MIRA INFORM REPORT

Report Date :

21.06.2011

IDENTIFICATION DETAILS

Name :	BASF MEXICANA S.A. DE C.V.
Registered Office :	Insurgentes Sur 975, Col. Ciudad de los Deportes, Delg. Benito Juárez, México DF
Country :	Mexico
Date of Incorporation :	10.09.1981
Com. Reg. No.:	Not Available
Legal Form :	Stock Company of Variable Capital
Line of Business :	Manufacture and distribution of agrochemicals, pesticides and specialty ancillaries for detergents and cleaning products industry

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

Maximum Credit Limit :	US$10,000
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Mexico	a2	a2

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

Bottom of Form

IDENTIFICATION

CORRECT COMPANY NAME	:	BASF MEXICANA S.A. DE C.V.
TRADE NAME	:	"BASF MEXICANA"
TAXPAYER REGISTRATION	:	RFC BME-810910-4S6
MAIN ADDRESS	:	Insurgentes Sur 975, Col. Ciudad de los Deportes, Delg. Benito Juárez,
CITY	:	México DF
DEPARTMENT/STATE	:	N/A
COUNTRY	:	MEXICO
TELEPHONE	:	57233082 - 53252601 - 53252600
FAX	:	56116331 - 56112061 - 56116091
WEB SITE	:	www.basf.com.mx

COMMENTS .-

P.O. Box: 18 953.

SUMMARY

FOUNDATION : 1981

LAST CAPITAL : Not specified

SALES : 0.00

EMPLOYEES : 350 aprox.

PAYMENTS : Usually to terms/good

CHIEF EXECUTIVE : SCHWEENS, RALPH

DISPOSITION : Report prepared through third-party sources.

LEGAL BACKGROUNDS

LEGAL ESTATUS	:	Stock Company of Variable Capital
DATE OF INCORPORATION	:	10SEP1981
START OF OPERATIONS	:	N/A
REGISTERED IN	:	Mexico FD
NOTARY OFFICE	:	N/A
DURATION	:	99 years
REGISTRATION	:	N/A
INITIAL CAPITAL	:	N/A
CURRENT PAID-IN CAPITAL	:	Not specified
LAST CAPITAL INCREASE	:	N/A
SHAREHOLDERS' EQUITY	:	N/A
TYPE OF SHARES	:	Registered
LISTED AT STOCK EXCHANGE	:	No
SHARE VALUE	:	N/A
CURRENT EXCHANGE RATE	:	Ps$11.90 per 1.00 USADollar
MEMBERSHIP	:	Chamber of the Industry of Transformation - CANACINTRA.

DIRECTORS / EXECUTIVES / SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	OWNERSHIP %
SCHWEENS, RALPH	President
WENSCHMANN, KLAUS	C.F.O.
PALUMBO, BERNARDET	Human Resources Director
ZUÑIGA SANCHEZ, ALBERTO JOSE	Business Manager
CASAS, JORGE	Sales Manager
KNIESEL, BENJAMIN	Controller
BASF AKTIENGESELLSCHAFT-BASF AG	Parent Co.	Yes

WHO IS WHO?

SCHWEENS, RALPH

NATIONALITY : German

PROFESSION : Economist

BACKGROUND INFORMATION .-

Graduated from Mannheim University (Germany).

Associated as per our database to :

Company	Position	Tax. Reg.	Country
BASF DE EL SALVADOR S.A. DE C.V.	1st. Member	0614-031275-02-1	EL SALVADOR

ZUÑIGA SANCHEZ, ALBERTO JOSE

NATIONALITY : Ecuadorian

DOC OF IDENT. : CI 0923814768

Associated as per our database to :

Company	Position	Tax. Reg.	Country
BASF ECUATORIANA S.A.		1790038416001	ECUADOR

HiSTORY

BASF MEXICANA S.A. DE C.V. is a production and distribution company established in 1981 by its Parent Company, BASF AKTIENGESELLSSCHAFT-BASF AG, from Germany, which currently controls Subject administratively and financially.

