MIRA INFORM REPORT

Report Date :

25.01.2012

IDENTIFICATION DETAILS

Name :	CAVESTANY S.A.
Registered Office :	Ruta 8 Km. 17.500 Local 701, Zonamérica 91600 Montevideo
Country :	Uruguay
Financials (as on) :	30.04.2011
Year of Establishment :	2003
Legal Form :	Joint-Stock Company
Line of Business :	Import and wholesale of pharmaceutical products for human use.
No. of Employees :	3

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$ 200,000
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)
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

CAVESTANY S.A.

TAXPAYER REGISTRATION

RUT 21-48283300-10

MAIN ADDRESS

Ruta 8 Km. 17.500 Local 701, Zonamérica

POSTAL CODE

91600

PROVINCE / DEPARTAMENT

Montevideo

STATE / REGION

Montevideo

COUNTRY

URUGUAY

TELEPHONE

(5982) 5182339 – 7099661

E-MAIL

daniel@lankpharma.com

WEB

None

COMMENTS

Another telephone number: 59899 634477.

SUMMARY
Date of foundation	2003
Capital stock	Ps$450,000.= Pesos
Shareholders' equity	1,923,285.00 US$ Dollars (30APR2011)
Annual revenues	US$ 20,963,987.00 US$ Dollars (30APR2011)
Profits (loss)	4,817,888.00 US$ Dollars (30APR2011)
permanent employees	3
Chief Executive	FERNANDEZ GENTA, DANIEL
Disposition	Poor.- Only general information without figures.
Payments policy	Usually to terms/good

CREDIT OPINION
Requested credit	Maximum credit?
Suggested credit (*)	US$ 200,000.=
(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS
LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	2003
PLACE OF REGISTRY	Montevideo
DURATION	Perpetual
INITIAL CAPITAL	Ps$450,000.= Pesos
CURRENT PAID-IN CAPITAL	Ps$450,000.= Pesos
SHAREHOLDERS EQUITY	1,923,285.00 US$ Dollars (30APR2011)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$513.15 per 1USD
COMMENTS	No information about the Company's shareholding structure was disclosed.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
FERNANDEZ GENTA, DANIEL	Managing Director	Yes
JASNIKSKI, JAVIER	Director
PORRO SANSONE, ANA	Management Assistant
RODRIGUEZ, CECILIA	External Accountant

WHO IS WHO?
FERNANDEZ GENTA, DANIEL
NATIONALITY	Uruguayan
D.O.B.	28FEB1968
PROFESSION	Businessman
SEX	Male

BUSINESS

SIC Classification
2 8 - CHEMICALS AND ALLIED PRODUCTS

Main activity

Import and wholesale of pharmaceutical products for human use.

Import

Yes

Country

(From Sweden, China, India, Italy, Germany, Mexico)

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2011	20,956,110.85
2010	26,940,025.04
2009	11,321,353.12
2008	11,739,824.62
2007	1,806,532.30

Export

Yes

COUNTRY

(To China and India)

Annual exports in US$ (FOB)

YEAR	AMOUNT
2011	15,342,073.71
2010	8,337,287.11
2009	24,741,771.03
2008	20,564,953.72
2007	3,542,260.13

% CASH SALES / METHOD

40%

% Credit SALES / Terms

60% (Terms: 30,60 days)

SELLING TerritorY

Domestic and international market

EMPLOYEES

3

LOCATION
PREMISES	Rented
OTHER PREMISES	The company's main offices operates in the address in the heading. Subject Company has other premises in the Free Trade Zone in the city of Montevideo.

FINANCIAL INFORMATION

Interviewee(s)

Ana Porro

Position(s)

Management Assistant

Disposition

Poor.- Only general information without figures.

Information provided

In the preliminary investigations, Mrs. Ana Porro (Management Assistant) kindly provided general information on the company. However, when we asked her the balance sheet, she told us that it was not available because accounting is external. She offered to send it in the following days.
 
Later, they provide the Balance Sheets as of 30/04/2011 and as of 30/04/2010 (12 months each), expressed in US Dollars. 
 
