MIRA INFORM REPORT

Report Date :

31.05.2014

IDENTIFICATION DETAILS

Name :	QUIMICA HISPANA S.A.
Registered Office :	Separadora Industrial 653 Int. C Urb.Santa Raquel, Ate, Postal code Lima,3
Country :	Peru
Date of Incorporation :	23.11.1993
Legal Form :	Joint Stock Company
Line of Business :	Engaged in import and sale of chemical inputs for the leather, textile, paper and footwear industries
No of Employees :	09

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 :	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	A2	A2

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	QUIMICA HISPANA S.A.
TAXPAYER REGISTRATION	RUC 20172003053
MAIN ADDRESS	Separadora Industrial 653 Int. C Urb.Santa Raquel, Ate
POSTAL CODE	Lima,3
DEPT/PROV/REGION/STATE	Lima
COUNTRY	PERU
TELEPHONE	(511) 3497991
CORPORATE E-MAIL	administra@quimicahispana.com

EXECUTIVE SUMMARY
Date of foundation	1993
Capital stock	S/.1,001,124.= Nuevos Soles
permanent employees	9
Chief Executive	CASSINELLI PIAZZA, FRANCISCO JAVIER
Disposition	Poor. Very few information was given. Politely.
Payments policy	Usually to terms / good
Credit (**)	MODERATE RISK. (Acceptable financial situation but limited).
Number of times that this company was required: 5

REPUTATION

NOTHING AGAINST COMPANY

LEGAL STRUCTURE
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	23NOV1993	STARTING DATE	31/08/1993
PLACE OF REGISTRY	Lima
NOTARY OFFICE		DURATION	Perpetual
REGISTRATION	File Card 102892, Entry 1.
CURRENT PAID-IN CAPITAL	S/.1,001,124.= Nuevos Soles	LAST CAPITAL INCREASE	05/05/2008 (Plowing back of profits)
CURRENT EXCHANGE RATE (US$)	S/.2.78 Nuevos Soles per 1 USD
MEMBERSHIP	Lima Chamber of Commerce

DIRECTORS

EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
CASSINELLI PIAZZA, FRANCISCO JAVIER	General Manager	YES
CASSINELLI PIAZZA, ENRIQUE FELIPE JOSE	Director	YES
CASSINELLI PIAZZA, PABLO ANTONIO	Director	YES
GONZALEZ, AURORA	Administrator

WHO IS WHO?

CASSINELLI PIAZZA, FRANCISCO JAVIER

TITLE

General Manager

NATIONALITY

Peruvian

D.O.B.

02SEP1963

ID

DNI 08746241

DOMICILE

CALLE DOCE 164, LA MOLINA, Lima

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
CURTIEMBRE LA PISQUEÑA S.A.	Executive President	20104624104	PERU
EF & P INVERSIONES S.A.C.		20101014097	PERU

CASSINELLI PIAZZA, ENRIQUE FELIPE JOSE

TITLE

Director

NATIONALITY

Peruvian

D.O.B.

11APR1958

ID

DNI 07277570

PROFESSION

Chemical Engineer

BACKGROUND INFORMATION

Chemical Engineer graduated from University of Texas (USA).

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
N & P CASSINELLI S.A.C.		20100113296	PERU
INVERSIONES KIEVA S.A.		20162720270	PERU
CURTIEMBRE LA PISQUEÑA S.A.	Managing Director	20104624104	PERU

CASSINELLI PIAZZA, PABLO ANTONIO

TITLE

Director

NATIONALITY

Peruvian

D.O.B.

29AUG1953

ID

DNI 07837986

CIVIL STATUS

Married to Silvia Kohene Arana

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
CURTIEMBRE LA PISQUEÑA S.A.	Director	20104624104	PERU

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
CURTIEMBRE LA PISQUEÑA S.A.	PERU	(AC) 20104624104	Related
EF & P INVERSIONES S.A.C.	PERU	20101014097	Related
N & P CASSINELLI S.A.C.	PERU	20100113296	Related

BUSINESS

Main activity

Engaged in import and sale of chemical inputs for the leather, textile, paper and footwear industries

OPERATIONS

Import

Yes

Country

Argentina, China, India, Italy, Holland, Nigeria and Spain.

