MIRA INFORM REPORT

Report Date :

28.05.2014

IDENTIFICATION DETAILS

Name :	ICA FLUOR DANIEL S. DE R.L. DE C.V.

Registered Office :	Dakota 95 Col. Nápoles, 03810, Benito Juárez 03810

Country :	Mexico

Financials (as on) :	31.12.2013

Date of Incorporation :	05.05.1992

Legal Form :	Limited Liability Partnership of Variable Capital

Line of Business :	Subject is engaged in construction, procurement, engineering and installation of all type of industrial worsk, as well as provision of project management services.

No. of Employees	2,000

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Mexico

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

MEXICO - ECONOMIC OVERVIEW

Mexico's $1.3 trillion economy has become increasingly oriented toward manufacturing in the 20 years since the North American Free Trade Agreement (NAFTA) entered into force. Per capita income is roughly one-third that of the US; income distribution remains highly unequal. Mexico has become the United States' second-largest export market and third-largest source of imports. In 2013, two-way merchandise trade reached nearly $507 billion. 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 formed the Pacific Alliance with Peru, Colombia and Chile. Mexico's current government, led by President Enrique PENA NIETO, emphasized economic reforms during its first year in office, passing education, energy, financial, fiscal and telecommunications reform legislation. The three-party "Pact for Mexico" reform agenda aims to improve competitiveness and economic growth across the Mexican economy

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME

ICA FLUOR DANIEL S. DE R.L. DE C.V.

TRADE NAME

ICA FLUOR

TAXPAYER REGISTRATION

RFC IFD930630HL2

MAIN ADDRESS

Dakota 95 Col. Nápoles, 03810, Benito Juárez

POSTAL CODE

03810

DEPT/PROV/REGION/STATE

México DF

COUNTRY

MEXICO

TELEPHONE

(5255) 50617000

CORPORATE E-MAIL

victor.bravo@ica.com.mx

WEB

www.icafluor.com

COMMENTS

Subject's correct corporate name is given in the identification section.

It should be remembered that your order did not contain any phone numbers or tax ID number that could help us to speed up our investigation.

NOTE

The address on your order is incorrect. The correct address is as above-written.

EXECUTIVE SUMMARY
Date of foundation	1992
Shareholders' equity	1,568,790,000.00 Pesos (31DEC2013)
Annual revenues	US$ 770,931,707.32 Pesos (31DEC2013)
Profits (loss)	433,962,000.00 Pesos (31DEC2013)
permanent employees	2,000
Chief Executive	SANTOS FERNANDEZ, JUAN CARLOS
Disposition	REPORT PREPARED FROM OUTSIDE SOURCES.
Payments policy	Usually to terms / good
Credit ()**	MODERATE RISK. (Acceptable financial situation but limited).
Number of times that this company was required: 10

LEGAL STRUCTURE


LEGAL STATUS	Limited Liability Partnership of Variable Capital
DATE OF INCORPORATION	05MAY1992
PLACE OF REGISTRY	Mexico DF
NOTARY OFFICE	167, Benjamín Cervantes Cardie	DURATION	99 years
REGISTRATION	Deed 15442, dated 05/05/1992
SHAREHOLDERS EQUITY	1,568,790,000.00 Pesos (31DEC2013)
CURRENT EXCHANGE RATE (US$)	Ps$13.09 per US$1.= Dollar
MEMBERSHIP	Cámara Mexicana de la Industria y construcción
COMMENTS
REGULATING LAW: GENERAL CORPORATION LAW. The holding company is Empresas Ica S.A.B de C.V.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
*SANTOS FERNANDEZ, JUAN CARLOS*	General Director
BREUER, JAMES ROBERT	Operations Director
BECERRA, JUAN CARLOS	Finance Manager
CONSTRUCTORAS ICA S. A. DE C. V.	Shareholder / Member	51%
FLUOR DANIEL MÉXICO S. A.	Shareholder / Member	49%

WHO IS WHO?


