MIRA INFORM REPORT

Report Date :

24.07.2012

IDENTIFICATION DETAILS

Name :	ENVASES MULTIPLES S.A.
Registered Office :	Pacto Andino 124 Urb. La Villa, Chorrillos
Country :	Peru
Financials (as on) :	31.12.2010
Date of Incorporation :	29.12.1980
Com. Reg. No.:	Card 33834, Page 22280 (26.02.81), Entry 01097180
Legal Form :	Joint-Stock Company
Line of Business :	manufacturing flexible packaging products for medicines and food products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	EUR.250,000
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Peru

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

IDENTIFICATION
CORRECT COMPANY NAME	ENVASES MULTIPLES S.A.
TRADE NAME	EMUSA
TAXPAYER REGISTRATION	RUC 20100089212
MAIN ADDRESS	Pacto Andino 124 Urb. La Villa, Chorrillos
POSTAL CODE	Lima,9
PROVINCE / DEPARTAMENT	Lima
STATE / REGION	Lima
COUNTRY	PERU
TELEPHONE	(511) 6176700
E-MAIL	jrios@emusa.com.pe
COMMENTS	This Company was merged by EMUSA PERU S.A. which continues the activities. The following information concerns the Company before being merged.

SUMMARY
Date of foundation	1980
Capital stock	S/.18,600,000.= Nuevos Soles
Shareholders' equity	27,115,657.00 Nuevos Soles (31DEC2009)
Annual revenues	US$ 34,293,724.91 Nuevos Soles (31DEC2009)
Profits (loss)	2,020,608.00 Nuevos Soles (31DEC2009)
Chief Executive	FISHMAN LERNER, SIMON
Disposition	Report totally prepared by outside sources.
Payments policy	Delays but within sector norms
Credit (**)	Risk is Very High. Vulnerable, Losses. Heavy Situation.

CREDIT OPINION
Requested credit	EUR.250,000.= Euros
Suggested credit (*)	Not eligible
(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	29DEC1980
STARTING DATE	30/06/1985
PLACE OF REGISTRY	Lima
DURATION	Indefinite
REGISTRATION	Card 33834, Page 22280 (26.02.81), Entry 01097180
CURRENT PAID-IN CAPITAL	S/.18,600,000.= Nuevos Soles
SHAREHOLDERS EQUITY	27,115,657.00 Nuevos Soles (31DEC2009)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	S/.2.63 per USD.1.00
COMMENTS	On 01/10/2010 EMUSA PERU S.A.C. took over the assets and liabilities of ENVASES MULTIPLES S.A. (Tax ID RUC 20100089212, formed on 29/12/1980 and engaged in the manufacture of flexible packaging. Excluded from the Regimen of Tax Withholding Agents as from 01/06/2012.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
FISHMAN COTLEAR, MARCOS SHULIM	President		01/04/85
LINARES LLANOS, LUIS ENRIQUE	Director		08/05/00
TOSO CHAVEZ, ALFREDO LUIS	Director		11/04/85
MAEDA HATAE, SANTIAGO BENIGNO	Director		08/05/00
FISHMAN LERNER, SIMON	General Manager		08/05/00
MARQUEZ CANELO, JOSE	Representative		01/09/03
RIOS MORON, JAVIER AUGUSTO	General Accountant		26/03/04

WHO IS WHO?

FISHMAN COTLEAR, MARCOS SHULIM

NATIONALITY

Peruvian

D.O.B.

04AUG1946

ID

DNI 08261226

CIVIL STATUS

Married to Karin Lerner Rub

DOMICILE

Santa María 270 ,San Isidro, Lima

TELEPHONE

4224759/4401698

PROFESSION

Mechanical Engineer

TAX ID

10082612268

BACKGROUND INFORMATION

Mechanical Engineer graduated from Universidad Nacional de Ingeniería with Administration studies at Universidad de Piura and Harvard University.
 
In QUIMPAC, he has been Executive Chairman of the Board of Directors. He was Chairman of the Board of Directors at Química del Pacifico S A (1992 - 1995). At present, he is Chairman of the Board of Directors of Papelera Nacional, Envases Múltiples and other companies. 
He was Director in several companies and financial institutions.
 
He takes part in the companies of the FISHMAN group.
 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
PAPELERA NACIONAL S.A.	Executive President	20100047641	PERU
QUIMPAC ECUADOR S.A	Chairman	0990344760001	ECUADOR
QUIMPAC S.A.C.	President	20330791501	PERU
SUPLACORP S.A.C.	President	20465062356	PERU
EMUSA PERU S.A.C.	President	20536733419	PERU
ARINCO S.A.	Executive President	20137252849	PERU
ADOLMAR S.A.	President	20302795739	PERU
EMUSA S.A.	President	42750296	GUATEMALA
COMPAÑIA DE ADMINISTRACION Y TECNOLOGIA AGRICOLA S.A.C.	General Manager	20502287380	PERU
EMPAQUES FLEXIBLES EMPESA S.A	Executive President	20509203726	PERU
CARTONES DEL PACIFICO S.A.C	Representative	20518791983	PERU
LUCOFI S.A.C	Representative	20509390810	PERU
ENERGIA DEL PACIFICO S.A.	General Manager	20543420477	PERU
CORPORACION COTLEAR	President	20484014494	PERU

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
EMPRESA DE LA SAL S.A.	President	PERU
CALZADO ANDINO S.A.	Director	PERU

LINARES LLANOS, LUIS ENRIQUE

NATIONALITY

Peruvian

D.O.B.

