MIRA INFORM REPORT

Report No. :	324895
Report Date :	02.06.2015

IDENTIFICATION DETAILS

Name :	GOBBI NOVAG SA
Registered Office :	Agencia Nro 41 11 De Septiembre 4223 / 4225 1429 Ciudad Autonoma Buenos Aires
Country :	Argentina
Date of Incorporation :	28.10.1960
Legal Form :	Joint Stock Company
Line of Business :	Subject operates as a manufacturer of medicinal specialties.
No. of Employee :	111

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 :	Exist

NOTES :

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ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Argentina	C1	C1

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

ARGENTINA ECONOMIC OVERVIEW

Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and an unprecedented bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - at the time the largest ever - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy in 2010 rebounded strongly from the 2009 recession, but has slowed since late 2011 even as the government continued to rely on expansionary fiscal and monetary policies, which have kept inflation in the double digits. The government expanded state intervention in the economy throughout 2012. In May 2012 the Congress approved the nationalization of the oil company YPF from Spain's Repsol. The government expanded formal and informal measures to restrict imports during the year, including a requirement for pre-registration and pre-approval of all imports. In July 2012 the government also further tightened currency controls in an effort to bolster foreign reserves and stem capital flight. During 2013, the government continued with a mix expansionary fiscal and monetary policies and foreign exchange and imports controls to limit the drain in Central Bank foreign reserves, which nevertheless dropped US $12 billion during the year. GDP grew 3% and inflation remained steady at 25%, according to private estimates. In October 2013, the government settled long-standing international arbitral disputes (including with three US firms) dating back to before and following the 2001-02 Argentine financial crisis. In early 2014, the government embraced some orthodox economic policies. It devalued the peso 20%, substantially tightened monetary and fiscal policies, and took measures to mend ties with the international financial community, including: engaging with the IMF to improve its economic data reporting, reaching a compensation agreement with Repsol for the expropriation of YPF, and presenting a proposal to pay its arrears to the Paris Club. Nevertheless, the government in July 2014 defaulted again on its external debt after it failed to reach an agreement with US holdout creditors. The government’s delay in reaching a settlement and the continuation of interventionist policies are contributing to a prolonged recession.

