MIRA INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INSTITUTO QUIMIOTERAPICO S.A. |
|
|
|
|
Registered Office : |
Santa Rosa 350, Urb. Fundo El Inquisidor, Santa
Anita, Lima |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
26.05.1963 |
|
|
|
|
Com. Reg. No.: |
Entry 1, Page 305, Volume 225. |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
production of generic and brand institutional medicines
for human use |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
US$.340,000 |
|
Status : |
Moderate |
|
Payment
Behaviour : |
Slow |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
|
CORRECT
COMPANY NAME |
:
|
INSTITUTO QUIMIOTERAPICO
S.A. |
|
TRADE
NAME |
:
|
"IQFARMA" |
|
TAXPAYER
REGISTRATION |
:
|
RUC 20100287791 |
|
MAIN
ADDRESS |
:
|
Santa Rosa 350, Urb. Fundo
El Inquisidor, Santa Anita, |
|
CITY |
:
|
Lima |
|
DEPARTMENT/STATE |
:
|
Lima |
|
COUNTRY |
:
|
PERU |
|
TELEPHONE |
:
|
6120707 / 3620210
/ 4233332 |
|
FAX |
:
|
6120707 / 3620210 |
|
WEB
SITE |
:
|
COMMENTS
.-
Addiitional e-mail: esoria@iqfarma.com
SUMMARY
INCORPORATION :
1963
LAST CAPITAL : S/. 14,000000.= Nuevos Soles
SHAREHOLDERS ' EQUITY : S/.19,869,638 Nuevos Soles
(31/12/2006)
SALES :
45,607,811.00
BUSINESS TREND :
Upwards, good, improved
EMPLOYEES :
6 (*)
PAYMENTS : Delays but within sector norms
CHIEF EXECUTIVE :
PEIRANO CASTILLO DE PLATE, GIULIANA BETSABE CARMEN
AMANDA
Disposition :
PARTIAL (Full information but no figures).
LEGAL
BACKGROUNDS
|
LEGAL
ESTATUS |
:
|
Joint-Stock Company |
|
DATE
OF INCORPORATION |
:
|
26MAY1963 |
|
START
OF OPERATIONS |
:
|
29.05.1963 |
|
REGISTERED
IN |
:
|
Lima |
|
NOTARY
OFFICE |
:
|
René Gonzales |
|
DURATION |
:
|
Perpetual |
|
REGISTRATION |
:
|
Entry 1, Page 305, Volume
225. |
|
INITIAL
CAPITAL |
:
|
N/A |
|
CURRENT
PAID-IN CAPITAL |
:
|
S/. 14,000000.= Nuevos Soles |
|
LAST
CAPITAL INCREASE |
:
|
January 31, 2008 (the latest
reported) |
|
SHAREHOLDERS'
EQUITY |
:
|
S/.19,869,638 Nuevos Soles
(31/12/2006) |
|
TYPE
OF SHARES |
:
|
Registered |
|
LISTED
AT STOCK EXCHANGE |
:
|
No |
|
SHARE
VALUE |
:
|
N/A |
|
CURRENT
EXCHANGE RATE |
:
|
S/. 2.77 per 1 USD |
|
MEMBERSHIP |
:
|
N/A |
COMMENTS
.-
By Minutes of Shareholders Meeting dated March 6, 2001,
it was agreed to grant powers to the General Manager, Giuliana Betsabe Carmen
Amanda Peirano Castillo, who will have enough powers so that on behalf of
Subject she can sign and furnish every kind of guarantees on Subject's
properties, either chattels or real estate, ccollateral or pledge, in order to
guarantee the Company's obligations. Registered in Entry C 00001, Certificate
03024763 (March 20, 2001) of the Public Registry of Lima.
HiSTORY
The Subject Company was founded by Alberto Peirano
Amprimo and Orazio Amprimo Laing (both of them deceased).
