MIRA INFORM REPORT

Report Date :

14.02.2014

IDENTIFICATION DETAILS

Name :	CENCOSUD RETAIL S.A.
Registered Office :	Presidente Kennedy 9001, Pisos 4 y 5, Las Condes, 7561132 Santiago
Country :	Chile
Financials (as on) :	30.09.2013
Date of Incorporation :	1968
Legal Form :	Joint-Stock Company
Line of Business :	· Subject is an operator of department stores, hypermarket stores, supermarket chains · Retail of items of clothing for women, men and children. · Furniture, home appliances, toys, watches, perfumes, photographic items, among others.
No. of Employees :	10,000

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Chile	A2	A2

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

CHILE - ECONOMIC OVERVIEW

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2012, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. In 2012, foreign direct investment inflows reached $28.2 billion, an increase of 63% over the previous record set in 2011. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME	CENCOSUD RETAIL S.A.
TRADE NAME	PARIS S.A. Y/O CER S.A.
TAXPAYER REGISTRATION	RUT 81201000K
MAIN ADDRESS	Presidente Kennedy 9001, Pisos 4 y 5, Las Condes,
POSTAL CODE	7561132
DEPT/PROV/REGION/STATE	Santiago
COUNTRY	CHILE
TELEPHONE	(562) 29590000
CORPORATE E-MAIL	darling.ortiz@cencosud.cl
WEB	www.cencosud.cl
COMMENTS
No telephone number was given on your order.
NOTE
The address on your order is a previous address, the current address is as indicated in our report.

EXECUTIVE SUMMARY
Date of foundation	1968
Capital stock	Ps$.338,195,029,000.= Pesos
permanent employees	10,000
Chief Executive	PAULMANN KEMNA, HORST
Disposition	REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	(P1) Always to terms or early
Credit (**)	MODERATE RISK. (Acceptable financial situation but limited).
Number of times that this company was required: 19

REPUTATION

NOTHING AGAINST COMPANY

LEGAL STRUCTURE
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	13DEC1968
PLACE OF REGISTRY	Santiago
NOTARY OFFICE	Andrés Rubio Flores	DURATION	Indefinite
REGISTRATION	No.4269, Page 10174 (26/12/1968)
CURRENT PAID-IN CAPITAL	Ps$.338,195,029,000.= Pesos
CURRENT EXCHANGE RATE (US$)	Ps$.558.12 per US$1.00
COMMENTS
The General Manager is in charge of the administration. CENCOSUD RETAIL S.A (Tax ID No.81.201.000-K) is included in the List of Large Taxpayers by Resolution Ex. No.173, dated 31/12/2008.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
PAULMANN KEMNA, HORST	President	Yes
CASTILLO PRADO, PABLO MARIO	Director
RODRIGUEZ COFRE, DANIEL ALBERTO	General Manager
CRIMELLA, MARCOS	Jumbo Superm. Manager
MANGIANTE, SANTIAGO	Assistant Finance Manager
ANTUNEZ, FRANCISCO	Supermarkets Div. Manager
SAHR, RODRIGO	Jumbo Marketing Manager
FERNANDEZ, RENATO	Public Relations Manager
SIGMUND, CHRISTIAN	Jumbo Operations Manager
EKIZIAN, MIGUEL	Sta Isabel Oper. Manager
PAULMAN COEPFER, MANFRED	Shareholder	Yes
PAULMANN COEPFER, PETER	Shareholder	Yes
PAULMANN COEPFER, HEIKE	Shareholder	Yes
CENCOSUD S.A.	Shareholder / Member	99.99%
EUROFASHION S.A.	Shareholder / Member	Yes

WHO IS WHO?

PAULMANN KEMNA, HORST

TITLE

President

NATIONALITY

German

D.O.B.

22MAR1935 (Kassel - Alemania)

CIVIL STATUS

Married to Helga Koepfer

DOMICILE

Ricardo Gutiérrez 310 Martinez, Buenos Aires

PROFESSION

Businessman

TAX ID

20-60268973-6

BACKGROUND INFORMATION

German Passport: 3294888-K

Taxpayer identification: RUT 3294888-K (Chile)

He has been living in Buenos Aires since the mid 80's.

