MIRA INFORM REPORT

 

 

Report Date :

05.04.2011

 

IDENTIFICATION DETAILS

 

Name :

AGENCIAS CELMAR S.A.

 

 

Registered Office :

Calle 5 Parque Lefevre 29

 

 

Country :

Panamá

 

 

Date of Incorporation :

12.03.1987

 

 

Legal Form :

Joint-Stock Company

 

 

Line of Business :

Import, distribution and trading of pharmaceutical products.

 

 

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

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Panama

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

identification

 

CORRECT COMPANY NAME

:

AGENCIAS CELMAR S.A.

TRADE NAME

:

N/A"

TAXPAYER REGISTRATION

:

RUC 533432327523

MAIN ADDRESS

:

Calle 5 Parque Lefevre 29

CITY

:

Panamá

DEPARTMENT/STATE

:

Panama

COUNTRY

:

PANAMA

TELEPHONE

:

2224268    /  2223307

FAX

:

2224652

WEB SITE

:

www.agencias.celmar.com

 

 

COMMENTS

 

Another E-mail: contab@agencias-celmar.com

 

 

SUMMARY

 

FOUNDATION               : 1987

LAST CAPITAL                        : US$100,000.= Dollars

SALES                         : 0.00

EMPLOYEES               : 40

PAYMENTS                  : Usually to terms/good

CHIEF EXECUTIVE       : MARENGO CORREA, JUAN CARLOS

DISPOSITION                : (They) refused to give information (only confirmed some data).

RATING (*)                    : B2

 

Legal backgrounds

 

LEGAL ESTATUS

:

Joint-Stock Company

DATE OF INCORPORATION

:

12MAR1987

START OF OPERATIONS

:

N/A

REGISTERED IN

:

Panama

NOTARY OFFICE

:

Décima del Circuito

DURATION

:

Perpetual

REGISTRATION

:

No.327523, Volume 254, Entry 3498

INITIAL CAPITAL

:

US$100,000.= Dollars

CURRENT PAID-IN CAPITAL

:

US$100,000.= Dollars

LAST CAPITAL INCREASE

:

No increase reported

SHAREHOLDERS' EQUITY

:

N/A

TYPE OF SHARES

:

Registered

LISTED AT STOCK EXCHANGE

:

No

SHARE VALUE

:

US$10,000.=  Dollars

CURRENT EXCHANGE RATE

:

B/.1.= Balboas per 1 USD

MEMBERSHIP

:

N/A

 

 

Directors/executives/shareholders

 

FULL NAMES / COMPANY NAME

TITLE

OWNERSHIP %

MARENGO CORREA, JUAN CARLOS

President

20%

MARENGO CORREA, FRANCISCO ANTONIO

Vice President

20%

MARENGO DE MENDEZ, GLORIA CELINA

Vice President

20%

CORREA DE MARENGO, CELINA EUGENIA

Director

20%

MIRANDA, DAYANIS

Accountant

 

MARENGO SANCHEZ, FRANCISCO

Shareholder

20%

 

 

Who is who?

 

MARENGO CORREA, FRANCISCO ANTONIO

NATIONALITY                           : Panamanian

BACKGROUND INFORMATION .-

He is also Financial Director of the company.

 

CORREA DE MARENGO, CELINA EUGENIA

NATIONALITY                           : Panamanian

BACKGROUND INFORMATION .-

She is also Secretary of the company.

 

 

History

 

AGENCIAS CELMAR S.A. is a company established in 1987 that is made up as from a group of professionals who have extensive experience in the pharmaceutical and medical-hospital field. Its offices are located in Panama and El Salvador and this place it in a strategic position for the distribution and sale of pharmaceutical and medical products in Central America. Thus, Subject Company has the sales and distribution structure required to meet the needs of both markets.

 

Subject Company distributes and sells products of confirmed quality and efficacy in different therapeutical areas:

 

Antibiotherapy

Cardiovascular system

Central Nervous System

Digestive System

Related companies to subject company or to majority shareholder

 

COMPANY NAME

COUNTRY

AX. REG.

RELATION

PHARMA SUPPLIES CORPORATION

PANAMA

62553-7-352492

Related

REPRESENTACIONEL CELMAR S.A.

PANAMA

861287-1-507249

Related

 

Business

 

MAIN ACTIVITY .-

Subject Company is engaged in the import, distribution and trading of pharmaceutical products.

