MIRA INFORM
REPORT
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Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
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Name : |
LABORATORIOS RICHMOND S.A.C.I.F. |
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Registered Office : |
Av.Elcano 4938 (C1427CIU), Buenos Aires City |
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Country : |
Argentina |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
22.12.1958 |
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Com. Reg. No.: |
2232 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Comercialization and Distribution of
Medicinal Specialities Elaboration |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10,00,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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) |
|
Argentina |
b1 |
b1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Registered Name
LABORATORIOS RICHMOND
S.A.C.I.F.
CUIT: 30-50115282-6
Summary
INCORPORATED IN 1959. FOLLOWER OF
ACTIVITIES. BALANCE SHEET AS OF 31/12/2009: TIGHT ECONOMIC-FINANCIAL SITUATION
AND POSITIVE OPERATING RESULTS (MODEST). IT DOESN'T REGISTER NEGATIVE. FOR
CREDIT TREATMENT TAKE CARE AND APPROPRIATE GUARANTEES.
Operations
MEDICINAL SPECIALITIES
ELABORATION
COMERCIALIZATION
DISTRIBUTION
Legal
Structure
Business type: Public
Limited Company
Incorporated: 22/12/1958
Registered: 24/05/1959
Register #: 2232
Duration: Until 24/08/2059
End of fiscal year: August 31st
Contact
Accountant Silvia Krywka
Legal and Operative address: Av.Elcano 4938 (C1427CIU), Buenos Aires City, Argentine
Republic.
Phone: (54-11) 5555-1600
Fax: (54-11) 5555-1668
E-mail: info@richmondlab.com.ar
Partners
President:
MARCELO RUBEN FIGUEIRAS
Director: ARTOLA JUAN MANUEL
Director: ELVIRA BEATRIZ ZINI
Director: SELVA SILVINA DANA
Director: PRASSOLO LUIS EMILIO
Alternate Director: NOZIGLIA MARIANO EUGENIO
Alternate Director: ALVAREZ RUBEN
Titular Trustee: PAYASLIAN VICTOR MARIANO
Alternative Trustee:GIZZI CLAUDIA MARCELA
Social signature use: In the charge of the President or, in his absence, two
appointed direcotrs.
Corporate
Stock
Subscribed and paid-in capital: $ 27.254.323
(common shares)
Shareholders:
Participation:
-------------
--------------
CASTEL FIELD HONDING PRIVATE LTDA. (USA): 50
%
FIGUEIRAS MARCELO RUBEN:
50
%
Previously, 50% of the capital was in hands of GREEENLEAF INVESTIMENT INC. (USA).
Personal
Information
MARCELO RUBEN
FIGUEIRAS
Argentinian, born on 16/11/1963, married to Silvina Maria Salazar, DNI.
16.602.701 (CUIT. 20-16602701-3), with address in Boulogne Sur Mer 1430,
Pacheco Golf Club, Tigre.
He is registered in the following companies:
> GEMEPE S.A.
Director
> FIANZAS Y CREDITOS S.A. CIA. DE SEGUROS. Director
> R Y R ONCOLOGY S.A.
Director
> AGROPECUARIA LA JUANITA S.A.
Director
> PHARMA DEVELOP S.A.
Director
> THERAFARMA S.A.
Director
> COMMERCIAL UNION COMPAÑIA DE SEGUROS S.A. Director
> DROGUERIA MAGNA S.A.
Director
History
According to our
investigations, these activities were started on May 1st of 1935 by the German
Pharmacist Jaime Fuchs, using the name of "DROGUERIA FUCHS" and
performing the elaboration of products and medicinal preparations for their
retail in pharmacies.
After several years, he added injectable products for the sale in pharmacies
and hospitals, changing the company's name to 'LABORATORIOS RICHMOND S.R.L.',
starting the development of a complete range of hospital products, becoming a
Public Limited Company in the eighties.
IEn 1996 it launched its line of oncology/oncohematology/infectology (acquired
Immune Deficiency Syndrome) AIDS, being nowadays the most important lines of
its company, highlighting that the line of products directed to HIV-AIDS is one
of the most complete and important of the industry at national level.
Economic-Financial
Position
Figures of the Balance
Sheet ended as of 31/12/2009, obtained by a third parties.
