MIRA INFORM REPORT

Report Date :

04.05.2013

IDENTIFICATION DETAILS

Name :	TEXTILES SAN GABRIEL S.A.

Registered Office :	Calle A Mza. C Lote 2B, Urb. Fundo Bocanegra (Altura Cuadra 35 Elmer Faucett), Callao

Country :	Peru

Date of Incorporation :	21.07.1967

Legal Form :	Joint-Stock Company

Line of Business :	Textile Industry. Flat Yarns And Confectionary Raw Material. (Manuf.Weaving Mills, Cotton, Synthetics, Hosiery, Woven Carpets And Rugs, Yarn, Fabrics, Etc.)

No. of Employees :	27

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)

Peru

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

PERU - ECONOMIC OVERVIEW

Peru's economy reflects its varied geography - an arid lowland coastal region, the central high sierra of the Andes, the dense forest of the Amazon, with tropical lands bordering Colombia and Brazil. A wide range of important mineral resources are found in the mountainous and coastal areas, and Peru's coastal waters provide excellent fishing grounds. The Peruvian economy has been growing by an average of 6.4% per year since 2002 with a stable/slightly appreciating exchange rate and low inflation, which in 2013 is expected to be below the upper limit of the Central Bank target range of 1 to 3%. Growth has been in the 6-9% range for the last three years, due partly to a leap in private investment, especially in the extractive sector, which accounts for more than 60% of Peru's total exports. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs subjects the economy to fluctuations in world prices. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by 23 percentage points since 2002, but inequality persists and continues to pose a challenge for the new Ollanta HUMALA administration, which has championed a policy of social inclusion and a more equitable distribution of income. Peru's free trade policy has continued under the HUMALA administration; since 2006, Peru has signed trade deals with the US, Canada, Singapore, China, Korea, Mexico, Japan, the European Free Trade Association, Chile, and four other countries; concluded negotiations with Venezuela, Costa Rica, and Guatemala; and begun trade talks with two other Central American countries and the Trans-Pacific Partnership. Peru also has signed a trade pact with Chile, Colombia, and Mexico called the Pacific Alliance that rivals Mercosur in combined population, GDP, and trade. The US-Peru Trade Promotion Agreement entered into force 1 February 2009, opening the way to greater trade and investment between the two economies. Although Peru has continued to attract foreign investment, political activism and protests are hampering development of some projects related to natural resource extraction.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME TEXTILES SAN GABRIEL S.A.

TAXPAYER REGISTRATION RUC 20100541255

MAIN ADDRESS Calle A Mza. C Lote 2B, Urb. Fundo Bocanegra (altura cuadra 35 Elmer

Faucett)

DEPT/PROV/REGION/STATE Callao

COUNTRY PERU

TELEPHONE (511) 4840085 - 4840090

COMMENTS

Contact e-mail: tsg-contab@infonegocio.net.pe

SUMMARY

Date of foundation 1967

Capital stock S/.3,497,416.00 Nuevos Soles

permanent employees 27

Chief Executive KAJATT ARENAS, ALBERTO

Disposition Moderate. Some data and figures were confirmed.

Payments policy Without rating (No payment experience traced)

Credit (**) MODERATE RISK. (Acceptable financial situation but limited).

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	21JUL1967	STARTING DATE	01/09/1960
PLACE OF REGISTRY	Lima
REGISTRATION	Card 205, Page 89, Entry 1, Record 11027704
INITIAL CAPITAL	S/.200,000.= Nuevos Soles
CURRENT PAID-IN CAPITAL	S/.3,497,416.00 Nuevos Soles	LAST CAPITAL INCREASE	07/06/2008
CURRENT EXCHANGE RATE (US$)	S/.2.57 per USD.1.00
COMMENTS
In compliance with Notarial Act dated 29/08/1996, before Gustavo Correa Millas, Notary Public and according to General Shareholders Meeting held on 11/12/1995, it was resolved to merge the Company with INDUSTRIAS SAN GERONIMO S.A.

DIRECTORS - EXECUTIVES - SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*KAJATT ARENAS, ALBERTO*	President
KAJATT RAMIREZ, NICOLAS ALBERTO	Director
KAJATT RAMIREZ, MARIO ORLANDO	Director
KAJATT RAMIREZ, ALFREDO	Director

WHO IS WHO?
KAJATT ARENAS, ALBERTO
TITLE	President
NATIONALITY	Peruvian
D.O.B.	13APR1925
ID	DNI 10319136
TAX ID	10103191365
BACKGROUND INFORMATION	According to SUNAT he is domiciled at Juan Del Mar y Ber 1271 Urb. Chacra Rios Sur, Lima. Tel. 511 316473.

