MIRA
INFORM REPORT
|
Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CORPORACION MEDCO S.A.C |
|
|
|
|
Registered Office : |
Av. Venezuela 5415, San Miguel, Lima,32/Lima |
|
|
|
|
Country : |
Peru |
|
|
|
|
Date of Incorporation : |
1975 |
|
|
|
|
Legal Form : |
Closely-held Corporation |
|
|
|
|
Line of Business : |
Importer, Manufacture and Trader of Pharmaceutical Products, as well
as Naturals, such as: COMPLEX B,
CALCIOFEROL, GINGISONA, OMEPRAL, among others. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : CORPORACION MEDCO S.A.C.
TRADE NAME : "MEDCO"
TAXPAYER REGISTRATION : RUC 20101269834 OPERATING STATUS: Active
MAIN ADDRESS : Av. Venezuela 5415, San Miguel,
CITY/PROVINCE/STATE : Lima,32/Lima
COUNTRY : PERU
TELEPHONE : (511)415.0500
FAX : (511)415.0520
WEB SITE : www.medco.com.pe
SUMMARY
Incorporation : 1975 Operating Status : Active
Last Capital : S/.6'271,471.=
Nuevos Soles (100% Nacional)
Finantial Situation : UNDETERMINED
Employees : 300
Rating : Satisfactory
Payments : Usually to
terms/good
Business Trend : Undetermined
QUALIFICATION
RATING : Satisfactory
PAYMENTS : Usually to
terms/good
LEGAL BACKGROUNDS
LEGAL STATUS : Closely-held
Corporation
DATE OF INCORPORATION : 16JUN1975
REGISTERED IN : Lima
NOTARY OFFICE : Abraham Velarde
Alvarez
DURATION : Perpetual
REGISTRATION : Rec.Card 7599
(27.08.1975), Entry 01242334
INITIAL CAPITAL : S/.4,000.= Nuevos
Soles
CURRENT PAID-IN CAPITAL :
S/.6'271,471.=
Nuevos Soles (100% Domestic Market)
LAST CAPITAL INCREASE : 20DEC2000
TYPE OF SHARES : Registered
LISTED AT STOCK EXCHANGE :
No
SHARE VALUE : S/. 1.= Nuevo Sol
CURRENT EXCHANGE RATE : S/.2.94 per USA Dollar
HISTORY
Subject was initially incorporated on June
16, 1975, under the tradename: "LABORATORIOS MARFAN S.A.". Its promotores were: Messrs. Luis Guillermo Galli Collazos, Enrique
Noriega Espinar and Rosa Esperanza Fonseca Ortiz.
Later, Subject changed its tradename, for
"MARFAN S.A.C.", being duly recorded in the Entry 01242334 of the
Lima and Callao Registries Office.
Under Stockholders' Meeting dated December
20, 2000, MARFAN S.A.C., took over by merger "CONSORCIO FARMACEUTICO
NACIONAL S.A."; and simultaneously, changed its tradename for the current
one: "CORPORACION MEDCO
S.A.C.".
Finally, as per Stockholders' Meeting
celebrated on September 03, 2001, Subject took over by merger its related firm
"CHEMINDUSTRIES S.A.", assuming its equity capital
under all-embracing title.
DIRECTORS / EXECUTIVES /
SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
CHAVEZ MURO, ALFONSO SIXTO General Manager
HERRERA ARCE, LUIS Administ.and Fin.Manager
BANDA, GISELA Operations
Manager
PAEZ, LILIAN Technical Director
PEÑA MOQUILLAZA, FELIX LUIS DE LEON Accountant
TEVA PHARMACEUTICAL INDUSTRIES LTD. Shareholder 100%
WHO IS WHO ?
CHAVEZ MURO,
ALFONSO SIXTO
NATIONALITY : Peruvian BORN : 29JUN1967
DOC. OF IDENT. : DNI 09152374
PROFESSION : Business Administrator
HOME ADDRESS : Av. Golf Los Incas 309, Surco, Lima,33
BACKGROUNDS .-
Taxpayer Identification: RUC 10093523740. It was issued on July 01, 1993, to operate
as a Natural Person Without Business.
He also takes part in the related companies
to CORPORACION MEDCO S.A.
PEÑA MOQUILLAZA,
FELIX LUIS DE LEON
NATIONALITY : Peruvian BORN : 14JAN1960
DOC. OF IDENT. : DNI 07319140
TEVA
PHARMACEUTICAL INDUSTRIES LTD.
Transnational enterprise, headquartered in
Israel.
RELATED COMPANY(IES)
COMPANY NAME COUNTRY TAX.REG.
