MIRA INFORM REPORT

Report No. :	317688
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	CHEMTRADE S.A.C.
Registered Office :	Alberto del Campo 570, Dpto. 301, San Isidro Lima, 27 Lima
Country :	Peru
Date of Incorporation :	18.03.2003
Com. Reg. No.:	11511982
Legal Form :	Closely-held Corporation
Line of Business :	Subject operates in the field of explosives for mining use mainly
No. of Employee :	51

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 – 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

IDENTIFICATION

CORRECT COMPANY NAME

CHEMTRADE S.A.C.

TRADE NAME

CHEMTRADE

TAXPAYER REGISTRATION

RUC 20506453047

MAIN ADDRESS

Alberto del Campo 570, Dpto. 301, San Isidro

POSTAL CODE

Lima, 27

DEPT/PROV/REGION/STATE

Lima

COUNTRY

PERU

TELEPHONE

(511) 628140 6281491

CORPORATE E-MAIL

lucila.torres@enaex.com , info@chemtrade.com.pe

WEB

www.chemtrade.com.pe

COMMENTS

The name on your order was the old name of the Company.
 
It is important to mention that the Company does NOT appear in the list of companies and individuals related to smuggling and terrorism published by the OFAC - Office of Foreign Assets Control of the US Department of the Treasury. (SDNT List). 

EXECUTIVE SUMMARY
Date of foundation	2003
Capital stock	S/.17,799,750.= Nuevos Soles
permanent employees	51
Chief Executive	HILGERT VALDERRAMA, LUIS ANTONIO
Disposition	D: Declined. For security reasons and/or competition.
Financial Situation	B: SLIGHTLY FAIR
Payments policy	P2: Usually to terms / good
Credit (**)	B : MODERATE RISK. (Sligthly fair Financial Situation)
Number of times that this company was required: 1

CREDIT OPINION
Requested credit	Maximum Credit
(*) Opinion after analyzing different factors and other opinions.

LEGAL STRUCTURE
LEGAL STATUS	Closely-held Corporation
DATE OF INCORPORATION	18MAR2003
PLACE OF REGISTRY	Lima
REGISTRATION	No. 11511982
INITIAL CAPITAL	S/.20,000.=
CURRENT PAID-IN CAPITAL	S/.17,799,750.= Nuevos Soles	LAST CAPITAL INCREASE	20/01/2015
CURRENT EXCHANGE RATE (US$)	S/.3.12 per USD.1.00
COMMENTS
The Company was formed in 2003 under the name CHEMTRADE E.I.R.L. Charter Member and Managing Director is Luis Antonio HILGERT VALDERRAMA In June 2014, the Chilean firm ENAEX S.A. through its Peruvian affiliate NITTRA PERU S.A., acquired the 80% of the shares and changed its legal form to CHEMTRADE S.A.C. It should be mentioned that since no information about the new shareholders was found in public, Luis Antonio Hilgert Valderrama is presumed to hold the 20% because he currently appears in SUNAT as General Manager.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
HILGERT VALDERRAMA, LUIS ANTONIO	General Manager
NITTRA PERU S.A.	Shareholder / Member	80%
Other Unidentified Shareholders		20%
Total Participation of Shareholders		100%

WHO IS WHO?

HILGERT VALDERRAMA, LUIS ANTONIO

TITLE

General Manager

NATIONALITY

Peruvian

D.O.B.

11APR1959

ID

DNI 06968379

DOMICILE

Los Claveles 349, Chaclacayo, Lima

TAX ID

DNI 10069683792

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
EXPLOTRADE S.A.C.	General Manager	20392728491	PERU
CAMARA DE COMERCIO PERUANO-CHECA	President	20507877886	PERU
TIDEMARK S.A	Vice President	20203610859	PERU
CDET - PERU S.A.C.	General Manager	20551285457	PERU

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
CDET - PERU S.A.C.	PERU	20551285457
ENAEX S.A.	CHILE	(AC) 902660003

BUSINESS

Main activity

CHEMTRADE operates in the field of explosives for mining use mainly.
 
