MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Name :	LABORATORIOS CELSIUS S.A.
Registered Office :	Joaquin Suarez 3593, Montevideo,
Country :	Uruguay
Financials (as on) :	30.09.2007
Date of Incorporation :	April,1936
Com. Reg. No.:	NA
Legal Form :	Joint-Stock Company
Line of Business :	Manufacture of Pharmaceutical Products.

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$50,000
Status :	Satisfactory
Payment Behaviour :	Regular
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Uruguay	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 CELSIUS S.A.
TRADE NAME	:	N/A"
TAXPAYER REGISTRATION	:	RUT 210345980018
MAIN ADDRESS	:	Joaquin Suarez 3593,
CITY	:	Montevideo
DEPARTMENT/STATE	:	Montevideo
COUNTRY	:	URUGUAY
TELEPHONE	:	23365446
FAX	:	23367160
WEB SITE	:	www.celsius.com.uy

SUMMARY

INCORPORATION : 1936

LAST CAPITAL : Not specified

SHAREHOLDERS ' EQUITY : Ps$ 195,470,383.= Pesos (30.09.2007)

SALES : 257,600,431.00

EMPLOYEES : 210

PAYMENTS : Usually to terms/good

CHIEF EXECUTIVE : BIRENBAUM SOTO, MARCELO

DISPOSITION : Report prepared through third-party sources.

LEGAL BACKGROUNDS

LEGAL ESTATUS	:	Joint-Stock Company
DATE OF INCORPORATION	:	04/1936
START OF OPERATIONS	:	N/A
REGISTERED IN	:	Montevideo
NOTARY OFFICE	:	N/A
DURATION	:	Perpetual
REGISTRATION	:	N/A
INITIAL CAPITAL	:	N/A
CURRENT PAID-IN CAPITAL	:	Not specified
LAST CAPITAL INCREASE	:	N/A
SHAREHOLDERS' EQUITY	:	Ps$ 195,470,383.= Pesos (30.09.2007)
TYPE OF SHARES	:	Registered
LISTED AT STOCK EXCHANGE	:	No
SHARE VALUE	:	N/A
CURRENT EXCHANGE RATE	:	Ps$19.45 pesos per 1 USD
MEMBERSHIP	:	N/A

COMMENTS .-

Shareholding structure was not specified. Mr. Enrique Birenbaum is referred to be the major investor.

HiSTORY

Laboratorios CELSIUS S.A. was founded in April 1936, being engaged from the beginning in the production and sale of medical specialties. In 1996, it acquired the prestigious company Dermur Cosméticos, entering this activity with the same emphasis used in pharmaceutical specialties. Complementing other aspects related to the area of human health, Diagnostica Celsius was opened in May 2003, importing and distributing products and inputs intended for clinical analysis laboratories with unbeatable conditions to enter neighboring markets.

In addition to the production of pharmaceutical specialties and cosmetics, CELSIUS conducts bioavailability and bioequivalence studies on new pharmaceutical formulations in coordination with the Department of Product Development.

DIRECTORS / EXECUTIVES / SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	OWNERSHIP %
BIRENBAUM SOTO, MARCELO	Managing Director
CORREA, BETTINA	Adm. & Finance Manager
BERTOLINI, CARLOS	Assistant General Manager
ALVERVENE, MARIA DEL CARMEN	Production Manager
BIRENBAUM, ENRIQUE	Shareholder	Yes

WHO IS WHO ?

BIRENBAUM SOTO, MARCELO

NATIONALITY : Uruguayan

BORN : 11JUL1974

PROFESSION : Licentiate

CIVIL STATUS : Married

BACKGROUND INFORMATION .-

Economic Sciences Graduate from Universidad de La República Uruguaya.

BIRENBAUM, ENRIQUE

NATIONALITY : Uruguayan

BORN : 1937

PROFESSION : Pharmaceutical Chemist

BUSINESS

MAIN ACTIVITY .-

Subject operates in the manufacture of pharmaceutical products.

Trademarks: CELSIUS, DIAGNOSTIC, DERMUR, AKROS, PHARMA.

IMPORT : Yes

From USA, Germany, India, Brazil, Spain, Switzerland (payments via wire

transfer)

Annual Imports in US$ (CIF) :

Year Monto

2010 2,299,118.74

2009 3,010,752.22

2008 2,816,716.51

2007 1,790,425.06

2006 1,897,408.03

2005 1,424,700.16

2004 1,330,964.60

2003 1,107,352.83

2002 2,669,717.16

2001 2,557,350.34

EXPORT : Yes

To Cuba, Venezuela, Paraguay, Ecuador, Trinidad & Tobago,

Peru, Bolivia, Mexico, Vietnam, Guatemala.

Annual Exports in US$ (FOB) :

Year Monto

2010 1,174,409.27

2009 1,276,518.46

2008 1,157,520.56

2007 660,987.98

2006 568,760.07

% CASH SALES/METHOD	:	15%
% CREDIT SALES/TERMS	:	85% (90-day terms)
% FOREIGN SALES (COUNTRIES)	:	N/A
% DOMESTIC PURCHASES	:	N/A
% FOREIGN PURCHASES	:	Shareholding structure was not specified. Mr. Enrique Birenbaum is referred to be the major investor.
SELLING TERRITORY	:	National and international market.
EMPLOYEES	:	210

LOCATION .-

Premises	:	Own
Monthly Amount	:	N/A
Time Occupied	:	N/A
Area	:	700 m2
Floors	:	2

Remarks and other Premises .-

No other operating offices were reported.

COMMENTS .-

Subject participates in public biddings of AGESIC (Area of Government Contracting and Procurement).

