MIRA INFORM REPORT

 

 

Report Date :

06.08.2011

 

IDENTIFICATION DETAILS

 

Name :

EMPRESA IMPORTADORA Y EXPORTADORA DE MEDICAMENTOS FARMACUBA

 

 

Registered Office :

Calle 70 No. 29B14 Entre 29B y 29C. Playa. Ciudad de La Habana

 

 

Country :

Cuba

 

 

Year of Establishment :

2006

 

 

Legal Form :

Government Agency

 

 

Line of Business :

Importer and distributor of pharmaceutical products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Cuba

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS – CUBA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: High

Currency: 100.00 CUP = 3.77358 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Legal Name:

Empresa Importadora Y Exportadora De Medicamentos Farmacuba

Trade Name:

Farmacuba

Legal Address

Calle 70 No. 29B14 Entre 29B y 29C. Playa. Ciudad de La Habana. Cuba.

Telephone:

53 7 33 8821/57 7996

Registration Number :

NA

Fax:

(537) 204 8278

Legal Form:

Government Agency

Email:

direccion@farmacuba.cu

Registered in:

Cuba

Website:

NA

Date Created:

2006

Manager:

Pedro Iglesias, Import manager

Date Incorporated:

NA

Staff:

160

Stock:

NA

 

 

Value:

NA

Activity:

Importer and distributor of pharmaceutical products

 

 

BANKS

 

Name of the Bank

Banco Central De Cuba

Name of the Bank

Banco Nacional De Cuba

 

BUSINESS

 

HISTORY

 

This company was created in the year 2006.

PRINCIPAL ACTIVITY

 

The company operates as an Importer, exporter, distributor and marketer of pharmaceutical products

Products/Services description:

 

Antibiotics

Vitamins

Lubricants

Antiallergics

Antidepressants

 

Among others.

Sales are:

 

Wholesale

Clients:

 

Laboratories

 

Among other related industries

Suppliers:

 

The person contacted refused to provide any supplier name

Operations area:

 

National, International, Local

The company imports from Netherlands, US and Luxemburg.

The company export to Latin America, Africa, Caribbean Islands, Middle East

The subject employs 160 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at Calle 70 No. 29B14 Entre 29B y 29C. Playa. Ciudad de La Habana. Cuba.

Branches:

 

The company has another branch located in:

 

Calzada De Vento KM 3 1/2 Cerro L, Cuba



Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

This company is privately held and it is owned by the Cuban Government.

Management:

 

Pedro Iglesias, Import manager

Ernesto Roman Alba, Export manager

Francisco Ramirez Morffi, Manager

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

We have tried to contact this company during business hours without getting any positive outcomes.

Currency

DATE

 

USD

2009

 

Turnover

15,000,000

 

The cash flow is

Normal

 

 

 

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

 

Rating

 

Local credit bureau gave a low credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

This is a medium sized company with 160 employees and 5 years of experience.

 

The company is a wholesaler of pharmaceutical products with presence worldwide.

 

The company is privately held and owned by the Cuban government.

 

 

Due to the market restrictions in Cuba, the company has no healthy financial structure.

 

Therefore we can only suggest working with GUARANTEES.



SUMMARY


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

LOW

Public

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

NORMAL

 

 

 

 

 

APPENDIX

 

Comments

 

We have tried to contact this company during business hours without getting any positive outcomes

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.80

UK Pound

1

Rs.72.85

Euro

1

Rs.63.11

 

 

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.