MIRA INFORM REPORT

Report Date :

12.08.2011

IDENTIFICATION DETAILS

Name :	NUTRIPLANT INDUSTRIA E COMERCIO S/A
Registered Office :	Avenida Constant Pavan,1155 - Sítio Monte Alegre 13140-000 - Paulínia/Sp
Country :	Brazil
Financials (as on) :	31.03.2011
Date of Incorporation :	25.09.1979
Legal Form :	Publicly Held Corporation
Line of Business :	Manufacture of fertilizers and nitrogen compounds

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 :	Usually Correct
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Brazil	A2	A2

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

Company name

NUTRIPLANT INDUSTRIA E COMERCIO S/A

ADDRESSES

MAIN ADDRESS:	AVENIDA CONSTANT PAVAN,1155 - SÍTIO MONTE ALEGRE
ZIP CODE/CITY:	13140-000 - PAULÍNIA/SP
PHONE:	19 2139-9500
FAX:	19 2139-9502
E-MAIL:	falecom@nutriplant.com.br
WEB SITE:	www.nutriplant.com.br

BRANCHES:

THERE IS A BRANCH LOCATED IN CARMO DO RIO CLARO.

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE OF FERTILIZERS AND NITROGEN COMPOUNDS.

LEGAL FORM:	PUBLICLY HELD CORPORATION
INCORPORATION DATE:	25/09/1979
REGISTER DATE:	25/09/1979
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	51.128.999/0001-90
STATE REGISTER:	513.007.192.116
SHARE CAPITAL:	R$ 22.777.961,00
LAST REGISTER OF CAPITAL:	11/11/2008

BOARD OF DIRECTORS:
RICARDO LESSA PANSA	DIRECTOR
SANDRO HENRIQUE PEIXOTO SABÓIA	PRESIDENT DIRECTOR

AUTHORIZED USE OF SIGNATURE

THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
TRIPTO PARTICIPAÇÕES LTDA	55,5640%
BNDES PARTICIPAÇÕES S/A.	10,7337%
FAMA INVESTIMENTOS LTDA	9,6506%
SHARES IN TREASURY	0,0958%
OTHERS	23,9559%

AFFILIATES / SUBSIDIARIES:

QUIRIOS PRODUTOS QUÍMICOS S.A.

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON SEPTEMBER 25, 1979 AS NUTRIPLAST INDUSRIA E COMERCIO LTDA TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON JANUARY 04, 2005 THE COMPANY ADOPTED THE ABOVE MENTIONED NAME.

1970 - IT'S THE BEGINNING OF THE NORTH-AMERICAN SUBSIDIARY ACTIVITIES, FRIT INDUSTRIES (OZARK, AL). DIVULGATION AND IMPORT OF MICRONUTRIENTS IN BRAZIL.

BEGINNING OF OFFICIAL RESEARCHES ABOUT MICRONUTRIENTS IN SEVERAL CULTURES.

1979 - JOINT VENTURE BETWEEN FRIT INDUSTRIES AND FERRO ENAMEL (MULTINATIONAL COMPANY IN ENAMEL FOR POTTERY SECTOR, LOCATED IN SÃO BERNARDO DO CAMPO) FOR MICRONUTRIENTS PRODUCTION.

1980 - NUTRIPLANT IND. COM. LTDA IS FOUNDED IN PAULÍNIA- SP. IT'S THE BEGINNING OF THE PRODUCTION OF MICRONUTRIENTS IN POWDER FOR SOIL, IN BRAZIL; REGISTRATION AND LAUNCHING OF F.T.E.

1986 - DEVELOPMENT AND BEGINNING OF GRANULOUS MICRONUTRIENTS PRODUCTION COMPATIBILIZING THE MIXTURE WITH FERTILIZERS NPK.

1993 - NUTRIPLANT IS TOTALLY ACQUIRED BY FRIT INDUSTRIES. IT'S THE BEGINNING OF THE DIVERSIFICATION POLICY. DEVELOPMENT OF LINES: FTS (FERTILIZANTES TOTALMENTE SOLÚVEIS -TOTALLY SOLUBLE FERTILIZERS) AND GREEN TOP (FOLIAR FERTILIZERS MOSTLY CHELATED).

1995 - PARTNERSHIP WITH INTERNATIONAL COMPANIES WHICH PRODUCE HIGH PURITY SALTS WITH THE PURPOSE OF PRODUCING FOLIAR FERTILIZERS FOR HYDROPONICS AND FERTIRRIGATION.

1996 - FEED LINE: DEVELOPMENT OF MINERAL SUPPLEMENT FOR ANIMALS.

