MIRA INFORM REPORT

Report Date :

01.08.2014

IDENTIFICATION DETAILS

Name :	G.O. TRADERS S.A.

Registered Office :	Lurigancho 1325, Urb. Zárate, San Juan de Lurigancho, Lima,36 Lima

Country :	Peru

Financials (as on) :	31.12.2013

Date of Incorporation :	04.11.1999

Legal Form :	Joint-Stock Company

Line of Business :	Subject is engaged in the import and distribution of textile goods in general, flat fabrics.

No of Employees :	19

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 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Peru

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

PERU ECONOMIC OVERVIEW

Peru's economy reflects its varied topography - 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. Peru is the world's second largest producer of silver and third largest producer of copper. The Peruvian economy has been growing by an average of 5.6% for the past five years with a stable exchange rate and low inflation, which in 2013 was just below the upper limit of the Central Bank target range of 1 to 3%. For the last three years, this growth was due partly to high international prices for Peru's metals and minerals exports, which account for almost 60% of the country's total exports. Despite Peru's strong macroeconomic performance, dependence on minerals and metals exports and imported foodstuffs makes the economy vulnerable to fluctuations in world prices. Peru's rapid expansion coupled with cash transfers and other programs have helped to reduce the national poverty rate by 28 percentage points since 2002, but inequality persists and continues to pose a challenge for the Ollanta HUMALA administration, which has championed a policy of social inclusion and a more equitable distribution of income. Poor infrastructure hinders the spread of growth to Peru's non-coastal areas. 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 EU, the European Free Trade Association, Chile, Thailand, Costa Rica, Panama, Venezuela, concluded negotiations with Guatemala, and begun trade talks with Honduras and El Salvador, Turkey and the Trans-Pacific Partnership. Peru also has signed a trade pact with Chile, Colombia, and Mexico, called the Pacific Alliance, that rivals Mercosur. Since the US-Peru Trade Promotion Agreement entered into force in February 2009, total trade between Peru and the United States has doubled. 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	G.O. TRADERS S.A.
TAXPAYER REGISTRATION	RUC 20467682726
MAIN ADDRESS	Lurigancho 1325, Urb. Zárate, San Juan de Lurigancho
POSTAL CODE	Lima,36
DEPT/PROV/REGION/STATE	Lima
COUNTRY	PERU
TELEPHONE	(511) 3764579 - 4598026
CORPORATE E-MAIL	enunez@go-traders.com
WEB	Nil

EXECUTIVE SUMMARY
Date of foundation	1999
Capital stock	S/.2,000,000.= Nuevos Soles
Shareholders' equity	5,300,000.00 Nuevos Soles (31DEC2013)
Annual revenues	US$ 8,422,939.07 Nuevos Soles (31DEC2013)
Profits (loss)	120,000.00 Nuevos Soles (31DEC2013)
permanent employees	19
Chief Executive	ODE SEGEBRE, GEORGE
Disposition	SATISFACTORY
Financial Situation	Moderate. Some data and figures were confirmed.
Payments policy	Usually to terms / good
Credit ()**	Risk is Minimal, Solvent, Satisfactory Financial Situation.
Company Size	(GE) LARGE COMPANY
Number of times that this company was required: 5

LEGAL STRUCTURE
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	04NOV1999	STARTING DATE	25/04/2000
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Ernesto Arias Schereiber	DURATION	Indefinite
REGISTRATION	Electronic Entry 11157633
INITIAL CAPITAL	S/.50,000.= Nuevos Soles
CURRENT PAID-IN CAPITAL	S/.2,000,000.= Nuevos Soles
SHAREHOLDERS EQUITY	5,300,000.00 Nuevos Soles (31DEC2013)
CURRENT EXCHANGE RATE (US$)	S/.2.785 per US$1.00 Dollar
COMMENTS
On 15/03/2013 it was agreed to appoint as representative to Mr. Jose Luis Solari Huaman (ID No 09089602) acting individually so that society can represent all types of public, private, mixed or associated institutions, judicial authorities , civil and commercial.

DIRECTORS - EXECUTIVES - SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*ODE SEGEBRE, GEORGE*	General Manager	50%
ODE SEGEBRE, JHON JESUS	Director	15%
ORDOÑEZ BARRANTES, ANDRES MILTON	Sales Manager
SABA DAGACH, ELIZABETH	Logistics manager
HURTADO UGARTE, EDUARDO	Accountant chief
SEGEBRE, SOFIA BICHARA DE	Shareholder	25%
SEGEBRE BICHARA VDA. DE ODE, ROMA	Shareholder	10%

WHO IS WHO?

ODE SEGEBRE, GEORGE
TITLE	General Manager
NATIONALITY	Peruvian
D.O.B.	03AUG1966
ID	DNI 07571570
DOMICILE	Lima
TELEPHONE	440.3646
PROFESSION	Businessman
TAX ID	10075715701
REFERENCES
Financial debt from financial institutions (Up to 31/05/2014) Banco de Credito: S/.: 1,126.= US$: 198.= Banco Interbank S/. 1.00 US$: 2,209.= Banco Continental: US$ 6,826.= Citibank del Peru S/.2,974.= US$ 6,488.=

ODE SEGEBRE, JHON JESUS
TITLE	Director
NATIONALITY	Peruvian
ID	DNI 09338505
CIVIL STATUS	Married to Maricarmen Campos Beingochea

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TAX REG	STA.	COUNTRY	TITLE
PRIME TRADERS S.A.C.	20465356937		PERU	Representative

ORDOÑEZ BARRANTES, ANDRES MILTON
TITLE	Sales Manager
NATIONALITY	Peruvian
D.O.B.	04AUG1967
ID	07447550

SABA DAGACH, ELIZABETH
TITLE	Logistics manager

HURTADO UGARTE, EDUARDO
TITLE	Accountant chief

SEGEBRE, SOFIA BICHARA DE
TITLE	Shareholder
NATIONALITY	Honduran

SEGEBRE BICHARA VDA. DE ODE, ROMA
TITLE	Shareholder
NATIONALITY	Peruvian
ID	DNI 07618113
TAX ID	10076181131

BUSINESS

Main activity

G.O. Traders S.A. is engaged in the import and distribution of textile goods in general, flat fabrics.

