MIRA INFORM REPORT

Report No. :	349046
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	CONSORCIO TRANSMANTARO S.A.
Registered Office :	Avenida Juan de Arona Office No. 720 601 San Isidro Lima, 27
Country :	Peru
Date of Incorporation :	10.02.1998
Legal Form :	Joint stock company
Line of Business :	Subject is engaged in the electric transmission business in Peru.
No. of Employees :	12

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 :	Slow but correct
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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, including reforms to environmental regulations in order to spur investment in Peru’s lucrative mining sector, a move that was opposed by some 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, El Salvador, India, Indonesia, Turkey and the Trans-Pacific Partnership. Peru also has signed a trade pact with Chile, Colombia, and Mexico, called the Pacific Alliance, that seeks integration of services, capital, investment and movement of people. 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

Legal Name:	CONSORCIO TRANSMANTARO S.A.
Trade Name:	CMT
RUC:	20383316473
Date Created:	1998
Date Incorporated:	10/02/1998
Legal Address:	Avenida Juan de Arona Office No. 720 601 San Isidro Lima, 27 Peru
Operative Address:	Avenida Juan de Arona Office No. 720 601 San Isidro Lima, 27 Peru
Telephone:	51-1-7126600
Fax:	51-1-7126845
Legal Form:	Sociedad Anónima
Email:	rep@rep.com.pe
Registered in:	Peru
Website:	www.rep.com.pe
Contact:	Mr. Carlos Mario Caro Sanchez General Manager
Staff:	12 employees
Activity:	Construction Indusrty
Banks:	Banco Central de Perú
	There are no rejected checks
History
	Transmantaro (MLC), was formed in January 1998, after winning for the construction and operation of the electricity transmission system Mantaro-Socabaya. The line began commercial operation on October 8, 2000 and allowed the creation of the national grid (SEIN) to interconnect what used to be North and South systems. Its 1,207 kms of circuits cross the departments of Huancavelica, Ayacucho, Apurimac and Arequipa.
	WEDNESDAY 11 NOVEMBER 2015 | Transmantaro consortium will invest US $ 42.5 million in Carapongo The Ministry of Energy and Mines (MEM) and the concessionaire Transmantaro Consortium, ISA Colombia, signed the concession contract for the project "Substation Stage Carapongo and Associated Links Connection Lines". The project includes the following works: Construction of the substation Carapongo (switchyards 220 kV and 500 kV) connecting link with the LT-Cajamarquilla Callahuanca 220 kV link connection with Huinco-Santa Rosa LT 220 kV , link connection with the Chilca-Carabayllo 500 kV transformer voltage of 500 kV to 220 kV and forecast space for implementation of the second stage of the substation Carapongo. The Carapongo Substation and Associated Links Connection Lines require an investment of US $ 42.7 million. The concession covers the construction period of 28 months from the signing of the contract and a period of 30 years of operation and maintenance of the substation from its Commercial Operation. At the end of the concession period, the substation will be transferred to the Peruvian State.
PRINCIPAL ACTIVITY
	Consorcio Transmantaro S.A. is engaged in the electric transmission business in Peru.
Products/Services description:	The company is involved in the construction, operation, and maintenance of power transmission networks. It operates the Mantaro-Socabaya transmission line that joins the north central interconnected system with southern interconnected system.
Brands:	CMT
Sales are:	Wholesale
Clients:	Peruvian Government
Suppliers:	EMPRESA COLOMBIANA DE CABLES S A Colombia ASEA BROWN BOVERI, S.A. Spain
Operations area:	National
The company imports from	India, Spain, Colombia, Ecuador, Sweden
The company exports to	No exports
The subject employs	12 employees-The subject works with non-permanent employees
Payments:	Slow but correct
LOCATION
Headquarters :	Avenida Juan de Arona Office No. 720 601 San Isidro Lima, 27 Peru
Branches:	*QUILLCACCASA-ISCAHUACA NRO. S/N (PLANTA SUB ESTACION COTARUSI)APURIMAC - AYMARAES - COTARUSE - *TRANSMANTARO CAMPO A NRO. S/N (CAMPO ARMIñO)HUANCAVELICA - TAYACAJA - COLCABAMBA - *SUBESTACION SOCABAYA NRO. S/N (ASOC SEMI RURAL UMAPALCA MZI)AREQUIPA - AREQUIPA - SOCABAYA
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company is a subsidiary of: Interconexion Electrica SAE S P Calle 12 Sur 18 168 Medellin, Colombia
Management:	Legal Representatives: MUÑANTE AQUIJE ALBERTO NICOLAS APODERADO 13/06/2007 ID 07227218 TAMARIZ VIDAL ALBERTO MANUEL ID 07718382 TEULLET PIPOLI MARITZA GIUSEPPINA ID 07957502 GALINDO VERASTEGUI VIDAL FRANCISCO ID 08208060 LAZO VELARDE LUIS MIGUEL ID 10132879 FIGUEROA FERNANDEZ JOHN FRANK ID 10218032 HOLGADO YABAR ALBERTO ID 10268038 MUGUERZA QUIÑONES GUSTAVO ID 10541913 TAPIA LIENDO RICARDO JAVIER ID 25744303 VILLACORTA SAROLI MARIA DEL PILAR ID 29410024 BERRIO FLORES HUBER ELISEO ECHEVERRIA RESTREPO JORGE ALBERTO CAMARGO SUAN LUIS ALEJANDRO RESTREPO HERNANDEZ CRISTIAN GOMEZ DAVILA ALONSO ARTURO
	Sandra Fonseca Arenas, Vicepresident Luis F. Alarcon Mantilla, President Carlos M. Caro Sanchez, General Manager Cesar Ramirez Rojas, Director Ricardo Roa Barragan, Director Ernesto Moreno Restrepo, Director Guido A. Nule Amin, Director Felipe Castilla Canales, Director Brenda Rodriguez Tovar, Director
FINANCIAL INFORMATION
	The company does not publish its financial statements. The following information has been provided by our private sources:
USD 2014
Revenue	191 308 000
Net Income	23 093 000
Total Equity	314 814 000
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	Transmantaro (MLC), was formed in January 1998, after winning for the construction and operation of the electricity transmission system Mantaro-Socabaya. The company is active and has recently invested in a millionaire transaction. There are no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Slow but correct
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Carlos
POSITION	Administrative
COMMENTS	The person contacted confirmed address, managers, staff, activity and imports.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.17
UK Pound	1	Rs.100.66
Euro	1	Rs.70.97

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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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