MIRA INFORM REPORT

           

 

Report Date :

26.07.2014

 

IDENTIFICATION DETAILS

 

Name :

COMERCIAL JOSETEX S.A.C.

 

 

Registered Office :

Hipólito Unanue 1667, Urb. San Pablo (Cdra 6 de Jr. Gamarra) La Victoria

 

 

Country :

Peru

 

 

Date of Incorporation :

21.01.2004

 

 

Legal Form :

Closely-Held Corporation

 

 

Line of Business :

Import and Marketing of Fabrics.

 

 

No. of Employees :

6

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Peru

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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

COMERCIAL JOSETEX S.A.C.

TAXPAYER REGISTRATION

RUC 20507684654

MAIN ADDRESS

Hipólito Unanue 1667, Urb. San Pablo (Cdra 6 de Jr. Gamarra) La Victoria,

POSTAL CODE

Lima,13

DEPT/PROV/REGION/STATE

Lima / Lima

COUNTRY

PERU

TELEPHONE

(511) 3233318

COMMENTS

 

Your order was forwarded without phone number.

 

NOTE

 

The address on your order is an uncomplete and incorrect spelling address, the correct and complete address is as above-mentioned.

 

 

EXECUTIVE SUMMARY

 

Date of foundation

2004

permanent employees

6

Chief Executive

DIAZ VASQUEZ, JOSE UVALDO

Disposition

FAIR

Financial Situation

Poor. Very few information was given. Politely.

Payments policy

Delays but within sector norms

Credit (**)

MODERATE RISK. (Acceptable financial situation but limited).

Number of times that this company was required: 2

 

 

LEGAL STRUCTURE

 

LEGAL STATUS

Closely-held Corporation

 

 

DATE OF INCORPORATION

21JAN2004

 

 

NOTARY OFFICE

Clara Carnero Avalos

DURATION

Indefinite

INITIAL CAPITAL

S/.25,000.= Nuevos Soles

 

 

CURRENT EXCHANGE RATE (US$)

S/.2.78 Nuevos Soles per USA Dollar

 

 

COMMENTS

 

Company was established in compliance with Deed dated 11/12/2003 and Amendment Deed dated 21/01/2004, both executed before Notary Public Clara Carnero Avalos in the city of Lima.

 

It is affiliated to the Spreadsheet from 01/01/2014.

 

According to the bylaws, the company will have one or more managers appointed by the general meeting of shareholders.

 

The legal representation of the company is covered by the general manager who is authorized to execute all types of contracts related to the object of the company.

 

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

 

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

DIAZ VASQUEZ, JOSE UVALDO

General Manager

75%

22/10/2003

DIAZ VASQUEZ, MARIA ROSALINA

Shareholder

25%

 

 

 

 

WHO IS WHO?

 

DIAZ VASQUEZ, JOSE UVALDO

TITLE

General Manager

NATIONALITY

Peruvian

D.O.B.

14MAY1975

ID

DNI 07510604

DOMICILE

Hipólito Unanue 1628, La Victoria, Lima

PROFESSION

Businessman

TAX ID

10075106047

BACKGROUND INFORMATION

He has active RUC, issued 11/09/2002 to devote as Natural Person With Business to wholesale of textiles, establishing fiscal address in Unanue 1628, La Victoria - Lima (Lima, 13)

REFERENCES

 

SUPERINTENDENCY OF BANKING AND INSURANCE: In its latest report as of 31/05/2014 gave him 100% NORMAL RATING. At that time he recorded the following obligations with financial institutions:

B.SCOTIABANK

B.CONTINENTAL, S/.17,054.= US$2,610.= NORMAL RATING

 

GUARANTEES delivered US$.1,040,000. = Dollars.

 

At that date the structure of his debt was as follows:

- CONSUMER CREDIT S/.16,838 =.

- CURRENT LOAN INTEREST EARNED S/.216 =.

 

Guarantees have been granted in favour of JOSETEX  SA with Banco Continental for US$.363,542. = Dollars (Period 2014-05)

 

The SBS gives him a 100% NORMAL rating from 31/12/2011 , except for the following periods:

04/2014: 100% POTENTIAL PROBLEM

02/2014: 100% POTENTIAL PROBLEM

 

 

DIAZ VASQUEZ, MARIA ROSALINA

TITLE

Shareholder

NATIONALITY

Peruvian

D.O.B.

08NOV1980

ID

DNI 40694241

PROFESSION

Trader

TAX ID

10406942410

BACKGROUND INFORMATION

She has active RUC, issued 08/03/2001 to devote as Natural Person With Business to sale of textiles and footwear under the trade name MS RETTOŃO'S, setting fiscal address in Jr. Hipólito Unanue 1558, Urb. San Pablo (Hipólito Unanue 1558-A) La Victoria - Lima (Lima,13).

 

 

 

 

 

 

BUSINESS HISTORY

 

The company was founded by the same current shareholders.

 

 

 

BUSINESS

 

Main activity

Import and marketing of fabrics.

O P E R A T I O N S

Import

Yes

Country

China and Pakistan

ANNUAL Imports In US$ (CIF)

YEAR

AMOUNT

2014

142,861.00

2013

620,103.00

2012

350,669.00

Export

No

% CASH SALES / METHOD

80%

% Credit SALES / Terms

20% Terms: 15 days

SELLING TerritorY

100% National Market.

