MIRA INFORM REPORT

Report No. :	350952
Report Date :	26.11.2015

IDENTIFICATION DETAILS

Name :	ZORIPHARM INTERNATIONAL, S.A.
Registered Office :	Edificio Magna Corp.,Piso 5 Oficina No. 512-A,Ave,Ricardo Arango Y Calle 51Este,Ciudad De Panama
Country :	Panama
Date of Incorporation :	03.03.2006
Legal Form :	Joint stock company
Line of Business :	International Business Company
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	International Business Company
Payment Behaviour :	Unknown
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)
Panama	A2	A2

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

STATUTORY INFORMATION
Order:	Zoripharm International sa
Address in the order:	c/o Ramiro Abaunza Seddacalle Manuel Maria Icaza Edificio Magna Quinto Pisofoicina
Comments:	The address provided contains name of the president + address. Please, note that QUINTO means 5 in Spanish, that is, it is the same address. There are some mistakes in the address provided: Pisofoicina: This would be PISO OFICINA, which means: Floor, Office Seddacalle: This would be SEDDA (lastname of president) and CALLE which means Street.
Legal Name:	ZORIPHARM INTERNATIONAL, S.A.
Trade Name:	ZORIPHARM INTERNATIONAL,
ID:	518872
Date Created:	2006
Date Incorporated:	03/03/2006
Legal Address:	EDIFICIO MAGNA CORP.,PISO 5 OFICINA NO. 512-A,AVE,RICARDO ARANGO Y CALLE 51ESTE,CIUDAD DE PANAMA
Operative Address:	EDIFICIO MAGNA CORP.,PISO 5 OFICINA NO. 512-A,AVE,RICARDO ARANGO Y CALLE 51ESTE,CIUDAD DE PANAMA
Telephone:	507 2233400
Fax:	507 2233458
Legal Form:	Joint stock company
Email:	NA
Registered in:	Panama
Website:	NA
Contact:	PRESIDENT, RAMIRO ABAUNZA SEDDA
Staff:	0
Activity:	International Business Company
BANKS	Banco Nacional de Panama
	The company does not make its banking data public
History
	The company was established in 2006
PRINCIPAL ACTIVITY
	This is an International Business Company incorporated in Panama for tax purposes. The company uses the registrant address but does not carry any operations in the country. It is not registered in Panama as being a local business company. It is not listed with the Panama commercial pages.
Products/Services description:	Pharmaceutical products
Brands:	NA
Sales are:	Wholesale
Clients:	NA
Suppliers:	ESKAY SPECIALITY CHEMICALS India
Operations area:	National
The company imports from	India
The company exports to	No exoprts
The subject employs	The subject does not operate in the country.
Payments:	Unknown
LOCATION
Headquarters :	The company uses its legal address to operate within the country.
Branches:	The company does not have branches
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	0.00
Shareholders:	This is a private company. Despite our long search, we could not confirm major holders.
Management:	PRESIDENT, RAMIRO ABAUNZA SEDDA TREASURY, CRISTINA ABAUNZA ARGUELLO SECRETARY, SABRINA ARGUELLO DE ABAUNZA Directors RAMIRO ABAUNZA SEDDA SABRINA ARGUELLO DE ABAUNZA CRISTINA ABAUNZA ARGUELLO Suscribers RAMIRO ABAUNZA SABRINA ARGELLODE ABAUNZA
Agent:	ABAUNZA Y ASOCIADOS EDIFICIO MAGNA CORP.,PISO 5 OFICINA NO. 512-A,AVE,RICARDO ARANGO Y CALLE 51ESTE,CIUDAD DE PANAMA
FINANCIAL INFORMATION
	This is a private company which does not make its financials public.
	There are no financial for the subject
LEGAL FILINGS
	There are no legal issues regaridng the subject
SUMMARY
	This is an International Business Company which belongs to a company located in Panama. It is registered in Panama for tax purposes and does not operate within the country. It is managed by a resident registration agent.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	Unknown
CASH FLOW	Normal
STATUS	Active
INTERVIEW
NAME	Agent
POSITION	Agent
COMMENTS	The agent refused to confirm any information for the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.38
UK Pound	1	Rs.100.45
Euro	1	Rs.70.55

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	TRU

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.