DIRECTORS
/ EXECUTIVES / SHAREHOLDERS
|
FULL
NAMES / COMPANY NAME |
TITLE |
OWNERSHIP
% |
|
PEIRANO AMPRIMO, ALBERTO
(SUCESION) |
President |
63.20% |
|
PEIRANO CASTILLO DE PLATE, GIULIANA
BETSABE CARMEN AMANDA |
Vice Pres/General Manager |
13.09% |
|
PEIRANO CASTILLO, ALBERTO
NOE |
Director |
11.68% |
|
PEIRANO CASTILLO, ALDO
UMBERTO GEROLANO DOMINGO ORAZIO |
Director/Proxy |
11.52% |
|
CASTILLO OLIVERA, DELIA
IRENE |
Director |
|
|
SORIA HUAMANI, ELSA DEL
MILAGRO |
Admin. & Finance
Director |
|
|
PLATE CANEPA, PABLO |
Industrial Manager |
|
|
GOMEZ SANCHEZ LEMBCKE,
EVARISTO |
Commercial Director |
|
WHO
IS WHO?
PEIRANO
CASTILLO DE PLATE, GIULIANA BETSABE CARMEN AMANDA
NATIONALITY : Peruvian
BORN : 13DEC1965
DOC OF IDENT. : DNI 09139519
TAX ID : 10091395199
PEIRANO
CASTILLO, ALBERTO NOE
NATIONALITY : Peruvian
DOC OF IDENT. : DNI 09150010
PEIRANO
CASTILLO, ALDO UMBERTO GEROLANO DOMINGO ORAZIO
NATIONALITY : Peruvian
BORN : 17JUN1967
DOC OF IDENT. : DNI 09376396
RELATED
COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER
|
COMPANY NAME |
COUNTRY |
AX. REG. |
RELATION |
|
CONTIMEDICA S.A. |
PERU |
20100715181 |
Related |
|
GUANTELATEX S.A. |
PERU |
20100715261 |
Related |
|
PERULAB S.A. |
PERU |
20300795821 |
Related |
|
PERUMED S.A. |
PERU |
20100715342 |
Related |
|
PROMOFASA S A |
PERU |
20100335868 |
Related |
BUSINESS
MAIN
ACTIVITY .-
Subject is engaged in the production of generic and
brand institutional medicines for human use.
Its line of products has the following specialties:
Analgesics, Antiinflammatories, Antirheumatic, Antibacterials, Antimicotic,
Antiviral drugs, Antianemic, Multivitamins, Cough medicines, Anti-asthmatic
medines, Decongestants, Antihistaminics,
Antihypertensives, Diuretics, Anticonvulsant medicines, Antipsychotics,
Antiacids.
Trademarks: Alexcef, Ambroxil, Amoxiclin CL,
Analgesium, Biobroncol, Bronco Amoxiclin, Cetrixin, Dicloxina, Doloflu,
Doloxane, Droxilar, Duodazol, Furoxinol, Gynostatin, Klarifor, Moxitar,
Notizol, Tridazol-R, Urobiotic, Velomicin.
IMPORT : Yes
Argentina,
Austria, Brazil, China, Colombia,
Croatia, Czech Republic, France,
India,
Germany, Italy, Japan, Mexico, New Zealand, Pakistán...
Annual Imports in US$ (CIF) :
Year
Monto
2010 196,722.00
2009 1,866,491.00
2008 2,062,001.00
2007 2,782,827.00
2006 1,164,870.00
2005 1,482,954.00
EXPORT : No
|
%
CASH SALES/METHOD |
:
|
8% |
|
%
CREDIT SALES/TERMS |
:
|
92% (Terms: 30,60,120 days) |
|
%
FOREIGN SALES (COUNTRIES) |
:
|
N/A |
|
%
DOMESTIC PURCHASES |
:
|
30% |
|
%
FOREIGN PURCHASES |
:
|
By Minutes of Shareholders
Meeting dated March 6, 2001, it was agreed to grant powers to the General
Manager, Giuliana Betsabe Carmen Amanda Peirano Castillo, who will have
enough powers so that on behalf of Subject she can sign and furnish every
kind of guarantees on Subject's properties, either chattels or real estate,
ccollateral or pledge, in order to guarantee the Company's obligations.
Registered in Entry C 00001, Certificate 03024763 (March 20, 2001) of the
Public Registry of Lima. |
|
SELLING
TERRITORY |
:
|
Domestic market - 100% |
|
EMPLOYEES |
:
|
6 (*) |
LOCATION
.-
|
Premises |
:
|
N/A |
|
Monthly
Amount |
:
|
N/A |
|
Time
Occupied |
:
|
1999 |
|
Area |
:
|
5,000 m2 |
|
Floors |
:
|
N/A |
|
Equipment |
:
|
Suitable for line of
business |
|
Condition |
:
|
Good; modern infrastructure. |
|
Use |
:
|
Tax domicile, Administrative
offices, Warehouse and Laboratory. |
Remarks and other Premises .-
Industrial Plant:
Av. Venezuela 1654, Breña (Lima 5). Tel. (511)
423.3332. Premises are owned by Subject and have a 2,000 m2 area.
Warehouses:
- Av. Colombia 325, Pueblo Libre, Lima 21.