The subject is a subsidiary of BASF AKTIENGESELLSSCHAFT-BASF AG, referred to as the leader of the BASF Group, with facilities and sales in Europe (BASF Group's main market) and in North America, Asia and South America.

Some of the companies comprising the Group are:

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	AX. REG.	RELATION
BASF AKTIENGESELLSCHAFT-BASF AG	GERMANY		Parent Co.
BASF COATINGS DE MEXICO S.A. DE C.V.	MEXICO		Related
BASF DE COSTA RICA S.A.	COSTA RICA	3-101-016978	Related
BASF PINTURAS S.A. DE C.V.	MEXICO		Related
BASF URUGUAY S.A.	URUGUAY	21-000052001-2	Related
MICRO FLO DE MEXICO S.A. DE C.V.	MEXICO		Related
POLIOLES S.A. DE C.V.	MEXICO	POL-811214-B34	Related

BUSINESS

MAIN ACTIVITY .-

Manufacture and distribution of agrochemicals, pesticides and specialty ancillaries for detergents and cleaning products industry; dyes, pigments for textile, leather and paper industry; dyes and organic pigments; dispersions, polymer emulsions, cosmetic raw materials and active substances for the pharmaceutical sector, plastics, organic intermediates, aroma chemicals, vitamins for human consumption as well as vitamins and additives for animal use.

Trademark: BASF (owned by the Corporation).

IMPORT : Yes

From Germany, Brazil, England and USA, through direct credit

EXPORT : Yes

To USA, Central and South America, through direct credit

% CASH SALES/METHOD	:	10%
% CREDIT SALES/TERMS	:	90% (30-day credit terms)
% FOREIGN SALES (COUNTRIES)	:	35%
% DOMESTIC PURCHASES	:	55%
% FOREIGN PURCHASES	:	N/A
SELLING TERRITORY	:	Domestic market (65%)
EMPLOYEES	:	400

LOCATION .-

Premises	:	N/A
Monthly Amount	:	N/A
Time Occupied	:	N/A
Area	:	N/A
Floors	:	N/A

Remarks and other Premises .-

Head Office:

Insurgentes Sur 975, Col. Ciudad de los Deportes, Delg. Benito Juárez, México DF, Tel; (5255) 57233082 - 53252601 - 53252600

Production Sites:

- Km. N'1+880, Boulevard de los Ríos, Puerto Industrial Altamira, CP 89600, Altamira, Tanaulipas (Altamira Plant)

- Eje Norte Sur 1, Civac, Jiutepec, CP 62500, Civac (Civac Plant)

Besides, the Subject Company has regional offices in Guadalajra, Monterrey, Merida and Tijuana.

COMMENTS .-

Subject has among its customers distributors in BASF AGRO Division, some of which are:

- AGROCENTRO COMERCIAL DE AGUAS CALIENTES S.A. DE C.V.

- AGROQUIMICA SAN QUINTIN Y/O FIGEROA G.

- IMPORTADORA Y COMERCIALIZADORA DE AGROQUIMICOS Y SEMILLAS S.A. DE C.V.

- QUMICAL S.A. DE C.V.

- CENTRO AGROQUIMICO/CARLOS CORDOVA

- TECNICA AGRICOLA DE CHIAPAS S.A. DE C.V.

- COMERCIAL AGROQUIMICA DEL NORTE S.A. DE C.V.

- INSECTICIDAS Y SEMILLAS DE CHIHUAHUA S.A. DE C.V.

- UNION AGRICOLA REGIONAL DE FRUTICUL DEL ESTADO DE CHIHUAHUA A.C.

- AGROQUIMICOS VERSA S.A. DE C.V.

- CORMORAN S.A. DE C.V.

- FERTILIZACION INTEGRAL DE LA LAGUNA S.A. DE C.V.