IMPORT            : Yes

                        (From Spain, Italy, Greece, Cyprus, India, Canada, Mexico, USA)

EXPORT           : Yes

                        (To Central America)

% CASH SALES/METHOD

:

10%

% CREDIT SALES/TERMS

:

90% (Terms: 30-120 days)

% FOREIGN SALES (COUNTRIES)

:

N/A

% DOMESTIC PURCHASES

:

N/A

% FOREIGN PURCHASES

:

N/A

SELLING TERRITORY

:

Domestic and international market

EMPLOYEES

:

40

 

 

LOCATION .-

Premises

:

Own

Monthly Amount

:

N/A

Time Occupied

:

N/A

Area

:

950 m2

Floors

:

N/A

 

Remarks and other Premises .-

Subject has no other premises.

 

It was previously located at  Calle 72 San Francisco, Edificio 17, Local 3, entrando por Video 21.

COMMENTS .-

Subject's products are intended for the following therapeutical areas:

- Antibiotherapy

- Cardiovascular system

- Central Nervous System

- Digestive System

- Oncology

- Respiratory System

 

It has the representation of various pharmaceutical laboratories like:

- Cipla (India)

- Ebewe (Austria)

- Liomont (Mexico)

- Genepharm (Greece)

- Hameln (Germany)

- Medac (Germany), among others.

 

 

Financial information

 

Interviewee(s)

:

Dayanis Miranda

Position(s)

:

Accountant

Cooperation

:

(They) refused to give information (only confirmed some data).

Information Provided

:

Once our request was analyzed, Dayanis Miranda provided general information on the company.   Supplementary information was gathered from third-party sources, and our own files.  This is a family-owned private equity firm that has been operating in the market for 13 years. It is a medium-sized company engaged in the trading of pharmaceutical products. It has the infrastructure  required for its activities. Insured company.

 

FINANCIAL SITUATION             :           UNDETERMINED

The company's Financial Standing is considered to be Undetermined since there is no financial information that allows us to asses its results.

 

INSURANCE .-

Company

Againts

Amount

Expiration

CIA. NACIONAL DE SEGUROS S.A. - CONASE

Fire and robbery

N/A

N/A

 

 

Payments record

TRADE REFERENCES .-

 

Supplier

Country

Tel.

Line of Credit

Monthly Average

Terms(days)

Perfomance?

Time

Products/Services

PETROLEOS DELTA S.A.

PANAMA

507 7743564

 Open

US$ 10,000.=

30-day check

Prompt

02/2010

Fuel

 

NOTE: Other Suppliers did not provide information or could not be consulted.

Supplier

Country

Tel.

LABORATORIO TORLAN S.A.

SPAIN

N/A

LABORATORIO RUBIO S.A.

SPAIN

N/A

LABORATORIOS VIT-INVEST S.A.

SPAIN

N/A

NOVOPHARM LTD.

CANADA

N/A

PHARMACIENCE INC.

CANADA

N/A

TARO PHARMACEUTICAL INC.

U.S.A.

N/A

LISAPHARMA S.P.A.

ITALY

N/A

LABORATORIO LIOMONT S.A. DE C.V.

MEXICO

N/A

AIRE SISTEMAS S.A.

PANAMA

N/A

 

COMMENTS .-

Other consulted companies do not provide information.

 

CREDIT HISTORY .-

No enough information could be gathered in order to establish the Subject's payment compliance as it has no experience in local credit since all its purchases are made abroad. Nevertheless, as of the date of the report, no protested drafts, returned checks, closed accounts or legal actions have been found.

 

 

Banking information

BANKERS .-

 

Bank

Contact

Telephone

Account #

DC (S/.)

FC (US$)

BANCO GENERAL S.A.

N/A

N/A

N/A

N/A

N/A

BANCO INTERNACIONAL DE PANAMA

N/A

N/A

N/A

N/A

N/A

Subject's financial transactions are carried out through the above mentioned banks which refused to provide references under the Bank Secrecy Act, which entitles them to reserve any information about their clients.

 

 

General information

 

REPUTATION .-

NOTHING  AGAINST COMPANY

 

 

Credit opinión

 

Consulted Credit Amount :       Maximum?

We can only suggest an amount of US$50,000.=

NOTE: The Opinion given is confidential referential and with out liability

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.93

Euro

1

Rs.63.24

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.