MIRA INFORM REPORT

Report No. :	327107
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	HUMAX PHARMACEUTICAL SA

Registered Office :	Calle 97 B Sur # 50-95 La Estrella Antioquia

Country :	Colombia

Financials (as on) :	2014

Date of Incorporation :	2002

Legal Form :	Joint Stock Company

Line of Business :	Pharmaceutical company

No. of Employee :	192

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Colombia

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

COLOMBIA ECONOMIC OVERVIEW

Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to weather external shocks. Real GDP has grown more than 4% per year for the past four years, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's government debt to investment grade, which helped to attract record levels of investment in 2013 and 2014, mostly in the hydrocarbons sector. Colombia depends heavily on energy and mining exports, making it vulnerable to a drop in commodity prices. Colombia is the world's fourth largest coal exporter and Latin America's fourth largest oil producer. Economic development is stymied by inadequate infrastructure, inequality, poverty, narco-trafficking and an uncertain security situation. Moreover, the unemployment rate of 9.2% in 2014 is still one of Latin America's highest. The SANTOS Administration's foreign policy has focused on bolstering Colombia's commercial ties and boosting investment at home. Colombia has signed or is negotiating Free Trade Agreements (FTA) with more than a dozen countries; the US-Colombia FTA went into force on May 2012. Colombia is also a founding member of the Pacific Alliance - a regional grouping formed in 2012 by Chile, Colombia, Mexico, and Peru to promote regional trade and economic integration. In 2013, Colombia began its ascension process to the OECD. In 2014, Colombia passed a tax reform bill to offset the lost revenue from the global drop in oil prices. The SANTOS administration is also using tax reform to help finance implementation of a peace deal, in the event FARC and the government reach an agreement in 2015. Colombian officials estimate a peace deal may bolster economic growth by almost 2%.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

IDENTIFICATION
Ordered as:	HUMAX PHARMACEUTICAL SA
Address in the order:	CALLE 97B SUR NO 50-95, LA ESTRELLA, COLOMBIA

Legal Name:	HUMAX PHARMACEUTICAL SA
Legal Address	Calle 97 B Sur # 50-95
Postal Town	La Estrella
Post Code	N.A.
Primary Geographic Area	Antioquia
Country	CO
Operative Address	Calle 97 B Sur # 50-95 La Estrella, Antioquia
Telephone:	+57 4 444 8629	Cedula Juridica :	811038881
Fax:	+57 4 444 8629	Legal Form:	Joint Stock Company
Email:	info@humax.com.co	Registered in:	CO
Website:	http://www.humax.com.co	Date Created:	2002
MANAGERS:	Juan Jose de San Francisco de Paula Zuluga Rivera, President	Date Incorporated:	April 7th, 2003
Staff:	192	Stock:	N.A.
		Value:	N.A.
Activity:	Pharmaceutical company

DIRECTORS/MANAGEMENT

Management:

Juan Jose de San Francisco de Paula Zuluga Rivera, President

Alvaro de Jesus Gomez Zuluaga, Legal representative

Andres Giraldo Alzate Newar

Henry de Jesus Castaño Mejia, Tax Auditor

Jesus Maria Garcia Serna, Alternative Tax Auditor

Gloria Elena Roldan Arango, Accountant

NEGATIVE INFORMATION

Legal Filings

The sources consulted record no detrimental legal or labor court information.

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

PAYMENTS
	regular

GROUP STRUCTURE & AFFILIATED COMPANIES

Shareholders - MANAGERS - RELATED COMPANIES
Shareholders Parent Company(ies):
	This is a private company. Juan Jose de San Francisco de Paula Zuluga Rivera is one of the company's main shareholders.

FINANCIAL INFORMATION

FINANCIALS - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted a female representative who refused to provide us further financial data without knowing the name of the inquiring party.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency	DATE
COP	2014
Turnover	48 016 894 000
Operating Income	7 198 205 000
Net Income	-593 229 000
Current Assets	46 003 815 000
Non-Current Assets	21 244 542 000
Net worth	13 667 407 000
Liabilities	53 580 950 000
The cash flow is	Normal

Comments on the financial data: Please find attached a copy of the FS of the company. We have transcribed the main figures for a better understanding.