EMPLOYEES

6

 

 

LOCATION

OTHER PREMISES

The company has its legal address, administrative and commercial headquarters at the above noted address.

 

Warehouses:

- Gamarra 746 Int. 302,  La Victoria - Lima (Lima,13)

- Jr. Antonio Bazo 1176, Urb. La Polvora, La Victoria, Lima (Lima,13)

 

The company sets tax residence in Lima, can open branches anywhere in the country or abroad.

PREVIOUS ADDRESS

Calle Hipólito Unanue 1653, Urb. San Pablo, La Victoria - Lima (Lima,13)

 

Comments

Purpose: It can engage in the sale of textiles in general, import, export, development of activities,  related and / or connected to the above; to accomplish the object may perform all acts and contracts that are legal without restriction.

 

 

 

FINANCIAL INFORMATION

 

Interviewee(s)

Mr. José Diaz

Position(s)

General Manager

Disposition

Poor. Very few information was given. Politely.

Information provided

Provided operational data of the company and said that to analyze the appropriateness of further disclosure is essential that the enquiring party communicates directly with him to explain reason of the investigation.

 

Therefore, this report has been supplemented based on direct and indirect sources of information,  means by which it was not possible to find balance sheets or reference financial figures.

 

 

SALES

US$ 0.00 ()

FINANCIAL SITUATION

FAIR

Despite not having financial statements available, we could learn that Comercial Josetex S.A.C.  is a microenterprise of private national capital, family owned, with ten years experience in the import and marketing of fabrics, which operates in a market where competition is wide.

 

The Credit Information Centers reported fourteen protested bills against this company during the period 2011-2012, which were paid and almost completely regularized.

 

Its credit experience with the financial sector is classified as Normal, as reported by the Superintendency of Banking and Insurance.

Comments about insurance and claims?

 

No insurance policy has been taken out by the company.

 

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

 

(CONFIDENTIAL INFORMATION)

 

Supplier: JOSANTEX S.A.C.

Tel.: (511) 3244420

Country: PERU

Goods/Services? : Fabrics

 

 

Highest credit? : DC 300,000

 

 

Client since? : 2010

Terms? : 120 days

Performance? : Prompt

Comments : Monthly average

Supplier: LUCI TEXTIL S.A.

Tel.: (511) 4730803

Country: PERU

Goods/Services? : Fabrics

 

 

Highest credit? : DC 300,000

 

 

Client since? : 2010

Terms? : 120 days

Performance? : Prompt

Comments : Monthly average

 

 

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

 

Supplier

Country

Comment

ESMES AGENTES AFIANZADOS DE ADUANA

PERU

Company does not provide trade references about customers.

JABATEX S.A.C.

PERU

 

 

 

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

 

 

No reported banking debt.

 

COMMERCIAL DELINQUENCY

 

Drawer

Document

Amount S/.

Amount US$

Protested date

Payment date

AFP INTEGRA S.A.

Payment Receipt

165.60

0.00

2011-06

 

AFP INTEGRA S.A.

Payment Receipt

507.93

0.00

2011-06

 

ESMES S.A. AGENTES AFIANZADOS DE ADUANA

Protested Bill

24,464.42

0.00

20/12/2012

04/07/2013

JOSANTEX S.A.C.

Protested Bill

7,863.70

0.00

28/12/2012

04/07/2013

GABATEX S.A.C.

Protested Bill

6,693.60

0.00

07/11/2012

04/07/2013

GABATEX S.A.C.

Protested Bill

5,234.80

0.00

14/11/2012

04/07/2013

JOSANTEX S.A.C.

Protested Bill

6,086.93

0.00

04/10/2012

04/07/2013

LUCI TEXTIL S.A.C.

Protested Bill

7,966.80

0.00

10/08/2012

04/07/2013

BBVA CONTINENTAL

Protested Promissory Note

0.00

69,244.17

06/06/2012

 

 

Total Documents: 9

Totals

58,985.00

69,244.00

Solved:

 


CREDIT BUREAU COMMENTS

The subject has been reported 14 protested documents 14 (13 bills 1 promissory note) for the period from 19/08/2011 to 20/12/2012, 13 of which were regularized and one is listed as pending regularization; some of the most recent are mentioned in the relevant field.

It should be noted that  while company fails to perform due regulization before the Chamber of Commerce a protested bill can be listed as "outstanding", though may have been paid.

 

 

BANK DEBT REPORTED BY SUPERINTENDENCY OF BANK & INSURANCE (SBS)                    As of: 31/05/2014          ER per USD: 2.78

 

Bank

Current Debt

Debt Rating
(*) See caption

DOMESTIC CURRENCY

FOREIGN CURRENCY

CONTINENTAL

52,798.00

652,552.00

NORMAL

BIF

9,468.00

35,217.00

NORMAL

CREDITO

196.00

60,670.00

NORMAL

Total

62,462.00

748,439.00

 

Guarantees

 

3,208,996.00

 

 


GENERAL COMMENT


As of May 2014 the company was reported guarantees by S/.69,150. = Nuevos Soles. The SBS gives the company 100% NORMAL rating from 31/12/2011.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.14

UK Pound

1

Rs.102.22

Euro

1

Rs.81.02

 

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%)

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.