MIRA INFORM REPORT

Report Date :

24.06.2014

IDENTIFICATION DETAILS

Name :	VICCO S.A.

Formerly Known as :	VICCO E.I.R.L.

Registered Office :	Separadora Industrial 1805 -1815, Urb. Industrial El Artesano, Ate, Vitarte, Lima, 3

Country :	Peru

Date of Incorporation :	28.01.1980

Com. Reg. No.:	Index Card 1664, Folio 12417.

Legal Form :	Joint-Stock Company

Line of Business :	· Engaged in manufacturing Color Concentrates for plastics. · Engaged in Import and marketing of Raw Materials, Machinery and Industry Equipment. · engaged in supplying Raw Material, Machinery and Equipment to industries related to dye, such as Printing Inks, Paints and plastics; including those of Direct Order and Local Stock, as well; especially those involved in Dyestuffs (Pigments). · Engaged in Supplying and providing solutions to the industries such as Paints and Coatings; Printing Inks, Adhesives, Resins, Construction; Ceramic, Glass, Plastics, Rubber, pvc, Cosmetics, Personal and Home Care, Industrial Cleaning, Food, Leather & Paper. Subject operates through the following divisions: · Color and chemical specialties · Miscellaneous chemicals · Machinery, equipment and supplies

No of Employees :	50

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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 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	VICCO S.A.
TRADE NAME	VICCO
TAXPAYER REGISTRATION	RUC 20100966264
MAIN ADDRESS	Separadora Industrial 1805 -1815, Urb. Industrial El Artesano, Ate, Vitarte
POSTAL CODE	Lima, 3
DEPT/PROV/REGION/STATE	Lima / Lima
COUNTRY	PERU
TELEPHONE	(511) 6184300 - 4341769 - 4341844
CORPORATE E-MAIL	amontenegro@vicco.com.pe
WEB	www.vicco.com.pe

EXECUTIVE SUMMARY
Date of foundation	1980
Capital stock	S/.300,000.= Nuevos Soles
permanent employees	50
Chief Executive	CONTRERAS LOZANO, VICTOR IVAN
Disposition	FAIR
Financial Situation	REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	Usually to terms / good
Credit ()**	MODERATE RISK. (Acceptable financial situation but limited).
Company Size	(PE) SMALL COMPANY
Number of times that this company was required: 9

LEGAL STRUCTURE
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	28JAN1980	STARTING DATE	28/01/1980
PLACE OF REGISTRY	Lima
NOTARY OFFICE	Enrique Costa Sáenz	DURATION	Indefinite
REGISTRATION	Index Card 1664 , Folio 12417.
INITIAL CAPITAL	S/.200,000.= Soles Oro
CURRENT PAID-IN CAPITAL	S/.300,000.= Nuevos Soles	LAST CAPITAL INCREASE	December 1998
CURRENT EXCHANGE RATE (US$)	S/.2.78 per 1 USD
COMMENTS
It is unknown who controls the remaining 0.03% of the shares of this company.

DIRECTORS

EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
CONTRERAS VILLAR, VICTOR ILDEFONSO	President	99.97%
CONTRERAS LOZANO, VICTOR IVAN	General Manager		01/12/2004
MONTENEGRO ROJAS, ALFONSO JUVENAL	Adm.&Fin. Manager		01/12/2004
HUNG CAM, CARLOS	Sales Manager
CONTRERAS LOZANO, MILAGROS ALICIA	Manager		01/12/2004
MEDINA, MIGUEL	Accountant

WHO IS WHO?

CONTRERAS VILLAR, VICTOR ILDEFONSO

TITLE

President

NATIONALITY

Peruvian

D.O.B.

21JAN1944

DNI 07271181

PROFESSION

Chemical Engineer

TAX ID

10072711811

BACKGROUND INFORMATION

On 1979, he graduated from Universidad Nacional Mayor de San Marcos, with Master's Degree in Business Administration, at Escuela Superior de Negocios para Graduados (ESAN 1985, 11-0661).