ASSETS:
$
------
---
Cash, credit, other
67.411.742
Inventories
33.101.422
-----------
Total current
100,513.164
-----------
Total non-current
27.314.336
-----------
TOTAL ASSETS
127.827.500
===========
LIABILITIES:
------------
Debts
49.466.785
Salaries and social charges
968.189
-----------
Total current
50.434.974
-----------
Total non-current
23.665.431
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Total liabilities
74.100.405
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Net worth
53.727.095
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LIABILITIES AND NET WORTH
127.827.500
===========
INCOME STATEMENT:
-----------------
Net sales
122.159.318
Cost of sales
-82.316.070
-----------
Operating profit
39.843.248
-----------
Selling expenses
-19.302.285
Administrative expenses
- 9.161.852
-----------
Total expenditure
-28.464.137
-----------
Operating profit
11.379.111
Ending Balance (gain)
4.806.345
===========
At year end, exposed the direct link assets / current liabilities of 1.99
yielded a relatively liquidity impact of inventories in the short term. By then
available of own resources of 1.06 to meet every $ 1.00 of liabilities assumed
on behalf of others, seeing so constituted a balanced economic and financial
position.
In terms of profitability for the year, it has been 3.93% on sales, which is
considered to be lean and without any importance.
Assets
The company didn't
mention the holding of properties, highlighting that the one located in the
previously exposed address (3.500 sqm. of covered surface) is leased.
It didn't mention if it owns vehicles.
Evolution
and Results
The comapny is engaged
in the elaboration of pharmaceutical products and medicinal specialities, which
are sold in the country and abroad, Uruguay, Paraguay, Bolivia, Chile, Peru,
Ecuador, Colombia, Venezuela, Jordan, Costa Rica, Lebanon, Albania and El Salvador.
It has licenses from the following countries:
MINRAD INC. (USA)
HALOCARBON (USA)
VEREZ LABORATORIOS (USA)
BIOVAIL LABORATORIOS (Canada)
COLL FARMA (Spanish)
URIACH CORPORATION (Spanish)
GENPHARMA (Argentina)
It operates in the national and international market, enlarging at the same
time its lines of products and its incursion in new markets.
MAIN NATIONAL SUPPLIERS:
------------------------
DIESCA S.A.
INSTITUTO BIOLOGICO CONTEMPORANEO S.A.
FARMA 3000 S.A.
FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value of US$$
6.296.238 from the following countries:
India
3.016.450
La Plata (free zone) 749.069
Singapore 823.971
Others 1.706.748
* 118 EMPLOYEES
Payment
Record and Credit Risk
BANKS:
----------
HSBC BANK ARGENTINA S.A.
Casa Central
BANCO COMAFI
Casa Central
BANCO MACRO
Casa Central
BANCO DE LA PROV. DE BUENOS AIRES
Monserrat c.c. 4637-8
BANCO CREDICCOP
Suc. Spinetto c.c. 040-000322-5
BBVA BANCO FRANCES
Suc.Congreso c.c. 50/5
BANCO DE LA NACION ARGENTINA
Suc.Congreso c.c. 92-591/48
BANCO DE LA CIUDAD DE BS. AIRES
Casa Central - c.c. 01-0025464/3
CREDIT RISK:
------------
MAY 2011
INV COM EXTERIOR 05/11 1 12,466,600
NACION 05/11 1 4,117,700
PROVINCIA 05/11 1 3,632,800
CIUDAD 05/11 1 2,956,000
CITIBANK N.A. 05/11 1 2,830,600
STANDARD BANK 05/11 1 1,948,600
HSBC BANK 05/11 1 1,921,100
LA PAMPA S.E.M. 05/11 1 712,500
COMAFI 05/11 1 660,800
MACRO S.A. 05/11 1 551,100
AMEX 05/11 1
314,300
Situation 1: Normal Fulfillment.
INSURANCE:
----------
ZURICH CIA. DE SEGUROS S.A.
MAPFRE CIA. DE SEGUROS S.A.
BERKLEY CIA. SE SEGUROS S.A.
Concept
Up to now the company
has complied in due time the commitments taken and has a good concept.
* FULFILLMENT: WITHOUT OBJECTIONS AT PRESENT.
Final Opinion
What has been exposed hereby
is all as regards this company. We consider feasible its credit treatment by
moderate amounts with the adoption of solid guarantees.
* FIT FOR MODERATE CREDITS WITH THE ADOPTION OF APPROPRIATE GUARANTEES.
CO.
Maximum credit limit
USD 10,00,000
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.38 |
|
UK Pound |
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.