MIRA INFORM REPORT

Report Date :

28.04.2014

IDENTIFICATION DETAILS

Name :	CHEMO CENTROAMERICANA S.A.
Registered Office :	Del Scotiabank de Plaza Mayor 150 Mts. al Sur, Casa Amarilla, Mano Derecha San Jose
Country :	Costa Rica
Financials (as on) :	30.09.2013
Date of Incorporation :	06.09.1983
Legal Form :	Joint-Stock Company
Line of Business :	Subject is engaged in the manufacture and trading of pharmaceutical products for human use, under the brands: ARDINE Stantor, Biodramina, Carvedilol, Atenolol, Enalapril, Cardiax, Colchicina, Estantor.
No. of Employees	50

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$150,000
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, 2014

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Costa Rica	A2	A2

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

COSTA RICA - ECONOMIC OVERVIEW

Prior to the global economic crisis, Costa Rica enjoyed stable economic growth. The economy contracted 1.3% in 2009 but resumed growth at about 4.5% per year in 2010-12. While the traditional agricultural exports of bananas, coffee, sugar, and beef are still the backbone of commodity export trade, a variety of industrial and specialized agricultural products have broadened export trade in recent years. High value-added goods and services, including microchips, have further bolstered exports. Tourism continues to bring in foreign exchange, as Costa Rica's impressive biodiversity makes it a key destination for ecotourism. Foreign investors remain attracted by the country's political stability and relatively high education levels, as well as the incentives offered in the free-trade zones; and Costa Rica has attracted one of the highest levels of foreign direct investment per capita in Latin America. However, many business impediments remain, such as high levels of bureaucracy, legal uncertainty due to overlapping and at times conflicting responsibilities between agencies, difficulty of enforcing contracts, and weak investor protection. Poverty has remained around 20-25% for nearly 20 years, and the strong social safety net that had been put into place by the government has eroded due to increased financial constraints on government expenditures. Unlike the rest of Central America, Costa Rica is not highly dependent on remittances as they only represent about 2% of GDP. Immigration from Nicaragua has increasingly become a concern for the government. The estimated 300,000-500,000 Nicaraguans in Costa Rica legally and illegally are an important source of mostly unskilled labor but also place heavy demands on the social welfare system. The US-Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) entered into force on 1 January 2009 after significant delays within the Costa Rican legislature. CAFTA-DR has increased foreign direct investment in key sectors of the economy, including the insurance and telecommunications sectors recently opened to private investors. President CHINCHILLA was not able to gain legislative approval for fiscal reform, her top priority, though she continued to pursue fiscal reform in 2012. President CHINCHILLA and the PLN were successful in passing a tax on corporations to fund an increase for security services.

Source : CIA

IDENTIFICATION

CORRECT COMPANY NAME	CHEMO CENTROAMERICANA S.A.
TAXPAYER REGISTRATION	CJ 310106233814
MAIN ADDRESS	Del Scotiabank de Plaza Mayor 150 Mts. al Sur, Casa Amarilla, Mano Derecha
DEPT/PROV/REGION/STATE	San José
COUNTRY	COSTA RICA
TELEPHONE	(506) 22900422 - 22904360 - 22961624
CORPORATE E-MAIL	ajimenez@grupochemo.com
WEB	www.grupochemo.com
COMMENTS
Right legal name is stated in the identification field.
NOTE
The address on your order is an uncomplete and incorrect spelling address, the correct and complete address is as above-mentioned.

EXECUTIVE SUMMARY

Date of foundation	1983
Capital stock	C/.260,161,265.= Colones
Shareholders' equity	1,572,001,810.00 Colones (30SEP2013)
Annual revenues	US$ 7,087,062.39 Colones (30SEP2013)
Profits (loss)	169,851,826.00 Colones (30SEP2013)
permanent employees	50
Disposition	Excellent. Full information and Financial Statements.
Payments policy	Usually to terms / good
Credit (**)	Risk is Minimal, Solvent, Satisfactory Financial Situation.
Number of times that this company was required: 9

CREDIT OPINION

Requested credit	MAXIMUM?
Suggested credit (*)	US$150,000 .=
(*) Opinion after analyzing different factors and other opinions.

