MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	BLUEWAVE MARINE PERU S.A.C.

Registered Office :	Manuel Olguin 501 Of. 902B Santiago de Surco, Lima, 33

Country :	Peru

Date of Incorporation :	29.01.2008

Com. Reg. No.:	Entry 12114207

Legal Form :	Closely-held Corporation

Line of Business :	provider of consulting services and technical advisory both for individuals and corporations comprising all management activities related to the extraction, processing and commercialization of seafood products, and any other activity that may arise from or be connected within this area

No. of Employees :	56 employees

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Peru

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

Peru - ECONOMIC OVERVIEW

Peru's economy reflects its varied geography - an arid coastal region, the Andes further inland, and tropical lands bordering Colombia and Brazil. Important mineral resources are found in the mountainous and coastal areas, and Peru's coastal waters provide excellent fishing grounds. The Peruvian economy has been growing by an average of 6.4% per year since 2002 with a stable/slightly appreciating exchange rate and low inflation. Growth in 2010 was close to 9% and in 2011 almost 7%, due partly to a leap in private investment, especially in the extractive sector, which accounts for more than 60% of Peru's total exports. At 3.4%, inflation in 2011 exceeded somewhat the upper range of the Central Bank's 1%-3% target. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs subjects the economy to fluctuations in world prices. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by 23 percentage points since 2002. A growing number of Peruvians are sharing in the benefits of growth but inequality persists posing a challenge for the new Ollanta HUMALA administration, which has championed indigenous and local disenfranchised groups. The administration seems committed to Peru's free-trade path. Since 2006, Peru has signed trade deals with the US, Canada, Singapore, China, Korea, Mexico, and Japan, concluded negotiations with the European Free Trade Association and Chile, and begun trade talks with Central American countries and others. The US-Peru Trade Promotion Agreement entered into force 1 February 2009, opening the way to greater trade and investment between the two economies. Trade agreements with South Korea, Japan, and Mexico also were signed in 2011. Although Peru has continued to attract foreign investment, political disputes and protests may impede development of some projects related to natural resource extraction.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME	BLUEWAVE MARINE PERU S.A.C.
TAXPAYER REGISTRATION	RUC 20518488709
MAIN ADDRESS	Manuel Olguin 501 Of. 902B Santiago de Surco
POSTAL CODE	Lima, 33
PROVINCE / DEPARTAMENT	Lima
STATE / REGION	Lima
COUNTRY	PERU
TELEPHONE	(511) 4378107 - 4340506 - 4378593 - 4340620
E-MAIL	svidal@pezex.com
COMMENTS	Other e-mail: kgonzales@pezex.com

SUMMARY

Date of foundation	2008
Capital stock	S/.1,000.= Nuevos Soles.
permanent employees	56
Chief Executive	VIDAL SENMACHE, BERNARDO SUNI
Disposition	Poor.- Only general information without figures.
Payments policy	Without rating (No payment experience traced)

LEGAL BACKGROUNDS

LEGAL STATUS	Closely-held Corporation
DATE OF INCORPORATION	29JAN2008
STARTING DATE	01/03/2008
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Rulbi Vela Velasquez
DURATION	Perpetual
REGISTRATION	Entry 12114207
INITIAL CAPITAL	S/.1,000.= Nuevos Soles
CURRENT PAID-IN CAPITAL	S/.1,000.= Nuevos Soles.
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	S/.1.= Nuevo Sol
CURRENT EXCHANGE RATE (US$)	S/.2.60 per USD.1.00
COMMENTS	The Company has been incorporated to the Regimen of Tax Withholding Agent (R.S.228-2012) as from 01/11/2012.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
MIRANDA EYZAGUIRRE, MARIO ALFONSO	Executive President		08/02/11
VIDAL SENMACHE, BERNARDO SUNI	General Manager		21/02/12
LEON ROSAS, CLAUDIA MARIA CONSUELO	Representative
GONZALES, KATIA	Foreign Trade Chief
MUSSELL, MICHAEL CHARLES	Shareholder	99.90%	29/01/08
TELLO FARFAN, MARIA ELENA	Shareholder	0.10%	29/01/08

WHO IS WHO?

MIRANDA EYZAGUIRRE, MARIO ALFONSO

NATIONALITY

Peruvian

D.O.B.

24APR1959

DNI 08761480

DOMICILE

Von De Velde 177

TAX ID

10087614803

BACKGROUND INFORMATION

Executive President

Bluewave Marine Peru SAC

October 2010 - Present (2 years 2 months)

Representative in Peru

Hermanos Rodríguez Gómez S.A.

November 2009 - Present (3 years 1 month)

Advisor

Investment Fishing Group SAC

September 2009 - February 2011 (1 year 6 months)

Advisor

Baltic Control Perú

February 2010 - June 2010 (5 months)

Vice Minister of Fishery

Ministry of Production

February 2004 - July 2009 (5 years 6 months)

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
HERMANOS RODRIGUEZ GOMEZ S.A.	Representative		PERU
INVESTMENT FISHING GROUP S.A.C.	Legal Advisor	20518668863	PERU
BALTIC CONTROL PERU	Legal Advisor		PERU

VIDAL SENMACHE, BERNARDO SUNI

NATIONALITY

Peruvian

D.O.B.

05JUN1967

DNI 09326795

DOMICILE

Torricelli 133 San Borja, Lima

TAX ID

10093267953

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
PESQUERA HAYDUK S.A.	Proxy	20136165667	PERU

LEON ROSAS, CLAUDIA MARIA CONSUELO

NATIONALITY

Peruvian

D.O.B.