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2014	789,136.00
2013	1,748,328.00
2012	1,577,151.00
2011	1,173,158.00
2010	1,651,495.00

Export

No

% CASH SALES / METHOD

50%

% Credit SALES / Terms

50% (short-term credit facilities)

% DOMESTIC PURCHASES

Yes

% FOREIGN PURCHASES

Yes

SELLING TerritorY

100% Domestic market

EMPLOYEES

9

LOCATION
OTHER PREMISES	The registered office, administrative and commercial offices operate at the main address. Subject does not have any branches.

Comments

According to TOP PERU, Subject Company's annual sales range is S/. 5, 900,000.= Nuevos Soles.

FINANCIAL INFORMATION

Disposition

Poor. Very few information was given. Politely.

Interviewee(s)

Aurora Gonzalez

Position(s)

Administrator

Information provided

Aurora Gonzalez only confirmed operating information, but did not provide the financial statements due to confidentiality reasons.
 
On the other hand, we had to consult third-party sources and official, where the information contained in this report was gathered.
 
There is no public access to the company's balance sheets. We could only have access to total sales figures reported from 20006 to 2010, which are shown for reference purposes.

Comments

SALES AS OF 31/12/2010 S/.6,800,000.=
SALES AS OF 31/12/2009 S/.6,526,842.=
SALES AS OF 31/12/2008 S/.6,206,579.=
SALES AS OF 31/12/2007 S/.5,924,430.=
SALES AS OF 31/12/2006 S/.6,972,000.=

SALES

US$ 0.00 ()

FINANCIAL SITUATION

FAIR
We note that this is an old company, which has been operating normally.

Sales History in US$

(of Balance Sheet, statement of third parties)

Date	Sales (US$)
31/12/2012	2,945,098.04
31/12/2011	2,657,992.57
31/12/2010	2,428,571.43

INSURANCE

COMPANY	AGAINST
Rimac Internacional Cia. Seguros y Rease	Various risks

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: AGENCIA DE ADUANA JOSE ALFONSO SILVA LOPEZ	Tel.: 511 6138400	Country: PERU
Goods/Services? : Customs services
Highest credit? : Not specified
Client since? : sv.years	Terms? : 30 days	Performance? : Prompt
Supplier: EUROPLAST S.A.	Tel.: 511 3480886	Country: PERU
Goods/Services? : Plastic Containers
Highest credit? : DC 2,500
Client since? : 2003	Terms? : 15 days	Performance? : Prompt
Comments : Credit line by MN 3,000

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

Supplier	Country
TECNOSER AG. AD.	PERU
SOLUCONT	PERU
ESTUDIO LLONA & BUSTAMANTE ABOGADOS	PERU
S.A. ROBAMA S.A.	SPAIN
TECNOGI SPA	ITALY
TUMPLER ESPAÑOLA S.A.	SPAIN
METALICOS UNION	PERU
ORBIS AG AD	PERU

CREDIT BUREAU COMMENTS

No protested drafts, checks and/or promissory notes have been reported.

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
		DOMESTIC CURRENCY	FOREIGN CURRENCY
CREDITO	NORMAL	107,194.00	280,565.00
SCOTIABANK	NORMAL		81,752.00
Total		107,194.00	362,317.00
Guarantees		75,770.00

CONSOLIDATED DEBT (ALL BANKS)                              ENTITIES NUMBER : 2                           28/02/2013

		Domestic Currency	Foreign Currency
LOANS	:	266,358.00
DISCOUNTS	:	143,030.00
FINANCIAL LEASING	:	1,167.00
FOREIGN TRADE	:	152,574.00
CREDIT CARDS	:	1,263.00
OTHER INDIRECT CONTINGENT DEBTS	:	65,148.00
	:	2,112.00
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	631,652.00
		=========================	=========================

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.33

INFORMATION DETAILS

Analysis Done by :	DIV
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.