MIRA INFORM REPORT

Report No. :	345633
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	FLINT GROUP TINTAS DE IMPRESSÃO LTDA
Registered Office :	Rodovia Raposo Tavares, S/Nº, KM 27,5 Moinho Velho, 06707-000 - COTIA/SP
Country :	Brazil
Date of Incorporation :	04.01.1948
Legal Form :	Limited Liability Company
Line of Business :	Manufacture and Sale of Paints, Varnishes and Other Products for Printing.
No. of Employees :	300

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 :	Exist

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. Since 2008, Brazil became a net external creditor and all three of the major 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. After reaching historic lows of 4.5% in early 2014, the unemployment rate remains low, but is rising. Brazil's traditionally high level of income inequality has declined for each of the last 15 years. GDP growth has slowed since 2011, due to several factors, including: overdependence on exports of raw commodities, low productivity, high operational costs, persistently high inflation, and low levels of investment. Brazil’s fiscal and current account balances have eroded during the past four years as the government attempted to boost economic growth through targeted tax cuts for industry and incentives to spur household consumption. After winning re-election in October 2014 by a historically narrow margin, President Dilma ROUSSEFF appointed a new economic team led by Finance Minister Joaquim LEVY, who introduced a fiscal austerity package intended to restore the primary account surplus to 1.2% of GDP and preserve the country’s investment-grade sovereign credit rating. Brazil seeks to strengthen its workforce and its economy over the long run by imposing local content and technology transfer requirements on foreign businesses, by investing in education through social programs such as Bolsa Familia and the Brazil Science Mobility Program, and by investing in research in the areas of space, nanotechnology, healthcare, and energy.

Source : CIA

Company Name

FLINT GROUP TINTAS DE IMPRESSÃO LTDA

ADDRESSES

MAIN ADDRESS:	RODOVIA RAPOSO TAVARES, S/Nº, KM 27,5 MOINHO VELHO
ZIP CODE/CITY:	06707-000 - COTIA/SP
PHONE:	11 3454-5200
FAX:	11 3454-5200
E-MAIL:	andrea.ferreira@flintgrp.com
WEB SITE:	www.flintgrp.com

BRANCHES:

DOES NOT HAVE.

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE AND SALE OF PAINTS, VARNISHES AND OTHER PRODUCTS FOR PRINTING.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	04/01/1948
REGISTER DATE:	04/01/1948
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	33.084.922/0001-83
STATE REGISTER:	278.014.456.115
SHARE CAPITAL:	R$ 63.814.910,00
LAST REGISTER OF CAPITAL:	07/07/2005

BOARD OF DIRECTORS:
MARCOS BAUER ESPINDOLA	DIRECTOR
ADHEMUR ARAUJO PILAR	DIRECTOR

AUTHORIZED USE OF SIGNATURE

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

SHAREHOLDERS / PARTNERS:
FLINT GROUP INCORPORATED (USA)	R$ 775.607,00
FLINT INK LATIN AMERICA (USA)	R$ 21.166.100,00
FLINT INK HOLDING DO BRASIL LTDA (BRAZIL)	R$ 41.873.203,00

AFFILIATES / SUBSIDIARIES:

FLINT GROUP

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON JANUARY 30, 1948 AS LORILLEUX DO BRASIL INDÚSTRIA DE TINTAS S/A TO BE ENGAGED IN THE SAID LINE OF BUSINESS. LATER IT ALTERED TO CIA QUIMICA INDUSTRIAL BRASILEIRA. ON MARCH 16, 2000 ITS CORPORATE NAME WAS MODIFIED TO FLINT INK DO BRASIL LTDA. ON MAY 03, 2011 IT ALTERED TO THE CURRENT REGISTERED ONE.

PARTNERS:

FLINT INK HOLDING DO BRASIL LTDA: HEADQUARTERED AT NA RUA BOA VISTA, 254, 7°. ANDAR, SALA 7, SÃO PAULO/SP, REGISTERED AT THE STATE OF SÃO PAULO NOTARY OFFICE UNDER 35.215.983.679, TAXPAYER'S REGISTRATION UNDER CNPJ 03.463.739/0001-28;

FLINT GROUP INCORPORATED: HEADQUARTERED AT 4600 IRROWHEAD DRIVE, ANN ARBOR, 48105, ESTADO DE MICHIGAN, UNITED STATES, TAXPAYER'S REGISTRATION UNDER CNPJ 05.635.830/0001-09, REPRESENTED BY ITS ATORRNEY, MR MARCOS BAUER ESPINDOLA, AS BELOW MENTIONED;

FLINT INK LATIN AMERICA: HEADQUARTERED AT ONEL DETRAN CENTER SUITE 1800, 9100 DADELAND BLVD., MIAMI, FLORIDA, UNITED STATES, TAXPAYER'S REGISTRATION UNDER CNPJ 05.728.734/0001-41, REPRESENTED BY ITS ATORRNEY, MR MARCOS BAUER ESPINDOLA AND MR. ADHEMUR ARAUJO PILAR, AS BELOW MENTIONED;

MARCOS BAUER ESPINDOLA: BRAZILIAN, ENTREPRENEUR, HOLDER OF DOCUMENTS CPF 278.703.320-20 AND RG 500254608-2, RESIDENTIAL ADDRESS AT RUA VICENTE ROMANO, 70, APTO 151, PARQUE DA MOÓCA, ZIP CODE 03124-050, SÃO PAULO/SP;

ADHEMUR ARAUJO PILAR: BRAZILIAN, HOLDER OF DOCUMENTS CPF 084.742.508-89 AND RG 12.623.350, RESIDENTIAL ADDRESS AT RUA BARAJUBA, 40, ALTO DE PINHEIROS, ZIP CODE 05463-040, SÃO PAULO/SP.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

REMARKS:

--------

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MS. ANDREIA - 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:

LAWSUITS:
	DATE:	COURT OF LAW:

1	FEDERAL LAWSUIT	11/10/13	VARA DE SP-COTIA
4	MUNICIPAL LAWSUITS	17/10/14	VARA DE SP-COTIA
1	STATE LAWSUIT	27/11/14	VARA DE SP-COTIA

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.

