MIRA INFORM REPORT

Report Date :

20.10.2014

IDENTIFICATION DETAILS

Name :	LABORATORIOS GARDEN HOUSE CHILE S A
Registered Office :	Avenida Presidente Jorge Alessandri 12310 San Bernardo Santiago Chile
Country :	Chile
Date of Incorporation :	13.02.2001
Legal Form :	Sociedad Anónima
Line of Business :	Manufacturing of pharmaceutical products
No of Employees :	162

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 :	USD 250 000
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Chile	A2	A1

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

CHILE - ECONOMIC OVERVIEW

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD.

Source : CIA

COMPANY NAME & ADDRESS
Legal Name:	LABORATORIOS GARDEN HOUSE CHILE S A
Trade Name:	LABORATORIOS GARDEN HOUSE
RUT:	96944330-9
Date Created:	1987
Date Incorporated:	February 13, 2001
Legal Address:	Avenida Presidente Jorge Alessandri 12310 San Bernardo Santiago Chile
Operative Address:	Calle Pdte Jorge Alessandri Rodriguez 12310, Santiago, San Bernardo, Región Metropolitana, Chile
Telephone:	(56-2) 2477 6000
Fax:	(56-2) 2477 6002
Legal Form:	Sociedad Anónima
Email:	info@gradenhouse.cl
Registered in:	Chile
Website:	www.gardenhouse.cl
Manager:	Francisca Simonet
Staff:	162
Activity:	Manufacturing of pharmaceutical products
SIC Codes:	2833 2834 2835
NAICS Code	325411 325412 325413
BANKS
BANK	Banco de Chile
	This information is not disclosed by the company
HISTORY
	The company started business in 1987
MAIN ACTIVITY
	Laboratorios Garden House commercializes medicines and supplements manufactured based on extracts from medicinal plants, nutraceuticals, vitamins and minerals.
Products/Services:	Bellatamina Ciruelax Colon OK Balance Contravaris Efectilax Finartrit Garden Light Ginkomax
Trademarks:	CIRUELAX LIQUIDO COLONFREE COLONOK COLONOK BALANCE CRECIMAX EFECTILAX FIBRO'CLOCK FINARTRIT FORTE FINAXNE FREEDOL GARDEN LIGHT GARVITAM GINKGOMAX GLUCODOL GOLPEVIT HIEDRATOS INMUNEX KERSIGEL KRECEKID REPARADOL SINAXNE VITACAL VITACALMAX VITACALMAX, LA REAL ABSORCION DE CALCIO VITAHEALTH VITANATURE
Sales:	Wholesale
Clients:	Laboratorio Pablo Cassara S.R.L. Pharmacies Drugstores Distributors Some of their clients are: WALMART WONG JUMBO CRUZ VERDE INKAFARMA HEB CVS PHARMACY FARMACOP FARMACITY CARREFOUR
Competitors:	Laboratorio Fasa Rhein S.A. Trendy S.A.
Suppliers	PROCAPS S.A Colombia
Operations Area:	National & International
The company imports from	Colombia
The company exports to	Argentina, Colombia, Estados Unidos, Paraguay y Perú. Adicionalmente distribuyen sus productos en Bolivia, Ecuador, El Salvador, Guatemala, México, Panamá, Puerto Rico, República Dominicana, Uruguay and North America
The company employs	162 employees
Payments:	Regular
LOCATION
Headquarters :	Calle Pdte Jorge Alessandri Rodriguez 12310, Santiago, San Bernardo, Región Metropolitana, Chile
Branches:	Venezuela 695 esq. Fray León
Business Industry:	Companies in this industry manufacture and process pharmaceutical products. Demand for pharmaceuticals is driven by the desire to cure illness and disease. The profitability of individual companies depends on their ability to discover and market new drugs. Large companies benefit from their economies of scale in research, manufacturing, and marketing. Small companies can compete effectively by specializing in drugs that target one or two specific ailments and by partnering with larger drugmakers. Drugs are chemicals with beneficial biological activity. Modern drug development is an outgrowth of recent research into the specific causes of illness and disease, coupled with advances in chemistry and industrial technology that allow scientists to manufacture chemicals to improve these conditions.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	U$S 1 500 000
Shareholders %:	This is a privtae company. The main shaholder is: Marcelo Navarro Pérez
Management:	Francisca Simonet , General Manager Rolando Bustamante , Manager
International Presence:	USA 33502 Points of sale MEXICO 16903 Points of sale Guatemala 723 Points of sale Costa Rica 815 Points of sale El Salvador 970 Points of sale Panama 753 Points of sale Colombia 8800 Points of sale Peru 4339 Points of sale Argentina 5533 Points of sale Uruguay 757 Points of sale Ecuador 3250 Points of sale Australia Paraguay 1865 Points of sale
Related companies:	Laboratorios Garden House Internacional S.A. Rut N° 96.987.680-9 Laboratorios Garden House Holding S.A. Rut N° 99.517.300-k Laboratorios Garden House Farmacéutica S.A. Rut N° 76.673.650-5 Laboratorio farmacéutico Garden House S.A. LABORATORIOS GARDEN HOUSE COLOMBIA S A S GARDEN HOUSE USA INC.
FINANCIAL INFORMATION
	This is a private company which does not make its financial statements public. The following information has been provided by our outside sources.
2013 USD
Revenue	3 500 000
Net Income	500 000
Total Equity	50 000 000
Cash Flow	Normal
Imports US$
Year	Total
2013	US$ 1,422,111
2012	US$ 1,070,674
2011	US$ 1,304,789
2010	US$ 1,052,255
2009	US$ 1,079,452
2008	US$ 1,169,154
2007	US$ 286,299
Exports US$
Year	Total
2013	US$ 5,000
2012	US$ 575,231
2011	US$ 5,979
2010	US$ 63,281
2009	US$ 77,284
2008	US$ 200
LEGAL FILINGS
	There are no legal/criminal found for the subject.
SUMMARY
	Laboratorios Garden House is a company dedicated to the manufacture and commerce of pharmaceutical products. The company has 27 years of experience in the market and counts with international points of sale, subsidiaries and affiliates. The company has a medium sized structure and shows no negative. It owns well known pharmaceutical brands.
RISK INFORMATION
STATUS	Active
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
SUGGESTED CREDIT LINE	USD 250 000
ENTERVIEW
NAME	NA
POSITION	Sales
COMMENTS	The person contacted confirmed address, activity, exports, she refused to confirm more information about the company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.62
UK Pound	1	Rs.99.12
Euro	1	Rs.78.89

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SMN

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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