MIRA INFORM REPORT

Report Date :

11.11.2013

IDENTIFICATION DETAILS

Name :	NATCOFARMA DO BRASIL LTDA - EPP
Registered Office :	Avenida Presidente Vargas, S/Nº. Centro
Country :	Brazil
Date of Incorporation :	17.07.2006
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of Pharmaceuticals.
No. of Employees :	25

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Brazil	A2	A2

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

Brazil - ECONOMIC OVERVIEW

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% in 2011, and 1.3% in 2012. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 14 years. Brazil's historically high interest rates have made it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchange markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint. In an effort to boost growth, in 2012 the administration implemented a somewhat more expansionary monetary policy that has failed to stimulate much growth.

Source : CIA

Company Name

NATCOFARMA DO BRASIL LTDA - EPP

Addresses

MAIN ADDRESS:	AVENIDA PRESIDENTE VARGAS, S/Nº. CENTRO
ZIP CODE/CITY:	29260-000 - DOMINGOS MARTINS/ES
PHONE:	27 3268-2275
FAX:	27 3268-2275
E-MAIL:	dvolkers@natcofarma.com
WEB SITE:	www.natcofarma.com

BRANCHES:
ADDRESS:	RUA PEDRO ZANGRANDE, 1040 - JARDIM LIMOEIRO
ZIP CODE/CITY:	29164-020 SERRA/ES

Legal Data

MAIN ACTIVITIES:

WHOLESALE OF PHARMACEUTICALS.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	17/07/2006
REGISTER DATE:	17/07/2006
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	08.157.293/0001-27
STATE REGISTER:	82.401.551
SHARE CAPITAL:	R$ 5.345.980,00
LAST REGISTER OF CAPITAL:	15/10/2013

BOARD OF DIRECTORS:
LINCOLN COLARES GOMES	MANAGING PARTNER

AUTHORIZED USE OF SIGNATURE

THE MANAGING PARTNER IS AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
TIME CAP OVERSEAS LTD	R$ 4.811.382,00
LINCOLN COLARES GOMES	R$ 534.598,00

AFFILIATES / SUBSIDIARIES:

A SCAN THROUGH OUTSIDE SOURCES SHOWED THE SUBJECT AND/OR PARTNERS HAS/HAVE THE FOLLOWING UNCONFIRMED HOLDINGS:

SUPER NOVA COMERCIO E REPRESENTAÇÕES DE MADEIRAS LTDA ME

INTERCONSULT CONSULTORIA EMPRESARIAL LTDA. - EPP

LS ADMINISTRAÇÃO IMOBILIÁRIA LTDA

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON JULY 17, 2006 TO BE ENGAGED IN THE SAID LINE OF BUSINESS. IN 2011 THE COMPANY WAS ACQUIRED BY THE CURRENT INVESTORS/PARTNERS.

TRADE NAME: "UNIÃO DISTRIBUIDORA DE PRODUTOS FARMACÊUTICOS".

PARTNERS:

TIME CAP OVERSEAS LTD: HEADQUARTERED AT VA GLOBAL BUSINESS LIMITED, RUA CHAUSSEE, SALA 113, 2º ANDAR, MEDINE MEWS, PORT LOUIS, MAURICIO, REGISTERED NUMBER 098889, TAXPAYER'S REGISTRATION UNDER CNPJ 13.094.796/0001-30, REPRESENTED BY ITS DIRECTOR, MR. MADHUSUDHAN VENKATACHARI, INDIAN, MARRIED, ENTREPRENEUR, RESIDENTIAL ADDRESS AT PROVINCIA DE ONTARIO, STEEPLE CHASE CRESENT, 3572, ZIP CODE L5MPJ9, CANADA AND ATTORNEY, MR. LINCOLN COLARES GOMES, BRAZILIAN, ENGINEER, DIVORCED, RESIDENTIAL ADDRESS AT RUA DA MATRIZ, 26, APTO 603, BOTAFOGO, ZIP CODE 22260-100, RIO DE JANEIRO/RJ, HOLDER OF DOCUMENTS RG 3.654.149 INSTITUTO FELIZ PACHECO AND CPF 510.533.307-15.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

PUBLIC INFORMATION:

NO DETRIMENTAL FILES WERE FOUND.

FINANCIAL INFORMATION

DUE TO THE SUBJECT'S LEGAL FORM, IT IS NOT OBLIGED TO PUBLISH THE BALANCE SHEET INFORMATION. A REQUEST FOR BALANCE SHEETS DATA HAS BEEN SENT TO THE COMPANY. PROVIDED THE DATA REQUESTED ARE RECEIVED FROM THE SUBJECT A COMPLEMENTARY REPORT WILL BE SENT TO YOUR ATTENTION.

NEVERTHELESS THEY PROVIDED THE FOLLOWING INFORMATION:

MONTHLY SALES
	2013
	---------------------
JANUARY	R$ 424.224,50
FEBRUARY	R$ 339.075,61
MARCH	R$ 376.910,45
APRIL	R$ 458.388,72
MAY	R$ 541.175,27
JUNE	R$ 559.517,32
JULY	R$ 535.925,53
AUGUST	R$ 593.051,52
SEPTEMBER	R$ 561.179,12
OCTOBER
NOVEMBER
DECEMBER
TOTAL	R$ 4.389.448,04

EXCHANGE RATE:

US$ 1,00 = R$ 2,24

COMMENTS ON THE FINANCIAL INFORMATION:

IN THE ABSENCE OF FINANCIAL INFORMATION NO COMMENTS CAN BE MADE ABOUT THE SUBJECT'S CURRENT FINANCIAL STANDING. ALL THAT CAN BE SAID IS THAT THE COMPANY ALREADY HAS A GOOD SCALE OF ACTIVITIES AND APPARENTLY NO FINANCIAL PROBLEM IS NOTED.

REAL ESTATE:

NOT AVAILABLE

VEHICLES:

NOT AVAILABLE

MACHINES:

NOT AVAILABLE

INSURANCE

NOT AVAILABLE.

BANKING REFERENCES

NOT AVAILABLE.

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK"). DATE RESEARCHED: NOVEMBER 01, 2013.

ACTIVITIES COMMENTS

WHOLESALE OF PHARMACEUTICALS.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE.

STAFF:

THE COMPANY HAS: 25 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT ESTABLISHED IN 2002 BUT WAS TAKEN OVER BY THE CURRENT PARTNERS IN 2011. SO FAR IT HAS A CLEAR TRADE HISTORY AND MODEST PAYMENT BEHAVIOR.

THE COMPANY HAS TRADE RELATIONS WITH SOME LOCAL SUPPLIERS BUT UP TO DATE ONLY SMALL PAYMENTS WERE REPORTED AND THE SUBJECT IS NOT SAID TO BE USER OF TRADE CREDIT FACILITIES.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

NOT AVAILABLE.

PAYMENT HISTORY:

02 SUPPLIERS REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 53.055,00

AMOUNT OF INVOICES PAID: 8

TOTAL OF PROMPT PAYMENTS: 100%

HIGHEST INVOICE: R$ 18.393,00

HIGHEST CREDIT: R$ 18.393,00

FINAL OPINION

BASED ON THE GENERAL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S FINANCIAL STRENGTH.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIT

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.