MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	M CASSAB INTERNATIONAL S A
Registered Office :	Andes1365, Of. 310, 11100
Country :	Uruguay
Date of Incorporation :	08.11.2002
Legal Form :	Joint-Stock Company
Line of Business :	Importation, exportation of nutritional or balanced feed for animals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Uruguay	B1	B1

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

URUGUAY’S - ECONOMIC OVERVIEW

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.5% in 2010 and 6% in 2011

Source : CIA

 IDENTIFICATION

CORRECT COMPANY NAME

M. CASSAB INTERNATIONAL S.A.

TAXPAYER REGISTRATION

RUT 214741720011

MAIN ADDRESS

Andes1365, Of. 310

POSTAL CODE

11100

PROVINCE / DEPARTAMENT

Montevideo

STATE / REGION

Montevideo

COUNTRY

URUGUAY

TELEPHONE

(5982) 9003081

E-MAIL

bettinaferrero@oterogroup.com

WEB

www.cassab.com.br

COMMENTS

Other e-mails:

rlangone@oterogroup.com

walterotero@oterogroup.com

geraldo.goncalves@mcassab.com.br

SUMMARY
Date of foundation	2003
Capital stock	US$.305,000 Dollars
Shareholders' equity	1,138,815.00 US$ Dollars (31MAR2012)
Annual revenues	US$ 3,627,171.00 US$ Dollars (31MAR2012)
Profits (loss)	-30,698.00 US$ Dollars (31MAR2012)
Chief Executive	CUTAIT, ANDRE
Disposition	Satisfactory.- Important data and some figures.
Payments policy	Without rating (No payment experience traced)
Credit (**)	Risk is High. Secured credits are recommended. Fair Situation.

 LEGAL BACKGROUNDS

LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	08NOV2002
PLACE OF REGISTRY	Montevideo
DURATION	Perpetual
REGISTRATION	Pub. Reg. of Com. No.358
CURRENT PAID-IN CAPITAL	US$.305,000 Dollars
LAST CAPITAL INCREASE	16/12/2008
SHAREHOLDERS EQUITY	1,138,815.00 US$ Dollars (31MAR2012)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$21.47 per USD1

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
CUTAIT, ANDRE	Director
CUTAIT NETO, VICTOR	Attorney
SANTE VASTO, ALEXANDRE (JR)	Attorney
CUTAIT, MARIO SERGIO	Attorney
OTERO, WALTER	Representative
FINANCIERA EGORAN S.A.	Parent Co.	Maj.Shareh

WHO IS WHO?

CUTAIT, ANDRE

NATIONALITY

Brazilian

ID

RG 47001264700126

CIVIL STATUS

Married

DOMICILE

Alameda Jau 1344, 11 Andar , Sao Paulo/SP

BACKGROUND INFORMATION

CPF/MF 04780269865

Brazilian Passport CP 162742

CUTAIT NETO, VICTOR

NATIONALITY

Brazilian

ID

RG 4700125

CIVIL STATUS

Married

DOMICILE

Alameda Casa Branca 755, 16o.Andar , Sao Paulo

BACKGROUND INFORMATION

MPF/MF 03815787807

Brazilian Passport CS 513254

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
M CASSAB COMERCIO E INDUSTRIA LTDA.	Administrator	49698723/000103	BRAZIL

SANTE VASTO, ALEXANDRE (JR)

NATIONALITY

Brazilian

BACKGROUND INFORMATION

Brazilian Passport CM 767402

CUTAIT, MARIO SERGIO

NATIONALITY

Brazilian

ID

RG 4700124

CIVIL STATUS

Married

DOMICILE

Alemeda Ministro Rocha de Acevedo 932, 11o.Andar , Sao Paulo

TAX ID

01172317895

BACKGROUND INFORMATION

Brazilian Passport CM 299.338.

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
M CASSAB COMERCIO E INDUSTRIA LTDA.	Administrator	49698723/000103	BRAZIL

OTERO, WALTER

NATIONALITY

Uruguayan

FINANCIERA EGORAN S.A.

BUSINESS BACKGROUND

Uruguayan company.

