MIRA INFORM REPORT

Report Date :

10.12.2011

IDENTIFICATION DETAILS

Name :	LABORATORIOS STEIN S.A.
Registered Office :	1 Km. sobre Carretera Interamericana Cártago, del Cruce de Taras, Cártago
Country :	Costa Rica
Financials (as on) :	31.12.2010
Date of Incorporation :	26.09.1975
Legal Form :	Joint-Stock Company
Line of Business :	Preparation and distribution of pharmaceutical products for human consumption, such as drugs, creams, shampoos,
No. of Employees :	417

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

Maximum Credit Limit :	US$500,000
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Costa Rica	B1	B1

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

IDENTIFICATION

CORRECT COMPANY NAME	LABORATORIOS STEIN S.A.
TRADE NAME	LABORATORIOS STEIN
TAXPAYER REGISTRATION	CJ 3-101-028601
MAIN ADDRESS	1 Km. sobre Carretera Interamericana Cártago, del Cruce de Taras,
CITY / PROVINCE	Cártago
DEPARTAMENT / STATE	Cártago
COUNTRY	COSTA RICA
TELEPHONE	(506) 25506565
FAX	(506) 25506536
E-MAIL	gcalderon@labstein.com
WEB	www.labstein.com
SUMMARY Date of foundation 1975 Capital stock C/.2,282,000,000.= Colones Shareholders' equity 4,284,508,281.00 Colones (31DEC2010) Annual revenues US$ 32,112,005.57 Colones (31DEC2010) Profits (loss) 166,672,362.00 Colones (31DEC2010) permanent employees 417 Chief Executive WASERSTEIN RUBINSTEIN, MICHEL Disposition Report prepared through third-party sources. Payments policy P2 Usually to terms/good Credit (**) B: Risk is Moderate. Within Average. Satisfactory. CREDIT OPINION Requested credit MAXIMUM CREDIT Suggested credit (*) US$500,000.= (*) After several opinions received and factors.

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	26SEP1975
PLACE OF REGISTRY	Cartago
DURATION	100 years
REGISTRATION	Volume 0155, Folio 281, Entry 00251
INITIAL CAPITAL	C/.100,000.= Colones
CURRENT PAID-IN CAPITAL	C/.2,282,000,000.= Colones
SHAREHOLDERS EQUITY	4,284,508,281.00 Colones (31DEC2010)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	C/.500.58 per US$1.= Dollar

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
WASERSTEIN GOLDWASSER, KOUPIEKT ISAAC	President	34%
RUBINSTEIN WINNER DE WASERSTEIN, JEANNETTE	Secretary	33%
WASERSTEIN RUBINSTEIN, MICHEL	General Manager	33%
MORENO, JUAN CARLOS	Production Manager
CALDERON AGUILAR, GERALD MAURICIO	Finance Manager

WHO IS WHO?
WASERSTEIN GOLDWASSER, KOUPIEKT ISAAC
NATIONALITY	Costa Rican
D.O.B.	1951
ID	CI 1035279
CIVIL STATUS	Married to Jeannete Rubistein Winner
PROFESSION	Doctor
SEX	Male
BACKGROUND INFORMATION	Individual of Jewish origin.
RUBINSTEIN WINNER DE WASERSTEIN, JEANNETTE
NATIONALITY	Costa Rican
CIVIL STATUS	Married to Koupier Isaac Waserstein Goldwasser
SEX	Male
CALDERON AGUILAR, GERALD MAURICIO
NATIONALITY	Costa Rican
D.O.B.	25APR1974
ID	C.I. 401580943
CIVIL STATUS	Married to Grettel Maria Madriz Araya
SEX	Male
FATHER'S NAME	Eligio Calderón Porras
MOTHER'S NAME	Lilliam Aguilar Valerio

BUSINESS

Main activity

Subject is engaged in preparation and distribution of pharmaceutical products for human consumption, such as drugs, creams, shampoos, among others, of brands "ACTIVITON", "CALCIONIL".

Import

Yes

Country

(From India, China, Switzerland, United Kingdom, Belgium, USA)

Export

Yes

COUNTRY

(To Ecuador, Dominican Republic, Guatemala, Honduras, El Salvador, Panama)

% Credit SALES / Terms

100% (Terms up to 60 days)

% Ventas exterior (Paises)

40%

% DOMESTIC PURCHASES

35%

% FOREIGN PURCHASES

65%

SELLING TerritorY

60% (Domestic market)

EMPLOYEES

417

LOCATION
PREMISES	Own
FLOORS	2
AREA	13,000 m2
OTHER PREMISES	Subject's registered office, administrative offices, production plant, and commercial offices are located on the above-mentioned address. They occupy a built area of 10,000 m2. No other addresses were found.

Comments

Subject works in three 8-hour work shifts.
 
