MIRA INFORM REPORT

Report Date :

03.08.2012

IDENTIFICATION DETAILS

Name :	ABASTECIMIENTOS S.A.

Registered Office :	Camino Perrugoria s/n, Las Piedras

Country :	Uruguay

Financials (as on) :	31.08.2009

Date of Incorporation :	1991

Legal Form :	Joint-Stock Company

Line of Business :	Import and sale of inputs for the food industry.

No. of Employees :	15

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Uruguay

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

IDENTIFICATION

CORRECT COMPANY NAME

ABASTECIMIENTOS S.A.

TAXPAYER REGISTRATION

RUT 212392450018

MAIN ADDRESS

Camino Perrugoria s/n, Las Piedras

PROVINCE / DEPARTAMENT

Canelones / Canelones

COUNTRY

URUGUAY

TELEPHONE

(5982) 3646707

E-MAIL

melissa.pizzurno@abastecimientos.com.uy

WEB

www.abastecimientos.com.uy

SUMMARY
Date of foundation	1991
Capital stock	Ps$420,000.= Pesos
Shareholders' equity	11,464,541.00 Pesos (31AUG2009)
Annual revenues	US$ 2,466,029.21 Pesos (31AUG2009)
Profits (loss)	3,070,745.00 Pesos (31AUG2009)
permanent employees	15
Chief Executive	PLATA FREGOSSI, ALBERTO LUIS
Disposition	Poor.- Only general information without figures.
Payments policy	Delays but within sector norms
Credit ()**	Risk is High. Secured credits are recommended. Fair Situation.

LEGAL BACKGROUNDS


LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	1991
PLACE OF REGISTRY	Montevideo
DURATION	Perpetual
CURRENT PAID-IN CAPITAL	Ps$420,000.= Pesos
SHAREHOLDERS EQUITY	11,464,541.00 Pesos (31AUG2009)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$21.40 Pesos per 1 USD
COMMENTS	We could verify that in the General Tax Office of Uruguay, Subject Company´s annual validity Certificate is valid. It was issued on 01/02/2012 and will expire on 31/01/2013.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*PLATA FREGOSSI, ALBERTO LUIS*	CEO	100%
BLANCO, RICARDO	General Accountant

WHO IS WHO?

PLATA FREGOSSI, ALBERTO LUIS

NATIONALITY

Uruguayan

D.O.B.

05MAY1958

CIVIL STATUS

Divorced

DOMICILE

Camino Perugoria s/n, Las piedras, Canelones

TAX ID

20603050143

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
ABASTECIMIENTOS TRADING S.A.	Managing Director	215042400016	URUGUAY
ABASTECIMIENTOS ARGENTINA S.A			ARGENTINA

BUSINESS HISTORY

ABASTECIMIENTOS S.A. is an Uruguayan equity firm founded in 1991.

It imports inputs for the food industry with particular success in enology, diary products and bread making area

The head office is located in Las Piedras, department of Canelones, with facilities for offices, warehouse, industrial plant and laboratory. The diary division is located in Nueva Helvecia, department of Colonia, and it also has facilities for offices, warehouse and laboratory for the clients' service.

As from 2003, a subsidiary was established in Lujan de Cuyo, province of Mendoza, Abastecimientos Argentina S.A., keeping the same commercial profile in the enology area.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
ABASTECIMIENTOS ARGENTINA S.A.	ARGENTINA		Related
ABASTECIMIENTOS TRADING S.A.	URUGUAY	215042400016	Related
MATERIAS PRIMAS S.R.L.	PERU	213340720012	Related

BUSINESS

SIC Classification
5 1 - WHOLESALE TRADE-NON-DURABLE GOODS. (Papers, Perfumes, drugs, hardware, Groceries, apparel, food, dairy products, beverages.)

Main activity

Import and sale of inputs for the food industry.

Products sold: Enzymes, yeast, manoproteins, nutrients, tanines, tartarics, clarifying agents, stabilizers, carbons, ferments, preservatives, vitamins, artificial colourings, additives, functional agents, stabilizers.

Subject is representative of DSM FOOD SPECIALITIES, a foreign brand.

Import

Yes

Country

Holland, USA, Portugal, Belgium, Argentina, Chile.

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	748,549.38
2011	1,854,594.42
2010	1,336,684.39
2009	1,359,366.84
2008	1,220,214.64
2007	703,363.55
2006	851,780.86

Export

Yes

Annual exports in US$ (FOB)

YEAR	AMOUNT
2012	11,588.70
2011	42,990.62
2010	19,710.00
2009	44,542.61
2008	62,157.75
2007	46,753.68
2006	35,533.12

% CASH SALES / METHOD

20%

% Credit SALES / Terms

80% (60-day terms)

% DOMESTIC PURCHASES

10%

% FOREIGN PURCHASES

90%

SELLING TerritorY

100% Domestic market

EMPLOYEES

PREMISES

Rented

OTHER PREMISES

The Head office operates at the main address.

BRANCH: Frente a la Escuela de Lechería, Nueva Helvecia, Colonia Suiza. Tel.5984 5547010,

Fax.5984 555551.

Comments

Subject's clients are companies manufacturing food products.

FINANCIAL INFORMATION

Interviewee(s)

Melissa Pizzurno

Position(s)

Accounting Assistant

Disposition

Poor.- Only general information without figures.

Information provided

The interviewed person provided general and operating information, and postponed the accounting figures. If we receive them, we will send you an updated report; otherwise, this should be considered a definitive report.

Continuing with our investigation, we consulted several indirect sources to supplement information, but no balance sheets and/or current benchmark figures were available.

