MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	COMPAÑÍA FARMACÉUTICA S.A.

Registered Office :	Del II Circuito Judicial de Calle Blancos, 250 metros Oeste y 150 Metros Sur Oeste.

Country :	Costa Rica

Date of Incorporation :	1948

Legal Form :	Sociedad Anónima

Line of Business :	Wholesaler of Pharmaceutical

No of Employees :	35

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Costa Rica

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

STATUTORY INFORMATION

Legal Name:	Compañía Farmacéutica S.A.
Trade Name:	COFASA
Cédula Jurídica:	3-101-002403
Date Created:	1948
Date Incorporated:	1948
Legal Address:	Del II Circuito Judicial de Calle Blancos, 250 metros Oeste y 150 Metros Sur Oeste., Costa Rica
Operative Address:	Del II Circuito Judicial de Calle Blancos, 250 metros Oeste y 150 Metros Sur Oeste, Costa Rica
Telephone:	(506) 2528-3000
Fax:	(506) 2528-3001
Legal Form:	Sociedad Anónima
Email:	servicioalcliente@cofasa.com
Registered in:	Costa Rica
Website:	www.cofasa.com
Manager:	Carlos Calvo
Staff:	35
Activity:	Pharmaceutical Wholesaler

BANKS

The company does not make its baking data public

HISTORY

COFASA was founded in 1948 by a group of seven pharmaceutical pharmacy owners, led by Dr. George Van Der Laat.

PRINCIPAL ACTIVITY

	Cofasa covers the entire pharmaceutical sector, manufacturing, distribution and its own pharmacy chain Affiliates. Its shareholders own more than 80% of pharmacies nationwide.
Products/Services description:	Pharmaceutical Products
Brands:	Wyeth/Johnson/Novartis, etc.
Sales are:	Wholesale
Clients:	Some of their many clients : A.S.Serv.Médicos Internacionales S.A. Araúz Centeno Luis Diego A & T Investment Company Lic Ltda. Araya Vega Nora Achio Fuentes Ethel Araya y Badilla, S.A Acuña Céspedes Luis Fernando Arguedas Barrantes Blanca Aguilar González Olga María Arguedas Rodríguez Rebeca Aguilar Lara Ricardo Arguedas Rojas Olman Aguilar Sequeira Edgar Arias Acuña María Marta Aguilar Serrano Ileana Arias Gamboa Oldemar Aldimar, S.A. Arias Jiménez Gerardo
Suppliers:	3M Consumo Glaxo-Smithkline Consumo Laboratorios Sophía Altana Pharma Glaxo-Smithkline Pharma Laboratorios Stein Althian Pharma Graceway Lanogen Apotéx Inc Henkel London Astrazeneca Ifsa Merck Sharp & Dohme Bayer de Costa Rica Janssen Cilac Novartis BDF Jonhson & Jonhson Novartis Pharma BMA Pharma Kimberly Clark Pfizer Boehringer Laboratorio Ancalmo Prosan Catalysis Laboratorios Bago Prumisa Cefa Ctral Farmacéutica Lab.Bial Portela & co. Rayo Vac Cía Nestle Lab.Cia.Farmacéutica,LC,S.A. Ruta Colgate-Palmolive Laboratorio.Gynopharma UniPharm Farmacol Laboratorios Kin Vorasel, S.A. Fide S.A. Laboratorio La Sante Whitehall Intl Fuji Laboratorios Lisan Wyethayerst Int.
Operations area:	National
The company imports from	USA
The company exports to	No exports
The subject employs	35 employees
Payments:	Regular

LOCATION

Headquarters :	Del II Circuito Judicial de Calle Blancos, 250 metros Oeste y 150 Metros Sur Oeste, Costa Rica
	In this area it has 7 trucks and 17 mototocicletas that serve mainly the Great Metropolitan Area, Heredia, Alajuela, Cartago, roadside and emergency service.
Branches:	The company does not have branches
Business Overview:

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

Listed at the stock exchange:	NO
Capital:	NA
Shareholders %:	Cofasa has 360 pharmacies in the country, covering 21.2% of the market and has 599 shareholders. Some of their various shareholders are: Cefa-Fishel Socofar
Management:	Carlos Calvo, President
Related Company:	LACOFA

FINANCIAL INFORMATION

	This is a private company which does not make its financial statements public. The following information has been provided by outside sources and could not be confirmed with the company.

USD 2013
Income	284 000
Cash Flow	Normal

LEGAL FILINGS

There are no legal/criminal connected to the subject.

SUMMARY

Cofasa covers the entire pharmaceutical sector.

The company has more than 50 years in business with shareholders conrolling the 80 % of the Costa Rican pharmacies.

There are no negative connected to the subject.

RISK INFORMATION

STATUS	ACTIVE
PAYMENTS	Regular
CASH FLOW	Normal

ENTERVIEW

NAME	NA
POSITION	Administrative
COMMENTS	The person contacted confirmed address, activity and refused to confirm more data.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.31
UK Pound	1	Rs. 98.67
Euro	1	Rs. 78.10

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.