- Av. Pedro Ruiz Gallo 935 Fundo La Estrella, Ate,
Lima. Area: 20,000 m2.
COMMENTS .-
... it also imports from Portugal, Romania, Spain
and USA.
(*) In the IQFARMA payroll there are 6 employees
and the remaining 493 belong to PROMOFARMA and CONTIMEDICA, which are companies
of the group providing services to IQFARMA.
Subject products are directly sold to drugstores
and the State through wholesale and retail distributors.
It exported to India until 2008.
The Institute has Good Manufacturing Practices
(GMP) Certification.
It is ranked 1,065th in the PEP Ranking of the Top
1,000 Companies and Entities of Peru.
Main Clients:
- Ministry of Health
- Albis S.A.
- ESSALUD (Health Care Social Security)
- Crisfarma SA
- Peruvian Air Force
- Corporación BB E.I.R.L.
- APFARMA S.A.
- Drexim S.R.L.
- Sherfarma S.A.C.
Main Competitors:
- Corporacion Infarmasa S.A.
- 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.
- Laboratorios Trifarma S.A.
- Cipa S.A.
- Laboratorios D.A.Carrion S.A.C.
- Cifarma S.A.
- Laboratorios Induquimica S.A.
- Laboratorios Unidos S.A.
Primary business activity registered: Production of
pharmaceutical products.
Secondary activity: Wholesale of other products.
FINANCIAL
INFORMATION
|
Interviewee(s) |
:
|
Sra. Elsa Soria. |
|
Position(s) |
:
|
Administrative and Finance
Director |
|
Cooperation |
:
|
PARTIAL (Full information
but no figures). |
|
Information
Provided |
:
|
Elsa Soria kindly provided
operating information, including the Annual Balance Sheet as of December 31,
2009 (12 months), which is placed next to the previous fiscal year obtained
from our files, expressed in Nuevos Soles (S/.). Some additional information was obtained
through reliable third-party sources. |
BALANCE
SHEET
|
BALANCE SHEET DATE |
31DEC2009 |
31DEC2008 |
|
PERIOD |
12
months |
12
months |
|
EXCHANGE RATE PER US$ |
2.88 |
3.12 |
|
CURRENCY |
Nuevos
Soles |
Nuevos
Soles |
|
ASSETS |
|
|
|
TOTAL CURRENT |
29,559,320.00 |
27,171,542.00 |
|
FIXED |
20,551,179.00 |
18,680,827.00 |
|
OTHERS |
|
2,443,855.00 |
|
TOTAL ASSETS |
50,110,499.00 |
48,296,224.00 |
|
LIABILITIES |
|
|
|
TOTAL CURRENT |
18,581,670.00 |
16,268,080.00 |
|
LONG TERM |
6,205,614.00 |
8,114,337.00 |
|
SHAREHOLDERS' EQUITY |
|
|
|
TOTAL
EQUITY |
25,323,215.00 |
23,913,807.00 |
|
TOTAL
LIABILITIES |
50,110,499.00 |
48,296,224.00 |
|
SALES |
45,607,811.00 |
41,068,295.00 |
|
PROFIT(LOSS) |
3,867,127.00 |
3,956,005.00 |
RATIO
|
LIQUIDITY RATIO |
1.59 |
(Current Assets/Current
Liabilities) |
|
DEBT-TO-EQUITY RATIO |
136.28 |
(Shareholders's equity/Current
Liabilities %) |
|
PROFITABILITY MARGIN |
8.48 |
(Profits/Sales %) |
|
WORKING CAPITAL |
10,977,650.00 |
(Current Assets - Current
Liabilities) |
FINANCIAL
SITUATION : Active
According to the last Financial Statement, the company's
Financial Standing is considered to be Satisfactory as it has an adequate
higher-than-average liquidity ratio. Working capital is positive and allows an
orderly fulfillment of payments. Debt-to-equity ratio is acceptable. Economic
results have been satisfactory.
