : 30-40 days	Performance? : Prompt

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country
BONPROLE S.A.	URUGUAY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.81.33
Euro	1	Rs.70.50

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.

MIRA INFORM REPORT

IDENTIFICATION

SUMMARY

LEGAL BACKGROUNDS

DIRECTORS - EXECUTIVES – SHAREHOLDERS

WHO IS WHO?

BUSINESS

LOCATION

FINANCIAL INFORMATION

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

Unit