MIRA INFORM REPORT

Report No. :	302562
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	NOREPLEY S.A.
Registered Office :	AV. Blanes Viale 6121 Montevideo R,
Country :	Uruguay
Date of Incorporation :	2007 (not confirmed with the company)
Legal Form :	Sociedad Anónima
Line of Business :	Manufacture of medical products, mainly using peniciline.
No. of Employees :	10

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 :

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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Uruguay	A2	A2

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

URUGUAY - ECONOMIC OVERVIEW

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.9% in 2010 but slowed in 2012-13, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $23 billion in 2013

Source : CIA

COMPANY NAME AND ADDRESS
Legal Name:	NOREPLEY S.A.
Trade Name:	PHARMASERVICE
RUT:	214404370015
Date Created:	2007 (not confirmed with the company)
Date Incorporated:	2007 (not confirmed with the company)
Legal Address:	AV. BLANES VIALE 6121 MONTEVIDEO R, Uruguay
Operative Address:	AV. BLANES VIALE 6121 MONTEVIDEO R, Uruguay
Telephone:	NA
Fax:	NA
Legal Form:	Sociedad Anónima
Email:	NA
Registered in:	Uruguay
Website:	No website
Manager:	Veronica Silva
Staff:	10
Activity:	Pharmaceutical Products Manufacturing
BANKS
	The company does not make its banking data public
HISTORY
	According to our search, we company would have started its operations in 2007.
PRINCIPAL ACTIVITY	The company is dedicated to the manufacture of medical products, mainly using peniciline.
Products/Services description:	Pharaceutical Products
Brands:	Enalapril Liotironina Levotiroxina Furosemide
Sales are:	Wholesale
Clients:	Hospital Pasteur 05/02/2013 UY $ 1.851,30
Suppliers:	NA
Operations area:	National
The company imports from	Argentina, India, Brasil, China
The company exports to	No exports
The subject employs	10 employees (estimated could not be confirmed with the company)
Payments:	No complaints
LOCATION
Headquarters :	AV. BLANES VIALE 6121 MONTEVIDEO R, Uruguay
Branches:	The company does not have branches
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. Despite our long search, we could not confirm major holders.
Management:	Verónica Silva, Chemistry
Related Companies:	No subsidiary companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public.
2013-USD
Revenue	1 200 000
Cash Flow	Normal
Imports Annual FOB USD
2014	346.534
2013	409.567
2012	168.669
2011	122.348
2010	70.315
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	NOREPLEY SA is an Uruguayan company dedicated to the import and manufacture of pharmaceutical items. The company works with the name PHARMASERVICE, however; it has a quite low commercial profile with no website. It mainly imports from China, India, Argentina and Brazil. There are no negative records. However, we could not contact the subject due to its low commercial profile.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No complaints
CASH FLOW	Normal
STATUS	Active
ENTERVIEW
NAME	NA
POSITION	NA
COMMENTS	There are no telephone numbers connected.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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