MIRA INFORM REPORT

Report No. :	324633
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	PFIZER SRL
Registered Office :	Colectora Panamericana Km 14 1760 Piso:1 T:B - Entre Las Calles: : Thames, Tupac Amaru Villa Adelina 1607-Buenos Aires
Country :	Argentina
Date of Incorporation :	09.10.1998
Legal Form :	Sociedad De Responsabilidad Limitada
Line of Business :	Subject discovers, develops, manufactures, and sells healthcare products.
No. of Employee :	427

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
Order:	Pfizer Argentina S R L
Address in the order:	Carios BErg 3669 (1437) Ciudad de Buenos Aires Benos Aires, Argentina
Comments:	The address of the order is the legal address registered for Edgardo Vázquez, General Manager
Legal Name:	PFIZER SRL
Trade Name:	PFIZER
CUIT:	30-50351851-8
Date Created:	1956
Date Incorporated:	09/10/1998
Legal Address:	COLECTORA PANAMERICANA KM 14 1760 Piso:1 T:B - ENTRE LAS CALLES: : THAMES, TUPAC AMARU VILLA ADELINA 1607-BUENOS AIRES
Operative Address:	COLECTORA PANAMERICANA KM 14 1760 Piso:1 T:B - ENTRE LAS CALLES: : THAMES, TUPAC AMARU VILLA ADELINA 1607-BUENOS AIRES
Telephone:	54 11 49098189
Fax:	54 11 49098189
Legal Form:	SOCIEDAD DE RESPONSABILIDAD LIMITADA
Email:	info@pfizer.com.ar
Registered in:	DIV. REC. GRANDES CONTRIB. NACIONALES HIPOLITO YRIGOYEN N°370 PLANTA BAJA 1086 CIUDAD AUTONOMA BUENOS AIRES
Website:	www.pfizer.com.ar
Contact:	Edgardo Vázquez, General Manager
Staff:	427
Activity:	Pharmaceutical Manufacturing Industry
BANKS	According to Argentinian Central Bank, the company maintains credit lines with the following banks:
BANK	AMOUNT IN AR$
AMERICAN EXPRESS ARGENTINA S.A.	2962,7
YPF S.A.	233,9
	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.
	There are no rejected checks.
HISTORY
	The company started business in Argentina in 1956.
	May 2014 Pfizer announced the move of its commercial offices Thames Office Park Complex, located in Colectora Panamericana 1804, down Thames, in the district of San Isidro, Province of Buenos Aires. The move represented an investment of U $ S 4,000,000, which adds to the U $ S 23,200,000 Pfizer has invested in the country over the last five years in its manufacturing model plant of Villa Soldati.
PRINCIPAL ACTIVITY
	The company discovers, develops, manufactures, and sells healthcare products.
	The plant has an installed capacity in three shifts to produce 700 million tablets, 75 million capsules, 20 million bottles and envelopes and put some 65millones finished product units annually. 65% of the units will be manufactured for the local market, 25% of exports to Mercosur countries and the remaining 10% to local services for third parties.
Products/Services description:	The company operates through Global Innovative Pharmaceutical (GIP); Global Vaccines, Oncology and Consumer Healthcare (VOC); and Global Established Pharmaceutical (GEP) segments.
Brands:	CLEARANGLE DETRUSITOL ESTRACYT FRAGMINJECT GENOTROPIN MIXER LIGOFRAGMIN PRECISA VISIONEER CARBAMAT FARLUDIOL RUBIDOXO
Sales are:	Wholesale
Clients:	PFIZER SA CV Mexico
Suppliers:	PFIZER SAS Colombia
Operations area:	National and International
The company imports from	Colombia
The company exports to	Brazil, Colombia, Chile, Ecuador, México, Perú, Uruguay, Venezuela, Senegal and Costa Rica
The subject employs	427 employees
Payments:	Regular-made on a 35-40 day basis (information confirmed by Central Bank)
LOCATION
Headquarters :	COLECTORA PANAMERICANA KM 14 1760 Piso:1 T:B - ENTRE LAS CALLES: : THAMES, TUPAC AMARU VILLA ADELINA 1607-BUENOS AIRES
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:	AR$ 568 088 680
Shareholders:	This is a private company. It is a subsidiary of: PFIZER INC. 235 E 42nd St New York, NY, 10017 United States Revenue $49,605 Gross Profit $40,028 Operating Income $12,886 Net Income $9,135 Total Assets $169,274 Total Liabilities $97,973
Management:	Edgardo Vázquez, General Manager Marcos De Elía, Manager
Related Companies:	PFIZER PFE ARGENTINA S.R.L. Laboratorios Pfizer SRL Pfizer S.A.C.I. ALPHARMA DE ARGENTINA S.R.L.
FINANCIAL INFORMATION
	This is a private company which does not make its financial figures public. The following information has been provided by outside sources.
USD 2013
Revenue	106 500 000
Net Income	12 755 000
Total Equity	77 353 000
Cash Flow	Good
AR$
Assets:	1,382,024,642
Total Liabilities:	760,071,903
Exports Annual FOB DOLLAR
2014	4.617.447
2013	8.397.607
2012	5.705.751
2011	6.083.582
2010	5.131.068
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	The company discovers, develops, manufactures, and sells healthcare products. It has more than 60 years of experience in the market with a large sized structure. The company is part of Pfizer, Inc, headquartered in USA with locations worldwide. Pfizer Argentina has various related companies within the country, it has recently made commercial transactions with ALPHARMA DE ARGENTINA S.R.L., and has also recently changed its directory. The company moved in 2014 to a new location. According to the Central Bank, it has a good payment behaviour. There are no negative.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Paola
POSITION	Administrative
COMMENTS	She confirmed activity, president and address.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.74

INFORMATION DETAILS

Analysis Done by :	DIV
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.