MIRA INFORM REPORT

Report Date :

27.01.2014

IDENTIFICATION DETAILS

Name :	LEVIALE INDUSTRIA DE INSUMOS FARMACEUTICOS LTDA
Registered Office :	VP-1D, S/N°, Quadra, 2 Módulos 03 E 04 – Daia, 15133-590 - Anápolis/Go
Country :	Brazil
Financials (as on) :	31.12.2012
Date of Incorporation :	18.05.1998
Legal Form :	Limited Liability Company
Line of Business :	Manufacture and Import of Gelatinous Capsules, Pharmaceutical and Cosmetics
No. of Employees :	23

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow but correct
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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

LEVIALE INDUSTRIA DE INSUMOS FARMACEUTICOS LTDA

ADDRESSES

MAIN ADDRESS:	VP-1D, S/N°, QUADRA, 2 MÓDULOS 03 E 04 - DAIA
ZIP CODE/CITY:	15133-590 - ANÁPOLIS/GO
PHONE:	62 3316-1244
FAX:	62 3316-1244
E-MAIL:	ivan@genix.ind.br

BRANCHES:

NOT AVAILABLE.

LEGAL DATA

MAIN ACTIVITIES:

MANUFACTURE AND IMPORT OF GELATINOUS CAPSULES, PHARMACEUTICAL AND COSMETICS.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	18/05/1998
REGISTER DATE:	19/06/1998
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	02.769.512/0001-42
STATE REGISTER:	10.371.034-5
SHARE CAPITAL:	R$ 1.500.000,00

BOARD OF DIRECTORS:
VALDETE VIODRES TANAKA	MANAGING PARTNER

AUTHORIZED USE OF SIGNATURE

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

SHAREHOLDERS / PARTNERS:
VALDETE VIODRES TANAKA	99%
VALDECIR VIODRES	1%

AFFILIATES / SUBSIDIARIES:

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

PURIFARMA DISTRIBUIDORA QUIMICA E FARMACÊUTICA LTDA

D´CRIS CONFECÇÕES LTDA - ME

GENIX - INDUSTRIA FARMACÊUTICA LTDA

BISNAGO INDUSTRIA DE EMBALAGENS LTDA

LVA PARTICIPAÇÕES LTDA.

J. V. T. - CONSTRUTORA E INCORPORADORA LTDA

GEMINI INDUSTRIA DE INSUMOS FARMACÊUTICOS LTDA

LEPUGE INSUMOS FARMACÊUTICOS LTDA

COMPANY'S BACKGROUND:

THE SUBJECT WAS ESTABLISHED ON JUNE 19, 1998 AS EXTRACAPS COMERCIAL LTDA. TO BE ENGAGED IN THE SAID LINE OF BUSINESS. LATER IT ALTERED TO INVEL INDUSTRIA EXTRACAPS INDUSTRIA COSMÉTICA LTDA. LATER IT ADOPTED THE ABOVE MENTIONED NAME.

TRADE NAME: LEVIALE

PARTNERS:

VALDETE VIODRES TANAKA: BRAZILIAN, MARRIED, HOLDER OF DOCUMENTS CPF: 075.619.338-94, RG. 15.652.513 SSP/SP, DOMICILED AT ALAMEDA DAS PRIMAVERAS, 255, CONDOMÍNIO BOUGUEVILLE II, ZIP CODE 11750-000, PERUÍBA/SP;

VALDECIR VIODRES: NOT AVAILABLE.

FURTHER DETAILS ARE SO FAR NOT KNOWN.

PUBLIC INFORMATION:

NO DETRIMENTAL FILES WERE FOUND.

FINANCIAL INFORMATION

GENERAL BALANCE SHEETS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010.

( FIGURES ARE IN REAIS ).

ASSETS
CURRENT:	31/12/2012	31/12/2011	31/12/2010
CASH	1.290,63	2.373,05	7.488,56
BANKS	124.871,53	121.364,77	65.644,69
INVESTMENTS	8.453,90	7.663,62	309.334,13
CLIENTS	88.633,31	105.374,62	78.093,25
OTHER CREDITS	60.000,00	25.000,00	25.503,87
RECOVERABLE TAXES	9.950,73	30.664,46	31.281,54
INVENTORY	134.270,71	155.109,86	170.136,10
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	427.470,81	447.550,38	687.482,14

LONG-TERM RECEIVABLES:
ACCOUNTS RECEIVABLES	1.102.978,00	1.102.978,00	1.102.978,00
	----------------	----------------	----------------
TOTAL LONG-TERM RECEIVABLES	1.102.978,00	1.102.978,00	1.102.978,00

FIXED ASSETS:
FIXED ASSETS	792.226,98	1.042.231,32	1.302.201,32
INTANGIBLE	262.451,85	262.451,85	262.451,85
DEFERRED	134.292,19	170.489,84	206.687,49
	----------------	----------------	----------------
TOTAL FIXED ASSETS	1.188.971,02	1.475.173,01	1.771.340,66
	================	================	================
TOTAL ASSETS	2.719.419,83	3.025.701,39	3.561.800,80

LIABILITIES:
CURRENT:	31/12/2012	31/12/2011	31/12/2010
SUPPLIERS	18.475,07	39.194,86	180,51
SOCIAL / LABOR OBLIGATIONS	20.329,76	21.239,62	19.349,33
PROVISIONS	17.924,74	14.075,27	12.848,37
TRIBUTARY OBLIGATIONS	30.457,51	10.031,03	31.330,64
ACCOUNTS PAYABLE	26.109,94	31.146,32	28.435,50
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	113.297,02	115.687,10	92.144,35

LONG TERM LIABILITIES:
FINANCING	99.447,02	78.034,95	57.721,42
DEFERRED REVENUE	2.406,30	1.460,43	13.130,94
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	101.853,32	79.495,38	70.852,36

NET EQUITY:
SHARE CAPITAL	1.500.000,00	1.500.000,00	1.500.000,00
CAPITAL RESERVES	1.269.264,45	1.269.264,45	1.253.293,34
ACCRUED PROFIT (LOSS)	-264.994,96	61.254,46	645.510,75
	----------------	----------------	----------------
TOTAL NET EQUITY	2.504.269,49	2.830.518,91	3.398.804,09
	================	================	================
TOTAL LIABILITIES	2.719.419,83	3.025.701,39	3.561.800,80

PROFIT AND LOSS ACCOUNTS AS OF 31/12/2012, 31/12/2011 AND 31/12/2010.

