MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
APSEN FARMACÊUTICA S/A |
|
|
|
|
Registered Office : |
Rua La Paz, 37/67 – Santo Amaro, 04755-020 São Paulo/SP |
|
|
|
|
Country : |
Brazil |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
03/06/1969 |
|
|
|
|
Legal Form : |
Privately Held Corporation |
|
|
|
|
Line of Business : |
Manufacture, sale, import, transport and warehousing of pharmaceutical products and raw materials and cosmetics, perfumeries and normal or diet foodstuffs, extraction of chemical products and biological materials as well as participation on other companies. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
name
APSEN FARMACÊUTICA S/A
ADDRESSES
Main Address: Rua La Paz, 37/67 – Santo Amaro
Zip Code/City: 04755-020 São Paulo/SP
Phone: 11 5645-5011
Fax: 11 5641-2305
E-mail: nelson@apsen.com.br
apsen@apsen.com.br
Web Site: www.apsen.com.br
BRANCHES:
Not Available
LEGAL DATA
MAIN ACTIVITIES:
----------------
Manufacture, sale, import, transport and warehousing of pharmaceutical products and raw materials and cosmetics, perfumeries and normal or diet foodstuffs, extraction of chemical products and biological materials as well as participation on other companies.
LEGAL FORM: PRIVATELY HELD CORPORATION
Incorporation Date: 03/06/1969
Register Date: 03/06/1969
Registration Number: 35.300.159.632
Balance Sheet Filing Date: 31/12
Tax Contributor Number (CNPJ): 62.462.015/0001-29
State Register: 108.110.400.118
Share Capital: R$ 10.000.000,00
Last Register of Capital: 31/03/2005
BOARD OF DIRECTORS:
RENATO SPALLICCI SUPERVISING DIRECTOR
JOÃO SCHLICKMANN NETO ADMINISTRATIVE/FINANCIAL DIRECTOR
RICARDO DE CARVALHO INDUSTRIAL DIRECTOR
* The company was requested the directors previous careers but despite of several reminders and contacts so far no information was provided. Due to that reason it is believed the company has no interest in disclosing such data.
AUTHORIZED USE OS
SIGNATURE
The directors are authorized to sign on behalf of the company.
SHAREHOLDERS / PARTNERS:
IRENE GIUGNI SPALLICCI 50 %
RENATO SPALLICCI 50 %
AFFILIATES / SUBSIDIARIES:
--------------------------
Not Available
COMPANY’S BACKGROUND
The subject was established on June 03, 1969 to be engaged in the said line of business and up to date it is still operating within the general scene reported herein.
On September 20, 1977 Subject changed its corporate name from APSEN LABORATÓRIOS S/A to the present registered one.
Further details about the subject’s history are so far not known.
PUBLIC RECORDS INFORMATION:
---------------------------
No detrimental records were found.
FINANCIAL INFORMATION
The financial data comprehend the subject non-consolidated figures with domestic accounting proceedings. The balance sheets are audited by BOUCINHAS & CAMPOS + SOTECONTI Independent Auditors.