In spite of this, the consulted sources reported
six protests (not regularized yet) between 2005-2010 for global amounts of
US$8,479.= Dollars, EUR31,052.= Euros and S/.806,002.= Nuevos Soles. However,
as long as due regularization is not carried out before the Chamber of
Commerce, a document can keep being listed as non-solved even though it has
been paid off.
Besides, it has a debt for S/.6,299.= Nuevos Soles
with AFP Profuturo S.A. No further details could be obtained.
Supervisory Agency for Banking and Insurance (SBS):
In its last report as of July 2010 it has granted Subject 100% Normal rating.
Subject used a financing for S/.16,614,273.= and US2,129,375.= with guarantees
for S/.11,504,911.= Nuevos Soles.
PROPERTY
OF THE COMPANY .-
According to a search made in the Registry of Motor
Vehicle Ownership in Lima, a total of 13 vehicles with the License Plates below
were registered under Subject name:
- JO9642
(Registration Plate 50497718)
- MG26054 (Registration Plate 51081774)
- XO4586
(Registration Plate 51081798)
INSURANCE
.-
|
Company |
Againts |
Amount |
Expiration |
|
EL PACIFICO PERUANO SUIZA
CIA.DE SEGUROS |
Various risks |
Not specified |
Not specified |
PAYMENTS
RECORD
TRADE REFERENCES .-
|
Supplier |
Country |
Tel. |
Line of Credit |
Monthly Average |
Terms(days) |
Perfomance? |
Time |
Products/Services |
|
Innova Andina S.A. |
PERU |
511 4417171 |
Open |
US$ 20-30,000.= |
30 days |
Prompt |
2007 |
Industrial supplies |
|
Cristalería Legard SAC |
PERU |
N/A |
Open |
S/. 10-20,000.= |
30 days |
Prompt |
4-5 yrs. |
Glass containers |
NOTE: Other Suppliers did not provide
information or could not be consulted.
|
Supplier |
Country |
Tel. |
|
Industrias Grafisol SA |
PERU |
(511) 3302696 |
|
Química Suiza S.A. |
PERU |
N/A |
|
H.W. Kessel SA |
PERU |
N/A |
|
Todo Color SA |
PERU |
N/A |
|
Comercial Century SA |
PERU |
N/A |
|
Droguería Ricardo Céspedes |
PERU |
(511) 4709232 |
|
Carlos Koch Prattes |
PERU |
(511) 4740832 |
|
Promotora Panamericana S.A. |
PERU |
N/A |
|
Corporacion de Industrias
Plásticas S.A. |
PERU |
N/A |
|
Corporación Infarmasa S.A. |
PERU |
N/A |
|
Envases Lima S.A. |
PERU |
(511) 4339753 |
|
Savar Agentes de Aduana S.A. |
PERU |
N/A |
|
Promotora Panamericana S.A. |
PERU |
N/A |
|
Luis Battifora Agente de
Aduana S.A. |
PERU |
N/A |
|
Cartones Villa Marina SA |
PERU |
N/A |
|
IPCA Laboratories & Pharmaceuticals |
GERMANY |
N/A |
|
Constantia Patz GMBH |
GERMANY |
N/A |
|
Retex Chemie International
Gmbh |
GERMANY |
N/A |
|
Handelsgesellschaft |
GERMANY |
N/A |
|
MPI Farmaceutica |
GERMANY |
N/A |
|
DVA Health & Nutrition
GMBH |
GERMANY |
N/A |
|
VA Health & Nutrition
GMBH |
GERMANY |
N/A |
|
Aurolinda Pharma |
INDIA |
N/A |
|
Farmachem S.A. |
SWITZERLAND |
N/A |
|
Farmachem S.A. |
SWITZERLAND |
N/A |
|
Selectchemie Ag |
SWITZERLAND |
N/A |
|
Pharmacia & Upjohn |
U.S.A. |
N/A |
|
Capsular Industrial Sales
Corp |
U.S.A. |
N/A |
|
Pharma International |
U.S.A. |
N/A |
|
Harbin Parmaceutical |
CHINA |
N/A |
|
CI Farmacápsulas S.A. |
COLOMBIA |
N/A |
CREDIT RISK CENTRAL .-
A total of 11 protests for global amounts of
US$8,479.= Dollars, EUR31,052.= Euros and S/.806,002.= Nuevos Soles. Only 6 of
them have not been solved yet:
2010: 01 for US$2,316.=
2009: 01 for EUR1,880.=
2007: 02 for US$1,311.= and S/.29,172.=
2006: 01 for US$302.=
2005: 01 for US$238.=
In spite of our efforts we could not contact the
respective drawers.
