MIRA INFORM REPORT

Report No. :	318261
Report Date :	29.04.2015

IDENTIFICATION DETAILS

Name :	UQUIFA MEXICO S.A. DE CV

Registered Office :	Calle 37 Este No. 126, Jiutepec, Morelos, 62578

Country :	Mexico

Year of Establishment :	1997

Legal Form :	Sociedad Anónima de Capital Variable

Line of Business :	Manufacturer and supplier of Active Pharmaceutical Ingredients (APIs) and intermediates for the pharmaceutical Industry.

No. of Employees :	143

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Mexico

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

MEXICO - ECONOMIC OVERVIEW

Mexico's $1.3 trillion economy has become increasingly oriented toward manufacturing in the 21 years since the North American Free Trade Agreement (NAFTA) entered into force. Per capita income is roughly one-third that of the US; income distribution remains highly unequal. Mexico has become the United States' second-largest export market and third-largest source of imports. In 2013, two-way merchandise trade reached nearly $507 billion. Mexico has free trade agreements with 46 countries - putting more than 90% of trade under free trade agreements. In 2012, Mexico formally joined the Trans-Pacific Partnership negotiations and formed the Pacific Alliance with Peru, Colombia and Chile. Mexico's current government, led by President Enrique PENA NIETO, emphasized economic reforms during its first two years in office, passing and implementing education, energy, financial, fiscal and telecommunications reform legislation, among others, with the aim to improve competitiveness and economic growth across the Mexican economy. Although the economy is expected to experience stronger growth in 2015 as a result of increased investment and stronger demand for Mexican exports, growth will continue to remain modest and below expectations. Over the medium-term, the economy is vulnerable to global economic pressures, such as rising interest rates and low oil prices—which account for about 30 percent of government revenue.

Source : CIA

LOCATION FACTS

Government	Republic
Currency	100.00 USD = 1,543.70 MXN
Economic Risk	Low

STATUTORY INFORMATION

Order:	UQUIFA MEXICO S.A. DE CV
Address in the order:	Calle 37 Este No. 126, CP 62578 Civac Jiutepee Morelos, Mexico
Legal Name:	UQUIFA MEXICO S.A. DE CV
Trade Name:	UQUIFA MEXICO
RFC:	UME8506194R4
Date Created:	1997
Date Incorporated:	1997
Legal Address:	Calle 37 Este No. 126 Jiutepec, Morelos, 62578 Mexico
Operative Address:	Calle 37 Este No. 126 Jiutepec, Morelos, 62578 Mexico
Telephone:	52 7 773 295000
Fax:	52 7 773 295029
Legal Form:	Sociedad Anónima de Capital Variable
Email:	NA
Registered in:	Mexico
Website:	www.uquifa.com
Contact:	Chris Oates, Managing Director
Staff:	143
Activity:	Pharmaceutical Manufacturing Industry

BANK DATA

BANAMEX

The company does not make this information public

HISTORY

The company started operations in 1997.

PRINCIPAL ACTIVITY

Uquifa is the API division of Vivimed Labs. Uquifa is a manufacturer of Active Pharmaceutical Ingredients (APIs) and intermediates for the pharmaceutical Industry. Operates 3 manufacturing sites, 2 in Spain and 1 in Mexico, which operate under cGMP conditions and have been inspected and approved by major Pharmaceutical Companies and Regulatory Authorities, including the US FDA.

Uquifa Mexico S.A. de C.V. supplies active pharmaceutical ingredients. The company is based in Jiutepec, Mexico.

Products/Services description:	Some of their various products are: Acyclovir Antiviral Albendazole Anthelmintic Allopurinol Antigout Benzydamine HCl Analgesic, Anti-inflamatory, antipyretic Bicalutamide Antiandrogen, antineoplastic Carisoprodol Muscle relaxant Cimetidine Antiulcer Cinacalcet HCl Antihyperparathyroid Ciprofloxacin Antibiotic Ciprofloxacin HCl Antibiotic Clindamycin HCl Antibiotic Clindamycin Phosphate Antibiotic Cyclopentolate HCl Mydiatric Danthron Laxative/Cathartic Dextromethorphan Antitussive Doxylamine Succinate Antihistaminic, sedative, hypnotic Duloxetine HCl Antidepressant Enrofloxacin Antibacterial (vet) Erlotinib HCl Antineoplastic Esomeprazole Magnesium Antiulcerative
Brands:	UQUIFA
Sales are:	Wholesale
Clients:	Glaxosmithkline SA (Pty) Ltd. South Africa PURNA PHARMACEUTICALS Belgium
Suppliers:	AASTRID INTERNATIONAL PVT., LTD. India MEGAFINE PHARMA (P) LTD. India
Operations area:	National
The company imports from	India
The company exports to	Belgium, South Africa
The subject employs	143 employees
Payments:	Regular

LOCATION

Headquarters :

Calle 37 Este No. 126
Jiutepec, Morelos, 62578 Mexico

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:	NA
Shareholders %:	This is a private company owned by: UQUIFA Mallorca 262 Barcelona, Catalunya 08008 Spain
Management:	Chris Oates, Chief Operating Officer Salvador Avila Quevedo, Operations Ubaldo VáZquez VáZquez, Manager Paul Salgado Camacho
Related Companies:	Lliçà de Vall plant Polígono industrial el Pla Avda Puigcerda, 9 C-17, Km 17.4 08185 Lliçà de Vall (Barcelona) Spain Sant Celoni plant Polígon Industrial Molí de les Planes C/ Font de Bocs S/N, C-35, KM 57 08470 Sant Celoni (Barcelona) Spain

FINANCIAL INFORMATION

The company is private and does not publish its financial figures. The followiing information is estimated and was provided by private sources:

2013 USD
Revenue	26 600 000
Cash	High

LEGAL FILINGS

There are no legal filings for the subject

SUMMARY

Uquifa Mexico S.A. de C.V. supplies active pharmaceutical ingredients. The company is based in Jiutepec, Mexico.

The company has a medium sized structure and 18 years of experience in the market.

It belongs to Uquifa Spain and has recently beeninspected and approved by major Pharmaceutical Companies and Regulatory Authorities, including the US FDA.

RISK INFORMATION

DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active

ENTERVIEW

NAME	NA
POSITION	Sales
COMMENTS	The person contacted confirmed address and activity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.33
UK Pound	1	Rs.96.52
Euro	1	Rs.69.52

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	VNT

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.