MIRA INFORM REPORT

Report Date :

26.12.2013

IDENTIFICATION DETAILS

Name :	FIBRAFIL S.A.
Registered Office :	Antigua Panamericana Sur Km. 34.5, Sub Lote B-34, Ex Fundo San Vicente, Lurín, Lima,16, Lima
Country :	Peru
Financials (as on) :	31.12.2012
Date of Incorporation :	03.05.2004
Legal Form :	Joint-Stock Company
Line of Business :	Manufacturing, distribution and sale of mesh and fabrics for shade, rope and thread made of polyethylene and polypropylene.
No. of Employees :	130

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Peru	A2	A2

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 lowland coastal region, the central high sierra of the Andes, the dense forest of the Amazon, with tropical lands bordering Colombia and Brazil. A wide range of 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, which in 2013 is expected to be below the upper limit of the Central Bank target range of 1 to 3%. Growth has been in the 6-9% range for the last three years, due partly to a leap in private investment, especially in the extractive sector, which accounts for more than 60% of Peru's total exports. 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, but inequality persists and continues to pose a challenge for the new Ollanta HUMALA administration, which has championed a policy of social inclusion and a more equitable distribution of income. Peru's free trade policy has continued under the HUMALA administration; since 2006, Peru has signed trade deals with the US, Canada, Singapore, China, Korea, Mexico, Japan, the European Free Trade Association, Chile, and four other countries; concluded negotiations with Venezuela, Costa Rica, and Guatemala; and begun trade talks with two other Central American countries and the Trans-Pacific Partnership. Peru also has signed a trade pact with Chile, Colombia, and Mexico called the Pacific Alliance that rivals Mercosur in combined population, GDP, and trade. The US-Peru Trade Promotion Agreement entered into force 1 February 2009, opening the way to greater trade and investment between the two economies. Although Peru has continued to attract foreign investment, political activism and protests are hampering development of some projects related to natural resource extraction.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME	FIBRAFIL S.A.
TAXPAYER REGISTRATION	RUC 20508873914
MAIN ADDRESS	Antigua Panamericana Sur Km. 34.5, Sub Lote B-34, Ex Fundo San Vicente, Lurín
POSTAL CODE	Lima,16
DEPT/PROV/REGION/STATE	Lima
COUNTRY	PERU
TELEPHONE	(511) 2032400
CORPORATE E-MAIL	fibrafil@terra.com.pe
WEB	www.grupofibrafil.com
COMMENTS
Other email: accopa@grupofibrafil.com No telephone number was given on your order.

EXECUTIVE SUMMARY

Date of foundation	2004
Capital stock	S/.16,225,678.= Nuevos Soles
Shareholders' equity	23,711,442.00 Nuevos Soles (31DEC2012)
Annual revenues	US$ 12,660,784.31 Nuevos Soles (31DEC2012)
Profits (loss)	1,342,673.00 Nuevos Soles (31DEC2012)
permanent employees	130
Chief Executive	ZAIDAN SWEISS, JONNY
Disposition	Excellent. Full information and Financial Statements.
Payments policy	Delays but within sector norms
Number of times that this company was required: 9

LEGAL STRUCTURE

LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	03MAY2004	STARTING DATE	01/07/2004
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Ana María Vidal Hermoza	DURATION	Indefinite
REGISTRATION	Electronic Record 11654297
INITIAL CAPITAL	S/.1,000.= Nuevos Soles
CURRENT PAID-IN CAPITAL	S/.16,225,678.= Nuevos Soles	LAST CAPITAL INCREASE	January 2013
SHAREHOLDERS EQUITY	23,711,442.00 Nuevos Soles (31DEC2012)
CURRENT EXCHANGE RATE (US$)	S/.2.72 per USD.1.00
MEMBERSHIP	Camara de Comercio de Lima
COMMENTS
After closing of the FY 2012, It was agreed to increase capital stock to S/.16,225,678.= Nuevos Soles.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
ZAIDAN SABA, SELEEBA	President
ZAIDAN SWEISS, JONNY	General Manager	50%
ZAIDAN SWEISS, ELI	Director	50%
ZAIDAN SWEISS, BISHARA NICOLAS	Sales Manager
CCOPA LOBO, ANA LUCIA	Accountant

WHO IS WHO?

ZAIDAN SABA, SELEEBA

TITLE

President

NATIONALITY

Jordanian

D.O.B.

