MIRA INFORM REPORT

Report No. :	310872
Report Date :	11.03.2015

IDENTIFICATION DETAILS

Name :	LABORATORIOS QUIMICOS INDUSTRIALES S.A.
Registered Office :	1,5 Km al Este de La Nación, Llorente, Tibas, Calle Llorente
Country :	Costa Rica
Date of Incorporation :	13.11.1961
Legal Form :	Sociedad Anónima
Line of Business :	Manufacturing of Agricultural Chemical.
No. of Employees :	95 Employees

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 :	No Complaints
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Costa Rica	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

COSTA RICA - ECONOMIC OVERVIEW

Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted 1.3% in 2009 but resumed growth at about 4.5% per year in 2010-12. While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. High value-added goods and services, including microchips, have further bolstered exports. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity makes it a key destination for ecotourism. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the incentives offered in the free-trade zones; and Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. However, many business impediments remain, such as high levels of bureaucracy, legal uncertainty due to overlapping and at times conflicting responsibilities between agencies, difficulty of enforcing contracts, and weak investor protection. Poverty has remained around 20-25% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Unlike the rest of Central America, Costa Rica is not highly dependent on remittances as they only represent about 2% of GDP. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000-500,000 Nicaraguans in Costa Rica legally and illegally are an important source of mostly unskilled labor but also place heavy demands on the social welfare system. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force on 1 January 2009 after significant delays within the Costa Rican legislature. CAFTA-DR has increased foreign direct investment in key sectors of the economy, including the insurance and telecommunications sectors recently opened to private investors. President CHINCHILLA was not able to gain legislative approval for fiscal reform, her top priority, though she continued to pursue fiscal reform in 2012. President CHINCHILLA and the PLN were successful in passing a tax on corporations to fund an increase for security services.

Source : CIA

STATUTORY INFORMATION
Legal Name:	LABORATORIOS QUIMICOS INDUSTRIALES S.A.
Trade Name:	Laquinsa
Cédula Jurídica:	3-101-007424
Date Created:	1961
Date Incorporated:	November 13, 1961
Legal Address:	1,5 Km al Este de La Nación, Llorente, Tibas, Calle Llorente, Costa Rica
Operative Address:	1,5 Km al Este de La Nación, Llorente, Tibas, Calle Llorente, Costa Rica
Telephone:	(506) 2247-1000
Fax:	(506) 2236-1419
Legal Form:	Sociedad Anónima
Email:	consulta@laquinsa.co.cr
Registered in:	Costa Rica
Website:	www.laquinsa.co.cr (not working)
Contact:	Fritz Trimler Santos
Staff:	95
Activity:	Agricultural Chemical Manufacturing
BANKS
Central Bank of Costa Rica
The company does not make its banking data public
HISTORY
It was founded in 1961 as a manufacturer of veterinary products. From 1963 it starts exports to Central America, the Caribbean and South America. In 1969 it diversifies its portfolio, entering the field of agrochemicals. Since 2004 it began reengineering focused on the implementation of the System of Quality Assurance. In 1992, it began part of Grupo Tristán.
PRINCIPAL ACTIVITY	Laquinsa is engaged in the production and marketing of products for animal health and crop protection markets latinoamerca.
Products/Services description:	Animal Health Products The Division of Animal Health is available to the Latin American market eighty four products distributed in all pharmaceuticals segments such as antibiotics, internal parasites, external parasiticides, restorative, antidiarrheal, disinfectants and ointments; thus conforming a portfolio of products for each livestock activity is specialized as beef cattle, dairy cattle, poultry, swine, equine livestock and small animal practice. Laquinsa Agriculture Product Family The Agricultural Division has agrochemical formulation designed to protect the health of crops. It has banana, banana, coffee, rice, vegetables and ornamentals.
Brands:	DERMETHON ® ECTOTRAZ ® RETADOR ® RETADOR ® INTEREX P ® INTEREX ® INTEREX ®
Sales are:	Wholesale
Clients:	PROVIMI S A Colombia Distribuidora Batista Pantaleón, S.R.L Mexico
Suppliers:	SINTOFARM SPA Italy PROEMPAQUES S A S Colombia
Operations area:	National and International
The company imports from	Italy, Colombia
The company exports to	Guatemala, El Salvador, Honduras, Nicaragua, Panama, Ecuador, Colombia, Dominican Republic, Mexico and Chile.
The subject employs	95 employees
Payments:	No Complaints
LOCATION
Headquarters :	1,5 Km al Este de La Nación, Llorente, Tibas, Calle Llorente, Costa Rica
Branches:	The company does not have branches
Industry:	Companies in this industry manufacture fertilizers and pesticides. Demand for agricultural chemicals depends mainly on demand for various crops, which in turn depends on crop prices. The profitability of individual companies is linked to efficient operations and marketing. Big producers have large economies of scale in production. Smaller companies can compete effectively by making specialty chemicals or fertilizer mixtures for local markets. Fertilizers account for about 70 percent of US industry revenue; pesticides (including herbicides and insecticides) account for about 30 percent. Fertilizers are a handful of commodity chemicals that contain nitrogen, phosphorous, or potassium. Pesticides are a broader group of chemicals, but many of the biggest sellers are also commodity products.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	This is a private company. It is part of: Grupo Tristán La Uruca, San José, Costa Rica
Management:	Hermis Quesada, General Manager Fritz Trimler Santos, President Fritz Trimler Van Der Water, Vicepresident Federico Cabrera, Manager Grupo Tristan Luis Víquez, Manager Grupo Tristan
Related Companies:	Other companies part of Grupo Tristán: Agri Max Tnsan food&tech trisanAgro Bio Ciencias Pecurias LaQua Trelex
FINANCIAL INFORMATION
This is a private company which does not make its financial statements public.
We could not confirm financial statements for the subject.
LEGAL FILINGS
In 2003 they submitted their first product PCT patenting process which is a Patent Cooperation Treaty, which with only one entry in a single log-from the World Organization for Intellectually Property allows facilitate the patenting countries signed . The registered patent is a drug to combat "white spot" which is a highly infectious disease caused by the family of Nimaviridae virus that attacks and kills in shrimp. To date Laquinsa has the PCT Patent 2003/013544 belonging to the mentioned product and are pending two new patents one for agriculture and one for aquaculture.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	Mihaela
POSITION	Administrative
COMMENTS	She confirmed address, manager and exports. He refused to provide financial figures.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.70
UK Pound	1	Rs.94.55
Euro	1	Rs.67.66

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIT

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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