MIRA INFORM REPORT

Report Date :

12.06.2014

IDENTIFICATION DETAILS

Name :	VERMEN SERVICIOS S.A.C.

Registered Office :	Las Turquesas 364, Urb. Balconcillo, Lima,13

Country :	Peru

Date of Incorporation :	04.06.2005

Legal Form :	Closely-held Corporation

Line of Business :	Manufacture of flexible packaging and rotogravure printing, aluminum blister foil, Alupol tape, Palupol, Papol.

No. of Employees	17

RATING & COMMENTS

MIRA’s Rating :

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^st, 2014

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 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

NOTE

In absence of financials, no credit limit could be recommended.

IDENTIFICATION

CORRECT COMPANY NAME	VERMEN SERVICIOS S.A.C.
TAXPAYER REGISTRATION	RUC 20511333319
MAIN ADDRESS	Las Turquesas 364, Urb. Balconcillo,
POSTAL CODE	Lima,13
DEPT/PROV/REGION/STATE	Lima / Lima
COUNTRY	PERU
TELEPHONE	(511) 4726680
CORPORATE E-MAIL	j.aparicio@vermenservicios
WEB	www.vermenserivios.com

EXECUTIVE SUMMARY

Date of foundation	2005
Capital stock	S/.129,600.= Nuevos Soles
permanent employees	17
Chief Executive	VERGARA VARILLAS, ANA MARIA CONSUELO
Disposition	Declined. For security reasons and/or competition.
Payments policy	Without rating (No payment experience traced)
Credit ()**	UNDETERMINED RISK.(Insufficient or Non existent information).
Number of times that this company was required: 3

REPUTATION

NOTHING AGAINST COMPANY

LEGAL STRUCTURE

LEGAL STATUS	Closely-held Corporation
DATE OF INCORPORATION	04JUN2005
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Arnaldo Gonzales Bazan.	DURATION	Indefinite
REGISTRATION	Certificate of Registration Nº 11779546 P.R.C.
INITIAL CAPITAL	S/.1,000.= Nuevos Soles
CURRENT PAID-IN CAPITAL	S/.129,600.= Nuevos Soles	LAST CAPITAL INCREASE	26/10/2010 (Not. Jorge Luis Gonzales Loli)
CURRENT EXCHANGE RATE (US$)	S/.2.78 per USA Dollar
MEMBERSHIP	Lima Chamber of Commerce
COMMENTS
It was incorporated on 04/06/2005 under the original name GURADI S.A.C. On 12/12/2006, it adopted its currently used name VERMEN SERVICIOS S.A.C.

DIRECTORS - EXECUTIVES - SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
VERGARA VARILLAS, ANA MARIA CONSUELO	General Manager		15/11/06
MENESES BERASATEGUI, JUAN JOSE	Shareholder	10%
BERASATEGUI BERACOECHEA VDA. DE MENESES, JUANA	Shareholder	90%

WHO IS WHO?

VERGARA VARILLAS, ANA MARIA CONSUELO

TITLE

General Manager

NATIONALITY

Peruvian

D.O.B.

24MAY1966

DNI 07202252

CIVIL STATUS

Married

DOMICILE

Tizon y Bueno 820 - I, Jesús María, Lma / Lima

FATHER'S NAME

Julio Vergara

MOTHER'S NAME

Ana María Varillas

REFERENCES

ENTITIES - Consolidated Debt S /. (Apr - 14)

Banks 69.842 100.00%

B. Continental 29,582 NORMAL

B. Citibank del Peru 2,536 NORMAL

B. Ripley 841 NORMAL

B. Falabella 36,884 NORMAL

MENESES BERASATEGUI, JUAN JOSE

TITLE

Shareholder

NATIONALITY

Peruvian

D.O.B.

02JUN1960

DNI 07300685

CIVIL STATUS

Married to Ana Maria Consuelo Vergara Varillas

DOMICILE

Los Topacios 271, Urb. Balconcillo (Alt Cdra 2 de Av. Mexico) La Victoria, Lima / Lima

TELEPHONE

4726680

PROFESSION

Mechanical Engineer

TAX ID

10073006851

BACKGROUND INFORMATION

Social Health Insurance:

Insurance Holder

Type of Insurance: Regular

Self-generated: 6006021MEBAJ007

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SAME S.A.C.	General Manager	20505910932	PERU
SAME S.A.	Shareholder	20505910932	PERU

BERASATEGUI BERACOECHEA VDA. DE MENESES, JUANA

TITLE

Shareholder

NATIONALITY

Peruvian

D.O.B.

