MIRA INFORM REPORT

Report No. :	499253
Report Date :	23.03.2018

IDENTIFICATION DETAILS

Name :	CIMAB S.A.
Registered Office :	Calle 206 No. 1226 ESQ.21, Atabey, Playa Atabey, Playa Havana, 11600
Country :	Cuba
Financials (as on) :	2016 (Summarized)
Year of Establishment :	1991
Legal Form :	Sociedad Anonima
Line of Business :	Subject commercializes biopharmaceutical products and services of the Center of Molecular Immunology.
No. of Employees :	65

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	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 (30.09.2017)	Current Rating (31.12.2017)
Cuba	B1	B1

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

CUBA - ECONOMIC OVERVIEW

The government continues to balance the need for loosening its socialist economic system against a desire for firm political control. In April 2011, the government held the first Cuban Communist Party Congress in almost 13 years, during which leaders approved a plan for wide-ranging economic changes. Since then, the government has slowly and incrementally implemented limited economic reforms, including allowing Cubans to buy electronic appliances and cell phones, stay in hotels, and buy and sell used cars. The government has cut state sector jobs as part of the reform process, and it has opened up some retail services to "self-employment," leading to the rise of so-called "cuentapropistas" or entrepreneurs. More than 500,000 Cuban workers are currently registered as self-employed.

The Cuban regime has updated its economic model to include permitting the private ownership and sale of real estate and new vehicles, allowing private farmers to sell agricultural goods directly to hotels, allowing the creation of non-agricultural cooperatives, adopting a new foreign investment law, and launching a “Special Development Zone” around the Mariel port.

Since 2016, Cuba has attributed slowed economic growth in part to problems with petroleum product deliveries from Venezuela. Since late 2000, Venezuela provided petroleum products to Cuba on preferential terms, supplying at times nearly 100,000 barrels per day. Cuba paid for the oil, in part, with the services of Cuban personnel in Venezuela, including some 30,000 medical professionals.

