MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	SENSIENT COLORS, S.A. DE C.V.

Registered Office :	Rodolfo Patrón No. 12, Parque Industrial Lerma, Lerma, 52000

Country :	Mexico

Date of Incorporation :	Not Available

Com. Reg. No.:	SCO640729EI0

Legal Form :	Private Subsidiary Company

Line of Business :	Flavoring extracts and syrups

No. of Employees :	250 employees

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

(31.03.2012)

Current Rating

(30.06.2012)

Mexico

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

mexico - ECONOMIC OVERVIEW

Mexico has a free market economy in the trillion dollar class. It contains a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector. Recent administrations have expanded competition in seaports, railroads, telecommunications, electricity generation, natural gas distribution, and airports. Per capita income is roughly one-third that of the US; income distribution remains highly unequal. Since the implementation of the North American Free Trade Agreement (NAFTA) in 1994, Mexico's share of US imports has increased from 7% to 12%, and its share of Canadian imports has doubled to 5%. Mexico has free trade agreements with over 50 countries including Guatemala, Honduras, El Salvador, the European Free Trade Area, and Japan - putting more than 90% of trade under free trade agreements. In 2007, during its first year in office, the Felipe CALDERON administration was able to garner support from the opposition to successfully pass pension and fiscal reforms. The administration passed an energy reform measure in 2008 and another fiscal reform in 2009. Mexico''s GDP plunged 6.2% in 2009 as world demand for exports dropped, asset prices tumbled, and remittances and investment declined. GDP posted positive growth of 5.4% in 2010 and 3.8% in 2011, with exports - particularly to the United States - leading the way. The administration continues to face many economic challenges, including improving the public education system, upgrading infrastructure, modernizing labor laws, and fostering private investment in the energy sector. CALDERON has stated that his top economic priorities remain reducing poverty and creating jobs.

Source : CIA

Company name & address

Sensient Colors, S.A. De C.V.

Rodolfo Patrón No. 12

Parque Industrial Lerma

Lerma, 52000

Mexico

Tel: 52 7282850569

Fax: 52 7282820904

Synthesis

Employees: 250

Company Type: Private Subsidiary

Corporate Family: 3 Companies

Ultimate Parent: Sensient Technologies Corporation

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2008

Reporting Currency: Mexican Nuevo Peso

Annual Sales: 47.7

Total Assets: NA

Business Description

Flavoring extracts and syrups

Industry

Industry Beverages (Non-Alcoholic)

ANZSIC 2006: 1211 - Soft Drink, Cordial and Syrup Manufacturing

NACE 2002: 1589 - Manufacture of other food products not elsewhere classified

NAICS 2002: 311930 - Flavoring Syrup and Concentrate Manufacturing

UK SIC 2003: 1589 - Manufacture of other food products not elsewhere classified

UK SIC 2007: 1089 - Manufacture of other food products n.e.c.

US SIC 1987: 2087 - Flavoring Extracts and Flavoring Syrups, Not Elsewhere Classified

Key Executives

Name	Title
Alejandro Ballesteros Moreno	Director
Javier Santiago Flores	Director
Ricardo Sánchez Villalón	Finance Director
Blanca Muciño Gutiérrez	Sales Manager
Carlos Candelario Treviño Rodríguez	Director Operations

Registered No.(MEX): SCO640729EI0

1 - Profit & Loss Item Exchange Rate: USD 1 = MXN 11.15993

2 - Balance Sheet Item Exchange Rate: USD 1 = MXN 13.8485

Corporate Overview

Location

Rodolfo Patrón No. 12

Parque Industrial Lerma

Lerma, 52000

Mexico

Tel: 52 7282850569

Fax: 52 7282820904

Sales MXN(mil): 532.8

Assets MXN(mil): NA

Employees: 250

Fiscal Year End: 31-Dec-2008

Industry: Beverages (Non-Alcoholic)

Company Type Private Subsidiary

Quoted Status: Not Quoted

Registered No.(MEX): SCO640729EI0

Director: Alejandro Ballesteros Moreno

Contents

Industry Codes

Business Description

Financial Data

Industry Codes

ANZSIC 2006 Codes:

1211 - Soft Drink, Cordial and Syrup Manufacturing

NACE 2002 Codes:

1589 - Manufacture of other food products not elsewhere classified

NAICS 2002 Codes:

311930 - Flavoring Syrup and Concentrate Manufacturing

US SIC 1987:

2087 - Flavoring Extracts and Flavoring Syrups, Not Elsewhere Classified

UK SIC 2003:

1589 - Manufacture of other food products not elsewhere classified

UK SIC 2007:

1089 - Manufacture of other food products n.e.c.

Business Description

Flavoring extracts and syrups

Financial Data

Financials in:	MXN(mil)

Revenue:	532.8

Date of Financial Data:	31-Dec-2008

1 Year Growth

Corporate Family	Corporate Structure News:
	Sensient Colors, S.A. De C.V.
Sensient Colors, S.A. De C.V. Total Corporate Family Members: 3

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Sensient Technologies Corporation	Parent
Sensient Colors, S.A. De C.V.	Subsidiary	Lerma, Campeche	Mexico	Beverages (Non-Alcoholic)	47.7	250
Sensient Imaging Technologies, S.A. De C.V.	Subsidiary	Tijuana, Baja California	Mexico	Chemical Manufacturing		34

executive report

Executives

Name

Title

Function

Alejandro Ballesteros Moreno

Director

Managing Director

Javier Santiago Flores

Director

Managing Director

Carlos Candelario Treviño Rodríguez

Director Operations

Operations Executive

Ricardo Sánchez Villalón

Finance Director

Finance Executive

Blanca Muciño Gutiérrez

Sales Manager

Sales Executive

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

MNL

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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