RELATION
COFINA SA PERU 20101270093 Related
DISTA SA PERU 20101269753 Related
SINDEX SA PERU 20101269915 Related
TEVA PHARMACEUTICAL INDUSTRIES LTD. ISRAEL Parent Co.
BUSINESS
MAIN ACTIVITY .-
Subject is engaged to the import,
manufacture and trading of pharmaceutical products, as well as naturals, such
as: COMPLEX B, CALCIOFEROL, GINGISONA,
OMEPRAL, among others.
Subject has the following divisions, to
develop its activities:
COFANA:
Specialized in the brand products, standing out the gastrointestinal,
odontology and pediatrics lines.
MARFAN:
In charged of generic products' trading.
EDCO:
This is the line with the same name as Subject, involved in the trading
of innovator products for new market segments.
IMPORT : Yes (From Czech
Rep., Belgium, Rumania, Croatia, Israel, Chile, United K., Polonia,
Brazil, Japan, Korea, France, Swiss,
Hungary, Taiwan, Denmark, India, Uruguay,
Annual Imports in US $(CIF) :
Year Amount
2006
5,066,004.00
2007
7,143,504.00
2008
1,717,730.00
EXPORT
: Yes (To United Arab. Emirates, Mexico, Chile, Uruguay, Bolivia, Spain,
Argentine and
Venezuela).
Annual Exports in US $(FOB) :
Year Amount
2006
825,770.00
2007
790,569.00
2008
74,685.00
% CASH
SALES/METHOD : 5%
% CREDIT
SALES/TERMS : 95% (Invoices within 30,45,60 and 90 days).
% FOREIGN
SALES(COUNTRIES) : 5%
SELLING TERRITORY : 95% (Domestic Market).
EMPLOYEES : 300
FACILITIES .-
Premises : Own
Time Occupied : October 2002
Floors : 2
Condition : Concrete building,
good appearance, located in an urban area
Use : Administrative Offices, Plant and Warehouse.
Remarks and other Premises .-
The premises in the headline, has a land
area of 2,000 M2 and a built area of
1,500 M2.
Commercial Office: Calle Tupac Amaru 2746,
Pueblo Libre (Lima,21). Owned building, 3
stories, located in a commercial zone.
Branches in Lima:
- Calle San Jose 140 A,B2,C3,D4, Pueblo
Libre (Lima,21)
- Calle San Jose 142, Pueblo Libre (Lima,21)
(Offices)
- Calle San Jose 148, Pueblo Libre (Lima,21)
(Offices)
- Calle Ugarteche 2712, Pueblo Libre
(Lima,21)(Offices)
- Calle Ugarteche 2737, Pueblo Libre
(Lima,21) (Warehouse)
- Calle San Genaro 150, Z.I. Molitalia, Los
Olivos (Lima,39)
- Calle San Andres 6100, Urb.Molitlia (Mz.B,
Lt.6) Los Olivos (Lima,39)
Branches in Provinces:
- Mz.A, Lote 11, Urb. Lever Pacocha, Huaura
- Huacho.
- Av. Materiales 3045, Cercado, Lima.
- Jr. Matinez de Compagnon 527, Tarapoto -
San Martin.
- Calle los Fresnos 105, Urb.Miraflores,
Piura - Castilla.
- Av. Andres Avelino Caceres 626,
Urb.Federico Villarreal, Chiclayo - Lambayeque.
- Calle Las Orquideas Mz.A2, Lote 41-A,
Urb.Isidro, Ica - Ica.
- Av. Martineres del Periodismo 1186 (before
Av.Calmell del Solar) Huancayo-Junin
- Calle Las Hortencias 552, Urb.California,
Trujillo-Víctor Larco Herrera,
La Libertad.
COMMENTS .-
Subject's taxpayer identification is: RUC 20101269834. It was issued on June 16, 1975
and updated on April 01, 2004, to be engaged
to the manufacture of pharmaceutical
products, being headquartered in Av.
Venezuela 5415, San Miguel (Lima, 32).
Among its main clients, we can mention:
- Distribuidora Droguería Alfaro S.A.C.
- Madfarma S.A.
- Richard O. Custer S.A.
- Representaciones Deco S.A.
Besided cliniques and hospitals.
Subject also performs imports from Germany,
Spain, China, Mexico, Italy, Colombia,
Argentine and USA.
FINANCIAL INFORMATION
Subject didn't disclose any kind of information,
due to internal policies; hence, this
report has been prepared completely from data gathered through several external
consulting sources, where no Subject's updated financial statements were
available.
FINANCIAL SITUATION : UNDETERMINED
Financial situation is considered to be
undetermined, as no accounting elements were available to assess Subject
results.