04SEP1950

ID

CExt. N115293

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SUDAMERICANA DE ENVASES S.A.	General Manager	20390806303	PERU

ZAIDAN SWEISS, JONNY

TITLE

General Manager

NATIONALITY

Ecuadorian

D.O.B.

12DEC1979

ID

CExt. N115343

CIVIL STATUS

Married

PROFESSION

Engineer

BACKGROUND INFORMATION

Individual of Jordanian origin.

In Peru, he holds a TAX ID RUC 15508092692, issued on 01/01/2004.

Registered domicile: Avenida Cruz del Sur 387, Urb Los Granados, Surco (Lima, 33).

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SUDAMERICANA DE ENVASES S.A.	Chairman	20390806303	PERU

PARTICIPATED IN

COMPANY	TITLE	COUNTRY	YEAR / REF
IBEROAMERICANA DE PLASTICOS S.A.C.		PERU	2011

ZAIDAN SWEISS, ELI

TITLE

Director

NATIONALITY

Ecuadorian

D.O.B.

12DEC1979

ID

CEXt. N115342

CIVIL STATUS

Married

TAX ID

15538890852

BACKGROUND INFORMATION

Individual of Jordanian origin.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SUDAMERICANA DE ENVASES S.A.	President	20390806303	PERU

ZAIDAN SWEISS, BISHARA NICOLAS

TITLE

Sales Manager

NATIONALITY

Ecuadorian

D.O.B.

24AUG1972

ID

CExt. 00417354

TAX ID

15538889501

BACKGROUND INFORMATION

Individual of Jordanian origin.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SUDAMERICANA DE ENVASES S.A.	Representative	20390806303	PERU
BABY CORP S.A.C.	General Manager	20520651510	PERU

CCOPA LOBO, ANA LUCIA

TITLE

Accountant

NATIONALITY

Peruvian

D.O.B.

08MAR1984

ID

DNI 42343927

PROFESSION

C.P.A.

TAX ID

10423439276

BUSINESS HISTORY

FIBRAFIL S.A. belongs to GRUPO FIBRAFIL, which gathers, among other, to the following companies:

- Fadonel Chile S.A.

- Fadonel Uruguay S.A.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
SUDAMERICANA DE ENVASES S.A.	PERU	(AC) 20390806303	Related to Majority Shareholder

BUSINESS

Main activity

Manufacturing, distribution and sale of mesh and fabrics for shade, rope and thread made of polyethylene and polypropylene.

- RASCHELTEX ( shade screens)

- FRUTNET (fruit mesh)

- FIBRAPLAST ( polypropylene rope)

O P E R A T I O N S

Import

Yes

Country

Chile, China, Colombia, Czech Republic, Germany, Denmark, India, Italy, Japan, Korea, Spain, Switzerland, Taiwan, Thailand, UK, USA

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	5,179,740.00
2011	4,285,593.00
2010	2,641,577.00
2009	1,513,487.00

Export

Yes

COUNTRY

Chile, Colombia, Ecuador, Uruguay, Mexico, Costa Rica

Annual exports in US$ (FOB)

YEAR	AMOUNT
2012	6,953,205.00
2011	5,615,388.00
2010	3,370,198.00
2009	2,878,879.00

% CASH SALES / METHOD

60%

% Credit SALES / Terms

40%

% Ventas exterior (Paises)

50%

% DOMESTIC PURCHASES

20%

% FOREIGN PURCHASES

80%

SELLING TerritorY

Domestic market - 50%

EMPLOYEES

130

LOCATION
PREMISES	Rented
OTHER PREMISES	Headquarters, offices and plant are located at Antigua Panamericana Sur Km. 34.5, Sub Lote B-34, Lurín/Departamento de Lima. They occupy a building of 11,000 m2 and a built area of 3,000 m2.

Comments

Sales are made as follows:

National Customers: Cash and within 60 days

Foreign Customers: 50% advance and 50% with terms of 30,60,90 and 120 days

The Company has a wide portfolio, including:

(National customers )

- Silvia Ruth Bobadilla Medina

- Fibrasur S.A.C.

- Coco Raschell S.A.C.

- Comersur S.C.R.

- Latinoamericana E.I.R.L.

- Irwing Rios

- Kaf Internacional S.A.

- Alcard Perú S.A.C.

- Autoservicio San Isidro S.A.

- Multi Top S.A.C.

- Sacopack del Sur E.I.R.L.

