MIRA INFORM REPORT

Report Date :

12.02.2013

IDENTIFICATION DETAILS

Name :	COMERCIAL TEXTIL S.A.
Registered Office :	Maquinarias 1960, Cercado Lima,1
Country :	Peru
Date of Incorporation :	21.11.1964
Legal Form :	Joint-Stock Company
Line of Business :	Commercialization and distribution of fabrics
No. of Employees :	57

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 :	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 (31.03.2011)	Current Rating (30.06.2012)
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 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

COMERCIAL TEXTIL S.A.

TRADE NAME

COMTEX

TAXPAYER REGISTRATION

RUC 20113642093

MAIN ADDRESS

Maquinarias 1960, Cercado

POSTAL CODE

Lima,1

PROVINCE / DEPARTAMENT

Lima

COUNTRY

PERU

TELEPHONE

(511) 7068882 – 3368199

E-MAIL

alexander@comercial-textil.com

WEB

www.comercial-textil.com

COMMENTS

No address was provided in your order.
 
Other e-mails: 
manuel@comercial-textil.com
cesarrios@comercial-textil.com

SUMMARY
Date of foundation	1964
Capital stock	S/.8,825,000.= Nuevos Soles
Annual revenues	US$ 22,388,059.70 (31DEC2012)
permanent employees	57
Chief Executive	SEMINARIO GORBITZ, MAX ANTONIO
Disposition	MODERATE (Some data and updated figures were confirmed).
Payments policy	Usually to terms/good
Credit (**)	Risk is Minimal, Solvent, Satisfactory Financial Situation.

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	21NOV1964
STARTING DATE	01/03/1965
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Jorge L. Miranda Bracamonte
DURATION	Perpetual
REGISTRATION	Card 311, Page 281, Entry 2; License 2162-85
CURRENT PAID-IN CAPITAL	S/.8,825,000.= Nuevos Soles
LAST CAPITAL INCREASE	10/2011
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	S/.1.= Nuevo Sol
CURRENT EXCHANGE RATE (US$)	S/.2.56 per USD.1.00
COMMENTS	It has been incorporated into the System of Tax Withholding Agent (R.S.096-2012) as from 01/06/2012

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
SEMINARIO GORBITZ, FERNANDO ENRIQUE	President	25%
SEMINARIO GORBITZ, PATRICIA ZOILA LUCRECIA	Director	25%	12.07.96
SEMINARIO GORBITZ, LUZ MARIA	Director	25%
SEMINARIO GORBITZ, MAX ANTONIO	General Manager	25%	27.05.94
RIOS PALOMINO, CESAR	Finance Manager
GONZALES VALENCIA, CESAR	Accountant

WHO IS WHO?

SEMINARIO GORBITZ, FERNANDO ENRIQUE

NATIONALITY

Peruvian

ID

DNI 06370569

SEMINARIO GORBITZ, PATRICIA ZOILA LUCRECIA

NATIONALITY

Peruvian

D.O.B.

10FEB1950

ID

DNI 08246153

TAX ID

10082461537

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
COMPAÑIA AGROINDUSTRIAL SANTA FE DE LANCHAS S.A.C.	Director	20506394369	PERU

SEMINARIO GORBITZ, LUZ MARIA

NATIONALITY

Peruvian

SEMINARIO GORBITZ, MAX ANTONIO

NATIONALITY

Peruvian

D.O.B.

25NOV1946

ID

DNI 16649021

TAX ID

10166490214

BACKGROUND INFORMATION

His Tax ID (RUC 10166490214) was issued on 01.01.1992 to be engaged in business consulting activities, domiciled at Calle Los Tulipanes 0357, Urbanización Los Parques, Chiclayo - Lambayeque.
 
He acts ad General Manager in the business of Araceli Suárez Requena (Tax ID RUC 20113642093).

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
CICLO MONTANA EIRL	Owner / Manager	20103583706	PERU
FUEGO S.A.		20103583960	PERU

BUSINESS HISTORY

COMERCIAL TEXTIL S.A. is a company engaged in the commercialization and distribution of fabrics. It was founded in 1964 in the City of Chiclayo and entered under Page 281, Volume 311 of the Registry of Business Corporations of Lima.
 
On 01/09/1996, the Company merged TEXTILES EL SOL SA and MULTIPLASTIC PERUANA SA, which were dissolved without being liquidated.

BUSINESS

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

Main activity

Importation, distribution and commercialization of flat woven and fabrics.
 
Trademark: BRONSON.
 
Third-party brands: HARRY, UT - UNIVERSAL TEXTIL, POLYSTEL (brands for abric selvedges)

Import

Yes

Country

Brazil, Colombia, India, Mexico, Venezuela, Chile

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	14,765,194.00
2011	8,904,724.00
2010	7,136,773.00
2009	3,067,938.00

Export

No

% CASH SALES / METHOD

15%

% Credit SALES / Terms

85% -Inv. 30 days or Draft/30,45,60,90,120,150 dy

% DOMESTIC PURCHASES

57%

% FOREIGN PURCHASES

43%

SELLING TerritorY

Peruvian market

EMPLOYEES

57

LOCATION
PREMISES	Own
FLOORS	3
AREA	1,000 m2
OTHER PREMISES	Head offices operate at the above address. Surface area covers 1,000 m2 and built area, 2,433 m2. Other Premises: - Urb. El Palacio 2da. Etapa, Mz.E, Lote 11, Arequipa - Sachaca. Rented - Av. Pedro Ruiz 826, Chiclayo - Lambayeque (Legal Address - Business Premises). Rented

