MIRA INFORM REPORT

Report Date :

13.09.2013

IDENTIFICATION DETAILS

Name :	ERNESTO IBARRA Y CIA. S.A. DE C.V.

Registered Office :	Henry Ford Mza. III, Lote 5, Fracción B, Col. Complejo Industrial Cuamatla

Country :	Mexico

Date of Incorporation :	13.07.1957

Legal Form :	Stock Company of Variable Capital

Line of Business :	Subject is engaged in packing and manufacture of spices, fine condiments, and sauces.

No. of Employees :	100

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Undetermined
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 – 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	ERNESTO IBARRA Y CIA. S.A. DE C.V.
TRADE NAME	ESCOSA
TAXPAYER REGISTRATION	RFC EIB510713CS3
MAIN ADDRESS	Henry Ford Mza. III, Lote 5, Fracción B, Col. Complejo Industrial Cuamatla
POSTAL CODE	54730
DEPT/PROV/REGION/STATE	Cuautitlán Izcalli / Estado de México
COUNTRY	MEXICO
TELEPHONE	(5255) 52773822 - 55160701
CORPORATE E-MAIL	mcambhi@escosa.com.mx
WEB	www.ernestroibarraescosa.com
COMMENTS
Fax: (5255) 55157614 Additional E-mail: camhimauricio1@yahoo.com.mx

EXECUTIVE SUMMARY

Date of foundation	1957
Capital stock	Not specified
permanent employees	100
Chief Executive	CAMHI BENAVIDES, MAURICIO
Disposition	REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	(P2) Usually to terms / good
Credit ()**	UNDETERMINED RISK.(Insufficient or Non existent information).
Number of times that this company was required: 1

LEGAL STRUCTURE

LEGAL STATUS	Stock Company of Variable Capital
DATE OF INCORPORATION	13JUL1957
PLACE OF REGISTRY	Mexico DF
NOTARY OFFICE		DURATION	99 years
CURRENT PAID-IN CAPITAL	Not specified
CURRENT EXCHANGE RATE (US$)	Ps$13.38 per US$1.= Dollar

DIRECTORS - EXECUTIVES - SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*CAMHI BENAVIDES, MAURICIO*	General Director

WHO IS WHO?

CAMHI BENAVIDES, MAURICIO
TITLE	General Director
NATIONALITY	Mexican
PROFESSION	Chartered Accountant

BUSINESS HISTORY

Ernesto Ibarra y Cía. S.A. de C.V. was founded by Ernesto Ibarra Flores (deceased). In its beginning, this company was engaged in import and trading of pistachios, cinnamon, other seeds and foodstuffs.

In 1969, its ownership was passed to Mr. Paul Camhi Capon (deceased) and its operation purpose was changed to shipping, selection, fitting-out and manufacture of spices and fine condiments, sauces, mixtures; processing of avocado and guacamole, annatto, chili, garlic paste, mixtures for dip.

To date, it manufactures over 100 different products, which are mostly sold in self-service centers, such as Sam's Club, Wal Mart, Bodegas Aurrerá, Superama, Vips, Comercial Mexicana, Sumesa, Bodegas Comercial Mexicana, Gigante, Súper G., Bodegas Gigante, Carrefour, Tiendas Soriana, H.E.B., Tiendas Chedraui, Chesuma, Tiendas Issste, Price Smart, Trico, Telepizza México, Tiendas UNAM, Rialfer Alpura, etc.

At the end of 1998, it introduced two of its products, i.e. "annatto" and "garlic paste" in Costa Rica.

Subject is related to the following company.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	RELATION %
INTACI S.A. DE C.V.	MEXICO		Related

BUSINESS

SIC Classification
2 0 - FOOD AND KINDRED PRODUCTS. SOLIDS AND LIQUIDS. (Manuf.Meat products, dairy products, poultry, canned fruits and vegetables, beverages, beer.)

Main activity

Subject is engaged in packing and manufacture of spices, fine condiments, and sauces.

Sold products: Condiments, spices, seasonings, sweets, sauces, guacamole.

Sold brand: Escosa ®

O P E R A T I O N S

Import

Yes

Country

Spain; by direct credit

Export

Yes

COUNTRY

France, Spain, Sweden, Ecuador and Canary Islands

% CASH SALES / METHOD

50%

% Credit SALES / Terms

50% (30-day terms)

% Ventas exterior (Paises)

10%

% FOREIGN PURCHASES

100%

SELLING TerritorY

90% (Domestic market)

EMPLOYEES

100

LOCATION

OTHER PREMISES

Subject's tax residency, administrative offices, store, and production plant are located on the above-mentioned address.

Subject does not have any other premises.

FINANCIAL INFORMATION

Disposition	TF: REPORT PREPARED FROM OUTSIDE SOURCES.
Interviewee(s)	Third-party sources
Information provided	This report was developed with information that was collected from third-party sources and official because subject's responsible executives refused to provide any information as considered confidential and for internal use only. In consouted sources, it was not obtained any financial statements.


SALES	US$ 0.00 ()
FINANCIAL SITUATION	NN: UNDETERMINED
Property of company comments
Subject's main assets include: - Office furniture and equipment - Computer equipment - Vehicles - Machinery and equipment etc.
Insurance Comments
Subject holds an insurance policy through QBE de México Compañía de Seguros S.A. de C.V.

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: CABESI INTERNACIONAL S.A. DE C.V.	Tel.: (52222) 4092024	Country: MEXICO
Goods/Services? : Spices
Highest credit? : Not specified
Client since? : Sv.years	Terms? : 30 days	Performance? : Prompt
Comments : Monthly purchase: Ps$400,000.=. Good customer.
Supplier: VIDRIO FORMAS S.A. DE C.V.	Tel.: (52728) 2852330	Country: MEXICO
Goods/Services? : Glass containers
Highest credit? : Variable
Client since? : Sv.years	Terms? : 30 days	Performance? : Prompt

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

Supplier	Country
DIEGO PEREZ RIQUELME E HIJOS S.L.	SPAIN
COMERCIALIZADORA SANTO TOMAS S.A. DE C.V.	MEXICO

Comments :

BBVA BANCOMER SA.A. BANCO NACIONAL DE MEXICO S.A. Subject is a client of the above-mentioned banks. No additional information was obtained under bank secrecy.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.67
UK Pound	1	Rs.100.71
Euro	1	Rs.84.72

INFORMATION DETAILS

Report Prepared by :

NIS

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.