He is Manfred Paulmann Koepfer, Peter Paulmann Koepfer and Heike Paulmann Koepfer's father.

Horst Paulmann Kemna was born in Kassel, Germany in 1935. The family of seven brothers and parents emigrated from Germany to Argentina in 1948. Then in 1949, Horst and his family emigrated to Chile, settling in the south, in Osorno city.

He is the owner of the Chilean holding Cencosud.

He is the Chairman and founder of Cencosud SA He has served on the Board since November 1978. He has been Director of the Chamber of Commerce in Germany (CAMCHAL) and the Chamber of Commerce of Chile. Mr. Paulmann is currently Chairman of the Standing Committee Binational Business between Chile and Argentina, and is a member of the Business Association of Argentina (AEA).

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
CENCOSUD ADMINISTRADORA DE TARJETAS S.A.	President	995008408	CHILE
CENCOSUD INTERNACIONAL S.A.	President	969781808	CHILE
CENCOSUD SUPERMERCADOS S.A.	President	846717005	CHILE
EASY COLOMBIA S.A.	Director	9001551071	COLOMBIA
EUROFASHION LTDA.	Chairman of the Board	798295004	CHILE
CENTROS COMERCIALES SUDAMERICANOS S.A.	President	938340005	CHILE
CENCOSUD S.A.	President	30590360763	ARGENTINA
CENCOSUD ESPAÑA S.L.	President		SPAIN
CENCOSUD SHOPPING CENTER S.A.	President	942260008	CHILE
DISCO S.A.	President	30537079106	ARGENTINA
EASY S.A.	President	966717505	CHILE
JUMBO RETAIL ARGENTINA S.A.	President	30708772964	ARGENTINA

CASTILLO PRADO, PABLO MARIO

TITLE

Director

NATIONALITY

Chilean

ID

PAS 9.856.677-5

BACKGROUND INFORMATION

He is the oldest son of Erasmo Wong Chiang, founder of WONG CORPORATION.

In 1990, he received the "Latin American Marketing Man Award" granted by the Association of Sales and Marketing Executives of Peru and in 1992 he was awarded with the "Entrepreneur of the Year" granted by the Institute of Business Administration "IPAE."

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
CENCOSUD S.A.	Division Manager	938340005	CHILE
CENCOSUD SUPERMERCADOS S.A.	Superm.Div.Mgr(Chile/Arg)	846717005	CHILE
UMBRALE S.A.	Director	761933604	CHILE
E. WONG S.A.	Director	20100106915	PERU

RODRIGUEZ COFRE, DANIEL ALBERTO

TITLE

General Manager

NATIONALITY

Chilean

D.O.B.

18JUN1965

ID

DNI 86837285

DOMICILE

Pte R. Saenz Peña 788, Buenos Aires

TAX ID

23-60263995-9

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
E. WONG S.A.	Director	20100106915	PERU
EASY COLOMBIA S.A.	1st. Alternate Director	9001551071	COLOMBIA

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
JUMBO RETAIL ARGENTINA S.A.	Director	ARGENTINA	2012

CRIMELLA, MARCOS

TITLE

Jumbo Superm. Manager

NATIONALITY

Chilean

ID

PAS 13411302

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
CENCOSUD RETAIL PERU S.A.	Representative	20109072177	PERU
TRES PALMERAS S.A.	Representative	20208388500	PERU
E. WONG S.A.	Representative	20100106915	PERU

PAULMAN COEPFER, MANFRED

TITLE

Shareholder

BACKGROUND INFORMATION

Until November 2011, he held the position of President of CENCOSUD RETAIL S.A., then his father, Paulmann Kemma, suceeded him.

CENCOSUD S.A.

BUSINESS BACKGROUND

Chilean company, headquartered in A. Kennedy 9001, Piso 7, Las Condes, Santiago.

Cencosud SA (IPSA: CENCOSUD [2]) is a business consortium of Chilean capital that operates in several countries in South America, mainly in the retail sector.

