MIRA INFORM REPORT

Report Date :

13.06.2013

IDENTIFICATION DETAILS

Name :	LABORATORIO AVI-MEX S.A. DE C.V.

Registered Office :	Maíz 18, Col. Granjas Esmeralda, Iztapalapa, 09810, México DF, Distrito Federal

Country :	Mexico

Date of Incorporation :	18.01.1972

Legal Form :	Stock Company of Variable Capital

Line of Business :	Production of select biologicals, pharmaceuticals, additives and disinfectants for the agricultural industry, dairy cattle and aquaculture.

No. of Employees :	Not Available

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 :	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 – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 5.5%. 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 2012 Mexico formally joined the Trans-Pacific Partnership negotiations and in July it formed the Pacific Alliance with Peru, Colombia and Chile. 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 5.6% in 2010 with exports - particularly to the United States - leading the way. Growth slowed to 3.9% in 2011 and slightly recovered to 4% in 2012. In November 2012, Mexico's legislature passed a comprehensive labor reform which was signed into law by former President Felipe CALDERON. Mexico's new PRI government, led by President Enrique PENA NIETO, has said it will prioritize structural economic reforms and competitiveness. The new president signed the Pact for Mexico, an agreement that lists 95 priority commitments, along with the leaders of the country's three main political parties: the Institutional Revolutionary Party (PRI), the National Action Party (PAN) and the Party of the Democratic Revolution (PRD).

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME	LABORATORIO AVI-MEX S.A. DE C.V.
TRADE NAME	AVIMEX
TAXPAYER REGISTRATION	RFC LAM720118EU9
MAIN ADDRESS	Maíz 18, Col. Granjas Esmeralda, Iztapalapa
POSTAL CODE	09810
DEPT/PROV/REGION/STATE	México DF, Distrito Federal
COUNTRY	MEXICO
TELEPHONE	(5255) 54450690
WEB	www.avimex.com.mx (under construction)
COMMENTS
This report was ordered under the name Avimex Laboratorio Avi-Mex S.A. de C.V. (Avimex). Be advised the correct name is as above written LABORATORIO AVI-MEX S.A. DE C.V. E-mails: lozano@avimex.com.mx sarfati@avimex.com.mx soto@avimex.com.mx intlsales@avimex.com.mx lelorier.andres@avimex.com.mx espinosa@avimex.com.mx rojas_arturo@avimex.com.mx camacho@avimex.com.mx wencejm@avimex.com.mx riverar@avimex.com.mx

EXECUTIVE SUMMARY
Date of foundation	1972
Capital stock	No specified
Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	Usually to terms/good
Number of times that this company was required: 1

LEGAL STRUCTURE

LEGAL STATUS

Stock Company of Variable Capital

DATE OF INCORPORATION

18JAN1972

PLACE OF REGISTRY

Mexico DF

CURRENT PAID-IN CAPITAL

No specified

CURRENT EXCHANGE RATE (US$)

Ps$.12.86 per USD.1.00

MEMBERSHIP

CANIFARMA; CAMIC

COMMENTS

Under confidentiality policy, personal details of the executives could not be obtained.

DIRECTORS

EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
LOZANO, BERNARDO	CEO
SARFATI, DAVID	Commercial Director
SOTO, ERNESTO	Technical Director
ROSAS, GUILLERMO	Internat. Trade Director
LE LORIER, ANDRÉS	LA Foreign Trade Manager
ESPINOSA, ANTONIO	Andean Region Manager
ROJAS, ARTURO	CA & Caribbean Manager
CAMACHO, ENRIQUE	Poultry Market Manager
WENCE, JOSÉ MARÍA	Pork Market Manager
RIVERA, RUBÉN	Livestock Market Manager

WHO IS WHO?

BUSINESS HISTORY

LABORATORIO AVI-MEX S.A. DE C.V. is a Mexican company founded on January 18, 1972 in the Mexico DF, having not changed since it started operating, its legal status.

It is not related to any other company.

BUSINESS

Main activity

Production of select biologicals, pharmaceuticals, additives and disinfectants for the agricultural industry, dairy cattle and aquaculture.

OPERATIONS

Import

Yes

Country

Spain; direct credit at 30 days

Export

Yes

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% at 30 days

% Ventas exterior (Paises)

50%

% DOMESTIC PURCHASES

80%

% FOREIGN PURCHASES

20%

SELLING TerritorY

Mexican market and abroad

LOCATION

OTHER PREMISES

Legal address and plant operate at the above address.

Premises are situated at industrial area of the city.

OTHER PREMISES:

Headquarters: Bartoloche 1862, Piso 1, Col. Del Valle, Delegación Benito Juárez, México, D.F., Tel: (55) 54450460, Fax: (55) 54450462.

Warehouse: Trigo 169, Col. Granjas Esmeralda, Delegación Iztapalapa, C.P. 09810, México, D.F., Tel: (55) 54450394

Comments

The number of employees was not specified.

The Company exports to more than 25 countries worldwide, including Africa, Asia, Central America, South America, Eastern Europe and Middle East.

Clients: The Company serves the agricultural, pork, livestock and aquaculture sectors.

The Company assisted on February 13, 14 and 15, 2013 the XIX Congress - AMVECAJ 2013, carried out in Hacienda Don Ramón de Tepatitlán de Morelos Jalisco, México.

And on January 29 and 31, 2013, the  International Poultry Exposition in Atlanta 2013, Atlanta GA, United States

FINANCIAL INFORMATION
Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Information provided	All the information contained in this report has been collected from outside sources as it was not possible to get it from the Company directly due to confidentiality policy. No balance sheets or estimated accounting figures were found.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	B: FAIR Even though no financial figures were available, it should be mentioned one of the suppliers reported payments made on time. On the other hand, no negative backgrounds were found.
Property of company comments
They include: - Office furniture and fixtures - Computers - Laboratory equipment - Vehicles
Insurance Comments
Information unavailable.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: GASOLINA DEL SUR DE GUADALAJARA S.A. DE C.V.	Tel.:	Country: MEXICO
Goods/Services? : Magna gas
Highest credit? : No specified
Client since? : Sv.years	Terms? : CASH	Performance? : Prompt
Comments : Monthly average: Ps$.1,000 Pesos

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

Supplier	Country
LABORATORIO DE CONSTATACIÓN AGROINDUSTRIAL SA	MEXICO
ANEXTIA ADITIVOS S.L.	SPAIN

Comments :

It banks with BANCO NACIONAL DE MÉXICO S.A.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.58.27
UK Pound	1	Rs.91.16
Euro	1	Rs.77.50

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%)

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.