|
GENERAL BALANCE SHEETS AS OF 31/12/2005, 31/12/2004 AND 31/12/2003 (Figures are in thousands of Reais R$) |
|||
|
|
|
|
|
|
ASSETS |
|
|
|
|
------ |
31/12/05 |
31/12/04 |
31/12/03 |
|
CURRENT: |
|
|
|
|
Cash and banks |
477 |
902 |
1.567 |
|
Credits |
21.508 |
15.309 |
12.119 |
|
Inventories |
8.155 |
6.818 |
4.823 |
|
Recoverable taxes |
2.880 |
3.275 |
2.433 |
|
Other credits |
2.751 |
935 |
655 |
|
Pre-paid expenses |
903 |
770 |
946 |
|
|
--------- |
------------ |
----------- |
|
Total Current Assets |
36.674 |
28.009 |
22.543 |
|
|
|
|
|
|
LONG-TERM RECEIVABLES: |
|
|
|
|
Legal Deposits |
579 |
304 |
293 |
|
Recoverable taxes |
759 |
284 |
162 |
|
Pre-paid expenses |
258 |
373 |
526 |
|
Other credits |
123 |
102 |
60 |
|
|
---------- |
------------ |
----------- |
|
Total Long-Term Receivables |
1.719 |
1.063 |
1.041 |
|
|
|
|
|
|
FIXED ASSETS: |
|
|
|
|
Investments |
-
|
-
|
326 |
|
Property/plant/equipment |
23.135 |
16.468 |
9.475 |
|
Deferred |
-
|
-
|
-
|
|
|
----------- |
------------- |
-------- |
|
Total Fixed Assets |
23.135 |
16.468 |
9.801 |
|
|
========== |
=========== |
========= |
|
TOTAL ASSETS |
61.528 |
45.540 |
33.385 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
----------- |
31/12/04 |
31/12/03 |
31/12/02 |
|
CURRENT: |
|
|
|
|
Suppliers |
3.204 |
2.307 |
2.645 |
|
Loans and financing |
14.207 |
8.358 |
5.358 |
|
Taxes payable |
4.690 |
2.776 |
3.018 |
|
Payroll obligations |
323 |
1.899 |
1.455 |
|
Tributary provisions |
4.141 |
6.086 |
3.967 |
|
Dividends |
986 |
3.003 |
922 |
|
Labour provisions |
1.275 |
1.246 |
959 |
|
Other accounts payable |
585 |
764 |
1.447 |
|
|
--------- |
---------- |
---------- |
|
Total Current Liabilities |
29.411 |
26.439 |
19.771 |
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
Loans & financing |
85 |
328 |
194 |
|
Tax due |
6.728 |
995 |
1.654 |
|
Provisions for contingences |
1.479 |
818 |
1.455 |
|
|
--------- |
------------ |
---------- |
|
Total Long-Term Liabilities |
8.292 |
2.141 |
3.303 |
|
|
|
|
|
|
NET EQUITY: |
|
|
|
|
Share capital |
10.000 |
7.000 |
6.000 |
|
Capital reserves |
-
|
-
|
113 |
|
Revenue reserve |
420 |
589 |
320 |
|
Retained (loss) earnings |
13.405 |
9.371 |
3.878 |
|
|
---------- |
----------- |
----------- |
|
Total Net Equity |
23.825 |
16.960 |
10.311 |
|
|
========= |
========== |
========== |
|
TOTAL LIABILITIES |
61.528 |
45.540 |
33.385 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNTS AS OF 31/12/2005, 31/12/2004 AND 31/12/2003 (Figures are in thousands of Reais R$) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
31/12/05 |
31/12/04 |
31/12/03 |
|
|
|
|
|
|
GROSS SALES |
125.331 |
107.528 |
80.083 |
|
(-) Taxes on sales |
18.438 |
15.818 |
12.005 |
|
|
---------- |
----------- |
---------- |
|
NET SALES |
106.893 |
91.710 |
68.078 |
|
(-) Cost of sold goods |
29.783 |
24.924 |
18.771 |
|
|
----------- |
----------- |
----------- |
|
GROSS PROFIT |
77.110 |
66.786 |
49.307 |
|
Operating Revenue (Expense) |
(59.762) |
(45.330) |
(36.303) |
|
Financial Revenue (Expense) |
(6.550) |
(2.480) |
(2.358) |
|
|
---------
|
-------
|
------- |
|
OPERATIONAL PROFIT (LOSS) |
10.798 |
18.976 |
10.646 |
|
Non-Operating Income (Expense) |
28 |
(3) |
(84) |
|
Social contribution |
(988) |
(1.572) |
(1.012) |
|
Income tax |
(2.650) |
(4.514) |
(2.955) |
|
Profit sharing |
(323) |
(2.027) |
(711) |
|
Reversal of interest on own capital |
1.548 |
914 |
523 |
|
|
------------ |
------------- |
--------- |
|
NET PROFIT (LOSS) |
8.413 |
11.774 |
6.407 |
EXCHANGE RATE:
--------------
US$ 1,00 = R$ 2,06 – 27/03/2007
US$ 1,00 = R$ 2,34 – 31/12/2005
US$ 1,00 = R$ 2,65 – 31/12/2004
US$ 1,00 = R$ 2,88 – 31/12/2003
COMMENTS ON THE FINANCIAL INFORMATION:
--------------------------------------
Follows attached worksheet with main financial ratios.
