MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	MICROXCOLOR INDÚSTRIA E COMÉRCIO LTDA
Registered Office :	Avenida Guilherme, 278 - Vila Guilherme, 02053-000 - São Paulo/Sp
Country :	Brazil
Date of Incorporation :	08.08.1985
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of Non-Metallic Ores
No. of Employees :	14 Employees

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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, and a rapidly expanding middle class, 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 in 2011-13. 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.

Source : CIA

Company Name and address

MICROXCOLOR INDÚSTRIA E COMÉRCIO LTDA

ADDRESSES

MAIN ADDRESS:	AVENIDA GUILHERME,278 - VILA GUILHERME
ZIP CODE/CITY:	02053-000 - SÃO PAULO/SP
PHONE:	11 2905-2373
FAX:	11 2905-2373
E-MAIL:	microxcolor@uol.com.br
WEB SITE:	www.microxcolor.com.br

BRANCHES:

NOT AVAILABLE

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF NON-METALLIC ORES

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	08/08/1985
REGISTER DATE:	20/08/1985
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	54.766.498/0001-27
STATE REGISTER:	111.243.443.114
SHARE CAPITAL:	R$ 100.000,00
LAST REGISTER OF CAPITAL:	29/10/1996

BOARD OF DIRECTORS:
CLOVIS PEREIRA	MANAGING PARTNER
RICARDO DE LIMA	MANAGING PARTNER

AUTHORIZED USE OF SIGNATURE

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

SHAREHOLDERS / PARTNERS:
CLOVIS PEREIRA	50%
RICARDO DE LIMA	50%

AFFILIATES / SUBSIDIARIES:

NOT AVAILABLE

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON AUGUST 01, 1985 TO BE ENGAGED IN THE SAID LINE OF BUSINESS AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

PARTNERS:

CLOVIS PEREIRA: BRAZILIAN, HOLDER OF DOCUMENTS, CPF 606.245.318-72 E RG 6.863.959 SSP/SP, RESIDENTIAL ADDRESS AT RUA SÃO MATEUS, 110, APTO. 1, BAIRRO DA MATRIZ, CEP 09370-170, MAUÁ/SP.

RICARDO DE LIMA: BRAZILIAN, HOLDER OF DOCUMENTS, CPF 668.158.608-25 E RG 4.296.430 SSP/SP, RESIDENTIAL ADDRESS AT RUA FREI HENRIQUE DE COIMBRA, 39, VILA ROMANA, CEP 05043-040, SÃO PAULO/SP.

FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY IS 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.

PUBLIC INFORMATION:

NO DETRIMENTAL FILES WERE FOUND.

FINANCIAL INFORMATION

THE SUBJECT IS A LIMITED LIABILITY COMPANY AND IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. WHEN INTERVIEWED THE SOURCES AT THE SUBJECT WE WERE INFORMED THAT THEY WOULD NOT PROVIDE ANY FINANCIAL FIGURE PER POLICY.

OUR INVESTIGATION THROUGH THE OUTSIDE SOURCES SHOWED NO FINANCIAL DATA ABOUT THE SUBJECT.

EXCHANGE RATE:
US$ 1,00 = R$ 2,58	- OFFICIAL RATE ON 05/12/2014

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 NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

ACTIVITIES COMMENTS

MANUFACTURE OF NON-METALLIC ORES

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE

EXPORTS TO:

NOT AVAILABLE

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE

STAFF:

THE COMPANY HAS: 14 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 1985. SO FAR IT HAS A CLEAR TRADE HISTORY AND MODEST 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

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

NOT AVAILABLE

PAYMENT HISTORY:

02 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 9.488,00

AMOUNT OF INVOICES PAID: 6

TOTAL OF PROMPT PAYMENTS: 100%

HIGHEST INVOICE: R$ 2.200,00

HIGHEST CREDIT: R$ 2.200,00

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.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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.