Originally called Centros Comerciales Sudamericanos S.A., several companies currently depend on it, among them in the supermarkets segment , the "Jumbo" hypermarkets ( in Chile and Argentina), the Argentinian chains "Disco" and "Super Vea", the Chilean "Santa Isabel", the Peruvian "Wong" and the Brazilian "GBarbosa". In Chile the department store chain "Paris", "Banco Paris" and its credit card "Mas". Cencosud also operates the home improvement store "Easy", present in Chile, Argentina and Colombia, along with a number of malls in the Southern Cone, as "Alto Las Condes", "Portal La Dehesa", "Florida Center" and "Unicenter Shopping". To this is added a prominent role in the real estate sector, reflected mainly through the construction of Costanera Center, a complex of buildings which will include the tallest skyscraper in South America.

The company was created through supermarket "Las Brisas" founded by German immigrant "Horst Paulmann" in the city of Temuco, in the south of Chile. Jumbo, the first hypermarket in the country, opened in 1978, in the eastern sector of Santiago de Chile and three years later it opened in Buenos Aires too. Years later, it expanded its business of supermarkets and shopping centers until 2005 when they acquired Paris in Chile. Thereafter, Cencosud expanded to Peru, Colombia and Brazil, and became one of the largest retail chains in Latin America.

BUSINESS HISTORY

The Company was formed in the City of Santiago on 13/12/1968 as a Limited Liability Company under the name ALMACENES PARIS LTDA.

In accordance with Notarial Act dated 16/07/1996, before the Notary Martín Vásquez Cordero, the legal status was changed to Joint Stock Company, hence, it changed its name to ALMACENES PARIS COMERCIAL S.A.

According to Notarial Act dated 04/10/2005, before the Notary Emilio Pomar Carrasco in Santiago, published in the Official Gazette on 11/10/2005, the name of the Company was changed again from ALMACENES PARIS COMERCIAL S.A. to PARIS S.A., being authorized to use the short name PARIS for publishing and propagandas.

On 04/11/2005, the Company cancelled its registration in the Securities Register, and became a Closely-Held Corporation.

In compliance with Notarial Act dated 13/12/2006 before Emilio Pomar Carrasco, Notary Public in Santiago, published in the Official Gazette on 09/01/2007 Page 15, there was an increase in paid capital at that date, from Ps$.11,360,175,608.= divided into 250,000,000 non par value shares to the sum of Ps$31,438,931,335 .= Pesos, divided into 350,000,000 non par value shares.

According to Notarial Act dated 02/01/2008 before Gustavo Montero Martí, Notary Public in Santiago, published in the Official Gazette on 23/01/2008 Page 16, share capital increased to the sum of Ps$.431,739,974,880.= Pesos divided into 600,000,000 non par value shares.

Moreover, in 2008, the first stage of the Maipu Portal started with the inauguration of Easy.

In compliance with Notarial Act dated 30/06/2009 before Notary Gustavo Montero Marti, Substitute Notary, José Musalem Saffie in Santiago, published in the Official Gazette on 11/07/2009 Page 30, Bylaws were amended under which it was agreed to divide the company into three, one as the legal successor which will keep the name PARIS S.A. (the Subject Company) and two new companies that will be called "Paris Santiago Centro S.A. and "Paris Inmobiliaria SCT S.A.". As a result, it was agreed to reduce the capital to the amount of Ps$ 55,945,550,521.= Pesos divided into 600,000,000 registered shares of the same series and without par value.

In accordance with Notarial Act dated 31/08/2009, before Gustavo Montero Marti, Notary Public in Santiago, published in the Official Gazette on 04/09/2009 Page 80, Bylaws were amended concerning impending merger of "Cencosud Supermercados S.A." with "Paris S.A." (which shall be called Cencosud Retail S.A., effective as from September 1, 2009), by amalgamating the first mentioned into the latter, which will survive and continues the activities and operations, in terms specified in the relevant Notarial Act, hence it adopted the new name: "Cencosud Retail SA" t/a Paris S.A. or Cer S.A. The merger increases the capital to the sum of Ps$ 338,195,028,981 Pesos divided into 4,771,059,158 registered shares with no par value. It also expands its business purpose.

