MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	INOVA TRADING LTDA
Registered Office :	Rua Atilio Giaretta,125 Lote 5 Quadrae - Parque Empresarial Adelelmo Corradini
Country :	Brazil
Date of Incorporation :	11.06.2010
Legal Form :	Limited Liability Company
Line of Business :	Import and export of fresh fruits.
No. of Employees :	Not Available

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

INOVA TRADING LTDA

ADDRESSES

MAIN ADDRESS:	RUA ATILIO GIARETTA,125 LOTE 5 QUADRAE - PARQUE EMPRESARIAL ADELELMO CORRADINI
ZIP CODE/CITY:	13.257-584 - ITATIBA/SP
PHONE:	11 4487-2277
FAX:	11 4487-2277
E-MAIL:	cismar@nextlog.com.br

BRANCHES:

NOT AVAILABLE.

LEGAL DATA

MAIN ACTIVITIES:

IMPORT AND EXPORT OF FRESH FRUITS.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	18/05/2010
REGISTER DATE:	11/06/2010
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	13.645.099/0001-20
STATE REGISTER:	382.066.582.119
SHARE CAPITAL:	R$ 150.000,00

BOARD OF DIRECTORS:
ANDREIA FERNANDA FURLAN VIZU	MANAGING PARTNER
CISMAR ALVARENGA RODRIGUES	MANAGER
DANIELA DE FATIMA LEARDINI RODRIGUES	MANAGING PARTNER

AUTHORIZED USE OF SIGNATURE

THE MANAGERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
ANDREIA FERNANDA FURLAN VIZU	50%
DANIELA DE FATIMA LEARDINI RODRIGUES	50%

AFFILIATES / SUBSIDIARIES:

C 2 ASSESSORIA ADUANEIRA E COMERCIO EXTERIOR LTDA - ME

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON MAY 18, 2010 TO BE ENGAGED IN THE SAID LINE OF BUSINESS.

PARTNERS:

ANDREIA FERNANDA FURLAN VIZU, BRAZILIAN, HOLDER OF DOCUMENTS, CPF: 119.311.208-70, RESIDENTIAL ADDRESS AT RUA LYRDAS PIOVANI GALLO, 128, RECANTO DA PAZ, ITATIBA - SP.

DANIELA DE FATIMA LEARDINI RODRIGUES, BRAZILIAN, HOLDER OF DOCUMENTS, CPF: 252.740.678-59, RG/RNE: 263561252 - SP, RESIDENTIAL ADDRESS AT RUA IGNACIO QUAGLIA, 242, LOTEAMENTO REI DE O, ITATIBA - SP.

MANAGER:

CISMAR ALVARENGA RODRIGUES, BRAZILIAN, HOLDER OF DOCUMENT, CPF: 251.276.208-47, RG/RNE: 293271422 - SP, RESIDENTIAL ADDRESS AT RUA IGNACIO QUAGLIA, 242, LOTEAMENTO REI DE O, ITATIBA - SP.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

REMARKS:

--------

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MR. CESAR, FINANCIAL DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED.

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

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:

NO DETRIMENTAL FILES WERE FOUND.

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$ 2,65	- OFFICIAL RATE ON 12/12/2014

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 NOT RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

ACTIVITIES COMMENTS

IMPORT AND EXPORT OF FRESH FRUITS.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE.

STAFF:

NOT AVAILABLE

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 2010. SO FAR IT HAS A CLEAR TRADE HISTORY BUT ITS PAYMENT BEHAVIOUR AND ITS REPUTATION ARE STILL UNKNOWN FOR THE LOCAL SOURCES CONSULTED.

LITTLE OR NOTHING IS LOCALLY KNOWN OF SUBJECT AS A USER OF CREDIT FACILITIES.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

NOT AVAILABLE.

PAYMENT HISTORY:

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

---------------------------	SUPPLIERS:	INVOICES:	TOTAL AMOUNT:
DUE WITHIN 30 DAYS	1	1	R$ 896,61

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.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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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.