The figures available show a normal financial standing. Despite the high level of indebtedness, it is noted good current ratio and high working capital amount as well as growing sales and good profitability.
So far no signs of financial or operating problems are noted. The company operates with high growth in sales and operations are profitable. Therefore, it is not likely to face financial problems.
REAL ESTATE:
------------
Owned real estate is valued at R$ 11.684.000,00
VEHICLES:
---------
Owned vehicles are valued at R$ 403.000,00
MACHINES:
---------
Owned machines and equipments are valued at R$ 7.826.000,00
INSURANCE
Insurance Company: ACE SEGURADORA
Coverage: equity
Value: R$ 50.000.000,00
Expiration: 01/01/2007
BANKING REFERENCES
BRANCH: PHONE:
BANCO BANESPA S/A 0438 Borba Gato 11 5694-2250
BANCO BRADESCO S/A 3396 Santo Amaro 11 5545-9600
BANCO DO BRASIL S/A 03875 Santo Amaro 11 5644-5916
BANCO ITAÚ S/A 0160 Santo Amaro 11 5687-0611
BANCO SOFISA S/A 0019 Av. Paulista 11 3176-5537
* Note: in Brazil the banks are prohibited by law to provide information or any kind of comments about their clients. Due to this law prohibition we are unable to provide any banking details.
According to the CENTRAL BANK OF BRAZIL official report, the company has no returned checks up to date. (in the terms of “Circular 1682 Brazilian Central Bank”). Date researched: March 27, 2007.
ACTIVITIES COMMENTS
Subject is engaged in the manufacture, sale, import, transport and warehousing of pharmaceutical products and raw materials and cosmetics, perfumeries and normal or diet foodstuffs, extraction of chemical products and biological materials as well as participation on other companies.
|
MAIN PRODUCTS |
DETAIL |
Share |
|
NOODIPINA |
Nimodipina – cerebral/geriatric vasodilatation |
14% |
|
UNOPROST |
Dozazosina – urology |
12% |
|
MIOSAN |
Ciclobenzaprina – muscle relaxation |
11% |
|
INIBINA |
Isoxsuprina – peripheral vasodilatation |
10% |
IMPORT AND EXPORT:
------------------
Imports from: SWITZERLAND, UNITED STATES, ITALY, JAPAN, etc
Exports to: Not available.
MAIN CLIENTS:
-------------
|
|
CITY |
PHONE |
|
DISTR.FARM. PANARELLO LTD |
Goiânia – GO |
62-2577000 |
|
DISTR.MEDIC.STA.CRUZ LTDA |
Osasco – SP |
11-70874000 |
|
DROGARIA SÃO PAULO LTDA |
Diadema – SP |
11-7132500 |
|
PROFARMA DISTR.PROD.FARM. |
Contagem – MG |
31-4501828 |
|
ITA REPRES.DE PROD.FARM. |
Belo Horizonte – MG |
31-4936000 |
|
MERCANTIL FARMED LTDA |
São Paulo – SP |
11-8395600 |
|
REYDROGAS COMERCIAL LTD |
Goiânia – GO |
62-8462800 |
|
JAMYR VASCONCELOS S/A |
Rio de Janeiro – RJ |
21-8609933 |
|
SAGRA PRODS.FARMAC. LTDA |
Ribeirão Preto – SP |
16-6272009 |
|
IMEDIATA DISTR.PROD.FARM. |
Timon – MA |
86-2123000 |
STAFF:
------
495 employees.