He is President of the Committee of Chemicals Importers and Traders (CICOPQ)

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TAX REG	COUNTRY
ATIQ COLOR S.A.C.	20513459832	PERU

PARTICIPATED IN

COMPANY	COUNTRY	YEAR / REF
CAMARA DE COMERCIO DE LIMA	PERU	2013

CONTRERAS LOZANO, VICTOR IVAN

TITLE

General Manager

NATIONALITY

Peruvian

D.O.B.

09MAR1974

DNI 10060690

PROFESSION

Administrator

TAX ID

10100606904

BACKGROUND INFORMATION

Has taxpayer single number (RUC 10100606904), issued on January 09, 1995, to be engaged in sports activities, with tax domicile established at:  Av. Separadora Industrial 1815, Urb. Industrial El Artesano, Ate (Lima,3).

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TAX REG	COUNTRY
ATIQ COLOR S.A.C.	20513459832	PERU

MONTENEGRO ROJAS, ALFONSO JUVENAL

TITLE

Adm.&Fin. Manager

NATIONALITY

Peruvian

D.O.B.

25JAN1959

DNI 18217208

TAX ID

10182172087

BACKGROUND INFORMATION

According to the latest report by the Superintendency of Banking and Insurance at 30/04/2014,:

- Loans S /. 69.605. =

- Credit cards = 827.

- Earned Yield 21. =

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

TOTAL DEBT S/. 70.455. =

GUARANTEES S/71.530.=

RATING: NORMAL

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TAX REG	COUNTRY
INTERNATIONAL CHEMICAL SUPPLIERS S.A.	20503813743	PERU

HUNG CAM, CARLOS

TITLE

Sales Manager

NATIONALITY

Peruvian

D.O.B.

31DEC1970

DNI 09644372

CONTRERAS LOZANO, MILAGROS ALICIA

TITLE

Manager

NATIONALITY

Peruvian

D.O.B.

21MAR1980

DNI 40485307

PROFESSION

Industrial Engineer

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TAX REG	COUNTRY
ATIQ COLOR S.A.C.	20513459832	PERU

BUSINESS HISTORY

"VICCO S.A." was founded in 1982, by the Chemical Engineer and MBA Victor I. Contreras Villar, as "VICCO E.I.R.L.", to be engaged in supplying raw material, machinery and equipment to industries related to dye, such as printing inks, paints and plastics; including those of direct order and local stock, as well; especially those involved in dyestuffs (pigments).

Later, Subject entered new markets, such as rubber, cosmetics, personal and home care & food and, at the same time, it enlarged its products' portfolio of chemicals.  Furthermore, it created the division of Machinery, Equipment and Supplies (MEQ).

In 10/12/2004, "VICCO E.I.R.L.", adopted the company name "VICCO S.A.", and its Board of Directors decided to install an appropriate Management Board, able to support Subject's future growth.

"VICCO S.A." works constantly jointly with worldwide manufacturers, leaders in their respective areas, with which it has entered into representation and/or distribution agreements, which date back to "VICCO's" beginnings, up to date.

At the beginning of 2007, "VICCO S.A." was ISO 9001:2000 certified.

In 2009, subject merged with ATIQ COLOR S.A.C. which was dissolved without liquidation.

BUSINESS

Main activity

Manufacture of color concentrates for plastics.

Import and marketing of raw materials, machinery and industry equipment.

The company operates through the following divisions:

- COLOR AND CHEMICAL SPECIALTIES:  Dyestuffs (Pigments, dyes, concentrated colors), resins, additives, products for cosmetics and food, grinding means.

- MISCELLANEOUS CHEMICALS:  USP Anhydrous citric acid, EDTA, FG  phosphoric acid, sodium tripolyphosphate, sodium bisulphite, oxygenated water at 50%, polyethylene wax, USP castor bean oil, glycerine, BHT Vulcanox antioxidant, zinc oxide, sodium hexametaphosphate, USP Glicol propylene,  monoethanolamine, caustic soda, pearls and scales, lauryl ether sodium sulphate 70%, aluminum sulphate used for the manufacture of carmine, and various chemicals.

