Registered Name
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IVAX ARGENTINA
S.A.
CUIT 33-50170702-9
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Summary
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INCORPORATED IN 1964. BEGINNER OF THE ACTIVITIES. BALANCE SHEET AS
OF 31 December 2006: POSITIVE, FAVORABLE ECONOMIC POSITION, SHARE
CAPITAL: $63.597.848. NORMAL EVOLUTION AND STEADY PERSPECTIVES. PAYMENT RECORD
WITHOUT OBJECTIONS. FIT FOR CURRENT CREDIT.
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Operations
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SPECIALITY MEDICINES
ELABORATION AND COMMERCIALIZATION
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Legal Structure
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Business
type: limited company
Incorporation date: 1964
Registered with R.P.C.: 11 December 1964
Registration with I.G.J.: # 17.841
Expiry date: 11 December 2063
End of fiscal year: 31 December
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Contact
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Registered
office: Suipacha 1111, 18º piso, Buenos Aires, Argentina.
Place of business: Juan José Castelli 6701, 1606 Munro, Provincia de
Buenos Aires.
Tel. (54-011) 4721.8100/8120
Email: josefina-russi@ivax.com.ar
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Partners
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PRESIDENT:
ALFREDO ALEJANDRO WEBER
DIRECTOR: JORGE LUIS PEREZ ALATI
DIRECTOR: CHAIM HURVITZ
TRUSTEE: LUCIANA VERONICA ZUCCATOSTA
ALTERNATE TRUSTEE: MARIA VERONICA TUCCIO
USE OF SIGNATURE: IN CHARGE OF President.
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Corporate Stock
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COMMON
SHARES SUBSCRIBED AND PAID IN $ 63.597.848
STATE OF EVOLUTION OF THE NET PATRIMONY TO THE CLOSING OF THE FINALIZED
EXERCISE AS OF 31.12.1966.
SHARE CAPITAL $ 63.597.848
FUSION PREMIUM $ 1
LEGAL RESERVE $ 4.317.759
FACULTATIVE RESERVE $
63.436.320
RESULTS NOT ASIGNED 29.735.509
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$ 161.087.437
SHAREHOLDERS:
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LABORATORIO CHILE S.A. $ 48.323.274
IVAX CORP. $ 15.274.574
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Personal
Information
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JORGE LUIS
PÉREZ ALATI
Argentinean, married, born in 14 September 1954, DNI 11.320.375, lawyer by
profession.
Registered in a high number of companies, mentioning the following:
CERAMICA SAN LORENZO S.A.
FARMA SYSTEM S.A.
ROBERT FLEMING ARG.S.A.
OMNILOGIC TELECOMUNICACIONES ARG.S.A.
MARINETTI ARGENTINA S.A.
GASINTER S.A.
CMPC INVERSIONES DE ARGENTINA S.A.
SOCIEDAD RECUPERADORA DE PAPELES S.A.
SYNAPSIS ARGENTINA S.A.
DEUTZ ARGENTINA S.A.
ALUFLEX S.A.
CHILECTRA DE ARGENTINA S.A.
INDUSTRIAS GRAFICAS ARGENTINA S.A.
LA PAPELERA DEL PLATA S.A.
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History
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The society was
founded in 1964 and formed according to the Argentine legislation, being
controlled by Laboratorio Chile SA, a society of Chilean origin, being
controlled this one by IVAX CORPORATION, society been in the EE.UU.
Ivax Argentina SA. dedicates to the production and commercialization of
medicinal specialties concentrating his sales in the national market.
As of 31.12.2006 the society owned 95% of the shares of Farma System SA.
Dated January 26, 2006 TEVA Pharmaceutical Industries, society been in
Israel, adquired the control of Ivax Corporation.
Dated August 21, 2002, the company in review adquired 99.99% of Ivax
Manufacturing Argentina (at the moment fused with the holder), property
of Grupo GlaxoSmith Kline, being the main assets a pharmaceutical industrial
plant. The price of purchase was cancelled totally with lent funds by
Laboratorios Chile SA and own co-funds.
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Economic-Financial Position
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GENERAL
BALANCE SHEET TO THE 31.12.2006
GENERAL STRUCTURE
ASSETS
CURRENT $ 82.564.760
NONCURRENT $192.021.717
LIABILITIES
CURRENT $ 31.670.474
NONCURRENT $ 81.828.566
NET PATRIMONY $161.087.437
SALES $186.524.214
FINAL UTILITY $ 16.514.026
The numbers show a favorable economic position and operative results that
are considered reasonable.
Driving of the society until the present has come declaring in normal
form and stable perspective are assigned to him.