- Corporación Litec S.A.C.

(Foreign customers)

- Comercializadora Viaplástia Cía. Ltda. (Ecuador)

- Comercializadora Calypso S.A. (Colombia)

- Carolina S.A. (Uruguay)

- Serviproductos Duvanest Ltda. (Colombia)

- Juan Cavajani S.A. (Uruguay)

- Copza Colombia Cía. Ltda. (Colombia)

- Traders Nets S.A. (Panama)

- Acoprel Ltda. (Colombia)

- Polysnop S.A. (México)

- Plastempack de Colombia Ltda. (Colombia)

- Hidro Plant S.A. (Costa Rica)

FINANCIAL INFORMATION

Disposition

Excellent. Full information and Financial Statements.

Interviewee(s)

Anna Ccopa and Carmen Huallpa

Position(s)

General Accountant / Assistant

Information provided

Ms. Huallpa, authorized by her boss, Ana Ccopa (Accountant, who has gone on a leave until December 2013), kindly confirmed information and provided with the Balance Sheet for the FY as of 31/12/2012 expressed in Nuevos Soles.

Latest figures in our database are the Balance Sheets for the FY as of 31/12/2011 and 31/12/2010, included for reference purposes.

Likewise, through third-party sources, we got the Turnover amounts for the following periods:

2009: S/.15,172,505.= Nuevos Soles

2008: S/.12,957,288.= Nuevos Soles

BALANCE SHEET

Balance sheet date	31DEC2012	31DEC2011	31DEC2010
Type of balance sheet	Annual	Annual	Annual
Period	12 months	12 months	12 months
Currency	Nuevos Soles	Nuevos Soles	Nuevos Soles
Exchange rate per US$	2.55	2.7	2.8
A S S E T S
Current Assetsd	19,394,977.00	14,367,902.00	8,464,619.00
Fixed	36,992,156.00	30,153,781.00	30,550,497.00
Others	1,374,770.00
Total Assets	57,761,903.00	44,521,683.00	39,015,116.00
L I A B I L I T I E S
Current liabilities	22,213,554.00	16,537,783.00	10,520,126.00
Long term	11,836,907.00	11,126,443.00	13,164,086.00
TOTAL LIABILITIES	34,050,461.00	27,664,226.00	23,684,212.00
S H A R E H O L D E R S'  E Q U I T Y
Capital	16,225,678.00
Profits (Loss)	1,342,673.00
Others	6,143,091.00
Total shareholders equity	23,711,442.00	16,857,457.00	15,330,904.00
Total Liab. / Sh. equity	57,761,903.00	44,521,683.00	39,015,116.00
Sales	32,285,000.00	28,053,728.00	17,758,762.00
Profit (Loss)	1,342,673.00	1,530,998.00	1,341,671.00

R A T I O
Liquidity ratio	0.87	Current assets / Current liabilities
Debt-to-equity ratio	106.74 %	(Shareholders' equity / Current liabilities %)
Profitability margin	4.16 %	(Profits / Sales %)
Working capital	-2,818,577.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

FAIR

According to the latest financial statement submitted to us and / or general business conditions, we estimate the financial position of the company as FAIR, on the following grounds :

Liquidity ratio is short. Working capital is also negative. Shareholders' equity covers its liabilities. Operating results are positive.

INSURANCE

COMPANY	AGAINST	EXPIRATION
RIMAC INTERNACIONAL CIA. DE SEG.Y REASEG	All risk	Annually

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Several suppliers consulted have declined to declare about credit amounts given but they agreed that Subject is a Good client.

Supplier: AG. AD. JOSÉ SILVA LOPEZ	Tel.: (511) 6138400	Country: PERU
Goods/Services? : Customs services
Highest credit? : US$ Unlimited
Client since? : Sv.years	Terms? : 30, 60 days	Performance? : Prompt
Supplier: COMPAÑÍA TÉCNICA COMERCIAL	Tel.: (511) 4750063	Country: PERU
Goods/Services? : Computer equipment
Highest credit? : US$ Unlimited
Client since? : 2008	Terms? : 45 days	Performance? : Prompt
Supplier: OPP FILM S.A.	Tel.: (511) 7157000	Country: PERU
Goods/Services? : Polypropylene films
Highest credit? : DC No specified
Client since? : 2010	Terms? : 90 days	Performance? : Prompt

