MIRA INFORM REPORT

Report No. :	339462
Report Date :	11.09.2015

IDENTIFICATION DETAILS

Name :	DROGUERIA ITALQUIMICA S.A.

Registered Office :	Calle Tercera Casi Esquina Corrales. Zona Note, Fernando De La Mora, Republic of Paraguay

Country :	Paraguay

Year of Establishment :	1989

Legal Form :	Public Limited Company

Line of Business :	Wholesale marketing of medical products and related.

No. of Employees :	40 Employees

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 :	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)

Paraguay

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

PARAGUAY - ECONOMIC OVERVIEW

Landlocked Paraguay has a market economy distinguished by a large informal sector, featuring re-export of imported consumer goods to neighboring countries, as well as the activities of thousands of microenterprises and urban street vendors. A large percentage of the population, especially in rural areas, derives its living from agricultural activity, often on a subsistence basis. Because of the importance of the informal sector, accurate economic measures are difficult to obtain. On a per capita basis, real income has stagnated at 1980 levels. The economy grew rapidly between 2003 and 2008 as growing world demand for commodities combined with high prices and favorable weather to support Paraguay's commodity-based export expansion. Paraguay is the sixth largest soy producer in the world. Drought hit in 2008, reducing agricultural exports and slowing the economy even before the onset of the global recession. The economy fell 3.8% in 2009, as lower world demand and commodity prices caused exports to contract. The government reacted by introducing fiscal and monetary stimulus packages. Growth resumed at a 13% level in 2010, the highest in South America, but slowed in 2011-13 as the stimulus subsided and severe drought and outbreaks of foot-and-mouth disease led to a drop in beef and other agricultural exports. The economy took another leap in 2014, largely due to strong export growth. Political uncertainty, corruption, limited progress on structural reform, and deficient infrastructure are the main obstacles to long-term growth.

Source : CIA

Registered Name

DROGUERIA ITALQUIMICA S.A.

R.U.C. 80017185-3

Summary

COMPANY CREATED IN 1989. NO PROVIDED FINANCIAL INFORMATION TO THIRD PARTIES. NO NEGATIVE RECORD. FIT FOR MODERATE CREDIT AND ADDITIONAL GUARANTEES

Operations

DROGUERIA, WHOLESALE MARKETING OF MEDICAL PRODUCTS AND RELATED

Legal Structure

LEGAL FORM:           PUBLIC LIMITED COMPANY
CREATED:                1989
REGISTERED R.P.C.:         12.09.89
DURATION:               UNLIMITED.
END OF FISCAL YEAR:      31.12

Contact

DIEGO TORRES KLEIN

Operative address: Calle Tercera Casi Esquina Corrales. Zona Note, Fernando De La Mora, Republic Of

                                    Paraguay.
* Phone:                       595.2.506629
* E-mail:                        droital@italquimica.com. py
* Web:                        www.italquimica.com.py

Partners

PRESIDENT:       BLAS VAZQUEZ
VICEPRESIDENT: RITA DE VAZQUEZ
DIRECTOR:       LILIANA FRETES
DIRECTOR:       JOSE ESPINDOLA
DIRECTOR:       LETICIA CASCO

History

They started working in the starting address from the year 1989 on the exploitation of a drugstore wholesale marketing of medicinal and related products.

Economic-Financial Position

No provided financial information to third parties.

Assets

VEHICLES:
--------
5 vehicles of different marks and models.

REAL ESTATE
------------
- Calle Tercera Casi Esquina Corrales. Zona Note, Fernando De La Mora, Republic of Paraguay.
2.500 m2 covered.
- Deposit 1500 m2 covered.
- Deposit II 500 m2 covered.

Evolution and Results

ROGUERIA, WHOLESALE MARKETING OF MEDICAL PRODUCTS AND RELATED

Well presented spacious facilities occupy two deposits.

Import from USA, GERMANY , BRASIL, BOLIVIA AND OTHERS. NO EXPORT.

* 40 EMPLOYEES.

MAIN CLIENTS:
-------------
COMFAR SAECA
CORPEXIM
DALLAS S.A.
DUTRIEC S.A.
FARMACEUTICA PARAGUAYA S.A.
GRAMON PARAGUAY S.A.
LAB. ALMOS S.A.
LAB. AS FARM S.A.
LAB. MILLET PARAGUAYOS S.A.
MULTIFARMA
PHARMA INDUSTRIES S.A.
SCAVONE HNOS S.A.
SIGRAN INTERNACIONAL SRL
VICENTE SCAVONE CIA CISA

SUPPLIERS IN BOLIVIA:
---------------------
DROGUERIA INTI S.A.
LABORATORIOS ALFA LTDA.
LABORATORIOS BAGO DE BOLIVIA S.A.
LABORATORIOS FARMACEUTICOS LAFAR S.A.
LABORATORIOS VITA S.A.
TERBOL S.A.

TRADEMARKS:
-----------
AVANTOR
MACRON
CENTAUR
SAGRAN
BTP
WEST
WHEATON BRASIL
FMC
WEST
BILCARE
GENIX
PLASTWAL

Payment Record and Credit Risk

ITAU PARAGUAY FCO DE LA MORA

INSURANCE:
----------
FENIX S.A.

Concept

They are generally contact with supplier firms which provide them various credits.
The cancellation of obligations is normal and no incidents in this regard.

* COMPLIANCE GOOD.

Final Opinion

So its treatment of credit is for moderate amounts and with the guarantees of practice understand feasible.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.58
UK Pound	1	Rs.102.29
Euro	1	Rs.74.71

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	VNT

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.