MIRA INFORM REPORT

 

 

Report Date :

11.04.2014

 

IDENTIFICATION DETAILS

 

Name :

PIERINELLI S.A.C.

 

 

Formerly Known as: 

PIERIMARMOL S.A.C.

 

 

Registered Office :

Cajamarquilla 1075, Urb. Zárate, San Juan de Lurigancho, Lima, 36

 

 

Country :

Peru

 

 

Date of Incorporation :

21.11.1975

 

 

Com. Reg. No.:

Volume 8814, Entry 1 (03/03/1976) / License 08639

 

 

Legal Form :

Closely-held Corporation

 

 

Line of Business :

Engaged in import and processing of marble and granite and their transformation into illustrated sheets, floor tiles, borders, moldings, glass tiles & facing stones. 

 

Subject also specializes in the design and implementation of projects using marble and granite coatings.

 

 

No. of Employees

64

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

PIERINELLI S.A.C.

TRADE NAME

MEGLIO

TAXPAYER REGISTRATION

RUC 20101294430

MAIN ADDRESS

Cajamarquilla 1075, Urb. Zárate, San Juan de Lurigancho,

POSTAL CODE

Lima, 36

DEPT/PROV/REGION/STATE

Lima / Lima

COUNTRY

PERU

TELEPHONE

(511) 7199401 - 7199400

CORPORATE E-MAIL

kmedina@pierinelli.com

 

COMMENTS

 
We remind the order was forwarded without a phone number

 

NOTE

The address on your order is incorrect. The correct address is as above-written.

 

 

EXECUTIVE SUMMARY

Date of foundation

1975

Capital stock

S/.1,460,000.= Nuevos Soles

permanent employees

64

Chief Executive

PIERINELLI ROSSINI, CARLO GIOVANNI

Disposition

Moderate. Some data and figures were confirmed.

Payments policy

Without rating (No payment experience traced)

 

Number of times that this company was required: 5

 

 

REPUTATION

 

NOTHING AGAINST COMPANY

 

 

LEGAL STRUCTURE

LEGAL STATUS

Closely-held Corporation

 

 

DATE OF INCORPORATION

21NOV1975

STARTING DATE

01/01/1976

PLACE OF REGISTRY

Lima

 

 

NOTARY OFFICE

Felipe De Osma Elías

DURATION

Indefinite

REGISTRATION

Volume 8814, Entry 1 (03/03/1976) / License 08639.

 

 

INITIAL CAPITAL

S/.4,842,000.= Soles Oro

 

 

CURRENT PAID-IN CAPITAL

S/.1,460,000.= Nuevos Soles

CURRENT EXCHANGE RATE (US$)

S/.2.80 Nuevos Soles per USADollar

 

 

 

 

COMMENTS                                   

Incorporated on 21/11/1975 as PIERIMARMOL S.R.L.
As of 17/08/2001, the company changed its name to PIERIMARMOL S.A.C.
As of 07/11/2007 it takes its current name style:  PIERINELLI S.A.C.
 
According to SUNAT, the company was incorporated in the sales tax collection agent system - internal sales (S.D.061-2009).
 
 

 

DIRECTORS

EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

PIERINELLI MARCUCCI, JUAN MIGUEL

President/ Proxy

50%

23/01/2001

PIERINELLI ROSSINI, RENATO GIOVANNI

Director

23/07/2001

PIERINELLI ROSSINI, CARLO GIOVANNI

General Manager

50%

23/07/2001

MUR, ALBERTO

Administrator

GASTELLO ECHEVARRIA, MIRIAM HAYDE

General Accountant

MEDINA, KARINA

Accountant

 

WHO IS WHO?

PIERINELLI MARCUCCI, JUAN MIGUEL

TITLE

President/ Proxy

NATIONALITY

Peruvian

D.O.B.

05JUL1933

ID

DNI 08221766

DOMICILE

Tomasal 473, Int.I, Urb. Los Eucaliptos (Entre 17 y 18 Av. Primavera) Surco, Surco

TELEPHONE

4766858

PROFESSION

Businessman

TAX ID

10082217661

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

PIERIPLAST S.A.C.

