MIRA INFORM REPORT

Report Date :

02.03.2013

IDENTIFICATION DETAILS

Name :	GRANOS Y CEREALES LA PERLA S A S
Registered Office :	Corabastos Bdg 9 L 3 Bogota, Cundinamarca
Country :	Colombia
Date of Incorporation :	08.09.2011
Legal Form :	Corporation for Profit
Line of Business :	Importer and distributer of grains, cereals and beans.
No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

B

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 – 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: USD Branch Situation:Stable

IDENTIFICATION
Ordered as:	Juan Agustin Pabon Granos Y Cereales La Perla
Address in the order:	Juan Sebastian Pabon Chaves, Subgerencia-Juan Agustin Pabon, Granos Y Cereales La perla Corabastos Bodega 9, Local 3, Bogota Colombia
Legal Name:	GRANOS Y CEREALES LA PERLA S A S
Legal Address	CORABASTOS Bdg 9 L 3 BOGOTA, CUNDINAMARCA, COLOMBIA
Operative Address	CORABASTOS Bdg 9 L 3 BOGOTA, CUNDINAMARCA, COLOMBIA
Telephone:	+57-1-4518706	NIT :	9004752482
Fax:	+57-1-4518706	Legal Form:	Corporation for Profit
Email:	jpabonlaperla@unete.com	Registered in:	Colombia
Website:	NA	Date Created:	2011
Manager:	Juan Agustin Pabon, Manager	Date Incorporated:	September 8, 2011
Staff:	5	Stock:	NA
		Value:	NA
Activity:	grains and cereals

BANKS
Name of the Bank	BANCOLOMBIA
Comments	This information has been confirmed with the company.
BUSINESS
HISTORY
	The company started business in 2011.
PRINCIPAL ACTIVITY
	This is a company which operates as an importer and distributer of grains, cereals and beans. The company imports beans and cereals and sells them within Colombia.
Products/Services description:
	grains and cereals beans
Sales are:
	Wholesale
Suppliers:
	VITERRA ALBERTA BEAN DIVISION , Canada
Operations area:
	Local
The company imports from Canada, USA, China, Bolivia, Mexico and Peru
The company does not export
The subject employs 5 employee(s)
Comments on staff:
	This information has been confirmed with the company
PAYMENTS
	No Complaints
LOCATION
Headquarters
	The company is headquarted at CORABASTOS Bdg 9 L 3 BOGOTA, CUNDINAMARCA, COLOMBIA
The property is:
	Owned
Branches:
	The company does not report any branch location
Business Overview:
	Companies in this industry grow crops such as grain, oilseeds, tobacco, dry beans, potatoes, vegetables and melons, fruits and nuts, and floriculture. Major companies include Amaggi Exportação e Importação (Brazil), Chiquita Brands International, Dole Food Company, Fresh Del Monte Produce, Sunkist Growers, and Total Produce (Ireland). Demand is driven by federal agricultural policy programs, food consumption trends, and the grain and oilseed export market. The profitability of individual companies depends on maximizing crop yield and minimizing disease risk. Large companies have advantages in highly automated technologies and access to the latest in seed and crop technologies. Small operations can compete effectively by harvesting heirloom, non-genetically modified (GM), or specialty products. The industry is capital-intensive: average annual revenue per employee is about $390,000. Major products are corn (35 percent of industry revenue); soybeans (15 percent); fruits and nuts (10 percent); and wheat (7 percent). Other major crops include vegetables and melons, cotton, and potatoes. Of all cropland farms, nearly 40 percent focus on grain, oilseed, or dry beans/peas; these farms account for 80 percent of all cropland revenue.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company owned by Juan Agustin Pabon.
Management:
	Juan Agustin Pabon, Owner and Manager Juan Sebastian Pabon, Manager

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted Juan Sebastian Pabon, the manager of the company who provided us with the following data:
Currency	DATE
USD	2011
Turnover	750 000

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
	GRANOS Y CEREALES LA PERLA S A S is a company which operates as an importer and distributer of grains, cereals and beans. The company imports beans and cereals from Canada, USA and South America and sells them within Colombia. It was established in year 2011 and it is currently active in the Commercial Registry of Bogotá. The company's revenue is quite fair for its size and according to our search, the company is expecting new commercial projects for year 2013. We have not found any negative antecedent through our search.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX
Person Interviewed
	Juan Sebastian Pabon
Position
	Manager
Comments
	The person contacted confirmed: -Location -Owner -NIT -Branches -Website -Employees -Creation Date -Activity -Imports -Exports -Bank -Revenue -Products -Property

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.48
UK Pound	1	Rs.82.72
Euro	1	Rs.71.27

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.