1998 - CHEMICAL DIVISION: HIGH QUALITY AND PURITY CHEMICAL PRODUCTS PRODUCTION AND DEVELOPMENT FOR INDUSTRY IN GENERAL.

2000 - PARTNERSHIP WITH INKABOR THAT IS AN INTERNATIONAL COMPANY KNOWN BY ITS HIGH QUALITY BORIC PRODUCTS.

2001 - DEVELOPMENT OF SPECIAL PRODUCTS LINE, DISTINGUISHED FERTILIZERS IN ORDER TO MAXIMIZE CULTURES PERFORMANCE.

ON FEBRUARY 12, 2003 SUBJECT FILE A PREVENTIVE CREDITORS' AGREEMENT AT THE COURT OF THE CITY OF PAULINIA, STATE OF SAO PAULO DUE TO LIQUIDITY POBLEMS BROUGHT ABOUT BY (I) SIGNIFICANT REDUCTION OF REVENUES AS A RESULT OF INADQUATE PRICES STRATEGY ESTABLISHED BY THE THEN CONTROLLERS; (II) DETERIORATION OF THE OPERATIONAL RESULT AND (III) LOSSES WITH THE FOREIGN EXCHANGE EXPOSITION, THAT RESULTED IN A TOTAL LIABILITIES OF R$7,2 MILLION AT THAT THIME. THE PREVENTIVE CREDITORS'S AGREEMENT HAD ITS REGULAR PROCESSING AND, ON OCTOBER 10, 2006, THE COMPANY FILED A PETITION TO DESCONTINUE OF SUCH PROCEEDING, WITH THE CREDITORS'S CONSENT. ON NOVEMBER 20, 2006, THE JUDGE RESPONSIBLE FOR THE CREDITORS' AGREEENT APROVED THE DISCONTINUATION OF SUCH PROCEEDING, THUS FINISHING SUCH PROCESS.

ON NOVEMBER 12, 2004, TRIPTO, THE CURRENT CONTROLLING SHAREHOLDER, SIGNED WITH FRIT INCORPORATED, THE CONTROLLING SHAREHOLDERS AT THAT TIME, AND OTHERS, A CONTRACT FOR THE TRANSFER OF SHAREHOLDING CONTROL. ON FEBRUARY 02, 2007 PURSUANT TO THE CONTRACT FOR THE TRANSFER OF SHAREHOLDING CONTROL, TRIPTO ACQUIRED THE TOTALITY OF SUBJECT'S SHARES. AS A RESULT OF SUCH TRANSACTIO THE CURRENT SHAREHOLDERS BECAME OWNER OF 60% OF THE SHARE CAPITAL. SUCH AGREEMENT WAS COMPLEMENTED ON MAY 08, 2007 THROUGH A SECURITIES PURCHASE AND SALE AGREEMENT, BY WHICH TRIPTO ACQUIRED ALL THE SUBJECT'S SHARES.

ON FEBRUARY 13, 2008 THE COMPANY COMPLETED ITS INITIAL PUBLIC OFFERING, ISSUING THROUGH PUBLIC OFFER, 2.070.100 SHARES REPRESENTING 39,9% OF THE SHARE CAPITAL, RAISING R$20,7 MILLIONS OF PRIMARY OFFERING AND LISTED AT THE MARKET SEGMENT OF BOVESPA MAIS LEVEL 1 OF CORPORATE GOVERNANCE.

FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY ARE SO FAR NOT KNOWN.

PUBLIC INFORMATION:

PROTESTS:

1 PROTEST,TOTAL AMOUNT R$ 1.875,00

DETAILS OF LATEST PROTESTS:

NOTARY OFFICE:	DATE:	VALUE:
2º CARTÓRIO DE SP-CAMPINAS	08/2011	R$ 1.875,00

LAWSUITS:
	DATE:	COURT OF LAW:

1	STATE LAWSUIT	28/12/09	VARA DE SP-PAULINIA
2	FEDERAL LAWSUITS	10/06/11	5ª VARA DE SP-CAMPINAS

FINANCIAL INFORMATION

GENERAL BALANCE SHEETS AS OF 31/03/2011, 31/12/2010 AND 31/12/2009.

( FIGURES ARE IN THOUSANDS OF REAIS ).

