MIRA
INFORM REPORT
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Report Date : |
08.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
CORPORACION INFARMASA S.A. |
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Registered Office : |
Carretera Central Km.4.5, Ate, Lima,3/Lima. |
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Country : |
Peru |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.06.1961 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture, import,
representacion and sale of pharmaceutical products in genera |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
CORRECT COMPANY NAME : CORPORACION INFARMASA S.A.
TAXPAYER REGISTRATION : RUC 20100102332
OPERATING STATUS : Active
MAIN ADDRESS : Carretera Central Km.4.5, Ate
CITY/PROVINCE/STATE : Lima,3/Lima.
COUNTRY :
PERU
TELEPHONE :
(511)348.3300
FAX :
(511)348.3400
E - MAIL :
agueras@infarmasa.com
WEB SITE :
www.infarmasa.com
SUMMARY
Incorporation : 1961
Operating Status : Active
Last Capital : S/.25,931,205.= Nuevos Soles.
Shareholders' Equito : S/.152,845,347.=
Nuevos Soles (Al 31.12.2006).
Annual Sales : 122,179,311.00 Nuevos Soles
Finantial Situation : SATISFACTORY
Employees : 600
Rating : Good
Payments : Usually to terms/good
QUALIFICATION
RATING : Good
PAYMENTS : Usually to terms/good
LEGAL BACKGROUNDS
LEGAL STATUS : Joint-Stock Company
DATE OF INCORPORATION : 25JUN1961
REGISTERED IN : Lima
NOTARY OFFICE : Guillermo Del Solar.
DURATION : Indefinite
REGISTRATION : Entry 1, Page 193, Volume 210
CURRENT PAID-IN CAPITAL : S/.25,931,205.= Nuevos Soles
LAST CAPITAL INCREASE : December 2002
SHAREHOLDERS' EQUITY : S/.152,845,347.= Nuevos Soles (As of 31.12.2006).
TYPE OF SHARES : Registered
LISTED AT STOCK EXCHANGE: No
SHARE VALUE : S/.1.= Nuevo Sol
CURRENT EXCHANGE RATE : S/.2.97 per US$1.= Dollar
COMMENTS .-
CORPORACION INFARMASA S.A. was established based on merger of
different companies, all
of them related to pharmaceutical industry.
First at all, there is the pharmaceutical company Instituto Sanitas
S.P.S.A., with an industrial plant with over 20,000 m2, established in 1940.
This company merged withanother big laboratory called Laboratorios Magma, established
on 25.06.1961.
By Notarial Instrument, dated 22.02.1978, before Notary Dr. Virgilio
Alzamora Valdez, subject took over by merger the company INSTITUTO QUIMICO S.A.
On 01.04.1997, it was
approved the merger between subject (merging company) and the firm LABORATORIOS
SANITAS S.A. (merged company). At the same time, it was changed the corporate
name into the present CORPORACION INFARMASA S.A.
Later, on 01.06.1998,
CORPORACION INFARMASA S.A. took over by merger the companies: CROMATOGRAFICA
MA-SA SA and SEFIAL SA, which were dissolved without liquidation.
On 27.12.2007, it was
agreed that subject took over by merger CORPORACION IFARPE S.A.C. (Taxpayer ID
No. (RUC) 20516740494), which was dissolved without liquidation. It was agreed
that the above-mentioned would be entered into force from 01.01.2008.
A press release on
Internet, dated 11.09.2007, informed how the "Grupo Garrido" together
with other groups of shareholders sold the Colombian company Altra Investments
the 97% of capital stock of Corporación Infarmasa S.A., a top company in the
Peruvian pharmaceutical sector with over 50 years of experience.
Corporación Infarmasa
S.A.'s annual sales amounts to US$ 50 millions in the Peruvian market, as well
as in Ecuador, Argentina, Colombia and United States.
The operations was
carried out by a team of Forsyth & Arbe Abogados led by its partner Albert
Forsyth and composed of the partner Guilhermo Auler and associated Valery
Vicente and Sandro Cogorno.
