MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	CRW IMPORTAÇÃO E REPRESENTAÇÃO DE CORANTES LTDA
Registered Office :	Rua Do Funileiro, 133 Americana, Sao Paulo, 13478-732
Country :	Brazil
Date of Incorporation :	05.05.2004
Legal Form :	Limited Liability Company
Line of Business :	Resale of Dyes for the Textile Industry.
No. of Employee :	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

CRW IMPORTAÇÃO E REPRESENTAÇÃO DE CORANTES LTDA

ADDRESSES

MAIN ADDRESS:	RUA DO FUNILEIRO,133 - JD. INDL. WERNER PLAAS
ZIP CODE/CITY:	13478-732 - AMERICANA/SP
PHONE:	19 3468-5150
FAX:	19 3468-5150
E-MAIL:	muna@orioncores.com.br

BRANCHES:

DOES NOT HAVE.

LEGAL DATA

MAIN ACTIVITIES:

RESALE OF DYES FOR THE TEXTILE INDUSTRY.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	05/05/2004
REGISTER DATE:	14/05/2004
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	06.260.151/0001-65
STATE REGISTER:	165.325.926.115
SHARE CAPITAL:	R$ 250.000,00

BOARD OF DIRECTORS:
CANDIDO JOSÉ RODRIGUES PINHO DA SILVA	MANAGING PARTNER
WAGNER BUENO	MANAGING PARTNER

AUTHORIZED USE OF SIGNATURE

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

SHAREHOLDERS / PARTNERS:
CANDIDO JOSÉ RODRIGUES PINHO DA SILVA	R$ 50.599,00
RAJIV KANTILAL DHARIA	R$ 50.457,00
WAGNER BUENO	R$ 50.000,00
ERNESTINO VICENTE MORICONE TRINDADE	R$ 50.000,00
RAMESHCHANDRA SHAMALDAS PATEL	R$ 48.944,00

AFFILIATES / SUBSIDIARIES:

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

YORKSHIRE QUIMICA DO BRASIL LTDA - ME

W. BUENO REPRESENTACOES LTDA - EPP

IQBLU INDUSTRIAS QUIMICAS BLUMENAU LTDA - ME

TRINDADE ANILINAS E PRODUTOS QUIMICOS LTDA.

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON MAY 05, 2004 AS "CRW CORANTES LTDA" TO BE ENGAGED IN THE SAID LINE OF BUSINESS. LATER IT ADOPTED THE ABOVE MENTIONED NAME AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

THE COMPANY OPERATES WITH THE TRADE NAME: ORION CORES

PARTNERS:

CANDIDO JOSÉ RODRIGUES PINHO DA SILVA: BRAZILIAN, HOLDER OF DOCUMENTS CPF 006.692.886-91, RESIDENTIAL ADDRESS AT RUA PIO V, 85, JARDIM VITORIA REGIA, CEP 05657-210, SÃO PAULO/SP;

RAJIV KANTILAL DHARIA: AMERICAN, HOLDER OF DOCUMENT, CPF 738.511.911-53, RESIDENTIAL ADDRESS AT 5519, PIPERGLEN DRIVE CHARLOTTE, NC 28277 - USA;

WAGNER BUENO: BRAZILIAN, HOLDER OF DOCUMENTS CPF 095.794.998-70, RG 17.569.620-2 SSP/SP, RESIDENTIAL ADDRESS AT RUA ITABIRITO, 1, JARDIM IPIRANGA, CEP 13468-520, AMERICANA/SP;

ERNESTINO VICENTE MORICONE TRINDADE, BRAZILIAN, HOLDER OF DOCUMENTS, CPF: 484.051.758-49, RG/RNE: 4890114 - SC, RESIDENTIAL ADDRESS AT RUA GAL ARTHUR KOEHLER, 99, APTO 203, VILA NOVA - BLUMENAU/SC;

RAMESHCHANDRA SHAMALDAS PATEL: INDIAN, HOLDER OF DOCUMENT, CPF 738.764.531-00, RESIDENTIAL ADDRESS AT 48 HINDU COLONY NAVRANGPURA, AHMEDABAD 380, 009 - INDIA.

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:

NO DETRIMENTAL FILES WERE FOUND.

(RESEARCH DATE: 29/12/2014)

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$ 2,67	- OFFICIAL RATE ON 29/12/2014

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

	BRANCH/PHONE:	CITY:
BANCO BRADESCO S/A	215-1 / 19 3406-8736	AMERICANA/SP

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"). DATE RESEARCHED DECEMBER 29, 2014.

ACTIVITIES COMMENTS

RESALE OF DYES FOR THE TEXTILE INDUSTRY.

IMPORT AND EXPORT

IMPORTS FROM:

INDIA, CHINA AND UNITED STATES.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS

DOMESTIC CLIENTS:

NOT AVAILABLE.

STAFF

NOT AVAILABLE

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 2004. SO FAR IT HAS A CLEAR TRADE HISTORY AND NO ADVERSE INFORMATION IS NOTED.

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

MAIN SUPPLIERS
DOMESTIC SUPPLIERS:	CITY:	PHONE:
NUNES & NUNES EQUIPAMENTO P/ INFORMÁTICA LTDA (BYTE)	AMERICANA/SP	19 3461-1833
ZANINI AUDITORIA FISCO CONTABIL LTDA	AMERICANA/SP	19 3406-6868

FOREIGN SUPPLIERS:	COUNTRY:
MANISH CHEMICALS	INDIA
PRIME COLOURS CORPORATION	UNITED STATES

PAYMENT HISTORY

NO PAYMENT RECORD IS REGISTERED.

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.63.75
UK Pound	1	Rs.98.88
Euro	1	Rs.77.32

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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.