MIRA INFORM REPORT

Report No. :	350679
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	MGO GRUAS LIMITADA
Registered Office :	Calle Tránsito Araos 4964 San Joaquín, Santiago
Country :	Chile
Date of Incorporation :	04.03.2008
Legal Form :	Limited Company
Line of Business :	Sale or retail sale of motor vehicles new or used.
No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Chile	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

CHILE - ECONOMIC OVERVIEW

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to 4.2% in 2014. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and 10 other countries in negotiating the Trans-Pacific Partnership trade agreement. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD. In 2014, President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.

Source : CIA

STATUTORY INFORMATION
Order:	MGO Gruas Limitada
Address in the order:	Transito Araos N 4964 San Ioaquin Santiago, Chile
Legal Name:	MGO GRUAS LIMITADA
Trade Name:	Grúas Usadas Y Repuestos MGO Grúas Ltda.
RUT:	76012068-5
Date Created:	2008
Date Incorporated:	04/03/2008
Legal Address:	Calle Tránsito Araos 4964 San Joaquín Santiago Chile
Operative Address:	Calle Tránsito Araos 4964 San Joaquín Santiago Chile
Telephone:	(56-2) 2552 4260
Fax:	(56-2) 2552 4260
Legal Form:	Limited Company
Email:	ventas@mgogruas.com
Registered in:	Chile
Website:	www.mgogruas.com
Contact:	Manuel Pino
Staff:	5
Activity:	SALE OR RETAIL SALE OF MOTOR VEHICLES NEW OR USED
BANKS
Banco Santander Rio S.A. The company does not make its banking data public
History
The company was founded in 2008
PRINCIPAL ACTIVITY
Products/Services description:	Cranes, Spare Parts and Machinery
Brands:	HITACHI LINKBELT KAWASAKI KOBELCO KATO SUMITOMO MITSUBISHI
Sales are:	Retail
Clients:	• Constructora Propuerto Ltda. • Constructora Belfi S.A • Asmar Valparaíso • Codelco Chile • ENAP Refinerías
	Tosoni Ingenieria Srl Paraguay Navas Rojas Blas Eduardo Colombia
Suppliers:	Rayco Wylie
Operations area:	National and International
The company imports from	NA
The company exports to	Korea, South America
The subject employs	5 employees
Payments:	Unknown
LOCATION
Headquarters :	Calle Tránsito Araos 4964 San Joaquín Santiago Chile
Branches:	The company does not have branches
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:	Manuel Pino
FINANCIAL INFORMATION
	This is a private company which does not make its financials public. The following information has been provided by our private sources:
USD 2014
Revenue	685 000
Net Income	127 000
Total Equity	126 300
Imports US$
Year	Total
2014	US$ 8,583
2013	US$ 18,502
2012	US$ 38,507
2011	US$ 55,773
2010	US$ 202,308
Exports US$
Year	Total
2014	US$ 544,200
2013	US$ 901,419
2012	US$ 499,000
LEGAL FILINGS
Possible situations of irregular tax behavior Note: Incompetent Taxpayer Taxpayer has not attended SII requirements where you are asked to present documentation
SUMMARY
	MGO GRUAS LTDA is a company oriented to meet the demand for machinery, spare parts, Mobile Cranes Safety. The company has 7 years of experience in the market with a small sized structure. According to the Chilean Tax Registry, the company's status is irregular due to failure of complying with country's tax obligations. We suggest working with guarantees and monitoring its situation for the following 6 months.
RISK INFORMATION
	To effect transactions with the taxpayer, is suggested as a means of shelter, make payment of the fine and / or service contracted by check, it nominative view or electronic transfer of money on behalf of the issuer of the invoice, drawn on current account bank buyer or recipient of the service, scoring on back RUT issuer and invoice number. In the case of electronic money transfers, this same information, including the amount of the transaction, must be recorded on the backs of the bank's electronic transaction.
DEBTS	Controlled
PAYMENTS	Unknown
CASH FLOW	Normal
SUGGESTED CREDIT LINE	Guarantees
STATUS	Situations of possible irregular tax behavior Note: Taxpayer Inconcurrente Taxpayer has not attended SII requirements where you are asked to present documentation
INTERVIEW
NAME	NA
POSITION	NA
COMMENTS	We contacted the company however we received no response.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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