CONCEPT AND
FULFILMENT
The subject is a well-established company, operating since 1969. So far it has a clear trade history and normal payment behavior. It is a family-run company and both the company and the principals enjoy a favorable reputation among local trade sources.
The company has trade relations with several suppliers in Brazil. The suppliers extend credit facilities to the subject in terms and amounts according to the company's needs and so far no payment problems are noted.
MAIN SUPPLIERS:
---------------
|
|
CITY
|
PHONE |
|
ALUISUISSE LONZA BRASIL |
Diadema – SP |
11-40756531 |
|
ALMAPAL S/A |
São Paulo – SP |
11-37351666 |
|
BLANVER FARMOQUIMICA LTDA |
Cotia - SP |
11-46128588 |
|
CBE BANDEIRANTES EMBALAG |
São Paulo – SP |
11-56413388 |
|
GRAFICA ED.BROGOTÁ LTDA |
São Paulo – SP |
11-37430055 |
|
REGNUS IND. E COM. LTDA |
São Paulo – SP |
11-40574130 |
|
WHEATON DO BRASIL I.COM. |
São Paulo – SP |
11-43514433 |
PAYMENT HISTORY:
----------------
12 Suppliers reported payments,
Total amount: R$ 1.102.477,00
Amount of invoices paid: 126 invoices
Total of prompt payments: 100%
Highest invoice: R$ 193.420,00
Highest credit: R$ 19.650,00
Outstanding invoices due within the next 30 days:
Suppliers: Invoices: Total amount:
Total: 4 13 R$ 30.587,00
Due within 30 days 4 13 R$ 30.587,00
FINAL OPINION
The subject is a well-established company in business for several years. Up to date it has a normal financial standing, a clear trade history and good payment behavior.
Based on the general information available it is believed that good trade relations may be established. Credit facilities may be extended within terms and amounts adequate to the company’s financial strength.
An initial credit limit of USD 2.000.000,00 / 3.000.000,00 can be considered. Higher amounts can be granted depending on the importance of the operations to be established with the subject.
|
BALANCE
SHEET ANALYSIS |
(Figures
are in thousands of Reais R$) |
|
|
|
||
|
|
31-12-05 |
|
31-12-04 |
|
31-12-03 |
|
|
ASSETS |
|
% |
|
% |
|
% |
|
Current Assets |
59.61 |
$ 28,009 |
61.50 |
$ 22,543 |
67.52 |
|
|
Fixed Assets |
$ 23,135 |
37.60 |
$ 16,468 |
36.16 |
$ 9,801 |
29.36 |
|
TOTAL ASSETS |
$ 61,528 |
100.00 |
$ 45,540 |
100.00 |
$ 33,385 |
100.00 |
|
LIABILITIES |
|
|
|
|
|
|
|
Current Liabilities |
$ 29,411 |
47.80 |
$ 26,439 |
58.06 |
$ 19,771 |
59.22 |
|
Long-Term Liabilities |
$ 8,292 |
13.48 |
$ 2,141 |
4.70 |
$ 3,303 |
9.89 |
|
TOTAL LIABILITIES |
$ 37,703 |
61.28 |
$ 28,580 |
62.76 |
