MIRA INFORM REPORT

Report Date :

26.08.2011

IDENTIFICATION DETAILS

Name :	CI FARMACAPSULAS SA (FARMACAPSULAS)

Registered Office :	Calle 79B No. 78C - 21, Barranquilla

Country :	Colombia

Financials (as on) :	31.12.2010

Date of Incorporation :	05.05.1975

Legal Form :	Sociedad Anonima

Line of Business :	Manufacturer of pharmaceutical products

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 500,000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

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, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Colombia

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

GEOPOLITICS - COLOMBIA

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic

Economic Risk: Low

Currency: 100.00 USD = 177,400.40 COP

Branch Situation: Stable

IDENTIFICATION

Ordered as:	CI Farmacapsulas SA
Address in the order:	Calle 79B No. 78C - 21, Barranquilla
Legal Name:	CI Farmacapsulas SA (Farmacapsulas)
Trade Name:	Farmacapsulas
Legal Address	Calle 79B No. 78C - 21, Barranquilla, Colombia
Telephone:	(+57-5) 3304100	NIT :	890105927-3
Fax:	(+57-5) 3304197	Legal Form:	Sociedad Anonima
Email:	info@farmacapsulas.com	Registered in:	Colombia
Website:	www.farmacapsulas.com	Date Created:	1975
Manager:	Saul Gilinski Grosman, President Legal representativel	Date Incorporated:	May 5th,1975
Staff:	650	Stock:	NA
		Value:	NA
Activity:	Manufacturer of pharmaceutical products

BANKS

Name of the Bank

Bancolombia

BUSINESS

HISTORY
	The company was founded in 1975.
PRINCIPAL ACTIVITY
	This company operates as a manufacturer of pharmaceutical capsules. It has distribution centers in more than 50 countries and strong worldwide presence.
Products/Services description:
	In addition to empty capsules, the company offers contract manufacturing services of pharmaceutical oral dosage forms including modified release pellets, liquid-filled capsules, tablets, etc
Sales are:
	Wholesale
Clients:
	Pharmaceutical and health nutrition companies around the world
Suppliers:
	Gelatina De Colombia Procaps SA Progel SA
Operations area:
	National, International, Local
The company imports from Korea, India
The company export to Guatemala, USA, Brazil, Chile
The subject employs 650 employee(s)
PAYMENTS
	made on a 60 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at Calle 79B No. 78C - 21, Barranquilla, Colombia
The property is:
	Owned
Branches:
	There were no branches found for this company.

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):
	This is a private company. Saul Gilinski Grosman is one of the major shareholders.
Management:
	Saul Gilinski Grosman, President and Legal representative Florette Mendal De Gilinski, 1st interim legal representative Gloria Eugenia Henao Jinete, 2dn Legal representative Gariel Mercado Beltran, Auditor Manuel Perez Villanueva, Substitute auditor Luis Alberto Ledesma Angulo, Accountant

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted Luis Alberto Ledesma Angulo who refused to provide us any financial data on grounds of confidentiality. He referred us to speak with Giselle Dugand, Treasurer. We talked to her and she only agreed to send us an e mail with the financial information, but we didn't get an answer as of today.

Currency	DATE
COP	2010
Turnover	80,328,856,000
Operating Income	172,939,000
Net Income	3,211,597,000
Current Assets	60,422,993,000
Fixed Assets	77,217,267,000
Net worth	71,407,525,000
Liabilities	30,213,100,000
The cash flow is	Normal

Comments on the financial data: Please find attached a copy of the financial statement of the company. We've transcribed the main figures in the chart upwards.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating

Local credit bureau gave a good credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a large sized company with 650 employees and 35 years of experience.

The structure operates as a manufacturer and distributor of pharmaceutical products with a strong international presence.

There were no legal filings found against the company or its legal representatives.

We've contacted the company, but they refused to provide us any financial information on grounds of confidentiality; They agreed though, to send us all the financial information by e mail but we didn't get an answer as of today.

Our banking and financial institutions provided us with the financial figures for the year 2010.

The company gave a correct profitability for the year 2010.

Therefore a credit line may be considered for USD 500,000

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

APPENDIX

Person Interviewed
	Luis Alberto Ledesma Angulo, Accountant Giselle Dugand, Treasurer
Comments
	He refused to provide us any financial data on grounds of confidentiality. He referred us to speak with Giselle Dugand, Treasurer. We talked to her but she only agreed to send us an e mail with the financial information, but we didn't get an answer as of today.

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.13
UK Pound	1	Rs.75.52
Euro	1	Rs.66.53

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.