MIRA INFORM REPORT

Report Date :

28.02.2013

IDENTIFICATION DETAILS

Name :	ALUPACK S.A.C.

Registered Office :	Psje. Luis Orbegoso 167, Of.303, Santiago de Surco, Lima, 33

Country :	Peru

Financials (as on) :	31.12.2012

Date of Incorporation :	17.07.2010

Com. Reg. No.:	Entry 12520287

Legal Form :	Closely-held Corporation

Line of Business :	import of inputs for pharmaceutical packaging

No. of Employees :	04

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 :	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

(31.03.2012)

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	ALUPACK S.A.C.
TAXPAYER REGISTRATION	RUC 20536961713
MAIN ADDRESS	Psje. Luis Orbegoso 167, Of.303, Santiago de Surco
POSTAL CODE	Lima, 33
PROVINCE / DEPARTAMENT	Lima
COUNTRY	PERU
TELEPHONE	(511) 2678297
E-MAIL	alupacksac@gmail.com
COMMENTS	The address in the request is the company's former headquarters.

SUMMARY

Date of foundation	2010
Capital stock	S/.80,000.= Nuevos Soles
Shareholders' equity	105,295.00 US$ Dollars (31DEC2012)
Annual revenues	US$ 456,648.46 US$ Dollars (31DEC2012)
Profits (loss)	24,773.46 US$ Dollars (31DEC2012)
permanent employees	04
Disposition	Moderate. Some data and figures were confirmed.
Payments policy	Without rating (No payment experience traced)

LEGAL BACKGROUNDS

LEGAL STATUS	Closely-held Corporation
DATE OF INCORPORATION	17JUL2010
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Carola Cecilia Hidalgo
DURATION	Perpetual
REGISTRATION	Entry 12520287
CURRENT PAID-IN CAPITAL	S/.80,000.= Nuevos Soles
LAST CAPITAL INCREASE	12/2012
SHAREHOLDERS EQUITY	105,295.00 US$ Dollars (31DEC2012)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
SHARE VALUE	S/.1.= Nuevo Sol
CURRENT EXCHANGE RATE (US$)	S/.2.58 per USD1.00
COMMENTS	The remaining 2% of the company's shares are held by other minority shareholders whose names were not revealed.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
DORADOR GIURFA, RICARDO ALBERTO	Shareholder	98%
DORADOR MACERA, RICARDO MARTIN	Proxy
DORADOR MACERA, DIEGO EDUARDO	Legal Representative

WHO IS WHO?

DORADOR GIURFA, RICARDO ALBERTO
NATIONALITY	Peruvian
D.O.B.	14MAR1954
ID	DNI 06077871
PROFESSION	Public Accountant
TAX ID	10060778715
BACKGROUND INFORMATION	Former official of a company engaged in the import and sale of inputs for pharmaceutical packaging.


DORADOR MACERA, RICARDO MARTIN
NATIONALITY	Peruvian
ID	DNI 42074666
TAX ID	10420746666


DORADOR MACERA, DIEGO EDUARDO
NATIONALITY	Peruvian
ID	DNI 45581184

BUSINESS HISTORY

The company's founders were Gonzalo Morante Coello and Juan Javier Valiente Durand.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
F & D INTERNATIONAL BUSINESS S.A.C.	PERU		Related
MORADEL S.R.L. REPRESENTACIONES	PERU	20123851456	Related

BUSINESS

Main activity

Subject Company is engaged in the import of inputs for pharmaceutical packaging.

It has the Representation of foreign companies supplying or manufacturing inputs for pharmaceutical packaging.

Import

Yes

Country

India, Italy, China

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	4,188.00

Export

% Credit SALES / Terms

100% (Terms: 60, 90 days)

% FOREIGN PURCHASES

100%

SELLING TerritorY

Domestic market

EMPLOYEES

LOCATION

OTHER PREMISES

The Administrative and Commercial offices are located in the address at the heading.

Subject was previously located in José Pardo 138, Of.1101, Miraflores.

Comments

MAJOR CLIENTS:

- FARMAINDUSTRIA

- IQFARMA  INSTITUTO QUIMIOTERAPICO S.A.

- MEDIFARMA S.A

- LABORATORIOS UNIDOS S.A

- HERSIL S.A.

FINANCIAL INFORMATION

Interviewee(s)

Ricardo Dorador Giurfa

Position(s)

Shareholder

Disposition

B: Moderate. Some data and figures were confirmed.

Information provided

Mr. Ricardo Dorador provided the required information, including the main accounts of the Balance Sheet as of 31/12/2012 (12 months), which are detailed below:

BALANCE SHEET
Balance sheet date	31DEC2012
Type of balance sheet	Annual
Period	12 months
Currency	US$ Dollars
Exchange rate per US$	1
A S S E T S
Current Assetsd	92,455.77
Fixed	10,738.46
Others	13,360.00
Total Assets	116,554.23
L I A B I L I T I E S
Current liabilities	502.31
Long term	10,756.92
TOTAL LIABILITIES	11,259.23
S H A R E H O L D E R S' E Q U I T Y
Total shareholders equity	105,295.00
Total Liab. / Sh. equity	116,554.23
Sales	456,648.46
Profit (Loss)	24,773.46

RATIO
Liquidity ratio	184.06	Current assets / Current liabilities
Debt-to-equity ratio	20,962.15 %	(Shareholders' equity / Current liabilities %)
Profitability margin	5.43 %	(Profits / Sales %)
Working capital	91,953.46	(Current assets - Current liabilities)

FINANCIAL SITUATION

A+: GOOD

According to the last Financial Statement submitted and/or other analyzed factors, the company's Financial Standing is considered to be GOOD for the following reasons:

- Liquidity ratio is higher or similar than the average in the sector.

- Working capital is positive and allows it an orderly fulfillment of payments.

- Shareholders' equity largely covers current debts.

- Its results are positive.

Property of company comments

Reportedly, Subject Company has a "Milano Andreotti" Cutting Machine.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
RIMAC INTERNACIONAL CIA. DE SEGUROS	All risk	12/2013

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier	Country	Comment
ALUBERG SPA	ITALY
ACG-PHARMAPACK	INDIA
RAVIRAJ FOILS LIMITED	INDIA
ARIFLEX	ITALY

CREDIT HISTORY

Subject's purchases are made through its overseas suppliers.

LAWSUITS

As of the date of the report, no criminal, civil and/or commercial lawsuits filed against this company have been found.

BANKERS

This bank does not provide information due to internal policy.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.84
UK Pound	1	Rs.81.24
Euro	1	Rs.70.39

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.