MIRA INFORM REPORT

Report Date :

31.10.2013

IDENTIFICATION DETAILS

Name :	BOM SINAL INDUSTRIA E COMERCIO LTDA
Registered Office :	AV. Jose Bernardino, S/N, Km 2,5 Rodovia Ce 096, Galpão 2 - Buriti
Country :	Brazil
Date of Incorporation :	11.02.1998
Legal Form :	Limited Liability Company
Line of Business :	Subject trade of parts for trains.
No. of Employees :	154

RATING & COMMENTS

MIRA’s Rating :

B

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Brazil	A2	A2

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

BRAZIL - ECONOMIC OVERVIEW

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% in 2011, and 1.3% in 2012. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 14 years. Brazil's historically high interest rates have made it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchange markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint. In an effort to boost growth, in 2012 the administration implemented a somewhat more expansionary monetary policy that has failed to stimulate much growth

Source : CIA

NOTE

In absence of financials, no credit limit could be recommended.

Company name and address

BOM SINAL INDUSTRIA E COMERCIO LTDA

ADDRESSES

MAIN ADDRESS:	AV. JOSE BERNARDINO, S/N, KM 2,5 RODOVIA CE 096, GALPÃO 2 - BURITI
ZIP CODE/CITY:	63180-000 - BARBALHA/CE
PHONE:	88 3532-7900
E-MAIL:	roberto@bomsinal.com
WEB SITE:	www.bomsinal.com

BRANCHES:
REQUESTED ADDRESS:	RUA AURISTELA MAIA FARIAS,1327 - ENG. LUCIANO CAVALCANTI
ZIP CODE/CITY:	60811-100 FORTALEZA/CE
PHONE:	85 3278-5258
CNPJ:	02.358.255/0002-37
STATE REGISTER:	EXEMPT
ADDRESS:	AV JOÃO BATISTA CARNIETTO,117 - JD. ITAMARATI
ZIP CODE/CITY:	18608-010 BOTUCATU/SP
PHONE:	14 3813-9144
ADDRESS:	AV JOSE BERNARDINO, S/N, KM 2,5 RODOVIA CE 096, GALPÃO 1 - BURITI
ZIP CODE/CITY:	63180-000 BARBALHA/CE
CNPJ:	02.358.255/0004-07
STATE REGISTER:	06.399274-4

LEGAL DATA

MAIN ACTIVITIES:

TRADE OF PARTS FOR TRAINS.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	11/02/1998
REGISTER DATE:	11/02/1998
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	02.358.255/0001-56
STATE REGISTER:	69.990.204
SHARE CAPITAL:	R$ 12.930.956,00

BOARD OF DIRECTORS:
LUIZA HELENA MASSA MARINS	MANAGING PARTNER
HELOISA MASSA MARINS FLORENZANO	MANAGING PARTNER

AUTHORIZED USE OF SIGNATURE

THE MANAGING PARTNERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
LUIZA HELENA MASSA MARINS	70,7780%
HELOISA MASSA MARINS FLORENZANO	7,3055%
DANIEL MASSA MARINS ANTUNES DE OLIVEIRA	7,3055%
TATIANA MASSA MARTINS	7,3055%
CAROLINA MASSA MARTINS FANTON	7,3055%

AFFILIATES / SUBSIDIARIES

A SCAN THROUGH OUTSIDE SOURCES SHOWED THE SUBJECT AND/OR DIRECTORS HAS THE FOLLOWING UNCONFIRMED HOLDINGS:

MAREL ADMINISTRACAO E EMPREENDIMENTOS LTDA

CONSORCIO TRENDS-BOM SINAL

GOLDEN HILL - ADMINISTRACAO E PARTICIPACOES LTDA - EPP

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON FEBRUARY 11, 1998 TO BE ENGAGED IN THE SAID LINE OF BUSINESS.

PARTNERS:

LUIZA HELENA MASSA MARINS: BRAZILIAN, WIDOW, HOLDER OF DOCUMENTS, RG 4.835.199 SSP/SP AND CPF 275.913.618-30, RESIDENTIAL ADDRESS AT RUA DAS PALMEIRAS, 580, VALE DO SOL - BOTUCATU/SP;

HELOISA MASSA MARINS FLORENZANO: BRAZILIAN, MARRIED, HOLDER OF DOCUMENTS, RG 16.720.313-7 SSP/SP AND CPF 170.330.448-95, RESIDENTIAL ADDRESS AT RUA AURISTELA MARIA FARIA, 1327, BAIRO ENG. LUCIANO CAVALCENTE - FORTALEZA/CE;