2014 Income Statement

(in thousands of COP)

NIT	RAZON SOCIAL	CIIU V4a.C	DESCRIPCION CIIU	SECTOR
811038881	HUMAX PHARMACEUTICAL S.A	C2100	Fabricación de productos farmacéuticos, sustancias químicas medicinales y productos botánicos de uso	PRODUCTOS FARMACÉUTICOS

DEPARTAMENTO	41 INGRESOS OPERACIONALES	61 MENOS COSTO DE VENTAS Y DE PRESTACION DE SERVICIOS	UTILIDAD BRUTA	51 MENOS GASTOS OPERACIONALES DE ADMINISTRACION
ANTIOQUIA	48016894	24519545	23497349	3556302

52 MENOS GASTOS OPERACIONALES DE VENTAS	UTILIDAD OPERACIONAL	42 MAS INGRESOS NO OPERACIONALES	53 MENOS GASTOS NO OPERACIONALES	UTILIDAD ANTES DE IMPUESTOS
12742842	7198205	3601275	11298317	-498837

47 AJUSTES POR INFLACION	54 MENOS IMPUESTO DE RENTA Y COMPLEMENTARIOS	59 GANANCIAS Y PERDIDAS
	94392	-593229

2014 Balance Sheet

(in thousands of COP)

NIT	RAZON SOCIAL	CIIU V4a.C	DESCRIPCION CIIU	SECTOR
811038881	HUMAX PHARMACEUTICAL S.A	C2100	Fabricación de productos farmacéuticos, sustancias químicas medicinales y productos botánicos de uso	PRODUCTOS FARMACÉUTICOS

DEPARTAMENTO	1105 CAJA	1110 BANCOS	1115 REMESAS EN TRANSITO	1120 CUENTAS DE AHORRO
ANTIOQUIA	10727	630261		200

1125 FONDOS	11 SUBTOTAL DISPONIBLE	12 INVERSIONES	1305 CLIENTES	1310 CUENTAS CORRIENTES COMERCIALES CP
	641188	10775	20806326	0

1315 CUENTAS POR COBRAR A CASA MATRIZ CP	1320 CUENTAS POR COBRAR A VINCULADOS ECONOMICOS CP	1323 CUENTAS POR COBRAR A DIRECTORES CP	1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS CP	1328 APORTES POR COBRAR CP
0	0	0	0	0

1330 ANTICIPOS Y AVANCES CP	1332 CUENTAS DE OPERACION CONJUNTA CP	1335 DEPOSITOS CP	1340 PROMESAS DE COMPRAVENTA CP	1345 INGRESOS POR COBRAR CP
6783851	0	0	0	0

1350 RETENCION SOBRE CONTRATOS CP	1355 ANTICIPO DE IMPTOS Y CONTRIB O SALDOS A FAVOR CP	1360 RECLAMACIONES CP	1365 CUENTAS POR COBRAR A TRABAJADORES CP	1370 PRESTAMOS A PARTICULARES CP
0	1360493	25219	7650	0

1380 DEUDORES VARIOS CP	1385 DERECHOS DE RECOMP DE CART NEGOCIADA CP	1390 DEUDAS DE DIFICIL COBRO CP	1399 PROVISIONES CP	13 SUBTOTAL DEUDORES CP
141524	0	0	490898	28634165

1405 MATERIAS PRIMAS	1410 PRODUCTOS EN PROCESO	1415 OBRAS DE CONSTRUC EN CURSO	1417 OBRAS DE URBANISMO	1420 CONTRATOS EN EJECUCION CP
4171653	2747326	0	0

1425 CULTIVOS EN DESARROLLO CP	1428 PLANTACIONES AGRICOLAS CP	1430 PRODUCTOS TERMINADOS	1435 MERCANCIAS NO FABRICADAS POR LA EMPRESA	1440 BIENES RAICES PARA LA VENTA
		5377027	1796183	0

1445 SEMOVIENTES CP	1450 TERRENOS	1455 MATERIALES REPUESTOS Y ACCESORIOS CP	1460 ENVASES Y EMPAQUES CP	1465 INVENTARIOS EN TRANSITO CP
	0		1222128	1289441

1499 PROVISIONES CP	14 SUBTOTAL INVENTARIOS CP	1705 GASTOS PAGADOS POR ANTICIPADO CP	1710 CARGOS DIFERIDOS CP	1715 COSTOS DE EXPLORACION POR AMORTIZAR CP
	16603758	87790	26139

