MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	CAFERMA S.A.C.

Registered Office :	Virrey Manuel Amat 202 Urb. La Colonial, Callao

Country :	Peru

Date of Incorporation :	12.09.2000

Com. Reg. No.:	Entry 11221305

Legal Form :	Closely-held Corporation

Line of Business :	Representation, importation and commercialization of pharmaceuticals for human use

No. of Employees :	09 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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	CAFERMA S.A.C.
TAXPAYER REGISTRATION	RUC 20476798770
MAIN ADDRESS	Virrey Manuel Amat 202 Urb. La Colonial
PROVINCE / DEPARTAMENT	Callao
STATE / REGION	Callao
COUNTRY	PERU
TELEPHONE	(511) 4525387
E-MAIL	caferma@speedy.com.pe

SUMMARY

Date of foundation	2000
Capital stock	S/.5,000.= Nuevos Soles
permanent employees	9
Chief Executive	TABOADA DELGADO, CARLOS ALBERTO
Disposition	Postponed interview but did not talk to us.
Payments policy	Usually to terms/good

LEGAL BACKGROUNDS

LEGAL STATUS	Closely-held Corporation
DATE OF INCORPORATION	12SEP2000
STARTING DATE	25/10/2000
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Becerra Palomino, Carlos
DURATION	Perpetual
REGISTRATION	Entry 11221305
INITIAL CAPITAL	S/.5,000.= Nuevos Soles
CURRENT PAID-IN CAPITAL	S/.5,000.= Nuevos Soles
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	S/.10.= Nuevos Soles
CURRENT EXCHANGE RATE (US$)	S/.2.60 per USD.1.00
COMMENTS	The Company has been incorporated to the Regimen of Good Taxpayers (Resolution N° 0230050033858) as from 01/03/2007. It is related to WORLD PARCEL EXPRESS SERVICE DEL PERU SAC (Tax ID RUC 20506139172), written off the record as from 31/05/2006.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*TABOADA DELGADO, CARLOS ALBERTO*	General Manager	99%
HIDALGO LEDESMA, FRANCISCO	Commercial Manager
MAYHUIRE, ROLANDO	Pharmaceutical Chemist
DELGADO DE TABOADA, NINFA	Shareholder	1%

WHO IS WHO?

TABOADA DELGADO, CARLOS ALBERTO

NATIONALITY

Peruvian

D.O.B.

09MAY1958

DNI 25600717

CIVIL STATUS

Married to Lecaros, Ernestina Fernanda

PROFESSION

Industrial engineer

TAX ID

10256007172

BACKGROUND INFORMATION

He has more than 20 years of experience in the pharmaceutical sector, holding executive positions in the commercial areas, Director of transnational companies like RHONE POULENC-FRANCIA, AVENTIS PHARMA ALEMAN/FRANCES.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
WORLD PARCEL EXPRESS SERVICE DEL PERU SAC	Manager	20506139172	PERU

DELGADO DE TABOADA, NINFA

NATIONALITY

Peruvian

D.O.B.

17MAR1935

DNI 25591619

CIVIL STATUS

Widow(er)

BUSINESS HISTORY

CHARTER MEMBERS: Carlos Alberto Taboada Delgado and Ninfa Delgado de Taboada, with 495 and 5 shares, respectively.

BUSINESS

SIC Classification
5 1 - WHOLESALE TRADE-NON-DURABLE GOODS. (Papers, Perfumes, drugs, hardware, Groceries, apparel, food, dairy products, beverages.)

Main activity

Representation, importation and commercialization of pharmaceuticals for human use.

Import

Yes

Country

China, India

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	78,609.00
2011	60,070.00
2010	92,876.00

Export

Yes

COUNTRY

India

Annual exports in US$ (FOB)

YEAR	AMOUNT
2012	191,673.00

% CASH SALES / METHOD

% Credit SALES / Terms

95% (at 60 days)

SELLING TerritorY

Domestic market

EMPLOYEES

LOCATION
PREMISES	Own
AREA	274 m2
OTHER PREMISES	Premises cover an area of 550 m2. Administrative and commercial offices operate at the above address.

Comments

Main client: INKAFARMA

FINANCIAL INFORMATION

Interviewee(s)	Mr. Mayhuire
Position(s)	Technical Manager
Disposition	Postponed interview but did not talk to us.
Information provided	Mr. Mayhuire said the General Manager had not responded. We left a message for him to reply but so far no answer has been given. We consulted third-party sources to complete information. This is a medium-sized company controlled by private capital with 12 years of experience and stable operations. It has necessary resources to carry out its activities. Trade references are positive. Good trade credit experience.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	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: KENSISA S.A.	Tel.: 511 3302100	Country: PERU
Goods/Services? : Carton
Highest credit? : US$ 30,000.=
Client since? : 2004	Terms? : 30-45 days	Performance? : Prompt
Supplier: VITALIS PERU SAC	Tel.: 511 4226700	Country: PERU
Goods/Services? : Pharmaceuticals
Highest credit? : US$ 25,000.=
Client since? : 2001	Terms? : 30, 60 days	Performance? : Prompt
Supplier: GEN FAR PERU SA	Tel.: 511 6186100	Country: PERU
Goods/Services? : Pharmaceuticals
Highest credit? : US$ 10,000.=
Client since? : 2002	Terms? : 30, 60 days	Performance? : Prompt
Comments : They dealt until 2007. No problems were reported
Supplier: L.B. GAYOSO SAC	Tel.: 511 4603131	Country: MALI
Goods/Services? : Customs services
Highest credit? : DC 2,000.=
Client since? : 2011	Terms? : 7 days	Performance? : No experience

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

Supplier	Country	Comment
PALMAGYAR SA	PERU
LABORATORIOS PORTUGAL	PERU
CADILA HEALTHCARE LIMITED	INDIA
JIANGSU GUOTAI INTERNATIONAL GROUP WINSUN IMPO	CHINA
VEINFAR ICSA	ARGENTINA
ANDENEX CHEMIE	GERMANY

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
LABORATORIOS PORTUGAL SRLTDA	Draft	0.00	2,765.29	31/12/2007

CREDIT HISTORY

Other suppliers did not respond or could not be contacted.

BANKERS

BBVA BANCO CONTINENTAL S.A.A.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.25
UK Pound	1	Rs.87.00
Euro	1	Rs.69.83

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.