KAJATT RAMIREZ, NICOLAS ALBERTO
TITLE	Director
NATIONALITY	Peruvian
D.O.B.	13APR1953
ID	DNI 07935240
TAX ID	10079352409
BACKGROUND INFORMATION	Interpreter, translator, philosopher According to SUNAT he is domiciled at Calle A mza. C Lote 2B U. Ind. Bocanegra, Callao.

KAJATT RAMIREZ, MARIO ORLANDO
TITLE	Director
NATIONALITY	Peruvian
D.O.B.	07FEB1955
ID	DNI 07936625
TAX ID	10079366256
BACKGROUND INFORMATION	According to SUNAT he is registered at Calle A Mza. C Lote 2B U. Ind. Bocanegra, Callao.

KAJATT RAMIREZ, ALFREDO
TITLE	Director
NATIONALITY	Peruvian
D.O.B.	02MAY1952
ID	DNI 07928621
BACKGROUND INFORMATION	His Tax ID was written off the record on 06/09/1998.

BUSINESS

SIC Classification
2 2 - TEXTILE INDUSTRY. FLAT YARNS AND CONFECTIONARY RAW MATERIAL. (Manuf.Weaving mills, cotton, Synthetics, hosiery, woven carpets and rugs, yarn, fabrics, etc.)

Main activity

Textile factory, knitted fabrics and textile finishes.

Import

Yes

Country

India, Italy, Hong Kong, USA, Mexico, Taiwan, Vietnam

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2013	72,845.00
2012	429,909.00
2011	367,191.00

Export

% CASH SALES / METHOD

70%

% Credit SALES / Terms

30% at 30, 45 days

% DOMESTIC PURCHASES

60%

% FOREIGN PURCHASES

40%

SELLING TerritorY

Domestic market

EMPLOYEES

LOCATION

PREMISES

Rented

OTHER PREMISES

Headquarters and plant operate at the above address.

Store: Jr. Sebastian Barranca 1651 Int. B (3er. Piso B), La Victoria, Lima.

FINANCIAL INFORMATION

Disposition

Moderate. Some data and figures were confirmed.

Interviewee(s)

Julian Serna

Position(s)

Accountant

Information provided

Mr. Serna provided accurate information.  With regards to the financials, he commented that FY 2012 was not a good year for the Company; sales decreased by 10 - 15% owing to the competition of Chinese products that have entered the domestic market at lower prices and despite quality is inferior, buyers acquire them to reduce costs.   The Company has already taken measures for this year and after a market study they are introducing other products, reducing costs, in this way.

We also consulted official to complete this report.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

FAIR

Despite no balance sheets were available, it should be mentioned this is a company of a medium-sized infrastructure. Solvency of the owners is little known. Competition is strong, better positioned. It operates under a stable trend. Credit bureau does not report restraints.

INSURANCE

COMPANY	AGAINST
MAPFRE SEGUROS	Various risks
PACIFICO SEGUROS	Various risks

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

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

Supplier	Country
COTTON MIX	PERU
CAMPAIOLI S.R.L.	ITALY
ITG	MEXICO

CREDIT BUREAU COMMENTS

Regular taxpayer (no debts) No protests, NSF checks or other financial restrictions were found. No delinquent balances, bad-debt portfolio, cancelled credits due to mismanagement or similar situations were reported.

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 28/02/2013

Bank	Debt Rating () See caption*	Current Debt
		S/.	US$
CREDITO	NORMAL	491,194.00
Total		491,194.00

CONSOLIDATED DEBT (ALL BANKS) ENTITIES NUMBER : 1 28/02/2013

		Domestic Currency	Foreign Currency
FINANCIAL LEASING	:	21,986.00
OTHER INDIRECT CONTINGENT DEBTS	:	469,073.00
OTHER CHARGES	:	135.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	491,194.00
		=========================	=========================

GENERAL INFORMATION
REPUTATION
NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.95
UK Pound	1	Rs.83.80
Euro	1	Rs.70.49

INFORMATION DETAILS

Report Prepared by :

NLM

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?

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

GENERAL INFORMATION

Unit