10OCT1949

ID

DNI 06026270

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
GREEN PERU S.A.	Director	20397680038	PERU
EMPRESA DE LA SAL S.A.	Executive Director	20100101280	PERU
PAPELERA NACIONAL S.A.	Director	20100047641	PERU
QUIMPAC S.A.C.	Controller	20330791501	PERU

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
ENVASES MULTIPLES S.A.	Executive Director	PERU	2010

TOSO CHAVEZ, ALFREDO LUIS

NATIONALITY

Peruvian

D.O.B.

02APR1936

ID

DNI 08197869

PROFESSION

Public Accountant

TAX ID

10081978692

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
ENVASES MULTIPLES S.A.	Director	PERU	2010
QUIMPAC S.A.	Vice President	PERU	2011

MAEDA HATAE, SANTIAGO BENIGNO

NATIONALITY

Peruvian

D.O.B.

20NOV1951

ID

DNI 06203026

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
PAPELERA NACIONAL S.A.	Director	20100047641	PERU

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
ENVASES MULTIPLES S.A.	Director	PERU	2010

FISHMAN LERNER, SIMON

NATIONALITY

Peruvian

D.O.B.

18DEC1973

ID

DNI 07883281

CIVIL STATUS

Married to Valeri Soued Nathan

PROFESSION

Business Administrator

TAX ID

10078832814

BACKGROUND INFORMATION

Graduated from Universidad de Lima.
 
His Tax ID (RUC 10078832814) was issued on 13.08.1999 to operate as an Individual without Business in activities related to business advisory.
 
He takes part in the companies of the FISHMAN group.
 
At present, he is the General Manager of Emusa Perú S.A.C. and Emusa Guatemala. 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
CARTONES DEL PACIFICO S.A.C.	Representative	20518791983	PERU
LUCOFI S.A.C.	General Manager	20509390810	PERU
EMPAQUES FLEXIBLES EMPESA S.A.	Legal Representative	20509203726	PERU
INFGROUP S.A.	Legal Representative	20251003361	PERU
QUIMPAC CORP. S.A.C	Legal Representative	20507225382	PERU
EMUSA PERU S.A.C.	Executive Director	20536733419	PERU
EMPRESA DE LA SAL S.A.	Vice President	20100101280	PERU
PAPELERA NACIONAL S.A.	Legal Representative	20100047641	PERU
QUIMPAC S.A.C.	Vice President	20330791501	PERU
EMUSA S.A.	Vice President	42750296	GUATEMALA
SUPLACORP S.A.C.	Director	20465062356	PERU

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
ENVASES MULTIPLES S.A.	Managing Director	PERU	2010

MARQUEZ CANELO, JOSE

NATIONALITY

Peruvian

D.O.B.

17MAY1931

ID

DNI 06695671

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
ENVASES MULTIPLES S.A.	Representative	PERU	2010

BUSINESS HISTORY

EMUSA was part of the so-called business organization FISHMAN.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
EMUSA PERU S.A.C.	PERU	20536733419	Related
EMUSA S.A.	GUATEMALA	42750296	Related
PAPELERA NACIONAL S.A.	ECUADOR	0990017212001	Related
QUIMPAC COLOMBIA	COLOMBIA		Related
SUPLACORP S.A.C.	PERU	20465062356	Related

BUSINESS

Main activity

The Company was dedicated to manufacturing flexible packaging products for medicines and food products.
 
At the same time, it provided flexography printing service, among other.
 
Main products included: Aluminum bags, polyethylene paper, cellophane, polypropylene, paperboard, among other items.

Import

No

Export

No

LOCATION
PREMISES	Rented
OTHER PREMISES	Headquarters of the Company were located at the above address where EMUSA PERU S.A.C. currently operates. Formerly, they were located at - Jr. Prolongación Humbold 980, La Victora/Lima,13 (until 14/02/2006) - Jr. Prolongación Humbold 980, Int. 3, La Victoria/Lima,13 (until 27/11/2002) It also had a warehouse and a annexed plant at Av.Argentina 2842, Lima (Lima,1).

Comments

Until 2010, the Company imported for the sum of US$5,503,148.= Dollars and exported for US$10,868,585.= Dollars.

FINANCIAL INFORMATION

Disposition

Report totally prepared by outside sources.