22DEC1919

DNI 07290784

CIVIL STATUS

Widow(er)

BACKGROUND INFORMATION

Social Health Insurance:

Insurance Holder

Type of Insurance: Pensioner

Self-generated: 1912220BABAJ000

BUSINESS HISTORY

The company was founded by:

- Juan Jose Meneses Berasategui

- Juana Berasategui Beracoechea de Meneses

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
SAME S.A.C.	PERU	(AC) 20505910932	Related

BUSINESS

SIC Classification
T - PROD. QUIMICOS- PLASTICOS- VETERINARIOS-AGROQUIMICOS (Industria quimica en general, Produccion y comercializacion de plasticos y derivados, Veterinarios y agroquímicos, Reactivos)

Main activity

Manufacture of flexible packaging and rotogravure printing, aluminum blister foil, Alupol tape, Palupol, Papol.

O P E R A T I O N S

Import

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	69,000.00

Export

% CASH SALES / METHOD

100%

% DOMESTIC PURCHASES

100%

SELLING TerritorY

100% Domestic market

EMPLOYEES

LOCATION

OTHER PREMISES

Subject's registered office, production plant, administrative and commercial offices are located on the above-mentioned address.

Until 30/06/2006, subject was located at Jr. Las Amatistas 265, Urb. Balconcillo, La Victoria (Lima 13).

No other addresses were found.

Comments

Subject's corporate purpose is to be engaged in provision of printing service with rotogravure system on paper, PVC sleeves, polypropylene, aluminium, fabric labels, and similar products; trading, distribution, commercial representation, import, export of aluminium, alupol, palupol, and monolucid paper for packaging.

It has facilities, technology and experience to develop first level flexible packaging ensuring the highest quality standards in its processes.

Main customers:

- ARTPACK PERU S.A.C.

- BAYER S.A.

- BIOS PERU S.A.C.

- CIFARMA S.A.

- CORPORACIÓN INFARMASA S.A.

- CORPORACION MEDCO S.A.C.

- DEUTSCHE PHARMA S.A.C.

- DISTRIBUIDORA MARY LUZ S.A.C.

- DROGUERIA G&R S.R.L.

- DROGUERIA LABORATORIO FARVET S.A.C.

- FARMINDUSTRIA S.A.

- GENCOPHARMACEUTICAL S.A.C.

- GRUNENTHAL PERUANA

- GRUPO LAS S.A.C.

- INDUSTRIAS CASAGRANDE E.I.R.L., etc.

FINANCIAL INFORMATION

Disposition	Declined. For security reasons and/or competition.
Information provided	So we decided to develop this profile based on data collected from reliable third sources and, but it was not possible to find balance sheets and/or estimated figures.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	NN: UNDETERMINED The Financial Situation of this Company is considered to be UNDETERMINED, because there are no financial figures allowing a financial analysis of the results in its last fiscal year.
Main fixed assets of the company (general detail)
We had no access to this information.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

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

Supplier	Country
DISPERCOL S.A.	PERU
NEGOCIACION COMERCIAL SAN PEDRO	PERU
MATHIESEN PERU S.A.C.	PERU

CREDIT BUREAU COMMENTS

No protested bills, cancelled accounts or lawsuits have been found so far.

Found neither compulsory collection debts, nor payment failures against the State.

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 30/04/2014

Bank	Debt Rating (*) See caption	Current Debt
Bank	Debt Rating (*) See caption	DOMESTIC CURRENCY	FOREIGN CURRENCY
CREDITO	NORMAL	261,028.00	87,511.00
INTERBANK	NORMAL	124,394.00	170,019.00
CONTINENTAL	NORMAL		20,095.00
Total		385,422.00	277,625.00
Guarantees		123,569.00	671,857.00

CONSOLIDATED DEBT (ALL BANKS) ENTITIES NUMBER : 2 30/06/2012

		Domestic Currency	Foreign Currency
LOANS	:	684,164.00
DISCOUNTS	:	233,807.00
CREDIT CARDS	:	3,890.00
CREDIT ACCRUALS	:	5,132.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	926,993.00
		=========================	=========================

CREDIT OPINION

MAXMUM?

Since they refused to give balance sheets and trade references and other information are unknown, we regret we are unable to give a credit opinion.

NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.33
UK Pound	1	Rs.99.68
Euro	1	Rs.80.30

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SDA

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.