MIRA INFORM REPORT

Report Date :

14.10.2014

IDENTIFICATION DETAILS

Name :	COMERCIAL TEXTIL LAS AMERICAS S.A.
Formerly Known As :	COMERCIAL SHANDONG CHILE SA
Registered Office :	Claudio Arrau 9430, Pudahuel, 9060003 Santiago / XIII Región Metropolitana
Country :	Chile
Financial Data :	31.12.2012
Date of Incorporation :	19.11.2007
Legal Form :	Joint-Stock Company
Line of Business :	Import and commercialization of home textiles: Curtains, tablecloths, carpets, bed linen
No. of Employees :	70

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Chile	A2	A1

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 of goods and services 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 2013, 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. 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

Company name and address

CORRECT COMPANY NAME	COMERCIAL TEXTIL LAS AMERICAS S.A.
TRADE NAME	TEXTIL LAS AMERICAS S.A", "TEXTIL LAS AMERICAS
TAXPAYER REGISTRATION	RUT 760145432
MAIN ADDRESS	Claudio Arrau 9430, Pudahuel,
POSTAL CODE	9060003
DEPT/PROV/REGION/STATE	Santiago / XIII Región Metropolitana
COUNTRY	CHILE
TELEPHONE	(562) 26306100 - 26306101
CORPORATE E-MAIL	s.parada@textillasamericas.cl
WEB	www.textillasamericas.cl
COMMENTS
The current name is mentioned in the relevant field. We recall that the order came without phone number.

EXECUTIVE SUMMARY
Date of foundation	2007
Capital stock	Ps$172,454,000.= Pesos
Shareholders' equity	466,722,000.00 Pesos (31DEC2012)
Annual revenues	US$ 2,943,357.71 Pesos ()
Profits (loss) Net	144,067,000.00 Pesos (31DEC2012)
permanent employees	70
Chief Executive	GONG, BAOXIN
Financial Situation	FAIR
Payments policy	Without rating (No payment experience traced)
Company Size	(ME) MID COMPANY
Credit (**)	MODERATE RISK. (Acceptable financial situation but limited).
Number of times that this company was required: 2

LEGAL STRUCTURE
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	19NOV2007	STARTING DATE	31/03/2008
PLACE OF REGISTRY	Santiago
NOTARY OFFICE	Mercedes Moreno Guemes.	DURATION	Indefinite
REGISTRATION	Pages 50046 No.35490 of Trade Register
INITIAL CAPITAL	Ps$5,000,000.= Pesos
CURRENT PAID-IN CAPITAL	Ps$172,454,000.= Pesos	LAST CAPITAL INCREASE	02/06/2011
SHAREHOLDERS EQUITY	466,722,000.00 Pesos ()
CURRENT EXCHANGE RATE (US$)	Ps$.514.26 Pesos per USD.1.00
COMMENTS
Its constitution was published in the Official Gazette on 30/11/2007, page No.21. On Deed dated 02/06/2011 before Notary Gabriel Ogalde Rodriguez de Santiago, published in the Official Gazette on 04/06/2011, there was increase in initial capital of Ps$ 5,000,000 to the sum of Ps$ 172,454,125 divided in 1,000 registered shares with no par value. This capital that is then a result of increased capital by appreciation of equity and capitalization of corporate profits and therefore has been fully subscribed and paid prior to this date. By public deed dated 11/12/2012 before notary Eduardo Avello Concha de Santiago, published in the Official Gazette on 21/12/2012, there was change in the corporate name of "Comercial Shandong-Chile S.A." by "Comercial Textil Las Américas S.A." , it can even used before banks the trade names "Textil Las Américas S.A." or "Textil Las Américas" The Management of this company is in charge of the CEO.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
GONG, BAOXIN	General manager	60%
PARADA C., SERGIO	General accountant
ZBENKU SUN	Shareholder	20%
CONTRERAS BARHT, FELIPE	Shareholder	20%

WHO IS WHO?
GONG, BAOXIN
TITLE	General manager
NATIONALITY	Chinese
TAX ID	212082341
PARADA C., SERGIO
TITLE	General accountant
TAX ID	142564904
ZBENKU SUN
TITLE	Shareholder
NATIONALITY	Chinese
PROFESSION	Businessman
TAX ID	220594696

BUSINESS HISTORY

Is referred to be related to the following companies:

TRANSPORTES SHANDONG LTDA.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
IMPORTADORA Y EXPORTADORA LAS AMERICAS LTDA.	CHILE	(AC) 761722204	Related

BUSINESS

SIC Classification
Y - TEXTILES- HILANDERIA- TEJEDURIA Y CONEXOS (Industria textil: Hilanderia, tejeduria y teñido de telas. Producción y comercialización de textiles en general. No confeccion.)

