MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	IMPORTADORA Y EXPORTADORA RICHATEX LTDA.
Registered Office :	Manzana 3 Galpón 24, Zona Franca
Country :	Chile
Date of Incorporation :	23.03.1997
Com. Reg. No.:	789621500
Legal Form :	Limited Liability Company
Line of Business :	· Importation and commercialization of textile products. · Wholesale 100%.
No of Employees :	7

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

IDENTIFICATION

CORRECT COMPANY NAME

IMPORTADORA Y EXPORTADORA RICHATEX LTDA.

TAXPAYER REGISTRATION

RUT 789621500

MAIN ADDRESS

Manzana 3 Galpón 24, Zona Franca

DEPT/PROV/REGION/STATE

Iquique / I Región de Tarapacá

COUNTRY

CHILE

TELEPHONE

(5657) 2429009

CORPORATE E-MAIL

richatex2@gmail.com

COMMENTS

The complete and duly registered name of the Company is as above indicated.
 
No telephone number was given on your order.
 
Fax: (5657) 2414310

NOTE

The address on your order is an uncomplete and incorrect spelling address, the correct and complete address is as above-mentioned.

EXECUTIVE SUMMARY
Date of foundation	1997
Capital stock	Ps$.90,045,000.= Pesos
permanent employees	7
Chief Executive	HARKISHAN ROHIRAM, RAM
Disposition	Poor. Very few information was given. Politely.
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: 1

LEGAL STRUCTURE
LEGAL STATUS	Limited Liability Company
DATE OF INCORPORATION	23MAR1997
PLACE OF REGISTRY	Iquique
NOTARY OFFICE	Manuel Schepeler Raveau	DURATION	5 years, automatically renewable
REGISTRATION	Page 263, Vol. No.239
CURRENT PAID-IN CAPITAL	Ps$.90,045,000.= Pesos
COMMENTS
Incorporation was published on the Official Gazette on 05/04/1997, Page 22. The General Manager is in charge of the Administration.

DIRECTORS - EXECUTIVES - SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
HARKISHAN ROHIRAM, RAM	General Manager	99%
ROHIRA, YAYESH	Commercial Manager
BARRIOS, JORGE	General Accountant
SANTOO HIMATSINGHANI, BINA	Member	1%

WHO IS WHO?
HARKISHAN ROHIRAM, RAM
TITLE	General Manager
NATIONALITY	Indian

BUSINESS HISTORY

In accordance with Notarial Act dated 17/12/1999 before Raúl Arancibia Cerda, Notary Public of Iquique, published on the Official Gazette on 09/02/2000 Page N° 26, members were changed. Mohan Shewaram Manglani sold and transferred the 100% of his stake to Bina Santoo Himatsinghani. Consequently, the only members are Ram Harkishan Rohira with the99% of the capital stock and Bina Santoo Himatsinghani, wiht the remaining 1 percent. 
 
In accordance with Notarial Act dated 28/03/2001 before Christian Barrera Perret, Notary Public of Iquique, published on the Official Gazette on 06/04/2001 Page N° 27, members were changed. Bina Santoo Himatsinghani sold and transferred the totality of her stake to Deepak Harkishan Rohira. Consequently, the only members are Ram Harkishan Rohira with the 99% of the capital stock and Deepak Harkishan Rohira, with the remaining 1 percent.
 
In accordance with Notarial Act dated 28/09/2011 before Nestor Araya Blazina, Alternate Notary Public of Santiago in replace of Patricio Torres Velozo, published on the Official Gazette on 07/10/2011, members were changed. Deepak Harkishan Rohira holder of 1% of the capital stock left the Company. He sold and transferred his stake to Bina Santoo Himatsinghani who joined the Company. Consequently, as from that date, the only shareholders are Ram Harkishan Rohira and Bina Santoo Himatsinghani, holders of the 99% and 1% of the capital stock, respectively.

BUSINESS

SIC Classification

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

Main activity

Importation and commercialization of textile products. 
Wholesale 100%.

OPERATIONS

Import

Yes

Country

Pakistan, Hong Kong, Thailand, China, Korea, India

Export

Yes

COUNTRY

Paraguay, Peru, Bolivia

% CASH SALES / METHOD

40%

% Credit SALES / Terms

60% at 30 and 60 days

% Ventas exterior (Paises)

85%

% FOREIGN PURCHASES

100%

SELLING TerritorY

Domestic market - 15%

EMPLOYEES

7

LOCATION
OTHER PREMISES	Headquarters and commercial offices are located at the above address. Premises are kept in good condition, situated at commercial area, normal traffic. Branch: Manzana 7 Galpón 7, Zona Franca, Iquique.

Comments

Direct import and export (it is not registered in the National Customs Service)
 
Clients: Retailers

FINANCIAL INFORMATION
Disposition	Poor. Very few information was given. Politely.
Interviewee(s)	Jayesh Rohira
Position(s)	Commercial Manager
Information provided	Ms. Rohira declined to give the financials under confidentiality but she provided with general information. In view of this situation, we consulted outside sources to complete this report but it was not possible to get balance sheets and/or estimated accounting figures.
FINANCIAL SITUATION	FAIR Despite no balance sheets were available, it should be mentioned this is a medium-infrastructure company operating in a very competitive sector. No negative backgrounds were reported.
Property of company comments
REAL ESTATES: - Offices:Argentina 1248 Antofagasta-Chile; appraisal - M$ 17.736.-, Record Nº 536-9 VEHICLES: It has a vehicle to be used by the Company EQUIPMENT Office equipment
Main fixed assets of the company (general detail)
Insured Risk: Full coverage. Insured Object: Assets in general Validity: Unspecified

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

Found no unpaid documents and protests. Found neither labor or social security infringements nor delinquent debts against the Company.

Comments:

No reported banking debt.

BANKERS :

BANCO DE CREDITO E INVERSIONES
Branch Iquique
 
Under bank secrecy, the above entity declined to give information about its client.

GENERAL INFORMATION

Explanation about commercial reputation

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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.