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Balance Sheet
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Balance Sheet/s
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31/12/2006
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31/12/2005
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Total Assets
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$ 274.586.477,00
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$ 302.819.169,00
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Current Assets
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$ 82.564.760,00
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$ 106.151.591,00
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Banks
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$ 23.864.482,00
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$ 47.733.950,00
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Accounts Receivables
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$ 23.250.491,00
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$ 22.636.138,00
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Inventory
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$ 31.059.472,00
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$ 31.953.445,00
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Fixed Assets
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$ 34.280.455,00
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$ 28.862.200,00
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Non-Current Assets
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$ 192.021.717,00
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$ 196.667.578,00
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Investments
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$ 205.453,00
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$ 200.716,00
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Total Liabilities
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$ 113.499.040,00
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$ 158.245.758,00
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Current Liabilities
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$ 31.670.474,00
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$ 63.457.161,00
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Non-Current Liabilities
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$ 81.828.566,00
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$ 94.788.597,00
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StockHolders Equity
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$ 161.087.437,00
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$ 144.573.411,00
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Net Sales
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$ 186.524.214,00
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$ 166.810.434,00
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Cost of Good Sold
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$ 49.883.054,00
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$ 51.977.329,00
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Gross Result
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$ 136.641.160,00
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$ 114.833.105,00
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Administrative Expenses
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$ 13.128.594,00
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$ 11.055.193,00
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Selling Expenses
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$ 69.466.534,00
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$ 56.679.175,00
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Financial Income
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$ 10.638.362,00
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$ 11.788.923,00
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Other Expenses
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$ -26.893.644,00
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$ -22.088.331,00
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Final Result
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$ 16.514.026,00
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$ 13.221.483,00
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Indexes
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31/12/2006
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31/12/2005
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Current Ratio
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260,70 %
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167,28 %
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Quick Ratio
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162,63 %
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116,93 %
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Short Term Indebtedness
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19,66 %
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43,89 %
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Debt to Equity Ratio
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70,46 %
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109,46 %
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Long Term Assets to Total Assets
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69,93 %
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64,95 %
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Fixed Assets to Equity
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21,28 %
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19,96 %
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Total Assets to Total Liabilities
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241,93 %
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191,36 %
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Debt Ratio
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41,33 %
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52,26 %
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Equity Ratio
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58,67 %
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47,74 %
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Investments to Assets Ratio
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11,31 %
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10,55 %
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Current Investment
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30,07 %
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35,05 %
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Stocks Aging Days
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227,27 días
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224,39 días
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Day Sales
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45,50 días
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49,53 días
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Trade Debtors To Assets
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8,47 %
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7,48 %
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Total Assets Turnover
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67,93 %
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55,09 %
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Net Worth Aging
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115,79 %
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115,38 %
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Fixed Assets Aging
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544,11 %
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577,95 %
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Gross Profit
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26,74 %
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31,16 %
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Financial Expenses on Sales Ratio
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5,70 %
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7,07 %
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Commercial Exp. on Sales Ratio
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37,24 %
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33,98 %
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Administrative Exp. on Sales Ratio
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7,04 %
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6,63 %
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Assets
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The society is proprietor of the ample building that affects its
specific activities, of very important market value.
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Parent/Related
Companies
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LABORATORIO
CHILE S.A.
IVAX CORPORATION
IVAX URUGUAY S.A.
CORPORACION MEDCO
TEVA FARMACEUTICA LTD.
D & N HOLDING
ELVETIUM PERU
IVAX PERU
IVAX INTERNATIONAL
IVAX PHARMACEUTICALS
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Evolution and
Results
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During the
exercise under analysis, the company focused its efforts to consolidate
its participation in the pharmaceutical market, according to data of the
IMS corresponding to the year 2006 IVAX ARGENTINA is located in the third
position in values with a participation of 4.40% and an index of
evolution superior to the demonstrated by the market.
The income by consolidated sales of the exercise ascended to $
186.524.214. The commercial results of the exercise threw a gain of $
16.514.026.
In the last 12 months it has made specific imports by u$s 5.850.496, from
the following countries:
INDIA 1.338.478
ITALY 726.465
SWITZERLAND 720.684
OTHERS 3.064.869
The main imported products were acid monocarboxylic and heterocyclic
compounds among others
MAIN SUPPLIERS:
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KLOCKNER S.A.
LADISLAO BERKES
TALLERES GRAFICOS CORTI
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Payment Record and Credit
Risk
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BANCO DE LA
PROVINCIA DE BUENOS AIRES
STANDARD BANK
CITIBANK
BANCO SANTANDER RIO
Insurances:
MAPFRE S.A.
General Risks
Credit Risk
March 2008
STANDARD BANK $ 23.700 SITUATION 1
BCO.`PROV. B.A. $ 2.900 "
AMEX $ 900
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CITIBANK $ 200 "
Situation 1: normal FULFILLMENT
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Concept
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Nothing arises around this society that can affect its commercial
concept and it is determined through the controls carried out, that
cancel in correct form the general obligations that assume.
FULFILLMENT WITHOUT OBJECTIONS.
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Final Opinion
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We consider
finally that the society is viable to be related in operations of
credit, within current sums in the conditions of practices.
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