1720 COSTOS DE EXPLOTACION Y DESARROLLO CP	1730 CARGOS POR CORRECCION MONETARIA DIFERIDA CP	1798 AMORTIZACION ACUMULADA CP	17 SUBTOTAL DIFERIDO CP	TOTAL ACTIVO CORRIENTE
			113929	46003815

12 INVERSIONES	1305 CLIENTES	1310 CUENTAS CORRIENTES COMERCIALES	1315 CUENTAS POR COBRAR A CASA MATRIZ	1320 CUENTAS POR COBRAR A VINCULADOS ECONOM
0	0	0	0	0

1323 CUENTAS POR COBRAR A DIRECTORES	1325 CUENTAS POR COBRAR A SOCIOS Y ACCIONISTAS	1330 ANTICIPOS Y AVANCES	1332 CUENTAS DE OPERACION CONJUNTA	1335 DEPOSITOS
0	0	0	0	0

1340 PROMESAS DE COMPRAVENTA	1345 INGRESOS POR COBRAR	1350 RETENCION SOBRE CONTRATOS	1355 ANTICIPO DE IMPTOS Y CONTRIB O SALDOS A FAVOR	1360 RECLAMACIONES
0	0	0	0	0

1365 CUENTAS POR COBRAR A TRABAJADORES	1370 PRESTAMOS A PARTICULARES	1380 DEUDORES VARIOS	1385 DERECHOS DE RECOMP DE CART NEGOCIADA	1390 DEUDAS DE DIFICIL COBRO
0	250000	0	0	880211

1399 PROVISIONES	13 SUBTOTAL DEUDORES A LARGO PLAZO	15 PROPIEDADES PLANTA Y EQUIPO	1605 CREDITO MERCANTIL	1610 MARCAS
0	1130211	2355727

1615 PATENTES	1620 CONCESIONES Y FRANQUICIAS	1625 DERECHOS	1630 KNOW HOW	1635 LICENCIAS
		17582680

1698 AMORTIZACION ACUMULADA	1699 PROVISIONES	16 SUBTOTAL INTANGIBLES	1705 GASTOS PAGADOS POR ANTICIPADO	1710 CARGOS DIFERIDOS
2062197		15520483		1592789

1715 COSTOS DE EXPLORACION POR AMORTIZAR	1720 COSTOS DE EXPLOTACION Y DESARROLLO	1730 CARGOS POR CORRECCION MONETARIA DIFERIDA	1798 AMORTIZACION ACUMULADA	17 SUBTOTAL DIFERIDOS
				1592789

1805 BIENES DE ARTE Y CULTURA	1895 DIVERSOS	1899 PROVISIONES	18 SUBTOTAL OTROS ACTIVOS	1905 DE INVERSIONES
			0

1910 DE PROPIEDADES PLANTA Y EQUIPO	1995 DE OTROS ACTIVOS	19 SUBTOTAL VALORIZACIONES	TOTAL ACTIVO NO CORRIENTE	TOTAL ACTIVO
645332		645332	21244542	67248357

21 OBLIGACIONES FINANCIERAS CP	22 PROVEEDORES CP	2305 CUENTAS CORRIENTES COMERCIALES CP	2310 A CASA MATRIZ CP	2315 A COMPANNIAS VINCULADAS CP
17856478	13336148

2320 A CONTRATISTAS CP	2330 ORDENES DE COMPRA POR UTILIZAR CP	2335 COSTOS Y GASTOS POR PAGAR CP	2340 INSTALAMENTOS POR PAGAR CP	2345 ACREEDORES OFICIALES CP
		2150568

2350 REGALIAS POR PAGAR CP	2355 DEUDAS CON ACCIONISTAS O SOCIOS CP	2357 DEUDAS CON DIRECTORES CP	2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR CP	2365 RETENCION EN LA FUENTE CP
			494186	185674

2367 IMPUESTO A LAS VENTAS RETENIDO CP	2368 IMPUESTO DE INDUSTRIA Y COMERCIO RETENIDO CP	2370 RETENCIONES Y APORTES DE NOMINA CP	2375 CUOTAS POR DEVOLVER	2380 ACREEDORES CP
18068	950	495309		148523