Jose Antonio Payet and
Daniel Abramovich, from the law firm Payet, Rey, Cauvi Abogados, participated
as legal advisers of the purchasers.
It is known that now subject has as controlling company the firm
CORPORACION IFARPE S.A.C. (Taxpayer ID No. (RUC) 20516740494), established in
the country on 13.08.2007. It was not ruled out that this would be a subsidiary
company of Altra Investments.
The 4.25% of shares is controlled together by a total of 30 minority
shareholders.
HISTORY
Corporación Infarmasa is a consortium established from strategic joint
by two big pharmaceutical companies: Laboratorios Magma and Instituto Sanitas
S.P.S.A.
At the beginnings of 1940's, Instituto Sanitas S.P.S.A. was founded.
With its industrial plant with over 20,000 m2, it would become one of the most
equipped pharmaceutical companies in Latin America.
In 1946, Dr. Marco
Antonio Garrido Malo founded Laboratorios Magma and Instituto Químico Biológico
S.A. (Biosa). At its beginnings, the first of them was engaged in manufacture
of galenical products, and Biosa was engaged in manufacture of biological
products. After both companies were merged, Laboratorios Magma installed a
plant for manufacturing penicillin products, which is considered one of the top
industries in the market of those antibiotics until now. Years later, in 1953,
one of the most prestigious European laboratories, Farmitalia Carlo Erba,
started its operations in Peru, which in 1975 installed a plant for
manufacturing pharmaceutical products, establishing the Instituto Farmaceutico
Peruano (IFARPE) (Peruvian Pharmaceutical Institute). As it was purchased in
1991, two years later, it would become together with Magma and Sanitas into
Infarmasa Group.
Thus, in 1997,
Corporación Infarmasa was born based on one of the biggest pharmaceutical
infrastructure nationwide, which enabled it to have two impressive production
plant equipped with the most modern in pharmaceutical industry: one located in
the district of Miraflores is engaged in manufacture of Penicillin products and
the other located in the district of Ate is engaged in manufacture of
Non-Penicillin products, preventing any cross-contamination risk and in
compliance with internacional standards on Good Manufacturing Practices.
After Corporación Infarmasa
was established, Línea Comercial G was established, a division offering to
market generic medicines produced under the highest quality standards and at
prices that users can afford.
DIRECTORS / EXECUTIVES / SHAREHOLDERS
FULL NAMES / COMPANY NAME TITLE OWNERSHIP %
CABALLERO MALDONADO, LUIS ALBERTO General
Manager
MUJICA VALENCIA, CARLOS DANIEL Manager
GOMEZ SABA, ALEJANDRO Adm.
& Finance Manager
LEYVA BELLINA, ENRIQUE Commercial
Manager
REVOREDO LITUMA, JUAN MANUEL Representative/Legal Rep.
MEJIA, ABELARDO General
Accountant
CORPORACION IFARPE S.A.C. Shareholder 95.75%
WHO IS WHO ?
CABALLERO MALDONADO, LUIS ALBERTO
NATIONALITY : Peruvian
DOC. OF IDENT. : DNI 10477552
RELATED COMPANY(IES)
COMPANY NAME COUNTRY TAX.REG. RELATION
CORPORACION IFARPE S.A.C. PERU
20516740494 Parent Co.
INVERSIONES DOGAR SA PERU
20100929903 Related
RAIN LABS SA PERU
20384694366 Related
BUSINESS
MAIN ACTIVITY .-
Subject is engaged in manufacture, import, representacion and sale of
pharmaceutical products in general.
Sold products: antihistaminics and analgesics (Sanitas line);
antibiotics (magma line), medicines.
Magma line: Aremil, Ceriflix,
Ciproflox, Diclosal, Mucodilat, Clindacin, Neurocol, Notidern, Oleogen, Zoprax,
Redex
Sanitas line: Antalgina, Apacil, Biogen, Bronco Penamox, Carbosan,
Cloro Alegan, Cloromisan.