By, we learned that the company's sales amounted to US$2,500,000.= approx. in 2010.

In our files, we have the last available Balance Sheet for the period between 01/09/2008 and 31/08/2009 (12 months), expressed in Pesos, which have been included for reference purposes.

BALANCE SHEET
Balance sheet date	31AUG2009	31AUG2008
Type of balance sheet	Annual	Annual
Period	12 months	12 months
Currency	Pesos	Pesos
Exchange rate per US$	22.53	19.23
A S S E T S
Cash/bank	3,252,246.00	3,261,982.00
Receivables	11,987,609.00	8,012,298.00
Inventory	6,014,495.00	7,780,739.00
Others	189,348.00	318,359.00
Current Assetsd	21,443,698.00	19,373,378.00
Fixed	2,979,846.00	3,370,008.00
Total Assets	24,423,544.00	22,743,386.00
L I A B I L I T I E S
Bank/Suppliers	12,095,066.00	12,969,891.00
Others	863,937.00	760,088.00
Current liabilities	12,959,003.00	13,729,979.00
Long term	0.00
TOTAL LIABILITIES	12,959,003.00	13,729,979.00
S H A R E H O L D E R S' E Q U I T Y
Capital	420,000.00	420,000.00
Reserves	334,773.00	334,773.00
Profits (Loss)	6,732,271.00	4,268,526.00
Others	3,977,497.00	3,990,108.00
Total shareholders equity	11,464,541.00	9,013,407.00
Total Liab. / Sh. equity	24,423,544.00	22,743,386.00
Sales	55,559,638.00	44,540,568.00
Profit (Loss)	3,070,745.00	2,615,058.00

R A T I O
Liquidity ratio	1.65	Current assets / Current liabilities
Debt-to-equity ratio	88.47 %	(Shareholders' equity / Current liabilities %)
Profitability margin	5.53 %	(Profits / Sales %)
Working capital	8,484,695.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

NN: UNDETERMINED

The company's Financial Standing is considered to be UNDETERMINED since there are no financial figures that allow us to asses its results in the last fiscal year. Figures available as of 31/08/2009 are not updated.

No adverse payment incidents have been found in commercial circles.

On the other hand, the Supervisory Agency for Banking and Insurance gives Subject contradictory ratings: 1C (Debtors with strong creditworthiness) and 4B (Debtors with creditworthiness that is very involved).

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
Mapfre Uruguay S.A.	All risk	Not specif	Not specified

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: DESPACHANTE DE ADUANA DANIEL CABRERA	Tel.: (5982) 9157101	Country: URUGUAY
Goods/Services? : Customs service
Highest credit? : US$ 50,000.=
Client since? : 2002	Terms? : 60 days	Performance? : Prompt
Supplier: ROYAL MOUNT	Tel.: (54261) 4237323	Country: ARGENTINA
Goods/Services? : Wine
Highest credit? : US$ Not specified
Client since? : 2011	Terms? : Cash	Performance? : No experience

Note : Other suppliers did not provide information or could not be consulted

Supplier	Country	Comment
PERRIN S.A.	URUGUAY	They did not reply to our request for references
DSM FOOD SPECIALITIES	ARGENTINA	They do not give references about their clients
DSM FOOD SPECIALITIES	NETHERLANDS
PALSGAARD INDUSTRI DE MEXICO S.A. DE C.V.	MEXICO

SUPERINTENDENCY OF BANK & INSURANCE (SBS)

Debt structure for bank. SBS Latest Consolidated Credit Report as of : 31/05/2012

Bank	Debt Rating	Current Debt
Bank	Debt Rating	S/.	US$
REPÚBLICA ORIENTAL DE URUGUAY	4B	3,227.86	401.93
BILBAO VIZCAYA ARGENTARIA URUG.	1C	26,784.00	28,493.96
Total		30,011.86	28,895.89

CONSOLIDATED DEBT (ALL BANKS) ENTITIES NUMBER : 2 31/05/2012

		Domestic Currency	Foreign Currency
		--------------------------------------------	--------------------------------------------
TOTAL DEBT	:	30,011.86	28,895.89
		=========================	=========================

Comments :

Category 1C - Debtors with strong creditworthiness. These are clients with current operations or operations with at least 10 days in arrears. They have shown positive results in the past 3 years. As for their creditworthiness, it is considered that it will continue to be pretty good, even in view of significant changes in macroeconomic conditions. Structured credit operations with very good collection perspectives can be included. Category 4: Debtors with very involved creditworthiness. It includes debtors with significant problems in their creditworthiness, shown in delays of more than 120 days in the submission of the information to the institution or of up to 180-day late payments, or who have had very significant losses in the past 3 years.

RATING DESCRIPTION ACCORDING TO THE SBS (Caption)
Normal	Good Finantial Situation, Prompt payments, Consistent information. Increasing Trend, Creditworthy.
Potential Problem	Satisfactory Finantial Situation but cash flow can be weak. Irregular payments. Irregular Trend.
Deficient	Fair Finantial Situation, cash problems, profits shortage, delayed and overdue payments.
Doubtful	Heavy Finantial Situation, liquidity shotage, notorious delayed payments, Judicial Collection, Bad Management.
Loss	Bad Finantial Situation, Insufficient funds, declared bankruptcy, debt default.

BANKERS

CREDIT URUGUAY BANCO

BANCO REPUBLICA ORIENTAL

GENERAL INFORMATION


REPUTATION
NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.77
UK Pound	1	Rs.86.74
Euro	1	Rs.68.31

INFORMATION DETAILS

Report Prepared by :

PDT

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.