SANTOS FERNANDEZ, JUAN CARLOS
TITLE	General Director
NATIONALITY	Mexican
PROFESSION	Civil Engineer
BACKGROUND INFORMATION	He is the Divisional Director of Industrial Construction of EMPRESAS ICA S.A.B. de C.V. Has worked for EMPRESAS ICA S.A.B. DE C.V. for more than 18 years, including his service as Deputy Director of Directive Board, Project Director of ICA FLUOR and Project Manager for the Liquefied Natural Gas Terminal of Altamira, Tamaulipas. Previously, he was the Control Manager of Contracts and Projects of the Cantarell Nitrogen Plant. Obtained degree of Civil Engineer in the UNAM and has M.B.A. from Georgetown University in Washington, DC

BUSINESS HISTORY

ICA Fluor Daniel S. de R.L. de C.V. is a subsidiary at 51% of Constructoras ICA S.A. de C.V. directly, and of Empresas ICA S.A.B.C de C.V. (ICA) indirectly, and at 49% of Fluor Daniel México S.A., which is in turn a subsidiary of Fluor Inc., a United States-based company. Subject is based in Mexico, and its registered office is located on Dakota # 95, Colonia Nápoles, C.P. 03810, Benito Juárez, México DF.

In 1993, EMPRESAS ICA sold the 49% of shares of its industrial building subsidiary to Fluor Daniel México S.A., a subsidiary of The Fluor Corporation, with which the joint venture ICA Fluor was established. Since 1993, EMPRESA ICA has owned the 51% of the joint venture ICA Fluor. Shareholders' resolutions must be approved by a simple majority of shareholders of ICA Fluor, with the exception of those decisions related to issues, such as capital increase, changes in the bylaws of ICA Fluor, dividend payment, sale of all or almost all of assets of ICA Fluor, etc. Both EMPRESAS ICA and Fluor have each the right to appoint an equal number of members for the board of directors and the executive board.

Historically, EMPRESAS ICA has appointed the general director of ICA Fluor. Additionally, both companies have agreed that ICA Fluor is the exclusive means for any of the parties provides services of construction, procurement, project management, startup and maintenance for production markets and oil pipelines, power stations, petrochemical companies, industrial companies, environmental services, mining, chemical and plastic products, and processing plants in Mexico and parts of Central America and the Caribbean. This agreement would end with the sale by Fluor or EMPRESAS ICA of any of shares held in ICA Fluor, or because of the non-compliance with any of contracts of ICA Fluor, one year after the payment of any damages to the injured party.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
ACTICA SISTEMAS S. DE R.L. DE C.V.	MEXICO	(AC) ASI100603RM2	Related
AUTOVÍA NECAXA TIHUATLAN S.A. DE C.V.	MEXICO		Related
CONSTRUCTORA DE PROYECTOS HIDROELECTRICOS S.A. DE C.V.	MEXICO		Related
CONSTRUCTORA HIDROELECTRICA LA YESCA S.A. DE C.V.	MEXICO		Related
CONSTRUCTORAS ICA S.A. DE C.V.	MEXICO		Related
CONSTRUCTORAS ICASA S.A. DE C.V.	MEXICO		Related
CONTROLADORA DE OPERACIONES DE INFRAESTRUCTURA S.A. DE C.V.	MEXICO		Related
CONTROLADORA DE VIVIENDA S.A. DE C.V.	MEXICO		Related
EL REALITO S.A. DE C.V.	MEXICO		Related
GRUPO AEROPORTUARIO DEL CENTRO NORTE S.A.B. DE C.V.	MEXICO		Related
ICA FLUOR OPERACIONES S.A. DE C.V.	MEXICO		Related
ICA FLUOR PETROQUÍMICA S.A. DE C.V.	MEXICO		Related
ICA FLUOR SERVICIOS OPERATIVOS S.A. DE C.V.	MEXICO		Related
ICA PANAMA S.A.	PANAMA		Related
INDUSTRIA DEL HIERRO S.A. DE C.V.	MEXICO	(AC) IHI790820C80	Related
INFRAESTRUCTURA Y SANEAMIENTO DE ATOTONILCO S.A. DE C.V.	MEXICO		Related
INGENIEROS CIVILES ASOCIADOS S.A. DE C.V.	MEXICO	(AC) ICA850812MVO	Related
LOS PORTALES S.A.	PERU	(AC) 20301837896	Related
PREFABRICADOS Y TRANSPORTES S.A. DE C.V.	MEXICO	(AC) PTR0901235S8	Related
RENOVA ATLATEC S.A. DE C.V.	MEXICO		Related
RODIO KRONZA S.L.U.	SPAIN		Related
SUMINISTROS DE AGUA ACUEDUCTO II QUERÉTARO S.A. DE C.V.	MEXICO		Related

