MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	LABORATORIO QUIMICO FARMACEUTICO TIARAJU LTDA - EPP
Registered Office :	AV. Sagrada Familia, 2924 Anexo 01 - Distrito Industrial Ii 98805-000 - Santo Angelo/Rs
Country :	Brazil
Date of Incorporation :	27.05.1991
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in Pharmaceutical Industry
No. of Employees :	Not Available

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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, and a rapidly expanding middle class, 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 in 2011-13. 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.

Source : CIA

Company name

LABORATORIO QUIMICO FARMACEUTICO TIARAJU LTDA - EPP

ADDRESSES

MAIN ADDRESS:	AV. SAGRADA FAMILIA,2924 ANEXO 01 - DISTRITO INDUSTRIAL II
ZIP CODE/CITY:	98805-000 - SANTO ANGELO/RS
PHONE:	55 3314-7103
FAX:	55 3314-7103
E-MAIL:	financeiro@tiaraju.com.br
WEB SITE:	www.tiaraju.com.br

BRANCHES:

NOT AVAILABLE

LEGAL DATA

MAIN ACTIVITIES:

PHARMACEUTICAL INDUSTRY.

LEGAL FORM:	LIMITED LIABILITY COMPANY
INCORPORATION DATE:	27/05/1991
REGISTER DATE:	27/05/1991
BALANCE SHEET FILING DATE:	31/12
TAX CONTRIBUTOR NUMBER(CNPJ):	94.022.654/0001-60
STATE REGISTER:	1.130.087.252
SHARE CAPITAL:	R$ 60.000,00

BOARD OF DIRECTORS:
FERNANDA TRINDADE RIGON	MANAGING PARTNER
MARISA TEREZINHA RIGON	MANAGING PARTNER

AUTHORIZED USE OF SIGNATURE

THE MANAGING PARTNERS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

SHAREHOLDERS / PARTNERS:
FERNANDA TRINDADE RIGON	50,00%
MARISA TEREZINHA RIGON	50,00%

AFFILIATES / SUBSIDIARIES

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

LABORATORIO TIARAJU ALIMENTOS E COSMETICOS LTDA

M R FARMACIA DE MANIPULACAO LTDA - ME

UNICA COMERCIO DE JOIAS E ACESSORIOS LTDA - ME

COMPANY'S BACKGROUND

THE SUBJECT WAS ESTABLISHED ON MAY 27, 1991 TO BE ENGAGED IN THE SAID LINE OF BUSINESS.

FURTHER DETAILS ABOUT THE SUBJECT'S HISTORY IS SO FAR NOT KNOWN.

REMARKS:

--------

WHEN CONTACTING THE SUBJECT WE INTERVIEWED MS. MARCIANE - FINANCIAL DEPARTMENT, WHO INFORMED THAT WOULD NOT DISCLOSE ANY KIND OF INFORMATION UNLESS THE INQUIRING PARTY'S NAME WAS DISCLOSED.

IF IT IS POSSIBLE TO DISCLOSE THE NAME OF THE INTERESTED SUPPLIER OF THE SUBJECT, WE MAY RESUME OUR CONTACTS AND TRY TO OBTAIN FURTHER INFORMATION.

THE DATA CONTAINED HEREIN WERE OBTAINED FROM OUTSIDE SOURCES, OUR DATABASE AND OFFICIAL. NO FURTHER DATA WAS AVAILABLE WITH SEVERAL SOURCES USUALLY INVESTIGATED.

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. WHEN INTERVIEWING SOURCES AT THE SUBJECT COMPANY DECLINED TO PROVIDE ANY KIND OF FINANCIAL INFORMATION AS THEY ARE STILL NOT AUTHORIZED TO DO SO.

OUR INVESTIGATION THROUGH THE OUTSIDE SOURCES SHOWED NO FINANCIAL DATA ABOUT THE SUBJECT.

EXCHANGE RATE:
US$ 1,00 = R$ 2,57	- OFFICIAL RATE ON 07/11/2014

COMMENTS ON THE FINANCIAL INFORMATION:

IN THE ABSENCE OF FINANCIAL DATA NO COMMENTS CAN BE PROVIDED ABOUT THE COMPANY'S CURRENT FINANCIAL STANDING.

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

ACTIVITIES COMMENTS

PHARMACEUTICAL INDUSTRY.

IMPORT AND EXPORT:

IMPORTS FROM:

NOT AVAILABLE

EXPORTS TO:

NOT AVAILABLE

MAIN CLIENTS:

DOMESTIC CLIENTS:

NOT AVAILABLE

STAFF:

NOT AVAILABLE

CONCEPT AND FULFILMENT

THE SUBJECT WAS ESTABLISHED IN 1991. SO FAR IT HAS A CLEAR TRADE HISTORY AND MODEST PAYMENT BEHAVIOUR.

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:

1 SUPPLIER REPORTED PAYMENTS:

TOTAL AMOUNT: R$ 947,00

AMOUNT OF INVOICES PAID: 4

TOTAL OF PROMPT PAYMENTS: 100%

HIGHEST INVOICE: R$ 266,00

FINAL OPINION

BASED ON THE OVERALL DATA AVAILABLE THE SUBJECT MAY BE CONSIDERED FOR NORMAL BUSINESS COMMITMENTS. CREDIT FACILITIES HOWEVER SHOULD BE GRANTED ON FULLY SECURED TERMS ONLY DUE TO THE ABSENCE OF FINANCIAL DATA.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.97.52
Euro	1	Rs.76.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.