MIRA INFORM REPORT

Report No. :	491280
Report Date :	12.02.2018

IDENTIFICATION DETAILS

Name :	SYNTHON CHILE LIMITADA

Registered Office :	El Castaño 145, Lampa, Santiago

Country :	Chile

Date of Incorporation :	25.06.2008

Legal Form :	Limited Company

Line of Business :	The company is engaged in the manufacture and trade of pharmaceutical products, chemical medicinal substances.

No. of Employees :	300

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Chile

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

CHILE - ECONOMIC OVERVIEW

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some 60% of total exports. Copper is Chile’s top export and provides 20% of government revenue.

From 2003 through 2013, real growth averaged almost 5% per year, despite a slight contraction in 2009 that resulted from the global financial crisis. Growth slowed to an estimated 1.4% in 2017. A continued drop in copper prices prompted Chile to experience its third consecutive year of slow growth.

Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, effective 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the EU, Mercosur, China, India, South Korea, and Mexico. In May 2010, Chile signed the OECD Convention, becoming the first South American country to join the OECD. In October 2015, Chile signed the Trans-Pacific Partnership trade agreement.

The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 October 2016, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $23.5 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn.

In 2014, President Michelle BACHELET introduced tax reforms aimed at delivering her campaign promise to fight inequality and to provide access to education and health care. The reforms are expected to generate additional tax revenues equal to 3% of Chile’s GDP, mostly by increasing corporate tax rates to OECD averages.

Source : CIA

Company name and address

COMPANY NAME	SYNTHON CHILE LIMITADA
TAX ID. TYPE	RUT
TAX ID. NUMBER	76.032.097-8
CURRENT STATUS	Active
MAIN ADDRESS	El Castaño 145, Lampa
CITY/PROVINCE/STATE	Santiago
PHONE NUMBER(S)	(56-2) 2499.0800/88
EMAIL	servicioalclientechile@synthon.com
WEBSITE	www.synthon.cl
REMARKS OF IDENTIFICATION	Please notice that the correct data is shown above.

CREDIT OPINION

Company with a foreign and deemed to be operating normally. It has a good working capital.

LEGAL INFORMATION

TYPE OF COMPANY	Limited Company
INCORPORATION DATE	25/06/2008
CITY OF REGISTRATION	Santiago
REGISTRY NUMBER	Pages 30,395 No. 20,899
NOTARY	Ivan Torrealba Acevedo
TERM	Indefinite
CURRENT CAPITAL	Ps$28,191,089,000.00 Pesos
DATE OF INCREASE	28/02/2017
LISTED AT STOCK EXCHANGE	No

BACKGROUND

The company was constituted as RIDER-SYNTHON LTDA. Then, on 03/11/2014, it changed its name to SYNTHON CHILE LIMITADA.

On 16/01/2015 SYNTHON CHILE LIMITAD, merged with the company LABORATORIOS RIDER SA, surviving the investigated company.

LEGAL ASPECTS

The company constitutes an initial capital of Ps$10,500,000,000.00 Pesos.

COMMENTS ON RELATED COMPANIES

The company is part of the SYNTHON group with headquarters in the Netherlands.

RELATED COMPANIES

COMPANY NAME	TAX ID. NUMBER	COUNTRY
SYNTHON ARGENTINA SA	30-57730987-2	ARGENTINA

BOARD OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS

NAME	JOB TITLE	STAKE
RODRIGUEZ ZAMBRANO, CHRISTIAN	General Manager
SOTO CHAVEZ, JAVIER	Administrative and Finance Manager
PEIRANO RAMIREZ, MONICA GIANNINA	Business Development Manager
DE ZALDIVAR TOLEDO, MANUEL SOLO	Commercial Manager
RUIZ BRICEÑO, MARIA JOSE	Human Resources Manager
SYNTHON INTERNATIONAL HOLDING BV		99.99%
SYNTHON HOLDING BV		0.01%

DATA OF BOARD OF DIRECTORS, SENIOR EXECUTIVES AND SHAREHOLDERS

SYNTHON INTERNATIONAL HOLDING BV

Netherlands

SYNTHON HOLDING BV

Netherlands

OPERATIONS

SECTOR	G- Wholesale and Retail; Repair of Motor Vehicles and Motorcycles
ACTIVITY	Trade of pharmaceutical products
ISIC CATEGORY	47- Retail Trade, Except for Motor Vehicles
ISIC CLASS	4772- Retail Trade of Pharmaceutical and Medical Products, Cosmetics and Toiletries in Specialized Stores
MAIN ACTIVITY	The company is engaged in the manufacture and trade of pharmaceutical products, chemical medicinal substances.
% SALES IN CASH	40%
% SALES ON CREDIT	60% (terms at 30-60 days)
% TERRITORY OF SALES	Domestic and foreign market
N. OF EMPLOYEES	300

LOCATION

ADMINISTRATIVE OFFICE and PLANT: Located at caption address in a commercial zone of the city with easy access.

FOREIGN TRADE

	IMPORTS
YEAR	2017
AMOUNT	US$16,170,523.21
COUNTRIES	Argentina, India, USA, Germany, Switzerland, Spain, Czech Republic, Italy, Belgium, Netherlands, Poland
NUMBER OF OPERATIONS	371

	IMPORTS
YEAR	2016
AMOUNT	US$8,875,570.93
COUNTRIES	Argentina, India, USA, Germany, Switzerland, Spain, Czech Republic, Italy, Belgium, Netherlands, Poland
NUMBER OF OPERATIONS	139

	IMPORTS
YEAR	2015
AMOUNT	US$6,150,493.90
COUNTRIES	Argentina, India, USA, Germany, Switzerland, Spain, Czech Republic, Italy, Belgium, Netherlands, Poland
NUMBER OF OPERATIONS	128

	IMPORTS
YEAR	2014
AMOUNT	US$1,951,794.11
COUNTRIES	Argentina, India, USA, Germany, Switzerland, Spain, Czech Republic, Italy, Belgium, Netherlands
NUMBER OF OPERATIONS	44

	EXPORTS
YEAR	2017
AMOUNT	US$7,430,578.15
COUNTRIES	Malta, Russia, Netherlands, Iran, Spain, India, Canada, Czech Republic, Bulgaria, Argentina
NUMBER OF OPERATIONS	50

	EXPORTS
YEAR	2016
AMOUNT	US$2,983,078.25
COUNTRIES	Russia, Bulgaria, Spain, Netherlands, Malta, Germany
NUMBER OF OPERATIONS	13

	EXPORTS
YEAR	2015
AMOUNT	US$3,145.89
COUNTRIES	Germany
NUMBER OF OPERATIONS	1

FINANCIAL INFORMATION

This report was elaborated through external resources since the executives declined to provide any information of the company on grounds of confidentiality.

No financials were found through external sources.

FIXED ASSETS

The company owns:

Office furniture

Computer equipment

INSURANCE

No insurance policies were found.

PAYMENTS REFERENCES

FOREIGN SUPPLIERS	Country	Phone Number	Contact Name
IND SWIFT LABORATORIES LIMITED	India	(91-172) 273.0503
PSA INTERNATIONAL LTD	India

COMMENTS OF SUPPLIERS

Domestic suppliers consulted do not provide commercial information regarding clients on grounds of confidentiality.

BANKS

Bank Name	Country	Phone Number
BANCO ESTADO CHILE	Chile

BANK REFERENCES

Consulted Bank does not provide information of its clients on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89
CLP	1	INR 0.11

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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