Pursuant to Notarial Act dated 01/10/2010 , before José Musalem Saffie, Notary Public in Santiago, published in the Official Gazette on 16/10/2010 Page 4, there was change in the business purpose, expanding as follows: The company operates commercial establishments, supermarkets, distributors, department stores on a wholesale and retail basis; perform directly or through others the purchase, sale, import, export, distribution of all goods, merchandise or services; create, form or participate in civil or commercial partnerships, management and operation of pharmacies and pharmaceutical warehouses.

In 2010, Paris Chile announced the opening of four stores, one of then in Copiapo being the largest of the 4 due to the high population growth. Moreover, in the the same city, they completed the second stage of Copiapo Portal. With the earthquake and subsequent tsunami at the beginning of the year, several tents of the brands Santa Isabel and Easy were opened in the affected areas. In the mid-year, they acquired "Mall Concepcion", currently under construction. In the same city, but at the end of the same year, they began to build the first Jumbo and Easy in Gran Concepcion. It is worth mentioning that Easy had already been provisionally installed in Concepcion after the earthquake in two points: at Chacabuco Avenue, in the heart of Concepcion (in the vecinity of the old germal school in Concepción, land the company owns since 2009) and to date it still serves the public;and at Alessandri Highway, on the corner of Costanera Avenue, in a vast land (formerly owned by the partnership formed by Casinos Enjoy and the University of Concepción and its subsidiary Loteria) located on the border of the communes Hualpén and Concepción (where Jumbo / Easy will be set up).

In 2011, Cencosud changed its corporate image as well as all its trademarks to a style similar to the Paris store.

In January 2011, the Chilean justice declared as abusive a clause of the regulations of the Jumbo Mas card which caused customers to be charged a surcharge on the cost for card maintenance, and Cencosud was ordered to pay a fine of US$26 000 million dollars and return the money to affected customers that the Consumers Association (Conadecus) calculated 400,000.

Press releases reported that after the earthquake of February last year, Cencosud entered merchandise to the country under the banner of humanitarian aid, to exempt themselves from paying taxes, then to sell it to the State of Chile. Democrats Deputies, Aldo Cornejo, Gabriel Ascencio, Gabriel Silber and Pablo Lorenzini met with the Director of the National Customs Service, Gonzalo Sepulveda, asking him to file a suit against the company. Eventually the charges were dropped, since Cencosud paid customs duties and VAT on the merchandise that was entered the country. The problem occurred because, Cencosud's imported merchandise declared as humanitarian aid to expedite delivery and not to clog the trucks at the border. All the cargo had been bought by the government of Chile, which payment was withheld until clarification of the customs situation.

By 2012, it is expected that this joint venture involve US$ 200 million dollars of investment in Easy in Colombia.

Cencosud has opened its first stores in Paris Peru where its plan is to open 12 stores in 2013 and 2014 with the 2012 investment plan, opening its first store in the first quarter 2013.

In Peru, Paris began operations with its first store in the city of Arequipa in the mall Arequipa Center owned by Cencosud. There Paris has a built area of more than 6,000 m2; then they opened the store in Plaza Norte, being the first store in the city of Lima, followed by the 3rd store in the mall El Quinde Shopping Plaza in the city of Cajamarca, and last November, Paris opened 3 new stores in the mall El Quinde Shopping Plaza of the city of Ica , a second store in the city of Arequipa, in the mall Parque Lambramani Park owned by Parque Arauco, and closed the year with the 6th store in the city of Lima in the mall Plaza Norte.

Other projects of Paris for 2014, in the city of Lima, include the mall Plaza San Miguel, in the mall Aventura Plaza, Bellavista Callao, and mall Aventura Plaza in the city of Trujillo, as well as Stand-Alone stores in different districts of Lima (to be confirmed).