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

Supplier	Country
ANROPLASTIC SA	PERU
COLCA DEL PERÚ S.A.	PERU
RESINPLAST S.A.	PERU
DISPERCOL S.A.	PERU
INDUSTRIAS TRES ANGELES S.A.C.	PERU
NEPTUNIA S.A.	PERU
ADUANA CAPRICORNIO S.A. AG. DE ADUANA	PERU
PROMATISA S.R.L	PERU
INDUSTRIAS TRES ANGELES SAC	PERU
SCG PLASTIC	THAILAND
KARL MAYER	GERMANY
INTERPLAST OVERSEAS COLOMBIDA LTD.	COLOMBIA
BAMBERGER POLYMERS INTERNATIONAL CO..	U.S.A.
MONTACHEM INTERNATIONAL INC.	U.S.A.
RASHELTEX CÍA. LTDA.	U.S.A.
ITOCHU PLASTICS PTE. LTD.	SINGAPORE
TOYOTA MOTOR ASIA PACIFIC	SINGAPORE
PIAZZA INTERNATIONAL S.A.	PANAMA
TRICON ENERGY LTDA	TURKEY
GTN INDUSTRIES LIMITED	INDIA
HAYAT KIMYA SANAY A.S.	TURKEY
CAIXA D´ ESTALVIS DE MANRESA	SPAIN
OXIQUIM S.A.	CHILE

RISK INFORMATION CENTER

COMMERCIAL DELINQUENCY

Drawer	Document	Protested date	Amount S/.	Amount US$	Payment date
JOSE ALFONSO SILVA LOPEZ S.A.	Draft	06/08/2010	0.00	4,171.42	28/10/2010
NEW WORLD ADUANAS S.A.C.	Draft	19/08/2010	2,299.68	0.00	28/10/2010
ANROPLASTIC S.A.	Draft	09/08/2010	53,470.73	0.00	28/10/2010
BBVA CONTINENTAL	Promissory note	17/09/2010	1,445.94	0.00	20/01/2011
VALENTIN RIUS CLAPERS S.A.	Draft (EUR 20,700.00)	27/10/2010	0.00	26,538.00	Pendiente
INDUSTRIAS TRES ANGELES SAC	Draft	24/08/2012	12,600.00	0.00	20/03/2013
MANEESA CAIXA D'ESTALVIS DE	Promissory note (EUR.21,400.=)	27/04/2010	0.00	27,400.00	Pendiente
BANCO CONTINENTAL	Promissory note	04/04/2013	0.00	50,000.00	Pendiente
BANCO CONTINENTAL	Promissory note	04/04/2013	0.00	50,000.00	Pendiente
CAIXA D'ESTALVIS DE MANRESA	Draft (EUR.7,500.=)	20/05/2010	0.00	9,600.00

CREDIT BUREAU COMMENTS

Credit bureaus reported a total of 19 protested documents for the sum of US$.120,658.= Dollars, EUR.49,600.= Euros, and S/.121,282.= Nuevos Soles, due between Jan.2010 and April 2013. Five documents for the sum of EUR.49,600.= Euros and US$.100,000.= Dollars, are pending to be regularized before the Chamber of Commerce.

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/10/2013

Bank	Debt Rating (*) See caption	Current Debt
		DOMESTIC CURRENCY	FOREIGN CURRENCY
INTERBANK	NORMAL	8,541,432.00	3,924,192.00
BBVA CONTINENTAL	NORMAL	141,881.00	2,365,165.00
BIF	NORMAL	86,223.00	716,372.00
SANTANDER	NORMAL	51,420.00	2,029,254.00
FINANCIERO	NORMAL		1,134,521.00
Total		8,820,956.00	10,169,504.00
Guarantees		45,687,849.00

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 5                           30/09/2013

		Domestic Currency	Foreign Currency
LOANS	:	8,606,410.00	500,180.00
DISCOUNTS	:	194,439.00	479,656.00
FINANCIAL LEASING	:		593,868.00
FOREIGN TRADE	:		3,466,171.00
FACTORING	:	116,036.00
CREDIT CARDS	:		684.00
OTHER INDIRECT CONTINGENT DEBTS	:		4,564,555.00
OTHER CHARGES	:	23,032.00	719,752.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	8,939,917.00	10,324,866.00
		=========================	=========================

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.87
UK Pound	1	Rs.101.10
Euro	1	Rs.84.65

INFORMATION DETAILS

Report Prepared by :

NNA

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.