- MACHINERY, EQUIPMENT AND SUPPLIES:  Spectrephotometers and measurement programs, control and formulation of color; mixers, agitators, three-headed mills and every kind of machinery and equipment for the manufacture of paints and coatings and industrial applications in general; instruments for tensile tests, impact resistance, thickness measurement, stickiness measurement (tack), plastic films sealants;  accelerated aging chambers, compounding extruding machines and bags blowers; two-headed mills; hydraulic presses for moulding; powder mixers; melt flow indexer, viscous measuring machines, light transmittance cabins, containers sealing testers, thermo-shinkring films tester; instruments to carry out draggings for color analysis; light cameras for color comparison.

Brands include: "TRONOX", "NITRO QUIMICA", "BENDA-LUTZ", "BORICA"; "LCP", "PQU", "DEGUSSA", "ISP", "SENSIENT", "PKELCO", "RHODIA", "X-RITE", "ROSS", "RK", "THERMO-FISHER", "PYOSA", "SLMC", "DENTEC", "SARTOMER", "LITHOS", etc.

OPERATIONS

Import

Yes

Country

Austria, Brazil, China, Denmark, Germany, France, India, Mexico, Netherlands Indonesia, France, Spain, Taiwan, UK, USA, Uruguay, Japan, Venezuela

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2014	2,367,639.00
2013	7,681,919.00
2012	7,226,806.00
2011	6,598,015.00
2010	6,486,730.00
2009	5,118,558.00

Export

Yes

COUNTRY

USA

Annual exports in US$ (FOB)

YEAR	AMOUNT
2014	10,308.00
2013	45,341.00
2012	25,161.00
2011	23,908.00
2010	37,074.00

% CASH SALES / METHOD

10%

% Credit SALES / Terms

90% (Terms: 30, 45, 60, 90 days).

% DOMESTIC PURCHASES

20%

% FOREIGN PURCHASES

80%

SELLING TerritorY

Domestic and international markets.

EMPLOYEES

LOCATION
PREMISES	Rented
AREA	250 M2.
OTHER PREMISES	Legal address and main production site and administrative offices operate in the address stated in the identification field. Subject is installed in the second and third storeys of a third-storey building, owned by Eng. Victor Contreras Villar, Subject's President. Production Site: Calle Talladores 411, Urb. Industrial del Artesano, Ate (Lima,3) Branch: Calle Los Talladores 461, Urb. Industrial Los Artesanos, Ate (Lima,3) Warehouses: - Av. Chillón Mz.A, Lt.93 (Ex Fundo Chacra Cerro) Comas (Lima,7) - Calle Los Talladores 311, Urb. Industrial Artesano, Ate (Lima,3)

Comments

VICCO SA has ISO 9001:2000 certification, obtained in 2007, which is related to timely delivery, customer satisfaction and ongoing technical assistance and fit and optimal, thus ensuring the quality criteria.

They are supported by their suppliers and represented companies who have certifications such as ISO 9001, ISO 14000, OHSAS 18001, Responsible Care, GMP (Good Manufacturing Practices), HACCP.

"VICCO S.A." supplies and provides solutions to the following industries:  Paints and coatings; printing inks, adhesives, resins, construction; ceramic, glass, plastics, rubber, pvc, cosmetics, personal and home care, industrial cleaning, food, leather & paper.

Its client base includes the companies listed below:

- BAKELITA Y ANEXOS S.A.

- TEKNOQUIMICA S.A.

- GRAFINAL S.A.

- ENVASES MULTIPLES S.A.

- INDUSTRIA VENCEDOR S.A.

- CORP. PERUANA DE PRODUCTOS QUIMICOS S.A.

- CROMOX PERUNA S.A.

- INDUSTRIAS DEL ENVASE S.A.

- PINTURAS ANYPSA., among others.

Representative of: HEUBACH, HOLIDAY, PIGMENTS.

FINANCIAL INFORMATION

Interviewee(s)

Fuentes Externas

Disposition

TF: REPORT PREPARED FROM OUTSIDE SOURCES.

