MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
EMPRESA IMPORTADORA Y EXPORTADORA DE MEDICAMENTOS |
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Registered Office : |
Calle
Maximo Gomez 1, Esq. A Egido, La Habana Vieja, La Habana (Havana) |
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Country : |
Cuba |
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Date of Incorporation : |
1972 |
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Legal Form : |
State-owned Enterprise |
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Line of Business : |
Import
and export of all kind of pharmaceuticals and medicinal specialties for human
use, medical and hospital supplies, materials, equipment, instruments and
related products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
100.000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company's Style
EMPRESA IMPORTADORA Y EXPORTADORA DE MEDICAMENTOS
Trade Name
MEDICUBA
Trading Address
Calle
Maximo Gomez 1, esq. a Egido, La Habana Vieja,
Town :
LA HABANA (HAVANA)
Mailing
address : P.O.Box 67721
Telephone :
(53-7)61 7965 - 62 4105/3983
Fax :
(53-7)33 8516
E-Mail :
medicuba@infomed.sld.cu
Country :
CUBA
BACKGROUND INFORMATION & BUSINESS
PROFILE
LEGAL
STRUCTURE
Legal Status : State-owned Enterprise.
Date established : 1972
DEPENDENCE
& OVERSIGHT : It is a Cuban Government-run enterprises, depending on the
Ministry of Public Health, Government of Cuba.
MANAGEMENT: Managing
Director Angel
Alfonso SANCHEZ DIAZ
Vice
Managing Director Francisco
GUERRA GARCIA
LINE OF
BUSINESS : TRADER / IMPORTER - WHOLESALER
MAIN
BUSINESS LINE : MEDICAL & HOSPITAL
SUPPLIES, PHARMACEUTICALS, ETC.
PRINCIPAL
ACTIVITY : It is the Cuban
Government-owned and run enterprise engaged in the import and export of all
kind of pharmaceuticals and medicinal specialties for human use, medical and
hospital supplies, materials, equipment, instruments and related products, for
the account and on behalf of the Cuban Ministry of Public Health.
The
company is also engaged in the export trade of all injectables, vaccines and
pharmaceuticals produced in the Island by other Cuban Government-owned
laboratories and drug making enterprises.
Annual
Sales : Estimated in USD 15.000.000
Imports
from Switzerland, Spain, Italy, Germany, France, P.R. China, etc.
STAFF :
145
BANKERS : Banco Financiero
Internacional S.A.
Banco Nacional de Cuba
INSURERS : Esicuba
TANGIBLE FIXED ASSETS, INVESTMENTS, ETC.
PHYSICAL
ASSET HOLDINGS : Building where it is located belongs to the Ministry of Public
Health.
CREDIT STANDING
BANK
REFERENCES: Its banking transactions are made only with Banco de Cuba, and
include checking accounts drawn normally; foreign trade operations; collections
of bills of exchange; negotiation of LC's; the granting of avals and guarantees
to help finance capital goods importation, etc.
TRADE
REFERENCES: The company operates with a number of suppliers of goods and services
by using credit lines payable in open accounts 30/60 days from invoicing. Its
payment performance is good, although delays mayn occur because of
buureauucratic procedures
Negative
facts : Nothing detrimental. No collection claims, returned checks, or legal
suits are recorded against subject.
FINAL OPINION
We are
reporting upon a Cuban Government purchasing company of medical and hospital
supplies and materials, mainly for the account and on behalf of Ministry of Public
Health. Therefore, it is fully backed-up by the Cuban Government. Its
contractual commitments are met normally and well, so no objections are noted
upon subject.
CREDIT QUALITY ANALYSIS
Risk
profile :
Standard (Normal)-risk buyer
Credit
soundness :
Creditworthy
Credit
appraisal :
Recommended
Potential
credit limit : USD
100.000
Assessment : This amount may
be considered as an initial credit limit. Should higher credit
risks are involved, secured terms are
recommended.
Credit
surveillance :
Subject to regular review & supervision
REMARK :
This report lacks of enough financial figures because it is not possible to
obtain balance sheets on Cuban Government-owned enterprises like the subject,
because they are considered as "confidential" and are not disclosed.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)