MIRA INFORM REPORT

Report Date :

12.09.2012

IDENTIFICATION DETAILS

Name :	S.A.C.E.I. NICOLAS VAN HAAREN URUGUAY
Registered Office :	Francisco Arrieta 3020, Barrio Modelo, 11600 Montevideo
Country :	Uruguay
Financials (as on) :	30.06.2011
Date of Incorporation :	1941
Legal Form :	Commercial Industrial Stock Company
Line of Business :	Engaged in the manufacture of PVC containers, exclusively for the pharmaceutical industry.
No. of Employees :	60

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 Limited	US$.50,000
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Uruguay	B1	B1

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

URUGUAY - ECONOMIC OVERVIEW

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.5% in 2010 and 6% in 2011.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME

S.A.C.E.I. NICOLAS VAN HAAREN URUGUAY

TAXPAYER REGISTRATION

RUT 210147820014

MAIN ADDRESS

Francisco Arrieta 3020, Barrio Modelo

POSTAL CODE

11600

PROVINCE / DEPARTAMENT

Montevideo

STATE / REGION

Montevideo

COUNTRY

URUGUAY

TELEPHONE

(5982) 4816373

E-MAIL

natalia@vanhharen.com.uy

WEB

www.vanhaaren.com

SUMMARY
Date of foundation	1941
Capital stock	Ps$1,800,000.= Pesos
Shareholders' equity	2,093,220.00 Dollars (30JUN2011)
Annual revenues	US$ 3,100,000.00 Dollars (30JUN2011)
Profits (loss)	426,875.00 Dollars (30JUN2011)
permanent employees	60
Chief Executive	BASIGALUZ RODRIGUEZ, AUGUSTO
Disposition	Excellent.- Full information and updated figures.
Payments policy	Delays but within sector norms
Credit (**)	Risk is Moderate. Within Average. Lightly Fair Situation.

CREDIT OPINION
Requested credit	MAXIMUM?
Suggested credit (*)	US$.50,000.=
(*) After analyzing different factors and other opinions.

LEGAL BACKGROUNDS

LEGAL STATUS	Commercial Industrial Stock Company
DATE OF INCORPORATION	1941
PLACE OF REGISTRY	Montevideo
CURRENT PAID-IN CAPITAL	Ps$1,800,000.= Pesos
SHAREHOLDERS EQUITY	2,093,220.00 Dollars (30JUN2011)
CLASS OF SHARES	Registered
LISTED AT STOCK EXCHANGE	No
CURRENT EXCHANGE RATE (US$)	Ps$21.20 per 1 USD
MEMBERSHIP	Chamber of Industries of Uruguay
COMMENTS	There are other 4 shareholders (whose names were not disclosed.) The General Tax Office granted Subject Company a certificate issued on November 14, 2011 which expires on November 30, 2012.

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
BASIGALUZ RODRIGUEZ, AUGUSTO	CEO	51%
BASIGALUZ RODRIGUEZ, SUSANA	Director	49%
MANASLISKI, NATALIA	General Accountant

WHO IS WHO?

BASIGALUZ RODRIGUEZ, AUGUSTO
NATIONALITY	Uruguayan
D.O.B.	1956
ID	IDE 14134849

BUSINESS HISTORY

Subject Company is a family-owned company that was founded in 1941 by Mr. Nicolas Van Haaren, father of the current shareholders who are the second generation running the company. Subject operated as a subsidiary of the Ackermann-Van Haaren Group.

BUSINESS

SIC Classification
3 0 - RUBBER AND MISCELLANEOUS PLASTICS INDUSTRY. (Tires, rubber and plastics footwear, belts, miscellaneous plastics products.)

Main activity

Subject is engaged in the manufacture of PVC containers, exclusively for the pharmaceutical industry.
It also provides inbond assembly (maquila) service for packing medicines for human use, including packing of pills in PVC blisters, containers for injectables, coding and labelling.

Import

Yes

Country

Germany, Switzerland, Argentina.