OUR INVESTIGATION THROUGH THE OUTSIDE SOURCES SHOWED NO FINANCIAL DATA ABOUT THE SUBJECT.

EXCHANGE RATE:
US$ 1,00 = R$ 3,84	- OFFICIAL RATE ON 16/10/2015

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 ITAÚ S/A	11 3003-4828	SÃO PAULO/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").

ACTIVITIES COMMENTS

THE SUBJECT IS ENGAGED IN THE MANUFACTURE AND SALE OF PAINTS, VARNISHES AND OTHER PRODUCTS FOR PRINTING.

IMPORT AND EXPORT:

IMPORTS FROM:

TAIWAN, FINLAND, HOLLAND, UNITED STATES, GERMANY, ARGENTINA AND ENGLAND.

EXPORTS TO:

THE COMPANY DOES NOT EXPORT.

MAIN CLIENTS:

DOMESTIC CLIENTS:

BAFEMA S/A IND. E COMÉRCIO

BOMBRIL S/A

BRASILGRÁFICA S/A IND. E COMÉRCIO

DONNELLEY COCHRANE GRAF. EDITORA DO BRASIL LTDA

EDITORA ABRIL S/A

EMPESA FOLHA DA MANHÃ S/A

FÁBRICA DE PAPEL E PAPELÃO NOSSA SENHORA DA PENHA S/A

FOLHA DE SÃO PAULO S/A

GONÇALVES S/A INDÚSTRIA GRÁFOCA

LADAL PLÁSTICOS E EMBALAGENS LTDA

O GLOBO EMPRESA JORNALISTICA BRASILEIRA LTDA

PLASC PLÁSTICOS SANTA CATARINA S/A

QUEBECOR WORLD RECIFE LTDA

SANTA ROSA EMBALAGENS FLEXÍVEIS LTDA

ZERO HORA EDIT. JORNALÍSTICA S/A

STAFF:

THE COMPANY HAS: 300 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT IS AN OLD AND WELL-ESTABLISHED COMPANY OPERATING WITH A HIGH SCALE OF ACTIVITIES AND A GOOD REPUTATION BASED ON CLEAR TRADE HISTORY AND GOOD PAYMENT BEHAVIOUR.

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

MOST OF THE SUPPLIERS, WHICH PROVIDED INFORMATION, REPORTED PROMPT PAYMENTS, THUS THE SUBJECT HAS A GOOD TRADE REPUTATION.

THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUITS DO NOT AFFECT THE COMPANY'S TRADE REPUTATION.

MAIN SUPPLIERS:
DOMESTIC SUPPLIERS:	PHONE:
AÇÃO INFORMATICA BRASIL LTDA	11 3508-2222
AGECOM - PRODUTOS DE PETRÓLEO	11 4543-6922
BASF BRASILEIRA S/A	11 4343-2209
CABOT BRASIL INDÚSTRIA E COMÉRCIO LTDA	11 4547-6500
CABOT BRASIL INDUSTRIA E COMERCIO LTDA	11 5091-8300
CIA BRASILEIRA DE PETRÓLEO IPIRANGA	0800 0253805
CIA NITRO QUÍMICA BRASILEIRA	11 2037-3297
CIBA ESPECIALIDADES QUÍMICA LTDA	11 5532-7053
CLARIANT S/A	11 5683-7518
CYTEC-ESPECIALIDADES PARA SUPERFICIES LTDA	11 3038-0804
EXXON MÓBIL QUÍMICA LTDA	11 3259-9117
KEPLEN OIL BRASIL	11 4652-7999
RHODIA DO BRASIL	11 3741-8795
SOCER BRASIL	11 4028-9901
UCB DO BRASIL LTDA	11 3032-4460

FOREIGN SUPPLIERS:	COUNTRY:
AKZO NOBEL COATING SR	ARGENTINA
AMERICAN GLISONITE COMPANY	USA
BASF AG	GERMANY
CDR PIGMENTS & DISPERSIONS	HOLLAND
ELEMENTIS SPECIALTIES, INC	UNITED STATES
FLINT GROUP PIGMENTS AND RESINS	HOLLAND
HEXION INK AND COATING PRODUCTS	ARGENTINA
KEMIRA PIGMENTS OU	FINLAND
RHOEX, INC	USA
RYCOLINE PRODUCTS, INC	UNITED STATES
SACHTLEBEN PIGMENTS OY	FINLAND
SHAMROCK TECHNOLOGIES, INC	UNITED STATES
SÜD-CHEMIE INC	USA
WESTVACO CORPORATION	USA
YUEN LIANG INDUSTRIAL & CO. LTD.	TAIWAN

PAYMENT HISTORY:

22 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 1.000.075,00

AMOUNT OF INVOICES PAID: 133

TOTAL OF PROMPT PAYMENTS: 99,2%

TOTAL OF DELAYED PAYMENTS: 0,8%

HIGHEST INVOICE: R$ 80.189,00

HIGHEST CREDIT: R$ 80.189,00

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

---------------------------	SUPPLIERS:	INVOICES:	TOTAL AMOUNT:
DUE WITHIN 30 DAYS	1	1	R$ 1.325,35

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.64.82
UK Pound	1	Rs.100.12
Euro	1	Rs.73.75

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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.