MIRA INFORM REPORT

Report Date :

25.03.2013

IDENTIFICATION DETAILS

Name :	MILADIR S.A.
Registered Office :	Coronel Marcelino Sosa 2169 Montevideo
Country :	Uruguay
Date of Incorporation :	2003
Legal Form :	Joint-Stock Company
Line of Business :	Subject is engaged in manufacture of fur clothing, artificial fur clothing and accessories, and other fur items; raw leather and fur of bovine, including buffalo, or of horse (fresh or salted, dried, whitewashed, pickled or preserved in other ways, but without tanning, wrinkling or preparing in other ways), including hair-removed or divided.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

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 :	--

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	B1	B1

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

MILADIR S.A.

TAXPAYER REGISTRATION

RUT 214561450016

MAIN ADDRESS

Coronel Marcelino Sosa 2169

DEPT/PROV/REGION/STATE

Montevideo

COUNTRY

URUGUAY

TELEPHONE

(5982) 9291735 - 9291766

E-MAIL

jgutman@netgate.com.uy

SUMMARY
Date of foundation	2003
Chief Executive	GUTMAN, JORGE
Payments policy	Without rating (No payment experience traced)

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	2003
PLACE OF REGISTRY	Montevideo
CURRENT EXCHANGE RATE (US$)	Ps$18.72 per US$1.= Dollar
COMMENTS
According to the General Tax Directorate of Uruguay, subject's annual certificate is VALID (issued on 17/04/2012, with expiration date on 30/04/2013).

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
GUTMAN, JORGE	Director
GUTMAN, ANDRES	Director

BUSINESS

Main activity

Subject is engaged in manufacture of fur clothing, artificial fur clothing and accessories, and other fur items; raw leather and fur of bovine, including buffalo, or of horse (fresh or salted, dried, whitewashed, pickled or preserved in other ways, but without tanning, wrinkling or preparing in other ways), including hair-removed or divided.
 

Import

No

Export

Yes

COUNTRY

India, Denmark, USA, Canada

Annual exports in US$ (FOB)

YEAR	AMOUNT
2013	24,062.30
2012	988,505.25
2011	643,698.66
2010	1,354,113.50

SELLING TerritorY

Domestic and foreign market

LOCATION
OTHER PREMISES	Subject's administrative offices and dressmaking workshop are located on the above-mentioned address.

Comments

Subject's main customer is Schott Nyc Corp.
 

FINANCIAL INFORMATION
Interviewee(s)	External Sources
Information provided	This report was completely developed with information that was collected from external sources because when we got in contact with Mr. Jorge Gutman (Director), he refused categorically to provide any information by saying that they were not carrying out any type of trading operation, and less a credit operation.
SALES	US$ 0.00 ()
FINANCIAL SITUATION	B: FAIR Subject is a company that was incorporated in 2003 and is part of a regularly competitive sector.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

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

Supplier	Country
SUSPE INFORMATIC	URUGUAY

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/01/2013

Bank	Debt Rating (*) See caption	Current Debt
		S/.	US$
BILBAO VIZCAYA ARGENTARIA URUG.	N/C		30,000.00
Total			30,000.00

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 01                           31/01/2013

		Domestic Currency	Foreign Currency
		--------------------------------------------	--------------------------------------------
		=========================	=========================
NON ACCOUNTABLE GUARANTEES	:		30,000.00

RATING DESCRIPTION ACCORDING TO THE SBS (Caption)
Normal	Good Finantial Situation, Prompt payments, Consistent information. Increasing Trend, Creditworthy.
Potential Problem	Satisfactory Finantial Situation but cash flow can be weak. Irregular payments. Irregular Trend.
Deficient	Fair Finantial Situation, cash problems, profits shortage, delayed and overdue payments.
Doubtful	Heavy Finantial Situation, liquidity shotage, notorious delayed payments, Judicial Collection, Bad Management.
Loss	Bad Finantial Situation, Insufficient funds, declared bankruptcy, debt default.

CREDIT OPINION

Lack of figures and payment performance does not allow giving a credit opinion.

NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.82.56
Euro	1	Rs.70.10

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.