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
ADMINISTRADORA DE CREDITOS COMERCIALES ACC S.A.	CHILE	799196808	Related
ADMINISTRADORA DE SERVICIOS INTEGRALES ASIN S.A.	CHILE	89726000K	Related
ADMINISTRADORA Y COMERCIAL ARAUCO LTDA	CHILE	88637500K	Related
ADMINISTRADORA Y COMERCIAL CONCEPCION LTDA	CHILE	784487806	Related
ADMINISTRADORA Y COMERCIAL LOS ANGELES LTDA.	CHILE	777790005	Related
ADMINISTRADORA Y COMERCIAL MAIPU S.A.	CHILE	784576701	Related
ADMINISTRADORA Y COMERCIAL TEMUCO LTDA	CHILE	780717203	Related
ASESORES EN VIAJES S.A.	CHILE	968518003	Related
BLAISTEN S.A.	ARGENTINA	(AC) 30692311392	Related
CENCOSUD SUPERMERCADOS S.A.	CHILE		Related
DISCO S.A.	ARGENTINA	(AC) 30537079106	Related
E. WONG S.A.	PERU	(AC) 20100106915	Related
GESTION INTEGRAL DE RECURSOS HUMANOS LTDA	CHILE	780786000	Related
GRANDES TIENDAS ADMINISTRADORA CENTRO LTDA.	CHILE	773131600	Related
LOGISTICA Y DISTRIBUCION ALMACENES PARIS LTDA.	CHILE	77301910K	Related
MUEBLES PARIS LTDA	CHILE	833576003	Related
PARIS CORREDORES DE SEGUROS LTDA.	CHILE	771285708	Related
SOCIEDAD COMERCIAL DE TIENDAS LTDA	CHILE	882355004	Related
SOCIEDAD COMERCIAL VICUNA MACKENA LTDA	CHILE	796370602	Related
TRASNPORTES MANQUEHUE LTDA	CHILE		Related
UMBRALE S.A.	CHILE	(AC) 761933604	Related

BUSINESS

SIC Classification
5 7 - RETAIL TRADE -HOME FURNITURE, FURNISHINGS, AND EQUIPMENT STORES. (Trade of furniture and household appliance.)

Main activity

CENCOSUD is an operator of department stores, hypermarket stores, supermarket chains: Jumbo and Santa Isabel.

Retail of items of clothing for women, men and children.

Furniture, home appliances, toys, watches, perfumes, photographic items, among others.

O P E R A T I O N S

Import

Yes

Country

Paraguay, Argentina, Brazil, Australia, China, Bolivia, Ecuador, Pakistan, USA

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2013	455,479,331.30
2012	506,052,160.00
2011	453,636,879.60
2010	384,240,651.33

Export

Yes

COUNTRY

USA, Ecuador, Bangladesh, Hong Kong

Annual exports in US$ (FOB)

YEAR	AMOUNT
2013	66,814.28
2012	6,691.90
2010	4,416.00
2009	45,137.12

% CASH SALES / METHOD

100% (credit cards are accepted)

% Ventas exterior (Paises)

1%

SELLING TerritorY

Domestic and international market

EMPLOYEES

10,000

LOCATION

OTHER PREMISES

Administrative offices: Edificio Cencosud, Av. Presidente Kennedy 9001, Piso 4° - 5° Las Condes Santiago, Chile. Building is kept in good condition, located at comercial area, in a highly transited avenue. Warehouses: Calle Nueva No 3611 Macul, Chile. Modern construction, building in good condition, located in industrial area. Branches: - Av Libertador Bernardo O'Higgins No 815. (Building 7 floors) - Tienda de Lyon, Av 11 de Setiembre 2221, Pisos 1 - 2, Providencia. - Tienda Mall Parque Arauco, Av Presidente Kennedy 5225, Las Condes. - Tienda Mall Plaza Vespucio, Av Vicuna Mackena 7110, La Florida. - Tienda Mall Plaza Oeste, Av Américo Vespucio 1501, Cerrillos. - Tienda Plaza El Trebol, Jorge Alessandri 3177, Talcahuano. - Tienda Base Naval Talcahuano. - Tienda Mall El Roble 610, Chillan. - Tienda Mall Solari 1400, Chillan. - Tienda Castellón 539, Concepción. There are 31 Paris stores nationwide and more than 150 Jumbo and Santa Isabel supermarkets.