Headquartered at Andes 1365, Esc. 310, Montevideo/Montevideo CP 11100

 BUSINESS HISTORY

The Company started operating under the name FLECHNEY S.A. In December 2004, it was resolved to continue operations under the current name: M. CASSAB INTERNATIONAL S.A.

It is an investing company engaged in financial activities. In Uruguay, they are called holding companies.

It is important to comment that the Majority Shareholder is FINANCIERA EGORAN S.A., a company established at the same address where the Company's had offices operate.

M. CASSAB INTERNATIONAL S.A. belongs to the group M. CASSAB.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
FINANCIERA EGORAN S.A.	URUGUAY		Parent Co.
M CASSAB COMERCIO E INDUSTRIA LTDA.	BRAZIL	49698723/000103	Related
M CASSAB HOLDING S.A.	BRAZIL	08265002/000114	Related
M SHOP COMERCIAL LTDA.	BRAZIL	01490698/000133	Related
VITACHEMIE COMERCIO E INDUSTRIA LTDA.	BRAZIL	48885081/000180	Related

 BUSINESS

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

Main activity

Importation, exportation of nutritional or balanced feed for animals.

Import

Yes

Country

China and Switzerland

Export

Yes

COUNTRY

Argentina, Brazil, Peru, Colombia

% Credit SALES / Terms

Yes at 60, 90 days

SELLING TerritorY

Domestic market and abroad

LOCATION
OTHER PREMISES	Headquarters, administrative and commercial offices operate at the above address. GRUPO OTERO & ASOCIADOS, a provider of consulting services for companies, operates at the same address.

FINANCIAL INFORMATION

Interviewee(s)

Walter Otero

Position(s)

Accountant

Disposition

Satisfactory.- Important data and some figures.

Information provided

Mr. Otero kindly supplied information, including main figures of the Balance Sheet for the Fiscal Year as of 31/03/2012 (12 months), expressed in US$ Dollars.

No explanations were given about reasons of losses at the end of the Fiscal Year.

We searched through outside sources where we got additional information.

This is a medium-sized privately held company operating in the market for 9 years and which is part of the organization M. CASSAB.It has appropriate resources to operate.

BALANCE SHEET
Balance sheet date	31MAR2012
Type of balance sheet	Annual
Period	12 months
Currency	US$ Dollars
Exchange rate per US$	1
A S S E T S
Current Assetsd	2,037,702.00
Total Assets	2,037,702.00
L I A B I L I T I E S
Current liabilities	898,887.00
Long term	0.00
TOTAL LIABILITIES	898,887.00
S H A R E H O L D E R S'  E Q U I T Y
Total shareholders equity	1,138,815.00
Total Liab. / Sh. equity	2,037,702.00
Sales	3,627,171.00
Profit (Loss)	-30,698.00

R A T I O
Liquidity ratio	2.27	Current assets / Current liabilities
Debt-to-equity ratio	126.69 %	(Shareholders' equity / Current liabilities %)
Profitability margin	-0.85 %	(Profits / Sales %)
Working capital	1,138,815.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

B: FAIR

Taking into account the last Financial Statement submitted and/or other factors analyzed, we believe that financial Situation of the Company is FAIR due to the following considerations:

- Liquidity Ratio is slightly acceptable

- Working capital shows a slightly satisfactory margin

- Shareholders' equity covers moderately its liabilities

- Notheless, operating profit show losses at the end of the year

Insurance Comments

Information unavailable.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier	Country	Comment
LONZA LTD.	SWITZERLAND
NB GROUP CO. LTD.	CHINA
HARBIN PHARMACEUTICAL GROUP CO. LTD.	CHINA
HEBEI SHENGXUE DACHENG PHARMACEUTICAL	CHINA
SINOCHEM TIANGSU CORP.	CHINA
SHANDONG QILU KING-PHAR PHARMACEUTICAL	CHINA
FEDERAL EXPRESS	URUGUAY

LAWSUITS

No restraints, claims,summons, bankruptcy, auctions, cancellation of accounts or payments in arrears were found against the Company.

BANKERS

BANCO SANTANDER

BANCO DE LA REPUBLICA ORIENTAL DEL URUGUAY

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.29
Euro	1	Rs.71.36

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.