DANIEL MASSA MARINS ANTUNES DE OLIVEIRA: BRAZILIAN, DIVORCED, HOLDER OF DOCUMENTS, RG 16.720.314-9 SSP/SP AND CPF 148.207.178-98, RESIDENTIAL ADDRESS AT RUA DAS PAINEIRAS, 580, VALE DO SOL - BOTUCATU/SP;

TATIANA MASSA MARTINS: BRAZILIAN, DIVORCED, HOLDER OF DOCUMENTS, RG 16.720.312-5 SSP/SP AND CPF 148.207.168-16, RESIDENTIAL ADDRESS AT AV FLOR DE LÓTUS, 97, VALE DO SOL - BOTUCATU/SP;

CAROLINA MASSA MARTINS FANTON: BRAZILIAN, MARRIED, HOLDER OF DOCUMENTS, RG 20.636.357-6 SSP/SP AND CPF 283.753.698-96, RESIDENTIAL ADDRESS AT RUA DAS PAINEIRAS, 580, VALE DO SOL - BOTUCATU/SP.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

REMARKS:

--------

WHEN INTERVIEWED SOURCES AT THE SUBJECT STATED THAT ARE STILL WAITING FOR AUTHORIZATION FROM THE PRINCIPALS TO PROVIDE THE DATA NECESSARY TO COMPLETE THIS REPORT.

A REQUEST FOR FURTHER DATA HAS BEEN SENT TO THE COMPANY. PROVIDED THE DATA REQUESTED ARE RECEIVED FROM THE SUBJECT A COMPLEMENTARY REPORT WILL BE SENT TO YOUR ATTENTION.

THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES USUALLY INVESTIGATED.

PUBLIC INFORMATION:

PROTESTS:

1 PROTEST,TOTAL AMOUNT R$ 980,00

DETAILS OF LATEST PROTEST:

NOTARY OFFICE:	DATE:	VALUE:
2º CARTÓRIO DE SÃO MANUEL	08/01/2013	R$ 980,00

FINANCIAL INFORMATION

DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY DECLINED TO PROVIDE ANY KIND OF FINANCIAL INFORMATION.

OUTSIDE SOURCES CONTACTED SHOWED NO FINANCIAL DATA ABOUT THIS COMPANY.

EXCHANGE RATE:
US$ 1,00 = R$ 2,20	- OFFICIAL RATE ON 24/10/2013

COMMENTS ON THE FINANCIAL INFORMATION:

IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT THE SUBJECT'S CURRENT FINANCIAL STANDING.

REAL ESTATE:

NOT AVAILABLE

VEHICLES:

NOT AVAILABLE

MACHINES:

NOT AVAILABLE

INSURANCE

NOT AVAILABLE.

BANKING REFERENCES

NOT AVAILABLE.

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NOT RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK")..

ACTIVITIES COMMENTS

TRADE OF PARTS FOR TRAINS.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE.

STAFF:

THE COMPANY HAS: 154 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 1998. SO FAR IT HAS A CLEAR TRADE HISTORY AND NORMAL PAYMENT BEHAVIOUR.

THE COMPANY HAS TRADE RELATIONS WITH SOME LOCAL SUPPLIERS BUT UP TO DATE ONLY SMALL PAYMENTS WERE REPORTED AND THE SUBJECT IS NOT SAID TO BE USER OF TRADE CREDIT FACILITIES.

THE PROTEST IS IRRELEVANT.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

DAY BRASIL S/A

FUSOPAR IND COM PARAF LTDA

LEAL CARNEIRO & CIA LTDA

MACROSUL BORRACHAS PARAF LTDA

NORGREN LTDA

PAYMENT HISTORY:

9 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 189.144,00

AMOUNT OF INVOICES PAID: 93

TOTAL OF PROMPT PAYMENTS: 99,8%

TOTAL OF DELAYED PAYMENTS: 0,2%

HIGHEST INVOICE: R$ 31.788,00

HIGHEST CREDIT: R$ 31.788,00

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

---------------------------	SUPPLIERS:	INVOICES:	TOTAL AMOUNT:
DUE WITHIN 30 DAYS	3	4	R$ 4.223,95

FINAL OPINION

BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR NORMAL BUSINESS COMMITMENTS. CREDIT FACILITIES HOWEVER SHOULD BE GRANTED ON FULLY SECURED TERMS ONLY DUE TO THE ABSENCE OF FINANCIAL DATA.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.49
UK Pound	1	Rs.98.71
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

NIS

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.