ANNUAL Imports In US$ (CIF)

YEAR	AMOUNT
2012	300,111.71
2011	511,144.05
2010	361,860.80
2009	316,950.52
2008	367,138.54

Export

Yes

Annual exports in US$ (FOB)

YEAR	AMOUNT
2012	174,570.24
2011	384,143.81
2010	303,061.80

% Credit SALES / Terms

100% (Monthly invoicing)

% DOMESTIC PURCHASES

30%

% FOREIGN PURCHASES

70%

SELLING TerritorY

Domestic market

EMPLOYEES

60

LOCATION
PREMISES	Own
OTHER PREMISES	Subject's registered office, administrative offices, warehouse, and production plant are located at the main address.

Comments

Subject's products are ISO 9001:2000 certified.
 
Its clients are laboratories producing medicines for human use.

FINANCIAL INFORMATION

Interviewee(s)

Natalia Manasliski

Position(s)

General Accountant

Disposition

Excellent.- Full information and updated figures.

Information provided

She provided the Balance Sheet as of 30/06/2011 (12 months), expressed in Dollars.
She also told us that the company's sales as of 30/06/2012 amounted to US$4,000,000.= Dollars.

BALANCE SHEET
Balance sheet date	30JUN2011
Type of balance sheet	Annual
Period	12 months
Currency	Dollars
Exchange rate per US$	1
A S S E T S
Current Assetsd	1,686,300.00
Fixed	927,280.00
Total Assets	2,613,580.00
L I A B I L I T I E S
Current liabilities	520,360.00
Long term	0.00
TOTAL LIABILITIES	520,360.00
S H A R E H O L D E R S'  E Q U I T Y
Total shareholders equity	2,093,220.00
Total Liab. / Sh. equity	2,613,580.00
Sales	3,100,000.00
Profit (Loss)	426,875.00

R A T I O
Liquidity ratio	3.24	Current assets / Current liabilities
Debt-to-equity ratio	402.26 %	(Shareholders' equity / Current liabilities %)
Profitability margin	13.77 %	(Profits / Sales %)
Working capital	1,165,940.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

A+: GOOD
Taking into account the last Financial Statement submitted and/or other factors analyzed, we estimate that Subject's financial Situation is GOOD due to the following considerations:
- Liquidity Ratio is higher or similar than industry average.
- Positive working capital allows Subject to comply with payments promptly.
- Shareholders' equity covers its current liabilities largely. 
- Economic and financial results have been satisfactory.
- Subject's trend is positive.
- Shareholders' support is important.

INSURANCE

COMPANY	AGAINST	EXPIRATION	AMOUNT
DE SEGUROS DEL ESTADO	All risk
ROYAL & SUNALLIANCE	All risk

Insurance Comments

Subject's insurance policy covers robbery, fire, personnel, etc.

TRADE REFERENCES

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

Supplier: GABRIEL GAMBARO DESPACHANTE DE ADUANA	Tel.: (598 2) 9154276	Country: URUGUAY
Goods/Services? : Customs service
Highest credit? : DC 30,000.=
Client since? : Sev. yrs	Terms? : 30 days	Performance? : Prompt
Comments : Monthly average
Supplier: NEOSUL S.A.	Tel.: (598 2) 5086201	Country: URUGUAY
Goods/Services? : PVC Films
Highest credit? : US$ 10,000.=
Client since? : Sev. yrs	Terms? : 90 days	Performance? : Prompt
Comments : Monthly average

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

Supplier	Country	Comment
ALUMINIOS DEL URUGUAY	URUGUAY	They did not reply our request for references

CREDIT HISTORY

Subject's purchases are mostly made through its overseas suppliers.

LAWSUITS

As of the date of the report, no criminal, civil and/or commercial lawsuits filed against this company have been found.

BANKERS

-BANCO REPUBLICA
-SANATNDER
-HSBC

CREDIT OPINION

Consulted Credit Amount :	MAXIMUM?
Suggested Credit :	US$.50,000.=
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.52
UK Pound	1	Rs.88.84
Euro	1	Rs.70.85

INFORMATION DETAILS

Report Prepared by :

PDT

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.