MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	APLEX TRADING S.A.C.
Registered Office :	Cal. Monterrey Nro. 341 Int. 1004 Urb. Chacarilla Del Estanque (Cc Chacarilla) Lima - Lima - Santiago De Surco
Country :	Peru
Date of Incorporation :	18.11.2010
Legal Form :	Sociedad Anonima Cerrada
Line of Business :	Manufacture of Fruit and Vegetable Products.
No. of Employee :	7

RATING & COMMENTS

MIRA’s Rating :

B

RATING			STATUS		PROPOSED CREDIT LINE
26-40		B	Capability to overcome financial difficulties seems comparatively below average.		Small
	Maximum Credit Limit :			USD 25 000
	Status :			Moderate
	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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 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

STATUTORY INFORMATION
Legal Name:	APLEX TRADING S.A.C.
Trade Name:	APLEX TRADING
RUC:	20538176967
Date Created:	2005
Date Incorporated:	18/11/2010
Legal Address:	Cal. Monterrey Nro. 341 Int. 1004 Urb. Chacarilla Del Estanque (Cc Chacarilla) Lima - Lima - Santiago De Surco
Operative Address:	Cal. Monterrey Nro. 341 Int. 1004 Urb. Chacarilla Del Estanque (Cc Chacarilla) Lima - Lima - Santiago De Surco
Telephone:	511-372-6543
Fax:	511-372-3973
Legal Form:	Sociedad Anonima Cerrada
Email:	aplexperu@aplexperu.com
Registered in:	Peru
Website:	www.aplexperu.com
Manager:	Gonzalo Isasi
Staff:	7
Activity:	Fresh Vegetables Wholesale
BANKS	Banco del Peru
	The company does not make its banking data public
HISTORY
	Aplex Peru was established in 2005
PRINCIPAL ACTIVITY	APLEX PERU is a company dedicated to the manufacture of fruit and vegetable products and through their partnership with a local NGO they are working closely with the quinoa farmers in the Puno region to give them the technical support they need in order to grow quinoa organically.
Products/Services description:	Pulses & Beans Quinoa Canihua Chia Amaranth Oregano
Brands:	APLEX TRADING
Sales are:	Wholesale
Clients:	TORN & GLASSER INC. USA Specialty Commodities Inc. USA
Suppliers:	Local farmers
Operations area:	National & International
The company imports from	No imports
The company exports to	Worldwide
The subject employs	7 employees
Payments:	Regular
LOCATION
Headquarters :	CAL. MONTERREY NRO. 341 INT. 1004 URB. CHACARILLA DEL ESTANQUE (CC CHACARILLA) LIMA - LIMA - SANTIAGO DE SURCO
Branches:	The company has facilities at Piura, Arequipa and Puna.
Industry:	Companies in this industry distribute fresh fruits, vegetables, spices, and herbs. Demand is driven by consumption of fruits and vegetables. Profitability depends on maintaining a high quality and varied selection of produce and on efficient operations. Larger distributors benefit from economies of scale in purchasing and transportation. Smaller companies may compete by specializing in certain products, such as tropical fruits or organic products, or by focusing on a geographical area. Distributors' main operations involve getting fruit and vegetables from producers to customers, which include food retailers and foodservice providers. Besides fruit and vegetables, distributors may offer fresh spices and herbs and other products often found in or near grocery store produce departments, including seasonal nuts, salad dressings, tofu, juice, flowers and plants. Distributors may specialize in exotic produce and related products, including Asian specialties such as enoki mushrooms and lotus root and Latin specialties such as corn husks and cactus pads.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. The major holder is: GONZALO ERNESTO ISASI BARBIS
Management:	Gonzalo Isasi, Owner Jair Román Flores, Financials
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public. The following information has been provided by outside sources.
2013
Revenue	1 400 000
Cash Flow	Normal
EXPORTS OF QUINOA:
2011	320.123,51
2012	664.231,00
2013	1.077.285,47
2014	1.357.620,75
LEGAL FILINGS
	There are no legal/criminal connected to the subject
Credit Recommendation
Maximum Credit Provided	USD 25 000
SUMMARY
	Aplex Peru is a fresh vegetables manufacturer exporter in Peru. The company has 9 years of experience in the market with a small sized structure. The company's main income is generated through exports to USA and Europe. Its exports have increased significantly in the last years. There are no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
SUGGESTED CREDIT LINE	USD 25 000
ENTERVIEW
NAME	Jair
POSITION	Financials
COMMENTS	He refused to confirm any kind of data for confidentia reasons.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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%)

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