Comments

Sales: Lima, 65%; provinces nationwide, 35%
 
Main Clients:
- Royalti Company SRL
- Hans Contex SAC
- Creaciones Thomas SRL
- Maklu S.A.
- Azul Colors Tac.
- Creaciones Tajsa S.R.L.
- D'Leonardo Industrias S.A.C.
- Comercial Gold Textil S.A.C.
- Cia. Sky Volk E.I.R.L.
- Industrias Textiles Rios S.A.C.
- Hillary Corporacion Hilder S.A.C.
- D & D Textiles S.A.C.
- Textiles y Confecciones Fressia E.I.R.L.
- Corporacion C y F Distrib. Representación S.R.L.

FINANCIAL INFORMATION

Interviewee(s)

Alex Mendoza

Position(s)

Accounting Assistant

Disposition

MODERATE (Some data and updated figures were confirmed).

Information provided

Mr. Mendoza supplied operating data but declined to give the financials as he had not been authorized by Cesar Rios (Finance Manager).

SALES

US$ 22,388,059.70 (31DEC2012)

FINANCIAL SITUATION

A-: SATISFACTORY
Despite no balance sheets were available, the Company is economically supported by its owners
It is publicly known that the Company operates without problems. It fulfills its obligations satisfactorily.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
EL PACIFICO PERUANO SUIZA CIA.DE SEGUROS	All risk	Yearly	US$3,000,000 approx
MAPFRE CIA. DE SEGUROS	All risk
RIMAC INTERNACIONAL CIA. DE SEGUROS	All risk

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: DESPACHOS ADUANALES	Tel.: (511)2640044	Country: PERU
Goods/Services? : Customs services
Highest credit? : US$ 200,000.=
Client since? : 2006	Terms? : 30, 60 days	Performance? : Prompt
Supplier: UNIVERSAL TEXTIL SA	Tel.: (5112)3375260	Country: PERU
Goods/Services? : Fabrics
Highest credit? : DC 100,000.=
Client since? : 2006	Terms? : 42-84 days	Performance? : Prompt
Comments : The Company buys from time to time
Supplier: SAVAR SAC AGENCIA DE ADUANA	Tel.: (511) 6137070	Country: PERU
Goods/Services? : Customs services
Highest credit? : US$ 40,000.=
Client since? : 2008	Terms? : 30 days	Performance? : Prompt
Supplier: COMPAÑÍA INDUSTRIAL NUEVO MUNDO	Tel.: (511)3368110	Country: PERU
Goods/Services? : Textile
Highest credit? : US$ 15,000.=
Client since? : 2003	Terms? : 30-45 days	Performance? : Prompt

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

Supplier	Country	Comment
ADUAMÉRICA	PERU
SANTISTA TEXTIL	BRAZIL
KEAMTEX	VENEZUELA
SANTANENSE	BRAZIL
VICUNHA TEXTIL	BRAZIL
FABRICATO	COLOMBIA
SANTISTA TEXTIL CHILE SA	CHILE
TEJIDOS SAN JACINTO	PERU
J.& N. ASOCIADOS	PERU
CIA. TECIDOS SANTANENSE	PERU
TAVEX ALGODONERA S.A	PERU
FABRICA DE TEJIDOS PISCO S.A.C.	PERU

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 30/11/2012

Bank	Debt Rating	Current Debt
		S/.	US$
BBVA CONTINENTAL	NORMAL	8,592,821.00
CREDITO	NORMAL	7,844,221.00
SCOTIABANK	NORMAL	3,277,105.00
INTERBANK	NORMAL	2,796,135.00
BIF	NORMAL	1,884,375.00
FINANCIERO	NORMAL	920,077.00
COMERCIO	NORMAL	723,387.00
Total		26,038,121.00
Guarantees		15,448,729.00

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 08                           30/11/2012

		Domestic Currency	Foreign Currency
LOANS	:	888,945.00
FINANCIAL LEASING	:	112,618.00
FOREIGN TRADE	:	6,724,417.00
ADVANCE ON CURRENT ACCOUNT	:	7,647.00
CREDIT CARDS	:	3,590.00
INDIRECT DEBT / OTHER CHARGES	:	18,300,904.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	26,038,121.00
		=========================	=========================

RATING DESCRIPTION ACCORDING TO THE SBS (Caption)
Normal	Good Finantial Situation, Prompt payments, Consistent information. Increasing Trend, Creditworthy.
Potential Problem	Satisfactory Finantial Situation but cash flow can be weak. Irregular payments. Irregular Trend.
Deficient	Fair Finantial Situation, cash problems, profits shortage, delayed and overdue payments.
Doubtful	Heavy Finantial Situation, liquidity shotage, notorious delayed payments, Judicial Collection, Bad Management.
Loss	Bad Finantial Situation, Insufficient funds, declared bankruptcy, debt default.

LAWSUITS

No civil or criminal proceedings have been brought against this Company.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.68
UK Pound	1	Rs.84.84
Euro	1	Rs.71.87

INFORMATION DETAILS

Report Prepared by :

PRL

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.