20101294359

PERU

 

 

 

PIERINELLI ROSSINI, RENATO GIOVANNI

TITLE

Director

NATIONALITY

Peruvian

D.O.B.

16NOV1960

ID

DNI 08221800

DOMICILE

Tomasal 473, Urb. Los Eucaliptos (Altura Museo de Oro) Surco, Lima

TAX ID

10082218004

 

ASSOCIATED AS PER OUR DATABASE TO

COMPANY

TITLE

TAX REG

COUNTRY

PIERIPLAST S.A.C.

20101294359

PERU

 

 

PIERINELLI ROSSINI, CARLO GIOVANNI

TITLE

General Manager

NATIONALITY

Peruvian

D.O.B.

27NOV1970

ID

DNI 09337790

DOMICILE

Tomasal Mz.A, Lt.7 Urb. Los Eucaliptos, Surco, Lima

PROFESSION

Industrial Engineer

TAX ID

10093377902

BACKGROUND INFORMATION

 
Studied at the University of Lima.

 

PARTICIPATED IN

COMPANY

TITLE

COUNTRY

YEAR / REF

PIERIPLAST SAC

PERU

2011

 

GASTELLO ECHEVARRIA, MIRIAM HAYDE

TITLE

General Accountant

NATIONALITY

Peruvian

D.O.B.

12JAN2001

ID

DNI 07216997

DOMICILE

Huiracocha 1416, Int.402, Jesus Maria, Lima

PROFESSION

Public Accountant

TAX ID

10072169978

 

BUSINESS HISTORY

MEGLIO has its beginnings in 1965 , when founder Juan Pierinelli personally devoted to the importation and marketing of white marble and machinery from Italy.

 

Ten years later the company is established under the name PIERIMARMOL S.R.L.  which grows considerably until the economic crisis in the 90's that affects its main market : cemeteries. It is then that the company is committed to increase its supply of marbles, coming to have a variety of over 30 different products including marble and granite channeling sales through marble working shops.

 
In 2001 , Carlo Pierinelli , the current CEO , assumed the direction of the company giving a strong boost to imports , the administrative order and sales , to even catering directly to construction companies.
 
In 2006, the company committed to product diversification, acquiring representation of Silestone quartz surfaces , turning it quickly into the leading brand in the Peruvian market . At this time and after several changes, in 2007 the company adopted the name PIERINELLI S.A.C., being MEGLIO the trade name of the company.
 
Currently MEGLIO is a leader in the construction finishes market offering its customers only the best , marketing more than 50 varieties of natural stone, 20 varieties of Silestone quartz  and is constantly innovating

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

PIERIPLAST S.A.C.

PERU

(AC) 20101294359

Related

 

BUSINESS

SIC Classification
L - INDUSTRIA MANUFACTURERA - CONFECCIONES (Manufacturing of different products and commodities and utilities, dresses, shirts & clothing)

Main activity

Import and processing of marble and granite and their transformation into illustrated sheets, floor tiles, borders, moldings, glass tiles & facing stones. 

 

It also specializes in the design and implementation of projects using marble and granite coatings.

 

OPERATIONS

Import

Yes

Country

Belgium, Brazil, China, Ecuador, Egypt, France, Germany, Guatemala, India, Italy, Malaysia, Mexico, Spain, Turkey, USA.

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2014

410,930.00

2013

2,978,660.00

2012

2,951,335.00

2011

2,982,269.00

Export

No

% CASH SALES / METHOD

95%

% Credit SALES / Terms

5% Term 30 Days w / postdated checks 30,45 Days

SELLING TerritorY

100% domestic market (90% Lima, 10% Provinces)

EMPLOYEES

64

LOCATION

PREMISES

Rented

OTHER PREMISES

 
The Legal Site,  Production Site and Administration Offices are located at heading address.
Property owned by Mr. Carlos Pierinelli Rossini. 
Building is shared with its related company PIERIPLAST SAC 
 
Productive Site : Jr. Capac Llauto 594, Urb.Zarate (Altura cuadra 10 Av. Gran Chimu) Zátate, San Juan de Lurigancho - Lima.
 
