MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	ANASAC COLOMBIA LTDA
Registered Office :	Km 3.5 Via Bogota Siberia Parque Empresarial Metropolitano Mod 3 BG 30
Country :	Colombia
Date of Incorporation :	08.04.2002
Legal Form :	Compania Limitada
Line of Business :	The company offers a wide variety of agricultural and environmental care products.
No. of Employees :	57

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 :	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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Colombia	A2	A2

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

COLOMBIA - ECONOMIC OVERVIEW

Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to face external shocks. Real GDP grew 5.7% in 2011 and inflation ended 2011 at 3.7%, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia''s investment grade. Nevertheless, Colombia depends heavily on oil exports, making it vulnerable to a drop in oil prices. Economic development is stymied by inadequate infrastructure, weakened further by recent flooding. Moreover, the unemployment rate of 10.8% in 2011 is still one of Latin America''s highest. The SANTOS Administration''s foreign policy has focused on bolstering Colombia''s commercial ties and boosting investment at home. The US-Colombia Free Trade Agreement (FTA) was ratified by the US Congress in October 2011 and is pending implementation in 2012. Columbia has signed or is negotiating FTAs with a number of other countries, including Canada, Chile, Mexico, Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, and Israel. Foreign direct investment - notably in the oil sector - reached a record $10 billion in 2008 but dropped to $7.2 billion in 2009, before beginning to recover in 2010, and it appears to have reached a record high $13 billion in 2011. Colombia is the third largest Latin American exporter of oil to the US. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia''s infrastructure requires major improvements to sustain economic expansion. In late 2010, Colombia experienced its most severe flooding in decades with damages estimated to exceed $6 billion. The rains resumed in 2011 causing further damages to crops and infrastructure as well as killing hundreds of Colombians and displacing millions.

Source : CIA

GEOPOLITICS – COLOMBIA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Republic Economic Risk: High	Currency: 1.00 COP = 0.000546013 USD Branch Situation: Stable

IDENTIFICATION
Address in the order:	Avenida El Daroda 66-68 Oficia 217 Bogota
Legal Name:	ANASAC COLOMBIA LTDA
Legal Address	Km 3.5 Via Bogota Siberia Parque Empresarial Metropolitano Mod 3 BG 30, Colombia
Operative Address	Autopista Medellin Km 3.5, CEM Modulo 3, Bodega 30 Cota, Colombia
Telephone:	+57 1 821-9039	NIT :	830102401
Fax:	+57 1 821-9039	Legal Form:	Compania Limitada
Email:	jbuzeta@anasac.com.co	Registered in:	Colombia
Website:	http://www.anasac.com.co/	Date Created:	2002
Manager:	Juan Eduardo Buzeta, General Manager	Date Incorporated:	April 8th 2002
Staff:	57	Stock:	NA
		Value:	NA
Activity:	The company offers a wide variety of agricultural and environmental care products.

BANKS
Name of the Bank	Bancolombia
Name of the Bank	Citibank Colombia

BUSINESS
HISTORY
	The company was registered under the name ANASAC COLOMBIA LTDA in 2002.
PRINCIPAL ACTIVITY
	ANASAC COLOMBIA LTDA provides a wide variety of agricultural products, along with an animal product care line.
Products/Services description:
	The company offers insecticides, fertilizers, seeds, land, pet's shampoo and balsam products, others.
Sales are:
	Wholesale
Clients:
	The company serves the following sectors: Agricultural, Green Areas, Environmental businesses, Animals care
Operations area:
	National, International
Trade References:
	We couldn’t contact a person at the company’s to provide us the trade references.
The subject employs 57 employee(s)
Comments on staff:
	This information was confirmed by the staff.
PAYMENTS
	No Complaints
LOCATION
Headquarters
	The company is headquartered at Autopista Medellin Km 3.5, CEM Modulo 3, Bodega 30 Cota, Colombia.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company. It is a part of the ANASAC Group of companies. It is a subsidiary of ANASAC INTERNATIONAL CORPORATION, which at the same time is a subsidiary of ANASAC Chile SA. The ultimate Parent company is Agricola Nacional S.A.C. (public business) ANASAC INTERNATIONAL CORPORATION is headquartered in Panama. Created in 2007. ANASAC Chile SA is headquartered in Chile. Created in 2009. Agricola Nacional S.A.C. Almirante Pastene 300, Santiago, Chile Created in 1948
Management:
	Lefal Representative and General Manager: Juan Eduardo Buzeta Valenzuela Commercial Manager, Jorge Stamatiu Deputy Lefal Representative: Flavio Daniel Traverso Echenique Managing Member: Edward Yamith Fajardo Avila Managing Member: Rozo Cruz Gloria Emilce Accountant: Zipa Ruiz Jose Albeyro Directors: Daniel Traverso Echenique Eugenio de Marchena Guzmán Alberto Villagrán Kauer
Related Companies:
	The company has several affiliated companies.

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted Diana Castro, Receptionist, who refused to provide us any financial data on grounds of confidentiality.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency	DATE
CLP (Parent Company currency)	2011
Turnover	3.277.275,000
Net Income	24,854,000
The cash flow is	Normal

Comments on the financial data: Total Assets published in its Ultimate Parent company's annual report: (Chilean Pesos) M$ 891.936. The financial information was not confirmed by the staff.
Legal Filings
The sources consulted record no detrimental legal or labor court information.
Rating
Local credit bureau gave a correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	The subject is a small size company. It was incorporated in 2002. Therefore, it has a good experience in its field. ANASAC COLOMBIA LTDA provides agricultural and related products. It has a solid business structure, with several affiliated companies. While analyzing the financial data obtained, we can remark... No adverse were found against the business.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	LOW	Public	NO
Indebtedness	CONTROLLED	Payments	NO COMPLAINTS
Cash	NORMAL

APPENDIX
Person Interviewed
	Diana Castro
Position
	Receptionist
Comments
	We have contacted this person at the company's who kindly provided us the current amount of employees and confirmed the address.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.78
UK Pound	1	Rs.86.77
Euro	1	Rs.69.71

INFORMATION DETAILS

Report Prepared by :

PRL

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