MIRA INFORM REPORT

Report Date :

10.01.2013

IDENTIFICATION DETAILS

Name :	NUFARM COLOMBIA SA
Registered Office :	Carrera 100 No. 5-169, Centro Comercial Unicentro, Torre Oasis, Oficina 410, Cali
Country :	Colombia
Date of Incorporation :	24.05.2000
Legal Form :	Sociedad Anonima
Line of Business :	Crop protection.
No. of Employees :	50

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 :	Slow but correct
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: Low	Currency: 100.00 COP = 0.0564820 USD Branch Situation:Stable

IDENTIFICATION
Legal Name:	NUFARM COLOMBIA SA
Legal Address	Carrera 100 No. 5-169, Centro Comercial Unicentro, Torre Oasis, Oficina 410, Cali, Colombia.
Operative Address	Carrera 100 No. 5-169, Centro Comercial Unicentro, Torre Oasis, Oficina 410, Cali, Colombia.
Telephone:	+57 (2) 331-0800	NIT :	830071847 - 6
Fax:	+57 (2) 331-0800	Legal Form:	Sociedad Anonima
Email:	claudia.ceballos@co.nufarm.com	Registered in:	Colombia
Website:	http://www.nufarm.com	Date Created:	2000
Manager:	Robert Donovan Schwehr, President.	Date Incorporated:	May 24th, 2000
Staff:	50	Stock:	N.A.
		Value:	N.A.
Activity:	Crop protection.

BANKS
Name of the Bank	BANCOLOMBIA

BUSINESS
HISTORY
	The company was established in the year 2000.
PRINCIPAL ACTIVITY
	The company engages as a provider of crop protection solutions.
Products/Services description:
	It supplies with products to help farmers protect their crops against damage caused by weeds, pests and disease.
Sales are:
	Wholesale
Brands:
	Nufarm
Clients:
	The company serves distributors and farmers.
Suppliers:
	*Nutrichem International Co., Ltd. (China) *Inform Chemical Co. Ltd. (China)
Operations area:
	International.
The company imports from China.
The company exports to Worldwide, depending on the demand.
The subject employs 50 employee(s)
Comments on staff:
	The figures were not disclosed by the company. They were conciliated with our private sources and from a particular analysis of the company´s structure.
PAYMENTS
	Slow but correct
LOCATION
Headquarters
	The company is headquartered at: Carrera 100 No. 5-169, Centro Comercial Unicentro, Torre Oasis, Oficina 410, Cali, Colombia.
Comments on location:
	Corporate Headquarters.
Branches:
	The company does not report any branch location.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company. It operates as a subsidiary of: *NUFARM LTD 103-105 Pipe Road Laverton North, VIC 3026 Australia Phone: 61 3 9282 1000 Fax: 61 3 9282 1001 website: www.nufarm.com Ticker Symbol: (NUF:ASX) Nufarm Limited is an Australia-based global crop protection company. The Company develops, manufactures and sells a range of crop protection products, including herbicides, insecticides and fungicides that help crop producers protect their crops against damage caused by weeds, pests and disease.
Management:
	Robert Donovan Schwehr, President. Barney Amariles Bueno, Vice President. Saavedra Ospina Norma Constanza, Officer. Claudia Yaneth Ceballos Valencia, Accountant.
Related Companies:
	NUFARM LTD operates over 40 subsidiaries worldwide.

Financials - COMMERCIAL TRENDS AND FORECAST
The company has published its financial statements. We have transcribed them into the chart below.
Currency	DATE
COP	2011
Turnover	35,912,131,000
Operating Income	115,285,000
Net Income	(1,384,066,000)
Current Assets	28,323,750,000
Fixed Assets	12,663,296,000
Net worth	19,298,652,000
Liabilities	21,688,394,000
Bank liabilities	4,591,615,000
The cash flow is	Normal

Currency	DATE
COP	2010
Turnover	34,177,069,000
Operating Income	(3,980,289,000)
Net Income	(4,352,116,000)
Current Assets	26,488,871,000
Fixed Assets	15,335,065,000
Net worth	20,714,666,000
Liabilities	21,109,270,000
Bank liabilities	6,722,879,000
The cash flow is	Normal

Legal Filings

The sources consulted record no detrimental legal or labor court information.

Rating
Local credit bureau gave a NORMAL 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 sized Colombian company which has been operating since the year 2000. It is active and in good standing. Its business structure is small but established. It operates a location in Cali and employs approximately 50 people. It engages as the Colombian subsidiary of "Nufarm Limited", an Australia-based global crop protection company. The financial data for 2011 indicates that the company has improved its performance compared to 2010. However, it still is generating losses.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	NEGATIVE	Public	NO
Indebtedness	CONTROLLED	Payments	SLOW BUT CORRECT
Cash	NORMAL

APPENDIX
Comments
	We have contacted the company. However, there never was an available representative to answer our calls.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.96
UK Pound	1	Rs.88.23
Euro	1	Rs.71.92

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%)

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.