10APR1964

DNI 07812281

DOMICILE

La Encalada 1257, Urb. El Polo

PROFESSION

Lawyer

TAX ID

10078122817

MUSSELL, MICHAEL CHARLES

NATIONALITY

Foreigner

CIVIL STATUS

Married to Lizette Rodriguez de Mussell

DOMICILE

La Encalada 1388 Interior 1101, Santiago de Surco, Lima

PROFESSION

Business Administrator

TAX ID

15512802025

BACKGROUND INFORMATION

Document N107051.

Foreigner Card 000497552.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
AUSTRAL GROUP S.A.A.	Operations Manager	20338054115	PERU

TELLO FARFAN, MARIA ELENA

NATIONALITY

Peruvian

D.O.B.

26OCT1973

DNI 09994634

CIVIL STATUS

Married to Gustavo Alejandro Ramirez Cabrera

DOMICILE

San Borja 664 (TDA.01) San Borja, Lima

PROFESSION

Lawyer

TAX ID

10099946348

BUSINESS HISTORY

Formed in accordance with Notarial Act 29/01/2008.

Charter Member: Michael Charles Mussell and María Elena Tello Farfán.

BUSINESS

SIC Classification
2 0 - FOOD AND KINDRED PRODUCTS. SOLIDS AND LIQUIDS. (Manuf.Meat products, dairy products, poultry, canned fruits and vegetables, beverages, beer.)

Main activity

The Company provides consulting services and technical advisory both for individuals and corporations comprising all management activities related to the extraction, processing and commercialization of seafood products, and any other activity that may arise from or be connected within this area.

It may also act as broker, business factor or correspondent, operating in any kind of commercial or industrial relationship with domestic and/or foreign companies, including but not limitrd to these activities.

Likewise, it may carry out any and all acts related or complementary to the business purpose that contributes to the achievement of its goals, although not expressly stated in the Articles of Incorporation.

The Company is dedicated to importing sardines for canning.

It also carries out fishing activities.

Import

Yes

Country

France, Germany, India, Indonesia, Japan, Mexico, Portugal, Slovakia, Spain, UK and USA

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	346,418.00
2011	176,535.00
2010	2,222,526.00

Export

Yes

COUNTRY

Ecuador

Annual exports in US$ (FOB)

YEAR	AMOUNT
2012	1,509,784.00

SELLING TerritorY

Domestic market and abroad

EMPLOYEES

LOCATION

OTHER PREMISES

Headquarters operate at the above address

Plants:

- Mz. E Lote 1 Z.I. Santa Elena de Paracas, Paracas, Pisco, Ica.

- Mz. E Lote 2 Z.I. Santa Elena de Paracas, Paracas, Pisco, Ica.

Warehouse:

- Av. MInerales 310, Lima.

FINANCIAL INFORMATION

Interviewee(s)	Milagros Velez
Position(s)	Logistics Chief
Disposition	Poor.- Only general information without figures.
Information provided	Ms. Velez provided brief information and agreed to submit our request to the representative of the Company. Despite the messages left, so far they have not replied.. Consequently, this report has been prepared based on the information collected from third-party sources where no balance sheets or estimated accounting figures were available.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	NN: UNDETERMINED Financial Condition of the Company is considered to be INDETERMINED since no accounting figures were available to assess its current results.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier	Country	Comment
METALPREN S.A.	PERU
CARTONES DEL PACIFICO S.A.	PERU
AUSA ADUANAS S.A.	PERU
LORET DE MOLA S.A. AGENTES AFIANZADOS DE ADUAN	PERU
SAN REMO OPERADOR LOGISTICO S.A.C.	PERU

RISK INFORMATION CENTER

DELINQUENCY (INVOICES, RECEIPTS, CHECKS)

Creditor

Date of default

Amount S/.

Amount US$

Payment Date

DELINQUENCY (PROTESTED DRAFTS, PROMISSORY NOTES)

Drawer	Document	Amount S/.	Amount US$	Protested date	Payment date
AFP Integra S.A.		2,856.00	0.00

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 30/09/2012

Bank	Debt Rating	Current Debt
		S/.	US$
		15,689,007.00
Total		15,689,007.00
Guarantees		15,233,733.00

CONSOLIDATED DEBT (ALL BANKS) ENTITIES NUMBER : 1 30/09/2012

		Domestic Currency	Foreign Currency
FINANCIAL LEASING	:	10,663,481.00
FOREIGN TRADE	:	780,398.00
CREDIT CARDS	:	6,748.00
OTHER INDIRECT CONTINGENT DEBTS	:	850,622.00
LEASE BACK, OVERDRAFTS	:	3,387,758.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	15,689,007.00
		=========================	=========================

Comments :

BIF - Banco Interamericano de Finanzas. It is a client of the above bank. Further details were not available.

GENERAL INFORMATION

REPUTATION
SLOW WITH AFP, ESSALUD, SUNAT.(Publication)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.56
UK Pound	1	Rs.87.46
Euro	1	Rs.71.08

INFORMATION DETAILS

Report Prepared by :

MNL

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.

MIRA INFORM REPORT

IDENTIFICATION

SUMMARY

LEGAL BACKGROUNDS

DIRECTORS - EXECUTIVES – SHAREHOLDERS

WHO IS WHO?

BUSINESS HISTORY

BUSINESS

FINANCIAL INFORMATION

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

GENERAL INFORMATION

Unit