IMPORT : Yes (Raw material from Slovakia, Singapore, Croatia,
Sweden, Bulgaria, Argentina, Thailand, Mexico, India, Brazil, United Kingdom,
France, Colombia, Japan, Spain)
Annual Imports in US $(CIF) :
Year Amount
2004 5,716,648.00
2005 7,076,479.00
2006 9,139,998.00
2007 7,770,988.00
EXPORT : Yes (Pharmaceutical products to
Guatemala,Korea,Venezuela,Switzerland,India,Holland,
Argentina, China, Ecuador, Spain, Germany, Italy)
Annual Exports in US $(FOB) :
Year Amount
2004 3,306,719.00
2006 2,828,811.00
2007 3,798,123.00
% CASH SALES/METHOD : 8%
% CREDIT SALES/TERMS : 92% (Inv/up to 45
days and/or Draft/90 days)
% FOREIGN SALES(COUNTRIES)
: 15%
% DOMESTIC PURCHASES : 40%
% FOREIGN PURCHASES : 60%
SELLING TERRITORY : Domestic and international
market
EMPLOYEES : 600
FACILITIES .-
Premises : Rented
Area : 12,000 m2
Floors : 2
Equipment : Suitable for its activities
Condition : Good; premises located in an industrial area
Use :
Registered office, plant of products not
containing penicillin, and warehouses
Remarks and other Premises .-
Administrative Offices: Av. Pedro Ruiz Gallo No.521, Pueblo Libre
(Lima 21).
Telephone: 424.0333.
Plant Nº2 and Warehouses (manufacture of penicillin products): Av. Del
Ejército 490, Miraflores (Lima 18). Own facilities.
COMMENTS .-
Subject also imports from Italy, USA, Germany, Switzerland, China.
Corporación Infarmasa has
two production plant equipped with the last technology in manufacturing
medicines. One of them is engaged in manufacture of penicillin products,
located in the district of Miraflores, and the other one is engaged in
manufacture of non-penicillin products, located in the district of Ate.
Distributors:
- DISTRIBUIDORA DECO SA
- QUIMICA SUIZA SA
- PROQUIFARMA SA
among others
In June 1998, subject obtained the Certification ISO 9001:2002.
It takes the position 226 in the PEP ranking of top 10,000 companies
in Peru.
Main competitors:
- Farmindustria S.A.
- Laboratorios Ac Farma S.A.
- Corporacion Medco S.A.C.
- Hersil S.A. Laboratorios Industriales Farmaceuticos
- Medifarma S.A.
- Farmaceutica Del Pacifico S.A.C.
- Agrovet S.A.
- B.braun Medical Peru S.A.
- Laboratorios Trifarma S.A.
- Cipa S.A.
- Instituto Quimioterapico S.A.
- Laboratorios D.a.carrion S.A.C.
- Cifarma S.A.
- Laboratorios Induquimica S.A.
- Laboratorios Unidos S.A.
FINANCIAL INFORMATION
In the corresponding investigation, we interviewed Mr. Abelardo Guerra
(General Accountant), who, as duly authorized, verified information and
provided main accounts of the Balance Sheet as of 31.12.2006 (12 months),
figures expressed in Nuevos Soles.
BALANCE SHEET DATE :
1DEC2006
TYPE OF BALANCE SHEET : Annual
BALANCE SHEET OF : 12 months
CURRENCY : Nuevos Soles
EXCHANGE RATE PER US$ : 3.20
ASSETS
TOTAL CURRENT :
60,248,344.00
FIXED : 135,781,082.00
TOTAL ASSETS :
196,029,426.00
LIABILITIES
TOTAL CURRENT : 40,694,982.00
LONG TERM :
2,489,097.00
TOTAL EQUITY :
152,845,347.00
TOTAL LIABILITIES :
196,029,426.00
SALES : 122,179,311.00
PROFIT (LOSS) :
11,230,983.00
LIQUIDITY RATIO : 1.48 (Current
Assets/Current Liabilities)
DEBT-TO-EQUITY RATIO
: 375.59%
(Shareholders'equity/Current Liabilities)
PROFITABILITY MARGIN
: 9.19% (Profits/Sales)
WORKING CAPITAL : 19,553,362.00 (Current
Assets - Current Liabilities)
FINANCIAL SITUATION : SATISFACTORY
Based on the last Financial Statement, Subject's Financial Position is
considered satisfactory. Liquidity ratio is adequate and is over average. Working capital is good and allows company
to meet payments promptly. Relation between shareholders' equity and
obligations is acceptable. Economic results have been satisfactory.
