MIRA INFORM REPORT

Report No. :	352036.2
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	MEDICAL INTERNATIONAL LABORATORIES CORPORATION SA
Registered Office :	Calle Nueva Andrés Bello 1940, Independencia Santiago
Country :	Chile
Date of Incorporation :	01.01.1993
Legal Form :	Sociedad Anónima
Line of Business :	Manufacturer of Pharmaceutical Products.
No. of Employee :	400

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Chile	A1	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. Growth slowed to 4.2% in 2014. 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 10 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. In 2014, President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.

Source : CIA

STATUTORY INFORMATION
Order:	Mintlab Co SA
Address in the order:	Av Nueva Andres Bello 1940, Independencia, Santiago
Legal Name:	MEDICAL INTERNATIONAL LABORATORIES CORPORATION SA
Trade Name:	Mintlab Co SA
RUT:	96581370-5
Date Created:	1990
Date Incorporated:	01/01/1993
Legal Address:	Calle Nueva Andrés Bello 1940 Independencia Santiago Chile
Operative Address:	Calle Nueva Andrés Bello 1940 Independencia Santiago Chile
Telephone:	56 2 2562 44 59
Fax:	56 2 2562 44 59
Legal Form:	SOCIEDAD ANÓNIMA
Email:	NA
Registered in:	Chile
Website:	No website
Contact:	Roberto Sutelman, General Manager
Staff:	400
Activity:	Pharmaceutical Manufacturing Industry
BANKS
Banco Santander Rio S.A.
The company does not make its banking data.
History
The company was founded in 1990
PRINCIPAL ACTIVITY
The company operates as a manufacturer of pharmaceutical products.
Products/Services description:	Pharmaceutical Products
Brands:	ACIFIN ADESNA APRINOL ASMAVENT ASMAVENT-B AXANT BALDMIN BAUXOL BLONAX BRODIFAC BRONTEC BUCOGERM
Sales are:	Wholesale
Clients:	TARGET SA Paraguay
Suppliers:	Laboratorio Aldo Union SA China Laboratorio Aldo Union SA Spain C.I. FARMACAPSULAS S.A. Colombia
Operations area:	National and International
The company imports from	Colombia
The company exports to	Paraguay
The subject employs	400 employees
Payments:	No Complaints
LOCATION
Headquarters :	Calle Nueva Andrés Bello 1940 Independencia Santiago Chile
Branches:	The company does not have branches
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	This iis a private company. We coud not confirm major holders.
Management:	Ana Palma, Accountant Roberto Sutelman, General Manager Paulina Zanabria, Treasury
FINANCIAL INFORMATION
This is a private company which does not make its financials public. The following information has been provided by the company:
USD 2014
Sales	2 000 000
Cash Flow	Normal
LEGAL FILINGS
There are no legal connected to the subject
SUMMARY
The company operates as a manufacturer of pharmaceutical products. It has 25 years of experience in the market with a large sized structure. The company imports mainly from Asia and exports to Latin America. It is active in business and shows no negative records.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Marcela
POSITION	Administrative
COMMENTS	He confirmed payment terms, activity, manager and estimated sales

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.63
UK Pound	1	Rs.100.65
Euro	1	Rs.72.40
CLP	1	Rs.0.095

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TRU

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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