MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	SAVANT PHARM S.A.
Registered Office :	Ruta 19 Km.204 (XP2432ADI), El Tío, Cordoba Province, Argentine Republic.
Country :	Argentina
Financials (as on) :	31.12.2007
Date of Incorporation :	29.08.2003
Legal Form :	Public Limited Company
Line of Business :	Manufacture of Medicaments Of Human Use Pharmaceutical Products
No. of Employees :	Not Available

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 :	2170575.1135 ARS
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)
Argentina	B1	B1

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

Registered Name 

SAVANT PHARM S.A.

CUIT No.: 30-66915988-5

 Summary 

INCORPORATED IN 2003. BEGINNER OF ACTIVITIES. BALANCE SHEET AS OF 31/12/2010 (LAST KNOW). FOR CREDITS REQUEST SOLID GUARANTEES.

 Operations 

MEDICAMENTS OF HUMAN USE
PHARMACEUTICAL PRODUCTS
MANUFACTURE
COMMERCIALIZATION

 Legal Structure 

Business type:      Public Limited Company
Incorporated:       29/08/2003
Registered:         20/02/2004
Duration:           99 years
End of fiscal year: December 31st

 Contact 

Accountant: GERMAN REINAUDO

Fiscal, Operative and Administrative address: Ruta 19 Km.204 (XP2432ADI), El Tío, Cordoba Province, Argentine Republic.

Phone: (54-03576) 491346/424007
E-mail: savantpharm@savantpharm.com

Warehouse: Avda.Pueyrredón 964, Arroyito, Cordoba Province, Argentine Republic.

 Partners 

President:          BONO MAURO GASTON
Vice-president:     BONO JOSE HERNAN
Secretary:          MANDOLESI IVANNA ANDREA
Director:           ROBERI LEANDRO CARLOS
Director:           VISCONTI WALTER ENRIQUE
Alternate:          SVRIZ FEDERICO
                   AUDITORE GUILLERMO
                   GIOVANINI HERNAN

Trustee:           RITTATORE MARCELO ALEJANDRO
Alternate:         CONSTANTINO ONOFRI



The first two mentioned ones, as Managers, are in charge of the management and administration of the company, with the use of the social signature.

 Corporate Stock 

COMMON STOCK
Subscribed and paid in $ 9,900,000. -

It is composed of 99,000 common shares entitled to 5 votes per share of $ 100. - C / u.

 Personal Information 

BONO MAURO GASTON:
Argentinian, married, born on 17/06/1971, Pharmacist, DNI. 22.166.608 (CUIT. 23-22166608-9), with address in Roque Saenz Peña 343, piso 4º Dpto.D, Arroyito, Cordoba City.

BONO JOSE HERNAN:
Argentinian, married, born on 08/07/1974, Superior Technician in International Commercialization, DNI. 23.819.871, with address in Rafaél Nuñez 268, Dpto.3, Arroyito, Cordoba Province.

 History 

Fits to highlight that the people in charge of the company refuses to provide financial information or any other type of information, reason why we had to resort to data in our power and that one from other means well informed.

According to our registered data, it is known that on 21/12/1993 Mauro Gastón Bono founded LABORATORIOS FABOP S.A. in Arroyito, Cordoba Province in order to perform the production and commercialization of medicinal specialities.

In 1994 the company started performing the first investigations for obtaining the certificates of specialicites, starting the commercial activity through the elaboration of products from pharmacopoeia.

This company operated until 29/08/2003, date in which the subject company was incorporated as follower of activities, operating nowadays in the previously exposed addresses.

 Economic-Financial Position 

From the investigations carried out we obtain the following balance sheet figures that the company closed on 31 December 2010, last known to the present.

CURRENT ASSETS            $ 37,851,214

NON-CURRENT ASSETS        $ 12,329,058

CURRENT LIABILITIES       $ 22,954,980

LIABILITIES               $  2,440,693

EQUITY                    $ 24,784,599

NET SALES                 $ 89,102,129

COST OF SALES             $ 50,071,044

GROSS PROFIT              $ 39,031,085

FINAL INCOME              $  12,922,374

The above figures muestrann proper economic and financial position and obtaining results that are considered compensatory.

From the above figures it was possible the extraction of the following indices:

WORKING CAPITAL $ 14,896,234

CURRENT LIQUIDITY 1.65

DEBT 1.02

SOLVENCY 0.98

TOTAL SOLVENCY 1.98

S PROFIT / SALES 14.5%

In relation to the last period, there is a sales growth of 40.3% and an improvement in the final result of 121.3%.