Branch:  Av. Comandante Espinar 625, Miraflores (1 cuadra antes de Av. Angamos Oeste) Miraflores - Lima.
 
Commercial Store:  Carr. Panamericana Norte 554 (Almacén Nş5) Moche (Trujillo - La Libertad).

 

Comments

 

 
 
Among its main clients can cite the following:
- J.J.C. Contratistas Generales SA
- Granimarmi SAC
- Grecia Promotora y Constructora SRL
- Inmobiliaria Somos Mármol SRL
- Marble workshops and building companies in general, among others.

 

FINANCIAL INFORMATION

Disposition

Moderate. Some data and figures were confirmed.

Interviewee(s)

Mrs. Karina Mendoza

Position(s)

Accountant

Information provided

 
Confirmed general information regarding the company arguing they have not suffered greater changes, and also she gave us an estimate of sales at the end of the financial years 2013 and 2012. 
 
From previous research we have their sales figures for the years 2011 and 2010, which are shown as reference.
 
Some relevant data was obtained from other reliable sources, means by which it was not possible to find complete balance sheets and/or higher figures.

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

 
FAIR
We do not have Financial Statements  to allow an accurate analysis of its results in its last financial year, however, we can state that its sales revenue in the year 2013 amounted to S/.14,245,000. = Nuevos Soles, representing a growth of 11.30% compared to 2012. 
 
PIERINELLI S.A.C. Peruvian industry is a midsize family company, controlled by private domestic capital, operating since 1975, during which time it has established itself as a major company within construction finishes market , and is constantly innovating. 
 
The specialized sources consulted reported nothing adverse against the company and its credit experience with the financial sector is classified as Normal, as reported by the Superintendency of Banking and Insurance.

 

Sales History in US$ (of Balance Sheet, statement of third parties)

Date

Sales (US$)

31/12/2013

5,500,000.00

31/12/2012

5,000,000.00

31/12/2011

5,000,000.00

31/12/2010

4,035,714.29

 

Property of company comments

Fixed assets include:
(01) Bridge cutter 
(01) Blocks cutting machine 
(02) Cranes 15 tons and 2 tons 
(01) Automobile MERCEDEZ BENZ, 1992 
(01) Automobile TOYOTA, Corolla, 1996

 

INSURANCE

 

COMPANY

RIMAC INTERNACIONAL CIA.DE SEGUROS

 

Main fixed assets of the company (general detail)

Their insurance policies cover the following risks: 
- Theft and fire, through its Broker MIGESA 
- Vehicles, through its Broker GERENCIA DE RIESGOS

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

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

Supplier

Country

UNIVERSAL ADUANERA

PERU

AG. DE ADUANA PASALAQUA

PERU

AG. TRANSCONTINENTAL

PERU

GRAMESA

SPAIN

SARLA EXPORT

INDIA

EREDI MRTINELLI SPA

ITALY

EZIO RONCHIPRI SPA

ITALY


CREDIT BUREAU COMMENTS

So far, found no protests, bad checks, cancelled accounts or lawsuits against this Company.
No compulsory collections or payment failures were reported either relative to State contributions.

 

 

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/01/2014

Bank

Debt Rating
(*) See caption

Current Debt

DOMESTIC CURRENCY

FOREIGN CURRENCY

B.INTERBANK

NORMAL

18,890.00

B.BIF

Total

18,890.00

Guarantees

18,853.00

 

 

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 2                           30/04/2013

 

 

Domestic Currency

Foreign Currency

FINANCIAL LEASING

:

47,976.00

:

7.00

 

 

--------------------------------------------

--------------------------------------------

TOTAL DEBT

:

47,983.00

 

 

=========================

=========================

 

Comments :

The Superintendency of Banking and Insurance gives the subject 100% NORMAL rating from 31/12/2011.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

        Rs.60.21

UK Pound

1

Rs.101.05

Euro

1

Rs.83.33

 

 

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.