MIRA INFORM REPORT

Report No. :	323740
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	RETECMA, S.A. DE C.V.
Registered Office :	Oxtopulco Universidad, Coyoacan Ciudad De Mexico, 4318
Country :	Mexico
Date of Incorporation :	1975
Legal Form :	Sociedad de Capital Variable
Line of Business :	Wholesale distribution of prescription drugs, proprietary drugs, and toiletries.
No. of Employee :	29

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)
Mexico	A2	A2

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

MEXICO ECONOMIC OVERVIEW

Mexico's $1.3 trillion economy has become increasingly oriented toward manufacturing in the 21 years since the North American Free Trade Agreement (NAFTA) entered into force. Per capita income is roughly one-third that of the US; income distribution remains highly unequal. Mexico has become the United States' second-largest export market and third-largest source of imports. In 2013, two-way merchandise trade reached nearly $507 billion. Mexico has free trade agreements with 46 countries - putting more than 90% of trade under free trade agreements. In 2012, Mexico formally joined the Trans-Pacific Partnership negotiations and formed the Pacific Alliance with Peru, Colombia and Chile. Mexico's current government, led by President Enrique PENA NIETO, emphasized economic reforms during its first two years in office, passing and implementing education, energy, financial, fiscal and telecommunications reform legislation, among others, with the aim to improve competitiveness and economic growth across the Mexican economy. Although the economy is expected to experience stronger growth in 2015 as a result of increased investment and stronger demand for Mexican exports, growth will continue to remain modest and below expectations. Over the medium-term, the economy is vulnerable to global economic pressures, such as rising interest rates and low oil prices—which account for about 30 percent of government revenue.

Source : CIA

STATUTORY INFORMATION
Legal Name:	RETECMA, S.A. DE C.V.
Trade Name:	Retecma
RFC:	RET830823LA9
Date Created:	1975
Date Incorporated:	1975
Legal Address:	Oxtopulco No. 19 Oxtopulco Universidad, Coyoacan Ciudad De Mexico, 4318 Mexico
Operative Address:	Oxtopulco No. 19 Oxtopulco Universidad, Coyoacan Ciudad De Mexico, 4318 Mexico
Telephone:	52-5554801700
Fax:	52-5556613329
Legal Form:	Sociedad de Capital Variable
Email:	info@retecma.com.mx
Registered in:	Mexico
Website:	www.retecma.com.mx
Contact:	Nils Droege, General Manager
Staff:	29
Activity:	Medical Equipment & Devices
BANKS	BANAMEX
	The company does not make its banking data public
HISTORY
	Retecma, S.A. De C.V. was founded in 1975.
PRINCIPAL ACTIVITY
	The company operates through 2 divisions: kuna "retecmas natural touch" and kroes retecmas medical devise division.
	The Company's line of business includes the wholesale distribution of prescription drugs, proprietary drugs, and toiletries.
Products/Services description:	Amino Acids Analgesics Anesthetics Anorexigenics Antiarthritis Antibiotics / Antibacterials / Antimicotics Anticoagulant Anticonvulsives Antidiabetic Antiemetics Antiepileptics Antihistaminic Anti-inflammatories Antioxidants Antispasmodics Antivirals Cardiovasculars / Antidiuretics Coatings Dermatologic Excipients Gastrointestinal Herbal Products Hormonals Nutraceuticals Oncologicals Vitamins and Minerals
Brands:	RETECMA
Sales are:	Wholesale
Clients:	Pharmaceutical Industry
Suppliers:	FLAMMA SPA Italy RECORDATI SPA Italy Cadila Pharmaceuticals Ltd. India Alembic Ltd. India LCL LOGISTIC PVT LTD India ABC FARMACEUTICI SPA Italy
Operations area:	Ntional
The company imports from	Italy and India
The company exports to	No exports
The subject employs	29 employees
Payments:	Regular
LOCATION
Headquarters :	Oxtopulco No. 19 Oxtopulco Universidad, Coyoacan Ciudad De Mexico, 4318 Mexico
Comments:	1,300 m2 warehouse
Branches:	Guadalajara, Jalisco INDUSTRIA ZAPATERA No. 135, ZONA INDUSTRIAL ZAPOPAN NORTE ZAPOPAN, JAL, 45130 MEXICO
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 holder is  Nils Droege
Management:	Oscar Mino, Credit Manager Nils Droege, General Manager Dirk Holger Droege, Administrator Georgina JuáRez, Sales Director RubéN DíAz MartíNez, Accountant
Related Companies:	No subsidiary companies
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	19 840 000
Net Income	2 382 000
Total Equity	3 380 300
Cash Flow	Normal
LEGAL FILINGS
	There are no legal connected to the subject
SUMMARY
	The Company's line of business includes the wholesale distribution of prescription drugs, proprietary drugs, and toiletries. It has 40 years of experience in the market with a small sized structure. The company is well established in the market without negative -
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Regular
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Thalia Gonzalez
POSITION	Adminsitrative
COMMENTS	She confirmed address, branch, activity, imports, president and owner.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

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.