MIRA INFORM REPORT

Report Date :

02.07.2012

IDENTIFICATION DETAILS

Name :	LABORATORIOS STEIN S.A.
Registered Office :	1 Km. sobre Carretera Interamericana Cártago, del Cruce de Taras, Cártago / Cantón
Country :	Costa Rica
Date of Incorporation :	26.09.1975
Legal Form :	Joint-Stock Company
Line of Business :	Manufacture and distribution of pharmaceutical products for human consumption: Drugs, creams, shampoos,
No. of Employees :	600

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

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 3101028601

MAIN ADDRESS

1 Km. sobre Carretera Interamericana Cártago, del Cruce de Taras,

PROVINCE / DEPARTAMENT

Cártago / Cantón

COUNTRY

COSTA RICA

TELEPHONE

(506) 25506565

E-MAIL

gcalderon@labstein.com

WEB

www.labstein.com

COMMENTS

We clarify that the correct legal name of company is as shown above in the report.
 
Be advised in Costa Rica all addresses are "informal", based on variable points of reference. This means that there is no official or formal scheme which is the address of somewhere in the city or countryside. 
Therefore one address can have two different reference points 
In some cities there are definitions of Streets and Avenues but very few people use or understand this scheme.
 
P.O.Box: 930.

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	600
Chief Executive	WASERSTEIN RUBINSTEIN, MICHEL
Disposition	Poor.- Only general information without figures.
Payments policy	Usually to terms/good
Credit (**)	Within Average. Lightly Fair Situation.

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/.498.50 per US$1.= Dollar

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
WASERSTEIN GOLDWASSER, KOUPIEKT ISAAC	President	34%
AZOFEIFA, MONICA	Development Director
RUBINSTEIN WINNER DE WASERSTEIN, JEANNETTE	Secretary	33%
WASERSTEIN RUBINSTEIN, MICHEL	General Manager	33%
TERAN, MARIA VICTORIA	Production Manager
CALDERON AGUILAR, GERALD MAURICIO	Finance Manager
MEJIA, WILLIAM	Commercial Manager
ZUÑIGA, DIEGO	Purchasing 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
BACKGROUND INFORMATION	Individual of Jewish origin.
RUBINSTEIN WINNER DE WASERSTEIN, JEANNETTE
NATIONALITY	Costa Rican
CIVIL STATUS	Married to Koupier Isaac Waserstein Goldwasser
CALDERON AGUILAR, GERALD MAURICIO
NATIONALITY	Costa Rican
D.O.B.	25APR1974
ID	C.I. 401580943
CIVIL STATUS	Married to Grettel Maria Madriz Araya
FATHER'S NAME	Eligio Calderón Porras
MOTHER'S NAME	Lilliam Aguilar Valerio

BUSINESS HISTORY

 
The Subject does not have related companies.

BUSINESS

SIC Classification
2 8 - CHEMICALS, PHARMACEUTICALS INDUSTRY AND ALLIED PRODUCTS. (Manuf.Pigments, Resins, Plastics, Serums, Perfums, Paints, Fertilizers, Explosives. Medicines.)

Main activity

Manufacture and distribution of pharmaceutical products for human consumption: Drugs, creams, shampoos, among others, of brands, "ACTIVITON", "CALCIONIL"

Import

Yes

Country

India, China, Switzerland, United Kingdom, Belgium, USA.

Export

Yes

COUNTRY

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% National market.

EMPLOYEES

600

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

Laboratorios Stein manages a portfolio of products ranging from analgesia to oncology. This requires expertise, so the company has a team of professionals to meet the needs within each specialty market.
 
Have ISO 9000 certification in their production processes.
 
They work in three shifts of 8 hours each. 
 
Operate at 100% of their installed capacity.
Production:
90% solids : tablets and capsules.
10% semisolids: syrups, powders, suppositories, ovules.
 
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)

Mrs. Katia Rosas.

Position(s)

Assistant General Manager

Disposition

Poor.- Only general information without figures.

Information provided

The interviewed person updated some data and merely confirmed other information we had available, claiming had no experienced major change; However, she refused to disclose figures from recent financial statements as that information is considered strictly confidential.
 
Thus we supplemented this report with some data obtained from reliable external sources, public official and our own files, where latest balance sheet of company available was for the year ended 31/12/2010, in Colones, as shown below:

BALANCE SHEET
Balance sheet date	31DEC2010
Type of balance sheet	Annual
Period	12 months
Currency	Colones
Exchange rate per US$	512.97
A S S E T S
Current Assetsd	12,059,521,809.00
Fixed	2,986,188,742.00
Total Assets	15,045,710,551.00
L I A B I L I T I E S
Current liabilities	9,520,430,365.00
Long term	1,240,771,905.00
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
Total Liab. / Sh. equity	15,045,710,551.00
Sales	16,472,495,499.00
Profit (Loss)	166,672,362.00

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

A-: SATISFACTORY
According to the latest Financial Statement presented to us and / or general business conditions observed, we estimate the financial position of this company is Satisfactory, because:
 - Liquidity Ratio is slightly acceptable.
 - Its Working Capital is slightly satisfactory.
 - Equity covers moderately liabilities.
 - The results are moderate
 - The company has financial backing of its owners.
 - It is public knowledge that the company operates without problems.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
INSTITUTO NACIONAL DE SEGUROS - INS	All risk	Yearly	No specified

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: LITOGRAFÍA MORAVIA SA	Tel.: 506 22412255	Country: COSTA RICA
Goods/Services? : Printing services
Highest credit? : NC 35,000,000.=
Client since? : 1997	Terms? : 60 days	Performance? : Prompt
Supplier: CORRUGADOS DEL GUARCO S.A.	Tel.: 506 25738606	Country: COSTA RICA
Highest credit? : n/a
Comments : Just confirmed that the Subject company is a client.
Supplier: Grupo Diseños Impresos SA	Tel.: 506 22714141	Country: COSTA RICA
Highest credit? : n/a		Current
Comments : Subject is no longer their customer, they had no payment problems.
Supplier: Envases Comerciales SA	Tel.: 506 22235455	Country: COSTA RICA
Highest credit? : n/a		Current
Comments : Do not give client references.
Supplier: Traducciones Tlacuil	Tel.: 506 22442387	Country: COSTA RICA
Highest credit? : n/a		Current
Comments : Did not achieve contact with supplier.
Supplier: DHL Costa Rica	Tel.: 506 2209600	Country: COSTA RICA
Highest credit? : n/a		Current
Comments : Did not achieve contact with this company.
Supplier: Envasa S.A.	Tel.: 506 22393944	Country: COSTA RICA
Highest credit? : n/a		Current
Comments : Could not establish contact with supplier company.

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

Supplier	Country	Comment
Maimba SAIC	ARGENTINA
Roberto Lopatin & Asociados	ARGENTINA
Rones del Caribe Rodelca S.A.	COSTA RICA
Americhem	U.S.A.
Cipla	INDIA
BAselux	SWITZERLAND
Aphifarma	SWITZERLAND

CREDIT HISTORY

No adverse record was found in the various searches researched.

LAWSUITS

No claims or lawsuits were found filed against this Company.

BANKERS

BANCO NACIONAL DE COSTA RICA
BANCO BCT
BANCO HSBC
CITIBANK
 
The subject is a customer of those banks, which when consulted told us that in compliance with current legal regulations, can not provide data on their customer movements out of respect to banking secrecy.

GENERAL INFORMATION

REPUTATION

NOTHING AGAINST COMPANY

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.31
UK Pound	1	Rs.88.06
Euro	1	Rs.70.91

INFORMATION DETAILS

Report Prepared by :

PRL

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.