Subject also has clients in the automotive industry.

FINANCIAL INFORMATION

Interviewee(s)	:	N/A
Position(s)	:	N/A
Cooperation	:	Report prepared through third-party sources.
Information Provided	:	Despite having followed up for several days the persons in charge of this company declined information as it is against corporate policy, and even with much more reason without knowing the name of the company asking for the report. So we resorted to research through reliable third-party sources where we got some general information about the company, other than financial statements or referential financial figures.

FINANCIAL SITUATION : UNDETERMINED

We consider the Financial Situation of the company as Undetermined because of not having financial elements that allow an analysis of their results, neither have we found further references to tell us conclusively their responsibility in the trade.

However, based on the information collected we can say that BASF MEXICANA S.A. de C.V., is a company renowned in the market, referred large within its field, which also has the support of the BASF Group, composed of leading companies in the chemical industry worldwide, with presence in Europe (its main market), as well as in North America, Asia and South America, with manufacturing facilities in 38 countries.

Found nothing unfavourable during our investigations that may affect Subject Company's development or creditworthiness.

PROPERTY OF THE COMPANY .-

Subject's main assets include:

- Office furniture and equipment

- Computer equipment

- Vehicles

- Machinery and equipment

- Warehouse equipment

- Laboratories

INSURANCE .-

Company	Againts	Amount	Expiration
SEGUROS MONTERREY AETNA S.A. DE C.V.	All-risk contract	Not specified	Not specified

PAYMENTS RECORD

TRADE REFERENCES .-

Supplier	Country	Tel.	Line of Credit	Monthly Average	Terms(days)	Perfomance?	Time	Products/Services
QUIMICA DELTA S.A. DE C.V.	MEXICO	5255 58999400	Open	US$ 6,000.=+	45 days	Prompt	10 years	Chemicals
GRUPO CONSULTOR DE COMERCIO EXTERIOR	MEXICO	5255 52408283	Open	Confidential	30 days	Prompt	2003	Services
MEXICHEM DE RESINAS S.A. DE C.V.	MEXICO	5255 57167027	Open	US$ 5,000.=	30 days	Prompt	10 years	Resins and raw material
TELSA	MEXICO	5255 54264923	Open	US$ 10,000.=	30 days	Prompt	15-20yrs	Equipment and services

NOTE: Other Suppliers did not provide information or could not be consulted.

Supplier	Country	Tel.
BAYER DE MEXICO S.A. DE C.V. (declined referen	MEXICO	5255 52121566
CYANAMID AGRICOLA DE MEXICO S.A. DE C.V.(decli	MEXICO	5255 56842592
BASF AKTIENGESELLSSCHAFT-BASF AG	GERMANY	N/A
ICI COLOURS	GERMANY	N/A
BASF AG	U.S.A.	N/A

CREDIT RISK CENTRAL .-

No negative were found in the different sources researched to this moment.

CREDIT HISTORY .-

Other contacted suppliers have refused to provide commercial references per inside policies and/or have not answered our reference requests yet.

BANKING INFORMATION

BANKERS .-

Bank	Contact	Telephone	Account #	DC (S/.)	FC (US$)
GRUPO FINANCIERO SANTANDER	N/A	N/A	N/A	N/A	N/A
SCOTIABANK INVERLAT S.A.	N/A	N/A	N/A	N/A	N/A
BBVA BANCOMER S.A.	N/A	N/A	N/A	N/A	N/A

It is important to mention that in Mexico it is not possible to get references from banks without knowing the account number(s), agency and name of account officers, information which was not released by this company.

GENERAL INFORMATION

REPUTATION .-

NOTHING AGAINST COMPANY

CREDIT OPINION

Requested Credit : Maximum

The subject company is considered eligible to be granted a credit line amounting to US$10,000.= Dollars.

NOTE: The Opinion given is confidential referential and with out liability

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.99
UK Pound	1	Rs.72.60
Euro	1	Rs.64.01

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.