BUSINESS

SIC Classification
F - CONSTRUCCION: CASAS, EDIFICIOS, CARRETERAS, PUENTES, VIADUCTOS, (ING. CIVIL) (Industria de la construcción en general. Construcción de edificios y casas, vias de comunicación, puentes, etc.)

Main activity

Subject is engaged in construction, procurement, engineering and installation of all type of industrial worsk, as well as provision of project management services.

PRODUCTS OR SERVICES: Engineering, procurement, construction, designing, and commissioning of large manufacturing facilities, such as power stations, chemical plants, petrochemical plants, fertilizer plants, pharmaceutical plants, iron and steel plants, paper factories, drilling platforms, automotive factories, and cement plants.

Sold brand: ICA FLUOR.

O P E R A T I O N S

Import

Yes

Country

USA, Germany

Export

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% (30-day terms)

% DOMESTIC PURCHASES

70%

% FOREIGN PURCHASES

30%

SELLING TerritorY

Domestic market

EMPLOYEES

2,000

LOCATION

AREA

2,000 m2

OTHER PREMISES

Subject's administrative offices are located on the above-mentioned address. These facilities are located in a urban and commercial area in the city.

Formerly, they were located on Viaducto Rio Becerra 27, Col. Napoles, Delg. Benito Juarez, Mexico DF.

OTHER PREMISES: Edificio Insurgentes, Av. Insurgentes Sur 617, Col. Napoles, Delg. Benito Juarez, Mexico DF, CP 03810.

CORPORATE DIRECTION: Blvd. Manuel Avila Camacho 36, Col. Lomas de Chapultepec , Delg. Miguel Hidalgo, C.P. 11000, Mexico DF. Tel.: 52729991.

Comments

Subject had 31,982 employees at a group level at the end of 2013.

Subject has participated in various sectors, including:

- Mining

- Telecommunications

- Manufacturing

- Petrochemistry

- Refining

- Oil exploration

Its main customer is the company PEMEX GAS Y PETROQUIMICA BASICA.

The most important construction projects of ICA FLUOR in 2013 included:

- Four Pemex's projects for clean low-sulfur gasoline in Minatitlan, Cadereyta, Madero, and Salina Cruz;

- Iron and steel plant and expansion of AHMSA sheet lines, phase II;

- Boleo copper mine; and

- Designing and construction of the petrochemical complex of Etileno XXI.

From 2013, income of ICA Fluor is no longer consolidated proportionally.

The industrial construction business, which operates through Ica Fluor, was deconsolidated from 01/01/2013 and is no longer a reportable segment. This business is counted by using the participation method; in accordance with IFRS 11, this business is counted retroactively by using the investment participation method. ICA Fluor, one of the most significant units within this business, reported within the segment of Civil Construction, and the other investments are presented in the segment of Concessions Corporates and Others, including the status of contracts ofthe industrial construction business within the status of contracts of those companies in which it participates through its businesses.