ASSETS
CURRENT:	31/03/2011	31/12/2010	31/12/2009
CASH AND BANKS	54	39	1.017
CLIENTS	8.683	7.759	14.228
INVENTORY	3.234	4.861	6.750
OTHER CREDITS	939	983	1.326
RECOVERABLE TAXES	4	12
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	12.914	13.654	23.321

LONG-TERM RECEIVABLES:
CREDITS	191	191	17.387
INVESTMENTS	2.388	2.614
DEFERRED TAXES	20.729	20.703
PRE PAID EXPENSES	195	217
	----------------	----------------	----------------
TOTAL LONG-TERM RECEIVABLES	23.503	23.725	17.387

FIXED ASSETS:
FIXED ASSETS	11.824	12.010	8.880
INTANGIBLE	25	28	35
	----------------	----------------	----------------
TOTAL FIXED ASSETS	11.849	12.038	8.915
	================	================	================
TOTAL ASSETS	48.266	49.417	49.623

LIABILITIES:
CURRENT:	31/03/2011	31/12/2010	31/12/2009
LOANS AND FINANCING	11.607	10.081	8.711
SUPPLIERS	12.757	13.114	13.616
TAXES & CONTRIBUTIONS			431
PROVISIONS			721
OTHER DEBTS	1.487	859	4.494
SOCIAL / LABOR OBLIGATIONS	625	723
TAX LIABILITIES	415	458
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	26.891	25.235	27.973

LONG TERM LIABILITIES:
LOANS AND FINANCING	3.275	3.644
PROVISIONS	3.065	3.146	70
OTHER	864	879	3.768
DEFERRED TAXES	2.307	2.254
INTERCOMPANY DEBTS	2.187	2.241
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	11.698	12.164	3.838

NET EQUITY:
SHARE CAPITAL	22.778	22.778	22.778
CAPITAL RESERVES	7.457	7.457	7.457
REVALUATION RESERVES	5.213	5.247	3.464
ACCRUED PROFIT (LOSS)	-25.771	-23.464	-15.887
	----------------	----------------	----------------
TOTAL NET EQUITY	9.677	12.018	17.812
	================	================	================
TOTAL LIABILITIES	48.266	49.417	49.623

PROFIT AND LOSS ACCOUNTS AS OF 31/03/2011, 31/12/2010 AND 31/12/2009.

( FIGURES ARE IN THOUSANDS OF REAIS ).

	31/03/2011	31/12/2010	31/12/2009
GROSS SALES			43.698
(-) TAXES ON SALES			5.360
	----------------	----------------	----------------
NET SALES	7.055	39.163	38.338
(-) COST OF SOLD GOODS	6.030	33.207	35.098
	----------------	----------------	----------------
GROSS PROFIT	1.025	5.956	3.240
OPERATING REVENUE (EXPENSE)	-2.601	-16.287	-12.248
FINANCIAL REVENUE(EXPENSE)	-802	2.562	-2.806
	----------------	----------------	----------------
OPERATIONAL PROFIT (LOSS)	-2.378	-7.769	-11.814
CONTRIBUTION/INCOME TAX	37		3.648
	----------------	----------------	----------------
NET PROFIT (LOSS)	-2.341	-7.769	-8.166

RATIOS:

31/03/2011

31/12/2010

31/12/2009

QUICK RATIO	,36		,35		,59
CURRENT RATIO	,48		,54		,83
ACCOUNTS RECEIVABLE TURNOVER	,81	TIMES	5,05	TIMES	2,69	TIMES
DAYS' SALES IN RECEIVABLES	110,77	DAYS	71,32	DAYS	133,60	DAYS
INVENTORY TURNOVER	1,86	TIMES	6,83	TIMES	5,20	TIMES
ACCOUNTS PAYABLE PERIOD	190,40	DAYS	142,17	DAYS	139,66	DAYS
RETURN ON ASSETS	,15	TIMES	,79	TIMES	,77	TIMES
SALES TURNOVER ON NET EQUITY	,73	TIMES	3,26	TIMES	2,15	TIMES
NET WORTH TIE-UP	1,22		1,00		,50
INDEBTEDNESS	3,99		3,11		1,79
EQUITY RATIO	20,05	%	24,32	%	35,89	%
WORKING CAPITAL RATIO	-51,98	%	-45,89	%	-16,63	%
GENERAL SOLVENCY	1,25		1,32		1,56
RETURN ON NET EQUITY	-24,19	%	-64,64	%	-45,85	%
RETURN ON SALES (PROFIT MARGIN)	-33,18	%	-19,84	%	-21,30	%
GROSS PROFIT MARGIN	14,53	%	15,21	%	8,45	%
OPERATIONAL RESULT	-33,71	%	-19,84	%	-30,82	%
SALES TURNOVER ON LIABILITIES	,26	TIMES	1,55	TIMES	1,37	TIMES
FOREIGN CURRENCY ON ASSETS
FOREIGN CURRENCY ON LIABILITIES

