MIRA INFORM REPORT

Report No. :	302513
Report Date :	14.01.2015

IDENTIFICATION DETAILS

Name :	MASTERCOL S.A.
Registered Office :	Avenida Los Frutales, 211 Ate Vitarte - Lima-Perú
Country :	Peru
Date of Incorporation :	1986
Legal Form :	Sociedad Anonima
Line of Business :	Manufacture gases, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and organic chemicals.
No. of Employees :	145

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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 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

Company name and address

Legal Name:	MASTERCOL S.A.
Trade Name:	MASTERCOL
RUC:	20512217533
Date Created:	1986
Date Incorporated:	23/12/2005
Legal Address:	Avenida Los Frutales, 211 Ate Vitarte - Lima-Perú
Operative Address:	Avenida Los Frutales, 211 Ate Vitarte - Lima-Perú
Telephone:	(01)317-5230
Fax:	(01)317-5245
Legal Form:	SOCIEDAD ANONIMA
Email:	rhaase@dispercol.pe
Registered in:	Perú
Website:	www.mastercol.pe
Manager:	Hans H. Traver Lunitz, President
Staff:	145
Activity:	Industrial Chemical Manufacturing
BANKS	Banco Central del Perú
	The company does not make its banking data public
HISTORY
	The company started business in 1986.
PRINCIPAL ACTIVITY	DISPERCOL is a company with 28 years of experience in the production of concen-trated color for the plastic industry, MASTERBATCH. Complement the service to their customers by selling resins such as low density polyethylene, high density polyethylene, polypropylene homopolymer and copolymer, polystyrene, for the processes of extrusion, injection and blow.
Products/Services description:	MASTERBACH whites black Colours additives RESINS extrusion injection blown
Brands:	MASTERBACH / DISPERCOL
Sales are:	Wholesale
Clients:	FLEXO SPRING S.A S Colombia PLASTICOS DEL LITORAL PLASTLIT SA Ecuador
Suppliers:	NHUMO S.A. DE C.V. Mexico OMYA ANDINA SA Colombia
Operations area:	National & International
The company imports from	Colombia, Mexico, India and Argentina
The company exports to	Colombia, Argentina
The subject employs	145 employees (it had 121 employees in 2013)
Payments:	No Complaints
LOCATION
Headquarters :	Avenida Los Frutales, 211 Ate Vitarte - Lima-Perú
Branches:	The company does not have branches
Industry:	Companies in this industry manufacture gases, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and organic chemicals. Demand depends on the overall strength of the economy, because most industrial chemicals are used in the manufacture of more-complicated products like fibers, plastics, paints, and paper. The profitability of individual companies is closely linked to efficient operations, because most products are commodities. Big producers have large economies of scale in production, which is why some chemicals are made by just a handful of companies. Small companies can compete effectively by making specialized or highly-purified products. Industrial chemicals include gases like oxygen and nitrogen, dyes and pigments, chlorine and caustic soda, sulfuric and nitric acids, and thousands of organic chemicals. Unlike advanced chemicals that are manufactured through complicated chemical reactions, most industrial chemicals are made by extraction and purification from natural substances, including minerals, natural gas, petroleum, plants, air, and water. Oxygen and nitrogen gas are made by freezing air, phosphates from marine deposits, ethanol by fermenting corn, chlorine from salt water, and a large number of chemicals are made by boiling petroleum.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. The major holder world be: Hans H. Traver Lunitz
Management:	Manuel Bustamante Olivares, Director Mirtha R. Guevara Godenzi, Director Hans H. Traver Lunitz, President Rolf Haase, Sales Manager Alfredo Beyer, Sales Susana Muñoz, Sales
Related Companies:	DISPERCOL S.A.
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public.
2013-USD
Revenue	21 253 000
Net Income	1 635 000
Total Equity	58 216 000
Cash Flow	Good
Exports Annual FOB USD
2014	1.710.885
2013	1.613.178
2012	1.143.979
2011	686.154
2010	497.211
Imports Annual FOB USD
2014	12.395.776
2013	12.962.283
2012	14.593.563
2011	11.408.453
2010	10.308.616
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	DISPERCOL is a company with 28 years of experience in the production of concen-trated color for the plastic industry. The company has a medium size structure and no negative. It is engaged in international commercial transactions of high amounts and shows no official debts.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Good
STATUS	Active
ENTERVIEW
NAME	Margarita
POSITION	Sales
COMMENTS	She confirmed address, activity, employees and managers. She refused to confirm more information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.10
UK Pound	1	Rs.94.10
Euro	1	Rs.73.42

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIS

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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