It operates at 100% of its operating capacity.
Production:
90% solids : tablets and capsules.
10% semisolids: syrups, powders, suppositories, ovules.
 
Subject has been granted the ISO 9000 Certification.
 
Main customers:
- Caja Costarricense de Seguro Social (Costa Rican Social Security Institute) 
- Caja Panameña de Seguro Social (Panamanian Social Security Agency)
- Laboratorio Suizo Difare
- Tecnofarma.
- Grupo Condefa S.A.
- Droguería Americana S.A.
- Droguería Comercial Salvadoreña.
- Astor.

FINANCIAL INFORMATION

Interviewee(s)

Mr. Gerald Caladeron

Position(s)

Finance Manager

Disposition

Report prepared through third-party sources.

Information provided

Although we were asked to send a formal request letter, the said executive has not given us any answers. Therefore, this report was completely developed with information that was collected from third parties, public sources, official, and our archives, where it was found a summary of the Annual Balance Sheet as of 31/12/2010 (the end of fiscal year) that is expressed in Colones (C/.).
 
Because it was not found any financial statements for the fiscal year 2009, it is shown as references the figures from the Annual Balance Sheet as of 31/12/2008 that are expressed in Colones (C/.). However, we recommed not to take into account the statistic chart of percentage variation.

BALANCE SHEET
Balance sheet date	31DEC2010	31DEC2008
Type of balance sheet	Annual	Annual
Period	12 months	12 months
Currency	Colones	Colones
Exchange rate per US$	512.97	555.47
A S S E T S
Current Assetsd	12,059,521,809.00	11,209,292,350.00
Fixed	2,986,188,742.00	2,360,564,596.00
Total Assets	15,045,710,551.00	13,569,856,946.00
L I A B I L I T I E S
Current liabilities	9,520,430,365.00	6,859,354,749.00
Long term	1,240,771,905.00	1,926,314,521.00
TOTAL LIABILITIES	10,761,202,270.00
S H A R E H O L D E R S'  E Q U I T Y
Total shareholders equity	4,284,508,281.00	4,784,187,676.00
Total Liab. / Sh. equity	15,045,710,551.00	13,569,856,946.00
Sales	16,472,495,499.00	15,080,854,565.00
Profit (Loss)	166,672,362.00	514,709,546.00

RATIO
Liquidity ratio	1.27	Current assets ÷ Current liabilities
Debt-to-equity ratio	45.00 %	(Shareholders' equity ÷ Current liabilities %)
Profitability margin	1.01 %	(Profits ÷ Sales %)
Working capital	2,539,091,444.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

LIGHTLY FAIR
According to the last Financial Statement, Subject's Financial Position is considered slightly Extended, as Liquidity Ratio is lightly acceptable. Working Capital is lightly satisfactory. Liabilities are moderately supported by shareholder's equity. Results are acceptable.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
INSTITUTO NACIONAL DE SEGUROS - INS	All risk	Annual	Not specified

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: Industrias Hercar Ltda.	Tel.: 506 22723559	Country: COSTA RICA
Goods/Services? : Machinery labelling
Highest credit? : Not specified	Outstanding debt? : 0.=
Client since? : +10 yrs.	Terms? : Cash	Performance? : No experience
Supplier: Litografía Moravia SA	Tel.: 506 22412255	Country: COSTA RICA
Goods/Services? : Printing services
Highest credit? : C/. 30,000,000.=	Outstanding debt? : 0.=
Client since? : +10 yrs.	Terms? : Check/60 days	Performance? : Prompt

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

Supplier	Telephone	Country	Comment
Traducciones Tlacuil	506 22442387	COSTA RICA
Corrugados del Guarco S.A.	506 25738606	COSTA RICA
Envases Comerciales SA	506 22235455	COSTA RICA
DHL Costa Rica	506 22096000	COSTA RICA
Envasa S.A.	506 22393944	COSTA RICA
Grupo Diseños Impresos SA	506 22714141	COSTA RICA
Rones del Caribe Rodelca S.A.		COSTA RICA
Maimba SAIC	5411 47803262	ARGENTINA
Roberto Lopatin & Asociados	5411 47803262	ARGENTINA
Cipla		INDIA
Aphifarma		SWITZERLAND
BAselux		SWITZERLAND
Americhem		U.S.A.

CREDIT HISTORY

It was not found any adverse records against subject in consulted sources.

LAWSUITS
No lawsuits against subject were found.

BANKING INFORMATION

Bank

NACIONAL DE COSTA RICA

BCT

HSBC

CITIBANK

Subject is a client of the above-mentioned banking entities, which did not provide any information on subject's banking movements under bank secrecy.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

CREDIT OPINION
Comnsulted Credit Amount :	MAXIMUM CREDIT
Suggested Credit :	US$500,000.=
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.28
UK Pound	1	Rs.81.55
Euro	1	Rs.69.60

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.