MIRA INFORM REPORT

Report Date :

24.11.2012

IDENTIFICATION DETAILS

Name :	BIOTENK S.A.

Registered Office :	Zuviría 5747/63 (1439), Buenos Aires City

Country :	Argentina

Date of Incorporation :	21.10.1985

Com. Reg. No.:	169503

Legal Form :	Limited Company

Line of Business :	The company is engaged in the elaboration and sale of pharmaceutical products for human use and veterinarian use.

No. of Employees :	95

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Argentina

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

argentina - ECONOMIC OVERVIEW

Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy has rebounded strongly from the 2009 recession, but the government's continued reliance on expansionary fiscal and monetary policies risks exacerbating already high inflation.

Source : CIA

Important Note

In the absence of financial, we cannot recommend credit limit.

Registered Name

BIOTENK S.A.

CUIT No.: 30-61130663-2

Summary

INCORPARATED IN 1985. BEGINER OF ACTIVITIES. NO PROVIDE BALANCE SHEET. NO NEGATIVE ANTECEDENTS. APT FOR MODERATE CREDIT OPERATIONS WIHT PROPER GUARANTEES.

Operations

MEDICAL SPECIALITIES AND VETERINARY

MANUFACTURE

COMMERCIALIZATION

Legal Structure

BUSINESS TYPE: LIMITED COMPANY

INCORPORATED: 21/10/1985

REGISTERED: 19/06/1986

DURATION: UNTIL 19/06/2085

END OF FISCAL YEAR: OCT 31

Contact

HEADQUARTERS: Zuviría 5747/63 (1439), Buenos Aires City, Repúblic of Argentina.

PHONE: 54.11.4604-0204/05

E.Mail: info@biotenk.com.ar

Partners

President: PERKUL JAIME MARIO

Vicepresident: SAIEG SALOMON HECTOR

Director: NAHMOD VICTOR ELIAS

ALTERNATE Director: BERAJA CATALINA

USE OF SIGNATURE: AS MANAGERS, IN CHARGE OF THE PRESIDENT AND V.PRESIDENT INDISTINCTLY.

Corporate Stock

Subscribed and paid-in: $ 2.001.000

Personal Information

PERKUL JAIME MARIO:

ARGENTINEAN, MARRIED, ENGINEER, BORN IN 27/04/1956, DNI.No. 12.228.046 (CUIT No.: 20-12228046-3)

ADDRESS AT Juan B.Alberdi 2842, 4o."A", Cdad.de Buenos Aires.

HE REGISTERS PARTICIPATION IN THE FOLLOWING COMPANIES:

> LOS AZULES S.A. Director

> HISPANA S.A. Director

SAIEG SALOMON HECTOR:

ARGENTINEAN, MARRIED, ENGINEER, BORN IN 14/01/1959, DNI.No. 12.702.569 ADDRESS AT Malabia 2430, 21 "1" Cdad.de Buenos Aires.

History

Activities were started by the company originally located at Pillado 820, Buenos Aires by 1985.

There's no knowledge that the company is an integral part of any other economic group. Its directors register antecedents in other companies as mentioned in the corresponding chapter.

Economic-Financial Position

THE COMPANY DOES NOT PROVIDE FINANCIAL INFORMATION. THROUGH OTHER SOURCES OF INFORMATION.

Assets

REAL ESTATE:

---------
IT OWNS THE BUIDING LOCATED AT calle Zuviría 5747/63 de la Cdad.de Bs.Aires, OF SUPERIOR MARKET VALUE TO THE ONE DECLARED.

NO DEEDS ARE AVAILABLE TO VERIFY IF THE GOODS ARE FREE OF BURDENS.

Evolution and Results

The company is engaged in the elaboration and sale of pharmaceutical products for human use and veterinarian use.

Among its product, you can find:

- AMOXILINA (ANTIBIOTIC)
- AMPICILINA

(ANTIBIOTIC)
-

ATENOLOL
(BLOCKING CARDIOSELECTIC)
-

COTRIMOXASOL
(CHEMICAL-THERAPIC)
- DILTIAZEN

antianginA)
- FUROSEMIDA

(diuretic)
- GENTAMISINA (antibiOtic)
- IBUPROFENO (ANALGESIC)
- ISOXSUPRINA (VESSELDILATING)
- MORGESTREL PLUS

(ANTICONCEPTIVE PILL)

Other TRADEMARKS: BIOTENK - SIPABRON - VENDASOL - PIOXIN.

FOREIGN TRADE:

-----------------
IN THE LAST 12 MONTHS IT HAS CARRIED OUT IMPORTS BY u$s 676.478 AS FOLLOWS:

CHINA.....................674.131
SPAIN..................... 2.343

MONTEVIDEO (ZF)........... 4

EMPLOYEES: 95

Payment Record and Credit Risk

BANCO DE LA NACION ARGENTINA

BBVA BANCO FRANCES

BANCO DE LA CIUDAD DE BS.AIRES

HSBC BANK ARGENTINA

CREDIT RISK - SEPTEMBER 2012 –

-------------------------------

BANCO NACION $6.650.000

BBVA Bco.Frances: $ 305.800

SituaTion 1: NORMAL FULFILLMENT.

INSURANCES:
-----------
ASOCIART S.A.

LA BUENOS AIRES S.A.

Concept

THE COMPANY IS RELATED TO SEVERAL LOCAL AND FOREIGN COMPANIES WHICH PROVIDE THEIR CREDIT SUPPORT WIHTOUT ANY NEGATIVE ANTECEDENTS IN ITS WAY OF PAYMENTS.

* FULFILLMENT WITHOUT OBJECTIONS.

Final Opinion

Since it doesn't register negative information, the company is feasible for credit treatment, although it is advisable to operate with the appropriate securities due to the lack of financial information.

* APT FOR CREDIT OPERATIONS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.34
UK Pound	1	Rs.88.30
Euro	1	Rs.71.37

INFORMATION DETAILS

Report Prepared by :

SMN

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.