Comments

Wholesale - 100% on a retail basis.

Sales are aimed at the general public.

At group level, they hire 101,392 people

FINANCIAL INFORMATION

Disposition

REPORT PREPARED FROM OUTSIDE SOURCES.

Information provided

As policy of the Company does not allow to disclose information to third-party concerning its activities, we have had to prepare this report based on data collected from third-party sources, official and our database.

No balance sheets could be obtained. Nevertheless, we include for reference purpose the Consolidated Balance Sheet of CENCOSUD S.A. (Parent Company) and Subsidiaries

Comments

CONSOLIDATED FINANCIAL STATEMENT OF CENCOSUD S.A. AND SUBSIDIARIES

Expressed in Thousands Chilean Pesos

As of 30/09/2013 31/12/2012

Current Assets 2,522,307,016 2,667,873,012

Non current Assets 7,039,548,607 7,054,541,766

TOTAL ASSETS 9,561,855,623 9,722,414,778

Current Liabilities 2,888,902,925 3,744,453,657

Non current Liabilities 2,547,665,839 3,744,453,657

TOTAL LIABILITIES 5,435,568,764 6,310,203,034

Shareholders' equity 4,125,286,859 3,412,211,744

TOTAL LIAB. / SHAREH.

EQUITY 9,561,855,623 9,722,414,778

Revenue from ordinary activities 7,279,663,202

Results for the year -95,290,760

SALES

US$ 0.00 ()

FINANCIAL SITUATION

B: FAIR

Despite no balance sheets were available, the Company is economically supported by its owners.

It is publicly known that the Company operates without problems. It fulfills its obligations satisfactorily.

Property of company comments

Real Properties:

- Estate: Barros Arana 883-899, Concepción, Chile; appraisal - Ps$6,718,103,000.= Pesos, registered in Roll No.208.30

- Parking: Moneda 645 Box A 204, Santiago, Chile; appraisal - Ps$5,345,000.= Pesos, registered in Roll No.71-595

Vehicles:

The Company rents vehicles for the company's use.

Machinery and Facilities:

Equipment and ancillary tools to carry out its activities regularly. Further details were not obtained.

INSURANCE

COMPANY	AGAINST	AMOUNT	EXPIRATION
CHARTIS CIA. DE SEGUROS GENERALES	Various risks	Not specified	Yearly
PENTA SECURITY S.A.	Various risks	Not specified	Yearly

Main fixed assets of the company (general detail)

Insurance policy covers fire, flood and any damages caused by water, thefts, earthquakes, etc., on real estates, facilities, stocks, etc.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: COLGATE PALMOLIVE CHILE S.A.	Tel.: (56 2) 23876100	Country: CHILE
Goods/Services? : Colgate Palmolive products
Highest credit? : US$ 15,000.=
Client since? : 2009	Terms? : 60 days	Performance? : Prompt
Supplier: PHILIPPI IRARRAZABAL, PULIDO & BRUNER LTD	Tel.: (56 2) 23643700	Country: CHILE
Goods/Services? : Legal advisory service
Highest credit? : DC Not specified
Client since? : 2009	Terms? : 30 days	Performance? : Prompt

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

Supplier	Country
PROCTER & GAMBLE CHILE LTDA.	CHILE
TRANSPOL TOUR LTDA.	CHILE
BIO LITHT S.A.	CHILE
EYZAGUIRRE Y COMPAÑIA ABOGADOS	CHILE
PROGUARDIAS S.A.	CHILE
XIAN FAR EAST IMP AND EXP.	CHINA
XIANGSHAN YONGFA GARMENT CO.	CHINA
ANHUI LIGHT INDUSTRIES INTERNATIONAL CO.	CHINA
GOLDEN PROFIT ENTERPRISES	U.S.A.

Comments :

It banks with: BBVA CHILE BANCO DE CHILE BANCO DE CREDITO E INVERSIONES BANCO ESTADO

GENERAL INFORMATION

Explanation about commercial reputation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.27
UK Pound	1	Rs.103.47
Euro	1	Rs.84.87

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.