23 SUBTOTAL CUENTAS POR PAGAR CP	24 IMPUESTOS GRAVAMENES Y TASAS CP	25 OBLIGACIONES LABORALES CP	2605 PARA COSTOS Y GASTOS CP	2610 PARA OBLIGACIONES LABORALES CP
3493278		596741

2615 PARA OBLIGACIONES FISCALES CP	2620 PENSIONES DE JUBILACION CP	2625 PARA OBRAS DE URBANISMO CP	2630 PARA MANTENIMIENTO Y REPARACIONES CP	2635 PARA CONTINGENCIAS CP
	0

2640 PARA OBLIGACIONES DE GARANTIAS CP	2695 PROVISIONES DIVERSAS CP	26 SUBTOTAL PASIVOS ESTIMAD Y PROVIS CP	27 DIFERIDOS CP	2805 ANTICIPOS Y AVANCES RECIBIDOS CP
		0		400104

2810 DEPOSITOS RECIBIDOS CP	2815 INGRESOS RECIBIDOS PARA TERCEROS CP	2820 CUENTAS DE OPERACION CONJUNTA CP	2825 RETENCIONES A TERCEROS SOBRE CONTRATOS	2830 EMBARGOS JUDICIALES CP

2835 ACREEDORES DEL SISTEMA CP	2840 CUENTAS EN PARTICIPACION CP	2895 DIVERSOS CP	28 SUBTOTAL OTROS PASIVOS CP	2905 BONOS EN CIRCULACION CP
			400104

2910 BONOS OBLIGATOR CONVERTIBLES EN ACCIONES CP	2915 PAPELES COMERCIALES CP	2920 BONOS PENSIONALES CP	2925 TITULOS PENSIONALES CP	29 SUBTOTAL BONOS Y PAPELES COMERCIA CP
		0	0	0

TOTAL PASIVO CORRIENTE	21 OBLIGACIONES FINANCIERAS	22 PROVEEDORES LP	2305 CUENTAS CORRIENTES COMERCIALES	2310 A CASA MATRIZ
35682749	17898201	0

2315 A COMPANNIAS VINCULADAS	2320 A CONTRATISTAS	2335 COSTOS Y GASTOS POR PAGAR	2345 ACREEDORES OFICIALES	2350 REGALIAS POR PAGAR

2355 DEUDAS CON ACCIONISTAS O SOCIOS	2357 DEUDAS CON DIRECTORES	2360 DIVIDENDOS O PARTICIPACIONES POR PAGAR	2375 CUOTAS POR DEVOLVER	2380 ACREEDORES VARIOS

23 SUBTOTAL CUENTAS POR PAGAR	24 IMPUESTOS GRAVAMENES Y TASAS LP	25 OBLIGACIONES LABORALES	2605 PARA COSTOS Y GASTOS	2610 PARA OBLIGACIONES LABORALES
0

2615 PARA OBLIGACIONES FISCALES	2620 PENSIONES DE JUBILACION LP	2625 PARA OBRAS DE URBANISMO	2635 PARA CONTINGENCIAS	2640 PARA OBLIGACIONES DE GARANTIAS
	0

2695 PROVISIONES DIVERSAS	26 SUBTOTAL PASIVOS ESTIMAD Y PROVIS	2705 INGRESOS RECIBIDOS POR ANTICIPADO	2710 ABONOS DIFERIDOS	2715 UTILIDAD DIFERIDA EN VENTAS A PLAZOS
	0

2720 CREDITO POR CORRECCION MONETARIA DIFERIDA	2725 IMPUESTOS DIFERIDOS	27 SUBTOTAL DIFERIDOS	2805 AVANCES Y ANTICIPOS RECIBIDOS	2810 DEPOSITOS RECIBIDOS
		0

2815 INGRESOS RECIBIDOS PARA TERCEROS	2820 CUENTAS DE OPERACION CONJUNTA	2825 RETENCIONES A TERCEROS SOBRE CONTRATOS	2835 ACREEDORES DEL SISTEMA LP	2840 CUENTAS EN PARTICIPACION

2895 DIVERSOS	28 SUBTOTAL OTROS PASIVOS	2905 BONOS EN CIRCULACION	2910 BONOS OBLIGATOR CONVERTIBLES EN ACCIONES	2915 PAPELES COMERCIALES
	0