LEGAL STRUCTURE

LEGAL STATUS	Joint-Stock Company
DATE OF INCORPORATION	06SEP1983
PLACE OF REGISTRY	San Jose
NOTARY OFFICE		DURATION	Perpetual
REGISTRATION	Volume 0352, Page 014, Entry 00016
CURRENT PAID-IN CAPITAL	C/.260,161,265.= Colones	LAST CAPITAL INCREASE	09/30/2008
SHAREHOLDERS EQUITY	1,572,001,810.00 Colones (30SEP2013)
CURRENT EXCHANGE RATE (US$)	C/.543.03 per 1 USD
COMMENTS
The 0.03% of Subject's shares is controlled by minority shareholders whose identities were not revealed.

DIRECTORS - EXECUTIVES - SHAREHOLDERS

FULL NAMES / COMPANY NAME	TITLE	%PART.	SINCE
CAJINA MARTINEZ, XIOMARA DEL SOCORRO	CEO	31.74%
GUIEX GARCIA, GUILLERMO	Vice President/ Gral. Man	68.23%
RODRIGUEZ CAJINA, MAYENA	Finance Manager
LOPEZ AGUIRRE, PATRICIA	Legal Representante
JIMENEZ, ALEJANDRO	Accounting Manager

WHO IS WHO?

CAJINA MARTINEZ, XIOMARA DEL SOCORRO
TITLE	CEO
NATIONALITY	Costa Rican
D.O.B.	021947
ID	C.I. 800800284
CIVIL STATUS	Single
FATHER'S NAME	CARLOS CAJINA
MOTHER'S NAME	LUCRECIA MARTINEZ
BACKGROUND INFORMATION	Executive Secretary Participates in the firms of the "CHEMO" group.
GUIEX GARCIA, GUILLERMO
TITLE	Vice President/ Gral. Man
NATIONALITY	Spanish
D.O.B.	1929
CIVIL STATUS	Married
PROFESSION	Industrial Engineer
BACKGROUND INFORMATION	Participates in the companies of the "CHEMO" group.
JIMENEZ, ALEJANDRO
TITLE	Accounting Manager
NATIONALITY	Costa Rican

ASSOCIATED AS PER OUR DATABASE TO

COMPANY	TITLE	TAX REG	COUNTRY
SOLUCION EN INGENIERIA Y MANTENIMIENTO S.A.	Sales Manager		COSTA RICA

BUSINESS HISTORY

Subject takes part in Grupo CHEMO.

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME	COUNTRY	TAX REG.	RELATION %
DISTRIBUIDORA CHEMO S.A.	COSTA RICA	(AC) 310107622930	Related
FARMHISPANIA S.A.	COSTA RICA		Related
LABORATORIOS DEL ESTE S.A.	COSTA RICA	(AC) 310105568227	Related

BUSINESS

SIC Classification
T - PROD. QUIMICOS- PLASTICOS- VETERINARIOS-AGROQUIMICOS (Industria quimica en general, Produccion y comercializacion de plasticos y derivados, Veterinarios y agroquímicos, Reactivos)

Main activity

Subject is engaged in the manufacture and trading of pharmaceutical products for human use, under the brands: ARDINE STANTOR, BIODRAMINA, CARVEDILOL, ATENOLOL, ENALAPRIL, CARDIAX, COLCHICINA, ESTANTOR.

O P E R A T I O N S

Import

Yes

Country

Germany, Colombia, Guatemala and Italy

Export

Yes

COUNTRY

Guatemala and Dominican Republic

% CASH SALES / METHOD

30%

% Credit SALES / Terms

70% (30 days-terms).

