MIRA INFORM REPORT

Report No. :	326495
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	AGROVET MARKET S.A
Registered Office :	Av. Canada 3792 Lima, Lima, 30
Country :	Peru
Date of Incorporation :	06.05.1994
Legal Form :	Joint Stock Company
Line of Business :	Subject is engaged in development and export of products for veterinary use.
No. of Employee :	121

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

STATUTORY INFORMATION
Comments:	Dear Sirs, the address in the order does not corresponds to the company. It may correspond to Seguros Sura SA.
Legal Name:	AGROVET MARKET S.A
Trade Name:	AGROVET MARKET
RUC:	20250406941
Date Created:	1994
Date Incorporated:	06/05/1994
Legal Address:	Av. Canada 3792 Lima, Lima, 30 Peru
Operative Address:	Av. Canada 3792 Lima, Lima, 30 Peru
Telephone:	2300300 / 4352323 / 987773130 / 987949221
Fax:	2.300.300
Legal Form:	Joint Stock Company
Email:	umbertocalderon@agrovetmarket.com
Registered in:	Peru
Website:	www.agrovetmarket.com.pe
Contact:	Umberto Calderón Chief Executive Officer (CEO)
Staff:	121
Activity:	Biotechnology Product Manufacturing Industry
BANK DATA	Banco Central de Peru
	The company does not disclose its banking information
HISTORY
	The company started business in 1994
PRINCIPAL ACTIVITY
	Peruvian company dedicated to the development and export of products for veterinary use.
Products/Services description:	Development of veterinary pharmaceuticals, Marketing of veterinary products, Veterinary pharmaceuticals manufacturing.
	Antibiotics Supplements Injectables Wormers Anabolic Antiinflammatory Hormonal Anesthetics Nutrition
Brands:	Nutrovet, AGROMOX, AGROMYCIN, AGROSONA, AGROVITA, Hematofos B12 ®, Modivitasan, Fipronex ®, Doramec/Doraquest ®, Eprimec ®, Fasiject ®, VetHelp AM
Clients:	GRUPO GRANDESROMAN SA Ecuador PET LIFE LTD. St. Lucia GRUPO GRANDES COLOMBIA LTDA Colombia INSUCAMPO CA Ecuador
Suppliers:	IRIS S.A.I.C. Paraguay INDUSTRIAS PLASTICAS GR LTDA Colombia
Operations area:	National and International
The company imports from	China, India
The company exports to	Worldwide
The subject employs	121 employees (official information)
Payments:	No Complaints
LOCATION
Headquarters :	Av. Canada 3792 Lima, Lima, 30 Peru
Branches:	Storage: CAR. ANT. PANAMERICANA SUR KM. 29.5 (FRTE CEMENT.PQUE DEL RECUER.MAMACONA) LIMA LIMA LURIN Branch: CAL. SANTA LUCIA NRO. 218 URB. LA AURORA (ALT. PDRO 22 DE CARRETERA CENTRAL) LIMA LIMA ATE
Industry:	Companies in this industry manufacture drugs, therapies, vaccines, genetically modified food and fuel, and other products based on genetically manipulated compounds. Demand for biotechnology in the fields of medicine, agriculture, food, and science is driven by insurers' willingness to pay for new medical treatments, the global need to produce more food for a rapidly expanding population, and scientists' desire to find solutions for complex scientific and medical issues. Funding for biotech research is often provided by venture capital funds hoping to cash in on new products. The profitability of individual companies depends on the discovery and effective marketing of new products. Because the market for potential products is so large, small biotechnology companies can co-exist successfully with large ones if they have expertise in a particular line of research. Biotechnology is used to produce drugs, therapies, vaccines, and medical diagnostic tests. Medicines primarily target cancers (about 40 percent of candidates under development), neurology (15 percent), and infectious disease (10 percent), as well as autoimmune, metabolic, respiratory, and cardiovascular ailments and rare genetic diseases. Biotech is also used to produce genetically modified (GM) plants and crops; DNA fingerprinting; environmental products that aid in the clean-up of hazardous waste; and industrial applications such as biofuels.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. We could not confirm major holders.
Management:	CALDERON OJEDA JESUS WILFREDO, Manager OJEDA ZAÑARTU GLADYS, Director CALDERON OJEDA JORGE UMBERTO, General Manager
Related Companies:	There are no related companies
FINANCIAL INFORMATION
	The company does not make its financial statements public.
2013 PEN
Revenue	9 670 000
Net Income	300 000
Total Equity	3 018 800
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	This is a Peruvian company dedicated to the development and export of products for veterinary use. The company has 21 years of experience in the market with a médium-large sized structure. The company distributes worldwide and has well known brands from ths industry. There are no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Normal
INTERVIEW
NAME	Jose
POSITION	Administrative
COMMENTS	He confirmed address, staff, president and exports.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.94
UK Pound	1	Rs.98.27
Euro	1	Rs.72.37

INFORMATION DETAILS

Analysis Done by :	KAR
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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