It's worth pointing out that as long as due
regularization is not carried out in the Chamber of Commerce, a document can
keep being listed as non-solved even though it has been paid off.
Besides, it has a debt for S/.6,299.= Nuevos Soles
with AFP Profuturo S.A. for 3 overdue documents (dates were not specified).
BANKING
INFORMATION
BANKERS
.-
|
Bank |
Contact |
Telephone |
Account # |
DC (S/.) |
FC (US$) |
|
BANCO DE CRÉDITO DEL PERÚ
S.A. |
Enrique Salcedo |
N/A |
N/A |
N/A |
N/A |
|
BANCO INTERBANK |
Juan Pablo Camminati |
N/A |
N/A |
N/A |
N/A |
|
SCOTIABANK PERÚ S.A.A. |
Mauricio Belon |
N/A |
N/A |
N/A |
N/A |
|
BBVA BANCO CONTINENTAL
S.A.A. |
Carlos Vergara Borre |
N/A |
N/A |
N/A |
N/A |
Subject is client of the above banks which provided
good references on Subject's accounts and the payment of its obligations
assumed under several modalities; no negative observations.
SUPERINTENDENCY
OF BANK & INSURANCE.-
The SBS reported the following debts the Financial
System as at 31JUL2010 (Last Report)
|
Obligations |
DC (S/.) |
FC (US$) |
|
Advance in current account cont |
0.00 |
0.00 |
|
Advance in current account cont |
2,382.00 |
0.00 |
|
Credit Cards-Contract |
0.00 |
0.00 |
|
Overdrafts-Current Account |
0.00 |
0.00 |
|
Discounts-Drafts |
4,862,367.00 |
30,961.00 |
|
Discounts promissory note |
0.00 |
0.00 |
|
Loans |
3,727,508.00 |
200,071.00 |
|
Financial Leasing |
2,435,974.00 |
1,670,415.00 |
|
Foreign trade credit |
700,000.00 |
0.00 |
|
Current accruals |
60,231.00 |
7,147.00 |
|
Letters of indemnity |
4,395,792.00 |
198,107.00 |
|
Letters of credit |
0.00 |
0.00 |
|
Banking acceptance |
0.00 |
0.00 |
|
other OTROS 1 INGLES |
430,019.00 |
22,674.00 |
|
0.00 |
|
|
|
Total Indebtedness |
16,614,273.00 |
2,129,375.00 |
|
Guarantees |
11,504,911.00 |
0.00 |
Debt structure for Bank
(Domestic Currency)
|
|
RATING |
% |
RATING DESCRIPTION ACCORDING
TO THE SBS |
|
X |
NORMAL |
100 |
Good Financial Situation.
Prompt payments, Consitent and Updated Information. |
|
|
PROBLEM POTENTIAL |
- |
Satisfactory Financial
Situation but cash flow can weaken which causes payment defaults. Irregular
trend. Weaken which causes payment defaults. Irregular trend. |
|
|
DEFICIENT |
- |
Deficient Financial Situation
with cash problems, profis shortage, continuous delayed payments, overdue
credits and/or collection by count order, decreasing trend. |
|
|
DOUBTFUL |
- |
Heavy Financial Situation,
cash flow shortage, continuous delayed payments, overdue credits and/or
collection by court order. Not too reliable information. Bad management. |
|
|
LOSS |
- |
Bad Financial Situation,
cash flow does not cover production costs, declared bankruptcy, payment
discontinuance,collection by court order. Bad management. |
Debt structure for Bank
(Domestic Currency)
|
Bank |
Amoun (S/.) |
|
BANCO DE CREDITO |
7,930,111.00 |
|
BANCO SCOTIABANK |
6,761,281.00 |
|
BANCO CONTINENTAL |
5,560,172.00 |
|
B ANCO INTERBANK |
1,782,575.00 |
|
BANCO BIF |
267,705.00 |
|
BANCO FINANCIERO |
21,529.00 |
CREDIT
OPINION
Subject is eligible for being extended a credit
limit of US$.340,000.=
NOTE: The Opinion given is confidential referential
and with out liability
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.