LABORATORIOS CELSIUS has a 700m2 manufacturing plant in Montevideo which is considered one of the most modern and best designed plants in the country. At this plant various sterile and non-sterile pharmaceutical forms are manufactured with the highest quality standards. Some of these pharmaceutical forms include liquid injectables, pills, capsules, powder, syrups, drops, suspensions, vaginal suppositories, creams, ointments and gels, as well as an exlusive line of ethical cosmetics called DERMUR. Today, some 4 million sales units are produced every year both for the local market and for export.

The plant was acquired from Rhone Poulenc Rohrer in 1997, and once occupied by CELSIUS, the areas of solids, non-sterile liquids and plastic forms were demolished and built again. The design and execution of the project completed in August 1999, was in charge of the Spanish company Telstar Projects, following the latest standards of design and selection of materials used in the construction of pharmaceutical facilities. Today, several alternatives are being evaluated in order to update the injectable manufacturing area, which to date operates as in times of Rhone Poulenc.

The plant has an air conditioning, purification and renovation system that enables to reach, in its different sectors, areas with 10,000 and 100,000-class air, required for manufacturing diverse products. Besides, Subject has a differential pressure control and generation system between common spaces and manufacturing rooms, as well as between the different sectors of the plant, which permanently ensures the optimal conditions to avoid the cross-contamination phenomenon.

Subject also has a demineralized water generation system as from running drinking water for manufacturing of all non-sterile pharmaceutical forms. In turn, this demineralized water feeds a distillation system that generates distilled water for injectables (W.F.I.), for producing injectable specialties.

FINANCIAL INFORMATION

Interviewee(s)	:	N/A
Position(s)	:	N/A
Cooperation	:	Report prepared through third-party sources.
Information Provided	:	They directly refused to provide any kind of information on the company due to confidentiality policies. Therefore, this report has been prepared based on the information gathered from official third-party sources and our own files. LABORATORIOS CELSIUS S.A. is a private equity firm that has been operating in the market since 1936. It is a medium-sized company within the sector of companies engaged in the manufacture and trading of pharmaceutical products and has an stable activity that has been positively developed. No financial or credit information could be obtained, therefore there are no opinions on Subject. However, no restrictions against the company were found in the inquiry made.

For reference purposes, we include figures from file from the Balance Sheet as of 30.09.2007

(12 months), expressed in Pesos.

BALANCE SHEET

BALANCE SHEET DATE	30SEP2007
PERIOD	12 months
EXCHANGE RATE PER US$	24.35
CURRENCY	Pesos
ASSETS
TOTAL CURRENT	175,217,502.00
FIXED	66,694,981.00
TOTAL ASSETS	241,912,483.00
LIABILITIES
TOTAL CURRENT	44,471,781.00
LONG TERM	1,970,319.00
SHAREHOLDERS' EQUITY
TOTAL EQUITY	195,470,383.00
TOTAL LIABILITIES	241,912,483.00
SALES	257,600,431.00
PROFIT(LOSS)	42,043,259.00

RATIO

LIQUIDITY RATIO	3.94	(Current Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO	439.54	(Shareholders's equity/Current Liabilities %)
PROFITABILITY MARGIN	16.32	(Profits/Sales %)
WORKING CAPITAL	130,745,721.00	(Current Assets - Current Liabilities)

FINANCIAL SITUATION : Active

The company's Financial Standing is considered to be Undetermined since there is no financial information that allows us to asses its results.

INSURANCE .-

Company	Againts	Amount	Expiration
Banco del Seguro del Estado	All risk	N/A	N/A

PAYMENTS RECORD

NOTE: Other Suppliers did not provide information or could not be consulted.

Supplier	Country	Tel.
Astrazeneca S.A.	URUGUAY	598 2 9018900
Gramon Bago Uruguay S.A.	URUGUAY	598 2 2004611
Terra Farma S.A. de C.V.	MEXICO	N/A

COMMENTS .-

There is no information about other suppliers.

Trade references were requested to the cited companies which have refused to provide information due to internal provisions and/or without express authorization from its client.

BANKING INFORMATION

BANKERS .-

Bank	Contact	Telephone	Account #	DC (S/.)	FC (US$)
CREDIT URUGUAY BANCO S.A.	N/A	N/A	N/A	X	X
BANCO SANTANDER S.A.	N/A	N/A	N/A	X	X

Subject's financial transactions are carried out through the above mentioned banks which do not provide any account information under the Bank Secrecy Act.

Debt structure for Bank (Domestic Currency)

Bank	NORMAL	PROBLEM POTENTIAL	DEFICIENT	DOUBTFUL	LOSS	Current Debt DC	Current Debt FC
Credit Uruguay Banco SA	100%					0	933985
Banco Santander SA	100%					0	506024

RATING DESCRIPTION ACCORDING TO THE SBS

Normal .- Good Financial Situation, Prompt payments, consistent Information, Increasing Trend, Creditworthy.

Problem Potential .- Satisfactory Financial Situation but cash flow can be weak. Irregular payments. Irregular Trend.

Deficient .-Financial Situation, cash problems, profits shortage, delayed and overdue payments.

Doubtful .-Heavy Financial Situation, liquidity shortage, notorious delayed payments, Judicial Collection, Bad Management.

Loss .- Bad Financial Situation, Insufficient funds, declared bankruptcy,debt default.

GENERAL INFORMATION

REPUTATION .-

NOTHING AGAINST COMPANY

CREDIT OPINION

Consulted Credit Amount : Maximun

Subject is considered viable for a maximum credit amount of US$50,000.= Dollars.

NOTE: The Opinion given is confidential referential and with out liability

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.73.24
Euro	1	Rs.62.68

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.