O P E R A T I O N S

Import

Yes

Country

Brazil, Ecuador, India, Korea, Pakistan, Spain, Taiwan, USA

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2011	4,805,292.00
2010	5,225,645.00
2009	3,112,485.00
2008	3,707,387.00

Export

% CASH SALES / METHOD

40%

% Credit SALES / Terms

60% (Invoice 30 days and Drafts 30,90 days)

% DOMESTIC PURCHASES

01%

% FOREIGN PURCHASES

99%

SELLING TerritorY

Domestic market

EMPLOYEES

LOCATION

OTHER PREMISES

The Headquarters operate at the heading address.

Formerly, they were located at: Av. Alberto Alexander (Antes Nicaragua) 2693, Lince, Lima.

FINANCIAL INFORMATION

Interviewee(s)	Melissa Cordova
Position(s)	Accounting chief
Disposition	Moderate. Some data and figures were confirmed.
Information provided	Ms. Cordova kindly provided an overview of the company including management representation, business activity, confirming major local and international suppliers as well as helping with main annual financial figures for 2013.

BALANCE SHEET
Balance sheet date	31DEC2013	31DEC2010
Type of balance sheet	Annual	Annual
Period	12 months	12 months
Currency	Nuevos Soles	Nuevos Soles
Exchange rate per US$	2.79	2.8
A S S E T S
Current Assetsd	12,500,000.00	11,969,282.00
Fixed		1,212,703.00
Others	1,300,000.00
Total Assets	13,800,000.00	13,181,985.00
L I A B I L I T I E S
Current liabilities	8,100,000.00	8,222,908.00
Long term	0.00	922,107.00
Others	400,000.00
TOTAL LIABILITIES	8,500,000.00	9,145,015.00
S H A R E H O L D E R S' E Q U I T Y
Capital	2,000,000.00
Others	3,300,000.00
Total shareholders equity	5,300,000.00	4,036,970.00
Total Liab. / Sh. equity	13,800,000.00	13,181,985.00
Sales	23,500,000.00	21,672,795.00
Profit (Loss)	120,000.00	611,787.00

R A T I O
Liquidity ratio	1.54	Current assets / Current liabilities
Debt-to-equity ratio	65.43 %	(Shareholders' equity / Current liabilities %)
Profitability margin	0.51 %	(Profits / Sales %)
Working capital	4,400,000.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

SATISFACTORY

Taking into account the last Financial Statement submitted and/or other factors analyzed, we believe that financial Situation of the Company is SATISFACTORY due to the following considerations:

- Liquidity Ratio is acceptable

- Working capital is positivie

- Shareholders' equity covers its current liabilities largely

- Economic and financial results have been moderate.

Recently consulted providers expressed in good terms about its compliance, it does not record payments setbacks.

INSURANCE

COMPANY	AGAINST	AMOUNT	EXPIRATION
RIMAC INTERNACIONAL CIA DE SEGUROS Y REA	All risk	No specified.	No specifi
LA POSITIVA CIA. DE SEG. Y REASEG	Not specified	Not specified

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS (Confidential Information)

Supplier: ACYTEX S.A. DE C.V.	Tel.: (52) 55 57842400	Country: PERU
Highest credit? : US$ 15,000.=
Client since? : 2013	Terms? : not specified	Performance? : Prompt
Comments : Good client

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

Supplier	Country	Comment
AG. DE ADUANAS COSMOS CALLAO	PERU
J. Y N. ASOCIADOS	PERU
COMPAÑÍA INDUSTRIAL NUEVO MUNDO	PERU
TRANSEL AG. AD.	PERU
ZHEJIAN HULIE NEW MATERIAL CO. LTD	CHINA
NINGBO CIBAO FIBER CO. LTD	CHINA
CHANGXING ZHIHENG CLOTHING MATERIAL	CHINA
SHAOXING HANDSOME TEXTILES	CHINA

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

No reported banking debt.

CREDIT BUREAU COMMENTS

No protested bills or returned checks due to insufficient funds are reported against the name of this company.

BANK DEBT REPORTED BY SUPERINTENDENCY OF BANK & INSURANCE (SBS) As of: 31/05/2014 ER per USD: 2.79

Bank	Current Debt		Debt Rating () See caption*
Bank	DOMESTIC CURRENCY	FOREIGN CURRENCY	Debt Rating () See caption*
CONTINENTAL	2,651,532.00	284,062.00	NORMAL
CREDITO	2,067,373.00	577,559.00	NORMAL
INTERBANK	936,129.00	173,235.00	NORMAL
BANCO FINANCIERO	100,200.00	222,517.00	NORMAL
SCOTIABANK	2,578.00	419,207.00	NORMAL
BANCO DE COMERCIO		222,882.00	NORMAL
Total	5,757,812.00	1,899,462.00
Guarantees	12,056,833.00

GENERAL COMMENT

The SBS gives 100% NORMAL rating since 31/12/2008. The investigated company is client of said banks, which when consulted told us that according to current legal regulations, cannot provide data on their movements under respect to bank secrecy.

CREDIT HISTORY

It does not record protested documents, closed checking accounts, canceled credit cards, tax or social security debts with any AFP.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.24
UK Pound	1	Rs. 101.92
Euro	1	Rs. 80.69

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	DPT

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.