In addition, CHEMTRADE is a consultant in the design and construction of plants and specialized machinery in accessories and explosives; business consultant for industrial investments. It provides advisory on deactivation of civilian and military explosives.

O P E R A T I O N S

Import

Yes

Country

Bolivia, Chile, India

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2015	143,070.00
2014	5,349,721.00
2013	498,803.00

Export

Yes

Annual exports in US$ (FOB)

YEAR	AMOUNT
2014	85,658.00
2013	159,440.00

EMPLOYEES

51

LOCATION
OTHER PREMISES	0001 PRODUCTION CAR. CAJAMARQUILLA NRO. S/N HACIENDA NIEVERIA (HUACHIPA- KM 3.5 CARRETERA CAJAMARQUILLA) LIMA LURIGANCHO 0002 WAREHOUSE JR. CAHUIDE MZA. C LOTE. 8 - JUNIN - JAUJA 0003 WAREHOUSE AV. VENEZUELA NRO. 1700 - PROV. CONST. DEL CALLAO

Comments

CLIENT: 
MINISTERIO DE DEFENSA - MATERIAL DE GUERRA.

FINANCIAL INFORMATION
Disposition	D: Declined. For security reasons and/or competition.
Information provided	No information could be obtained from the Company. For this reason, we have prepared the report based on data from reliable third-party sources.
FINANCIAL SITUATION	B: SLIGHTLY FAIR Despite no balance sheets were available, we knew that payments are made irregularly. This is a company operating in the market for 11 years and in 2014 shareholders and legal form changed which have to positively influence in the administration, production and commercialization of the Company.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

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

Supplier	Country
MAXAM FANEXA SAM	BOLIVIA
FAMESA EXPLOSIVOS SAC	PERU
EXSA SA	PERU

RISK INFORMATION CENTER

COMMERCIAL DELINQUENCY

Drawer	Document	Protested date	Amount S/.	Amount US$	Payment date
FAMESA EXPLOSIVOS SAC	Protested bill	06/05/2014	0.00	37,170.00	31/10/2014
FAMESA EXPLOSIVOS SAC	Protested bill	19/05/2014	0.00	136,202.00	31/10/2014
FAMESA EXPLOSIVOS SAC	Protested bill	30/04/2014	0.00	41,111.00	31/10/2014
FAMESA EXPLOSIVOS SAC	Protested bill	28/04/2014	0.00	29,849.00	31/10/2014
FAMESA EXPLOSIVOS SAC	Protested bill	28/04/2014	0.00	38,350.00	31/10/2014
FAMESA EXPLOSIVOS SAC	Protested bill	08/01/2014	0.00	73,160.00	31/10/2014
FAMESA EXPLOSIVOS SAC	Protested bill	03/01/2014	0.00	56,228.00	31/10/2014
FAMESA EXPLOSIVOS SAC	Protested bill	06/01/2014	0.00	75,520.00	31/10/2014
FAMESA EXPLOSIVOS SAC	Protested bill	09/01/2014	0.00	77,349.00	31/10/2014

INFORMATION IS REPORTED BY RISK INFORMATION CENTER (WHEN THERE IN THIS COUNTRY)

Found out 14 protested bills for the sum of US$.800,194.= Dollars; all of them have been regularized. We include the latest nine protests.
 
Found out it owes AFPs (Pension Fund Private Administrator), 44 overdue documents for the global sum of S/.26,396.95 Nuevos Soles.

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 28/02/2015

Bank	Debt Rating (*) See caption	Current Debt
		DOMESTIC CURRENCY	FOREIGN CURRENCY
BIF	NORMAL		99,000.00
Total			99,000.00

CREDIT OPINION
Consulted Credit Amount :	Maximum Credit
Suggested Credit :	US$700,000.= Dollars / Monitored
NOTE : The opinion given is confidential, referential and without liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.00
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Analysis Done by :	DIV
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.