Main activity

Import and commercialization of home textiles: Curtains, tablecloths, carpets, bed linen, etc.

O P E R A T I O N S

Import

Yes

Country

China and Spain

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2014	5,587,186.41
2013	8,865,608.05
2012	946,314.16
2011	940,398.22
2010	966,202.40

Export

No

% FOREIGN PURCHASES

100%

SELLING TerritorY

Domestic market - 100%

EMPLOYEES

70

LOCATION
OTHER PREMISES	The Headquarters operates at the heading address. Building in good condition, situated in a commercial area. Branches: - Avda. Vicuña Mackenna 1440, 1er.Piso , Santiago - Chile - Avda. Independencia 385, Santiago - Chile - Alonso de Córdova 3779, Vitacura Santiago - Chile - Santa Filomena 128, Recoleta Santiago - Chile.

Comments

It performs it sales by cash and credit.

Sales / services are maintained throughout the year.

Wholesale 30%

Retail 70%

Its main clients are: Bouquet Dealers, retail trade and general public.

Purchases

Its purchases are performed by several suppliers

At the international level: 100%

FINANCIAL INFORMATION

Disposition

Very few information was given. Politely.

Interviewee(s)

Sr. Sergio Parada C.

Position(s)

Accountant

Information provided

He declined to disclose updated financial figures, so he merely validate generic operational data, which were extended through third party sources and our own files, being the last available financial information to 31/12/2012 as detailed.

BALANCE SHEET
Balance sheet date	31DEC2012
Type of balance sheet	Annual
Period	12 months
Currency	Pesos
Exchange rate per US$	478.6
A S S E T S
Cash/bank	84,518,000.00
Receivables	237,671,000.00
Inventory	484,047,000.00
Others	1,004,185,000.00
Current Assetsd	1,810,421,000.00
Fixed	22,547,000.00
Others	17,777,000.00
Total Assets	1,850,745,000.00
L I A B I L I T I E S
Current liabilities	1,321,969,000.00
Long term	62,054,000.00
TOTAL LIABILITIES	1,384,023,000.00
S H A R E H O L D E R S'  E Q U I T Y
Capital	172,454,000.00
Reserves	10,488,000.00
Profits (Loss) Net	144,067,000.00
Others	139,713,000.00
Total shareholders equity	466,722,000.00
Total Liab. / Sh. equity	1,850,745,000.00
Sales	1,408,691,000.00
Profit (Loss) Net	144,067,000.00

FINANCIAL SITUATION

Taking into account the last Financial Statement submitted and/or other factors analyzed, we believe that financial Situation of the Company is SATISFACTORY due to the following considerations:

- Liquidity Ratio is acceptable

- Working capital is positive

- Indebtedness is higher than equity account

-It is observed a good sales volume.

- Operating results are imited.

Sales History in US$ (of Balance Sheet, statement of third parties)

Date	Currency	Sales	E/R	Sales (US$)
31/12/2012	CLP	1,408,691,000.00	478.60	2,943,357.71

Property of company comments

Real estate

The investigated company a real state under its name as detailed below.

- Property, Avenida Vicuña Mackenna 1473 C 17, Santiago-Chile, with a Statutory Assessment of M $ 5.778.-, Docket No. 3157-38.

Vehicles

The investigated company has no vehicles.

Equipment and Facilities

They have the following:

- Office facilities and business premises, other necessary items.

INSURANCE

COMPANY	AGAINST	AMOUNT	EXPIRATION
BCI SEGUROS GENERALES S.A.	Total coverage	Not specified	Yearly

Main fixed assets of the company (general detail)

Purpose of insurance: Goods.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Subject does not register local credit experiences since it carries out mainly importing activities.

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

Supplier	Country
HUZHOU HENGXIN DYEING CO	CHINA
SHANDONG DAHAI CORP	CHINA

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

The Subject does not figure published in the Bulletin of commercial information with checks, bills or notes protested.

Neither labor violations, however, records the following debts in DEFAULT

Date: 03.21.2014

Document: Invoice

Value: Ps$ 93,095.00

Register: Telefonica Moviles Chile SA

Date: 02.21.2014

Document: Invoice

Value: Ps $ 93,095.00

Register: Telefonica Moviles Chile SA

Comments :

The Subject works with the following banks: - Banco de Chile - Banco de Credito e Inversiones - Banco del Estado de Chile - Banco Santander Chile.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.24
UK Pound	1	Rs.98.68
Euro	1	Rs.77.60

INFORMATION DETAILS

Analysis Done by :	RAS
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.