INSURANCE .-
Company Against
EL PACIFICO PERUANO SUIZA CIA.DE SEGUROS All risk
PAYMENTS RECORD
TRADE REFERENCES .-
Line of Credit Monthly
Average _ Terms(days)) Performance? _ Time _ Products/Services
Supplier
1 US$ 146,000. = US$ 9,000. =
75 days Prompt 2003 Chemical supplies
Domestic
2 US$ 50,000. = US$
20,000. = 60 days Prompt 2002
Customs services
Domestic
3 Not specified Not
specified 45 days Prompt
2000 Customs services Domestic
4 US$ 20,000. = US$
15,000. = 30 days Prompt 2003
Safety instruments
Domestic
LIST OF DOMESTIC SUPPLIERS .-
Suppliers listed Alphabetically.
There is not relationship as for the order above
Supplier _ Telephone _
Abel Ulloa Sánchez SA/Mariaelena Nazario 511 6163300
American Forma Group
Andenex Chemi
Codigraf/Carmen Silva (511) 3263107
Cristal Murano Peruano/Sr.Gómez (511)
3622216
Droguería Ricardo Céspedes/Rocío Salazar (511) 4715495
Gibrocades
Imperlac SRL/Filian Basilar (511)
4714033
Industrias Lentes Import SRL/Silvia Cercado (511) 5222843
Larva SA/Wilmer Sanchez (511)
5220067
Medi Pulp Gmbh
Mitsui Co. Ltda
Palacios & Asociados Agentes de Aduana SAC (511) 4652959
Selecta SA
V. Tecnic SA/Carmen Chiroque (511)3481080
LIST OF FOREIGN SUPPLIERS .-
Suppliers listed Alphabetically.
There is not relationship as for the order above
Supplier _ Country _
American Forma Group ITALY
Andenex Chemi ITALY
Gibrocades
Medi Pulp Gmbh GERMANY
Mitsui Co. Ltda JAPAN
CREDIT RISK CENTRAL .-
Protests:
It was found a total of 6 protested documents for the sum of US$158,784.38
Dollars as
follows:
2006 (1) draft for US$ 5,703.12
2005 (5) drafts for
US$153,081.26
* All of them to be regularized before the Chamber of Commerce
Delinquent Payments
As of 11.12.2007 América móvil
Perú (1) due period S/. 110.00 (1)
(1) In punished portfolio.
LAWSUITS ? .-
No lawsuits filed against subject were found.
BANKING INFORMATION
BANKERS
Bank
Banco de Crédito del Perú S.A.
Scotiabank Perú S.A.A.
Banco Continental
Subject carries out its financial operations through the above-mentioned
entities which
did not provide any references under bank secrecy.
SUPERINTENDENCY OF BANK & INSURANCE - SBS .-
The SBS reported the following debts before the Financial System as at
31OCT2007 (Last Report)
Obligations DC(S/.) FC(US$)
Advance in current account cont 1,541,589.00 0.00
Credit cards-contract 2,866.00 0.00
Discounts-drafts
15,874,794.00 0.00
Financial Leasing 0.00 174,296.00
Letters of indemnity 6,792,144.00 138,793.00
Letters of credit 0.00 880,045.00
Banking acceptance 0.00 1,103,965.00
Others Factoring 2,438,772.00 93,911.00
-------------------- --------------------
Total Indebtedness S/. 26,650,165.00 US$ 2,391,010.00
Guarantees S/. 0.00
US$ 0.00
Bank Amount (S/.)
Banco de Crédito del Perú S.A.
20,028,720.00
Scotiabank Perú S.A.A. 9,764,426.00
Banco Continental 1,802,636.00
B.I.F. 1,700,090.00
Credileasing 522,539.00
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 |
|
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 |
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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%)