2920 BONOS PENSIONALES LP	2925 TITULOS PENSIONALES LP	29 SUBTOTAL BONOS Y PAPELES COMERCIA	TOTAL PASIVO NO CORRIENTE	TOTAL PASIVO
0	0	0	17898201	53580950

3105 CAPITAL SUSCRITO Y PAGADO	3115 APORTES SOCIALES	3120 CAPITAL ASIGNADO	3125 INVERSION SUPLEMENTARIA AL CAPITAL ASIGNADO	3130 CAPITAL DE PERSONAS NATURALES
1000000

3135 APORTES DEL ESTADO	3140 FONDO SOCIAL	31 SUBTOTAL CAPITAL SOCIAL	3205 PRIMA EN COLOC ACC CUOTAS O PARTES DE INT SOCIAL	3210 DONACIONES
		1000000	5689174

3215 CREDITO MERCANTIL	3220 KNOW HOW	3225 SUPERAVIT METODO DE PARTICIPACION	32 SUBTOTAL SUPERAVIT DE CAPITAL	33 RESERVAS
			5689174	1961690

34 REVALORIZACION DEL PATRIMONIO	35 DIVIDEN O PARTC DECRET EN ACC O CUOTAS	36 RESULTADOS DEL EJERCICIO	3705 UTILIDADES ACUMULADAS	3710 PERDIDAS ACUMULADAS
0		-593229	4964440

37 RESULTADOS DE EJERCICIOS ANTERIORES	38 SUPERAVIT POR VALORIZACIONES	TOTAL PATRIMONIO	TOTAL PASIVO Y PATRIMONIO	81 DERECHOS CONTINGENTES
4964440	645332	13667407	67248357

82 DEUDORAS FISCALES	83 DEUDORAS DE CONTROL	9 CUENTAS DE ORDEN ACREEDORAS POR CONTRA	91 RESPONSABILIDADES CONTINGENTES	92 ACREEDORAS FISCALES
	659393	38044676		22047417

93 ACREEDORAS DE CONTROL	8 CTAS DE ORDEN DEUDORAS POR CONTRA
15997259	659393

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic

Economic Risk: Low

Currency: 1,00 USD = 2.525,70 COP

Branch Situation:Stable

BANKS
Name of the Bank	Bancolombia
Comments	This information was not verified by the company.

BUSINESS HISTORY
	The company was created in late 2002 and was incorporated in 2003.
PRINCIPAL ACTIVITY
	Pharmaceutical company
Products/Services description:
	Affordable drug alternatives for high cost illnesses (such as HIV or cancer), illnesses which require specialized treatment (psychiatric, digestive tract or cardiovascular illnesses, among others), and medications for the treatment of tropical diseases (such as malaria, dengue or leishmaniasis)
Sales are:
	Wholesale
Clients:
	Professionals of industry such as: Global Med Farma S.A.C (Peru) Drogueria Americana S De Rl (Honduras)
Suppliers:
	It was not possible to obtain the name of any suppliers for this subject.
Operations area:
	National, International
The company exports to Central and South America
Trade References:
	It was not possible to obtain trade references for this subject.
The subject employs 192 employee(s)
Comments on staff:
	This information was not verified by the company.
LOCATION
Headquarters
	Calle 97 B Sur # 50-95 La Estrella, Antioquia
Comments on location:
	This information was not verified by the company.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	NEGATIVE	Public	NO
Indebtedness	CONTROLLED	Payments	SLOW BUT CORRECT
Cash	NORMAL

ADVISED CREDIT
Guarantees

NOTES & COMMENTS

Final Opinion

This is a medium sized Colombian company that has been in operations since late 2002.

The company operates as a pharmaceutical company that provides affordable medication alternatives to its customers.

The company exports abroad, so it can have a larger market reach than its size would imply.

We found no negative legal antecedents in the local district court.

The company's profitability in 2014 was negative but its short and long term indebtedness were controlled.

Due to the company's negative profitability last year we would suggest requesting guarantees before a credit line is considered. We would also suggest monitoring in 12 months to observe the company's evolution.

APPENDIX
Comments
	We have contacted a female representative who stated she could not provide company information without first knowing the name of the inquiring party.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.