Information provided

This report has been compiled through third-party sources such as databases and official, because the secrecy of company executives in providing information.

SALES

US$ 0.00 ()

FINANCIAL SITUATION

FAIR

We know that its income over the period 2013 were for S/.27,183,000. = Nuevos Soles

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

Date	Currency	Sales (US$)
31/12/2013	PEN	27,183,000.00
31/12/2012	PEN	27,183,000.00
31/12/2011	PEN	32,000,000.00
31/12/2010	PEN	27,000,000.00
31/12/2009	PEN	24,273,990.00

			Sales (US$)	ER
>	equivalent	>	10,618,359.38	2.56
>	equivalent	>	10,375,190.84	2.62
>	equivalent	>	11,851,851.85	2.70
>	equivalent	>	9,642,857.14	2.80
>	equivalent	>	8,399,304.50	2.89

Main fixed assets of the company (general detail)

Subject is referred to be the owner of the following vehicles:

- 01 Automobile NISSAN Sunny, year 1987, plate HQ-4337.

- 01 Automobile HONDA Civic, year 1983.

- 01 Automobile PEUGEOT, year 1995.

INSURANCE

COMPANY	AGAINST	AMOUNT	EXPIRATION
EL PACIFICO PERUANO SUIZA CIA. DE SEGURO	All risk	Not specified	Yearly

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

Supplier: LORET DE MOLA S.A. AG. AFIANZADOS DE ADUANAS	Tel.: (511) 2215230	Country: PERU
Goods/Services? : customs services
Highest credit? : DC Open		Current
Client since? : 2008	Terms? : 15 days	Performance? : Prompt
Comments : Good client, prompt. Monthly average by comsumption 15 thousands soles

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

Supplier	Country
COMERCIAL LIDER S.A.	PERU
INVERSIONES LAMBDA S.A.C.	PERU
BROCKERS ADUANEROS S.A.C.	PERU
NOLES MONTEBLANCO & ASOC.	PERU
ALICORP S.A.	PERU
HEUBACH GMBH	GERMANY
BAYER POLIMEROS S.L.	SPAIN
SUDAR SHAN CHEMICAL INDUSTRIES LTDA	INDIA
SLMC ROUTE DE MOUSSAN	FRANCE
ROYAL WEB LOGISTICS (EUROPE) B.V.	NETHERLANDS
BENTEL SPA	ITALY
PYOSA S.A. DE C.V.	MEXICO
NITRO QUIMICA	BRAZIL
SHEREX CHEMICAL CO	U.S.A.
ROCKWOOD PIGMENTS	U.S.A.

THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

No reported banking debt.

CREDIT BUREAU COMMENTS

It registers and administrative debt collection corresponding to 5 arrears totaling S/10, 088.= with AFP Integra SA

BANK DEBT REPORTED BY SUPERINTENDENCY OF BANK & INSURANCE (SBS)

As of: 30/04/2014 ER per USD: 2.8

Bank	Current Debt		Debt Rating () See caption*
Bank	DOMESTIC CURRENCY	FOREIGN CURRENCY	Debt Rating () See caption*
CREDITO	4,646,591.00		NORMAL
SCOTIABANK	1,266,036.00		NORMAL
BBVA CONTINENTAL	1,174,377.00		NORMAL
INTERBANK	825,374.00		NORMAL
Total	7,912,378.00
Guarantees	2,078,505.00

LAWSUITS

As of the date of the report, no criminal, civil and/or commercial lawsuits filed against this company have been found.

CREDIT HISTORY

Its purchases are conducted mostly through their suppliers abroad.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.102.56
Euro	1	Rs.81.91

INFORMATION DETAILS

Analysis Done by :	SUB

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.

MIRA INFORM REPORT

IDENTIFICATION

EXECUTIVE SUMMARY

LEGAL STRUCTURE

DIRECTORS

WHO IS WHO?

BUSINESS HISTORY

BUSINESS

FINANCIAL INFORMATION

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

Unit