MIRA INFORM REPORT

Report No. :	317306
Report Date :	15.04.2015

IDENTIFICATION DETAILS

Name :	GRUPO ANDEX S.A.C.
Registered Office :	Av. Benavides Nro. 1579 Int. 703 (Edificio del Park Ii), Miraflores, Lima
Country :	Peru
Date of Incorporation :	28.12.2004
Legal Form :	Sociedad Anonima Cerrada
Line of Business :	Subject is engaged in the marketing of Seeds, Fertilizers, Nutrients
No. of Employee :	30

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 grew by an average of 5.6% from 2009-13 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%. 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. Growth slipped in 2014, due to weaker world prices for these resources. 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. The HUMALA administration passed several economic stimulus packages in 2014 to bolster growth. In order to spur investment in Peru’s lucrative mining sector, it reduced some environmental regulations, in a move that was opposed by environmental groups. 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.

Source : CIA

Company name and address
Address in the order:	AV.BENAVIDES 1579 OFICINA 703-MIRAFLORES, Peru
Legal Name:	GRUPO ANDEX S.A.C.
Trade Name:	GRUPO ANDEX
RUC:	20509808717
Date Created:	2004
Date Incorporated:	28/12/2004
Legal Address:	Av. Benavides Nro. 1579 Int. 703 (Edificio del Park Ii), Miraflores, Lima, Peru
Operative Address:	Av. Benavides Nro. 1579 Int. 703 (Edificio del Park Ii), Miraflores, Lima, Peru
Telephone:	253 6444
Fax:	271 1988
Legal Form:	SOCIEDAD ANONIMA CERRADA
Email:	info@grupoandina.com.pe
Registered in:	Perú
Website:	www.grupoandina.com.pe
Contact:	Vilchez Ortiz Nicanor
Staff:	30
Activity:	Agrochemical Manufacture Industry
BANKS	Banco Central de Perú
	The company does not make its bankig data publi
HISTORY
	The company was established in 2004
	Old Addresses: AV. BENAVIDES 1579 Int 702 LIMA -LIMA -MIRAFLORES 25/01/2013 URB. LA CALESA CAL. EL GALEON 180 LIMA -LIMA -SANTIAGO DE SURCO 25/01/2013
PRINCIPAL ACTIVITY
	Company engaged in the marketing of Seeds, Fertilizers, Nutrients
Products/Services description:	Insecticides Acaricides Fungicides Herbicides Aids
Sales are:	Wholesale
Clients:	Chemtura Corporation Mexico
Brands:	Big-Hor Fitaminas Root-Hor Citogib Gib-bex
Suppliers:	Nardiplast Ltda Coolombia AGRIPAC SA Ecuador SHANGHAI AGROCHINA CHEMICAL CO LTD China SHANDONG RAINBOW AGROSCIENCES CO LTD China
Operations area:	National and International
The company imports from	China
The company exports to	Mexico
The subject employs	30 employees (the company had 27 employees in 2014)
Payments:	Regular-made on a CIF 60-90 DAYS
LOCATION
Headquarters :	Av. Benavides Nro. 1579 Int. 703 (Edificio del Park Ii), Miraflores, Lima, Peru
Branches:	Storage: NRO. S/N LOTE. 61-1 CAJAMARQUILLA I ETAPA (CARR - REF. DE ZINC) LIMA LIMA LURIGANCHO Administrative Office: CAL. EL GALEON NRO. 180 URB. LA CALESA (ALTURA CUADRA 4 PASEO LA CASTELLANA) LIMA LIMA SANTIAGO DE SURCO Commerce: AV. CHOSICA MZA. E LOTE. 2 URB. LOT PRE URBANA NIEVERIA (SUB LOTE 2- B. 1RA ETAPA NIEVERIA) LIMA LIMA LURIGANCHO Storage: NRO. S/N SEC. LA PONGO (PROLONGACION DE LA CALLE COMERCIO) ICA ICA PUEBLO NUEVO
Industry:	Companies in this industry develop and manufacture vitamins, nutritional supplements, herbal remedies, and other natural health products Demand for vitamins and nutritional supplements is driven by demographics, acceptance of natural medicines, and the desire to maintain long-term health. The profitability of individual companies depends on the ability to develop superior products Medicines made from botanical substances, as well as from organic and inorganic chemicals, are included in the industry. Vitamins are used to maintain or improve overall health and reduce the risk of chronic disease, both in humans and in animals, by supplementing the diet.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. The major holder of the company is Vilchez Ortiz Nicanor.
Management:	Vilchez Ortiz Nicanor, Manager Milagros Vilchez Rosales, Administrative
Related Companies:	Sister Companies: Comercial Andina Industrial S.A.C. Semillas Andinas S.A.C. Caisacin Ecuador Caisa Colombia
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public. The person contacted provided us with the following information:
USD 2014
Revenue	3 000 000
Cash Flow	Normal
LEGAL FILINGS
	There are no legal filings registered for the subject
SUMMARY
	GRUPO ANDEX is a Peruvian company dedicated to the manufacture of fertilizers and herbicides in Peru. The company has a small sized structure with 30 employees, various branch locations and 11 years of experience in the market. It is part of a big group of companies related to the agrochemical industry and shows no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	Sales
COMMENTS	The person contacted confirmed all information included in the order, including financial data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.91.06
Euro	1	Rs.66.16

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ANK

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.