Simultaneously, we consulted several sources in order to supplement the provided information.

BALANCE SHEET
Balance sheet date	30APR2011	30APR2010
Type of balance sheet	Annual	Annual
Period	12 months	12 months
Currency	US$ Dollars	US$ Dollars
Exchange rate per US$	1	1
A S S E T S
Current Assetsd	6,028,145.00	2,262,962.00
Total Assets	6,028,145.00	2,262,962.00
L I A B I L I T I E S
Current liabilities	4,104,860.00	1,896,463.00
Long term	0.00
TOTAL LIABILITIES	4,104,860.00	1,896,463.00
S H A R E H O L D E R S'  E Q U I T Y
Total shareholders equity	1,923,285.00	366,499.00
Total Liab. / Sh. equity	6,028,145.00	2,262,962.00
Sales	20,963,987.00	17,936,394.00
Profit (Loss)	4,817,888.00	1,035,129.00

RATIO
Liquidity ratio	1.47	Current assets / Current liabilities
Debt-to-equity ratio	46.85 %	(Shareholders' equity / Current liabilities %)
Profitability margin	22.98 %	(Profits / Sales %)
Working capital	1,923,285.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

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

Property of company comments

No registrations on real estate or vehicles have been found under the company name.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
ROYAL & SUNALLIANCE SEGUROS	Comprehensive	Not specif	Not specified
BANCO DE SEGUROS DEL ESTADO	Comprehensive	Not specif	Not specified

PAYMENTS RECORD: TRADE REFERENCES

(Confidential Information)

Supplier: Almisur	Tel.: (598.2) 5182116	Country: URUGUAY
Goods/Services? : Logistical service
Highest credit? : Unlimited	Outstanding debt? : 0
Client since? : 6 years	Terms? : 30-day check	Performance? : Prompt
Supplier: Ciatran	Tel.: (598.2) 9151177	Country: URUGUAY
Goods/Services? : International transport service
Highest credit? : Unlimited	Outstanding debt? : 0
Client since? : 3 years	Terms? : 30-day check	Performance? : Prompt
Supplier: Cargo Center	Tel.: (598.2) 9163258	Country: URUGUAY
Goods/Services? : Maritime and air freight service
Highest credit? : Unlimited	Outstanding debt? : 0
Client since? : +6 years	Terms? : 30-day check	Performance? : Prompt
Supplier: Lan Cargo	Tel.: (598.2) 6040141	Country: URUGUAY
Goods/Services? : Cargo transportation service
Highest credit? : Variable	Outstanding debt? : 0
Client since? : 2007	Terms? : Cash	Performance? : No experience
Supplier: Lufthansa Cargo	Tel.: (598.2) 9167083	Country: URUGUAY
Goods/Services? : Cargo transportation service
Highest credit? : Variable	Outstanding debt? : 0
Client since? : 5 years	Terms? : Cash	Performance? : No experience
Supplier: Transcargo S.A.	Tel.: (598.2) 9020366	Country: URUGUAY
Goods/Services? : International freight service
Highest credit? : Unlimited	Outstanding debt? : 0
Client since? : 5 years	Terms? : 30-day check	Performance? : Prompt

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

Supplier	Telephone	Country	Comment
Fersinsa S.A. de C.V.		MEXICO
Ranbaxy Laboratories Ltda.		INDIA
Chemo S/A		SWITZERLAND
Cipla Ltda.		INDIA
AARTI Drugs Ltd.		INDIA

BANKING INFORMATION

Bank

HSBC URUGUAY

ZAFRA (BRASIL)

ESPIRITO SANTO (DUBAI)

Subject is client of the above mentioned banks which when being consulted told us that according to the current legal regulations they cannot provide any information on Subject's operations under bank secrecy.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

CREDIT OPINION
Comnsulted Credit Amount :	Maximum credit?
Suggested Credit :	US$ 200,000.=
It is eligible for the above credit line due to the financial condition and the payments policy. NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.97
UK Pound	1	Rs.77.74
Euro	1	Rs.65.09

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.