On the coasts of Veracruz, it is being bidded a large work for exploiting a gas field in the area of the Gulf of Mexico, in the area demarcated by the towns of Lerdo and Alvarado, where Daniel Fluor Daniel S.R.L. de C.V. is one of the bidders.

The international public bidding of Pemex number 18575106-534-13 of the project "Engineering, Procurement, and Construction of the gas collecting station in the Lakach field" involves 500 million cubit feet of gas with an investment that may amount to approximately 2,500 million dollars in two years.

FINANCIAL INFORMATION

Disposition

REPORT PREPARED FROM OUTSIDE SOURCES.

Interviewee(s)

External Sources

Information provided

This report was completely developed with information that was collected from external sources because subject's staff refused to provide any information.

As it is a very big company, we were not able to communicate with the appropriate areas. Mr. Juan Carlos Becerra took our call, said that he was very busy and asked us to call him another day, but although we tried to communicate with him again, we did not succeed.

The main accounts from the Annual Balance Sheets as of 31/12/2013 and 31/12/2012 (12 months each), are detailed below.

BALANCE SHEET
Balance sheet date	31DEC2013	31DEC2012
Type of balance sheet	Annual	Annual
Period	12 months	12 months
Currency	Pesos	Pesos
Exchange rate per US$	13.12	13.37
A S S E T S
Cash/bank	1,641,014,000.00	2,467,847,000.00
Receivables	4,793,300,000.00	4,618,295,000.00
Inventory	5,975,000.00	3,789,000.00
Others	134,372,000.00	211,654,000.00
Current Assetsd	6,574,661,000.00	7,301,585,000.00
Fixed	594,081,000.00	605,861,000.00
Others	299,569,000.00	144,872,000.00
Total Assets	7,468,311,000.00	8,052,318,000.00
L I A B I L I T I E S
Current liabilities	5,516,901,000.00	6,194,218,000.00
Long term	382,620,000.00	350,250,000.00
TOTAL LIABILITIES	5,899,521,000.00	6,544,468,000.00
S H A R E H O L D E R S' E Q U I T Y
Total shareholders equity	1,568,790,000.00	1,507,850,000.00
Total Liab. / Sh. equity	7,468,311,000.00	8,052,318,000.00
Sales	10,114,624,000.00	12,706,792,000.00
Profit (Loss)	433,962,000.00	514,469,000.00

R A T I O
Liquidity ratio	1.19	Current assets / Current liabilities
Debt-to-equity ratio	28.44 %	(Shareholders' equity / Current liabilities %)
Profitability margin	4.29 %	(Profits / Sales %)
Working capital	1,057,760,000.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

FAIR

Based on the last Financial Statement and/or other factors analyzed, this company's Financial Situation is deemed to be FAIR because:

- The liquidity ratio is very weak. Its working capital is short. Its debt is higher than its shareholders' equity. Its operating results are very limited.

Property of company comments

Subject's assets include:

- Vehicles

- Office furniture and equipment

- Computers

- Machinery and equipment

INSURANCE

COMPANY	AGAINST
AXA SEGUROS S.A. DE C.V..	All risk

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: CONSTRUCCIONES INDUSTRIALES TAPIA S.A. DE C.V	Tel.:	Country: MEXICO
Goods/Services? : Metal structures
Highest credit? : Unlimited
Client since? : 2007	Terms? : 60 days	Performance? : Prompt
Comments : Average monthly purchase: Ps$500,000.=

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

Supplier	Country
GUTOR ELECTRONIC LLC	SWITZERLAND
BARRI S.P.A.	SPAIN
JESUS MARIA AGUIRRE S.A.	SPAIN
FUOR CORPORATION	U.S.A.

CREDIT BUREAU COMMENTS

It was not found any adverse on protest of drafts, checks and/or promissory notes.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.05
UK Pound	1	Rs.99.61
Euro	1	Rs.80.60

INFORMATION DETAILS

Analysis Done by :	RAS

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.