% Ventas exterior (Paises)

8%

SELLING TerritorY

92% (Domestic market)

EMPLOYEES

50

LOCATION
PREMISES	Rented
OTHER PREMISES	Registered offices and headquarters operate in the address stated in the identification field. Facilities are shared with the companies of the Grupo CHEMO. Formerly, Subject was located at 200 Oeste y 525 Norte de la Embajada de los Estados Unidos, Distrito de Pavas, San Jose. Production Plant: Complejo Heredia 2000, Warehouse No. 18-19-21-22-30-32, in front of Antigua Atlas, where they own 2 storehouses: 21 and 22.

Comments

Sales are intended to distributors, drugstores, clinics and hospitals.

FINANCIAL INFORMATION

Disposition

A: Excellent. Full information and Financial Statements.

Interviewee(s)

Alejandro Jimenez

Position(s)

Accounting Chief

Information provided

Mr. Alejandro Jimenez kindly collaborated with requested data, including main accounts from its Annual Balance Sheet closed as of 09/30/2013 (12 months), which we detail below:

BALANCE SHEET
Balance sheet date	30SEP2013
Type of balance sheet	Annual
Period	12 months
Currency	Colones
Exchange rate per US$	489.5
A S S E T S
Current Assetsd	1,356,710,335.00
Fixed	1,278,192,309.00
Total Assets	2,634,902,644.00
L I A B I L I T I E S
Current liabilities	789,043,166.00
Long term	273,857,668.00
TOTAL LIABILITIES	1,062,900,834.00
S H A R E H O L D E R S'  E Q U I T Y
Total shareholders equity	1,572,001,810.00
Total Liab. / Sh. equity	2,634,902,644.00
Sales	3,469,117,041.00
Profit (Loss)	169,851,826.00

R A T I O
Liquidity ratio	1.72	Current assets / Current liabilities
Debt-to-equity ratio	199.23 %	(Shareholders' equity / Current liabilities %)
Profitability margin	4.90 %	(Profits / Sales %)
Working capital	567,667,169.00	(Current assets - Current liabilities)

FINANCIAL SITUATION

A-: SATISFACTORY

Based on the last submitted Financial Statement, Company's Financial Situation is considered as SATISFACTORY.

-Liquidity ratio is acceptable. Working capital keeps a positive margin. Shareholders' equity covers its liabilities acceptably. Results are moderate.

INSURANCE

COMPANY	AGAINST	EXPIRATION
INSTITUTO NACIONAL DE SEGUROS	All risk	Annually

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

(Confidential Information)

TRADE REFERENCES

Supplier: LABORATORIOS CÍA FARMACÉUTICA LC SA	Tel.: 506 22248787	Country: COSTA RICA
Goods/Services? : Pharmaceutical products.
Highest credit? : Not specified
Client since? : 2004	Terms? : 30 days	Performance? : Prompt
Supplier: ADUANERA SOCIACO SA	Tel.: 506 22212130	Country: COSTA RICA
Goods/Services? : Customs services.
Highest credit? : DC Not specified
Client since? : 2002	Terms? : 30 days	Performance? : Prompt
Comments : Credit line: MN 100,000,000. Last transaction October,2013
Supplier: AGENCIA ADUANAL GLOBAL SERVICE	Tel.: 506 22391263	Country: COSTA RICA
Goods/Services? : Customs services.
Highest credit? : Not specified
Client since? : 2006	Terms? : 30 days	Performance? : Prompt

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

Supplier	Country
QUIRSA	GUATEMALA
ENVASES COMERCIALES	COSTA RICA
DELTA SERVICIOS TÉCNICOS+	GUATEMALA

CREDIT BUREAU COMMENTS

No inhibitions, demands, notices, bankruptcies, auction, forfeiture of accounts, delinquent operations against Subject were found.

Comments :

SCOTIABANK Bank entity does not provide information under confidentiality policies.

CREDIT OPINION

Consulted Credit Amount :	MAXIMUM?
Suggested Credit :	US$150,000 .=
NOTE : The opinion given is confidential, referential and with out liability.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.12
UK Pound	1	Rs.102.71
Euro	1	Rs.84.52

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SDA

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.