EXCHANGE RATE:
US$ 1,00 = R$ 1,61	- OFFICIAL RATE ON 10/08/2011
US$ 1,00 = R$ 1,62	- OFFICIAL RATE ON 31/03/2011
US$ 1,00 = R$ 1,66	- OFFICIAL RATE ON 31/12/2010
US$ 1,00 = R$ 1,74	- OFFICIAL RATE ON 31/12/2009

COMMENTS ON THE FINANCIAL INFORMATION:

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

THE ANNUAL FIGURES AVAILABLE IN 2010 SHOWED AN UNBALANCED FINANCIAL STANDING. IT HAS LOW LIQUIDITY RATIOS AND HIGH LEVEL OF INDEBTEDNESS. IN ADDITION THE COMPANY MADE LOSS DUE TO ITS HIGH COSTS AND EXPENSES.

THE QUARTERLY FIGURES FOR MARCH 2011 SHOW DETERIORATION IN THE FINANCIAL SITUATION. THE LIQUIDITY IS LOWER AND THE INDEBTEDNESS INCREASED. IT ALSO SHOWS DOWNWARD SALES AND MADE NEGATIVE RESULT AGAIN.

REAL ESTATE:

OWNED PREMISES ARE VALUED AT R$ 5.873.000,00

VEHICLES:

OWNED VEHICLES ARE VALUED AT R$ 39.000,00

MACHINES:

OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 1.994.000,00

INSURANCE

THE SUBJECT IS ENGAGED IN THE MANUFACTURE OF FERTILIZERS AND NITROGEN COMPOUNDS.

BANKING REFERENCES

	BRANCH/PHONE:
BANCO DO BRASIL S/A	19 3707-2020
BANCO SAFRA S/A	19 3707-4420
BANCO BRADESCO S/A	19 3874-2183

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

ACTIVITIES COMMENTS

SUBJECT IS ENGAGED IN THE MANUFACTURE OF FERTILIZERS AND NITROGEN COMPOUNDS.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:
DOMESTIC CLIENTS:	PHONE:
ADUBOS TREVO S/A	13 3367-1357
BUNGE FERTILIZANTES S/A	11 831-8122
CAFÉ BRASIL IND. COM. IMPORTAÇÃO E EXPORTAÇÃO LTDA
CASA DO ADUBO LTDA	27 346-4600
FERRARI ZAGATTO & CIA LTDA	44 224-6929
FERTILIZANTES HERINGER S/A
PROFERTIL PRODUTOS QUIMICOS E FERTILIZANTES S/A	82 214-2222
YARA BRASIL FERTILIZANTES S/A

STAFF:

THE COMPANY HAS: 98 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 1979. SO FAR IT SHOWS SOME SLOW PAYMENT BEHAVIOUR BUT IT HAS A CLEAR TRADE HISTORY.

THE COMPANY HAS TRADE RELATIONS WITH SEVERAL SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS.

THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID.

THE PROTEST IS IRRELEVANT.

MAIN SUPPLIERS:
DOMESTIC SUPPLIERS:		PHONE:
AGRARIA IND. E COMERCIO LTDA		16 3663-4000
CHEMTURA IND. QUIMICA DO BRASIL LTDA
COLOBBIA BRASIL PROD. PARA CERAMICA LTDA
CROMPTON LTDA
EMBRASA EMBALAGENS BRASILEIRA IND.COM. LTDA
FERMAVI ELETROQUIMICA LTDA	VARGINHA/MG	35 3212-1164
GALVANI IND. COMERCIO E SERVIÇOS LTDA
MICROSAL INDUSTRIA E COMERCIO LTDA	CAPIVARI/SP	19 3491-5166
SUPERTAINER ITALPLAST DO BRASIL	DIADEMA/SP	11 4066-7700
ULEX S/A
VOTORANTIM METAIS ZINCO S/A

PAYMENT HISTORY:

7 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 20.571,00

AMOUNT OF INVOICES PAID: 10

TOTAL OF PROMPT PAYMENTS: 26,3%

TOTAL OF DELAYED PAYMENTS: 73,7%

HIGHEST INVOICE: R$ 6.840,00

HIGHEST CREDIT: R$ 6.840,00

FINAL OPINION

BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR NORMAL BUSINESS COMMITMENTS. CREDIT FACILITIES HOWEVER SHOULD BE GRANTED ON SECURED TERMS ONLY DUE TO FINANCIAL SITUATION SHOWED IN THE LATEST FINANCIAL DATA.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.27
UK Pound	1	Rs.73.34
Euro	1	Rs.64.58

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.