Source : CIA

STATUTORY INFORMATION
Legal Name:	CIMAB S.A.
Trade Name:	CIMAB
ID:	30000349076
Date Created:	1991
Date Incorporated:	1991
Legal Address:	Calle 206 No. 1226 esq.21, Atabey, Playa Atabey, Playa Havana, 11600 Cuba
Operative Address:	Calle 206 No. 1226 esq.21, Atabey, Playa Atabey, Playa Havana, 11600 Cuba
Telephone:	(53)72717645
Fax:	(53)72717645
Legal Form:	SOCIEDAD ANONIMA
Email:	hechema@hotmail.com eliocanada1@gmail.com info@cimab.org cimab@infomed.sld.cu luisy@cim.sld.cu
Registered in:	CUBA
Website:	www.cimab-sa.com (the website is not working at the moment)
Contact:	Norkis Arteaga, General Manager
Staff:	65
Activity:	Biofarmaceutical Products Commercializing Company
BANKS The company does not make its banking data public
HISTORY
The company was founded in 1991
Key Developments :	Biocon buys CIMAB SA stake in JV The JV was engaged in manufacturing products based on the monoclonal antibodies in their facility in Bangalore. Biocon SA, the wholly owned subsidiary of Bangalore-based biopharmaceuticals company Biocon Ltd, is acquiring around 49% stake in Biocon Biopharmaceuticals Pvt Ltd (BBPL) held by CIMAB SA, a Cuban company. CIMAB SA was a joint venture partner with Biocon, the company informed the stock exchange. The financial details of this transaction were undisclosed. The JV was engaged in manufacturing products based on the monoclonal antibodies in their facility in Bangalore. Post this acquisition, BBPL will become a wholly owned subsidiary of the company. Both the companies, however, plan to continue their partnership on research, development and commercialisation of novel biopharmaceutical products. CIMAB SA has similar joint ventures agreement in China. The shares of Biocon were traded at Rs 305.10, up by Rs 9.15 or 3.09% at 12:10 pm in the BSE. Biocon has been eyeing possible acquisitions in India and overseas geographies for sometime. It has signed an MoU with Malaysia’s Biotechnology Corporation to explore collaboration and potential investment in Malaysia’s biotechnology industry. The company was earlier in talks with Mumbai-based Siro Clinpharm Pvt Ltd, a global contract research organisation (CRO), however, the development of the acquisition is not known. Siro Clinpharm is backed by two private equity investors Kotak Private Equity and the 3i Group, and jointly control nearly 70% stake of the company. In the third quarter ended by December 31, 2009, Biocon has seen three fold increase in its revenue at Rs 80.8 crore over the same period a year ago. Total income of the company rose to Rs 641.5 crore for the quarter ending December, against Rs 452.4 crore in the corresponding period last year.
PRINCIPAL ACTIVITY CIMAB S.A. commercializes biopharmaceutical products and services of the Center of Molecular Immunology.
Products/Services description:	CIMAB S.A. has been devoted to the commercialization of biopharmaceutical products for the Cuban market and abroad, especially monoclonal antibodies and other recombinant proteins for the diagnosis and treatment of cancer and other diseases related to the immune system. CIMAB S.A. is the exclusive representative for the commercialization of the products and services of the Center of Molecular Immunology (CIM). CIMAB main mission is to export new biopharmaceuticals for the diagnostic and treatment of human diseases once obtained the corresponding marketing approval. CIMAB negotiation policies includes licensing of projects, and technology patents ,strategic alliances for joint development of projects, joint venture companies in Cuba and abroad to build new manufacturing facilities and technology transfer CIMAB is also engaged on early negotiation of research projects related to monoclonal antibodies and therapeutic cancer vaccines. The company offers anti CD3 monoclonal antibody for the treatment of patients with organ transplant rejection, human recombinant erythropoietin for the treatment of anemia, granulocyte colony stimulating factor for the treatment of neutropenia, and a humanized monoclonal antibody that recognizes the epidermal growth factor receptor for cancer treatment, as well as other monoclonal antibodies for tumor imaging. The company also provides chemotherapy medicaments for neoplastic diseases, as well as a panel of products for the in vitro study of various pathological conditions, including malignant tumors, AIDS, and other disorders of the immune system.
Brands:	CIM
Sales are:	Wholesale
Clients:	LABORATORIOS PISA SA CV Mexico FARMEDICAL S.R.L. Bolivia Libra Paraguay SA Paraguay
Suppliers:	HELVEX SA DE CV Mexico Mangueras Especializadas Mexico LABORATORIOS DELTA S.A. Colombia
Operations area:	National and International
The company imports from	Mexico and Colombia
The company exports to	Mexico, Bolivia and Paraguay
The subject employs	65 employees
Payments:	No Complaints
LOCATION
Headquarters :	Calle 206 No. 1226 esq.21, Atabey, Playa Atabey, Playa Havana, 11600 Cuba
Comments:	NA
Branches:	PO BOX 16040 LA HABANA 11600 CUBA Cuba
Related Companies:	CIMAB S.A. has several joint ventures, including one in China and another in India. Biocon Biopharmaceuticals Private Limited 20th KM, Hosur Road Electronics City Bengaluru, 560 100 India
GROUP STRUCTURE AND SUBSIDIARY COMPANIES
Listed at the stock exchange:	NO
Capital:	NA
Shareholders:	The company is a marketing subsidiary of Center of Molecular Immunology (CIM) The Center of Molecular Immunology (Centro de Inmunología Molecular) or CIM, is a cancer research institution located on the west side of Havana, Cuba. Opened on December 5, 1994, it focuses on the research and production of new biopharmaceutical products for the treatment of cancer and other nontransmissible diseases. Today CIM produces biopharmaceutical products, such as anti-CD3 monoclonal antibody for the treatment of patients with organ transplant rejection, human recombinant erythropoietin for the treatment of anemia, granulocyte colony-stimulating factor for the treatment of neutropenia, and a humanized monoclonal antibody that recognizes the epidermal growth factor receptor for cancer treatment, as well as other monoclonal antibodies for tumor imaging. Address: P.O. Box. 16040, La Habana 11600, Cuba Tel: +53-7-214 3159 Fax: +53-7-272 0644
Management:	Norkis Arteaga, General Manager Elias G.HALWAGI Einard Blanco, Manager Jesus Dominguez Garcia, Commercial Specialist Anabel Ferrer Corral, Sales and Export Manager
FINANCIAL INFORMATION
The company does not make its financial statements public. The following information has been provided by private sources:
USD 2016
Sales	6,000,000
Cash Flow	Normal
LEGAL FILINGS
Lawsuits:	No records found
OFAC Sanctions List Search:	The company is not listed in the OFAC list.
SUMMARY Founded in 1991, CIMAB S.A. commercializes biopharmaceutical products and services of the Center of Molecular Immunology. The company has 65 full-time employees. The company imports from Mexico and Colombia, and exports to Mexico, Bolivia and Paraguay, operating within national and international markets. The company is a marketing subsidiary of Center of Molecular Immunology (CIM). This has been an ACTIVE company incorporated in CUBA.
RISK INFORMATION
DEBTS	Controlled
PAYMENTS	No Complaints
CASH FLOW	Normal
STATUS	ACTIVE
	Cuba is gradually opening its international trades and its recent agreements with the USA allows the country to gradually beginning to participate more actively in foreign affairs and overcome US blockade.
INTERVIEW
NAME	Luis Ynogoyo
POSITION	Business Development
COMMENTS	He confirmed legal name, trade name, address, website, telephone and provided his email: luisy@cim.sld.cu He explained that the company´s website was not working at that moment. He also confirmed operations area and principal products. He explained he was not allowed to provide information such as the number of employees or shareholders. However, he said that the client could send him an email to luisy@cim.sld.cu for further inquiries.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.06
UK Pound	1	INR 92.06
Euro	1	INR 80.37
CUP	1	INR 65.16

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

INFORMATION DETAILS

Analysis Done by :	PRI
Report Prepared by :	NIT

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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