Information provided

With regards to this investigation, be advised Javier Ríos Morón (General Accountant of EMUSA PERU S.A.) said that the successor of the operation of ENVASES MULTIPLES S.A. is EMUSA which took over of the assets and liabilities of ENVASES MULTIPLES S.A. in 2010.
 
For this reason and since the Company does not longer operate in the market, precaution is advised as for the operations to be made.
 
The following is Balance Sheet as of 31/12/2009 (12 months), latest available, included for reference purposes only.

BALANCE SHEET

Balance sheet date	31DEC2009
Type of balance sheet	Annual
Period	12 months
Currency	Nuevos Soles
Exchange rate per US$	2.89
A S S E T S
Cash/bank	238,507.00
Receivables	24,901,231.00
Inventory	23,141,426.00
Others	4,216,493.00
Current Assetsd	52,497,657.00
Fixed	30,347,621.00
Others	4,010,403.00
Total Assets	86,855,681.00
L I A B I L I T I E S
Bank/Suppliers	48,442,716.00
Others	3,398,471.00
Current liabilities	51,841,187.00
Long term	6,406,745.00
Others	1,492,092.00
TOTAL LIABILITIES	59,740,024.00
S H A R E H O L D E R S'  E Q U I T Y
Capital	18,600,000.00
Reserves	265,606.00
Profits (Loss)	230,987.00
Others	8,019,064.00
Total shareholders equity	27,115,657.00
Total Liab. / Sh. equity	86,855,681.00
Sales	99,108,865.00
Profit (Loss)	2,020,608.00

R A T I O
Liquidity ratio	1.01	Current assets / Current liabilities
Debt-to-equity ratio	52.31 %	(Shareholders' equity / Current liabilities %)
Profitability margin	2.04 %	(Profits / Sales %)
Working capital	656,470.00	(Current assets - Current liabilities)

Property of company comments

There are 4 automotive vehicles registered under the name of ENVASES MULTIPLES SA, as follows:
- License plate RIF723, as shown in the Certificate 50703691
- License plate RIM547, as shown in the Certificate 50887482
- License plate XQ2584, as shown in the Certificate 50007622
- License plate AIP099, as shown in the Certificate 50216820
 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: BIOFILM SA	Tel.: (571) 6778300	Country: COLOMBIA
Goods/Services? : Raw materials
Highest credit? : US$ 2,000,000
Client since? : 1994	Terms? : 120 days	Performance? : Prompt
Supplier: DHL EXPRESS PERÚ SAC	Tel.: (511) 4401936	Country: PERU
Goods/Services? : Logistics
Highest credit? : US$ 1,000.=
Client since? : 2006	Terms? : CASH	Performance? : No experience
Comments : Monthly average: US$1,000.=

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

Supplier	Country	Comment
QUIMPAC S.A.	PERU
NESTLÉ PANAMÁ S.A.	PANAMA
OPPFILM S.A.	PERU
BRENNTAG PERU	PERU
DOW CHEMICAL COMPANY	U.S.A.
ANTOPP CORPORATION	U.S.A.
ROHM AND HAAS MÉXICO SA DE CV	MEXICO
DISPERCOL SA	PERU
MINIPACK	COLOMBIA
AET	U.S.A.
COIM LTDA	BRAZIL
VOTOCELL LTDA	BRAZIL
MOBIL CHEMICAL COMPANY	U.S.A.
CARTONAL SPA	ITALY
HENKEL SA INDUSTRIAS QUÍMICAS	BRAZIL

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
INDUBRAS SAC	Draft	0.00	23,594.61	07/11/2008
OPP FILM SA	Draft	0.00	15,808.29	06/12/2010
INDUSTRIAL QUIMICA LIMA SRLTDA	Draft	0.00	978.34	14/07/2010
INTERBANK	Promissory Note	0.00	27,000.00	08/04/2008
INTERBANK	Promissory Note	0.00	34,000.00	23/04/2008

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/05/2012

Bank	Debt Rating	Current Debt
		S/.	US$
CREDITO	NORMAL	14,237.00
Total		14,237.00
Guarantees		12,565,762.00

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 01                           31/05/2012

		Domestic Currency	Foreign Currency
FINANCIAL LEASING	:	11,671.00
INDIRECT DEBT	:	2,566.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	14,237.00
		=========================	=========================

CREDIT HISTORY

Found out a total of 52 protested documents (unsettled on the maturity date) for a global sum of S/.1,817,710.=. Nuevos, being the five latest ones detailed below:
 
Suppliers reported they currently are doing business with EMUSA PERU.

LAWSUITS

No legal actions were found against this Company.

BANKERS

BANCO DE CREDITO
SCOTIABANK PERU S.A.A
BBVA CONTINENTAL
BANCO DE COMERCIO
CITIBANK DEL PERU S.A.
BANCO INTERAMERICANO DE FINANZAS
 
No information could be obtained from the above entities.

CREDIT OPINION

Consulted Credit Amount :	EUR.250,000.= Euros
Suggested Credit :	Not eligible
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.76
UK Pound	1	Rs.86.80
Euro	1	Rs.67.43

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.