( FIGURES ARE IN REAIS ).

	31/12/2012	31/12/2011	31/12/2010
GROSS SALES	574.236,02	588.836,39	685.075,77
(-) TAXES ON SALES	104.687,11	128.385,19	167.209,05
	----------------	----------------	----------------
NET SALES	469.548,91	460.451,20	517.866,72
(-) COST OF SOLD GOODS	292.844,45	265.808,38	259.167,86
	----------------	----------------	----------------
GROSS PROFIT	176.704,46	194.642,82	258.698,86
OPERATING REVENUE (EXPENSE)	-645.936,95	-637.945,76	-615.029,12
FINANCIAL REVENUE(EXPENSE)	196.099,19	233.622,38	293.868,85
	----------------	----------------	----------------
OPERATIONAL PROFIT (LOSS)	-273.133,30	-209.680,56	-62.461,41
NON-OPERATING RESULT	21.933,33
CONTRIBUTION/INCOME TAX	-73.890,90	-74.577,13	-97.410,93
	----------------	----------------	----------------
NET PROFIT (LOSS)	-325.090,87	-284.257,69	-159.872,34

RATIOS:

31/12/2012

31/12/2011

31/12/2010

QUICK RATIO	2,59		2,53		5,61
CURRENT RATIO	3,77		3,87		7,46
ACCOUNTS RECEIVABLE TURNOVER	5,30	TIMES	4,37	TIMES	6,63	TIMES
DAYS' SALES IN RECEIVABLES	67,95	DAYS	82,39	DAYS	54,29	DAYS
INVENTORY TURNOVER	2,18	TIMES	1,71	TIMES	1,52	TIMES
ACCOUNTS PAYABLE PERIOD	22,71	DAYS	53,08	DAYS	,25	DAYS
RETURN ON ASSETS	,17	TIMES	,15	TIMES	,15	TIMES
SALES TURNOVER ON NET EQUITY	,19	TIMES	,16	TIMES	,15	TIMES
NET WORTH TIE-UP	,32		,37		,38
INDEBTEDNESS	,09		,07		,05
EQUITY RATIO	92,09	%	93,55	%	95,42	%
WORKING CAPITAL RATIO	277,30	%	286,86	%	646,09	%
GENERAL SOLVENCY	12,64		15,50		21,85
RETURN ON NET EQUITY	-12,98	%	-10,04	%	-4,70	%
RETURN ON SALES (PROFIT MARGIN)	-69,23	%	-61,73	%	-30,87	%
GROSS PROFIT MARGIN	37,63	%	42,27	%	49,95	%
OPERATIONAL RESULT	-58,17	%	-45,54	%	-12,06	%
SALES TURNOVER ON LIABILITIES	4,14	TIMES	3,98	TIMES	5,62	TIMES
FOREIGN CURRENCY ON ASSETS
FOREIGN CURRENCY ON LIABILITIES

EXCHANGE RATE:
US$ 1,00 = R$ 2,36	- OFFICIAL RATE
US$ 1,00 = R$ 2,04	- OFFICIAL RATE
US$ 1,00 = R$ 1,87	- OFFICIAL RATE
US$ 1,00 = R$ 1,66	- OFFICIAL RATE

COMMENTS ON THE FINANCIAL INFORMATION:

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

THE FIGURES AVAILABLE SHOW A REGULAR FINANCIAL STANDING. IT SHOWS HIGH LIQUIDITY RATIOS WITH POSITIVE WORKING CAPITAL AMOUNT AND VERY LOW LEVEL OF INDEBTEDNESS. ON THE OTHER HAND IT IS NOTED DROP IN SALES AND NEGATIVE RESULTS.

REAL ESTATE:

NOT AVAILABLE

VEHICLES:

AVAILABLE

MACHINES:

NOT AVAILABLE

INSURANCE

NOT AVAILABLE.

BANKING REFERENCES

	BRANCH/PHONE:	CITY:
BANCO DO BRASIL S/A	3322 / 11 6165-4056	SÃO PAULO/SP
BANCO DO BRASIL S/A	3388-X / 62 3311-1633	GOIÂNIA/GO
BANCO ITAU S/A	0167 / 11 5549-4744	SÃO PAULO/SP

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").

ACTIVITIES COMMENTS

MANUFACTURE AND IMPORT OF GELATINOUS CAPSULES, PHARMACEUTICAL AND COSMETICS.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE.

EXPORTS TO:

NOT AVAILABLE.

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE

STAFF:

THE COMPANY HAS: 23 EMPLOYEE(S)

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 1998. SO FAR IT HAS A CLEAR TRADE HISTORY AND NO PAYMENT PROBLEM IS NOTED.

LITTLE OR NOTHING IS LOCALLY KNOWN OF SUBJECT AS A USER OF CREDIT FACILITIES.

MAIN SUPPLIERS:

DOMESTIC SUPPLIERS:

NOT AVAILABLE

PAYMENT HISTORY:

NO PAYMENT RECORD IS REGISTERED.

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.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

INFORMATION DETAILS

Report Prepared by :

NNA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.