Source : CIA

STATUTORY INFORMATION
Legal Name:	GOBBI NOVAG SA
Trade Name:	GOBBI NOVAG
CUIT:	30-50327023-0
Date Created:	1960
Date Incorporated:	28/10/1960
Legal Address:	AGENCIA NRO 41 11 DE SEPTIEMBRE 4223 / 4225 1429 CIUDAD AUTONOMA BUENOS AIRES
Operative Address:	Fabian Onzari 498 Wilde, Buenos Aires 1875 Argentina
Telephone:	114 206-4589
Fax:	114 206-4595
Legal Form:	Joint Stock Company
Email:	info@gobbinovag.com
Registered in:	Argentina
Website:	www.gobbinovag.com
Contact:	Carlos Alberto De Angelis, President
Staff:	111
Activity:	Pharmaceutical Manufacturing Industry
BANK DATA	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO DE LA PROVINCIA DE BUENOS AIRES	5497,2
HSBC BANK ARGENTINA S.A.	5000,2
BANCO DE LA NACION ARGENTINA	2535,6
BANCO COMAFI SOCIEDAD ANONIMA	341,4
BANCO MACRO S.A.	0,6
	According to the classification of banking relations of Argentina, the company operates with level: 1. This is the highest classification in the system.
	There are no rejected checks for the company.
HISTORY
	The company was established in 1960
	1954: Set up of the affiliated Gobbi L.L.C [Limited Liability Company], dedicated to the manufacture of radiology products. Being the only industrial plant in Latin America capable of carrying out chemical synthesis for the production of contrast agents for radiology. 1958: Acquisition of a factory in Wilde, which is refurbished to build the new industrial plant. 1962: Gobbi Commercial Industrial Corporation converts itself in the sole representative of R.I.T (Belgium) for the import of Salk and Oral Sabin polio vaccines. 1969: Ferrer Laboratories from Spain buys the 51% of the shares of Gobbi Commercial Industrial Corporation and becomes Gobbi Novag S.A [Corporation]. Ferrer Laboratories also gives to Gobbi Novag S.A. the sole representation of the products line made out of Metronidazole; Bexon Oral and Bexon Vaginal medical products, which reach a great acceptance by the physicians, and are being commercialized nowadays. 1972: The nucleus CMP, an advanced neurochemistry regenerator, is launched to the market, reaching a huge impact in the medical community. 1975: Ferrer Laboratories sells the 100% of its shares to the current shareholders of the company. 1980: Gobbi Novag S.A. launches to the market Triyosom Tomográfico [Triyosom], which is the first oral contrast agent for tomography in the world. 1987: Irigal is added to the ethical product line of Gobbi Novag S.A., as the first anti-inflammatory, antibiotic, anaesthetic and cicatrizing spray on the market.
	Gobbi Novag opens its new production of injectable drugs With an investment of $ 19 million, Argentina SA laboratory Gobbi Novag five times its production capacity at its new plant of medical specialties. THU APRIL 29, 2010
PRINCIPAL ACTIVITY
	The company operates as a manufacturer of medicinal specialties.
Products/Services description:	» ATRACURIUM GOBBI » BUPIGOBBI 0,5 % HIPERBARICA » BUPIGOBBI 0,5% » FLUCONOVAG » FLUMANOVAG » GOBBICAINA » GOBBICAINA JALEA » GOBBICURONIO » GOBBIFOL » GOBBINAL » GOBBIZOLAM » INFUKOLL GEL 4 % » MEPIGOBBI » ONDANSETRON GOBBI 8MG » BEXON 500 » BEXON VAGINAL » O.C.M. 25 MG » ACLOSAN » BREMINAL » GOBBIBESTROL » PROSTANOVAG » RETEBEM » URONOVAG » GELCLAIR » GOBBIDONA » OXINOVAG » OXINOVAG LIBERACION PROLONGADA » TRAMANOVAG » ANDROCUR » ARA-C » BANDROBON » CARBOPLAT » CITODOX » CLITAXEL » DAUNOGOBBI » DIEMON » GOSELIN » IFX » MESNA GOBBI » MITONOVAG » ONDANSETRON GOBBI 8 MG » PLATANOVAG » RONTAFOR
Brands:	ACLOSAN ADITAL BEXON BIOYETIN BREMINAL CELER-X CITODOX CITODOXO FILATIL FILGRANOVAG FUNGISOME GINECORTIL GOBBI-NOVAG GRAMAL IFX IFX-RONTAG IMEDEEN IRIGAL O.C.M. OPACITE P PROBIOMED PROQUIFERON SUPERTED TED URIBETA URIFRON
Sales are:	Wholesale
Clients:	ORPHANPHARMA SAS Colombia NUTRI CARE PERU SAC Peru
Suppliers:	NA
Operations area:	National and International
The company imports from	China
The company exports to	Latin America
The subject employs	111 employees
Payments:	Regular-made on a 45 day basis (information taken from National Bank).
LOCATION
Headquarters :	Fabian Onzari 498 Wilde, Buenos Aires 1875 Argentina
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. Major holders are: Juan Blas De Angelis, Juan Francisco Cereijo Santiago Humberto De Angelis
Management:	Carlos Alberto De Angelis, President RamóN Antonio Cereijo, Vicepresident
Related Companies:	There are no related companies
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public.
USD 2013
Revenue	20 133 000
Net Income	1 129 000
Total Equity	6 834 600
Exports Anual FOB USD
2014	219.546
2013	256.649
2012	410.075
2011	331.364
2010	472.652
LEGAL FILINGS
	The company is listed within the 2011 Delinquent Taxpayers
SUMMARY
	The company operates as a manufacturer of medicinal specialties. The company has more than 50 years of experience in the market with a médium-large sized structure. It has various credit lines with national Banks and shows good payment behaviour without negative. The company investested millionaire amounts in 2010 in its plant and Works with well known brands.
RISK INFORMATION
DEBTS	Medium
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Jorge
POSITION	Administrative
COMMENTS	He confirmed address, activity, president, owners and staff.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.61
UK Pound	1	Rs.97.27
Euro	1	Rs.69.63

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ANK

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.