MIRA INFORM REPORT

Report No. :	345624
Report Date :	24.10.2015

IDENTIFICATION DETAILS

Name :	AGRICULTURA NACIONAL, S.A. DE C.V.
Registered Office :	Av. Periferico Sur, No. 3325 Piso, 3-Col.San Jeronimo, Lidice,Delegacion Magdalena Contreras, D.F.C.P. A811125v12 10200
Country :	Mexico
Date of Incorporation :	1935
Legal Form :	Sociedad Anónima de Capital Variable
Line of Business :	Manufacturing and Production of Agricultural Chemicals.
No. of Employee :	300

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 :

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Mexico	A2	A2

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

MEXICO - ECONOMIC OVERVIEW

Mexico's $1.3 trillion economy has become increasingly oriented toward manufacturing in the 21 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 2014, two-way trade in goods and services exceeded $550 billion. Mexico has free trade agreements with 46 countries, 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 two years in office, passing and implementing sweeping education, energy, financial, fiscal and telecommunications reform legislation, among others, with the long-term aim to improve competitiveness and economic growth across the Mexican economy. Although the economy is expected to experience stronger growth in 2015 as a result of increased investment and stronger demand for Mexican exports, growth is predicted to remain below potential for reasons of inefficiencies, with a large portion of the economy and workforce in the informal sector, and corruption. Over the medium-term, the economy is vulnerable to global economic pressures, such as lower external demand, rising interest rates, and low oil prices - approximately 30% of government revenue comes from the state-owned oil company, PEMEX. The increasing integration of supply chains, development of the energy sector, and government-to-government focus on trade facilitation will continue to make the North American region increasingly competitive and contribute to Mexican economic development and strength.

Source : CIA

STATUTORY INFORMATION
Order:	AGRICULTURA NACIONAL, S.A. DE C.V.
Address in the order:	AV. PERIFERICO SUR, NO. 3325 PISO, 3-COL.SAN JERONIMO, LIDICE,DELEGACION MAGDALENA CONTRERAS, D.F.C.P. A811125V12 10200 MEXICO
Legal Name:	AGRICULTURA NACIONAL, S.A. DE C.V.
Trade Name:	Grupo Dragon
RFC:	ANA811125V12
Date Created:	1935
Date Incorporated:	1935
Legal Address:	Periférico Sur Núm. 3325 Piso Col. San Jerónimo Lídice México, D.F. C.P. 10200
Operative Address:	Periférico Sur Núm. 3325 Piso Col. San Jerónimo Lídice México, D.F. C.P. 10200
Telephone:	52 (55) 5480 7872
Fax:	52 (55) 5480 7800
Legal Form:	Sociedad Anónima de Capital Variable
Email:	am.gonzalez@plmlatina.com
Registered in:	Mexico
Website:	www.dragon.com.mx
Contact:	Luis I. Quijano Corona, President
Staff:	300
Activity:	Agricultural Chemicals
BANKS BANAMEX The company does not make its banking data public.
History  Agricultura Nacional, S.A. De C.V. was founded in 1935 founded by Ing. Luis Quijano Terán
PRINCIPAL ACTIVITY
The Company's line of business includes the manufacturing and production of agricultural chemicals.
Products/Services description:	Herbicides Fungicides Substances used for phosphorus insecticides • Phosphorus • Sulphur • Chlorine • Benzene • Ethylene • Natural gas • ethyl sulfide • Ethane • Gasoline chlorinated • Chlorine • Benzene • Alfapireno • cyclopentadiene acetylene • Formaldehyde • Thionyl chloride herbicides • Methyl chloride • Ethane • Propylene • Benzene • Cumene manufactured pesticides chlorinated • Chlordane • Clorobencilato • Dicofol • Endosulfan • Lindane • methoxychlor • Toxaphene phosphorus carbamates • Aldicarb • Bendiocarb • Carbaryl • Carbofuran • Methomyl • Primicarb • Propoxur • Thiodicarb Others • Pyrethrins • allethrins • Cyfluthrin • Cypermethrin • Deltamethrin • Fenvalerate • Flumethrin • Permethrin • Tetramethrin
Brands:	DRAGÓN, American Cyanamid, Dow Chemical, Grace Chemicals & Hudson
Sales are:	Wholesale
Clients:	Duwest Inc Guatemala
Suppliers:	INDOFIL INDUSTRIES LTD. India Meghmani Organics Ltd. India Red Sun Group Corporation China OGA SISTEMVAC SAS Colombia BHAGIRADHA CHEMICALS AND INDUSTRIES India
Operations area:	National
The company imports from	India, China, Colombia
The company exports to	Latin America
The subject employs	300 employees
Payments:	No Complaints
LOCATION
Headquarters :	Periférico Sur Núm. 3325 Piso Col. San Jerónimo Lídice México, D.F. C.P. 10200
Branches:	The company does not have branches
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company is a subsidiary of: Empresas Dragón, S.A. de C.V. Blvd Adolfo Ruiz Cortínez No7 Ciudad Adolfo López Mateos, EDOMEX.
Management:	Luis I. Quijano Corona, President Jaime Bernal Monter, Controller Luis Xavier Quijano Garmendia, Director Gerardo Barrera Segura Alfonso Quijano Garmendia
FINANCIAL INFORMATION
This is a private company which does not make its financials public. There are no financial for the subject
LEGAL FILINGS  There are no legal connected to the subject
SUMMARY
The Company's line of business includes the manufacturing and production of agricultural chemicals. It has more than 70 years of experience in the market with a large sized structure. The company imports mainly from Asia and is involved in both national and international markets. There are no negative records connected to the subject.
RISK INFORMATION
DEBTS	Controlled
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Carlos
POSITION	Administrative
COMMENTS	The person contaced confirmed group, managers, staff and activity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	SDA

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.