$ 23,074 |
69.11 |
|
Deferred Income |
$ -
|
0.00 |
$ -
|
0.00 |
$ - |
0.00 |
|
Net Equity |
$ 23,825 |
38.72 |
$ 16,960 |
37.24 |
$ 10,311 |
30.89 |
|
TOTAL LIABILITIES + NET EQUITY |
$ 61,528 |
100.00 |
$ 45,540 |
100.00 |
$ 33,385 |
100.00 |
|
PROFIT AND LOSS ACCOUNTS |
|
|
|
|
|
|
|
Net Sales |
$ 106,893 |
100.00 |
$ 91,710 |
100.00 |
$ 68,078 |
100.00 |
|
Costs |
$ 29,783 |
27.86 |
$ 24,924 |
27.18 |
$ 18,771 |
27.57 |
|
Gross Profit |
$ 77,110 |
72.14 |
$ 66,786 |
72.82 |
$ 49,307 |
72.43 |
|
Operating expenses |
$ (66,312) |
|
$ (47,810) |
|
$ (38,661) |
|
|
operational Result |
$ 10,798 |
|
$ 18,976 |
|
$ 10,646 |
|
|
Net Profit (loss) |
$ 8,413 |
|
$ 11,774 |
|
$ 6,407 |
|
|
COMPLEMENTARY DATA |
|
|
|
|
|
|
|
Inventory |
$ 8,155 |
|
$ 6,818 |
|
$ 4,823 |
|
|
Accounts receivable |
$ 21,508 |
|
$ 15,309 |
|
$ 12,119 |
|
|
Accounts Payable |
$ 3,204 |
|
$ 2,307 |
|
$ 2,645 |
|
|
Property, plant and equipment |
$ 23,135 |
|
$ 16,468 |
|
$ 9,801 |
|
|
Purchases |
$ -
|
|
$
- |
|
$ -
|
|
|
Financial Expenses |
$ (6,550) |
|
$
(2,480) |
|
$ (2,358) |
|
|
Foreign Currency Assets |
$ -
|
|
$
- |
|
$ -
|
|
|
Foreign Currency Liabilities |
$ -
|
|
$
- |
|
$ -
|
|
|
Working Capital |
$ 7,263 |
|
$
1,570 |
|
$ 2,772 |
|
|
RATIOS: |
|
|
|
|
|
|
|
QUICK RATIO |
0.97 |
|
0.80 |
|
0.90 |
|
|
CURRENT RATIO |
1.25 |
|
1.06 |
|
1.14 |
|
|
ACCOUNTS RECEIVABLE TURNOVER |
4.97 |
times |
5.99 |
times |
5.62 |
times |
|
DAYS' SALES IN RECEIVABLES |
73.44 |
days |
60.93 |
days |
64.98 |
days |
|
INVENTORY TURNOVER |
3.65 |
times |
3.66 |
times |
3.89 |
times |
|
39.27 |
days |
33.78 |
days |
51.43 |
days |
|
|
RETURN ON ASSETS |
1.74 |
times |
2.01 |
times |
2.04 |
times |
|
SALES TURNOVER ON NET EQUIY |
4.49 |
times |
5.41 |
times |
6.60 |
times |
|
NET WORTH TIE-UP |
0.97 |
|
0.97 |
|
0.95 |
|
|
ENDEBTEDNESS |
1.58 |
|
1.69 |
|
2.24 |
|
|
EQUITY RATIO |
38.72 |
% |
37.24 |
% |
30.89 |
% |
|
WORKING CAPITAL RATIO |
24.69 |
% |
5.94 |
% |
14.02 |
% |
|
GENERAL SOLVENCY |
1.63 |
|
1.59 |
|
1.45 |
|
|
RETURN ON NET EQUITY |
35.31 |
% |
69.42 |
% |
62.14 |
% |
|
RETURN ON SALES (PROFIT MARGIN) |
7.87 |
% |
12.84 |
% |
9.41 |
% |
|
GROSS PROFIT MARGIN |
72.14 |
% |
72.82 |
% |
72.43 |
% |
|
OPERATIONAL RESULT |
10.10 |
% |
20.69 |
% |
15.64 |
% |
|
SALES TURNOVER ON LIABILITIES |
3.63 |
times |
3.47 |
times |
3.44 |
times |
|
FOREIGN CURRENCY ON ASSETS |
-
|
% |
-
|
% |
-
|
% |
|
FOREIGN CURRENCY ON LIABILITIES |
-
|
% |
-
|
% |
-
|
% |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)