Subject is an enterprise with more than 30
years operating in the market, controlled by foreign capital, engaged to the
import, manufacture and trading of pharmaceutical products, hiring 300
employees, and being considered a
big-size company.
Through our investigations carried on in
several specialized sources, some disarrangements from former years were
reported to Subject, which may have been already cleared; as, current
references provided by its suppliers, point out Subject has a good payment
performance, without any information denoting operative inconveniences.
INSURANCE .-
Company Against Validity _
EL PACIFICO PERUANO SUIZA CIA.DE SEGUROS All risk Yearly
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit_ Monthly
Average_ Terms(days)) Performance? _ Time _ Products/Services Supplier
1 US$
15,000.= US$ 7,500.= Ch/60
days Prompt 4 years Corrugated cartoon boxes Domestic
2 Open
Not specified L/60,90 days
Prompt 9 years Glass and plastic contain Domestic
3 US$ 25,000.= US$
3,000.= L/90 days
Prompt +5 years Coaxial
aluminium pipes. Domestic
COMMENTS .-
A fourth supplier pointed out it worked with
Subject until 2006. It used to sell
Subject containers, no figures were specified, against letters of credit within
60 days, having a good payment fulfillment. Other consulted suppliers have not
answered yet to our references' request.
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically. There is not relationship as for the order
above
Supplier _
Telephone _
Agencia de Aduana Abel Ulloa
Agencia de Aduana Palacios
Andenex Chemie
Centro Papelero SAC (511) 3852042
Cientifica Andina
Comercial Century
Cristalería Langard SA (511) 3862624
Degraaf
Depósito SAC
Drocersa
Envases Lima SA (511)4375004
Epli SA
F. Hoffman La Roche
F.M.G.
Farma Capsulas
Farma International
Industria Grafica Cimagraf
Innova Andina
New Transport SA
Papelera del Sur SA (511) 4300660
Proemfar
Química Suiza SA
Sagran SRL
Tecnipak SAC (511)3267663
Utecnic
Wagner Internacional
Wagner Lambert
LIST OF FOREIGN SUPPLIERS .-
Suppliers listed Alphabetically. There is not relationship as for the order
above
Supplier _ Country _
Andenex Chemie GERMANY
Degraaf GERMANY
F. Hoffman La Roche SWITZERLAND
F.M.G. U.S.A.
Farma Capsulas COLOMBIA
Farma International U.S.A.
Proemfar COLOMBIA
Sagran SRL ITALY
Wagner Internacional U.S.A.
Wagner Lambert BRAZIL
CREDIT RISK CENTRAL .-
Subject is reported with (03) protested
items, registered as follows:
2005:
01 Letter of Credit for US$1,458.=
2004:
01 Letter of Credit for US$24,745.=
2003:
01 Returned Check for S/.4,860.=
No other negative backgrounds have been
reported to Subject, later.
LAWSUITS ? .-
Date
Action
Plaintiff
10JAN05
Fiscal complaint
SUNAT
BANKING INFORMATION
BANKERS
Bank
CITIBANK DEL PERU SA
BANCO DE CREDITO DEL PERU
BANCO B.I.F.
Subject carries out its financial
transactions with the above mentioned banks, which
reported Subject with a good accounts
handling, without further details.
SUPERINTENDENCY OF BANK & INSURANCE -
SBS .-
The SBS reported the following debts before
the Financial System as at 31MAR2008 (Last Report)
Obligations DC(S/.) FC(US$)
Advance in current account cont 1.00 0.00
Credit cards-contract 3,048.00 0.00
Financial Leasing 469,784.00 0.00
Letters of indemnity 3,168,814.00 40,460.00
-------------------- --------------------
Total Indebtedness S/. 3,641,647.00
US$ 40,460.00
Guarantees S/. 938,551.00
US$ 316,301.00
Debt structure for Bank
(domestic currency)
Bank Amount (S/.)
B.DE CREDITO 1,726,694.00
B.CITIBANK 1,556,191.00
CREDILEASING 469,784.00
In the SBS's Report as of
February 29, 2008, Subject was recorded with obligations
amounting S/.3,649,120.= and
US$40,502.=
The SBS qualifies Subject as
"100% NORMAL", since December 31, 2005.
As of December 31, 2004,
Subject's obligations amounted S/.5,041,739.= and
US$163,856.=, attaining the
"96.96% NORMAL" qualification, with a 3.04% "POTENTIAL
PROBLEM".
CREDIT OPINION
NOTE: The Opinion given is confidential, referential and without liability.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
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. |
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%)