MIRA INFORM REPORT

Report No. :	323741
Report Date :	28.05.2015

IDENTIFICATION DETAILS

Name :	ROMIKIN SA
Registered Office :	Paraguay 1535 C1061 ABC Buenos Aires, Capital Federal
Country :	Argentina
Date of Incorporation :	10.10.1986
Legal Form :	Sociedad Anónima
Line of Business :	Subject develops and manufactures products for the life sciences sector.
No. of Employee :	90

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 – 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:	ROMIKIN SA
Trade Name:	ROMIKIN
CUIT:	30-61116362-9
Date Created:	1986
Date Incorporated:	10/10/1986
Legal Address:	Paraguay 1535 C1061 ABC Buenos Aires, Capital Federal Argentina.
Operative Address:	Paraguay 1535 C1061 ABC Buenos Aires, Capital Federal Argentina.
Telephone:	54 11 4872 1200
Fax:	54 11 4872 1201
Legal Form:	Sociedad Anónima
Email:	romikin@chemogroup.com
Registered in:	AGENCIA NRO 11 CARLOS PELLEGRINI N° 685 1° PISO 1009 CIUDAD AUTONOMA BUENOS AIRES
Website:	www.romikin.com.ar
Contact:	Hugo Daniel Valerio, President
Staff:	90
Activity:	Medical Equipment & Supply Wholesalers Industry
BANKS	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
BANCO PATAGONIA S.A.	2707,4
BANCO CREDICOOP COOPERATIVO LIMITADO	2283,1
AMERICAN EXPRESS ARGENTINA S.A.	283,9
BANCO DE GALICIA Y BUENOS AIRES S.A.	8,7
	According to the classification of banking relations of Argentina, the company operates with level: 1. This is the highest classification in the system. It means that the company/person is fulfilling correctly its current Credit obligations.
Rejected Checks:
95388201 30/09/2014	11.982,16
95388203 30/09/2014	1.789,04
95388204 30/09/2014	6.489,98
95388208 30/09/2014	218.500,00
HISTORY
	Romikin is CHEMO sales office in Argentina. It was established in 1986 and also has competencies in Uruguay, Paraguay and Bolivia.
PRINCIPAL ACTIVITY
	Romikin develops and manufactures products for the life sciences sector.
Products/Services description:	It focuses on the research and development of independent industrial synthetic methods for the production of active pharmaceutical ingredients (API), including PPI, steroids, macrolides, and sartans; and production of finished dosage forms, such as antiulcerants, antivirals, anitbiotics, contraceptives and HRT, and antifungals, as well as products for cholesterol, insomnia, asthma, and COPD. The company also manufactures and markets active substances that are used in the manufacture of veterinary drugs, such as antibiotics, anthelmintics, anti-inflammatory products, antiparasities, and coccidiostatic and chemotherapeutical drugs; and insecticides, fungicides, herbicides, and micronutrients for agrochemical formulations.
Brands:	RK ROMIKIN TECNOSUMA VP VETPHARMA
Sales are:	Wholesale
Clients:	SCAVONE HERMANOS SA Paraguay QUIMFA SA Paraguay
Suppliers:	FERSINSA GB SA DE CV Mexico
Operations area:	National and International
The company imports from	Mexico
The company exports to	Paraguay
The subject employs	90 employees
Payments:	Regular-on a 40 day basis (information taken from the Argentina Central Bank)
LOCATION
Headquarters :	Paraguay 1535 C1061 ABC Buenos Aires, Capital Federal Argentina.
Branches:	The company does not have branches
Industry:	Companies in this industry distribute professional medical equipment, instruments, and supplies to physicians, hospitals, and extended care facilities. Demand depends on the number of people receiving medical treatment and advances in medical technology. The profitability of individual companies depends on merchandising and efficient delivery systems. Large companies have economies of scale in purchasing, as well as highly developed infrastructure that allow for efficient distribution. Small companies can compete effectively by specializing in a product line or by serving a local market. Major products include medical and surgical instruments and equipment (about 55 percent of revenue); supplies (about 25 percent); and orthopedic and prosthetic appliances (10 percent). Other products include dental and veterinary equipment and supplies. Some companies carry more than 250,000 stock-keeping units (SKUs), while others specialize in niche markets and may carry only a few different items to serve a local market’s specific needs.
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	AR$ 255.618.484
Shareholders:	The company is a subsidiary of: CHEMO Ibérica Madrid Edificio Ofipinar C/ Caleruega, 102 6ºth floor. 28033 Madrid, Spain. Tel: +34 91 302 15 60 Fax: + 34 91 766 89 63
Management:	Hugo Daniel Valerio, President Jorge RubéN Castro, Vicepresident Carlos Alberto CáMpora, Fiduciary Manuel Alberto Sobrado, Director Emilio Daniel Papariello, Subdirector MaríA Florencia Bin Astigarraga, Subdirector Jorge AndréS Sierra
Related Companies:	CHEMO Lugano Branch via F. Pelli, 17 6901 – Lugano, Switzerland. Tel: +41 91 973 21 01 Fax: +41-91 973 21 06 lugano@chemogroup.com Chem - East Lajos V. 48-66 Bldg "E" 5th floor 1036 Budapest, Hungary. Tel: +36-1-2 750336/37/38 Fax: +36- 1-2 753219 chemeast@chemogroup.com CHEMO Indian Branch 602, 6th Floor, Mahavir Chambers Liberty Road Hyderabad - 500 029 Andhra Pradesh, India Tel/fax: + 91 40 23223605/08/09/10 Indian@chemogroup.com CHEMO Asia Hua Du building, 28th floor, C left Zhang Yang road, 828-838 Shanghai R.P. of China Tel: + 86 21 50 81 23 58 + 86 21 50 81 23 68 Fax: + 86 21 50 81 22 28 asia@chemogroup.com Chemway Hua Du Mansion, 9th Floor Zhang Yang road, 828-838 Shanghai R.P. of China Phone: + 86 21 50 81 32 28 Fax:+ 86 21 50 81 22 28 asia@chemogroup.com Chemessentia Via Bovio 6 28100, Novara, Italia. Phone: + 39 0321 650255 Fax: + 39 0321 479200 info@chemessentia.it CHEMO Brasil Rua Sampaio Viana Nº 253 –conj.14 and 15 São Pablo, Brasil Phone: + 55 11 3052 1063 Fax: + 55 11 3052 1064 administracao@chemodobrasil.com.br
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following information has been provided by outside sources.
USD 2013
Revenue	AR$ 20 000 000
Cash Flow	Good
Exports Annual FOB DOLLAR
2014	1.342.601
2013	878.268
2012	243.719
2011	356.115
2010	130.190
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	Romikin is CHEMO sales office in Argentina. It was established in 1986 and also has competencies in Uruguay, Paraguay and Bolivia. The Company has a médium-large sized structure and is part of a large group headquartered in Spain. The company is well established in business. However; it shows high debts and some rejected checks. This may be related to the large sized of the company.
RISK INFORMATION
DEBTS	High-Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Andrea
POSITION	Administrative
COMMENTS	The person contacted confirmed address and group. She refused to provide more information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.95
UK Pound	1	Rs.98.64
Euro	1	Rs.69.86

INFORMATION DETAILS

Analysis Done by :	RAS
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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