 Balance Sheet 

Balance Sheet/s	31/12/2007
Total Assets	$ 23.329.989,00
Current Assets	$ 15.918.587,00
Banks	$ 2.387.700,00
Accounts Receivables	$ 5.571.300,00
Inventory	$ 7.959.000,00
Fixed Assets	$ 5.928.800,00
Non-Current Assets	$ 7.411.402,00
Investments	$ 0,00
Total Liabilities	$ 15.444.395,00
Current Liabilities	$ 13.517.100,00
Non-Current Liabilities	$ 1.927.295,00
StockHolders Equity	$ 7.885.594,00
Net Sales	$ 36.054.846,00
Cost of Good Sold	$ 25.093.121,00
Gross Result	$ 10.961.725,00
Administrative Expenses	$ 0,00
Selling Expenses	$ 0,00
Financial Income	$ 0,00
Other Expenses	$ -8.776.147,00
Final Result	$ 2.185.578,00

 Balance Sheet Analysis 

Indexes	31/12/2007
Current Ratio	117,77 %
Quick Ratio	58,89 %
Short Term Indebtedness	171,42 %
Debt to Equity Ratio	195,86 %
Long Term Assets to Total Assets	31,77 %
Fixed Assets to Equity	75,19 %
Total Assets to Total Liabilities	151,06 %
Debt Ratio	66,20 %
Equity Ratio	33,80 %
Investments to Assets Ratio	34,11 %
Current Investment	68,23 %
Stocks Aging Days	115,77 días
Day Sales	56,40 días
Trade Debtors To Assets	23,88 %
Total Assets Turnover	154,54 %
Net Worth Aging	457,22 %
Fixed Assets Aging	608,13 %
Gross Profit	69,60 %
Financial Expenses on Sales Ratio	0,00 %
Commercial Exp. on Sales Ratio	0,00 %
Administrative Exp. on Sales Ratio	0,00 %

 Assets 

REAL ESTATE:
------------
Inside the company's fixed assets is included the lands and buildings located in the previously exposed addresses, which  as a whole have a good realization value.  

No deeds were available to verify if the goods are free of burdens.

VEHICLES:
---------
4 vehicles of different makes and models without having further details.

 Parent/Related Companies 

PROINMED ARGENTINA S.A.
TELLIGEN S.A.

 Commercial References Consulted 

INMOBAL NUTRER S.A.
BASF ARGENTINA S.A.
SERVIFLEX S.A.

These providers do not provide more information about their customers, but state that the holder duly fulfills its obligations and enjoys a favorable Deun concept.

 Evolution and Results 

The head is among the three laboratories increased production of beta-lactam antibiotics and analgesics in Argentina.

Industrioal has a complex plot of 110,000 m2 in three model plants, qualified under stringent standards, develops and produces domde for different therapeutic areas and in various pharmaceutical forms.

It occupies 300 dedicated employees, under the direct supervision of their primary responsibility.

Export products and services to the following countries:

BOLIVIA          COSTA RICA
GUATEMALA        PARAGUAY
URUGUAY          CHILE
PANAMA           ECUADOR
VENEZUELA        PERU

For products of own production, among other LASM recorded following brands:

ABRAMOX          ACTIVATED
ALFINAR          ALMAXIMO
ALTEXINA         ANGIOSARTAN
ARTISAMIN        BUXIFOL
CANSIS           CARTIATO
CORONAX          DESTUL
DOVIDOX          EXACOLIN
FABOFLEM         FABOGESIC
FABOXIM          PONTRIL
RAZOLAM          REFLUPRAZOL
TROMBOTAZOL      VITARUM

During the past 12 months in office has made imports for u$s 7,265,440 from the following countries:

CHINA       4,424,106
INDIA       1,384,346
SPAIN         770,045
OTHER         686,943

Imported products were: antibiotics, penicillins, heterocyclic compounds and related items

 Payment Record and Credit Risk 

BANKS:
------
BANCO DE LA NACION ARGENTINA       Branch: Arroyito
STANDARD BANK                      Branch: Córdoba
BBVA BANCO FRANCES                 Branch: Córdoba
BANCO PATAGONIA SUDAMERIS          Branch: Córdoba
BANCO SANTANDER RIO                Branch: Córdoba

CREDIT RISK:
------------
02/2012

INV Y COM EXTE         $6.027.100     1
BANCO SUPERVIELLE       3.630.400     1
BANCO DE GALICIA        2.722.700     1
BANCO MACRO             2.089.900     1
BANCO NACION            1.973.700     1
STANDARD BANK           1.650.000     1
BANCO FRANCES           1.066.200     1
BANCO SANTANDER           155.200     1
BANCO INDUSTRIAL          104.800     1


SITUATION 1: NORMAL FULFILLMENT.

INSURANCE:
----------
EL COMERCIO S.A.
BERKLEY S.A.
General risks.

 Concept 

No comments arise and / or background distort the concept of this society, which until the present has been maintaining a correct behavior in the attention of the general obligations assumed.

* SOCIETY WELL QUALIFIED.

 Final Opinion 

It concludes that the holder may be related to credit operations, in amounts that relate to its known resources, under the conditions of practice.

* SUITABLE FOR CREDITS.

JMC /

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.54
UK Pound	1	Rs.81.94
Euro	1	Rs.67.56

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.